Yahoo Finance TotalEnergies (TTE) Q1 Earnings Beat Estimates, Sales Down Y/Y
TotalEnergies SE TTE reported first-quarter 2024 operating earnings of $2.14 (€1.97) per share, surpassing the Zacks Consensus Estimate of $1.96 by 9.2%.
The bottom line declined 18% from the year-ago figure of $2.61 (€2.43). The year-over-year decline was due to a fall in natural gas prices.
Total Revenues
Total revenues for the first quarter were $56.3 billion, which lagged the year-ago reported revenues of $62.6 billion by 10.1%.
Production
In the first quarter, hydrocarbon production averaged 2,461 thousand barrels of oil equivalent per day, down 2% year over year. The decline was due to the disposal of Canadian oil sands and natural decrease of the fields.
For the reported quarter, liquid production averaged 1,482 thousand barrels per day, down 5% year over year.
Quarterly gas production was 5,249 thousand cubic feet per day, up 1% year over year due to higher gas output from Africa, the Americas, and the Middle East and North Africa region.
TotalEnergies SE Sponsored ADR Price, Consensus and EPS Surprise
TotalEnergies SE Sponsored ADR price-consensus-eps-surprise-chart | TotalEnergies SE Sponsored ADR Quote
Realized Price
Quarterly realized price for Brent was up 3% to $83.2 per barrel from $81.2 in the year-earlier period. The average realized liquid price was $78.9 per barrel, up 7% year over year.
Realized gas prices were down 43% year over year to $5.11 per thousand British thermal units (Btu).
Realized LNG prices were down 28% year over year to $9.58 per thousand Btu.
Highlights of the Release
TotalEnergies continued with its multi-energy strategy with a focus on renewable energy. The company closed 1.5 gigawatts acquisition of flexible power generation capacity in Texas and launched a new 75 MWh battery storage project in Belgium. It carries on signing PPAs with industrial and commercial customers worldwide, and assisting them to cut emission.
Net operating income was $5.6 billion, down 20% year over year due to lower gas prices and refining margins.
Interest expenses were $708 million, down 0.3% from $710 million in the prior-year period.
In first-quarter 2024, TotalEnergies acquired assets worth $1.07 billion and sold assets worth $1.57 billion.
It repurchased 30.6 million shares in first-quarter 2024 for $2 billion.
Segmental Details
Exploration & Production’s operating earnings were $2.55 billion, down 4% from $2.65 billion in the year-ago period.
Integrated LNG’s operating income of $1.22 billion tumbled 41% from $2.07 billion in the year-earlier quarter.
Integrated Power’s operating income of $611 million rose 65% from $370 million in the year-ago quarter.
Refining & Chemicals’ operating income of $0.9 billion plunged 41% from $1.6 billion in the prior-year quarter.
Marketing & Services’ operating income of $255 million fell 9% from $280 million in first-quarter 2023.
Financial Update
Cash and cash equivalents as of Mar 31, 2024, were $25.7 billion compared with $27.3 billion as of Dec 31, 2023. Gearing, including leases, was 15.5% at the end of first-quarter 2024 compared with 16.5% at first-quarter 2023-end.
Cash flow from operating activities at first-quarter end was $2.2 billion.
Guidance
TotalEnergies expects second-quarter 2024 hydrocarbon production in the range of 2.4-2.45 Mboe/d. The guidance takes into consideration planned maintenance downtime of some assets, offset by ramp-ups of Mero 2 in Brazil and Tyra in Denmark.
TTE anticipates investing in the range of $17-$18 billion in 2024, of which $5 billion will be dedicated to Integrated Power.
In 2024, TTE expects the refining utilization rate to be above 85%.
Zacks Rank
TotalEnergies currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Releases
Shell Plc SHEL is going to release first-quarter 2024 earnings on May 2. The Zacks Consensus Estimate for earnings is pegged at $1.87 per share, suggesting a decline of 32.7% from the year-ago reported figure.
SHEL’s long-term (three-to-five year) earnings growth rate is anticipated to be 5.16%. SHEL reported average earnings surprise of 7.6% in the last four reported quarters.
ConocoPhillips COP is going to release first-quarter 2024 earnings on May 2. The Zacks Consensus Estimate for earnings is pegged at $2.09 per share, indicating a decline of 12.2% from the year-ago reported figure.
COP’s long-term earnings growth rate is anticipated to be 5%. COP reported average earnings surprise of 8.5% in the last four reported quarters.
Occidental Petroleum OXY is going to release first-quarter 2024 earnings on May 7. The Zacks Consensus Estimate for earnings is pegged at 58 cents per share, implying a decline of 46.8% from the year-ago reported figure.
OXY reported average earnings surprise of 3.4% in the last four reported quarters.
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