French oil and gas giant TotalEnergies ended the previous year with an adjusted net income of US$18.3 billion and cash flow of US$29.9 billion. This is even with a softer market due to declining refining margins.
The company said for the third consecutive year it maintained a nearly 15% return on average capital; the highest among major energy firms.
“During the fourth quarter, TotalEnergies leveraged its multi-energy integrated model, benefiting notably from strong performance in Integrated LNG and Integrated Power, with US$4.4 billion of adjusted net income, up 8% compared to the third quarter, and $7.2 billion of CFFO [cash flow from operations], up 5%,” the company’s Chief Executive Officer (CEO) Patrick Pouyanné said.
TotalEnergies invested US$17.8 billion in 2024 – one-third went to new oil and gas projects, US$4.8 billion to low-carbon energy, and US$3.9 billion to integrated power. The company also spent US$8 billion to repurchase shares, with total payouts at 50% of cash flow. Gearing stayed below 10%, showing a strong financial health.
In the oil and gas sector, TotalEnergies produced 2.43 million barrels of oil equivalent per day (mboe/d) in Q4, gaining from new project ramp-ups. The exploration and production segment delivered US$2.3 billion in adjusted net operating income and US$3.9 billion in cash flow. For the full year, net operating income was US$10 billion, with a cash flow of US$17 billion.
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Key projects in 2024 were Mero-2 and Mero-3 in Brazil, Anchor in the U.S., Fenix in Argentina, and Tyra in Denmark. These supported 2025 production growth by over 3%.
TotalEnergies also approved major oil projects in Suriname, Brazil, and Angola, achieving a 157% reserves replacement ratio and over 12 years of proven reserves life.
Its Gran Morgu project in Suriname is the first offshore for the Dutch-speaking nation. The field holds an estimated 750 million barrels of oil. A floating production, storage, and offloading (FPSO) vessel is being constructed by SBM Offshore. It will produce up to 220,000 barrels per day from around 30 wells. First oil is expected in 2028.
