BAKU, Azerbaijan, February 5. TotalEnergies’ Integrated LNG segment posted a significant increase in adjusted net operating income in Q4 2024, reaching $1.432 billion, a 35% jump from $1.063 billion in Q3 2024, Trend reports.
According to the company's latest financial statement, the surge was driven by increased hydrocarbon production for LNG, strong trading results amid heightened market volatility, and an average LNG selling price above $10/Mbtu. However, the quarterly performance still fell slightly short of the $1.456 billion recorded in Q4 2023.
For the full year 2024, however, the trend reversed, with adjusted net operating income dropping 21% year-on-year to $4.869 billion, down from $6.2 billion in 2023.
The decline was primarily attributed to lower average LNG selling prices, which dropped 9% from $10.76/Mbtu in 2023 to $9.80/Mbtu in 2024. Additionally, limited market volatility during the first three quarters negatively impacted LNG trading results.
A breakdown of net operating income from equity affiliates further illustrates the divergence in quarterly and annual trends. In Q4 2024, the segment generated $525 million, slightly below Q3's $538 million and Q4 2023's $500 million. For the full year, adjusted income from equity affiliates fell 6%, from $2.1 billion in 2023 to a little below $2 billion in 2024.
