REG-TotalEnergies SE TotalEnergies SE: Third Quarter 2022 Results
27/10/2022 12:45
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20221027:nBw5011va&default-theme=true
TotalEnergies SE: Third Quarter 2022 Results
TotalEnergies reports IFRS net income of $6.6 billion, driven by its LNG
business, strengthens its balance sheet and shares benefit with employees and
shareholders
TotalEnergies SE (Paris:TTE) (LSE:TTE) (NYSE:TTE):
3Q22 Change 9M22 Change
vs 3Q21
vs 9M21
Net income (TotalEnergies share) (B$) 6.6 +43% 17.3 +69%
Adjusted net income (TotalEnergies share)((1))
- in billions of dollars (B$) 9.9 x2,1 28.6 x2,5
- in dollars per share 3.83 x2,2 10.96 x2,6
Adjusted EBITDA((1)) (B$) 19.4 +74% 55.6 +98%
DACF((1)) (B$) 12.0 +44% 37.7 +80%
Cash Flow from operations (B$) 17.8 x3,2 41.7 x2,2
Net-debt-to-capital ratio((2)) of 4.0% at September 30, 2022 vs. 9.8% at June 30, 2022
Special interim dividend set at 1 €/share
Third 2022 interim dividend set at 0.69 €/share
The Board of Directors of TotalEnergies SE, meeting on October 26, 2022 under
the chairmanship of CEO Patrick Pouyanné approved the Company’s financial
statements for the third quarter of 2022. On this occasion, Patrick Pouyanné
said:
"In a context marked by an average Brent price of 100 $/b and an increase in
gas prices exacerbated by Russia’s military aggression in Ukraine,
TotalEnergies leveraged its integrated model, particularly LNG, to generate
results in line with previous quarters. In the third quarter 2022, the Company
posted adjusted net income of $9.9 billion and IFRS net income of $6.6 billion
after taking into account a new impairment of $3.1 billion related to Russia.
Cash flow was $11.7 billion, and the Company strengthened its balance sheet
with a gearing ratio of 4%. Return on equity was more than 30% over the past
12 months.
The iGRP (integrated Gas, Renewables & Power) segment reported record
adjusted net operating income of $3.6 billion this quarter, up $1.1 billion
from the second quarter, and cash flow of $2.7 billion, driven by an average
LNG selling price up more than 50% compared to the previous quarter and by the
strong performance of its trading activities. The Company continued to
implement its growth strategy by taking a stake in the North Field South LNG
project in Qatar. In Electricity & Renewables, TotalEnergies completed the
acquisition of 50% of the Clearway Energy Group in the United States and
announced a significant acquisition in Brazil.
Exploration & Production posted adjusted net operating income of $4.2
billion and cash flow of $6.4 billion, despite a decrease in production this
quarter, mainly due to unplanned shutdowns at Kashagan. TotalEnergies started
production at the Ikike field in Nigeria, launched the Begonia project in
Angola and the Fenix project in Argentina, and announced a significant gas
discovery in Cyprus.
Downstream benefited from strong distillate margins, generating an outstanding
adjusted net operating income of $2.4 billion and a cash flow of $2.9 billion.
In this favorable environment, taking into account income and production taxes
of $26 billion worldwide, the Company is implementing a balanced value-sharing
policy with an exceptional one-month-salary bonus in 2022 to all its
employees((3)()) worldwide and, as announced on September 28, its shareholder
return policy targeting 35-40% cash flow payout beginning in 2022.
The Board of Directors therefore decided to distribute a third interim
dividend for the 2022 financial year in the amount of €0.69/share, equal to
the first and second 2022 interim dividends and an increase of 5% from the
interim and the final dividends paid for the 2021 financial year, and set the
ex-dividend and payment dates for the interim special dividend of €1/share
in December 2022. »
1. Highlights((4))
Social and environmental responsibility
* TotalEnergies' contributed to the energy transition dialogue in view of COP27
with the publication of the "TotalEnergies Energy Outlook 2022"
* Fuel price reduction program until year-end for TotalEnergies’ service
stations in France: 20 c/l discount extended until November 15 and then 10 c/l
discount until December 31, 2022
Electricity & Renewables
* Acquired an interest in the development of more than 12 GW of onshore solar
and wind projects in Brazil
* Offshore wind:
* Start-up of Seagreen, Scotland's largest offshore wind farm
* Solar:
* Start-up of the 800 MW Al Kharsaah solar power plant in Qatar
* Reached the objective of 500 MW of distributed solar generation capacity
worldwide
LNG
* Acquired a 9.375% stake in the 16 Mt/y North Field South LNG project in Qatar
* Launched the FEED for the Papua LNG project’s upstream production
facilities, in Papua New Guinea
Upstream
* Started production at the Ikike field in Nigeria
* Launched developments in Angola of the Begonia oil field, the Quiluma and
Maboqueiro gas fields, as well as a first solar project with a capacity of 35
MW
* Launched the Fenix offshore gas project in Argentina
* Significant offshore gas discovery at Cronos-1 well, located on Block 6 in
Cyprus
* Exploration & production sharing agreement signed for Block 11 in Oman
* Sold 18% stake in the onshore Sarsang oil field in Iraq
* Sold 49% interest in the Termokarstovoye gas field in Russia to Novatek
Downstream and new molecules
* Agreement with SARIA to develop SAF production on the Grandpuits platform in
France
* Sold 50% of fuel distribution business in Egypt to ADNOC
Decarbonization
* Awarded a CO(2 )sequestration license in Australia, in partnership with INPEX
and Woodside
* First cross-border commercial agreement for CO(2 )transport and storage on the
Northern Lights project in Norway
* Memorandum of understanding with Holcim for a pilot project to decarbonize a
cement plant in Belgium
* Created with the Technical University of Denmark a research center of
excellence in decarbonized energies
2. Key figures from TotalEnergies’ consolidated financial statements((5))
3Q22 2Q22 3Q21 3Q22 In millions of dollars, except effective tax rate, 9M22 9M21 9M22
vs earnings per share and number of shares
vs
3Q21
9M21
19,420 18,737 11,180 +74% Adjusted EBITDA ((6)) 55,581 28,017 +98%
10,279 10,500 5,374 +91% Adjusted net operating income from business segments 30,237 12,893 x2,3
4,217 4,719 2,726 +55% Exploration & Production 13,951 6,914 x2
3,649 2,555 1,608 x2,3 Integrated Gas, Renewables & Power 9,255 3,484 x2,7
1,935 2,760 602 x3,2 Refining & Chemicals 5,815 1,356 x4,3
478 466 438 +9% Marketing & Services 1,216 1,139 +7%
2,576 1,944 1,143 x2,3 Contribution of equity affiliates to adjusted net income 6,381 2,403 x2,7
44.1% 39.4% 39.6% - Effective tax rate ((7)) 40.8% 36.6% -
9,863 9,796 4,769 x2,1 Adjusted net income (TotalEnergies share) 28,636 11,235 x2,5
3.83 3.75 1.76 x2,2 Adjusted fully-diluted earnings per share (dollars) ((8)) 10.96 4.14 x2,6
3.78 3.50 1.49 x2,5 Adjusted fully-diluted earnings per share (euros)* 10.31 3.46 x3
2,560 2,592 2,655 -4% Fully-diluted weighted-average shares (millions) 2,589 2,648 -2%
6,626 5,692 4,645 +43% Net income (TotalEnergies share) 17,262 10,195 +69%
3,116 2,819 2,813 +11% Organic investments ((9)) 7,916 7,993 -1%
1,587 2,076 (958) ns Net acquisitions ((10)) 4,585 1,029 x4,5
4,703 4,895 1,855 x2,5 Net investments ((11)) 12,501 9,022 +39%
11,736 13,233 8,060 +46% Operating cash flow before working capital changes ((12)) 36,595 19,778 +85%
12,040 13,631 8,390 +44% Operating cash flow before working capital changes 37,665 20,901 +80%
w/o financial charges (DACF) ((13))
17,848 16,284 5,640 x3,2 Cash flow from operations 41,749 18,789 x2,2
(* Average €-$ exchange rate: 1.0070 in the third quarter 2022 and 1.0638 in
the first nine months of 2022.)
3. Key figures of environment, greenhouse gas emissions and production
3.1 Environment* – liquids and gas price realizations, refining margins
3Q22 2Q22 3Q21 3Q22 9M22 9M21 9M22
vs
vs
3Q21
9M21
100.8 113.9 73.5 +37% Brent ($/b) 105.5 67.9 +55%
7.9 7.5 4.3 +84% Henry Hub ($/Mbtu) 6.7 3.3 x2
42.5 22.2 16.9 x2,5 NBP ($/Mbtu) 32.4 10.8 x3
46.5 27.0 18.6 x2,5 JKM ($/Mbtu) 34.9 12.9 x2,7
93.6 102.9 67.1 +40% Average price of liquids ($/b) 95.4 62.2 +53%
Consolidated subsidiaries
16.83 11.01 6.33 x2,7 Average price of gas ($/Mbtu) 13.28 4.95 x2,7
Consolidated subsidiaries
21.51 13.96 9.10 x2,4 Average price of LNG ($/Mbtu) 16.26 7.25 x2,2
Consolidated subsidiaries and equity affiliates
99.2 145.7 8.8 x11,3 Variable cost margin - Refining Europe, VCM ($/t)** 100.3 8.0 x12,5
(* The indicators are shown on page 21.)
(** This indicator represents TotalEnergies’ average margin on variable cost
for refining in Europe (equal to the difference between TotalEnergies European
refined product sales and crude oil purchases with associated variable costs
divided by volumes refined in tons). 3Q21 and 9M21 data as disclosed in 2021
included the restatement of 3Q21 figures to reflect 2Q21 environment for
energy costs.)
The average LNG selling price was up 54% in the third quarter compared to the
previous quarter, benefiting on a lagged basis from the increase in oil and
gas price indexes on long-term contracts as well as high spot gas prices.
3.2 Greenhouse gas emissions((14))
3Q22 2Q22 3Q21 3Q22 GHG emissions (MtCO(2)e) 9M22 9M21 9M22
vs
vs
3Q21
9M21
10.3 9.6 9.3 +10% Scope 1+2 from operated facilities ((15)) 29.6 27.1 +9%
14.0 13.4 - ns Scope 1+2 - equity share 41.4 - ns
90 94 100 -10% Scope 3 from Oil & Gas Worldwide ((16)) 282 293 -4%
65 65 74 -12% of which Scope 3 Oil Worldwide ((17)) 196 210 -7%
(Estimated 2022 quarterly emissions. 2021 quarterly equity share data are not
available.)
(Excluding Covid-19 effect for emissions data from 2Q20 through 2Q22.)
3Q22 2Q22 3Q21 3Q22 Methane emissions (ktCH(4)) 9M22 9M21 9M22
vs
vs
3Q21
9M21
10 10 12 -16% Methane emissions from operated facilities 31 37 -16%
14 13 - ns Methane emissions - equity share 38 - ns
(Estimated 2022 quarterly emissions. 2021 quarterly equity share data are not
available.)
The evolution of Scope 1+2 emissions from the operated facilities resulted
from the high-capacity utilization of CCGTs and refineries in Europe,
including the restart of the Donges refinery in France.
3.3 Production*
3Q22 2Q22 3Q21 3Q22 Hydrocarbon production 9M22 9M21 9M22
vs
vs
3Q21
9M21
2,669 2,738 2,814 -5% Hydrocarbon production (kboe/d) 2,750 2,808 -2%
1,298 1,268 1,288 +1% Oil (including bitumen) (kb/d) 1,291 1,272 +1%
1,371 1,470 1,526 -10% Gas (including condensates and associated NGL) (kboe/d) 1,459 1,535 -5%
2,669 2,738 2,814 -5% Hydrocarbon production (kboe/d) 2,750 2,808 -2%
1,494 1,483 1,517 -2% Liquids (kb/d) 1,501 1,496 -
6,367 6,835 7,070 -10% Gas (Mcf/d) 6,785 7,161 -5%
(* Company production = E&P production + iGRP production.)
Hydrocarbon production was 2,669 thousand barrels of oil equivalent per day
(kboe/d) in the third quarter of 2022, down 5% year-on-year, comprised of:
* +3% due to the start-up and ramp-up of projects including Clov Phase 2 and
Zinia Phase 2 in Angola, Mero 1 in Brazil and Ikike in Nigeria,
* +2% due to the increase in OPEC+ production quotas,
* -3% due to higher planned maintenance, particularly on Ichthys, and unplanned
shutdowns on Kashagan,
* -3% portfolio effect, notably related to the end of the operating licenses for
Qatargas 1 and Bongkot North in Thailand, as well as the effective withdrawal
from Myanmar, partially offset by the entry into the Sepia and Atapu producing
fields in Brazil,
* -1% due to security-related production cuts in Libya and Nigeria,
* -1% due to the price effect,
* -2% due to the natural decline of the fields.
