BAKU, Azerbaijan, November 7. TotalEnergies has reaffirmed its net investment guidance for 2023 within the range of $16 billion to $17 billion, Trend reports.
At the same time, TotalEnergies expects to generate approximately $4.1 billion in cash proceeds from the divestment of its Canadian assets in the fourth quarter of 2023.
Meanwhile, in the third quarter of 2023, the company's adjusted net operating income for exploration and production surged to $3.138 billion, marking a significant 34-percent increase compared to the previous quarter.
This robust growth was predominantly propelled by elevated oil prices and a reduced effective tax rate, which was influenced by the North Sea operations, TotalEnergies says. The North Sea, characterized by higher tax rates, contributed less to the overall portfolio mix.
Likewise, in the third quarter of 2023, cash flow from operations, excluding working capital (CFFO), amounted to $5.165 billion, reflecting an 18-percent quarter-to-quarter rise. This increase was also attributable to the heightened oil prices and the favorable tax rate dynamics associated with the North Sea.