TotalEnergies: Third Quarter 2024 Review

TotalEnergies has published its main financial indicators for the third quarter of 2024. The €/$ exchange rate remained stable at 1.10. The Brent price decreased to $80.3/b from $86.7/b the previous year. In particular, the average liquids selling price reached $77.0/b.

Hydrocarbons reached 2.4 Mboe/d, thanks to the Mero 2 project in Brazil, despite shutdowns at the Ichthys LNG project and security concerns in Libya. Exploration and production results benefited from higher gas prices, although they were affected by lower liquids valuation.

Refining margins have fallen from $100.6/t last year to $15.4/t, negatively impacting upstream results. The outlook for Integrated LNG and Integrated Power remains positive despite unplanned maintenance production.