Compared to the previous quarter, production was down 2.5%, mainly due to
planned maintenance, notably at Ichthys, and unplanned shutdowns at Kashagan,
partially offset by the entry into production fields of Sepia and Atapu and
the ramp-up of Mero 1 in Brazil.
4. Analysis of business segments
4.1 Integrated Gas, Renewables & Power (iGRP)
4.1.1 Production and sales of Liquefied Natural Gas (LNG) and electricity
3Q22 2Q22 3Q21 3Q22 Hydrocarbon production for LNG 9M22 9M21 9M22
vs
vs
3Q21
9M21
418 462 533 -21% iGRP (kboe/d) 458 518 -12%
40 53 67 -41% Liquids (kb/d) 51 61 -17%
2,067 2,233 2,527 -18% Gas (Mcf/d) 2,216 2,489 -11%
3Q22 2Q22 3Q21 3Q22 Liquefied Natural Gas in Mt 9M22 9M21 9M22
vs
vs
3Q21
9M21
10.4 11.7 10.0 +5% Overall LNG sales 35.4 30.4 +16%
4.0 4.1 4.3 -6% incl. Sales from equity production* 12.6 12.8 -2%
9.2 10.2 8.3 +12% incl. Sales by TotalEnergies from equity production and third party 31.4 25.0 +26%
purchases
(* The Company’s equity production may be sold by TotalEnergies or by the
joint ventures.)
Third quarter 2022 LNG production was down 6% year-on-year, mainly due to the
end of the Qatargas 1 operating license, planned maintenance on Ichthys LNG in
Australia as well as the decrease in gas supply to NLNG in Nigeria for
security reasons.
Overall LNG sales were down 10% in the third quarter compared to the previous
quarter, mainly due to the outage at Freeport LNG, planned maintenance at
Ichthys LNG and a shutdown of production at Idku LNG in Egypt due to
insufficient gas supply.
Nevertheless, third quarter 2022 overall LNG sales were up 5% year-on-year,
mainly due to the increase in spot purchases to maximize the use of the
Company's regasification capacity in Europe and seize opportunities in a
volatile market.
3Q22 2Q22 3Q21 3Q22 Electricity & Renewables 9M22 9M21 9M22
vs
vs
3Q21
9M21
67.8 50.7 42.7 +59% Portfolio of renewable power generation gross capacity 67.8 42.7 +59%
(GW) ((1),(2),(3))
16.0 11.6 9.5 +68% o/w installed capacity 16.0 9.5 +68%
5.4 5.2 6.1 -11% o/w capacity in construction 5.4 6.1 -11%
46.4 33.9 27.1 +71% o/w capacity in development 46.4 27.1 +71%
33.9 26.8 26.6 +28% Gross renewables capacity with PPA (GW) ((1),(2),(3)) 33.9 26.6 +28%
45.2 38.4 31.7 +43% Portfolio of renewable power generation net capacity 45.2 31.7 +43%
(GW) ((1),(3))
7.4 5.8 4.7 +59% o/w installed capacity 7.4 4.7 +59%
3.5 3.7 4.0 -12% o/w capacity in construction 3.5 4.0 -12%
34.2 28.9 23.0 +49% o/w capacity in development 34.2 23.0 +49%
8.5 7.7 4.7 +79% Net power production (TWh) ((4)) 23.7 14.5 +64%
2.4 2.5 1.7 +42% incl. power production from renewables 7.1 4.9 +45%
6.3 6.2 6.0 +5% Clients power - BtB and BtC (Million) ((3)) 6.3 6.0 +5%
2.8 2.7 2.7 +1% Clients gas - BtB and BtC (Million) ((3)) 2.8 2.7 +1%
12.1 12.3 11.7 +3% Sales power - BtB and BtC (TWh) 40.7 40.5 +1%
14.2 19.1 13.2 +7% Sales gas - BtB and BtC (TWh) 68.3 70.0 -3%
460 462 291 +58% Proportional adjusted EBITDA Electricity & Renewables (M$) ((5)) 1,097 946 +16%
120 131 104 +15% incl. from renewables business 341 334 +2%
((1) Includes 20% of Adani Green Energy Ltd’s gross capacity effective first
quarter 2021.)
((2) Includes 50% of Clearway Energy Group’s gross capacity effective third
quarter 2022.)
((3) End of period data.)
((4) Solar, wind, biogas, hydroelectric and combined-cycle gas turbine (CCGT)
plants.)
((5) TotalEnergies share (% interest) of EBITDA (Earnings Before Interest,
Tax, Depreciation and Amortization) in Electricity & Renewables
affiliates, regardless of consolidation method.)
Gross installed renewable power generation capacity reached 16.0 GW at the end
of the third quarter 2022, up 4.4 GW from the previous quarter, including 3.8
GW related to the acquisition of 50% of Clearway Energy Group in the United
States and 160 MW related to the start-up of the Seagreen offshore wind farm
in Scotland.
Gross power generation capacity in development increased by 12.5 GW
quarter-on-quarter, mainly due to the acquisition of 50% of Clearway Energy
Group in the United States.
Net electricity generation stood at 8.5 TWh in the third quarter 2022, up 79%
year-on-year thanks to higher utilization rates of flexible power plants
(CCGT) as well as growth in electricity generation from renewable sources.
EBITDA from the Electricity & Renewables business reached $460 million in
the third quarter 2022, up 58% year-on-year due to the growth of the business.
4.1.2 Results
3Q22 2Q22 3Q21 3Q22 In millions of dollars 9M22 9M21 9M22
vs
vs
3Q21
9M21
3,649 2,555 1,608 x2,3 Adjusted net operating income* 9,255 3,484 x2,7
1,888 1,219 755 x2,5 including adjusted income from equity affiliates 4,537 1,375 x3,3
653 341 639 +2% Organic investments 1,253 2,150 -42%
1,718 (58) (941) ns Net acquisitions 2,301 1,119 x2,1
2,371 283 (302) ns Net investments 3,554 3,269 +9%
2,683 2,360 1,720 +56% Operating cash flow before working capital changes ** 7,628 3,683 x2,1
4,390 3,970 (463) ns Cash flow from operations *** 8,675 884 x9,8
(* 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.)
Adjusted net operating income for the iGRP segment was:
* $3,649 million in the third quarter 2022, 2.3 times the same quarter last
year, thanks to higher LNG prices, the performance of gas, LNG and electricity
trading activities and the growing contribution of Electricity &
Renewables,
* $9,255 million over the first nine months of 2022, 2.7 times the same period
last year for the same reasons.
The iGRP segment's cash flow was as follows:
* $2,683 million in the third quarter 2022, up 56% year-on-year, thanks to
higher LNG prices, the performance of gas, LNG and electricity trading
activities and the growing contribution of Electricity & Renewables,
despite a lag effect on dividends received from equity affiliates,
* $7,628 million over the first nine months of 2022, 2.1 times the same period
last year for the same reasons.
Operating cash flow was $4,390 million for the quarter, mainly due the
positive impact on working capital requirements of margin call reductions and
the seasonality of the gas and electricity supply business.
4.2 Exploration & Production
4.2.1 Production
3Q22 2Q22 3Q21 3Q22 Hydrocarbon production 9M22 9M21 9M22
vs
vs
3Q21
9M21
2,251 2,276 2,281 -1% EP (kboe/d) 2,292 2,290 -
1,454 1,430 1,450 - Liquids (kb/d) 1,450 1,435 +1%
4,300 4,602 4,543 -5% Gas (Mcf/d) 4,569 4,672 -2%
4.2.2 Results
3Q22 2Q22 3Q21 3Q22 In millions of dollars, except effective tax rate 9M22 9M21 9M22
vs
vs
3Q21
9M21
4,217 4,719 2,726 +55% Adjusted net operating income* 13,951 6,914 x2
377 287 315 +20% including adjusted income from equity affiliates 1,019 864 +18%
55.4% 47.2% 46.4% - Effective tax rate** 49.9% 42.5% -
1,989 1,873 1,656 +20% Organic investments 5,288 4,494 +18%
(126) 2,225 (34) ns Net acquisitions 2,415 (5) ns
1,863 4,098 1,622 +15% Net investments 7,703 4,489 +72%
6,406 7,383 4,943 +30% Operating cash flow before working capital changes *** 21,092 13,029 +62%
9,083 8,768 4,814 +89% Cash flow from operations *** 23,619 13,385 +76%
(* Details on adjustment items are shown in the business segment information
annex to financial statements.)
(** Tax on adjusted net operating income / (adjusted net operating income -
income from equity affiliates - dividends received from investments -
impairment of goodwill + tax on adjusted net operating income).)
(*** Excluding financial charges, except those related to leases.)
Adjusted net operating income from Exploration & Production was:
* $4,217 million in the third quarter 2022, up 55% year-on-year, thanks to the
sharp rise in oil and gas prices,
* $13,951 million for the first nine months of 2022, double the same period last
year for the same reasons.
Cash flow was $6,406 million in the third quarter 2022 compared to $4,943
million a year earlier and increased by 62% to $21,092 million in the first
nine months of 2022, benefiting from the sharp increase in oil and gas prices.
Adjusted net operating income and cash flow for the third quarter of 2022 were
down $502 million and $977 million respectively compared to the second
quarter, mainly due to the impact of Energy Profits Levy in the United Kingdom
for $0.6 billion.
4.3 Downstream (Refining & Chemicals and Marketing & Services)
4.3.1 Results
3Q22 2Q22 3Q21 3Q22 In millions of dollars 9M22 9M21 9M22
vs
vs
3Q21
9M21
2,413 3,226 1,040 x2,3 Adjusted net operating income* 7,031 2,495 x2,8
453 586 506 -10% Organic investments 1,332 1,309 +2%
(6) (91) 17 ns Net acquisitions (131) (87) ns
447 495 523 -15% Net investments 1,201 1,222 -2%
2,944 3,548 1,611 +83% Operating cash flow before working capital changes ** 8,388 3,943 x2,1
4,737 4,106 1,644 x2,9 Cash flow from operations ** 10,848 5,974 +82%
(* Detail of adjustment items shown in the business segment information annex
to financial statements.)
(** Excluding financial charges, except those related to leases.)
4.4 Refining & Chemicals
4.4.1 Refinery and petrochemicals throughput and utilization rates
3Q22 2Q22 3Q21 3Q22 Refinery throughput and utilization rate* 9M22 9M21 9M22
vs
vs
3Q21
9M21
1,599 1,575 1,225 +31% Total refinery throughput (kb/d) 1,497 1,147 +31%
431 395 274 +57% France 359 179 x2
656 648 505 +30% Rest of Europe 637 553 +15%
512 532 446 +15% Rest of world 501 415 +21%
88% 88% 69% - Utlization rate based on crude only** 84% 62% -
(* Includes refineries in Africa reported in the Marketing & Services
segment.)
(** Based on distillation capacity at the beginning of the year, excluding
Grandpuits (shut down first quarter 2021) from 2021 and Lindsey refinery
(divested) from second quarter 2021.)
3Q22 2Q22 3Q21 3Q22 Petrochemicals production and utilization rate 9M22 9M21 9M22
vs
vs
3Q21
9M21
1,299 1,206 1,486 -13% Monomers* (kt) 3,910 4,315 -9%
1,171 1,187 1,330 -12% Polymers (kt) 3,632 3,707 -2%
80% 71% 93% - Steamcracker utilization rate** 79% 89% -
(* Olefins.)
(** Based on olefins production from steam crackers and their treatment
capacity at the start of the year.)
Refinery throughput:
* increased by 31% year-on-year in the third quarter 2022, due to the recovery
in demand, particularly in Europe and the United States, the restart of the
Donges refinery in France in the second quarter 2022 and the Leuna refinery in
Germany which had a major scheduled turnaround in 2021,
* increased by 31% year-on-year for the first nine months, for the same reasons
as well as the restart, in 2021, of the distillation unit at the Normandy
refinery in France.
Monomer production was down 13% in the third quarter 2022, mainly due to lower
demand in Asia and unplanned shutdowns at Normandy in France and Antwerp in
Belgium.
4.4.2 Results
3Q22 2Q22 3Q21 3Q22 In millions of dollars 9M22 9M21 9M22
vs
vs
3Q21
9M21
1,935 2,760 602 x3,2 Adjusted net operating income* 5,815 1,356 x4,3
224 313 321 -30% Organic investments 735 822 -11%
1 (34) (6) ns Net acquisitions (33) (61) ns
225 279 315 -29% Net investments 702 761 -8%
2,164 2,963 934 x2,3 Operating cash flow before working capital changes ** 6,560 2,081 x3,2
3,798 3,526 799 x4,8 Cash flow from operations ** 8,431 4,027 x2,1
(*Detail of adjustment items shown in the business segment information annex
to financial statements.)
(**Excluding financial charges, except those related to leases.)
