BAKU, Azerbaijan, November 5. TotalEnergies’ downstream segment, encompassing refining, chemicals, and marketing services, reported a decline in adjusted net operating income for the third quarter of 2024, Trend reports.
The company announced that earnings fell to $805 million, a 21% decrease from the $1.018 billion recorded in the previous quarter and a 56% drop compared to 3Q2023’s $1.822 billion. This decline was driven by a combination of lower margins in the refining sector and market volatility impacting product demand.
At the same time, TotalEnergies invested $561 million in organic initiatives during 3Q2024, which, while representing a slight 5% decrease from 2Q2024, underscores the company’s commitment to maintaining and enhancing its refining and chemicals operations.
Notably, acquisitions net of asset sales jumped to $112 million, showing a 100% increase quarter-on-quarter, as TotalEnergies continues to reshape its portfolio.
The company’s cash flow from operations, excluding working capital (CFFO), dropped by 34% quarter-on-quarter to $1.177 billion.