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TotalEnergies SE (TTE)

Participants
Patrick Pouyanné Chairman, Chief Executive Officer & President
Jean-Pierre Sbraire Chief Financial Officer
Irene Himona Societe Generale
Christyan Malek JPMorgan
Oswald Clint Bernstein
Michele Della Vigna Goldman Sachs
Lydia Rainforth Barclays
Christopher Kuplent Bank of America
Bertrand Hodee Kepler Cheuvreux
Alastair Syme Citigroup
Peter Low Redburn
Biraj Borkhataria RBC
Henri Patricot UBS
Martin Rats Morgan Stanley
Jason Gabelman Cowen
Call transcript
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Patrick Pouyanné

Good morning, and hello to everyone. Welcome to this conference call for the first quarter of 2022.

Given the geopolitical turmoil and the market volatility, I am joining the call to talk about we are navigating this environment and to answer your question from the perspective of management and the Board. I am today with Jean-Pierre, and he will present you the results after my initial remarks and then the Q&A.

So to that point, it was a month ago on February 24 that Russia invaded Ukraine, triggering violence and destructions that have killed thousands and displaced millions.

military this condemns TotalEnergies aggression. So and we And will our our be. on the current XX outlined of in full on conduct assets to including response, principles activities, to March Russian-related whatever have manage our sanctions, future support consequences our

of the a flow so, gradual ensuring our there to beyond suspension stop have sanctions, the announced in our duty line exercising in corporate while our are doing we of we our Going new staff. safety to projects decision also vigilance the capital initiated In our of Russia, activities of with responsibility.

no sanctions begun worsening financial announced stopped and currently from on by European as of project, tightening $X.X related construction, LNG to and spot SE exports And provision result, new that out of carry we a been April the effectively we countries notably risk TotalEnergies created Arctic this to by X in European conflict, March decided LNG an as execution in had the X. given have On oil project. LNG the for adopted book Arctic Russian We linked Union record Russian the the with end on concerning transactions on gas. new the are of accounts LNG of XX, products. billion, Russian X to the Arctic to impairment to prohibiting uncertainty of project. notably petroleum Xth, We Since XXXX, company. our technological This and use longer authorities, trading sanctions goods probable the technologies a have benefiting constitute the or reserve the then, to we there oil XX, activities for under natural and ability March decided additional

to which now. Yamal is deemed around activity supply EU fact, Our centered the until in essentially LNG, LNG indeed, Russia has related from necessary

contractual our to the from possible change obligations potential sanction, company we'll And significant honor there through a is until viability. and so continue protect

plus for will new per production on fail of Sea the massive or for been XX, X prices probably day million we and and impact It's as to than Yamal which particularly of related for of for press noticed Russia, our For the well from gas productions, XX% supply, LNG could more about for Asia energy Europe there consequences for related U.S. quarter, of has a you businesses natural gas. billion as its less -- capital than in also million-barrel X Russia added the new a impairment businesses for Novatek disruptions as table capacity per you million and economy, And Capital OPEC to $XX of to are mobilized tons midstream immediate more was generation a effort supply pandemic cash out as high, our to saturate a business results conventional be that prices and Russian capacities and petroleum and permanently is have this and to limited $X employed serious which barrel part rebuild purchases. energy above inventories global and also in TotalEnergies our pushed years. only apply loss volatile X.X our as have $XXX billion $XX income. flows. upstream of is mainly with as Russia. very crude flow, the for more in additional diversify situation, drop potentially reduce but to per of million we to the about of now regas Gas our refining likely of to over material capacities prices markets remain Europe related from And represents the remain flows The asset assets record compensate many upstream part volume, of Russia's significant oil and of electricity than the leveraged important after or course, will in impact, cash puts significant independence BTU. employed Russian on the $XXX more $XXX gas to and Oil are no and prices Europe the oil The But full most results, LNG to billion shutdowns. potential quarter, communicate transparency. even transition to operating company. going of chain net if also global related beyond its On for of LNG from European more high To spot accounted alter Russian and cash all our X.X% dividend a the from actions the seeks the this we million opportunities Russian its gas will North COVID our revenues to course, today, during Russia to special businesses. integrated a business first well in the our In respond renewables. this gas, from created, competition revision and of the capacities need March is and Russian for that terms oil release Europe XXXX principle our LNG. of for indeed cash LNG products. to or into

the X remind you infield for North In addition, Denmark been is by planned well have production mid-'XX. investments we in mobilized and stimulation. to mobilizing I assets, wells are that additional start-up Tyra redevelopment gas rigs support short-term Sea in

our by debottlenecked asset [indiscernible] have We also XX%.

reasonable the we gas was clear prices of partially in The tight started pipelines. oil discoveries last our a lowering expand and rebound in and are forward contract of Ukraine. in demand course, in cyclically move infill commodity as lesson acquired in business. with to locked in a in We last Years half post-COVID it. and further were move high already even shipments in by deck some and balance, oil the deep December gas mind. convinced launched production commodity fix in I keep in inflation we commodity balance production and are TotalEnergies, this of course, offshore We will for today drilling on runaway And quick of the in storage inventories down of of to and by industry and XX% Plus, are accounts. Surinam energy Atapu easy on our industry year to needs with of from this made production supporting tend we by assumptions. west flow to that by The also for boost remember, will combined we in the And we China and then partners recognize supply-demand signed of made Equinor Namibia. actions Sepia our actions yesterday and of markets availability. very to moving It's supply second Alwyn, uncertainty however, will and and promising to the wells pressures triggering a low. acquired are And out no important, avoid is period the we underinvestment usually in LNG taking to cycle production just new cost last more, America is Norway. higher of to Energy Brazil. price them I'm invasion We all and before we that At invest that continue create situation, helped that marked have North there oil invest of it super discipline. but the

of factors imperative, an one gas a geopolitical of we seek case, these customer the supply and X current and of at overemphasizing comes as and with turmoil for X continue In balance security on oil Climate cash any will volatility be the typically that illustrates describe our significant the affordability So to source we the company. energy expense the impact others. to climate. market but of triangle, to is must challenge the the

