TotalEnergies reports strong results in a
favorable but softening environment, while implementing its
strategy by completing major deals in Oil, LNG and
Integrated Power
Achieved ROACE of 22% at June-end 2023*
More than 40% cash payout for 2023 Second interim
dividend up 7.3% year-on-year $2 billion share buyback in
3rd quarter
Regulatory News:
TotalEnergies SE (Paris:TTE) (LSE:TTE) (NYSE:TTE):
2Q23
Change vs 2Q22
1H23
Change vs 1H22
Net income (TotalEnergies share) (B$)
4.1
-28%
9.6
-9%
Adjusted net income (TotalEnergies share)(1)
- in billions of dollars
(B$)
5.0
-49%
11.5
-39%
- in dollars per share
1.99
-47%
4.61
-35%
Adjusted EBITDA(1) (B$)
11.1
-41%
25.3
-30%
DACF(1) (B$)
8.6
-37%
18.4
-28%
Cash Flow from operations (B$)
9.9
-39%
15.0
-37%
Net-debt-to-capital ratio(2) of 11.1% at June 30, 2023 vs. 11.5% at
March 31, 2023 Second 2023 interim dividend set at 0.74 €/share
The Board of Directors of TotalEnergies SE, chaired by CEO
Patrick Pouyanné, met on July 26, 2023, to approve the second
quarter 2023 financial statements. On the occasion, Patrick
Pouyanné said:
“In a favorable but softening oil & gas environment
TotalEnergies once again delivered this quarter robust results,
strong cash flow, and attractive shareholder distribution. The
Company generated adjusted net income of $5.0 billion and return on
average capital employed of 22%. TotalEnergies generated $8.5
billion in cash flow in the second quarter and $18 billion in the
first half of 2023. Exploration & Production reported adjusted
net operating income of $2.3 billion and cash flow of $4.4 billion.
Production of 2.5 Mboe/d was up 2% year-on-year, thanks to new
project start-ups (Ikike in Nigeria, Mero 1 in Brazil, Block 10 in
Oman) and benefited from the integration of the SARB and Umm Lulu
oil fields in the United Arab Emirates. The Integrated LNG segment
posted cash flow of $1.8 billion, benefiting from the high margins
captured in 2022. Adjusted net operating income was $1.3 billion
reflecting lower LNG prices (averaging 10 $/Mbtu in the second
quarter) and softer trading results in less volatile markets.
Integrated Power’s adjusted net operating income and cash flow
increased to $450 million and $491 million respectively in the
second quarter, building its track record as an integrated and
profitable player in the electricity markets with a ROACE of 10.1%.
Integrated Power cash flow so reached close to $1 billion on the
first six months of 2023, more than the cash flow performed on the
whole year 2022. Downstream reported resilient adjusted net
operating income of $1.5 billion and cash flow of $2.1 billion in a
context of lower refining margins. As part of the implementation of
its multi-energy strategy, the Company also announced four major
projects this quarter: - the launch of its multi-energy GGIP
project in Iraq, - the launch of the RGLNG project in Texas, which
will boost its LNG export capacity from the US to 15 Mt/y, - the
completion of the acquisition of 100% of Total Eren in renewable
electricity, - the award of the EPC contracts for the Amiral
petrochemical project in Saudi Arabia. These projects demonstrate
TotalEnergies’ ability to seize opportunities allowing the Company
to deploy its multi-energy model based on two pillars: production
of low-cost low-emissions hydrocarbons (oil and LNG) and the
development of a profitable integrated power business. In this
favorable environment, the Board of Directors confirmed for 2023 a
shareholder distribution of more than 40% of cash flow. The Board
decided the distribution of a second interim dividend for the 2023
financial year in the amount of €0.74/share, up 7.25% year-on-year,
and authorized the Company to buy back shares for $2 billion in the
third quarter of 2023."
1. Highlights(3)
Multi-energy strategy
- Launch of GGIP in Iraq: major multi-energy project (access to
low-cost, low-emission oil from the Ratawi field, gas gathering and
treatment for electricity generation, 1 GW solar farm and sea water
treatment) in favor of the sustainable development of natural
resources in Basrah area
- Partnership with SONATRACH to increase the production of the
Tin Fouyé Tabankort fields, extend to 2024 2 Mt/y of LNG deliveries
in France, and develop renewable energy projects in Algeria
Upstream
- Production start-up of Absheron gas and condensate field, in
Azerbaijan
- Oil and gas discovery on the Ntokon well, located on OML 102 in
Nigeria
- Renewal for 20 years of the OML130 license, in Nigeria
- Exercise by ConocoPhillips of its preemption right on Surmont,
following the announcement of the sale to Suncor of the entirety of
the shares of TotalEnergies EP Canada Ltd
- Signature of Production Sharing Contracts on Blocks 6 and 8, in
Suriname
- Signature of the Production Sharing Contract for the Agua
Marinha block, in Brazil
Downstream
- Award of $11 billion EPC contracts for the Amiral project, in
Saudi Arabia
- Realignment with INEOS of stakes in petrochemical assets in
Eastern France
Integrated LNG
- Launch of the RGLNG project, in Texas: acquisition of a 16.67%
stake in the JV in charge of developing the 17.5 Mt/y project,
acquisition of a 17.5% stake in NextDecade, and signature of a 5.4
Mt/y offtake agreement for 20 years
- Delivery of the first LNG cargo to the Dhamra LNG terminal in
India
- Signing of LNG sale contracts to IOCL in India for 10 years and
to ADNOC Gas for 3 years
Integrated Power
- Acquisition at 100% of Total Eren, a leading renewable
electricity producer
- Award of two maritime leases to develop two offshore wind farms
for a total capacity of 3 GW in Germany
- Favorable environmental impact assessment for 3 GW of solar
projects in Spain
- 25-year Power Purchase Agreement for 1 GW onshore wind farm
with battery storage in Kazakhstan
- Launch at Antwerp, in Belgium, of a 75 MWh battery energy
storage project
- Strategic Collaboration Agreement with Petronas, to develop
renewable energy projects in the Asia Pacific region. Agreement to
develop the 100 MW Pleasant Hills solar project in Australia.
Decarbonization & new
molecules
- Partnership with TES to develop a large-scale production unit
for e-natural gas in the United States
- Agreement with VNG to initiate the future supply of green
hydrogen to the Leuna refinery, in Germany
- SAF: doubling SAF production capacity to 285 kt per year at
Grandpuits, in France
- Biomethane:
- Acquisition of 20% stake in the Finnish start-up Ductor
- Signature with Saint-Gobain France of a 100 GWh sale agreement
over 3 years
- Construction in Grandpuits, in France, of a production unit
with annual capacity of 80 GWh
2. Key figures from TotalEnergies’ consolidated financial
statements(4)
2Q23
1Q23
2Q22
2Q23 vs 2Q22
In millions of dollars, except effective tax
rate,earnings per share and number of shares
1H23
1H22
1H23 vs 1H22
11,105
14,167
18,737
-41%
Adjusted EBITDA (5)
25,272
36,161
-30%
5,582
6,993
10,500
-47%
Adjusted net operating income from business segments
12,575
19,958
-37%
2,349
2,653
4,719
-50%
Exploration &
Production
5,002
9,734
-49%
1,330
2,072
2,215
-40%
Integrated LNG
3,402
5,348
-36%
450
370
340
+32%
Integrated Power
820
258
x3,2
1,004
1,618
2,760
-64%
Refining & Chemicals
2,622
3,880
-32%
449
280
466
-4%
Marketing & Services
729
738
-1%
662
1,079
1,944
-66%
Contribution of equity affiliates to adjusted net income
1,741
3,805
-54%
37.3%
41.4%
39.4%
-
Effective tax rate (6)
39.7%
39.0%
-
4,956
6,541
9,796
-49%
Adjusted net income (TotalEnergies share)
11,497
18,773
-39%
1.99
2.61
3.75
-47%
Adjusted fully-diluted earnings per share (dollars) (7)
4.61
7.14
-35%
1.84
2.43
3.50
-47%
Adjusted fully-diluted earnings per share (euros)*
4.27
6.53
-35%
2,448
2,479
2,592
-6%
Fully-diluted weighted-average shares (millions)
2,460
2,602
-5%
4,088
5,557
5,692
-28%
Net income (TotalEnergies share)
9,645
10,636
-9%
4,271
3,433
2,819
+51%
Organic investments (8)
7,704
4,800
+60%
320
2,987
2,076
-85%
Net acquisitions (9)
3,307
2,998
+10%
4,591
6,420
4,895
-6%
Net investments (10)
11,011
7,798
+41%
8,485
9,621
13,233
-36%
Operating cash flow before working capital changes (11)
18,106
24,859
-27%
8,596
9,774
13,631
-37%
Operating cash flow before working capital changesw/o
financial charges (DACF) (12)
18,371
25,626
-28%
9,900
5,133
16,284
-39%
Cash flow from operations
15,033
23,901
-37%
* Average €-$ exchange rate: 1.0887 in the second quarter
2023, 1.0807 in the first half 2023.
3. Key figures of environment, greenhouse gas emissions and
production
3.1 Environment* – liquids and gas price realizations, refining
margins
2Q23
1Q23
2Q22
2Q23 vs 2Q22
1H23
1H22
1H23 vs 1H22
78.1
81.2
113.9
-31%
Brent ($/b)
79.7
107.9
-26%
2.3
2.8
7.5
-69%
Henry Hub ($/Mbtu)
2.5
6.1
-58%
10.5
16.1
22.2
-53%
NBP ($/Mbtu)
13.3
27.2
-51%
10.9
16.5
27.0
-60%
JKM ($/Mbtu)
13.7
29.1
-53%
72.0
73.4
102.9
-30%
Average price of liquids ($/b)Consolidated subsidiaries
72.7
96.3
-25%
5.98
8.89
11.01
-46%
Average price of gas ($/Mbtu)Consolidated subsidiaries
7.48
11.65
-36%
9.84
13.27
13.96
-30%
Average price of LNG ($/Mbtu)Consolidated subsidiaries and
equity affiliates
11.59
13.77
-16%
42.7
87.8
145.7
-71%
Variable cost margin - Refining Europe, VCM ($/t)**
65.0
101.0
-36%
* The indicators are shown on page 23. ** 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).
3.2 Greenhouse gas emissions(13)
2Q23
1Q23
2Q22
2Q23 vs 2Q22
Scope 1+2 emissions (MtCO2e)
1S23
1S22
1S23 vs 1S22
9.1
9.1
9.6
-6%
Scope 1+2 from operated facilities (14)
18.2
19.3
-6%
7.9
7.6
8.1
-2%
of which Oil & Gas
15.5
16.0
-3%
1.1
1.5
1.5
-27%
of which CCGT
2.6
3.3
-21%
12.5
12.8
13.4
-7%
Scope 1+2 - equity share
25.3
27.4
-8%
Estimated 2Q23 and 1Q23 emissions.
Scope 1+2 emissions from operated installations were down 6%
year-on-year in the second quarter 2023, as a result of the
decrease in the use of gas-fired power plants in a context of lower
demand in Europe and the continuous decline in flaring on
Exploration & Production facilities.
2Q23
1Q23
2Q22
2Q23 vs 2Q22
Methane emissions (ktCH4)
1S23
1S22
1S23 vs 1S22
8
9
10
-19%
Methane emissions from operated facilities
18
20
-13%
10
11
13
-22%
Methane emissions - equity share
21
24
-15%
Estimated 2Q23 and 1Q23 emissions.
