TotalEnergies once again demonstrates the
relevance of its strategy, fully leveraging supportive energy
prices with increasing adjusted net income of 6.5 B$ and cash flow
of 9.3 B$
Regulatory News:
TotalEnergies (Paris:TTE) (LSE:TTE)
(NYSE:TTE):
3Q23
Change vs 2Q23
9M23
Change vs 9M22
Net income (TotalEnergies share) (B$)
6.7
+63%
16.3
-5%
Adjusted net income (TotalEnergies share)(1)
- in billions of dollars (B$)
6.5
+30%
18.0
-37%
- in dollars per share
2.63
+32%
7.24
-34%
Adjusted EBITDA(1) (B$)
13.1
+18%
38.3
-31%
Cash flow from operations excluding working capital
(CFFO)(1) (B$)
9.3
+10%
27.4
-25%
Cash flow from operating activities (B$)
9.5
-4%
24.5
-41%
Gearing(1) of 12.3% at September 30, 2023 vs.11.1% at June 30, 2023
Third 2023
interim dividend set at 0.74 €/share
The Board of Directors of TotalEnergies SE, chaired by CEO
Patrick Pouyanné, met on October 25, 2023, to approve the third
quarter 2023 financial statements. On the occasion, Patrick
Pouyanné said: “While implementing its balanced transition strategy
that combines Oil & Gas and Integrated Power, TotalEnergies
demonstrates once again this quarter its ability to leverage a
supportive price environment, generating adjusted net income of
$6.5 billion and return on average capital employed of over 20%.
Cash flow from operations (CFFO) increased to $9.3 billion in the
third quarter and totaled $27.4 billion in the first nine months of
2023. In the Oil & Gas business, production at nearly 2.5
Mboe/d is up 5% year-on-year, thanks to the start-up of several oil
projects in Brazil (Mero 1), Nigeria (Ikike) and Iraq (Ratawi) and
gas projects in Oman (Block 10) and Azerbaijan (Absheron). During
the quarter, confirmation of exploration successes in Suriname and
Namibia opened the way to new oil developments contributing to
future cash flow growth. Exploration & Production delivered a
strong quarter, with adjusted net operating income and cash flow
both increasing by $0.8 billion quarter-to-quarter to $3.1 billion
and $5.2 billion, respectively. Integrated LNG confirms the
robustness of its global integrated portfolio, with adjusted net
operating income of $1.3 billion and cash flow of $1.6 billion.
Downstream adjusted net operating income and cash flow increased
sequentially to $1.8 billion and $2.2 billion, respectively, due to
good availability of European refining assets. This quarter again
demonstrates the relevance of TotalEnergies’ profitable transition
strategy. For the first time, Integrated Power adjusted net
operating income and cash flow both exceed $500 million.
Year-to-date cash flow at the end of the third quarter is close to
$1.5 billion, in line with Integrated Power’s objective to generate
around $2 billion of cash flow in 2023. TotalEnergies commissioned
its 1 GW Seagreen offshore wind farm, which was delivered within
budget, and its 380 MW Myrtle Solar project in the US, which
includes battery storage, and acquired 100% of Total Eren. Based on
the strength of both these results, the Board of Directors decided
the distribution of the third interim dividend for the 2023
financial year in the amount of €0.74/share, up 7.25% year-on-year.
Additionally, the Company is executing a $9 billion share buyback
program in 2023, as announced on September 27. Year-to-date
shareholder distribution is close to 43% at the end of September,
in line with the recently increased annual guidance of more than
40%.”
1. Highlights(2)
Multi-energy strategy
- Launch of GGIP in Iraq: effective entry in the producing Ratawi
field on August 16, 2023
- Partnership with SONATRACH to increase the production of the
Tin Fouyé Tabankort fields, extend to 2024 2 Mt/y of LNG deliveries
in France, and develop renewable energy projects in Algeria
- Partnership with Petrobras and Casa dos Ventos in renewable
energies in Brazil
Upstream
- Production start-up of Absheron gas and condensate field, in
Azerbaijan
- Acquisition of an interest in the Cash-Maple gas discoveries,
in Australia, to ensure long-term supply of Ichthys LNG
- Launch of development studies of a 200,000 b/d oil project in
Block 58 in Suriname with targeted FID at the end of 2024
- Closing of the sale of Surmont to ConocoPhillips for up to $3.3
billion and disposal of other Canadian assets to Suncor for around
$1.1 billion
- Sale to Petronas of a 40% interest in Block 20 in Angola
- Sale to ADNOC of a 15% interest in Absheron field in
Azerbaijan
Downstream
- Start-up of a new polyethylene unit on the Baystar plant, in
the US
Integrated LNG
- Signature of 27-year LNG offtake contracts with QatarEnergy LNG
for 3.5 Mtpa
- Launch of the Rio Grande LNG project, in Texas: acquisition of
a 16.67% stake in the JV in charge of developing the 17.5 Mt/y
project, acquisition of a 17.5% stake in NextDecade, and signature
of a 5.4 Mt/y offtake agreement for 20 years
Integrated Power
- Commissioning of Myrtle Solar in the US, first large solar farm
including battery storage
- Signature with Saint-Gobain of a Power Purchase Agreement over
15 years, in the US
- Commissioning of Seagreen in Scotland, the first offshore
windfarm of the Company
- Partial farm downs to Corio Generation and Rise Light &
Power in a 3 GW wind project offshore New York and New Jersey, in
the US
- Agreement with European Energy to develop more than 4 GW of
onshore renewable projects
- Acquisition of a 50% interest in R�nesans Enerji to develop
renewable projects in Turkey
- Investment with AGEL in a joint venture in India with more than
1,400 MW of renewable assets
- Award of a contract for the installation and operation of 1,100
EV HPC points in Germany
Low carbon molecules
- Agreement with Air Liquide for the supply of green and low
carbon hydrogen to the Normandy platform
- Call for tenders launch for the supply of 500,000 t/y of green
hydrogen to decarbonize TotalEnergies’ European refining
- Acquisition of an interest in a CO2 storage exploration
license, in Norway
- Circular economy: first conversion of plastic waste derived oil
into certified circular polymers, in Saudi Arabia, and FID of a new
mechanical recycling unit for plastic waste at Grandpuits
biorefinery, in France
2. Key figures from TotalEnergies’ consolidated financial
statements(1)
3Q23
2Q23
3Q22
3Q23 vs 3Q22
In millions of dollars, except effective tax
rate,earnings per share and number of shares
9M23
9M22
9M23 vs 9M22
13,062
11,105
19,420
-33%
Adjusted EBITDA (1)
38,334
55,581
-31%
6,808
5,582
10,279
-34%
Adjusted net operating income from business segments
19,383
30,237
-36%
3,138
2,349
4,217
-26%
Exploration & Production
8,140
13,951
-42%
1,342
1,330
3,413
-61%
Integrated LNG
4,744
8,761
-46%
506
450
236
x2,1
Integrated Power
1,326
494
x2,7
1,399
1,004
1,935
-28%
Refining & Chemicals
4,021
5,815
-31%
423
449
478
-12%
Marketing & Services
1,152
1,216
-5%
662
662
2,576
-74%
Contribution of equity affiliates to adjusted net income
2,403
6,381
-62%
33.4%
37.3%
44.1%
Effective tax rate (3)
37.5%
40.8%
6,453
4,956
9,863
-35%
Adjusted net income (TotalEnergies share) (1)
17,950
28,636
-37%
2.63
1.99
3.83
-31%
Adjusted fully-diluted earnings per share (dollars) (4)
7.24
10.96
-34%
2.41
1.84
3.78
-36%
Adjusted fully-diluted earnings per share (euros) (5)
6.68
10.31
-35%
2,423
2,448
2,560
-5%
Fully-diluted weighted-average shares (millions)
2,448
2,589
-5%
6,676
4,088
6,626
+1%
Net income (TotalEnergies share)
16,321
17,262
-5%
4,283
4,271
3,116
+37%
Organic investments (1)
11,987
7,916
+51%
808
320
1,587
-49%
Net acquisitions (1)
4,115
4,585
-10%
5,091
4,591
4,703
+8%
Net investments (1)
16,102
12,501
+29%
9,340
8,485
11,736
-20%
Cash flow from operations excluding working capital (CFFO)
(1)
27,446
36,595
-25%
9,551
8,596
12,040
-21%
Debt Adjusted Cash Flow (DACF) (1)
27,922
37,665
-26%
9,496
9,900
17,848
-47%
Cash flow from operating activities
24,529
41,749
-41%
3. Key figures of environment, greenhouse gas emissions and
production
3.1 Environment – liquids and gas price realizations,
refining margins
3Q23
2Q23
3Q22
3Q23 vs 3Q22
9M23
9M22
9M23 vs 9M22
86.7
78.1
100.8
-14%
Brent ($/b)
82.1
105.5
-22%
2.7
2.3
7.9
-66%
Henry Hub ($/Mbtu)
2.6
6.7
-61%
10.6
10.5
42.5
-75%
NBP ($/Mbtu)
12.4
32.4
-62%
12.5
10.9
46.5
-73%
JKM ($/Mbtu)
13.3
34.9
-62%
78.9
72.0
93.6
-16%
Average price of liquids (6),(7) ($/b)Consolidated
subsidiaries
74.9
95.4
-22%
5.47
5.98
16.83
-67%
Average price of gas (6),(8) ($/Mbtu)Consolidated
subsidiaries
6.80
13.28
-49%
9.56
9.84
21.51
-56%
Average price of LNG (6),(9) ($/Mbtu)Consolidated
subsidiaries and equity affiliates
10.92
16.26
-33%
95.1
42.7
99.3
-4%
Variable cost margin - Refining Europe, VCM (6),(10) ($/t)
75.9
100.3
-24%
3.2 Greenhouse gas emissions (11)
3Q23
2Q23
3Q22
3Q23 vs 3Q22
Scope 1+2 emissions (MtCO2e)
9M23
9M22
9M23 vs 9M22
8.5
9.1
10.3
-18%
Scope 1+2 from operated facilities (12)
26.6
29.6
-10%
7.5
7.9
8.2
-9%
of which Oil & Gas
23.1
24.2
-5%
1.0
1.1
2.1
-54%
of which CCGT
3.6
5.4
-33%
12.1
12.5
14.0
-14%
Scope 1+2 - equity share
37.4
41.4
-10%
Estimated 3Q23 and 2Q23 emissions.
Scope 1+2 emissions from operated installations were down 18%
year-on-year in the third quarter 2023, thanks to the continuous
decline in flaring emissions on Exploration & Production
facilities and the decrease in the use of gas-fired power plants in
Europe.
3Q23
2Q23
3Q22
3Q23 vs 3Q22
Methane emissions (ktCH4)
9M23
9M22
9M23 vs 9M22
7
8
10
-30%
Methane emissions from operated facilities
25
31
-19%
9
10
14
-32%
Methane emissions - equity share
30
38
-21%
Estimated 3Q23 and 2Q23 emissions.
Scope 3 emissions (MtCO2e)
9M23
2022
Scope 3 from Oil, Biofuels and Gas Worldwide (13)
est. 270
389
3.3 Production(14)
3Q23
2Q23
3Q22
3Q23 vs 3Q22
Hydrocarbon production
9M23
9M22
9M23 vs 9M22
2,476
2,471
2,669
-7%
Hydrocarbon production (kboe/d)
2,490
2,750
-9%
1,399
1,416
1,298
+8%
Oil (including bitumen) (kb/d)
1,404
1,291
+9%
1,077
1,055
1,371
-21%
Gas (including condensates and associated NGL) (kboe/d)
1,086
1,459
-26%
2,476
2,471
2,669
-7%
Hydrocarbon production (kboe/d)
2,490
2,750
-9%
1,561
1,571
1,494
+4%
Liquids (kb/d)
1,565
1,501
+4%
4,921
4,845
6,367
-23%
Gas (Mcf/d)
4,985
6,785
-27%
2,476
2,471
2,356
+5%
Hydrocarbon production excluding Novatek (kboe/d)
2,490
2,425
+3%
Hydrocarbon production was 2,476 thousand barrels of oil
equivalent per day (kboe/d) in the third quarter 2023, up 5%
year-on-year (excluding Novatek) and comprised of:
- +5% due to start-ups and ramp-ups, including Absheron in
Azerbaijan, Johan Sverdrup Phase 2 in Norway, Mero 1 in Brazil,
Ikike in Nigeria and Bloc 10 in Oman
- +2% due to a decrease of planned maintenance, notably on
Ichthys in Australia and lower unplanned outages, notably at the
Kashagan field in Kazakhstan
- +1% due to improved security conditions in Nigeria and
Libya
- -3% due to natural field declines
Between the third quarters of 2022 and 2023, portfolio
additions, such as entry into SARB Umm Lulu in the United Arab
Emirates, the Ratawi field in Iraq and the increase in interest in
Waha concessions in Libya, offset negative portfolio changes such
as the end of the Bongkot operating licenses in Thailand and the
exit from Termokarstovoye in Russia.