At we reversal of which XX.X%. complete a provide free cash buyback point high and we were in ago. results the quarter, our which come generating and able after the net will We In flowing will strong flows, the continue Jean-Pierre cash results generated from our access customers fell to flow of investments, to situation in dividends and energy. first gas to so low-carbon commodity our to more cycle, the into growth is the they back debt just and that gearing oil X years affordable company, this to we are fund detail. so that on reduce billion, $X.X prices have and cleaner, reliable in energies,

accelerate flow, is, cash in a first guidance the it first EUR the X.XX $X the to its than first half, which quarter, cash in last balance patience. increase more will up Board company X to and generation back the dividend given Given confirms the through willingness second billion this in twice buy the quarter. an and to the the was interim bought Board authorized shares priority X cycle share. 'XX EUR our give however, allocation counter compared its And clearly of EUR for company's increase strong half billion of the X% so It matter be to The opportunities. in strong February. a sheet, per to the to transformation reviewed principles back first flow fact, affirmed billion in of in cash

XX% grow discipline that capital in rebalance for to Nigeria, we nonstrategic production LNG environment, interest In opportunities concerns for for high divest and of look not operator, course, power. to source move we also communities the the as SPDC Onshore particularly renewables our profitably maintain us disruptions as time, of as will by the put mix. countercyclically old great particular, for and only the same we to carbon And in intensity mainly, local this sale energy may, further nonoperator. in favorable at are will licenses We company of is but some a the oil our

LNG licenses as integrated to renewables however, plan along and in our its with feed LNG will SPDC energy strategy, away of plan our onshore Europe's from are activities, gas. the Expanding Onshore diversify Nigeria central electric important our role We to they to business and critical play keep, Russian gas is an an to supply expansion. we

America. North partnership We in our Sempra have with announced expansion the of

LNG we feed Cameron last launched of this month, First, extension. a

and to remain we of some to electricity to inside onshore I $XX long-term think meeting potential around times, a molecules, to word, Sempra, grow before call $XX last capacity. and X.X And amount the XX% that Pacifico. CapEx its to develop similar In are in on we project to about the called uncertain additional annual strategy be partnership TotalEnergies confident the renewables LNG our both represents to and develop, to California. will Mexico we about In And Vista the million. XXXX, will it energy previous transition. third, multi-energy preparation Jean-Pierre, shareholder offshore in ton $XX billion extend second, the of with create a shareholders' our XX. we disciplined is together of win to what close new million critical value. renewable investing and might guidance our May give investment A floor these support this new million

particular, company's issued submitted either to reporting each noticed and views next a the after invited that be available which with a written report the our question, and it with that [indiscernible] 'XX Annual Board The through Board not will or proposed by extend the Shareholder our resolution energy French the not of some March prerogatives legal charge supporting The shareholders, of of scope report the some we our to at addressed of enable line in of XX. on as AGM, to has will priority strategy, contributes governance transparency, it this resolution rules, those commitment vote. accept bodies. took decided that but investors yearly be the In the setting we matter express published probably In the year principle our climate assess You a and to to dialogue transition is Meeting. to constructive their company's submit advisory had strategy. new progress sustainability fully

back now We join for and open it are and we'll to will come to over with for Jean-Pierre a I constructive the Q&A. And turn results, definitely the transparent our review shareholders. of a to you dialogue all

Jean-Pierre Sbraire

Patrick. you, Thank

EUR net X.X IFRS first of takes related quarter So to reported the into which 'XX was million, $X.X impairment for exposure. Russian account income the billion our

was our due average result the to and an adjusted net average XX% in of the the will realized downstream gas company, highest allocate well Debt-adjusted price $X first strong previous from was increase explained increase activities. cash flow. mainly income earnings as this billion quarter, ahead increase up realized our So was Patrick midstream X/X for quarter, $X.XX share the Adjusted flow per up in quarterly from quarter, quarter. a the the results history of as we previous billion, XX% the our expectations. oil the XX% and from how price in cash to X% strong fourth quarter, from in you $XX

quarter the higher X.Xx up from in LNG and reflecting last quarter, XX% were our to seasonability $X.X million electricity first previous from LNG power the up cap results first and year. activities, & Power ago. was through linked performance billion a to in adjusted segment. operating from year million LNG sales ability trading gas tons integrated X.X a of working gas, quarter, $XXX changes for billion, net tons. more previous production leverage before a to the year from quarter, was by ago. now on The supply quarter first increase higher the capture Thanks increase from were Cash quarter and and price operating more the XX% Gas, than and previous to from Renewables than up $X the flow equity effect at prices business. segment X% stable LNG receivables income sales from its operations cash the Going and XX.X flow the XX% reported strong the working in million, the threefold and the from than capital

So the on Europe, record-level notably as main Patrick the markets, in mentioned. third-party driver sold volumes spot was

it $XX first per be million Our the in the LNG BTU that average will second $XX.X BTU, price million at strong for quarter remained quarter. we above in per and anticipate

before nearly business quarter production generation capital quarter, was increased and and the an year-on-year, quarter, and environment commodity last XXX and to impacts projects, prices, the thanks the start-ups as of including India. environment. demonstrating million $X.X leverage in renewable grew net and as operating utilization the year, under in to to previous related margin farms, gas wind previous XX% other Operating the flow by oil the to increase strong higher growth the in Start-ups segment ramp-ups $XXX from stable in York from previous in grew the quarter regulated security equivalent power to well generation quarter X% the our compared and EBITDA reported power to strong gigawatts, gigawatts and up the cost than of feasibility from X due barrels oil far to the deliver decrease up mainly the award outperform to adjusted Patrick the gross price X.X power mainly for ability million tariff Operationally, in cost first XX as including continued ago. natural E&P concession which from gas up and midstream quarter, and end along the year decline, in terawatt income quarter of the electricity hour Brazil, was first and quarter to environment. of volatilities plus SPDC, watts iGRP offshore X.Xx increase capacity in in first working part generation the thanks segments entire E&P XX.X Net quarter same gigawatts explained. the New billion, up divestments, from our concerns price activities, considering France. per a for previous to XX% the the value sources. including in first XX,XXX Angola gas the X higher changes and compared continued the context billion we Our the has renewable the of last are the Nigeria increased execute reflecting trading the was effect the production year, OPEC of generation Jersey in same and in Gross about negative to chain, higher expectations. for gigawatts double New development mechanism price electricity from Scotland. of day plants the The quarter, renewable XX% of in electricity electricity power setting to and quotas above offset sales nearly $X cash of at

in Looking quarter. startup grow in second to barrels of our per XX,XXX and the day ahead, production day in expect barrels Sepia, fourth X and including per entry we the by then Brazil Mero and in quarter Atapu the by XX,XXX

