REG-TotalEnergies SE TotalEnergies SE: Second Quarter and First Half 2023 Results
27/07/2023 11:30
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TotalEnergies SE: Second Quarter and First Half 2023 Results
TotalEnergies reports strong results in a favorable but softening environment,
while implementing its strategy by completing major deals in Oil, LNG and
Integrated Power
Achieved ROACE of 22% at June-end 2023*
More than 40% cash payout for 2023
Second interim dividend up 7.3% year-on-year
$2 billion share buyback in 3(rd) quarter
TotalEnergies SE (Paris:TTE) (LSE:TTE) (NYSE:TTE):
2Q23 Change 1H23 Change
vs 2Q22
vs 1H22
Net income (TotalEnergies share) (B$) 4.1 -28% 9.6 -9%
Adjusted net income (TotalEnergies share)((1))
- in billions of dollars (B$) 5.0 -49% 11.5 -39%
- in dollars per share 1.99 -47% 4.61 -35%
Adjusted EBITDA((1)) (B$) 11.1 -41% 25.3 -30%
DACF((1)) (B$) 8.6 -37% 18.4 -28%
Cash Flow from operations (B$) 9.9 -39% 15.0 -37%
Net-debt-to-capital ratio((2)) of 11.1% at June 30, 2023 vs. 11.5% at March 31, 2023
Second 2023 interim dividend set at 0.74 €/share
The Board of Directors of TotalEnergies SE, chaired by CEO Patrick Pouyanné,
met on July 26, 2023, to approve the second quarter 2023 financial statements.
On the occasion, Patrick Pouyanné said:
“In a favorable but softening oil & gas environment TotalEnergies once
again delivered this quarter robust results, strong cash flow, and attractive
shareholder distribution. The Company generated adjusted net income of $5.0
billion and return on average capital employed of 22%. TotalEnergies generated
$8.5 billion in cash flow in the second quarter and $18 billion in the first
half of 2023.
Exploration & Production reported adjusted net operating income of $2.3
billion and cash flow of $4.4 billion. Production of 2.5 Mboe/d was up 2%
year-on-year, thanks to new project start-ups (Ikike in Nigeria, Mero 1 in
Brazil, Block 10 in Oman) and benefited from the integration of the SARB and
Umm Lulu oil fields in the United Arab Emirates.
The Integrated LNG segment posted cash flow of $1.8 billion, benefiting from
the high margins captured in 2022. Adjusted net operating income was $1.3
billion reflecting lower LNG prices (averaging 10 $/Mbtu in the second
quarter) and softer trading results in less volatile markets.
Integrated Power’s adjusted net operating income and cash flow increased to
$450 million and $491 million respectively in the second quarter, building its
track record as an integrated and profitable player in the electricity markets
with a ROACE of 10.1%. Integrated Power cash flow so reached close to $1
billion on the first six months of 2023, more than the cash flow performed on
the whole year 2022.
Downstream reported resilient adjusted net operating income of $1.5 billion
and cash flow of $2.1 billion in a context of lower refining margins.
As part of the implementation of its multi-energy strategy, the Company also
announced four major projects this quarter:
- the launch of its multi-energy GGIP project in Iraq,
- the launch of the RGLNG project in Texas, which will boost its LNG export
capacity from the US to 15 Mt/y,
- the completion of the acquisition of 100% of Total Eren in renewable
electricity,
- the award of the EPC contracts for the Amiral petrochemical project in Saudi
Arabia.
These projects demonstrate TotalEnergies’ ability to seize opportunities
allowing the Company to deploy its multi-energy model based on two pillars:
production of low-cost low-emissions hydrocarbons (oil and LNG) and the
development of a profitable integrated power business.
In this favorable environment, the Board of Directors confirmed for 2023 a
shareholder distribution of more than 40% of cash flow. The Board decided the
distribution of a second interim dividend for the 2023 financial year in the
amount of €0.74/share, up 7.25% year-on-year, and authorized the Company to
buy back shares for $2 billion in the third quarter of 2023."
1. Highlights((3))
Multi-energy strategy
* Launch of GGIP in Iraq: major multi-energy project (access to low-cost,
low-emission oil from the Ratawi field, gas gathering and treatment for
electricity generation, 1 GW solar farm and sea water treatment) in favor of
the sustainable development of natural resources in Basrah area
* Partnership with SONATRACH to increase the production of the Tin Fouyé
Tabankort fields, extend to 2024 2 Mt/y of LNG deliveries in France, and
develop renewable energy projects in Algeria
Upstream
* Production start-up of Absheron gas and condensate field, in Azerbaijan
* Oil and gas discovery on the Ntokon well, located on OML 102 in Nigeria
* Renewal for 20 years of the OML130 license, in Nigeria
* Exercise by ConocoPhillips of its preemption right on Surmont, following the
announcement of the sale to Suncor of the entirety of the shares of
TotalEnergies EP Canada Ltd
* Signature of Production Sharing Contracts on Blocks 6 and 8, in Suriname
* Signature of the Production Sharing Contract for the Agua Marinha block, in
Brazil
Downstream
* Award of $11 billion EPC contracts for the Amiral project, in Saudi Arabia
* Realignment with INEOS of stakes in petrochemical assets in Eastern France
Integrated LNG
* Launch of the RGLNG project, in Texas: acquisition of a 16.67% stake in the JV
in charge of developing the 17.5 Mt/y project, acquisition of a 17.5% stake in
NextDecade, and signature of a 5.4 Mt/y offtake agreement for 20 years
* Delivery of the first LNG cargo to the Dhamra LNG terminal in India
* Signing of LNG sale contracts to IOCL in India for 10 years and to ADNOC Gas
for 3 years
Integrated Power
* Acquisition at 100% of Total Eren, a leading renewable electricity producer
* Award of two maritime leases to develop two offshore wind farms for a total
capacity of 3 GW in Germany
* Favorable environmental impact assessment for 3 GW of solar projects in Spain
* 25-year Power Purchase Agreement for 1 GW onshore wind farm with battery
storage in Kazakhstan
* Launch at Antwerp, in Belgium, of a 75 MWh battery energy storage project
* Strategic Collaboration Agreement with Petronas, to develop renewable energy
projects in the Asia Pacific region. Agreement to develop the 100 MW Pleasant
Hills solar project in Australia.
Decarbonization & new molecules
* Partnership with TES to develop a large-scale production unit for e-natural
gas in the United States
* Agreement with VNG to initiate the future supply of green hydrogen to the
Leuna refinery, in Germany
* SAF: doubling SAF production capacity to 285 kt per year at Grandpuits, in
France
* Biomethane:
* Acquisition of 20% stake in the Finnish start-up Ductor
* Signature with Saint-Gobain France of a 100 GWh sale agreement over 3 years
* Construction in Grandpuits, in France, of a production unit with annual
capacity of 80 GWh
2. Key figures from TotalEnergies’ consolidated financial statements((4))
2Q23 1Q23 2Q22 2Q23 In millions of dollars, except effective tax rate, 1H23 1H22 1H23
vs earnings per share and number of shares
vs
2Q22
1H22
11,105 14,167 18,737 -41% Adjusted EBITDA ((5)) 25,272 36,161 -30%
5,582 6,993 10,500 -47% Adjusted net operating income from business segments 12,575 19,958 -37%
2,349 2,653 4,719 -50% Exploration & Production 5,002 9,734 -49%
1,330 2,072 2,215 -40% Integrated LNG 3,402 5,348 -36%
450 370 340 +32% Integrated Power 820 258 x3,2
1,004 1,618 2,760 -64% Refining & Chemicals 2,622 3,880 -32%
449 280 466 -4% Marketing & Services 729 738 -1%
662 1,079 1,944 -66% Contribution of equity affiliates to adjusted net income 1,741 3,805 -54%
37.3% 41.4% 39.4% - Effective tax rate ((6)) 39.7% 39.0% -
4,956 6,541 9,796 -49% Adjusted net income (TotalEnergies share) 11,497 18,773 -39%
1.99 2.61 3.75 -47% Adjusted fully-diluted earnings per share (dollars) ((7)) 4.61 7.14 -35%
1.84 2.43 3.50 -47% Adjusted fully-diluted earnings per share (euros)* 4.27 6.53 -35%
2,448 2,479 2,592 -6% Fully-diluted weighted-average shares (millions) 2,460 2,602 -5%
4,088 5,557 5,692 -28% Net income (TotalEnergies share) 9,645 10,636 -9%
4,271 3,433 2,819 +51% Organic investments ((8)) 7,704 4,800 +60%
320 2,987 2,076 -85% Net acquisitions ((9)) 3,307 2,998 +10%
4,591 6,420 4,895 -6% Net investments( (10)) 11,011 7,798 +41%
8,485 9,621 13,233 -36% Operating cash flow before working capital changes( (11)) 18,106 24,859 -27%
8,596 9,774 13,631 -37% Operating cash flow before working capital changes 18,371 25,626 -28%
w/o financial charges (DACF)( (12))
9,900 5,133 16,284 -39% Cash flow from operations 15,033 23,901 -37%
(*) Average €-$ exchange rate: 1.0887 in the second quarter 2023, 1.0807 in
the first half 2023.
3. Key figures of environment, greenhouse gas emissions and production
3.1 Environment* – liquids and gas price realizations, refining margins
2Q23 1Q23 2Q22 2Q23 1H23 1H22 1H23
vs
vs
2Q22
1H22
78.1 81.2 113.9 -31% Brent ($/b) 79.7 107.9 -26%
2.3 2.8 7.5 -69% Henry Hub ($/Mbtu) 2.5 6.1 -58%
10.5 16.1 22.2 -53% NBP ($/Mbtu) 13.3 27.2 -51%
10.9 16.5 27.0 -60% JKM ($/Mbtu) 13.7 29.1 -53%
72.0 73.4 102.9 -30% Average price of liquids ($/b) 72.7 96.3 -25%
Consolidated subsidiaries
5.98 8.89 11.01 -46% Average price of gas ($/Mbtu) 7.48 11.65 -36%
Consolidated subsidiaries
9.84 13.27 13.96 -30% Average price of LNG ($/Mbtu) 11.59 13.77 -16%
Consolidated subsidiaries and equity affiliates
42.7 87.8 145.7 -71% Variable cost margin - Refining Europe, VCM ($/t)** 65.0 101.0 -36%
* The indicators are shown on page 23.
** This indicator represents TotalEnergies’ average margin on variable cost
for refining in Europe (equal to the difference between TotalEnergies European
refined product sales and crude oil purchases with associated variable costs
divided by volumes refined in tons).
3.2 Greenhouse gas emissions((13))
2Q23 1Q23 2Q22 2Q23 Scope 1+2 emissions (MtCO2e) 1S23 1S22 1S23
vs
vs
2Q22
1S22
9.1 9.1 9.6 -6% Scope 1+2 from operated facilities ((14)) 18.2 19.3 -6%
7.9 7.6 8.1 -2% of which Oil & Gas 15.5 16.0 -3%
1.1 1.5 1.5 -27% of which CCGT 2.6 3.3 -21%
12.5 12.8 13.4 -7% Scope 1+2 - equity share 25.3 27.4 -8%
Estimated 2Q23 and 1Q23 emissions.
Scope 1+2 emissions from operated installations were down 6% year-on-year in
the second quarter 2023, as a result of the decrease in the use of gas-fired
power plants in a context of lower demand in Europe and the continuous decline
in flaring on Exploration & Production facilities.
2Q23 1Q23 2Q22 2Q23 Methane emissions (ktCH4) 1S23 1S22 1S23
vs
vs
2Q22
1S22
8 9 10 -19% Methane emissions from operated facilities 18 20 -13%
10 11 13 -22% Methane emissions - equity share 21 24 -15%
Estimated 2Q23 and 1Q23 emissions.
Scope 3 emissions (MtCO2e) 1S23 2022
Scope 3 from Oil, Biofuels and Gas Worldwide ((15)) est. 180 389
3.3 Production*
2Q23 1Q23 2Q22 2Q23 Hydrocarbon production 1H23 1H22 1H23
vs
vs
2Q22
1H22
2,471 2,524 2,738 -10% Hydrocarbon production (kboe/d) 2,498 2,791 -10%
1,416 1,398 1,268 +12% Oil (including bitumen) (kb/d) 1,407 1,287 +9%
1,055 1,126 1,470 -28% Gas (including condensates and associated NGL) (kboe/d) 1,091 1,504 -27%
2,471 2,524 2,738 -10% Hydrocarbon production (kboe/d) 2,498 2,791 -10%
1,571 1,562 1,483 +6% Liquids (kb/d) 1,567 1,505 +4%
4,845 5,191 6,835 -29% Gas (Mcf/d) 5,017 6,997 -28%
2,471 2,524 2,412 +2% Hydrocarbon production excluding Novatek (kboe/d) 2,498 2,460 +2%
* Company production = E&P production + Integrated LNG production.
