Azernews.Az

By Alimat Aliyeva

TotalEnergies, the French oil and gas giant, reported a 22% decrease in net profit for the fourth quarter of 2024, compared to the same period last year, Azernews reports.

The company’s net profit for October-December 2024 was $3.956 billion, down from $5.126 billion in the same quarter of 2023. Adjusted profit also dropped to $4.406 billion from $5.226 billion in the previous year.

Revenue in the fourth quarter fell by 14%, reaching $47.116 billion, driven by lower commodity prices and reduced production. TotalEnergies’ hydrocarbon production for the period decreased slightly to 2.43 million barrels of oil equivalent per day (boe/d) from 2.462 million boe/d in Q4 2023.

Looking ahead, the company forecasts first-quarter 2025 production levels in the range of 2.5 to 2.55 million boe/d.

Despite the drop in profits, the Board of Directors of TotalEnergies has recommended a dividend payout of €3.22 per share for the 2024 fiscal year. This represents a 7% increase over the previous year’s dividend of €3.00 per share. The company also confirmed that it will continue its share buyback program, committing to repurchase $2 billion of its shares per quarter.

As of now, TotalEnergies' market capitalization stands at €130 billion, reflecting a 2.2% decrease over the past three months.

An interesting aspect of TotalEnergies’ performance is the company’s continued shift towards green energy investments. As part of its strategy to diversify its portfolio, TotalEnergies has been increasing its investments in renewables and low-carbon technologies. In 2024, it allocated a significant portion of its capital expenditure to low-carbon energy projects, which is part of the company’s plan to reduce its reliance on fossil fuels in the coming decades. This ongoing transition reflects the broader industry trend of balancing traditional oil and gas production with the growing demand for cleaner energy sources.