REG-TotalEnergies SE The Board of Directors of TotalEnergies Reaffirms Its Support to the Company’s Multi-Energy Strategy and Its Confidence in the Governance & Management to Continue Its Implementation

TotalEnergies SEAnnouncement

21/09/2023 17:30

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The Board of Directors of TotalEnergies Reaffirms Its Support to the
Company’s Multi-Energy Strategy and Its Confidence in the Governance &
Management to Continue Its Implementation

 

On the occasion of its annual strategic seminar held on 20 & 21 September
2023, TotalEnergies’ (Paris:TTE) (LSE:TTE) (NYSE:TTE) Board of Directors
reviewed the Company's strategic outlook in a context of changing energy
markets because of the energy transition and evolving geopolitical
environment.

The Board of Directors noted the relevance of the Company’s balanced
multi-energy strategy considering the developments in the oil, gas and
electricity markets. Thanks to refocusing the oil and gas portfolio on assets
and projects with low breakeven and low greenhouse gas emissions, and to the
diversification into electricity, notably renewable, through an integrated
strategy from production to customer, the Company is in a very favorable
position to take advantage of changing energy markets and prices.

With a breakeven anchored below $25/b, TotalEnergies is a much more efficient
and profitable company today than it was 10 years ago: at the same oil
equivalent price, it generated an additional $15 billion of cash flow in 2022.
Thus, by end-2022, the Company benefits from a fortress balance sheet and is
positioned to both implement its transition strategy and to guarantee an
attractive shareholder return policy.

TotalEnergies is therefore pursuing its ambition to become a major player in
the energy transition, committed to carbon neutrality in 2050, together with
society. As a result, the lifecycle carbon intensity of energy products sold
to its customers has been reduced by 12% in 2022 compared with 2015, with the
ambition of reducing it by 25% by 2030, and the Company is committed to
reducing Scope 1+2 emissions from its oil & gas operations by 40% by 2030
and by 80% for methane.

While reaffirming its support to the quality and the relevance of the
strategy, which will be presented to investors on September 27, 2023, the
Board considers as appropriate to ensure the continuity of the Company’s
governance and leadership.

Also, the Board of Directors considers that it is highly desirable that
Patrick Pouyanné, Chairman and Chief Executive Officer, continues to drive
this strategy’s deployment at the helm of the Company. On the proposal of
the Governance and Ethics Committee, it has therefore unanimously decided that
the renewal of the mandate of Patrick Pouyanné will be proposed to the
General Meeting in May 2024. In the frame of the balanced governance
implemented since 2015, it has also unanimously decided to propose the renewal
of the mandate of Jacques Aschenbroich, who has held the position of Lead
Independent Director since May 2023.

Jacques Aschenbroich, Lead Independent Director, said “TotalEnergies’
board regularly reviews its long-term succession plans. Since 2014, Patrick
has done an extraordinary job leading TotalEnergies in a complex environment,
delivering outstanding financial results and engaging the Company in the
energy transition quicker and stronger than its peers. The Board unanimously
looks forward to his continued leadership and his strategic vision to continue
TotalEnergies’ transition.”

***

About TotalEnergies

TotalEnergies is a global multi-energy company that produces and markets
energies: oil and biofuels, natural gas and green gases, renewables and
electricity. Our more than 100,000 employees are committed to energy that is
ever more affordable, cleaner, more reliable and accessible to as many people
as possible. Active in nearly 130 countries, TotalEnergies puts sustainable
development in all its dimensions at the heart of its projects and operations
to contribute to the well-being of people.

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Cautionary Note

The terms “TotalEnergies”, “TotalEnergies company” or “Company” in
this document are used to designate TotalEnergies SE and the consolidated
entities that are directly or indirectly controlled by TotalEnergies SE.
Likewise, the words “we”, “us” and “our” may also be used to refer
to these entities or to their employees. The entities in which TotalEnergies
SE directly or indirectly owns a shareholding are separate legal entities.
TotalEnergies SE has no liability for the acts or omissions of these entities.
This document may contain forward-looking information and statements that are
based on a number of economic data and assumptions made in a given economic,
competitive and regulatory environment. They may prove to be inaccurate in the
future and are subject to a number of risk factors. 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. Information concerning risk factors, that may affect
TotalEnergies’ financial results or activities is provided in the most
recent Registration Document, the French-language version of which is filed by
TotalEnergies SE with the French securities regulator Autorité des Marchés
Financiers (AMF), and in the Form 20-F filed with the United States Securities
and Exchange Commission (SEC).

Contacts TotalEnergies 

Media Relations : +33 (0)1 47 44 46 99 l presse@totalenergies.com
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Investor Relations : +33 (0)1 47 44 46 46 l ir@totalenergies.com
(mailto:ir@totalenergies.com)



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