TotalEnergies SE: Third Quarter 2022 Results

The Board of Directors of TotalEnergies SE, meeting on October 26, 2022 under the chairmanship of Chief Executive Officer Patrick Pouyanné approved the Company’s accounts for the third quarter of 2022. On this occasion, Patrick Pouyanné declared:

 

“In a context marked by an average Brent price of 100 $/b and an increase in gas prices exacerbated by Russia’s military aggression in Ukraine, TotalEnergies leveraged its integrated model, particularly LNG, to generate results in line with previous quarters. In the third quarter 2022, the Company posted adjusted net income of $9.9 billion and IFRS net income of $6.6 billion after taking into account a new impairment of $3.1 billion related to Russia. Cash flow was $11.7 billion, and the Company strengthened its balance sheet with a gearing ratio of 4%. Return on equity was more than 30% over the past 12 months.

 

The iGRP (integrated Gas, Renewables & Power) segment reported record adjusted net operating income of $3.6 billion this quarter, up $1.1 billion from the second quarter, and cash flow of $2.7 billion, driven by an average LNG selling price up more than 50% compared to the previous quarter and by the strong performance of its trading activities. The Company continued to implement its growth strategy by taking a stake in the North Field South LNG project in Qatar. In Electricity & Renewables, TotalEnergies completed the acquisition of 50% of the Clearway Energy Group in the United States and announced a significant acquisition in Brazil.

 

Exploration & Production posted adjusted net operating income of $4.2 billion and cash flow of $6.4 billion, despite a decrease in production this quarter, mainly due to unplanned shutdowns at Kashagan. TotalEnergies started production at the Ikike field in Nigeria, launched the Begonia project in Angola and the Fenix project in Argentina, and announced a significant gas discovery in Cyprus.

 

Downstream benefited from strong distillate margins, generating an outstanding adjusted net operating income of $2.4 billion and a cash flow of $2.9 billion.

 

In this favorable environment, taking into account income and production taxes of $26 billion worldwide, the Company is implementing a balanced value-sharing policy with an exceptional one-month-salary bonus in 2022 to all its employees(3() worldwide and, as announced on September 28, its shareholder return policy targeting 35-40% cash flow payout beginning in 2022.

 

The Board of Directors therefore decided to distribute a third interim dividend for the 2022 financial year in the amount of EUR0.69/share, equal to the first and second 2022 interim dividends and an increase of 5% from the interim and the final dividends paid for the 2021 financial year, and set the ex-dividend and payment dates for the interim special dividend of EUR1/share in December 2022. >>

 

1. Highlights(4)

 

Social and environmental responsibility

-- TotalEnergies' contributed to the energy transition dialogue in view of COP27 with the publication of the "TotalEnergies Energy Outlook 2022" -- Fuel price reduction program until year-end for TotalEnergies' service stations in France: 20 c/l discount extended until November 15 and then 10 c/l discount until December 31, 2022

Electricity and renewable energies

-- Acquired an interest in the development of more than 12 GW of onshore solar and wind projects in Brazil -- Offshore wind: -- Start-up of Seagreen, Scotland's largest offshore wind farm -- Solar: -- Start-up of the 800 MW Al Kharsaah solar power plant in Qatar -- Reached the objective of 500 MW of distributed solar generation capacity worldwide

LNG

-- Acquired a 9.375% stake in the 16 Mt/y North Field South LNG project in Qatar -- Launched the FEED for the Papua LNG project's upstream production facilities, in Papua New Guinea

Upstream

-- Started production at the Ikike field in Nigeria -- Launched developments in Angola of the Begonia oil field, the Quiluma and Maboqueiro gas fields, as well as a first solar project with a capacity of 35 MW -- Launched the Fenix offshore gas project in Argentina -- Significant offshore gas discovery at Cronos-1 well, located on Block 6 in Cyprus -- Exploration & production sharing agreement signed for Block 11 in Oman -- Sold 18% stake in the onshore Sarsang oil field in Iraq -- Sold 49% interest in the Termokarstovoye gas field in Russia to Novatek

Downstream and new molecules

-- Agreement with SARIA to develop SAF production on the Grandpuits platform in France -- Sold 50% of fuel distribution business in Egypt to ADNOC

Decarburization

-- Awarded a CO2 sequestration license in Australia, in partnership with INPEX and Woodside -- First cross-border commercial agreement for CO2 transport and storage on the Northern Lights project in Norway -- Memorandum of understanding with Holcim for a pilot project to decarbonize a cement plant in Belgium -- Created with the Technical University of Denmark a research center of excellence in decarbonized energies

2. Key figures of the consolidated financial statements of TotalEnergies(5)

In millions of dollars, 3Q22 except effective tax 9M22 vs rate, earnings per share vs 3Q22 2Q22 3Q21 3Q21 and number of shares 9M22 9M21 9M21 19,420 18,737 11,180 +74% Adjusted EBITDA (6) 55,581 28,017 +98% Adjusted net operating income from business 10,279 10,500 5,374 +91% segments 30,237 12,893 x2,3 4,217 4,719 2,726 +55% Exploration & Production 13,951 6,914 x2 Integrated Gas, 3,649 2,555 1,608 x2,3 Renewables & Power 9,255 3,484 x2,7 1,935 2,760 602 x3,2 Refining & Chemicals 5,815 1,356 x4,3 478 466 438 +9% Marketing & Services 1,216 1,139 +7% Contribution of equity affiliates to adjusted 2,576 1,944 1,143 x2,3 net income 6,381 2,403 x2,7 44.1% 39.4% 39.6% - Effective tax rate (7) 40.8% 36.6% - Adjusted net income 9,863 9,796 4,769 x2,1 (TotalEnergies share) 28,636 11,235 x2,5 Adjusted fully-diluted earnings per share 3.83 3.75 1.76 x2,2 (dollars) (8) 10.96 4.14 x2,6 Adjusted fully-diluted earnings per share 3.78 3.50 1.49 x2,5 (euros)* 10.31 3.46 x3 Fully-diluted weighted-average shares 2,560 2,592 2,655 -4% (millions) 2,589 2,648 -2% Net income 6,626 5,692 4,645 +43% (TotalEnergies share) 17,262 10,195 +69% 3,116 2,819 2,813 +11% Organic investments (9) 7,916 7,993 -1% 1,587 2,076 (958) ns Net acquisitions (10) 4,585 1,029 x4,5 4,703 4,895 1,855 x2,5 Net investments (11) 12,501 9,022 +39% Operating cash flow before working capital 11,736 13,233 8,060 +46% changes (12) 36,595 19,778 +85% Operating cash flow before working capital changes w/o financial 12,040 13,631 8,390 +44% charges (DACF) (13) 37,665 20,901 +80% Cash flow from 17,848 16,284 5,640 x3,2 operations 41,749 18,789 x2,2

(* Average EUR-$ exchange rate: 1.0070 in the third quarter of 2022 and 1.0638 in the first nine months of 2022.)

 

3. Key figures of environment, greenhouse gas emissions and production

 

3.1 Environment* — liquids and gas price realizations, refining margins

3Q22 9M22 vs vs 3Q22 2Q22 3Q21 3Q21 9M22 9M21 9M21 100.8 113.9 73.5 +37% Brent ($/b) 105.5 67.9 +55% 7.9 7.5 4.3 +84% Henry Hub ($/Mbtu) 6.7 3.3 x2 42.5 22.2 16.9 x2,5 NBP ($/Mbtu) 32.4 10.8 x3 46.5 27.0 18.6 x2,5 JKM ($/Mbtu) 34.9 12.9 x2,7 Average price of liquids ($/b) 93.6 102.9 67.1 +40% Consolidated subsidiaries 95.4 62.2 +53% Average price of gas ($/Mbtu) 16.83 11.01 6.33 x2,7 Consolidated subsidiaries 13.28 4.95 x2,7 21.51 13.96 9.10 x2,4 Average price of LNG ($/Mbtu) 16.26 7.25 x2,2 Consolidated subsidiaries and equity affiliates 99.2 145.7 8.8 x11,3 Variable cost margin - Refining 100.3 8.0 x12,5 Europe, VCM ($/t)**

(* The indicators are presented on page 21.) ** This indicator represents the average margin on variable cost of TotalEnergies for refining in Europe (equal to the difference between the sales of European refined products of TotalEnergies and the purchases of crude oil with the associated variable costs divided by the volumes refined in tonnes). 3Q21 and 9M21 data as reported in 2021 included restatement of 3Q21 figures to reflect the 2Q21 energy cost environment.

The average LNG selling price increased by 54% in the third quarter compared to the previous quarter, benefiting in a lagged manner from the rise in the oil and gas price indices on long-term contracts as well as from high spot gas prices .

 

3.2 Greenhouse gas emissions(14)

3Q22 9M22 vs vs 3Q22 2Q22 3Q21 3Q21 GHG emissions (MtCO(2) e) 9M22 9M21 9M21 Scope 1+2 from operated facilities 10.3 9.6 9.3 +10% (15) 29.6 27.1 +9% 14.0 13.4 - ns Scope 1+2 - equity share 41.4 - ns Scope 3 from Oil & Gas Worldwide 90 94 100 -10% (16) 282 293 -4% of which Scope 3 Oil Worldwide 65 65 74 -12% (17) 196 210 -7%

(Quarterly emissions estimated for 2022. Quarterly equity share data for 2021 is not available. Excluding Covid-19 effect for emissions data from 2Q20 to 2Q22.)

3Q22 9M22 vs vs 3Q22 2Q22 3Q21 3Q21 Methane emissions (ktCH(4) ) 9M22 9M21 9M21 Methane emissions from operated 10 10 12 -16% facilities 31 37 -16% 14 13 - ns Methane emissions - equity share 38 - ns

(Quarterly emissions estimated for 2022. Quarterly equity share data for 2021 not available.)

 

The evolution of Scope 1+2 emissions from the operated facilities resulted from the high-capacity utilization of CCGTs and refineries in Europe, including the restart of the Donges refinery in France.

 

3.3 Production*

3Q22 9M22 vs vs 3Q22 2Q22 3Q21 3Q21 Hydrocarbon production 9M22 9M21 9M21 Hydrocarbon production 2,669 2,738 2,814 -5% (kboe/d) 2,750 2,808 -2% Oil (including bitumen) 1,298 1,268 1,288 +1% (kb/d) 1,291 1,272 +1% Gas (including condensates 1,371 1,470 1,526 -10% and associated NGL) (kboe/d) 1,459 1,535 -5% Hydrocarbon production 2,669 2,738 2,814 -5% (kboe/d) 2,750 2,808 -2% 1,494 1,483 1,517 -2% Liquids (kb/d) 1,501 1,496 - 6,367 6,835 7,070 -10% Gas (Mcf/d) 6,785 7,161 -5%

(*Company production = E&P production + iGRP production.)

 

Hydrocarbon production was 2,669 thousand barrels of oil equivalent per day (kboe/d) in the third quarter of 2022, down 5% year-on-year, comprised of:

-- +3% due to the start-up and ramp-up of projects including Clov Phase 2 and Zinia Phase 2 in Angola, Mero 1 in Brazil and Ikike in Nigeria, -- +2% due to the increase in OPEC+ production quotas, -- -3% due to higher planned maintenance, particularly on Ichthys, and unplanned shutdowns on Kashagan, -- -3% portfolio effect, notably related to the end of the operating licenses for Qatargas 1 and Bongkot North in Thailand, as well as the effective withdrawal from Myanmar, partially offset by the entry into the Sepia and Atapu producing fields in Brazil, -- -1% due to security-related production cuts in Libya and Nigeria, -- -1% due to the price effect, -- -2% due to the natural decline of the fields.

Compared to the previous quarter, production was down 2.5%, mainly due to planned maintenance, particularly at Ichthys, and unplanned shutdowns at Kashagan, partially offset by the entry into production of the Sepia and Atapu and the rise of Mero 1 in Brazil.

