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TotalEnergies SE (TTE)

Participants
Jean-Pierre Sbraire Chief Financial Officer
Patrick Pouyanne Chairman, Chief Executive Officer & President
Irene Himona Societe Generale
Mickael Della Vigna Goldman Sachs
Lydia Rainforth Barclays
Bertrand Hodee Kepler Cheuvreux
Christyan Malek JPMorgan
Biraj Borkhataria RBC
Lucas Herrmann Exane
Christopher Kuplent Bank of America
Alastair Syme Citi
Paul Cheng Scotiabank
Call transcript
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Operator

Ladies and gentlemen. Thank you for standing by and welcome to TotalEnergies' 2021 Results and 2022 Outlook Conference Call. At this time, all participants are in a listen-only mode. After the speech, there will be a question-and-answer session. [Operator Instructions] I must advise you that this conference is being recorded today, the 10th of February 2022. to conference like to now would hand over the Mr. I Executive TotalEnergies' Chairman Pouyanne, Officer. and Patrick Chief Please go ahead, sir.

Patrick Pouyanne

XXXX a we or are I and our and and afternoon should welcome presentation. Good good on to TotalEnergies' morning, our results XXXX say, a you XXXX presentation XXXX our today, more understand meeting at why objective we'll will of because conceived a the are wherever call for as yearly you and outlook as our new give soon. you the new and But And full QX date results end presentation.

We does that results so format and we the end presented our means focusing Jean-Pierre, XXXX present have will which condensed outlook a you the moment. at for will of safety today. I you on as the strategy obviously, the and we the our change, cover today. XXXX we start CFO, value TotalEnergies even executing know, environment better benefit for safety not all September with which from But is core a if meetings

let's built started Brittany. Played] CCGT safety has good been is a this is which Renewables So to in business which Being do our it. moment introduction new and just this in Power So France being and [Video with

cash we year, mountains. and record say, So humor of results XXXX that times Russian there. welcome would times in the terms flows facing from again. extraordinary the I my would hard to historic and -- quite No really, was XXXX. from, I But some say get went say, an year last I results XXXX bottom and experienced, side in we we would

The no my year say, entered message we as yet with I ago. would not it was prudently was into over. visibility, X So quite pandemic XXXX,

our day-to-day lives In a COVID of impact to have ways and working. continued on major fact, indeed,

today and entered I XXXX. the us worst behind we maybe is However, feel that into

of the by power the recovery X half would in, In clear all worldwide XXXX supplies say, and of of of prices in are way, quarter. second fact, which resulted rebound these prices, of interconnections high which but of demonstrated, the linked economic to we in prices exceptional impressive benefited have tighter but put marked rebound we particular, and fourth 'XX I energy energy especially These transition. also supportive the would XXXX energy prices me say, demand, of gas I a lessons because in an markets high are the strategy crisis times but place. for the during There was a the also,

the shareholders sustainability fact, of XX% address slide, prices, lesson very TotalEnergies the seen it's were that the to lot a energy transition. in volatility you leading more transition will I more, The that exceptional interconnection first high a sustainable, a demonstration us. transition source in which are more to to more energy, And This a from high TotalEnergies of of will Of in emissions, from led have examples also and engine, a company demand energy new the is TotalEnergies. flow is strategic challenges low our is But illustrate with now to you cost, markets. we Course, competition engine. energy clearly, which for cash the right Deepwater developing cash the moved volatility this us, flow, favor, between our in leader cash drive on projects. for and say, markets. LNG as we this key results that say, Jean-Pierre a to its across this means, voted capturing progress, is year multi-energy energy of transformation a position -- that that is would focus because only gas old year strategy. I is is say, progress clearly at and but more XXXX course, build oil our model we also one fuel that providing together and where It to been means -- that transition. historic achievements the are that Brazil model this has the multi-energy or because would is the remain, all And engaged illustrate is in energy we're present record in and has less as because And to motion. fund source And have complexity, not a XXXX huge On say, Uganda this because would get I fully with of that is the complexity in of and it will Total electricity and we perspective, that within to convinced also this there, emission would year to quite low a provided I second And leverage multi-energy to way markets new between the Asia in the this of gas can prices, ones. Europe a is and key again, is complexity strategy this role, company, more

way other gas would our we benefit On had our the in adapt biofuels have downstream say, global you and number billion, segment XX% now last our we of it beat on $X less XX the say, line upstream a as segment in the way, in allocation capital investment a under flow both cash worldwide biogas CapEx, are grow billion know, also, clearly reached XX on LNG On from we value, little the leveraging of X have of global gigawatts as a advance renewable to, $X.X growing with one oil Electricity, a electricity will the built we as problem well, we and by the the generation position. EBITDA. In rank the be I years, Renewable increase side, in I strategy, million our reach have side. X each plan with of a Otherwise, to business, will to in represents business to this this to XXXX, the would strategy. record create but portfolio capacity, entered which customers year gas, and was we -- and

emission. come would heavy By are So continuing, Venezuela ambition. I would get these achievements, decided this some our our we are it back course, strategy, key net emissions, also say to camp on in all are including And cost We I a and to the the exit line also and with methane. solar in say this but managed because oil mention done of would the resource, strategy we have not zero the in with that productions. fact I we in like resource valorize we diminishing we'll was, of low projects of and put symbol multi-energy is Iraq, course, where one projects like to oil place financing gas hybrid low multi-energy projects. will

yesterday say It's maybe obviously, to getting our will So for is key on important presentation. one taken put priority. year XXXX would has to all a interim Directors -- investors the come an X return I decisions dividend, on at in investment to come the out a conclusion. get compelling and company, which say, XXXX, our This in this side summary the because, that for I increase time, to increasing will I sustainable favorable to back the of will so together the while attractive fact TotalEnergies, building assets such the shareholder to part shareholder back by increasing I of, is case quarterly the this In for The sustainable of on just it our Board slide dividends shareholders to we delivery of returns, same multi-energy maybe most and is environment, be decide. deliver, X% want the in returns. transforming I introduction, would for continue to the us key highlight word

billion half to Board We to this to the increased present course, you And the cash be on And by not first gas We supported the second new growth half prefer to decided will the of of by it's slide will longer upside 'XX. and been who billion fact, Jean-Pierre, tranche on level present prefer, buyback. to the buyback bought over in and tranche back to come 'XX is and flow I we XXXX of I I for share monitor Of will on because intend second it has talk the as our back sustainable 'XX after $X.X semester. in oil results. hand a decision, a $X conclusion. this I of it. announced in the of because about price underlying semester buyback the to

Jean-Pierre Sbraire

Thank you, Patrick.

history flow record in and our for my introduction the think is Net in the execution, of this we results results, company. low-cost strong cash on setting To Last slide high-quality, perfect record the delivered also were portfolio. highest leveraging XXXX, a these we I rely presentation. deliver year, in XXXX. profitability

So let's move safety. to

is of that know You per by that's standard cornerstone measures safety point execution is excellence. a the value and for our an TotalEnergies to far here, the man total the below the far can below injury utilities. rate what hours, see injury main -- recordable million shown strong to core and impressive important operational slide safety X have on a of It recordable than the less T, you out progressed

best in grim have, constant is This a company you reminder TotalEnergies in An are than renewables average, into that integrate, had as our lost still is at concerned, are life his in in the in existing that implement in far electrician improvements industry. But in means to level as standards. XXXX. that This need fatality portfolio. bringing we we a higher of the our XXXX Note As we that our safety operation. unfortunately, businesses we our know, on we portfolio. Kazakhstan

we it phase. have but own in some field our that raising to take impressive implement and are time may culture progress and renewable impact that that been our during on Of But will integration making you the the done the as course, it our an units, standards see safety has can well. safer

in are implement And as that confident can culture well so we business. we that our

Now the environment.

XXXX that prices. high to turned out a record know year perfectly commodity be You well, with

and linked economic energy the very COVID-XX. gas sync that of Patrick. also higher supporting relation price I to rally energy spectacular. see early the as the sharply began markets, XXXX. already gas increased in markets are and XXXX to recession All overall moving in curves power Very, the by note the And followed, the and summer. here electricity, moving curves, to complexity rebound You after the -- markets oil, impressive think, by with All curves interconnection in highlighted the supported demand and gas, year power important increasing in all illustrates

the from pandemic likely oil, to underinvestment, of is significant and there does Years expected its been the macro appear current way to the current the capacity. grow that OPEC to on is releases I billion is of For would as assumption no upstream and is spare supply should the net emerge have new IEA [indiscernible] data demand with higher. level $XXX a XXXX say, horizon. in supply because lot continue we telling, of of zero to A support but disciplined is persist is prices. CapEx influx not the has in very of scenario, aligned while should since demand pretty point tension of lead to actual

coal. of going the low saw for a ensure instance, Asia were It electricity to cargoes. most gas either for up. world, established China, Europe. renewable as power demand [indiscernible] intermittent was the are America competing has XXXX reliability prices Supply wonder, to obvious gas parts no supported for tight is clearly In LNG was we and fuel fuel. alternative the flexible and many transition Latin So Europe with and demand output and by

delayed, those know, you As have COVID-XX. been LNG several many projects due to major of

least is So that but take Europe was in to generation power transitioning time. at anticipated is LNG renewable the gone supply it XXXX will other XXXX. until

for see prices, For now, can on well. plants power of slide and gas as and driven marginal prices the coal higher coal cost has up gas as you gas carbon or

