TotalEnergies SE (TTE - Free Report) reported fourth-quarter 2023 operating earnings of $2.16 (€2.02) per share, lagging the Zacks Consensus Estimate of $2.35 by 8.1%.
The bottom line declined 27% from the year-ago figure of $2.97 (€2.93). The year-over-year decline was due to a correction in commodity prices.
TotalEnergies generated earnings per share of $8.67 for 2023, up 10.5% from the $7.85 generated in 2022.
Total Revenues
Total revenues for the fourth quarter were $54.7 billion, which lagged the Zacks Consensus Estimate of $55.1 billion by 0.7%.
Total revenues for 2023 were $237.1 billion, down 15.6% from $280.9 billion generated in 2022.
Production
In the fourth quarter, hydrocarbon production averaged 2,462 thousand barrels of oil equivalent per day, down 12% year over year. The decline was due to the disposal of Canadian oil sands during the quarter.
For the reported quarter, liquids production averaged 1,506 thousand barrels per day, down 4% from the year-ago period.
Quarterly gas production was 5,158 thousand cubic feet per day, down 23% year over year due to lower gas output from Europe, the Americas and the Asia-Pacific region.
Realized Price
The fourth quarter’s realized price for Brent was down 5% to $84.3 per barrel from $88.8 in the year-earlier period. The average realized liquid price was $80.2 per barrel, down 1% from the previous year’s figure.
Realized gas prices were down 52% from the prior-year quarter to $6.17 per thousand British thermal units (Btu).
Realized LNG prices were down 31% from the year-earlier quarter to $10.28 per thousand Btu.
Highlights of the Release
TotalEnergies continued with its multi-energy strategy during the fourth quarter and announced the extension of its partnership with Oman LNG by 10 years and Qalhat LNG by 5 years.
Net operating income was $5,724 million, down 31% from the year-ago period due to lower production volumes and commodity prices.
Interest expenses were $660 million, down 8% from $719 million in the prior-year period.
In fourth-quarter 2023, TotalEnergies acquired assets worth $0.7 billion and sold assets worth $6.1 billion.
It repurchased 142.6 million shares in 2023 for $9 billion, of which 43.7 million shares were repurchased in fourth-quarter 2023 for $2.9 billion.
Segmental Details
Exploration & Production’s operating earnings were $2.8 billion, down 21% from $3.5 billion in the year-ago period.
Integrated LNG’s operating income of $1.45 billion tumbled 40% from $2.4 billion in the year-earlier quarter.
Integrated Power’s operating income of $527 million rose 10% from $481 million in the year-ago quarter.
Refining & Chemicals’ operating income of $633 million plunged 57% from $1,487 million in the prior-year quarter.
Marketing & Services’ operating income of $306 million dipped 8% from $334 million in fourth-quarter 2022.
Financial Update
Cash and cash equivalents as of Dec 31, 2023, were $27.3 billion compared with $33.2 billion as of Dec 31, 2022. Gearing, including leases, was 10.9% at the end of fourth-quarter 2023 compared with 12.7% at fourth-quarter 2022-end.
Cash flow from operating activities at the fourth-quarter end was $16.15 billion, up a whopping 187.5% from the year-ago period.
Guidance
TotalEnergies expects first-quarter 2024 hydrocarbon production to be above 2.4 Mboe/d due to the start-up of Mero 2 in Brazil, which will impact the sales of TTE’s oil sand assets in Canada. The company plans to buy back shares worth $2 billion in first-quarter 2024.
It 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.
Other Releases
Exxon Mobil Corporation (XOM - Free Report) reported fourth-quarter 2023 earnings of $2.48, which surpassed the Zacks Consensus Estimate of $2.21 per share by 12.2%.
The Zacks Consensus Estimate for Exxon Mobil’s 2024 EPS of $9.31 implies an increase of 0.3% in the last 7 days. XOM’s long-term (three- to five-year) earnings growth is anticipated to be 3%.
Chevron Corporation (CVX - Free Report) reported fourth-quarter 2023 earnings of $3.45, which surpassed the Zacks Consensus Estimate of $3.29 per share by 4.9%.
The Zacks Consensus Estimate for Chevron’s 2024 EPS of $9.31 implies a decline of 0.8% in the last 7 days. CVX’s long-term earnings growth is anticipated to be 14.3%.
Hess Corporation (HES - Free Report) reported fourth-quarter 2023 earnings of $1.63, which surpassed the Zacks Consensus Estimate of $1.43 per share by nearly 14%.
The Zacks Consensus Estimate for Hess’ 2024 EPS of $8.1 implies a decline of 6.4% in the last 7 days.