 

4. Analysis of business segments

 

4.1 Integrated Gas, Renewables & Power (iGRP)

 

4.1.1 Production and sales of Liquefied Natural Gas (LNG) and electricity

3Q22 9M22 vs Hydrocarbon production for vs 3Q22 2Q22 3Q21 3Q21 LNG 9M22 9M21 9M21 418 462 533 -21% iGRP (kboe/d) 458 518 -12% 40 53 67 -41% Liquids (kb/d) 51 61 -17% 2,067 2,233 2,527 -18% Gas (Mcf/d) 2,216 2,489 -11% 3Q22 9M22 vs vs 3Q22 2Q22 3Q21 3Q21 Liquefied Natural Gas in Mt 9M22 9M21 9M21 10.4 11.7 10.0 +5% Overall LNG sales 35.4 30.4 +16% incl. Sales from equity 4.0 4.1 4.3 -6% production* 12.6 12.8 -2% 9.2 10.2 8.3 +12% incl. Sales by TotalEnergies from 31.4 25.0 +26% equity production and third party purchases

(* The Company’s capital production can be sold by TotalEnergies or by the joint ventures.)

 

Third quarter 2022 LNG production was down 6% year-on-year, mainly due to the end of the Qatargas 1 operating license, planned maintenance on Ichthys LNG in Australia as well as the decrease in gas supply to NLNG in Nigeria for security reasons.

 

Overall LNG sales were down 10% in the third quarter compared to the previous quarter, mainly due to the outage at Freeport LNG, planned maintenance at Ichthys LNG and a shutdown of production at Idku LNG in Egypt due to insufficient gas supply.

 

Nevertheless, third quarter 2022 overall LNG sales were up 5% year-on-year, mainly due to the increase in spot purchases to maximize the use of the Company’s regasification capacity in Europe and seize opportunities in a volatile market.

3Q22 9M22 vs vs 3Q22 2Q22 3Q21 3Q21 Electricity & Renewables 9M22 9M21 9M21 Portfolio of renewable power generation gross capacity (GW) 67.8 50.7 42.7 +59% (1),(2),(3) 67.8 42.7 +59% 16.0 11.6 9.5 +68% o/w installed capacity 16.0 9.5 +68% 5.4 5.2 6.1 -11% o/w capacity in construction 5.4 6.1 -11% 46.4 33.9 27.1 +71% o/w capacity in development 46.4 27.1 +71% Gross renewables capacity with 33.9 26.8 26.6 +28% PPA (GW) (1),(2),(3) 33.9 26.6 +28% Portfolio of renewable power generation net capacity (GW) 45.2 38.4 31.7 +43% (1),(3) 45.2 31.7 +43% 7.4 5.8 4.7 +59% o/w installed capacity 7.4 4.7 +59% 3.5 3.7 4.0 -12% o/w capacity in construction 3.5 4.0 -12% 34.2 28.9 23.0 +49% o/w capacity in development 34.2 23.0 +49% 8.5 7.7 4.7 +79% Net power production (TWh) (4) 23.7 14.5 +64% incl. power production from 2.4 2.5 1.7 +42% renewables 7.1 4.9 +45% Clients power - BtB and BtC 6.3 6.2 6.0 +5% (Million) (3) 6.3 6.0 +5% Clients gas - BtB and BtC 2.8 2.7 2.7 +1% (Million) (3) 2.8 2.7 +1% 12.1 12.3 11.7 +3% Sales power - BtB and BtC (TWh) 40.7 40.5 +1% 14.2 19.1 13.2 +7% Sales gas - BtB and BtC (TWh) 68.3 70.0 -3% Proportional adjusted EBITDA Electricity & Renewables (M$) 460 462 291 +58% (5) 1,097 946 +16% 120 131 104 +15% incl. from renewables business 341 334 +2%

(1) Includes 20% of Adani Green Energy Ltd gross capacity from Q1 2021. (2) Includes 50% of Clearway Energy Group gross capacity from Q3 2022. (3) Ending data of period. (4) Solar, wind, biogas, hydroelectric and combined cycle gas (CCCG) power plants. (5) Share of TotalEnergies (% interest) in the EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) of the Electricity & Renewables subsidiaries, regardless of the consolidation method.

Gross installed renewable energy production capacity reached 16.0 GW at the end of the third quarter of 2022, up 4.4 GW compared to the previous quarter, of which 3.8 GW related to the acquisition of 50% of Clearway Energy Group in the United States and 160 MW linked to the start-up of the Seagreen offshore wind farm in Scotland.

 

Gross power generation capacity in development increased by 12.5 GW quarter-on-quarter, mainly due to the acquisition of 50% of Clearway Energy Group in the United States.

 

Net electricity generation stood at 8.5 TWh in the third quarter 2022, up 79% year-on-year thanks to higher utilization rates of flexible power plants (CCGT) as well as growth in electricity generation from renewable sources.

 

EBITDA from the Electricity & Renewables business reached $460 million in the third quarter 2022, up 58% year-on-year due to the growth of the business.

 

4.1.2 Results

3Q22 9M22 vs vs 3Q22 2Q22 3Q21 3Q21 In millions of dollars 9M22 9M21 9M21 Adjusted net operating 3,649 2,555 1,608 x2,3 income* 9,255 3,484 x2,7 including adjusted income 1,888 1,219 755 x2,5 from equity affiliates 4,537 1,375 x3,3 653 341 639 +2% Organic investments 1,253 2,150 -42% 1,718 (58) (941) ns Net acquisitions 2,301 1,119 x2,1 2,371 283 (302) ns Net investments 3,554 3,269 +9% Operating cash flow before 2,683 2,360 1,720 +56% working capital changes ** 7,628 3,683 x2,1 4,390 3,970 (463) ns Cash flow from operations *** 8,675 884 x9,8

(* Details of adjusting items shown in the segment information appended to the financial statements. ** Excluding financial charges, except those related to leases, excluding the impact of contracts recognized at fair value for the segment and including plus- transfer values ​​renewable projects.*** Excluding financial charges, except those related to leases.)

 

Adjusted net operating income for the iGRP segment was:

-- $3,649 million in the third quarter 2022, 2.3 times the same quarter last year, thanks to higher LNG prices, the performance of gas, LNG and electricity trading activities and the growing contribution of Electricity & Renewables, -- $9,255 million over the first nine months of 2022, 2.7 times the same period last year for the same reasons.

The iGRP segment cash flows were as follows:

-- $2,683 million in the third quarter 2022, up 56% year-on-year, thanks to higher LNG prices, the performance of gas, LNG and electricity trading activities and the growing contribution of Electricity & Renewables, despite a lag effect on dividends received from equity affiliates, -- $7,628 million over the first nine months of 2022, 2.1 times the same period last year for the same reasons.

Cash flow from operations was $4,390 million for the quarter, primarily due to the positive impact on working capital requirements from margin call reductions and the seasonality of the gas and electricity supply business.

 

4.2 Exploration & Production

 

4.2.1 Production

3Q22 9M22 vs vs 3Q22 2Q22 3Q21 3Q21 Hydrocarbon production 9M22 9M21 9M21 2,251 2,276 2,281 -1% EP (kboe/d) 2,292 2,290 - 1,454 1,430 1,450 - Liquids (kb/d) 1,450 1,435 +1% 4,300 4,602 4,543 -5% Gas (Mcf/d) 4,569 4,672 -2%

4.2.2 Results

3Q22 9M22 vs In millions of dollars, vs 3Q22 2Q22 3Q21 3Q21 except effective tax rate 9M22 9M21 9M21 Adjusted net operating 4,217 4,719 2,726 +55% income* 13,951 6,914 x2 including adjusted income 377 287 315 +20% from equity affiliates 1,019 864 +18% 55.4% 47.2% 46.4% - Effective tax rate** 49.9% 42.5% - 1,989 1,873 1,656 +20% Organic investments 5,288 4,494 +18% (126) 2,225 (34) ns Net acquisitions 2,415 (5) ns 1,863 4,098 1,622 +15% Net investments 7,703 4,489 +72% Operating cash flow before working capital changes 6,406 7,383 4,943 +30% *** 21,092 13,029 +62% Cash flow from operations 9,083 8,768 4,814 +89% *** 23,619 13,385 +76%

* Details of adjusting items are presented in the segment information appendix to the financial statements. ** Tax on adjusted net operating income / (adjusted net operating income – income from associates – dividends received from investments – impairment of goodwill + tax on adjusted net operating income). *** Excluding financial charges, except those related to leases.

 

Adjusted net operating income from Exploration & Production was:

-- $4,217 million in the third quarter 2022, up 55% year-on-year, thanks to the sharp rise in oil and gas prices, -- $13,951 million for the first nine months of 2022, double the same period last year for the same reasons.

Cash flow was $6,406 million in the third quarter of 2022 from $4,943 million a year earlier and increased 62% to $21,092 million in the first nine months of 2022, benefiting the sharp rise in oil and gas prices.

 

Adjusted net operating income and cash flow for the third quarter of 2022 were down $502 million and $977 million respectively compared to the second quarter, mainly due to the impact of Energy Profits Levy in the United Kingdom for $0.6 billion.

 

4.3 Downstream (Refining & Chemicals and Marketing & Services)

 

4.3.1 Results

3Q22 9M22 vs vs 3Q22 2Q22 3Q21 3Q21 In millions of dollars 9M22 9M21 9M21 Adjusted net operating 2,413 3,226 1,040 x2,3 income* 7,031 2,495 x2,8 453 586 506 -10% Organic investments 1,332 1,309 +2% (6) (91) 17 ns Net acquisitions (131) (87) ns 447 495 523 -15% Net investments 1,201 1,222 -2% Operating cash flow before 2,944 3,548 1,611 +83% working capital changes ** 8,388 3,943 x2,1 4,737 4,106 1,644 x2,9 Cash flow from operations ** 10,848 5,974 +82%

(* Details of adjustment items shown in the segment information appendix to the financial statements. ** Excluding financial charges, except those related to leases.)

 

4.4 Refining & Chemicals

 

4.4.1 Refinery and petrochemicals throughput and utilization rates

3Q22 9M22 vs Refinery throughput and vs 3Q22 2Q22 3Q21 3Q21 utilization rate* 9M22 9M21 9M21 Total refinery throughput 1,599 1,575 1,225 +31% (kb/d) 1,497 1,147 +31% 431 395 274 +57% France 359 179 x2 656 648 505 +30% Rest of Europe 637 553 +15% 512 532 446 +15% Rest of world 501 415 +21% Utlization rate based on 88% 88% 69% - crude only** 84% 62% -

* Includes refineries in Africa reported in the Marketing & Services segment. ** Based on distillation capacity at the beginning of the year, excluding Grandpuits (closed in the first quarter of 2021) from 2021 and the Lindsey refinery (divested) from the second quarter of 2021.

3Q22 9M22 vs Petrochemicals production and vs 3Q22 2Q22 3Q21 3Q21 utilization rate 9M22 9M21 9M21 1,299 1,206 1,486 -13% Monomers* (kt) 3,910 4,315 -9% 1,171 1,187 1,330 -12% Polymers (kt) 3,632 3,707 -2% Steamcracker utilization 80% 71% 93% - rate** 79% 89% -

(* Olefins. ** Based on steam cracker olefin production and throughput at the start of the year.)

 

Refinery throughput:

-- increased by 31% year-on-year in the third quarter 2022, due to the recovery in demand, particularly in Europe and the United States, the restart of the Donges refinery in France in the second quarter 2022 and the Leuna refinery in Germany which had a major scheduled turnaround in 2021, -- increased by 31% year-on-year for the first nine months, for the same reasons as well as the restart, in 2021, of the distillation unit at the Normandy refinery in France.

Monomer production decreased by 13% in the third quarter of 2022, mainly due to lower demand in Asia and unplanned shutdowns in Normandy in France and Antwerp in Belgium.

4.4.2 Results

3Q22 9M22 vs vs 3Q22 2Q22 3Q21 3Q21 In millions of dollars 9M22 9M21 9M21 1,935 2,760 602 x3,2 Adjusted net operating income* 5,815 1,356 x4,3 224 313 321 -30% Organic investments 735 822 -11% 1 (34) (6) ns Net acquisitions (33) (61) ns 225 279 315 -29% Net investments 702 761 -8% Operating cash flow before 2,164 2,963 934 x2,3 working capital changes ** 6,560 2,081 x3,2 3,798 3,526 799 x4,8 Cash flow from operations ** 8,431 4,027 x2,1

(*Detail of adjusting items presented in the appendix to the financial statements relating to segment information. **Excluding financial charges, except those related to leases.)