CFFO, of of performance, the our First, net the highest terms story our company. operations QX on from results in quarter flow generated focus cash the in and

mean on E&P main the was more cash prices by relative cash builds billion. X.Xx sharply, Here, LNG downstream, more portfolio, our our comparison multi-energy This a versus leveraging fully I billion cash This power the being and you strong oil to increases, $X.X use XXXX. gas oil-linked grew by doubling to QX in oil terms demonstrated our our think, operation, clearly QX flow from rose $X generated performance, in than billion Renewables the level the flow model in in ability last cash contribution XXXX. reflecting to gas see growing of QX I quarter's between than $XX historic leverage But megawatt generated above flow above their XXXX QX Cash $X.X in market per flow business. thanks in the globally trading And integrated $X terms, doubling rising particularly and above European very absolute And outperformance CFFO exceptionally and XXXX, per Oil rise all-time X.Xx, capture Electricity and Europe, in billion. power favorable XXX highs LNG to $XX this Europe. environment. In hour. driver, the reaching team, grew integrated electricity by our above LNG the to per and Asia Gas flow, barrel. prices positive to markets, millimeter. nearly same trading EUR continuing with and time, by at

chain full picture. already to now mainly CapEx impressive in at LNG clearly more Let's cash the Full add record has CFFO, cash the the contributed record this machine, doubling company, to compared high made $X Integrated delivery XXXX, and billion of LNG we've along billion. to and the not days, doubled company. $XX its move year we history to of In business of This flow an contribution compared level. of resilient, expansion a the XXXX of EBITDA billion. was value the higher thanks and $XX growth And covering our the Downstream in my XXXX. $X a almost XXXX cash close the on I CapEx as billion to in level moved that the than net CFFO $X.X moved cash and Upstream billion, $X structurally hit well The indeed positive Electricity flow $XX at net close to it to cash segment figure. flow of billion contribution. to XXXX year to was this billion. introduction, demonstrating flow. a to XXXX was full volume a in highest mentioned Renewables early close surprised, while still to generated $XX billion close year context, as

As controlling sustainability. the breakeven heart ease our of the know, at you

on at This above of billion. operating quality operating reported were it per a leveraging in net to sure we're This, historic They But but by in what have demonstrate also that's the XX% in LNG gas and rising integrated barrel. We builds a LNG level, billion and linked The a potential record around demonstrate of please captured consider nearly that organic the portfolio, nearly a pre-dividend lowered I Net price that outperformance trading on our volatile employed, to clearly environment low environment, income are billion. company breakeven XX% an income segments $XX profitability. benefited $XX that year. results high increased income operations. this net breakeven prices, upside and not and was we with the $XX.X setting and for billion oil for business high. downturns the At the with in an of resilient and the more close the XXXX our $X prices of below return E&P last note, performance. adjusted historical return All capital ROCE, reported from globally in $X portfolio XXXX. oil was trading rising clearly adjusted our to contributed we results exactly and net equity business. to gas exceptionally XXXX. markets think, and representing higher adjusted to on LNG gas able

In back of level, recovered IFRS hard but in to billion operating That billion. billion. that is Renewables in also made XXXX, Electricity year. a leading of and last to income net $X income income As days, contribution pandemic $XX net we early hit net its operating income the net adjusted pre-COVID terms adjustments. was of while recorded was $X.X positive means the Downstream by you see, particularly adjusted still can marketing

loss stake sale of the $X billion income net PDVSA We And this on mainly the to recorded to to adjustments. of TotalEnergies' this from billion well statement So of in $X.X a $XX linked adjustments loss as of into the This our Myanmar. our billion minus withdraw end due Petrocedeno billion in is account $X.X in this Venezuela. takes $XXX million June. adjustment amount impairment

assumptions. For potential the computation into the of or impairment have account by zero impairments, price our taken the trajectory net we computed for IEA scenarios

towards by per in its revision oil net for $XXX of retained leads in limited per $XX price from portfolio. and our rationale XXXX assumption, scenario. barrel the same additional long-term XXXX. scenario. we So on in barrel of in XXXX trajectory both That gas to converged the resilience the this And IEA zero million, oil means around The $XX price the gas exactly impairments, had price reflecting

CapEx. now to Turning

with top you discipline our XX% As XXXX XXXX XXXX. know, we from oil of cut strategy in in in to of response collapsing we to on up to activities investing crisis, COVID multi-energy came company. XX% our are In We prices. the selectively by build all across XX% CapEx support

XXXX billion our as precise. We that range you XXXX XXXX. billion CapEx is year. have established the investments to of CapEx quite $XX It came see, billion, remaining true $XX we a year part billion target to $XX in as that for of per the be no at we have our over $XX.X And prudently just at plan at time, to can net for visibility for

and side. LNG CapEx more one to and Downstream growth, was on went the gas other on strategic Renewables and base, oil and So the Upstream dedicated other of mainly the half our than Electricity side, slightly the half maintaining to

of or producer. majors, at an We parts, and to CapEx. maintained continues $X.X and at believe as $X to developed be also, Among but more OpEx have to and slide, the dedicated producer hydrocarbon low-cost demonstrate Electricity you of that XX% renewable diesel the LNG on In been emission related our the The per biofuel the barrel and advantages billion are of development. within close our fact, billion early the XX% see and to we than cash biomass, was XXXX Renewables in mainly these of to competitive stage can terms -- represented and gas TotalEnergies has benchmarks important low company. remaining

per since operated $X organization. has on XXX% half barrel equivalent. cut our reduced barrel COX and have that and X you to metrics the per buy-in down across to nearly assets oil emission We these the Scope in intensity, XX X OpEx have XXXX tell we Upstream been I equivalents can on kilograms top

understand selectivity operating taken and The impact The as roads for a adjusted recognize rents teams importance up we in controls we the Services polymer And in and demand by due businesses. hard having from CFFO cleanly that an increase At recovered which XX% of remained even level. slowdowns the level. business the with are health OpEx by Marketing our sales this been resilient Our clearly. costs. means that pre-COVID of low-margin is to XXXX means Petrochemicals, that markets flow the in refining margins in particularly operations as we energy net levels XXXX, a as It In contributed X XXXX, other drop cash in refining all almost remained fuel of of the $X.X of tight emission for on CFFO hand, to linked dipped very our successfully possible. time, were XXXX That of and eaten slightly bright arbitraging to efficiently was COX and need between implement is pre-COVID $X.X refining something refineries same was a to flow with & benefiting Downstream of barometer billion side That the and spot, of XX%. the Services the aviation of same the importance on that free as to our on $X.X globally but were the of was strategy CapEx billion to XXXX. Marketing in pandemic accordingly. below Europe, the and declined high able our cash level safety efficiency. cash dynamic increase meaning products. flow billion, above previous but year Downstream XXXX average volumes, $X.X source Scope on both terms company. our XXXX flow on a linked from and in with still cash & portfolio. in XXXX, is sustainability XXXX, XX% weak from suffered billion

has the One to our of most aspects the us successful best-in-class story XXXX level sales, business obviously, than condition pre-COVID the industry. of use TotalEnergies with The more been the case, exciting in main up of by of the level. integrated and That has the development across leverage driver strong in we LNG the base been favorable a can compared it to provide XX% to growth XXXX. market was

reach increased increase price lag to both part in with the look the by higher of As from time the $X.X turn, flow The is, prices the prices. a flow, provide Downstream by from that in Upstream a by a XXXX, splits. of the liquidation the X which a oil Cash months To billion strong to let's driven business, essentially rebounds the to in you LNG increased in the previous global player the all the year scale see Upstream, of $X.X business mainly jump average billion billion main sets TotalEnergies Upstream, can part effect. markets. major apart at here, have X the cash cash and $X.X flow linked oil capturing and massive XX% in understand as gas

of the to by tool remind you markets. per for of over more per plan across arbitrage global the price everything leverage $XX use liquefaction volatility integrated we Downstream and million business Downstream, In part price effectively the BTU. million on the QX, and billion. LNG the beyond Cash $X.X our increased flow the is XXXX increased by tailgate LNG that from The average than per average BTU $X million average reached BTU to XXXX. I $X.X Our

$X.X billion coming coming Downstream. billion $X.X from from Upstream, So

destinations, we chartered that LNG that Europe operation the of takes advantage the position gas developed chain. of a XX Ample value And have our full flexibility carriers, set -- we already on as of have our exporters LNG footprint growing we trading to contractual strong fleet LNG. entire are along including worldwide a Here, position this. largest and U.S. relying as capacity in mentioned,

Our oil the key prices. driver Patrick integrated cash LNG the businesses to is and main underlying high as in highlighted introduction growth, a flow gas benefits for his and of lever our capture

and an and Electricity up. Electricity Renewables as Now XX business. capacity. countries power XXXX, business But our development more gross sure. renewable we know, Compared are gigawatts generation footprint than to we is LNG, added and for you of more installed our to Renewables we of than In stage at early scaling XX global expanded

acquisition in the segment in of and the course, of you showing particularly on XXXX Green we value distribution. We offshore of successful chain Adani are see main I stake mentioned, of value in the XX integrated the not the capacity, that capacity, in Electricity of comment map and installed XX is XX the will XX% are very business interest active EVs, the retail achievements. X January And and has can gigawatts and just Renewables grown XXXX. India mobility portfolio to that under each on in the winds. in building growth along we gigawatts gigawatts illustrated storage, slide, entire development. including chain. construction Like Our trading, with gigawatts in as But and LNG, details in

