BAKU, Azerbaijan, February 13. TotalEnergies' adjusted net operating income from the exploration and production field in 4Q2023 stood at $2.8 billion, Trend reports.
According to the company's latest financial statement, this reflects an 11-percent decrease compared to the previous quarter ($3.1 billion in 3Q2023). At the same time, this figure also decreased by 21 percent year-on-year ($3.5 billion in 4Q2022).
This decline is primarily attributed to lower oil prices during this period, TotalEnergies noted.
For the entire year 2023, the adjusted net operating income for exploration and production amounted to $10.9 billion, representing a significant 37-percent decrease compared to the previous year ($17.4 billion in 2022).
The main contributing factor to this decline was the overall reduction in both oil and gas prices, TotalEnergies explained.
Looking at the cash flow from operations excluding working capital (CFFO), TotalEnergies reported $4.6 billion in 4Q2023, marking a 9-percent decrease compared to the previous quarter ($5.1 billion in 3Q2023). Yearly, this figure also declined by 6 percent ($4.9 billion in 4Q2022).
Similar to the adjusted net operating income, this decline is largely a consequence of the lower oil prices during the period.
For the full year 2023, the CFFO was $19.1 billion, indicating a 27-percent decrease compared to the previous year. Once again, the decline is primarily attributed to the sustained impact of lower oil and gas prices throughout the year, the company said.
Meanwhile, TotalEnergies' hydrocarbon production in 4Q2023 averaged 2.462 kboe/d - down by 12 percent, compared to 2.812 kboe/d in 4Q2022. The company's hydrocarbon production for the whole year amounted to 2.483 kboe/d - down by 10 percent year-on-year (2.765 kboe/d in 2022).