Scope 3 emissions (MtCO2e)
1S23
2022
Scope 3 from Oil, Biofuels and Gas Worldwide (15)
est. 180
389
3.3 Production*
2Q23
1Q23
2Q22
2Q23 vs 2Q22
Hydrocarbon production
1H23
1H22
1H23 vs 1H22
2,471
2,524
2,738
-10%
Hydrocarbon production (kboe/d)
2,498
2,791
-10%
1,416
1,398
1,268
+12%
Oil (including bitumen)
(kb/d)
1,407
1,287
+9%
1,055
1,126
1,470
-28%
Gas (including condensates and
associated NGL) (kboe/d)
1,091
1,504
-27%
2,471
2,524
2,738
-10%
Hydrocarbon production (kboe/d)
2,498
2,791
-10%
1,571
1,562
1,483
+6%
Liquids (kb/d)
1,567
1,505
+4%
4,845
5,191
6,835
-29%
Gas (Mcf/d)
5,017
6,997
-28%
2,471
2,524
2,412
+2%
Hydrocarbon production excluding Novatek (kboe/d)
2,498
2,460
+2%
* Company production = E&P production + Integrated LNG
production.
Hydrocarbon production was 2,471 thousand barrels of oil
equivalent per day (kboe/d) in the second quarter 2023, up 2%
year-on-year (excluding Novatek), comprised of:
- +4% due to start-ups and ramp-ups, including Ikike in Nigeria,
Mero 1 in Brazil, Johan Sverdrup Phase 2 in Norway and Block 10 in
Oman,
- +1% due to the improvement of security conditions in Nigeria
and Libya,
- +1% price effect,
- -1% portfolio effect, notably related to the end of the Bongkot
operating licenses in Thailand, the exit from Termokarstovoye in
Russia, partially offset by the entry into the producing fields of
Sepia and Atapu in Brazil and SARB Umm Lulu in the United Arab
Emirates,
- -3% due to natural decline of the fields.
Compared to the first quarter, production was down 2% mainly due
to planned maintenance operations in North Sea, the end of the
Bongkot operating licenses in Thailand, partially offset by the
full effect of entry into the producing fields of SARB Umm Lulu in
the United Arab Emirates, and the ramp-up of Johan Sverdrup Phase 2
in Norway.
4. Analysis of business segments
4.1 Exploration & Production
4.1.1 Production
2Q23
1Q23
2Q22
2Q23 vs 2Q22
Hydrocarbon production
1H23
1H22
1H23 vs 1H22
2,033
2,061
2,276
-11%
EP (kboe/d)
2,047
2,314
-12%
1,512
1,500
1,430
+6%
Liquids (kb/d)
1,506
1,449
+4%
2,778
3,012
4,602
-40%
Gas (Mcf/d)
2,895
4,706
-38%
2,033
2,061
2,007
1%
EP excluding Novatek (kboe/d)
2,047
2,040
-
4.1.2 Results
2Q23
1Q23
2Q22
2Q23 vs 2Q22
In millions of dollars, except effective tax rate
1H23
1H22
1H23 vs 1H22
2,349
2,653
4,719
-50%
Adjusted net operating income*
5,002
9,734
-49%
149
135
287
-48%
including adjusted income from
equity affiliates
284
642
-56%
49.7%
57.1%
47.2%
-
Effective tax rate**
53.9%
47.1%
-
2,424
2,134
1,873
+29%
Organic investments
4,558
3,299
+38%
176
1,938
2,225
-92%
Net acquisitions
2,114
2,541
-17%
2,600
4,072
4,098
-37%
Net investments
6,672
5,840
+14%
4,364
4,907
7,383
-41%
Operating cash flow before working capital changes ***
9,271
14,686
-37%
4,047
4,536
8,768
-54%
Cash flow from operations ***
8,583
14,536
-41%
* 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.
Exploration & Production adjusted net operating income was
$2,349 million in the second quarter 2023 down 11%
quarter-on-quarter, mainly due to lower oil and gas prices.
Cash flow was $4,364 million in the second quarter 2023 down 11%
quarter-on-quarter, mainly due to lower gas and oil prices.
4.2 Integrated LNG
4.2.1 Production
2Q23
1Q23
2Q22
2Q23 vs 2Q22
Hydrocarbon production for LNG
1H23
1H22
1H23 vs 1H22
438
463
462
-5%
Integrated LNG (kboe/d)
451
477
-6%
59
62
53
+11%
Liquids (kb/d)
61
56
+7%
2,067
2,179
2,233
-7%
Gas (Mcf/d)
2,122
2,291
-7%
438
463
405
+8%
Integrated LNG excluding Novatek (kboe/d)
451
419
+8%
2Q23
1Q23
2Q22
2Q23 vs 2Q22
Liquefied Natural Gas in Mt
1H23
1H22
1H23 vs 1H22
11.0
11.0
11.7
-6%
Overall LNG sales
22.0
24.9
-12%
3.6
4.0
4.1
-12%
incl. Sales from equity
production*
7.6
8.6
-12%
10.0
9.9
10.2
-2%
incl. Sales by TotalEnergies
from equity production and third party purchases
19.9
22.2
-10%
* The Company’s equity production may be sold by TotalEnergies
or by the joint ventures.
Hydrocarbon production for LNG was up 8% year-on-year in the
second quarter 2023 and first half 2023, due to the increased
supply of NLNG following improved security conditions in Nigeria
and the restart of Snøhvit in Norway during the second quarter
2022.
LNG sales decreased year-on-year due to lower demand in Europe
and are stable quarter-on-quarter, beneficiating from the restart
of Freeport LNG.
4.2.2 Results
2Q23
1Q23
2Q22
2Q23 vs 2Q22
In millions of dollars
1H23
1H22
1H23 vs 1H22
1,330
2,072
2,215
-40%
Adjusted net operating income*
3,402
5,348
-36%
432
786
1,192
-64%
including adjusted income from equity affiliates
1,218
2,596
-53%
382
396
171
x2,2
Organic investments
779
110
x7,1
205
759
(36)
ns
Net acquisitions
964
(56)
ns
587
1,155
135
x4,3
Net investments
1,743
54
x32,3
1,801
2,081
2,112
-15%
Operating cash flow before working capital changes **
3,882
4,604
-16%
1,332
3,536
3,802
-65%
Cash flow from operations ***
4,868
6,021
-19%
* 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. *** Excluding
financial charges, except those related to leases.
Integrated LNG adjusted net operating income was:
- $1,330 million in the second quarter 2023, down 28%
year-on-year (excluding Novatek) and 36% quarter-on-quarter, mainly
due to lower spot and forward LNG prices,
- $3,402 million in the first half 2023, down 26% year-on-year
(excluding Novatek), due to lower prices and LNG sales, as well as
exceptional trading results in the first quarter 2022.
Operating cash flow before working capital changes for
Integrated LNG was:
- $1,801 million in the second quarter 2023, down 15%
year-on-year (excluding Novatek), and 13% quarter-on-quarter due to
lower LNG prices, partially offset by higher margins secured in
2022 on LNG cargoes to be delivered in 2023,
- $3,882 million in the first half 2023, down 16% year-on-year
(excluding Novatek), for the same reasons.
4.3 Integrated Power
4.3.1 Capacities, productions, clients and sales
2Q23
1Q23
2Q22
2Q23 vs 2Q22
Integrated Power
1H23
1H22
1H23 vs 1H22
74.7
70.4
50.7
+47%
Portfolio of renewable power generation gross capacity (GW)
(1),(2)
74.7
50.7
+47%
19.0
17.9
11.6
+63%
o/w installed
capacity
19.0
11.6
+63%
5.7
6.2
5.2
+11%
o/w capacity in
construction
5.7
5.2
+11%
50.0
46.3
33.9
+47%
o/w capacity in
development
50.0
33.9
+47%
46.9
44.4
38.4
+22%
Portfolio of renewable power generation net capacity (GW)
(2)
46.9
38.4
+22%
8.9
8.4
5.8
+53%
o/w installed
capacity
8.9
5.8
+53%
3.9
4.0
3.7
+7%
o/w capacity in
construction
3.9
3.7
+7%
34.1
32.0
28.9
+18%
o/w capacity in
development
34.1
28.9
+18%
5.8
5.8
5.8
-
Gas-fired power generation gross installed capacity (GW) (2)
5.8
5.8
-
4.3
4.3
4.3
-
Gas-fired power generation net installed capacity (GW) (2)
4.3
4.3
-
8.2
8.4
7.7
+8%
Net power production (TWh) (3)
16.6
15.2
+9%
4.2
3.8
2.5
+69%
incl. power production from
renewables
8.1
4.7
+70%
6.0
6.0
6.2
-3%
Clients power - BtB and BtC (Million) (2)
6.0
6.2
-3%
2.8
2.8
2.7
+1%
Clients gas - BtB and BtC (Million) (2)
2.8
2.7
+1%
11.5
15.5
12.3
-7%
Sales power - BtB and BtC (TWh)
27.0
28.6
-6%
19.2
37.3
19.1
-
Sales gas - BtB and BtC (TWh)
56.4
54.1
+4%
(1) Includes 20% of Adani Green Energy Ltd’s gross capacity
effective first quarter 2021, 50% of Clearway Energy Group’s gross
capacity effective third quarter 2022 and 49% of Casa dos Ventos’
gross capacity effective first quarter 2023. (2) End of period
data. (3) Solar, wind, hydroelectric and combined-cycle gas turbine
(CCGT) plants.
Net power production was:
- 8.2 TWh in the second quarter 2023, up 8% year-on-year, as
growing electricity generation from renewables is partially offset
by lower generation from flexible capacity in a context of lower
demand,
- 16.6 TWh in the first half 2023, up 9% year-on-year, for the
same reasons.
Gross installed renewable power generation capacity was 19 GW at
the end of the second quarter 2023, up by more than 1 GW
quarter-on-quarter, including 0.5 GW installed in the USA and the
connection of 0.3 GW from the Seagreen offshore wind project in the
UK.
4.3.2 Results
2Q23
1Q23
2Q22
2Q23 vs 2Q22
In millions of dollars
1H23
1H22
1H23 vs 1H22
450
370
340
+32%
Adjusted net operating income*
820
258
x3,2
23
56
27
-15%
including adjusted income from
equity affiliates
79
53
+49%
753
577
170
x4,4
Organic investments
1,330
489
x2,7
(42)
519
(22)
ns
Net acquisitions
477
639
-25%
711
1,096
148
x4,8
Net investments
1,807
1,128
+60%
491
440
248
+98%
Operating cash flow before working capital changes **
931
341
x2,7
2,284
(1,285)
168
x13,6
Cash flow from operations ***
999
(1,736)
ns
* 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.
Excluding margin calls, reported in the Integrated LNG segment
since the implementation in 2022 of its centralized management.
Integrated Power adjusted net operating income was $450 million
and operating cash flow before working capital changes was $491
million in the second quarter 2023, up 22% and 12% respectively
quarter-on-quarter, due to the performance of its integrated
electricity portfolio.
4.4 Downstream (Refining & Chemicals and Marketing &
Services)
4.4.1 Results
2Q23
1Q23
2Q22
2Q23 vs 2Q22
In millions of dollars
1H23
1H22
1H23 vs 1H22
1,453
1,898
3,226
-55%
Adjusted net operating income*
3,351
4,618
-27%
686
290
586
+17%
Organic investments
976
878
+11%
(19)
(229)
(91)
ns
Net acquisitions
(248)
(125)
ns
667
61
495
+35%
Net investments
728
753
-3%
2,085
2,189
3,548
-41%
Operating cash flow before working capital changes **
4,274
5,444
-21%
2,588
(1,524)
4,106
-37%
Cash flow from operations **
1,064
6,111
-83%
* Detail of adjustment items shown in the business segment
information annex to financial statements. ** Excluding financial
charges, except those related to leases.