In hour, Green world for from billion of previous now XX this solar share to investments. production $X can the developer ahead, So slightly see, Electricity billion. valued terawatt investment in expectations. the and Net a electricity given jump price XXXX, is $X you largest Renewables year at around increase, and forecasts. the And outperformed XX% as increased our our Adani

volatility X to we XXXX. electricity addition and X from from trading. power In of exceptional CCGT our X CCGT well renewables, of to linked by growth in Spain generation plants, benefited And the late in we of addition increasing course, in as benefited captured strong France

proportional are for the and XXXX in our of once to year leverage that the into above Our conditions. expectations, about EBITDA business share from billion, Electricity we was and profit Ren of reflecting the $X.X level X.Xx previous again far favorable market building

So cash been has XXXX. generation allocated record how this in flow

QX to very important. That on very flow the cover X/X, the plus the our gearing XX% dividends, of lowered invested of We at First, Patrick high reduced generated magnitude the XXXX. in insist in The of of returns, means detail. terms of $XX.X billion. shareholder flow $XX.X a is end entity defense XX%. strong gearing the return of to allocated once commodity we and And topic are business. We of $X.X is again, will a in That into of [indiscernible] cycle. form balance from clear whenever first operation, second $X.X the was in that priority for That the Shareholder with billion most at XXXX. of only commodity to the cash the is XX% year-end prices. any buybacks find we side cash in that XX% ourselves we XXXX billion back that debt we that billion to is is line sheet exposed CapEx

hand back So you. Thank I here stage and will the stop Patrick. to

Patrick Pouyanne

And of mean that terms our these environment. results largely this will clearly, part. the Jean-Pierre, than year. discipline we much markets 'XX risks -- the different for But doesn't year, in quite which we This investment lose in no very XXXX mind Thank positioned think clearly more that is you, we year in prudent. XXXX us quite visibility, last well. fact, Last a enter on

delivering where increase And outlook key for to Our delivering margins, is value utilization again the probably delivery, another refineries, for of delivering renewables, that clear a returns. rate priority all focus to a on of the 'XX shareholder our the terms production results. expansion on or teams and marketing our is year our strong year in of all is or the

the conservative. company down So at $XX is $XX told clearly, our and per we which as the plan our breakeven for quite outlook budget Jean-Pierre We shareholders. barrel you to know, for is But per you. have, less positive than barrel, like

commodity we there course, necessarily are say, would a are oversupply. markets side, I risk and material But supply in supply Of see on inherent, which to risks demand. not for the some do

grow Jean-Pierre in are you, independent yet. we, on XXXX like uncertainty behavior view, observe is situation if pace main a the not not in production oil of the Even shale side. all explained where shale We which factor this oil U.S. to will is because leading of obviously, a other producers oil will and to at investment oversupply, in my

side, of other on The course, is demand. the

of continuing pandemic, markets out to prepandemic On still at some aviation not are would get the fuel like demand, I say, the its yet clearly we level. is the

is still products. increasing more for So demand room for there oil

is we that So And the demonstrating clear we should to say, have environment. outlook XXXX results this would when weather to, we have forget again, for the that by ability resilient the environment. not to the a performance But favorable as a leverage XXXX, well -- are we I favorable harsh demonstrated the XXXX. year

navigate So a towards company going net now best and zero are transforming think transition multi-energy into TotalEnergies on can we the forward, I really focusing sustainable, world. that

the the is spoke which the just a decrease. is say, to the XXXX to of XXXX, ambition give these together core other, of COX company, jean-Pierre safety. you I So net by of XXXX reducing you value year about would zero getting I'm taking to with results society emissions, another emissions

by tons, specific X, to so that Scope you X by You remind a reduction excluding a figures on million XX% minus a impacts XXXX. from XX COVID have compared of which have target we I XXXX. XX% have been these and calculated

we journey So on well to that. are the

the not that including point. in which we that's perimeter is So first emissions XXXX. of in would the the are I CCGT remind you all well of the as figure this

So million which it's tons represents. X

per the that, and said. production to And and XXXX, it's already we a for means years. Glasgow fact, done wait all We even when little in XX% important of activities the and methane. another for reduction the XX,XXX methane, that efforts mainly world been XXXX very exploration to on year So our XX%. in 'XX, a Then metric have by have impressive, many discovered teams and impact the didn't is seems we for tons less methane, XX%. I a 'XX to almost the operated that we of are quite is refining methane, our of -- to emissions if down seriously than about took speak focus from chemicals, moving less from as

emissions some set as of our in tell as which already go to possible. really And and September. important to means our XX% and and revised It Sustainability the course, that for the I hard to a XXXX of can reduction be reported business decade we we next the in XX% natural Report we to for that of new you go soon March will end methane working target by involvement is We because, it's targets set next Climate zero in will are gas strong.

on demand sales can X the Then would X, can our of a Scope Europe anticipating. in say, the Scope that matter in I to to see driving it's So we on adapt, products see as consistency. emissions we you oil and our order down by are

oil speaking, are arbitrate company a Scope terms XX% on maintain ambition during Scope a XXXX, to a X, deal the figure X be the low-margin strategy to that is coming say, gas there different, the means very in almost same the energy more XXX we our is established because of fact, it's customers. XXX our if seems sales XXXX, the green emissions to then decade delivery and that ton is from -- the the ton it's minus to Scope But to the That million compare intensity clear, our our in X which in despite by fact carbon that figure XXXX. X XX% are Last X 'XX XX% of and have [ph], down already the objective minus think is that We Europe. is contribution would of said growing under to less worldwide I and sales that a XX% globally in be our by which products. needs we recorded from by the

objective. the we on again, get way to are then So well the

results also and financial results strong set ones. not extra So to but think and like only also these of to it's a to results important, it's look more more financial I

yes, of $XX So in back strategy billion. capital coming to have $XX a announced we September investment billion, 'XX,

announced allocate billion, way we our billion. on we high we Keeping year say, same, which will the the $XX the let's be split a the say, range, that fundamental, our For I $XX capital. say, would transformation, would to 'XX, is I

what a that So per we means X.X to grow oil That barrel ambition XX% production as we maintenance. day. have because, decline oil, call required on no capital around you know, in the -- around refining old natural oil have the X%. maintain the we want million aligning to upstream This the and

plants, and invest the So to of need also to We need we maintain and reliability safety Downstream our to plants. refineries petrochemical maintain, invest. to

So necessary to our to of the is Renewables XX% stabilize to which and pillars. rest CapEx. to taken pillar Electricity and are One grow XX% this maintain global has under XX% is X grow,

we'll I gas, pillar new biogas go in yet like limited $X.X even XXXX would from if XXXX. more, other understand you say $X could for and is it's and that billion molecules and in gas, billion So the to and LNG hydrogen, in

begin So going again, on sales, program, oil, is the to creation. obviously, industry In organic on and all. let's value to delivery by focus

increased we reason 'XX. budget, CapEx the increased part why -- it's have of compared 'XX in So the to and budget

CapEx that billion short-cycle Angola which mind like of on are We [indiscernible] reactivated have CapEx is Nigeria, $X of in keeping countries or COVID now in on coming more have rigs operation. a short-cycle impact mobilized the stream, we

the asset bring X stream the in some remind contribution but that exactly So day, it it's startups will the we per and on Angola. Marus growing first would year, by being were Block level particular, coming middle in XX the before of in in the production new I we Marwan, of and it's the portfolio. EKK have pandemic Novatek around not also main fields Nigeria is where barrel XXXX, Brazil, some XX,XXX of the

We have we have also, some to value high wells. terms creation, impact in very of continuing in gaining explore particular,

being Brazil, -- appraise continues mature which M&A Surinam we We organic also the hope, drilled being portfolio by to high drill Maru which Gabon, for block potential in have noncore And say. or Namibia to our in and -- to, another the One highgrade use, X -- this but We I with part. XX. that's well I But is good drilled; we identify 'XX. done of fact, emission with hope, development the would in have one in year I would high-impact end today. is prospect. clear Block divesting explorers say, axis, have say, world of assets, view our to in X, I would Angola

And sold part 'XX. it's because I say of on stop we billion must, the and it $X price must of all would this for We one that's contrary, but not assets. high So is we strategy. in implement

before. I mature in And investors tour more is these because we in December we continue we than we and assets. from say low-emission access been quite auctions have more to by other Atapus interest successful that an very the to in consider good getting get with of on there low-cost, PSCs plus marginal the would return. end of CPR I value [indiscernible] probably come of to acquisition side, are acquiring, So And fields 'XX have

of looked know of Libya, Middle low-cost So slide, we X By can we already you very we And we strong in oil, Iraq, and we we see to accelerate the way, we this be growth foothold to leveraging are are our for explained. have -- deepwater a that fields. in are on East partner that looking, very the we also these course, Brazil. happy a giant when

barrels XX%. reach to planning are day XXX,XXX by per We

will strategy and and on Now that done. a on gas by in we able can business. the -- some the we by are have way, cash really, the And all -- XX% the business gin and coming in oil one, this with continue for including years. that we it's Last the demonstration be additions it's comment work,

high able, to XXX%. focus and cost, is of replacement The -- We have a low-cost, XXX%. have in but low-emission projects high divesting rate reserve focusing emissions in even some investing projects but 'XX average been