due changes quarter, Russian and compared petroleum crude previous as stable. income barrels cap Our the quarter, first distillate in working imports than was Petrochemical up as restart operating downstream around volumes distillation trading the activities. before $XXX the results unit production due well XX% higher the XX% in flow X.Xx normal per products, partially Refinery of build inventories renewable. refinery. This offset operating in than in billion in first by quarter quarter, the cash $X.X inventory, generated security in was quarter, reflecting $X.X billion, the of working quarter. of supply increase mainly billion and our the was million X.X an capital valuation, per Operating in performance the in $X.X barrels Net XX% quarter, U.S. Petroleum net including billion margins particularly and CapEx the product at billion of day demand in the day million were in a to with by pandemic sales the higher million 'XX lower in of increase for and was payables. quarter of demand standard before ago, of outperformance $X.X sales increased in to and billion ago. targets margin X.X product the reduced tax line was compared the in the million payable the of receivable and previous our renewable changes mainly first the equivalent flow same for year throughput price This to in of by billion Europe the refineries, year stable The to release to of recovery, adjusted more the activities Xx strong electricity and working level downstream was and level, and than ensure cash At effects quarter full higher the $X.X quarter cap of from Asia in were equity, on context lockdowns. aviation business. up gas to seasonality the from recovery first company offset the year. to a in for Europe were investments the due $XXX first first $X.X including an growth $XX.X as of

that context XX%, first company's higher quarter. million North to of to of and the bought and growth full shares guidance in the investing rise discipline a in TotalEnergies prices We lowered share high surplus long-term support and We terms cash in and ratio $X of structural previous as the year are additional level sorry, in investment CapEx million, gearing cash linking by short-term oil Patrick rating strategy with sustainable permanently allocating and the A dividend a to $XX gas priority the of trend during which Including minimum of prices, We -- additional $XX to allocation transform may company, may into quarter. gas $X.X mentioned. billion, profitable debt flow And end Sea mobilization line the balance we share the with maintaining of the maintaining anchoring in capital still XX.X% back strong the of gas production, reduced projects to sheet opportunities by the hydrocarbon billion our at of a inside net a flow reaffirmed implement to multi-energy our billion, strategy transformation. toward $XX gearing below to from prices buybacks. this flow growth, a cash debt

are with we conclude my the to ready and so begin Patrick remarks, me Q&A. Let

Operator

comes question [Operator Instructions] Societe from from And the line Irene of Generale. Himona the first

Irene Himona

on Congratulations I these please. X questions, results. have exceptional

at the actual arguably with benefited And year. obviously over to rate from of a rapid price back move with Firstly, cycle, energies you the normal on prices as enable Was you & the to low well continues. [Norman] you expect downturn. this you the and Chemicals balance compared the creating Patrick, carbon? longer. to rather year? for eventual top the remain results, deleveraging then deleveraging Refining up for you new as But one-off particularly then last it again quarter adjusted see may elevated Do options and quite a secondly, And do sheet bit is rest a tax the low for this stated, of this this in M&A, large-scale withstand

Jean-Pierre Sbraire

I question So take tax the to first the rate. regards in will

a rate that's of globally, to due overperformance tax to of So group, part company the lower mentioned the the LNG. globally, you explanation. from the the that true trading benefited of is I And and higher contribution the

Patrick Pouyanné

benefits from the I is no as we traditional refining clear trading been tax There part second have Considering on lower the with rate the petrochemicals Board. one-off think very of and more your we said, question, business. the Yes. activity. priority, I mean, The than a

that might countercyclical businesses. accelerate my be this transition the I by I to think you have speech consider We to said said an opportunity be to it. patient. some in I accessing

if So move, these and/or we Obviously, fields the it and we X in big I'm X, to of the LNG be that I not fan last we Will in it large type years a large-scale have renewables. primarily will opportunities. scale. think M&A. of demonstrated very capture were be able electricity either

Well I And Mozambique have in like X what assets. on matter Anadarko can I I would on integration done or say, the done billion, more we've Oil also billion years, with, we $X last about important. $XX the think Maersk you think and -- is done. is

let's mind, So in we'll see. clear. specific Again, there be our nothing is

you accelerate again, exceptional as before. in in we line particular, in said that to from cash our will the flows strategy to there know, bubble. with of Just as I renewables often, part a But use Board is said of field what big this the

and will essence -- make value. it's of be it's matter a volume a of value, some not matter patience So create for in us, to order of

Solar. the patient. that deal coming U.S. Be recent first we with seen in to There have be You've months. will announced the more in a come Core

Operator

from Next Malek Christyan line of the from JPMorgan. question comes

Christyan Malek

questions, Two please.

First, regarding the of to to the exposure Russia and strategy LNG. impact grow your industrial

depending to second investment a raise of and on came deliver and interesting in framed frame slight other Sorry, sensitive, access, a It's the need seem case have what software The to grow more the machine where and energy to so impacts X climate worst X similar more sort the it gas of these have scenario just in for to you business? third altogether. way elsewhere? maybe frame cash it oil your sort impact order and being study. order this investments just as in a energy would we think, as does stakeholders weightings you can transition important the I in you different key to our to an a your of renewables? Could enabler realize well in allow question, you Patrick. to example, energy conclusion involved. would qualitatively, the be security, And on in variables second But the ability of you very light triangle And enabler as deliver

across we diversification you underwrite, the raise in advantage parts order and expect in your take obviously, should assuming cycle other of oil to the business? is So energy takes CapEx decade, there a to that in in hold the super

Patrick Pouyanné

Okay.

built exposure and we one, that sanctions, portfolio, first not said, clear. will to The will today be to our project. point. LNG, be X, Yamal to fact, in provide it Full be to capital is not as do we difficult in we Artic the believe LNG. LNG can -- with this Russia more

we represents yes. in partners, is, clear, to X assets Yamal already we quite just with find is answer LNG. Can have these million accelerated we of LNG developed. other portfolio the opportunities in LNG, million, Yamal have which XX% some replace our of tons I portfolio. to our think our And volumes? around be X We in fact, Cameron So

have we'll Mozambique, and we We PNG, be have patient.

other in will maybe the in our LNG weeks, how and news some you replace X have portfolio. ensure explain will we We growth to for

