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1st Quarter Results

TotalEnergies once again demonstrates its ability to generate strong results in a softening oil & gas price environment

As part of its multi-energy strategy, TotalEnergies presents for the first time the results of the Integrated Power segment

PARIS, April 27, 2023--(BUSINESS WIRE)--

TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE):

1Q23

4Q22

Change
vs 4Q22

1Q22

Change
vs 1Q22

Net income (TotalEnergies share) (B$)

5.6

3.3

+70%

4.9

+12%

Adjusted net income (TotalEnergies share)(1)

- in billions of dollars (B$)

6.5

7.6

-13%

9.0

-27%

- in dollars per share

2.61

2.97

-12%

3.40

-23%

Adjusted EBITDA(1) (B$)

14.2

16.0

-11%

17.4

-19%

DACF(1) (B$)

9.8

9.4

+4%

12.0

-19%

Cash Flow from operations (B$)

5.1

5.6

-9%

7.6

-33%

Net-debt-to-capital ratio(2) of 11.5% at March 31, 2023 vs. 7.0% at December 31, 2022

First 2023 interim dividend set at 0.74 €/share

(1) Definition on page 3.
(2) Excluding leases

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The Board of Directors of TotalEnergies SE, chaired by CEO Patrick Pouyanné, met on April 26, 2023, to approve the first quarter 2023 financial statements. On the occasion, Patrick Pouyanné said:

"TotalEnergies once again demonstrates its ability to generate strong results, posting in the first quarter 2023 adjusted net income of $6.5 billion, cash flow of $9.6 billion, and return on average capital employed of 25%, in an environment of lower oil and gas prices. IFRS net income was $5.6 billion for the quarter.

In an environment with Brent prices averaging $81/b, Exploration & Production generated adjusted net operating income of $2.7 billion and cash flow of $4.9 billion with production growth of 2% compared to the previous quarter*, benefiting in particular from the start-up of gas production on Block 10 in Oman and the acquisition of a 20% interest in the SARB / Umm Lulu oil fields in the United Arab Emirates.

Integrated LNG delivered adjusted net operating income and cash flow of $2.1 billion, leveraging its integrated global portfolio, in an environment of European and Asian gas prices returning to levels close to Brent parity at $16-17/Mbtu, given the mild winter and high inventories in Europe. The Company launched this quarter the integrated engineering studies (FEED) on the Papua LNG project, which will contribute to the future growth of the LNG portfolio.

The Integrated Power segment generated adjusted net operating income and cash flow of $0.4 billion in the first quarter. ROACE was nearly 10% over 12 months, confirming the Company's ability to profitably grow this business. TotalEnergies closed this quarter the acquisition of a 34% interest in Casa Dos Ventos in Brazil, contributing to the growth of its installed renewable power generation capacity to 18 GW.

Downstream posted adjusted net operating income of $1.9 billion and cash flow of $2.2 billion, benefiting from strong refining margins. TotalEnergies announced the sale for €3.1 billion to Alimentation Couche-Tard of its retail networks in Germany and the Netherlands as well as a 40%/60% partnership with them to operate the stations in Belgium and Luxembourg.

Given these strong results, the Board of Directors confirmed the increase of 7.25% in the first interim dividend for the 2023 financial year, to €0.74 per share, as well as the repurchase of up to $2 billion of shares in the second quarter of 2023."

1. Highlights(3)

Social and environmental responsibility

  • Publication of the Sustainability & Climate – 2023 Progress Report presenting the progress made on TotalEnergies’ transformation strategy and the update of its climate ambition

  • TotalEnergies ranked Number 2 in employee share ownership in Europe according to the report of the European Federation of Employee Share Ownership

  • TotalEnergies guarantees customers that its fuel price will not exceed 1.99 €/l in its stations in France

Upstream

  • Acquisition of CEPSA's upstream assets in the United Arab Emirates, representing a share of 50 kboe/d

  • Agreement with the Iraqi Government to move forward with the multi-energy project in Iraq

  • Launch of the Lapa South-West project in Brazil

Downstream

  • Sale to Alimentation Couche-Tard of retail networks in Germany and the Netherlands and 40%/60% partnership in Belgium and Luxembourg

  • Agreement with waste recycling company Paprec to develop chemical plastic recycling projects in France

  • Creation of a joint venture with Air Liquide to develop a network of more than 100 hydrogen stations for trucks in Europe

