REG-TotalEnergies SE Half-year Report
28/07/2022 11:30
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Half-year Report
TotalEnergies SE: Second Quarter and First Half 2022 Results
TotalEnergies reports IFRS net income of $5.7 billion
and accelerates its transformation with three major deals in LNG,
renewables and green hydrogen
TotalEnergies SE (Paris:TTE) (LSE:TTE) (NYSE:TTE):
2Q22 Change 1H22 Change
vs 2Q21
vs 1H21
Net income (TotalEnergies share) (B$) 5.7 x2.6 10.6 +92%
Adjusted net income (TotalEnergies share)((1) )
- in billions of dollars (B$) 9.8 x2.8 18.8 x2.9
- in dollars per share 3.75 x2.9 7.14 x3
Adjusted EBITDA((1)) (B$) 18.7 x2.2 36.2 x2.1
DACF((1)) (B$) 13.6 x2 25.6 x2
Cash Flow from operations (B$) 16.3 x2.2 23.9 +82%
Net-debt-to-capital ratio((2)) of 9.8% at June 30, 2022 vs. 12.5% at March 31, 2022
Second 2022 interim dividend set at 0.69 €/share
The Board of Directors of TotalEnergies SE, meeting on July 27, 2022, under
the chairmanship of CEO Patrick Pouyanné, approved the Company's financial
statements for the second quarter of 2022. On this occasion, Patrick Pouyanné
said:
“Russia’s invasion of Ukraine continued to impact energy markets in the
second quarter, with oil prices averaging more than $110/bbl in the quarter,
refining margins reaching record-high levels, and natural gas prices holding
above oil parity in Europe and Asia.
In this context, TotalEnergies responded by increasing energy output, thus
contributing to energy security: LNG sales rose to more than 25 Mt in the
first half, with 60% in Europe, and TotalEnergies' refineries raised their
utilization rate to nearly 90%.
In line with the priority set by the Board of Directors to accelerate the
Company's transformation, TotalEnergies announced three major investments: the
giant NFE LNG project in Qatar, Clearway, the fifth largest U.S. player in
renewable energy, and a massive green hydrogen production project in India in
partnership with Adani.
In the second quarter of 2022, the Company generated adjusted net income of
$9.8 billion and IFRS net income of $5.7 billion. TotalEnergies recorded in
its accounts a new $3.5 billion impairment charge related mainly to the
potential impact of international sanctions on the value of its Novatek stake.
Excluding Russia, adjusted net income was $9.1 billion.
The iGRP (integrated Gas, Renewables & Power) segment posted adjusted net
operating income of $2.6 billion and cash flow of $2.4 billion in the second
quarter of 2022, confirming the levels reached in previous quarters.
Exploration & Production posted adjusted net operating income of $4.7
billion and cash flow of $7.4 billion, despite a decrease in production in the
quarter that was due to planned maintenance and security-related cuts in
Nigeria and Libya. TotalEnergies approved the launch of projects, such as
Ballymore in the U.S., Begonia, CLOV Phase 3 in Angola, as well as Eldfisk
North in Norway.
Downstream benefited from exceptionally high refining margins on distillates
and gasoline to report adjusted net operating income of $3.2 billion, up
sharply over the quarter, and cash flow of $3.5 billion. In this context, the
Company announced a fuel price reduction program benefitting its French
customers.
The Company’s cash flow was $13.2 billion ($12.4 billion excluding Russia)
and free cash flow((3)) was $4.5 billion, after buying back $2 billion of
shares in the second quarter as announced. The Company reduced its gearing
ratio to less than 10%.
Supported by these results, the Board of Directors approved the distribution
of the 2022 second interim dividend in the amount of €0.69/share, up 5%
year-on-year, and authorized the Company to continue share buybacks of up to
$2 billion in the third quarter.”
1. Highlights((4))
Social and environmental responsibility
* Climate Resolution 2022 approved by 89% of shareholders at the Annual General
Meeting of May 25, 2022
* Launched global campaign to detect and measure methane emissions by drone
* Fuel price reduction program until year-end for TotalEnergies’ service
stations in France
Renewables and Electricity
* Acquisition of 50% of Clearway Energy Group, a major player in the United
States, with 7.7 GW of solar and wind assets in operation and a portfolio of
25 GW in development
* Offshore wind: obtained an offshore concession to develop a 1 GW offshore wind
farm off the U.S. East Coast, off the coast of North Carolina
* Solar:
* Created a joint venture with ENEOS to develop decentralized power generation
for B2B customers in Asia, with a target capacity of 2 GW over the next 5
years
* Acquired Core Solar which has a pipeline of 4 GW projects in the United States
* Launched TotalEnergies On, TotalEnergies’ start-up accelerator program
dedicated to the electricity business, with the selection of the first 10
start-ups
LNG
* Acquired 6.25% stake in the North Field East LNG project in Qatar with a
capacity of 32 Mt/y
* Launched the FEED for the Cameron LNG extension project in the U.S. with a
capacity of 6.75 Mt/y
* Launched the FEED for the upstream installations of the Papua LNG project in
Papua New Guinea
* Signed a 15-year contract for the sale of 600 kt/y of LNG with Hanwha Energy
in South Korea
Upstream
* Started production on the first 180 kb/d FPSO on the Mero field in Brazil
* Approved the development of the Ballymore field in the U.S. Gulf of Mexico for
a planned 2025 start-up with 75 kb/d of production capacity
* 25-year license extension Blocks 404a and 208 in the Berkine Basin, Algeria
* Agreed to transfer to Zarubezhneft the 20% residual interest in the Kharyaga
oil field in Russia
Downstream and new molecules
* Started the ethane cracker in Port Arthur, USA
* Hydrogen: acquired a 25% stake in Adani New Industries Limited (ANIL) for the
production of green hydrogen in India
* Sustainable fuel: feasibility study of a sustainable aviation fuel production
unit in Japan in cooperation with ENEOS
* Circular economy: commercial agreement with New Hope Energy for the production
of polymers from recycled plastic in the United States
Carbon sinks
* Acquired a 49% stake in Compagnie des Bois du Gabon to develop natural carbon
sinks
* Launched a CO(2) capture project to decarbonize Cameron LNG's production in
the U.S.
2. Key figures from TotalEnergies’ consolidated financial statements((5))
2Q22 1Q22 2Q21 2Q22 In millions of dollars, except effective tax rate, 1H22 1H21 1H22
vs earnings per share and number of shares
vs
2Q21
1H21
18,737 17,424 8,667 x2.2 Adjusted EBITDA ((6)) 36,161 16,837 x2.1
10,500 9,458 4,032 x2.6 Adjusted net operating income from business segments 19,958 7,519 x2.7
4,719 5,015 2,213 x2.1 Exploration & Production 9,734 4,188 x2.3
2,555 3,051 891 x2.9 Integrated Gas, Renewables & Power 5,606 1,876 x3
2,760 1,120 511 x5.4 Refining & Chemicals 3,880 754 x5.1
466 272 417 +12% Marketing & Services 738 701 +5%
1,944 1,861 740 x2.6 Contribution of equity affiliates to adjusted net income 3,805 1,260 x3
39.4% 38.7% 34.3% - Effective tax rate ((7)) 39.0% 34.4% -
9,796 8,977 3,463 x2.8 Adjusted net income (TotalEnergies share) 18,773 6,466 x2.9
3.75 3.40 1.27 x2.9 Adjusted fully-diluted earnings per share (dollars) ((8)) 7.14 2.38 x3
3.50 3.03 1.06 x3.3 Adjusted fully-diluted earnings per share (euros)* 6.53 1.97 x3.3
2,592 2,614 2,646 -2% Fully-diluted weighted-average shares (millions) 2,602 2,644 -2%
5,692 4,944 2,206 x2.6 Net income (TotalEnergies share) 10,636 5,550 +92%
2,819 1,981 2,802 +1% Organic investments ((9)) 4,800 5,181 -7%
2,076 922 396 x5.2 Net acquisitions ((10)) 2,998 1,986 +51%
4,895 2,903 3,198 +53% Net investments ((11)) 7,798 7,167 +9%
13,233 11,626 6,352 x2.1 Operating cash flow before working capital changes ((12)) 24,859 11,718 x2.1
13,631 11,995 6,761 x2 Operating cash flow before working capital changes 25,626 12,511 x2
w/o financial charges (DACF) ((13))
16,284 7,617 7,551 x2.2 Cash flow from operations 23,901 13,149 +82%
* Average €-$ exchange rate: 1.0647 in the second quarter 2022, 1.0934 in
the first half 2022.
3. Key figures of environment, greenhouse gas emissions and production
3.1 Environment* – liquids and gas price realizations, refining margins
2Q22 1Q22 2Q21 2Q22 1H22 1H21 1H22
vs
vs
2Q21
1H21
113.9 102.2 69.0 +65% Brent ($/b) 107.9 65.0 +66%
7.5 4.6 3.0 x2.5 Henry Hub ($/Mbtu) 6.1 2.9 x2.1
22.2 32.3 8.7 x2.6 NBP ($/Mbtu) 27.2 7.7 x3.5
27.0 31.1 10.0 x2.7 JKM ($/Mbtu) 29.1 10.0 x2.9
102.9 90.1 62.9 +64% Average price of liquids ($/b) 96.3 59.7 +61%
Consolidated subsidiaries
11.01 12.27 4.43 x2.5 Average price of gas ($/Mbtu) 11.65 4.23 x2.8
Consolidated subsidiaries
13.96 13.60 6.59 x2.1 Average price of LNG ($/Mbtu) 13.77 6.33 x2.2
Consolidated subsidiaries and equity affiliates
145.7 46.3 10.2 x14.3 Variable cost margin - Refining Europe, VCM ($/t)** 101.0 7.6 x13.3
* The indicators are shown on page 21.
** This indicator represents TotalEnergies’ average margin on variable cost
for refining in Europe (equal to the difference between TotalEnergies European
refined product sales and crude oil purchases with associated variable costs
divided by volumes refined in tons).
The average LNG selling price was $13.96/Mbtu in the second quarter and
$13.77/Mbtu in the first half, more than double the prices over the same
periods in 2021, benefitin on a lagged basis from the increase in oil and gas
indexes on long-term contracts as well as high spot gas prices over these
periods.
3.2 Greenhouse gas emissions((14))
2Q22 1Q22 2Q21 2Q22 GHG emissions (MtCO(2)e) 1H22 1H21 1H22
vs
vs
2Q21
1H21
9.6 9.6* 8.6* +12% Scope 1+2 from operated facilities ((15)) 19.3 17.8* +9%
13.4 14.0 - - Scope 1+2 - equity share 27.4 - -
94* 98* 95* - Scope 3 from energy product sales ((16)) 192* 193* -
65* 66* 68* -5% of which Scope 3 Oil Worldwide ((17)) 131* 137* -4%
63* 66* 58* +9% Scope 1+2+3 in Europe ((18)) 129* 121* +6%
57* 60* 53* +8% of which Scope 3 in Europe 117* 111* +6%
Estimated 2022 quarterly emissions. 2021 quarterly equity share data are not
available
* Excluding Covid effect
2Q22 1Q22 2Q21 2Q22 Methane emissions (ktCH(4)) 1H22 1H21 1H22
vs
vs
2Q21
1H21
10 10 11 -11% Methane emissions from operated facilities 20 24 -18%
13 12 - - Methane emissions - equity share 24 - -
Estimated 2022 quarterly emissions. 2021 quarterly equity share data are not
available
The evolution of Scope 1+2 emissions from the operated facilities is the
result of the high-capacity utilization of CCGTs and refineries in Europe,
TotalEnergies responding by increasing energy output, thus contributing to
energy security.
3.3 Production*
2Q22 1Q22 2Q21 2Q22 Hydrocarbon production 1H22 1H21 1H22
vs
vs
2Q21
1H21
2,738 2,843 2,747 - Hydrocarbon production (kboe/d) 2,791 2,805 -0.5%
1,268 1,305 1,258 +1% Oil (including bitumen) (kb/d) 1,287 1,265 +2%
1,470 1,538 1,489 -1% Gas (including condensates and associated NGL) (kboe/d) 1,504 1,540 -2%
2,738 2,843 2,747 - Hydrocarbon production (kboe/d) 2,791 2,805 -0.5%
1,483 1,527 1,464 +1% Liquids (kb/d) 1,505 1,486 +1%
6,835 7,162 7,017 -3% Gas (Mcf/d) 6,997 7,208 -3%
* Company production = E&P production + iGRP production.
