TotalEnergies Non-GAAP EPS of $2.16, revenue of $54.77B (NYSE:TTE)
Press Room
TotalEnergies press release (NYSE:TTE): Q4 Non-GAAP EPS of $2.16.
Revenue of $54.77B (-14.4% Y/Y).
Outlook: First quarter 2024 expected hydrocarbon production should be above 2.4 Mboe/d due to the start-up of Mero 2 in Brazil and the disposals of Canadian upstream assets, effective during fourth quarter 2023. For 2024, TotalEnergies anticipates hydrocarbon production will grow 2% compared to 2023 excluding Canada.
Full-year refining utilization rate is expected to increase to above 85% in 2024 with no major turnarounds planned.
Momentum continues in Integrated Power growth in 2024 with cash flow before working capital (CFFO) forecasted to increase to between $2.5 and $3 billion. The increase is supported by net electricity generation increase to >45 TWh in the context of renewables gross installed capacity increasing by ~6 GW to 28 GW.
In 2024, TotalEnergies expects net investments of $17-18 billion, of which $5 billion dedicated to Integrated Power.
Confident in the strong fundamentals of the Company, which celebrates its 100 year anniversary in 2024, the Board of Directors confirmed a shareholder return policy for 2024 targeting >40% CFFO payout, which will combine an increase in interim dividends of 6.8% to €0.79/share and $2 billion of share buybacks in the first quarter of 2024.