Adjusted net operating income for the Refining & Chemicals segment was:
* $1,935 million in the third quarter 2022, compared to $602 million in the
third quarter 2021, due to high distillate margins in the context of reduced
imports of Russian petroleum products, as well as the performance of crude oil
and petroleum products trading activities,
* $5,815 million over the first nine months of 2022, 4.3 times the same period
last year, due to high refining margins in Europe and the United States and
better utilization rates, as a result of the restart of the Donges refinery in
France in the second quarter 2022 as well as the Leuna refinery in Germany
which had a major scheduled turnaround in 2021.
Cash flow also rose sharply to $2,164 million in the third quarter 2022, 2.3
times higher than in the third quarter 2021, and to $6,560 million in the
first nine months of 2022.
In the third quarter 2022, adjusted net operating result and cash flow were
down $825 million and $799 million respectively, compared to the second
quarter 2022, due to lower gasoline margins in Europe and the United States.
4.5 Marketing & Services
4.5.1 Petroleum product sales
3Q22 2Q22 3Q21 3Q22 Sales in kb/d* 9M22 9M21 9M22
vs
vs
3Q21
9M21
1,495 1,477 1,542 -3% Total Marketing & Services sales 1,475 1,486 -1%
873 817 867 +1% Europe 827 811 +2%
622 660 675 -8% Rest of world 648 675 -4%
(* Excludes trading and bulk refining sales.)
Sales of petroleum products were down 3% year-on-year in the third quarter
2022, reflecting lower demand due to higher prices of petroleum products,
particularly in Africa.
Sales were stable for the first nine months of 2022 compared to a year ago, as
the recovery of aviation and network activities worldwide offset the decline
in sales to professional and industrial customers, particularly in Europe.
4.5.2 Results
3Q22 2Q22 3Q21 3Q22 In millions of dollars 9M22 9M21 9M22
vs
vs
3Q21
9M21
478 466 438 +9% Adjusted net operating income* 1,216 1,139 +7%
229 273 185 +24% Organic investments 597 487 +23%
(7) (57) 23 ns Net acquisitions (98) (26) ns
222 216 208 +7% Net investments 499 461 +8%
780 585 677 +15% Operating cash flow before working capital changes ** 1,828 1,862 -2%
939 580 845 +11% Cash flow from operations ** 2,417 1,947 +24%
(*Detail of adjustment items shown in the business segment information annex
to financial statements.)
(**Excluding financial charges, except those related to leases.)
Adjusted net operating income for the Marketing & Services segment was
$478 million in the third quarter 2022, up 9% year-on-year, and $1,216 million
in the first nine months of 2022, up 7% year-on-year, thanks mainly to the
recovery of the network and aviation activities.
Cash flow was $780 million in the third quarter 2022 and $1,828 million in the
first nine months of the year.
5. TotalEnergies results
5.1 Adjusted net operating income from business segments
Segment adjusted net operating income was:
* $10,279 million in the third quarter 2022, compared to $5,374 million a year
earlier, due to higher oil and gas prices, refining margins and the good
performance of trading activities,
* $30,237 million over the first nine months of 2022, compared to $12,893
million a year earlier, for the same reasons.
5.2 Adjusted net income (TotalEnergies share)
TotalEnergies adjusted net income was $9,863 million in the third quarter 2022
compared to $4,769 million in the third quarter 2021, due to higher oil and
gas prices, refining margins and the good performance of trading activities.
Adjusted net income excludes the after-tax inventory effect, non-recurring
items and the impact of changes in fair value((18)).
The net income adjustment items((19)) represented -$3,237 million in the third
quarter 2022, notably due to a new impairment of -$3.1 billion related to
Russia and to an inventory effect of -$0.8 billion, partially offset by the
capital gain on the partial sale of SunPower shares and the impact of
revaluing the shares held and consolidated under the equity method for $1.4
billion.
TotalEnergies’ effective tax rate was 44.1% in the third quarter 2022,
compared to 39.4% in the second quarter 2022 and 39.6% in the third quarter
2021, mainly due to the increase in the Exploration & Production tax rate,
notably as a result of the Energy Profits Levy in the United Kingdom.
5.3 Adjusted earnings per share
Adjusted diluted net earnings per share were:
* $3.83 in the third quarter 2022, calculated based on 2,560 million
weighted-average diluted shares, compared to $1.76 a year earlier,
* $10.96 over the first nine months of 2022, calculated based on 2,589 million
weighted-average diluted shares, compared to $4.14 a year earlier.
As of September 30, 2022, the number of fully-diluted shares was 2,543
million.
As part of its shareholder return policy, as announced in July 2022,
TotalEnergies repurchased 38.9 million shares for cancellation in the third
quarter 2022 for $2 billion. Share buybacks amounted to $5 billion in the
first nine months of 2022.
5.4 Acquisitions - asset sales
Acquisitions were:
* $1,716 million in the third quarter 2022, mainly related to the acquisition of
50% of Clearway Energy Group for $1,619 million,
* $5,580 million over the first nine months of 2022 including the above item as
well as payments related to the award of the Atapu and Sepia Production
Sharing Contracts and the bonus related to the New York Bight offshore wind
concession in the United States.
Asset sales were:
* $129 million in the third quarter 2022, mainly for the sale of the 18%
interest in the Sarsang field in Iraq,
* $995 million over the first nine months of 2022, including the above item as
well as the partial sale of the Landivisiau power generation plant in France,
the sale by SunPower of its Enphase shares and a payment related to the sale
of interests in the CA1 offshore block in Brunei.
5.5 Net cash flow
TotalEnergies' net cash flow((20)) was:
* $7,033 million in the third quarter 2022 compared to $6,205 million a year
earlier, reflecting the $3.7 billion increase in cash flow and the $2.8
billion increase in net investments to $4,703 million in the third quarter
2022,
* $24,094 million in the first nine months of 2022 compared to $10,756 million a
year earlier, reflecting the $16.8 billion increase in cash flow and the $3.5
billion increase in net investments to $12,501 million in the first nine
months of 2022.
Cash flow from operations was $17,848 million in the third quarter, compared
to cash flow of $11,736 million, reflecting the positive impact of a $6.7
billion decrease in working capital requirement, mainly due to:
* price effect on inventories related to the decrease in oil and petroleum
products average prices
* increase in tax liabilities related to rising gas prices and the Energy
Profits Levy in the United Kingdom,
* reduction in margin calls,
* seasonality of the gas and electricity supply activity.
5.6 Profitability
Return on equity was 31.4% for the twelve months ended September 30, 2022.
In millions of dollars October 1, 2021 July 1, 2021 October 1, 2020
September 30, 2022 June 30, 2022 Se
pt
em
be
r
30
,
20
21
Adjusted net income 35,790 30,716 12,827
Average adjusted shareholders' equity 113,861 113,333 106,794
Return on equity (ROE) 31.4% 27.1% 12.0%
The return on average capital employed was 27.2% for the twelve months ended
September 30, 2022.
In millions of dollars October 1, 2021 July 1, 2021 October 1, 2020
September 30, 2022 June 30, 2022 Se
pt
em
be
r
30
,
20
21
Adjusted net operating income 37,239 32,177 14,237
Average capital employed 136,902 139,377 142,180
ROACE 27.2% 23.1% 10.0%
6. TotalEnergies SE statutory accounts
Net income for TotalEnergies SE, the parent company, was €5,205 million in
the first nine months of 2022, compared to €5,635 million a year earlier.
7. Annual 2022 Sensitivities*
Change Estimated impact on adjusted Estimated impact on
net operating
cash flow from
income
operations
Dollar +/- 0.1 $ per € -/+ 0.1 B$ ~0 B$
Average liquids price** +/- 10 $/b +/- 2.7 B$ +/- 3.2 B$
European gas price - NBP / TTF*** +/- 2 $/Mbtu +/- 0.5 B$ +/- 0.5 B$
Variable cost margin, European refining (VCM) +/- 10 $/t +/- 0.4 B$ +/- 0.5 B$
(* Sensitivities are revised once per year upon publication of the previous
year’s fourth quarter results. Sensitivities are estimates based on
assumptions about TotalEnergies’ portfolio in 2022. Actual results could
vary significantly from estimates based on the application of these
sensitivities. The impact of the $-€ sensitivity on adjusted net operating
income is essentially attributable to Refining & Chemicals.)
(Sensitivity to European gas price has been exceptionally updated during this
quarter (see ***).)
(** In a 60 $/b Brent environment.)
(*** Updated sensitivity, including UK Energy Profits Levy.)
(Sensitivity +/- 0.4 B$ starting 3Q 2022, related to UK and Norway taxes.)
8. Summary and outlook
The markets for oil and gas are marked by strong volatility. Despite
anticipated slower global growth in 2023, oil prices are supported notably by
the OPEC+ decision to reduce production quotas by 2 Mb/d as well as by the
implementation of the European ban on Russian oil effective December 5, 2022.
Gas prices should also remain high, driven by the need to import LNG into
Europe to replace Russian gas imports. In addition, refining margins, notably
for distillates, should remain strong due to the ban on imports of Russian
petroleum products into Europe effective February 2023.
TotalEnergies expects fourth quarter 2022 production to reach around 2.8
Mboe/d, due to a reduction in planned maintenance and the re-start of Kashagan
production.
Given the evolution of oil and gas prices in recent months and the lag effect
on price formulas, TotalEnergies anticipates that its average LNG selling
price for the fourth quarter should be above $17/Mbtu.
With strong cash flow generation and a gearing ratio of 4%, the Company
confirms its strategy of allocating 35-40% of cash flow to its shareholders
through the cycles, while accelerating its transformation strategy with net
investments of around $16 billion in 2022, including $4 billion in
decarbonized energies.
* * * *
To listen to the conference call with CFO Jean-Pierre Sbraire, which is being
held today at 13:30 (Paris time) with financial analysts, you can consult the
information provided on the Company's website totalenergies.com or dial +44
(0) 121 281 8003 or +1 (718) 705-8794. The conference replay will be available
on the Company's website totalenergies.com after the event.
9. Results from Russian assets
Russian Upstream Assets (M$) 3Q22 2Q22 9M22
Net income (TotalEnergies share) (1,907) (3,202) (8,113)
Cash flow from operations 349 368 748
Capital employed by TotalEnergies in Russia as of September 30, 2022 was
$6,110 million after taking into account a impairment of $3.1 billion in the
third quarter 2022.
10. Operating information by segment
10.1 Company’s production (Exploration & Production + iGRP)
3Q22 2Q22 3Q21 3Q22 Combined liquids and gas 9M22 9M21 9M22
vs production by region (kboe/d)
vs
3Q21
9M21
920 965 989 -7% Europe and Central Asia 978 1,008 -3%
463 460 537 -14% Africa 473 540 -12%
692 680 681 +2% Middle East and North Africa 681 662 +3%
449 420 372 +21% Americas 419 375 +12%
145 213 235 -39% Asia-Pacific 199 223 -11%
2,669 2,738 2,814 -5% Total production 2,750 2,808 -2%
656 690 711 -8% includes equity affiliates 687 730 -6%
3Q22 2Q22 3Q21 3Q22 Liquids production by region (kb/d) 9M22 9M21 9M22
vs
vs
3Q21
9M21
302 315 362 -17% Europe and Central Asia 329 363 -9%
352 351 401 -12% Africa 358 405 -12%
557 546 530 +5% Middle East and North Africa 547 510 +7%
260 231 179 +46% Americas 231 180 +28%
23 40 45 -49% Asia-Pacific 36 38 -7%
1,494 1,483 1,517 -2% Total production 1,501 1,496 -
202 201 205 -2% includes equity affiliates 204 206 -1%
3Q22 2Q22 3Q21 3Q22 Gas production by region (Mcf/d) 9M22 9M21 9M22
vs
vs
3Q21
9M21
3,322 3,492 3,366 -1% Europe and Central Asia 3,482 3,470 -
559 545 689 -19% Africa 582 687 -15%
740 742 838 -12% Middle East and North Africa 736 842 -13%
1,061 1,063 1,086 -2% Americas 1,055 1,094 -4%
685 993 1,091 -37% Asia-Pacific 930 1,068 -13%
6,367 6,835 7,070 -10% Total production 6,785 7,161 -5%
2,444 2,633 2,730 -11% includes equity affiliates 2,596 2,826 -8%
10.2 Downstream (Refining & Chemicals and Marketing & Services)
3Q22 2Q22 3Q21 3Q22 Petroleum product sales by region (kb/d) 9M22 9M21 9M22
vs
vs
3Q21
9M21
1,816 1,814 1,579 +15% Europe 1,755 1,553 +13%
690 734 693 - Africa 728 674 +8%
907 922 811 +12% Americas 868 794 +9%
569 705 486 +17% Rest of world 602 491 +23%
3,982 4,176 3,568 +12% Total consolidated sales 3,953 3,512 +13%
438 409 360 +22% Includes bulk sales 419 365 +15%
2,049 2,290 1,666 +23% Includes trading 2,060 1,661 +24%
3Q22 2Q22 3Q21 3Q22 Petrochemicals production* (kt) 9M22 9M21 9M22
vs
vs
3Q21
9M21
1,078 1,023 1,308 -18% Europe 3,361 3,820 -12%
670 603 705 -5% Americas 1,910 1,940 -2%
722 768 802 -10% Middle East and Asia 2,271 2,261 -
(* Olefins, polymers.)