4.5 Refining & Chemicals
4.5.1 Refinery and petrochemicals throughput and utilization
rates
2Q23
1Q23
2Q22
2Q23 vs 2Q22
Refinery throughput and utilization rate*
1H23
1H22
1H23 vs 1H22
1,472
1,403
1,575
-7%
Total refinery throughput (kb/d)
1,437
1,448
-1%
364
357
395
-8%
France
360
324
+11%
601
596
648
-7%
Rest of Europe
598
627
-5%
507
450
532
-5%
Rest of world
479
497
-4%
82%
78%
88%
-
Utilization rate based on crude only**
80%
81%
-
* Includes refineries in Africa reported in the Marketing &
Services segment. ** Based on distillation capacity at the
beginning of the year.
2Q23
1Q23
2Q22
2Q23 vs 2Q22
Petrochemicals production and utilization rate
1H23
1H22
1H23 vs 1H22
1,157
1,295
1,206
-4%
Monomers* (kt)
2,452
2,611
-6%
963
1,111
1,187
-19%
Polymers (kt)
2,074
2,461
-16%
67%
75%
71%
-
Steamcracker utilization rate**
71%
78%
-
* Olefins. ** Based on olefins production from steam crackers
and their treatment capacity at the start of the year.
Refining throughput was:
- down 7% year-on-year in the second quarter 2023, notably due to
planned maintenance and unplanned shutdowns at the Antwerp refinery
in Belgium, and logistical limitations linked to high inventory
levels at the Normandy refinery in France,
- down 1% year-on-year in the first half 2023, reflecting the
restart of the Donges refinery in France in the second quarter
2022.
The utilization rate on processed crude rose over the quarter to
82% given the end of strikes in France.
Polymer production was down year-on-year by 19% in the second
quarter 2023 and 16% in the first half 2023, due to the slowdown in
global demand.
4.5.2 Results
2Q23
1Q23
2Q22
2Q23 vs 2Q22
In millions of dollars
1H23
1H22
1H23 vs 1H22
1,004
1,618
2,760
-64%
Adjusted net operating income*
2,622
3,880
-32%
454
198
313
+45%
Organic investments
652
510
+28%
(15)
5
(34)
ns
Net acquisitions
(10)
(34)
ns
439
203
279
+57%
Net investments
642
476
+35%
1,329
1,733
2,963
-55%
Operating cash flow before working capital changes **
3,062
4,396
-30%
1,923
(851)
3,526
-45%
Cash flow from operations **
1,072
4,633
-77%
* Detail of adjustment items shown in the business segment
information annex to financial statements. ** Excluding financial
charges, except those related to leases.
Refining & Chemicals adjusted net operating income was:
- $1,004 million in the second quarter 2023, down 38%
quarter-on-quarter, reflecting lower refining margins in Europe
impacted at the start of the period by Chinese exports and the
quicker than anticipated reorganization of Russian flows following
the European embargo, although supported at the end of the quarter
by higher gasoline exports to the US and lower diesel imports in
Europe from China,
- $2,622 million in the first half 2023, down 32% year-on-year,
for the same reasons.
Operating cash flow before working capital changes was $1,329
million in the second quarter 2023 and $3,062 million in the first
half 2023, down 55% and 30% respectively year-on-year as the second
quarter 2022 benefited from exceptional conditions.
4.6 Marketing & Services
4.6.1 Petroleum product sales
2Q23
1Q23
2Q22
2Q23 vs 2Q22
Sales in kb/d*
1H23
1H22
1H23 vs 1H22
1,397
1,360
1,477
-5%
Total Marketing & Services sales
1,379
1,464
-6%
799
757
817
-2%
Europe
778
804
-3%
598
602
660
-9%
Rest of world
600
661
-9%
* Excludes trading and bulk refining sales.
Sales of petroleum products were down year-on-year by 5% in the
second quarter 2023 and 6% in the first half 2023, as lower demand
from commercial and industrial customers in Europe and the
portfolio effect linked to the disposal of 50% of the fuel
distribution business in Egypt were partially offset by the
recovery in the aviation business.
4.6.2 Results
2Q23
1Q23
2Q22
2Q23 vs 2Q22
In millions of dollars
1H23
1H22
1H23 vs 1H22
449
280
466
-4%
Adjusted net operating income*
729
738
-1%
232
92
273
-15%
Organic investments
324
368
-12%
(4)
(234)
(57)
ns
Net acquisitions
(238)
(91)
ns
228
(142)
216
+6%
Net investments
86
277
-69%
756
456
585
+29%
Operating cash flow before working capital changes **
1,212
1,048
+16%
665
(673)
580
+15%
Cash flow from operations **
(8)
1,478
ns
* Detail of adjustment items shown in the business segment
information annex to financial statements. ** Excluding financial
charges, except those related to leases.
Marketing & Services adjusted net operating income was $449
million in the second quarter 2023, down 4% year-on-year, and $729
million in the first half 2023, slightly down year-on-year, in line
with lower sales.
Operating cash flow before working capital changes rose by 29%
year-on-year to $756 million in the second quarter 2023, and by 16%
to $1,212 million in the first half 2023, as 2022 was negatively
impacted by the tax effect of higher prices on the valuation of
petroleum product inventories.
5. TotalEnergies results
5.1 Adjusted net operating income from business segments
Adjusted net operating income from business segments was:
- $5,582 million in the second quarter 2023, compared to $6,993
million in the first quarter 2023, due to lower gas prices and
refining margins,
- $12,575 million in the first half 2023, compared to $19,958
million in the first half 2022, due to lower oil and gas prices and
refining margins.
5.2 Adjusted net income (TotalEnergies share)
TotalEnergies adjusted net income was $4,956 million in the
second quarter 2023 versus $6,541 million in the first quarter
2023, mainly due to lower gas prices and refining margins.
Adjusted net income excludes the after-tax inventory effect,
special items and the impact of changes in fair value(16).
Adjustments to net income(17) were ($868) million in the second
quarter 2023, consisting mainly of:
- ($0.5) billion related to impairments, notably on upstream
assets in Kenya and the Yunlin offshore wind project in
Taiwan,
- ($0.4) billion of inventory effect.
TotalEnergies’ average tax rate was:
- 37.3% in the second quarter 2023 versus 41.4% in the first
quarter 2023, mainly as a result of the lower tax rate for
Exploration & Production related to lower oil and gas
prices,
- 39.7% in the first half 2023 versus 39.0% in the first half
2022, mainly as a result of the higher tax rate for Exploration
& Production related notably to the Energy Profits Levy in the
UK.
5.3 Adjusted earnings per share
Adjusted diluted net earnings per share were:
- $1.99 in the second quarter 2023, based on 2,448 million
weighted average diluted shares, compared to $2.61 in the first
quarter 2023,
- $4.61 in the first half 2023, based on 2,460 million weighted
average diluted shares, compared to $7.14 a year earlier.
As of June 30, 2023, the number of diluted shares was 2,443
million.
As part of its shareholder return policy, TotalEnergies
repurchased:
- 32.8 million shares for cancellation in the second quarter 2023
for $2 billion,
- 65.0 million shares for cancellation in the first half 2023 for
$4 billion.
5.4 Acquisitions - asset sales
Acquisitions were:
- $482 million in the second quarter 2023, mainly related to the
acquisition of a 9.375% stake in the NFS LNG project in Qatar, the
renewal of the license OML 130 in Nigeria, and the acquisition of a
5.06% stake in NextDecade in line with the launch of RGLNG project
in the US,
- $3,738 million in the first half 2023, mainly related to the
above items, as well as the acquisition of a 20% interest in the
SARB and Umm Lulu concession in the United Arab Emirates, the
acquisition of a 6.25% stake in the NFE LNG project in Qatar, and a
34% stake in a joint venture with Casa dos Ventos in Brazil.
Divestments were:
- $162 million in the second quarter 2023, notably for the sale
of shares in Maxeon,
- $431 million in the first half 2023, notably for the above item
as well as the sale of 50% of the Marketing & Services
subsidiary in Egypt.
5.5 Net cash flow
TotalEnergies' net cash flow(18) was:
- $3,894 million in the second quarter 2023 compared to $3,201
million in the first quarter, reflecting the $1,136 million
decrease in cash flow offset by the $1,829 million decrease in net
investments to $4,591 million in the second quarter 2023,
- $7,095 million in the first half 2023 compared to $17,061
million a year earlier, reflecting the $6,753 million decrease in
cash flow and the $3,213 million increase in net investments to
$11,011 million in the first half 2023.
In the second quarter, cash flow from operations was $9,900
million compared to $8,485 million of operating cash flow before
working capital changes, reflecting a $1.5 billion decrease in
working capital requirements, mainly due to the effects of lower
inventories, seasonality of payment of the gas and power marketing
business, and despite a decrease in tax payables and the tax
payment schedule notably in the Exploration & Production
segment.
5.6 Profitability
Return on equity was 25.2% for the twelve months ended June 30,
2023.
In millions of dollars
July 1, 2022
April 1, 2022
July 1, 2021
June 30, 2023
March 31, 2023
June 30, 2022
Adjusted net income
29,351
34,219
30,716
Average adjusted shareholders' equity
116,329
115,233
113,333
Return on equity (ROE)
25.2%
29.7%
27.1%
Return on average capital employed(19) was 22.4% for the twelve
months ended June 30, 2023.
In millions of dollars
July 1, 2022
April 1, 2022
July 1, 2021
June 30, 2023
March 31, 2023
June 30, 2022
Adjusted net operating income
30,776
35,712
32,177
Average capital employed
137,204
140,842
139,377
ROACE
22.4%
25.4%
23.1%
6. TotalEnergies SE statutory accounts
Net income for TotalEnergies SE, the parent company, amounted to
€7,040 million in the first half 2023, compared to €3,702 million
in the first half 2022.
7. Annual 2023 Sensitivities*
Change
Estimated impact on adjusted
net operating income
Estimated impact on cash flow
from
operations
Dollar
+/- 0.1 $ per €
-/+ 0.1 B$
~0 B$
Average liquids price**
+/- 10 $/b
+/- 2.5 B$
+/- 3.0 B$
European gas price - NBP / TTF
+/- 2 $/Mbtu
+/- 0.4 B$
+/- 0.4 B$
Variable cost margin, European refining (VCM)
+/- 10 $/t
+/- 0.4 B$
+/- 0.5 B$
* Sensitivities are revised once per year upon publication of
the previous year’s fourth quarter results. Sensitivities are
estimates based on assumptions about TotalEnergies’ portfolio in
2023. Actual results could vary significantly from estimates based
on the application of these sensitivities. The impact of the $-€
sensitivity on adjusted net operating income is essentially
attributable to Refining & Chemicals. ** In a 80 $/b Brent
environment.
8. Outlook
Oil prices have remained buoyant at around $75/b for several
months now, supported by OPEC+ actions. Demand for petroleum
products should be supported as the summer driving season is
ongoing and the global recovery for air travel continues.
European natural gas prices are currently around $10/Mbtu due to
high inventories in Europe. Demand recovery in Asia and tension on
supply capacities in Europe support forward prices above $15/Mbtu
for the winter of 2023/2024.
Given the evolution of oil and gas prices in recent months and
the lag effect on price formulas, TotalEnergies anticipates that
its average LNG selling price should be between $9 and $10/Mbtu in
the third quarter 2023.
For the third quarter 2023, TotalEnergies anticipates
hydrocarbon production of around 2.5 Mboe/d, notably supported by
the start-up of Absheron field in Azerbaijan. The utilization rate
in refineries should remain above 80%.
The Company confirms 2023 guidance of net investments between
$16 and $18 billion, including $5 billion in low-carbon
energies.
* * * *
To listen to the conference call with CEO Patrick Pouyanné and
CFO Jean-Pierre Sbraire today at 12:00 (Paris time), please log on
to totalenergies.com or dial
+44 (0) 121 281 8004 or +1 (718) 705-8796. The conference replay
will be available on the Company's website totalenergies.com after the event.