 

Adjusted net operating income for the Refining & Chemicals segment was:

-- $1,935 million in the third quarter 2022, compared to $602 million in the third quarter 2021, due to high distillate margins in the context of reduced imports of Russian petroleum products, as well as the performance of crude oil and petroleum products trading activities, -- $5,815 million over the first nine months of 2022, 4.3 times the same period last year, due to high refining margins in Europe and the United States and better utilization rates, as a result of the restart of the Donges refinery in France in the second quarter 2022 as well as the Leuna refinery in Germany which had a major scheduled turnaround in 2021.

Cash flow also increased sharply to $2,164 million in the third quarter of 2022, 2.3 times more than in the third quarter of 2021, and to $6,560 million in the first nine months of 2022.

 

In the third quarter 2022, adjusted net operating result and cash flow were down $825 million and $799 million respectively, compared to the second quarter 2022, due to lower gasoline margins in Europe and the United States.

 

4.5 Marketing & Services

 

4.5.1 Petroleum product sales

3Q22 9M22 vs vs 3Q22 2Q22 3Q21 3Q21 Sales in kb/d* 9M22 9M21 9M21 Total Marketing & Services 1,495 1,477 1,542 -3% sales 1,475 1,486 -1% 873 817 867 +1% Europe 827 811 +2% 622 660 675 -8% Rest of world 648 675 -4%

(*Excludes trading and bulk refining sales.)

 

Sales of petroleum products were down 3% year-on-year in the third quarter 2022, reflecting lower demand due to higher prices of petroleum products, particularly in Africa.

 

Sales were stable for the first nine months of 2022 compared to a year ago, as the recovery of aviation and network activities worldwide offset the decline in sales to professional and industrial customers, particularly in Europe.

 

4.5.2 Results

3Q22 9M22 vs vs 3Q22 2Q22 3Q21 3Q21 In millions of dollars 9M22 9M21 9M21 478 466 438 +9% Adjusted net operating income* 1,216 1,139 +7% 229 273 185 +24% Organic investments 597 487 +23% (7) (57) 23 ns Net acquisitions (98) (26) ns 222 216 208 +7% Net investments 499 461 +8% Operating cash flow before 780 585 677 +15% working capital changes ** 1,828 1,862 -2% 939 580 845 +11% Cash flow from operations ** 2,417 1,947 +24%

(*Detail of adjusting items presented in the appendix to the financial statements relating to segment information. **Excluding financial charges, except those related to leases.)

 

Adjusted net operating income for the Marketing & Services segment was $478 million in the third quarter 2022, up 9% year-on-year, and $1,216 million in the first nine months of 2022, up 7% year-on-year, thanks mainly to the recovery of the network and aviation activities.

 

Cash flow was $780 million in the third quarter 2022 and $1,828 million in the first nine months of the year.

 

5. TotalEnergies results

 

5.1 Adjusted net operating income from business segments

 

Segment adjusted net operating income was:

-- $10,279 million in the third quarter 2022, compared to $5,374 million a year earlier, due to higher oil and gas prices, refining margins and the good performance of trading activities, -- $30,237 million over the first nine months of 2022, compared to $12,893 million a year earlier, for the same reasons.

5.2 Adjusted net income (TotalEnergies share)

 

TotalEnergies adjusted net income was $9,863 million in the third quarter 2022 compared to $4,769 million in the third quarter 2021, due to higher oil and gas prices, refining margins and the good performance of trading activities.

 

Adjusted net income excludes the after-tax inventory effect, non-recurring items and the impact of changes in fair value(18) .

 

The net income adjustment items(19) represented -$3,237 million in the third quarter 2022, notably due to a new impairment of -$3.1 billion related to Russia and to an inventory effect of -$0.8 billion, partially offset by the capital gain on the partial sale of SunPower shares and the impact of revaluing the shares held and consolidated under the equity method for $1.4 billion.

 

TotalEnergies’ effective tax rate was 44.1% in the third quarter 2022, compared to 39.4% in the second quarter 2022 and 39.6% in the third quarter 2021, mainly due to the increase in the Exploration & Production tax rate, notably as a result of the Energy Profits Levy in the United Kingdom.

 

5.3 Adjusted earnings per share

 

Adjusted diluted net earnings per share were:

-- $3.83 in the third quarter 2022, calculated based on 2,560 million weighted-average diluted shares, compared to $1.76 a year earlier, -- $10.96 over the first nine months of 2022, calculated based on 2,589 million weighted-average diluted shares, compared to $4.14 a year earlier.

As of September 30, 2022, the number of fully diluted shares was 2,543 million.

 

As part of its shareholder return policy, as announced in July 2022, TotalEnergies repurchased 38.9 million shares for cancellation in the third quarter 2022 for $2 billion. Share buybacks amounted to $5 billion in the first nine months of 2022.

 

5.4 Acquisitions – asset sales

 

Acquisitions were:

-- $1,716 million in the third quarter 2022, mainly related to the acquisition of 50% of Clearway Energy Group for $1,619 million, -- $5,580 million over the first nine months of 2022 including the above item as well as payments related to the award of the Atapu and Sepia Production Sharing Contracts and the bonus related to the New York Bight offshore wind concession in the United States.

Asset sales were:

-- $129 million in the third quarter 2022, mainly for the sale of the 18% interest in the Sarsang field in Iraq, -- $995 million over the first nine months of 2022, including the above item as well as the partial sale of the Landivisiau power generation plant in France, the sale by SunPower of its Enphase shares and a payment related to the sale of interests in the CA1 offshore block in Brunei.

5.5 Net Cash

 

TotalEnergies’ net cash flow(20) was:

-- $7,033 million in the third quarter 2022 compared to $6,205 million a year earlier, reflecting the $3.7 billion increase in cash flow and the $2.8 billion increase in net investments to $4,703 million in the third quarter 2022, -- $24,094 million in the first nine months of 2022 compared to $10,756 million a year earlier, reflecting the $16.8 billion increase in cash flow and the $3.5 billion increase in net investments to $12,501 million in the first nine months of 2022.

Cash flow from operations was $17,848 million in the third quarter, compared to cash flow of $11,736 million, reflecting the positive impact of a $6.7 billion decrease in working capital requirement, mainly due to:

-- price effect on inventories related to the decrease in oil and petroleum products average prices -- increase in tax liabilities related to rising gas prices and the Energy Profits Levy in the United Kingdom, -- reduction in margin calls, -- seasonality of the gas and electricity supply activity.

5.6 Profitability

 

Return on equity was 31.4% for the twelve months ended September 30, 2022.

In millions of dollars October 1, 2021 July 1, 2021 October 1, 2020 September 30, 2022 June 30, 2022 September 30, 2021 Adjusted net income 35,790 30,716 12,827 Average adjusted shareholders' equity 113,861 113,333 106,794 Return on equity (ROE) 31.4% 27.1% 12.0%

Return on average capital employed was 27.2% for the twelve months ended September 30, 2022.

In millions of dollars October 1, 2021 July 1, 2021 October 1, 2020 September 30, 2022 June 30, 2022 September 30, 2021 Adjusted net operating income 37,239 32,177 14,237 Average capital employed 136,902 139,377 142,180 ROACE 27.2% 23.1% 10.0%

6. Statutory accounts of TotalEnergies SE

The net result of TotalEnergies SE, the parent company, amounted to 5,205 million euros in the first nine months of 2022, compared to 5,635 million euros a year earlier.

 

7. Annual 2022 Sensitivities*

Estimated impact Estimated impact on adjusted net on cash flow from Change operating income operations Dollar +/- 0.1 $ per EUR -/+ 0.1 B$ 0 B$ Average liquids price** +/- 10 $/b +/- 2.7 B$ +/- 3.2 B$ European gas price - NBP / TTF*** +/- 2 $/Mbtu +/- 0.5 B$ +/- 0.5 B$ Variable cost margin, European refining (VCM) +/- 10 $/t +/- 0.4 B$ +/- 0.5 B$

* The sensitivities are revised once a year when the results of the fourth quarter of the previous year are published. The sensitivities are estimates based on assumptions regarding the TotalEnergies portfolio in 2022. Actual results could differ significantly from the estimates based on the application of these sensitivities. The impact of the $-EUR sensitivity on adjusted net operating income is mainly attributable to Refining & Chemicals. Sensitivity to European gas prices was exceptionally updated during this quarter (see ***). ** In a Brent environment at $60/b. *** Updated sensitivity including UK Energy Profits Levy. Sensitivity +/- $0.4 billion from Q3 2022, related to UK and Norwegian taxes.

 

8. Summary and outlook

 

The markets for oil and gas are marked by strong volatility. Despite anticipated slower global growth in 2023, oil prices are supported notably by the OPEC+ decision to reduce production quotas by 2 Mb/d as well as by the implementation of the European ban on Russian oil effective December 5, 2022. Gas prices should also remain high, driven by the need to import LNG into Europe to replace Russian gas imports. In addition, refining margins, notably for distillates, should remain strong due to the ban on imports of Russian petroleum products into Europe effective February 2023.

 

TotalEnergies expects fourth quarter 2022 production to reach around 2.8 Mboe/d, due to a reduction in planned maintenance and the re-start of Kashagan production.

 

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 for the fourth quarter should be above $17/Mbtu.

 

With strong cash flow generation and a gearing ratio of 4%, the Company confirms its strategy of allocating 35-40% of cash flow to its shareholders through the cycles, while accelerating its transformation strategy with net investments of around $16 billion in 2022, including $4 billion in decarbonized energies.

 

* * * *

 

To listen to the conference call with CFO Jean-Pierre Sbraire, which is being held today at 13:30 (Paris time) with financial analysts, you can consult the information provided on the Company’s website totalenergies.com or dial +44 (0) 121 281 8003 or +1 (718) 705-8794. The conference replay will be available on the Company’s website totalenergies.com after the event.

 

9. Results from Russian assets

Russian Upstream Assets (M$) 3Q22 2Q22 9M22 Net income (TotalEnergies share) (1,907) (3,202) (8,113) Cash flow from operations 349 368 748

The capital employed by TotalEnergies in Russia as of September 30, 2022 amounted to 6,110 million dollars after taking into account a depreciation of 3.1 billion dollars in the third quarter of 2022.

 

10. Operating information by segment

 

10.1 Company’s production (Exploration & Production + iGRP)

3Q22 Combined liquids and gas 9M22 vs production by region vs 3Q22 2Q22 3Q21 3Q21 (kboe/d) 9M22 9M21 9M21 920 965 989 -7% Europe and Central Asia 978 1,008 -3% 463 460 537 -14% Africa 473 540 -12% 692 680 681 +2% Middle East and North Africa 681 662 +3% 449 420 372 +21% Americas 419 375 +12% 145 213 235 -39% Asia-Pacific 199 223 -11% 2,669 2,738 2,814 -5% Total production 2,750 2,808 -2% 656 690 711 -8% includes equity affiliates 687 730 -6% 3Q22 9M22 vs Liquids production by region vs 3Q22 2Q22 3Q21 3Q21 (kb/d) 9M22 9M21 9M21 302 315 362 -17% Europe and Central Asia 329 363 -9% 352 351 401 -12% Africa 358 405 -12% 557 546 530 +5% Middle East and North Africa 547 510 +7% 260 231 179 +46% Americas 231 180 +28% 23 40 45 -49% Asia-Pacific 36 38 -7% 1,494 1,483 1,517 -2% Total production 1,501 1,496 - 202 201 205 -2% includes equity affiliates 204 206 -1% 3Q22 9M22 vs Gas production by region vs 3Q22 2Q22 3Q21 3Q21 (Mcf/d) 9M22 9M21 9M21 3,322 3,492 3,366 -1% Europe and Central Asia 3,482 3,470 - 559 545 689 -19% Africa 582 687 -15% 740 742 838 -12% Middle East and North Africa 736 842 -13% 1,061 1,063 1,086 -2% Americas 1,055 1,094 -4% 685 993 1,091 -37% Asia-Pacific 930 1,068 -13% 6,367 6,835 7,070 -10% Total production 6,785 7,161 -5% 2,444 2,633 2,730 -11% includes equity affiliates 2,596 2,826 -8%

10.2 Downstream (Refining-Chemicals and Marketing & Services)

3Q22 9M22 vs Petroleum product sales by vs 3Q22 2Q22 3Q21 3Q21 region (kb/d) 9M22 9M21 9M21 1,816 1,814 1,579 +15% Europe 1,755 1,553 +13% 690 734 693 - Africa 728 674 +8% 907 922 811 +12% Americas 868 794 +9% 569 705 486 +17% Rest of world 602 491 +23% 3,982 4,176 3,568 +12% Total consolidated sales 3,953 3,512 +13% 438 409 360 +22% Includes bulk sales 419 365 +15% 2,049 2,290 1,666 +23% Includes trading 2,060 1,661 +24% 3Q22 9M22 vs Petrochemicals production* vs 3Q22 2Q22 3Q21 3Q21 (kt) 9M22 9M21 9M21 1,078 1,023 1,308 -18% Europe 3,361 3,820 -12% 670 603 705 -5% Americas 1,910 1,940 -2% 722 768 802 -10% Middle East and Asia 2,271 2,261 -

(*Olefins, polymers.)