10.3 Renewables
3Q22 2Q22
Installed power generation gross capacity (GW) ((1),(2),(3)) Solar Onshore Offshore Other Total Solar Onshore Offshore Other Total
Wind
Wind
Wind
Wind
France 0.7 0.6 0.0 0.1 1.4 0.7 0.5 0.0 0.1 1.3
Rest of Europe 0.2 1.1 0.2 0.0 1.4 0.2 1.1 0.0 0.0 1.3
Africa 0.1 0.0 0.0 0.0 0.1 0.1 0.0 0.0 0.0 0.1
Middle East 0.7 0.0 0.0 0.0 0.7 0.7 0.0 0.0 0.0 0.7
North America 2.9 2.1 0.0 0.0 5.0 1.1 0.0 0.0 0.0 1.1
South America 0.4 0.3 0.0 0.0 0.7 0.4 0.3 0.0 0.0 0.7
India 4.9 0.3 0.0 0.0 5.3 4.9 0.2 0.0 0.0 5.1
Asia-Pacific 1.2 0.0 0.1 0.0 1.3 1.2 0.0 0.1 0.0 1.2
Total 11.1 4.4 0.3 0.2 16.0 9.2 2.1 0.1 0.2 11.6
3Q22 2Q22
Power generation gross capacity from renewables Solar Onshore Offshore Other Total Solar Onshore Offshore Other Total
in construction (GW) ((1),(2),(3))
Wind
Wind
Wind
Wind
France 0.2 0.1 0.0 0.1 0.5 0.2 0.2 0.0 0.1 0.4
Rest of Europe 0.1 0.0 1.0 0.0 1.1 0.0 0.0 1.1 0.0 1.1
Africa 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Middle East 0.4 0.0 0.0 0.0 0.4 0.4 0.0 0.0 0.0 0.4
North America 1.6 0.0 0.0 0.2 1.7 1.3 0.0 0.0 0.0 1.3
South America 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
India 0.8 0.2 0.0 0.0 1.0 0.9 0.3 0.0 0.0 1.2
Asia-Pacific 0.1 0.0 0.5 0.0 0.7 0.1 0.0 0.6 0.0 0.7
Total 3.3 0.3 1.5 0.2 5.4 2.8 0.5 1.7 0.1 5.2
3Q22 2Q22
Power generation gross capacity from renewables Solar Onshore Offshore Other Total Solar Onshore Offshore Other Total
in development (GW) ((1),(2),(3))
Wind
Wind
Wind
Wind
France 2.1 0.4 0.0 0.0 2.5 2.3 0.5 0.0 0.0 2.8
Rest of Europe 4.8 0.3 4.4 0.1 9.6 4.8 0.3 4.4 0.1 9.5
Africa 0.6 0.1 0.0 0.1 0.9 0.6 0.1 0.0 0.1 0.8
Middle East 0.5 0.0 0.0 0.0 0.5 1.8 0.0 0.0 0.0 1.8
North America 11.8 3.4 4.0 4.5 23.7 6.2 0.1 4.0 0.8 11.0
South America 0.7 0.5 0.0 0.2 1.4 0.6 0.0 0.0 0.2 0.8
India 3.9 0.1 0.0 0.0 4.0 3.9 0.1 0.0 0.0 4.0
Asia-Pacific 2.0 0.3 1.2 0.3 3.7 1.7 0.2 1.2 0.1 3.2
Total 26.5 5.1 9.6 5.3 46.4 21.7 1.3 9.6 1.3 33.9
((1) Includes 20% of gross capacity of Adani Green Energy Ltd effective first
quarter 2021.)
((2) Includes 50% of Clearway Energy Group’s gross capacity effective third
quarter 2022.)
((3) End-of-period data.)
In operation In construction In development
Gross renewables capacity covered by PPA Solar Onshore Offshore Other Total Solar Onshore Offshore Other Total Solar Onshore Offshore Other Total
at 09/30/2022 (GW)
Wind
Wind
Wind
Wind
Wind
Wind
Europe 0.9 1.6 X X 2.8 0.3 X 0.7 X 1.2 4.1 0.3 - X 4.5
Asia 6.1 0.4 X X 6.6 0.9 0.2 0.5 - 1.7 4.5 X - X 4.7
North America 2.8 2.1 - X 5.0 1.6 - - X 1.7 1.5 X - 0.8 2.5
Rest of World 1.2 0.3 - X 1.5 0.4 - - X 0.5 0.9 - - 0.3 1.3
Total 11.0 4.4 0.2 X 15.9 3.3 0.3 1.3 0.2 5.1 11.1 0.6 - 1.2 13.0
X not specified, capacity < 0.2 GW.
In operation In construction In development
PPA average price at 09/30/2022 Solar Onshore Offshore Other Total Solar Onshore Offshore Other Total Solar Onshore Offshore Other Total
($/MWh)
Wind
Wind
Wind
Wind
Wind
Wind
Europe 198 114 X X 139 67 X 73 X 74 75 85 - X 80
Asia 70 52 X X 72 55 45 254 - 117 39 X - X 39
North America 106 54 - X 83 28 - - X 28 31 X - - 43
Rest of World 90 54 - X 82 19 - - X 19 77 - - - 77
Total 91 77 127 X 88 38 64 150 95 69 42 80 - 145 46
X not specified, PPA referring to a capacity < 0.2 GW.
11. Adjustment items to net income (TotalEnergies share)
3Q22 2Q22 3Q21 In millions of dollars 9M22 9M21
(2,186) (4,546) (325) Special items affecting net income (TotalEnergies share) (11,725) (2,255)
1,391 - (177) Gain (loss) on asset sales 1,391 (1,556)
(17) (8) (43) Restructuring charges (28) (314)
(3,118) (3,719) (47) Impairments (11,898) (240)
(442) (819) (58) Other (1,190) (145)
(827) 993 320 After-tax inventory effect : FIFO vs. replacement cost 1,206 1,384
(224) (551) (119) Effect of changes in fair value (855) (169)
(3,237) (4,104) (124) Total adjustments affecting net income (11,374) (1,040)
12. Reconciliation of adjusted EBITDA with consolidated financial statements
12.1 Reconciliation of net income (TotalEnergies share) to adjusted EBITDA
3Q22 2Q22 3Q21 3Q22 In millions of dollars 9M22 9M21 9M22
vs
vs
3Q21
9M21
6,626 5,692 4,645 +43% Net income - TotalEnergies share 17,262 10,195 +69%
3,237 4,104 124 x26,1 Less: adjustment items to net income (TotalEnergies share) 11,374 1,040 x10,9
9,863 9,796 4,769 x2,1 Adjusted net income - TotalEnergies share 28,636 11,235 x2,5
Adjusted items - - -
85 89 105 -19% Add: non-controlling interests 250 252 -1%
6,037 5,274 2,674 x2,3 Add: income taxes 16,035 5,605 x2,9
2,926 3,038 3,172 -8% Add: depreciation, depletion and impairment of tangible assets 9,112 9,457 -4%
and mineral interests
95 98 85 +12% Add: amortization and impairment of intangible assets 289 282 +2%
633 572 454 +39% Add: financial interest on debt 1,667 1,421 +17%
(219) (130) (79) ns Less: financial income and expense from cash & cash equivalents (408) (235) ns
19,420 18,737 11,180 +74% Adjusted EBITDA 55,581 28,017 +98%
12.2 Reconciliation of revenues from sales to adjusted EBITDA and net income
(TotalEnergies share)
3Q22 2Q22 3Q21 3Q22 In millions of dollars 9M22 9M21 9M22
vs
vs
3Q21
9M21
Adjusted items
64,924 70,460 49,070 +32% Revenues from sales 199,322 129,380 +54%
(41,509) (46,023) (32,574) ns Purchases, net of inventory variation (128,294) (83,971) ns
(6,689) (7,620) (6,548) ns Other operating expenses (21,718) (20,124) ns
(71) (117) (127) ns Exploration costs (324) (417) ns
163 429 195 -16% Other income 713 749 -5%
(58) (431) (32) ns Other expense, excluding amortization and impairment of intangible assets (662) (169) ns
196 231 193 +2% Other financial income 546 567 -4%
(112) (136) (140) ns Other financial expense (383) (401) ns
2,576 1,944 1,143 x2,3 Net income (loss) from equity affiliates 6,381 2,403 x2,7
19,420 18,737 11,180 +74% Adjusted EBITDA 55,581 28,017 +98%
Adjusted items
(2,926) (3,038) (3,172) ns Less: depreciation, depletion and impairment of tangible assets (9,112) (9,457) ns
and mineral interests
(95) (98) (85) ns Less: amortization of intangible assets (289) (282) ns
(633) (572) (454) ns Less: financial interest on debt (1,667) (1,421) ns
219 130 79 x2,8 Add: financial income and expense from cash & cash equivalents 408 235 +74%
(6,037) (5,274) (2,674) ns Less: income taxes (16,035) (5,605) ns
(85) (89) (105) ns Less: non-controlling interests (250) (252) ns
(3,237) (4,104) (124) ns Add: adjustment - TotalEnergies share (11,374) (1,040) ns
6,626 5,692 4,645 +43% Net income - TotalEnergies share 17,262 10,195 +69%
13. Investments - Divestments
3Q22 2Q22 3Q21 3Q22 In millions of dollars 9M22 9M21 9M22
vs
vs
3Q21
9M21
3,116 2,819 2,813 +11% Organic investments ( a ) 7,916 7,993 -1%
169 98 172 -1% Capitalized exploration 381 660 -42%
233 277 211 +10% Increase in non-current loans 744 883 -16%
(214) (174) (112) ns Repayment of non-current loans, (823) (297) ns
excluding organic loan repayment from equity affiliates
4 (190) 1 ns Change in debt from renewable projects (186) (170) ns
(TotalEnergies share)
1,716 2,464 126 x13,6 Acquisitions ( b ) 5,580 2,996 +86%
129 388 1,084 -88% Asset sales ( c ) 995 1,967 -49%
(4) 176 (5) ns Change in debt from renewable projects (partner share) 170 100 +70%
1,587 2,076 (958) ns Net acquisitions 4,585 1,029 x4,5
4,703 4,895 1,855 x2,5 Net investments ( a + b - c ) 12,501 9,022 +39%
- - 757 ns Other transactions with non-controlling interests ( d ) - 757 ns
(570) (238) (120) ns Organic loan repayment from equity affiliates ( e ) (1,295) (228) ns
(8) 366 (6) ns Change in debt from renewable projects financing * ( f ) 356 270 +32%
43 37 30 +43% Capex linked to capitalized leasing contracts ( g ) 116 77 +51%
7 4 - ns Expenditures related to carbon credits ( h ) 11 - ns
4,075 4,982 2,456 +66% Cash flow used in investing activities ( a + b - c + d + e + f - g - h ) 11,435 9,744 +17%
(* Change in debt from renewable projects (TotalEnergies share and partner
share).)
14. Cash flow
3Q22 2Q22 3Q21 3Q22 In millions of dollars 9M22 9M21 9M22
vs
vs
3Q21
9M21
12,040 13,631 8,390 +44% Operating cash flow before working capital changes w/o financial 37,665 20,901 +80%
charges (DACF)
(304) (399) (330) ns Financial charges (1,071) (1,122) ns
11,736 13,233 8,060 +46% Operating cash flow before working capital changes ( a ) * 36,595 19,778 +85%
7,692 2,161 (2,662) ns (Increase) decrease in working capital ** 5,078 (2,403) ns
(1,010) 1,151 365 ns Inventory effect 1,396 1,711 -18%
0 (23) (3) ns Capital gain from renewable project sales (25) (69) ns
(570) (238) (120) ns Organic loan repayments from equity affiliates (1,295) (228) ns
17,848 16,284 5,640 x3,2 Cash flow from operations 41,749 18,789 x2,2
3,116 2,819 2,813 +11% Organic investments ( b ) 7,916 7,993 -1%
8,620 10,414 5,247 +64% Free cash flow after organic investments, 28,679 11,785 x2,4
w/o net asset sales ( a - b )
4,703 4,895 1,855 x2,5 Net investments ( c ) 12,501 9,022 +39%
7,033 8,338 6,205 +13% Net cash flow ( a - c ) 24,094 10,756 x2,2
(* Operating cash flow before working capital changes, is defined as cash flow
from operating activities before changes in working capital at replacement
cost, excluding the mark-to-market effect of iGRP’s contracts and including
capital gain from renewable projects sale.)