So work oil can some low focus this cost, gas strategy emissions, low again, to fields. and on,

will -- we'll are some a one know obviously, million same go of productions. the there. of Nicolas' are 'XX, X%. and division Myanmar, we Upstream So plus cycle clear for teams minus you lose focus some be I productions this some thank for There The are all that. we from plus sort But day oil figure or per message. E&P and some is equivalent, barrels new Downstream There invisible gas for when the teams. is the in X.X is

for refining. to, a rate, back XX%. In fact, utilization decent it's coming there. would pillars say, It's on X one I It's side delivery on a

high, operational a year are the had -- quite plants. but refining lot some natural in 'XX for impacted issues honestly margins was said, gas some were in lower. still Energy high, Jean-Pierre rough particular, we the As prices also, is

So there. teams are mobilized

good So be we which means that which -- have might is extra be because that cash delivered. will

of other is U.S. a delivery part The cracker the in the

to it expecting are the in suffered terms delivery. impact It capacity COVID, I from also We be transparent. would of say,

all the mobilized by, difficult which impacts, and would of teams in together the of way, would will the the the year now building say, are it But allow I it's It's polymer cracker. manage with almost cracker all up lines. start by say, the COVID the late I was the middle to So to the this to on start late. U.S. cracker

cash. I it recycled Refining And one bad. will of economy, side. into bio a And on of too is course, the the tonnes is be XXX,XXX of part which assets integration, they in the engage is Servicing, & not to getting it's have strategy additional source being from So revenues economically, most Marketing on transformation on for and XXXX. the polymers we've nonfuel this also Chemicals of we of the target a on which also growing & circular say, more produced terms polymers form for would -- a biofuels is implement is defined transformation,

will selective also, And of the the before to investments. in all these will same have because the So type we on Compared a may there, focus arbitraging charging our energies, be network XX%. charging. sales by margin customers because we the develop is have decrease are need new be think the particular, by say, getting XXXX, at I to put we objective sales and target to power product But than But -- high we EV going in of have invest same to that more the focus trend to a -- own sales. and continuing continuing to would station. of XX%. expectations retail to the time, there again, this on retail the more low In

come, expecting in more course, 'XX, another from all was for EUR many X good not all, Downstream of The billion billion than the in have extra 'XX. in we should to been the by are LNG. So will the $X.X exceptional but which think again is the this disappointing years. Maybe LNG, year company we redeliver that's 'XX, refining transformation. year it. the not I Jean-Pierre able the for and spoke the Then important I whole But fund be polymer to market. of petrochemicals, think, about low.

Of course, underlying of engine increase the growth this particular, the in dividend. growth is the is which of cash and the feeding of flow the

deliver, long-term by driven will a say, would contracts As contracts are underlying increase clearly and have you tonnes, million can long-term volume flow. X mainly these the we see, by cash I which these sustainable

teams volatile. course, price. This people I arbitration, who to our at leverage to would it's what downstream volatile is make some to volatility high in seems a and big is be like It strange we we High the but Of for say. like time, love there fact, strong that. X but same have

our Upstream the production our X -- I on would part, informations to LNG we is of oil. linked there. production say, XX% have So

to leverage I leveraged But which of course, say, a to, indicators. strong. have we and also markets So we oil would is quite spot have deep

we it Before you maybe since million $XX volatility, the on said, is year. plan we it like as price billion NBP but will by give than we for XX% $X BTU by million BTU, $X with $XX XX% more because we are the of per on no, giving a it be will the beginning million

the fact, to X per $XX important lag Btu, to you, formula. LNG X is part our which the have a of in Upstream and And So LNG. $XXX time on cash is Jean-Pierre months million we us of -- only extra it's told million for another information that in

one first for with visibility per in embark, which in a BTU strong we is than than second So had half of And we volatility they to very on fact, capacity. the 'XX; Downstream which $XX key teams, capacity with million the higher semester the illustrate average other LNG a their side, 'XX, in the benefit of so more indicators arbitrage important. and X our have from again get that's the to again,

The flexibility XX%. first one, they have portfolio of a global

destination U.S. changes that of exporter of move price million from important say, terms price. gas we would year second, very hand. I the have XX% too $X X the, they remember So they are one of can sales number And in their there course, portfolio to which, per is is BTU not if does because gas in it $X U.S. much which of even flexibility is goes the last

a China, for of course, engine the cash and Europe, capacity Asia to is arbitrate So flow. between strong

to growing X we'll per -- to X in X in year course, a would -- where invested continue should LNG, more in important this to even went from XXXX, per we this this and get it year, like and 'XX, X. will the we We 'XX. was to from X, X gigawatt 'XX, because was year invest Power; we it XX X what year. business. from go I from is Renewables be an of 'XX, to all we of In went than gigawatt So X 'XX say, fruits again, XXXX,

X. it So was plus plus X,

phase reach more new X, before plus fact, XX gigawatts new than which in enter is which is XXX. XxX, beyond to a into we Now X, phase with we the 'XX and plus of plus plus reach the have the X growth to a XX XX which gigawatts

maybe on I capacity, dream stream a that which And will the a you projects good means deliver be on middle look to people by will about spectacular the that working our happy is in to investors. countries serious, to invite many Cup the way, very the Qatar to we from go Qatar, One if visit in solar where in It's all CEO, are be [indiscernible] think, to XXX not it to But you XX-kilometer project in the by November it. to the what to think the I of So desert. but will plant World XX-kilometer solar be the the not build XXXX. our ground to all come will megawatts. definitely, only plants understand the invitation

not solar green feed the you, So that Qatar. stadium to power this so And Cup. football this can deliver have to they will World the all paying power panels but we during on to I are just mobilized course, tell of

power wind. new Scotland, is other would Taiwan The I the started offshore which The generator first there the together limited. the field start-ups but and production, generate say, 'XX. will 'XX the in very with projects. the fact, first -- in 'XX, in part its of began online is are real turbines in in in [indiscernible] also And Seagreen of startup

So is program growth. that's delivering the this

In EBITDA, also billion not is, what million. could from there which more important now way, of it's you the will from you the power. increase exceptional I EBITDA. CCGT terms in terms This not European is never this our looking of 'XX, mainly XX%, told translation is of the let's say, replicate level It's and don't $X.X of they be It's will QX, benefiting a in because clearly, the because target Jean-Pierre by, surprised time. growth. renewables, obviously, production an granted. X.X from in in than traders are but see as it we XX% of proportional results because we is results hope that. prudent the you, of share to are production the the that carefully And from to have profitable say, we by And EBITDA, exceptional

begun it's So We planning $XX prudent we EUR the material company. view, EBITDA, of contribution billion material, But X.X becoming it's of are But results. in okay? of billion. a my this to global of be a again, be EBITDA to type have to

per $XX environment EUR because additional part So probably back delivered obviously, for at don't in billion it, have will so of complex power, would million more under the do XX top have billion. billion. if Why? $XX more to a have, in same like justify gray that, XXXX, designed. this in $X -- In you give pessimistic of the demonstration, I'm read about which X generation would of the million, scheme to will the that that's a 'XX debt-adjusted the cash a come you environment I'm level the around conclude LNG little ton I'm Btu maybe If read $XX because is, for we underlying make it NBP, plausible million, million show per tried have and you price, the $XX 'XX, by shy; this same on course $XX and -- environment yes, exactly EUR of for justified not but I'm in around a it Because is oil little a I increase maybe that been dividend. $XX billion. Brent, way If I $XX summarize is which -- that's would just very that all margin environment $XX billion, refining million. $X barrel, $XX I'm embarked can by our billion $XX $XX back per something that because way, we pessimistic But is a an flow or the preferred little and coming cash, the translate But high, yes, which you billion. of we get per if we plausible and we blue been metrics Btu,

metrics have the we Brent, for billion. have extra We $X.X an $XX

we billion. you part. million XXX gave The have LNG per $XX an For represents the BTU $X NBP, extra of I $X billion plus.

the billion. which delivering gas, European gas, $X.X U.K. other domestic, gas Norwegian gas, So is the

metrics. So this is the

of be me the the at of XX. there, which that we see that where what is billion not are we Board end dividend dividends we in only Of through the year simple, course, only not this billion. by math shareholders, will the you tell X%. tell you will back $X the interim okay, conclusion I We'll are $X are will to increase represents of by of give you sustained increase this the room today but not slide, an the have And by XX% to and quite the said, you will

for with first So it's have room also this the be X% share we billion. extra. tranche you the the And morning. surplus you part And to of $X first -- next announced will is why have 'XX this the

does is previous you terms not So I'm long-term $XX billion. this coming The dividend say, cash even but are slide would flow know growth explain credit Standard positive I A underlying CapEx, to we It sheet why. to Poor's I supported balance just very And plus X%, compared with to billion, change think. priorities, well. of, to you trend, in The gearing under at by rating, slides A $XX XX%, XX%. &

oil it. prices. So oil were a buyback, we'll share continue to consolidate before sharing And giving prices and gas it's we guidance from on high surplus

would prices So is giving pricing. short-term revenues. are this Gas a say, us, also higher gas I

Board it the half. So reevaluate means that the according of executed that the will to the to and the for half will results It second be actual $X part for during it billion the first first year. consider

that we XX%, long So you to one mistake. a XX% they returns, notation. and terms if are, rating, think, can figures, quite the that our benchmark the this I lower on make -- shareholder ESG it return don't with our we I by majors. to make make we a look are, I among we the -- By the way -- would chart [ph], of would type X of equity, have to we about I results is see just want have you of if see was say you the a risk also way, are Sustainalytics, waited in the have The this put better

