TotalEnergies reports IFRS net income of
$5.7 billion and accelerates its transformation with three major
deals in LNG, renewables and green hydrogen
Regulatory News:
TotalEnergies SE (Paris:TTE) (LSE:TTE) (NYSE:TTE):
2Q22
Change vs 2Q21
1H22
Change vs 1H21
Net income (TotalEnergies share) (B$)
5.7
x2.6
10.6
+92%
Adjusted net income (TotalEnergies share)(1)
- in billions of dollars (B$)
9.8
x2.8
18.8
x2.9
- in dollars per share
3.75
x2.9
7.14
x3
Adjusted EBITDA(1) (B$)
18.7
x2.2
36.2
x2.1
DACF(1) (B$)
13.6
x2
25.6
x2
Cash Flow from operations (B$)
16.3
x2.2
23.9
+82%
Net-debt-to-capital ratio(2) of 9.8% at June 30, 2022 vs. 12.5% at
March 31, 2022 Second 2022 interim dividend set at
0.69 €/share
The Board of Directors of TotalEnergies SE, meeting on July 27,
2022, under the chairmanship of CEO Patrick Pouyanné, approved the
Company's financial statements for the second quarter of 2022. On
this occasion, Patrick Pouyanné said:
“Russia’s invasion of Ukraine continued to impact energy markets
in the second quarter, with oil prices averaging more than $110/bbl
in the quarter, refining margins reaching record-high levels, and
natural gas prices holding above oil parity in Europe and Asia. In
this context, TotalEnergies responded by increasing energy output,
thus contributing to energy security: LNG sales rose to more than
25 Mt in the first half, with 60% in Europe, and TotalEnergies'
refineries raised their utilization rate to nearly 90%. In line
with the priority set by the Board of Directors to accelerate the
Company's transformation, TotalEnergies announced three major
investments: the giant NFE LNG project in Qatar, Clearway, the
fifth largest U.S. player in renewable energy, and a massive green
hydrogen production project in India in partnership with Adani. In
the second quarter of 2022, the Company generated adjusted net
income of $9.8 billion and IFRS net income of $5.7 billion.
TotalEnergies recorded in its accounts a new $3.5 billion
impairment charge related mainly to the potential impact of
international sanctions on the value of its Novatek stake.
Excluding Russia, adjusted net income was $9.1 billion. The iGRP
(integrated Gas, Renewables & Power) segment posted adjusted
net operating income of $2.6 billion and cash flow of $2.4 billion
in the second quarter of 2022, confirming the levels reached in
previous quarters. Exploration & Production posted adjusted net
operating income of $4.7 billion and cash flow of $7.4 billion,
despite a decrease in production in the quarter that was due to
planned maintenance and security-related cuts in Nigeria and Libya.
TotalEnergies approved the launch of projects, such as Ballymore in
the U.S., Begonia, CLOV Phase 3 in Angola, as well as Eldfisk North
in Norway. Downstream benefited from exceptionally high refining
margins on distillates and gasoline to report adjusted net
operating income of $3.2 billion, up sharply over the quarter, and
cash flow of $3.5 billion. In this context, the Company announced a
fuel price reduction program benefitting its French customers. The
Company’s cash flow was $13.2 billion ($12.4 billion excluding
Russia) and free cash flow(3) was $4.5 billion, after buying back
$2 billion of shares in the second quarter as announced. The
Company reduced its gearing ratio to less than 10%. Supported by
these results, the Board of Directors approved the distribution of
the 2022 second interim dividend in the amount of €0.69/share, up
5% year-on-year, and authorized the Company to continue share
buybacks of up to $2 billion in the third quarter.”
1. Highlights(4)
Social and environmental
responsibility
- Climate Resolution 2022 approved by 89% of shareholders at the
Annual General Meeting of May 25, 2022
- Launched global campaign to detect and measure methane
emissions by drone
- Fuel price reduction program until year-end for TotalEnergies’
service stations in France
Renewables and Electricity
- Acquisition of 50% of Clearway Energy Group, a major player in
the United States, with 7.7 GW of solar and wind assets in
operation and a portfolio of 25 GW in development
- Offshore wind: obtained an offshore concession to develop a 1
GW offshore wind farm off the U.S. East Coast, off the coast of
North Carolina
- Solar:
- Created a joint venture with ENEOS to develop decentralized
power generation for B2B customers in Asia, with a target capacity
of 2 GW over the next 5 years
- Acquired Core Solar which has a pipeline of 4 GW projects in
the United States
- Launched TotalEnergies On, TotalEnergies’ start-up accelerator
program dedicated to the electricity business, with the selection
of the first 10 start-ups
LNG
- Acquired 6.25% stake in the North Field East LNG project in
Qatar with a capacity of 32 Mt/y
- Launched the FEED for the Cameron LNG extension project in the
U.S. with a capacity of 6.75 Mt/y
- Launched the FEED for the upstream installations of the Papua
LNG project in Papua New Guinea
- Signed a 15-year contract for the sale of 600 kt/y of LNG with
Hanwha Energy in South Korea
Upstream
- Started production on the first 180 kb/d FPSO on the Mero field
in Brazil
- Approved the development of the Ballymore field in the U.S.
Gulf of Mexico for a planned 2025 start-up with 75 kb/d of
production capacity
- 25-year license extension Blocks 404a and 208 in the Berkine
Basin, Algeria
- Agreed to transfer to Zarubezhneft the 20% residual interest in
the Kharyaga oil field in Russia
Downstream and new molecules
- Started the ethane cracker in Port Arthur, USA
- Hydrogen: acquired a 25% stake in Adani New Industries Limited
(ANIL) for the production of green hydrogen in India
- Sustainable fuel: feasibility study of a sustainable aviation
fuel production unit in Japan in cooperation with ENEOS
- Circular economy: commercial agreement with New Hope Energy for
the production of polymers from recycled plastic in the United
States
Carbon sinks
- Acquired a 49% stake in Compagnie des Bois du Gabon to develop
natural carbon sinks
- Launched a CO2 capture project to decarbonize Cameron LNG's
production in the U.S.
2. Key figures from TotalEnergies’ consolidated financial
statements(5)
2Q22
1Q22
2Q21
2Q22 vs 2Q21
In millions of dollars, except effective tax
rate,earnings per share and number of shares
1H22
1H21
1H22 vs 1H21
18,737
17,424
8,667
x2.2
Adjusted EBITDA (6)
36,161
16,837
x2.1
10,500
9,458
4,032
x2.6
Adjusted net operating income from business segments
19,958
7,519
x2.7
4,719
5,015
2,213
x2.1
Exploration &
Production
9,734
4,188
x2.3
2,555
3,051
891
x2.9
Integrated Gas, Renewables
& Power
5,606
1,876
x3
2,760
1,120
511
x5.4
Refining & Chemicals
3,880
754
x5.1
466
272
417
+12%
Marketing & Services
738
701
+5%
1,944
1,861
740
x2.6
Contribution of equity affiliates to adjusted net income
3,805
1,260
x3
39.4%
38.7%
34.3%
-
Effective tax rate (7)
39.0%
34.4%
-
9,796
8,977
3,463
x2.8
Adjusted net income (TotalEnergies share)
18,773
6,466
x2.9
3.75
3.40
1.27
x2.9
Adjusted fully-diluted earnings per share (dollars) (8)
7.14
2.38
x3
3.50
3.03
1.06
x3.3
Adjusted fully-diluted earnings per share (euros)*
6.53
1.97
x3.3
2,592
2,614
2,646
-2%
Fully-diluted weighted-average shares (millions)
2,602
2,644
-2%
5,692
4,944
2,206
x2.6
Net income (TotalEnergies share)
10,636
5,550
+92%
2,819
1,981
2,802
+1%
Organic investments (9)
4,800
5,181
-7%
2,076
922
396
x5.2
Net acquisitions (10)
2,998
1,986
+51%
4,895
2,903
3,198
+53%
Net investments (11)
7,798
7,167
+9%
13,233
11,626
6,352
x2.1
Operating cash flow before working capital changes (12)
24,859
11,718
x2.1
13,631
11,995
6,761
x2
Operating cash flow before working capital changesw/o
financial charges (DACF) (13)
25,626
12,511
x2
16,284
7,617
7,551
x2.2
Cash flow from operations
23,901
13,149
+82%
* Average €-$ exchange rate: 1.0647 in the second quarter 2022,
1.0934 in the first half 2022.
3. Key figures of environment, greenhouse gas emissions and
production
3.1 Environment* – liquids and gas price realizations, refining
margins
2Q22
1Q22
2Q21
2Q22 vs 2Q21
1H22
1H21
1H22 vs 1H21
113.9
102.2
69.0
+65%
Brent ($/b)
107.9
65.0
+66%
7.5
4.6
3.0
x2.5
Henry Hub ($/Mbtu)
6.1
2.9
x2.1
22.2
32.3
8.7
x2.6
NBP ($/Mbtu)
27.2
7.7
x3.5
27.0
31.1
10.0
x2.7
JKM ($/Mbtu)
29.1
10.0
x2.9
102.9
90.1
62.9
+64%
Average price of liquids ($/b)Consolidated subsidiaries
96.3
59.7
+61%
11.01
12.27
4.43
x2.5
Average price of gas ($/Mbtu)Consolidated subsidiaries
11.65
4.23
x2.8
13.96
13.60
6.59
x2.1
Average price of LNG ($/Mbtu)Consolidated subsidiaries and
equity affiliates
13.77
6.33
x2.2
145.7
46.3
10.2
x14.3
Variable cost margin - Refining Europe, VCM ($/t)**
101.0
7.6
x13.3
* The indicators are shown on page 21. ** This indicator
represents TotalEnergies’ average margin on variable cost for
refining in Europe (equal to the difference between TotalEnergies
European refined product sales and crude oil purchases with
associated variable costs divided by volumes refined in tons).
The average LNG selling price was $13.96/Mbtu in the second
quarter and $13.77/Mbtu in the first half, more than double the
prices over the same periods in 2021, benefitin on a lagged basis
from the increase in oil and gas indexes on long-term contracts as
well as high spot gas prices over these periods.
3.2 Greenhouse gas emissions(14)
2Q22
1Q22
2Q21
2Q22 vs 2Q21
GHG emissions (MtCO2e)
1H22
1H21
1H22 vs 1H21
9.6
9.6*
8.6*
+12%
Scope 1+2 from operated facilities (15)
19.3
17.8*
+9%
13.4
14.0
-
-
Scope 1+2 - equity share
27.4
-
-
94*
98*
95*
-
Scope 3 from energy product sales (16)
192*
193*
-
65*
66*
68*
-5%
of which Scope 3 Oil Worldwide
(17)
131*
137*
-4%
63*
66*
58*
+9%
Scope 1+2+3 in Europe (18)
129*
121*
+6%
57*
60*
53*
+8%
of which Scope 3 in Europe
117*
111*
+6%
Estimated 2022 quarterly emissions. 2021 quarterly equity share
data are not available * Excluding Covid effect
2Q22
1Q22
2Q21
2Q22 vs 2Q21
Methane emissions (ktCH4)
1H22
1H21
1H22 vs 1H21
10
10
11
-11%
Methane emissions from operated facilities
20
24
-18%
13
12
-
-
Methane emissions - equity share
24
-
-
Estimated 2022 quarterly emissions. 2021 quarterly equity share
data are not available
The evolution of Scope 1+2 emissions from the operated
facilities is the result of the high-capacity utilization of CCGTs
and refineries in Europe, TotalEnergies responding by increasing
energy output, thus contributing to energy security.
3.3 Production*
2Q22
1Q22
2Q21
2Q22 vs 2Q21
Hydrocarbon production
1H22
1H21
1H22 vs 1H21
2,738
2,843
2,747
-
Hydrocarbon production (kboe/d)
2,791
2,805
-0.5%
1,268
1,305
1,258
+1%
Oil (including bitumen)
(kb/d)
1,287
1,265
+2%
1,470
1,538
1,489
-1%
Gas (including condensates and
associated NGL) (kboe/d)
1,504
1,540
-2%
2,738
2,843
2,747
-
Hydrocarbon production (kboe/d)
2,791
2,805
-0.5%
1,483
1,527
1,464
+1%
Liquids (kb/d)
1,505
1,486
+1%
6,835
7,162
7,017
-3%
Gas (Mcf/d)
6,997
7,208
-3%
* Company production = E&P production + iGRP production.
