Today, TotalEnergies reported its quarter and annual results.
In 2023, the French company reported adjusted net income of $23.2 billion and cash flow of $35.9 billion.
In Q4/2023, its net income dropped 31% to $5.23 billion (below analyst estimate of $5.66 billion).
The main reason of this negative performance is the reduction of oil price into a “more normal trend” after the surge following Russia’s invasion of Ukraine.
Earnings at the TotalEnergies’ liquefied natural gas business were “robust” thanks to strong production growth. That helped to offset declining refining margins and weak demand for chemicals in Europe.
TotalEnergies raised its final quarterly dividend for 2023 to €0.79 ($0.85) per share, from €0.74 previously, resulting in a 7.1% increase in the full-year payout to €3.01 per share. The interim dividend for 2024 will also be €0.79 per share.
The company plans to buy back $2 billion of its shares this quarter and retain that amount as the “base level” going forward, after repurchasing $9 billion in 2023.