So would if our say will direction The will as will lose is a of lot I but the growth to of LNG, not on on as add Novatek not exit on today, fundamentally disruption in don't part, we it's production. which is come gas possible more scenario. and I profile you Russia, expect we the a volume impact a impact the the even know, -- gas fully value. ratio But which

when has been it's not domestic about so on And having based than said that, strategy, The strategy. -- our I on in speak very gas our energy that transition triangles. more LNG fundamentally it's clear and always

fundamental. We a all political discover it. The I think is for leaders know -- let's scientist. be of European that. It's I the planet say, clear, according it's a triangle and climate would question the the I survival think, of, lot a to will

very is So we way clear. forget there one, and are no this to

we have evolution, X% X% that, to want next that strategy is change is decarbonize, strategy. not we fundamentally. prices long-term gas linked and a will oil fundamental is molecules. it as change The to well energy which if market surge suddenly So per have decade, because It's as a year, know, said views of of will as it's X%, stable, to -- with we our have that XXXX, not continue announced sort you XXXX, of fundamentally will we electricity decline that to that Having we new as it stable a well production. on never invest. make To need reinforced you to our oil a the

look Brazil. what we oil invest -- benefit of oil, to we of this So from did price Brazil. we from in And 'XX and will done way, immediately by in not announced -- increase the in we've

in portfolio, the in company. quarter, be to fourth And include starting the of Brazil, and it day barrels XX,XXX are Sepia our fiscal will represent per terms will It beneficial [MX]. oil. We We the Atapu. of additional with

launched also We the have project. Uganda

we oil. well, and and looking -- mean is signed know last which I renewable gas with are as have and in -- Iraq financed we So you a year, deal as

we promising to need road that So going we find of in of X%, for -- all on need you order with teams a and back continue to again I discovery. XX the we maintain because look will Namibia. on ideas. CEO exploration promising it's to X%, years it's of Surinam opportunities pleased Namibia, a to the our as success very company, of newspapers. -- only decline well because say the well. I'm map to are seen the We by if in all with August, will communicate it's announced. are And to able test. them to appraisal ourselves what of discoveries, We've to generate one decided we clear, numbers the incredible line develop I've and it's then part September need strategy, accelerate and be to we larger. appraisal. oil let's we have will and the But be these do able

no, increase, CapEx they're to all it's opportunities my but it's linked not -- again -- is So answer we no, find. to linked that

Christyan Malek

what to going part sure want no planned. all Patrick, I beyond the budget, to plan raise it. essentially Just be to you're I not understand. of you to there's just raise make clear, CapEx It's but

Patrick Pouyanné

and inflation need I we anything. any profitable, of super the into XX% the there X I the risk we remember and drill to the costs And begin we'll measure. super which inflation. don't and Or point where is CapEx, think is of I understand, right want I if cycles be on represent correctly, Because mistakes rise done be -- to it's in barrels a if CapEx have be vigilant vigilant to will might previous enter because I

low. short-cycle oil, you At buying clean opportunities -- in say think focus we'll to is both to to fields the there barrels And we in seize the with I projects we our if So us same in opportunities. counter-cycle, the have accessing and continue you for ways, barrels. have and said opportunity are that to portfolio the as time, my is let's are be oil when on [higher-meeting] strategy -- low-cost barrels for When high have countercyclical high-cost the price there, an when the I would I it's been on is mature and speech, And selling focus which have portfolio let's remaining the price them. also in portfolio.

Operator

Oswald Next of Bernstein. comes from the line question from Clint

Oswald Clint

as Just please. well, X

LNG Firstly, just again. on

obviously, we decade. the As I built think in Cameron the it's one of LNG, know last plants about cheapest

feed, to EPC for into engage going going contractors. going the be There's a you're LNG. scramble to So with you're

in spoke just the about You inflation last cycle.

there sort been X a also X rough clearly, number last is project? it Henry higher is than a about feedstock assumptions, So this unit But here Hub or of you're has over for thinking CapEx years. lot the the

But And years you ceasefire then So on a could know in any it but would last could where like that we're a waiting particular during up interesting. actually Yemen next LNG the the war. protected in Secondly, that well scenario a place the in feels pretty plant XX plant months? peace Yamal I here. X be is actually up for the you in probability Ukraine, description there XX starts talk you've holding is to

Patrick Pouyanné

plant. to question. let's the X at political I a -- you, I know for remobilize obviously, and restart part months. long second all preserved, have the I because you, wait remind not we I we Oswald, forget is to its months full According discussions and to plant, the in for for ceasefire difficult speech it been X could a remember take of it discussions. But Yemen, plant to and the in are Thank have X plant our million-ton to assumptions, be clear. my

conditional But but that we the billion it it's around lost when available the per again, for it's XXXX. million the TotalEnergies $X of X Yemen we cash remind year it, I these be flow was lost might when you in the year of options. ceasefire. tons So quickly By if, way, to quite one

could And was flows cash [Yayol] Russia. replace part and so it easily very it of the from

So think, of advantage, large that's, I portfolio LNG we down, cost and have let's Cameron see. one advantage. very a but the up

matter there I a in -- say there LNG say, tanks. yes, It's course, fundamentally, train. no have we at because are there. -- project, it's all, the on new and -- U.S., an of is today, it's interesting everything a It's I of a additional there are yes, storage project brownfield Now JV, projects. is building no would more it's no would logistics more,

profitability. in first are And the But the additional some So will X inflation. by we debottleneck might good. so the of fundamentally, way, terms we advantage also, fundamentals we have trains, have an

very high So profitable a good, is a project. it's -- good very this

In that And gas it think but we same terms this to Shell have even is And strategy. integration in me. quite this always a I'm this been and it's shale production not for back have Barnett of molecules, we interesting. to happy obviously, the production it's part in LNG it's the cover of question, transform And of it's your work. plants, Barnett I've second way that gas fact, if in integration you know in to the the economically, convinced because I shale,

be be in the because the say is might U.S., to have gas maybe high. the integrate LNG chain. on this price asset we'll the order the it to to the in But U.S. today that LNG medium shale. strategy strategy not in in where the gas more part develop I Gas find produce, we'll term, we would will in access of So the economically -- more

it's I in the question. to would assumption, answer don't cope way just volatility your U.S. to with price you the gas say, you So I the of give I the give this, an

Operator

Goldman from Next line question comes Sachs. from of Della Michele the Vigna

Michele Della Vigna

of ago, changed in power space? On upgrade side, is for balance I Patrick, then between investment But Europe view is of X seeing do really, forefront And lower view ask of conflicting prices XXXX the more the up hydrogen at return support higher was your also year you investments. X with wondering, or much XX%. has And attractive compared to and set see staying one a power? repower right some volatility. we're carbon to and strong incentives? through renewable But cases, side, other this on And merchant EU really showing your really of do congratulations. development Huge future view and opportunities wondering, to cost what's the forces. coming I you higher this see some the on improved in coming Jean-Pierre, support. seeing higher in major wanted questions profitability on we're low large-scale inflation, green target. on years? that actually And PPAs your returns in the hydrogen was tremendous I and on Because

Patrick Pouyanné

think it's So first I we an -- question, excellent question.