Hydrocarbon production was 2,738 thousand barrels of oil
equivalent per day (kboe/d) in the second quarter 2022, stable
year-on-year, comprised of:
- +3% due to the increase in production quotas of OPEC
countries,
- +3% due to a reduction in planned maintenance and unplanned
downtime,
- +2% due to the start-up and ramp-up of projects,
- -2% due to security-related production cuts in Libya and
Nigeria,
- -2% portfolio effect, mainly related to the end of the
operating licenses for Qatargas 1 and Bongkot North in Thailand,
partially offset by the entry into the Sepia and Atapu fields in
Brazil,
- -1% due to the price effect,
- -3% due to the natural decline of fields.
Compared to the first quarter, production was down 4%, mainly
due to planned maintenance operations for - 2%, production cuts in
Nigeria and Libya for -1%, the end of Bongkot North's license in
Thailand, partially offset by the entry into the production fields
of Sepia and Atapu in Brazil.
Hydrocarbon production was 2,791 kboe/d in the first half 2022,
down slightly by 0.5% year-on-year, comprised of:
- +2% due to the increase in production quotas of OPEC
countries,
- +2% due to the start-up and ramp-up of projects, including Clov
Phase 2 and Zinia Phase 2 in Angola, and Iara in Brazil,
- +2% due to a reduction in planned maintenance and unplanned
downtime,
- -2% portfolio effect, mainly related to the end of the Qatargas
1 operating license,
- -1% due to security-related production cuts in Libya and
Nigeria,
- -1% due to the price effect,
- -2.5% due to the natural decline of fields.
4. Analysis of business segments
4.1 Integrated Gas, Renewables & Power (iGRP)
4.1.1 Production and sales of Liquefied Natural Gas (LNG) and
electricity
2Q22
1Q22
2Q21
2Q22 vs 2Q21
Hydrocarbon production for LNG
1H22
1H21
1H22 vs 1H21
462
492
502
-8%
iGRP (kboe/d)
477
510
-6%
53
60
52
+1%
Liquids (kb/d)
56
58
-2%
2,233
2,349
2,464
-9%
Gas (Mcf/d)
2,291
2,470
-7%
2Q22
1Q22
2Q21
2Q22 vs 2Q21
Liquefied Natural Gas in Mt
1H22
1H21
1H22 vs 1H21
11.7
13.3
10.5
+11%
Overall LNG sales
24.9
20.4
+22%
4.1
4.4
4.2
-1%
incl. Sales from equity
production*
8.6
8.5
-
10.2
11.9
8.8
+16%
incl. Sales by TotalEnergies
from equity production and third party purchases
22.2
16.7
+33%
* The Company’s equity production may be sold by TotalEnergies
or by the joint ventures.
Hydrocarbon production for LNG is down 8% and 6% year-on-year,
respectively, in the second quarter 2022 and the first half 2022,
mainly due to the end of the Qatargas 1 contract and the decrease
in supply to NLNG for security reasons in Nigeria. Production in
Snøhvit, Norway, restarted in the second quarter.
Total LNG sales are up year-on-year by 11% in the second quarter
2022 and by 22% in the first half 2022, due to the increase in spot
purchases to maximize the use of the Company's regasification
capacity in Europe.
2Q22
1Q22
2Q21
2Q22 vs 2Q21
Renewables & Electricity
1H22
1H21
1H22 vs 1H21
50.7
46.8
41.7
+22%
Portfolio of renewable power generation gross capacity(GW)
(1),(2)
50.7
41.7
+22%
11.6
10.7
8.3
+40%
o/w installed
capacity
11.6
8.3
+40%
5.2
6.1
5.4
-4%
o/w capacity in
construction
5.2
5.4
-4%
33.9
30.1
28.0
+21%
o/w capacity in
development
33.9
28.0
+21%
26.8
26.8
22.6
+19%
Gross renewables capacity with PPA (GW) (1),(2)
26.8
22.6
+19%
38.4
34.4
30.7
+25%
Portfolio of renewable power generation net capacity(GW)
(1),(2)
38.4
30.7
+25%
5.8
5.4
4.0
+46%
o/w installed
capacity
5.8
4.0
+46%
3.7
4.2
3.1
+17%
o/w capacity in
construction
3.7
3.1
+17%
28.9
24.8
23.6
+22%
o/w capacity in
development
28.9
23.6
+22%
7.7
7.6
5.1
+51%
Net power production (TWh) (3)
15.2
9.8
+56%
2.5
2.2
1.7
+50%
incl. power production from
renewables
4.7
3.2
+47%
6.2
6.1
5.8
+6%
Clients power - BtB and BtC (Million) (2)
6.2
5.8
+6%
2.7
2.7
2.7
+1%
Clients gas - BtB and BtC (Million) (2)
2.7
2.7
+1%
12.3
16.3
12.7
-3%
Sales power - BtB and BtC (TWh)
28.6
28.8
-
19.1
35.0
20.6
-7%
Sales gas - BtB and BtC (TWh)
54.1
56.8
-5%
462
175
310*
+49%
Proportional adjusted EBITDA Renewables & Electricity
(M$) (4)
637
654*
-3%
131
91
82*
+59%
incl. from renewables
business
222
230*
-4%
(1) Includes 20% of Adani Green Energy Ltd’s gross capacity
effective first quarter 2021. (2) End of period data. (3) Solar,
wind, biogas, hydroelectric and combined-cycle gas turbine (CCGT)
plants. (4) TotalEnergies share (% interest) of EBITDA (Earnings
Before Interest, Tax, Depreciation and Amortization) in Renewables
& Electricity affiliates, regardless of consolidation method. *
2Q21 and 1H21 data corrected after taking into account AGEL’s
result.
Gross installed renewable power generation capacity grew to 11.6
GW at the end of the second quarter of 2022, up 0.9 GW over the
quarter, including 0.4 GW related to the start-up of Phase 1 of the
Al Kharsaah photovoltaic project in Qatar.
Gross power generation capacity in development increased by 3.8
GW quarter-on-quarter, mainly due to the acquisition of Core
Solar's portfolio of projects in the United States.
Net electricity generation stood at 7.7 TWh in the second
quarter 2022 and 15.2 TWh in the first half 2022, up 51% and 56%,
respectively, year-on-year, thanks to higher utilization rates of
flexible power plants (CCGT) as well as growth in electricity
generation from renewable sources.
EBITDA from the Renewables & Electricity business reached
$462 million in the second quarter 2022, up 49% year-on-year due to
the growth of the business.
4.1.2 Results
2Q22
1Q22
2Q21
2Q22 vs 2Q21
In millions of dollars
1H22
1H21
1H22 vs 1H21
2,555
3,051
891
x2.9
Adjusted net operating income*
5,606
1,876
x3
1,219
1,430
356
x3.4
including adjusted income from
equity affiliates
2,649
620
x4.3
341
258
759
-55%
Organic investments
599
1,512
-60%
(58)
641
166
ns
Net acquisitions
583
2,059
-72%
283
899
925
-69%
Net investments
1,182
3,571
-67%
2,360
2,585
904
x2.6
Operating cash flow before working capital changes **
4,945
1,963
x2.5
3,970
315
567
x7
Cash flow from operations ***
4,285
1,347
x3.2
* Detail of adjustment items shown in the business segment
information annex to financial statements. ** Excluding financial
charges, except those related to lease contracts, excluding the
impact of contracts recognized at fair value for the sector and
including capital gains on the sale of renewable projects. ***
Excluding financial charges, except those related to leases.
iGRP's adjusted net operating income was:
- $2,555 million in the second quarter 2022, nearly triple
year-on-year, thanks to higher LNG prices, the performance of the
gas, LNG and electricity trading activities and the growing
contribution of the Renewables & Electricity businesses,
- $5,606 million in the first half 2022, tripling over one year,
for the same reasons.
Cash flow is:
- 2.6 times higher over one year to $2,360 million in the second
quarter 2022, thanks to the increase in LNG prices, the performance
of gas, LNG and electricity trading activities, and the increasing
contribution of the Renewables & Electricity activities,
- 2.5 times higher over one year to $4,945 million in the first
half 2022, for the same reasons.
Cash flow from operations was $3,970 million for the quarter,
mainly due to margin call reductions and the positive impact on
working capital requirements linked to the seasonality of the gas
and electricity supply business.
4.2 Exploration & Production
4.2.1 Production
2Q22
1Q22
2Q21
2Q22 vs 2Q21
Hydrocarbon production
1H22
1H21
1H22 vs 1H21
2,276
2,351
2,245
+1%
EP (kboe/d)
2,314
2,295
+1%
1,430
1,467
1,412
+1%
Liquids (kb/d)
1,449
1,428
+1%
4,602
4,813
4,553
+1%
Gas (Mcf/d)
4,706
4,738
-1%
4.2.2 Results
2Q22
1Q22
2Q21
2Q22 vs 2Q21
In millions of dollars, except effective tax rate
1H22
1H21
1H22 vs 1H21
4,719
5,015
2,213
x2.1
Adjusted net operating income*
9,734
4,188
x2.3
287
355
279
+3%
including adjusted income from
equity affiliates
642
549
+17%
47.2%
47.0%
38.2%
-
Effective tax rate**
47.1%
39.5%
-
1,873
1,426
1,559
+20%
Organic investments
3,299
2,838
+16%
2,225
316
231
x9.6
Net acquisitions
2,541
29
x87.6
4,098
1,742
1,790
x2.3
Net investments
5,840
2,867
x2
7,383
7,303
4,262
+73%
Operating cash flow before working capital changes ***
14,686
8,086
+82%
8,768
5,768
4,835
+81%
Cash flow from operations ***
14,536
8,571
+70%
* Details on adjustment items are shown in the business segment
information annex to financial statements. ** 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). ***
Excluding financial charges, except those related to leases.
Adjusted net operating income from Exploration & Production
was:
- $4,719 million in the second quarter 2022, double the second
quarter 2021, thanks to the sharp increase in oil and gas
prices,
- $9,734 million in the first half of 2022, 2.3 times higher than
the first half 2021, for the same reasons.
Compared to the first quarter, adjusted net operating income
decreased by $296 million due to the decline in production and the
impact of sanctions on the results of Russian assets.
Cash flow was $7,383 million in the second quarter 2022 compared
to $4,262 million a year earlier and is up 82% to $14,686 million
in the first half 2022, in line with higher oil and gas prices.
4.3 Downstream (Refining & Chemicals and Marketing &
Services)
4.3.1 Results
2Q22
1Q22
2Q21
2Q22 vs 2Q21
In millions of dollars
1H22
1H21
1H22 vs 1H21
3,226
1,392
928
x3.5
Adjusted net operating income*
4,618
1,455
x3.2
586
292
468
+25%
Organic investments
878
803
+9%
(91)
(34)
(1)
ns
Net acquisitions
(125)
(104)
ns
495
258
467
+6%
Net investments
753
699
+8%
3,548
1,896
1,460
x2.4
Operating cash flow before working capital changes **
5,444
2,332
x2.3
4,106
2,005
2,669
+54%
Cash flow from operations **
6,111
4,330
+41%
* Detail of adjustment items shown in the business segment
information annex to financial statements. ** Excluding financial
charges, except those related to leases.
4.4 Refining & Chemicals
4.4.1 Refinery and petrochemicals throughput and utilization
rates
2Q22
1Q22
2Q21
2Q22 vs 2Q21
Refinery throughput and utilization rate*
1H22
1H21
1H22 vs 1H21
1,575
1,317
1,070
+47%
Total refinery throughput (kb/d)
1,448
1,109
+31%
395
252
148
x2.7
France
324
131
x2.5
648
605
495
+31%
Rest of Europe
627
578
+8%
532
460
427
+25%
Rest of world
497
400
+24%
88%
74%
58%
Utlization rate based on crude only**
81%
58%
* Includes refineries in Africa reported in the Marketing &
Services segment. ** Based on distillation capacity at the
beginning of the year, excluding Grandpuits (shut down first
quarter 2021) from 2021 and Lindsey refinery (divested) from second
quarter 2021.