(Historical data have been restated to cancel the impact of fair valuation of
iGRP sector’s contracts.)
(** Changes in working capital are presented excluding the mark-to-market
effect of iGRP’s contracts.)
15. Gearing ratio
In millions of dollars 09/30/2022 06/30/2022 09/30/2021
Current borrowings ((1)) 15,556 14,589 15,184
Other current financial liabilities 861 401 504
Current financial assets ((1),(2)) (11,532) (7,697) (3,821)
Net financial assets classified as held for sale (36) (14) (1)
Non-current financial debt ((1)) 37,506 39,233 43,350
Non-current financial assets ((1)) (1,406) (692) (1,927)
Cash and cash equivalents (35,941) (32,848) (28,971)
Net debt (a) 5,008 12,972 24,318
Shareholders’ equity - TotalEnergies share 117,821 116,688 110,016
Non-controlling interests 2,851 3,309 3,211
Shareholders' equity (b) 120,672 119,997 113,227
Net-debt-to-capital ratio = a / (a+b) 4.0% 9.8% 17.7%
Leases (c) 7,669 7,963 7,786
Net-debt-to-capital ratio including leases (a+c) / (a+b+c) 9.5% 14.9% 22.1%
((1) Excludes leases receivables and leases debts.)
((2) Including initial margins held as part of the Company's activities on
organized markets.)
16. Return on average capital employed
Twelve months ended September 30, 2022
In millions of dollars Integrated Gas, Exploration & Refining & Marketing & Company
Renewables &
Production
Chemicals
Services
Power
Adjusted net operating income 12,014 17,476 6,368 1,695 37,239
Capital employed at 09/30/2021* 52,401 75,499 9,156 8,281 143,383
Capital employed at 09/30/2022* 54,923 65,041 5,801 7,141 130,420
ROACE 22.4% 24.9% 85.2% 22.2% 27.2%
Twelve months ended June 30, 2022
In millions of dollars Integrated Gas, Exploration & Refining & Marketing & Company
Production
Chemicals
Services
Renewables &
Power
Adjusted net operating income 9,973 15,985 5,035 1,655 32,177
Capital employed at 06/30/2021* 49,831 76,013 9,285 8,439 141,720
Capital employed at 06/30/2022* 54,174 70,248 7,958 7,475 137,035
ROACE 19.2% 21.9% 58.4% 20.8% 23.1%
Twelve months ended September 30, 2021
In millions of dollars Integrated Gas, Exploration & Refining & Marketing & Company
Renewables &
Production
Chemicals
Services
Power
Adjusted net operating income 3,738 7,982 1,526 1,471 14,237
Capital employed at 09/30/2020* 43,799 78,548 11,951 8,211 140,976
Capital employed at 09/30/2021* 52,401 75,499 9,156 8,281 143,383
ROACE 7.8% 10.4% 14.5% 17.8% 10.0%
(* At replacement cost (excluding after-tax inventory effect).)
Disclaimer:
The terms “TotalEnergies”, “TotalEnergies company” and “Company”
in this document are used to designate TotalEnergies SE and the consolidated
entities directly or indirectly controlled by TotalEnergies SE. Likewise, the
words “we”, “us” and “our” may also be used to refer to these
entities or their employees. The entities in which TotalEnergies SE directly
or indirectly owns a shareholding are separate and independent legal entities.
This press release presents the results for the third quarter of 2022 and
first nine months of 2022 from the consolidated financial statements of
TotalEnergies SE as of September 30, 2022. The limited review procedures by
the Statutory Auditors are underway. The notes to the consolidated financial
statements (unaudited) are available on the website totalenergies.com.
This document may contain forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, notably with respect to the
financial condition, results of operations, business activities and industrial
strategy of TotalEnergies. This document may also contain statements regarding
the perspectives, objectives, areas of improvement and goals of TotalEnergies,
including with respect to climate change and carbon neutrality (net zero
emissions). An ambition expresses an outcome desired by TotalEnergies, it
being specified that the means to be deployed do not depend solely on
TotalEnergies. These forward-looking statements may generally be identified by
the use of the future or conditional tense or forward-looking words such as
“envisions”, “intends”, “anticipates”, “believes”,
“considers”, “plans”, “expects”, “thinks”, “targets”,
“aims” or similar terminology. Such forward-looking statements included in
this document are based on economic data, estimates and assumptions prepared
in a given economic, competitive and regulatory environment and considered to
be reasonable by TotalEnergies as of the date of this document.
These forward-looking statements are not historical data and should not be
interpreted as assurances that the perspectives, objectives or goals announced
will be achieved. They may prove to be inaccurate in the future, and may
evolve or be modified with a significant difference between the actual results
and those initially estimated, due to the uncertainties notably related to the
economic, financial, competitive and regulatory environment, or due to the
occurrence of risk factors, such as, notably, the price fluctuations in crude
oil and natural gas, the evolution of the demand and price of petroleum
products, the changes in production results and reserves estimates, the
ability to achieve cost reductions and operating efficiencies without unduly
disrupting business operations, changes in laws and regulations including
those related to the environment and climate, currency fluctuations, as well
as economic and political developments, changes in market conditions, loss of
market share and changes in consumer preferences, or pandemics such as the
COVID-19 pandemic. Additionally, certain financial information is based on
estimates particularly in the assessment of the recoverable value of assets
and potential impairments of assets relating thereto.
Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to
update publicly any forward-looking information or statement, objectives or
trends contained in this document whether as a result of new information,
future events or otherwise. The information on risk factors that could have a
significant adverse effect on TotalEnergies’ business, financial condition,
including its operating income and cash flow, reputation, outlook or the value
of financial instruments issued by TotalEnergies is provided in the most
recent version of the Universal Registration Document which is filed by
TotalEnergies SE with the French Autorité des Marchés Financiers and the
annual report on Form 20-F filed with the United States Securities and
Exchange Commission (“SEC”).
Financial information by business segment is reported in accordance with the
internal reporting system and shows internal segment information that is used
to manage and measure the performance of TotalEnergies. In addition to IFRS
measures, certain alternative performance indicators are presented, such as
performance indicators excluding the adjustment items described below
(adjusted operating income, adjusted net operating income, adjusted net
income), return on equity (ROE), return on average capital employed (ROACE),
gearing ratio, operating cash flow before working capital changes, the
shareholder rate of return. These indicators are meant to facilitate the
analysis of the financial performance of TotalEnergies and the comparison of
income between periods. They allow investors to track the measures used
internally to manage and measure the performance of TotalEnergies.
These adjustment items include:
(i) Special items
Due to their unusual nature or particular significance, certain transactions
qualified as "special items" are excluded from the business segment figures.
In general, special items relate to transactions that are significant,
infrequent or unusual. However, in certain instances, transactions such as
restructuring costs or asset disposals, which are not considered to be
representative of the normal course of business, may be qualified as special
items although they may have occurred within prior years or are likely to
occur again within the coming years.
(ii) Inventory valuation effect
The adjusted results of the Refining & Chemicals and Marketing &
Services segments are presented according to the replacement cost method. This
method is used to assess the segments’ performance and facilitate the
comparability of the segments’ performance with those of TotalEnergies’
principal competitors.
In the replacement cost method, which approximates the LIFO (Last-In,
First-Out) method, the variation of inventory values in the statement of
income is, depending on the nature of the inventory, determined using either
the month-end price differentials between one period and another or the
average prices of the period rather than the historical value. The inventory
valuation effect is the difference between the results according to the FIFO
(First-In, First-Out) and the replacement cost.
(iii) Effect of changes in fair value
The effect of changes in fair value presented as an adjustment item reflects,
for some transactions, differences between internal measures of performance
used by TotalEnergies’ management and the accounting for these transactions
under IFRS.
IFRS requires that trading inventories be recorded at their fair value using
period-end spot prices. In order to best reflect the management of economic
exposure through derivative transactions, internal indicators used to measure
performance include valuations of trading inventories based on forward prices.
TotalEnergies, in its trading activities, enters into storage contracts, whose
future effects are recorded at fair value in TotalEnergies’ internal
economic performance. IFRS precludes recognition of this fair value effect.
Furthermore, TotalEnergies enters into derivative instruments to risk manage
certain operational contracts or assets. Under IFRS, these derivatives are
recorded at fair value while the underlying operational transactions are
recorded as they occur. Internal indicators defer the fair value on
derivatives to match with the transaction occurrence.
The adjusted results (adjusted operating income, adjusted net operating
income, adjusted net income) are defined as replacement cost results, adjusted
for special items, excluding the effect of changes in fair value.
Euro amounts presented for the fully adjusted-diluted earnings per share
represent dollar amounts converted at the average euro-dollar (€-$) exchange
rate for the applicable period and are not the result of financial statements
prepared in euros.
Cautionary Note to U.S. Investors – The SEC permits oil and gas companies,
in their filings with the SEC, to separately disclose proved, probable and
possible reserves that a company has determined in accordance with SEC rules.
We may use certain terms in this press release, such as “potential
reserves” or “resources”, that the SEC’s guidelines strictly prohibit
us from including in filings with the SEC. U.S. investors are urged to
consider closely the disclosure in the Form 20-F of TotalEnergies SE, File N°
1-10888, available from us at 2, place Jean Millier – Arche Nord
Coupole/Regnault - 92078 Paris-La Défense Cedex, France, or at our website
totalenergies.com. You can also obtain this form from the SEC by calling
1-800-SEC-0330 or on the SEC’s website sec.gov.
((1) )Definition on page 3.
((2)) Excluding leases.
((3) )Payment, capped for high salaries, to employees of all fully owned
companies and of companies in which TotalEnergies holds more than 50%, subject
to agreement by their governing bodies.
((4)) Some of the transactions mentioned in the highlights remain subject to
the agreement of the authorities or to the fulfilment of conditions precedent
under the terms of the agreements.
((5)) Adjusted results are defined as income using replacement cost, adjusted
for special items, excluding the impact of changes for fair value; adjustment
items are on page 16.
((6) )Adjusted EBITDA (Earnings Before Interest, Tax, Depreciation and
Amortization) corresponds to the adjusted earnings before depreciation,
depletion and impairment of tangible and intangible assets and mineral
interests, income tax expense and cost of net debt, i.e., all operating income
and contribution of equity affiliates to net income.
((7)) Effective tax rate = (tax on adjusted net operating income) / (adjusted
net operating income – income from equity affiliates – dividends received
from investments – impairment of goodwill + tax on adjusted net operating
income).
((8)) In accordance with IFRS rules, adjusted fully-diluted earnings per share
is calculated from the adjusted net income less the interest on the perpetual
subordinated bonds
((9)) Organic investments = net investments excluding acquisitions, asset
sales and other operations with non-controlling interests.
((10)) Net acquisitions = acquisitions – assets sales – other transactions
with non-controlling interests (see page 18).
((11)) Net investments = organic investments + net acquisitions (see page 18).
((12)) Operating cash flow before working capital changes, is defined as cash
flow from operating activities before changes in working capital at
replacement cost, excluding the mark-to-market effect of iGRP’s contracts
and including capital gains from renewable projects sale.
The inventory valuation effect is explained on page 20. The reconciliation
table for different cash flow figures is on page 18.
((13)) DACF = debt adjusted cash flow, is defined as operating cash flow
before working capital changes and financial charges.
((14) )The six greenhouse gases in the Kyoto protocol, namely CO(2), CH(4),
N(2)O, HFCs, PFCs and SF(6), with their respective GWP (Global Warming
Potential) as described in the 2007 IPCC report. HFCs, PFCs and SF(6) are
virtually absent from the Company’s emissions or are considered as
non-material and are therefore not counted.
((15)) Scope 1+2 GHG emissions of operated facilities are defined as the sum
of direct emissions of greenhouse gases from sites or activities that are
included in the scope of reporting (as defined in the Company’s 2021
Universal Registration Document) and indirect emissions attributable to
brought-in energy (electricity, heat, steam), excluding purchased industrial
gases (H(2)).
((16) )TotalEnergies reports Scope 3 GHG emissions, category 11, which
correspond to indirect GHG emissions related to the use by customers of energy
products, i.e., combustion of the products to obtain energy. The Company
follows the oil & gas industry reporting guidelines published by IPIECA,
which comply with the GHG Protocol methodologies. In order to avoid double
counting, this methodology accounts for the largest volume in the oil and gas
value chain, i.e., the higher of the two production volumes or sales to end
customers. For TotalEnergies, in 2021 and 2022, the calculation of Scope 3 GHG
emissions for the oil value chain considers oil products and biofuels sales
(higher than production) and for the gas value chain, gas sales either as LNG
or as part of direct sales to B2B/B2C customers (higher than or equivalent to
marketable gas production).
((17) )Scope 3 GHG emissions, category 11, which correspond to indirect GHG
emissions related to the sale of petroleum products (including biofuels).
((18)) These adjustment elements are explained page 20.
