TotalEnergies SE: Second Quarter 2023: Main Indicators
18 Julho 2023 - 5:32AM
Business Wire
Regulatory News:
The main indicators, estimated financial information and key
elements impacting TotalEnergies’ (Paris:TTE) (LSE:TTE) (NYSE:TTE)
second quarter 2023 aggregates are shown below:
Main indicators
2Q23
1Q23
4Q22
3Q22
2Q22
€/$
1.09
1.07
1.02
1.01
1.06
Brent ($/b)
78.1
81.2
88.8
100.8
113.9
Average liquids price * (1) ($/b)
72.0
73.4
80.6
93.6
102.9
Average gas price * (1) ($/Mbtu)
5.98
8.89
12.74
16.83
11.01
Average LNG price ** (1) ($/Mbtu)
9.84
13.27
14.83
21.51
13.96
Variable Cost Margin, European refining *** ($/t)
42.7
87.8
73.6
99.2
145.7
* 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 at nearly 2.5 Mboe/d this
quarter, down about 50 kboe/d compared to the previous quarter
mainly due to planned maintenance in the North Sea. Exploration
& Production results are expected to be in line with the
evolution of the environment.
- Despite the expected significant impact of a less favorable
environment on results from the Integrated LNG segment, illustrated
by an average LNG price near 10 $/Mbtu, cash flow should remain
high thanks to high margins captured in 2022 for 2023
deliveries.
- Integrated Power results are expected to be above $400 million,
higher than previous quarter.
- Downstream results are expected to be in line with the decrease
in refining margins.
- A working capital release is expected, which should provide a
tailwind to cash flow.
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.
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