Hydrocarbon production was 2,471 thousand barrels of oil equivalent per day
(kboe/d) in the second quarter 2023, up 2% year-on-year (excluding Novatek),
comprised of:
* +4% due to start-ups and ramp-ups, including Ikike in Nigeria, Mero 1 in
Brazil, Johan Sverdrup Phase 2 in Norway and Block 10 in Oman,
* +1% due to the improvement of security conditions in Nigeria and Libya,
* +1% price effect,
* -1% portfolio effect, notably related to the end of the Bongkot operating
licenses in Thailand, the exit from Termokarstovoye in Russia, partially
offset by the entry into the producing fields of Sepia and Atapu in Brazil and
SARB Umm Lulu in the United Arab Emirates,
* -3% due to natural decline of the fields.
Compared to the first quarter, production was down 2% mainly due to planned
maintenance operations in North Sea, the end of the Bongkot operating licenses
in Thailand, partially offset by the full effect of entry into the producing
fields of SARB Umm Lulu in the United Arab Emirates, and the ramp-up of Johan
Sverdrup Phase 2 in Norway.
4. Analysis of business segments
4.1 Exploration & Production
4.1.1 Production
2Q23 1Q23 2Q22 2Q23 Hydrocarbon production 1H23 1H22 1H23
vs
vs
2Q22
1H22
2,033 2,061 2,276 -11% EP (kboe/d) 2,047 2,314 -12%
1,512 1,500 1,430 +6% Liquids (kb/d) 1,506 1,449 +4%
2,778 3,012 4,602 -40% Gas (Mcf/d) 2,895 4,706 -38%
2,033 2,061 2,007 1% EP excluding Novatek (kboe/d) 2,047 2,040 -
4.1.2 Results
2Q23 1Q23 2Q22 2Q23 In millions of dollars, except effective tax rate 1H23 1H22 1H23
vs
vs
2Q22
1H22
2,349 2,653 4,719 -50% Adjusted net operating income* 5,002 9,734 -49%
149 135 287 -48% including adjusted income from equity affiliates 284 642 -56%
49.7% 57.1% 47.2% - Effective tax rate** 53.9% 47.1% -
2,424 2,134 1,873 +29% Organic investments 4,558 3,299 +38%
176 1,938 2,225 -92% Net acquisitions 2,114 2,541 -17%
2,600 4,072 4,098 -37% Net investments 6,672 5,840 +14%
4,364 4,907 7,383 -41% Operating cash flow before working capital changes *** 9,271 14,686 -37%
4,047 4,536 8,768 -54% Cash flow from operations *** 8,583 14,536 -41%
* Details on adjustment items are shown in the business segment information
annex to financial statements.
** Tax on adjusted net operating income / (adjusted net operating income -
income from equity affiliates - dividends received from investments -
impairment of goodwill + tax on adjusted net operating income).
*** Excluding financial charges, except those related to leases.
Exploration & Production adjusted net operating income was $2,349 million
in the second quarter 2023 down 11% quarter-on-quarter, mainly due to lower
oil and gas prices.
Cash flow was $4,364 million in the second quarter 2023 down 11%
quarter-on-quarter, mainly due to lower gas and oil prices.
4.2 Integrated LNG
4.2.1 Production
2Q23 1Q23 2Q22 2Q23 Hydrocarbon production for LNG 1H23 1H22 1H23
vs
vs
2Q22
1H22
438 463 462 -5% Integrated LNG (kboe/d) 451 477 -6%
59 62 53 +11% Liquids (kb/d) 61 56 +7%
2,067 2,179 2,233 -7% Gas (Mcf/d) 2,122 2,291 -7%
438 463 405 +8% Integrated LNG excluding Novatek (kboe/d) 451 419 +8%
2Q23 1Q23 2Q22 2Q23 Liquefied Natural Gas in Mt 1H23 1H22 1H23
vs
vs
2Q22
1H22
11.0 11.0 11.7 -6% Overall LNG sales 22.0 24.9 -12%
3.6 4.0 4.1 -12% incl. Sales from equity production* 7.6 8.6 -12%
10.0 9.9 10.2 -2% incl. Sales by TotalEnergies from equity production and third party purchases 19.9 22.2 -10%
* The Company’s equity production may be sold by TotalEnergies or by the
joint ventures.
Hydrocarbon production for LNG was up 8% year-on-year in the second quarter
2023 and first half 2023, due to the increased supply of NLNG following
improved security conditions in Nigeria and the restart of Snøhvit in Norway
during the second quarter 2022.
LNG sales decreased year-on-year due to lower demand in Europe and are stable
quarter-on-quarter, beneficiating from the restart of Freeport LNG.
4.2.2 Results
2Q23 1Q23 2Q22 2Q23 In millions of dollars 1H23 1H22 1H23
vs
vs
2Q22
1H22
1,330 2,072 2,215 -40% Adjusted net operating income* 3,402 5,348 -36%
432 786 1,192 -64% including adjusted income from equity affiliates 1,218 2,596 -53%
382 396 171 x2,2 Organic investments 779 110 x7,1
205 759 (36) ns Net acquisitions 964 (56) ns
587 1,155 135 x4,3 Net investments 1,743 54 x32,3
1,801 2,081 2,112 -15% Operating cash flow before working capital changes ** 3,882 4,604 -16%
1,332 3,536 3,802 -65% Cash flow from operations *** 4,868 6,021 -19%
* Detail of adjustment items shown in the business segment information annex
to financial statements.
** Excluding financial charges, except those related to lease contracts,
excluding the impact of contracts recognized at fair value.
*** Excluding financial charges, except those related to leases.
Integrated LNG adjusted net operating income was:
* $1,330 million in the second quarter 2023, down 28% year-on-year (excluding
Novatek) and 36% quarter-on-quarter, mainly due to lower spot and forward LNG
prices,
* $3,402 million in the first half 2023, down 26% year-on-year (excluding
Novatek), due to lower prices and LNG sales, as well as exceptional trading
results in the first quarter 2022.
Operating cash flow before working capital changes for Integrated LNG was:
* $1,801 million in the second quarter 2023, down 15% year-on-year (excluding
Novatek), and 13% quarter-on-quarter due to lower LNG prices, partially offset
by higher margins secured in 2022 on LNG cargoes to be delivered in 2023,
* $3,882 million in the first half 2023, down 16% year-on-year (excluding
Novatek), for the same reasons.
4.3 Integrated Power
4.3.1 Capacities, productions, clients and sales
2Q23 1Q23 2Q22 2Q23 Integrated Power 1H23 1H22 1H23
vs
vs
2Q22
1H22
74.7 70.4 50.7 +47% Portfolio of renewable power generation gross capacity (GW)( (1),(2)) 74.7 50.7 +47%
19.0 17.9 11.6 +63% o/w installed capacity 19.0 11.6 +63%
5.7 6.2 5.2 +11% o/w capacity in construction 5.7 5.2 +11%
50.0 46.3 33.9 +47% o/w capacity in development 50.0 33.9 +47%
46.9 44.4 38.4 +22% Portfolio of renewable power generation net capacity (GW) ((2)) 46.9 38.4 +22%
8.9 8.4 5.8 +53% o/w installed capacity 8.9 5.8 +53%
3.9 4.0 3.7 +7% o/w capacity in construction 3.9 3.7 +7%
34.1 32.0 28.9 +18% o/w capacity in development 34.1 28.9 +18%
5.8 5.8 5.8 - Gas-fired power generation gross installed capacity (GW) ((2)) 5.8 5.8 -
4.3 4.3 4.3 - Gas-fired power generation net installed capacity (GW)( (2)) 4.3 4.3 -
8.2 8.4 7.7 +8% Net power production (TWh)( (3)) 16.6 15.2 +9%
4.2 3.8 2.5 +69% incl. power production from renewables 8.1 4.7 +70%
6.0 6.0 6.2 -3% Clients power - BtB and BtC (Million) ((2)) 6.0 6.2 -3%
2.8 2.8 2.7 +1% Clients gas - BtB and BtC (Million)( (2)) 2.8 2.7 +1%
11.5 15.5 12.3 -7% Sales power - BtB and BtC (TWh) 27.0 28.6 -6%
19.2 37.3 19.1 - Sales gas - BtB and BtC (TWh) 56.4 54.1 +4%
((1) )Includes 20% of Adani Green Energy Ltd’s gross capacity effective
first quarter 2021, 50% of Clearway Energy Group’s gross capacity effective
third quarter 2022 and 49% of Casa dos Ventos’ gross capacity effective
first quarter 2023.
((2)) End of period data.
((3)) Solar, wind, hydroelectric and combined-cycle gas turbine (CCGT) plants.
Net power production was:
* 8.2 TWh in the second quarter 2023, up 8% year-on-year, as growing electricity
generation from renewables is partially offset by lower generation from
flexible capacity in a context of lower demand,
* 16.6 TWh in the first half 2023, up 9% year-on-year, for the same reasons.
Gross installed renewable power generation capacity was 19 GW at the end of
the second quarter 2023, up by more than 1 GW quarter-on-quarter, including
0.5 GW installed in the USA and the connection of 0.3 GW from the Seagreen
offshore wind project in the UK.
4.3.2 Results
2Q23 1Q23 2Q22 2Q23 In millions of dollars 1H23 1H22 1H23
vs
vs
2Q22
1H22
450 370 340 +32% Adjusted net operating income* 820 258 x3,2
23 56 27 -15% including adjusted income from equity affiliates 79 53 +49%
753 577 170 x4,4 Organic investments 1,330 489 x2,7
(42) 519 (22) ns Net acquisitions 477 639 -25%
711 1,096 148 x4,8 Net investments 1,807 1,128 +60%
491 440 248 +98% Operating cash flow before working capital changes ** 931 341 x2,7
2,284 (1,285) 168 x13,6 Cash flow from operations *** 999 (1,736) ns
* Detail of adjustment items shown in the business segment information annex
to financial statements.
** Excluding financial charges, except those related to lease contracts,
excluding the impact of contracts recognized at fair value for the sector and
including capital gains on the sale of renewable projects.
*** Excluding financial charges, except those related to leases. Excluding
margin calls, reported in the Integrated LNG segment since the implementation
in 2022 of its centralized management.
Integrated Power adjusted net operating income was $450 million and operating
cash flow before working capital changes was $491 million in the second
quarter 2023, up 22% and 12% respectively quarter-on-quarter, due to the
performance of its integrated electricity portfolio.
4.4 Downstream (Refining & Chemicals and Marketing & Services)
4.4.1 Results
2Q23 1Q23 2Q22 2Q23 In millions of dollars 1H23 1H22 1H23
vs
vs
2Q22
1H22
1,453 1,898 3,226 -55% Adjusted net operating income* 3,351 4,618 -27%
686 290 586 +17% Organic investments 976 878 +11%
(19) (229) (91) ns Net acquisitions (248) (125) ns
667 61 495 +35% Net investments 728 753 -3%
2,085 2,189 3,548 -41% Operating cash flow before working capital changes ** 4,274 5,444 -21%
2,588 (1,524) 4,106 -37% Cash flow from operations ** 1,064 6,111 -83%
* Detail of adjustment items shown in the business segment information annex
to financial statements.
** Excluding financial charges, except those related to leases.
4.5 Refining & Chemicals
4.5.1 Refinery and petrochemicals throughput and utilization rates
2Q23 1Q23 2Q22 2Q23 Refinery throughput and utilization rate* 1H23 1H22 1H23
vs
vs
2Q22
1H22
1,472 1,403 1,575 -7% Total refinery throughput (kb/d) 1,437 1,448 -1%
364 357 395 -8% France 360 324 +11%
601 596 648 -7% Rest of Europe 598 627 -5%
507 450 532 -5% Rest of world 479 497 -4%
82% 78% 88% - Utilization rate based on crude only** 80% 81% -
* Includes refineries in Africa reported in the Marketing & Services
segment.