2Q22
1Q22
2Q21
2Q22 vs 2Q21
Petrochemicals production and utilization rate
1H22
1H21
1H22 vs 1H21
1,206
1,404
1,424
-15%
Monomers* (kt)
2,611
2,829
-8%
1,187
1,274
1,212
-2%
Polymers (kt)
2,461
2,377
+4%
71%
86%
88%
Vapocracker utilization rate**
78%
88%
* Olefins. ** Based on olefins production from steam crackers
and their treatment capacity at the start of the year.
Refinery throughput:
- Increased by 47% year-on-year in the second quarter 2022, due
to the recovery in demand, particularly in Europe and the United
States, the restart this quarter of the Donges refinery in France
and the Leuna refinery in Germany, which was scheduled for a major
turnaround in the second quarter 2021;
- Increased by 31% in the first half 2022 over one year for the
same reasons as well as the restart, in 2021, of the distillation
unit of the Normandy refinery in France.
Monomer production was down 15% in the second quarter 2022 and
8% in the first half 2022 year-on-year, mainly due to planned
turnarounds at the Antwerp in Belgium and Feyzin in France as well
as construction affecting sites in the U.S.
4.4.2 Results
2Q22
1Q22
2Q21
2Q22 vs 2Q21
In millions of dollars
1H22
1H21
1H22 vs 1H21
2,760
1,120
511
x5.4
Adjusted net operating income*
3,880
754
x5.1
313
197
279
+12%
Organic investments
510
501
+2%
(34)
-
2
-100%
Net acquisitions
(34)
(55)
ns
279
197
281
-1%
Net investments
476
446
+7%
2,963
1,433
753
x3.9
Operating cash flow before working capital changes **
4,396
1,147
x3.8
3,526
1,107
2,232
+58%
Cash flow from operations **
4,633
3,228
+44%
* Detail of adjustment items shown in the business segment
information annex to financial statements. ** Excluding financial
charges, except those related to leases.
Adjusted net operating income for the Refining and Chemicals
segment was exceptional:
- $2,760 million in the second quarter 2022, compared to $511
million in the second quarter 2021, due to higher refined volumes
in response to the recovery in demand in Europe and the United
States, very high margins on distillates and gasoline in the
context of reduced imports of Russian petroleum products, as well
as the outperformance of crude oil and petroleum product trading
activities,
- $3,880 million in the first half 2022 compared to a year ago,
for the same reasons.
Cash flow also increased sharply to $2,963 million in the second
quarter 2022, 3.9 times higher than in the second quarter 2021, and
to $4,396 million in the first half 2022.
4.5 Marketing & Services
4.5.1 Petroleum product sales
2Q22
1Q22
2Q21
2Q22 vs 2Q21
Sales in kb/d*
1H22
1H21
1H22 vs 1H21
1,477
1,452
1,473
-
Total Marketing & Services sales
1,464
1,458
-
817
790
791
+3%
Europe
804
783
+3%
660
662
682
-3%
Rest of world
661
674
-2%
* Excludes trading and bulk refining sales.
Sales of petroleum products were stable in the second quarter
2022 and the first half 2022 compared to the same periods last
year, as the recovery in aviation and network activities worldwide
offset the decline in sales to commercial and industrial customers,
particularly in Europe.
4.5.2 Results
2Q22
1Q22
2Q21
2Q22 vs 2Q21
In millions of dollars
1H22
1H21
1H22 vs 1H21
466
272
417
+12%
Adjusted net operating income*
738
701
+5%
273
95
189
+44%
Organic investments
368
302
+22%
(57)
(34)
(3)
ns
Net acquisitions
(91)
(49)
ns
216
61
186
+16%
Net investments
277
253
+9%
585
463
707
-17%
Operating cash flow before working capital changes **
1,048
1,185
-12%
580
898
437
+33%
Cash flow from operations **
1,478
1,102
+34%
* Detail of adjustment items shown in the business segment
information annex to financial statements. ** Excluding financial
charges, except those related to leases.
Adjusted net operating income for the Marketing & Services
segment was $466 million, up 12% year-on-year, and $738 million in
the first half, up 5% year-on-year, thanks mainly to the recovery
of the network and aviation activities.
Cash flow was down 17% year-on-year to $585 million in the
second quarter 2022, and 12% to $1,048 million in the first half,
mainly due to the fiscal effect of higher prices on the valuation
of petroleum product inventories.
5. TotalEnergies results
5.1 Adjusted net operating income from business segments
Segment adjusted net operating income was:
- $10,500 million in the second quarter 2022, compared to $4,032
million a year earlier, due to higher oil and gas prices, refining
margins and the good performance of trading activities,
- $19,958 million in the first half 2022, compared to $7,519
million a year earlier, for the same reasons.
5.2 Adjusted net income (TotalEnergies share)
TotalEnergies adjusted net income was $9,796 million in the
second quarter 2022 compared to $3,463 million in the second
quarter 2021, due to higher oil and gas prices, refining margins
and the good performance of trading activities.
Adjusted net income excludes the after-tax inventory effect,
non-recurring items and the impact of changes in fair
value(19).
The net income adjustment items(20) represented an amount of
-$4,104 million in the second quarter 2022, notably due to the fact
that TotalEnergies recorded in its accounts a new $3.5 billion
impairment charge related mainly to the potential impact of
international sanctions on the value of its Novatek stake.
TotalEnergies' effective tax rate was 39.4% in the second
quarter 2022, compared to 38.7% in the first quarter and 34.3% a
year earlier due to the increase in the Exploration &
Production tax rate in line with the increase in hydrocarbon
prices.
5.3 Adjusted earnings per share
Adjusted diluted net earnings per share were:
- $3.75 in the second quarter 2022, calculated based on 2,592
million weighted-average diluted shares, compared to $1.27 a year
earlier;
- $7.14 in the first half 2022, calculated based on 2,602 million
weighted-average diluted shares, compared to $2.38 a year
earlier.
As of June 30, 2022, the number of fully-diluted shares was
2,578 million.
As part of its shareholder return policy, as announced in April
2022, TotalEnergies repurchased 36.1 million shares for
cancellation in the second quarter of 2022 for $2 billion. Share
buybacks amounted to $3 billion in the first half of the year.
5.4 Acquisitions - asset sales
Acquisitions were:
- $2,464 million in the second quarter 2022, including notably
$2,232 million in payments to Petrobras related to the award of the
Atapu and Sepia Production Sharing Contracts in Brazil as well as
the bonus related to the offshore wind concession in North Carolina
in the U.S.,
- $3,864 million in the first half 2022, including the above
items as well as the bonus paid to the State of Brazil for the
award of the Atapu and Sepia Production Sharing Contracts and the
bonus related to the New York Bight offshore wind concession in the
United States.
Asset sales were:
- $388 million in the second quarter 2022, including the partial
sale of the Landivisiau power generation plant in France,
- $866 million in the first half 2022, including the above items
as well as a payment related to the sale of interests in the CA1
offshore block in Brunei and the sale by SunPower of its Enphase
shares.
5.5 Net cash flow
TotalEnergies' net cash flow(21) is as follows:
- $8,338 million in the second quarter 2022 compared to $3,154
million a year earlier, reflecting the $6.9 billion increase in
cash flow and the $1.7 billion increase in net investments to
$4,895 million in the second quarter 2022,
- $17,061 million in the first half 2022 compared to $4,551
million a year earlier, reflecting the $13.1 billion increase in
cash flow and the $631 million increase in net investments to
$7,798 million in the first half 2022.
Cash flow from operations was $16,284 million in the second
quarter, compared to cash flow of $13,233 million, reflecting the
positive impact of a $3.3 billion decrease in working capital
requirements, mainly due to changes in margin calls, an increase in
tax liabilities related to higher prices, and the seasonality of
the gas and electricity supply activity.
5.6 Profitability
Return on equity was 27.1% for the twelve months ended June 30,
2022.
In millions of dollars
July 1, 2021
April 1, 2021
July 1, 2020
June 30, 2022
March 31, 2022
June 30, 2021
Adjusted net income
30,716
24,382
8,786
Average adjusted shareholders' equity
113,333
111,794
105,066
Return on equity (ROE)
27.1%
21.8%
8.4%
The return on average capital employed was 23.1% for the twelve
months ended June 30, 2022.
In millions of dollars
July 1, 2021
April 1, 2021
July 1, 2020
June 30, 2022
March 31, 2022
June 30, 2021
Adjusted net operating income
32,177
25,803
10,252
Average capital employed
139,377
143,517
142,172
ROACE
23.1%
18.0%
7.2%
6. TotalEnergies SE statutory accounts
Net income for TotalEnergies SE, the parent company, was €3,702
million in the first half 2022, compared to €4,568 million in the
first quarter 2021.
7. 2022 Sensitivities*
2022 sensitivities*
Change
Estimated impact on adjusted
net operating income
Estimated impact on cash flow
from operations
Dollar
+/- 0.1 $ per €
-/+ 0.1 B$
~0 B$
Average liquids price**
+/- 10 $/b
+/- 2.7 B$
+/- 3.2 B$
European gas price - NBP
+/- 10 $/Mbtu
+/- 3.0 B$
+/- 3.0 B$
Variable cost margin, European refining (VCM)
+/- 10 $/t
+/- 0.4 B$
+/- 0.5 B$
* Sensitivities are revised once per year upon publication of
the previous year’s fourth quarter results. Sensitivities are
estimates based on assumptions about TotalEnergies’ portfolio in
2022. 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. Please find the
indicators detailed page 21. ** In a 60 $/b Brent environment.
8. Summary and outlook
Oil and gas prices, while volatile, have remained at high levels
since the beginning of the third quarter. Due to the limited
additional spare capacity of production and refining at the global
level, market disruptions linked to the sanctions against Russia
and the counter-sanctions implemented by Russia, the supply-demand
balance of energy markets are expected to remain fragile and
support prices, especially gas.
In the oil markets however, the price of Brent retreated to a
level close to $100/bbl in July, due to negative expectations on
global growth, and therefore on oil demand, in response to high
energy prices and inflation.
Gas prices are expected to remain high, particularly in Europe
where gas indices exceeded $50/Mbtu in early July for winter
2022-23 futures contracts, due to fears of a shutdown in pipeline
exports from Russia to Europe. Local electricity markets are also
impacted by gas prices.
The Company is mobilizing its human and financial resources to
contribute to the diversification of Europe's gas supply by
maximizing the use of its LNG regasification capacity. Given the
evolution of oil and gas prices in recent months and the lag effect
on pricing formulas, TotalEnergies anticipates that its average LNG
selling price should be more than $15/Mbtu in the third quarter of
2022. However, the Company's LNG operations will be affected by the
outage of the Freeport LNG plant in the third quarter.
Despite the approximately 40 kboe/d increase in planned
maintenance in the third quarter compared to the second quarter,
TotalEnergies expects production to be stable compared to the
second quarter due to the contribution of new projects, notably in
Brazil with the production ramp-up of Mero 1 and the entry into
Sépia and Atapu. The Refining business aims to maintain a high
utilization rate.
With nearly $8 billion in investments recorded at the end of
June, TotalEnergies anticipates net investments of around $16
billion in 2022, 25% of which will be in Renewables &
Electricity.
Given the strong cash flow generation and strong balance sheet,
the Board of Directors has decided to prioritize countercyclical
opportunities to accelerate the Company's transformation. The
shareholder return policy is reinforced through dividend growth of
5% and the continuation of the share buyback program of $2 billion
in the third quarter.
* * * *
To listen to the conference call with CEO Patrick Pouyanné and
CFO Jean-Pierre Sbraire today at 13:30 (Paris time) please log on
to totalenergies.com or call
+44 (0) 207 194 3759 in Europe or +1 (646) 722-4916 in the United
States (code: 47289312). The conference replay will be available on
totalenergies.com after the
event.
* * * *
9. Results from Russian assets
Russian Upstream Assets (M$)
2Q22
1Q22
1H22
2021
Adjusted net operating income
707
1,021
1,727
2,092
Operating cash flow before working capital changes
857
288
1,144
1,613
Capital Employed by TotalEnergies in Russia as at June 30, 2022
was $8,760 million, after taking into account the $3,513 million
impairment and the impact of the evolution of the ruble/dollar
exchange rate between March 31, 2022 and June 30, 2022, which leads
to a $2,066 million revaluation of Capital Employed on the balance
sheet as at June 30, 2022.