Integrated LNG

  • Production start-up on Block 10 and signed a long-term LNG contract for 0.8 Mt/year in Oman

  • Launch of Papua LNG Integrated Engineering Studies in Papua New Guinea

  • Delivery of the first LNG cargo to the Dhamra LNG terminal in India

  • Commissioning of the floating LNG regasification terminal in Lubmin, Germany

  • Authorization by the French and European authorities for the installation of the floating LNG regasification terminal in Le Havre in France

Integrated Power

  • Closing of the acquisition of a 34% interest in Casa dos Ventos, leading renewable developer in Brazil

  • Acquisition from Corio Generation a 50% interest (minus 10 shares) in the 600 MW Formosa 3 offshore wind project in Taiwan

  • Signature of renewable power purchase agreements with Sasol and Air Liquide in South Africa

Decarbonization & new molecules

  • Acquisition of PGB, Poland's leading biogas producer

  • Entry on two permits for the storage of CO2 in the North Sea, Denmark

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

2. Key figures from TotalEnergies’ consolidated financial statements(4)

In millions of dollars, except effective tax rate,
earnings per share and number of shares

1Q23

4Q22

1Q23
vs
4Q22

1Q22

1Q23
vs
1Q22

Adjusted EBITDA (5)

14,167

15,997

-11%

17,424

-19%

Adjusted net operating income from business segments

6,993

8,238

-15%

9,458

-26%

Exploration & Production

2,653

3,528

-25%

5,015

-47%

Integrated LNG

2,072

2,408

-14%

3,133

-34%

Integrated Power

370

481

-23%

(82)

ns

Refining & Chemicals

1,618

1,487

+9%

1,120

+44%

Marketing & Services

280

334

-16%

272

+3%

Contribution of equity affiliates to adjusted net income

1,079

1,873

-42%

1,861

-42%

Effective tax rate (6)

41.4%

41.4%

38.7%

Adjusted net income (TotalEnergies share)

6,541

7,561

-13%

8,977

-27%

Adjusted fully-diluted earnings per share (dollars) (7)

2.61

2.97

-12%

3.40

-23%

Adjusted fully-diluted earnings per share (euros)*

2.43

2.93

-17%

3.03

-20%

Fully-diluted weighted-average shares (millions)

2,479

2,522

-2%

2,614

-5%

Net income (TotalEnergies share)

5,557

3,264

+70%

4,944

+12%

Organic investments (8)

3,433

3,935

-13%

1,981

+73%

Net acquisitions (9)

2,987

(133)

ns

922

x3.2

Net investments (10)

6,420

3,802

+69%

2,903

x2.2

Operating cash flow before working capital changes (11)

9,621

9,135

+5%

11,626

-17%

Operating cash flow before working capital changes
w/o financial charges (DACF) (12)

9,774

9,361

+4%

11,995

-19%

Cash flow from operations

5,133

5,618

-9%

7,617

-33%

*Average €-$ exchange rate: 1.0730 in the first quarter 2023, 1.0205 in the fourth quarter 2022 and 1.1217 in the first quarter 2022.

(4) Adjusted results are defined as income using replacement cost, adjusted for special items, excluding the impact of changes for fair value; adjustment items are on page 19.

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

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

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

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

(9) Net acquisitions = acquisitions – assets sales – other transactions with non-controlling interests (see page 21).

(10) Net investments = organic investments + net acquisitions (see page 21).

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

The inventory valuation effect is explained on page 25. The reconciliation table for different cash flow figures is on page 21.

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

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

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

1Q23

4Q22

1Q23
vs
4Q22

1Q22

1Q23
vs
1Q22

Brent ($/b)

81.2

88.8

-9%

102.2

-21%

Henry Hub ($/Mbtu)

2.7

6.1

-55%

4.6

-40%

NBP ($/Mbtu)

16.1

32.3

-50%

32.3

-50%

JKM ($/Mbtu)

16.5

30.5

-46%

31.1

-47%

Average price of liquids ($/b)
Consolidated subsidiaries

73.4

80.6

-9%

90.1

-19%

Average price of gas ($/Mbtu)
Consolidated subsidiaries

8.89

12.74

-30%

12.27

-28%

Average price of LNG ($/Mbtu)
Consolidated subsidiaries and equity affiliates

13.27

14.83

-11%

13.60

-2%

Variable cost margin - Refining Europe, VCM ($/t)**

87.8

73.6

+19%

46.3

+90%

* The indicators are shown on page 26.