** Based on distillation capacity at the beginning of the year.
2Q23 1Q23 2Q22 2Q23 Petrochemicals production and utilization rate 1H23 1H22 1H23
vs
vs
2Q22
1H22
1,157 1,295 1,206 -4% Monomers* (kt) 2,452 2,611 -6%
963 1,111 1,187 -19% Polymers (kt) 2,074 2,461 -16%
67% 75% 71% - Steamcracker utilization rate** 71% 78% -
* Olefins.
** Based on olefins production from steam crackers and their treatment
capacity at the start of the year.
Refining throughput was:
* down 7% year-on-year in the second quarter 2023, notably due to planned
maintenance and unplanned shutdowns at the Antwerp refinery in Belgium, and
logistical limitations linked to high inventory levels at the Normandy
refinery in France,
* down 1% year-on-year in the first half 2023, reflecting the restart of the
Donges refinery in France in the second quarter 2022.
The utilization rate on processed crude rose over the quarter to 82% given the
end of strikes in France.
Polymer production was down year-on-year by 19% in the second quarter 2023 and
16% in the first half 2023, due to the slowdown in global demand.
4.5.2 Results
2Q23 1Q23 2Q22 2Q23 In millions of dollars 1H23 1H22 1H23
vs
vs
2Q22
1H22
1,004 1,618 2,760 -64% Adjusted net operating income* 2,622 3,880 -32%
454 198 313 +45% Organic investments 652 510 +28%
(15) 5 (34) ns Net acquisitions (10) (34) ns
439 203 279 +57% Net investments 642 476 +35%
1,329 1,733 2,963 -55% Operating cash flow before working capital changes ** 3,062 4,396 -30%
1,923 (851) 3,526 -45% Cash flow from operations ** 1,072 4,633 -77%
* Detail of adjustment items shown in the business segment information annex
to financial statements.
** Excluding financial charges, except those related to leases.
Refining & Chemicals adjusted net operating income was:
* $1,004 million in the second quarter 2023, down 38% quarter-on-quarter,
reflecting lower refining margins in Europe impacted at the start of the
period by Chinese exports and the quicker than anticipated reorganization of
Russian flows following the European embargo, although supported at the end of
the quarter by higher gasoline exports to the US and lower diesel imports in
Europe from China,
* $2,622 million in the first half 2023, down 32% year-on-year, for the same
reasons.
Operating cash flow before working capital changes was $1,329 million in the
second quarter 2023 and $3,062 million in the first half 2023, down 55% and
30% respectively year-on-year as the second quarter 2022 benefited from
exceptional conditions.
4.6 Marketing & Services
4.6.1 Petroleum product sales
2Q23 1Q23 2Q22 2Q23 Sales in kb/d* 1H23 1H22 1H23
vs
vs
2Q22
1H22
1,397 1,360 1,477 -5% Total Marketing & Services sales 1,379 1,464 -6%
799 757 817 -2% Europe 778 804 -3%
598 602 660 -9% Rest of world 600 661 -9%
* Excludes trading and bulk refining sales.
Sales of petroleum products were down year-on-year by 5% in the second quarter
2023 and 6% in the first half 2023, as lower demand from commercial and
industrial customers in Europe and the portfolio effect linked to the disposal
of 50% of the fuel distribution business in Egypt were partially offset by the
recovery in the aviation business.
4.6.2 Results
2Q23 1Q23 2Q22 2Q23 In millions of dollars 1H23 1H22 1H23
vs
vs
2Q22
1H22
449 280 466 -4% Adjusted net operating income* 729 738 -1%
232 92 273 -15% Organic investments 324 368 -12%
(4) (234) (57) ns Net acquisitions (238) (91) ns
228 (142) 216 +6% Net investments 86 277 -69%
756 456 585 +29% Operating cash flow before working capital changes ** 1,212 1,048 +16%
665 (673) 580 +15% Cash flow from operations ** (8) 1,478 ns
* Detail of adjustment items shown in the business segment information annex
to financial statements.
** Excluding financial charges, except those related to leases.
Marketing & Services adjusted net operating income was $449 million in the
second quarter 2023, down 4% year-on-year, and $729 million in the first half
2023, slightly down year-on-year, in line with lower sales.
Operating cash flow before working capital changes rose by 29% year-on-year to
$756 million in the second quarter 2023, and by 16% to $1,212 million in the
first half 2023, as 2022 was negatively impacted by the tax effect of higher
prices on the valuation of petroleum product inventories.
5. TotalEnergies results
5.1 Adjusted net operating income from business segments
Adjusted net operating income from business segments was:
* $5,582 million in the second quarter 2023, compared to $6,993 million in the
first quarter 2023, due to lower gas prices and refining margins,
* $12,575 million in the first half 2023, compared to $19,958 million in the
first half 2022, due to lower oil and gas prices and refining margins.
5.2 Adjusted net income (TotalEnergies share)
TotalEnergies adjusted net income was $4,956 million in the second quarter
2023 versus $6,541 million in the first quarter 2023, mainly due to lower gas
prices and refining margins.
Adjusted net income excludes the after-tax inventory effect, special items and
the impact of changes in fair value((16)).
Adjustments to net income((17)) were ($868) million in the second quarter
2023, consisting mainly of:
* ($0.5) billion related to impairments, notably on upstream assets in Kenya and
the Yunlin offshore wind project in Taiwan,
* ($0.4) billion of inventory effect.
TotalEnergies’ average tax rate was:
* 37.3% in the second quarter 2023 versus 41.4% in the first quarter 2023,
mainly as a result of the lower tax rate for Exploration & Production
related to lower oil and gas prices,
* 39.7% in the first half 2023 versus 39.0% in the first half 2022, mainly as a
result of the higher tax rate for Exploration & Production related notably
to the Energy Profits Levy in the UK.
5.3 Adjusted earnings per share
Adjusted diluted net earnings per share were:
* $1.99 in the second quarter 2023, based on 2,448 million weighted average
diluted shares, compared to $2.61 in the first quarter 2023,
* $4.61 in the first half 2023, based on 2,460 million weighted average diluted
shares, compared to $7.14 a year earlier.
As of June 30, 2023, the number of diluted shares was 2,443 million.
As part of its shareholder return policy, TotalEnergies repurchased:
* 32.8 million shares for cancellation in the second quarter 2023 for $2
billion,
* 65.0 million shares for cancellation in the first half 2023 for $4 billion.
5.4 Acquisitions - asset sales
Acquisitions were:
* $482 million in the second quarter 2023, mainly related to the acquisition of
a 9.375% stake in the NFS LNG project in Qatar, the renewal of the license OML
130 in Nigeria, and the acquisition of a 5.06% stake in NextDecade in line
with the launch of RGLNG project in the US,
* $3,738 million in the first half 2023, mainly related to the above items, as
well as the acquisition of a 20% interest in the SARB and Umm Lulu concession
in the United Arab Emirates, the acquisition of a 6.25% stake in the NFE LNG
project in Qatar, and a 34% stake in a joint venture with Casa dos Ventos in
Brazil.
Divestments were:
* $162 million in the second quarter 2023, notably for the sale of shares in
Maxeon,
* $431 million in the first half 2023, notably for the above item as well as the
sale of 50% of the Marketing & Services subsidiary in Egypt.
5.5 Net cash flow
TotalEnergies' net cash flow((18)) was:
* $3,894 million in the second quarter 2023 compared to $3,201 million in the
first quarter, reflecting the $1,136 million decrease in cash flow offset by
the $1,829 million decrease in net investments to $4,591 million in the second
quarter 2023,
* $7,095 million in the first half 2023 compared to $17,061 million a year
earlier, reflecting the $6,753 million decrease in cash flow and the $3,213
million increase in net investments to $11,011 million in the first half 2023.
In the second quarter, cash flow from operations was $9,900 million compared
to $8,485 million of operating cash flow before working capital changes,
reflecting a $1.5 billion decrease in working capital requirements, mainly due
to the effects of lower inventories, seasonality of payment of the gas and
power marketing business, and despite a decrease in tax payables and the tax
payment schedule notably in the Exploration & Production segment.
5.6 Profitability
Return on equity was 25.2% for the twelve months ended June 30, 2023.
In millions of dollars July 1, 2022 April 1, 2022 July 1, 2021
June 30, 2023 March 31, 2023 June 30, 2022
Adjusted net income 29,351 34,219 30,716
Average adjusted shareholders' equity 116,329 115,233 113,333
Return on equity (ROE) 25.2% 29.7% 27.1%
Return on average capital employed((19)) was 22.4% for the twelve months ended
June 30, 2023.
In millions of dollars July 1, 2022 April 1, 2022 July 1, 2021
June 30, 2023 March 31, 2023 June 30, 2022
Adjusted net operating income 30,776 35,712 32,177
Average capital employed 137,204 140,842 139,377
ROACE 22.4% 25.4% 23.1%
6. TotalEnergies SE statutory accounts
Net income for TotalEnergies SE, the parent company, amounted to €7,040
million in the first half 2023, compared to €3,702 million in the first half
2022.
7. Annual 2023 Sensitivities*
Change Estimated impact on Estimated impact on
adjusted
cash flow from
net operating income
operations
Dollar +/- 0.1 $ per € -/+ 0.1 B$ ~0 B$
Average liquids price** +/- 10 $/b +/- 2.5 B$ +/- 3.0 B$
European gas price - NBP / TTF +/- 2 $/Mbtu +/- 0.4 B$ +/- 0.4 B$
Variable cost margin, European refining (VCM) +/- 10 $/t +/- 0.4 B$ +/- 0.5 B$
* Sensitivities are revised once per year upon publication of the previous
year’s fourth quarter results. Sensitivities are estimates based on
assumptions about TotalEnergies’ portfolio in 2023. Actual results could
vary significantly from estimates based on the application of these
sensitivities. The impact of the $-€ sensitivity on adjusted net operating
income is essentially attributable to Refining & Chemicals.
** In a 80 $/b Brent environment.
8. Outlook
Oil prices have remained buoyant at around $75/b for several months now,
supported by OPEC+ actions. Demand for petroleum products should be supported
as the summer driving season is ongoing and the global recovery for air travel
continues.
European natural gas prices are currently around $10/Mbtu due to high
inventories in Europe. Demand recovery in Asia and tension on supply
capacities in Europe support forward prices above $15/Mbtu for the winter of
2023/2024.
Given the evolution of oil and gas prices in recent months and the lag effect
on price formulas, TotalEnergies anticipates that its average LNG selling
price should be between $9 and $10/Mbtu in the third quarter 2023.
For the third quarter 2023, TotalEnergies anticipates hydrocarbon production
of around 2.5 Mboe/d, notably supported by the start-up of Absheron field in
Azerbaijan. The utilization rate in refineries should remain above 80%.
The Company confirms 2023 guidance of net investments between $16 and $18
billion, including $5 billion in low-carbon energies.
* * * *
To listen to the conference call with CEO Patrick Pouyanné and CFO
Jean-Pierre Sbraire today at 12:00 (Paris time), please log on to
totalenergies.com or dial +44 (0) 121 281 8004 or +1 (718) 705-8796. The
conference replay will be available on the Company's website totalenergies.com
after the event.