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TotalEnergies SE (TTE - Free Report) reported fourth-quarter 2023 operating earnings of $2.16 (€2.02) per share, lagging the Zacks Consensus Estimate of $2.35 by 8.1%.
The bottom line declined 27% from the year-ago figure of $2.97 (€2.93). The year-over-year decline was due to a correction in commodity prices.
TotalEnergies generated earnings per share of $8.67 for 2023, up 10.5% from the $7.85 generated in 2022.
Total Revenues
Total revenues for the fourth quarter were $54.7 billion, which lagged the Zacks Consensus Estimate of $55.1 billion by 0.7%.
Total revenues for 2023 were $237.1 billion, down 15.6% from $280.9 billion generated in 2022.
Production
In the fourth quarter, hydrocarbon production averaged 2,462 thousand barrels of oil equivalent per day, down 12% year over year. The decline was due to the disposal of Canadian oil sands during the quarter.
For the reported quarter, liquids production averaged 1,506 thousand barrels per day, down 4% from the year-ago period.
Quarterly gas production was 5,158 thousand cubic feet per day, down 23% year over year due to lower gas output from Europe, the Americas and the Asia-Pacific region.
Realized Price
The fourth quarter’s realized price for Brent was down 5% to $84.3 per barrel from $88.8 in the year-earlier period. The average realized liquid price was $80.2 per barrel, down 1% from the previous year’s figure.
Realized gas prices were down 52% from the prior-year quarter to $6.17 per thousand British thermal units (Btu).
Realized LNG prices were down 31% from the year-earlier quarter to $10.28 per thousand Btu.
Highlights of the Release
TotalEnergies continued with its multi-energy strategy during the fourth quarter and announced the extension of its partnership with Oman LNG by 10 years and Qalhat LNG by 5 years.
Net operating income was $5,724 million, down 31% from the year-ago period due to lower production volumes and commodity prices.
Interest expenses were $660 million, down 8% from $719 million in the prior-year period.
In fourth-quarter 2023, TotalEnergies acquired assets worth $0.7 billion and sold assets worth $6.1 billion.
It repurchased 142.6 million shares in 2023 for $9 billion, of which 43.7 million shares were repurchased in fourth-quarter 2023 for $2.9 billion.
Segmental Details
Exploration & Production’s operating earnings were $2.8 billion, down 21% from $3.5 billion in the year-ago period.
Integrated LNG’s operating income of $1.45 billion tumbled 40% from $2.4 billion in the year-earlier quarter.
Integrated Power’s operating income of $527 million rose 10% from $481 million in the year-ago quarter.
Refining & Chemicals’ operating income of $633 million plunged 57% from $1,487 million in the prior-year quarter.
Marketing & Services’ operating income of $306 million dipped 8% from $334 million in fourth-quarter 2022.
Financial Update
Cash and cash equivalents as of Dec 31, 2023, were $27.3 billion compared with $33.2 billion as of Dec 31, 2022. Gearing, including leases, was 10.9% at the end of fourth-quarter 2023 compared with 12.7% at fourth-quarter 2022-end.
Cash flow from operating activities at the fourth-quarter end was $16.15 billion, up a whopping 187.5% from the year-ago period.
Guidance
TotalEnergies expects first-quarter 2024 hydrocarbon production to be above 2.4 Mboe/d due to the start-up of Mero 2 in Brazil, which will impact the sales of TTE’s oil sand assets in Canada. The company plans to buy back shares worth $2 billion in first-quarter 2024.
It 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.
Other Releases
Exxon Mobil Corporation (XOM - Free Report) reported fourth-quarter 2023 earnings of $2.48, which surpassed the Zacks Consensus Estimate of $2.21 per share by 12.2%.
The Zacks Consensus Estimate for Exxon Mobil’s 2024 EPS of $9.31 implies an increase of 0.3% in the last 7 days. XOM’s long-term (three- to five-year) earnings growth is anticipated to be 3%.
Chevron Corporation (CVX - Free Report) reported fourth-quarter 2023 earnings of $3.45, which surpassed the Zacks Consensus Estimate of $3.29 per share by 4.9%.
The Zacks Consensus Estimate for Chevron’s 2024 EPS of $9.31 implies a decline of 0.8% in the last 7 days. CVX’s long-term earnings growth is anticipated to be 14.3%.
Hess Corporation (HES - Free Report) reported fourth-quarter 2023 earnings of $1.63, which surpassed the Zacks Consensus Estimate of $1.43 per share by nearly 14%.
The Zacks Consensus Estimate for Hess’ 2024 EPS of $8.1 implies a decline of 6.4% in the last 7 days.
Research Chief Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.
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