4. Analysis of business segments
4.1 Exploration & Production
4.1.1 Production
3Q23
2Q23
3Q22
3Q23 vs 3Q22
Hydrocarbon production
9M23
9M22
9M23 vs 9M22
2,043
2,033
2,251
-9%
EP (kboe/d)
2,045
2,292
-11%
1,507
1,512
1,454
+4%
Liquids (kb/d)
1,506
1,450
+4%
2,865
2,778
4,300
-33%
Gas (Mcf/d)
2,885
4,569
-37%
2,043
2,033
1,988
+3%
EP excluding Novatek (kboe/d)
2,045
2,023
1.1%
4.1.2 Results
3Q23
2Q23
3Q22
3Q23 vs 3Q22
In millions of dollars, except effective tax rate
9M23
9M22
9M23 vs 9M22
3,138
2,349
4,217
-26%
Adjusted net operating income
8,140
13,951
-42%
125
149
377
-67%
including adjusted income from equity affiliates
409
1,019
-60%
44.6%
49.7%
55.4%
Effective tax rate (15)
50.7%
49.9%
2,557
2,424
1,989
+29%
Organic investments (1)
7,115
5,288
+35%
(514)
176
(126)
ns
Net acquisitions (1)
1,600
2,415
-34%
2,043
2,600
1,863
+10%
Net investments (1)
8,715
7,703
+13%
5,165
4,364
6,406
-19%
Cash flow from operations excluding working capital (CFFO)
(1)
14,436
21,092
-32%
4,240
4,047
9,083
-53%
Cash flow from operating activities
12,823
23,619
-46%
Exploration & Production adjusted net operating income was
$3,138 million in the third quarter 2023 up 34% quarter-to-quarter,
primarily driven by higher oil prices and a lower effective tax
rate due to the North Sea, which carries higher tax rates,
comprising a lower percentage of the overall portfolio mix.
Cash flow from operations excluding working capital (CFFO) was
$5,165 million in the third quarter 2023, up 18%
quarter-to-quarter, for the same reasons.
4.2 Integrated LNG
4.2.1 Production
3Q23
2Q23
3Q22
3Q23 vs 3Q22
Hydrocarbon production for LNG
9M23
9M22
9M23 vs 9M22
433
438
418
+4%
Integrated LNG (kboe/d)
445
458
-3%
54
59
40
+37%
Liquids (kb/d)
59
51
+15%
2,056
2,067
2,067
-1%
Gas (Mcf/d)
2,100
2,216
-5%
433
438
368
+18%
Integrated LNG excluding Novatek (kboe/d)
445
402
+11%
3Q23
2Q23
3Q22
3Q23 vs 3Q22
Liquefied Natural Gas in Mt
9M23
9M22
9M23 vs 9M22
10.5
11.0
10.4
-
Overall LNG sales
32.5
35.4
-8%
3.7
3.6
4.0
-9%
incl. Sales from equity production*
11.2
12.6
-11%
9.4
10.0
9.2
+2%
incl. Sales by TotalEnergies from equity production and
thirdparty purchases
29.3
31.4
-7%
* The Company’s equity production may be sold by TotalEnergies
or by the joint ventures.
Hydrocarbon production for LNG (excluding Novatek) stabilized
quarter-to-quarter and was up by 18% year-on-year mainly due to a
planned maintenance impacting production at Ichthys field in the
third quarter 2022.
In the third quarter 2023, LNG sales stabilized year-on-year and
decreased quarter-to-quarter, due to the decrease in spot traded
volumes in a less volatile environment.
4.2.2 Results
3Q23
2Q23
3Q22
3Q23 vs 3Q22
In millions of dollars
9M23
9M22
9M23 vs 9M22
1,342
1,330
3,413
-61%
Adjusted net operating income
4,744
8,761
-46%
385
432
1,828
-79%
including adjusted income from equity affiliates
1,603
4,424
-64%
495
382
213
x2,3
Organic investments (1)
1,273
324
x3,9
84
205
(10)
ns
Net acquisitions (1)
1,048
(66)
ns
579
587
203
x2,9
Net investments (1)
2,321
258
x9
1,648
1,801
2,492
-34%
Cash flow from operations excluding working capital (CFFO)
(1)
5,530
7,096
-22%
872
1,332
3,449
-75%
Cash flow from operating activities
5,740
9,470
-39%
Integrated LNG adjusted net operating income was $1,342 million
in the third quarter 2023, down 53% year-on-year (excluding
Novatek), mainly due to lower LNG prices, as well as exceptional
trading results in the third quarter 2022, partially offset by
higher production.
Cash flow from operations excluding working capital (CFFO) for
Integrated LNG was $1,648 million in the third quarter 2023, down
34% year-on-year (excluding Novatek), mainly due to lower LNG
prices, partially offset by the high margins captured in 2022 on
LNG cargoes to be delivered in 2023.
4.3 Integrated Power
4.3.1 Capacities, productions, clients and sales
3Q23
2Q23
3Q22
3Q23 vs 3Q22
Integrated Power
9M23
9M22
9M23 vs 9M22
8.9
8.2
8.5
+4%
Net power production (TWh) *
25.5
23.7
+7%
5.4
4.2
2.4
x2,3
o/w power production from renewables
13.5
7.1
+90%
3.5
4.0
6.1
-43%
o/w CCGT
12.0
16.6
-28%
15.9
13.2
11.7
+36%
Portfolio of power generation net installed capacity (GW) **
15.9
11.7
+36%
11.6
8.9
7.4
+57%
o/w renewables
11.6
7.4
+57%
4.3
4.3
4.3
-
o/w CCGT
4.3
4.3
-
80.5
74.7
67.8
+19%
Portfolio of renewable power generation gross capacity (GW)
**,***
80.5
67.8
+19%
20.2
19.0
16.0
+26%
o/w installed capacity
20.2
16.0
+26%
6.0
6.0
6.3
-5%
Clients power - BtB and BtC (Million) **
6.0
6.3
-5%
2.8
2.8
2.8
-
Clients gas - BtB and BtC (Million) **
2.8
2.8
-
11.2
11.5
12.1
-7%
Sales power - BtB and BtC (TWh)
38.2
40.7
-6%
13.8
19.2
14.2
-2%
Sales gas - BtB and BtC (TWh)
70.2
68.3
+3%
* Solar, wind, hydroelectric and combined-cycle gas turbine
(CCGT) plants. ** End of period data. *** Includes 20% of Adani
Green Energy Ltd’s gross capacity effective first quarter 2021, 50%
of Clearway Energy Group’s gross capacity effective third quarter
2022 and 49% of Casa dos Ventos’ gross capacity effective first
quarter 2023.
Net power production was 8.9 TWh in the third quarter 2023, up
7% quarter-to-quarter, due to growing power generation from
renewables following the integration at 100% of Total Eren and the
start-up of Myrtle Solar and Danish Fields in the US.
Gross installed renewable power generation capacity reached more
than 20 GW at the end of the third quarter 2023, up by more than 1
GW quarter-to-quarter, including 0.5 GW installed in the US (Myrtle
Solar, Danish) and the connection of 0.3 GW from the Seagreen
offshore wind project in the UK.
4.3.2 Results
3Q23
2Q23
3Q22
3Q23 vs 3Q22
In millions of dollars
9M23
9M22
9M23 vs 9M22
506
450
236
x2,1
Adjusted net operating income
1,326
494
x2,7
37
23
60
-38%
including adjusted income from equity affiliates
116
113
+3%
578
753
440
+31%
Organic investments (1)
1,908
929
x2,1
1,354
(42)
1,728
-22%
Net acquisitions (1)
1,831
2,367
-23%
1,932
711
2,168
-11%
Net investments (1)
3,739
3,296
+13%
516
491
191
x2,7
Cash flow from operations excluding working capital (CFFO)
(1)
1,447
532
x2,7
1,936
2,284
941
x2,1
Cash flow from operating activities
2,935
(795)
ns
Integrated Power adjusted net operating income was $506 million
and cash flow from operations excluding working capital (CFFO) was
$516 million in the third quarter 2023, up 12% and 5% respectively
quarter-to-quarter, due to the growth in power generation from
renewables and the performance of its profitable Integrated Power
model.
Cash flow from operating activities is $1,936 million in the
third quarter 2023, due to the positive impact on working capital
of the seasonality in the gas and power marketing business.
4.4 Downstream (Refining & Chemicals and Marketing &
Services)
4.4.1 Results
3Q23
2Q23
3Q22
3Q23 vs 3Q22
In millions of dollars
9M23
9M22
9M23 vs 9M22
1,822
1,453
2,413
-24%
Adjusted net operating income
5,173
7,031
-26%
625
686
453
+38%
Organic investments (1)
1,601
1,332
+20%
(115)
(19)
(6)
ns
Net acquisitions (1)
(363)
(131)
ns
510
667
447
+14%
Net investments (1)
1,238
1,201
+3%
2,205
2,085
2,944
-25%
Cash flow from operations excluding working capital (CFFO)
(1)
6,479
8,388
-23%
2,266
2,588
4,737
-52%
Cash flow from operating activities
3,330
10,848
-69%
4.5 Refining & Chemicals
4.5.1 Refinery and petrochemicals throughput and utilization
rates
3Q23
2Q23
3Q22
3Q23 vs 3Q22
Refinery throughput and utilization rate*
9M23
9M22
9M23 vs 9M22
1,489
1,472
1,599
-7%
Total refinery throughput (kb/d)
1,456
1,497
-3%
489
364
431
+14%
France
404
359
+12%
589
601
656
-10%
Rest of Europe
596
637
-6%
410
507
512
-20%
Rest of world
456
501
-9%
84%
82%
88%
Utilization rate based on crude only**
81%
84%
* Includes refineries in Africa reported in the Marketing &
Services segment. ** Based on distillation capacity at the
beginning of the year.
3Q23
2Q23
3Q22
3Q23 vs 3Q22
Petrochemicals production and utilization rate
9M23
9M22
9M23 vs 9M22
1,330
1,157
1,299
+2%
Monomers* (kt)
3,782
3,910
-3%
1,070
963
1,171
-9%
Polymers (kt)
3,145
3,632
-13%
75%
67%
80%
Steamcracker utilization rate**
72%
79%
* Olefins. ** Based on olefins production from steam crackers
and their treatment capacity at the start of the year.
Refining throughput was down 7% year-on-year in the third
quarter 2023, notably due to planned maintenance and unplanned
shutdowns at the Port Arthur refinery in the US and the Antwerp
refinery in Belgium, despite an increase in refinery throughput in
France.
The utilization rate on processed crude increased sequentially
over the quarter to 84% thanks to higher availability of French
refining.
4.5.2 Results
3Q23
2Q23
3Q22
3Q23 vs 3Q22
In millions of dollars
9M23
9M22
9M23 vs 9M22
1,399
1,004
1,935
-28%
Adjusted net operating income
4,021
5,815
-31%
386
454
224
+72%
Organic investments (1)
1,038
735
+41%
(97)
(15)
1
ns
Net acquisitions (1)
(107)
(33)
ns
289
439
225
+28%
Net investments (1)
931
702
+33%
1,618
1,329
2,164
-25%
Cash flow from operations excluding working capital (CFFO)
(1)
4,680
6,560
-29%
2,060
1,923
3,798
-46%
Cash flow from operating activities
3,132
8,431
-63%
Refining & Chemicals adjusted net operating income was
$1,399 million in the third quarter 2023, up 39%
quarter-to-quarter, reflecting higher refining margins in Europe
and a higher utilization rate.
Cash flow from operations excluding working capital (CFFO) was
$1,618 million in the third quarter 2023, up 22% quarter-to-quarter
for the same reasons.
4.6 Marketing & Services
4.6.1 Petroleum product sales
3Q23
2Q23
3Q22
3Q23 vs 3Q22
Sales in kb/d*
9M23
9M22
9M23 vs 9M22
1,399
1,397
1,495
-6%
Total Marketing & Services sales
1,386
1,475
-6%
792
799
873
-9%
Europe
783
827
-5%
608
598
622
-2%
Rest of world
603
648
-7%
* Excludes trading and bulk refining sales.
Sales of petroleum products were down year-on-year by 6% in the
third quarter due to the portfolio effect linked to the disposal of
50% of the fuel distribution business in Egypt, partially offset by
the recovery in the aviation business.
4.6.2 Results
3Q23
2Q23
3Q22
3Q23 vs 3Q22
In millions of dollars
9M23
9M22
9M23 vs 9M22
423
449
478
-12%
Adjusted net operating income
1,152
1,216
-5%
239
232
229
+4%
Organic investments (1)
563
597
-6%
(18)
(4)
(7)
ns
Net acquisitions (1)
(256)
(98)
ns
221
228
222
-
Net investments (1)
307
499
-38%
587
756
780
-25%
Cash flow from operations excluding working capital (CFFO)
(1)
1,799
1,828
-2%
206
665
939
-78%
Cash flow from operating activities
198
2,417
-92%
Marketing & Services adjusted net operating income was $423
million in the third quarter 2023, down 12% year-on-year, due to
lower sales.
Cash flow from operations excluding working capital (CFFO)
decreased by 25% year-on-year to $587 million in the third quarter
2023, negatively impacted by the tax effect of higher prices on the
valuation of petroleum product inventories.
5. TotalEnergies results
5.1 Adjusted net operating income from business
segments
Adjusted net operating income from business segments was:
- $6,808 million in the third quarter 2023, compared to $5,582
million in the second quarter 2023, due to higher oil prices and
refining margins and a lower effective tax rate for
Exploration-Production,
- $19,383 million in the first nine months of 2023, compared to
$30,237 million in the first nine months of 2022, due to lower
prices of oil, gas and refining margins.
5.2 Adjusted net income(1) (TotalEnergies share)
TotalEnergies adjusted net income was $6,453 million in the
third quarter 2023 versus $4,956 million in the second quarter
2023, mainly due to higher oil prices and refining margins.
Adjustments to net income(1) were $223 million in the third
quarter 2023, consisting mainly of:
- $1 billion of inventory and changes in fair value effects,
- ($0.6) billion related to asset impairments notably due to
divestments projects of Naphtachimie to INEOS and the Natref
refinery in South Africa as well as client portfolios-related
goodwills from gas & power marketing activities in Belgium,
Spain and France.
TotalEnergies’ average tax rate was:
- 33.4% in the third quarter 2023 versus 37.3% in the second
quarter 2023, mainly as a result of the lower tax rate for
Exploration & Production related to the lower relative weight
of highly taxed North Sea assets,
- 37.5% in the first nine months of 2023 versus 40.8% in the
first nine months of 2022, mainly as a result of the lower relative
weight of Exploration & Production in Company results, in line
with oil and gas prices evolution.