 

10.3 Renewables

3Q22 2Q22 Installed power generation gross capacity (GW) Onshore Offshore Onshore Offshore (1),(2),(3) Solar Wind Wind Other Total Solar Wind Wind Other Total France 0.7 0.6 0.0 0.1 1.4 0.7 0.5 0.0 0.1 1.3 Rest of Europe 0.2 1.1 0.2 0.0 1.4 0.2 1.1 0.0 0.0 1.3 Africa 0.1 0.0 0.0 0.0 0.1 0.1 0.0 0.0 0.0 0.1 Middle East 0.7 0.0 0.0 0.0 0.7 0.7 0.0 0.0 0.0 0.7 North America 2.9 2.1 0.0 0.0 5.0 1.1 0.0 0.0 0.0 1.1 South America 0.4 0.3 0.0 0.0 0.7 0.4 0.3 0.0 0.0 0.7 India 4.9 0.3 0.0 0.0 5.3 4.9 0.2 0.0 0.0 5.1 Asia-Pacific 1.2 0.0 0.1 0.0 1.3 1.2 0.0 0.1 0.0 1.2 Total 11.1 4.4 0.3 0.2 16.0 9.2 2.1 0.1 0.2 11.6 3Q22 2Q22 Power generation gross capacity from renewables in construction (GW) Onshore Offshore Onshore Offshore (1),(2),(3) Solar Wind Wind Other Total Solar Wind Wind Other Total France 0.2 0.1 0.0 0.1 0.5 0.2 0.2 0.0 0.1 0.4 Rest of Europe 0.1 0.0 1.0 0.0 1.1 0.0 0.0 1.1 0.0 1.1 Africa 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Middle East 0.4 0.0 0.0 0.0 0.4 0.4 0.0 0.0 0.0 0.4 North America 1.6 0.0 0.0 0.2 1.7 1.3 0.0 0.0 0.0 1.3 South America 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 India 0.8 0.2 0.0 0.0 1.0 0.9 0.3 0.0 0.0 1.2 Asia-Pacific 0.1 0.0 0.5 0.0 0.7 0.1 0.0 0.6 0.0 0.7
Total 3.3 0.3 1.5 0.2 5.4 2.8 0.5 1.7 0.1 5.2 3Q22 2Q22 Power generation gross capacity from renewables in development (GW) Onshore Offshore Onshore Offshore (1),(2),(3) Solar Wind Wind Other Total Solar Wind Wind Other Total France 2.1 0.4 0.0 0.0 2.5 2.3 0.5 0.0 0.0 2.8 Rest of Europe 4.8 0.3 4.4 0.1 9.6 4.8 0.3 4.4 0.1 9.5 Africa 0.6 0.1 0.0 0.1 0.9 0.6 0.1 0.0 0.1 0.8 Middle East 0.5 0.0 0.0 0.0 0.5 1.8 0.0 0.0 0.0 1.8 North America 11.8 3.4 4.0 4.5 23.7 6.2 0.1 4.0 0.8 11.0 South America 0.7 0.5 0.0 0.2 1.4 0.6 0.0 0.0 0.2 0.8 India 3.9 0.1 0.0 0.0 4.0 3.9 0.1 0.0 0.0 4.0 Asia-Pacific 2.0 0.3 1.2 0.3 3.7 1.7 0.2 1.2 0.1 3.2 Total 26.5 5.1 9.6 5.3 46.4 21.7 1.3 9.6 1.3 33.9

(1) Includes 20% of Adani Green Energy Ltd gross capacity from Q1 2021. (2) Includes 50% of Clearway Energy Group gross capacity from Q3 2022. (3) Ending data of period.

In operation In construction In development Gross renewables capacity covered by PPA at 09/30/2022 Onshore Offshore Onshore Offshore Onshore Offshore (GW) Solar Wind Wind Other Total Solar Wind Wind Other Total Solar Wind Wind Other Total Europe 0.9 1.6 X X 2.8 0.3 X 0.7 X 1.2 4.1 0.3 - X 4.5 Asia 6.1 0.4 X X 6.6 0.9 0.2 0.5 - 1.7 4.5 X - X 4.7 North America 2.8 2.1 - X 5.0 1.6 - - X 1.7 1.5 X - 0.8 2.5 Rest of World 1.2 0.3 - X 1.5 0.4 - - X 0.5 0.9 - - 0.3 1.3 Total 11.0 4.4 0.2 X 15.9 3.3 0.3 1.3 0.2 5.1 11.1 0.6 - 1.2 13.0 X not specified, capacity  

11. Adjustment items to net income (TotalEnergies share)

3Q22 2Q22 3Q21 In millions of dollars 9M22 9M21 Special items affecting net income (2,186) (4,546) (325) (TotalEnergies share) (11,725) (2,255) 1,391 - (177) Gain (loss) on asset sales 1,391 (1,556) (17) (8) (43) Restructuring charges (28) (314) (3,118) (3,719) (47) Impairments (11,898) (240) (442) (819) (58) Other (1,190) (145) After-tax inventory effect : FIFO (827) 993 320 vs. replacement cost 1,206 1,384 (224) (551) (119) Effect of changes in fair value (855) (169) Total adjustments affecting net (3,237) (4,104) (124) income (11,374) (1,040)

12. Reconciliation of Adjusted EBITDA with Consolidated Financial Statements

12.1 Reconciliation of net income (TotalEnergies share) to adjusted EBITDA

3Q22 9M22 vs vs 3Q22 2Q22 3Q21 3Q21 In millions of dollars 9M22 9M21 9M21 Net income - 6,626 5,692 4,645 +43% TotalEnergies share 17,262 10,195 +69% Less: adjustment items to net income 3,237 4,104 124 x26,1 (TotalEnergies share) 11,374 1,040 x10,9 Adjusted net income - 9,863 9,796 4,769 x2,1 TotalEnergies share 28,636 11,235 x2,5 Adjusted items - - - Add: non-controlling 85 89 105 -19% interests 250 252 -1% 6,037 5,274 2,674 x2,3 Add: income taxes 16,035 5,605 x2,9 Add: depreciation, depletion and impairment of tangible assets and 2,926 3,038 3,172 -8% mineral interests 9,112 9,457 -4% Add: amortization and impairment of intangible 95 98 85 +12% assets 289 282 +2% Add: financial interest 633 572 454 +39% on debt 1,667 1,421 +17% Less: financial income and expense from cash & (219) (130) (79) ns cash equivalents (408) (235) ns 19,420 18,737 11,180 +74% Adjusted EBITDA 55,581 28,017 +98%

12.2 Reconciliation of revenue with adjusted EBITDA and net income (TotalEnergies share)

3Q22 9M22 vs In millions of vs 3Q22 2Q22 3Q21 3Q21 dollars 9M22 9M21 9M21 Adjusted items Revenues from 64,924 70,460 49,070 +32% sales 199,322 129,380 +54% Purchases, net of inventory (41,509) (46,023) (32,574) ns variation (128,294) (83,971) ns Other operating (6,689) (7,620) (6,548) ns expenses (21,718) (20,124) ns Exploration (71) (117) (127) ns costs (324) (417) ns 163 429 195 -16% Other income 713 749 -5% Other expense, excluding amortization and impairment of intangible (58) (431) (32) ns assets (662) (169) ns Other financial 196 231 193 +2% income 546 567 -4% Other financial (112) (136) (140) ns expense (383) (401) ns Net income (loss) from equity 2,576 1,944 1,143 x2,3 affiliates 6,381 2,403 x2,7 19,420 18,737 11,180 +74% Adjusted EBITDA 55,581 28,017 +98% Adjusted items Less: depreciation, depletion and impairment of tangible assets and mineral (2,926) (3,038) (3,172) ns interests (9,112) (9,457) ns Less: amortization of intangible (95) (98) (85) ns assets (289) (282) ns Less: financial interest on (633) (572) (454) ns debt (1,667) (1,421) ns Add: financial income and expense from cash & cash 219 130 79 x2,8 equivalents 408 235 +74% Less: income (6,037) (5,274) (2,674) ns taxes (16,035) (5,605) ns Less: non-controlling (85) (89) (105) ns interests (250) (252) ns Add: adjustment - TotalEnergies (3,237) (4,104) (124) ns share (11,374) (1,040) ns Net income -
TotalEnergies 6,626 5,692 4,645 +43% share 17,262 10,195 +69%

13. Investments - Disinvestments

3Q22 9M22 vs vs 3Q22 2Q22 3Q21 3Q21 In millions of dollars 9M22 9M21 9M21 3,116 2,819 2,813 +11% Organic investments ( a ) 7,916 7,993 -1% 169 98 172 -1% Capitalized exploration 381 660 -42% Increase in non-current 233 277 211 +10% loans 744 883 -16% Repayment of non-current loans, excluding organic loan repayment from equity (214) (174) (112) ns affiliates (823) (297) ns Change in debt from renewable projects 4 (190) 1 ns (TotalEnergies share) (186) (170) ns 1,716 2,464 126 x13,6 Acquisitions ( b ) 5,580 2,996 +86% 129 388 1,084 -88% Asset sales ( c ) 995 1,967 -49% Change in debt from renewable projects (partner (4) 176 (5) ns share) 170 100 +70% 1,587 2,076 (958) ns Net acquisitions 4,585 1,029 x4,5 Net investments ( a + b - c 4,703 4,895 1,855 x2,5 ) 12,501 9,022 +39% - - 757 ns Other transactions with - 757 ns non-controlling interests ( d ) (570) (238) (120) ns Organic loan repayment from (1,295) (228) ns equity affiliates ( e ) (8) 366 (6) ns Change in debt from 356 270 +32% renewable projects financing * ( f ) 43 37 30 +43% Capex linked to capitalized 116 77 +51% leasing contracts ( g ) 7 4 - ns Expenditures related to 11 - ns carbon credits ( h ) 4,075 4,982 2,456 +66% Cash flow used in investing 11,435 9,744 +17% activities ( a + b - c + d + e + f - g - h )

* Change in the debt of renewable projects (TotalEnergies share and partner share).

14. Cash flow

3Q22 9M22 vs In millions of vs 3Q22 2Q22 3Q21 3Q21 dollars 9M22 9M21 9M21 Operating cash flow before working capital changes w/o financial charges 12,040 13,631 8,390 +44% (DACF) 37,665 20,901 +80% (304) (399) (330) ns Financial charges (1,071) (1,122) ns Operating cash flow before working capital changes ( a 11,736 13,233 8,060 +46% ) * 36,595 19,778 +85% (Increase) decrease in working capital 7,692 2,161 (2,662) ns ** 5,078 (2,403) ns (1,010) 1,151 365 ns Inventory effect 1,396 1,711 -18% Capital gain from renewable project 0 (23) (3) ns sales (25) (69) ns Organic loan repayments from (570) (238) (120) ns equity affiliates (1,295) (228) ns Cash flow from 17,848 16,284 5,640 x3,2 operations 41,749 18,789 x2,2 Organic investments 3,116 2,819 2,813 +11% ( b ) 7,916 7,993 -1% Free cash flow after organic investments, w/o net asset sales 8,620 10,414 5,247 +64% ( a - b ) 28,679 11,785 x2,4 Net investments ( c 4,703 4,895 1,855 x2,5 ) 12,501 9,022 +39% Net cash flow ( a - 7,033 8,338 6,205 +13% c ) 24,094 10,756 x2,2

(* Operating cash flow before changes in working capital is defined as cash flow from operating activities before changes in working capital at replacement cost, excluding the market effect of iGRP contracts and including the capital gain on the sale renewable projects. Historical data restated for the impact of the fair valuation of contracts in the iGRP sector. ** The change in working capital requirement is presented excluding the mark-to-market effect of contracts in the iGRP sector.)

