The French oil and gas group TotalEnergies has released its 2023 results, in which the company posts a 17% decrease in revenues from sales in 2023 to US$218.9bn. The group's EBITDA fell by 30% to US$50bn, while its net income grew by 4% to US$21.4bn.
TotalEnergies’ hydrocarbon production decreased by 10% in 2023 to 2,483 kboe/d, including 1,550 kb/d of liquids (+2%) and 5,028 mcf/d (142 mcm/d or 52 bcm/year) of natural gas (-26%). TotalEnergies sold 44.3 Mt of LNG in 2023, an 8% decrease compared to 2022 due to lower demand in Europe. The group processed 1,436 kb/d in its refineries (-2%), and the utilisation rate of its refineries remained stable at 81% in 2023 (82% in 2022). Oil product sales dropped by 6% to 1,375 kb/d due to lower industrial demand.
TotalEnergies had 22.4 GW of renewable capacity (+33%) at the end of 2023 (including its stakes in joint ventures). Power generation from renewables rose by 82% to reach 18.9 TWh, while generation from CCGT fell 36% to 14.5 TWh. In 2024, TotalEnergies expects net investments of US$17-18bn, including US$5bn dedicated to integrated power.