Regulatory News:
TotalEnergies SE (Paris:TTE) (LSE:TTE) (NYSE:TTE):
The main indicators, estimated financial information and key
elements impacting TotalEnergies’ first quarter 2023 aggregates are
shown below:
Main indicators
1Q23
4Q22
3Q22
2Q22
1Q22
€/$
1.07
1.02
1.01
1.06
1.12
Brent ($/b)
81.2
88.8
100.8
113.9
102.2
Average liquids price * (1) ($/b)
73.4
80.6
93.6
102.9
90.1
Average gas price * (1) ($/Mbtu)
8.89
12.74
16.83
11.01
12.27
Average LNG price ** (1) ($/Mbtu)
13.27
14.83
21.51
13.96
13.60
Variable Cost Margin, European refining *** ($/t)
87.8
73.6
99.2
145.7
46.3
*
Sales in $ / Sales in volume for
consolidated affiliates.
**
Sales in $ / Sales in volume for
consolidated and equity affiliates.
***
This indicator represents the average
margin on variable costs realized by TotalEnergies’ European
refining business (equal to the difference between the sales of
refined products realized by TotalEnergies’ European refining and
the crude purchases as well as associated variable costs, divided
by refinery throughput in tons).
(1)
Does not take include oil, gas and LNG
trading activities, respectively.
Main elements impacting the quarter aggregates
- Hydrocarbon production is expected to exceed 2.5 Mboe/d this
quarter, up by close to 50 kboe/d compared to the previous
quarter1, benefiting in particular from the start-up of gas
production on Block 10 in Oman and the acquisition of an interest
in the SARB / Umm Lulu oil fields in the United Arab Emirates.
- Besides the effect of the deconsolidation of Novatek as of
January 1, 2023, the results of the Integrated LNG segment, while
remaining very significant, will be impacted by the lower demand
for LNG in Europe due to the mild winter weather and high inventory
levels.
- Refining & Chemicals results are expected to be higher
given the sustained refining margins during the quarter.
To be recalled that TotalEnergies will publish the results of
the Integrated LNG and Integrated Power segments separately on
April 27, 2023 and will provide on that occasion the restatement of
the annual 2021 and quarterly 2022 accounts.
2023 sensitivities*
Change
Estimated impact on adjusted
net operating income
Estimated impact on cash flow
from operations
Dollar
+/- 0.1 $ per €
-/+ 0.1 B$
~0 B$
Average liquids price**
+/- 10 $/b
+/- 2.5 B$
+/- 3.0 B$
European gas price - NBP / TTF
+/- 2 $/Mbtu
+/- 0.4 B$
+/- 0.4 B$
Variable cost margin, European refining (VCM)
+/- 10 $/t
+/- 0.4 B$
+/- 0.5 B$
*
Sensitivities are revised once per year
upon publication of the previous year’s fourth quarter results.
Sensitivities are estimates based on assumptions about
TotalEnergies’ portfolio in 2023. Actual results could vary
significantly from estimates based on the application of these
sensitivities. The impact of the $-€ sensitivity on adjusted net
operating income is essentially attributable to Refining &
Chemicals.
**
In a 80 $/b Brent environment.
Disclaimer
The terms “TotalEnergies”, “TotalEnergies company” and “Company”
in this document are used to designate TotalEnergies SE and the
consolidated entities directly or indirectly controlled by
TotalEnergies SE. Likewise, the words “we”, “us” and “our” may also
be used to refer to these entities or their employees. The entities
in which TotalEnergies SE directly or indirectly owns a
shareholding are separate and independent legal entities.
The data presented in this document is based on TotalEnergies’
internal preliminary reporting and is not audited. This data is not
intended to be a comprehensive summary of all items that will
affect TotalEnergies SE’s results or to provide an estimate of the
first quarter 2023 results. Actual results may vary. To the extent
permitted by law, TotalEnergies SE disclaims all liability from the
use of this data.
This document may contain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
notably with respect to the financial condition, results of
operations, business activities and industrial strategy of
TotalEnergies. This document may also contain statements regarding
the perspectives, objectives, areas of improvement and goals of
TotalEnergies, including with respect to climate change and carbon
neutrality (net zero emissions). An ambition expresses an outcome
desired by TotalEnergies, it being specified that the means to be
deployed do not depend solely on TotalEnergies. These
forward-looking statements may generally be identified by the use
of the future or conditional tense or forward-looking words such as
“envisions”, “intends”, “anticipates”, “believes”, “considers”,
“plans”, “expects”, “thinks”, “targets”, “aims” or similar
terminology. Such forward-looking statements included in this
document are based on economic data, estimates and assumptions
prepared in a given economic, competitive and regulatory
environment and considered to be reasonable by TotalEnergies as of
the date of this document.
These forward-looking statements are not historical data and
should not be interpreted as assurances that the perspectives,
objectives or goals announced will be achieved. They may prove to
be inaccurate in the future, and may evolve or be modified with a
significant difference between the actual results and those
initially estimated, due to the uncertainties notably related to
the economic, financial, competitive and regulatory environment, or
due to the occurrence of risk factors, such as, notably, the price
fluctuations in crude oil and natural gas, the evolution of the
demand and price of petroleum products, the changes in production
results and reserves estimates, the ability to achieve cost
reductions and operating efficiencies without unduly disrupting
business operations, changes in laws and regulations including
those related to the environment and climate, currency
fluctuations, as well as economic and political developments,
changes in market conditions, loss of market share and changes in
consumer preferences, or pandemics such as the COVID-19 pandemic.
Additionally, certain financial information is based on estimates
particularly in the assessment of the recoverable value of assets
and potential impairments of assets relating thereto.
Neither TotalEnergies SE nor any of its subsidiaries assumes any
obligation to update publicly any forward-looking information or
statement, objectives or trends contained in this document whether
as a result of new information, future events or otherwise. The
information on risk factors that could have a significant adverse
effect on TotalEnergies’ business, financial condition, including
its operating income and cash flow, reputation, outlook or the
value of financial instruments issued by TotalEnergies is provided
in the most recent version of the Universal Registration Document
which is filed by TotalEnergies SE with the French Autorité des
Marchés Financiers and the annual report on Form 20-F filed with
the United States Securities and Exchange Commission (“SEC”).
Financial information by business segment is reported in
accordance with the internal reporting system and shows internal
segment information that is used to manage and measure the
performance of TotalEnergies. In addition to IFRS measures, certain
alternative performance indicators are presented, such as
performance indicators excluding certain adjustment items (i.e.,
special items, inventory valuation effect and effect of changes in
fair value) -adjusted net operating income, adjusted net income).
These indicators are meant to facilitate the analysis of the
financial performance of TotalEnergies and the comparison of income
between periods. They allow investors to track the measures used
internally to manage and measure the performance of TotalEnergies.
The adjusted results (adjusted net operating income, adjusted net
income) are defined as replacement cost results, adjusted for
special items, excluding the effect of changes in fair value. For
further details on the adjustment items, please refer to the last
published earnings statement and notes to the consolidated
financial statements.
__________________________ 1 Restated for production related to
TotalEnergies’ stake in Novatek.
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