* * * *
9. Operating information by segment
9.1 Company’s production (Exploration & Production +
Integrated LNG)
2Q23
1Q23
2Q22
2Q23 vs 2Q22
Combined liquids and gasproduction by region (kboe/d)
1H23
1H22
1H23 vs 1H22
537
583
907
-41%
Europe
559
933
-40%
481
494
460
+5%
Africa
488
479
+2%
767
718
680
+13%
Middle East and North Africa
743
675
+10%
443
441
420
+5%
Americas
442
403
+10%
243
288
271
-10%
Asia-Pacific
266
301
-12%
2,471
2,524
2,738
-10%
Total production
2,498
2,791
-10%
338
344
690
-51%
includes equity affiliates
341
702
-51%
2Q23
1Q23
2Q22
2Q23 vs 2Q22
Liquids production by region (kb/d)
1H23
1H22
1H23 vs 1H22
227
235
267
-15%
Europe
231
283
-18%
359
371
351
+2%
Africa
365
362
+1%
615
578
546
+13%
Middle East and North Africa
596
542
+10%
268
263
231
+16%
Americas
266
216
+23%
102
116
88
+16%
Asia-Pacific
109
102
+6%
1,571
1,562
1,483
+6%
Total production
1,567
1,505
+4%
153
150
201
-24%
includes equity affiliates
152
206
-26%
2Q23
1Q23
2Q22
2Q23 vs 2Q22
Gas production by region (Mcf/d)
1H23
1H22
1H23 vs 1H22
1,671
1,879
3,440
-51%
Europe
1,774
3,498
-49%
610
615
545
+12%
Africa
612
594
+3%
834
772
742
+12%
Middle East and North Africa
803
734
+9%
976
994
1,063
-8%
Americas
985
1,052
-6%
754
931
1,045
-28%
Asia-Pacific
843
1,119
-25%
4,845
5,191
6,835
-29%
Total production
5,017
6,997
-28%
1,004
1,054
2,633
-62%
includes equity affiliates
1,029
2,673
-62%
9.2 Downstream (Refining & Chemicals and Marketing &
Services)
2Q23
1Q23
2Q22
2Q23 vs 2Q22
Petroleum product sales by region (kb/d)
1H23
1H22
1H23 vs 1H22
1,709
1,600
1,814
-6%
Europe*
1,655
1,724
-4%
599
667
734
-18%
Africa
633
747
-15%
918
849
922
-
Americas
883
849
+4%
665
623
705
-6%
Rest of world
644
618
+4%
3,892
3,739
4,176
-7%
Total consolidated sales*
3,815
3,939
-3%
424
387
409
+4%
Includes bulk sales
405
409
-1%
2,070
1,992
2,290
-10%
Includes trading*
2,031
2,065
-2%
* 1Q23 data restated
2Q23
1Q23
2Q22
2Q23 vs 2Q22
Petrochemicals production* (kt)
1H23
1H22
1H23 vs 1H22
1,026
1,047
1,023
-
Europe
2,073
2,282
-9%
619
607
603
+3%
Americas
1,226
1,240
-1%
475
753
768
-38%
Middle East and Asia
1,228
1,549
-21%
* Olefins, polymers.
9.3 Renewables
2Q23
1Q23
Installed power generation gross capacity (GW) (1),(2)
Solar
Onshore Wind
Offshore Wind
Other
Total
Solar
Onshore Wind
Offshore Wind
Other
Total
France
0.8
0.6
0.0
0.1
1.6
0.8
0.6
0.0
0.2
1.5
Rest of Europe
0.2
1.1
0.8
0.0
2.1
0.2
1.1
0.5
0.0
1.8
Africa
0.1
0.0
0.0
0.0
0.2
0.1
0.0
0.0
0.0
0.2
Middle East
1.2
0.0
0.0
0.0
1.2
1.2
0.0
0.0
0.0
1.2
North America
3.5
2.1
0.0
0.1
5.6
3.0
2.1
0.0
0.1
5.1
South America
0.4
1.0
0.0
0.0
1.4
0.4
0.9
0.0
0.0
1.3
India
5.1
0.4
0.0
0.0
5.5
5.0
0.4
0.0
0.0
5.4
Asia-Pacific
1.4
0.0
0.1
0.0
1.5
1.3
0.0
0.1
0.0
1.5
Total
12.5
5.2
1.0
0.3
19.0
12.0
5.0
0.7
0.3
17.9
2Q23
1Q23
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
0.1
0.0
0.0
0.3
0.2
0.1
0.0
0.0
0.4
Rest of Europe
0.1
0.0
0.3
0.0
0.5
0.1
0.0
0.6
0.0
0.7
Africa
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Middle East
0.1
0.0
0.0
0.0
0.1
0.0
0.0
0.0
0.0
0.0
North America
2.8
0.1
0.0
0.5
3.4
2.7
0.1
0.0
0.5
3.4
South America
0.1
0.2
0.0
0.0
0.3
0.1
0.6
0.0
0.0
0.7
India
0.4
0.1
0.0
0.0
0.5
0.4
0.1
0.0
0.0
0.5
Asia-Pacific
0.0
0.0
0.5
0.0
0.6
0.0
0.0
0.5
0.0
0.6
Total
3.8
0.5
0.9
0.6
5.7
3.6
0.9
1.2
0.5
6.2
2Q23
1Q23
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
1.0
0.6
0.0
0.0
1.6
0.9
0.2
0.0
0.0
1.2
Rest of Europe
5.4
0.4
4.4
0.1
10.3
3.6
0.4
4.4
0.1
8.4
Africa
0.6
0.3
0.0
0.1
1.0
0.7
0.3
0.0
0.1
1.1
Middle East
0.4
0.0
0.0
0.0
0.4
0.5
0.0
0.0
0.0
0.5
North America
9.0
3.2
4.1
5.1
21.3
10.7
2.8
4.1
4.5
22.1
South America
1.6
1.6
0.0
0.4
3.6
1.3
0.5
0.0
0.0
1.8
India
4.2
0.1
0.0
0.0
4.3
4.6
0.2
0.0
0.0
4.8
Asia-Pacific
3.2
0.4
2.9
0.9
7.5
2.4
0.4
2.9
0.7
6.4
Total
25.5
6.6
11.4
6.5
50.0
24.7
4.8
11.4
5.4
46.3
(1) Includes 20% of the gross capacities of Adani Green Energy
Limited, 50% of Clearway Energy Group and, from 1Q23, 49% of Casa
dos Ventos. (2) End-of-period data.
10. Adjustment items to net income (TotalEnergies
share)
2Q23
1Q23
2Q22
In millions of dollars
1H23
1H22
(377)
(159)
(4,546)
Special items affecting net income (TotalEnergies share)
(536)
(9,539)
-
203
-
Gain (loss) on asset sales
203
-
(5)
-
(8)
Restructuring charges
(5)
(11)
(469)
(60)
(3,719)
Impairments
(529)
(8,780)
97
(302)
(819)
Other
(205)
(748)
(380)
(391)
993
After-tax inventory effect : FIFO vs. replacement cost
(771)
2,033
(111)
(434)
(551)
Effect of changes in fair value
(545)
(631)
(868)
(984)
(4,104)
Total adjustments affecting net income
(1,852)
(8,137)
11. Reconciliation of adjusted EBITDA with consolidated
financial statements
11.1 Reconciliation of net income (TotalEnergies share) to
adjusted EBITDA
2Q23
1Q23
2Q22
2Q23 vs 2Q22
In millions of dollars
1H23
1H22
1H23 vs 1H22
4,088
5,557
5,692
-28%
Net income - TotalEnergies share
9,645
10,636
-9%
868
984
4,104
-79%
Less: adjustment items to net income (TotalEnergies share)
1,852
8,137
-77%
4,956
6,541
9,796
-49%
Adjusted net income - TotalEnergies share
11,497
18,773
-39%
Adjusted items
61
74
89
-31%
Add: non-controlling
interests
135
165
-18%
2,715
4,090
5,274
-49%
Add: income taxes
6,805
9,998
-32%
2,959
3,026
3,038
-3%
Add: depreciation, depletion
and impairment of tangible assets and mineral interests
5,985
6,186
-3%
92
99
98
-6%
Add: amortization and
impairment of intangible assets
191
194
-2%
724
710
572
+27%
Add: financial interest on
debt
1,434
1,034
+39%
(402)
(373)
(130)
ns
Less: financial income and
expense from cash & cash equivalents
(775)
(189)
ns
11,105
14,167
18,737
-41%
Adjusted EBITDA
25,272
36,161
-30%
11.2 Reconciliation of revenues from sales to adjusted EBITDA
and net income (TotalEnergies share)
2Q23
1Q23
2Q22
2Q23 vs 2Q22
In millions of dollars
1H23
1H22
1H23 vs 1H22
Adjusted items
51,458
58,309
70,460
-27%
Revenues from sales
109,767
134,398
-18%
(33,379)
(37,479)
(46,023)
ns
Purchases, net of inventory variation
(70,858)
(86,785)
ns
(7,754)
(7,752)
(7,620)
ns
Other operating expenses
(15,506)
(15,029)
ns
(62)
(94)
(117)
ns
Exploration costs
(156)
(253)
ns
116
77
429
-73%
Other income
193
550
-65%
(164)
(38)
(431)
ns
Other expense, excluding amortization and impairment of
intangible assets
(202)
(604)
ns
401
248
231
+74%
Other financial income
649
350
+85%
(173)
(183)
(136)
ns
Other financial expense
(356)
(271)
ns
662
1,079
1,944
-66%
Net income (loss) from equity affiliates
1,741
3,805
-54%
11,105
14,167
18,737
-41%
Adjusted EBITDA
25,272
36,161
-30%
Adjusted items
(2,959)
(3,026)
(3,038)
ns
Less: depreciation, depletion
and impairment of tangible assets and mineral interests
(5,985)
(6,186)
ns
(92)
(99)
(98)
ns
Less: amortization of
intangible assets
(191)
(194)
ns
(724)
(710)
(572)
ns
Less: financial interest on
debt
(1,434)
(1,034)
ns
402
373
130
x3,1
Add: financial income and
expense from cash & cash equivalents
775
189
x4,1
(2,715)
(4,090)
(5,274)
ns
Less: income taxes
(6,805)
(9,998)
ns
(61)
(74)
(89)
ns
Less: non-controlling
interests
(135)
(165)
ns
(868)
(984)
(4,104)
ns
Add: adjustment - TotalEnergies share
(1,852)
(8,137)
ns
4,088
5,557
5,692
-28%
Net income - TotalEnergies share
9,645
10,636
-9%
12. Investments - Divestments
2Q23
1Q23
2Q22
2Q23 vs 2Q22
In millions of dollars
1H23
1H22
1H23 vs 1H22
4,271
3,433
2,819
+51%
Organic investments ( a )
7,704
4,800
+60%
328
205
98
x3,3
Capitalized exploration
533
212
x2,5
366
374
277
+32%
Increase in non-current
loans
740
511
+45%
(84)
(229)
(174)
ns
Repayment of non-current loans,
excluding organic loan repayment from equity affiliates
(313)
(609)
ns
-
-
(190)
-100%
Change in debt from renewable
projects (TotalEnergies share)
-
(190)
-100%
482
3,256
2,464
-80%
Acquisitions ( b )
3,738
3,864
-3%
162
269
388
-58%
Asset sales ( c )
431
866
-50%
(35)
(3)
176
ns
Change in debt from renewable projects (partner
share)
(38)
174
ns
320
2,987
2,076
-85%
Net acquisitions
3,307
2,998
+10%
4,591
6,420
4,895
-6%
Net investments ( a + b - c )
11,011
7,798
+41%
-
-
-
ns
Other transactions with non-controlling interests ( d )
-
-
ns
(18)
6
(238)
ns
Organic loan repayment from equity affiliates ( e )
(12)
(725)
ns
(35)
(3)
366
ns
Change in debt from renewable projects financing * ( f )
(38)
364
ns
64
60
37
+73%
Capex linked to capitalized leasing contracts ( g )
124
73
+70%
1
1
4
-75%
Expenditures related to carbon credits ( h )
2
4
-50%
4,473
6,362
4,982
-10%
Cash flow used in investing activities ( a + b - c + d +
e + f - g - h )
10,835
7,360
+47%
* Change in debt from renewable projects (TotalEnergies share
and partner share).