5.3 Adjusted earnings per share
Adjusted diluted net earnings per share were:
- $2.63 in the third quarter 2023, based on 2,423 million
weighted average diluted shares, compared to $1.99 in the second
quarter 2023,
- $7.24 in the first nine months of 2023, based on 2,448 million
weighted average diluted shares, compared to $10.96 a year
earlier.
As of September 30, 2023, the number of diluted shares was 2,417
million.
As part of its shareholder return policy, TotalEnergies
repurchased:
- 33.9 million shares for cancellation in the third quarter 2023
for $2.1 billion,
- 98.9 million shares for cancellation in the first nine months
of 2023 for $6.1 billion.
5.4 Acquisitions – asset sales
Acquisitions were:
- $1,992 million in the third quarter 2023, mainly related to the
acquisition of the remaining 70.4% in Total Eren and the
acquisition of an additional 12.4% stake in NextDecade in line with
the launch of Rio Grande LNG project in the US,
- $5,730 million in the first nine months of 2023, mainly related
to the above items, as well as the acquisition of a 20% interest in
the SARB and Umm Lulu concession in the United Arab Emirates, the
acquisition of a 6.25% stake in the NFE LNG project and 9.375% in
NFS LNG project in Qatar, and a 34% stake in a joint venture with
Casa dos Ventos in Brazil.
Divestments were:
- $1,184 million in the third quarter 2023, notably for the sale
of a 40% interest to ADNOC in Bloc 20 in Angola, of a number of
non-conventional assets in Argentina and a partial farm down in an
offshore wind project of the coast of New York and New Jersey in
the US,
- $1,615 million in the first nine months of 2023, notably for
the above items as well as the sale of 50% of the Marketing &
Services subsidiary in Egypt.
5.5 Net cash flow(1)
TotalEnergies' net cash flow was:
- $4,249 million in the third quarter 2023 compared to $3,894
million in the second quarter, reflecting the $856 million increase
in CFFO offset partially by the $500 million increase in net
investments to $5,091 million in the third quarter 2023,
- $11,344 million in the first nine months of 2023 compared to
$24,094 million a year earlier, reflecting the $9,149 million
decrease in CFFO and the $3,601 million increase in net investments
to $16,102 million in the first nine months of 2023.
In the third quarter, cash flow from operating activities was
$9,496 million, versus $9,340 million of CFFO.
5.6 Profitability
Return on equity was 22.3% for the twelve months ended September
30, 2023.
In millions of dollars
October 1, 2022
July 1, 2022
October 1, 2021
September 30, 2023
June 30, 2023
September 30, 2022
Adjusted net income (1)
25,938
29,351
35,790
Average adjusted shareholders' equity
116,529
116,329
113,861
Return on equity (ROE)
22.3%
25.2%
31.4%
Return on average capital employed(1) was 20.1% for the twelve
months ended September 30, 2023.
In millions of dollars
October 1, 2022
July 1, 2022
October 1, 2021
September 30, 2023
June 30, 2023
September 30, 2022
Adjusted net operating income (1)
27,351
30,776
37,239
Average capital employed (1)
135,757
137,204
136,902
ROACE (1)
20.1%
22.4%
27.2%
6. TotalEnergies SE statutory accounts
Net income for TotalEnergies SE, the parent company, amounted to
€8,388 million in first nine months of 2023, compared to €5,205
million in first nine months of 2022.
7. Annual 2023 Sensitivities(16)
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 (17)
+/- 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$
8. Outlook
Oil prices remain buoyant at around $90/b at the beginning of
the fourth quarter, supported by OPEC+ actions on supply and a
tense geopolitical context. The 2 Mb/d increase in petroleum
products this year is driven by emerging countries, notably due to
the recovery of the aviation sector and demand from the
petrochemical industry in China.
Despite entering the winter period with high natural gas
inventories in Europe, in a tense market, gas prices remain very
reactive to production disruptions.
Given the evolution of oil and gas prices in recent months and
the lag effect on price formulas, TotalEnergies anticipates that
its average LNG selling price should be above $10/Mbtu in the
fourth quarter 2023.
TotalEnergies expects hydrocarbon production to range between
2.4 and 2.5 Mboe/d in the fourth quarter 2023, which reflects the
impact of the sale of its oil sands assets in Canada.
The utilization rate in refineries should be above 80% during
the fourth quarter 2023, with the restart of Port Arthur expected
in mid-November.
In the fourth quarter 2023, TotalEnergies anticipates cash
proceeds of around $4.1 billion(18) from the Canadian assets
divestments, which could bring back the gearing below 8%. The
Company confirms 2023 net investment guidance between $16 and $17
billion.
* * * *
To listen to the conference call with CEO Patrick Pouyanné and
CFO Jean-Pierre Sbraire today at 13:30 (Paris time), please log on
to totalenergies.com or dial
+44 (0) 121 281 8004 or +1 (718) 705-8796. The conference replay
will be available on the Company's website totalenergies.com after the event.
* * * *
9. Operating information by segment
9.1 Company’s production (Exploration & Production +
Integrated LNG)
3Q23
2Q23
3Q22
3Q23 vs 3Q22
Combined liquids and gasproduction by region (kboe/d)
9M23
9M22
9M23 vs 9M22
550
537
889
-38%
Europe
556
918
-39%
459
481
463
-1%
Africa
478
473
+1%
781
767
692
+13%
Middle East and North Africa
756
681
+11%
445
443
449
-1%
Americas
443
419
+6%
241
243
176
+37%
Asia-Pacific
257
259
-1%
2,476
2,471
2,669
-7%
Total production
2,490
2,750
-9%
327
338
656
-50%
includes equity affiliates
336
687
-51%
3Q23
2Q23
3Q22
3Q23 vs 3Q22
Liquids production by region (kb/d)
9M23
9M22
9M23 vs 9M22
229
227
275
-17%
Europe
230
280
-18%
335
359
352
-5%
Africa
354
358
-1%
627
615
557
+12%
Middle East and North Africa
607
547
+11%
268
268
260
+3%
Americas
267
231
+15%
102
102
50
x2,1
Asia-Pacific
107
85
+26%
1,561
1,571
1,494
+4%
Total production
1,565
1,501
+4%
156
153
202
-23%
includes equity affiliates
153
204
-25%
3Q23
2Q23
3Q22
3Q23 vs 3Q22
Gas production by region (Mcf/d)
9M23
9M22
9M23 vs 9M22
1,733
1,671
3,300
-47%
Europe
1,760
3,431
-49%
619
610
559
+11%
Africa
615
582
+6%
844
834
740
+14%
Middle East and North Africa
817
736
+11%
989
976
1,061
-7%
Americas
986
1,055
-7%
736
754
707
+4%
Asia-Pacific
807
981
-18%
4,921
4,845
6,367
-23%
Total production
4,985
6,785
-27%
933
1,004
2,444
-62%
includes equity affiliates
996
2,596
-62%
9.2 Downstream (Refining & Chemicals and Marketing &
Services)
3Q23
2Q23
3Q22
3Q23 vs 3Q22
Petroleum product sales by region (kb/d)
9M23
9M22
9M23 vs 9M22
1,838
1,709
1,816
+1%
Europe
1,716
1,755
-2%
621
599
690
-10%
Africa
629
728
-14%
946
918
907
+4%
Americas
904
868
+4%
624
665
569
+10%
Rest of world
637
602
+6%
4,029
3,892
3,982
+1%
Total consolidated sales
3,886
3,953
-2%
407
424
438
-7%
Includes bulk sales
406
419
-3%
2,222
2,070
2,049
+8%
Includes trading
2,095
2,060
+2%
3Q23
2Q23
3Q22
3Q23 vs 3Q22
Petrochemicals production* (kt)
9M23
9M22
9M23 vs 9M22
1,018
1,026
1,078
-6%
Europe
3,091
3,361
-8%
611
619
670
-9%
Americas
1,837
1,910
-4%
771
475
722
+7%
Middle East and Asia
1,999
2,271
-12%
* Olefins, polymers.
9.3 Integrated Power
9.3.1 Net power production
3Q23
2Q23
Net power production (TWh)
Solar
Onshore Wind
Offshore Wind
Gas
Others
Total
Solar
Onshore Wind
Offshore Wind
Gas
Others
Total
France
0.2
0.1
-
2.0
0.0
2.3
0.2
0.1
-
2.6
0.0
2.9
Rest of Europe
0.1
0.4
0.1
1.1
0.0
1.7
0.0
0.1
0.2
1.1
0.0
1.4
Africa
0.0
0.0
-
-
-
0.0
0.0
0.0
-
-
-
0.0
Middle East
0.2
-
-
0.5
-
0.7
0.2
-
-
0.3
-
0.5
North America
0.6
0.4
-
-
-
1.1
0.4
0.5
-
-
-
1.0
South America
0.1
0.9
-
-
-
1.0
0.0
0.4
-
-
-
0.5
India
1.4
0.4
-
-
-
1.7
1.4
0.3
-
-
-
1.8
Pacific Asia
0.4
0.0
0.0
-
-
0.4
0.2
0.0
0.0
-
-
0.2
Total
3.0
2.2
0.2
3.5
0.0
8.9
2.5
1.5
0.2
4.0
0.0
8.2
9.3.2 Installed power generation net capacity
3Q23
2Q23
Installed power generation net capacity (GW) (19)
Solar
Onshore Wind
Offshore Wind
Gas
Others
Total
Solar
Onshore Wind
Offshore Wind
Gas
Others
Total
France
0.5
0.3
-
2.6
0.1
3.5
0.4
0.3
-
2.6
0.1
3.4
Rest of Europe
0.2
0.9
0.6
1.4
0.0
3.1
0.1
0.3
0.4
1.4
0.0
2.2
Africa
0.1
0.0
-
-
0.0
0.1
0.0
0.0
-
-
0.0
0.1
Middle East
0.4
-
-
0.3
-
0.7
0.3
-
-
0.3
-
0.6
North America
1.5
0.8
-
-
0.0
2.3
1.2
0.8
-
-
0.0
2.0
South America
0.5
0.7
-
-
-
1.2
0.2
0.5
-
-
-
0.7
India
3.5
0.4
-
-
-
3.9
3.2
0.4
-
-
-
3.7
Pacific Asia
1.0
0.0
0.1
-
0.0
1.0
0.6
0.0
0.0
-
0.0
0.6
Total
7.6
3.2
0.6
4.3
0.2
15.9
6.0
2.3
0.5
4.3
0.2
13.2
9.3.3 Power generation gross capacity from renewables
3Q23
2Q23
Installed power generation gross capacity fromrenewables (GW)
(20),(21)
Solar
Onshore Wind
Offshore Wind
Other
Total
Solar
Onshore Wind
Offshore Wind
Other
Total
France
0.8
0.6
-
0.1
1.6
0.8
0.6
-
0.1
1.6
Rest of Europe
0.2
1.1
1.1
0.0
2.4
0.2
1.1
0.8
0.0
2.1
Africa
0.1
0.0
-
0.0
0.2
0.1
0.0
-
0.0
0.2
Middle East
1.2
-
-
-
1.2
1.2
-
-
-
1.2
North America
3.9
2.1
-
0.1
6.2
3.5
2.1
-
0.1
5.6
South America
0.4
1.2
-
-
1.6
0.4
1.0
-
-
1.4
India
5.1
0.4
-
-
5.5
5.1
0.4
-
-
5.5
Asia-Pacific
1.4
0.0
0.2
0.0
1.6
1.4
0.0
0.1
0.0
1.5
Total
13.1
5.5
1.3
0.3
20.2
12.5
5.2
1.0
0.3
19.0
3Q23
2Q23
Power generation gross capacity fromrenewables in construction
(GW) (20),(21)
Solar
Onshore Wind
Offshore Wind
Other
Total
Solar
Onshore Wind
Offshore Wind
Other
Total
France
0.2
0.0
0.0
0.0
0.3
0.2
0.1
0.0
0.0
0.3
Rest of Europe
0.4
0.0
-
0.0
0.5
0.1
0.0
0.3
0.0
0.5
Africa
0.0
-
-
0.0
0.0
0.0
-
-
0.0
0.0
Middle East
0.1
-
-
-
0.1
0.1
-
-
-
0.1
North America
2.3
0.1
-
0.5
3.0
2.8
0.1
-
0.5
3.4
South America
0.1
0.1
-
-
0.2
0.1
0.2
-
-
0.3
India
0.4
0.1
-
-
0.4
0.4
0.1
-
-
0.5
Asia-Pacific
0.1
0.0
0.5
-
0.6
0.0
0.0
0.5
-
0.6
Total
3.8
0.3
0.5
0.6
5.2
3.8
0.5
0.9
0.6
5.7
3Q23
2Q23
Power generation gross capacity fromrenewables in development
(GW) (20),(21)
Solar
Onshore Wind
Offshore Wind
Other
Total
Solar
Onshore Wind
Offshore Wind
Other
Total
France
0.9
0.5
-
0.0
1.4
1.0
0.6
-
0.0
1.6
Rest of Europe
4.6
0.5
7.4
0.1
12.6
5.4
0.4
4.4
0.1
10.3
Africa
1.2
0.3
-
0.0
1.5
0.6
0.3
-
0.1
1.0
Middle East
1.7
0.7
-
-
2.4
0.4
-
-
-
0.4
North America
8.3
3.3
4.1
5.2
20.9
9.0
3.2
4.1
5.1
21.3
South America
1.4
1.3
-
0.4
3.0
1.6
1.6
-
0.4
3.6
India
4.0
0.1
-
-
4.1
4.2
0.1
-
-
4.3
Asia-Pacific
3.4
1.3
2.9
1.6
9.2
3.2
0.4
2.9
0.9
7.5
Total
25.6
7.9
14.4
7.2
55.2
25.5
6.6
11.4
6.5
50.0
10. Alternative Performance Measures (Non-GAAP
measures)
10.1 Adjustment items to net income (TotalEnergies
share)
3Q23
2Q23
3Q22
In millions of dollars
9M23
9M22
6,676
4,088
6,626
Net income (TotalEnergies share)
16,321
17,262
(749)
(377)
(2,186)
Special items affecting net income (TotalEnergies share)
(1,285)
(11,725)
-
-
1,391
Gain (loss) on asset sales
203
1,391
-
(5)
(17)
Restructuring charges
(5)
(28)
(614)
(469)
(3,118)
Impairments
(1,143)
(11,898)
(135)
97
(442)
Other *
(340)
(1,190)
607
(380)
(827)
After-tax inventory effect : FIFO vs. replacement cost
(164)
1,206
365
(111)
(224)
Effect of changes in fair value
(180)
(855)
223
(868)
(3,237)
Total adjustments affecting net income
(1,629)
(11,374)
6,453
4,956
9,863
Adjusted net income (TotalEnergies share)
17,950
28,636
* Other adjustment items for net income in the third quarter
amounted to ($135) million, including $388 million of revaluation
of Total Eren’s previously held equity interest and ($523) million
mainly due to the impact of the European solidarity contribution
and of the Electricity Generation Infra-Marginal Income
Contribution in France and of the devaluation of the Argentine
peso. Other adjustment items for net income in the first nine
months of the year amounted to ($340) million including $388
million of revaluation of Total Eren’s previously held equity
interest and ($728) million mainly due to the impact of the
European solidarity contribution and of the Electricity Generation
Infra-Marginal Income Contribution in France and of the devaluation
of the Argentine peso.