Hydrocarbon production was 2,738 thousand barrels of oil equivalent per day
(kboe/d) in the second quarter 2022, stable year-on-year, comprised of:
* +3% due to the increase in production quotas of OPEC countries,
* +3% due to a reduction in planned maintenance and unplanned downtime,
* +2% due to the start-up and ramp-up of projects,
* -2% due to security-related production cuts in Libya and Nigeria,
* -2% portfolio effect, mainly related to the end of the operating licenses for
Qatargas 1 and Bongkot North in Thailand, partially offset by the entry into
the Sepia and Atapu fields in Brazil,
* -1% due to the price effect,
* -3% due to the natural decline of fields.
Compared to the first quarter, production was down 4%, mainly due to planned
maintenance operations for - 2%, production cuts in Nigeria and Libya for -1%,
the end of Bongkot North's license in Thailand, partially offset by the entry
into the production fields of Sepia and Atapu in Brazil.
Hydrocarbon production was 2,791 kboe/d in the first half 2022, down slightly
by 0.5% year-on-year, comprised of:
* +2% due to the increase in production quotas of OPEC countries,
* +2% due to the start-up and ramp-up of projects, including Clov Phase 2 and
Zinia Phase 2 in Angola, and Iara in Brazil,
* +2% due to a reduction in planned maintenance and unplanned downtime,
* -2% portfolio effect, mainly related to the end of the Qatargas 1 operating
license,
* -1% due to security-related production cuts in Libya and Nigeria,
* -1% due to the price effect,
* -2.5% due to the natural decline of fields.
4. Analysis of business segments
4.1 Integrated Gas, Renewables & Power (iGRP)
4.1.1 Production and sales of Liquefied Natural Gas (LNG) and electricity
2Q22 1Q22 2Q21 2Q22 Hydrocarbon production for LNG 1H22 1H21 1H22
vs
vs
2Q21
1H21
462 492 502 -8% iGRP (kboe/d) 477 510 -6%
53 60 52 +1% Liquids (kb/d) 56 58 -2%
2,233 2,349 2,464 -9% Gas (Mcf/d) 2,291 2,470 -7%
2Q22 1Q22 2Q21 2Q22 Liquefied Natural Gas in Mt 1H22 1H21 1H22
vs
vs
2Q21
1H21
11.7 13.3 10.5 +11% Overall LNG sales 24.9 20.4 +22%
4.1 4.4 4.2 -1% incl. Sales from equity production* 8.6 8.5 -
10.2 11.9 8.8 +16% incl. Sales by TotalEnergies from equity production and third party purchases 22.2 16.7 +33%
* The Company’s equity production may be sold by TotalEnergies or by the
joint ventures.
Hydrocarbon production for LNG is down 8% and 6% year-on-year, respectively,
in the second quarter 2022 and the first half 2022, mainly due to the end of
the Qatargas 1 contract and the decrease in supply to NLNG for security
reasons in Nigeria. Production in Snøhvit, Norway, restarted in the second
quarter.
Total LNG sales are up year-on-year by 11% in the second quarter 2022 and by
22% in the first half 2022, due to the increase in spot purchases to maximize
the use of the Company's regasification capacity in Europe.
2Q22 1Q22 2Q21 2Q22 Renewables & Electricity 1H22 1H21 1H22
vs
vs
2Q21
1H21
50.7 46.8 41.7 +22% Portfolio of renewable power generation gross capacity 50.7 41.7 +22%
(GW) ((1),(2))
11.6 10.7 8.3 +40% o/w installed capacity 11.6 8.3 +40%
5.2 6.1 5.4 -4% o/w capacity in construction 5.2 5.4 -4%
33.9 30.1 28.0 +21% o/w capacity in development 33.9 28.0 +21%
26.8 26.8 22.6 +19% Gross renewables capacity with PPA (GW) ((1),(2)) 26.8 22.6 +19%
38.4 34.4 30.7 +25% Portfolio of renewable power generation net capacity 38.4 30.7 +25%
(GW) ((1),(2))
5.8 5.4 4.0 +46% o/w installed capacity 5.8 4.0 +46%
3.7 4.2 3.1 +17% o/w capacity in construction 3.7 3.1 +17%
28.9 24.8 23.6 +22% o/w capacity in development 28.9 23.6 +22%
7.7 7.6 5.1 +51% Net power production (TWh) ((3)) 15.2 9.8 +56%
2.5 2.2 1.7 +50% incl. power production from renewables 4.7 3.2 +47%
6.2 6.1 5.8 +6% Clients power - BtB and BtC (Million) ((2)) 6.2 5.8 +6%
2.7 2.7 2.7 +1% Clients gas - BtB and BtC (Million) ((2)) 2.7 2.7 +1%
12.3 16.3 12.7 -3% Sales power - BtB and BtC (TWh) 28.6 28.8 -
19.1 35.0 20.6 -7% Sales gas - BtB and BtC (TWh) 54.1 56.8 -5%
462 175 310* +49% Proportional adjusted EBITDA Renewables & Electricity (M$) ((4)) 637 654* -3%
131 91 82* +59% incl. from renewables business 222 230* -4%
((1) )Includes 20% of Adani Green Energy Ltd’s gross capacity effective
first quarter 2021.
((2)) End of period data.
((3)) Solar, wind, biogas, hydroelectric and combined-cycle gas turbine (CCGT)
plants.
((4)) TotalEnergies share (% interest) of EBITDA (Earnings Before Interest,
Tax, Depreciation and Amortization) in Renewables & Electricity
affiliates, regardless of consolidation method.
* 2Q21 and 1H21 data corrected after taking into account AGEL’s result.
Gross installed renewable power generation capacity grew to 11.6 GW at the end
of the second quarter of 2022, up 0.9 GW over the quarter, including 0.4 GW
related to the start-up of Phase 1 of the Al Kharsaah photovoltaic project in
Qatar.
Gross power generation capacity in development increased by 3.8 GW
quarter-on-quarter, mainly due to the acquisition of Core Solar's portfolio of
projects in the United States.
Net electricity generation stood at 7.7 TWh in the second quarter 2022 and
15.2 TWh in the first half 2022, up 51% and 56%, respectively, year-on-year,
thanks to higher utilization rates of flexible power plants (CCGT) as well as
growth in electricity generation from renewable sources.
EBITDA from the Renewables & Electricity business reached $462 million in
the second quarter 2022, up 49% year-on-year due to the growth of the
business.
4.1.2 Results
2Q22 1Q22 2Q21 2Q22 In millions of dollars 1H22 1H21 1H22
vs
vs
2Q21
1H21
2,555 3,051 891 x2.9 Adjusted net operating income* 5,606 1,876 x3
1,219 1,430 356 x3.4 including adjusted income from equity affiliates 2,649 620 x4.3
341 258 759 -55% Organic investments 599 1,512 -60%
(58) 641 166 ns Net acquisitions 583 2,059 -72%
283 899 925 -69% Net investments 1,182 3,571 -67%
2,360 2,585 904 x2.6 Operating cash flow before working capital changes ** 4,945 1,963 x2.5
3,970 315 567 x7 Cash flow from operations *** 4,285 1,347 x3.2
* Detail of adjustment items shown in the business segment information annex
to financial statements.
** Excluding financial charges, except those related to lease contracts,
excluding the impact of contracts recognized at fair value for the sector and
including capital gains on the sale of renewable projects.
*** Excluding financial charges, except those related to leases.
iGRP's adjusted net operating income was:
* $2,555 million in the second quarter 2022, nearly triple year-on-year, thanks
to higher LNG prices, the performance of the gas, LNG and electricity trading
activities and the growing contribution of the Renewables & Electricity
businesses,
* $5,606 million in the first half 2022, tripling over one year, for the same
reasons.
Cash flow is:
* 2.6 times higher over one year to $2,360 million in the second quarter 2022,
thanks to the increase in LNG prices, the performance of gas, LNG and
electricity trading activities, and the increasing contribution of the
Renewables & Electricity activities,
* 2.5 times higher over one year to $4,945 million in the first half 2022, for
the same reasons.
Cash flow from operations was $3,970 million for the quarter, mainly due to
margin call reductions and the positive impact on working capital requirements
linked to the seasonality of the gas and electricity supply business.
4.2 Exploration & Production
4.2.1 Production
2Q22 1Q22 2Q21 2Q22 Hydrocarbon production 1H22 1H21 1H22
vs
vs
2Q21
1H21
2,276 2,351 2,245 +1% EP (kboe/d) 2,314 2,295 +1%
1,430 1,467 1,412 +1% Liquids (kb/d) 1,449 1,428 +1%
4,602 4,813 4,553 +1% Gas (Mcf/d) 4,706 4,738 -1%
4.2.2 Results
2Q22 1Q22 2Q21 2Q22 In millions of dollars, except effective tax rate 1H22 1H21 1H22
vs
vs
2Q21
1H21
4,719 5,015 2,213 x2.1 Adjusted net operating income* 9,734 4,188 x2.3
287 355 279 +3% including adjusted income from equity affiliates 642 549 +17%
47.2% 47.0% 38.2% - Effective tax rate** 47.1% 39.5% -
1,873 1,426 1,559 +20% Organic investments 3,299 2,838 +16%
2,225 316 231 x9.6 Net acquisitions 2,541 29 x87.6
4,098 1,742 1,790 x2.3 Net investments 5,840 2,867 x2
7,383 7,303 4,262 +73% Operating cash flow before working capital changes *** 14,686 8,086 +82%
8,768 5,768 4,835 +81% Cash flow from operations *** 14,536 8,571 +70%
* Details on adjustment items are shown in the business segment information
annex to financial statements.
** Tax on adjusted net operating income / (adjusted net operating income -
income from equity affiliates - dividends received from investments -
impairment of goodwill + tax on adjusted net operating income).
*** Excluding financial charges, except those related to leases.
Adjusted net operating income from Exploration & Production was:
* $4,719 million in the second quarter 2022, double the second quarter 2021,
thanks to the sharp increase in oil and gas prices,
* $9,734 million in the first half of 2022, 2.3 times higher than the first half
2021, for the same reasons.
Compared to the first quarter, adjusted net operating income decreased by $296
million due to the decline in production and the impact of sanctions on the
results of Russian assets.
Cash flow was $7,383 million in the second quarter 2022 compared to $4,262
million a year earlier and is up 82% to $14,686 million in the first half
2022, in line with higher oil and gas prices.
4.3 Downstream (Refining & Chemicals and Marketing & Services)
4.3.1 Results
2Q22 1Q22 2Q21 2Q22 In millions of dollars 1H22 1H21 1H22
vs
vs
2Q21
1H21
3,226 1,392 928 x3.5 Adjusted net operating income* 4,618 1,455 x3.2
586 292 468 +25% Organic investments 878 803 +9%
(91) (34) (1) ns Net acquisitions (125) (104) ns
495 258 467 +6% Net investments 753 699 +8%
3,548 1,896 1,460 x2.4 Operating cash flow before working capital changes ** 5,444 2,332 x2.3
4,106 2,005 2,669 +54% Cash flow from operations ** 6,111 4,330 +41%
* Detail of adjustment items shown in the business segment information annex
to financial statements.
** Excluding financial charges, except those related to leases.
4.4 Refining & Chemicals
4.4.1 Refinery and petrochemicals throughput and utilization rates
2Q22 1Q22 2Q21 2Q22 Refinery throughput and utilization rate* 1H22 1H21 1H22
vs
vs
2Q21
1H21
1,575 1,317 1,070 +47% Total refinery throughput (kb/d) 1,448 1,109 +31%
395 252 148 x2.7 France 324 131 x2.5
648 605 495 +31% Rest of Europe 627 578 +8%
532 460 427 +25% Rest of world 497 400 +24%
88% 74% 58% Utlization rate based on crude only** 81% 58%
* Includes refineries in Africa reported in the Marketing & Services
segment.
** Based on distillation capacity at the beginning of the year, excluding
Grandpuits (shut down first quarter 2021) from 2021 and Lindsey refinery
(divested) from second quarter 2021.
2Q22 1Q22 2Q21 2Q22 Petrochemicals production and utilization rate 1H22 1H21 1H22
vs
vs
2Q21
1H21
1,206 1,404 1,424 -15% Monomers* (kt) 2,611 2,829 -8%
1,187 1,274 1,212 -2% Polymers (kt) 2,461 2,377 +4%
71% 86% 88% Vapocracker utilization rate** 78% 88%
* Olefins.
** Based on olefins production from steam crackers and their treatment
capacity at the start of the year.