((19)) Total adjustment items in net income are detailed page 16 as well as in
the annexes to the accounts.
((20) )Net cash fow = cash flow – net investments (including other
transactions with non-controlling interest).
TotalEnergies financial statements
_________________________
Third quarter and nine months 2022 consolidated accounts, IFRS
CONSOLIDATED STATEMENT OF INCOME
TotalEnergies
(unaudited)
3(rd) quarter 2(nd) quarter 3(rd) quarter
(M$)((a)) 2022 2022 2021
Sales 69,037 74,774 54,729
Excise taxes (4,075) (4,329) (5,659)
Revenues from sales 64,962 70,445 49,070
Purchases, net of inventory variation (42,802) (45,443) (32,344)
Other operating expenses (6,771) (8,041) (6,617)
Exploration costs (71) (117) (127)
Depreciation, depletion and impairment of tangible assets and mineral (2,935) (3,102) (3,191)
interests
Other income 1,693 429 195
Other expense (921) (1,305) (605)
Financial interest on debt (633) (572) (454)
Financial income and expense from cash & cash equivalents 327 245 87
Cost of net debt (306) (327) (367)
Other financial income 196 231 193
Other financial expense (112) (136) (140)
Net income (loss) from equity affiliates (108) (1,546) 1,377
Income taxes (6,077) (5,284) (2,692)
Consolidated net income 6,748 5,804 4,752
TotalEnergies share 6,626 5,692 4,645
Non-controlling interests 122 112 107
Earnings per share ($) 2.58 2.18 1.72
Fully-diluted earnings per share ($) 2.56 2.16 1.71
(a) Except for per share amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TotalEnergies
(unaudited)
3(rd) quarter 2(nd) quarter 3(rd) quarter
(M$) 2022 2022 2021
Consolidated net income 6,748 5,804 4,752
Other comprehensive income
Actuarial gains and losses (17) 204 (3)
Change in fair value of investments in equity instruments 131 (20) (95)
Tax effect 2 (53) 5
Currency translation adjustment generated by the parent company (4,639) (5,387) (2,368)
Items not potentially reclassifiable to profit and loss (4,523) (5,256) (2,461)
Currency translation adjustment 1,871 2,523 1,260
Cash flow hedge 1,258 3,222 424
Variation of foreign currency basis spread 9 21 2
share of other comprehensive income of equity affiliates, net amount 191 2,548 184
Other (18) (1) 1
Tax effect (424) (1,112) (100)
Items potentially reclassifiable to profit and loss 2,887 7,201 1,771
Total other comprehensive income (net amount) (1,636) 1,945 (690)
Comprehensive income 5,112 7,749 4,062
TotalEnergies share 4,969 7,705 4,014
Non-controlling interests 143 44 48
CONSOLIDATED STATEMENT OF INCOME
TotalEnergies
(unaudited)
9( )months 9( )months
(M$)((a)) 2022 2021
Sales 212,417 145,515
Excise taxes (13,060) (16,179)
Revenues from sales 199,357 129,336
Purchases, net of inventory variation (127,893) (82,461)
Other operating expenses (22,435) (20,214)
Exploration costs (1,049) (417)
Depreciation, depletion and impairment of tangible assets and mineral (9,716) (9,637)
interests
Other income 2,265 776
Other expense (4,516) (1,562)
Financial interest on debt (1,667) (1,421)
Financial income and expense from cash & cash equivalents 786 259
Cost of net debt (881) (1,162)
Other financial income 630 567
Other financial expense (383) (401)
Net income (loss) from equity affiliates (1,611) 1,578
Income taxes (16,165) (5,940)
Consolidated net income 17,603 10,463
TotalEnergies share 17,262 10,195
Non-controlling interests 341 268
Earnings per share ($) 6.61 3.77
Fully-diluted earnings per share ($) 6.57 3.74
(a) Except for per share amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TotalEnergies
(unaudited)
9( )months 9( )months
(M$) 2022 2021
Consolidated net income 17,603 10,463
Other comprehensive income
Actuarial gains and losses 187 446
Change in fair value of investments in equity instruments 114 (27)
Tax effect (40) (149)
Currency translation adjustment generated by the parent company (11,776) (5,302)
Items not potentially reclassifiable to profit and loss (11,515) (5,032)
Currency translation adjustment 5,406 3,037
Cash flow hedge 4,217 504
Variation of foreign currency basis spread 79 (2)
share of other comprehensive income of equity affiliates, net amount 2,655 635
Other (19) 1
Tax effect (1,483) (157)
Items potentially reclassifiable to profit and loss 10,855 4,018
Total other comprehensive income (net amount) (660) (1,014)
Comprehensive income 16,943 9,449
TotalEnergies share 16,627 9,226
Non-controlling interests 316 223
CONSOLIDATED BALANCE SHEET
TotalEnergies
September 30, June 30, December 31, September 30,
2022
2022
2021
2021
(M$) (unaudited) (unaudited) (unaudited)
ASSETS
Non-current assets
Intangible assets, net 36,376 37,020 32,484 32,895
Property, plant and equipment, net 99,700 101,454 106,559 105,902
Equity affiliates : investments and loans 28,743 28,210 31,053 30,467
Other investments 1,149 1,383 1,625 1,688
Non-current financial assets 2,341 1,612 2,404 2,799
Deferred income taxes 4,434 4,737 5,400 6,452
Other non-current assets 2,930 3,075 2,797 2,530
Total non-current assets 175,673 177,491 182,322 182,733
Current assets
Inventories, net 24,420 28,542 19,952 19,601
Accounts receivable, net 28,191 30,796 21,983 19,865
Other current assets 73,453 55,553 35,144 39,967
Current financial assets 11,688 7,863 12,315 3,910
Cash and cash equivalents 35,941 32,848 21,342 28,971
Assets classified as held for sale 349 313 400 633
Total current assets 174,042 155,915 111,136 112,947
Total assets 349,715 333,406 293,458 295,680
LIABILITIES & SHAREHOLDERS' EQUITY
Shareholders' equity
Common shares 8,163 8,163 8,224 8,224
Paid-in surplus and retained earnings 131,382 125,554 117,849 113,795
Currency translation adjustment (16,720) (14,019) (12,671) (11,995)
Treasury shares (5,004) (3,010) (1,666) (8)
Total shareholders' equity - TotalEnergies share 117,821 116,688 111,736 110,016
Non-controlling interests 2,851 3,309 3,263 3,211
Total shareholders' equity 120,672 119,997 114,999 113,227
Non-current liabilities
Deferred income taxes 12,576 12,169 10,904 11,161
Employee benefits 2,207 2,341 2,672 3,218
Provisions and other non-current liabilities 22,133 23,373 20,269 20,355
Non-current financial debt 44,899 46,868 49,512 50,810
Total non-current liabilities 81,815 84,751 83,357 85,544
Current liabilities
Accounts payable 48,942 49,700 36,837 34,149
Other creditors and accrued liabilities 80,468 62,498 42,800 45,476
Current borrowings 16,923 16,003 15,035 16,471
Other current financial liabilities 861 401 372 504
Liabilities directly associated with the assets classified as held for sale 34 56 58 309
Total current liabilities 147,228 128,658 95,102 96,909
Total liabilities & shareholders' equity 349,715 333,406 293,458 295,680
CONSOLIDATED STATEMENT OF CASH FLOW
TotalEnergies
(unaudited)
3(rd) quarter 2(nd) quarter 3(rd) quarter
(M$) 2022 2022 2021
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income 6,748 5,804 4,752
Depreciation, depletion, amortization and impairment 3,032 3,321 3,361
Non-current liabilities, valuation allowances and deferred taxes 704 1,427 479
(Gains) losses on disposals of assets (1,645) (165) 100
Undistributed affiliates' equity earnings 1,290 2,999 (506)
(Increase) decrease in working capital 7,407 2,498 (2,698)
Other changes, net 312 400 152
Cash flow from operating activities 17,848 16,284 5,640
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions (2,986) (5,150) (2,718)
Acquisitions of subsidiaries, net of cash acquired (8) (82) (23)
Investments in equity affiliates and other securities (2,557) (136) (67)
Increase in non-current loans (246) (278) (219)
Total expenditures (5,797) (5,646) (3,027)
Proceeds from disposals of intangible assets and property, plant and equipment 97 153 150
Proceeds from disposals of subsidiaries, net of cash sold 524 63 4
Proceeds from disposals of non-current investments 304 35 177
Repayment of non-current loans 797 413 240
Total divestments 1,722 664 571
Cash flow used in investing activities (4,075) (4,982) (2,456)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders (1) 371 -
- Treasury shares (1,996) (1,988) -
Dividends paid:
- Parent company shareholders (1,877) (1,825) (2,053)
- Non-controlling interests (405) (97) (41)
Net issuance (repayment) of perpetual subordinated notes - (1,958) -
Payments on perpetual subordinated notes (14) (138) (22)
Other transactions with non-controlling interests 38 (10) 721
Net issuance (repayment) of non-current debt 141 508 133
Increase (decrease) in current borrowings (527) (2,703) (1,457)
Increase (decrease) in current financial assets and liabilities (4,473) (731) 513
Cash flow from (used in) financing activities (9,114) (8,571) (2,206)
Net increase (decrease) in cash and cash equivalents 4,659 2,731 978
Effect of exchange rates (1,566) (1,159) (650)
Cash and cash equivalents at the beginning of the period 32,848 31,276 28,643
Cash and cash equivalents at the end of the period 35,941 32,848 28,971
CONSOLIDATED STATEMENT OF CASH FLOW
TotalEnergies
(unaudited)
9( )months 9( )months
(M$) 2022 2021
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income 17,603 10,463
Depreciation, depletion, amortization and impairment 10,931 10,121
Non-current liabilities, valuation allowances and deferred taxes 4,669 810
(Gains) losses on disposals of assets (1,823) (270)
Undistributed affiliates' equity earnings 4,551 176
(Increase) decrease in working capital 4,982 (2,848)
Other changes, net 836 337
Cash flow from operating activities 41,749 18,789
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions (11,593) (7,803)
Acquisitions of subsidiaries, net of cash acquired (90) (193)
Investments in equity affiliates and other securities (2,782) (2,500)
Increase in non-current loans (765) (899)
Total expenditures (15,230) (11,395)
Proceeds from disposals of intangible assets and property, plant and equipment 427 421
Proceeds from disposals of subsidiaries, net of cash sold 675 233
Proceeds from disposals of non-current investments 554 456
Repayment of non-current loans 2,139 541
Total divestments 3,795 1,651
Cash flow used in investing activities (11,435) (9,744)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders 370 381
- Treasury shares (5,160) (165)
Dividends paid:
- Parent company shareholders (5,630) (6,237)
- Non-controlling interests (524) (104)
Net issuance (repayment) of perpetual subordinated notes - 3,248
Payments on perpetual subordinated notes (288) (256)
Other transactions with non-controlling interests 33 666
Net issuance (repayment) of non-current debt 683 (706)
Increase (decrease) in current borrowings (2,573) (7,488)
Increase (decrease) in current financial assets and liabilities 390 298
Cash flow from (used in) financing activities (12,699) (10,363)
Net increase (decrease) in cash and cash equivalents 17,615 (1,318)
Effect of exchange rates (3,016) (979)
Cash and cash equivalents at the beginning of the period 21,342 31,268
Cash and cash equivalents at the end of the period 35,941 28,971
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
TotalEnergies
(unaudited)
Common shares issued Paid-in Currency Treasury shares Shareholders' Non- Total
surplus and
translation
equity -
controlling
shareholders'
retained
adjustment
TotalEnergies
interests
equity
earnings
Share
(M$) Number Amount Number Amount
As of January 1, 2021 2,653,124,025 8,267 107,078 (10,256) (24,392,703) (1,387) 103,702 2,383 106,085
Net income of the first nine months 2021 - - 10,195 - - - 10,195 268 10,463
Other comprehensive income - - 762 (1,731) - - (969) (45) (1,014)
Comprehensive Income - - 10,957 (1,731) - - 9,226 223 9,449
Dividend - - (6,236) - - - (6,236) (104) (6,340)
Issuance of common shares 10,589,713 31 350 - - - 381 - 381
Purchase of treasury shares - - - - (3,636,351) (165) (165) - (165)
Sale of treasury shares((a)) - - (216) - 4,571,235 216 - - -
Share-based payments - - 103 - - - 103 - 103
Share cancellation (23,284,409) (74) (1,254) - 23,284,409 1,328 - - -
Net issuance (repayment) of - - 3,254 - - - 3,254 - 3,254
perpetual subordinated notes
Payments on perpetual subordinated notes - - (278) - - - (278) - (278)
Other operations with - - 26 (6) - - 20 701 721
non-controlling interests
Other items - - 11 (2) - - 9 8 17
As of September 30, 2021 2,640,429,329 8,224 113,795 (11,995) (173,410) (8) 110,016 3,211 113,227
Net income of the fourth quarter 2021 - - 5,837 - - - 5,837 66 5,903
Other comprehensive income - - 229 (676) - - (447) 15 (432)
Comprehensive Income - - 6,066 (676) - - 5,390 81 5,471
Dividend - - (1,964) - - - (1,964) (20) (1,984)
Issuance of common shares - - - - - - - - -
Purchase of treasury shares - - - - (33,669,654) (1,658) (1,658) - (1,658)
Sale of treasury shares((a)) - - - - 1,960 - - - -
Share-based payments - - 40 - - - 40 - 40
Share cancellation - - - - - - - - -
Net issuance (repayment) of - - - - - - - - -
perpetual subordinated notes
Payments on perpetual subordinated notes - - (90) - - - (90) - (90)
Other operations with - - 4 - - - 4 (12) (8)
non-controlling interests
Other items - - (2) - - - (2) 3 1
As of December 31, 2021 2,640,429,329 8,224 117,849 (12,671) (33,841,104) (1,666) 111,736 3,263 114,999
Net income of the first nine months 2022 - - 17,262 - - - 17,262 341 17,603
Other comprehensive income - - 3,421 (4,056) - - (635) (25) (660)
Comprehensive Income - - 20,683 (4,056) - - 16,627 316 16,943
Dividend - - (5,653) - - - (5,653) (524) (6,177)
Issuance of common shares 9,367,482 26 344 - - - 370 - 370
Purchase of treasury shares - - - - (97,376,124) (5,160) (5,160) - (5,160)
Sale of treasury shares((a)) - - (317) - 6,193,921 317 - - -
Share-based payments - - 191 - - - 191 - 191
Share cancellation (30,665,526) (87) (1,418) - 30,665,526 1,505 - - -
Net issuance (repayment) of - - (44) - - - (44) - (44)
perpetual subordinated notes
Payments on perpetual subordinated notes - - (255) - - - (255) - (255)
Other operations with - - 41 7 - - 48 124 172
non-controlling interests
Other items - - (39) - - - (39) (328) (367)
As of September 30, 2022 2,619,131,285 8,163 131,382 (16,720) (94,357,781) (5,004) 117,821 2,851 120,672
((a))Treasury shares related to the performance share grants.