10.2 Reconciliation of adjusted EBITDA with consolidated
financial statements
10.2.1 Reconciliation of net income (TotalEnergies share) to
adjusted EBITDA
3Q23
2Q23
3Q22
3Q23 vs 3Q22
In millions of dollars
9M23
9M22
9M23 vs 9M22
6,676
4,088
6,626
+1%
Net income (TotalEnergies share)
16,321
17,262
-5%
(223)
868
3,237
ns
Less: adjustment items to net income (TotalEnergies share)
1,629
11,374
-86%
6,453
4,956
9,863
-35%
Adjusted net income (TotalEnergies share)
17,950
28,636
-37%
Adjusted items
82
61
85
-4%
Add: non-controlling interests
217
250
-13%
3,130
2,715
6,037
-48%
Add: income taxes
9,935
16,035
-38%
2,967
2,959
2,926
+1%
Add: depreciation, depletion and impairment of tangible
assets and mineral interests
8,952
9,112
-2%
88
92
95
-7%
Add: amortization and impairment of intangible assets
279
289
-3%
726
724
633
+15%
Add: financial interest on debt
2,160
1,667
+30%
(384)
(402)
(219)
ns
Less: financial income and expense from cash & cash
equivalents
(1,159)
(408)
ns
13,062
11,105
19,420
-33%
Adjusted EBITDA
38,334
55,581
-31%
10.2.2 Reconciliation of revenues from sales to adjusted
EBITDA and net income (TotalEnergies share)
3Q23
2Q23
3Q22
3Q23 vs 3Q22
In millions of dollars
9M23
9M22
9M23 vs 9M22
Adjusted items
54,413
51,458
64,924
-16%
Revenues from sales
164,180
199,322
-18%
(34,738)
(33,379)
(41,509)
ns
Purchases, net of inventory variation
(105,596)
(128,294)
ns
(7,346)
(7,754)
(6,689)
ns
Other operating expenses
(22,852)
(21,718)
ns
(245)
(62)
(71)
ns
Exploration costs
(401)
(324)
ns
142
116
163
-13%
Other income
335
713
-53%
64
(164)
(58)
ns
Other expense, excluding amortization and impairment of
intangible assets
(138)
(662)
ns
296
401
196
+51%
Other financial income
945
546
+73%
(186)
(173)
(112)
ns
Other financial expense
(542)
(383)
ns
662
662
2,576
-74%
Net income (loss) from equity affiliates
2,403
6,381
-62%
13,062
11,105
19,420
-33%
Adjusted EBITDA
38,334
55,581
-31%
Adjusted items
(2,967)
(2,959)
(2,926)
ns
Less: depreciation, depletion and impairment of tangible
assets and mineral interests
(8,952)
(9,112)
ns
(88)
(92)
(95)
ns
Less: amortization of intangible assets
(279)
(289)
ns
(726)
(724)
(633)
ns
Less: financial interest on debt
(2,160)
(1,667)
ns
384
402
219
+75%
Add: financial income and expense from cash & cash
equivalents
1,159
408
x2.8
(3,130)
(2,715)
(6,037)
ns
Less: income taxes
(9,935)
(16,035)
ns
(82)
(61)
(85)
ns
Less: non-controlling interests
(217)
(250)
ns
223
(868)
(3,237)
ns
Add: adjustment (TotalEnergies share)
(1,629)
(11,374)
ns
6,676
4,088
6,626
+1%
Net income (TotalEnergies share)
16,321
17,262
-5%
10.3 Investments – Divestments (TotalEnergies share)
Reconciliation of Cash flow used in investing activities to Net
investments
3Q23
2Q23
3Q22
3Q23 vs 3Q22
In millions of dollars
9M23
9M22
9M23 vs 9M22
4,987
4,473
4,075
+22%
Cash flow used in investing activities ( a )
15,822
11,435
+38%
-
-
-
ns
Other transactions with non-controlling interests ( b )
-
-
ns
(17)
18
570
ns
Organic loan repayment from equity affiliates ( c )
(5)
1,295
ns
43
35
8
x5.4
Change in debt from renewable projects financing ( d ) *
81
(356)
ns
64
64
43
+49%
Capex linked to capitalized leasing contracts ( e )
188
116
+62%
14
1
7
+100%
Expenditures related to carbon credits ( f )
16
11
+45%
5,091
4,591
4,703
+8%
Net investments ( a + b + c + d + e + f = g - i + h )
16,102
12,501
+29%
808
320
1,587
-49%
of which net acquisitions ( g-i )
4,115
4,585
-10%
1,992
482
1,716
+16%
Acquisitions ( g )
5,730
5,580
+3%
1,184
162
129
x9.2
Asset sales ( i )
1,615
995
+62%
(43)
(35)
(4)
ns
Change in debt from renewable projects (partner
share)
(81)
170
ns
4,283
4,271
3,116
+37%
of which organic investments ( h )
11,987
7,916
+51%
346
328
169
x2
Capitalized exploration
879
381
x2.3
422
366
233
+81%
Increase in non-current loans
1,162
744
+56%
(120)
(84)
(214)
ns
Repayment of non-current loans, excluding organic loan
repayment from equity affiliates
(433)
(823)
ns
-
-
4
-100%
Change in debt from renewable projects (TotalEnergies share)
-
(186)
-100%
* Change in debt from renewable projects (TotalEnergies share
and partner share).
10.4 Cash flow (TotalEnergies share)
Reconciliation of Cash flow from operating activities to Cash
flow from operations excluding working capital (CFFO), to DACF and
to Net cash flow
3Q23
2Q23
3Q22
3Q23 vs 3Q22
In millions of dollars
9M23
9M22
9M23 vs 9M22
9,496
9,900
17,848
-47%
Cash flow from operating activities ( a )
24,529
41,749
-41%
(582)
1,720
7,692
ns
(Increase) decrease in working capital ( b ) *
(2,851)
5,078
ns
764
(252)
(1,010)
ns
Inventory effect ( c )
10
1,396
-99%
43
35
(0)
ns
Capital gain from renewable project sales ( d )
81
25
x3.3
(17)
18
570
ns
Organic loan repayments from equity affiliates ( e )
(5)
1,295
ns
9,340
8,485
11,736
-20%
Cash flow from operations excluding working capital
(CFFO) ( f = a - b - c + d + e )
27,446
36,595
-25%
(211)
(112)
(304)
ns
Financial charges
(476)
(1,071)
ns
9,551
8,596
12,040
-21%
Debt Adjusted Cash Flow (DACF)
27,922
37,665
-26%
4,283
4,271
3,116
+37%
Organic investments ( g )
11,987
7,916
+51%
5,058
4,214
8,620
-41%
Free cash flow after organic investments ( f - g )
15,459
28,679
-46%
5,091
4,591
4,703
+8%
Net investments ( h )
16,102
12,501
+29%
4,249
3,894
7,033
-40%
Net cash flow ( f - h )
11,344
24,094
-53%
* Changes in working capital are presented excluding the
mark-to-market effect of Integrated LNG and Integrated Power
sectors’ contracts.
10.5 Gearing ratio
In millions of dollars
09/30/2023
06/30/2023
09/30/2022
Current borrowings *
15,193
13,980
15,556
Other current financial liabilities
415
443
861
Current financial assets * , **
(6,585)
(6,397)
(11,532)
Net financial assets classified as held for sale *
(44)
(41)
(36)
Non-current financial debt *
33,947
33,387
37,506
Non-current financial assets *
(1,519)
(1,264)
(1,406)
Cash and cash equivalents
(24,731)
(25,572)
(35,941)
Net debt ( a )
16,676
14,536
5,008
Shareholders’ equity (TotalEnergies share)
115,767
113,682
117,821
Non-controlling interests
2,657
2,770
2,851
Shareholders' equity (b)
118,424
116,452
120,672
Gearing = a / ( a+b )
12.3%
11.1%
4.0%
Leases (c)
8,277
8,090
7,669
Gearing including leases ( a+c ) / ( a+b+c )
17.4%
16.3%
9.5%
* Excludes leases receivables and leases debts. ** Including
initial margins held as part of the Company's activities on
organized markets.
10.6 Return on average capital employed
Twelve months ended September 30, 2023
In millions of dollars
Exploration &
Production
Integrated LNG
Integrated Power
Refining &
Chemicals
Marketing &
Services
Company
Adjusted net operating income
11,668
7,152
1,807
5,508
1,486
27,351
Capital employed at 09/30/2022
65,041
37,742
17,181
5,801
7,141
130,420
Capital employed at 09/30/2023
69,392
36,033
20,043
9,002
9,025
141,093
ROACE
17.4%
19.4%
9.7%
74.4%
18.4%
20.1%
10.7 Payout
In millions of dollars
9M23
9M22
2022
Dividend paid (parent company shareholders) ( a )
5,648
5,630
9,986
Repayment of treasury shares
6,203
5,160
7,711
of which buy-backs ( b )
6,082
4,979
7,019
Cash flow from operations excluding working capital (CFFO) (c)
27,446
36,595
45,729
Payout ratio = ( a+b ) / c
42.7%
29.0%
37.2%
GLOSSARY
Adjusted EBITDA (Earnings Before Interest, Tax,
Depreciation and Amortization) is a non-GAAP financial measure and
its most directly comparable IFRS measure is Net Income. It refers
to the adjusted earnings before depreciation, depletion and
impairment of tangible and intangible assets and mineral interests,
income tax expense and cost of net debt, i.e., all operating income
and contribution of equity affiliates to net income. This indicator
can be a valuable tool for decision makers, analysts and
shareholders alike to measure and compare the Company’s
profitability with utility companies (energy sector).
Adjusted net income (TotalEnergies share) is a non-GAAP
financial measure and its most directly comparable IFRS measure is
Net Income (TotalEnergies share). Adjusted Net Income
(TotalEnergies share) refers to Net Income (TotalEnergies share)
less adjustment items to Net Income (TotalEnergies share).
Adjustment items are inventory valuation effect, effect of changes
in fair value, and special items. This indicator can be a valuable
tool for decision makers, analysts and shareholders alike to
evaluate the Company’s operating results and to understand its
operating trends by removing the impact of non-operational results
and special items.
Adjusted net operating income is a non-GAAP financial
measure and its most directly comparable IFRS measure is Net
Income. Adjusted Net Operating Income refers to Net Income before
net cost of net debt, i.e., cost of net debt net of its tax
effects, less adjustment items. Adjustment items are inventory
valuation effect, effect of changes in fair value, and special
items. Adjusted Net Operating Income can be a valuable tool for
decision makers, analysts and shareholders alike to evaluate the
Company’s operating results and understanding its operating trends,
by removing the impact of non-operational results and special items
and is used to evaluate the Return on Average Capital Employed
(ROACE) as explained below.
Capital Employed is a non-GAAP financial measure. They
are calculated at replacement cost and refer to capital employed
(balance sheet) less inventory valuations effect. Capital employed
(balance sheet) refers to the sum of the following items: (i)
Property, plant and equipment, intangible assets, net, (ii)
Investments & loans in equity affiliates, (iii) Other
non-current assets, (iv) Working capital which is the sum of:
Inventories, net, Accounts receivable, net, other current assets,
Accounts payable, Other creditors and accrued liabilities(v)
Provisions and other non-current liabilities and (vi) Assets and
liabilities classified as held for sale. Capital Employed can be a
valuable tool for decision makers, analysts and shareholders alike
to provide insight on the amount of capital investment used by the
Company or its business segments to operate. Capital Employed is
used to calculate the Return on Average Capital Employed
(ROACE).
Cash Flow From Operations excluding working capital
(CFFO) is a non-GAAP financial measure and its most directly
comparable IFRS measure is Cash flow from operating activities.
Cash Flow From Operations excluding working capital is defined as
cash flow from operating activities before changes in working
capital at replacement cost, excluding the mark-to-market effect of
Integrated LNG and Integrated Power contracts, including capital
gain from renewable projects sales and including organic loan
repayments from equity affiliates.