13. Cash flow
2Q23
1Q23
2Q22
2Q23 vs 2Q22
In millions of dollars
1H23
1H22
1H23 vs 1H22
9,900
5,133
16,284
-39%
Cash flow from operations
15,033
23,901
-37%
1,720
(3,989)
2,161
-20%
Less (Increase) decrease in
working capital **
(2,269)
(2,614)
ns
(252)
(502)
1,151
ns
Less Inventory effect
(754)
2,406
ns
(35)
(3)
(23)
ns
Less Capital gain from
renewable project sales
(38)
(25)
ns
(18)
6
(238)
ns
Less Organic loan repayments
from equity affiliates
(12)
(725)
ns
8,485
9,621
13,233
-36%
= Operating cash flow before working capital
changes ( a ) *
18,106
24,859
-27%
(112)
(153)
(399)
ns
Financial charges
(265)
(767)
ns
8,596
9,774
13,631
-37%
Operating cash flow before working capital changes w/o
financial charges (DACF)
18,371
25,626
-28%
4,271
3,433
2,819
+51%
Organic investments ( b )
7,704
4,800
+60%
4,214
6,188
10,414
-60%
Free cash flow after organic investments,w/o net asset
sales ( a - b )
10,402
20,059
-48%
4,591
6,420
4,895
-6%
Net investments ( c )
11,011
7,798
+41%
3,894
3,201
8,338
-53%
Net cash flow ( a - c )
7,095
17,061
-58%
* 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
Integrated LNG and Integrated Power sectors’ contracts and
including capital gain from renewable projects sale. Historical
data have been restated to cancel the impact of fair valuation of
Integrated LNG and Integrated Power sectors’ contracts. ** Changes
in working capital are presented excluding the mark-to-market
effect of Integrated LNG and Integrated Power sectors’
contracts.
14. Gearing ratio
In millions of dollars
06/30/2023
03/31/2023
06/30/2022
Current borrowings (1)
13,980
16,280
14,589
Other current financial liabilities
443
597
401
Current financial assets (1),(2)
(6,397)
(7,223)
(7,697)
Net financial assets classified as held for sale (1)
(41)
(38)
(14)
Non-current financial debt (1)
33,387
34,820
39,233
Non-current financial assets (1)
(1,264)
(1,101)
(692)
Cash and cash equivalents
(25,572)
(27,985)
(32,848)
Net debt (a)
14,536
15,350
12,972
Shareholders’ equity - TotalEnergies share
113,682
115,581
116,688
Non-controlling interests
2,770
2,863
3,309
Shareholders' equity (b)
116,452
118,444
119,997
Net-debt-to-capital ratio = a / (a+b)
11.1%
11.5%
9.8%
Leases (c)
8,090
8,131
7,963
Net-debt-to-capital ratio including leases (a+c) / (a+b+c)
16.3%
16.5%
14.9%
(1) Excludes leases receivables and leases debts. (2) Including
initial margins held as part of the Company's activities on
organized markets.
15. Return on average capital employed(20)
Twelve months ended June 30, 2023
In millions of dollars
Exploration &
Production
Integrated LNG
Integrated Power
Refining &
Chemicals
Marketing &
Services
Company
Adjusted net operating income
12,747
9,223
1,537
6,044
1,541
30,776
Capital employed at 06/30/2022*
70,248
41,606
12,568
7,958
7,475
137,035
Capital employed at 06/30/2023*
68,530
34,598
17,804
9,698
8,796
137,372
ROACE
18.4%
24.2%
10.1%
68.5%
18.9%
22.4%
Twelve months ended March 31, 2023
In millions of dollars
Exploration &
Production
Integrated LNG
Integrated Power
Refining &
Chemicals
Marketing &
Services
Company
Adjusted net operating income
15,117
10,108
1,427
7,800
1,558
35,712
Capital employed at 03/31/2022*
71,518
44,803
9,937
8,847
7,751
141,853
Capital employed at 03/31/2023*
67,658
34,183
18,982
10,115
8,811
139,830
ROACE
21.7%
25.6%
9.9%
82.3%
18.8%
25.4%
* 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 2023 and half-year 2023 from the consolidated
financial statements of TotalEnergies SE as of June 30, 2023
(unaudited). The limited review procedures by the Statutory
Auditors are underway. The notes to the consolidated financial
statements (unaudited) are available on the website
totalenergies.com.
This document may contain forward-looking statements (including
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995), notably with respect to
the financial condition, results of operations, business activities
and industrial strategy of TotalEnergies. This document may also
contain statements regarding the perspectives, objectives, areas of
improvement and goals of TotalEnergies, including with respect to
climate change and carbon neutrality (net zero emissions). An
ambition expresses an outcome desired by TotalEnergies, it being
specified that the means to be deployed do not depend solely on
TotalEnergies. These forward-looking statements may generally be
identified by the use of the future or conditional tense or
forward-looking words such as “envisions”, “intends”,
“anticipates”, “believes”, “considers”, “plans”, “expects”,
“thinks”, “targets”, “aims” or similar terminology. Such
forward-looking statements included in this document are based on
economic data, estimates and assumptions prepared in a given
economic, competitive and regulatory environment and considered to
be reasonable by TotalEnergies as of the date of this document.
These forward-looking statements are not historical data and should
not be interpreted as assurances that the perspectives, objectives
or goals announced will be achieved. They may prove to be
inaccurate in the future, and may evolve or be modified with a
significant difference between the actual results and those
initially estimated, due to the uncertainties notably related to
the economic, financial, competitive and regulatory environment, or
due to the occurrence of risk factors, such as, notably, the price
fluctuations in crude oil and natural gas, the evolution of the
demand and price of petroleum products, the changes in production
results and reserves estimates, the ability to achieve cost
reductions and operating efficiencies without unduly disrupting
business operations, changes in laws and regulations including
those related to the environment and climate, currency
fluctuations, as well as economic and political developments,
changes in market conditions, loss of market share and changes in
consumer preferences, or pandemics such as the COVID-19 pandemic.
Additionally, certain financial information is based on estimates
particularly in the assessment of the recoverable value of assets
and potential impairments of assets relating thereto. Neither
TotalEnergies SE nor any of its subsidiaries assumes any obligation
to update publicly any forward-looking information or statement,
objectives or trends contained in this document whether as a result
of new information, future events or otherwise. The information on
risk factors that could have a significant adverse effect on
TotalEnergies’ business, financial condition, including its
operating income and cash flow, reputation, outlook or the value of
financial instruments issued by TotalEnergies is provided in the
most recent version of the Universal Registration Document which is
filed by TotalEnergies SE with the French Autorité des Marchés
Financiers and the annual report on Form 20-F filed with the United
States Securities and Exchange Commission (“SEC”).
Financial information by business segment is reported in
accordance with the internal reporting system and shows internal
segment information that is used to manage and measure the
performance of TotalEnergies. In addition to IFRS measures, certain
alternative performance indicators are presented, such as
performance indicators excluding the adjustment items described
below (adjusted operating income, adjusted net operating income,
adjusted net income), return on equity (ROE), return on average
capital employed (ROACE), gearing ratio, operating cash flow before
working capital changes, the shareholder rate of return. These
indicators are meant to facilitate the analysis of the financial
performance of TotalEnergies and the comparison of income between
periods. They allow investors to track the measures used internally
to manage and measure the performance of TotalEnergies.
These adjustment items include:
(i) Special items
Due to their unusual nature or particular significance, certain
transactions 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. * For the twelve
months ended June 30, 2023. (3) 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. (4) 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 18.
(5) 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. (6) 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). (7)
In accordance with IFRS rules, adjusted fully-diluted earnings per
share is calculated from the adjusted net income less the interest
on the perpetual subordinated bonds. (8) Organic investments = net
investments excluding acquisitions, asset sales and other
operations with non-controlling interests. (9) Net acquisitions =
acquisitions – assets sales – other transactions with
non-controlling interests (see page 20). (10) Net investments =
organic investments + net acquisitions (see page 20). (11)
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
Integrated LNG and Integrated Power contracts and including capital
gains from renewable projects sale. The inventory valuation effect
is explained on page 22. The reconciliation table for different
cash flow figures is on page 20. (12) DACF = debt adjusted cash
flow, is defined as operating cash flow before working capital
changes and financial charges. (13) 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. (14) Scope 1+2 GHG emissions of operated
facilities are defined as the sum of direct emissions of greenhouse
gases from sites or activities that are included in the scope of
reporting (as defined in the Company’s 2022 Universal Registration
Document) and indirect emissions attributable to brought-in energy
(electricity, heat, steam), excluding purchased industrial gases
(H2). (15) TotalEnergies reports Scope 3 GHG emissions, category
11, which correspond to indirect GHG emissions related to the use
by customers of energy products, i.e., combustion of the products
to obtain energy. The Company follows the oil & gas industry
reporting guidelines published by IPIECA, which comply with the GHG
Protocol methodologies. In order to avoid double counting, this
methodology accounts for the largest volume in the oil, biofuels
and gas value chains, i.e., the higher of the two production
volumes or sales to end customers. The highest point for each value
chain for 2023 will be evaluated considering realizations over the
full year, TotalEnergies gradually providing quarterly estimates.
(16) These adjustment elements are explained page 22. (17) Total
net income adjustment items are detailed page 18 as well as in the
annexes to the accounts. (18) Net cash flow = operating cash flow
before working capital changes - net investments (including other
transactions with non-controlling interest). (19) ROACE is the
ratio of Adjusted net operating income to Average capital employed
between the beginning and the end of the period. (20) ROACE is the
ratio of Adjusted net operating income to Average capital employed
between the beginning and the end of the period.
