TotalEnergies Reports 26% Profit Decline in 2024 Amid Challenging Energy Market

The company's $15.8 billion profit marks a sharp drop from record highs, with European refining and lower energy prices cited as key factors.

TotalEnergies posted a net profit of $15.8 billion in 2024, down 26% from the previous year, reflecting a less favorable oil and gas market.
European refining operations faced a 54% drop in profitability, impacted by sanctions on Russian refined products and increased competition from U.S. exports.
The company's liquefied natural gas (LNG) segment saw a 21% decline in profits, while exploration and production profits fell by 9%.
Despite reduced profits, TotalEnergies announced a 7.6% increase in dividends for shareholders, underscoring its commitment to investor returns.
Planned investments in low-carbon energy for 2025 were reduced by $500 million, aligning with a broader trend among European energy majors scaling back on green initiatives.