Refinery throughput:
* Increased by 47% year-on-year in the second quarter 2022, due to the recovery
in demand, particularly in Europe and the United States, the restart this
quarter of the Donges refinery in France and the Leuna refinery in Germany,
which was scheduled for a major turnaround in the second quarter 2021;
* Increased by 31% in the first half 2022 over one year for the same reasons as
well as the restart, in 2021, of the distillation unit of the Normandy
refinery in France.
Monomer production was down 15% in the second quarter 2022 and 8% in the first
half 2022 year-on-year, mainly due to planned turnarounds at the Antwerp in
Belgium and Feyzin in France as well as construction affecting sites in the
U.S.
4.4.2 Results
2Q22 1Q22 2Q21 2Q22 In millions of dollars 1H22 1H21 1H22
vs
vs
2Q21
1H21
2,760 1,120 511 x5.4 Adjusted net operating income* 3,880 754 x5.1
313 197 279 +12% Organic investments 510 501 +2%
(34) - 2 -100% Net acquisitions (34) (55) ns
279 197 281 -1% Net investments 476 446 +7%
2,963 1,433 753 x3.9 Operating cash flow before working capital changes ** 4,396 1,147 x3.8
3,526 1,107 2,232 +58% Cash flow from operations ** 4,633 3,228 +44%
* Detail of adjustment items shown in the business segment information annex
to financial statements.
** Excluding financial charges, except those related to leases.
Adjusted net operating income for the Refining and Chemicals segment was
exceptional:
* $2,760 million in the second quarter 2022, compared to $511 million in the
second quarter 2021, due to higher refined volumes in response to the recovery
in demand in Europe and the United States, very high margins on distillates
and gasoline in the context of reduced imports of Russian petroleum products,
as well as the outperformance of crude oil and petroleum product trading
activities,
* $3,880 million in the first half 2022 compared to a year ago, for the same
reasons.
Cash flow also increased sharply to $2,963 million in the second quarter 2022,
3.9 times higher than in the second quarter 2021, and to $4,396 million in the
first half 2022.
4.5 Marketing & Services
4.5.1 Petroleum product sales
2Q22 1Q22 2Q21 2Q22 Sales in kb/d* 1H22 1H21 1H22
vs
vs
2Q21
1H21
1,477 1,452 1,473 - Total Marketing & Services sales 1,464 1,458 -
817 790 791 +3% Europe 804 783 +3%
660 662 682 -3% Rest of world 661 674 -2%
* Excludes trading and bulk refining sales.
Sales of petroleum products were stable in the second quarter 2022 and the
first half 2022 compared to the same periods last year, as the recovery in
aviation and network activities worldwide offset the decline in sales to
commercial and industrial customers, particularly in Europe.
4.5.2 Results
2Q22 1Q22 2Q21 2Q22 In millions of dollars 1H22 1H21 1H22
vs
vs
2Q21
1H21
466 272 417 +12% Adjusted net operating income* 738 701 +5%
273 95 189 +44% Organic investments 368 302 +22%
(57) (34) (3) ns Net acquisitions (91) (49) ns
216 61 186 +16% Net investments 277 253 +9%
585 463 707 -17% Operating cash flow before working capital changes ** 1,048 1,185 -12%
580 898 437 +33% Cash flow from operations ** 1,478 1,102 +34%
* Detail of adjustment items shown in the business segment information annex
to financial statements.
** Excluding financial charges, except those related to leases.
Adjusted net operating income for the Marketing & Services segment was
$466 million, up 12% year-on-year, and $738 million in the first half, up 5%
year-on-year, thanks mainly to the recovery of the network and aviation
activities.
Cash flow was down 17% year-on-year to $585 million in the second quarter
2022, and 12% to $1,048 million in the first half, mainly due to the fiscal
effect of higher prices on the valuation of petroleum product inventories.
5. TotalEnergies results
5.1 Adjusted net operating income from business segments
Segment adjusted net operating income was:
* $10,500 million in the second quarter 2022, compared to $4,032 million a year
earlier, due to higher oil and gas prices, refining margins and the good
performance of trading activities,
* $19,958 million in the first half 2022, compared to $7,519 million a year
earlier, for the same reasons.
5.2 Adjusted net income (TotalEnergies share)
TotalEnergies adjusted net income was $9,796 million in the second quarter
2022 compared to $3,463 million in the second quarter 2021, due to higher oil
and gas prices, refining margins and the good performance of trading
activities.
Adjusted net income excludes the after-tax inventory effect, non-recurring
items and the impact of changes in fair value((19)).
The net income adjustment items(20) represented an amount of -$4,104 million
in the second quarter 2022, notably due to the fact that TotalEnergies
recorded in its accounts a new $3.5 billion impairment charge related mainly
to the potential impact of international sanctions on the value of its Novatek
stake.
TotalEnergies' effective tax rate was 39.4% in the second quarter 2022,
compared to 38.7% in the first quarter and 34.3% a year earlier due to the
increase in the Exploration & Production tax rate in line with the
increase in hydrocarbon prices.
5.3 Adjusted earnings per share
Adjusted diluted net earnings per share were:
* $3.75 in the second quarter 2022, calculated based on 2,592 million
weighted-average diluted shares, compared to $1.27 a year earlier;
* $7.14 in the first half 2022, calculated based on 2,602 million
weighted-average diluted shares, compared to $2.38 a year earlier.
As of June 30, 2022, the number of fully-diluted shares was 2,578 million.
As part of its shareholder return policy, as announced in April 2022,
TotalEnergies repurchased 36.1 million shares for cancellation in the second
quarter of 2022 for $2 billion. Share buybacks amounted to $3 billion in the
first half of the year.
5.4 Acquisitions - asset sales
Acquisitions were:
* $2,464 million in the second quarter 2022, including notably $2,232 million in
payments to Petrobras related to the award of the Atapu and Sepia Production
Sharing Contracts in Brazil as well as the bonus related to the offshore wind
concession in North Carolina in the U.S.,
* $3,864 million in the first half 2022, including the above items as well as
the bonus paid to the State of Brazil for the award of the Atapu and Sepia
Production Sharing Contracts and the bonus related to the New York Bight
offshore wind concession in the United States.
Asset sales were:
* $388 million in the second quarter 2022, including the partial sale of the
Landivisiau power generation plant in France,
* $866 million in the first half 2022, including the above items as well as a
payment related to the sale of interests in the CA1 offshore block in Brunei
and the sale by SunPower of its Enphase shares.
5.5 Net cash flow
TotalEnergies' net cash flow((21)) is as follows:
* $8,338 million in the second quarter 2022 compared to $3,154 million a year
earlier, reflecting the $6.9 billion increase in cash flow and the $1.7
billion increase in net investments to $4,895 million in the second quarter
2022,
* $17,061 million in the first half 2022 compared to $4,551 million a year
earlier, reflecting the $13.1 billion increase in cash flow and the $631
million increase in net investments to $7,798 million in the first half 2022.
Cash flow from operations was $16,284 million in the second quarter, compared
to cash flow of $13,233 million, reflecting the positive impact of a $3.3
billion decrease in working capital requirements, mainly due to changes in
margin calls, an increase in tax liabilities related to higher prices, and the
seasonality of the gas and electricity supply activity.
5.6 Profitability
Return on equity was 27.1% for the twelve months ended June 30, 2022.
In millions of dollars July 1, 2021 April 1, 2021 July 1, 2020
June 30, 2022 March 31, 2022 June 30, 2021
Adjusted net income 30,716 24,382 8,786
Average adjusted shareholders' equity 113,333 111,794 105,066
Return on equity (ROE) 27.1% 21.8% 8.4%
The return on average capital employed was 23.1% for the twelve months ended
June 30, 2022.
In millions of dollars July 1, 2021 April 1, 2021 July 1, 2020
June 30, 2022 March 31, 2022 June 30, 2021
Adjusted net operating income 32,177 25,803 10,252
Average capital employed 139,377 143,517 142,172
ROACE 23.1% 18.0% 7.2%
6. TotalEnergies SE statutory accounts
Net income for TotalEnergies SE, the parent company, was €3,702 million in
the first half 2022, compared to €4,568 million in the first quarter 2021.
7. 2022 Sensitivities*
2022 sensitivities*
Change Estimated impact on Estimated impact on
adjusted
cash flow from
net operating income
operations
Dollar +/- 0.1 $ per € -/+ 0.1 B$ ~0 B$
Average liquids price** +/- 10 $/b +/- 2.7 B$ +/- 3.2 B$
European gas price - NBP +/- 10 $/Mbtu +/- 3.0 B$ +/- 3.0 B$
Variable cost margin, European refining (VCM) +/- 10 $/t +/- 0.4 B$ +/- 0.5 B$
* Sensitivities are revised once per year upon publication of the previous
year’s fourth quarter results. Sensitivities are estimates based on
assumptions about TotalEnergies’ portfolio in 2022. Actual results could
vary significantly from estimates based on the application of these
sensitivities. The impact of the $-€ sensitivity on adjusted net operating
income is essentially attributable to Refining & Chemicals. Please find
the indicators detailed page 21.
** In a 60 $/b Brent environment.
8. Summary and outlook
Oil and gas prices, while volatile, have remained at high levels since the
beginning of the third quarter. Due to the limited additional spare capacity
of production and refining at the global level, market disruptions linked to
the sanctions against Russia and the counter-sanctions implemented by Russia,
the supply-demand balance of energy markets are expected to remain fragile and
support prices, especially gas.
In the oil markets however, the price of Brent retreated to a level close to
$100/bbl in July, due to negative expectations on global growth, and therefore
on oil demand, in response to high energy prices and inflation.
Gas prices are expected to remain high, particularly in Europe where gas
indices exceeded $50/Mbtu in early July for winter 2022-23 futures contracts,
due to fears of a shutdown in pipeline exports from Russia to Europe. Local
electricity markets are also impacted by gas prices.
The Company is mobilizing its human and financial resources to contribute to
the diversification of Europe's gas supply by maximizing the use of its LNG
regasification capacity. Given the evolution of oil and gas prices in recent
months and the lag effect on pricing formulas, TotalEnergies anticipates that
its average LNG selling price should be more than $15/Mbtu in the third
quarter of 2022. However, the Company's LNG operations will be affected by the
outage of the Freeport LNG plant in the third quarter.
Despite the approximately 40 kboe/d increase in planned maintenance in the
third quarter compared to the second quarter, TotalEnergies expects production
to be stable compared to the second quarter due to the contribution of new
projects, notably in Brazil with the production ramp-up of Mero 1 and the
entry into Sépia and Atapu. The Refining business aims to maintain a high
utilization rate.
With nearly $8 billion in investments recorded at the end of June,
TotalEnergies anticipates net investments of around $16 billion in 2022, 25%
of which will be in Renewables & Electricity.
Given the strong cash flow generation and strong balance sheet, the Board of
Directors has decided to prioritize countercyclical opportunities to
accelerate the Company's transformation. The shareholder return policy is
reinforced through dividend growth of 5% and the continuation of the share
buyback program of $2 billion in the third quarter.
* * * *
To listen to the conference call with CEO Patrick Pouyanné and CFO
Jean-Pierre Sbraire today at 13:30 (Paris time) please log on to
totalenergies.com or call +44 (0) 207 194 3759 in Europe or +1 (646) 722-4916
in the United States (code: 47289312). The conference replay will be available
on totalenergies.com after the event.
* * * *
9. Results from Russian assets
Russian Upstream Assets (M$) 2Q22 1Q22 1H22 2021
Adjusted net operating income 707 1,021 1,727 2,092
Operating cash flow before working capital changes 857 288 1,144 1,613
Capital Employed by TotalEnergies in Russia as at June 30, 2022 was $8,760
million, after taking into account the $3,513 million impairment and the
impact of the evolution of the ruble/dollar exchange rate between March 31,
2022 and June 30, 2022, which leads to a $2,066 million revaluation of Capital
Employed on the balance sheet as at June 30, 2022.
