The Board of Directors of TotalEnergies SE, chaired by CEO Patrick Pouyanné, met on April 26, 2023, to approve the first quarter 2023 financial statements. On the occasion, Patrick Pouyanné said:
“TotalEnergies once again demonstrates its ability to generate strong results, posting in the first quarter 2023 adjusted net income of $6.5 billion, cash flow of $9.6 billion, and return on average capital employed of 25%, in an environment of lower oil and gas prices. IFRS net income was $5.6 billion for the quarter. In an environment with Brent prices averaging $81/b, Exploration & Production generated adjusted net operating income of $2.7 billion and cash flow of $4.9 billion with production growth of 2% compared to the previous quarter, benefiting in particular from the start-up of gas production on Block 10 in Oman and the acquisition of a 20% interest in the SARB / Umm Lulu oil fields in the United Arab Emirates.
Integrated LNG delivered adjusted net operating income and cash flow of $2.1 billion, leveraging its integrated global portfolio, in an environment of European and Asian gas prices returning to levels close to Brent parity at $16-17/Mbtu, given the mild winter and high inventories in Europe. The Company launched this quarter the integrated engineering studies (FEED) on the Papua LNG project, which will contribute to the future growth of the LNG portfolio.
The Integrated Power segment generated adjusted net operating income and cash flow of $0.4 billion in the first quarter. ROACE was nearly 10% over 12 months, confirming the Company’s ability to profitably grow this business. TotalEnergies closed this quarter the acquisition of a 34% interest in Casa Dos Ventos in Brazil, contributing to the growth of its installed renewable power generation capacity to 18 GW.
Downstream posted adjusted net operating income of $1.9 billion and cash flow of $2.2 billion, benefiting from strong refining margins. TotalEnergies announced the sale for €3.1 billion to Alimentation Couche-Tard of its retail networks in Germany and the Netherlands as well as a 40%/60% partnership with them to operate the stations in Belgium and Luxembourg.
Given these strong results, the Board of Directors confirmed the increase of 7.25% in the first interim dividend for the 2023 financial year, to €0.74 per share, as well as the repurchase of up to $2 billion of shares in the second quarter of 2023.”