This indicator can be a valuable tool for decision makers,
analysts and shareholders alike to help understand changes in cash
flow from operating activities, excluding the impact of working
capital changes across periods on a consistent basis and with the
performance of peer companies in a manner that, when viewed in
combination with the Company’s results prepared in accordance with
GAAP, provides a more complete understanding of the factors and
trends affecting the Company’s business and performance. This
performance indicator is used by the Company as a base for its cash
flow allocation and notably to guide on the share of its cash flow
to be allocated to the distribution to shareholders.
Debt adjusted cash flow (DACF) is a non-GAAP financial
measure and its most directly comparable IFRS measure is Cash flow
from operating activities. DACF is defined as Cash Flow From
Operations excluding working capital (CFFO) without financial
charges. This indicator can be a valuable tool for decision makers,
analysts and shareholders alike because it corresponds to the funds
theoretically available to the Company for investments, debt
repayment and distribution to shareholders, and therefore
facilitates comparison of the Company’s results of operations with
those of other registrants, independent of their capital structure
and working capital requirements.
Free cash flow after Organic Investments is a non-GAAP
financial measure and its most directly comparable IFRS measure is
Cash flow from operating activities. Free cash flow after Organic
Investments, refers to Cash Flow From Operations excluding working
capital minus Organic Investments. Organic Investments refer to Net
Investments excluding acquisitions, asset sales and other
transactions with non-controlling interests. This indicator can be
a valuable tool for decision makers, analysts and shareholders
alike because it illustrates operating cash flow generated by the
business post allocation of cash for Organic Investments.
Gearing is a non-GAAP financial measure and its most
directly comparable IFRS measure is the ratio of total financial
liabilities to total equity. Gearing is a Net-debt-to-capital
ratio, which is calculated as the ratio of Net debt excluding
leases to (Equity + Net debt excluding leases). This indicator can
be a valuable tool for decision makers, analysts and shareholders
alike to assess the strength of the Company’s balance sheet.
Net acquisitions is a non-GAAP financial measure and its
most directly comparable IFRS measure is Cash flow used in
investing activities. Net Acquisitions refer to acquisitions minus
assets sales (including other operations with non-controlling
interests). This indicator can be a valuable tool for decision
makers, analysts and shareholders alike because it illustrates the
allocation of cash flow used for growing the Company’s asset base
via external growth opportunities.
Net cash flow is a non-GAAP financial measure and its
most directly comparable IFRS measure is Cash flow from operating
activities. Net cash flow refers to Cash Flow From Operations
excluding working capital minus Net Investments. Net cash flow can
be a valuable tool for decision makers, analysts and shareholders
alike because it illustrates cash flow generated by the operations
of the Company post allocation of cash for Organic Investments and
Net Acquisitions (acquisitions - assets sales - other operations
with non-controlling interests). This performance indicator
corresponds to the cash flow available to repay debt and allocate
cash to shareholder distribution or share buybacks.
Net investments is a non-GAAP financial measure and its
most directly comparable IFRS measure is Cash flow used in
investing activities. Net Investments refer to Cash flow used in
investing activities including other transactions with
non-controlling interests, including change in debt from renewable
projects financing, including expenditures related to carbon
credits, including capex linked to capitalized leasing contracts
and excluding organic loan repayment from equity affiliates. This
indicator can be a valuable tool for decision makers, analysts and
shareholders alike to illustrate the cash directed to growth
opportunities, both internal and external, thereby showing, when
combined with the Company’s cash flow statement prepared under
IFRS, how cash is generated and allocated for uses within the
organization. Net Investments are the sum of Organic Investments
and Net Acquisitions each of which is described in the
Glossary.
Organic investments is a non-GAAP financial measure and
its most directly comparable IFRS measure is Cash flow used in
investing activities. Organic investments refers to Net
Investments, excluding acquisitions, asset sales and other
operations with non-controlling interests. Organic Investments can
be a valuable tool for decision makers, analysts and shareholders
alike because it illustrates cash flow used by the Company to grow
its asset base, excluding sources of external growth.
Payout is a non-GAAP financial measure. Payout is defined
as the ratio of the dividends and share buybacks to the Cash Flow
From Operations excluding working capital. This indicator can be a
valuable tool for decision makers, analysts and shareholders as it
provides the portion of the Cash Flow From Operations excluding
working capital distributed to the shareholder.
Return on Average Capital Employed (ROACE) is a
non-GAAP financial measure. ROACE is the ratio of Adjusted Net
Operating Income to average Capital Employed at replacement cost
between the beginning and the end of the period. This indicator can
be a valuable tool for decision makers, analysts and shareholders
alike to measure the profitability of the Company’s average Capital
Employed in its business operations and is used by the Company to
benchmark its performance internally and externally with its
peers.
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.
This press release presents the results for the third quarter of
2023 and first nine month of 2023 from the consolidated financial
statements of TotalEnergies SE as of September 30, 2023
(unaudited). The limited review procedures by the Statutory
Auditors are underway. The notes to the consolidated financial
statements (unaudited) are available on the website
totalenergies.com.
This document may contain forward-looking statements (including
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 the adjustment items described
below (adjusted operating income, adjusted net operating income,
adjusted net income), return on equity (ROE), return on average
capital employed (ROACE), gearing ratio, operating cash flow before
working capital changes, the shareholder rate of return. 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.
These adjustment items include:
(i) Special items
Due to their unusual nature or particular significance, certain
transactions qualifying as "special items" are excluded from the
business segment figures. In general, special items relate to
transactions that are significant, infrequent, or unusual. However,
in certain instances, transactions such as restructuring costs or
assets disposals, which are not considered to be representative of
the normal course of business, may qualify as special items
although they may have occurred in prior years or are likely to
occur in following years.
(ii) The inventory valuation effect
In accordance with IAS 2, TotalEnergies values inventories of
petroleum products in its financial statements according to the
First-In, First-Out (FIFO) method and other inventories using the
weighted-average cost method. Under the FIFO method, the cost of
inventory is based on the historic cost of acquisition or
manufacture rather than the current replacement cost. In volatile
energy markets, this can have a significant distorting effect on
the reported income. Accordingly, the adjusted results of the
Refining & Chemicals and Marketing & Services segments are
presented according to the replacement cost method. This method is
used to assess the segments’ performance and facilitate the
comparability of the segments’ performance with those of its main
competitors.
In the replacement cost method, which approximates the Last-In,
First-Out (LIFO) method, the variation of inventory values in the
statement of income is, depending on the nature of the inventory,
determined using either the month-end prices differential between
one period and another or the average prices of the period rather
than the historical value. The inventory valuation effect is the
difference between the results under the FIFO and the replacement
cost methods.
(iii) Effect of changes in fair value
The effect of changes in fair value presented as an adjustment
item reflects, for trading inventories and storage contracts,
differences between internal measures of performance used by
TotalEnergies’ Executive Committee and the accounting for these
transactions under IFRS.
IFRS requires that trading inventories be recorded at their fair
value using period-end spot prices. In order to best reflect the
management of economic exposure through derivative transactions,
internal indicators used to measure performance include valuations
of trading inventories based on forward prices.
TotalEnergies, in its trading activities, enters into storage
contracts, whose future effects are recorded at fair value in
TotalEnergies’ internal economic performance. IFRS precludes
recognition of this fair value effect.
Furthermore, TotalEnergies enters into derivative instruments to
risk manage certain operational contracts or assets. Under IFRS,
these derivatives are recorded at fair value while the underlying
operational transactions are recorded as they occur. Internal
indicators defer the fair value on derivatives to match with the
transaction occurrence.
The adjusted results (adjusted operating income, 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.
Euro amounts presented for the fully adjusted-diluted earnings
per share represent dollar amounts converted at the average
euro-dollar (€-$) exchange rate for the applicable period and are
not the result of financial statements prepared in euros.
Cautionary Note to U.S. Investors – The SEC permits oil and gas
companies, in their filings with the SEC, to separately disclose
proved, probable and possible reserves that a company has
determined in accordance with SEC rules. We may use certain terms
in this press release, such as “potential reserves” or “resources”,
that the SEC’s guidelines strictly prohibit us from including in
filings with the SEC. U.S. investors are urged to consider closely
the disclosure in the Form 20-F of TotalEnergies SE, File N°
1-10888, available from us at 2, place Jean Millier – Arche Nord
Coupole/Regnault - 92078 Paris-La Défense Cedex, France, or at our
website totalenergies.com. You can also obtain this form from the
SEC by calling 1-800-SEC-0330 or on the SEC’s website sec.gov.
(1) Refer to Glossary page 23 & 24 for the definitions and
further information on alternative performance measures (Non-GAAP
measures) and to pages 19 and following for reconciliation tables.
(2) Some of the transactions mentioned in the highlights remain
subject to the agreement of the authorities or to the fulfilment of
conditions precedent under the terms of the agreements. (3)
Effective tax rate = (tax on adjusted net operating income) /
(adjusted net operating income – income from equity affiliates –
dividends received from investments – impairment of goodwill + tax
on adjusted net operating income). (4) In accordance with IFRS
rules, adjusted fully-diluted earnings per share is calculated from
the adjusted net income less the interest on the perpetual
subordinated bonds. (5) Average €-$ exchange rate: 1.0884 in the
third quarter 2023, 1.0833 in the first nine months of 2023. (6)
Does not include oil, gas and LNG trading activities, respectively.
(7) Sales in $ / Sales in volume for consolidated affiliates. (8)
Sales in $ / Sales in volume for consolidated affiliates. (9) Sales
in $ / Sales in volume for consolidated and equity affiliates. (10)
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).
(11) The six greenhouse gases in the Kyoto protocol, namely CO2,
CH4, N2O, HFCs, PFCs and SF6, with their respective GWP (Global
Warming Potential) as described in the 2007 IPCC report. HFCs, PFCs
and SF6 are virtually absent from the Company’s emissions or are
considered as non-material and are therefore not counted. (12)
Scope 1+2 GHG emissions of operated facilities are defined as the
sum of direct emissions of greenhouse gases from sites or
activities that are included in the scope of reporting (as defined
in the Company’s 2022 Universal Registration Document) and indirect
emissions attributable to brought-in energy (electricity, heat,
steam), excluding purchased industrial gases (H2). (13)
TotalEnergies reports Scope 3 GHG emissions, category 11, which
correspond to indirect GHG emissions related to the use by
customers of energy products, i.e., combustion of the products to
obtain energy. The Company follows the oil & gas industry
reporting guidelines published by IPIECA, which comply with the GHG
Protocol methodologies. In order to avoid double counting, this
methodology accounts for the largest volume in the oil, biofuels
and gas value chains, i.e., the higher of the two production
volumes or sales to end customers. The highest point for each value
chain for 2023 will be evaluated considering realizations over the
full year, TotalEnergies gradually providing quarterly estimates.
(14) Company production = E&P production + Integrated LNG
production. (15) Effective tax rate = (tax on adjusted net
operating income) / (adjusted net operating income – income from
equity affiliates – dividends received from investments –
impairment of goodwill + tax on adjusted net operating income).
(16) 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. (17) In a 80 $/b Brent
environment. (18) Excluding adjustments and contingent payments.
(19) End-of-period data. (20) Includes 20% of the gross capacities
of Adani Green Energy Limited, 50% of Clearway Energy Group and,
from 1Q23, 49% of Casa dos Ventos. (21) End-of-period data.