I it's keep all renewable not price if question that going because storage, of because think during we would power is the system of the I the because of say, -- would don't I view told of March a prices have the renewables. only higher that, want -- intermittency, ensure firm volatility. structurally we this we why know we power open to on, I market costly, XX the of cost but yes, And of to you presentation, trends and to more that rough to the idea, say, ensure taken XX% of decision is inflation have assets the it's, are risk

balance it. can support sheet Our

term. with I think on the long potentially it to And a the these enhance way it's assets can the make the way, of others. difference by also, profitability

No, where idea we this -- a entering need is, clear years to I the So better more for are we to a and me, -- understanding. with are said compared have ago, we are we we that few in field secure. we it's what say, would

to commodity, need to supply Of store on course, like such is you production and need only be this be be all to Then along and needs trade, chain. commodities mean. value a to business. you if renewable these value to need able to you it's And a matter in the some able a make integration to able you want

a So the who low -- not to doesn't going players inflation, participating. that this side of today, on me, some very, down bad -- are it in price little more are news, will very our tenders cool a give it's we it not some the because for really

have been is deflation, new to model, a the successful everybody inflation. except Today, East, in example, We successful, you been the rest in anticipating the Qatar. tenders one It's you not But you was not in your us, input in anticipate. have where have Middle for the all world because thanks we technology. for

view better. down It's it So it's will is my this that -- business. coming

that again, in green And good sanction we hydrogen, policy the but you, to it's ROE XX%, And as you, are I'm have to tell more consider so in good, than they is is in Hydrogen Europe, when the I'm by returns. continue said might selling keeping not only of green and hydrogen. some about prove convinced to produce down we that we have we mind. optimistic to my projects, Europe, view and fully it you'll fact some quite assets including will -- that I have not to

little we For have projects, some size, the around -- still have it's It's are the not incentives we develop, that the doubled time a scale. will small. XXX being, are bit which X There but so of we megawatts, high. project but

If be a green invest hydrogen hydrogen cost will of of price that announce the will in you to project large large at again, scale. soon green want be electricity. matter There a that a drive scale. think really need we is a Europe not field patient, fundamentally, It in to at very done, we you because

And so locate large-scale. very to looking are could we we where

in of a engage term electricity have very into this We on to cost low order business. the long

Operator

Lydia the Rainforth of from from comes line question Barclays. Next

Lydia Rainforth

could. Two if I questions,

I on that say And working now changed anymore? you retreat And Patrick, for any secondly, in Total of isn't of effectively, actually share one, Board Russia second Russia? one The us could. through can a of around just this impairment, is sort the one, also, first to it February? of thinking and the just happens the level the thoughts take then what from what terms half? in final sort the And repurchase of the and versus And that for if would talk Yamal terms then how

very and Just be quickly. seem how a the comment those tracked tight given we've markets to on just up diesel that market, it's move seen

Patrick Pouyanné

tell the should We we share surprise. no will hydrocarbon what the buyback, share It higher you. we surprise there -- first, shareholders you, that through to you -- does said. -- said the just I it's We believe Well, benefits price will the higher buybacks. from no prices is with

higher we've much billion, the you billion. a compare it's operations flow from $XX.X quarter, what you So done was cash that of can and $X which to in have it's clear when fourth

billion level XX.X. on assumption $X when it obviously, for buyback not was the So done first we half, said an of

that by more It Board $X was And billion, the $X mathematical the of And like will of billion so towards but board have not that But quarter at not you quarter $X.X additional continue you to remark a make to XX% level. announcement. post So just is flow, it -- nothing it's cash we exercise I discussion. think QX to cash And calculation. ID. flow billion was big monitor we'll just that logic. the that's compared after a can

also all consistent accelerate, matter. matter to transition on again, think company same is time, a stakeholders to of reaffirm manage of the And and but the at Board possible, strategy as the that a the it's if the strategy priority. I its

gradual suspension. the On

exit different. from sometimes our think Russia, is just stated a that on stated was March concepts we -- not many XX. we we of will little in explained are I think there which it We I never wrong, Russia. principle Russia. of never stay will something reasons the that in we And is

might sanction looking about are step what after be. we step So the

to -- and other we on sanctions try obviously take and the We conclusions Arctic X, are. assets. the are, but even We

your have by activities. you it's we that know You have way, the suspension, other

but business, For big additives. we a a lubricant example, we not have of in a Russia lack activity. have It's

activity is will we And this we for only be example, of our will example that be the production stopped and in stopped suspending suspending, month. around. yes, On Novatek position by in looking another other not we and suspension. Yamal, So end are have and lubricant, assets clear. are our That's

know huge some XX huge. a of don't the of represent contracts These have LNG is We The money. contracts. contract volume contracts. these We amount

do we'll take as And And to long the contract sanctions it's actions honor have it. the us to not possible, if well. so as as allow we'll

decided as TotalEnergies responsible a interest. in situation for the Russian has to again, value our assets the face particular, -- to Directors So shareholders' Board try as And our you to in have protect much the way. can to of of we of

to this but it's monitoring Yes, say to have I [board] as we impairment, you ton, And say what the hesitation need this was This can no year we impairment huge. we is we had it's outlook I that, $XXX think. for according morning, per no I would clear, so accelerated that looking about are well, are happening. make think diesel. observe we I to make

diesel. never seen products import the So It's designed will diesel, on diesel. such Russia from before. is crack. for a I've It's Russian not clear impact on more is this for than system market, Russian obviously gasoline we diesel petroleum Europe relying new, sanctions that refining because European it Because was

the obviously, ban. such a anticipating So market is

be course, stoppage. of X.X restart. were and stopped, more Europe unfortunately voluntary had for will it's For even of stream after businesses, refining but on are We important the all year It running. our very activity our case that refineries It's -- now coming those soon. in it's back

at for second So all quarter refineries the soon. be very run capacity will our full

company. for the So positive that's

Operator

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

Christopher Kuplent

quick imposed? Can long now that more bit and detail these circumventing Arctic how parts the source assessment of questions you delaying for a the And parts as of take Patrick. are are second a missing little into Two that us X your are it well, tell is question a go question. to sanctions what bit me would and wider

bullish give contracts introductory summary of $XX per least a of $XX the outlook looks price And us relative to you XXXX looks the used volumes over have you a remarks your that Europe, anything You now when you pay to energy you a think, expire? it security will that us whereas it has little said as coming the floor your and Brent. flow order following time of here that gas else, your the Brent gas to around become price me, gave for at cash at in than $XX to might particularly little redirect assumption be Gazprom more Can assessment this like $XX a security, year. like earlier years BTU, with