* * * *
9. Operating information by segment
9.1 Company’s production (Exploration & Production + Integrated LNG)
2Q23 1Q23 2Q22 2Q23 Combined liquids and gas 1H23 1H22 1H23
vs production by region (kboe/d)
vs
2Q22
1H22
537 583 907 -41% Europe 559 933 -40%
481 494 460 +5% Africa 488 479 +2%
767 718 680 +13% Middle East and North Africa 743 675 +10%
443 441 420 +5% Americas 442 403 +10%
243 288 271 -10% Asia-Pacific 266 301 -12%
2,471 2,524 2,738 -10% Total production 2,498 2,791 -10%
338 344 690 -51% includes equity affiliates 341 702 -51%
2Q23 1Q23 2Q22 2Q23 Liquids production by region (kb/d) 1H23 1H22 1H23
vs
vs
2Q22
1H22
227 235 267 -15% Europe 231 283 -18%
359 371 351 +2% Africa 365 362 +1%
615 578 546 +13% Middle East and North Africa 596 542 +10%
268 263 231 +16% Americas 266 216 +23%
102 116 88 +16% Asia-Pacific 109 102 +6%
1,571 1,562 1,483 +6% Total production 1,567 1,505 +4%
153 150 201 -24% includes equity affiliates 152 206 -26%
2Q23 1Q23 2Q22 2Q23 Gas production by region (Mcf/d) 1H23 1H22 1H23
vs
vs
2Q22
1H22
1,671 1,879 3,440 -51% Europe 1,774 3,498 -49%
610 615 545 +12% Africa 612 594 +3%
834 772 742 +12% Middle East and North Africa 803 734 +9%
976 994 1,063 -8% Americas 985 1,052 -6%
754 931 1,045 -28% Asia-Pacific 843 1,119 -25%
4,845 5,191 6,835 -29% Total production 5,017 6,997 -28%
1,004 1,054 2,633 -62% includes equity affiliates 1,029 2,673 -62%
9.2 Downstream (Refining & Chemicals and Marketing & Services)
2Q23 1Q23 2Q22 2Q23 Petroleum product sales by region (kb/d) 1H23 1H22 1H23
vs
vs
2Q22
1H22
1,709 1,600 1,814 -6% Europe* 1,655 1,724 -4%
599 667 734 -18% Africa 633 747 -15%
918 849 922 - Americas 883 849 +4%
665 623 705 -6% Rest of world 644 618 +4%
3,892 3,739 4,176 -7% Total consolidated sales* 3,815 3,939 -3%
424 387 409 +4% Includes bulk sales 405 409 -1%
2,070 1,992 2,290 -10% Includes trading* 2,031 2,065 -2%
* 1Q23 data restated
2Q23 1Q23 2Q22 2Q23 Petrochemicals production* (kt) 1H23 1H22 1H23
vs
vs
2Q22
1H22
1,026 1,047 1,023 - Europe 2,073 2,282 -9%
619 607 603 +3% Americas 1,226 1,240 -1%
475 753 768 -38% Middle East and Asia 1,228 1,549 -21%
* Olefins, polymers.
9.3 Renewables
2Q23 1Q23
Installed power generation gross capacity (GW) ((1),(2)) Solar Onshore Wind Offshore Wind Other Total Solar Onshore Wind Offshore Wind Other Total
France 0.8 0.6 0.0 0.1 1.6 0.8 0.6 0.0 0.2 1.5
Rest of Europe 0.2 1.1 0.8 0.0 2.1 0.2 1.1 0.5 0.0 1.8
Africa 0.1 0.0 0.0 0.0 0.2 0.1 0.0 0.0 0.0 0.2
Middle East 1.2 0.0 0.0 0.0 1.2 1.2 0.0 0.0 0.0 1.2
North America 3.5 2.1 0.0 0.1 5.6 3.0 2.1 0.0 0.1 5.1
South America 0.4 1.0 0.0 0.0 1.4 0.4 0.9 0.0 0.0 1.3
India 5.1 0.4 0.0 0.0 5.5 5.0 0.4 0.0 0.0 5.4
Asia-Pacific 1.4 0.0 0.1 0.0 1.5 1.3 0.0 0.1 0.0 1.5
Total 12.5 5.2 1.0 0.3 19.0 12.0 5.0 0.7 0.3 17.9
2Q23 1Q23
Power generation gross capacity from renewables Solar Onshore Wind Offshore Wind Other Total Solar Onshore Wind Offshore Wind Other Total
in construction (GW) ((1),(2))
France 0.2 0.1 0.0 0.0 0.3 0.2 0.1 0.0 0.0 0.4
Rest of Europe 0.1 0.0 0.3 0.0 0.5 0.1 0.0 0.6 0.0 0.7
Africa 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Middle East 0.1 0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.0 0.0
North America 2.8 0.1 0.0 0.5 3.4 2.7 0.1 0.0 0.5 3.4
South America 0.1 0.2 0.0 0.0 0.3 0.1 0.6 0.0 0.0 0.7
India 0.4 0.1 0.0 0.0 0.5 0.4 0.1 0.0 0.0 0.5
Asia-Pacific 0.0 0.0 0.5 0.0 0.6 0.0 0.0 0.5 0.0 0.6
Total 3.8 0.5 0.9 0.6 5.7 3.6 0.9 1.2 0.5 6.2
2Q23 1Q23
Power generation gross capacity from renewables Solar Onshore Wind Offshore Wind Other Total Solar Onshore Wind Offshore Wind Other Total
in development (GW)( (1),(2))
France 1.0 0.6 0.0 0.0 1.6 0.9 0.2 0.0 0.0 1.2
Rest of Europe 5.4 0.4 4.4 0.1 10.3 3.6 0.4 4.4 0.1 8.4
Africa 0.6 0.3 0.0 0.1 1.0 0.7 0.3 0.0 0.1 1.1
Middle East 0.4 0.0 0.0 0.0 0.4 0.5 0.0 0.0 0.0 0.5
North America 9.0 3.2 4.1 5.1 21.3 10.7 2.8 4.1 4.5 22.1
South America 1.6 1.6 0.0 0.4 3.6 1.3 0.5 0.0 0.0 1.8
India 4.2 0.1 0.0 0.0 4.3 4.6 0.2 0.0 0.0 4.8
Asia-Pacific 3.2 0.4 2.9 0.9 7.5 2.4 0.4 2.9 0.7 6.4
Total 25.5 6.6 11.4 6.5 50.0 24.7 4.8 11.4 5.4 46.3
((1)) Includes 20% of the gross capacities of Adani Green Energy Limited, 50%
of Clearway Energy Group and, from 1Q23, 49% of Casa dos Ventos.
((2) )End-of-period data.
10. Adjustment items to net income (TotalEnergies share)
2Q23 1Q23 2Q22 In millions of dollars 1H23 1H22
(377) (159) (4,546) Special items affecting net income (TotalEnergies share) (536) (9,539)
- 203 - Gain (loss) on asset sales 203 -
(5) - (8) Restructuring charges (5) (11)
(469) (60) (3,719) Impairments (529) (8,780)
97 (302) (819) Other (205) (748)
(380) (391) 993 After-tax inventory effect : FIFO vs. replacement cost (771) 2,033
(111) (434) (551) Effect of changes in fair value (545) (631)
(868) (984) (4,104) Total adjustments affecting net income (1,852) (8,137)
11. Reconciliation of adjusted EBITDA with consolidated financial statements
11.1 Reconciliation of net income (TotalEnergies share) to adjusted EBITDA
2Q23 1Q23 2Q22 2Q23 In millions of dollars 1H23 1H22 1H23
vs
vs
2Q22
1H22
4,088 5,557 5,692 -28% Net income - TotalEnergies share 9,645 10,636 -9%
868 984 4,104 -79% Less: adjustment items to net income (TotalEnergies share) 1,852 8,137 -77%
4,956 6,541 9,796 -49% Adjusted net income - TotalEnergies share 11,497 18,773 -39%
Adjusted items
61 74 89 -31% Add: non-controlling interests 135 165 -18%
2,715 4,090 5,274 -49% Add: income taxes 6,805 9,998 -32%
2,959 3,026 3,038 -3% Add: depreciation, depletion and impairment of tangible assets and mineral 5,985 6,186 -3%
interests
92 99 98 -6% Add: amortization and impairment of intangible assets 191 194 -2%
724 710 572 +27% Add: financial interest on debt 1,434 1,034 +39%
(402) (373) (130) ns Less: financial income and expense from cash & cash equivalents (775) (189) ns
11,105 14,167 18,737 -41% Adjusted EBITDA 25,272 36,161 -30%
11.2 Reconciliation of revenues from sales to adjusted EBITDA and net income
(TotalEnergies share)
2Q23 1Q23 2Q22 2Q23 In millions of dollars 1H23 1H22 1H23
vs
vs
2Q22
1H22
Adjusted items
51,458 58,309 70,460 -27% Revenues from sales 109,767 134,398 -18%
(33,379) (37,479) (46,023) ns Purchases, net of inventory variation (70,858) (86,785) ns
(7,754) (7,752) (7,620) ns Other operating expenses (15,506) (15,029) ns
(62) (94) (117) ns Exploration costs (156) (253) ns
116 77 429 -73% Other income 193 550 -65%
(164) (38) (431) ns Other expense, excluding amortization and impairment of intangible assets (202) (604) ns
401 248 231 +74% Other financial income 649 350 +85%
(173) (183) (136) ns Other financial expense (356) (271) ns
662 1,079 1,944 -66% Net income (loss) from equity affiliates 1,741 3,805 -54%
11,105 14,167 18,737 -41% Adjusted EBITDA 25,272 36,161 -30%
Adjusted items
(2,959) (3,026) (3,038) ns Less: depreciation, depletion and impairment of tangible assets and mineral (5,985) (6,186) ns
interests
(92) (99) (98) ns Less: amortization of intangible assets (191) (194) ns
(724) (710) (572) ns Less: financial interest on debt (1,434) (1,034) ns
402 373 130 x3,1 Add: financial income and expense from cash & cash equivalents 775 189 x4,1
(2,715) (4,090) (5,274) ns Less: income taxes (6,805) (9,998) ns
(61) (74) (89) ns Less: non-controlling interests (135) (165) ns
(868) (984) (4,104) ns Add: adjustment - TotalEnergies share (1,852) (8,137) ns
4,088 5,557 5,692 -28% Net income - TotalEnergies share 9,645 10,636 -9%
12. Investments - Divestments
2Q23 1Q23 2Q22 2Q23 In millions of dollars 1H23 1H22 1H23
vs
vs
2Q22
1H22
4,271 3,433 2,819 +51% Organic investments ( a ) 7,704 4,800 +60%
328 205 98 x3,3 Capitalized exploration 533 212 x2,5
366 374 277 +32% Increase in non-current loans 740 511 +45%
(84) (229) (174) ns Repayment of non-current loans, (313) (609) ns
excluding organic loan repayment from equity affiliates
- - (190) -100% Change in debt from renewable projects - (190) -100%
(TotalEnergies share)
482 3,256 2,464 -80% Acquisitions ( b ) 3,738 3,864 -3%
162 269 388 -58% Asset sales ( c ) 431 866 -50%
(35) (3) 176 ns Change in debt from renewable projects (partner share) (38) 174 ns
320 2,987 2,076 -85% Net acquisitions 3,307 2,998 +10%
4,591 6,420 4,895 -6% Net investments ( a + b - c ) 11,011 7,798 +41%
- - - ns Other transactions with non-controlling interests ( d ) - - ns
(18) 6 (238) ns Organic loan repayment from equity affiliates ( e ) (12) (725) ns
(35) (3) 366 ns Change in debt from renewable projects financing * ( f ) (38) 364 ns
64 60 37 +73% Capex linked to capitalized leasing contracts ( g ) 124 73 +70%
1 1 4 -75% Expenditures related to carbon credits ( h ) 2 4 -50%
4,473 6,362 4,982 -10% Cash flow used in investing activities ( a + b - c + d + e + f - g - h ) 10,835 7,360 +47%
* Change in debt from renewable projects (TotalEnergies share and partner
share).
13. Cash flow
2Q23 1Q23 2Q22 2Q23 In millions of dollars 1H23 1H22 1H23
vs
vs
2Q22
1H22
9,900 5,133 16,284 -39% Cash flow from operations 15,033 23,901 -37%
1,720 (3,989) 2,161 -20% Less (Increase) decrease in working capital ** (2,269) (2,614) ns
(252) (502) 1,151 ns Less Inventory effect (754) 2,406 ns
(35) (3) (23) ns Less Capital gain from renewable project sales (38) (25) ns
(18) 6 (238) ns Less Organic loan repayments from equity affiliates (12) (725) ns
8,485 9,621 13,233 -36% = Operating cash flow before working capital changes ( a ) * 18,106 24,859 -27%
(112) (153) (399) ns Financial charges (265) (767) ns
8,596 9,774 13,631 -37% Operating cash flow before working capital changes w/o financial charges (DACF) 18,371 25,626 -28%
4,271 3,433 2,819 +51% Organic investments ( b ) 7,704 4,800 +60%
4,214 6,188 10,414 -60% Free cash flow after organic investments, 10,402 20,059 -48%
w/o net asset sales ( a - b )
4,591 6,420 4,895 -6% Net investments ( c ) 11,011 7,798 +41%
3,894 3,201 8,338 -53% Net cash flow ( a - c ) 7,095 17,061 -58%
* Operating cash flow before working capital changes, is defined as cash flow
from operating activities before changes in working capital at replacement
cost, excluding the mark-to-market effect of Integrated LNG and Integrated
Power sectors’ contracts and including capital gain from renewable projects
sale.
Historical data have been restated to cancel the impact of fair valuation of
Integrated LNG and Integrated Power sectors’ contracts.