TotalEnergies financial statements
_______________________________ Second quarter and first half 2023
consolidated accounts, IFRS
CONSOLIDATED STATEMENT OF
INCOME
TotalEnergies
(unaudited)
2nd quarter
1st quarter
2nd quarter
(M$)(a)
2023
2023
2022
Sales
56,271
62,603
74,774
Excise taxes
(4,737)
(4,370)
(4,329)
Revenues from sales
51,534
58,233
70,445
Purchases, net of inventory variation
(33,864)
(38,351)
(45,443)
Other operating expenses
(7,906)
(7,785)
(8,041)
Exploration costs
(62)
(92)
(117)
Depreciation, depletion and impairment of
tangible assets and mineral interests
(3,106)
(3,062)
(3,102)
Other income
116
341
429
Other expense
(366)
(300)
(1,305)
Financial interest on debt
(724)
(710)
(572)
Financial income and expense from cash
& cash equivalents
510
393
245
Cost of net debt
(214)
(317)
(327)
Other financial income
413
258
231
Other financial expense
(173)
(183)
(136)
Net income (loss) from equity
affiliates
267
960
(1,546)
Income taxes
(2,487)
(4,071)
(5,284)
Consolidated net income
4,152
5,631
5,804
TotalEnergies share
4,088
5,557
5,692
Non-controlling interests
64
74
112
Earnings per share ($)
1.65
2.23
2.18
Fully-diluted earnings per share ($)
1.64
2.21
2.16
(a) Except for per share amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
TotalEnergies
(unaudited)
2nd quarter
1st quarter
2nd quarter
(M$)
2023
2023
2022
Consolidated net income
4,152
5,631
5,804
Other comprehensive income
Actuarial gains and losses
135
3
204
Change in fair value of investments in
equity instruments
(1)
4
(20)
Tax effect
(43)
(8)
(53)
Currency translation adjustment generated
by the parent company
(57)
1,466
(5,387)
Items not potentially reclassifiable to
profit and loss
34
1,465
(5,256)
Currency translation adjustment
(49)
(1,250)
2,523
Cash flow hedge
689
1,202
3,222
Variation of foreign currency basis
spread
11
(3)
21
share of other comprehensive income of
equity affiliates, net amount
3
(98)
2,548
Other
(4)
3
(1)
Tax effect
(136)
(336)
(1,112)
Items potentially reclassifiable to
profit and loss
514
(482)
7,201
Total other comprehensive income (net
amount)
548
983
1,945
Comprehensive income
4,700
6,614
7,749
TotalEnergies share
4,676
6,550
7,705
Non-controlling interests
24
64
44
CONSOLIDATED STATEMENT OF
INCOME
TotalEnergies
(unaudited)
1st half
1st half
(M$)(a)
2023
2022
Sales
118,874
143,380
Excise taxes
(9,107)
(8,985)
Revenues from sales
109,767
134,395
Purchases, net of inventory variation
(72,215)
(85,091)
Other operating expenses
(15,691)
(15,664)
Exploration costs
(154)
(978)
Depreciation, depletion and impairment of
tangible assets and mineral interests
(6,168)
(6,781)
Other income
457
572
Other expense
(666)
(3,595)
Financial interest on debt
(1,434)
(1,034)
Financial income and expense from cash
& cash equivalents
903
459
Cost of net debt
(531)
(575)
Other financial income
671
434
Other financial expense
(356)
(271)
Net income (loss) from equity
affiliates
1,227
(1,503)
Income taxes
(6,558)
(10,088)
Consolidated net income
9,783
10,855
TotalEnergies share
9,645
10,636
Non-controlling interests
138
219
Earnings per share ($)
3.88
4.04
Fully-diluted earnings per share ($)
3.86
4.02
(a) Except for per share amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
TotalEnergies
(unaudited)
1st half
1st half
(M$)
2023
2022
Consolidated net income
9,783
10,855
Other comprehensive income
Actuarial gains and losses
138
204
Change in fair value of investments in
equity instruments
3
(17)
Tax effect
(51)
(42)
Currency translation adjustment generated
by the parent company
1,409
(7,137)
Items not potentially reclassifiable to
profit and loss
1,499
(6,992)
Currency translation adjustment
(1,299)
3,535
Cash flow hedge
1,891
2,959
Variation of foreign currency basis
spread
8
70
share of other comprehensive income of
equity affiliates, net amount
(95)
2,464
Other
(1)
(1)
Tax effect
(472)
(1,059)
Items potentially reclassifiable to
profit and loss
32
7,968
Total other comprehensive income (net
amount)
1,531
976
Comprehensive income
11,314
11,831
TotalEnergies share
11,226
11,658
Non-controlling interests
88
173
CONSOLIDATED BALANCE SHEET
TotalEnergies
June 30,
2023
March 31,
2023
December 31,
2022
June 30,
2022
(M$)
(unaudited)
(unaudited)
(unaudited)
ASSETS
Non-current assets
Intangible assets, net
31,717
33,234
31,931
37,020
Property, plant and equipment, net
104,174
107,499
107,101
101,454
Equity affiliates : investments and
loans
30,425
29,997
27,889
28,210
Other investments
1,190
1,209
1,051
1,383
Non-current financial assets
2,494
2,357
2,731
1,612
Deferred income taxes
3,649
4,772
5,049
4,737
Other non-current assets
2,573
2,709
2,388
3,075
Total non-current assets
176,222
181,777
178,140
177,491
Current assets
Inventories, net
18,785
22,786
22,936
28,542
Accounts receivable, net
22,163
24,128
24,378
30,796
Other current assets
23,111
28,153
36,070
55,553
Current financial assets
6,725
7,535
8,746
7,863
Cash and cash equivalents
25,572
27,985
33,026
32,848
Assets classified as held for sale
8,441
668
568
313
Total current assets
104,797
111,255
125,724
155,915
Total assets
281,019
293,032
303,864
333,406
LIABILITIES & SHAREHOLDERS'
EQUITY
Shareholders' equity
Common shares
7,850
7,828
8,163
8,163
Paid-in surplus and retained earnings
123,511
123,357
123,951
125,554
Currency translation adjustment
(12,859)
(12,784)
(12,836)
(14,019)
Treasury shares
(4,820)
(2,820)
(7,554)
(3,010)
Total shareholders' equity -
TotalEnergies share
113,682
115,581
111,724
116,688
Non-controlling interests
2,770
2,863
2,846
3,309
Total shareholders' equity
116,452
118,444
114,570
119,997
Non-current liabilities
Deferred income taxes
11,237
11,300
11,021
12,169
Employee benefits
1,872
1,840
1,829
2,341
Provisions and other non-current
liabilities
21,295
21,270
21,402
23,373
Non-current financial debt
40,427
42,915
45,264
46,868
Total non-current liabilities
74,831
77,325
79,516
84,751
Current liabilities
Accounts payable
32,853
36,037
41,346
49,700
Other creditors and accrued
liabilities
38,609
42,578
52,275
62,498
Current borrowings
15,542
17,884
15,502
16,003
Other current financial liabilities
443
597
488
401
Liabilities directly associated with the
assets classified as held for sale
2,289
167
167
56
Total current liabilities
89,736
97,263
109,778
128,658
Total liabilities & shareholders'
equity
281,019
293,032
303,864
333,406
CONSOLIDATED STATEMENT OF CASH FLOW
TotalEnergies
(unaudited)
2nd quarter
1st quarter
2nd quarter
(M$)
2023
2023
2022
CASH FLOW FROM OPERATING
ACTIVITIES
Consolidated net income
4,152
5,631
5,804
Depreciation, depletion, amortization and
impairment
3,195
3,187
3,321
Non-current liabilities, valuation
allowances and deferred taxes
81
314
1,427
(Gains) losses on disposals of assets
(70)
(252)
(165)
Undistributed affiliates' equity
earnings
383
(349)
2,999
(Increase) decrease in working capital
2,125
(3,419)
2,498
Other changes, net
34
21
400
Cash flow from operating
activities
9,900
5,133
16,284
CASH FLOW USED IN INVESTING
ACTIVITIES
Intangible assets and property, plant and
equipment additions
(3,870)
(4,968)
(5,150)
Acquisitions of subsidiaries, net of cash
acquired
(19)
(136)
(82)
Investments in equity affiliates and other
securities
(522)
(1,407)
(136)
Increase in non-current loans
(366)
(389)
(278)
Total expenditures
(4,777)
(6,900)
(5,646)
Proceeds from disposals of intangible
assets and property, plant and equipment
31
68
153
Proceeds from disposals of subsidiaries,
net of cash sold
38
183
63
Proceeds from disposals of non-current
investments
133
49
35
Repayment of non-current loans
102
238
413
Total divestments
304
538
664
Cash flow used in investing
activities
(4,473)
(6,362)
(4,982)
CASH FLOW USED IN FINANCING
ACTIVITIES
Issuance (repayment) of shares:
- Parent company
shareholders
383
-
371
- Treasury shares
(2,002)
(2,103)
(1,988)
Dividends paid:
- Parent company
shareholders
(1,842)
(1,844)
(1,825)
- Non-controlling
interests
(105)
(21)
(97)
Net issuance (repayment) of perpetual
subordinated notes
(1,081)
-
(1,958)
Payments on perpetual subordinated
notes
(80)
(158)
(138)
Other transactions with non-controlling
interests
(13)
(86)
(10)
Net issuance (repayment) of non-current
debt
(14)
118
508
Increase (decrease) in current
borrowings
(4,111)
(1,274)
(2,703)
Increase (decrease) in current financial
assets and liabilities
990
1,394
(731)
Cash flow from (used in) financing
activities
(7,875)
(3,974)
(8,571)
Net increase (decrease) in cash and
cash equivalents
(2,448)
(5,203)
2,731
Effect of exchange rates
35
162
(1,159)
Cash and cash equivalents at the beginning
of the period
27,985
33,026
31,276
Cash and cash equivalents at the end of
the period
25,572
27,985
32,848
CONSOLIDATED STATEMENT OF CASH FLOW
TotalEnergies
(unaudited)
1st half
1st half
(M$)
2023
2022
CASH FLOW FROM OPERATING
ACTIVITIES
Consolidated net income
9,783
10,855
Depreciation, depletion, amortization and
impairment
6,382
7,899
Non-current liabilities, valuation
allowances and deferred taxes
395
3,965
(Gains) losses on disposals of assets
(322)
(178)
Undistributed affiliates' equity
earnings
34
3,261
(Increase) decrease in working capital
(1,294)
(2,425)
Other changes, net
55
524
Cash flow from operating
activities
15,033
23,901
CASH FLOW USED IN INVESTING
ACTIVITIES
Intangible assets and property, plant and
equipment additions
(8,838)
(8,607)
Acquisitions of subsidiaries, net of cash
acquired
(155)
(82)
Investments in equity affiliates and other
securities
(1,929)
(225)
Increase in non-current loans
(755)
(519)
Total expenditures
(11,677)
(9,433)
Proceeds from disposals of intangible
assets and property, plant and equipment
99
330
Proceeds from disposals of subsidiaries,
net of cash sold
221
151
Proceeds from disposals of non-current
investments
182
250
Repayment of non-current loans
340
1,342
Total divestments
842
2,073
Cash flow used in investing
activities
(10,835)
(7,360)
CASH FLOW USED IN FINANCING
ACTIVITIES
Issuance (repayment) of shares:
- Parent company
shareholders
383
371
- Treasury shares
(4,105)
(3,164)
Dividends paid:
- Parent company
shareholders
(3,686)
(3,753)
- Non-controlling
interests
(126)
(119)
Net issuance (repayment) of perpetual
subordinated notes
(1,081)
-
Payments on perpetual subordinated
notes
(238)
(274)
Other transactions with non-controlling
interests
(99)
(5)
Net issuance (repayment) of non-current
debt
104
542
Increase (decrease) in current
borrowings
(5,385)
(2,046)
Increase (decrease) in current financial
assets and liabilities
2,384
4,863
Cash flow from (used in) financing
activities
(11,849)
(3,585)
Net increase (decrease) in cash and
cash equivalents
(7,651)
12,956
Effect of exchange rates
197
(1,450)
Cash and cash equivalents at the beginning
of the period
33,026
21,342
Cash and cash equivalents at the end of
the period
25,572
32,848
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
TotalEnergies
(unaudited)
Common shares issued
Paid-in surplus and retained
earnings
Currency translation
adjustment
Treasury shares
Shareholders' equity -
TotalEnergies Share
Non- controlling
interests
Total shareholders'
equity
(M$)
Number
Amount
Number
Amount
As of January 1, 2022
2,640,429,329
8,224
117,849
(12,671)
(33,841,104)
(1,666)
111,736
3,263
114,999
Net income of the first 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
Net income of the second half
2022
-
-
9,890
-
-
-
9,890
299
10,189
Other comprehensive income
-
-
(5,303)
1,174
-
-
(4,129)
44
(4,085)
Comprehensive Income
-
-
4,587
1,174
-
-
5,761
343
6,104
Dividend
-
-
(6,186)
-
-
-
(6,186)
(417)
(6,603)
Issuance of common shares
-
-
(1)
-
-
-
(1)
-
(1)
Purchase of treasury shares
-
-
-
-
(81,749,207)
(4,547)
(4,547)
-
(4,547)
Sale of treasury shares(a)
-
-
(3)
-
27,457
3
-
-
-
Share-based payments
-
-
72
-
-
-
72
-
72
Share cancellation
-
-
-
-
-
-
-
-
-
Net issuance (repayment) of
perpetual subordinated notes
-
-
-
-
-
-
-
-
-
Payments on perpetual subordinated
notes
-
-
(148)
-
-
-
(148)
-
(148)
Other operations with
non-controlling interests
-
-
41
9
-
-
50
46
96
Other items
-
-
35
-
-
-
35
(435)
(400)
As of December 31, 2022
2,619,131,285
8,163
123,951
(12,836)
(137,187,667)
(7,554)
111,724
2,846
114,570
Net income of the first half
2023
-
-
9,645
-
-
-
9,645
138
9,783
Other comprehensive income
-
-
1,576
5
-
-
1,581
(50)
1,531
Comprehensive Income
-
-
11,221
5
-
-
11,226
88
11,314
Dividend
-
-
(3,868)
-
-
-
(3,868)
(126)
(3,994)
Issuance of common shares
8,002,155
22
361
-
-
-
383
-
383
Purchase of treasury shares
-
-
-
-
(66,647,852)
(4,705)
(4,705)
-
(4,705)
Sale of treasury shares(a)
-
-
(396)
-
6,461,256
396
-
-
-
Share-based payments
-
-
172
-
-
-
172
-
172
Share cancellation
(128,869,261)
(335)
(6,708)
-
128,869,261
7,043
-
-
-
Net issuance (repayment) of
perpetual subordinated notes
-
-
(1,107)
-
-
-
(1,107)
-
(1,107)
Payments on perpetual subordinated
notes
-
-
(151)
-
-
-
(151)
-
(151)
Other operations with
non-controlling interests
-
-
39
(28)
-
-
11
(38)
(27)
Other items
-
-
(3)
-
-
-
(3)
-
(3)
As of June 30, 2023
2,498,264,179
7,850
123,511
(12,859)
(68,505,002)
(4,820)
113,682
2,770
116,452
(a)Treasury shares related to the
performance share grants.