10. Operating information by segment
10.1 Company’s production (Exploration & Production +
iGRP)
2Q22
1Q22
2Q21
2Q22 vs 2Q21
Combined liquids and gasproduction by region (kboe/d)
1H22
1H21
1H22 vs 1H21
965
1,050
985
-2%
Europe and Central Asia
1,007
1,018
-1%
460
498
533
-14%
Africa
479
542
-12%
680
670
654
+4%
Middle East and North Africa
675
652
+3%
420
386
378
+11%
Americas
403
377
+7%
213
240
197
+8%
Asia-Pacific
227
216
+5%
2,738
2,843
2,747
-
Total production
2,791
2,805
-
690
715
750
-8%
includes equity affiliates
702
740
-5%
2Q22
1Q22
2Q21
2Q22 vs 2Q21
Liquids production by region (kb/d)
1H22
1H21
1H22 vs 1H21
315
373
351
-10%
Europe and Central Asia
343
363
-5%
351
371
399
-12%
Africa
362
407
-11%
546
538
502
+9%
Middle East and North Africa
542
500
+8%
231
201
183
+26%
Americas
216
181
+19%
40
45
29
+36%
Asia-Pacific
42
35
+21%
1,483
1,527
1,464
+1%
Total production
1,505
1,486
+1%
201
210
213
-6%
includes equity affiliates
206
207
-1%
2Q22
1Q22
2Q21
2Q22 vs 2Q21
Gas production by region (Mcf/d)
1H22
1H21
1H22 vs 1H21
3,492
3,635
3,411
+2%
Europe and Central Asia
3,563
3,523
+1%
545
643
680
-20%
Africa
594
686
-13%
742
727
847
-12%
Middle East and North Africa
734
845
-13%
1,063
1,041
1,095
-3%
Americas
1,052
1,098
-4%
993
1,116
984
+1%
Asia-Pacific
1,054
1,056
-
6,835
7,162
7,017
-3%
Total production
6,997
7,208
-3%
2,633
2,714
2,895
-9%
includes equity affiliates
2,673
2,875
-7%
10.2 Downstream (Refining & Chemicals and Marketing &
Services)
2Q22
1Q22
2Q21
2Q22 vs 2Q21
Petroleum product sales by region (kb/d)
1H22
1H21
1H22 vs 1H21
1,814
1,635
1,521
+19%
Europe
1,724
1,540
+12%
734
761
663
+11%
Africa
747
665
+12%
922
775
799
+15%
Americas
849
785
+8%
705
531
492
+44%
Rest of world
618
493
+25%
4,176
3,701
3,475
+20%
Total consolidated sales
3,939
3,483
+13%
409
409
334
+22%
Includes bulk sales
409
368
+11%
2,290
1,840
1,668
+37%
Includes trading
2,065
1,658
+25%
2Q22
1Q22
2Q21
2Q22 vs 2Q21
Petrochemicals production* (kt)
1H22
1H21
1H22 vs 1H21
1,023
1,260
1,166
-12%
Europe
2,282
2,512
-9%
603
638
725
-17%
Americas
1,240
1,235
-
768
781
744
+3%
Middle East and Asia
1,549
1,459
+6%
* Olefins, polymers.
10.3 Renewables
Installed power generation gross capacity (GW) (1),(2)
Solar
Onshore Wind
Offshore Wind
Other
Total
Solar
Onshore Wind
Offshore Wind
Other
Total
France
0.7
0.5
0.0
0.1
1.3
0.7
0.5
0.0
0.1
1.3
Rest of Europe
0.2
1.1
0.0
0.0
1.3
0.2
1.0
0.0
0.0
1.3
Africa
0.1
0.0
0.0
0.0
0.1
0.1
0.0
0.0
0.0
0.1
Middle East
0.7
0.0
0.0
0.0
0.7
0.3
0.0
0.0
0.0
0.3
North America
1.1
0.0
0.0
0.0
1.1
0.9
0.0
0.0
0.0
0.9
South America
0.4
0.3
0.0
0.0
0.7
0.4
0.3
0.0
0.0
0.7
India
4.9
0.2
0.0
0.0
5.1
4.8
0.2
0.0
0.0
5.0
Asia-Pacific
1.2
0.0
0.1
0.0
1.2
1.0
0.0
0.1
0.0
1.1
Total
9.2
2.1
0.1
0.2
11.6
8.4
2.1
0.1
0.1
10.7
2Q22
1Q22
Power generation gross capacity from renewablesin construction
(GW) (1),(2)
Solar
Onshore Wind
Offshore Wind
Other
Total
Solar
Onshore Wind
Offshore Wind
Other
Total
France
0.2
0.2
0.0
0.1
0.4
0.1
0.2
0.0
0.1
0.4
Rest of Europe
0.0
0.0
1.1
0.0
1.1
0.0
0.0
1.1
0.0
1.2
Africa
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Middle East
0.4
0.0
0.0
0.0
0.4
0.8
0.0
0.0
0.0
0.8
North America
1.3
0.0
0.0
0.0
1.3
1.5
0.0
0.0
0.0
1.5
South America
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
India
0.9
0.3
0.0
0.0
1.2
1.0
0.3
0.0
0.0
1.3
Asia-Pacific
0.1
0.0
0.6
0.0
0.7
0.3
0.0
0.6
0.0
0.9
Total
2.8
0.5
1.7
0.1
5.2
3.7
0.6
1.7
0.1
6.1
2Q22
1Q22
Power generation gross capacity from renewablesin development
(GW) (1),(2)
Solar
Onshore Wind
Offshore Wind
Other
Total
Solar
Onshore Wind
Offshore Wind
Other
Total
France
2.3
0.5
0.0
0.0
2.8
2.8
0.5
0.0
0.0
3.3
Rest of Europe
4.8
0.3
4.4
0.1
9.5
4.7
0.3
4.4
0.0
9.3
Africa
0.6
0.1
0.0
0.1
0.8
0.7
0.1
0.0
0.1
0.9
Middle East
1.8
0.0
0.0
0.0
1.8
1.6
0.0
0.0
0.0
1.6
North America
6.2
0.1
4.0
0.8
11.0
2.0
0.1
3.0
0.7
5.9
South America
0.6
0.0
0.0
0.2
0.8
0.7
0.3
0.0
0.2
1.2
India
3.9
0.1
0.0
0.0
4.0
4.0
0.1
0.0
0.0
4.1
Asia-Pacific
1.7
0.2
1.2
0.1
3.2
1.4
0.0
2.1
0.1
3.6
Total
21.7
1.3
9.6
1.3
33.9
17.9
1.5
9.5
1.2
30.1
(1) Includes 20% of gross capacity of Adani Green Energy Ltd
effective first quarter 2021. (2) End-of-period data.
In operation
In construction
In development
Gross renewables capacity covered by PPAat 06/30/2022 (GW)
Solar
Onshore Wind
Offshore Wind
Other
Total
Solar
Onshore Wind
Offshore Wind
Other
Total
Solar
Onshore Wind
Offshore Wind
Other
Total
Europe
0.9
1.6
-
X
2.6
X
X
0.8
X
1.2
3.4
0.2
-
X
3.6
Asia
6.0
0.2
X
X
6.4
0.9
0.3
0.6
-
1.8
4.3
X
-
X
4.5
North America
1.0
X
-
X
1.1
1.3
-
-
X
1.3
X
X
-
X
X
Rest of World
1.2
0.3
-
X
1.5
0.4
-
-
X
0.5
1.9
-
-
0.3
2.2
Total
9.2
2.1
X
X
11.5
2.8
0.5
1.4
X
4.8
9.7
0.3
-
0.5
10.5
X not specified, capacity < 0.2 GW.
In operation
In construction
In development
PPA average price at 06/30/2022($/MWh)
Solar
Onshore Wind
Offshore Wind
Other
Total
Solar
Onshore Wind
Offshore Wind
Other
Total
Solar
Onshore Wind
Offshore Wind
Other
Total
Europe
201
115
-
X
145
X
X
72
X
75
44
85
-
X
46
Asia
70
43
X
X
70
55
51
254
-
115
39
X
-
X
39
North America
121
X
-
X
125
28
-
-
X
28
X
X
-
X
X
Rest of World
90
54
-
X
82
18
-
-
X
18
76
-
-
-
76
Total
90
100
X
X
93
38
64
146
X
73
43
81
-
145
45
X not specified, PPA relating to a capacity < 0.2 GW.
11. Adjustment items to net income (TotalEnergies
share)
2Q22
1Q22
2Q21
In millions of dollars
1H22
1H21
(4,546)
(4,993)
(1,588)
Special items affecting net income (TotalEnergies share)
(9,539)
(1,930)
-
-
(1,379)
Gain (loss) on asset sales
-
(1,379)
(8)
(3)
(110)
Restructuring charges
(11)
(271)
(3,719)
(5,061)
(49)
Impairments
(8,780)
(193)
(819)
71
(50)
Other
(748)
(87)
993
1,040
375
After-tax inventory effect : FIFO vs. replacement cost
2,033
1,064
(551)
(80)
(44)
Effect of changes in fair value
(631)
(50)
(4,104)
(4,033)
(1,257)
Total adjustments affecting net income
(8,137)
(916)
12. Reconciliation of adjusted EBITDA with consolidated
financial statements
12.1 Reconciliation of net income (TotalEnergies share) to
adjusted EBITDA
2Q22
1Q22
2Q21
2Q22 vs 2Q21
In millions of dollars
1H22
1H21
1H22 vs 1H21
5,692
4,944
2,206
x2.6
Net income - TotalEnergies share
10,636
5,550
+92%
4,104
4,033
1,257
x3.3
Less: adjustment items to net income (TotalEnergies share)
8,137
916
x8.9
9,796
8,977
3,463
x2.8
Adjusted net income - TotalEnergies share
18,773
6,466
x2.9
Adjusted items
-
-
-
89
76
88
+1%
Add: non-controlling
interests
165
147
+12%
5,274
4,724
1,485
x3.6
Add: income taxes
9,998
2,931
x3.4
3,038
3,148
3,105
-2%
Add: depreciation, depletion
and impairment of tangible assets and mineral interests
6,186
6,285
-2%
98
96
94
+4%
Add: amortization and
impairment of intangible assets
194
197
-2%
572
462
501
+14%
Add: financial interest on
debt
1,034
967
+7%
(130)
(59)
(69)
ns
Less: financial income and
expense from cash & cash equivalents
(189)
(156)
ns
18,737
17,424
8,667
x2.2
Adjusted EBITDA
36,161
16,837
x2.1
12.2 Reconciliation of revenues from sales to adjusted EBITDA
and net income (TotalEnergies share)
2Q22
1Q22
2Q21
2Q22 vs 2Q21
In millions of dollars
1H22
1H21
1H22 vs 1H21
Adjusted items
70,460
63,938
41,642
+69%
Revenues from sales
134,398
80,310
+67%
(46,023)
(40,762)
(27,108)
ns
Purchases, net of inventory variation
(86,785)
(51,397)
ns
(7,620)
(7,409)
(6,708)
ns
Other operating expenses
(15,029)
(13,576)
ns
(117)
(136)
(123)
ns
Exploration costs
(253)
(290)
ns
429
121
138
x3.1
Other income
550
554
-1%
(431)
(173)
(48)
ns
Other expense, excluding amortization and impairment of
intangible assets
(604)
(137)
ns
231
119
265
-13%
Other financial income
350
374
-6%
(136)
(135)
(131)
ns
Other financial expense
(271)
(261)
ns
1,944
1,861
740
x2.6
Net income (loss) from equity affiliates
3,805
1,260
x3
18,737
17,424
8,667
x2.2
Adjusted EBITDA
36,161
16,837
x2.1
Adjusted items
(3,038)
(3,148)
(3,105)
ns
Less: depreciation, depletion
and impairment of tangible assets and mineral interests
(6,186)
(6,285)
ns
(98)
(96)
(94)
ns
Less: amortization of
intangible assets
(194)
(197)
ns
(572)
(462)
(501)
ns
Less: financial interest on
debt
(1,034)
(967)
ns
130
59
69
+88%
Add: financial income and
expense from cash & cash equivalents
189
156
+21%
(5,274)
(4,724)
(1,485)
ns
Less: income taxes
(9,998)
(2,931)
ns
(89)
(76)
(88)
ns
Less: non-controlling
interests
(165)
(147)
ns
(4,104)
(4,033)
(1,257)
ns
Add: adjustment - TotalEnergies share
(8,137)
(916)
ns
5,692
4,944
2,206
x2.6
Net income - TotalEnergies share
10,636
5,550
+92%
13. Investments - Divestments
2Q22
1Q22
2Q21
2Q22 vs 2Q21
In millions of dollars
1H22
1H21
1H22 vs 1H21
2,819
1,981
2,802
+1%
Organic investments ( a )
4,800
5,181
-7%
98
114
245
-60%
Capitalized exploration
212
488
-57%
277
234
380
-27%
Increase in non-current loans
511
672
-24%
(174)
(435)
(89)
ns
Repayment of non-current loans,excluding organic loan
repayment from equity affiliates
(609)
(185)
ns
(190)
-
(4)
-100%
Change in debt from renewable projects(TotalEnergies share)
(190)
(171)
ns
2,464
1,400
662
x3.7
Acquisitions ( b )
3,864
2,870
+35%
388
478
266
+46%
Asset sales ( c )
866
884
-2%
176
(2)
5
x35.2
Change in debt from renewable projects (partner
share)
174
105
+66%
2,076
922
396
x5.2
Net acquisitions
2,998
1,986
+51%
4,895
2,903
3,198
+53%
Net investments ( a + b - c )
7,798
7,167
+9%
-
-
-
ns
Other transactions with non-controlling interests ( d )
-
-
ns
(238)
(487)
(78)
ns
Organic loan repayment from equity affiliates ( e )
(725)
(108)
ns
366
(2)
9
x40.7
Change in debt from renewable projects financing * ( f )
364
276
+32%
37
36
25
+48%
Capex linked to capitalized leasing contracts ( g )
73
47
+55%
4
-
-
ns
Expenditures related to carbon credits ( h )
4
-
ns
4,982
2,378
3,104
+61%
Cash flow used in investing activities ( a + b - c + d +
e + f - g - h )
7,360
7,288
+1%
* Change in debt from renewable projects (TotalEnergies share
and partner share).