** Changes in working capital are presented excluding the mark-to-market
effect of Integrated LNG and Integrated Power sectors’ contracts.
14. Gearing ratio
In millions of dollars 06/30/2023 03/31/2023 06/30/2022
Current borrowings( (1)) 13,980 16,280 14,589
Other current financial liabilities 443 597 401
Current financial assets ((1),(2)) (6,397) (7,223) (7,697)
Net financial assets classified as held for sale( (1)) (41) (38) (14)
Non-current financial debt( (1)) 33,387 34,820 39,233
Non-current financial assets( (1)) (1,264) (1,101) (692)
Cash and cash equivalents (25,572) (27,985) (32,848)
Net debt (a) 14,536 15,350 12,972
Shareholders’ equity - TotalEnergies share 113,682 115,581 116,688
Non-controlling interests 2,770 2,863 3,309
Shareholders' equity (b) 116,452 118,444 119,997
Net-debt-to-capital ratio = a / (a+b) 11.1% 11.5% 9.8%
Leases (c) 8,090 8,131 7,963
Net-debt-to-capital ratio including leases (a+c) / (a+b+c) 16.3% 16.5% 14.9%
((1)) Excludes leases receivables and leases debts.
((2)) Including initial margins held as part of the Company's activities on
organized markets.
15. Return on average capital employed((20))
Twelve months ended June 30, 2023
In millions of dollars Exploration & Integrated Integrated Refining & Marketing & Company
Production
LNG
Power
Chemicals
Services
Adjusted net operating income 12,747 9,223 1,537 6,044 1,541 30,776
Capital employed at 06/30/2022* 70,248 41,606 12,568 7,958 7,475 137,035
Capital employed at 06/30/2023* 68,530 34,598 17,804 9,698 8,796 137,372
ROACE 18.4% 24.2% 10.1% 68.5% 18.9% 22.4%
Twelve months ended March 31, 2023
In millions of dollars Exploration & Integrated Integrated Refining & Marketing & Company
Production
LNG
Power
Chemicals
Services
Adjusted net operating income 15,117 10,108 1,427 7,800 1,558 35,712
Capital employed at 03/31/2022* 71,518 44,803 9,937 8,847 7,751 141,853
Capital employed at 03/31/2023* 67,658 34,183 18,982 10,115 8,811 139,830
ROACE 21.7% 25.6% 9.9% 82.3% 18.8% 25.4%
* At replacement cost (excluding after-tax inventory effect).
Disclaimer:
The terms “TotalEnergies”, “TotalEnergies company” and “Company”
in this document are used to designate TotalEnergies SE and the consolidated
entities directly or indirectly controlled by TotalEnergies SE. Likewise, the
words “we”, “us” and “our” may also be used to refer to these
entities or their employees. The entities in which TotalEnergies SE directly
or indirectly owns a shareholding are separate and independent legal entities.
This document does not constitute the half-year financial report, which will
be separately published in accordance with article L. 451-1-2-III of the
French Code monétaire et financier and applicable UK law, and available on
the website totalenergies.com. This press release presents the results for the
second quarter 2023 and half-year 2023 from the consolidated financial
statements of TotalEnergies SE as of June 30, 2023 (unaudited). The limited
review procedures by the Statutory Auditors are underway. The notes to the
consolidated financial statements (unaudited) are available on the website
totalenergies.com.
This document may contain forward-looking statements (including
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995), notably with respect to the financial
condition, results of operations, business activities and industrial strategy
of TotalEnergies. This document may also contain statements regarding the
perspectives, objectives, areas of improvement and goals of TotalEnergies,
including with respect to climate change and carbon neutrality (net zero
emissions). An ambition expresses an outcome desired by TotalEnergies, it
being specified that the means to be deployed do not depend solely on
TotalEnergies. These forward-looking statements may generally be identified by
the use of the future or conditional tense or forward-looking words such as
“envisions”, “intends”, “anticipates”, “believes”,
“considers”, “plans”, “expects”, “thinks”, “targets”,
“aims” or similar terminology. Such forward-looking statements included in
this document are based on economic data, estimates and assumptions prepared
in a given economic, competitive and regulatory environment and considered to
be reasonable by TotalEnergies as of the date of this document. These
forward-looking statements are not historical data and should not be
interpreted as assurances that the perspectives, objectives or goals announced
will be achieved. They may prove to be inaccurate in the future, and may
evolve or be modified with a significant difference between the actual results
and those initially estimated, due to the uncertainties notably related to the
economic, financial, competitive and regulatory environment, or due to the
occurrence of risk factors, such as, notably, the price fluctuations in crude
oil and natural gas, the evolution of the demand and price of petroleum
products, the changes in production results and reserves estimates, the
ability to achieve cost reductions and operating efficiencies without unduly
disrupting business operations, changes in laws and regulations including
those related to the environment and climate, currency fluctuations, as well
as economic and political developments, changes in market conditions, loss of
market share and changes in consumer preferences, or pandemics such as the
COVID-19 pandemic. Additionally, certain financial information is based on
estimates particularly in the assessment of the recoverable value of assets
and potential impairments of assets relating thereto. Neither TotalEnergies SE
nor any of its subsidiaries assumes any obligation to update publicly any
forward-looking information or statement, objectives or trends contained in
this document whether as a result of new information, future events or
otherwise. The information on risk factors that could have a significant
adverse effect on TotalEnergies’ business, financial condition, including
its operating income and cash flow, reputation, outlook or the value of
financial instruments issued by TotalEnergies is provided in the most recent
version of the Universal Registration Document which is filed by TotalEnergies
SE with the French Autorité des Marchés Financiers and the annual report on
Form 20-F filed with the United States Securities and Exchange Commission
(“SEC”).
Financial information by business segment is reported in accordance with the
internal reporting system and shows internal segment information that is used
to manage and measure the performance of TotalEnergies. In addition to IFRS
measures, certain alternative performance indicators are presented, such as
performance indicators excluding the adjustment items described below
(adjusted operating income, adjusted net operating income, adjusted net
income), return on equity (ROE), return on average capital employed (ROACE),
gearing ratio, operating cash flow before working capital changes, the
shareholder rate of return. These indicators are meant to facilitate the
analysis of the financial performance of TotalEnergies and the comparison of
income between periods. They allow investors to track the measures used
internally to manage and measure the performance of TotalEnergies.
These adjustment items include:
(i) Special items
Due to their unusual nature or particular significance, certain transactions
qualified as "special items" are excluded from the business segment figures.
In general, special items relate to transactions that are significant,
infrequent or unusual. However, in certain instances, transactions such as
restructuring costs or asset disposals, which are not considered to be
representative of the normal course of business, may be qualified as special
items although they may have occurred within prior years or are likely to
occur again within the coming years.
(ii) Inventory valuation effect
The adjusted results of the Refining & Chemicals and Marketing &
Services segments are presented according to the replacement cost method. This
method is used to assess the segments’ performance and facilitate the
comparability of the segments’ performance with those of TotalEnergies’
principal competitors.
In the replacement cost method, which approximates the LIFO (Last-In,
First-Out) method, the variation of inventory values in the statement of
income is, depending on the nature of the inventory, determined using either
the month-end price differentials between one period and another or the
average prices of the period rather than the historical value. The inventory
valuation effect is the difference between the results according to the FIFO
(First-In, First-Out) and the replacement cost.
(iii) Effect of changes in fair value
The effect of changes in fair value presented as an adjustment item reflects,
for some transactions, differences between internal measures of performance
used by TotalEnergies’ management and the accounting for these transactions
under IFRS.
IFRS requires that trading inventories be recorded at their fair value using
period-end spot prices. In order to best reflect the management of economic
exposure through derivative transactions, internal indicators used to measure
performance include valuations of trading inventories based on forward prices.
TotalEnergies, in its trading activities, enters into storage contracts, whose
future effects are recorded at fair value in TotalEnergies’ internal
economic performance. IFRS precludes recognition of this fair value effect.
Furthermore, TotalEnergies enters into derivative instruments to risk manage
certain operational contracts or assets. Under IFRS, these derivatives are
recorded at fair value while the underlying operational transactions are
recorded as they occur. Internal indicators defer the fair value on
derivatives to match with the transaction occurrence.
The adjusted results (adjusted operating income, adjusted net operating
income, adjusted net income) are defined as replacement cost results, adjusted
for special items, excluding the effect of changes in fair value.
Euro amounts presented for the fully adjusted-diluted earnings per share
represent dollar amounts converted at the average euro-dollar (€-$) exchange
rate for the applicable period and are not the result of financial statements
prepared in euros.
Cautionary Note to U.S. Investors – The SEC permits oil and gas companies,
in their filings with the SEC, to separately disclose proved, probable and
possible reserves that a company has determined in accordance with SEC rules.
We may use certain terms in this press release, such as “potential
reserves” or “resources”, that the SEC’s guidelines strictly prohibit
us from including in filings with the SEC. U.S. investors are urged to
consider closely the disclosure in the Form 20-F of TotalEnergies SE, File N°
1-10888, available from us at 2, place Jean Millier – Arche Nord
Coupole/Regnault - 92078 Paris-La Défense Cedex, France, or at our website
totalenergies.com. You can also obtain this form from the SEC by calling
1-800-SEC-0330 or on the SEC’s website sec.gov.
((1) )Definition on page 3.
((2) )Excluding leases.
* For the twelve months ended June 30, 2023.
((3)) Some of the transactions mentioned in the highlights remain subject to
the agreement of the authorities or to the fulfilment of conditions precedent
under the terms of the agreements.
((4)) Adjusted results are defined as income using replacement cost, adjusted
for special items, excluding the impact of changes for fair value; adjustment
items are on page 18.
((5) )Adjusted EBITDA (Earnings Before Interest, Tax, Depreciation and
Amortization) corresponds to the adjusted earnings before depreciation,
depletion and impairment of tangible and intangible assets and mineral
interests, income tax expense and cost of net debt, i.e., all operating income
and contribution of equity affiliates to net income.
((6)) Effective tax rate = (tax on adjusted net operating income) / (adjusted
net operating income – income from equity affiliates – dividends received
from investments – impairment of goodwill + tax on adjusted net operating
income).
((7)) In accordance with IFRS rules, adjusted fully-diluted earnings per share
is calculated from the adjusted net income less the interest on the perpetual
subordinated bonds.
((8)) Organic investments = net investments excluding acquisitions, asset
sales and other operations with non-controlling interests.
((9)) Net acquisitions = acquisitions – assets sales – other transactions
with non-controlling interests (see page 20).
((10)) Net investments = organic investments + net acquisitions (see page 20).
((11)) Operating cash flow before working capital changes, is defined as cash
flow from operating activities before changes in working capital at
replacement cost, excluding the mark-to-market effect of Integrated LNG and
Integrated Power contracts and including capital gains from renewable projects
sale.
The inventory valuation effect is explained on page 22. The reconciliation
table for different cash flow figures is on page 20.
((12)) DACF = debt adjusted cash flow, is defined as operating cash flow
before working capital changes and financial charges.
((13) )The six greenhouse gases in the Kyoto protocol, namely 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.
((14)) Scope 1+2 GHG emissions of operated facilities are defined as the sum
of direct emissions of greenhouse gases from sites or activities that are
included in the scope of reporting (as defined in the Company’s 2022
Universal Registration Document) and indirect emissions attributable to
brought-in energy (electricity, heat, steam), excluding purchased industrial
gases (H(2)).
((15) )TotalEnergies reports Scope 3 GHG emissions, category 11, which
correspond to indirect GHG emissions related to the use by customers of energy
products, i.e., combustion of the products to obtain energy. The Company
follows the oil & gas industry reporting guidelines published by IPIECA,
which comply with the GHG Protocol methodologies. In order to avoid double
counting, this methodology accounts for the largest volume in the oil,
biofuels and gas value chains, i.e., the higher of the two production volumes
or sales to end customers. The highest point for each value chain for 2023
will be evaluated considering realizations over the full year, TotalEnergies
gradually providing quarterly estimates.
((16) )These adjustment elements are explained page 22.
((17)) Total net income adjustment items are detailed page 18 as well as in
the annexes to the accounts.
((18) )Net cash flow = operating cash flow before working capital changes -
net investments (including other transactions with non-controlling interest).
((19) )ROACE is the ratio of Adjusted net operating income to Average capital
employed between the beginning and the end of the period.
((20) )ROACE is the ratio of Adjusted net operating income to Average capital
employed between the beginning and the end of the period.
