BAKU, Azerbaijan, February 26. TotalEnergies' adjusted net operating income from refining and chemicals in 4Q2023 amounted to $633 million, Trend reports.
According to the company's latest financial report, this marked a 55-percent decrease, compared to 3Q2023 ($1.3 billion).
This decline was attributed to lower refining margins, turnarounds at Satorp in Saudi Arabia, the Port Arthur refinery in the US, and the Antwerp refinery in Belgium, along with weakened petrochemical demand, particularly in Europe, TotalEnergies explained.
For the entire year of 2023, the company's adjusted net operating income from refining and chemicals was $4.6 billion, reflecting a 36-percent year-on-year decrease, mainly due to reduced refining margins and refining throughput.
Furthermore, the cash flow from operations excluding working capital (CFFO) in 4Q2023 amounted to $1.1 billion, experiencing a 28-percent sequential decrease for similar reasons mentioned above, although partially offset by dividends received from equity affiliates during the quarter. For the full year of 2023, the CFFO was $5.8 billion, down by 24 percent year-on-year for the same reasons.
Meanwhile, TotalEnergies' refining throughput in 4Q2023 decreased by 7 percent, compared to the preceding quarter (1,489 kb/d), and reached 1,381 kb/d.