 

15. Gearing ratio

In millions of dollars 09/30/2022 06/30/2022 09/30/2021 Current borrowings (1) 15,556 14,589 15,184 Other current financial liabilities 861 401 504 Current financial assets (1),(2) (11,532) (7,697) (3,821) Net financial assets classified as held for sale (36) (14) (1) Non-current financial debt (1) 37,506 39,233 43,350 Non-current financial assets (1) (1,406) (692) (1,927) Cash and cash equivalents (35,941) (32,848) (28,971) Net debt (a) 5,008 12,972 24,318 Shareholders' equity - TotalEnergies share 117,821 116,688 110,016 Non-controlling interests 2,851 3,309 3,211 Shareholders' equity (b) 120,672 119,997 113,227 Net-debt-to-capital ratio = a / (a+b) 4.0% 9.8% 17.7% Leases (c) 7,669 7,963 7,786 Net-debt-to-capital ratio including leases (a+c) / (a+b+c) 9.5% 14.9% 22.1%

(1) Excluding rental receivables and rental debts. (2) Including initial margins held in connection with the Company's activities on organized markets.

 

16. Return on average capital employed

 

Twelve months ended September 30, 2022

Integrated Gas, In millions Renewables & Exploration & Refining & Marketing & of dollars Power Production Chemicals Services Company Adjusted net operating income 12,014 17,476 6,368 1,695 37,239 Capital employed at 09/30/2021* 52,401 75,499 9,156 8,281 143,383 Capital employed at 09/30/2022* 54,923 65,041 5,801 7,141 130,420 ROACE 22.4% 24.9% 85.2% 22.2% 27.2%

Twelve months ended June 30, 2022

Integrated Gas, In millions Renewables & Exploration & Refining & Marketing & of dollars Power Production Chemicals Services Company Adjusted net operating income 9,973 15,985 5,035 1,655 32,177 Capital employed at 06/30/2021* 49,831 76,013 9,285 8,439 141,720 Capital employed at 06/30/2022* 54,174 70,248 7,958 7,475 137,035 ROACE 19.2% 21.9% 58.4% 20.8% 23.1%

Twelve-month period ended September 30, 2021

Integrated Gas, In millions Renewables & Exploration & Refining & Marketing & of dollars Power Production Chemicals Services Company Adjusted net operating income 3,738 7,982 1,526 1,471 14,237 Capital employed at 09/30/2020* 43,799 78,548 11,951 8,211 140,976 Capital employed at 09/30/2021* 52,401 75,499 9,156 8,281 143,383 ROACE 7.8% 10.4% 14.5% 17.8% 10.0%

* 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 press release presents the results for the third quarter of 2022 and first nine months of 2022 from the consolidated financial statements of TotalEnergies SE as of September 30, 2022. The limited review procedures by the Statutory Auditors are underway. The notes to the consolidated financial statements (unaudited) are available on the website totalenergies.com.

 

This document may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, notably with respect to the financial condition, results of operations, business activities and industrial strategy of TotalEnergies. This document may also contain statements regarding the perspectives, objectives, areas of improvement and goals of TotalEnergies, including with respect to climate change and carbon neutrality (net zero emissions). An ambition expresses an outcome desired by TotalEnergies, it being specified that the means to be deployed do not depend solely on TotalEnergies. These forward-looking statements may generally be identified by the use of the future or conditional tense or forward-looking words such as "envisions", "intends", "anticipates", "believes", "considers", "plans", "expects", "thinks", "targets", "aims" or similar terminology. Such forward-looking statements included in this document are based on economic data, estimates and assumptions prepared in a given economic, competitive and regulatory environment and considered to be reasonable by TotalEnergies as of the date of this document.

These forward-looking statements are not historical data and should not be interpreted as assurances that the perspectives, objectives or goals announced will be achieved. They may prove to be inaccurate in the future, and may evolve or be modified with a significant difference between the actual results and those initially estimated, due to the uncertainties notably related to the economic, financial, competitive and regulatory environment, or due to the occurrence of risk factors, such as, notably, the price fluctuations in crude oil and natural gas, the evolution of the demand and price of petroleum products, the changes in production results and reserves estimates, the ability to achieve cost reductions and operating efficiencies without unduly disrupting business operations, changes in laws and regulations including those related to the environment and climate, currency fluctuations, as well as economic and political developments, changes in market conditions, loss of market share and changes in consumer preferences, or pandemics such as the COVID-19 pandemic. Additionally, certain financial information is based on estimates particularly in the assessment of the recoverable value of assets and potential impairments of assets relating thereto.

 

Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. The information on risk factors that could have a significant adverse effect on TotalEnergies' business, financial condition, including its operating income and cash flow, reputation, outlook or the value of financial instruments issued by TotalEnergies is provided in the most recent version of the Universal Registration Document which is filed by TotalEnergies SE with the French Autorité des Marchés Financiers and the annual report on Form 20-F filed with the United States Securities and Exchange Commission ("SEC").

 

Financial information by business segment is reported in accordance with the internal reporting system and shows internal segment information that is used to manage and measure the performance of TotalEnergies. In addition to IFRS measures, certain alternative performance indicators are presented, such as performance indicators excluding the adjustment items described below (adjusted operating income, adjusted net operating income, adjusted net income), return on equity (ROE), return on average capital employed (ROACE), gearing ratio, operating cash flow before working capital changes, the shareholder rate of return. These indicators are meant to facilitate the analysis of the financial performance of TotalEnergies and the comparison of income between periods. They allow investors to track the measures used internally to manage and measure the performance of TotalEnergies.

 

These adjustment items include:

 

(i) Special items

 

Due to their unusual nature or particular significance, certain transactions qualified as "special items" are excluded from the business segment figures. In general, special items relate to transactions that are significant, infrequent or unusual. However, in certain instances, transactions such as restructuring costs or asset disposals, which are not considered to be representative of the normal course of business, may be qualified as special items although they may have occurred within prior years or are likely to occur again within the coming years.

 

(ii) Inventory valuation effect

 

The adjusted results of the Refining & Chemicals and Marketing & Services segments are presented according to the replacement cost method. This method is used to assess the segments' performance and facilitate the comparability of the segments' performance with those of TotalEnergies' principal competitors.

 

In the replacement cost method, which approximates the LIFO (Last-In, First-Out) method, the variation of inventory values in the statement of income is, depending on the nature of the inventory, determined using either the month-end price differentials between one period and another or the average prices of the period rather than the historical value. The inventory valuation effect is the difference between the results according to the FIFO (First-In, First-Out) and the replacement cost.

 

(iii) Effect of changes in fair value

 

The effect of changes in fair value presented as an adjustment item reflects, for some transactions, differences between internal measures of performance used by TotalEnergies' management and the accounting for these transactions under IFRS.

 

IFRS requires that trading inventories be recorded at their fair value using period-end spot prices. In order to best reflect the management of economic exposure through derivative transactions, internal indicators used to measure performance include valuations of trading inventories based on forward prices.

 

TotalEnergies, in its trading activities, enters into storage contracts, whose future effects are recorded at fair value in TotalEnergies' internal economic performance. IFRS precludes recognition of this fair value effect.

 

Furthermore, TotalEnergies enters into derivative instruments to risk manage certain operational contracts or assets. Under IFRS, these derivatives are recorded at fair value while the underlying operational transactions are recorded as they occur. Internal indicators defer the fair value on derivatives to match with the transaction occurrence.

 

The adjusted results (adjusted operating income, adjusted net operating income, adjusted net income) are defined as replacement cost results, adjusted for special items, excluding the effect of changes in fair value.

 

Euro amounts presented for the fully adjusted-diluted earnings per share represent dollar amounts converted at the average euro-dollar (EUR-$) 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 Ndeg 1-10888, available from us at 2, place Jean Millier -- Arche Nord Coupole/Regnault - 92078 Paris-La Défense Cedex, France, or at our website totalenergies.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or on the SEC's website sec.gov.

(1) Definition on page 3.

(2) Excluding leases.

(3) Payment, capped for high salaries, to employees of all fully owned companies and of companies in which TotalEnergies holds more than 50%, subject to agreement by their governing bodies.

(4) Some of the transactions mentioned in the highlights remain subject to the agreement of the authorities or to the fulfilment of conditions precedent under the terms of the agreements.

(5) Adjusted results are defined as income using replacement cost, adjusted for special items, excluding the impact of changes for fair value; adjustment items are on page 16.

(6) Adjusted EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) corresponds to the adjusted earnings before depreciation, depletion and impairment of tangible and intangible assets and mineral interests, income tax expense and cost of net debt, i.e., all operating income and contribution of equity affiliates to net income.

(7) Effective tax rate = (tax on adjusted net operating income) / (adjusted net operating income -- income from equity affiliates -- dividends received from investments -- impairment of goodwill + tax on adjusted net operating income).

(8) In accordance with IFRS rules, adjusted fully-diluted earnings per share is calculated from the adjusted net income less the interest on the perpetual subordinated bonds

(9) Organic investments = net investments excluding acquisitions, asset sales and other operations with non-controlling interests.

(10) Net acquisitions = acquisitions -- assets sales -- other transactions with non-controlling interests (see page 18).

(11) Net investments = organic investments + net acquisitions (see page 18).

(12) Operating cash flow before working capital changes, is defined as cash flow from operating activities before changes in working capital at replacement cost, excluding the mark-to-market effect of iGRP's contracts and including capital gains from renewable projects sale.

The inventory valuation effect is explained on page 20. The reconciliation table for different cash flow figures is on page 18.

(13) DACF = debt adjusted cash flow, is defined as operating cash flow before working capital changes and financial charges.

(14) The six greenhouse gases in the Kyoto protocol, namely CO(2) , CH(4) , N(2) O, HFCs, PFCs and SF(6) , with their respective GWP (Global Warming Potential) as described in the 2007 IPCC report. HFCs, PFCs and SF(6) are virtually absent from the Company's emissions or are considered as non-material and are therefore not counted.

(15) Scope 1+2 GHG emissions of operated facilities are defined as the sum of direct emissions of greenhouse gases from sites or activities that are included in the scope of reporting (as defined in the Company's 2021 Universal Registration Document) and indirect emissions attributable to brought-in energy (electricity, heat, steam), excluding purchased industrial gases (H(2) ).

(16) TotalEnergies reports Scope 3 GHG emissions, category 11, which correspond to indirect GHG emissions related to the use by customers of energy products, i.e., combustion of the products to obtain energy. The Company follows the oil & gas industry reporting guidelines published by IPIECA, which comply with the GHG Protocol methodologies. In order to avoid double counting, this methodology accounts for the largest volume in the oil and gas value chain, i.e., the higher of the two production volumes or sales to end customers. For TotalEnergies, in 2021 and 2022, the calculation of Scope 3 GHG emissions for the oil value chain considers oil products and biofuels sales (higher than production) and for the gas value chain, gas sales either as LNG or as part of direct sales to B2B/B2C customers (higher than or equivalent to marketable gas production).

(17) Scope 3 GHG emissions, category 11, which correspond to indirect GHG emissions related to the sale of petroleum products (including biofuels).

(18) These adjustment elements are explained page 20.

(19) Total adjustment items in net income are detailed page 16 as well as in the annexes to the accounts.

(20) Net cash fow = cash flow -- net investments (including other transactions with non-controlling interest).

