Editorial
“The Board of Directors will propose at the Shareholders’ Meeting the distribution of a final 2024 dividend of €0.85/share, resulting in an increase of 7% for the 2024 dividend to €3.22/share, compared with the 2023 dividend.”
Dear Shareholders,
In 2024, in a softer environment than 2023, TotalEnergies leveraged its multi-energy integrated strategy based on two pillars, Oil & Gas and Integrated Power, to achieve adjusted net income of more than $18 billion and a return on average capital employed of 14.8%, the best among the majors.
In 2024, TotalEnergies achieved five major project start-ups (Mero-2 and Mero-3 in Brazil, Anchor in the United States, Fenix in Argentina and Tyra in Denmark) that support 2025 production growth of more than 3%. During the year, the Company sanctioned major oil projects in Suriname, Brazil and Angola, driving an outstanding reserves replacement ratio (157%) and a proved reserves life index greater than 12 years, reflecting the depth of TotalEnergies’ Upstream portfolio. In 2024, TotalEnergies confirmed its low-cost and low-emission Oil & Gas model, with operating costs below $5/boe and GHG emissions and notably methane emissions down 3% and 15%, respectively, over the year.
The Company enriched its LNG portfolio with the launch of Marsa LNG in Oman and Ubeta in Nigeria and the acquisition of Sapura OMV in Malaysia and dry gas assets in the Eagle Ford basin in Texas. Moreover, TotalEnergies continued to successfully market its LNG volumes by signing several new medium-term sales contracts (6 Mt/year) in Asia, mostly Brent-indexed.
TotalEnergies continued to deploy its differentiated Integrated Power model in key targeted markets through strategic acquisitions: Quadra Energy and VSB, which strengthen the Company’s position in Germany, and gas-fired power plants in the United States and the United Kingdom, which further enhance the Company’s flexible generation capacity. Thanks to its portfolio, TotalEnergies expects to grow power production to more than 50 TWh in 2025, equivalent to 10% of its hydrocarbon production.
The Company posted adjusted net income of $18.3 billion and cash flow of $29.9 billion in full-year 2024. TotalEnergies continued to implement its balanced growth strategy in a disciplined manner by investing $17.8 billion in 2024, of which one-third in new Oil & Gas projects and $4.8 billion in low-carbon energies, including $3.9 billion in Integrated Power. TotalEnergies ended the year with a gearing below 10%, highlighting the Company’s strong financial health.
In view of the free cash flow growth outlook and the share buybacks executed in 2024 (5% of the share capital), the Board of Directors will propose at the Shareholders’ Meeting, to be held in May 2025, the distribution of a final 2024 dividend of €0.85/share, resulting in an increase of 7% for the 2024 dividend to €3.22/share, compared with the 2023 dividend.
Furthermore, the Board of Directors confirmed a shareholder return policy for 2025 targeting a CFFO payout of over 40%, combining interim dividends increasing by 7.6% to €0.85/share and $2 billion of share buybacks per quarter, a level that will be pursued under reasonable market conditions.
Thank you for your trust and your loyalty.
Patrick Pouyanné