TotalEnergies Q2 upstream production hits 2.44 Mboe/d

E&P posts $2.7b income
TotalEnergies has reported an upstream production of 2.44 million barrels of oil equivalent per day (Mboe/d), while its exploration and production (E&P) segment posted an adjusted income of $2.7 billion and a cash flow of $4.4 billion.

The company revealed this in its half-year results, stating that the company high-graded its portfolio through acquisitions in Malaysia and deep offshore Congo and divestments of mature assets in Nigeria, Congo, the United Kingdom and Brunei.

The company added that E&P adjusted net operating income was $2,667 million in the second quarter 2024, up 5 per cent on quarter-to-quarter, driven by higher oil prices that were partially compensated by lower gas realizations and production.

It stressed that the difference in quarterly variation between adjusted net operating income and Cash flow from operations excluding working capital (CFFO) is mainly linked to the tax impact of an overlift position at the end of the quarter in Norway.

The company pointed out that it generated robust financial results in the second quarter, with adjusted net income of $4.7 billion and cash flow of $7.8 billion resulting in first-half adjusted net income and cash flow of close to $10 billion and $16 billion, respectively.

“Refining and Chemicals adjusted net operating income was $639 million in the second quarter 2024, down 34 per cent quarter-to-quarter, due to lower refining margins mainly in Europe (ERM was down 37 per cent quarter-to-quarter) and the Middle East that was partially compensated by the increase in the refineries’ utilisation rate.