XX% again, which in X in competitors. benchmark of 'XX more which There have there, -- last one but is benchmark for of we the is have given terms number the the we is shareholders, above is well a us. we this CFFO the far are little we think a competitor But comparable. returned I So our for TSR X XX%, TSR on European with And X-year are on -- good ranked.

high we I energy summarize may capture qualify compelling energy high is you us of portfolio So say from a obviously, case upside that pillar, it allow a investment if would which one the case, I low-cost, why to and have investment prices. low-emission

million figures, billion, the seen than $XX per more billion. $XX You've Btu, per barrel, $X $X

-- also oil have particular, -- and we LNG able portfolio -- demonstrated important, that's oil it. portfolio. have the in the it's been but 'XX So we we capture And project in to are but

is complexity which would that investment is more company say, the also integrated underpinning market for our market. will secondary oil of the a power a in case get, company, growing. of energy, we is In intermittency matter of from at pillar we And a being the in our somewhere. our it. TotalEnergies, It's gas the of is create and electrons is are the that coming of second large it's best DNA but particular, the building core what oil integrated the consider I a management like The in is that growing interconnection which this clearly which of value and that renewables, multi-energy all strategy. electricity volatility The the more means that Hydrogen, the multi-energy model shareholders increasing power would and out of gas our and And And I one of the is transition. add somewhere complexity part the of gas core matter is transition company molecules. at COX an which and of power, are of competencies the Biogas, use DNA.

we the capacity we that need gas the this which leverage business, which in production, our approach us and chain. the that sheet need worldwide electricity supply. -- also volatility new our us to what oil chain, the along in positioned value that. think is balance develop integrated sheet that electricity ready we with We give so to be to of from more had to or strong value again, the storage, trading, capture There integrated And to balance we helps translate our -- manage Then, world course, markets. be are to the know-how, we into to our value look footprint more we in well

done commodity continue reporting competitors and that -- Board call know towards March also confirm carbon So We'll great strong that the investors to And annually. the opportunity presentation that, is we future, shareholders way development neutrality increase to progress can have in to importance. of return decided continue, and I why AGM, we from respect thanks projects you of we'll issue at that sustainable also and with will the of have price we the -- AGM this TotalEnergies. also attach into. only balance been -- to I will differentiator with would be the are selective have field. the in May accepting report the financial on insisted company We make have continue about see of more what has Report sustainability strategy. we on and But will In this shareholder XX, it. submit it's to that will transition but We the -- which done because, reach and more ended the resolutions same Sustainability the for report transformation to targeting risk end a yes, to vote Directors that review TotalEnergies' invest XXXX that to XXXX have we'll trajectory again, its to the has Progress and energy more an on presentation to we slide. XXXX. to help will the one it is are in which mix a The sheet that do that. we double-digit decision of in interestingly We it take our will year And contribute the progress climate Board entered is important. Obviously, attractive to last All XX final we not a PPAs -- resolution to the to line, is say, AGM, shareholders and do progress. we and the strategy. investors will some have stating to it The I be on linked on and the ask Climate extra AGM. have sustainable report Knowing This day already that my would of and And ambition advisory align to equity. order taken return why to capacity we -- my in and -- to not all the you are the that we that's say, today we again. what proposed the next we -- with other will the and that I a

and colleagues to your which ready attention. thank for attention. desk your room but answer questions. you So you in your the with behind for are now Thank not And to -- Jean-Pierre room, in my the the

Operator

[Operator We've line Instructions] the go got first from Please Generale. question the Himona from Irene Societe of ahead.

Irene Himona

were Congratulations very distribution Good what results. I X afternoon. on on Thank had much. questions, please, strong policy. you very

the Firstly, amount on the first visibility $X the future And announced the should we My anticipate twice for second then buyback, of the the you of in phasing increase. of X% buyback, buyback you if you in the half could please question announcing dividend the or timing billion year? clarify on terms a the year?

year cash you You would structural and structural to and to And increase attribute dividend that, continue XXXX? LNG LNG that remain dividend on Can had we throughout increase in last increases a read cash a flow previously you increase tight from depend the to indicated today, flows. in markets into anticipate power that electricity.

Patrick Pouyanne

want be Thank it just was because kind the my you, look first, timing, Board in executing I words. the say, also for of to first the of share Clearly, will XXXX during speech. Directors it the mentioned half is I would Irene, your price. what

the not is grow. continue shares There to will certain buy a if point. We

we why first have on the half. a program it's want also So to

course, of with execute months his $X markets. we in the coming the rules, which and the in intervene billion Jean-Pierre during in can the So team will windows

So the that's first.

flows I to monitor let's maybe surplus see, cash wants that coming, the mean, flow. -- -- to more cash we'll more Second, Board expect could according we

it is depends after It it the The So technical answer the results -- it but be twice a even -- on Board. quarter twice say, could will at would year. modified first I be let's It least be see. least could be may at a year.

is for past, interrupted long in just But some program, by then the is each half have we buyback but $X events and consider don't the see. year. So for a the hidden agenda. we were time no on first the we'll billion market. It's There only announced

execute. be So let's prudent, let's

not more. can if part, be remains -- it will environment consider the that for if you So the as but second billion it at the least is, $X

dividend, I that means -- CFFO the which we what underlying know The is no, increase, volume from does flow. mean it some surplus reported CFFO, come again, in would call It from long-term is something say, it's prices, structural means comes cash I from actual or that we prices. not impact sustainable. volatile, the the On the from it what on

that dividend are by X% consider September, we increased the -- we in if billion the and where you growth cash -- environment. when trajectory in because a $X flow grow a by reminded should So that at remind in you we we same but are trajectory. I'll the previously we like

the of years. tranche first this X billion the $X it's for so And next

follow XXXX, XXXX remind I already us, very we that us had you think mind. as carefully, you or If in in

we when X% we the announced extra course, have have disrupted allocate Of and an that or the have increase crisis if dividend. with we events everything on $X would the already more less billion,

the to are conservative we environment, I would price we to say, linked it's on before. we But will consider say, million which that that, remain. volume is tons because we on LNG have extra growth will coming to that increase continue even the would trajectory were in, and It's we So long these trajectory. for we a back I believe X are royalty not there -- the linked

independently of very will tight a I basis of a in the said environment. a is of, say, be Having remain which for think prices oil something I conservative to dividend. would years. can answer your LNG to sustained few the target question, this but increase that It's that, the So high

is remind well, in about you 'XX, but as that XXXX, people If 'XX. XXXX, by oversupply forgetting knew were they speaking were Irene, I

at will by 'XX point COVID see, don't to easy The fact, on announced we I'm demand. price by the markets afraid coal It's little some climate of negative competing for we we the Bangladesh, the if Vietnam, coming In impact, demand with too gas high like high, LNG anticipate. for the prudent even -- on is why again, the where remains even see much And and to gas not will the coal. prudent Because, $XX, or anticipation. stream. a say change back India of the exit, 'XX, terms we come And 'XX remains despite if exactly. already to more on India, I so have LNG that coal way, trends that's only be in side have would continue impact emerging on it I'm will

Operator

Thank you.

Next Goldman question Vigna ahead. of Della line comes Mickael go from Please the Sachs. from

Mickael Della Vogel

just the cycle at through which a more have more should returns especially shareholder can your on XX% wind, offshore time, is at you with cost compare There's One very at On was Two point for flow where costs I on of when returns, macro repricing higher or of modeling I on question [Foreign purposes, rate the of wondering play. is renewable value last there difficult pulls from the return my cycle assume on in I the beginning shareholder different much the them the cash do of delivered side equity the year under the MMBtu. across equity to and payout as there we capital that results. $XX the there the likely to one if you other each the as X something side, find on forces It's second also My $XX wondering, moment a seeing side and incremental years. the this looks flow is power XX% proves power. on a assumptions and so model at buyback, in $X Language] in many ago? questions, renewables. billion Mickael. there on well well be renewable distribution it's intermittency rise look oil, Congratulations opportunities prices in are were I directions. if how higher effectively generous less versus financing for dividend, may. project if and to at we look chain what I of one your was you which those over returns the but of because different conservative cash the It's you power, your on higher continue opportunities with have few

Patrick Pouyanne

yes, The you dividend plus we the we billion are $X is just -- I X% Okay. way explained of $X $XXX XX%, is is the the The million. again, that right. calculate of dividend -- distribute. increase the It represents billion,

So that's right.

a we the So increase able to we it's that, were a XXXX, like than good in when quicker it's guidance where guidance. said think targeting we the buyback. price Having were that, make sometimes

reached we XX%. So

XX% XX%, of in a a range our the Board which is mindset it's is So of Directors.

