New annual earnings record for TotalEnergies.
The group has just published a profit of $21.3 billion for 2023, driven by its performance in hydrocarbons.
In 2022, the group had achieved a historic profit of $20.5 billion, already up 28% over twelve months.
This annual progression between 2022 and 2023 is nevertheless an illusion: in 2022 the group had to make a provision of 15 billion dollars.
TotalEnergies has also committed to increasing its dividend by 7.1% to 3.01 euros.
It continues to pamper its shareholders, after having already increased the ordinary dividend for the 2022 financial year by 6.4% to 2.81 euros per share.
The group also carried out a share buyback program worth $7.3 billion in 2022.
Oil, pampered shareholders... the cocktail is politically and socially explosive in France!
Well aware of the situation, the group continues to highlight its efforts in terms of energy transition.
As of Tuesday, the day before the publication of its annual results, the French gas company - it no longer wants to be presented as an oil company - reported on the efforts made in renewable energies in France.
“
Since 2020, we have invested more than 6 billion euros in France, half of which for the energy transition in the country
,” the group recalled.
TotalEnergies had already explained that it had invested $4 billion in low-carbon energies worldwide in 2022, out of a total budget of $16.3 billion.
“In 2023, we plan to invest $5 billion in it.
This amount is higher than the investments planned for the new Oil & Gas projects ($4.5 billion),”
the group once again affirmed for the following year.
The Frenchman wants to have installed 100 GW of renewable electricity production capacity in 2030. By 2023, its gross installed capacity stood at 22 GW, up 6 GW over one year.
A pace that the group will have to accelerate if it wants to achieve its objectives in seven years.
In 2024, the group plans 17 to 18 billion dollars of investment, 5 of which will be earmarked for renewables (Integrated power).
But the latter are still struggling to capture the lion's share of its expenses.
Increase in hydrocarbon production
As a logical consequence, electricity still only represents a small part of the major's financial revenues, i.e. an operating profit of 1.8 billion dollars out of 38 billion.
At the same time, the group's hydrocarbon production increased by 2% over one year - excluding Novatek (Russia), from which the group withdrew - to reach 2.483 million barrels of oil equivalent per day in 2023.
“
For the years to come, investments in low-carbon energies will represent a third of our investments, more than new Oil & Gas projects (30
%)
,” TotalEnergies nevertheless insists.
Failing to specify that investments in oil and gas remain dominant due to the sums injected into existing operations.
TotalEnergies is also keen to highlight its societal commitments, with at the top of the list the capping of 1.99 euros per liter of gasoline and diesel implemented at the start of 2023 and maintained for all of 2024 in its 3,400 service stations. .
It has also renewed its Bonus Conso system for winter 2023-24, granting a credit of 20 euros to its customers whose energy consumption drops by 10% or more compared to last winter, or 40 euros for 15% reduction... and up to 100 euros.
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The Frenchman's results are in line with those of his major competitors.
The Dutch Shell and the Americans ExxonMobile and Chevron also made impressive profits in 2023, even if they remain below the records of 2022. Last year, Shell raked in 28.5 billion dollars, ExxonMobil 36 billion and Chevron 21.4 billion.
Enough to allow them to continue to pamper their shareholders - Shell, for example, redistributed $23 billion - but not necessarily to invest massively in the energy transition.
The two Americans have even committed to increasing their hydrocarbon production, to the point of arousing the ire of certain investors.
ExxonMobil and Chevron have undertaken to buy American oil producers, notably in Texas, in the Permian basin.