INFORMATION BY BUSINESS SEGMENT TotalEnergies
(unaudited)
2nd quarter 2023
Exploration
&
Production
Integrated LNG
Integrated Power
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
External sales
1,434
2,020
6,249
24,849
21,712
7
-
56,271
Intersegment sales
10,108
2,778
670
8,630
201
64
(22,451)
-
Excise taxes
-
-
-
(231)
(4,506)
-
-
(4,737)
Revenues from sales
11,542
4,798
6,919
33,248
17,407
71
(22,451)
51,534
Operating expenses
(5,162)
(3,797)
(6,334)
(32,042)
(16,672)
(276)
22,451
(41,832)
Depreciation, depletion and impairment of
tangible assets and mineral interests
(2,117)
(277)
(51)
(394)
(241)
(26)
-
(3,106)
Operating income
4,263
724
534
812
494
(231)
-
6,596
Net income (loss) from equity affiliates
and other items
(15)
472
(250)
3
64
(17)
-
257
Tax on net operating income
(1,889)
(137)
(41)
(187)
(162)
(40)
-
(2,456)
Net operating income
2,359
1,059
243
628
396
(288)
-
4,397
Net cost of net debt
(245)
Non-controlling interests
(64)
Net income - TotalEnergies
share
4,088
2nd quarter 2023
(adjustments)(a)
Exploration
&
Production
Integrated LNG
Integrated Power
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
External sales
-
76
-
-
-
-
-
76
Intersegment sales
-
-
-
-
-
-
-
-
Excise taxes
-
-
-
-
-
-
-
-
Revenues from sales
-
76
-
-
-
-
-
76
Operating expenses
(25)
(400)
137
(216)
(76)
(57)
-
(637)
Depreciation, depletion and impairment of
tangible assets and mineral interests
(147)
-
-
-
-
-
-
(147)
Operating income
(b)
(172)
(324)
137
(216)
(76)
(57)
-
(708)
Net income (loss) from equity affiliates
and other items
(106)
16
(346)
(59)
-
2
-
(493)
Tax on net operating income
288
37
2
(101)
23
15
-
264
Net operating income
(b)
10
(271)
(207)
(376)
(53)
(40)
-
(937)
Net cost of net debt
72
Non-controlling interests
(3)
Net income - TotalEnergies
share
(868)
(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
-
-
(192)
(60)
-
- On net operating income
-
-
(332)
(45)
-
2nd quarter 2023
(adjusted)
Exploration
&
Production
Integrated LNG
Integrated Power
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
External sales
1,434
1,944
6,249
24,849
21,712
7
-
56,195
Intersegment sales
10,108
2,778
670
8,630
201
64
(22,451)
-
Excise taxes
-
-
-
(231)
(4,506)
-
-
(4,737)
Revenues from sales
11,542
4,722
6,919
33,248
17,407
71
(22,451)
51,458
Operating expenses
(5,137)
(3,397)
(6,471)
(31,826)
(16,596)
(219)
22,451
(41,195)
Depreciation, depletion and impairment of
tangible assets and mineral interests
(1,970)
(277)
(51)
(394)
(241)
(26)
-
(2,959)
Adjusted operating income
4,435
1,048
397
1,028
570
(174)
-
7,304
Net income (loss) from equity affiliates
and other items
91
456
96
62
64
(19)
-
750
Tax on net operating income
(2,177)
(174)
(43)
(86)
(185)
(55)
-
(2,720)
Adjusted net operating
income
2,349
1,330
450
1,004
449
(248)
-
5,334
Net cost of net debt
(317)
Non-controlling interests
(61)
Adjusted net income -
TotalEnergies share
4,956
2nd quarter 2023
Exploration
&
Production
Integrated LNG
Integrated Power
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
Total expenditures
2,569
626
807
489
256
30
-
4,777
Total divestments
26
45
149
52
28
4
-
304
Cash flow from operating
activities
4,047
1,332
2,284
1,923
665
(351)
-
9,900
INFORMATION BY BUSINESS SEGMENT TotalEnergies
(unaudited)
1st quarter 2023
Exploration
&
Production
Integrated LNG
Integrated Power
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
External sales
1,954
4,872
8,555
24,855
22,359
8
-
62,603
Intersegment sales
10,728
5,999
1,685
9,061
120
57
(27,650)
-
Excise taxes
-
-
-
(184)
(4,186)
-
-
(4,370)
Revenues from sales
12,682
10,871
10,240
33,732
18,293
65
(27,650)
58,233
Operating expenses
(4,762)
(9,445)
(9,831)
(31,892)
(17,787)
(161)
27,650
(46,228)
Depreciation, depletion and impairment of
tangible assets and mineral interests
(2,066)
(288)
(47)
(414)
(224)
(23)
-
(3,062)
Operating income
5,854
1,138
362
1,426
282
(119)
-
8,943
Net income (loss) from equity affiliates
and other items
68
804
(70)
52
243
(21)
-
1,076
Tax on net operating income
(3,398)
(205)
(111)
(325)
(119)
63
-
(4,095)
Net operating income
2,524
1,737
181
1,153
406
(77)
-
5,924
Net cost of net debt
(293)
Non-controlling interests
(74)
Net income - TotalEnergies
share
5,557
1st quarter 2023
(adjustments)(a)
Exploration
&
Production
Integrated LNG
Integrated Power
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
External sales
-
(76)
-
-
-
-
-
(76)
Intersegment sales
-
-
-
-
-
-
-
-
Excise taxes
-
-
-
-
-
-
-
-
Revenues from sales
-
(76)
-
-
-
-
-
(76)
Operating expenses
(8)
(300)
(70)
(424)
(101)
-
-
(903)
Depreciation, depletion and impairment of
tangible assets and mineral interests
-
-
-
(36)
-
-
-
(36)
Operating income
(b)
(8)
(376)
(70)
(460)
(101)
-
-
(1,015)
Net income (loss) from equity affiliates
and other items
(73)
(4)
(111)
(37)
217
-
-
(8)
Tax on net operating income
(48)
45
(8)
32
10
-
-
31
Net operating income
(b)
(129)
(335)
(189)
(465)
126
-
-
(992)
Net cost of net debt
8
Non-controlling interests
-
Net income - TotalEnergies
share
(984)
(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
-
-
(415)
(87)
-
- On net operating income
-
-
(327)
(64)
-
1st quarter 2023
(adjusted)
Exploration
&
Production
Integrated LNG
Integrated Power
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
External sales
1,954
4,948
8,555
24,855
22,359
8
-
62,679
Intersegment sales
10,728
5,999
1,685
9,061
120
57
(27,650)
-
Excise taxes
-
-
-
(184)
(4,186)
-
-
(4,370)
Revenues from sales
12,682
10,947
10,240
33,732
18,293
65
(27,650)
58,309
Operating expenses
(4,754)
(9,145)
(9,761)
(31,468)
(17,686)
(161)
27,650
(45,325)
Depreciation, depletion and impairment of
tangible assets and mineral interests
(2,066)
(288)
(47)
(378)
(224)
(23)
-
(3,026)
Adjusted operating income
5,862
1,514
432
1,886
383
(119)
-
9,958
Net income (loss) from equity affiliates
and other items
141
808
41
89
26
(21)
-
1,084
Tax on net operating income
(3,350)
(250)
(103)
(357)
(129)
63
-
(4,126)
Adjusted net operating
income
2,653
2,072
370
1,618
280
(77)
-
6,916
Net cost of net debt
(301)
Non-controlling interests
(74)
Adjusted net income - TotalEnergies
share
6,541
1st quarter 2023
Exploration
&
Production
Integrated LNG
Integrated Power
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
Total expenditures
4,052
1,195
1,234
225
159
35
-
6,900
Total divestments
31
49
149
8
301
-
-
538
Cash flow from operating
activities
4,536
3,536
(1,285)
(851)
(673)
(130)
-
5,133
INFORMATION BY BUSINESS SEGMENT TotalEnergies
(unaudited)
2nd quarter 2022
Exploration
&
Production
Integrated LNG
Integrated Power
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
External sales
2,521
3,901
6,380
35,061
26,907
4
-
74,774
Intersegment sales
13,805
3,940
488
12,785
716
70
(31,804)
-
Excise taxes
-
-
-
(186)
(4,143)
-
-
(4,329)
Revenues from sales
16,326
7,841
6,868
47,660
23,480
74
(31,804)
70,445
Operating expenses
(5,760)
(6,144)
(7,392)
(43,242)
(22,310)
(557)
31,804
(53,601)
Depreciation, depletion and impairment of
tangible assets and mineral interests
(2,112)
(276)
(51)
(389)
(241)
(33)
-
(3,102)
Operating income
8,454
1,421
(575)
4,029
929
(516)
-
13,742
Net income (loss) from equity affiliates
and other items
(3,668)
626
197
349
98
71
-
(2,327)
Tax on net operating income
(3,876)
(292)
32
(866)
(296)
(8)
-
(5,306)
Net operating income
910
1,755
(346)
3,512
731
(453)
-
6,109
Net cost of net debt
(305)
Non-controlling interests
(112)
Net income - TotalEnergies
share
5,692
2nd quarter 2022
(adjustments)(a)
Exploration
&
Production
Integrated LNG
Integrated Power
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
External sales
-
(15)
-
-
-
-
-
(15)
Intersegment sales
-
-
-
-
-
-
-
-
Excise taxes
-
-
-
-
-
-
-
-
Revenues from sales
-
(15)
-
-
-
-
-
(15)
Operating expenses
(82)
152
(758)
775
373
(301)
-
159
Depreciation, depletion and impairment of
tangible assets and mineral interests
(46)
(14)
-
-
(4)
-
-
(64)
Operating income
(b)
(128)
123
(758)
775
369
(301)
-
80
Net income (loss) from equity affiliates
and other items
(3,756)
(560)
2
52
(4)
-
-
(4,266)
Tax on net operating income
75
(23)
70
(75)
(100)
78
-
25
Net operating income
(b)
(3,809)
(460)
(686)
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)
Exploration
&
Production
Integrated LNG
Integrated Power
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
External sales
2,521
3,916
6,380
35,061
26,907
4
-
74,789
Intersegment sales
13,805
3,940
488
12,785
716
70
(31,804)
-
Excise taxes
-
-
-
(186)
(4,143)
-
-
(4,329)
Revenues from sales
16,326
7,856
6,868
47,660
23,480
74
(31,804)
70,460
Operating expenses
(5,678)
(6,296)
(6,634)
(44,017)
(22,683)
(256)
31,804
(53,760)
Depreciation, depletion and impairment of
tangible assets and mineral interests
(2,066)
(262)
(51)
(389)
(237)
(33)
-
(3,038)
Adjusted operating income
8,582
1,298
183
3,254
560
(215)
-
13,662
Net income (loss) from equity affiliates
and other items
88
1,186
195
297
102
71
-
1,939
Tax on net operating income
(3,951)
(269)
(38)
(791)
(196)
(86)
-
(5,331)
Adjusted net operating
income
4,719
2,215
340
2,760
466
(230)
-
10,270
Net cost of net debt
(385)
Non-controlling interests
(89)
Adjusted net income - TotalEnergies
share
9,796
