BAKU, Azerbaijan, November 2. Over 9M2024, TotalEnergies reported a 5% year-on-year drop in adjusted net operating income within its exploration and production segment, totaling $7.699 billion, Trend reports.
According to the company's latest financial report, the decline was mainly attributed to lower liquid prices, partially mitigated by stronger gas prices, as the energy market faced fluctuating demand and supply conditions.
Average hydrocarbon production for 9M2024 was 1,952 kboe/d, marking a 5% decrease from the same period in 2023. Liquids production fell 6% to 1,415 kb/d, while gas production saw a more moderate 1% decline, reaching 2,865 Mcfd.
Despite these challenges, income from equity affiliates provided a boost with a 31% increase, contributing $535 million for the period.
The company’s effective tax rate for the segment was 46.9%, slightly lower than the previous year, helping TotalEnergies manage profitability amid lower revenues. Cash flow from operations, excluding working capital (CFFO), totaled $13.104 billion, down 9% year-on-year, while cash flow from operating activities remained stable with a 1% increase to $12.888 billion.