TotalEnergies financial statements
_______________________________
Second quarter and first half 2023 consolidated accounts, IFRS
CONSOLIDATED STATEMENT OF INCOME
TotalEnergies
(unaudited)
2(nd) quarter 1(st) quarter 2(nd) quarter
(M$)((a)) 2023 2023 2022
Sales 56,271 62,603 74,774
Excise taxes (4,737) (4,370) (4,329)
Revenues from sales 51,534 58,233 70,445
Purchases, net of inventory variation (33,864) (38,351) (45,443)
Other operating expenses (7,906) (7,785) (8,041)
Exploration costs (62) (92) (117)
Depreciation, depletion and impairment of tangible assets and mineral (3,106) (3,062) (3,102)
interests
Other income 116 341 429
Other expense (366) (300) (1,305)
Financial interest on debt (724) (710) (572)
Financial income and expense from cash & cash equivalents 510 393 245
Cost of net debt (214) (317) (327)
Other financial income 413 258 231
Other financial expense (173) (183) (136)
Net income (loss) from equity affiliates 267 960 (1,546)
Income taxes (2,487) (4,071) (5,284)
Consolidated net income 4,152 5,631 5,804
TotalEnergies share 4,088 5,557 5,692
Non-controlling interests 64 74 112
Earnings per share ($) 1.65 2.23 2.18
Fully-diluted earnings per share ($) 1.64 2.21 2.16
(a) Except for per share amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TotalEnergies
(unaudited)
2(nd) quarter 1(st) quarter 2(nd) quarter
(M$) 2023 2023 2022
Consolidated net income 4,152 5,631 5,804
Other comprehensive income
Actuarial gains and losses 135 3 204
Change in fair value of investments in equity instruments (1) 4 (20)
Tax effect (43) (8) (53)
Currency translation adjustment generated by the parent company (57) 1,466 (5,387)
Items not potentially reclassifiable to profit and loss 34 1,465 (5,256)
Currency translation adjustment (49) (1,250) 2,523
Cash flow hedge 689 1,202 3,222
Variation of foreign currency basis spread 11 (3) 21
share of other comprehensive income of equity affiliates, net amount 3 (98) 2,548
Other (4) 3 (1)
Tax effect (136) (336) (1,112)
Items potentially reclassifiable to profit and loss 514 (482) 7,201
Total other comprehensive income (net amount) 548 983 1,945
Comprehensive income 4,700 6,614 7,749
TotalEnergies share 4,676 6,550 7,705
Non-controlling interests 24 64 44
CONSOLIDATED STATEMENT OF INCOME
TotalEnergies
(unaudited)
1(st) half 1(st) half
(M$)((a)) 2023 2022
Sales 118,874 143,380
Excise taxes (9,107) (8,985)
Revenues from sales 109,767 134,395
Purchases, net of inventory variation (72,215) (85,091)
Other operating expenses (15,691) (15,664)
Exploration costs (154) (978)
Depreciation, depletion and impairment of tangible assets and mineral (6,168) (6,781)
interests
Other income 457 572
Other expense (666) (3,595)
Financial interest on debt (1,434) (1,034)
Financial income and expense from cash & cash equivalents 903 459
Cost of net debt (531) (575)
Other financial income 671 434
Other financial expense (356) (271)
Net income (loss) from equity affiliates 1,227 (1,503)
Income taxes (6,558) (10,088)
Consolidated net income 9,783 10,855
TotalEnergies share 9,645 10,636
Non-controlling interests 138 219
Earnings per share ($) 3.88 4.04
Fully-diluted earnings per share ($) 3.86 4.02
(a) Except for per share amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TotalEnergies
(unaudited)
1(st) half 1(st) half
(M$) 2023 2022
Consolidated net income 9,783 10,855
Other comprehensive income
Actuarial gains and losses 138 204
Change in fair value of investments in equity instruments 3 (17)
Tax effect (51) (42)
Currency translation adjustment generated by the parent company 1,409 (7,137)
Items not potentially reclassifiable to profit and loss 1,499 (6,992)
Currency translation adjustment (1,299) 3,535
Cash flow hedge 1,891 2,959
Variation of foreign currency basis spread 8 70
share of other comprehensive income of equity affiliates, net amount (95) 2,464
Other (1) (1)
Tax effect (472) (1,059)
Items potentially reclassifiable to profit and loss 32 7,968
Total other comprehensive income (net amount) 1,531 976
Comprehensive income 11,314 11,831
TotalEnergies share 11,226 11,658
Non-controlling interests 88 173
CONSOLIDATED BALANCE SHEET
TotalEnergies
June 30, March 31, December 31, June 30,
2023
2023
2022
2022
(M$) (unaudited) (unaudited) (unaudited)
ASSETS
Non-current assets
Intangible assets, net 31,717 33,234 31,931 37,020
Property, plant and equipment, net 104,174 107,499 107,101 101,454
Equity affiliates : investments and loans 30,425 29,997 27,889 28,210
Other investments 1,190 1,209 1,051 1,383
Non-current financial assets 2,494 2,357 2,731 1,612
Deferred income taxes 3,649 4,772 5,049 4,737
Other non-current assets 2,573 2,709 2,388 3,075
Total non-current assets 176,222 181,777 178,140 177,491
Current assets
Inventories, net 18,785 22,786 22,936 28,542
Accounts receivable, net 22,163 24,128 24,378 30,796
Other current assets 23,111 28,153 36,070 55,553
Current financial assets 6,725 7,535 8,746 7,863
Cash and cash equivalents 25,572 27,985 33,026 32,848
Assets classified as held for sale 8,441 668 568 313
Total current assets 104,797 111,255 125,724 155,915
Total assets 281,019 293,032 303,864 333,406
LIABILITIES & SHAREHOLDERS' EQUITY
Shareholders' equity
Common shares 7,850 7,828 8,163 8,163
Paid-in surplus and retained earnings 123,511 123,357 123,951 125,554
Currency translation adjustment (12,859) (12,784) (12,836) (14,019)
Treasury shares (4,820) (2,820) (7,554) (3,010)
Total shareholders' equity - TotalEnergies share 113,682 115,581 111,724 116,688
Non-controlling interests 2,770 2,863 2,846 3,309
Total shareholders' equity 116,452 118,444 114,570 119,997
Non-current liabilities
Deferred income taxes 11,237 11,300 11,021 12,169
Employee benefits 1,872 1,840 1,829 2,341
Provisions and other non-current liabilities 21,295 21,270 21,402 23,373
Non-current financial debt 40,427 42,915 45,264 46,868
Total non-current liabilities 74,831 77,325 79,516 84,751
Current liabilities
Accounts payable 32,853 36,037 41,346 49,700
Other creditors and accrued liabilities 38,609 42,578 52,275 62,498
Current borrowings 15,542 17,884 15,502 16,003
Other current financial liabilities 443 597 488 401
Liabilities directly associated with the assets classified as held for sale 2,289 167 167 56
Total current liabilities 89,736 97,263 109,778 128,658
Total liabilities & shareholders' equity 281,019 293,032 303,864 333,406
CONSOLIDATED STATEMENT OF CASH FLOW
TotalEnergies
(unaudited)
2(nd) quarter 1(st) quarter 2(nd) quarter
(M$) 2023 2023 2022
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income 4,152 5,631 5,804
Depreciation, depletion, amortization and impairment 3,195 3,187 3,321
Non-current liabilities, valuation allowances and deferred taxes 81 314 1,427
(Gains) losses on disposals of assets (70) (252) (165)
Undistributed affiliates' equity earnings 383 (349) 2,999
(Increase) decrease in working capital 2,125 (3,419) 2,498
Other changes, net 34 21 400
Cash flow from operating activities 9,900 5,133 16,284
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions (3,870) (4,968) (5,150)
Acquisitions of subsidiaries, net of cash acquired (19) (136) (82)
Investments in equity affiliates and other securities (522) (1,407) (136)
Increase in non-current loans (366) (389) (278)
Total expenditures (4,777) (6,900) (5,646)
Proceeds from disposals of intangible assets and property, plant and equipment 31 68 153
Proceeds from disposals of subsidiaries, net of cash sold 38 183 63
Proceeds from disposals of non-current investments 133 49 35
Repayment of non-current loans 102 238 413
Total divestments 304 538 664
Cash flow used in investing activities (4,473) (6,362) (4,982)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders 383 - 371
- Treasury shares (2,002) (2,103) (1,988)
Dividends paid:
- Parent company shareholders (1,842) (1,844) (1,825)
- Non-controlling interests (105) (21) (97)
Net issuance (repayment) of perpetual subordinated notes (1,081) - (1,958)
Payments on perpetual subordinated notes (80) (158) (138)
Other transactions with non-controlling interests (13) (86) (10)
Net issuance (repayment) of non-current debt (14) 118 508
Increase (decrease) in current borrowings (4,111) (1,274) (2,703)
Increase (decrease) in current financial assets and liabilities 990 1,394 (731)
Cash flow from (used in) financing activities (7,875) (3,974) (8,571)
Net increase (decrease) in cash and cash equivalents (2,448) (5,203) 2,731
Effect of exchange rates 35 162 (1,159)
Cash and cash equivalents at the beginning of the period 27,985 33,026 31,276
Cash and cash equivalents at the end of the period 25,572 27,985 32,848
CONSOLIDATED STATEMENT OF CASH FLOW
TotalEnergies
(unaudited)
1(st) half 1(st) half
(M$) 2023 2022
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income 9,783 10,855
Depreciation, depletion, amortization and impairment 6,382 7,899
Non-current liabilities, valuation allowances and deferred taxes 395 3,965
(Gains) losses on disposals of assets (322) (178)
Undistributed affiliates' equity earnings 34 3,261
(Increase) decrease in working capital (1,294) (2,425)
Other changes, net 55 524
Cash flow from operating activities 15,033 23,901
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions (8,838) (8,607)
Acquisitions of subsidiaries, net of cash acquired (155) (82)
Investments in equity affiliates and other securities (1,929) (225)
Increase in non-current loans (755) (519)
Total expenditures (11,677) (9,433)
Proceeds from disposals of intangible assets and property, plant and equipment 99 330
Proceeds from disposals of subsidiaries, net of cash sold 221 151
Proceeds from disposals of non-current investments 182 250
Repayment of non-current loans 340 1,342
Total divestments 842 2,073
Cash flow used in investing activities (10,835) (7,360)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders 383 371
- Treasury shares (4,105) (3,164)
Dividends paid:
- Parent company shareholders (3,686) (3,753)
- Non-controlling interests (126) (119)
Net issuance (repayment) of perpetual subordinated notes (1,081) -
Payments on perpetual subordinated notes (238) (274)
Other transactions with non-controlling interests (99) (5)
Net issuance (repayment) of non-current debt 104 542
Increase (decrease) in current borrowings (5,385) (2,046)
Increase (decrease) in current financial assets and liabilities 2,384 4,863
Cash flow from (used in) financing activities (11,849) (3,585)
Net increase (decrease) in cash and cash equivalents (7,651) 12,956
Effect of exchange rates 197 (1,450)
Cash and cash equivalents at the beginning of the period 33,026 21,342
Cash and cash equivalents at the end of the period 25,572 32,848
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
TotalEnergies
(unaudited)
Common shares issued Paid-in 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, 2022 2,640,429,329 8,224 117,849 (12,671) (33,841,104) (1,666) 111,736 3,263 114,999
( )Net income of the first half 2022 - - 10,636 - - - 10,636 219 10,855
( )Other comprehensive income - - 2,370 (1,348) - - 1,022 (46) 976
( )Comprehensive Income - - 13,006 (1,348) - - 11,658 173 11,831
( )Dividend - - (3,803) - - - (3,803) (119) (3,922)
( )Issuance of common shares 9,367,482 26 345 - - - 371 - 371
( )Purchase of treasury shares - - - - (58,458,536) (3,164) (3,164) - (3,164)
( )Sale of treasury shares((a)) - - (315) - 6,168,197 315 - - -
( )Share-based payments - - 157 - - - 157 - 157
( )Share cancellation (30,665,526) (87) (1,418) - 30,665,526 1,505 - - -
( )Net issuance (repayment) of perpetual subordinated notes - - (44) - - - (44) - (44)
( )Payments on perpetual subordinated notes - - (183) - - - (183) - (183)
( )Other operations with - - 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
( )Net income of the second half 2022 - - 9,890 - - - 9,890 299 10,189
( )Other comprehensive income - - (5,303) 1,174 - - (4,129) 44 (4,085)
( )Comprehensive Income - - 4,587 1,174 - - 5,761 343 6,104
( )Dividend - - (6,186) - - - (6,186) (417) (6,603)
( )Issuance of common shares - - (1) - - - (1) - (1)
( )Purchase of treasury shares - - - - (81,749,207) (4,547) (4,547) - (4,547)
( )Sale of treasury shares((a)) - - (3) - 27,457 3 - - -
( )Share-based payments - - 72 - - - 72 - 72
( )Share cancellation - - - - - - - - -
( )Net issuance (repayment) of perpetual subordinated notes - - - - - - - - -
( )Payments on perpetual subordinated notes - - (148) - - - (148) - (148)
( )Other operations with - - 41 9 - - 50 46 96
non-controlling interests
( )Other items - - 35 - - - 35 (435) (400)
As of December 31, 2022 2,619,131,285 8,163 123,951 (12,836) (137,187,667) (7,554) 111,724 2,846 114,570
( )Net income of the first half 2023 - - 9,645 - - - 9,645 138 9,783
( )Other comprehensive income - - 1,576 5 - - 1,581 (50) 1,531
( )Comprehensive Income - - 11,221 5 - - 11,226 88 11,314
( )Dividend - - (3,868) - - - (3,868) (126) (3,994)
( )Issuance of common shares 8,002,155 22 361 - - - 383 - 383
( )Purchase of treasury shares - - - - (66,647,852) (4,705) (4,705) - (4,705)
( )Sale of treasury shares((a)) - - (396) - 6,461,256 396 - - -
( )Share-based payments - - 172 - - - 172 - 172
( )Share cancellation (128,869,261) (335) (6,708) - 128,869,261 7,043 - - -
( )Net issuance (repayment) of perpetual subordinated notes - - (1,107) - - - (1,107) - (1,107)
( )Payments on perpetual subordinated notes - - (151) - - - (151) - (151)
( )Other operations with - - 39 (28) - - 11 (38) (27)
non-controlling interests
( )Other items - - (3) - - - (3) - (3)
As of June 30, 2023 2,498,264,179 7,850 123,511 (12,859) (68,505,002) (4,820) 113,682 2,770 116,452
((a))Treasury shares related to the performance share grants.