TotalEnergies financial statements

_________________________

 

Third quarter and nine months 2022 consolidated accounts, IFRS

CONSOLIDATED STATEMENT OF INCOME TotalEnergies (unaudited) 3(rd) quarter 2(nd) quarter 3(rd) quarter (M$)(a) 2022 2022 2021 Sales 69,037 74,774 54,729 Excise taxes (4,075) (4,329) (5,659) Revenues from sales 64,962 70,445 49,070 Purchases, net of inventory variation (42,802) (45,443) (32,344) Other operating expenses (6,771) (8,041) (6,617) Exploration costs (71) (117) (127) Depreciation, depletion and impairment of tangible assets and mineral interests (2,935) (3,102) (3,191) Other income 1,693 429 195 Other expense (921) (1,305) (605) Financial interest on debt (633) (572) (454) Financial income and expense from cash & cash equivalents 327 245 87 Cost of net debt (306) (327) (367) Other financial income 196 231 193 Other financial expense (112) (136) (140) Net income (loss) from equity affiliates (108) (1,546) 1,377 Income taxes (6,077) (5,284) (2,692) Consolidated net income 6,748 5,804 4,752 TotalEnergies share 6,626 5,692 4,645 Non-controlling interests 122 112 107 Earnings per share ($) 2.58 2.18 1.72 Fully-diluted earnings per share ($) 2.56 2.16 1.71 (a) Except for per share amounts. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME TotalEnergies (unaudited) 3(rd) quarter 2(nd) quarter 3(rd) quarter (M$) 2022 2022 2021 Consolidated net income 6,748 5,804 4,752 Other comprehensive income Actuarial gains and losses (17) 204 (3) Change in fair value of investments in equity instruments 131 (20) (95) Tax effect 2 (53) 5 Currency translation adjustment generated by the parent company (4,639) (5,387) (2,368) Items not potentially reclassifiable to profit and loss (4,523) (5,256) (2,461) Currency translation adjustment 1,871 2,523 1,260 Cash flow hedge 1,258 3,222 424 Variation of foreign currency basis spread 9 21 2 share of other comprehensive income of equity affiliates, net amount 191 2,548 184 Other (18) (1) 1 Tax effect (424) (1,112) (100) Items potentially reclassifiable to profit and loss 2,887 7,201 1,771 Total other comprehensive income (net amount) (1,636) 1,945 (690) Comprehensive income 5,112 7,749 4,062 TotalEnergies share 4,969 7,705 4,014 Non-controlling interests 143 44 48 CONSOLIDATED STATEMENT OF INCOME TotalEnergies (unaudited) 9 months 9 months (M$)(a) 2022 2021 Sales 212,417 145,515 Excise taxes (13,060) (16,179) Revenues from sales 199,357 129,336 Purchases, net of inventory variation (127,893) (82,461) Other operating expenses (22,435) (20,214) Exploration costs (1,049) (417) Depreciation, depletion and impairment of tangible assets and mineral interests (9,716) (9,637) Other income 2,265 776 Other expense (4,516) (1,562) Financial interest on debt (1,667) (1,421) Financial income and expense from cash & cash equivalents 786 259 Cost of net debt (881) (1,162) Other financial income 630 567 Other financial expense (383) (401) Net income (loss) from equity affiliates (1,611) 1,578 Income taxes (16,165) (5,940) Consolidated net income 17,603 10,463 TotalEnergies share 17,262 10,195 Non-controlling interests 341 268 Earnings per share ($) 6.61 3.77 Fully-diluted earnings per share ($) 6.57 3.74 (a) Except for per share amounts. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME TotalEnergies (unaudited) 9 months 9 months (M$) 2022 2021 Consolidated net income 17,603 10,463 Other comprehensive income Actuarial gains and losses 187 446 Change in fair value of investments in equity instruments 114 (27) Tax effect (40) (149) Currency translation adjustment generated by the parent company (11,776) (5,302) Items not potentially reclassifiable to profit and loss (11,515) (5,032) Currency translation adjustment 5,406 3,037 Cash flow hedge 4,217 504 Variation of foreign currency basis spread 79 (2) share of other comprehensive income of equity affiliates, net amount 2,655 635 Other (19) 1 Tax effect (1,483) (157) Items potentially reclassifiable to profit and loss 10,855 4,018 Total other comprehensive income (net amount) (660) (1,014) Comprehensive income 16,943 9,449 TotalEnergies share 16,627 9,226 Non-controlling interests 316 223 CONSOLIDATED BALANCE SHEET TotalEnergies September June 30, December 31, September 30, 30, 2022 2022 2021 2021 (M$) (unaudited) (unaudited) (unaudited) ASSETS Non-current assets Intangible assets, net 36,376 37,020 32,484 32,895 Property, plant and equipment, net 99,700 101,454 106,559 105,902 Equity affiliates : investments and loans 28,743 28,210 31,053 30,467 Other investments 1,149 1,383 1,625 1,688 Non-current financial
assets 2,341 1,612 2,404 2,799 Deferred income taxes 4,434 4,737 5,400 6,452 Other non-current assets 2,930 3,075 2,797 2,530 Total non-current assets 175,673 177,491 182,322 182,733 Current assets Inventories, net 24,420 28,542 19,952 19,601 Accounts receivable, net 28,191 30,796 21,983 19,865 Other current assets 73,453 55,553 35,144 39,967 Current financial assets 11,688 7,863 12,315 3,910 Cash and cash equivalents 35,941 32,848 21,342 28,971 Assets classified as held for sale 349 313 400 633 Total current assets 174,042 155,915 111,136 112,947 Total assets 349,715 333,406 293,458 295,680 LIABILITIES & SHAREHOLDERS' EQUITY Shareholders' equity Common shares 8,163 8,163 8,224 8,224 Paid-in surplus and retained earnings 131,382 125,554 117,849 113,795 Currency translation adjustment (16,720) (14,019) (12,671) (11,995) Treasury shares (5,004) (3,010) (1,666) (8) Total shareholders' equity - TotalEnergies share 117,821 116,688 111,736 110,016 Non-controlling interests 2,851 3,309 3,263 3,211 Total shareholders' equity 120,672 119,997 114,999 113,227 Non-current liabilities Deferred income taxes 12,576 12,169 10,904 11,161 Employee benefits 2,207 2,341 2,672 3,218 Provisions and other non-current liabilities 22,133 23,373 20,269 20,355 Non-current financial debt 44,899 46,868 49,512 50,810 Total non-current liabilities 81,815 84,751 83,357 85,544 Current liabilities Accounts payable 48,942 49,700 36,837 34,149 Other creditors and accrued liabilities 80,468 62,498 42,800 45,476 Current borrowings 16,923 16,003 15,035 16,471 Other current financial liabilities 861 401 372 504 Liabilities directly associated with the assets classified as held for sale 34 56 58 309 Total current liabilities 147,228 128,658 95,102 96,909 Total liabilities & shareholders' equity 349,715 333,406 293,458 295,680 CONSOLIDATED STATEMENT OF CASH FLOW TotalEnergies (unaudited) 3(rd) quarter 2(nd) quarter 3(rd) quarter (M$) 2022 2022 2021 CASH FLOW FROM OPERATING ACTIVITIES Consolidated net income 6,748 5,804 4,752 Depreciation, depletion, amortization and impairment 3,032 3,321 3,361 Non-current liabilities, valuation allowances and deferred taxes 704 1,427 479 (Gains) losses on disposals of assets (1,645) (165) 100 Undistributed affiliates' equity earnings 1,290 2,999 (506) (Increase) decrease in working capital 7,407 2,498 (2,698) Other changes, net 312 400 152 Cash flow from operating activities 17,848 16,284 5,640 CASH FLOW USED IN INVESTING ACTIVITIES Intangible assets and property, plant and equipment additions (2,986) (5,150) (2,718) Acquisitions of subsidiaries, net of cash acquired (8) (82) (23) Investments in equity affiliates and other securities (2,557) (136) (67) Increase in non-current loans (246) (278) (219) Total expenditures (5,797) (5,646) (3,027) Proceeds from disposals of intangible assets and property, plant and equipment 97 153 150 Proceeds from disposals of subsidiaries, net of cash sold 524 63 4 Proceeds from disposals of non-current investments 304 35 177 Repayment of non-current loans 797 413 240 Total divestments 1,722 664 571 Cash flow used in investing activities (4,075) (4,982) (2,456) CASH FLOW USED IN FINANCING ACTIVITIES Issuance (repayment) of shares: - Parent company shareholders (1) 371 - - Treasury shares (1,996) (1,988) - Dividends paid: - Parent company shareholders (1,877) (1,825) (2,053) - Non-controlling interests (405) (97) (41) Net issuance (repayment) of perpetual subordinated notes - (1,958) - Payments on perpetual subordinated notes (14) (138) (22) Other transactions with non-controlling interests 38 (10) 721 Net issuance (repayment) of non-current debt 141 508 133 Increase (decrease) in current borrowings (527) (2,703) (1,457) Increase (decrease) in current financial assets and liabilities (4,473) (731) 513 Cash flow from (used in) financing activities (9,114) (8,571) (2,206) Net increase (decrease) in cash and cash equivalents 4,659 2,731 978 Effect of exchange rates (1,566) (1,159) (650) Cash and cash equivalents at the beginning of the period 32,848 31,276 28,643 Cash and cash equivalents at the end of the period 35,941 32,848 28,971 CONSOLIDATED STATEMENT OF CASH FLOW TotalEnergies (unaudited) 9 months 9 months (M$) 2022 2021 CASH FLOW FROM OPERATING ACTIVITIES Consolidated net income 17,603 10,463 Depreciation, depletion, amortization and impairment 10,931 10,121 Non-current liabilities, valuation allowances and deferred taxes 4,669 810 (Gains) losses on disposals of assets (1,823) (270) Undistributed affiliates' equity earnings 4,551 176 (Increase) decrease in working capital 4,982 (2,848) Other changes, net 836 337 Cash flow from operating activities 41,749 18,789 CASH FLOW USED IN INVESTING ACTIVITIES Intangible assets and property, plant and equipment additions (11,593) (7,803) Acquisitions of subsidiaries, net of cash acquired (90) (193) Investments in equity affiliates and other securities (2,782) (2,500) Increase in non-current loans (765) (899) Total expenditures (15,230) (11,395) Proceeds from disposals of intangible assets and property, plant and equipment 427 421 Proceeds from disposals of subsidiaries, net of cash sold 675 233 Proceeds from disposals of non-current investments 554 456 Repayment of non-current loans 2,139 541 Total divestments 3,795 1,651 Cash flow used in investing activities (11,435) (9,744) CASH FLOW USED IN FINANCING ACTIVITIES Issuance (repayment) of shares: - Parent company shareholders 370 381 - Treasury shares (5,160) (165) Dividends paid: - Parent company shareholders (5,630) (6,237) - Non-controlling interests (524) (104) Net issuance (repayment) of perpetual subordinated notes - 3,248 Payments on perpetual subordinated notes (288) (256) Other transactions with non-controlling interests 33 666 Net issuance (repayment) of non-current debt 683 (706) Increase (decrease) in current borrowings (2,573) (7,488) Increase (decrease) in current financial assets and liabilities 390 298 Cash flow from (used in) financing activities (12,699) (10,363) Net increase (decrease) in cash and cash equivalents 17,615 (1,318) Effect of exchange rates (3,016) (979) Cash and cash equivalents at the beginning of the period 21,342 31,268 Cash and cash equivalents at the end of the period 35,941 28,971 CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY TotalEnergies (unaudited) Paid-in surplus Shareholders' and Currency equity - Non- Total retained translation TotalEnergies controlling shareholders'