TotalEnergies financial statements
______________________
Third quarter and nine months 2023
consolidated accounts, IFRS
CONSOLIDATED STATEMENT OF
INCOME
TotalEnergies
(unaudited)
3rd quarter
2nd quarter
3rd quarter
(M$)(a)
2023
2023
2022
Sales
59,017
56,271
69,037
Excise taxes
(4,604)
(4,737)
(4,075)
Revenues from sales
54,413
51,534
64,962
Purchases, net of inventory variation
(33,676)
(33,864)
(42,802)
Other operating expenses
(7,562)
(7,906)
(6,771)
Exploration costs
(245)
(62)
(71)
Depreciation, depletion and impairment of
tangible assets and mineral interests
(3,055)
(3,106)
(2,935)
Other income
535
116
1,693
Other expense
(928)
(366)
(921)
Financial interest on debt
(726)
(724)
(633)
Financial income and expense from cash
& cash equivalents
459
510
327
Cost of net debt
(267)
(214)
(306)
Other financial income
311
413
196
Other financial expense
(186)
(173)
(112)
Net income (loss) from equity
affiliates
754
267
(108)
Income taxes
(3,404)
(2,487)
(6,077)
Consolidated net income
6,690
4,152
6,748
TotalEnergies share
6,676
4,088
6,626
Non-controlling interests
14
64
122
Earnings per share ($)
2.74
1.65
2.58
Fully-diluted earnings per share ($)
2.73
1.64
2.56
(a) Except for per share amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
TotalEnergies
(unaudited)
3rd quarter
2nd quarter
3rd quarter
(M$)
2023
2023
2022
Consolidated net income
6,690
4,152
6,748
Other comprehensive income
Actuarial gains and losses
(1)
135
(17)
Change in fair value of investments in
equity instruments
3
(1)
131
Tax effect
(2)
(43)
2
Currency translation adjustment generated
by the parent company
(1,861)
(57)
(4,639)
Items not potentially reclassifiable to
profit and loss
(1,861)
34
(4,523)
Currency translation adjustment
1,204
(49)
1,871
Cash flow hedge
306
689
1,258
Variation of foreign currency basis
spread
(3)
11
9
share of other comprehensive income of
equity affiliates, net amount
31
3
191
Other
(4)
(4)
(18)
Tax effect
(46)
(136)
(424)
Items potentially reclassifiable to
profit and loss
1,488
514
2,887
Total other comprehensive income (net
amount)
(373)
548
(1,636)
Comprehensive income
6,317
4,700
5,112
TotalEnergies share
6,313
4,676
4,969
Non-controlling interests
4
24
143
CONSOLIDATED STATEMENT OF
INCOME
TotalEnergies
(unaudited)
9 months
9 months
(M$)(a)
2023
2022
Sales
177,891
212,417
Excise taxes
(13,711)
(13,060)
Revenues from sales
164,180
199,357
Purchases, net of inventory variation
(105,891)
(127,893)
Other operating expenses
(23,253)
(22,435)
Exploration costs
(399)
(1,049)
Depreciation, depletion and impairment of
tangible assets and mineral interests
(9,223)
(9,716)
Other income
992
2,265
Other expense
(1,594)
(4,516)
Financial interest on debt
(2,160)
(1,667)
Financial income and expense from cash
& cash equivalents
1,362
786
Cost of net debt
(798)
(881)
Other financial income
982
630
Other financial expense
(542)
(383)
Net income (loss) from equity
affiliates
1,981
(1,611)
Income taxes
(9,962)
(16,165)
Consolidated net income
16,473
17,603
TotalEnergies share
16,321
17,262
Non-controlling interests
152
341
Earnings per share ($)
6.61
6.61
Fully-diluted earnings per share ($)
6.57
6.57
(a) Except for per share amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
TotalEnergies
(unaudited)
9 months
9 months
(M$)
2023
2022
Consolidated net income
16,473
17,603
Other comprehensive income
Actuarial gains and losses
137
187
Change in fair value of investments in
equity instruments
6
114
Tax effect
(53)
(40)
Currency translation adjustment generated
by the parent company
(452)
(11,776)
Items not potentially reclassifiable to
profit and loss
(362)
(11,515)
Currency translation adjustment
(95)
5,406
Cash flow hedge
2,197
4,217
Variation of foreign currency basis
spread
5
79
share of other comprehensive income of
equity affiliates, net amount
(64)
2,655
Other
(5)
(19)
Tax effect
(518)
(1,483)
Items potentially reclassifiable to
profit and loss
1,520
10,855
Total other comprehensive income (net
amount)
1,158
(660)
Comprehensive income
17,631
16,943
TotalEnergies share
17,539
16,627
Non-controlling interests
92
316
CONSOLIDATED BALANCE SHEET
TotalEnergies
September 30, 2023
June 30, 2023
December 31, 2022
September 30, 2022
(M$)
(unaudited)
(unaudited)
(unaudited)
ASSETS
Non-current assets
Intangible assets, net
32,911
31,717
31,931
36,376
Property, plant and equipment, net
106,721
104,174
107,101
99,700
Equity affiliates : investments and
loans
30,153
30,425
27,889
28,743
Other investments
1,342
1,190
1,051
1,149
Non-current financial assets
2,710
2,494
2,731
2,341
Deferred income taxes
3,535
3,649
5,049
4,434
Other non-current assets
3,991
2,573
2,388
2,930
Total non-current assets
181,363
176,222
178,140
175,673
Current assets
Inventories, net
22,512
18,785
22,936
24,420
Accounts receivable, net
23,598
22,163
24,378
28,191
Other current assets
22,252
23,111
36,070
73,453
Current financial assets
6,892
6,725
8,746
11,688
Cash and cash equivalents
24,731
25,572
33,026
35,941
Assets classified as held for sale
8,656
8,441
568
349
Total current assets
108,641
104,797
125,724
174,042
Total assets
290,004
281,019
303,864
349,715
LIABILITIES & SHAREHOLDERS'
EQUITY
Shareholders' equity
Common shares
7,616
7,850
8,163
8,163
Paid-in surplus and retained earnings
123,506
123,511
123,951
131,382
Currency translation adjustment
(13,461)
(12,859)
(12,836)
(16,720)
Treasury shares
(1,894)
(4,820)
(7,554)
(5,004)
Total shareholders' equity -
TotalEnergies share
115,767
113,682
111,724
117,821
Non-controlling interests
2,657
2,770
2,846
2,851
Total shareholders' equity
118,424
116,452
114,570
120,672
Non-current liabilities
Deferred income taxes
11,633
11,237
11,021
12,576
Employee benefits
1,837
1,872
1,829
2,207
Provisions and other non-current
liabilities
22,657
21,295
21,402
22,133
Non-current financial debt
41,022
40,427
45,264
44,899
Total non-current liabilities
77,149
74,831
79,516
81,815
Current liabilities
Accounts payable
37,268
32,853
41,346
48,942
Other creditors and accrued
liabilities
37,405
38,609
52,275
80,468
Current borrowings
16,876
15,542
15,502
16,923
Other current financial liabilities
415
443
488
861
Liabilities directly associated with the
assets classified as held for sale
2,467
2,289
167
34
Total current liabilities
94,431
89,736
109,778
147,228
Total liabilities & shareholders'
equity
290,004
281,019
303,864
349,715
CONSOLIDATED STATEMENT OF CASH
FLOW
TotalEnergies
(unaudited)
3rd quarter
2nd quarter
3rd quarter
(M$)
2023
2023
2022
CASH FLOW FROM OPERATING
ACTIVITIES
Consolidated net income
6,690
4,152
6,748
Depreciation, depletion, amortization and
impairment
3,621
3,195
3,032
Non-current liabilities, valuation
allowances and deferred taxes
686
81
704
(Gains) losses on disposals of assets
(521)
(70)
(1,645)
Undistributed affiliates' equity
earnings
(325)
383
1,290
(Increase) decrease in working capital
(923)
2,125
7,407
Other changes, net
268
34
312
Cash flow from operating
activities
9,496
9,900
17,848
CASH FLOW USED IN INVESTING
ACTIVITIES
Intangible assets and property, plant and
equipment additions
(3,808)
(3,870)
(2,986)
Acquisitions of subsidiaries, net of cash
acquired
(1,607)
(19)
(8)
Investments in equity affiliates and other
securities
(482)
(522)
(2,557)
Increase in non-current loans
(451)
(366)
(246)
Total expenditures
(6,348)
(4,777)
(5,797)
Proceeds from disposals of intangible
assets and property, plant and equipment
914
31
97
Proceeds from disposals of subsidiaries,
net of cash sold
7
38
524
Proceeds from disposals of non-current
investments
308
133
304
Repayment of non-current loans
132
102
797
Total divestments
1,361
304
1,722
Cash flow used in investing
activities
(4,987)
(4,473)
(4,075)
CASH FLOW USED IN FINANCING
ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders
-
383
(1)
- Treasury shares
(2,098)
(2,002)
(1,996)
Dividends paid:
- Parent company shareholders
(1,962)
(1,842)
(1,877)
- Non-controlling interests
(168)
(105)
(405)
Net issuance (repayment) of perpetual
subordinated notes
-
(1,081)
-
Payments on perpetual subordinated
notes
(22)
(80)
(14)
Other transactions with non-controlling
interests
(11)
(13)
38
Net issuance (repayment) of non-current
debt
47
(14)
141
Increase (decrease) in current
borrowings
(446)
(4,111)
(527)
Increase (decrease) in current financial
assets and liabilities
(182)
990
(4,473)
Cash flow from (used in) financing
activities
(4,842)
(7,875)
(9,114)
Net increase (decrease) in cash and
cash equivalents
(333)
(2,448)
4,659
Effect of exchange rates
(508)
35
(1,566)
Cash and cash equivalents at the beginning
of the period
25,572
27,985
32,848
Cash and cash equivalents at the end of
the period
24,731
25,572
35,941
CONSOLIDATED STATEMENT OF CASH
FLOW
TotalEnergies
(unaudited)
9 months
9 months
(M$)
2023
2022
CASH FLOW FROM OPERATING
ACTIVITIES
Consolidated net income
16,473
17,603
Depreciation, depletion, amortization and
impairment
10,003
10,931
Non-current liabilities, valuation
allowances and deferred taxes
1,081
4,669
(Gains) losses on disposals of assets
(843)
(1,823)
Undistributed affiliates' equity
earnings
(291)
4,551
(Increase) decrease in working capital
(2,217)
4,982
Other changes, net
323
836
Cash flow from operating
activities
24,529
41,749
CASH FLOW USED IN INVESTING
ACTIVITIES
Intangible assets and property, plant and
equipment additions
(12,646)
(11,593)
Acquisitions of subsidiaries, net of cash
acquired
(1,762)
(90)
Investments in equity affiliates and other
securities
(2,411)
(2,782)
Increase in non-current loans
(1,206)
(765)
Total expenditures
(18,025)
(15,230)
Proceeds from disposals of intangible
assets and property, plant and equipment
1,013
427
Proceeds from disposals of subsidiaries,
net of cash sold
228
675
Proceeds from disposals of non-current
investments
490
554
Repayment of non-current loans
472
2,139
Total divestments
2,203
3,795
Cash flow used in investing
activities
(15,822)
(11,435)
CASH FLOW USED IN FINANCING
ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders
383
370
- Treasury shares
(6,203)
(5,160)
Dividends paid:
- Parent company shareholders
(5,648)
(5,630)
- Non-controlling interests
(294)
(524)
Net issuance (repayment) of perpetual
subordinated notes
(1,081)
-
Payments on perpetual subordinated
notes
(260)
(288)
Other transactions with non-controlling
interests
(110)
33
Net issuance (repayment) of non-current
debt
151
683
Increase (decrease) in current
borrowings
(5,831)
(2,573)
Increase (decrease) in current financial
assets and liabilities
2,202
390
Cash flow from (used in) financing
activities
(16,691)
(12,699)
Net increase (decrease) in cash and
cash equivalents
(7,984)
17,615
Effect of exchange rates
(311)
(3,016)
Cash and cash equivalents at the beginning
of the period
33,026
21,342
Cash and cash equivalents at the end of
the period
24,731
35,941
CONSOLIDATED STATEMENT OF CHANGES IN
SHAREHOLDERS' EQUITY
TotalEnergies
(unaudited)
Common shares issued
Paid-in surplus and
retained
earnings
Currency translation
adjustment
Treasury shares
Shareholders' equity -
TotalEnergies Share
Non- controlling
interests
Total shareholders'
equity
(M$)
Number
Amount
Number
Amount
As of January 1, 2022
2,640,429,329
8,224
117,849
(12,671)
(33,841,104)
(1,666)
111,736
3,263
114,999
Net income of the first nine months
2022
-
-
17,262
-
-
-
17,262
341
17,603
Other comprehensive income
-
-
3,421
(4,056)
-
-
(635)
(25)
(660)
Comprehensive Income
-
-
20,683
(4,056)
-
-
16,627
316
16,943
Dividend
-
-
(5,653)
-
-
-
(5,653)
(524)
(6,177)
Issuance of common shares
9,367,482
26
344
-
-
-
370
-
370
Purchase of treasury shares
-
-
-
-
(97,376,124)
(5,160)
(5,160)
-
(5,160)
Sale of treasury shares(a)
-
-
(317)
-
6,193,921
317
-
-
-
Share-based payments
-
-
191
-
-
-
191
-
191
Share cancellation
(30,665,526)
(87)
(1,418)
-
30,665,526
1,505
-
-
-
Net issuance (repayment) of perpetual
subordinated notes
-
-
(44)
-
-
-
(44)
-
(44)
Payments on perpetual subordinated
notes
-
-
(255)
-
-
-
(255)
-
(255)
Other operations with
non-controlling interests
-
-
41
7
-
-
48
124
172
Other items
-
-
(39)
-
-
-
(39)
(328)
(367)
As of September 30, 2022
2,619,131,285
8,163
131,382
(16,720)
(94,357,781)
(5,004)
117,821
2,851
120,672
Net income of the fourth quarter 2022
-
-
3,264
-
-
-
3,264
177
3,441
Other comprehensive income
-
-
(6,354)
3,882
-
-
(2,472)
23
(2,449)
Comprehensive Income
-
-
(3,090)
3,882
-
-
792
200
992
Dividend
-
-
(4,336)
-
-
-
(4,336)
(12)
(4,348)
Issuance of common shares
-
-
-
-
-
-
-
-
-
Purchase of treasury shares
-
-
-
-
(42,831,619)
(2,551)
(2,551)
-
(2,551)
Sale of treasury shares(a)
-
-
(1)
-
1,733
1
-
-
-
Share-based payments
-
-
38
-
-
-
38
-
38
Share cancellation
-
-
-
-
-
-
-
-
-
Net issuance (repayment) of perpetual
subordinated notes
-
-
-
-
-
-
-
-
-
Payments on perpetual subordinated
notes
-
-
(76)
-
-
-
(76)
-
(76)
Other operations with
non-controlling interests
-
-
4
2
-
-
6
(87)
(81)
Other items
-
-
30
-
-
-
30
(106)
(76)
As of December 31, 2022
2,619,131,285
8,163
123,951
(12,836)
(137,187,667)
(7,554)
111,724
2,846
114,570
Net income of the first nine months
2023
-
-
16,321
-
-
-
16,321
152
16,473
Other comprehensive income
-
-
1,815
(597)
-
-
1,218
(60)
1,158
Comprehensive Income
-
-
18,136
(597)
-
-
17,539
92
17,631
Dividend
-
-
(5,765)
-
-
-
(5,765)
(294)
(6,059)
Issuance of common shares
8,002,155
22
361
-
-
-
383
-
383
Purchase of treasury shares
-
-
-
-
(100,511,783)
(7,024)
(7,024)
-
(7,024)
Sale of treasury shares(a)
-
-
(396)
-
6,463,426
396
-
-
-
Share-based payments
-
-
232
-
-
-
232
-
232
Share cancellation
(214,881,605)
(569)
(11,720)
-
214,881,605
12,289
-
-
-
Net issuance (repayment) of perpetual
subordinated notes
-
-
(1,107)
-
-
-
(1,107)
-
(1,107)
Payments on perpetual subordinated
notes
-
-
(223)
-
-
-
(223)
-
(223)
Other operations with
non-controlling interests
-
-
39
(28)
-
-
11
12
23
Other items
-
-
(2)
-
-
(1)
(3)
1
(2)
As of September 30, 2023
2,412,251,835
7,616
123,506
(13,461)
(16,354,419)
(1,894)
115,767
2,657
118,424
(a)Treasury shares related to the
performance share grants.