10. Operating information by segment
10.1 Company’s production (Exploration & Production + iGRP)
2Q22 1Q22 2Q21 2Q22 Combined liquids and gas 1H22 1H21 1H22
vs production by region (kboe/d)
vs
2Q21
1H21
965 1,050 985 -2% Europe and Central Asia 1,007 1,018 -1%
460 498 533 -14% Africa 479 542 -12%
680 670 654 +4% Middle East and North Africa 675 652 +3%
420 386 378 +11% Americas 403 377 +7%
213 240 197 +8% Asia-Pacific 227 216 +5%
2,738 2,843 2,747 - Total production 2,791 2,805 -
690 715 750 -8% includes equity affiliates 702 740 -5%
2Q22 1Q22 2Q21 2Q22 Liquids production by region (kb/d) 1H22 1H21 1H22
vs
vs
2Q21
1H21
315 373 351 -10% Europe and Central Asia 343 363 -5%
351 371 399 -12% Africa 362 407 -11%
546 538 502 +9% Middle East and North Africa 542 500 +8%
231 201 183 +26% Americas 216 181 +19%
40 45 29 +36% Asia-Pacific 42 35 +21%
1,483 1,527 1,464 +1% Total production 1,505 1,486 +1%
201 210 213 -6% includes equity affiliates 206 207 -1%
2Q22 1Q22 2Q21 2Q22 Gas production by region (Mcf/d) 1H22 1H21 1H22
vs
vs
2Q21
1H21
3,492 3,635 3,411 +2% Europe and Central Asia 3,563 3,523 +1%
545 643 680 -20% Africa 594 686 -13%
742 727 847 -12% Middle East and North Africa 734 845 -13%
1,063 1,041 1,095 -3% Americas 1,052 1,098 -4%
993 1,116 984 +1% Asia-Pacific 1,054 1,056 -
6,835 7,162 7,017 -3% Total production 6,997 7,208 -3%
2,633 2,714 2,895 -9% includes equity affiliates 2,673 2,875 -7%
10.2 Downstream (Refining & Chemicals and Marketing & Services)
2Q22 1Q22 2Q21 2Q22 Petroleum product sales by region (kb/d) 1H22 1H21 1H22
vs
vs
2Q21
1H21
1,814 1,635 1,521 +19% Europe 1,724 1,540 +12%
734 761 663 +11% Africa 747 665 +12%
922 775 799 +15% Americas 849 785 +8%
705 531 492 +44% Rest of world 618 493 +25%
4,176 3,701 3,475 +20% Total consolidated sales 3,939 3,483 +13%
409 409 334 +22% Includes bulk sales 409 368 +11%
2,290 1,840 1,668 +37% Includes trading 2,065 1,658 +25%
2Q22 1Q22 2Q21 2Q22 Petrochemicals production* (kt) 1H22 1H21 1H22
vs
vs
2Q21
1H21
1,023 1,260 1,166 -12% Europe 2,282 2,512 -9%
603 638 725 -17% Americas 1,240 1,235 -
768 781 744 +3% Middle East and Asia 1,549 1,459 +6%
* Olefins, polymers.
10.3 Renewables
Installed power generation gross capacity (GW) ((1),(2)) Solar Onshore Offshore Other Total Solar Onshore Offshore Other Total
Wind
Wind
Wind
Wind
France 0.7 0.5 0.0 0.1 1.3 0.7 0.5 0.0 0.1 1.3
Rest of Europe 0.2 1.1 0.0 0.0 1.3 0.2 1.0 0.0 0.0 1.3
Africa 0.1 0.0 0.0 0.0 0.1 0.1 0.0 0.0 0.0 0.1
Middle East 0.7 0.0 0.0 0.0 0.7 0.3 0.0 0.0 0.0 0.3
North America 1.1 0.0 0.0 0.0 1.1 0.9 0.0 0.0 0.0 0.9
South America 0.4 0.3 0.0 0.0 0.7 0.4 0.3 0.0 0.0 0.7
India 4.9 0.2 0.0 0.0 5.1 4.8 0.2 0.0 0.0 5.0
Asia-Pacific 1.2 0.0 0.1 0.0 1.2 1.0 0.0 0.1 0.0 1.1
Total 9.2 2.1 0.1 0.2 11.6 8.4 2.1 0.1 0.1 10.7
2Q22 1Q22
Power generation gross capacity from renewables Solar Onshore Offshore Other Total Solar Onshore Offshore Other Total
in construction (GW) ((1),(2))
Wind
Wind
Wind
Wind
France 0.2 0.2 0.0 0.1 0.4 0.1 0.2 0.0 0.1 0.4
Rest of Europe 0.0 0.0 1.1 0.0 1.1 0.0 0.0 1.1 0.0 1.2
Africa 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Middle East 0.4 0.0 0.0 0.0 0.4 0.8 0.0 0.0 0.0 0.8
North America 1.3 0.0 0.0 0.0 1.3 1.5 0.0 0.0 0.0 1.5
South America 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
India 0.9 0.3 0.0 0.0 1.2 1.0 0.3 0.0 0.0 1.3
Asia-Pacific 0.1 0.0 0.6 0.0 0.7 0.3 0.0 0.6 0.0 0.9
Total 2.8 0.5 1.7 0.1 5.2 3.7 0.6 1.7 0.1 6.1
2Q22 1Q22
Power generation gross capacity from renewables Solar Onshore Offshore Other Total Solar Onshore Offshore Other Total
in development (GW) ((1),(2))
Wind
Wind
Wind
Wind
France 2.3 0.5 0.0 0.0 2.8 2.8 0.5 0.0 0.0 3.3
Rest of Europe 4.8 0.3 4.4 0.1 9.5 4.7 0.3 4.4 0.0 9.3
Africa 0.6 0.1 0.0 0.1 0.8 0.7 0.1 0.0 0.1 0.9
Middle East 1.8 0.0 0.0 0.0 1.8 1.6 0.0 0.0 0.0 1.6
North America 6.2 0.1 4.0 0.8 11.0 2.0 0.1 3.0 0.7 5.9
South America 0.6 0.0 0.0 0.2 0.8 0.7 0.3 0.0 0.2 1.2
India 3.9 0.1 0.0 0.0 4.0 4.0 0.1 0.0 0.0 4.1
Asia-Pacific 1.7 0.2 1.2 0.1 3.2 1.4 0.0 2.1 0.1 3.6
Total 21.7 1.3 9.6 1.3 33.9 17.9 1.5 9.5 1.2 30.1
((1)) Includes 20% of gross capacity of Adani Green Energy Ltd effective first
quarter 2021.
((2)) End-of-period data.
In operation In construction In development
Gross renewables capacity covered by PPA Solar Onshore Offshore Other Total Solar Onshore Offshore Other Total Solar Onshore Offshore Other Total
at 06/30/2022 (GW)
Wind
Wind
Wind
Wind
Wind
Wind
Europe 0.9 1.6 - X 2.6 X X 0.8 X 1.2 3.4 0.2 - X 3.6
Asia 6.0 0.2 X X 6.4 0.9 0.3 0.6 - 1.8 4.3 X - X 4.5
North America 1.0 X - X 1.1 1.3 - - X 1.3 X X - X X
Rest of World 1.2 0.3 - X 1.5 0.4 - - X 0.5 1.9 - - 0.3 2.2
Total 9.2 2.1 X X 11.5 2.8 0.5 1.4 X 4.8 9.7 0.3 - 0.5 10.5
X not specified, capacity < 0.2 GW.
In operation In construction In development
PPA average price at 06/30/2022 Solar Onshore Offshore Other Total Solar Onshore Offshore Other Total Solar Onshore Offshore Other Total
($/MWh)
Wind
Wind
Wind
Wind
Wind
Wind
Europe 201 115 - X 145 X X 72 X 75 44 85 - X 46
Asia 70 43 X X 70 55 51 254 - 115 39 X - X 39
North America 121 X - X 125 28 - - X 28 X X - X X
Rest of World 90 54 - X 82 18 - - X 18 76 - - - 76
Total 90 100 X X 93 38 64 146 X 73 43 81 - 145 45
X not specified, PPA relating to a capacity < 0.2 GW.
11. Adjustment items to net income (TotalEnergies share)
2Q22 1Q22 2Q21 In millions of dollars 1H22 1H21
(4,546) (4,993) (1,588) Special items affecting net income (TotalEnergies share) (9,539) (1,930)
- - (1,379) Gain (loss) on asset sales - (1,379)
(8) (3) (110) Restructuring charges (11) (271)
(3,719) (5,061) (49) Impairments (8,780) (193)
(819) 71 (50) Other (748) (87)
993 1,040 375 After-tax inventory effect : FIFO vs. replacement cost 2,033 1,064
(551) (80) (44) Effect of changes in fair value (631) (50)
(4,104) (4,033) (1,257) Total adjustments affecting net income (8,137) (916)
12. Reconciliation of adjusted EBITDA with consolidated financial statements
12.1 Reconciliation of net income (TotalEnergies share) to adjusted EBITDA
2Q22 1Q22 2Q21 2Q22 In millions of dollars 1H22 1H21 1H22
vs
vs
2Q21
1H21
5,692 4,944 2,206 x2.6 Net income - TotalEnergies share 10,636 5,550 +92%
4,104 4,033 1,257 x3.3 Less: adjustment items to net income (TotalEnergies share) 8,137 916 x8.9
9,796 8,977 3,463 x2.8 Adjusted net income - TotalEnergies share 18,773 6,466 x2.9
Adjusted items - - -
89 76 88 +1% Add: non-controlling interests 165 147 +12%
5,274 4,724 1,485 x3.6 Add: income taxes 9,998 2,931 x3.4
3,038 3,148 3,105 -2% Add: depreciation, depletion and impairment of tangible assets and mineral 6,186 6,285 -2%
interests
98 96 94 +4% Add: amortization and impairment of intangible assets 194 197 -2%
572 462 501 +14% Add: financial interest on debt 1,034 967 +7%
(130) (59) (69) ns Less: financial income and expense from cash & cash equivalents (189) (156) ns
18,737 17,424 8,667 x2.2 Adjusted EBITDA 36,161 16,837 x2.1
12.2 Reconciliation of revenues from sales to adjusted EBITDA and net income
(TotalEnergies share)
2Q22 1Q22 2Q21 2Q22 In millions of dollars 1H22 1H21 1H22
vs
vs
2Q21
1H21
Adjusted items
70,460 63,938 41,642 +69% Revenues from sales 134,398 80,310 +67%
(46,023) (40,762) (27,108) ns Purchases, net of inventory variation (86,785) (51,397) ns
(7,620) (7,409) (6,708) ns Other operating expenses (15,029) (13,576) ns
(117) (136) (123) ns Exploration costs (253) (290) ns
429 121 138 x3.1 Other income 550 554 -1%
(431) (173) (48) ns Other expense, excluding amortization and impairment of intangible assets (604) (137) ns
231 119 265 -13% Other financial income 350 374 -6%
(136) (135) (131) ns Other financial expense (271) (261) ns
1,944 1,861 740 x2.6 Net income (loss) from equity affiliates 3,805 1,260 x3
18,737 17,424 8,667 x2.2 Adjusted EBITDA 36,161 16,837 x2.1
Adjusted items
(3,038) (3,148) (3,105) ns Less: depreciation, depletion and impairment of tangible assets and mineral (6,186) (6,285) ns
interests
(98) (96) (94) ns Less: amortization of intangible assets (194) (197) ns
(572) (462) (501) ns Less: financial interest on debt (1,034) (967) ns
130 59 69 +88% Add: financial income and expense from cash & cash equivalents 189 156 +21%
(5,274) (4,724) (1,485) ns Less: income taxes (9,998) (2,931) ns
(89) (76) (88) ns Less: non-controlling interests (165) (147) ns
(4,104) (4,033) (1,257) ns Add: adjustment - TotalEnergies share (8,137) (916) ns
5,692 4,944 2,206 x2.6 Net income - TotalEnergies share 10,636 5,550 +92%
13. Investments - Divestments
2Q22 1Q22 2Q21 2Q22 In millions of dollars 1H22 1H21 1H22
vs
vs
2Q21
1H21
2,819 1,981 2,802 +1% Organic investments ( a ) 4,800 5,181 -7%
98 114 245 -60% Capitalized exploration 212 488 -57%
277 234 380 -27% Increase in non-current loans 511 672 -24%
(174) (435) (89) ns Repayment of non-current loans, (609) (185) ns
excluding organic loan repayment from equity affiliates
(190) - (4) -100% Change in debt from renewable projects (190) (171) ns
(TotalEnergies share)
2,464 1,400 662 x3.7 Acquisitions ( b ) 3,864 2,870 +35%
388 478 266 +46% Asset sales ( c ) 866 884 -2%
176 (2) 5 x35.2 Change in debt from renewable projects (partner share) 174 105 +66%
2,076 922 396 x5.2 Net acquisitions 2,998 1,986 +51%
4,895 2,903 3,198 +53% Net investments ( a + b - c ) 7,798 7,167 +9%
- - - ns Other transactions with non-controlling interests ( d ) - - ns
(238) (487) (78) ns Organic loan repayment from equity affiliates ( e ) (725) (108) ns
366 (2) 9 x40.7 Change in debt from renewable projects financing * ( f ) 364 276 +32%
37 36 25 +48% Capex linked to capitalized leasing contracts ( g ) 73 47 +55%
4 - - ns Expenditures related to carbon credits ( h ) 4 - ns
4,982 2,378 3,104 +61% Cash flow used in investing activities ( a + b - c + d + e + f - g - h ) 7,360 7,288 +1%
* Change in debt from renewable projects (TotalEnergies share and partner
share).
