BAKU, Azerbaijan, November 7. TotalEnergies recorded a notable surge in cash flow from operations, excluding working capital (CFFO) in the third quarter of 2023, Trend reports.
Thus, according to the company, this figure reached $5.165 billion - up by 18 percent, compared to the preceding quarter ($4.363 billion in 2Q2023).
As TotalEnergies noted, this was driven by the same factors that boosted the adjusted net operating income, such as higher oil prices and a lower effective tax rate due to the North Sea, which carries higher tax rates, comprising a lower percentage of the overall portfolio mix.
However, on a yearly basis, TotalEnergies' cash flow from operations, excluding CFFO, decreased by 19 percent, compared to $6.406 billion in 3Q2022.
Over the past nine months, the energy giant recorded decline of 32 percent in cash flow from operations (without CFFO) - from $21.092 billion in 9M2022 to $14.436 billion.
Meanwhile, during the initial nine months of 2023, TotalEnergies' daily hydrocarbon production averaged 2.49 million barrels oil equivalent per day (mboe/d). This represents a decline of 9 percent in comparison to the same period in 2022 when the company's daily hydrocarbon production reached 2.75 mboe/d.