TotalEnergies reports net income turnaround with Q1 2024 financial results

On March 26th, big oil company TotalEnergies announced their Q1 2024 financial results.

The earnings were largely positive for Total, which had plenty to celebrate this week.

Net income sees turnaround

The company reported $5.7 billion in net income and $5.1 billion adjusted net income. Total net income was 13% higher than the previous quarter and 3% higher year-on-year (YoY) than Q1 2023.

This represented a strong recovery after net income in Q4 declined by almost 25% to $5.1 billion.

However, the adjusted net income figures did tell a different story, with the $5.1 billion representing a steep 22% decline from Q1 2023's results, and a marginal 2% fall from the previous quarter.

EBITDA

The company's EBITDA was more sobering. Adjusted EBITDA was $11.5 billion, down marginally from Q4's $11.7 billion, and significantly lower than Q1 2023's $14.2 billion.

Dividends

At the same time, in a separate release, the company also declared its first interim dividend for 2024 of €0.79 per share, an increase of almost 7%.

CEO comments

TotalEnergies CEO Patrick Pouyanné commented on the strength of the results compared with the macro environment:

In a context of sustained oil prices and refining margins but softening gas prices, the company announced first quarter cash flow of $8.2 billion, in line with its ambitious 2024 objectives."

Milestone week for Total

The results come just before another auspicious event for the company. On March 28th, the company turns a century old and will celebrate their 100th anniversary.