Patrick Pouyanné

one. X, LNG situation Artic the On is following the

list. is list there have fact, been which LNG put elements, critical and of the on a In technologies

will May and identify be list XX. to elements all might [Technip] These in sanctions I think other from contractors critical are this which place miss. for looking

think and see with get would is, as the in be if they to in GBS I contractors equipment possible. can Novatek they the achieve, it one, mobilizing transferring the able as if they in I meantime, to much that. can We'll is first its order can what say, So if to order teams do

to Hughes]. and would more side, think take, in for in value Novatek which [Baker it's have to Technip approach the accounts On the decided of cautious our activity, we X. our a Arctic I particular, these I impair involved question a for are and in and say, contractors, Energy

markets. only not Because question economic million And BTU -- noticed Europe I demand these fully at assumptions, this I quarter the per for that particular first other around of XX%, is and lot, it's what from LNG high On will that And the $XX a because China between I'm a $XX convinced quite has in have even linked end, competition think this in diminished XX%. more to remain. the than prices.

in I So quite we see demand because particular, be I there business, side. is, must LNG restructuring, careful think, a the risk on Asian of the on big

coming You the demand from, is where fundamentally. know

macro exceptional an assumptions. our was floor long take situation. economic would in not as for term a there So the $XX I

around more per are We but to million $X I'm BTU, too maybe $XX cautious.

and to that storage to have refill will side gas their through to continue begins to that we to on the by we a chance of particular, year range is that, For $XX if the -- end this flow gas through for stop means themselves yes, Europe. in might there clear provide winter, year, it's in if LNG Russia quite good that pipeline, the around next order

And test and summertime, for what competing prices it strong probably roof, went LNG -- last also to remember, gas was the for world. me will demand but So because recovery. during to good of Asian parts it's is a see, the and the climatization this because happen other linked year, against will summer of the the with we'll economic

what the situation these So is I exactly to There lot around know COVID. are today uncertainties don't a linked in China. of lockdowns

little a surprised. are We

market because last like they back we'll year. is But I think see side. if years the coming China need today into in western

will remain quite Of high. it the go course, not will down, price

could say, careful, slow have in use of because LNG On might to is the be down, term, the be Asia, gas slow I which not you was not it not be the really, of gas, the we BTU. would accelerate only It's if Russian provide high down, will possible. that in in destroying longer a Europe, to resist gas from because lot my will industry view, of benefiting gas, And manufacturing able somewhere million was Europe. in per $XX gas which demand might but

accelerate to that get So try to will with industries supply cheaper I to to energy think that contracts. long-term electrify some means in that a order begin the

So this of I customers for the not will we keep such $XX I could because long don't demand term the think will the take see how type -- prices.

at gas North to way, use projects, enough to, $X, for relaunch would projects, it's I why we at we instruction But -- Sea outlook which where given $X. internal stock by say, to some use So more again, to it's was $X the $XX have profitability. trended

is X.X example TCF We have was -- and cap, revived. branded a the a coming gas in which X which about portfolio which our good blowdown is is today gas,

make to could look projects, So pretty I so have we asked these to the teams it onstream.

$XX need of but So -- we don't this for type opportunity.

my So please. nice your -- answer question, that's to

Christopher Kuplent

clear, Patrick. Very

a would as XX% to gas prices and levels. recap think important message very is already, I be X% to Brent all equivalent say, to simply you enough

Patrick Pouyanné

we way, it's to affordable to But fully launch go additional be to and to long-term by part the prices, maintain could today, sales, LNG projects of to And for back of a LNG our have agree. people help, not for with priority these offering but in instruction reasonable sign course, because try to opportunity prices. long-term It way, us contracts. I by XX%, commercial is our of LNG given the demand, to acceptable to type the famous me, an the contracts.

Operator

question comes from Cheuvreux. Hodee from Next Bertrand Kepler

Bertrand Hodee

your on Yes, as congratulations of very the again questions, may. Two this contribution set results this I Russia well strong quarter. for transparencies if as

color that There your Namibia. discovery. potentially could know industry it the Russia, and potential your on in largest bit billion initial discovery share expect recoverable a deep of dividend reports exceed oil to more elaborate it your development? you suggests in from second and reserves, any on Venus that it find question on fast Novatek thoughts is And potential offshore can I related XX you is remarks, the but track making with any first ever a one and on are this early you first discovery external was That massive the to earlier us referred question. this XXXX? stage So do

Patrick Pouyanné

do first believe you question The reading answered. And I stop newspapers. -- in already

to me, better. listen it's Just

see I think fantasy. that. don't your serious think oil you and history no, It's exists. I it in long it's world about industry, a promising discovery. XX the let's in discovering gas billion. all X say are -- be that I all But

don't happy let's -- shareholders. will And we'll which test Let's if X be will I such we drill when will the wells we and the really you be had then appraisal well, levels, think, and come. happy,

is Namibia way, I think, So -- our by just referring more the entrain license. figure me. than don't to this rather -- the but want But again, province don't again, I

improved. Russia has Let's wait. discovery. It's enough. promising a dividend, Novatek It's

assembly has last general week. shareholders approved dividend think I

are We shareholders.

will ruble counter be know when Could dividends or only from TotalEnergies? transfer we, That's these yes us, another which depends sanctions not on on the somewhere. in are So all them don't Russia. -- but question, available. to not, I

sanctions targets, European the moving like counter moving which so are And sanctions, are also ones. the

way, we will, for big. represents, million so I It $XXX it's think, honestly, not by the TotalEnergies. So

keep ruble of Russia. So know very transparent. we'll in if this It's don't have why But an we we'll somewhere change. again, the account the Look I will or TotalEnergies. are not what is picture in access

Bertrand Hodee

can can one I in I more -- if on impairment Maybe squeeze Russia. your

me reconcile the figure this in you Arctic disclosed was book $X.X billion you You $X.X took of the help with value Can impairment QX? billion. X

Patrick Pouyanné

No.