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
( )2(nd) quarter 2023 Exploration Integrated LNG Integrated Power Refining Marketing Corporate Intercompany Total
&
&
&
Production
Chemicals
Services
(M$)
External sales 1,434 2,020 6,249 24,849 21,712 7 - 56,271
Intersegment sales 10,108 2,778 670 8,630 201 64 (22,451) -
Excise taxes - - - (231) (4,506) - - (4,737)
Revenues from sales 11,542 4,798 6,919 33,248 17,407 71 (22,451) 51,534
Operating expenses (5,162) (3,797) (6,334) (32,042) (16,672) (276) 22,451 (41,832)
Depreciation, depletion and impairment of tangible assets and mineral (2,117) (277) (51) (394) (241) (26) - (3,106)
interests
( )Operating income 4,263 724 534 812 494 (231) - 6,596
Net income (loss) from equity affiliates and other items (15) 472 (250) 3 64 (17) - 257
Tax on net operating income (1,889) (137) (41) (187) (162) (40) - (2,456)
( )Net operating income 2,359 1,059 243 628 396 (288) - 4,397
Net cost of net debt (245)
Non-controlling interests (64)
Net income - TotalEnergies share 4,088
( )2(nd) quarter 2023 (adjustments)((a)) Exploration Integrated LNG Integrated Power Refining Marketing Corporate Intercompany Total
&
&
&
Production
Chemicals
Services
(M$)
External sales - 76 - - - - - 76
Intersegment sales - - - - - - - -
Excise taxes - - - - - - - -
Revenues from sales - 76 - - - - - 76
Operating expenses (25) (400) 137 (216) (76) (57) - (637)
Depreciation, depletion and impairment of tangible assets and mineral (147) - - - - - - (147)
interests
( )Operating income ( (b)) (172) (324) 137 (216) (76) (57) - (708)
Net income (loss) from equity affiliates and other items (106) 16 (346) (59) - 2 - (493)
Tax on net operating income 288 37 2 (101) 23 15 - 264
( )Net operating income ( (b)) 10 (271) (207) (376) (53) (40) - (937)
Net cost of net debt 72
Non-controlling interests (3)
Net income - TotalEnergies share (868)
((a) )Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
((b) )Of which inventory valuation effect
- On operating income - - (192) (60) -
- On net operating income - - (332) (45) -
( )2(nd) quarter 2023 (adjusted) Exploration Integrated LNG Integrated Power Refining Marketing Corporate Intercompany Total
&
&
&
Production
Chemicals
Services
(M$)
External sales 1,434 1,944 6,249 24,849 21,712 7 - 56,195
Intersegment sales 10,108 2,778 670 8,630 201 64 (22,451) -
Excise taxes - - - (231) (4,506) - - (4,737)
Revenues from sales 11,542 4,722 6,919 33,248 17,407 71 (22,451) 51,458
Operating expenses (5,137) (3,397) (6,471) (31,826) (16,596) (219) 22,451 (41,195)
Depreciation, depletion and impairment of tangible assets and mineral (1,970) (277) (51) (394) (241) (26) - (2,959)
interests
( )Adjusted operating income 4,435 1,048 397 1,028 570 (174) - 7,304
Net income (loss) from equity affiliates and other items 91 456 96 62 64 (19) - 750
Tax on net operating income (2,177) (174) (43) (86) (185) (55) - (2,720)
( )Adjusted net operating income 2,349 1,330 450 1,004 449 (248) - 5,334
Net cost of net debt (317)
Non-controlling interests (61)
Adjusted net income - TotalEnergies share 4,956
( )2(nd) quarter 2023 Exploration Integrated LNG Integrated Power Refining Marketing Corporate Intercompany Total
&
&
&
Production
Chemicals
Services
(M$)
Total expenditures 2,569 626 807 489 256 30 - 4,777
Total divestments 26 45 149 52 28 4 - 304
( )Cash flow from operating activities 4,047 1,332 2,284 1,923 665 (351) - 9,900
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
( )1(st) quarter 2023 Exploration Integrated LNG Integrated Power Refining Marketing Corporate Intercompany Total
&
&
&
Production
Chemicals
Services
(M$)
External sales 1,954 4,872 8,555 24,855 22,359 8 - 62,603
Intersegment sales 10,728 5,999 1,685 9,061 120 57 (27,650) -
Excise taxes - - - (184) (4,186) - - (4,370)
Revenues from sales 12,682 10,871 10,240 33,732 18,293 65 (27,650) 58,233
Operating expenses (4,762) (9,445) (9,831) (31,892) (17,787) (161) 27,650 (46,228)
Depreciation, depletion and impairment of tangible assets and mineral (2,066) (288) (47) (414) (224) (23) - (3,062)
interests
( )Operating income 5,854 1,138 362 1,426 282 (119) - 8,943
Net income (loss) from equity affiliates and other items 68 804 (70) 52 243 (21) - 1,076
Tax on net operating income (3,398) (205) (111) (325) (119) 63 - (4,095)
( )Net operating income 2,524 1,737 181 1,153 406 (77) - 5,924
Net cost of net debt (293)
Non-controlling interests (74)
Net income - TotalEnergies share 5,557
( )1(st) quarter 2023 (adjustments)((a)) Exploration Integrated LNG Integrated Power Refining Marketing Corporate Intercompany Total
&
&
&
Production
Chemicals
Services
(M$)
External sales - (76) - - - - - (76)
Intersegment sales - - - - - - - -
Excise taxes - - - - - - - -
Revenues from sales - (76) - - - - - (76)
Operating expenses (8) (300) (70) (424) (101) - - (903)
Depreciation, depletion and impairment of tangible assets and mineral - - - (36) - - - (36)
interests
( )Operating income ( (b)) (8) (376) (70) (460) (101) - - (1,015)
Net income (loss) from equity affiliates and other items (73) (4) (111) (37) 217 - - (8)
Tax on net operating income (48) 45 (8) 32 10 - - 31
( )Net operating income ( (b)) (129) (335) (189) (465) 126 - - (992)
Net cost of net debt 8
Non-controlling interests -
Net income - TotalEnergies share (984)
((a) )Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
((b) )Of which inventory valuation effect
- On operating income - - (415) (87) -
- On net operating income - - (327) (64) -
( )1(st) quarter 2023 (adjusted) Exploration Integrated LNG Integrated Power Refining Marketing Corporate Intercompany Total
&
&
&
Production
Chemicals
Services
(M$)
External sales 1,954 4,948 8,555 24,855 22,359 8 - 62,679
Intersegment sales 10,728 5,999 1,685 9,061 120 57 (27,650) -
Excise taxes - - - (184) (4,186) - - (4,370)
Revenues from sales 12,682 10,947 10,240 33,732 18,293 65 (27,650) 58,309
Operating expenses (4,754) (9,145) (9,761) (31,468) (17,686) (161) 27,650 (45,325)
Depreciation, depletion and impairment of tangible assets and mineral (2,066) (288) (47) (378) (224) (23) - (3,026)
interests
( )Adjusted operating income 5,862 1,514 432 1,886 383 (119) - 9,958
Net income (loss) from equity affiliates and other items 141 808 41 89 26 (21) - 1,084
Tax on net operating income (3,350) (250) (103) (357) (129) 63 - (4,126)
( )Adjusted net operating income 2,653 2,072 370 1,618 280 (77) - 6,916
Net cost of net debt (301)
Non-controlling interests (74)
Adjusted net income - TotalEnergies share 6,541
( )1(st) quarter 2023 Exploration Integrated LNG Integrated Power Refining Marketing Corporate Intercompany Total
&
&
&
Production
Chemicals
Services
(M$)
Total expenditures 4,052 1,195 1,234 225 159 35 - 6,900
Total divestments 31 49 149 8 301 - - 538
( )Cash flow from operating activities 4,536 3,536 (1,285) (851) (673) (130) - 5,133
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
( )2(nd) quarter 2022 Exploration Integrated LNG Integrated Power Refining Marketing Corporate Intercompany Total
&
&
&
Production
Chemicals
Services
(M$)
External sales 2,521 3,901 6,380 35,061 26,907 4 - 74,774
Intersegment sales 13,805 3,940 488 12,785 716 70 (31,804) -
Excise taxes - - - (186) (4,143) - - (4,329)
Revenues from sales 16,326 7,841 6,868 47,660 23,480 74 (31,804) 70,445
Operating expenses (5,760) (6,144) (7,392) (43,242) (22,310) (557) 31,804 (53,601)
Depreciation, depletion and impairment of tangible assets and mineral (2,112) (276) (51) (389) (241) (33) - (3,102)
interests
( )Operating income 8,454 1,421 (575) 4,029 929 (516) - 13,742
Net income (loss) from equity affiliates and other items (3,668) 626 197 349 98 71 - (2,327)
Tax on net operating income (3,876) (292) 32 (866) (296) (8) - (5,306)
( )Net operating income 910 1,755 (346) 3,512 731 (453) - 6,109
Net cost of net debt (305)
Non-controlling interests (112)
Net income - TotalEnergies share 5,692
( )2(nd) quarter 2022 (adjustments)((a)) Exploration Integrated LNG Integrated Power Refining Marketing Corporate Intercompany Total
&
&
&
Production
Chemicals
Services
(M$)
External sales - (15) - - - - - (15)
Intersegment sales - - - - - - - -
Excise taxes - - - - - - - -
Revenues from sales - (15) - - - - - (15)
Operating expenses (82) 152 (758) 775 373 (301) - 159
Depreciation, depletion and impairment of tangible assets and mineral (46) (14) - - (4) - - (64)
interests
( )Operating income ( (b)) (128) 123 (758) 775 369 (301) - 80
Net income (loss) from equity affiliates and other items (3,756) (560) 2 52 (4) - - (4,266)
Tax on net operating income 75 (23) 70 (75) (100) 78 - 25
( )Net operating income ( (b)) (3,809) (460) (686) 752 265 (223) - (4,161)
Net cost of net debt 80
Non-controlling interests (23)
Net income - TotalEnergies share (4,104)
((a) )Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
((b) )Of which inventory valuation effect
- On operating income - - 775 376 -
- On net operating income - - 752 275 -
( )2(nd) quarter 2022 (adjusted) Exploration Integrated LNG Integrated Power Refining Marketing Corporate Intercompany Total
&
&
&
Production
Chemicals
Services
(M$)
External sales 2,521 3,916 6,380 35,061 26,907 4 - 74,789
Intersegment sales 13,805 3,940 488 12,785 716 70 (31,804) -
Excise taxes - - - (186) (4,143) - - (4,329)
Revenues from sales 16,326 7,856 6,868 47,660 23,480 74 (31,804) 70,460
Operating expenses (5,678) (6,296) (6,634) (44,017) (22,683) (256) 31,804 (53,760)
Depreciation, depletion and impairment of tangible assets and mineral (2,066) (262) (51) (389) (237) (33) - (3,038)
interests
( )Adjusted operating income 8,582 1,298 183 3,254 560 (215) - 13,662
Net income (loss) from equity affiliates and other items 88 1,186 195 297 102 71 - 1,939
Tax on net operating income (3,951) (269) (38) (791) (196) (86) - (5,331)
( )Adjusted net operating income 4,719 2,215 340 2,760 466 (230) - 10,270
Net cost of net debt (385)
Non-controlling interests (89)
Adjusted net income - TotalEnergies share 9,796
( )2(nd) quarter 2022 Exploration Integrated LNG Integrated Power Refining Marketing Corporate Intercompany Total