14. Cash flow
2Q22
1Q22
2Q21
2Q22 vs 2Q21
In millions of dollars
1H22
1H21
1H22 vs 1H21
13,631
11,995
6,761
x2
Operating cash flow before working capital changes w/o
financial charges (DACF)
25,626
12,511
x2
(399)
(369)
(409)
ns
Financial charges
(767)
(793)
ns
13,233
11,626
6,352
x2.1
Operating cash flow before working capital changes ( a )
*
24,859
11,718
x2.1
2,161
(4,775)
814
x2.7
(Increase) decrease in working
capital **
(2,614)
259
ns
1,151
1,255
463
x2.5
Inventory effect
2,406
1,346
+79%
(23)
(2)
(0)
ns
Capital gain from renewable
project sales
(25)
(66)
ns
(238)
(487)
(78)
ns
Organic loan repayments from
equity affiliates
(725)
(108)
ns
16,284
7,617
7,551
x2.2
Cash flow from operations
23,901
13,149
+82%
2,819
1,981
2,802
+1%
Organic investments ( b )
4,800
5,181
-7%
10,414
9,645
3,550
x2.9
Free cash flow after organic investments,w/o net asset
sales ( a - b )
20,059
6,537
x3.1
4,895
2,903
3,198
+53%
Net investments ( c )
7,798
7,167
+9%
8,338
8,723
3,154
x2.6
Net cash flow ( a - c )
17,061
4,551
x3.7
* Operating cash flow before working capital changes, is defined
as cash flow from operating activities before changes in working
capital at replacement cost, excluding the mark-to-market effect of
iGRP’s contracts and including capital gain from renewable projects
sale. Historical data have been restated to cancel the impact of
fair valuation of iGRP sector’s contracts. ** Changes in working
capital are presented excluding the mark-to-market effect of iGRP’s
contracts.
15. Gearing ratio
In millions of dollars
06/30/2022
03/31/2022
06/30/2021
Current borrowings (1)
14,589
16,759
15,795
Other current financial liabilities
401
502
322
Current financial assets (1),(2)
(7,697)
(7,231)
(4,326)
Net financial assets classified as held for sale
(14)
(38)
-
Non-current financial debt (1)
39,233
38,924
44,687
Non-current financial assets (1)
(692)
(587)
(2,726)
Cash and cash equivalents
(32,848)
(31,276)
(28,643)
Net debt (a)
12,972
17,053
25,109
Shareholders’ equity - TotalEnergies share
116,688
116,480
108,096
Non-controlling interests
3,309
3,375
2,480
Shareholders' equity (b)
119,997
119,855
110,576
Net-debt-to-capital ratio = a / (a+b)
9.8%
12.5%
18.5%
Leases (c)
7,963
8,028
7,702
Net-debt-to-capital ratio including leases (a+c) / (a+b+c)
14.9%
17.3%
22.9%
(1) Excludes leases receivables and leases debts. (2) Including
initial margins held as part of the Company's activities on
organized markets.
16. Return on average capital employed
Twelve months ended June 30, 2022
In millions of dollars
Integrated Gas, Renewables
& Power
Exploration &
Production
Refining &
Chemicals
Marketing &
Services
Company
Adjusted net operating income
9,973
15,985
5,035
1,655
32,177
Capital employed at 06/30/2021*
49,831
76,013
9,285
8,439
141,720
Capital employed at 06/30/2022*
54,174
70,248
7,958
7,475
137,035
ROACE
19.2%
21.9%
58.4%
20.8%
23.1%
Twelve months ended March 31, 2022
In millions of dollars
Integrated Gas, Renewables
& Power
Exploration &
Production
Refining &
Chemicals
Marketing &
Services
Company
Adjusted net operating income
8,309
13,479
2,786
1,606
25,803
Capital employed at 03/31/2021*
48,423
78,170
10,403
8,198
145,180
Capital employed at 03/31/2022*
54,740
71,518
8,847
7,751
141,853
ROACE
16.1%
18.0%
28.9%
20.1%
18.0%
Twelve months ended June 30, 2021
In millions of dollars
Integrated Gas, Renewables
& Power
Exploration &
Production
Refining &
Chemicals
Marketing &
Services
Company
Adjusted net operating income
2,415
6,057
836
1,494
10,252
Capital employed at 06/30/2020*
43,527
79,096
12,843
8,366
142,625
Capital employed at 06/30/2021*
49,831
76,013
9,285
8,439
141,720
ROACE
5.2%
7.8%
7.6%
17.8%
7.2%
* At replacement cost (excluding after-tax inventory
effect).
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 document does not constitute the half-year financial
report, which will be separately published in accordance with
article L. 451-1-2-III of the French Code monétaire et financier
and applicable UK law, and available on the website
totalenergies.com. This press release presents the results for the
second quarter of 2022 and half-year 2022 from the consolidated
financial statements of TotalEnergies SE as of June 30, 2022. 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 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 qualified 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
asset disposals, which are not considered to be representative of
the normal course of business, may be qualified as special items
although they may have occurred within prior years or are likely to
occur again within the coming years.
(ii) Inventory valuation effect
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 TotalEnergies’ principal
competitors.
In the replacement cost method, which approximates the LIFO
(Last-In, First-Out) 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 price
differentials 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 according to
the FIFO (First-In, First-Out) and the replacement cost.
(iii) Effect of changes in fair value
The effect of changes in fair value presented as an adjustment
item reflects, for some transactions, differences between internal
measures of performance used by TotalEnergies’ management 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) Definition on page 3. (2) Excluding leases. (3) Cash flow
less net investments, less dividends paid and share buybacks. (4)
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. (5)
Adjusted results are defined as income using replacement cost,
adjusted for special items, excluding the impact of changes for
fair value; adjustment items are on page 16. (6) Adjusted EBITDA
(Earnings Before Interest, Tax, Depreciation and Amortization)
corresponds 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. (7) 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). (8) 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 bond (9) Organic investments = net
investments excluding acquisitions, asset sales and other
operations with non-controlling interests. (10) Net acquisitions =
acquisitions – assets sales – other transactions with
non-controlling interests (see page 18). (11) Net investments =
organic investments + net acquisitions (see page 18). (12)
Operating cash flow before working capital changes, is defined as
cash flow from operating activities before changes in working
capital at replacement cost, excluding the mark-to-market effect of
iGRP’s contracts and including capital gain from renewable projects
sale. The inventory valuation effect is explained on page 20. The
reconciliation table for different cash flow figures is on page 18.
(13) DACF = debt adjusted cash flow, is defined as operating cash
flow before working capital changes and financial charges (14) 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. (15) 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
2021 Universal Registration Document) and indirect emissions
attributable to brought-in energy (electricity, heat, steam),
excluding purchased industrial gases (H2). (16) 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 and gas value chain,
i.e., the higher of the two production volumes or sales to end
customers. For TotalEnergies, in 2021 and 2022, the calculation of
Scope 3 GHG emissions for the oil value chain considers oil
products and biofuels sales (higher than production) and for the
gas value chain, gas sales either as LNG or as part of direct sales
to B2B/B2C customers (higher than or equivalent to marketable gas
production). (17) Scope 3 GHG emissions, category 11, which
correspond to indirect GHG emissions related to the sale of
petroleum products (including biofuels). (18) Scope 1+2+3 GHG
emissions in Europe are defined as the sum of Scope 1+2 GHG
emissions of facilities operated by the Company and indirect GHG
emissions related to the use by customers of energy products (Scope
3) in the EU, Norway, United Kingdom and Switzerland. (19) These
adjustment elements are explained page 20. (20) Total adjustment
items in net income are detailed page 16 as well as in the annexes
to the accounts (21) Net cash fow = cash flow – net investments
(including other transactions with non-controlling interest).