** This indicator represents TotalEnergies’ average margin on variable cost for refining in Europe (equal to the difference between TotalEnergies European refined product sales and crude oil purchases with associated variable costs divided by volumes refined in tons).

3.2 Greenhouse gas emissions(13)

GHG emissions (MtCO2e)

1Q23

4Q22

1Q23
vs
4Q22

1Q22

1Q23
vs
1Q22

Scope 1+2 from operated facilities (14)

9.1

10.1

-10%

9.6

-6%

of which Oil & Gas

7.6

8.3

-8%

7.9

-4%

of which CCGT

1.5

1.8

-17%

1.7

-15%

Scope 1+2 - equity share

12.8

14.7

-13%

14.0

-9%

Estimated 1Q23 emissions.

Scope 1+2 emissions from operated installations were down in the first quarter 2023, as a result of the decrease in the use of gas-fired power plants in a context of lower demand in Europe and given the decline in flaring on Exploration & Production facilities.

Methane emissions (ktCH4)

1Q23

4Q22

1Q23
vs
4Q22

1Q22

1Q23
vs
1Q22

Methane emissions from operated facilities

9

11

-17%

10

-8%

Methane emissions - equity share

11

10

+12%

12

-7%

Estimated 1Q23 emissions.

Scope 3 emissions (MtCO2e)

1Q23

2022

Scope 3 from Oil, Biofuels and Gas Worldwide (15)

est. 90

389

(13) The six greenhouse gases in the Kyoto protocol, namely CO2, CH4, N2O, HFCs, PFCs and SF6, with their respective GWP (Global Warming Potential) as described in the 2007 IPCC report. HFCs, PFCs and SF6 are virtually absent from the Company’s emissions or are considered as non-material and are therefore not counted.

(14) Scope 1+2 GHG emissions of operated facilities are defined as the sum of direct emissions of greenhouse gases from sites or activities that are included in the scope of reporting (as defined in the Company’s 2022 Universal Registration Document) and indirect emissions attributable to brought-in energy (electricity, heat, steam), excluding purchased industrial gases (H2).

(15) TotalEnergies reports Scope 3 GHG emissions, category 11, which correspond to indirect GHG emissions related to the use by customers of energy products, i.e., combustion of the products to obtain energy. The Company follows the oil & gas industry reporting guidelines published by IPIECA, which comply with the GHG Protocol methodologies. In order to avoid double counting, this methodology accounts for the largest volume in the oil, biofuels and gas value chains, i.e., the higher of the two production volumes or sales to end customers. The highest point for each value chain for 2023 will be evaluated considering realizations over the full year, TotalEnergies gradually providing quarterly estimates.

3.3 Production*

Hydrocarbon production

1Q23

4Q22

1Q23
vs
4Q22

1Q22

1Q23
vs
1Q22

Hydrocarbon production (kboe/d)

2,524

2,812

-10%

2,843

-11%

Oil (including bitumen) (kb/d)

1,398

1,357

+3%

1,305

+7%

Gas (including condensates and associated NGL) (kboe/d)

1,126

1,455

-23%

1,538

-27%

Hydrocarbon production (kboe/d)

2,524

2,812

-10%

2,843

-11%

Liquids (kb/d)

1,562

1,570

-

1,527

+2%

Gas (Mcf/d)

5,191

6,681

-22%

7,162

-28%

Hydrocarbon production excluding Novatek (kboe/d)

2,524

2,475

+2%

2,508

+1%

* Company production = E&P production + Integrated LNG production.

Hydrocarbon production was 2,524 thousand barrels of oil equivalent per day (kboe/d) in the first quarter of 2023, up 1% year-on-year (excluding Novatek), comprised of:

  • +4% due to start-ups and ramp-ups, notably Mero 1 in Brazil and Ikike in Nigeria,

  • +1% due to the increase in OPEC+ production quotas,

  • -1% portfolio effect, notably related to the end of the Bongkot operating licenses in Thailand, the exit from Termokarstovoye and Kharyaga in Russia and the effective withdrawal from Myanmar, partially offset by the entry into the producing fields of Sépia and Atapu in Brazil and SARB / Umm Lulu in the United Arab Emirates, as well as the increased participation in the Waha concessions in Libya,

  • -3% due to the natural decline of the fields.