14. Cash flow
2Q22 1Q22 2Q21 2Q22 In millions of dollars 1H22 1H21 1H22
vs
vs
2Q21
1H21
13,631 11,995 6,761 x2 Operating cash flow before working capital changes w/o financial charges (DACF) 25,626 12,511 x2
(399) (369) (409) ns Financial charges (767) (793) ns
13,233 11,626 6,352 x2.1 Operating cash flow before working capital changes ( a ) * 24,859 11,718 x2.1
2,161 (4,775) 814 x2.7 (Increase) decrease in working capital ** (2,614) 259 ns
1,151 1,255 463 x2.5 Inventory effect 2,406 1,346 +79%
(23) (2) (0) ns Capital gain from renewable project sales (25) (66) ns
(238) (487) (78) ns Organic loan repayments from equity affiliates (725) (108) ns
16,284 7,617 7,551 x2.2 Cash flow from operations 23,901 13,149 +82%
2,819 1,981 2,802 +1% Organic investments ( b ) 4,800 5,181 -7%
10,414 9,645 3,550 x2.9 Free cash flow after organic investments, 20,059 6,537 x3.1
w/o net asset sales ( a - b )
4,895 2,903 3,198 +53% Net investments ( c ) 7,798 7,167 +9%
8,338 8,723 3,154 x2.6 Net cash flow ( a - c ) 17,061 4,551 x3.7
* Operating cash flow before working capital changes, is defined as cash flow
from operating activities before changes in working capital at replacement
cost, excluding the mark-to-market effect of iGRP’s contracts and including
capital gain from renewable projects sale.
Historical data have been restated to cancel the impact of fair valuation of
iGRP sector’s contracts.
** Changes in working capital are presented excluding the mark-to-market
effect of iGRP’s contracts.
15. Gearing ratio
In millions of dollars 06/30/2022 03/31/2022 06/30/2021
Current borrowings ((1)) 14,589 16,759 15,795
Other current financial liabilities 401 502 322
Current financial assets ((1),(2)) (7,697) (7,231) (4,326)
Net financial assets classified as held for sale (14) (38) -
Non-current financial debt ((1)) 39,233 38,924 44,687
Non-current financial assets ((1)) (692) (587) (2,726)
Cash and cash equivalents (32,848) (31,276) (28,643)
Net debt (a) 12,972 17,053 25,109
Shareholders’ equity - TotalEnergies share 116,688 116,480 108,096
Non-controlling interests 3,309 3,375 2,480
Shareholders' equity (b) 119,997 119,855 110,576
Net-debt-to-capital ratio = a / (a+b) 9.8% 12.5% 18.5%
Leases (c) 7,963 8,028 7,702
Net-debt-to-capital ratio including leases (a+c) / (a+b+c) 14.9% 17.3% 22.9%
((1)) Excludes leases receivables and leases debts.
((2) )Including initial margins held as part of the Company's activities on
organized markets.
16. Return on average capital employed
Twelve months ended June 30, 2022
In millions of dollars Integrated Gas, Exploration & Refining & Marketing & Company
Renewables &
Production
Chemicals
Services
Power
Adjusted net operating income 9,973 15,985 5,035 1,655 32,177
Capital employed at 06/30/2021* 49,831 76,013 9,285 8,439 141,720
Capital employed at 06/30/2022* 54,174 70,248 7,958 7,475 137,035
ROACE 19.2% 21.9% 58.4% 20.8% 23.1%
Twelve months ended March 31, 2022
In millions of dollars Integrated Gas, Exploration & Refining & Marketing & Company
Renewables &
Production
Chemicals
Services
Power
Adjusted net operating income 8,309 13,479 2,786 1,606 25,803
Capital employed at 03/31/2021* 48,423 78,170 10,403 8,198 145,180
Capital employed at 03/31/2022* 54,740 71,518 8,847 7,751 141,853
ROACE 16.1% 18.0% 28.9% 20.1% 18.0%
Twelve months ended June 30, 2021
In millions of dollars Integrated Gas, Exploration & Refining & Marketing & Company
Renewables &
Production
Chemicals
Services
Power
Adjusted net operating income 2,415 6,057 836 1,494 10,252
Capital employed at 06/30/2020* 43,527 79,096 12,843 8,366 142,625
Capital employed at 06/30/2021* 49,831 76,013 9,285 8,439 141,720
ROACE 5.2% 7.8% 7.6% 17.8% 7.2%
* At replacement cost (excluding after-tax inventory effect).
Disclaimer:
The terms “TotalEnergies”, “TotalEnergies company” and “Company”
in this document are used to designate TotalEnergies SE and the consolidated
entities directly or indirectly controlled by TotalEnergies SE. Likewise, the
words “we”, “us” and “our” may also be used to refer to these
entities or their employees. The entities in which TotalEnergies SE directly
or indirectly owns a shareholding are separate and independent legal entities.
This document does not constitute the half-year financial report, which will
be separately published in accordance with article L. 451-1-2-III of the
French Code monétaire et financier and applicable UK law, and available on
the website totalenergies.com. This press release presents the results for the
second quarter of 2022 and half-year 2022 from the consolidated financial
statements of TotalEnergies SE as of June 30, 2022. The limited review
procedures by the Statutory Auditors are underway. The notes to the
consolidated financial statements (unaudited) are available on the website
totalenergies.com.
This document may contain forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, notably with respect to the
financial condition, results of operations, business activities and industrial
strategy of TotalEnergies. This document may also contain statements regarding
the perspectives, objectives, areas of improvement and goals of TotalEnergies,
including with respect to climate change and carbon neutrality (net zero
emissions). An ambition expresses an outcome desired by TotalEnergies, it
being specified that the means to be deployed do not depend solely on
TotalEnergies. These forward-looking statements may generally be identified by
the use of the future or conditional tense or forward-looking words such as
“envisions”, “intends”, “anticipates”, “believes”,
“considers”, “plans”, “expects”, “thinks”, “targets”,
“aims” or similar terminology. Such forward-looking statements included in
this document are based on economic data, estimates and assumptions prepared
in a given economic, competitive and regulatory environment and considered to
be reasonable by TotalEnergies as of the date of this document.
These forward-looking statements are not historical data and should not be
interpreted as assurances that the perspectives, objectives or goals announced
will be achieved. They may prove to be inaccurate in the future, and may
evolve or be modified with a significant difference between the actual results
and those initially estimated, due to the uncertainties notably related to the
economic, financial, competitive and regulatory environment, or due to the
occurrence of risk factors, such as, notably, the price fluctuations in crude
oil and natural gas, the evolution of the demand and price of petroleum
products, the changes in production results and reserves estimates, the
ability to achieve cost reductions and operating efficiencies without unduly
disrupting business operations, changes in laws and regulations including
those related to the environment and climate, currency fluctuations, as well
as economic and political developments, changes in market conditions, loss of
market share and changes in consumer preferences, or pandemics such as the
COVID-19 pandemic. Additionally, certain financial information is based on
estimates particularly in the assessment of the recoverable value of assets
and potential impairments of assets relating thereto.
Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to
update publicly any forward-looking information or statement, objectives or
trends contained in this document whether as a result of new information,
future events or otherwise. The information on risk factors that could have a
significant adverse effect on TotalEnergies’ business, financial condition,
including its operating income and cash flow, reputation, outlook or the value
of financial instruments issued by TotalEnergies is provided in the most
recent version of the Universal Registration Document which is filed by
TotalEnergies SE with the French Autorité des Marchés Financiers and the
annual report on Form 20-F filed with the United States Securities and
Exchange Commission (“SEC”).
Financial information by business segment is reported in accordance with the
internal reporting system and shows internal segment information that is used
to manage and measure the performance of TotalEnergies. In addition to IFRS
measures, certain alternative performance indicators are presented, such as
performance indicators excluding the adjustment items described below
(adjusted operating income, adjusted net operating income, adjusted net
income), return on equity (ROE), return on average capital employed (ROACE),
gearing ratio, operating cash flow before working capital changes, the
shareholder rate of return. These indicators are meant to facilitate the
analysis of the financial performance of TotalEnergies and the comparison of
income between periods. They allow investors to track the measures used
internally to manage and measure the performance of TotalEnergies.
These adjustment items include:
(i) Special items
Due to their unusual nature or particular significance, certain transactions
qualified as "special items" are excluded from the business segment figures.
In general, special items relate to transactions that are significant,
infrequent or unusual. However, in certain instances, transactions such as
restructuring costs or asset disposals, which are not considered to be
representative of the normal course of business, may be qualified as special
items although they may have occurred within prior years or are likely to
occur again within the coming years.
(ii) Inventory valuation effect
The adjusted results of the Refining & Chemicals and Marketing &
Services segments are presented according to the replacement cost method. This
method is used to assess the segments’ performance and facilitate the
comparability of the segments’ performance with those of TotalEnergies’
principal competitors.
In the replacement cost method, which approximates the LIFO (Last-In,
First-Out) method, the variation of inventory values in the statement of
income is, depending on the nature of the inventory, determined using either
the month-end price differentials between one period and another or the
average prices of the period rather than the historical value. The inventory
valuation effect is the difference between the results according to the FIFO
(First-In, First-Out) and the replacement cost.
(iii) Effect of changes in fair value
The effect of changes in fair value presented as an adjustment item reflects,
for some transactions, differences between internal measures of performance
used by TotalEnergies’ management and the accounting for these transactions
under IFRS.
IFRS requires that trading inventories be recorded at their fair value using
period-end spot prices. In order to best reflect the management of economic
exposure through derivative transactions, internal indicators used to measure
performance include valuations of trading inventories based on forward prices.
TotalEnergies, in its trading activities, enters into storage contracts, whose
future effects are recorded at fair value in TotalEnergies’ internal
economic performance. IFRS precludes recognition of this fair value effect.
Furthermore, TotalEnergies enters into derivative instruments to risk manage
certain operational contracts or assets. Under IFRS, these derivatives are
recorded at fair value while the underlying operational transactions are
recorded as they occur. Internal indicators defer the fair value on
derivatives to match with the transaction occurrence.
The adjusted results (adjusted operating income, adjusted net operating
income, adjusted net income) are defined as replacement cost results, adjusted
for special items, excluding the effect of changes in fair value.
Euro amounts presented for the fully adjusted-diluted earnings per share
represent dollar amounts converted at the average euro-dollar (€-$) exchange
rate for the applicable period and are not the result of financial statements
prepared in euros.
Cautionary Note to U.S. Investors – The SEC permits oil and gas companies,
in their filings with the SEC, to separately disclose proved, probable and
possible reserves that a company has determined in accordance with SEC rules.
We may use certain terms in this press release, such as “potential
reserves” or “resources”, that the SEC’s guidelines strictly prohibit
us from including in filings with the SEC. U.S. investors are urged to
consider closely the disclosure in the Form 20-F of TotalEnergies SE, File N°
1-10888, available from us at 2, place Jean Millier – Arche Nord
Coupole/Regnault - 92078 Paris-La Défense Cedex, France, or at our website
totalenergies.com. You can also obtain this form from the SEC by calling
1-800-SEC-0330 or on the SEC’s website sec.gov.
((1)) Definition on page 3.
((2)) Excluding leases.
((3) )Cash flow less net investments, less dividends paid and share buybacks.
((4)) Some of the transactions mentioned in the highlights remain subject to
the agreement of the authorities or to the fulfilment of conditions precedent
under the terms of the agreements.
((5)) Adjusted results are defined as income using replacement cost, adjusted
for special items, excluding the impact of changes for fair value; adjustment
items are on page 16.
((6) )Adjusted EBITDA (Earnings Before Interest, Tax, Depreciation and
Amortization) corresponds to the adjusted earnings before depreciation,
depletion and impairment of tangible and intangible assets and mineral
interests, income tax expense and cost of net debt, i.e., all operating income
and contribution of equity affiliates to net income.
((7)) Effective tax rate = (tax on adjusted net operating income) / (adjusted
net operating income – income from equity affiliates – dividends received
from investments – impairment of goodwill + tax on adjusted net operating
income).
((8)) In accordance with IFRS rules, adjusted fully-diluted earnings per share
is calculated from the adjusted net income less the interest on the perpetual
subordinated bond
((9)) Organic investments = net investments excluding acquisitions, asset
sales and other operations with non-controlling interests.
((10)) Net acquisitions = acquisitions – assets sales – other transactions
with non-controlling interests (see page 18).
