TotalEnergies' profits fall, energy giant bets further on US

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🗞️ Driving the news: TotalEnergies reported a 26% decline in net profit for 2024, totaling $15.8 billion, following two consecutive years of record earnings

🔭 The context: Despite the profit drop, the French energy giant is intensifying its focus on the U.S. market, particularly in liquefied natural gas (LNG) exports
• TotalEnergies positions itself as the world's third-largest LNG player and the leading exporter of U.S. LNG, bolstered by its 2018 acquisition of Engie's assets

🌍 Why it matters for the planet: The company's strategic shift towards LNG, a cleaner alternative to coal and oil, reflects a broader industry trend aiming to reduce carbon emissions and address climate change concerns

⏭️ What's next: TotalEnergies plans to expand its LNG operations in the U.S., seeking to strengthen energy security for Europe and capitalize on the growing global demand for cleaner energy sources

💬 One quote: "Even in the event of a price boom on its domestic market, will the United States continue to 'guarantee security of supplies' of energy to Europe?" — Patrick Pouyanné, CEO of TotalEnergies

📈 One stat: TotalEnergies' net profit for 2024 was $15.8 billion, marking a 26% decrease from the previous year

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