Common shares issued earnings adjustment Treasury shares Share interests equity (M$) Number Amount Number Amount As of January 1, 2021 2,653,124,025 8,267 107,078 (10,256) (24,392,703) (1,387) 103,702 2,383 106,085 Net income of the first nine months 2021 - - 10,195 - - - 10,195 268 10,463 Other comprehensive income - - 762 (1,731) - - (969) (45) (1,014) Comprehensive Income - - 10,957 (1,731) - - 9,226 223 9,449 Dividend - - (6,236) - - - (6,236) (104) (6,340) Issuance of common shares 10,589,713 31 350 - - - 381 - 381 Purchase of treasury shares - - - - (3,636,351) (165) (165) - (165) Sale of treasury shares(a) - - (216) - 4,571,235 216 - - - Share-based payments - - 103 - - - 103 - 103 Share cancellation (23,284,409) (74) (1,254) - 23,284,409 1,328 - - - Net issuance (repayment) of perpetual subordinated notes - - 3,254 - - - 3,254 - 3,254 Payments on perpetual subordinated notes - - (278) - - - (278) - (278) Other operations with non-controlling interests - - 26 (6) - - 20 701 721 Other items - - 11 (2) - - 9 8 17 As of September 30, 2021 2,640,429,329 8,224 113,795 (11,995) (173,410) (8) 110,016 3,211 113,227 Net income of the fourth quarter 2021 - - 5,837 - - - 5,837 66 5,903 Other comprehensive income - - 229 (676) - - (447) 15 (432) Comprehensive Income - - 6,066 (676) - - 5,390 81 5,471 Dividend - - (1,964) - - - (1,964) (20) (1,984) Issuance of common shares - - - - - - - - - Purchase of treasury shares - - - - (33,669,654) (1,658) (1,658) - (1,658) Sale of treasury shares(a) - - - - 1,960 - - - - Share-based payments - - 40 - - - 40 - 40 Share cancellation - - - - - - - - - Net issuance (repayment) of perpetual subordinated notes - - - - - - - - - Payments on perpetual subordinated notes - - (90) - - - (90) - (90) Other operations with non-controlling interests - - 4 - - - 4 (12) (8) Other items - - (2) - - - (2) 3 1 As of December 31, 2021 2,640,429,329 8,224 117,849 (12,671) (33,841,104) (1,666) 111,736 3,263 114,999 Net income of the first nine months 2022 - - 17,262 - - - 17,262 341 17,603 Other comprehensive income - - 3,421 (4,056) - - (635) (25) (660) Comprehensive Income - - 20,683 (4,056) - - 16,627 316 16,943 Dividend - - (5,653) - - - (5,653) (524) (6,177) Issuance of common shares 9,367,482 26 344 - - - 370 - 370 Purchase of treasury shares - - - - (97,376,124) (5,160) (5,160) - (5,160) Sale of treasury shares(a) - - (317) - 6,193,921 317 - - - Share-based payments - - 191 - - - 191 - 191 Share cancellation (30,665,526) (87) (1,418) - 30,665,526 1,505 - - - Net issuance (repayment) of perpetual subordinated notes - - (44) - - - (44) - (44) Payments on perpetual subordinated notes - - (255) - - - (255) - (255) Other operations with non-controlling interests - - 41 7 - - 48 124 172 Other items - - (39) - - - (39) (328) (367) As of September 30, 2022 2,619,131,285 8,163 131,382 (16,720) (94,357,781) (5,004) 117,821 2,851 120,672 (a) Treasury shares related to the performance share grants. INFORMATION BY BUSINESS SEGMENT TotalEnergies (unaudited) Integrated Gas, Exploration Refining Marketing 3(rd) quarter Renewables & & & 2022 & Power Production Chemicals Services Corporate Intercompany Total (M$) External sales 11,495 2,670 28,899 25,968 5 - 69,037 Intersegment sales 1,753 14,701 12,065 176 52 (28,747) - Excise taxes - - (160) (3,915) - - (4,075) Revenues from sales 13,248 17,371 40,804 22,229 57 (28,747) 64,962 Operating expenses (10,648) (6,880) (39,137) (21,513) (213) 28,747 (49,644) Depreciation, depletion and impairment of tangible assets and mineral interests (295) (1,999) (371) (243) (27) - (2,935) Operating income 2,305 8,492 1,296 473 (183) - 12,383 Net income (loss) from equity affiliates and other items 3,190 (2,643) 219 (14) (4) - 748 Tax on net operating income (777) (5,071) (255) (153) 162 - (6,094) Net operating income 4,718 778 1,260 306 (25) - 7,037 Net cost of net debt (289) Non-controlling interests (122) Net income - TotalEnergies share 6,626 Integrated 3(rd) quarter Gas, Exploration Refining Marketing 2022 Renewables & & & (adjustments)(a) & Power Production Chemicals Services Corporate Intercompany Total (M$) External sales 38 - - - - - 38 Intersegment sales - - - - - - - Excise taxes - - - - - - - Revenues from sales 38 - - - - - 38 Operating expenses (291) (4) (771) (230) (79) - (1,375) Depreciation, depletion and impairment of tangible assets and mineral interests - (7) - (2) - - (9) Operating income (b) (253) (11) (771) (232) (79) - (1,346) Net income (loss) from equity affiliates and other items 1,315 (3,130) (100) (7) - - (1,922) Tax on net operating income 7 (298) 196 67 20 - (8) Net operating income (b) 1,069 (3,439) (675) (172) (59) - (3,276) Net cost of net debt 76 Non-controlling interests (37) Net income - TotalEnergies share (3,237)
(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 - - (771) (239) - - On net operating income - - (675) (172) - Integrated Gas, Exploration Refining Marketing 3(rd) quarter Renewables & & & 2022 (adjusted) & Power Production Chemicals Services Corporate Intercompany Total (M$) External sales 11,457 2,670 28,899 25,968 5 - 68,999 Intersegment sales 1,753 14,701 12,065 176 52 (28,747) - Excise taxes - - (160) (3,915) - - (4,075) Revenues from sales 13,210 17,371 40,804 22,229 57 (28,747) 64,924 Operating expenses (10,357) (6,876) (38,366) (21,283) (134) 28,747 (48,269) Depreciation, depletion and impairment of tangible assets and mineral interests (295) (1,992) (371) (241) (27) - (2,926) Adjusted operating income 2,558 8,503 2,067 705 (104) - 13,729 Net income (loss) from equity affiliates and other items 1,875 487 319 (7) (4) - 2,670 Tax on net operating income (784) (4,773) (451) (220) 142 - (6,086) Adjusted net operating income 3,649 4,217 1,935 478 34 - 10,313 Net cost of net debt (365) Non-controlling interests (85) Adjusted net income - TotalEnergies share 9,863 Integrated Gas, Exploration Refining Marketing 3(rd) quarter Renewables & & & 2022 & Power Production Chemicals Services Corporate Intercompany Total (M$) Total expenditures 3,214 2,069 242 251 21 5,797 Total divestments 1,441 246 6 29 - 1,722 Cash flow from operating activities 4,390 9,083 3,798 939 (362) 17,848 INFORMATION BY BUSINESS SEGMENT TotalEnergies (unaudited) Integrated Gas, Exploration Refining Marketing 2(nd) quarter Renewables & & & 2022 & Power Production Chemicals Services Corporate Intercompany Total (M$) External sales 10,281 2,521 35,061 26,907 4 - 74,774 Intersegment sales 1,889 13,805 12,785 716 70 (29,265) - Excise taxes - - (186) (4,143) - - (4,329) Revenues from sales 12,170 16,326 47,660 23,480 74 (29,265) 70,445 Operating expenses (10,997) (5,760) (43,242) (22,310) (557) 29,265 (53,601) Depreciation, depletion and impairment of tangible assets and mineral interests (327) (2,112) (389) (241) (33) - (3,102) Operating income 846 8,454 4,029 929 (516) - 13,742 Net income (loss) from equity affiliates and other items 823 (3,668) 349 98 71 - (2,327) Tax on net operating income (260) (3,876) (866) (296) (8) - (5,306) Net operating income 1,409 910 3,512 731 (453) - 6,109 Net cost of net debt (305) Non-controlling interests (112) Net income - TotalEnergies share 5,692 Integrated 2(nd) quarter Gas, Exploration Refining Marketing 2022 Renewables & & & (adjustments)(a) & Power Production Chemicals Services Corporate Intercompany Total (M$) External sales (15) - - - - - (15) Intersegment sales - - - - - - - Excise taxes - - - - - - - Revenues from sales (15) - - - - - (15) Operating expenses (606) (82) 775 373 (301) - 159 Depreciation, depletion and impairment of tangible assets and mineral interests (14) (46) - (4) - - (64) Operating income (b) (635) (128) 775 369 (301) - 80 Net income (loss) from equity affiliates and other items (558) (3,756) 52 (4) - - (4,266) Tax on net operating income 47 75 (75) (100) 78 - 25 Net operating income (b) (1,146) (3,809) 752 265 (223) - (4,161) Net cost of net debt 80 Non-controlling interests (23) Net income - TotalEnergies share (4,104) (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. (b) Of which inventory valuation effect - On operating income - - 775 376 - - On net operating income - - 752 275 - Integrated Gas, Exploration Refining Marketing 2(nd) quarter Renewables & & & 2022 (adjusted) & Power Production Chemicals Services Corporate Intercompany Total (M$) External sales 10,296 2,521 35,061 26,907 4 - 74,789 Intersegment sales 1,889 13,805 12,785 716 70 (29,265) - Excise taxes - - (186) (4,143) - - (4,329) Revenues from sales 12,185 16,326 47,660 23,480 74 (29,265) 70,460 Operating expenses (10,391) (5,678) (44,017) (22,683) (256) 29,265 (53,760) Depreciation, depletion and impairment of tangible assets and mineral interests (313) (2,066) (389) (237) (33) - (3,038) Adjusted operating income 1,481 8,582 3,254 560 (215) - 13,662 Net income (loss) from equity affiliates and other items 1,381 88 297 102 71 - 1,939 Tax on net operating income (307) (3,951) (791) (196) (86) - (5,331) Adjusted net operating income 2,555 4,719 2,760 466 (230) - 10,270 Net cost of net debt (385) Non-controlling interests (89) Adjusted net income - TotalEnergies share 9,796 Integrated Gas, Exploration Refining Marketing 2(nd) quarter Renewables & & & 2022 & Power Production Chemicals Services Corporate Intercompany Total (M$) Total expenditures 872 4,128 333 288 25 5,646 Total divestments 466 63 56 72 7 664 Cash flow from operating activities 3,970 8,768 3,526 580 (560) 16,284 INFORMATION BY BUSINESS SEGMENT TotalEnergies (unaudited) Integrated Gas, Exploration Refining Marketing 3(rd) quarter Renewables & & & 2021 & Power Production Chemicals Services Corporate Intercompany Total (M$) External sales 8,482 1,921 22,765 21,554 7 - 54,729 Intersegment sales 1,239 8,588 7,031 110 38 (17,006) - Excise taxes - - (240) (5,419) - - (5,659) Revenues from sales 9,721 10,509 29,556 16,245 45 (17,006) 49,070 Operating
expenses (8,502) (3,958) (28,153) (15,302) (179) 17,006 (39,088) Depreciation, depletion and impairment of tangible assets and mineral interests (343) (2,156) (397) (267) (28) - (3,191) Operating income 876 4,395 1,006 676 (162) - 6,791 Net income (loss) from equity affiliates and other items 782 139 79 2 18 - 1,020 Tax on net operating income (208) (2,007) (273) (222) 23 - (2,687) Net operating income 1,450 2,527 812 456 (121) - 5,124 Net cost of net debt (372) Non-controlling interests (107) Net income - TotalEnergies share 4,645 Integrated 3(rd) quarter Gas, Exploration Refining Marketing 2021 Renewables & & & (adjustments)(a) & Power Production Chemicals Services Corporate Intercompany Total (M$) External sales - - - - - - - Intersegment sales - - - - - - - Excise taxes - - - - - - - Revenues from sales - - - - - - - Operating expenses (152) (32) 301 44 - - 161 Depreciation, depletion and impairment of tangible assets and mineral interests (7) - (12) - - - (19) Operating income (b) (159) (32) 289 44 - - 142 Net income (loss) from equity affiliates and other items (3) (246) 5 (12) 2 - (254) Tax on net operating income 4 79 (84) (14) - - (15) Net operating income (b) (158) (199) 210 18 2 - (127) Net cost of net debt 5 Non-controlling interests (2) Net income - TotalEnergies share (124) (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 - - 309 56 - - On net operating income - - 285 41 - Integrated Gas, Exploration Refining Marketing 3(rd) quarter Renewables & & & 2021 (adjusted) & Power Production Chemicals Services Corporate Intercompany Total (M$) External sales 8,482 1,921 22,765 21,554 7 - 54,729 Intersegment sales 1,239 8,588 7,031 110 38 (17,006) - Excise taxes - - (240) (5,419) - - (5,659) Revenues from sales 9,721 10,509 29,556 16,245 45 (17,006) 49,070 Operating expenses (8,350) (3,926) (28,454) (15,346) (179) 