&
&
&
Production
Chemicals
Services
(M$)
Total expenditures 4,128 285 587 333 288 25 - 5,646
Total divestments 63 393 73 56 72 7 - 664
( )Cash flow from operating activities 8,768 3,802 168 3,526 580 (560) - 16,284
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
( )1(st)half 2023 Exploration Integrated LNG Integrated Power Refining Marketing Corporate Intercompany Total
&
&
&
Production
Chemicals
Services
(M$)
External sales 3,388 6,892 14,804 49,704 44,071 15 - 118,874
Intersegment sales 20,836 8,777 2,355 17,691 321 121 (50,101) -
Excise taxes - - - (415) (8,692) - - (9,107)
Revenues from sales 24,224 15,669 17,159 66,980 35,700 136 (50,101) 109,767
Operating expenses (9,924) (13,242) (16,165) (63,934) (34,459) (437) 50,101 (88,060)
Depreciation, depletion and impairment of tangible assets and mineral (4,183) (565) (98) (808) (465) (49) - (6,168)
interests
( )Operating income 10,117 1,862 896 2,238 776 (350) - 15,539
Net income (loss) from equity affiliates and other items 53 1,276 (320) 55 307 (38) - 1,333
Tax on net operating income (5,287) (342) (152) (512) (281) 23 - (6,551)
( )Net operating income 4,883 2,796 424 1,781 802 (365) - 10,321
Net cost of net debt (538)
Non-controlling interests (138)
Net income - TotalEnergies share 9,645
( )1(st)half 2023 (adjustments)((a)) Exploration Integrated LNG Integrated Power Refining Marketing Corporate Intercompany Total
&
&
&
Production
Chemicals
Services
(M$)
External sales - - - - - - - -
Intersegment sales - - - - - - - -
Excise taxes - - - - - - - -
Revenues from sales - - - - - - - -
Operating expenses (33) (700) 67 (640) (177) (57) - (1,540)
Depreciation, depletion and impairment of tangible assets and mineral (147) - - (36) - - - (183)
interests
( )Operating income ( (b)) (180) (700) 67 (676) (177) (57) - (1,723)
Net income (loss) from equity affiliates and other items (179) 12 (457) (96) 217 2 - (501)
Tax on net operating income 240 82 (6) (69) 33 15 - 295
( )Net operating income ( (b)) (119) (606) (396) (841) 73 (40) - (1,929)
Net cost of net debt 80
Non-controlling interests (3)
Net income - TotalEnergies share (1,852)
((a) )Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
((b) )Of which inventory valuation effect
- On operating income - - (607) (147) -
- On net operating income - - (659) (109) -
( )1(st)half 2023 (adjusted) Exploration Integrated LNG Integrated Power Refining Marketing Corporate Intercompany Total
&
&
&
Production
Chemicals
Services
(M$)
External sales 3,388 6,892 14,804 49,704 44,071 15 - 118,874
Intersegment sales 20,836 8,777 2,355 17,691 321 121 (50,101) -
Excise taxes - - - (415) (8,692) - - (9,107)
Revenues from sales 24,224 15,669 17,159 66,980 35,700 136 (50,101) 109,767
Operating expenses (9,891) (12,542) (16,232) (63,294) (34,282) (380) 50,101 (86,520)
Depreciation, depletion and impairment of tangible assets and mineral (4,036) (565) (98) (772) (465) (49) - (5,985)
interests
( )Adjusted operating income 10,297 2,562 829 2,914 953 (293) - 17,262
Net income (loss) from equity affiliates and other items 232 1,264 137 151 90 (40) - 1,834
Tax on net operating income (5,527) (424) (146) (443) (314) 8 - (6,846)
( )Adjusted net operating income 5,002 3,402 820 2,622 729 (325) - 12,250
Net cost of net debt (618)
Non-controlling interests (135)
Adjusted net income - TotalEnergies share 11,497
( )1(st)half 2023 Exploration Integrated LNG Integrated Power Refining Marketing Corporate Intercompany Total
&
&
&
Production
Chemicals
Services
(M$)
Total expenditures 6,621 1,821 2,041 714 415 65 - 11,677
Total divestments 57 94 298 60 329 4 - 842
( )Cash flow from operating activities 8,583 4,868 999 1,072 (8) (481) - 15,033
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
( )1(st)half 2022 Exploration Integrated LNG Integrated Power Refining Marketing Corporate Intercompany Total
&
&
&
Production
Chemicals
Services
(M$)
External sales 4,672 9,408 13,167 66,069 50,056 8 - 143,380
Intersegment sales 27,623 7,438 1,009 22,062 983 133 (59,248) -
Excise taxes - - - (378) (8,607) - - (8,985)
Revenues from sales 32,295 16,846 14,176 87,753 42,432 141 (59,248) 134,395
Operating expenses (11,468) (13,030) (14,686) (80,653) (40,294) (850) 59,248 (101,733)
Depreciation, depletion and impairment of tangible assets and mineral (4,773) (554) (94) (769) (514) (77) - (6,781)
interests
( )Operating income 16,054 3,262 (604) 6,331 1,624 (786) - 25,881
Net income (loss) from equity affiliates and other items (3,426) (1,869) 192 505 56 179 - (4,363)
Tax on net operating income (7,739) (553) (1) (1,391) (521) 97 - (10,108)
( )Net operating income 4,889 840 (413) 5,445 1,159 (510) - 11,410
Net cost of net debt (555)
Non-controlling interests (219)
Net income - TotalEnergies share 10,636
( )1(st)half 2022 (adjustments)((a)) Exploration Integrated LNG Integrated Power Refining Marketing Corporate Intercompany Total
&
&
&
Production
Chemicals
Services
(M$)
External sales - (18) 15 - - - - (3)
Intersegment sales - - - - - - - -
Excise taxes - - - - - - - -
Revenues from sales - (18) 15 - - - - (3)
Operating expenses (873) 45 (768) 1,722 641 (433) - 334
Depreciation, depletion and impairment of tangible assets and mineral (539) (14) - - (33) (9) - (595)
interests
( )Operating income ( (b)) (1,412) 13 (753) 1,722 608 (442) - (264)
Net income (loss) from equity affiliates and other items (3,770) (4,508) 11 169 (7) 106 - (7,999)
Tax on net operating income 337 (13) 71 (326) (180) 98 - (13)
( )Net operating income ( (b)) (4,845) (4,508) (671) 1,565 421 (238) - (8,276)
Net cost of net debt 193
Non-controlling interests (54)
Net income - TotalEnergies share (8,137)
((a) )Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
((b) )Of which inventory valuation effect
- On operating income - - 1,722 684 -
- On net operating income - - 1,597 503 -
( )1(st)half 2022 (adjusted) Exploration Integrated LNG Integrated Power Refining Marketing Corporate Intercompany Total
&
&
&
Production
Chemicals
Services
(M$)
External sales 4,672 9,426 13,152 66,069 50,056 8 - 143,383
Intersegment sales 27,623 7,438 1,009 22,062 983 133 (59,248) -
Excise taxes - - - (378) (8,607) - - (8,985)
Revenues from sales 32,295 16,864 14,161 87,753 42,432 141 (59,248) 134,398
Operating expenses (10,595) (13,075) (13,918) (82,375) (40,935) (417) 59,248 (102,067)
Depreciation, depletion and impairment of tangible assets and mineral (4,234) (540) (94) (769) (481) (68) - (6,186)
interests
( )Adjusted operating income 17,466 3,249 149 4,609 1,016 (344) - 26,145
Net income (loss) from equity affiliates and other items 344 2,639 181 336 63 73 - 3,636
Tax on net operating income (8,076) (540) (72) (1,065) (341) (1) - (10,095)
( )Adjusted net operating income 9,734 5,348 258 3,880 738 (272) - 19,686
Net cost of net debt (748)
Non-controlling interests (165)
Adjusted net income - TotalEnergies share 18,773
( )1(st)half 2022 Exploration Integrated LNG Integrated Power Refining Marketing Corporate Intercompany Total
&
&
&
Production
Chemicals
Services
(M$)
Total expenditures 6,099 575 1,736 561 428 34 - 9,433
Total divestments 346 1,237 244 83 151 12 - 2,073
( )Cash flow from operating activities 14,536 6,021 (1,736) 4,633 1,478 (1,031) - 23,901
Reconciliation of the information by business segment with Consolidated
Financial Statements
TotalEnergies
(unaudited)
Consolidated
2(nd) quarter 2023 statement
(M$) Adjusted Adjustments((a)) of income
Sales 56,195 76 56,271
Excise taxes (4,737) - (4,737)
Revenues from sales 51,458 76 51,534
Purchases net of inventory variation (33,379) (485) (33,864)
Other operating expenses (7,754) (152) (7,906)
Exploration costs (62) - (62)
Depreciation, depletion and impairment of tangible assets and mineral (2,959) (147) (3,106)
interests
Other income 116 - 116
Other expense (256) (110) (366)
Financial interest on debt (724) - (724)
Financial income and expense from cash & cash equivalents 402 108 510
Cost of net debt (322) 108 (214)
Other financial income 401 12 413
Other financial expense (173) - (173)
Net income (loss) from equity affiliates 662 (395) 267
Income taxes (2,715) 228 (2,487)
Consolidated net income 5,017 (865) 4,152
TotalEnergies share 4,956 (868) 4,088
Non-controlling interests 61 3 64
(a) Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
Consolidated
2(nd) quarter 2022 statement
(M$) 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.
Reconciliation of the information by business segment with Consolidated
Financial Statements
TotalEnergies
(unaudited)
Consolidated
1(st)half 2023 statement of
(M$) Adjusted Adjustments((a)) income
Sales 118,874 - 118,874
Excise taxes (9,107) - (9,107)
Revenues from sales 109,767 - 109,767
Purchases net of inventory variation (70,858) (1,357) (72,215)
Other operating expenses (15,506) (185) (15,691)
Exploration costs (156) 2 (154)
Depreciation, depletion and impairment of tangible assets and mineral (5,985) (183) (6,168)
interests
Other income 193 264 457
Other expense (393) (273) (666)
Financial interest on debt (1,434) - (1,434)
Financial income and expense from cash & cash equivalents 775 128 903
Cost of net debt (659) 128 (531)
Other financial income 649 22 671
Other financial expense (356) - (356)
Net income (loss) from equity affiliates 1,741 (514) 1,227
Income taxes (6,805) 247 (6,558)
Consolidated net income 11,632 (1,849) 9,783
TotalEnergies share 11,497 (1,852) 9,645
Non-controlling interests 135 3 138
(a) Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
Consolidated
1(st)half 2022 statement of
(M$) 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.
TotalEnergies contacts
Media Relations: +33 (0)1 47 44 46 99 l presse@totalenergies.com
(mailto:presse@totalenergies.com) l @TotalEnergiesPR
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Ftwitter.com%2FTotalEnergiesPR&esheet=53487528&newsitemid=20230726654506&lan=en-US&anchor=%40TotalEnergiesPR&index=1&md5=5ba0e87bae13aff5c10a700c922240e3)
Investor Relations: +33 (0)1 47 44 46 46 l ir@totalenergies.com
(mailto:ir@totalenergies.com)
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