TotalEnergies financial statements
______________________ Second quarter and first half 2022
consolidated accounts, IFRS
CONSOLIDATED STATEMENT OF
INCOME
TotalEnergies
(unaudited)
2nd quarter
1st quarter
2nd quarter
(M$)(a)
2022
2022
2021
Sales
74,774
68,606
47,049
Excise taxes
(4,329)
(4,656)
(5,416)
Revenues from sales
70,445
63,950
41,633
Purchases, net of inventory variation
(45,443)
(39,648)
(26,719)
Other operating expenses
(8,041)
(7,623)
(6,717)
Exploration costs
(117)
(861)
(123)
Depreciation, depletion and impairment of
tangible assets and mineral interests
(3,102)
(3,679)
(3,121)
Other income
429
143
223
Other expense
(1,305)
(2,290)
(298)
Financial interest on debt
(572)
(462)
(501)
Financial income and expense from cash
& cash equivalents
245
214
77
Cost of net debt
(327)
(248)
(424)
Other financial income
231
203
265
Other financial expense
(136)
(135)
(131)
Net income (loss) from equity
affiliates
(1,546)
43
(680)
Income taxes
(5,284)
(4,804)
(1,609)
Consolidated net income
5,804
5,051
2,299
TotalEnergies share
5,692
4,944
2,206
Non-controlling interests
112
107
93
Earnings per share ($)
2.18
1.87
0.80
Fully-diluted earnings per share ($)
2.16
1.85
0.80
(a) Except for per share amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
TotalEnergies
(unaudited)
2nd quarter
1st quarter
2nd quarter
(M$)
2022
2022
2021
Consolidated net income
5,804
5,051
2,299
Other comprehensive income
Actuarial gains and losses
204
-
449
Change in fair value of investments in
equity instruments
(20)
3
56
Tax effect
(53)
11
(142)
Currency translation adjustment generated
by the parent company
(5,387)
(1,750)
1,239
Items not potentially reclassifiable to
profit and loss
(5,256)
(1,736)
1,602
Currency translation adjustment
2,523
1,012
(746)
Cash flow hedge
3,222
(263)
(424)
Variation of foreign currency basis
spread
21
49
(4)
share of other comprehensive income of
equity affiliates, net amount
2,548
(84)
(18)
Other
(1)
-
(1)
Tax effect
(1,112)
53
100
Items potentially reclassifiable to
profit and loss
7,201
767
(1,093)
Total other comprehensive income (net
amount)
1,945
(969)
509
Comprehensive income
7,749
4,082
2,808
TotalEnergies share
7,705
3,953
2,670
Non-controlling interests
44
129
138
CONSOLIDATED STATEMENT OF
INCOME
TotalEnergies
(unaudited)
1st half
1st half
(M$)(a)
2022
2021
Sales
143,380
90,786
Excise taxes
(8,985)
(10,520)
Revenues from sales
134,395
80,266
Purchases, net of inventory variation
(85,091)
(50,117)
Other operating expenses
(15,664)
(13,597)
Exploration costs
(978)
(290)
Depreciation, depletion and impairment of
tangible assets and mineral interests
(6,781)
(6,446)
Other income
572
581
Other expense
(3,595)
(957)
Financial interest on debt
(1,034)
(967)
Financial income and expense from cash
& cash equivalents
459
172
Cost of net debt
(575)
(795)
Other financial income
434
374
Other financial expense
(271)
(261)
Net income (loss) from equity
affiliates
(1,503)
201
Income taxes
(10,088)
(3,248)
Consolidated net income
10,855
5,711
TotalEnergies share
10,636
5,550
Non-controlling interests
219
161
Earnings per share ($)
4.04
2.04
Fully-diluted earnings per share ($)
4.02
2.03
(a) Except for per share amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
TotalEnergies
(unaudited)
1st half
1st half
(M$)
2022
2021
Consolidated net income
10,855
5,711
Other comprehensive income
Actuarial gains and losses
204
449
Change in fair value of investments in
equity instruments
(17)
68
Tax effect
(42)
(154)
Currency translation adjustment generated
by the parent company
(7,137)
(2,934)
Items not potentially reclassifiable to
profit and loss
(6,992)
(2,571)
Currency translation adjustment
3,535
1,777
Cash flow hedge
2,959
80
Variation of foreign currency basis
spread
70
(4)
share of other comprehensive income of
equity affiliates, net amount
2,464
451
Other
(1)
-
Tax effect
(1,059)
(57)
Items potentially reclassifiable to
profit and loss
7,968
2,247
Total other comprehensive income (net
amount)
976
(324)
Comprehensive income
11,831
5,387
TotalEnergies share
11,658
5,212
Non-controlling interests
173
175
CONSOLIDATED BALANCE SHEET
TotalEnergies
June 30, 2022
March 31, 2022
December 31, 2021
June 30, 2021
(M$)
(unaudited)
(unaudited)
(unaudited)
ASSETS
Non-current assets
Intangible assets, net
37,020
32,504
32,484
33,359
Property, plant and equipment, net
101,454
104,450
106,559
106,791
Equity affiliates : investments and
loans
28,210
29,334
31,053
29,712
Other investments
1,383
1,490
1,625
2,247
Non-current financial assets
1,612
1,490
2,404
3,778
Deferred income taxes
4,737
5,299
5,400
6,578
Other non-current assets
3,075
3,033
2,797
2,800
Total non-current assets
177,491
177,600
182,322
185,265
Current assets
Inventories, net
28,542
24,456
19,952
19,162
Accounts receivable, net
30,796
32,000
21,983
17,192
Other current assets
55,553
50,976
35,144
17,585
Current financial assets
7,863
7,415
12,315
4,404
Cash and cash equivalents
32,848
31,276
21,342
28,643
Assets classified as held for sale
313
856
400
456
Total current assets
155,915
146,979
111,136
87,442
Total assets
333,406
324,579
293,458
272,707
LIABILITIES & SHAREHOLDERS'
EQUITY
Shareholders' equity
Common shares
8,163
8,137
8,224
8,224
Paid-in surplus and retained earnings
125,554
123,008
117,849
110,967
Currency translation adjustment
(14,019)
(13,643)
(12,671)
(11,087)
Treasury shares
(3,010)
(1,022)
(1,666)
(8)
Total shareholders' equity -
TotalEnergies share
116,688
116,480
111,736
108,096
Non-controlling interests
3,309
3,375
3,263
2,480
Total shareholders' equity
119,997
119,855
114,999
110,576
Non-current liabilities
Deferred income taxes
12,169
11,281
10,904
10,596
Employee benefits
2,341
2,610
2,672
3,305
Provisions and other non-current
liabilities
23,373
21,649
20,269
20,716
Non-current financial debt
46,868
46,546
49,512
52,331
Total non-current liabilities
84,751
82,086
83,357
86,948
Current liabilities
Accounts payable
49,700
46,869
36,837
29,752
Other creditors and accrued
liabilities
62,498
56,972
42,800
27,836
Current borrowings
16,003
18,252
15,035
16,983
Other current financial liabilities
401
502
372
322
Liabilities directly associated with the
assets classified as held for sale
56
43
58
290
Total current liabilities
128,658
122,638
95,102
75,183
Total liabilities & shareholders'
equity
333,406
324,579
293,458
272,707
CONSOLIDATED STATEMENT OF CASH
FLOW
TotalEnergies
(unaudited)
2nd quarter
1st quarter
2nd quarter
(M$)
2022
2022
2021
CASH FLOW FROM OPERATING
ACTIVITIES
Consolidated net income
5,804
5,051
2,299
Depreciation, depletion, amortization and
impairment
3,321
4,578
3,287
Non-current liabilities, valuation
allowances and deferred taxes
1,427
2,538
210
(Gains) losses on disposals of assets
(165)
(13)
(85)
Undistributed affiliates' equity
earnings
2,999
262
1,255
(Increase) decrease in working capital
2,498
(4,923)
669
Other changes, net
400
124
(84)
Cash flow from operating
activities
16,284
7,617
7,551
CASH FLOW USED IN INVESTING
ACTIVITIES
Intangible assets and property, plant and
equipment additions
(5,150)
(3,457)
(2,675)
Acquisitions of subsidiaries, net of cash
acquired
(82)
-
(170)
Investments in equity affiliates and other
securities
(136)
(89)
(307)
Increase in non-current loans
(278)
(241)
(380)
Total expenditures
(5,646)
(3,787)
(3,532)
Proceeds from disposals of intangible
assets and property, plant and equipment
153
177
45
Proceeds from disposals of subsidiaries,
net of cash sold
63
88
-
Proceeds from disposals of non-current
investments
35
215
216
Repayment of non-current loans
413
929
167
Total divestments
664
1,409
428
Cash flow used in investing
activities
(4,982)
(2,378)
(3,104)
CASH FLOW USED IN FINANCING
ACTIVITIES
Issuance (repayment) of shares:
- Parent company
shareholders
371
-
381
- Treasury shares
(1,988)
(1,176)
-
Dividends paid:
- Parent company
shareholders
(1,825)
(1,928)
(2,094)
- Non-controlling
interests
(97)
(22)
(53)
Net issuance (repayment) of perpetual
subordinated notes
(1,958)
1,958
-
Payments on perpetual subordinated
notes
(138)
(136)
(147)
Other transactions with non-controlling
interests
(10)
5
-
Net issuance (repayment) of non-current
debt
508
34
51
Increase (decrease) in current
borrowings
(2,703)
657
(4,369)
Increase (decrease) in current financial
assets and liabilities
(731)
5,594
(67)
Cash flow from (used in) financing
activities
(8,571)
4,986
(6,298)
Net increase (decrease) in cash and
cash equivalents
2,731
10,225
(1,851)
Effect of exchange rates
(1,159)
(291)
209
Cash and cash equivalents at the beginning
of the period
31,276
21,342
30,285
Cash and cash equivalents at the end of
the period
32,848
31,276
28,643
CONSOLIDATED STATEMENT OF CASH
FLOW
TotalEnergies
(unaudited)
1st half
1st half
(M$)
2022
2021
CASH FLOW FROM OPERATING
ACTIVITIES
Consolidated net income
10,855
5,711
Depreciation, depletion, amortization and
impairment
7,899
6,760
Non-current liabilities, valuation
allowances and deferred taxes
3,965
331
(Gains) losses on disposals of assets
(178)
(370)
Undistributed affiliates' equity
earnings
3,261
682
(Increase) decrease in working capital
(2,425)
(150)
Other changes, net
524
185
Cash flow from operating
activities
23,901
13,149
CASH FLOW USED IN INVESTING
ACTIVITIES
Intangible assets and property, plant and
equipment additions
(8,607)
(5,085)
Acquisitions of subsidiaries, net of cash
acquired
(82)
(170)
Investments in equity affiliates and other
securities
(225)
(2,433)
Increase in non-current loans
(519)
(680)
Total expenditures
(9,433)
(8,368)
Proceeds from disposals of intangible
assets and property, plant and equipment
330
271
Proceeds from disposals of subsidiaries,
net of cash sold
151
229
Proceeds from disposals of non-current
investments
250
279
Repayment of non-current loans
1,342
301
Total divestments
2,073
1,080
Cash flow used in investing
activities
(7,360)
(7,288)
CASH FLOW USED IN FINANCING
ACTIVITIES
Issuance (repayment) of shares:
- Parent company
shareholders
371
381
- Treasury shares
(3,164)
(165)
Dividends paid:
- Parent company
shareholders
(3,753)
(4,184)
- Non-controlling
interests
(119)
(63)
Net issuance (repayment) of perpetual
subordinated notes
-
3,248
Payments on perpetual subordinated
notes
(274)
(234)
Other transactions with non-controlling
interests
(5)
(55)
Net issuance (repayment) of non-current
debt
542
(839)
Increase (decrease) in current
borrowings
(2,046)
(6,031)
Increase (decrease) in current financial
assets and liabilities
4,863
(215)
Cash flow from (used in) financing
activities
(3,585)
(8,157)
Net increase (decrease) in cash and
cash equivalents
12,956
(2,296)
Effect of exchange rates
(1,450)
(329)
Cash and cash equivalents at the beginning
of the period
21,342
31,268
Cash and cash equivalents at the end of
the period
32,848
28,643
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, 2021
2,653,124,025
8,267
107,078
(10,256)
(24,392,703)
(1,387)
103,702
2,383
106,085
Net income of the first half
2021
-
-
5,550
-
-
-
5,550
161
5,711
Other comprehensive income
-
-
485
(823)
-
-
(338)
14
(324)
Comprehensive Income
-
-
6,035
(823)
-
-
5,212
175
5,387
Dividend
-
-
(4,189)
-
-
-
(4,189)
(63)
(4,252)
Issuance of common shares
10,589,713
31
350
-
-
-
381
-
381
Purchase of treasury shares
-
-
-
-
(3,636,351)
(165)
(165)
-
(165)
Sale of treasury shares(a)
-
-
(216)
-
4,570,220
216
-
-
-
Share-based payments
-
-
61
-
-
-
61
-
61
Share cancellation
(23,284,409)
(74)
(1,254)
-
23,284,409
1,328
-
-
-
Net issuance (repayment) of
perpetual subordinated notes
-
-
3,254
-
-
-
3,254
-
3,254
Payments on perpetual subordinated
notes
-
-
(184)
-
-
-
(184)
-
(184)
Other operations with
non-controlling interests
-
-
26
(6)
-
-
20
(20)
-
Other items
-
-
6
(2)
-
-
4
5
9
As of June 30, 2021
2,640,429,329
8,224
110,967
(11,087)
(174,425)
(8)
108,096
2,480
110,576
Net income of the second half
2021
-
-
10,482
-
-
-
10,482
173
10,655
Other comprehensive income
-
-
506
(1,584)
-
-
(1,078)
(44)
(1,122)
Comprehensive Income
-
-
10,988
(1,584)
-
-
9,404
129
9,533
Dividend
-
-
(4,011)
-
-
-
(4,011)
(61)
(4,072)
Issuance of common shares
-
-
-
-
-
-
-
-
-
Purchase of treasury shares
-
-
-
-
(33,669,654)
(1,658)
(1,658)
-
(1,658)
Sale of treasury shares(a)
-
-
-
-
2,975
-
-
-
-
Share-based payments
-
-
82
-
-
-
82
-
82
Share cancellation
-
-
-
-
-
-
-
-
-
Net issuance (repayment) of
perpetual subordinated notes
-
-
-
-
-
-
-
-
-
Payments on perpetual subordinated
notes
-
-
(184)
-
-
-
(184)
-
(184)
Other operations with
non-controlling interests
-
-
4
-
-
-
4
709
713
Other items
-
-
3
-
-
-
3
6
9
As of December 31, 2021
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 half
2022
-
-
10,636
-
-
-
10,636
219
10,855
Other comprehensive income
-
-
2,370
(1,348)
-
-
1,022
(46)
976
Comprehensive Income
-
-
13,006
(1,348)
-
-
11,658
173
11,831
Dividend
-
-
(3,803)
-
-
-
(3,803)
(119)
(3,922)
Issuance of common shares
9,367,482
26
345
-
-
-
371
-
371
Purchase of treasury shares
-
-
-
-
(58,458,536)
(3,164)
(3,164)
-
(3,164)
Sale of treasury shares(a)
-
-
(315)
-
6,168,197
315
-
-
-
Share-based payments
-
-
157
-
-
-
157
-
157
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
-
-
(183)
-
-
-
(183)
-
(183)
Other operations with
non-controlling interests
-
-
4
-
-
-
4
(9)
(5)
Other items
-
-
(44)
-
-
-
(44)
1
(43)
As of June 30, 2022
2,619,131,285
8,163
125,554
(14,019)
(55,465,917)
(3,010)
116,688
3,309
119,997
(a)Treasury shares related to the
performance share grants.