2nd quarter 2022
Exploration
&
Production
Integrated LNG
Integrated Power
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
Total expenditures
4,128
285
587
333
288
25
-
5,646
Total divestments
63
393
73
56
72
7
-
664
Cash flow from operating
activities
8,768
3,802
168
3,526
580
(560)
-
16,284
INFORMATION BY BUSINESS SEGMENT TotalEnergies
(unaudited)
1sthalf 2023
Exploration
&
Production
Integrated LNG
Integrated Power
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
External sales
3,388
6,892
14,804
49,704
44,071
15
-
118,874
Intersegment sales
20,836
8,777
2,355
17,691
321
121
(50,101)
-
Excise taxes
-
-
-
(415)
(8,692)
-
-
(9,107)
Revenues from sales
24,224
15,669
17,159
66,980
35,700
136
(50,101)
109,767
Operating expenses
(9,924)
(13,242)
(16,165)
(63,934)
(34,459)
(437)
50,101
(88,060)
Depreciation, depletion and impairment of
tangible assets and mineral interests
(4,183)
(565)
(98)
(808)
(465)
(49)
-
(6,168)
Operating income
10,117
1,862
896
2,238
776
(350)
-
15,539
Net income (loss) from equity affiliates
and other items
53
1,276
(320)
55
307
(38)
-
1,333
Tax on net operating income
(5,287)
(342)
(152)
(512)
(281)
23
-
(6,551)
Net operating income
4,883
2,796
424
1,781
802
(365)
-
10,321
Net cost of net debt
(538)
Non-controlling interests
(138)
Net income - TotalEnergies
share
9,645
1sthalf 2023
(adjustments)(a)
Exploration
&
Production
Integrated LNG
Integrated Power
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
External sales
-
-
-
-
-
-
-
-
Intersegment sales
-
-
-
-
-
-
-
-
Excise taxes
-
-
-
-
-
-
-
-
Revenues from sales
-
-
-
-
-
-
-
-
Operating expenses
(33)
(700)
67
(640)
(177)
(57)
-
(1,540)
Depreciation, depletion and impairment of
tangible assets and mineral interests
(147)
-
-
(36)
-
-
-
(183)
Operating income
(b)
(180)
(700)
67
(676)
(177)
(57)
-
(1,723)
Net income (loss) from equity affiliates
and other items
(179)
12
(457)
(96)
217
2
-
(501)
Tax on net operating income
240
82
(6)
(69)
33
15
-
295
Net operating income
(b)
(119)
(606)
(396)
(841)
73
(40)
-
(1,929)
Net cost of net debt
80
Non-controlling interests
(3)
Net income - TotalEnergies
share
(1,852)
(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
-
-
(607)
(147)
-
- On net operating income
-
-
(659)
(109)
-
1sthalf 2023 (adjusted)
Exploration
&
Production
Integrated LNG
Integrated Power
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
External sales
3,388
6,892
14,804
49,704
44,071
15
-
118,874
Intersegment sales
20,836
8,777
2,355
17,691
321
121
(50,101)
-
Excise taxes
-
-
-
(415)
(8,692)
-
-
(9,107)
Revenues from sales
24,224
15,669
17,159
66,980
35,700
136
(50,101)
109,767
Operating expenses
(9,891)
(12,542)
(16,232)
(63,294)
(34,282)
(380)
50,101
(86,520)
Depreciation, depletion and impairment of
tangible assets and mineral interests
(4,036)
(565)
(98)
(772)
(465)
(49)
-
(5,985)
Adjusted operating income
10,297
2,562
829
2,914
953
(293)
-
17,262
Net income (loss) from equity affiliates
and other items
232
1,264
137
151
90
(40)
-
1,834
Tax on net operating income
(5,527)
(424)
(146)
(443)
(314)
8
-
(6,846)
Adjusted net operating
income
5,002
3,402
820
2,622
729
(325)
-
12,250
Net cost of net debt
(618)
Non-controlling interests
(135)
Adjusted net income - TotalEnergies
share
11,497
1sthalf 2023
Exploration
&
Production
Integrated LNG
Integrated Power
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
Total expenditures
6,621
1,821
2,041
714
415
65
-
11,677
Total divestments
57
94
298
60
329
4
-
842
Cash flow from operating
activities
8,583
4,868
999
1,072
(8)
(481)
-
15,033
INFORMATION BY BUSINESS SEGMENT TotalEnergies
(unaudited)
1sthalf 2022
Exploration
&
Production
Integrated LNG
Integrated Power
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
External sales
4,672
9,408
13,167
66,069
50,056
8
-
143,380
Intersegment sales
27,623
7,438
1,009
22,062
983
133
(59,248)
-
Excise taxes
-
-
-
(378)
(8,607)
-
-
(8,985)
Revenues from sales
32,295
16,846
14,176
87,753
42,432
141
(59,248)
134,395
Operating expenses
(11,468)
(13,030)
(14,686)
(80,653)
(40,294)
(850)
59,248
(101,733)
Depreciation, depletion and impairment of
tangible assets and mineral interests
(4,773)
(554)
(94)
(769)
(514)
(77)
-
(6,781)
Operating income
16,054
3,262
(604)
6,331
1,624
(786)
-
25,881
Net income (loss) from equity affiliates
and other items
(3,426)
(1,869)
192
505
56
179
-
(4,363)
Tax on net operating income
(7,739)
(553)
(1)
(1,391)
(521)
97
-
(10,108)
Net operating income
4,889
840
(413)
5,445
1,159
(510)
-
11,410
Net cost of net debt
(555)
Non-controlling interests
(219)
Net income - TotalEnergies
share
10,636
1sthalf 2022
(adjustments)(a)
Exploration
&
Production
Integrated LNG
Integrated Power
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
External sales
-
(18)
15
-
-
-
-
(3)
Intersegment sales
-
-
-
-
-
-
-
-
Excise taxes
-
-
-
-
-
-
-
-
Revenues from sales
-
(18)
15
-
-
-
-
(3)
Operating expenses
(873)
45
(768)
1,722
641
(433)
-
334
Depreciation, depletion and impairment of
tangible assets and mineral interests
(539)
(14)
-
-
(33)
(9)
-
(595)
Operating income
(b)
(1,412)
13
(753)
1,722
608
(442)
-
(264)
Net income (loss) from equity affiliates
and other items
(3,770)
(4,508)
11
169
(7)
106
-
(7,999)
Tax on net operating income
337
(13)
71
(326)
(180)
98
-
(13)
Net operating income
(b)
(4,845)
(4,508)
(671)
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)
Exploration
&
Production
Integrated LNG
Integrated Power
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
External sales
4,672
9,426
13,152
66,069
50,056
8
-
143,383
Intersegment sales
27,623
7,438
1,009
22,062
983
133
(59,248)
-
Excise taxes
-
-
-
(378)
(8,607)
-
-
(8,985)
Revenues from sales
32,295
16,864
14,161
87,753
42,432
141
(59,248)
134,398
Operating expenses
(10,595)
(13,075)
(13,918)
(82,375)
(40,935)
(417)
59,248
(102,067)
Depreciation, depletion and impairment of
tangible assets and mineral interests
(4,234)
(540)
(94)
(769)
(481)
(68)
-
(6,186)
Adjusted operating income
17,466
3,249
149
4,609
1,016
(344)
-
26,145
Net income (loss) from equity affiliates
and other items
344
2,639
181
336
63
73
-
3,636
Tax on net operating income
(8,076)
(540)
(72)
(1,065)
(341)
(1)
-
(10,095)
Adjusted net operating
income
9,734
5,348
258
3,880
738
(272)
-
19,686
Net cost of net debt
(748)
Non-controlling interests
(165)
Adjusted net income - TotalEnergies
share
18,773
1sthalf 2022
Exploration
&
Production
Integrated LNG
Integrated Power
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
Total expenditures
6,099
575
1,736
561
428
34
-
9,433
Total divestments
346
1,237
244
83
151
12
-
2,073
Cash flow from operating
activities
14,536
6,021
(1,736)
4,633
1,478
(1,031)
-
23,901
Reconciliation of the information by business segment with
Consolidated Financial Statements TotalEnergies (unaudited)
Consolidated
2nd quarter 2023
statement
(M$)
Adjusted
Adjustments(a)
of income
Sales
56,195
76
56,271
Excise taxes
(4,737)
-
(4,737)
Revenues
from sales
51,458
76
51,534
Purchases net of inventory variation
(33,379)
(485)
(33,864)
Other operating expenses
(7,754)
(152)
(7,906)
Exploration costs
(62)
-
(62)
Depreciation, depletion and impairment of
tangible assets and mineral interests
(2,959)
(147)
(3,106)
Other income
116
-
116
Other expense
(256)
(110)
(366)
Financial interest on debt
(724)
-
(724)
Financial income and expense from cash
& cash equivalents
402
108
510
Cost of net
debt
(322)
108
(214)
Other financial income
401
12
413
Other financial expense
(173)
-
(173)
Net income (loss) from equity
affiliates
662
(395)
267
Income taxes
(2,715)
228
(2,487)
Consolidated net income
5,017
(865)
4,152
TotalEnergies share
4,956
(868)
4,088
Non-controlling interests
61
3
64
(a) Adjustments include special items,
inventory valuation effect and the effect of changes in fair
value.
Consolidated
2nd quarter 2022
statement
(M$)
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.
Reconciliation of the information by business segment with
Consolidated Financial Statements TotalEnergies (unaudited)
Consolidated
1sthalf 2023
statement of
(M$)
Adjusted
Adjustments(a)
income
Sales
118,874
-
118,874
Excise taxes
(9,107)
-
(9,107)
Revenues
from sales
109,767
-
109,767
Purchases net of inventory variation
(70,858)
(1,357)
(72,215)
Other operating expenses
(15,506)
(185)
(15,691)
Exploration costs
(156)
2
(154)
Depreciation, depletion and impairment of
tangible assets and mineral interests
(5,985)
(183)
(6,168)
Other income
193
264
457
Other expense
(393)
(273)
(666)
Financial interest on debt
(1,434)
-
(1,434)
Financial income and expense from cash
& cash equivalents
775
128
903
Cost of net
debt
(659)
128
(531)
Other financial income
649
22
671
Other financial expense
(356)
-
(356)
Net income (loss) from equity
affiliates
1,741
(514)
1,227
Income taxes
(6,805)
247
(6,558)
Consolidated net income
11,632
(1,849)
9,783
TotalEnergies share
11,497
(1,852)
9,645
Non-controlling interests
135
3
138
(a) Adjustments include special items,
inventory valuation effect and the effect of changes in fair
value.
Consolidated
1sthalf 2022
statement of
(M$)
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.
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