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
3(rd) quarter 2022 Integrated Gas, Exploration Refining Marketing Corporate Intercompany Total
Renewables & & &
& Power Production Chemicals Services
(M$)
External sales 11,495 2,670 28,899 25,968 5 - 69,037
Intersegment sales 1,753 14,701 12,065 176 52 (28,747) -
Excise taxes - - (160) (3,915) - - (4,075)
Revenues from sales 13,248 17,371 40,804 22,229 57 (28,747) 64,962
Operating expenses (10,648) (6,880) (39,137) (21,513) (213) 28,747 (49,644)
Depreciation, depletion and impairment of tangible (295) (1,999) (371) (243) (27) - (2,935)
assets and mineral interests
Operating income 2,305 8,492 1,296 473 (183) - 12,383
Net income (loss) from equity affiliates and other items 3,190 (2,643) 219 (14) (4) - 748
Tax on net operating income (777) (5,071) (255) (153) 162 - (6,094)
Net operating income 4,718 778 1,260 306 (25) - 7,037
Net cost of net debt (289)
Non-controlling interests (122)
Net income - TotalEnergies share 6,626
3(rd) quarter 2022 (adjustments)((a)) Integrated Gas, Exploration Refining Marketing Corporate Intercompany Total
Renewables & & &
& Power Production Chemicals Services
(M$)
External sales 38 - - - - - 38
Intersegment sales - - - - - - -
Excise taxes - - - - - - -
Revenues from sales 38 - - - - - 38
Operating expenses (291) (4) (771) (230) (79) - (1,375)
Depreciation, depletion and impairment of tangible - (7) - (2) - - (9)
assets and mineral interests
Operating income ((b)) (253) (11) (771) (232) (79) - (1,346)
Net income (loss) from equity affiliates and other items 1,315 (3,130) (100) (7) - - (1,922)
Tax on net operating income 7 (298) 196 67 20 - (8)
Net operating income ((b)) 1,069 (3,439) (675) (172) (59) - (3,276)
Net cost of net debt 76
Non-controlling interests (37)
Net income - TotalEnergies share (3,237)
((a) )Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
((b) )Of which inventory valuation effect
- On operating income - - (771) (239) -
- On net operating income - - (675) (172) -
3(rd) quarter 2022 (adjusted) Integrated Gas, Exploration Refining Marketing Corporate Intercompany Total
Renewables & & &
& Power Production Chemicals Services
(M$)
External sales 11,457 2,670 28,899 25,968 5 - 68,999
Intersegment sales 1,753 14,701 12,065 176 52 (28,747) -
Excise taxes - - (160) (3,915) - - (4,075)
Revenues from sales 13,210 17,371 40,804 22,229 57 (28,747) 64,924
Operating expenses (10,357) (6,876) (38,366) (21,283) (134) 28,747 (48,269)
Depreciation, depletion and impairment of tangible assets and mineral (295) (1,992) (371) (241) (27) - (2,926)
interests
Adjusted operating income 2,558 8,503 2,067 705 (104) - 13,729
Net income (loss) from equity affiliates and other items 1,875 487 319 (7) (4) - 2,670
Tax on net operating income (784) (4,773) (451) (220) 142 - (6,086)
Adjusted net operating income 3,649 4,217 1,935 478 34 - 10,313
Net cost of net debt (365)
Non-controlling interests (85)
Adjusted net income - TotalEnergies share 9,863
3(rd) quarter 2022 Integrated Gas, Exploration Refining Marketing Corporate Intercompany Total
Renewables & & &
& Power Production Chemicals Services
(M$)
Total expenditures 3,214 2,069 242 251 21 5,797
Total divestments 1,441 246 6 29 - 1,722
Cash flow from operating activities 4,390 9,083 3,798 939 (362) 17,848
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
2(nd) quarter 2022 Integrated Gas, Exploration Refining Marketing Corporate Intercompany Total
Renewables & & &
& Power Production Chemicals Services
(M$)
External sales 10,281 2,521 35,061 26,907 4 - 74,774
Intersegment sales 1,889 13,805 12,785 716 70 (29,265) -
Excise taxes - - (186) (4,143) - - (4,329)
Revenues from sales 12,170 16,326 47,660 23,480 74 (29,265) 70,445
Operating expenses (10,997) (5,760) (43,242) (22,310) (557) 29,265 (53,601)
Depreciation, depletion and impairment of tangible (327) (2,112) (389) (241) (33) - (3,102)
assets and mineral interests
Operating income 846 8,454 4,029 929 (516) - 13,742
Net income (loss) from equity affiliates and other items 823 (3,668) 349 98 71 - (2,327)
Tax on net operating income (260) (3,876) (866) (296) (8) - (5,306)
Net operating income 1,409 910 3,512 731 (453) - 6,109
Net cost of net debt (305)
Non-controlling interests (112)
Net income - TotalEnergies share 5,692
2(nd) quarter 2022 (adjustments)((a)) Integrated Gas, Exploration Refining Marketing Corporate Intercompany Total
Renewables & & &
& Power Production Chemicals Services
(M$)
External sales (15) - - - - - (15)
Intersegment sales - - - - - - -
Excise taxes - - - - - - -
Revenues from sales (15) - - - - - (15)
Operating expenses (606) (82) 775 373 (301) - 159
Depreciation, depletion and impairment of tangible assets and mineral (14) (46) - (4) - - (64)
interests
Operating income ((b)) (635) (128) 775 369 (301) - 80
Net income (loss) from equity affiliates and other items (558) (3,756) 52 (4) - - (4,266)
Tax on net operating income 47 75 (75) (100) 78 - 25
Net operating income ((b)) (1,146) (3,809) 752 265 (223) - (4,161)
Net cost of net debt 80
Non-controlling interests (23)
Net income - TotalEnergies share (4,104)
((a) )Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
((b) )Of which inventory valuation effect
- On operating income - - 775 376 -
- On net operating income - - 752 275 -
2(nd) quarter 2022 (adjusted) Integrated Gas, Exploration Refining Marketing Corporate Intercompany Total
Renewables & & &
& Power Production Chemicals Services
(M$)
External sales 10,296 2,521 35,061 26,907 4 - 74,789
Intersegment sales 1,889 13,805 12,785 716 70 (29,265) -
Excise taxes - - (186) (4,143) - - (4,329)
Revenues from sales 12,185 16,326 47,660 23,480 74 (29,265) 70,460
Operating expenses (10,391) (5,678) (44,017) (22,683) (256) 29,265 (53,760)
Depreciation, depletion and impairment of tangible (313) (2,066) (389) (237) (33) - (3,038)
assets and mineral interests
Adjusted operating income 1,481 8,582 3,254 560 (215) - 13,662
Net income (loss) from equity affiliates and other items 1,381 88 297 102 71 - 1,939
Tax on net operating income (307) (3,951) (791) (196) (86) - (5,331)
Adjusted net operating income 2,555 4,719 2,760 466 (230) - 10,270
Net cost of net debt (385)
Non-controlling interests (89)
Adjusted net income - TotalEnergies share 9,796
2(nd) quarter 2022 Integrated Gas, Exploration Refining Marketing Corporate Intercompany Total
Renewables & & &
& Power Production Chemicals Services
(M$)
Total expenditures 872 4,128 333 288 25 5,646
Total divestments 466 63 56 72 7 664
Cash flow from operating activities 3,970 8,768 3,526 580 (560) 16,284
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
3(rd) quarter 2021 Integrated Gas, Exploration Refining Marketing Corporate Intercompany Total
Renewables & & &
& Power Production Chemicals Services
(M$)
External sales 8,482 1,921 22,765 21,554 7 - 54,729
Intersegment sales 1,239 8,588 7,031 110 38 (17,006) -
Excise taxes - - (240) (5,419) - - (5,659)
Revenues from sales 9,721 10,509 29,556 16,245 45 (17,006) 49,070
Operating expenses (8,502) (3,958) (28,153) (15,302) (179) 17,006 (39,088)
Depreciation, depletion and impairment of tangible (343) (2,156) (397) (267) (28) - (3,191)
assets and mineral interests
Operating income 876 4,395 1,006 676 (162) - 6,791
Net income (loss) from equity affiliates and other items 782 139 79 2 18 - 1,020
Tax on net operating income (208) (2,007) (273) (222) 23 - (2,687)
Net operating income 1,450 2,527 812 456 (121) - 5,124
Net cost of net debt (372)
Non-controlling interests (107)
Net income - TotalEnergies share 4,645
3(rd) quarter 2021 (adjustments)((a)) Integrated Gas, Exploration Refining Marketing Corporate Intercompany Total
Renewables & & &
& Power Production Chemicals Services
(M$)
External sales - - - - - - -
Intersegment sales - - - - - - -
Excise taxes - - - - - - -
Revenues from sales - - - - - - -
Operating expenses (152) (32) 301 44 - - 161
Depreciation, depletion and impairment of tangible (7) - (12) - - - (19)
assets and mineral interests
Operating income ((b)) (159) (32) 289 44 - - 142
Net income (loss) from equity affiliates and other items (3) (246) 5 (12) 2 - (254)
Tax on net operating income 4 79 (84) (14) - - (15)
Net operating income ((b)) (158) (199) 210 18 2 - (127)
Net cost of net debt 5
Non-controlling interests (2)
Net income - TotalEnergies share (124)
((a) )Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
((b) )Of which inventory valuation effect
- On operating income - - 309 56 -
- On net operating income - - 285 41 -
3(rd) quarter 2021 (adjusted) Integrated Gas, Exploration Refining Marketing Corporate Intercompany Total
Renewables & & &
& Power Production Chemicals Services
(M$)
External sales 8,482 1,921 22,765 21,554 7 - 54,729
Intersegment sales 1,239 8,588 7,031 110 38 (17,006) -
Excise taxes - - (240) (5,419) - - (5,659)
Revenues from sales 9,721 10,509 29,556 16,245 45 (17,006) 49,070
Operating expenses (8,350) (3,926) (28,454) (15,346) (179) 17,006 (39,249)
Depreciation, depletion and impairment of tangible assets and mineral (336) (2,156) (385) (267) (28) - (3,172)
interests
Adjusted operating income 1,035 4,427 717 632 (162) - 6,649
Net income (loss) from equity affiliates and other items 785 385 74 14 16 - 1,274
Tax on net operating income (212) (2,086) (189) (208) 23 - (2,672)
Adjusted net operating income 1,608 2,726 602 438 (123) - 5,251
Net cost of net debt (377)
Non-controlling interests (105)
Adjusted net income - TotalEnergies share 4,769
3(rd) quarter 2021 Integrated Gas, Exploration Refining Marketing Corporate Intercompany Total
Renewables & & &
& Power Production Chemicals Services
(M$)
Total expenditures 683 1,754 337 239 14 3,027
Total divestments 358 163 17 31 2 571
Cash flow from operating activities (463) 4,814 799 845 (355) 5,640
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
9( )months 2022 Integrated Gas, Exploration Refining Marketing Corporate Intercompany Total
Renewables & & &
& Power Production Chemicals Services
(M$)
External sales 34,070 7,342 94,968 76,024 13 - 212,417
Intersegment sales 5,113 42,324 34,127 1,159 185 (82,908) -
Excise taxes - - (538) (12,522) - - (13,060)
Revenues from sales 39,183 49,666 128,557 64,661 198 (82,908) 199,357
Operating expenses (33,277) (18,348) (119,790) (61,807) (1,063) 82,908 (151,377)
Depreciation, depletion and impairment of tangible (943) (6,772) (1,140) (757) (104) - (9,716)
assets and mineral interests
Operating income 4,963 24,546 7,627 2,097 (969) - 38,264
Net income (loss) from equity affiliates and other items 1,513 (6,069) 724 42 175 - (3,615)
Tax on net operating income (1,331) (12,810) (1,646) (674) 259 - (16,202)
Net operating income 5,145 5,667 6,705 1,465 (535) - 18,447
Net cost of net debt (844)