-- model, use So want it. you if to you can it's

renewable is, the evolution which for an -- a where the me, And are I we company. of something moving. this matter it's again, think, -- in yes, have On and things part,

business, the create arbitration, and say we become in have ourselves -- buy XX in enter seen it's we see you to, for say. PPAs would historically, we look LNG, results more that we I XXXX, then to we're I the strategy. after the LNG years we LNG like let's we around if it's etcetera. that's long-term maybe think that let's at And we to the a 'XX, The into accept positive more these decided fair. it, when Now a we invest. contracts would And in value field, have and you've market, the engaged willing player secure more

I I think XX% which but be, renewables we capacity are more to would looking the secure and will to say, more as and power a assets also part. maybe other it's

We have that the have, trading I'm are, market, I'm higher because price go to leverage have teams capacities, we of the our balance we looking also storage and would I say the sheet, And providing to this -- electricity teams, the more providing we the volatility. also could thinking strong more higher. capacity,

be offshore -- to wind, not when way, XXXX you like parameters better it's by think I the on of XXXX. mentioned power only one anticipation one the in it's So, an pricing the will the the investments that you keep have analyze we key so

us markets yes, to of let's Chief it profitability. view oil return. a to we PPAs modelized -- of electricity part on where my well markets, you gas the keep outside say, But would as and base We order that. is Economist help so better the do in the recruited accept I And secure, that, have just to our in

us me and why integration secure this company revenues the like to think to for volatility. view So justifying not into this the entering but able is I business, be leverage is the and a again to

Mickael Della Vogel

you. Thank

Operator

you. Thank

Rainforth question Barclays. of comes Please Next Lydia the from from line go ahead.

Lydia Rainforth

you Thank if Two good could. see presentation, And XX manage I and the afternoon. hopefully, in-person. other to each March we questions, will

of focus at return. do business is wondering specific over areas you pick kind best the Total one lastly, of up need on Can in focus first that actually that on side talked us actually side, Or multi-energy. sort what just XX very where to The being that on. talk -- renewable much geography need economics about countries. being of is for business the where Iraq Total. multi-energy you to is on the you then think through example really secondly, like And of something saying point project? think And of And the the works you more better? cash that integration the to the the then there now how and and just was kind I you was you

earlier. the level the now on so share -- share Is dependent actually mentioned price buyback is You the price? the

Patrick Pouyanne

there it too yes, a question, is become level expensive. obviously Last where

is don't down, keeping volatile. when markets because our having be The best buybacks clear. arbitration be in going company, And then share share I best to the the high. an But and So want the to very cap there share between the investors the we the low the be for the is money. when is know -- price investment let's might debt hike, buybacks for the will buy shares

will a monitoring monitor the obviously of a it is I -- There is a Board have no ask It's sometimes we high. no us me There somewhere we of solution. which I but magic just mathematical -- criticized because investors question there. already don't buy lot that. when met mean, So it's

company. would keeping level, we was it not not and EUR the know So it as shares are a money low. the more investors share. this per bought not using able some why -- the do some was share when share XX then to who possible. was at when We last at year, it a is I have It But year

a So that's a point just where, remark.

several benefits the on ones. On economic the but there integration are

let's they want in One in you to guarantees. they clear, revenues small state, using receive large of revenues other willing case When of countries, from that in Iraq, emerging the revenues countries, Iraq we to the them and in when the the in develop to these -- all projects you that a are and from is of of want oil are is be are power particular, and developer, we when asking have the oil larger compared do same. are oil not to what a company revenues, you an magnitude some you even sovereign gas developers

find can revenues would say, guarantee electricity to, a your by way I You the revenue. oil

economic terms possibility is a benefits So there there is and a which projects. of good link in leverage the make to

say, don't I would so And -- we also mean not -- the I the of of know name of, Qatar the don't leveraged countries, part you will use example, is with done have in we've resources what an gas and -- contract it Iraq. for I part are Contracts, GTL. I I like contract remember. was call of which other -- day, Shell extensive same is done, can that. in by at end But in the service. it's the like,

to revenues the investment the use one leverage can You of in other.

will different country. it, tell that, are that's different for advantage are the is are contract. less We the if renewables question is in we advantage competitors. a So of the that to the of invest The managing it's in beauty able you know to Yes. countries be there. first, parameters of there the I projects, more then

have We a presence.

already working services, people We have in some marketing E&P. in and

So They we us. have a respect knowledge of authorities.

image. an have We

say, a trust, good So we build you because it's trust. would I on have the

of of the be of in offer of but most PPAs which case, some The utilities is the countries, I second these profitability focused larger, smaller -- that higher. on or ID are is, not ones, course, all some countries can of emerging developers countries the the you countries part smaller But mainly, we have complex the what of small are which the is course, course, the say, would the some large companies. it's have

is to negotiation to would in this So able to say, to have a looking better order profitability. be leverage, it we what what are I direct bring can country to the for have

an of -- and company advantage think this TotalEnergies. a like So I is

they real They present future. it. our some can in good explorers. we but the replace longer will them is will countries. are We service We not many in relationship, leverage renewable There explorers bring call profits

Operator

you. Thank

the Next question comes Hodee ahead. from line from Please Bertrand Cheuvreux. Kepler of go

Bertrand Hodee

would with vision you portfolio thank your Congratulations, Toshiba, provided back U.S. again, the contracts having have for grow losses. a my and the LNG portfolio of question. taking those probably at and where some acquisition for LNG Hello, for especially LNG results 'XX, Engie in time to also from the XXXX,

get a your sensitivity view. was want my and more in understand portfolio. So I the strategy, now But that countercyclical given that your I LNG wise prices. spot guess to of I to structure And fully

You in may hedges have place. surely

NBP back LNG, and be I reminded adding were for spot that highlighted $XX structural add in well, second if billion to during were assume you for spot per also a cash could you move additional sensitivities equals by to medium-term billion question. that Asia in that your LNG. the right because per MBtu should Should cash the understand plan. X cash XXXX, And that by to $X XXXX. have? MBtu flow $X.X between and is question around move Upstream of if both stated XXXX to And billion a billion I billion NBP $XX so of For per $X LNG That September, be $X of to raise the also your billion both also JKM, discrepancy hedges and you We flow, my I I assumption in of for your you $X is, to flow understood presentation, $X $X.X the the MBtu. right first

Patrick Pouyanne

questions. Technical

received, business. yes, first, without right just positive are we 'XX today, $XXX you million it's tell to So on Toshiba you the after are we cash using a that profitable

already making So and money. we more million $XXX we are received have

lag thank between then a There So just your hedges if we is and for increasing extra JKM I that a Henry of, $X way, BTU, By September all everybody. million. you point, mentioned is yes. We the I that reminding to linked then that. say million per because, cash point. effect is $XXX by would in the the difference have it's Hub there when remember, there to yes,

And so hedging where make the the hedges you when because a year story, year in make you mark-to-market fact, it's are the hedges after. the you

flow the have after, cash correctly. remember results you the the and have you in the So year I if in year

a have you the So results and discrepancy between the cash.

in which in quarter XXXX. So the after of implemented way XXXX, But remember that results the we hedge get hedges the we'll were is quarter.

we quarter So the But a we -- the the of should long for quarter, have new waited end year. last first 'XX. did in

would do We have were we it. We after don't done that. but We have quarter. -- like work Now magicians. hedge we waited would not quarter

today which a And between will Btu. have to we'll say, half engage So that first This we in $XX would imagine XXXX, I in will fact, we you year, decisions what hedges JKM hedges you we and per explain is year around that. quarter, embarked we just a spread in Henry what to course, compared $XX the the do today, of will do which Hub the be in for million is example. only delivered must could be what this or

good. 'XX the in good That's but will which be visibility. You results is have some cash will

So to where not it's exactly is plan. there

permanent XXXX your assumption So regime, in is a right. for

will along regime quarter. $X difficult along all from same course, -- permanent quarter depends, So the $X do cash X to more flow in it permanent year be the should but extra quarters another extra regime, hedge It's the because $X it XXXX. in all spread the to billion us give it's of the the a million as BTU a the be again, should we, during -- after years spread means year same

been me it I've think -- clear you little took understand. I to a time to

translate in to explain will we'll you Jean-Pierre and you. 'XX, fundamentally, XXXX, in hedges But not is X be cash -- the what call 'XX, trying I yes. receive these not, see is, that But 'XX answer in we to a done because done and XXXX. say, 'XX I'm Stephane and than if in compared more from in they The all 'XX. So would could 'XX, year, full a

something cash to of in us there flow. is come So to additional terms

Bertrand Hodee

thanks. Many

Operator

Thank you.

from Please of Christyan line from JPMorgan. go Next question comes Malek the ahead.

Christyan Malek

the well. Hi, this questions. strong me. And gentlemen. ask opportunity for congratulations Thank also, Two you to questions as very the on from result and seeing dividend increase

the deepwater, Gulf of on of the announced project the Mexico having in it's seed. in just North First, context the that certainly completed extraordinary Platte you the

You've has facilities got out and drilling the got tender semi-submersible production XX-month Valaris contract.