17,006 (39,249) Depreciation, depletion and impairment of tangible assets and mineral interests (336) (2,156) (385) (267) (28) - (3,172) Adjusted operating income 1,035 4,427 717 632 (162) - 6,649 Net income (loss) from equity affiliates and other items 785 385 74 14 16 - 1,274 Tax on net operating income (212) (2,086) (189) (208) 23 - (2,672) Adjusted net operating income 1,608 2,726 602 438 (123) - 5,251 Net cost of net debt (377) Non-controlling interests (105) Adjusted net income - TotalEnergies share 4,769 Integrated Gas, Exploration Refining Marketing 3(rd) quarter Renewables & & & 2021 & Power Production Chemicals Services Corporate Intercompany Total (M$) Total expenditures 683 1,754 337 239 14 3,027 Total divestments 358 163 17 31 2 571 Cash flow from operating activities (463) 4,814 799 845 (355) 5,640 INFORMATION BY BUSINESS SEGMENT TotalEnergies (unaudited) Integrated Gas, Exploration Refining Marketing Renewables & & & 9 months 2022 & Power Production Chemicals Services Corporate Intercompany Total (M$) External sales 34,070 7,342 94,968 76,024 13 - 212,417 Intersegment sales 5,113 42,324 34,127 1,159 185 (82,908) - Excise taxes - - (538) (12,522) - - (13,060) Revenues from sales 39,183 49,666 128,557 64,661 198 (82,908) 199,357 Operating expenses (33,277) (18,348) (119,790) (61,807) (1,063) 82,908 (151,377) Depreciation, depletion and impairment of tangible assets and mineral interests (943) (6,772) (1,140) (757) (104) - (9,716) Operating income 4,963 24,546 7,627 2,097 (969) - 38,264 Net income (loss) from equity affiliates and other items 1,513 (6,069) 724 42 175 - (3,615) Tax on net operating income (1,331) (12,810) (1,646) (674) 259 - (16,202) Net operating income 5,145 5,667 6,705 1,465 (535) - 18,447 Net cost of net debt (844) Non-controlling interests (341) Net income - TotalEnergies share 17,262 Integrated Gas, Exploration Refining Marketing 9 months 2022 Renewables & & & (adjustments)(a) & Power Production Chemicals Services Corporate Intercompany Total (M$) External sales 35 - - - - - 35 Intersegment sales - - - - - - - Excise taxes - - - - - - - Revenues from sales 35 - - - - - 35 Operating expenses (1,014) (877) 951 411 (512) - (1,041) Depreciation, depletion and impairment of tangible assets and mineral interests (14) (546) - (35) (9) - (604) Operating income (b) (993) (1,423) 951 376 (521) - (1,610) Net income (loss) from equity affiliates and other items (3,182) (6,900) 69 (14) 106 - (9,921) Tax on net operating income 65 39 (130) (113) 118 - (21) Net operating income (b) (4,110) (8,284) 890 249 (297) - (11,552) Net cost of net debt 269 Non-controlling interests (91) Net income - TotalEnergies share (11,374) (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 - - 951 445 - - On net operating income - - 922 331 - Integrated Gas, Exploration Refining Marketing 9 months 2022 Renewables & & & (adjusted) & Power Production Chemicals Services Corporate Intercompany Total (M$)
External sales 34,035 7,342 94,968 76,024 13 - 212,382 Intersegment sales 5,113 42,324 34,127 1,159 185 (82,908) - Excise taxes - - (538) (12,522) - - (13,060) Revenues from sales 39,148 49,666 128,557 64,661 198 (82,908) 199,322 Operating expenses (32,263) (17,471) (120,741) (62,218) (551) 82,908 (150,336) Depreciation, depletion and impairment of tangible assets and mineral interests (929) (6,226) (1,140) (722) (95) - (9,112) Adjusted operating income 5,956 25,969 6,676 1,721 (448) - 39,874 Net income (loss) from equity affiliates and other items 4,695 831 655 56 69 - 6,306 Tax on net operating income (1,396) (12,849) (1,516) (561) 141 - (16,181) Adjusted net operating income 9,255 13,951 5,815 1,216 (238) - 29,999 Net cost of net debt (1,113) Non-controlling interests (250) Adjusted net income - TotalEnergies share 28,636 Integrated Gas, Exploration Refining Marketing Renewables & & & 9 months 2022 & Power Production Chemicals Services Corporate Intercompany Total (M$) Total expenditures 5,525 8,168 803 679 55 15,230 Total divestments 2,922 592 89 180 12 3,795 Cash flow from operating activities 8,675 23,619 8,431 2,417 (1,393) 41,749 INFORMATION BY BUSINESS SEGMENT TotalEnergies (unaudited) Integrated Gas, Exploration Refining Marketing Renewables & & & 9 months 2021 & Power Production Chemicals Services Corporate Intercompany Total (M$) External sales 19,070 5,178 62,819 58,434 14 - 145,515 Intersegment sales 2,794 23,021 18,921 296 106 (45,138) - Excise taxes - - (870) (15,309) - - (16,179) Revenues from sales 21,864 28,199 80,870 43,421 120 (45,138) 129,336 Operating expenses (18,823) (11,310) (76,732) (40,812) (553) 45,138 (103,092) Depreciation, depletion and impairment of tangible assets and mineral interests (1,105) (6,473) (1,184) (793) (82) - (9,637) Operating income 1,936 10,416 2,954 1,816 (515) - 16,607 Net income (loss) from equity affiliates and other items 1,464 (834) 290 25 13 - 958 Tax on net operating income (365) (4,382) (834) (574) 77 - (6,078) Net operating income 3,035 5,200 2,410 1,267 (425) - 11,487 Net cost of net debt (1,024) Non-controlling interests (268) Net income - TotalEnergies share 10,195 Integrated Gas, Exploration Refining Marketing 9 months 2021 Renewables & & & (adjustments)(a) & Power Production Chemicals Services Corporate Intercompany Total (M$) External sales (44) - - - - - (44) Intersegment sales - - - - - - - Excise taxes - - - - - - - Revenues from sales (44) - - - - - (44) Operating expenses (214) (55) 1,432 257 - - 1,420 Depreciation, depletion and impairment of tangible assets and mineral interests (155) - (25) - - - (180) Operating income (b) (413) (55) 1,407 257 - - 1,196 Net income (loss) from equity affiliates and other items (99) (1,728) 33 (55) (60) - (1,909) Tax on net operating income 63 69 (386) (74) 2 - (326) Net operating income (b) (449) (1,714) 1,054 128 (58) - (1,039) Net cost of net debt 15 Non-controlling interests (16) Net income - TotalEnergies share (1,040) (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 - - 1,449 262 - - On net operating income - - 1,222 189 - Integrated Gas, Exploration Refining Marketing 9 months 2021 Renewables & & & (adjusted) & Power Production Chemicals Services Corporate Intercompany Total (M$) External sales 19,114 5,178 62,819 58,434 14 - 145,559 Intersegment sales 2,794 23,021 18,921 296 106 (45,138) - Excise taxes - - (870) (15,309) - - (16,179) Revenues from sales 21,908 28,199 80,870 43,421 120 (45,138) 129,380 Operating expenses (18,609) (11,255) (78,164) (41,069) (553) 45,138 (104,512) Depreciation, depletion and impairment of tangible assets and mineral interests (950) (6,473) (1,159) (793) (82) - (9,457) Adjusted operating income 2,349 10,471 1,547 1,559 (515) - 15,411 Net income (loss) from equity affiliates and other items 1,563 894 257 80 73 - 2,867 Tax on net operating income (428) (4,451) (448) (500) 75 - (5,752) Adjusted net operating income 3,484 6,914 1,356 1,139 (367) - 12,526 Net cost of net debt (1,039) Non-controlling interests (252) Adjusted net income - TotalEnergies share 11,235 Integrated Gas, Exploration Refining Marketing Renewables & & & 9 months 2021 & Power Production Chemicals Services Corporate Intercompany Total (M$) Total expenditures 4,870 4,949 915 599 62 11,395 Total divestments 810 537 146 138 20 1,651 Cash flow from operating activities 884 13,385 4,027 1,947 (1,454) 18,789 Reconciliation of the information by business segment with Consolidated Financial Statements TotalEnergies (unaudited) Consolidated 3(rd) quarter 2022 statement (M$) Adjusted Adjustments(a) of income Sales 68,999 38 69,037 Excise taxes (4,075) - (4,075) Revenues from sales 64,924 38 64,962 Purchases net of inventory variation (41,509) (1,293) (42,802) Other operating expenses (6,689) (82) (6,771) Exploration costs (71) - (71) Depreciation, depletion and impairment of tangible assets and mineral interests (2,926) (9) (2,935) Other income 163 1,530 1,693 Other expense (153) (768) (921) Financial interest on debt (633) - (633) Financial income and expense from cash & cash equivalents 219 108 327 Cost of net debt (414) 108 (306) Other financial income 196 - 196
Other financial expense (112) - (112) Net income (loss) from equity affiliates 2,576 (2,684) (108) Income taxes (6,037) (40) (6,077) Consolidated net income 9,948 (3,200) 6,748 TotalEnergies share 9,863 (3,237) 6,626 Non-controlling interests 85 37 122 (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. Consolidated 3(rd) quarter 2021 statement (M$) Adjusted Adjustments(a) of income Sales 54,729 - 54,729 Excise taxes (5,659) - (5,659) Revenues from sales 49,070 - 49,070 Purchases net of inventory variation (32,574) 230 (32,344) Other operating expenses (6,548) (69) (6,617) Exploration costs (127) - (127) Depreciation, depletion and impairment of tangible assets and mineral interests (3,172) (19) (3,191) Other income 195 - 195 Other expense (117) (488) (605) Financial interest on debt (454) - (454) Financial income and expense from cash & cash equivalents 79 8 87 Cost of net debt (375) 8 (367) Other financial income 193 - 193 Other financial expense (140) - (140) Net income (loss) from equity affiliates 1,143 234 1,377 Income taxes (2,674) (18) (2,692) Consolidated net income 4,874 (122) 4,752 TotalEnergies share 4,769 (124) 4,645 Non-controlling interests 105 2 107 (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 9 months 2022 statement of (M$) Adjusted Adjustments(a) income Sales 212,382 35 212,417 Excise taxes (13,060) - (13,060) Revenues from sales 199,322 35 199,357 Purchases net of inventory variation (128,294) 401 (127,893) Other operating expenses (21,718) (717) (22,435) Exploration costs (324) (725) (1,049) Depreciation, depletion and impairment of tangible assets and mineral interests (9,112) (604) (9,716) Other income 713 1,552 2,265 Other expense (951) (3,565) (4,516) Financial interest on debt (1,667) - (1,667) Financial income and expense from cash & cash equivalents 408 378 786 Cost of net debt (1,259) 378 (881) Other financial income 546 84 630 Other financial expense (383) - (383) Net income (loss) from equity affiliates 6,381 (7,992) (1,611) Income taxes (16,035) (130) (16,165) Consolidated net income 28,886 (11,283) 17,603 TotalEnergies share 28,636 (11,374) 17,262 Non-controlling interests 250 91 341 (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. Consolidated 9 months 2021 statement of (M$) Adjusted Adjustments(a) income Sales 145,559 (44) 145,515 Excise taxes (16,179) - (16,179) Revenues from sales 129,380 (44) 129,336 Purchases net of inventory variation (83,971) 1,510 (82,461) Other operating expenses (20,124) (90) (20,214) Exploration costs (417) - (417) Depreciation, depletion and impairment of tangible assets and mineral interests (9,457) (180) (9,637) Other income 749 27 776 Other expense (451) (1,111) (1,562) Financial interest on debt (1,421) - (1,421) Financial income and expense from cash & cash equivalents 235 24 259 Cost of net debt (1,186) 24 (1,162) Other financial income 567 - 567 Other financial expense (401) - (401) Net income (loss) from equity affiliates 2,403 (825) 1,578 Income taxes (5,605) (335) (5,940) Consolidated net income 11,487 (1,024) 10,463 TotalEnergies share 11,235 (1,040) 10,195 Non-controlling interests 252 16 268 (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

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