TotalEnergies Earnings: Earnings Decline, but Dividend Increased, Repurchases to Continue

No-moat TotalEnergies' fourth-quarter adjusted net income fell to $5.2 billion from $7.6 billion the year before because of lower oil and gas prices and weaker refining margins, slightly missing market expectations. As with the third quarter, the decline in gas prices in particular weighed on E&P and integrated LNG results. Integrated power maintained its momentum with continued earnings growth, which management expects to carry over to 2024 with cash flow of between $2.5 billion and $3.0 billion. Excluding Novatek volumes, oil and gas production fell slightly in the fourth quarter but increased 2% from the year before to 2,483 thousand barrels of oil equivalent per day.