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
3rd quarter 2023
Exploration
&
Production
Integrated LNG
Integrated Power
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
External sales
1,551
2,144
5,183
27,127
23,012
-
-
59,017
Intersegment sales
11,129
2,361
495
10,094
153
59
(24,291)
-
Excise taxes
-
-
-
(210)
(4,394)
-
-
(4,604)
Revenues from sales
12,680
4,505
5,678
37,011
18,771
59
(24,291)
54,413
Operating expenses
(5,347)
(3,038)
(4,811)
(34,598)
(17,749)
(231)
24,291
(41,483)
Depreciation, depletion and impairment of
tangible assets and mineral interests
(1,976)
(283)
(86)
(483)
(204)
(23)
-
(3,055)
Net income (loss) from equity affiliates
and other items
10
358
(8)
61
(16)
81
-
486
Tax on net operating income
(2,437)
(251)
(86)
(502)
(247)
157
-
(3,366)
Adjustment (a)
(208)
(51)
181
90
132
(37)
-
107
Adjusted net operating income
3,138
1,342
506
1,399
423
80
-
6,888
Adjustment (a)
107
Net cost of net debt
(305)
Non-controlling interests
(14)
Net income - TotalEnergies
share
6,676
(a) Adjustments include special items,
inventory valuation effect and the effect of changes in fair
value.
3rd quarter 2023
Exploration
&
Production
Integrated LNG
Integrated Power
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
Total expenditures
2,677
734
2,215
424
270
28
-
6,348
Total divestments
699
168
331
114
49
-
-
1,361
Cash flow from operating activities
4,240
872
1,936
2,060
206
182
-
9,496
2nd quarter 2023
Exploration
&
Production
Integrated LNG
Integrated Power
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
External sales
1,434
2,020
6,249
24,849
21,712
7
-
56,271
Intersegment sales
10,108
2,778
670
8,630
201
64
(22,451)
-
Excise taxes
-
-
-
(231)
(4,506)
-
-
(4,737)
Revenues from sales
11,542
4,798
6,919
33,248
17,407
71
(22,451)
51,534
Operating expenses
(5,162)
(3,797)
(6,334)
(32,042)
(16,672)
(276)
22,451
(41,832)
Depreciation, depletion and impairment of
tangible assets and mineral interests
(2,117)
(277)
(51)
(394)
(241)
(26)
-
(3,106)
Net income (loss) from equity affiliates
and other items
(15)
472
(250)
3
64
(17)
-
257
Tax on net operating income
(1,889)
(137)
(41)
(187)
(162)
(40)
-
(2,456)
Adjustment (a)
10
(271)
(207)
(376)
(53)
(40)
-
(937)
Adjusted net operating income
2,349
1,330
450
1,004
449
(248)
-
5,334
Adjustment (a)
(937)
Net cost of net debt
(245)
Non-controlling interests
(64)
Net income - TotalEnergies
share
4,088
(a) Adjustments include special items,
inventory valuation effect and the effect of changes in fair
value.
2nd quarter 2023
Exploration
&
Production
Integrated LNG
Integrated Power
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
Total expenditures
2,569
626
807
489
256
30
-
4,777
Total divestments
26
45
149
52
28
4
-
304
Cash flow from operating activities
4,047
1,332
2,284
1,923
665
(351)
-
9,900
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
3rd quarter 2022
Exploration
&
Production
Integrated LNG
Integrated Power
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
External sales
2,670
7,264
4,231
28,899
25,968
5
-
69,037
Intersegment sales
14,701
3,854
537
12,065
176
52
(31,385)
-
Excise taxes
-
-
-
(160)
(3,915)
-
-
(4,075)
Revenues from sales
17,371
11,118
4,768
40,804
22,229
57
(31,385)
64,962
Operating expenses
(6,880)
(8,591)
(4,695)
(39,137)
(21,513)
(213)
31,385
(49,644)
Depreciation, depletion and impairment of
tangible assets and mineral interests
(1,999)
(249)
(46)
(371)
(243)
(27)
-
(2,935)
Net income (loss) from equity affiliates
and other items
(2,643)
1,697
1,493
219
(14)
(4)
-
748
Tax on net operating income
(5,071)
(752)
(25)
(255)
(153)
162
-
(6,094)
Adjustment (a)
(3,439)
(190)
1,259
(675)
(172)
(59)
-
(3,276)
Adjusted net operating income
4,217
3,413
236
1,935
478
34
-
10,313
Adjustment (a)
(3,276)
Net cost of net debt
(289)
Non-controlling interests
(122)
Net income - TotalEnergies
share
6,626
(a) Adjustments include special items,
inventory valuation effect and the effect of changes in fair
value.
3rd quarter 2022
Exploration
&
Production
Integrated LNG
Integrated Power
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
Total expenditures
2,069
364
2,850
242
251
21
-
5,797
Total divestments
246
745
696
6
29
-
-
1,722
Cash flow from operating activities
9,083
3,449
941
3,798
939
(362)
-
17,848
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
9 months 2023
Exploration
&
Production
Integrated LNG
Integrated Power
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
External sales
4,939
9,036
19,987
76,831
67,083
15
-
177,891
Intersegment sales
31,965
11,138
2,850
27,785
474
180
(74,392)
-
Excise taxes
-
-
-
(625)
(13,086)
-
-
(13,711)
Revenues from sales
36,904
20,174
22,837
103,991
54,471
195
(74,392)
164,180
Operating expenses
(15,271)
(16,280)
(20,976)
(98,532)
(52,208)
(668)
74,392
(129,543)
Depreciation, depletion and impairment of
tangible assets and mineral interests
(6,159)
(848)
(184)
(1,291)
(669)
(72)
-
(9,223)
Net income (loss) from equity affiliates
and other items
63
1,634
(328)
116
291
43
-
1,819
Tax on net operating income
(7,724)
(593)
(238)
(1,014)
(528)
180
-
(9,917)
Adjustment (a)
(327)
(657)
(215)
(751)
205
(77)
-
(1,822)
Adjusted net operating income
8,140
4,744
1,326
4,021
1,152
(245)
-
19,138
Adjustment (a)
(1,822)
Net cost of net debt
(843)
Non-controlling interests
(152)
Net income - TotalEnergies
share
16,321
(a) Adjustments include special items,
inventory valuation effect and the effect of changes in fair
value.
9 months 2023
Exploration
&
Production
Integrated LNG
Integrated Power
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
Total expenditures
9,298
2,555
4,256
1,138
685
93
-
18,025
Total divestments
756
262
629
174
378
4
-
2,203
Cash flow from operating activities
12,823
5,740
2,935
3,132
198
(299)
-
24,529
9 months 2022
Exploration
&
Production
Integrated LNG
Integrated Power
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
External sales
7,342
16,672
17,398
94,968
76,024
13
-
212,417
Intersegment sales
42,324
11,292
1,546
34,127
1,159
185
(90,633)
-
Excise taxes
-
-
-
(538)
(12,522)
-
-
(13,060)
Revenues from sales
49,666
27,964
18,944
128,557
64,661
198
(90,633)
199,357
Operating expenses
(18,348)
(21,621)
(19,381)
(119,790)
(61,807)
(1,063)
90,633
(151,377)
Depreciation, depletion and impairment of
tangible assets and mineral interests
(6,772)
(803)
(140)
(1,140)
(757)
(104)
-
(9,716)
Net income (loss) from equity affiliates
and other items
(6,069)
(172)
1,685
724
42
175
-
(3,615)
Tax on net operating income
(12,810)
(1,305)
(26)
(1,646)
(674)
259
-
(16,202)
Adjustment (a)
(8,284)
(4,698)
588
890
249
(297)
-
(11,552)
Adjusted operating income
13,951
8,761
494
5,815
1,216
(238)
-
29,999
Adjustment (a)
(11,552)
Net cost of net debt
(844)
Non-controlling interests
(341)
Net income - TotalEnergies
share
17,262
(a) Adjustments include special items,
inventory valuation effect and the effect of changes in fair
value.
9 months 2022
Exploration
&
Production
Integrated LNG
Integrated Power
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
Total expenditures
8,168
939
4,586
803
679
55
-
15,230
Total divestments
592
1,982
940
89
180
12
-
3,795
Cash flow from operating activities
23,619
9,470
(795)
8,431
2,417
(1,393)
-
41,749
Non GAAP Financial Measures
______________________
Alternative Performance Measures
(Non-GAAP)
TotalEnergies
(unaudited)
1. Reconciliation of cash flow used in investing activities
to Net investments
1.1. Exploration & Production
3rd quarter
2nd quarter
3rd quarter
3rd quarter 2023 vs
9 months
9 months
9 months 2023 vs
2023
2023
2022
3rd quarter 2022
(in millions of dollars)
2023
2022
9 months 2022
1,978
2,543
1,823
9%
Cash flow used in investing activities
(a)
8,542
7,576
13%
-
-
-
ns
Other transactions with non-controlling
interests (b)
-
-
ns
-
-
(1)
-100%
Organic loan repayment from equity
affiliates (c)
-
22
-100%
-
-
-
ns
Change in debt from renewable projects
financing (d) *
-
-
ns
51
56
34
50%
Capex linked to capitalized leasing
contracts (e)
157
94
67%
14
1
7
100%
Expenditures related to carbon credits
(f)
16
11
45%
2,043
2,600
1,863
10%
Net investments (a + b + c + d + e + f
= g - i + h)
8,715
7,703
13%
(514)
176
(126)
ns
of which net acquisitions (g - i)
1,600
2,415
-34%
156
179
96
63%
Acquisitions (g)
2,281
2,893
-21%
670
3
222
x3
Asset sales (i)
681
478
42%
-
-
-
ns
Change in debt from renewable projects
(partner share)
-
-
ns
2,557
2,424
1,989
29%
of which organic investments
(h)
7,115
5,288
35%
343
325
169
x2
Capitalized exploration
872
381
x2.3
32
17
12
x2.7
Increase in non-current loans
93
58
60%
(29)
(23)
(25)
ns
Repayment of non-current loans, excluding
organic loan repayment from equity affiliates
(75)
(92)
ns
-
-
-
ns
Change in debt from renewable projects
(TotalEnergies share)
-
-
ns
*Change in debt from renewable projects (TotalEnergies share and
partner share).
1.2. Integrated LNG
3rd quarter
2nd quarter
3rd quarter
3rd quarter 2023 vs
9 months
9 months
9 months 2023 vs
2023
2023
2022
3rd quarter 2022
(in millions of dollars)
2023
2022
9 months 2022
566
581
(381)
ns
Cash flow used in investing activities
(a)
2,293
(1,043)
ns
-
-
-
ns
Other transactions with non-controlling
interests (b)
-
-
ns
1
-
578
-100%
Organic loan repayment from equity
affiliates (c)
2
1,282
-100%
-
-
-
ns
Change in debt from renewable projects
financing (d) *
-
-
ns
12
6
6
100%
Capex linked to capitalized leasing
contracts (e)
26
19
37%
-
-
-
ns
Expenditures related to carbon credits
(f)
-
-
ns
579
587
203
x2.9
Net investments (a + b + c + d + e + f
= g - i + h)
2,321
258
x9
84
205
(10)
ns
of which net acquisitions (g - i)
1,048
(66)
ns
204
224
-
ns
Acquisitions (g)
1,197
4
x299.3
120
19
10
x12
Asset sales (i)
149
70
x2.1
-
-
-
ns
Change in debt from renewable projects
(partner share)
-
-
ns
495
382
213
x2.3
of which organic investments
(h)
1,273
324
x3.9
3
3
-
ns
Capitalized exploration
7
-
ns
153
95
133
15%
Increase in non-current loans
391
264
48%
(47)
(26)
(156)
ns
Repayment of non-current loans, excluding
organic loan repayment from equity affiliates
(111)
(592)
ns
-
-
-
ns
Change in debt from renewable projects
(TotalEnergies share)
-
-
ns
*Change in debt from renewable projects (TotalEnergies share and
partner share).
Alternative Performance Measures
(Non-GAAP)
TotalEnergies
(unaudited)
1.3. Integrated Power
3rd quarter
2nd quarter
3rd quarter
3rd quarter 2023 vs
9 months
9 months
9 months 2023 vs
2023
2023
2022
3rd quarter 2022
(in millions of dollars)
2023
2022
9 months 2022
1,884
658
2,154
-13%
Cash flow used in investing activities
(a)
3,627
3,646
-1%
-
-
-
ns
Other transactions with non-controlling
interests (b)
-
-
ns
4
16
3
33%
Organic loan repayment from equity
affiliates (c)
26
3
x8.7
43
35
8
x5.4
Change in debt from renewable projects
financing (d) *
81
(356)
ns
1
2
3
-67%
Capex linked to capitalized leasing
contracts (e)
5
3
67%
-
-
-
ns
Expenditures related to carbon credits
(f)
-
-
ns
1,932
711
2,168
-11%
Net investments (a + b + c + d + e + f
= g - i + h)
3,739
3,296
13%
1,354
(42)
1,728
-22%
of which net acquisitions (g - i)
1,831
2,367
-23%
1,622
45
1,617
-
Acquisitions (g)
2,204
2,647
-17%
268
87
(111)
ns
Asset sales (i)
373
280
33%
(43)
(35)
(4)
ns
Change in debt from renewable projects
(partner share)
(81)
170
ns
578
753
440
31%
of which organic investments
(h)
1,908
929
x2.1
-
-
-
ns
Capitalized exploration
-
-
ns
207
182
62
x3.3
Increase in non-current loans
552
290
90%
(17)
(11)
(8)
ns
Repayment of non-current loans, excluding
organic loan repayment from equity affiliates
(149)
(34)
ns
-
-
4
-100%
Change in debt from renewable projects
(TotalEnergies share)
-
(186)
-100%
*Change in debt from renewable projects (TotalEnergies share and
partner share).