((11)) Net investments = organic investments + net acquisitions (see page 18).
((12)) Operating cash flow before working capital changes, is defined as cash
flow from operating activities before changes in working capital at
replacement cost, excluding the mark-to-market effect of iGRP’s contracts
and including capital gain from renewable projects sale.
The inventory valuation effect is explained on page 20. The reconciliation
table for different cash flow figures is on page 18.
((13)) DACF = debt adjusted cash flow, is defined as operating cash flow
before working capital changes and financial charges
((14) )The six greenhouse gases in the Kyoto protocol, namely 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) )Scope 1+2+3 GHG emissions in Europe are defined as the sum of Scope 1+2
GHG emissions of facilities operated by the Company and indirect GHG emissions
related to the use by customers of energy products (Scope 3) in the EU,
Norway, United Kingdom and Switzerland.
((19)) These adjustment elements are explained page 20.
((20)) Total adjustment items in net income are detailed page 16 as well as in
the annexes to the accounts
((21) )Net cash fow = cash flow – net investments (including other
transactions with non-controlling interest).
TotalEnergies financial statements
______________________
Second quarter and first half 2022 consolidated accounts, IFRS
CONSOLIDATED STATEMENT OF INCOME
TotalEnergies
(unaudited)
2(nd) quarter 1(st) quarter 2(nd) quarter
(M$)((a)) 2022 2022 2021
Sales 74,774 68,606 47,049
Excise taxes (4,329) (4,656) (5,416)
Revenues from sales 70,445 63,950 41,633
Purchases, net of inventory variation (45,443) (39,648) (26,719)
Other operating expenses (8,041) (7,623) (6,717)
Exploration costs (117) (861) (123)
Depreciation, depletion and impairment of tangible assets and mineral (3,102) (3,679) (3,121)
interests
Other income 429 143 223
Other expense (1,305) (2,290) (298)
Financial interest on debt (572) (462) (501)
Financial income and expense from cash & cash equivalents 245 214 77
Cost of net debt (327) (248) (424)
Other financial income 231 203 265
Other financial expense (136) (135) (131)
Net income (loss) from equity affiliates (1,546) 43 (680)
Income taxes (5,284) (4,804) (1,609)
Consolidated net income 5,804 5,051 2,299
TotalEnergies share 5,692 4,944 2,206
Non-controlling interests 112 107 93
Earnings per share ($) 2.18 1.87 0.80
Fully-diluted earnings per share ($) 2.16 1.85 0.80
(a) Except for per share amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TotalEnergies
(unaudited)
2(nd) quarter 1(st) quarter 2(nd) quarter
(M$) 2022 2022 2021
Consolidated net income 5,804 5,051 2,299
Other comprehensive income
Actuarial gains and losses 204 - 449
Change in fair value of investments in equity instruments (20) 3 56
Tax effect (53) 11 (142)
Currency translation adjustment generated by the parent company (5,387) (1,750) 1,239
Items not potentially reclassifiable to profit and loss (5,256) (1,736) 1,602
Currency translation adjustment 2,523 1,012 (746)
Cash flow hedge 3,222 (263) (424)
Variation of foreign currency basis spread 21 49 (4)
share of other comprehensive income of equity affiliates, net amount 2,548 (84) (18)
Other (1) - (1)
Tax effect (1,112) 53 100
Items potentially reclassifiable to profit and loss 7,201 767 (1,093)
Total other comprehensive income (net amount) 1,945 (969) 509
Comprehensive income 7,749 4,082 2,808
TotalEnergies share 7,705 3,953 2,670
Non-controlling interests 44 129 138
CONSOLIDATED STATEMENT OF INCOME
TotalEnergies
(unaudited)
1(st) half 1(st) half
(M$)((a)) 2022 2021
Sales 143,380 90,786
Excise taxes (8,985) (10,520)
Revenues from sales 134,395 80,266
Purchases, net of inventory variation (85,091) (50,117)
Other operating expenses (15,664) (13,597)
Exploration costs (978) (290)
Depreciation, depletion and impairment of tangible assets and mineral (6,781) (6,446)
interests
Other income 572 581
Other expense (3,595) (957)
Financial interest on debt (1,034) (967)
Financial income and expense from cash & cash equivalents 459 172
Cost of net debt (575) (795)
Other financial income 434 374
Other financial expense (271) (261)
Net income (loss) from equity affiliates (1,503) 201
Income taxes (10,088) (3,248)
Consolidated net income 10,855 5,711
TotalEnergies share 10,636 5,550
Non-controlling interests 219 161
Earnings per share ($) 4.04 2.04
Fully-diluted earnings per share ($) 4.02 2.03
(a) Except for per share amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TotalEnergies
(unaudited)
1(st) half 1(st) half
(M$) 2022 2021
Consolidated net income 10,855 5,711
Other comprehensive income
Actuarial gains and losses 204 449
Change in fair value of investments in equity instruments (17) 68
Tax effect (42) (154)
Currency translation adjustment generated by the parent company (7,137) (2,934)
Items not potentially reclassifiable to profit and loss (6,992) (2,571)
Currency translation adjustment 3,535 1,777
Cash flow hedge 2,959 80
Variation of foreign currency basis spread 70 (4)
share of other comprehensive income of equity affiliates, net amount 2,464 451
Other (1) -
Tax effect (1,059) (57)
Items potentially reclassifiable to profit and loss 7,968 2,247
Total other comprehensive income (net amount) 976 (324)
Comprehensive income 11,831 5,387
TotalEnergies share 11,658 5,212
Non-controlling interests 173 175
CONSOLIDATED BALANCE SHEET
TotalEnergies
June 30, March 31, December 31, June 30,
2022
2022
2021
2021
(M$) (unaudited) (unaudited) (unaudited)
ASSETS
Non-current assets
Intangible assets, net 37,020 32,504 32,484 33,359
Property, plant and equipment, net 101,454 104,450 106,559 106,791
Equity affiliates : investments and loans 28,210 29,334 31,053 29,712
Other investments 1,383 1,490 1,625 2,247
Non-current financial assets 1,612 1,490 2,404 3,778
Deferred income taxes 4,737 5,299 5,400 6,578
Other non-current assets 3,075 3,033 2,797 2,800
Total non-current assets 177,491 177,600 182,322 185,265
Current assets
Inventories, net 28,542 24,456 19,952 19,162
Accounts receivable, net 30,796 32,000 21,983 17,192
Other current assets 55,553 50,976 35,144 17,585
Current financial assets 7,863 7,415 12,315 4,404
Cash and cash equivalents 32,848 31,276 21,342 28,643
Assets classified as held for sale 313 856 400 456
Total current assets 155,915 146,979 111,136 87,442
Total assets 333,406 324,579 293,458 272,707
LIABILITIES & SHAREHOLDERS' EQUITY
Shareholders' equity
Common shares 8,163 8,137 8,224 8,224
Paid-in surplus and retained earnings 125,554 123,008 117,849 110,967
Currency translation adjustment (14,019) (13,643) (12,671) (11,087)
Treasury shares (3,010) (1,022) (1,666) (8)
Total shareholders' equity - TotalEnergies share 116,688 116,480 111,736 108,096
Non-controlling interests 3,309 3,375 3,263 2,480
Total shareholders' equity 119,997 119,855 114,999 110,576
Non-current liabilities
Deferred income taxes 12,169 11,281 10,904 10,596
Employee benefits 2,341 2,610 2,672 3,305
Provisions and other non-current liabilities 23,373 21,649 20,269 20,716
Non-current financial debt 46,868 46,546 49,512 52,331
Total non-current liabilities 84,751 82,086 83,357 86,948
Current liabilities
Accounts payable 49,700 46,869 36,837 29,752
Other creditors and accrued liabilities 62,498 56,972 42,800 27,836
Current borrowings 16,003 18,252 15,035 16,983
Other current financial liabilities 401 502 372 322
Liabilities directly associated with the assets classified as held for sale 56 43 58 290
Total current liabilities 128,658 122,638 95,102 75,183
Total liabilities & shareholders' equity 333,406 324,579 293,458 272,707
CONSOLIDATED STATEMENT OF CASH FLOW
TotalEnergies
(unaudited)
2(nd) quarter 1(st) quarter 2(nd) quarter
(M$) 2022 2022 2021
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income 5,804 5,051 2,299
Depreciation, depletion, amortization and impairment 3,321 4,578 3,287
Non-current liabilities, valuation allowances and deferred taxes 1,427 2,538 210
(Gains) losses on disposals of assets (165) (13) (85)
Undistributed affiliates' equity earnings 2,999 262 1,255
(Increase) decrease in working capital 2,498 (4,923) 669
Other changes, net 400 124 (84)
Cash flow from operating activities 16,284 7,617 7,551
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions (5,150) (3,457) (2,675)
Acquisitions of subsidiaries, net of cash acquired (82) - (170)
Investments in equity affiliates and other securities (136) (89) (307)
Increase in non-current loans (278) (241) (380)
Total expenditures (5,646) (3,787) (3,532)
Proceeds from disposals of intangible assets and property, plant and equipment 153 177 45
Proceeds from disposals of subsidiaries, net of cash sold 63 88 -
Proceeds from disposals of non-current investments 35 215 216
Repayment of non-current loans 413 929 167
Total divestments 664 1,409 428
Cash flow used in investing activities (4,982) (2,378) (3,104)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders 371 - 381
- Treasury shares (1,988) (1,176) -
Dividends paid:
- Parent company shareholders (1,825) (1,928) (2,094)
- Non-controlling interests (97) (22) (53)
Net issuance (repayment) of perpetual subordinated notes (1,958) 1,958 -
Payments on perpetual subordinated notes (138) (136) (147)
Other transactions with non-controlling interests (10) 5 -
Net issuance (repayment) of non-current debt 508 34 51
Increase (decrease) in current borrowings (2,703) 657 (4,369)
Increase (decrease) in current financial assets and liabilities (731) 5,594 (67)
Cash flow from (used in) financing activities (8,571) 4,986 (6,298)
Net increase (decrease) in cash and cash equivalents 2,731 10,225 (1,851)
Effect of exchange rates (1,159) (291) 209
Cash and cash equivalents at the beginning of the period 31,276 21,342 30,285
Cash and cash equivalents at the end of the period 32,848 31,276 28,643
CONSOLIDATED STATEMENT OF CASH FLOW
TotalEnergies
(unaudited)
1(st) half 1(st) half
(M$) 2022 2021
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income 10,855 5,711
Depreciation, depletion, amortization and impairment 7,899 6,760
Non-current liabilities, valuation allowances and deferred taxes 3,965 331
(Gains) losses on disposals of assets (178) (370)
Undistributed affiliates' equity earnings 3,261 682
(Increase) decrease in working capital (2,425) (150)
Other changes, net 524 185
Cash flow from operating activities 23,901 13,149
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions (8,607) (5,085)
Acquisitions of subsidiaries, net of cash acquired (82) (170)
Investments in equity affiliates and other securities (225) (2,433)
Increase in non-current loans (519) (680)
Total expenditures (9,433) (8,368)
Proceeds from disposals of intangible assets and property, plant and equipment 330 271
Proceeds from disposals of subsidiaries, net of cash sold 151 229
Proceeds from disposals of non-current investments 250 279
Repayment of non-current loans 1,342 301
Total divestments 2,073 1,080
Cash flow used in investing activities (7,360) (7,288)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders 371 381
- Treasury shares (3,164) (165)
Dividends paid:
- Parent company shareholders (3,753) (4,184)
- Non-controlling interests (119) (63)
Net issuance (repayment) of perpetual subordinated notes - 3,248
Payments on perpetual subordinated notes (274) (234)
Other transactions with non-controlling interests (5) (55)
Net issuance (repayment) of non-current debt 542 (839)
Increase (decrease) in current borrowings (2,046) (6,031)
Increase (decrease) in current financial assets and liabilities 4,863 (215)
Cash flow from (used in) financing activities (3,585) (8,157)
Net increase (decrease) in cash and cash equivalents 12,956 (2,296)
Effect of exchange rates (1,450) (329)
Cash and cash equivalents at the beginning of the period 21,342 31,268
Cash and cash equivalents at the end of the period 32,848 28,643
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
TotalEnergies
(unaudited)
Common shares issued Paid-in Currency Treasury shares Shareholders' Non- Total
surplus and
translation
equity -
controlling
shareholders'
retained
adjustment
TotalEnergies
interests
equity
earnings
Share
( )(M$) Number Amount Number Amount
As of January 1, 2021 2,653,124,025 8,267 107,078 (10,256) (24,392,703) (1,387) 103,702 2,383 106,085
( )Net income of the first half 2021 - - 5,550 - - - 5,550 161 5,711
( )Other comprehensive income - - 485 (823) - - (338) 14 (324)
( )Comprehensive Income - - 6,035 (823) - - 5,212 175 5,387
( )Dividend - - (4,189) - - - (4,189) (63) (4,252)
( )Issuance of common shares 10,589,713 31 350 - - - 381 - 381
( )Purchase of treasury shares - - - - (3,636,351) (165) (165) - (165)
( )Sale of treasury shares((a)) - - (216) - 4,570,220 216 - - -
( )Share-based payments - - 61 - - - 61 - 61
( )Share cancellation (23,284,409) (74) (1,254) - 23,284,409 1,328 - - -
( )Net issuance (repayment) of perpetual subordinated notes - - 3,254 - - - 3,254 - 3,254
( )Payments on perpetual subordinated notes - - (184) - - - (184) - (184)
( )Other operations with - - 26 (6) - - 20 (20) -
non-controlling interests
( )Other items - - 6 (2) - - 4 5 9
As of June 30, 2021 2,640,429,329 8,224 110,967 (11,087) (174,425) (8) 108,096 2,480 110,576
( )Net income of the second half 2021 - - 10,482 - - - 10,482 173 10,655
( )Other comprehensive income - - 506 (1,584) - - (1,078) (44) (1,122)
( )Comprehensive Income - - 10,988 (1,584) - - 9,404 129 9,533
( )Dividend - - (4,011) - - - (4,011) (61) (4,072)
( )Issuance of common shares - - - - - - - - -
( )Purchase of treasury shares - - - - (33,669,654) (1,658) (1,658) - (1,658)
( )Sale of treasury shares((a)) - - - - 2,975 - - - -
( )Share-based payments - - 82 - - - 82 - 82
( )Share cancellation - - - - - - - - -
( )Net issuance (repayment) of perpetual subordinated notes - - - - - - - - -
( )Payments on perpetual subordinated notes - - (184) - - - (184) - (184)
( )Other operations with - - 4 - - - 4 709 713
non-controlling interests
( )Other items - - 3 - - - 3 6 9
As of December 31, 2021 2,640,429,329 8,224 117,849 (12,671) (33,841,104) (1,666) 111,736 3,263 114,999
( )Net income of the first half 2022 - - 10,636 - - - 10,636 219 10,855
( )Other comprehensive income - - 2,370 (1,348) - - 1,022 (46) 976
( )Comprehensive Income - - 13,006 (1,348) - - 11,658 173 11,831
( )Dividend - - (3,803) - - - (3,803) (119) (3,922)
( )Issuance of common shares 9,367,482 26 345 - - - 371 - 371
( )Purchase of treasury shares - - - - (58,458,536) (3,164) (3,164) - (3,164)
( )Sale of treasury shares((a)) - - (315) - 6,168,197 315 - - -
( )Share-based payments - - 157 - - - 157 - 157
( )Share cancellation (30,665,526) (87) (1,418) - 30,665,526 1,505 - - -
( )Net issuance (repayment) of perpetual subordinated notes - - (44) - - - (44) - (44)
( )Payments on perpetual subordinated notes - - (183) - - - (183) - (183)
( )Other operations with - - 4 - - - 4 (9) (5)
non-controlling interests
( )Other items - - (44) - - - (44) 1 (43)
As of June 30, 2022 2,619,131,285 8,163 125,554 (14,019) (55,465,917) (3,010) 116,688 3,309 119,997
((a))Treasury shares related to the performance share grants.
