BAKU, Azerbaijan, April 27. TotalEnergies' refining and chemicals segment saw a rise in adjusted net operating income, reaching $962 million in 1Q2024, Trend reports.
According to the company's latest report, this marked a 52-percent increase compared to the previous quarter, where the income stood at $633 million.
This rise can be attributed to higher refining margins and increased refinery throughput, TotalEnergies explained. However, juxtaposed against the figures from the same period last year, there was a stark 41 percent decline, compared to the income of $1.61 billion in 1Q023.
Meanwhile, the cash flow from operations excluding working capital (CFFO) for 1Q2024 reached $1.29 billion. Although this represented a 10-percent increase compared to the previous quarter's $1.17 billion, it grew less than the adjusted net operating income.
This discrepancy can be attributed to the timing effect in dividend payments from equity affiliates, the producer explained. However, in comparison to the same period last year, the CFFO witnessed a 26-percent decrease, compared to $1.73 billion in 1Q2023.
Meanwhile, TotalEnergies' refining throughput increased by 3 percent quarter-to-quarter, reaching 1,424 thousand barrels per day (kb/d), compared to 1,381 kb/d in 4Q2023. This increase also reflects a 2-percent rise year-on-year, with throughput standing at 1,403 kb/d in 1Q023.