BAKU, Azerbaijan, November 3. TotalEnergies has reported a decline in its integrated LNG segment's adjusted net operating income for the third quarter of 2024, which fell to $1.063 billion, Trend reports.
This represents an 8% decrease quarter-on-quarter, attributed to reduced hydrocarbon production for LNG and a challenging market environment marked by low volatility in gas trading, according to the company's latest financial results. The average price of LNG stood at $9.91 per MMBtu, slightly down from $9.32 in Q2 2024, reflecting a 6% decrease.
Despite the dip in net operating income, the segment saw significant growth in adjusted income from equity affiliates, which increased by 28% to $538 million, indicating strong contributions from joint ventures and affiliated entities.
Cash flow from operations excluding working capital (CFFO) dropped to $888 million, marking a 27% decline from the previous quarter. The decrease was primarily due to lower production volumes and a timing effect in dividend payments from certain equity affiliates, totaling approximately $200 million. Additionally, cash flow from operating activities decreased by 3%, reaching $830 million.
TotalEnergies continues to balance its LNG operations through strategic investments. Organic investments rose to $451 million in 3Q2024, an increase of 28% from 2Q.