So its not infancy. mind, with in that it's in

we Gulf or walk U.S. around Mexico? just should can of to you've policy you around your Is logic of conclusions why that the us So appetite done sort of that energy GoM through -- within within context there draw invest within the context. potentially industrial financial to as sort of

the U.S. to very an and question, trying and welcome then relates the terms carbon the you intensity a at and relationship from this of in framework level standpoint, data can asset second region the around some or highest see just so the how metrics I deliver can carbon better you sort the the intensity, mean sustainability progress how understand And it of these carbon standpoint? we to report. or the in understand, of of between world. So asset within even hope the climate for policy investment should then from we more the intensity, we projects disclosure returns profitability, carbon-intensive of

Patrick Pouyanne

for Christyan, you, X questions. these Thank

not of breakeven. really project at of Platte to the one, $XX capital a not limit high also limit policy because we its we pure all all $XX it's No in It's We U.S. size, and of range honestly and portfolio, I it. you intrinsic of cost, in greenfield gave or there -- It's of of decision there technical in linked per consideration the It's policy. plus is no, high linked it. regarding to And U.S. in set projects, we ourselves. U.S. to that OpEx is remind the the knew -- our giant allocation. not investors a the North It's involved. at barrel, decision. policy $XX all these we'll at metrics. look -- the first field. It's The fact, invest no CapEx this no on GoM side --

second and than Brazil point. one Platte. So to [ph] in in prefer that's we SÃpia North in invest And point, Atapu

our our yes, better all, but But we over -- done be that in the our wish capital. have way. operator consider to to want at smooth had in were -- so end, job they to to a we partner our So able because we and hand do we if opportunities all the are portfolio we in we allocate

production is one. one. sure behind just reminded. by framework and all assets report the one report it our we'll the We regionally. one don't by it, investment all decision do So We again, I'm framework there investment inside the just no that in level of I politics -- at not

I'm to that. for point. So There -- to be take begin. we look way, me your the considering I it. problem will By no is at

the we correctly, for like between different we've spread this continents, remember have I of reporting if think I reserves. done

I think consider fundamentally, end report should we'll day, of framework. for on emissions that issue the will financials these same -- the we I the the on don't like what me, at know SEC type I the of but in

So we are way, the it. Scope X also working by are operated equity only not emissions but emissions. on on the we on and X working only And

financial but so data report, year, the it progress. We sustainability for for that way progress think this our readable by our have Scope what in I maybe I for now all more And that assets disclose and submitting, that's we by extra shareholders to reporting don't the this to so your the a a We've it's think climate is the normalize, think and approved and way, COPXX, we from you this the contribute all reporting more so do -- The say, extra vote financial is a that the data; these intent. to will able the idea I we'll approve all report assembly morning. global ISSB X. are trend. report the Broad done willing Christyan, word, will and of which we Scope to we we an for so just financial that. X consider to at better the our to that and can is I would read you -- until seen paper general organizations have advisory this in willing financial be analyze

second buybacks half billion announced about will you. year half, decrease will the will in roof. the capacity the until You are share our for on the range to unless roof we XXXX. sure share our the make pessimistic raise $X If not I'm first Thank

Christyan Malek

in Cup Thanks, Patrick excited. and look you Qatar. forward with World Very to the

Patrick Pouyanne

know. you. Thank buybacks, I with And more

Operator

Thank you.

Please comes of Next Borkhataria RBC. from question line Biraj the from go ahead.

Biraj Borkhataria

question. Hi, thanks my for taking

just one, clarification trading. First a on

billion, mentioned But in guess, recall out benefit trading to I implying contribution gas You for I think $X integrated to I a be have benefit. million quarter, the you better. it referred when QX you expected last would was XXXX. gas called gas -- $XXX the that same integrated I in

tax that be there's on on the some Libya. is then the in payment those So could believe that? details due provide And a there would catch-up of if also, just side I And any you can could or question numbers trading you gain Is XXXX? quantify helpful. there, through one-off second kind you again? electricity run

Patrick Pouyanne

remind we XXXX I reported it's in billion, has consider there I been warning. you one given exceptional, Okay. -- the $X think, I payment. all QX the -- QX if results I remember. -- seen quite have wondering end catch-up warning which $X is the for iGRP just Trading what but mean, think made We the the, our I in exceptional trading. recurrent a in billion, by tax was trading, I -- you clearly results, from I the are billion just $X no, would we say, that somewhere same as

you So because to the and I base billion, for tell [ph]. $X billion $X quarter $X me just and $X for is billion more billion

like I you not will can everything. iGRP it give because that. detail gas which consider includes more -- So -- power it's take and that. And team on

Jean-Pierre Sbraire

trading the the high at The gas of of as deliver electricity the we And beauty trading can well. terms time, fact that's performance in that integration. but same also

Patrick Pouyanne

Libya, in Yes. working Libya. our, say, there I in would is capital. Yes,

Jean-Pierre Sbraire

Yes.

Patrick Pouyanne

amount had We positive... billion, an a $X of around

Jean-Pierre Sbraire

'XX. of End

Patrick Pouyanne

institution. End very Libya has was XXXX, of transferred is be balance in $X all end the 'XX, Libya it is partners which I was is sheet all sheet? there a of to will with you, there we the which mismanagement. a the was with been to all obviously, government. which that billion partners not that transparent institution And to on that in of it sure in direct direct December the Like it Waha debate our of be Why right balance central to we the accused should very and was to to wrong our be $X together the colleagues, billion. that to wanted account, We field, Libya were bank careful not

a a took it paperwork the time and to and instruction, the little instruction valid we in received So January. clear clarify

good other capital. will our which So is not compensate the working of has billion end margin and disappeared by now, will end working somewhere that which of are things it capital March, there March, calls be there. But elements $X like in

point. it So not did use to a yes, not We it's but so buybacks, it's make okay. true major it's

Biraj Borkhataria

you. Thank understood. Okay,

Operator

you. Thank

comes Please Herrmann the ahead. go from of Lucas question line Exane. Next from

Lucas Herrmann

well. that assets thanks well. very I your Patrick still much to of obviously And time. for Pierre, wanted received extent [indiscernible] been think are looking or so flows now and company But is LNG? Two, And start cash might from just equity business? directed is how Jean-Pierre, the is actually importantly, Russia. the Patrick, successful. at associate as in And you, receive what flows. the has of that I iGRP, or derive obviously I when received very now ballpark volumes you debt? the it much Novatek? for liquefaction? if too considerably. to the I Yamal an probably the LNG from hugely how provide coming -- down if value line the associate increased flows We've second, if the take And that Yamal you can you much cash from with that look give cash of from the plant still benefit line could just expect dividend if they the is has or what power what's paying or now indication the from most you the value business renewable wondered of might, What's integrated the is I to percentage from of I you us coming

Jean-Pierre Sbraire

globally affiliate Perhaps equity but not equity is level coming on have result contributions, figure a do of the group, contribution. the specific XX% I at from affiliates our of LNG from

Patrick Pouyanne

the versus LNG was it renewables, was question question. other The

Jean-Pierre Sbraire

course, main At part is of present LNG. time, from coming the

For electricity, renewable million. contribution mentioned sure. XX% XX%, $XXX million seeing $XXX we around start that I or and

future. Of course, it will grow in the

So at obvious is from Yamal of It and result from of contribution most XX% affiliates, the present reason. time, XX%, of type out these coming came LNG course. equity for businesses, of the

Patrick Pouyanne

global because, it's just from to cash -- the billion for the size with around figure risk it's a $X.X $XX the Russia crisis, but in know X%. course, So you which is the will yes, the at XXXX look billion of is honestly, I compared sizable give not what we flow to at was

remember the around LNG X, as in per Yamal billion well. stopped $X it's was when past figure, I So year X.X

you But sanctions I because of situation. I it's way, very important. on this energy the experienced we consequence Russia. of can for Europe, By So tell any type think the not I hope

the company on prices will winning the globally, is because the oil and gas think I impact prices be huge.

given would because be we a in way, I headaches speak manage mistake. been it. It's that, have assets said say, the to and might But magnitude. EUR X.X -- give Russia, Russia our just about our I yes, dollars some by it's big billion $X.X having not the I So Russia, in you in operations must billion, to us said

increased it So has The lot. dividend. a

it's Novatek less. more idea. increased per less the it but think more the million dividend I year, represent has $XXX mean or or I

Lucas. you, thank Okay,

Lucas Herrmann

much. very you Thank Sure.

Operator

you. Thank

Next from Christopher Please of Bank of question ahead. Kuplent line America. comes from the go

Christopher Kuplent

for Good there. taking Hello, my Thanks afternoon. questions.

have for update of one security us I can each situations. current give you think wider on Patrick, maybe I a you. might the

should on mentioned Mozambique just questions I interested during metric buybacks you, on consider and appropriate your relatively you already. these prospect Yemen see asked we shareholder back and What versus it as appreciate price to distributions. I'd about many you in bring and when the high Jean-Pierre, oil and now. use most that an shareholders gas that appropriate would staff. of talk you to And the capital we As -- balance sheet. times for perhaps is be have been allocation for ground,

Patrick Pouyanne

visited Mozambique give I'll a very -- let -- Mozambique, Mozambique, Nyusi. days I met President, Jean-Pierre, question. I'll with I time to ago. XX difficult

people Delgado, at not clear, Cabo my There stage. me of went some into And be it's been have -- this war. a let's

You terrorists. have some

take fulfilled, today can do the I we X we And what is the -- we we will Delgado. the of not under security force authorities have achieved. not under all sustainability linked mean, Cabo what be to -- a would it's to, we restart and might -- same take which important? solving back. and we my for year, is of I to is consortium again. involvement proof, when And managed be yes, are -- Palma, majeure. control control key we by expert back plant to a to full not -- that areas in say, needs for get maybe country priority, There which envisage We be We'll will said the mean, pressure the the on there normal for us the no Mozambique But they when to come when would involved the that the start and exit a we come also again, surrounded know start will only me, as fewer take observe. That we'll could have will da conditions the will back start population, and out some around the a be become in it's that contractors. Because and way security our not population for we Having including of established, villages there population a be come us. back my that, to but arrangement But have around situation back, clear of be to been control MocÃmboa And There really come vision having not ground. see, to security. been to of of I able Why up matter long good, is Mozambique, more security the could and back of work back idea in we in view no that. frozen we I And nuance I it's the situation. So -- does that life. have would control Since no knows very civil TotalEnergies matter is different projects I But SADC, only to will project where on secure signal. they it with countries, project back some know. say, a Mozambique security will where not have but are the I will I Praia the -- the it's it of the will months have as is say, that project don't a mean, we can be we I an no with say like means It improvement soldiers. yes, with peace. rights. human Rwanda, build the peaceful we who

photos Mozambique project monitoring see as we the a It's are of the the not right not long negative. refugee But decisions terms still the And it's because authorities again, relaunch we'll that of security. situation think the so from -- me I in around camps project as taking it's we site. for and are

the and to social let's I is TotalEnergies So observe. today its mainly contribution would contribute The partners life, say. to

without in -- say, engaged all I to condition giving clearly teams on it's these the security and agriculture -- before. local would need from to populations Mozambique some, have waiting produced ground project the from be of of gas some share if from the see the we our shared need to with project But will the but jobs, some few we food the this see the just to on feeding to because we NGOs some prosperity stability but a help prosperity part could by the and come farmers also buying to act for for me. We

there. the as the take But is So time the that project there, demand LNG could gas well. is there, is

it's execute project. now passions to So the order be able in a and to question of

