BAKU, Azerbaijan, November 3. TotalEnergies posted mixed financial results for its integrated LNG segment for the first nine months of 2024, Trend reports.
The average price of LNG decreased by 12% year-on-year, dropping to $9.61 per MMBtu from $10.92 in the same period in 2023.
According to the company's latest financial results, this price reduction contributed to a 28% decrease in the segment’s adjusted net operating income, totaling $3.437 billion in 9M2024 compared to $4.744 billion in 9M2023. Despite the decline in operating income, adjusted income from equity affiliates rose by 9%, reaching $1.453 billion.
The company also reported lower cash flow from operations, with cash flow from operations excluding working capital (CFFO) reaching $3.456 billion, down by 34% compared to $5.330 billion in 9M2023. Cash flow from operating activities followed a similar trend, dropping 48% year-on-year to $2.927 billion.
In terms of investments, TotalEnergies demonstrated its commitment to the LNG segment, with organic investments rising 27% year-on-year to $1.615 billion, while net investments declined by 20%, amounting to $1.866 billion.