INFORMATION BY BUSINESS SEGMENT TotalEnergies
(unaudited)
2nd quarter 2022
Integrated Gas,
Renewables
& Power
Exploration
&
Production
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
External sales
10,281
2,521
35,061
26,907
4
-
74,774
Intersegment sales
1,889
13,805
12,785
716
70
(29,265)
-
Excise taxes
-
-
(186)
(4,143)
-
-
(4,329)
Revenues from sales
12,170
16,326
47,660
23,480
74
(29,265)
70,445
Operating expenses
(10,997)
(5,760)
(43,242)
(22,310)
(557)
29,265
(53,601)
Depreciation, depletion and impairment of
tangible assets and mineral interests
(327)
(2,112)
(389)
(241)
(33)
-
(3,102)
Operating income
846
8,454
4,029
929
(516)
-
13,742
Net income (loss) from equity affiliates
and other items
823
(3,668)
349
98
71
-
(2,327)
Tax on net operating income
(260)
(3,876)
(866)
(296)
(8)
-
(5,306)
Net operating income
1,409
910
3,512
731
(453)
-
6,109
Net cost of net debt
(305)
Non-controlling interests
(112)
Net income - TotalEnergies
share
5,692
2nd quarter 2022
(adjustments)(a)
Integrated Gas,
Renewables
& Power
Exploration
&
Production
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
External sales
(15)
-
-
-
-
-
(15)
Intersegment sales
-
-
-
-
-
-
-
Excise taxes
-
-
-
-
-
-
-
Revenues from sales
(15)
-
-
-
-
-
(15)
Operating expenses
(606)
(82)
775
373
(301)
-
159
Depreciation, depletion and impairment of
tangible assets and mineral interests
(14)
(46)
-
(4)
-
-
(64)
Operating income
(b)
(635)
(128)
775
369
(301)
-
80
Net income (loss) from equity affiliates
and other items
(558)
(3,756)
52
(4)
-
-
(4,266)
Tax on net operating income
47
75
(75)
(100)
78
-
25
Net operating income
(b)
(1,146)
(3,809)
752
265
(223)
-
(4,161)
Net cost of net debt
80
Non-controlling interests
(23)
Net income - TotalEnergies
share
(4,104)
(a) Adjustments include special items,
inventory valuation effect and the effect of changes in fair
value.
(b) Of which inventory valuation
effect
- On operating income
-
-
775
376
-
- On net operating income
-
-
752
275
-
2nd quarter 2022
(adjusted)
Integrated Gas,
Renewables
& Power
Exploration
&
Production
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
External sales
10,296
2,521
35,061
26,907
4
-
74,789
Intersegment sales
1,889
13,805
12,785
716
70
(29,265)
-
Excise taxes
-
-
(186)
(4,143)
-
-
(4,329)
Revenues from sales
12,185
16,326
47,660
23,480
74
(29,265)
70,460
Operating expenses
(10,391)
(5,678)
(44,017)
(22,683)
(256)
29,265
(53,760)
Depreciation, depletion and impairment of
tangible assets and mineral interests
(313)
(2,066)
(389)
(237)
(33)
-
(3,038)
Adjusted operating income
1,481
8,582
3,254
560
(215)
-
13,662
Net income (loss) from equity affiliates
and other items
1,381
88
297
102
71
-
1,939
Tax on net operating income
(307)
(3,951)
(791)
(196)
(86)
-
(5,331)
Adjusted net operating
income
2,555
4,719
2,760
466
(230)
-
10,270
Net cost of net debt
(385)
Non-controlling interests
(89)
Adjusted net income -
TotalEnergies share
9,796
2nd quarter 2022
Integrated Gas,
Renewables
& Power
Exploration
&
Production
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
Total expenditures
872
4,128
333
288
25
5,646
Total divestments
466
63
56
72
7
664
Cash flow from operating
activities
3,970
8,768
3,526
580
(560)
16,284
INFORMATION BY BUSINESS SEGMENT TotalEnergies
(unaudited)
1st quarter 2022
Integrated Gas,
Renewables
& Power
Exploration
&
Production
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
External sales
12,294
2,151
31,008
23,149
4
-
68,606
Intersegment sales
1,471
13,818
9,277
267
63
(24,896)
-
Excise taxes
-
-
(192)
(4,464)
-
-
(4,656)
Revenues from sales
13,765
15,969
40,093
18,952
67
(24,896)
63,950
Operating expenses
(11,632)
(5,708)
(37,411)
(17,984)
(293)
24,896
(48,132)
Depreciation, depletion and impairment of
tangible assets and mineral interests
(321)
(2,661)
(380)
(273)
(44)
-
(3,679)
Operating income
1,812
7,600
2,302
695
(270)
-
12,139
Net income (loss) from equity affiliates
and other items
(2,500)
242
156
(42)
108
-
(2,036)
Tax on net operating income
(294)
(3,863)
(525)
(225)
105
-
(4,802)
Net operating income
(982)
3,979
1,933
428
(57)
-
5,301
Net cost of net debt
(250)
Non-controlling interests
(107)
Net income - TotalEnergies
share
4,944
1st quarter 2022
(adjustments)(a)
Integrated Gas,
Renewables
& Power
Exploration
&
Production
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
External sales
12
-
-
-
-
-
12
Intersegment sales
-
-
-
-
-
-
-
Excise taxes
-
-
-
-
-
-
-
Revenues from sales
12
-
-
-
-
-
12
Operating expenses
(117)
(791)
947
268
(132)
-
175
Depreciation, depletion and impairment of
tangible assets and mineral interests
-
(493)
-
(29)
(9)
-
(531)
Operating income
(b)
(105)
(1,284)
947
239
(141)
-
(344)
Net income (loss) from equity affiliates
and other items
(3,939)
(14)
117
(3)
106
-
(3,733)
Tax on net operating income
11
262
(251)
(80)
20
-
(38)
Net operating income
(b)
(4,033)
(1,036)
813
156
(15)
-
(4,115)
Net cost of net debt
113
Non-controlling interests
(31)
Net income - TotalEnergies
share
(4,033)
(a) Adjustments include special items,
inventory valuation effect and the effect of changes in fair
value.
(b) Of which inventory valuation
effect
- On operating income
-
-
947
308
-
- On net operating income
-
-
845
228
-
1st quarter 2022
(adjusted)
Integrated Gas,
Renewables
& Power
Exploration
&
Production
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
External sales
12,282
2,151
31,008
23,149
4
-
68,594
Intersegment sales
1,471
13,818
9,277
267
63
(24,896)
-
Excise taxes
-
-
(192)
(4,464)
-
-
(4,656)
Revenues from sales
13,753
15,969
40,093
18,952
67
(24,896)
63,938
Operating expenses
(11,515)
(4,917)
(38,358)
(18,252)
(161)
24,896
(48,307)
Depreciation, depletion and impairment of
tangible assets and mineral interests
(321)
(2,168)
(380)
(244)
(35)
-
(3,148)
Adjusted operating income
1,917
8,884
1,355
456
(129)
-
12,483
Net income (loss) from equity affiliates
and other items
1,439
256
39
(39)
2
-
1,697
Tax on net operating income
(305)
(4,125)
(274)
(145)
85
-
(4,764)
Adjusted net operating
income
3,051
5,015
1,120
272
(42)
-
9,416
Net cost of net debt
(363)
Non-controlling interests
(76)
Adjusted net income - TotalEnergies
share
8,977
1st quarter 2022
Integrated Gas,
Renewables
& Power
Exploration
&
Production
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
Total expenditures
1,439
1,971
228
140
9
3,787
Total divestments
1,015
283
27
79
5
1,409
Cash flow from operating
activities
315
5,768
1,107
898
(471)
7,617
INFORMATION BY BUSINESS SEGMENT TotalEnergies
(unaudited)
2nd quarter 2021
Integrated Gas,
Renewables
& Power
Exploration
&
Production
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
External sales
5,086
1,743
20,853
19,367
-
-
47,049
Intersegment sales
744
7,855
6,369
108
39
(15,115)
-
Excise taxes
-
-
(225)
(5,191)
-
-
(5,416)
Revenues from sales
5,830
9,598
26,997
14,284
39
(15,115)
41,633
Operating expenses
(5,103)
(4,284)
(25,646)
(13,434)
(207)
15,115
(33,559)
Depreciation, depletion and impairment of
tangible assets and mineral interests
(291)
(2,134)
(396)
(271)
(29)
-
(3,121)
Operating income
436
3,180
955
579
(197)
-
4,953
Net income (loss) from equity affiliates
and other items
419
(1,243)
123
57
23
-
(621)
Tax on net operating income
(56)
(1,195)
(281)
(176)
16
-
(1,692)
Net operating income
799
742
797
460
(158)
-
2,640
Net cost of net debt
(341)
Non-controlling interests
(93)
Net income - TotalEnergies
share
2,206
2nd quarter 2021
(adjustments)(a)
Integrated Gas,
Renewables
& Power
Exploration
&
Production
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
External sales
(9)
-
-
-
-
-
(9)
Intersegment sales
-
-
-
-
-
-
-
Excise taxes
-
-
-
-
-
-
-
Revenues from sales
(9)
-
-
-
-
-
(9)
Operating expenses
(54)
(23)
386
71
-
-
380
Depreciation, depletion and impairment of
tangible assets and mineral interests
(3)
-
(13)
-
-
-
(16)
Operating income
(b)
(66)
(23)
373
71
-
-
355
Net income (loss) from equity affiliates
and other items
(47)
(1,436)
22
(8)
(22)
-
(1,491)
Tax on net operating income
21
(12)
(109)
(20)
-
-
(120)
Net operating income
(b)
(92)
(1,471)
286
43
(22)
-
(1,256)
Net cost of net debt
4
Non-controlling interests
(5)
Net income - TotalEnergies
share
(1,257)
(a) Adjustments include special items,
inventory valuation effect and the effect of changes in fair
value.