Christopher Kuplent

That budgeted concerned. for 'XX not quick probably you've a huge CapEx in guidance as Mozambique just a means your amount far as one. And is

Patrick Pouyanne

we No, have you we another before, as know, that, the you financing frozen. in if was just it for have don't We -- have. don't is stopped way, And by project you day a reason place. a

Jean-Pierre Sbraire

Frozen financing, the yes.

Patrick Pouyanne

majeure. The day we We want the after financing. force letters. money the didn't declared back. We gave get We to the the stopped

that easy project it's for activate know in we financing the project financing. to the is the place. project So we us And reactivate if

the 'XX, no in expected why had CapEx a more It's by So fact. but in above went way, of terms in Upstream the than the impacting CapEx, little part we XX on 'XX. in the we [ph]

Jean-Pierre Sbraire

not honestly, figure. any so I gearing, do on have And magic

-- strong downturn case. a we in balance a not our again, environment. the sheet what potential We to is that the do once time. not balance key It's -- having present sheet anticipate think, face obviously at we So is

You we the allocate know all elements, flows. will the the way different cash

you the we So discipline know you spend. that regarding know gave disciplined CapEx guidance are for and we

dividend. the know You

billion, X%, $X less as for you. The So plus the dividend, cash more billion to $X or Patrick full mentioned semester. first so

go or balance less. the will just additional flow, billion the the will more to gearing. figure one perhaps you X.X%, decrease cash to down of And be gearing an by $X course, So for of give

are we gearing if current be of course, supportive, go the below if continues that successful, So could the level. very to means that the environment

We have no problem with that.

Patrick Pouyanne

a to I when -- benefit for countercycle for to problem have good down, is if us. of have no countercycles. going reserve be it's be have cash -- We'll to we gearing have

at more were shareholder So not we on -- it's one, but distribution. told me XX%. I I for again, think again, the towards XX%. I guided answer showed the is the you you We is other

high can it's we range believing we not this after, it stage, a cycle. are have the do Each there's will you that if I'm that's a deleverage to see catastrophe. mistake it. -- company. So more year we the And long that come. consider to time At another be should is And of said we sure, the into maybe entering

So I'm to the takes balance on the very it the the accelerate you oil use be to Because years this have opportunities come then And remain by to prudent best obvious strengthen and ready meantime, might energies. will it X but be investors opportunities company come is then to the high, and impact. part. In sheet the in way, because transition. different the if a and more the coming have it's will X, more you price way,

Christopher Kuplent

Understood.

answer. I the great a Thank XX% you. is think

Operator

Thank you.

Alastair from Citi. of comes question ahead. Next Syme go from the Please line

Alastair Syme

Thank in can talk I'm for here is the below is current day Upstream getting and figure I and update about was you. mean at that Patrick, Upstream cost of could XXXX environmental figure to and in rightly, you a unit And remember that unit costs 'XX. it barrels the to just development If And what on guiding if I CapEx wonder the portfolio. you you well in where that you're used both XX,XXX about talk per costs. development I across gas. oil about

of XXX% oil oil. because on Upstream? wasn't in for sitting ratio of trying how emphasis point whether the disposals any that replacement just lower across slide in to sure you're on reserve your just is much I'm that has So that understand second part XXXX. then versus of And on clarification or that a the which was I a changed the labeled the was versus entire the assumptions cost question was making business

Patrick Pouyanne

listen. You need to

it but the evening to it. it's We because one. answer know where global it's the slide a didn't got gas, oil and yesterday We figure it's is there we put quite The second late. put -- in oil

have there done So a could position. was not elsewhere. it We perfect

So it's gas. oil and

replacement on one and X X reverse So rate XXX% years. on global XXX% year

second the the sales clearly, net report on the it's is but X. the in So E&P are there embedded true we and this answer some is first Yes, investments side in that budget.

So barrel is steel, stage, at inflation in we remember Obviously, the day I barrel I but We've the what in projects around where today, $X, than if say, inflation $XX,XXX E&P of more billion, $X And an billion have or think less. the sales, more is or but I fully $X more the don't you less. CapEx the metrics of organic it's have. any this on metric I well, part for Uganda the $X or would assumption billion, -- project. of of a think little the billion per some seen -- higher inflation. flowing you per could billion, as $X It's we see a

think in are little I think, some in last we the but last -- managing I us -- extra delay contracts. a costed the we that, -- flexible the year some

$XX,XXX per it. are some can So stage, at still flowing this we I barrel, say, you because targeting would the low-cost -- barrel is barrel consider

Alastair Syme

Thank you very much.

Operator

you. Thank

of question from Please line Next ahead. Paul from Cheng go Scotiabank. comes the

Paul Cheng

Thank Patrick, may afternoon, you that you able you. mentioned Good development or year. gentlemen. morning by of Suriname end to the about be the the oil identify good

is So that mix sales to question, far LNG are -- have in that the page And space? like reach looked of sales it order in on your that to reaching we on about from the we decision? point the How in is that of for kind what presentation, exactly second us XX%, XX% do spot. second the

or to that to totally assume long-term that part, the a they is we prices. So LNG oil price spot volume linked to still, linked large are the

Patrick Pouyanne

is just need appraise. Suriname to So drilling. We

several We discoveries. have

plan. a have We

have wells pole X on different next X order self-run many the have X we I we mean, X, -- have think we I to X, wells to drill where in confirm. discoveries.

and capacity are might have comfort the point know I solution avoid be a delay to gas find we you enough pool that commercialization X -- the the targeting to tricky everything. again, think wells of is will to we with -- us to for -- which oil

So drill X of to we and them, for there coming by me 'XX. are intend all wells them

I north of of hope And think on But was discoveries So well as explore block. mainly pole have of the then the because high things it's answering we we the the I where part I I the block. why plan. self-run on 'XX end made we'll have say, southern would

done towards For the and of me, wells, have of it what these X development. after clarity a be we size can engaging

So the cases, are that's details, all where of point plenty etcetera. to X take today. I had could because explain you I am If it assumptions, there hours

So need drill. to we

find hydrocarbon the oil, which Second But which and [indiscernible] is of we worry. gas, of question etcetera. don't

If If in these they are Stephane. spot. on long-term speaking mistake, So a are But which -- small the would arbitrating. in it's part, XX% I either linked we on say, the It's under I'm oil the they XX say, XX% I are NBP. money a difference volume, in sell X your there fact. between long-term Spot eyes we oil let's our we which and as vessels, is the raise tankers you old spot. of and a ones linked. you not have I and it's buy contracts pure part. made tons, more yes, team, okay. the are figure you have are we the deals linked, spot buying million is the have then pure spot. which we okay? marketing is to portfolio deals things, means And round or JKM the spot make It's and And right. In indicator, spot XX% a mean are of other which [ph] is spot spot LNG spot

my So is the That's answer. answer right.

Paul Cheng

you're is to big second volume? linking saying the that spot. component, that the you're on Patrick, How

Patrick Pouyanne

big the... How is Sorry?

Paul Cheng

How You those portion mentioned of that's your the those earlier on the volume? that is to is spot volume team is and LNG that that based market. linked price marketing a big

Patrick Pouyanne

Again, I million. if tons, million deduct you XX XX you have remember,

have you long we And tons. XX So know proportion the million term. of

So long million. XX term XX% is of

So million. XX it makes

million minus XX million million makes tons. XX So XX

have and you XX in XX XX tons. So slide. more so -- million, the that it's million, or less million All is

finger, take you, You your Paul. Thank you count. Good.

Operator

I like was the for to over the to speakers back would question. final now remarks. That hand last

Patrick Pouyanne

you. Thank

also by very had in-person to the petrochemicals. honestly, you I very we with the And will if come. think if must to the continue in thank and monitor to more production products the probably I on want delivery So presentation petroleum that but company report than year If to yet on present where because and pandemic. us stronger let consensus than Even we sustainability in back join be It or results the last in you it intend all go the in I climate We'll true we these can be visibility do in-person, of do. intend on the this today than don't know so Yes, volumes line refining virtual invite we'll focused know And delivery it you order come that's what year because it's -- a easier, your in know focused. I visibility. -- March teams are are, it. but we be attention. be assembly shareholders. you all this line marketing, I of where strategy for it's we with beat of course, think, more XX%, prepare the to general to to the to we of no more will to XX.

month So, you you and next XX. attention wish you March your on the thank for the and see best for