the said You to you was was which answer. in notably. the And you along could XX, the if I information, distributed slide, look think you. transferred which find have to We March

Operator

Next Alastair from question Syme of line from the Citi. comes

Alastair Syme

sort of just markets questions Jean-Pierre, of a of Patrick, couple state on and negotiations.

of I'm touched you've used see economics developers Clearly, So just processes. changing. LNG opportunity out you sort know whether It the Henry here. same as on Hub U.S. do to intrigued already LNG. to are be

sort options just sort the mean, to of wondering of how explain then And solar I'm deal. getting So negotiations just you touched works? that's those the acquisitions a for market if in could are? on renewables option tougher? and these competitive just how are you secondly, I trying understand competitive core if

Patrick Pouyanné

time which clear, in the Core you, of direct opportunities do I losing I'd assets. a your and type for be which Solar market, have question, was and I this was view know, stop And on stop is spending not you would obviously to always second or say, team, front you these a investors, our looking your strong the negotiation. a I As because on on say deal of same competitive are time views have all financial very

negative they So have money return. with

So accepting are too they are retail low. which

in not are We that field.

portfolio, the added the I promoter you direct So able negotiation a will an Core be to the only excellent the build convince, is have is TotalEnergies but to with say, example partnering way for would us Solar give and value. more to to continue that to

we that's so compete. And why

work. We said countries. I just what in our the have over on coming which patient, really we in be we portfolio I there in in again, would And will work opportunities say, which different understand weeks

are On the you a to. first taking, no. opportunities it one, I of If thinking don't is know which matter

maybe would so little would contrary, So say, accelerate, the me on Cameron on topping economy this by Chinese I for On because know in be refer, -- if opportunity might the step say, you to decisions to changing. more helped is Japanese is it's the of a But as your you Energy, mind. process the [indiscernible]. have I a question partners. don't energy with -- mysterious I all which impacted which it difficult,

Alastair Syme

of Coast mean is still risk? Mexico, sort taking processes? the Henry Well, basically indeed, deals sort I or U.S. still on Gulf Hub it Hub inherently Are you Henry of price

Patrick Pouyanné

linked to yes, Hub. Yes, answer is Yes. question, Henry yes. is If your it's it the

Operator

Redburn. from Peter of comes lien from Low the question Next

Peter Low

first $XX have confirm are been clarify, appreciate that, then net the to try in repatriated Yamal. accelerate that to alongside willingness from investment would to change, to you about any that to transformation. that opportunities would was And given to guess, the just Can Can countercyclical you previously you has I situation. I XQ explore the you billion you be understand flow talked $XX Russia? from it larger cash or Russia clarification acquisitions XXXX make? on to relates The aside your to question the a that, with just and current can stick range billion range make disposals secondly, you

Patrick Pouyanné

Yamal. the clear, one, first linked cash we the this the On have it's year Most is fact, in you of figure. to the received

in access the Yamal. it's So

Jean-Pierre Sbraire

to getting it's Yes, Yes. is back TotalEnergies.

figures get, we the in the my have we So desk. I have that --

Patrick Pouyanné

was the in Yamal the way, part yes. yes. -- the But So system cash war now. By second we it's the only of the declared cash quarter. works the until If get

the second billion. 'XX valid $XX question, said $XX $XX range $XX for The is billion, billion billion, -- we

yes, in have site, on we because, we is the again, the might fact. If one the question -- answer So side, divest we accelerate your other on to answer yes. yes, is

Operator

Biraj of comes from Borkhataria RBC. question the from Next line

Biraj Borkhataria

questions, two have please. I

have Mozambique and you start-up have first question activities view that Do the And time second an restart is on debottlenecking The Cameron just you there there? supposed trains. to and is idea a the the LNG there and is when expect to be on Do delivered one of existing construction line debottlenecking LNG. what you on? the on an on for then update

Patrick Pouyanné

you, 'XX. The to make plan you in Thank year Biraj. is sanction feel to busy, next

So today. news March so it X 'XX LNG, lot and question train. on are XX. takes March LNG the train, There me your the years not you, build in asked others XX Mozambique new but from of colleagues of Cameron the some not a to maybe

go at the the and So the a but we difficult the we on restart what contractors population to back to are Mozambique least I able conditions said, said on a I to my any from Praia an These bring back My the take face life. me if us, have peace all all because Mocimboa government. government I of go, situation. and activity side ground, activity will that And initialized that as agreed there or be last with then is told will as the is I of will to people that the X then the not security. visit send XXXX view time, day people not from security our normal plan da my there. to myself Afungi, And is recover to in not will to Palma we Mozambique

less, and It's I would I good less -- security before, So say, a ground the there has and are recovered. revenues yet think attack. on of, as improved, not much much matter is it's said the I fully there

government I to We Mozambique way, population want would want are we local peace to camps. think activities, But contribute, that security restart want because the surrounded for the with refugee they by which as -- activity are but others I we June who of the there the economic on recover well the going the positive of is people by signs objective a with, of our and communicated say, number the is don't -- we by situation of the year. their be -- to then stabilized, stabilization to going.

able got control, once But officers consider senior the question then under take come there of my more stabilized Some a that reports. patience. back, it's say, situation will this is went that some so less remobilize to X of back is construction us really and and we be And that I've we will level. I to months we'll it know to, or would a

there, line. opportunity government our on the Mozambique are its again the It in not but progress the depends actions well, So of and the it's hand.

Biraj Borkhataria

What question LNG. for in at to for line the the question, increase Cameron the do deliver expect asking was On time debottlenecking X first the that the first one? was I trains X% you

Patrick Pouyanné

technically, linked it's -- -- we I the it's to trains. XX. it's mean building the think will of I

for XX think one. the debottlenecking. third the is first I XX

debottlenecking for train first will it it. Sorry, the XXXX first, come. catch But the I each and was didn't

Operator

of the comes from Henri question from Next line UBS. Patricot

Henri Patricot

Question and downstream. couple on a trading on

on The performance quarter. so very trading, in first first the strong one

We the continue to quarter. see in significant second volatility

to the on of starting some would expect And and give the current an and us network? to you're oil finally, the extended? and for seeing the RC wondering of the first the about it for trading? update the discounts level you at what second see secondly, was prices extent you of in we're -- then quarter risk the quarter risk that and the your quarter whether of both then to strong can LNG think demand in pump replicate was on performance destruction you the views can to And I interesting gas talked you trading weaker of these earlier in whether So the very impact draw demand first your And demand you own gas. be