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
( )2(nd) quarter 2022 Integrated Gas, Exploration Refining Marketing Corporate Intercompany Total
Renewables & & &
& Power Production Chemicals Services
(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 (327) (2,112) (389) (241) (33) - (3,102)
interests
( )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
( )2(nd) quarter 2022 (adjustments)((a)) Integrated Gas, Exploration Refining Marketing Corporate Intercompany Total
Renewables & & &
& Power Production Chemicals Services
(M$)
External sales (15) - - - - - (15)
Intersegment sales - - - - - - -
Excise taxes - - - - - - -
Revenues from sales (15) - - - - - (15)
Operating expenses (606) (82) 775 373 (301) - 159
Depreciation, depletion and impairment of tangible assets and mineral (14) (46) - (4) - - (64)
interests
( )Operating income ( (b)) (635) (128) 775 369 (301) - 80
Net income (loss) from equity affiliates and other items (558) (3,756) 52 (4) - - (4,266)
Tax on net operating income 47 75 (75) (100) 78 - 25
( )Net operating income ( (b)) (1,146) (3,809) 752 265 (223) - (4,161)
Net cost of net debt 80
Non-controlling interests (23)
Net income - TotalEnergies share (4,104)
((a) )Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
((b) )Of which inventory valuation effect
- On operating income - - 775 376 -
- On net operating income - - 752 275 -
( )2(nd) quarter 2022 (adjusted) Integrated Gas, Exploration Refining Marketing Corporate Intercompany Total
Renewables & & &
& Power Production Chemicals Services
(M$)
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 (313) (2,066) (389) (237) (33) - (3,038)
interests
( )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
( )2(nd) quarter 2022 Integrated Gas, Exploration Refining Marketing Corporate Intercompany Total
Renewables & & &
& Power Production Chemicals Services
(M$)
Total expenditures 872 4,128 333 288 25 5,646
Total divestments 466 63 56 72 7 664
( )Cash flow from operating activities 3,970 8,768 3,526 580 (560) 16,284
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
( )1(st) quarter 2022 Integrated Gas, Exploration Refining Marketing Corporate Intercompany Total
Renewables & & &
& Power Production Chemicals Services
(M$)
External sales 12,294 2,151 31,008 23,149 4 - 68,606
Intersegment sales 1,471 13,818 9,277 267 63 (24,896) -
Excise taxes - - (192) (4,464) - - (4,656)
Revenues from sales 13,765 15,969 40,093 18,952 67 (24,896) 63,950
Operating expenses (11,632) (5,708) (37,411) (17,984) (293) 24,896 (48,132)
Depreciation, depletion and impairment of tangible assets and mineral (321) (2,661) (380) (273) (44) - (3,679)
interests
( )Operating income 1,812 7,600 2,302 695 (270) - 12,139
Net income (loss) from equity affiliates and other items (2,500) 242 156 (42) 108 - (2,036)
Tax on net operating income (294) (3,863) (525) (225) 105 - (4,802)
( )Net operating income (982) 3,979 1,933 428 (57) - 5,301
Net cost of net debt (250)
Non-controlling interests (107)
Net income - TotalEnergies share 4,944
( )1(st) quarter 2022 (adjustments)((a)) Integrated Gas, Exploration Refining Marketing Corporate Intercompany Total
Renewables & & &
& Power Production Chemicals Services
(M$)
External sales 12 - - - - - 12
Intersegment sales - - - - - - -
Excise taxes - - - - - - -
Revenues from sales 12 - - - - - 12
Operating expenses (117) (791) 947 268 (132) - 175
Depreciation, depletion and impairment of tangible assets and mineral - (493) - (29) (9) - (531)
interests
( )Operating income ( (b)) (105) (1,284) 947 239 (141) - (344)
Net income (loss) from equity affiliates and other items (3,939) (14) 117 (3) 106 - (3,733)
Tax on net operating income 11 262 (251) (80) 20 - (38)
( )Net operating income ( (b)) (4,033) (1,036) 813 156 (15) - (4,115)
Net cost of net debt 113
Non-controlling interests (31)
Net income - TotalEnergies share (4,033)
((a) )Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
((b) )Of which inventory valuation effect
- On operating income - - 947 308 -
- On net operating income - - 845 228 -
( )1(st) quarter 2022 (adjusted) Integrated Gas, Exploration Refining Marketing Corporate Intercompany Total
Renewables & & &
& Power Production Chemicals Services
(M$)
External sales 12,282 2,151 31,008 23,149 4 - 68,594
Intersegment sales 1,471 13,818 9,277 267 63 (24,896) -
Excise taxes - - (192) (4,464) - - (4,656)
Revenues from sales 13,753 15,969 40,093 18,952 67 (24,896) 63,938
Operating expenses (11,515) (4,917) (38,358) (18,252) (161) 24,896 (48,307)
Depreciation, depletion and impairment of tangible assets and mineral (321) (2,168) (380) (244) (35) - (3,148)
interests
( )Adjusted operating income 1,917 8,884 1,355 456 (129) - 12,483
Net income (loss) from equity affiliates and other items 1,439 256 39 (39) 2 - 1,697
Tax on net operating income (305) (4,125) (274) (145) 85 - (4,764)
( )Adjusted net operating income 3,051 5,015 1,120 272 (42) - 9,416
Net cost of net debt (363)
Non-controlling interests (76)
Adjusted net income - TotalEnergies share 8,977
( )1(st) quarter 2022 Integrated Gas, Exploration Refining Marketing Corporate Intercompany Total
Renewables & & &
& Power Production Chemicals Services
(M$)
Total expenditures 1,439 1,971 228 140 9 3,787
Total divestments 1,015 283 27 79 5 1,409
( )Cash flow from operating activities 315 5,768 1,107 898 (471) 7,617
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
( )2(nd) quarter 2021 Integrated Gas, Exploration Refining Marketing Corporate Intercompany Total
Renewables & & &
& Power Production Chemicals Services
(M$)
External sales 5,086 1,743 20,853 19,367 - - 47,049
Intersegment sales 744 7,855 6,369 108 39 (15,115) -
Excise taxes - - (225) (5,191) - - (5,416)
Revenues from sales 5,830 9,598 26,997 14,284 39 (15,115) 41,633
Operating expenses (5,103) (4,284) (25,646) (13,434) (207) 15,115 (33,559)
Depreciation, depletion and impairment of tangible assets and mineral (291) (2,134) (396) (271) (29) - (3,121)
interests
( )Operating income 436 3,180 955 579 (197) - 4,953
Net income (loss) from equity affiliates and other items 419 (1,243) 123 57 23 - (621)
Tax on net operating income (56) (1,195) (281) (176) 16 - (1,692)
( )Net operating income 799 742 797 460 (158) - 2,640
Net cost of net debt (341)
Non-controlling interests (93)
Net income - TotalEnergies share 2,206
( )2(nd) quarter 2021 (adjustments)((a)) Integrated Gas, Exploration Refining Marketing Corporate Intercompany Total
Renewables & & &
& Power Production Chemicals Services
(M$)
External sales (9) - - - - - (9)
Intersegment sales - - - - - - -
Excise taxes - - - - - - -
Revenues from sales (9) - - - - - (9)
Operating expenses (54) (23) 386 71 - - 380
Depreciation, depletion and impairment of tangible assets and mineral (3) - (13) - - - (16)
interests
( )Operating income ( (b)) (66) (23) 373 71 - - 355
Net income (loss) from equity affiliates and other items (47) (1,436) 22 (8) (22) - (1,491)
Tax on net operating income 21 (12) (109) (20) - - (120)
( )Net operating income ( (b)) (92) (1,471) 286 43 (22) - (1,256)
Net cost of net debt 4
Non-controlling interests (5)
Net income - TotalEnergies share (1,257)
((a) )Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
((b) )Of which inventory valuation effect
- On operating income - - 394 69 -
- On net operating income - - 331 50 -
( )2(nd) quarter 2021 (adjusted) Integrated Gas, Exploration Refining Marketing Corporate Intercompany Total
Renewables & & &
& Power Production Chemicals Services
(M$)
External sales 5,095 1,743 20,853 19,367 - - 47,058
Intersegment sales 744 7,855 6,369 108 39 (15,115) -
Excise taxes - - (225) (5,191) - - (5,416)
Revenues from sales 5,839 9,598 26,997 14,284 39 (15,115) 41,642
Operating expenses (5,049) (4,261) (26,032) (13,505) (207) 15,115 (33,939)
Depreciation, depletion and impairment of tangible assets and mineral (288) (2,134) (383) (271) (29) - (3,105)
interests
( )Adjusted operating income 502 3,203 582 508 (197) - 4,598
Net income (loss) from equity affiliates and other items 466 193 101 65 45 - 870
Tax on net operating income (77) (1,183) (172) (156) 16 - (1,572)
( )Adjusted net operating income 891 2,213 511 417 (136) - 3,896
Net cost of net debt (345)
Non-controlling interests (88)
Adjusted net income - TotalEnergies share 3,463
( )2(nd) quarter 2021 Integrated Gas, Exploration Refining Marketing Corporate Intercompany Total
Renewables & & &
& Power Production Chemicals Services
(M$)
Total expenditures 1,167 1,830 291 222 22 3,532
Total divestments 310 63 13 36 6 428
( )Cash flow from operating activities 567 4,835 2,232 437 (520) 7,551
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
( )1(st)half 2022 Integrated Gas, Exploration Refining Marketing Corporate Intercompany Total
Renewables & & &
& Power Production Chemicals Services
(M$)
External sales 22,575 4,672 66,069 50,056 8 - 143,380
Intersegment sales 3,360 27,623 22,062 983 133 (54,161) -
Excise taxes - - (378) (8,607) - - (8,985)
Revenues from sales 25,935 32,295 87,753 42,432 141 (54,161) 134,395
Operating expenses (22,629) (11,468) (80,653) (40,294) (850) 54,161 (101,733)
Depreciation, depletion and impairment of tangible assets and mineral (648) (4,773) (769) (514) (77) - (6,781)
interests
( )Operating income 2,658 16,054 6,331 1,624 (786) - 25,881
Net income (loss) from equity affiliates and other items (1,677) (3,426) 505 56 179 - (4,363)
Tax on net operating income (554) (7,739) (1,391) (521) 97 - (10,108)
( )Net operating income 427 4,889 5,445 1,159 (510) - 11,410
Net cost of net debt (555)
Non-controlling interests (219)
Net income - TotalEnergies share 10,636
( )1(st)half 2022 (adjustments)((a)) Integrated Gas, Exploration Refining Marketing Corporate Intercompany Total
Renewables & & &
& Power Production Chemicals Services
(M$)
External sales (3) - - - - - (3)
Intersegment sales - - - - - - -
Excise taxes - - - - - - -
Revenues from sales (3) - - - - - (3)
Operating expenses (723) (873) 1,722 641 (433) - 334
Depreciation, depletion and impairment of tangible assets and mineral (14) (539) - (33) (9) - (595)
