Total nets US$4.9B in cash flow for Q1 2023

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TotalEnergies has announced a profit of US$5.6 billion for the first quarter of 2023. With the lower oil and gas prices, the company has achieved a return on average capital employed of 25% and cash flow of US$9.6 billion.

Exploration & Production, the company’s largest segment, generated an adjusted net operating income of US$2.7 billion and cash flow of $4.9 billion, with a production growth of 2% compared to the previous quarter. This was largely due to the start-up of gas production on Block 10 in Oman and the acquisition of a 20% interest in the SARB / Umm Lulu oil fields in the United Arab Emirates.

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The Integrated LNG segment delivered an adjusted net operating income and cash flow of US$2.1 billion, leveraging its integrated global portfolio, despite the mild winter and high inventories in Europe. The company launched an integrated engineering study (FEED) on the Papua LNG project, which is expected to contribute to the future growth of the LNG portfolio.

The Integrated Power segment generated an adjusted net operating income and cash flow of US$0.4 billion, with a nearly 10% return on average capital employed over the past 12 months. It said this confirms the company’s ability to profitably grow this business. TotalEnergies has also closed the acquisition of a 34% interest in Casa Dos Ventos in Brazil, contributing to the growth of its installed renewable power generation capacity to 18 GW.

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Downstream posted an adjusted net operating income of US$1.9 billion and cash flow of US$2.2 billion, benefiting from strong refining margins. The company has also announced the sale of its retail networks in Germany and the Netherlands to Alimentation Couche-Tard for €3.1 billion, as well as a 40%/60% partnership with them to operate the stations in Belgium and Luxembourg.

Given these strong results, the Board of Directors has confirmed an increase of 7.25% in the first interim dividend for the 2023 financial year, to €0.74 per share, as well as the repurchase of up to US$2 billion of shares in the second quarter of 2023. 

TotalEnergies is involved in petroleum and other projects around the world. Offshore Guyana, the company has interests in three blocks—Orinduik, Kanuku and Canje.

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