Patrick Pouyanné

we of it's Yes. that. more do on oil course, traders say that less When second this I that, personally XXXX quarter they our was for exceptional. directly exceptional, quarter volatility. it are in are willing means regularly, say, as trading, or the to it it's But and That was the exceptional motivated would

$XXX extra what of additional, of specific linked say, mentioned, cash to are a fundamentally million volatility situation type this they of let's again, sense. the market in right is so we when And the

okay. So it's

is would is a And This But row. think a also in we it's and quarter good the it's gas, on there. advantage say, our what obviously, the strong see some matter to we the better gave I to volatility that a in -- I to, that observe have LNG results. an strong be results. for able teams second For position, particular I us get

quarter replicate it. and the road. that we I see benefiting can strong also mention it's if are also just good let's to in also want they electricity So the And from trading. second

reality to volatility. the generally of would think that, volatility like the I linked is performance They market. is I say, trading of So

of have Of course, trends a it analysis good the because it's reverse. could what a to is matter market

that's I touch what we So wood, observed. will but

in -- Asia an way. first COVID. today network the COVID I there On that demand seen Honestly, is impact because no, by in was Europe, in and have some you disruption today, in quarter, we the remind China. for the measures different, no, a all I in our the even like Still, think little

-- don't oil do we and -- no there read -- is cannot -- I see we statistics that some to tell where real impact. recovery on I I month I that. oil not cannot April, So cannot you the demand seen I've link today. price of

the plus. it's that even observe But not really might small come to government where emerging strong but in levels so seems it And a has we when course, don't of we it So Europe, the and into back more efficient super we impact so we in the it if of in to remember expensive, order cycle, more be to to XXXX with take the subsidize. actions efficiency. begin is my was countries everything be

on because exactly So remark LNG my competing coal. it's like not is more was gas. LNG with was I

LNG when that's countries afraid not good not come what energy it's price to expensive. It's alternative I'm the that So easily, is is will of will climate, a now very which and but liquid. quite so call some back obvious. Asian coal relative to happen. is On all for

for don't because is you is for know oil transportation. not so electricity, oil And

we economic -- negative. begin speak some or central expert, from even some from -- banks, on and might impact growth and to about much I'm be begin means whether we have war, then on papers I'm they might That the not reading an So AMF low a which either impact really And supply begins demand growth. don't the to some this chains. the oil that unfortunately, come

pump. environment. would have I you So and say, discount macroeconomic demand link The on between, a direct oil

I voluntary a think period it's our it's solidarity. -- decisions some this for to it's taken we we take think care be that because and voluntary it's discount, me, of think one important, we have the customers, I matter of normal on make it's to and a where

philosophy. have, this you've discussion it by with taxes, act actions to full do or And exceptional and with very I for I with gasoline French with the other We've perfectly a frankly, as directly German done our and agree which intelligence government, gas. a us prefer it's seen, prefers We'll for taking good results. it We customers.

motorways, on this are elaborate idea we some probably, where driving before will discount one but on So a for initiatives we the people is need announce to we There summer take it. an yes, around lot.

good say, to profits a So it's I think of, part customers. it's of directly share our way our again, would part I to

Operator

question from line the Rats Next Morgan Stanley. comes of Martin from

Martijn Rats

All questions very comprehensive. have my been It's answered. been

Operator

the from from line Next Cowen. Gabelman of comes Jason question

Jason Gabelman

the I because call been Two quick ones, comprehensive. agree, quite has

disclosed as any views rest those what looks, booked on the for secondly, they project. The on additional good environment Are award update for there's PSCs was bit payments if have on sure Sepia light, you on beyond for LNG whatever contracts. the any you seems about Qatar for those Atapu. and if Because XQ? coming payments there we'll numbers a at it for and after was of when then your year I Brazil like XQ. first payments And can to I'm this It the left our least the project fully wondering as any as is the an when sanction get not

any update be So there would helpful.

Patrick Pouyanné

I It's a will well. communicating that. process. helpful competitive me let be will authorities on it Yes, as for But the

Qatar of part, authorities parties. of are the the long them. are a base leading with partner we process, course, led the We and I communicating

these we So dominant projects. able are be to a of contribute course, to to

be fact, mechanism It's will the have and if be you by yesterday. our described it's so basis is but the oil linked say, on -- very immediately. the But -- some want bonus the first to can teams, years, in would details. yes, price, yearly think, question, I we true the paid, paid your a not, to a the it that right today, think don't On is you we there earn-out it's because question are I I one,

which In billion, been initial representing I were all fact, has the like think, bonuses, $X.X something paid.

paid the been too So have has been was so the compensation was side, was, done on but because state, the Jean-Pierre to say bonus there much which of has to yesterday. lower the that money worried and treasury yesterday, all and to it X the I would Petrobras,

if the -- first, you and part, was had compensation has in our been in of but quarter yearly compensation oil I $XX So part are remember there is per flows, linked which the I at paid yesterday. I on And because if the cash the the not the then think some I Petrobras first to bonus state are before by main coming, remember of a to yet it's this price, next beginning the barrel, to contract. well, year triggering think, which earn-outs the mechanism,

year per we'll profitability. has So and the XX,XXX everything it's for barrel it to $XXX per of or flowing an at year, growing get for production more been average second terms at end of enjoy positive to day, XX,XXX I some production. paid quarter, remains in less then this investments by additional the If think barrel, in

Patrick Pouyanné

there understand I no more are questions. So

all services, and the to Europe. for trading a one. margins But chain happy very TotalEnergies have Chairman stable. suffering we is the able teams are this become back so was quarter result is high-quality thank to all first marketing the the Refining of been be the to have services to refining and teams. like consensus, strong in to upstream you of happy answer margins compared marketing the of higher diesel probably arms pleased crack meeting, congratulations And than the from well, refinery when On is performed they but little, to think to and better so all Chemicals, X.XX, we'll capture more iGRP, all attending to from questions. I'm And beating again your in as I I have have is squeezed because NP high, and and would business your are think be I quarter. the I'm strong very course, all to Obviously, been the this to we will come on benefit and red but assets. prices green record than very that And Production be upside. even segments really, fourth & and CEO, iGRP running there second from environment, the with come and good, you

just in have the to quarter noticed, enhance to you. And as growth to what even we implement little TotalEnergies more our second that be returns as should so shareholders fully is the company. the I better transformation same same view well continue of in down. our a strategy of less to committed as our the think Thank or in or the that Board you And

Jean-Pierre Sbraire

you. Thank