Non-controlling interests (341)
Net income - TotalEnergies share 17,262
9( )months 2022 (adjustments)((a)) Integrated Gas, Exploration Refining Marketing Corporate Intercompany Total
Renewables & & &
& Power Production Chemicals Services
(M$)
External sales 35 - - - - - 35
Intersegment sales - - - - - - -
Excise taxes - - - - - - -
Revenues from sales 35 - - - - - 35
Operating expenses (1,014) (877) 951 411 (512) - (1,041)
Depreciation, depletion and impairment of tangible (14) (546) - (35) (9) - (604)
assets and mineral interests
Operating income ((b)) (993) (1,423) 951 376 (521) - (1,610)
Net income (loss) from equity affiliates and other items (3,182) (6,900) 69 (14) 106 - (9,921)
Tax on net operating income 65 39 (130) (113) 118 - (21)
Net operating income ((b)) (4,110) (8,284) 890 249 (297) - (11,552)
Net cost of net debt 269
Non-controlling interests (91)
Net income - TotalEnergies share (11,374)
((a) )Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
((b) )Of which inventory valuation effect
- On operating income - - 951 445 -
- On net operating income - - 922 331 -
9( )months 2022 (adjusted) Integrated Gas, Exploration Refining Marketing Corporate Intercompany Total
Renewables & & &
& Power Production Chemicals Services
(M$)
External sales 34,035 7,342 94,968 76,024 13 - 212,382
Intersegment sales 5,113 42,324 34,127 1,159 185 (82,908) -
Excise taxes - - (538) (12,522) - - (13,060)
Revenues from sales 39,148 49,666 128,557 64,661 198 (82,908) 199,322
Operating expenses (32,263) (17,471) (120,741) (62,218) (551) 82,908 (150,336)
Depreciation, depletion and impairment of tangible (929) (6,226) (1,140) (722) (95) - (9,112)
assets and mineral interests
Adjusted operating income 5,956 25,969 6,676 1,721 (448) - 39,874
Net income (loss) from equity affiliates and other items 4,695 831 655 56 69 - 6,306
Tax on net operating income (1,396) (12,849) (1,516) (561) 141 - (16,181)
Adjusted net operating income 9,255 13,951 5,815 1,216 (238) - 29,999
Net cost of net debt (1,113)
Non-controlling interests (250)
Adjusted net income - TotalEnergies share 28,636
9( )months 2022 Integrated Gas, Exploration Refining Marketing Corporate Intercompany Total
Renewables & & &
& Power Production Chemicals Services
(M$)
Total expenditures 5,525 8,168 803 679 55 15,230
Total divestments 2,922 592 89 180 12 3,795
Cash flow from operating activities 8,675 23,619 8,431 2,417 (1,393) 41,749
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
9( )months 2021 Integrated Gas, Exploration Refining Marketing Corporate Intercompany Total
Renewables & & &
& Power Production Chemicals Services
(M$)
External sales 19,070 5,178 62,819 58,434 14 - 145,515
Intersegment sales 2,794 23,021 18,921 296 106 (45,138) -
Excise taxes - - (870) (15,309) - - (16,179)
Revenues from sales 21,864 28,199 80,870 43,421 120 (45,138) 129,336
Operating expenses (18,823) (11,310) (76,732) (40,812) (553) 45,138 (103,092)
Depreciation, depletion and impairment of tangible (1,105) (6,473) (1,184) (793) (82) - (9,637)
assets and mineral interests
Operating income 1,936 10,416 2,954 1,816 (515) - 16,607
Net income (loss) from equity affiliates and other items 1,464 (834) 290 25 13 - 958
Tax on net operating income (365) (4,382) (834) (574) 77 - (6,078)
Net operating income 3,035 5,200 2,410 1,267 (425) - 11,487
Net cost of net debt (1,024)
Non-controlling interests (268)
Net income - TotalEnergies share 10,195
9( )months 2021 (adjustments)((a)) Integrated Gas, Exploration Refining Marketing Corporate Intercompany Total
Renewables & & &
& Power Production Chemicals Services
(M$)
External sales (44) - - - - - (44)
Intersegment sales - - - - - - -
Excise taxes - - - - - - -
Revenues from sales (44) - - - - - (44)
Operating expenses (214) (55) 1,432 257 - - 1,420
Depreciation, depletion and impairment of tangible (155) - (25) - - - (180)
assets and mineral interests
Operating income ((b)) (413) (55) 1,407 257 - - 1,196
Net income (loss) from equity affiliates and other items (99) (1,728) 33 (55) (60) - (1,909)
Tax on net operating income 63 69 (386) (74) 2 - (326)
Net operating income ((b)) (449) (1,714) 1,054 128 (58) - (1,039)
Net cost of net debt 15
Non-controlling interests (16)
Net income - TotalEnergies share (1,040)
((a) )Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
((b) )Of which inventory valuation effect
- On operating income - - 1,449 262 -
- On net operating income - - 1,222 189 -
9( )months 2021 (adjusted) Integrated Gas, Exploration Refining Marketing Corporate Intercompany Total
Renewables & & &
& Power Production Chemicals Services
(M$)
External sales 19,114 5,178 62,819 58,434 14 - 145,559
Intersegment sales 2,794 23,021 18,921 296 106 (45,138) -
Excise taxes - - (870) (15,309) - - (16,179)
Revenues from sales 21,908 28,199 80,870 43,421 120 (45,138) 129,380
Operating expenses (18,609) (11,255) (78,164) (41,069) (553) 45,138 (104,512)
Depreciation, depletion and impairment of tangible (950) (6,473) (1,159) (793) (82) - (9,457)
assets and mineral interests
Adjusted operating income 2,349 10,471 1,547 1,559 (515) - 15,411
Net income (loss) from equity affiliates and other items 1,563 894 257 80 73 - 2,867
Tax on net operating income (428) (4,451) (448) (500) 75 - (5,752)
Adjusted net operating income 3,484 6,914 1,356 1,139 (367) - 12,526
Net cost of net debt (1,039)
Non-controlling interests (252)
Adjusted net income - TotalEnergies share 11,235
9( )months 2021 Integrated Gas, Exploration Refining Marketing Corporate Intercompany Total
Renewables & & &
& Power Production Chemicals Services
(M$)
Total expenditures 4,870 4,949 915 599 62 11,395
Total divestments 810 537 146 138 20 1,651
Cash flow from operating activities 884 13,385 4,027 1,947 (1,454) 18,789
Reconciliation of the information by business segment with Consolidated
Financial Statements
TotalEnergies
(unaudited)
Consolidated
3(rd) quarter 2022 statement
(M$) Adjusted Adjustments((a)) of income
Sales 68,999 38 69,037
Excise taxes (4,075) - (4,075)
Revenues from sales 64,924 38 64,962
Purchases net of inventory variation (41,509) (1,293) (42,802)
Other operating expenses (6,689) (82) (6,771)
Exploration costs (71) - (71)
Depreciation, depletion and impairment of tangible assets and mineral (2,926) (9) (2,935)
interests
Other income 163 1,530 1,693
Other expense (153) (768) (921)
Financial interest on debt (633) - (633)
Financial income and expense from cash & cash equivalents 219 108 327
Cost of net debt (414) 108 (306)
Other financial income 196 - 196
Other financial expense (112) - (112)
Net income (loss) from equity affiliates 2,576 (2,684) (108)
Income taxes (6,037) (40) (6,077)
Consolidated net income 9,948 (3,200) 6,748
TotalEnergies share 9,863 (3,237) 6,626
Non-controlling interests 85 37 122
(a) Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
Consolidated
3(rd) quarter 2021 statement
(M$) Adjusted Adjustments((a)) of income
Sales 54,729 - 54,729
Excise taxes (5,659) - (5,659)
Revenues from sales 49,070 - 49,070
Purchases net of inventory variation (32,574) 230 (32,344)
Other operating expenses (6,548) (69) (6,617)
Exploration costs (127) - (127)
Depreciation, depletion and impairment of tangible assets and mineral (3,172) (19) (3,191)
interests
Other income 195 - 195
Other expense (117) (488) (605)
Financial interest on debt (454) - (454)
Financial income and expense from cash & cash equivalents 79 8 87
Cost of net debt (375) 8 (367)
Other financial income 193 - 193
Other financial expense (140) - (140)
Net income (loss) from equity affiliates 1,143 234 1,377
Income taxes (2,674) (18) (2,692)
Consolidated net income 4,874 (122) 4,752
TotalEnergies share 4,769 (124) 4,645
Non-controlling interests 105 2 107
(a) Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
Reconciliation of the information by business segment with Consolidated
Financial Statements
TotalEnergies
(unaudited)
Consolidated
9( )months 2022 statement of
(M$) Adjusted Adjustments((a)) income
Sales 212,382 35 212,417
Excise taxes (13,060) - (13,060)
Revenues from sales 199,322 35 199,357
Purchases net of inventory variation (128,294) 401 (127,893)
Other operating expenses (21,718) (717) (22,435)
Exploration costs (324) (725) (1,049)
Depreciation, depletion and impairment of tangible assets and mineral (9,112) (604) (9,716)
interests
Other income 713 1,552 2,265
Other expense (951) (3,565) (4,516)
Financial interest on debt (1,667) - (1,667)
Financial income and expense from cash & cash equivalents 408 378 786
Cost of net debt (1,259) 378 (881)
Other financial income 546 84 630
Other financial expense (383) - (383)
Net income (loss) from equity affiliates 6,381 (7,992) (1,611)
Income taxes (16,035) (130) (16,165)
Consolidated net income 28,886 (11,283) 17,603
TotalEnergies share 28,636 (11,374) 17,262
Non-controlling interests 250 91 341
(a) Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
Consolidated
9( )months 2021 statement of
(M$) Adjusted Adjustments((a)) income
Sales 145,559 (44) 145,515
Excise taxes (16,179) - (16,179)
Revenues from sales 129,380 (44) 129,336
Purchases net of inventory variation (83,971) 1,510 (82,461)
Other operating expenses (20,124) (90) (20,214)
Exploration costs (417) - (417)
Depreciation, depletion and impairment of tangible assets and mineral (9,457) (180) (9,637)
interests
Other income 749 27 776
Other expense (451) (1,111) (1,562)
Financial interest on debt (1,421) - (1,421)
Financial income and expense from cash & cash equivalents 235 24 259
Cost of net debt (1,186) 24 (1,162)
Other financial income 567 - 567
Other financial expense (401) - (401)
Net income (loss) from equity affiliates 2,403 (825) 1,578
Income taxes (5,605) (335) (5,940)
Consolidated net income 11,487 (1,024) 10,463
TotalEnergies share 11,235 (1,040) 10,195
Non-controlling interests 252 16 268
(a) Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
Contacts TotalEnergies
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=52954175&newsitemid=20221026006183&lan=en-US&anchor=%40TotalEnergiesPR&index=1&md5=cedeed7c7962f7b10389329a161cb25f)
Investor Relations: +33 (0)1 47 44 46 46 l ir@totalenergies.com
(mailto:ir@totalenergies.com)
View source version on businesswire.com:
https://www.businesswire.com/news/home/20221026006183/en/
(https://www.businesswire.com/news/home/20221026006183/en/)
TotalEnergies
Copyright Business Wire 2022Recent news on TotalEnergies SE
See all newsREG-TotalEnergies SE Director/PDMR Shareholding
AnnouncementREG-TotalEnergies SE Transaction in Own Shares
AnnouncementREG-TotalEnergies SE TotalEnergies Publishes Its Financial Report for First Half 2025
AnnouncementREG-TotalEnergies SE Half-year Report
AnnouncementREG-TotalEnergies SE Half-year Report
Announcement