TotalEnergies 3Q23 Results | Climate Transition Analysis

Quarterly results
Written By Rohan Bowater

TotalEnergies is a tale of two stories: strong renewable ambitions, but growing volumes in gas to FY30.

3Q23 results reiterated its ability to deliver value from low carbon, with this part of its strategy appearing to outpace peers.

Key findings

  • Integrated power delivered a 9.7% returns (ROACE) in the last 12 months. Includes renewables, flexible gas generation, storage, EV charging, electricity trading. Adjusted operating income reached US$506 m, a quarterly record, up 114% from 3Q22.

  • The company has provided a vision for energy sales mix by FY50, on an adjusted basis this equates to ~47% fossil fuels compared to the IEA NZE at ~22%. 

  • We see an opportunity for the company to quantify the path to achieve its NCI targets given its growth ambitions.

Rohan Bowater
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