(b) Of which inventory valuation
effect
- On operating income
-
-
394
69
-
- On net operating income
-
-
331
50
-
2nd quarter 2021
(adjusted)
Integrated Gas,
Renewables
& Power
Exploration
&
Production
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
External sales
5,095
1,743
20,853
19,367
-
-
47,058
Intersegment sales
744
7,855
6,369
108
39
(15,115)
-
Excise taxes
-
-
(225)
(5,191)
-
-
(5,416)
Revenues from sales
5,839
9,598
26,997
14,284
39
(15,115)
41,642
Operating expenses
(5,049)
(4,261)
(26,032)
(13,505)
(207)
15,115
(33,939)
Depreciation, depletion and impairment of
tangible assets and mineral interests
(288)
(2,134)
(383)
(271)
(29)
-
(3,105)
Adjusted operating income
502
3,203
582
508
(197)
-
4,598
Net income (loss) from equity affiliates
and other items
466
193
101
65
45
-
870
Tax on net operating income
(77)
(1,183)
(172)
(156)
16
-
(1,572)
Adjusted net operating
income
891
2,213
511
417
(136)
-
3,896
Net cost of net debt
(345)
Non-controlling interests
(88)
Adjusted net income - TotalEnergies
share
3,463
2nd quarter 2021
Integrated Gas,
Renewables
& Power
Exploration
&
Production
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
Total expenditures
1,167
1,830
291
222
22
3,532
Total divestments
310
63
13
36
6
428
Cash flow from operating
activities
567
4,835
2,232
437
(520)
7,551
INFORMATION BY BUSINESS SEGMENT TotalEnergies
(unaudited)
1sthalf 2022
Integrated Gas,
Renewables
& Power
Exploration
&
Production
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
External sales
22,575
4,672
66,069
50,056
8
-
143,380
Intersegment sales
3,360
27,623
22,062
983
133
(54,161)
-
Excise taxes
-
-
(378)
(8,607)
-
-
(8,985)
Revenues from sales
25,935
32,295
87,753
42,432
141
(54,161)
134,395
Operating expenses
(22,629)
(11,468)
(80,653)
(40,294)
(850)
54,161
(101,733)
Depreciation, depletion and impairment of
tangible assets and mineral interests
(648)
(4,773)
(769)
(514)
(77)
-
(6,781)
Operating income
2,658
16,054
6,331
1,624
(786)
-
25,881
Net income (loss) from equity affiliates
and other items
(1,677)
(3,426)
505
56
179
-
(4,363)
Tax on net operating income
(554)
(7,739)
(1,391)
(521)
97
-
(10,108)
Net operating income
427
4,889
5,445
1,159
(510)
-
11,410
Net cost of net debt
(555)
Non-controlling interests
(219)
Net income - TotalEnergies
share
10,636
1sthalf 2022
(adjustments)(a)
Integrated Gas,
Renewables
& Power
Exploration
&
Production
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
External sales
(3)
-
-
-
-
-
(3)
Intersegment sales
-
-
-
-
-
-
-
Excise taxes
-
-
-
-
-
-
-
Revenues from sales
(3)
-
-
-
-
-
(3)
Operating expenses
(723)
(873)
1,722
641
(433)
-
334
Depreciation, depletion and impairment of
tangible assets and mineral interests
(14)
(539)
-
(33)
(9)
-
(595)
Operating income
(b)
(740)
(1,412)
1,722
608
(442)
-
(264)
Net income (loss) from equity affiliates
and other items
(4,497)
(3,770)
169
(7)
106
-
(7,999)
Tax on net operating income
58
337
(326)
(180)
98
-
(13)
Net operating income
(b)
(5,179)
(4,845)
1,565
421
(238)
-
(8,276)
Net cost of net debt
193
Non-controlling interests
(54)
Net income - TotalEnergies
share
(8,137)
(a) Adjustments include special items,
inventory valuation effect and the effect of changes in fair
value.
(b) Of which inventory valuation
effect
- On operating income
-
-
1,722
684
-
- On net operating income
-
-
1,597
503
-
1sthalf 2022 (adjusted)
Integrated Gas,
Renewables
& Power
Exploration
&
Production
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
External sales
22,578
4,672
66,069
50,056
8
-
143,383
Intersegment sales
3,360
27,623
22,062
983
133
(54,161)
-
Excise taxes
-
-
(378)
(8,607)
-
-
(8,985)
Revenues from sales
25,938
32,295
87,753
42,432
141
(54,161)
134,398
Operating expenses
(21,906)
(10,595)
(82,375)
(40,935)
(417)
54,161
(102,067)
Depreciation, depletion and impairment of
tangible assets and mineral interests
(634)
(4,234)
(769)
(481)
(68)
-
(6,186)
Adjusted operating income
3,398
17,466
4,609
1,016
(344)
-
26,145
Net income (loss) from equity affiliates
and other items
2,820
344
336
63
73
-
3,636
Tax on net operating income
(612)
(8,076)
(1,065)
(341)
(1)
-
(10,095)
Adjusted net operating
income
5,606
9,734
3,880
738
(272)
-
19,686
Net cost of net debt
(748)
Non-controlling interests
(165)
Adjusted net income - TotalEnergies
share
18,773
1sthalf 2022
Integrated Gas,
Renewables
& Power
Exploration
&
Production
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
Total expenditures
2,311
6,099
561
428
34
9,433
Total divestments
1,481
346
83
151
12
2,073
Cash flow from operating
activities
4,285
14,536
4,633
1,478
(1,031)
23,901
INFORMATION BY BUSINESS SEGMENT TotalEnergies
(unaudited)
1sthalf 2021
Integrated Gas,
Renewables
& Power
Exploration
&
Production
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
External sales
10,588
3,257
40,054
36,880
7
-
90,786
Intersegment sales
1,555
14,433
11,890
186
68
(28,132)
-
Excise taxes
-
-
(630)
(9,890)
-
-
(10,520)
Revenues from sales
12,143
17,690
51,314
27,176
75
(28,132)
80,266
Operating expenses
(10,321)
(7,352)
(48,579)
(25,510)
(374)
28,132
(64,004)
Depreciation, depletion and impairment of
tangible assets and mineral interests
(762)
(4,317)
(787)
(526)
(54)
-
(6,446)
Operating income
1,060
6,021
1,948
1,140
(353)
-
9,816
Net income (loss) from equity affiliates
and other items
682
(973)
211
23
(5)
-
(62)
Tax on net operating income
(157)
(2,375)
(561)
(352)
54
-
(3,391)
Net operating income
1,585
2,673
1,598
811
(304)
-
6,363
Net cost of net debt
(652)
Non-controlling interests
(161)
Net income - TotalEnergies
share
5,550
1sthalf 2021
(adjustments)(a)
Integrated Gas,
Renewables
& Power
Exploration
&
Production
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
External sales
(44)
-
-
-
-
-
(44)
Intersegment sales
-
-
-
-
-
-
-
Excise taxes
-
-
-
-
-
-
-
Revenues from sales
(44)
-
-
-
-
-
(44)
Operating expenses
(62)
(23)
1,131
213
-
-
1,259
Depreciation, depletion and impairment of
tangible assets and mineral interests
(148)
-
(13)
-
-
-
(161)
Operating income
(b)
(254)
(23)
1,118
213
-
-
1,054
Net income (loss) from equity affiliates
and other items
(96)
(1,482)
28
(43)
(62)
-
(1,655)
Tax on net operating income
59
(10)
(302)
(60)
2
-
(311)
Net operating income
(b)
(291)
(1,515)
844
110
(60)
-
(912)
Net cost of net debt
10
Non-controlling interests
(14)
Net income - TotalEnergies
share
(916)
(a) Adjustments include special items,
inventory valuation effect and the effect of changes in fair
value.
(b) Of which inventory valuation
effect
- On operating income
-
-
1,140
206
-
- On net operating income
-
-
937
148
-
1sthalf 2021 (adjusted)
Integrated Gas,
Renewables
& Power
Exploration
&
Production
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
External sales
10,632
3,257
40,054
36,880
7
-
90,830
Intersegment sales
1,555
14,433
11,890
186
68
(28,132)
-
Excise taxes
-
-
(630)
(9,890)
-
-
(10,520)
Revenues from sales
12,187
17,690
51,314
27,176
75
(28,132)
80,310
Operating expenses
(10,259)
(7,329)
(49,710)
(25,723)
(374)
28,132
(65,263)
Depreciation, depletion and impairment of
tangible assets and mineral interests
(614)
(4,317)
(774)
(526)
(54)
-
(6,285)
Adjusted operating income
1,314
6,044
830
927
(353)
-
8,762
Net income (loss) from equity affiliates
and other items
778
509
183
66
57
-
1,593
Tax on net operating income
(216)
(2,365)
(259)
(292)
52
-
(3,080)
Adjusted net operating
income
1,876
4,188
754
701
(244)
-
7,275
Net cost of net debt
(662)
Non-controlling interests
(147)
Adjusted net income - TotalEnergies
share
6,466
1sthalf 2021
Integrated Gas,
Renewables
& Power
Exploration
&
Production
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
Total expenditures
4,187
3,195
578
360
48
8,368
Total divestments
452
374
129
107
18
1,080
Cash flow from operating
activities
1,347
8,571
3,228
1,102
(1,099)
13,149
Reconciliation of the information by business segment with
Consolidated Financial Statements TotalEnergies (unaudited)
Consolidated
2nd quarter 2022
statement
(M$)
Adjusted
Adjustments(a)
of income
Sales
74,789
(15)
74,774
Excise taxes
(4,329)
-
(4,329)
Revenues
from sales
70,460
(15)
70,445
Purchases net of inventory variation
(46,023)
580
(45,443)
Other operating expenses
(7,620)
(421)
(8,041)
Exploration costs
(117)
-
(117)
Depreciation, depletion and impairment of
tangible assets and mineral interests
(3,038)
(64)
(3,102)
Other income
429
-
429
Other expense
(529)
(776)
(1,305)
Financial interest on debt
(572)
-
(572)
Financial income and expense from cash
& cash equivalents
130
115
245
Cost of net
debt
(442)
115
(327)
Other financial income
231
-
231
Other financial expense
(136)
-
(136)
Net income (loss) from equity
affiliates
1,944
(3,490)
(1,546)
Income taxes
(5,274)
(10)
(5,284)
Consolidated net income
9,885
(4,081)
5,804
TotalEnergies share
9,796
(4,104)
5,692
Non-controlling interests
89
23
112
(a) Adjustments include special items,
inventory valuation effect and the effect of changes in fair
value.
Consolidated
2nd quarter 2021
statement
(M$)
Adjusted
Adjustments(a)
of income
Sales
47,058
(9)
47,049
Excise taxes
(5,416)
-
(5,416)
Revenues
from sales
41,642
(9)
41,633
Purchases net of inventory variation
(27,108)
389
(26,719)
Other operating expenses
(6,708)
(9)
(6,717)
Exploration costs
(123)
-
(123)
Depreciation, depletion and impairment of
tangible assets and mineral interests
(3,105)
(16)
(3,121)
Other income
138
85
223
Other expense
(142)
(156)
(298)
Financial interest on debt
(501)
-
(501)
Financial income and expense from cash
& cash equivalents
69
8
77
Cost of net
debt
(432)
8
(424)
Other financial income
265
-
265
Other financial expense
(131)
-
(131)
Net income (loss) from equity
affiliates
740
(1,420)
(680)
Income taxes
(1,485)
(124)
(1,609)
Consolidated net income
3,551
(1,252)
2,299
TotalEnergies share
3,463
(1,257)
2,206
Non-controlling interests
88
5
93
(a) Adjustments include special items,
inventory valuation effect and the effect of changes in fair
value.
Reconciliation of the information by business segment with
Consolidated Financial Statements TotalEnergies (unaudited)
Consolidated
1sthalf 2022
statement of
(M$)
Adjusted
Adjustments(a)
income
Sales
143,383
(3)
143,380
Excise taxes
(8,985)
-
(8,985)
Revenues
from sales
134,398
(3)
134,395
Purchases net of inventory variation
(86,785)
1,694
(85,091)
Other operating expenses
(15,029)
(635)
(15,664)
Exploration costs
(253)
(725)
(978)
Depreciation, depletion and impairment of
tangible assets and mineral interests
(6,186)
(595)
(6,781)
Other income
550
22
572
Other expense
(798)
(2,797)
(3,595)
Financial interest on debt
(1,034)
-
(1,034)
Financial income and expense from cash
& cash equivalents
189
270
459
Cost of net
debt
(845)
270
(575)
Other financial income
350
84
434
Other financial expense
(271)
-
(271)
Net income (loss) from equity
affiliates
3,805
(5,308)
(1,503)
Income taxes
(9,998)
(90)
(10,088)
Consolidated net income
18,938
(8,083)
10,855
TotalEnergies share
18,773
(8,137)
10,636
Non-controlling interests
165
54
219
(a) Adjustments include special items,
inventory valuation effect and the effect of changes in fair
value.
Consolidated
1sthalf 2021
statement of
(M$)
Adjusted
Adjustments(a)
income
Sales
90,830
(44)
90,786
Excise taxes
(10,520)
-
(10,520)
Revenues
from sales
80,310
(44)
80,266
Purchases net of inventory variation
(51,397)
1,280
(50,117)
Other operating expenses
(13,576)
(21)
(13,597)
Exploration costs
(290)
-
(290)
Depreciation, depletion and impairment of
tangible assets and mineral interests
(6,285)
(161)
(6,446)
Other income
554
27
581
Other expense
(334)
(623)
(957)
Financial interest on debt
(967)
-
(967)
Financial income and expense from cash
& cash equivalents
156
16
172
Cost of net
debt
(811)
16
(795)
Other financial income
374
-
374
Other financial expense
(261)
-
(261)
Net income (loss) from equity
affiliates
1,260
(1,059)
201
Income taxes
(2,931)
(317)
(3,248)
Consolidated net income
6,613
(902)
5,711
TotalEnergies share
6,466
(916)
5,550
Non-controlling interests
147
14
161
(a) Adjustments include special items,
inventory valuation effect and the effect of changes in fair
value.
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