1.4. Refining & Chemicals
3rd quarter
2nd quarter
3rd quarter
3rd quarter 2023 vs
9 months
9 months
9 months 2023 vs
2023
2023
2022
3rd quarter 2022
(in millions of dollars)
2023
2022
9 months 2022
310
437
236
31%
Cash flow used in investing activities
(a)
964
714
35%
-
-
-
ns
Other transactions with non-controlling
interests (b)
-
-
ns
(21)
2
(11)
ns
Organic loan repayment from equity
affiliates (c)
(33)
(12)
ns
-
-
-
ns
Change in debt from renewable projects
financing (d) *
-
-
ns
-
-
-
ns
Capex linked to capitalized leasing
contracts (e)
-
-
ns
-
-
-
ns
Expenditures related to carbon credits
(f)
-
-
ns
289
439
225
28%
Net investments (a + b + c + d + e + f
= g - i + h)
931
702
33%
(97)
(15)
1
ns
of which net acquisitions (g - i)
(107)
(33)
ns
-
27
-
ns
Acquisitions (g)
31
15
x2.1
97
42
(1)
ns
Asset sales (i)
138
48
x2.9
-
-
-
ns
Change in debt from renewable projects
(partner share)
-
-
ns
386
454
224
72%
of which organic investments
(h)
1,038
735
41%
-
-
-
ns
Capitalized exploration
-
-
ns
13
27
-
ns
Increase in non-current loans
51
52
-2%
(9)
(8)
(5)
ns
Repayment of non-current loans, excluding
organic loan repayment from equity affiliates
(25)
(32)
ns
-
-
-
ns
Change in debt from renewable projects
(TotalEnergies share)
-
-
ns
*Change in debt from renewable projects (TotalEnergies share and
partner share).
Alternative Performance Measures
(Non-GAAP)
TotalEnergies
(unaudited)
1.5. Marketing & Services
3rd quarter
2nd quarter
3rd quarter
3rd quarter 2023 vs
9 months
9 months
9 months 2023 vs
2023
2023
2022
3rd quarter 2022
(in millions of dollars)
2023
2022
9 months 2022
221
228
222
ns
Cash flow used in investing activities
(a)
307
499
-38%
-
-
-
ns
Other transactions with non-controlling
interests (b)
-
-
ns
-
-
-
ns
Organic loan repayment from equity
affiliates (c)
-
-
ns
-
-
-
ns
Change in debt from renewable projects
financing (d) *
-
-
ns
-
-
-
ns
Capex linked to capitalized leasing
contracts (e)
-
-
ns
-
-
-
ns
Expenditures related to carbon credits
(f)
-
-
ns
221
228
222
-
Net investments (a + b + c + d + e + f
= g - i + h)
307
499
-38%
(18)
(4)
(7)
ns
of which net acquisitions (g - i)
(256)
(98)
ns
10
7
2
x5
Acquisitions (g)
17
20
-15%
28
11
9
x3.1
Asset sales (i)
273
118
x2.3
-
-
-
ns
Change in debt from renewable projects
(partner share)
-
-
ns
239
232
229
4%
of which organic investments
(h)
563
597
-6%
-
-
-
ns
Capitalized exploration
-
-
ns
16
26
24
-33%
Increase in non-current loans
53
68
-22%
(19)
(12)
(20)
ns
Repayment of non-current loans, excluding
organic loan repayment from equity affiliates
(70)
(62)
ns
-
-
-
ns
Change in debt from renewable projects
(TotalEnergies share)
-
-
ns
*Change in debt from renewable projects (TotalEnergies share and
partner share).
2. Reconciliation of cash flow from operating activities to
CFFO
2.1. Exploration & Production
3rd quarter
2nd quarter
3rd quarter
3rd quarter 2023 vs
9 months
9 months
9 months 2023 vs
2023
2023
2022
3rd quarter 2022
(in millions of dollars)
2023
2022
9 months 2022
4,240
4,047
9,083
-53%
Cash flow from operating activities
(a)
12,823
23,619
-46%
(925)
(317)
2,676
ns
(Increase) decrease in working capital
(b)
(1,613)
2,549
ns
-
-
-
ns
Inventory effect (c)
-
-
ns
-
-
-
ns
Capital gain from renewable project sales
(d)
-
-
ns
-
-
(1)
-100%
Organic loan repayments from equity
affiliates (e)
-
22
-100%
5,165
4,364
6,406
-19%
Cash flow from operations excluding
working capital (CFFO) (f = a - b - c + d + e)
14,436
21,092
-32%
Alternative Performance Measures
(Non-GAAP)
TotalEnergies
(unaudited)
2.2. Integrated LNG
3rd quarter
2nd quarter
3rd quarter
3rd quarter 2023 vs
9 months
9 months
9 months 2023 vs
2023
2023
2022
3rd quarter 2022
(in millions of dollars)
2023
2022
9 months 2022
872
1,332
3,449
-75%
Cash flow from operating activities
(a)
5,740
9,470
-39%
(775)
(469)
1,536
ns
(Increase) decrease in working capital (b)
*
212
3,656
-94%
-
-
-
ns
Inventory effect (c)
-
-
ns
-
-
-
ns
Capital gain from renewable project sales
(d)
-
-
ns
1
-
578
-100%
Organic loan repayments from equity
affiliates (e)
2
1,282
-100%
1,648
1,801
2,492
-34%
Cash flow from operations excluding
working capital (CFFO) (f = a - b - c + d + e)
5,530
7,096
-22%
* Changes in working capital are presented excluding the
mark-to-market effect of Integrated LNG and Integrated Power
sectors’ contracts.
2.3. Integrated Power
3rd quarter
2nd quarter
3rd quarter
3rd quarter 2023 vs
9 months
9 months
9 months 2023 vs
2023
2023
2022
3rd quarter 2022
(in millions of dollars)
2023
2022
9 months 2022
1,936
2,284
941
x2.1
Cash flow from operating activities
(a)
2,935
(795)
ns
1,466
1,844
753
95%
(Increase) decrease in working capital (b)
*
1,595
(1,299)
ns
-
-
-
ns
Inventory effect (c)
-
-
ns
43
35
-
ns
Capital gain from renewable project sales
(d)
81
25
x3.3
4
16
3
33%
Organic loan repayments from equity
affiliates (e)
26
3
x8.7
516
491
191
x2.7
Cash flow from operations excluding
working capital (CFFO) (f = a - b - c + d + e)
1,447
532
x2.7
* Changes in working capital are presented excluding the
mark-to-market effect of Integrated LNG and Integrated Power
sectors’ contracts.
Alternative Performance Measures
(Non-GAAP)
TotalEnergies
(unaudited)
2.4. Refining & Chemicals
3rd quarter
2nd quarter
3rd quarter
3rd quarter 2023 vs
9 months
9 months
9 months 2023 vs
2023
2023
2022
3rd quarter 2022
(in millions of dollars)
2023
2022
9 months 2022
2,060
1,923
3,798
-46%
Cash flow from operating activities
(a)
3,132
8,431
-63%
(125)
788
2,394
ns
(Increase) decrease in working capital
(b)
(1,520)
908
ns
546
(192)
(771)
ns
Inventory effect (c)
(61)
951
ns
-
-
-
ns
Capital gain from renewable project sales
(d)
-
-
ns
(21)
2
(11)
ns
Organic loan repayments from equity
affiliates (e)
(33)
(12)
ns
1,618
1,329
2,164
-25%
Cash flow from operations excluding
working capital (CFFO) (f = a - b - c + d + e)
4,680
6,560
-29%
2.5. Marketing & Services
3rd quarter
2nd quarter
3rd quarter
3rd quarter 2023 vs
9 months
9 months
9 months 2023 vs
2023
2023
2022
3rd quarter 2022
(in millions of dollars)
2023
2022
9 months 2022
206
665
939
-78%
Cash flow from operating activities
(a)
198
2,417
-92%
(599)
(31)
398
ns
(Increase) decrease in working capital
(b)
(1,672)
144
ns
218
(60)
(239)
ns
Inventory effect (c)
71
445
-84%
-
-
-
ns
Capital gain from renewable project sales
(d)
-
-
ns
-
-
-
ns
Organic loan repayments from equity
affiliates (e)
-
-
ns
587
756
780
-25%
Cash flow from operations excluding
working capital (CFFO) (f = a - b - c + d + e)
1,799
1,828
-2%
Alternative Performance Measures
(Non-GAAP)
TotalEnergies
(unaudited)
3. Reconciliation of capital employed (balance sheet) and
calculation of ROACE
In millions of dollars
Exploration &
Production
Integrated LNG
Integrated Power
Refining &
Chemicals
Marketing &
Services
Corporate
Inter- Company
Company
Adjusted net operating income 3rd quarter
2023
3,138
1,342
506
1,399
423
80
-
6,888
Adjusted net operating income 2nd quarter
2023
2,349
1,330
450
1,004
449
(248)
-
5,334
Adjusted net operating income 1st quarter
2023
2,653
2,072
370
1,618
280
(77)
-
6,916
Adjusted net operating income 4th quarter
2022
3,528
2,408
481
1,487
334
(25)
-
8,213
Adjusted net operating income
(a)
11,668
7,152
1,807
5,508
1,486
(270)
-
27,351
Balance sheet as of September 30,
2023
Property plant and equipment intangible
assets net
84,906
24,683
11,635
11,350
6,449
609
-
139,632
Investments & loans in equity
affiliates
2,823
13,624
8,840
4,293
573
-
-
30,153
Other non-current assets
3,473
2,874
711
722
1,124
(35)
-
8,869
Inventories, net
1,542
1,768
657
14,337
4,208
-
-
22,512
Accounts receivable, net
7,152
8,436
5,415
23,483
9,416
1,734
(32,038)
23,598
Other current assets
5,623
10,327
8,081
2,452
3,531
2,815
(10,577)
22,252
Accounts payable
(5,860)
(9,514)
(5,659)
(35,396)
(10,972)
(1,787)
31,920
(37,268)
Other creditors and accrued
liabilities
(9,532)
(12,307)
(8,178)
(6,803)
(4,919)
(6,361)
10,695
(37,405)
Working capital
(1,075)
(1,290)
316
(1,927)
1,264
(3,598)
-
(6,310)
Provisions and other non-current
liabilities
(26,342)
(3,858)
(1,586)
(3,757)
(1,207)
623
-
(36,127)
Assets and liabilities classified as held
for sale
5,607
-
127
130
1,298
-
-
7,162
Capital Employed (Balance
sheet)
69,392
36,033
20,043
10,811
9,501
(2,402)
-
143,378
Less inventory valuation effect
-
-
-
(1,809)
(476)
-
-
(2,285)
Capital Employed at replacement cost
(b)
69,392
36,033
20,043
9,002
9,025
(2,402)
-
141,093
Balance sheet as of September 30,
2022
Property plant and equipment intangible
assets net
86,341
24,387
6,791
10,670
7,317
570
-
136,076
Investments & loans in equity
affiliates
2,874
13,525
7,694
4,228
422
-
-
28,743
Other non-current assets
3,782
1,039
2,050
577
1,142
(78)
-
8,512
Inventories, net
1,230
2,910
1,217
14,474
4,587
2
-
24,420
Accounts receivable, net
7,827
25,065
3,087
19,382
9,043
1,245
(37 458)
28,191
Other current assets
6,846
63,814
23,448
2,842
4,157
2,558
(30 212)
73,453
Accounts payable
(5,818)
(22,866)
(12,466)
(31,969)
(12,166)
(998)
37 341
(48,942)
Other creditors and accrued
liabilities
(13,114)
(65,868)
(12,109)
(8,438)
(5,535)
(5,733)
30 329
(80,468)
Working capital
(3,029)
3,055
3,177
(3,709)
86
(2,926)
-
(3,346)
Provisions and other non-current
liabilities
(25,051)
(4,264)
(2,686)
(3,566)
(1,298)
(52)
-
(36,917)
Assets and liabilities classified as held
for sale
124
-
155
-
-
-
-
279
Capital Employed (Balance
sheet)
65,041
37 742
17 181
8,200
7,669
(2,486)
-
133,347
Less inventory valuation effect
-
-
-
(2,399)
(528)
-
-
(2,927)
Capital Employed at replacement cost
(c)
65,041
37 742
17 181
5,801
7,141
(2,486)
-
130,420
ROACE as a percentage (a / average (b +
c))
17.4%
19.4%
9.7%
74.4%
18.4%
20.1%
Alternative Performance Measures
(Non-GAAP)
TotalEnergies
(unaudited)
Reconciliation of consolidated net income to adjusted
net operating income
3rd quarter
2nd quarter
3rd quarter
9 months
9 months
2023
2023
2022
(in millions of dollars)
2023
2022
6,690
4,152
6,748
Consolidated net income (a)
16,473
17,603
(305)
(245)
(289)
Net cost of net debt (b)
(843)
(844)
(881)
(449)
(2,205)
Special items affecting net operating
income
(1,497)
(11,950)
-
-
1,450
Gain (loss) on asset sales
203
1,450
-
(5)
(19)
Restructuring charges
(5)
(41)
(698)
(469)
(3,118)
Impairments
(1,227)
(11,898)
(183)
25
(518)
Other
(468)
(1,461)
623
(377)
(847)
After-tax inventory effect : FIFO vs.
replacement cost
(145)
1,253
365
(111)
(224)
Effect of changes in fair value
(180)
(855)
107
(937)
(3,276)
Total adjustments affecting net
operating income (c)
(1,822)
(11,552)
6,888
5,334
10,313
Adjusted net operating income (a - b -
c)
19,138
29,999
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