interests
( )Operating income ( (b)) (740) (1,412) 1,722 608 (442) - (264)
Net income (loss) from equity affiliates and other items (4,497) (3,770) 169 (7) 106 - (7,999)
Tax on net operating income 58 337 (326) (180) 98 - (13)
( )Net operating income ( (b)) (5,179) (4,845) 1,565 421 (238) - (8,276)
Net cost of net debt 193
Non-controlling interests (54)
Net income - TotalEnergies share (8,137)
((a) )Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
((b) )Of which inventory valuation effect
- On operating income - - 1,722 684 -
- On net operating income - - 1,597 503 -
( )1(st)half 2022 (adjusted) Integrated Gas, Exploration Refining Marketing Corporate Intercompany Total
Renewables & & &
& Power Production Chemicals Services
(M$)
External sales 22,578 4,672 66,069 50,056 8 - 143,383
Intersegment sales 3,360 27,623 22,062 983 133 (54,161) -
Excise taxes - - (378) (8,607) - - (8,985)
Revenues from sales 25,938 32,295 87,753 42,432 141 (54,161) 134,398
Operating expenses (21,906) (10,595) (82,375) (40,935) (417) 54,161 (102,067)
Depreciation, depletion and impairment of tangible assets and mineral (634) (4,234) (769) (481) (68) - (6,186)
interests
( )Adjusted operating income 3,398 17,466 4,609 1,016 (344) - 26,145
Net income (loss) from equity affiliates and other items 2,820 344 336 63 73 - 3,636
Tax on net operating income (612) (8,076) (1,065) (341) (1) - (10,095)
( )Adjusted net operating income 5,606 9,734 3,880 738 (272) - 19,686
Net cost of net debt (748)
Non-controlling interests (165)
Adjusted net income - TotalEnergies share 18,773
( )1(st)half 2022 Integrated Gas, Exploration Refining Marketing Corporate Intercompany Total
Renewables & & &
& Power Production Chemicals Services
(M$)
Total expenditures 2,311 6,099 561 428 34 9,433
Total divestments 1,481 346 83 151 12 2,073
( )Cash flow from operating activities 4,285 14,536 4,633 1,478 (1,031) 23,901
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
( )1(st)half 2021 Integrated Gas, Exploration Refining Marketing Corporate Intercompany Total
Renewables & & &
& Power Production Chemicals Services
(M$)
External sales 10,588 3,257 40,054 36,880 7 - 90,786
Intersegment sales 1,555 14,433 11,890 186 68 (28,132) -
Excise taxes - - (630) (9,890) - - (10,520)
Revenues from sales 12,143 17,690 51,314 27,176 75 (28,132) 80,266
Operating expenses (10,321) (7,352) (48,579) (25,510) (374) 28,132 (64,004)
Depreciation, depletion and impairment of tangible assets and mineral (762) (4,317) (787) (526) (54) - (6,446)
interests
( )Operating income 1,060 6,021 1,948 1,140 (353) - 9,816
Net income (loss) from equity affiliates and other items 682 (973) 211 23 (5) - (62)
Tax on net operating income (157) (2,375) (561) (352) 54 - (3,391)
( )Net operating income 1,585 2,673 1,598 811 (304) - 6,363
Net cost of net debt (652)
Non-controlling interests (161)
Net income - TotalEnergies share 5,550
( )1(st)half 2021 (adjustments)((a)) Integrated Gas, Exploration Refining Marketing Corporate Intercompany Total
Renewables & & &
& Power Production Chemicals Services
(M$)
External sales (44) - - - - - (44)
Intersegment sales - - - - - - -
Excise taxes - - - - - - -
Revenues from sales (44) - - - - - (44)
Operating expenses (62) (23) 1,131 213 - - 1,259
Depreciation, depletion and impairment of tangible assets and mineral (148) - (13) - - - (161)
interests
( )Operating income ( (b)) (254) (23) 1,118 213 - - 1,054
Net income (loss) from equity affiliates and other items (96) (1,482) 28 (43) (62) - (1,655)
Tax on net operating income 59 (10) (302) (60) 2 - (311)
( )Net operating income ( (b)) (291) (1,515) 844 110 (60) - (912)
Net cost of net debt 10
Non-controlling interests (14)
Net income - TotalEnergies share (916)
((a) )Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
((b) )Of which inventory valuation effect
- On operating income - - 1,140 206 -
- On net operating income - - 937 148 -
( )1(st)half 2021 (adjusted) Integrated Gas, Exploration Refining Marketing Corporate Intercompany Total
Renewables & & &
& Power Production Chemicals Services
(M$)
External sales 10,632 3,257 40,054 36,880 7 - 90,830
Intersegment sales 1,555 14,433 11,890 186 68 (28,132) -
Excise taxes - - (630) (9,890) - - (10,520)
Revenues from sales 12,187 17,690 51,314 27,176 75 (28,132) 80,310
Operating expenses (10,259) (7,329) (49,710) (25,723) (374) 28,132 (65,263)
Depreciation, depletion and impairment of tangible assets and mineral (614) (4,317) (774) (526) (54) - (6,285)
interests
( )Adjusted operating income 1,314 6,044 830 927 (353) - 8,762
Net income (loss) from equity affiliates and other items 778 509 183 66 57 - 1,593
Tax on net operating income (216) (2,365) (259) (292) 52 - (3,080)
( )Adjusted net operating income 1,876 4,188 754 701 (244) - 7,275
Net cost of net debt (662)
Non-controlling interests (147)
Adjusted net income - TotalEnergies share 6,466
( )1(st)half 2021 Integrated Gas, Exploration Refining Marketing Corporate Intercompany Total
Renewables & & &
& Power Production Chemicals Services
(M$)
Total expenditures 4,187 3,195 578 360 48 8,368
Total divestments 452 374 129 107 18 1,080
( )Cash flow from operating activities 1,347 8,571 3,228 1,102 (1,099) 13,149
Reconciliation of the information by business segment with Consolidated
Financial Statements
TotalEnergies
(unaudited)
Consolidated
2(nd) quarter 2022 statement
(M$) Adjusted Adjustments((a)) of income
Sales 74,789 (15) 74,774
Excise taxes (4,329) - (4,329)
Revenues from sales 70,460 (15) 70,445
Purchases net of inventory variation (46,023) 580 (45,443)
Other operating expenses (7,620) (421) (8,041)
Exploration costs (117) - (117)
Depreciation, depletion and impairment of tangible assets and mineral (3,038) (64) (3,102)
interests
Other income 429 - 429
Other expense (529) (776) (1,305)
Financial interest on debt (572) - (572)
Financial income and expense from cash & cash equivalents 130 115 245
Cost of net debt (442) 115 (327)
Other financial income 231 - 231
Other financial expense (136) - (136)
Net income (loss) from equity affiliates 1,944 (3,490) (1,546)
Income taxes (5,274) (10) (5,284)
Consolidated net income 9,885 (4,081) 5,804
TotalEnergies share 9,796 (4,104) 5,692
Non-controlling interests 89 23 112
(a) Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
Consolidated
2(nd) quarter 2021 statement
(M$) Adjusted Adjustments((a)) of income
Sales 47,058 (9) 47,049
Excise taxes (5,416) - (5,416)
Revenues from sales 41,642 (9) 41,633
Purchases net of inventory variation (27,108) 389 (26,719)
Other operating expenses (6,708) (9) (6,717)
Exploration costs (123) - (123)
Depreciation, depletion and impairment of tangible assets and mineral (3,105) (16) (3,121)
interests
Other income 138 85 223
Other expense (142) (156) (298)
Financial interest on debt (501) - (501)
Financial income and expense from cash & cash equivalents 69 8 77
Cost of net debt (432) 8 (424)
Other financial income 265 - 265
Other financial expense (131) - (131)
Net income (loss) from equity affiliates 740 (1,420) (680)
Income taxes (1,485) (124) (1,609)
Consolidated net income 3,551 (1,252) 2,299
TotalEnergies share 3,463 (1,257) 2,206
Non-controlling interests 88 5 93
(a) Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
Reconciliation of the information by business segment with Consolidated
Financial Statements
TotalEnergies
(unaudited)
Consolidated
1(st)half 2022 statement of
(M$) Adjusted Adjustments((a)) income
Sales 143,383 (3) 143,380
Excise taxes (8,985) - (8,985)
Revenues from sales 134,398 (3) 134,395
Purchases net of inventory variation (86,785) 1,694 (85,091)
Other operating expenses (15,029) (635) (15,664)
Exploration costs (253) (725) (978)
Depreciation, depletion and impairment of tangible assets and mineral (6,186) (595) (6,781)
interests
Other income 550 22 572
Other expense (798) (2,797) (3,595)
Financial interest on debt (1,034) - (1,034)
Financial income and expense from cash & cash equivalents 189 270 459
Cost of net debt (845) 270 (575)
Other financial income 350 84 434
Other financial expense (271) - (271)
Net income (loss) from equity affiliates 3,805 (5,308) (1,503)
Income taxes (9,998) (90) (10,088)
Consolidated net income 18,938 (8,083) 10,855
TotalEnergies share 18,773 (8,137) 10,636
Non-controlling interests 165 54 219
(a) Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
Consolidated
1(st)half 2021 statement of
(M$) Adjusted Adjustments((a)) income
Sales 90,830 (44) 90,786
Excise taxes (10,520) - (10,520)
Revenues from sales 80,310 (44) 80,266
Purchases net of inventory variation (51,397) 1,280 (50,117)
Other operating expenses (13,576) (21) (13,597)
Exploration costs (290) - (290)
Depreciation, depletion and impairment of tangible assets and mineral (6,285) (161) (6,446)
interests
Other income 554 27 581
Other expense (334) (623) (957)
Financial interest on debt (967) - (967)
Financial income and expense from cash & cash equivalents 156 16 172
Cost of net debt (811) 16 (795)
Other financial income 374 - 374
Other financial expense (261) - (261)
Net income (loss) from equity affiliates 1,260 (1,059) 201
Income taxes (2,931) (317) (3,248)
Consolidated net income 6,613 (902) 5,711
TotalEnergies share 6,466 (916) 5,550
Non-controlling interests 147 14 161
(a) Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
TotalEnergies contacts
Media Relations: +33 (0)1 47 44 46 99 l presse@totalenergies.com
(mailto:presse@totalenergies.com) l @TotalEnergiesPress
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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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TotalEnergies SE
Copyright Business Wire 2022Recent news on TotalEnergies SE
See all newsREG-TotalEnergies SE TotalEnergies Publishes Its Financial Report for First Half 2025
AnnouncementREG-TotalEnergies SE Half-year Report
AnnouncementREG-TotalEnergies SE Half-year Report
AnnouncementREG-TotalEnergies SE Dividend Declaration
AnnouncementREG-TotalEnergies SE TotalEnergies: Indicative Dates for 2025 and 2026 Dividends
Announcement