BAKU, Azerbaijan, April 27. TotalEnergies recorded a dip in its exploration and production adjusted net operating income in 1Q2024, registering at $2.55 billion, Trend reports.
According to the company, this represents a decline of 9 percent compared to the preceding quarter's figure of $2.8 billion, and a 4-percent downturn from the corresponding period last year, which stood at $2.65 billion.
The primary factors contributing to this decline were the reduced gas prices and production levels experienced during the quarter, TotalEnergies explained.
Furthermore, the company's cash flow from operations excluding working capital (CFFO) witnessed a similar downward trend.
TotalEnergies reported a CFFO of $4.47 billion for 1Q2024, reflecting a decrease of 5 percent compared to the previous quarter's $4.69 billion, and a notable 9-percent decline from the corresponding period last year, which amounted to $4.9 billion. Once again, the downturn can be attributed to the prevailing challenges of lower gas prices and production volumes.
Meanwhile, TotalEnergies reported a hydrocarbon production of 2,461 thousand barrels of oil equivalent per day (kboe/d) in 1Q2024. The output in the reporting period decreased by 2 percent year-on-year (2,524 kboe/d in 1Q2023). In 4Q2023, the company's production totaled 2,462 kboe/d.