Production was up 2% quarter-on-quarter (excluding Novatek), benefiting in particular from the start-up of gas production from Block 10 in Oman, the acquisition of an interest in the SARB / Umm Lulu oil fields in the United Arab Emirates, and the ramp-up of Johan Sverdrup Phase 2 project in Norway.

4. Analysis of business segments

4.1 Integrated LNG

4.1.1 Production

Hydrocarbon production for LNG

1Q23

4Q22

1Q23
vs
4Q22

1Q22

1Q23
vs
1Q22

Integrated LNG (kboe/d)

463

503

-8%

492

-6%

Liquids (kb/d)

62

58

+6%

60

+3%

Gas (Mcf/d)

2,179

2,420

-10%

2,349

-7%

Integrated LNG excluding Novatek (kboe/d)

463

445

+4%

433

+7%

Liquefied Natural Gas in Mt

1Q23

4Q22

1Q23
vs
4Q22

1Q22

1Q23
vs
1Q22

Overall LNG sales

11.0

12.7

-13%

13.3

-17%

incl. Sales from equity production*

4.0

4.4

-11%

4.4

-11%

incl. Sales by TotalEnergies from equity production and third party purchases

9.9

11.4

-14%

11.9

-17%

* The Company’s equity production may be sold by TotalEnergies or by the joint ventures.

Hydrocarbon production for LNG was up 7% year-on-year (excluding Novatek), due to the restart of Snøhvit in Norway during the second quarter 2022.

Overall LNG sales in the first quarter of 2023 were down 17% year-on-year, mainly as a result of lower spot volumes, linked to lower demand for LNG in Europe due to the mild winter weather and high inventories.

4.1.2 Results

In millions of dollars

1Q23

4Q22

1Q23
vs
4Q22

1Q22

1Q23
vs
1Q22

Adjusted net operating income*

2,072

2,408

-14%

3,133

-34%

including adjusted income from equity affiliates

786

1,213

-35%

1,404

-44%

Organic investments

396

195

x2

(61)

ns

Net acquisitions

759

19

x39.9

(20)

ns

Net investments

1,155

214

x5.4

(81)

ns

Operating cash flow before working capital changes **

2,081

2,688

-23%

2,492

-16%

Cash flow from operations ***

3,536

134

x26.4

2,219

+59%

* Detail of adjustment items shown in the business segment information annex to financial statements.

** Excluding financial charges, except those related to lease contracts, excluding the impact of contracts recognized at fair value.

*** Excluding financial charges, except those related to leases.

Integrated LNG adjusted net operating income was $2,072 million in the first quarter 2023:

  • down 10% quarter-on-quarter (excluding Novatek), mainly due to lower hydrocarbon prices;

  • down 25% year-on-year (excluding Novatek) due to lower LNG sales and prices, as well as exceptional trading results in the first quarter of 2022.

Operating cash flow before working capital changes for Integrated LNG was $2,081 million in the first quarter 2023:

  • down 23% quarter-on-quarter (excluding Novatek), due to lower prices and a lag effect on dividend payments received from equity affiliates;

  • down 16% year-on-year (excluding Novatek), due to lower prices.

Cash flow from operations was $3,536 million for the quarter, linked to the positive impact on working capital of the decrease in margin calls and receivables.

4.2 Integrated Power

4.2.1 Capacities, productions, clients and sales

Integrated Power

1Q23

4Q22

1Q23
vs
4Q22

1Q22

1Q23
vs
1Q22

Portfolio of renewable power generation gross capacity (GW) (1),(2)

70.4

69.0

+2%

46.8

+50%

o/w installed capacity

17.9

16.8

+7%

10.7

+68%

o/w capacity in construction

6.2

6.1

+1%

6.1

+2%

o/w capacity in development

46.3

46.0

+1%

30.1

+54%

Portfolio of renewable power generation net capacity (GW) (2)

44.4

45.5

-2%

34.4

+29%

o/w installed capacity

8.4

7.7

+9%

5.4

+55%

o/w capacity in construction

4.0

4.1

-2%

4.2

-3%

o/w capacity in development

32.0

33.6

-5%

24.8

+29%

Gas-fired power generation gross installed capacity (GW) (2)

5.8

5.8

-

5.8

-

Gas-fired power generation net installed capacity (GW) (2)

4.3

4.3

-

4.5

-5%

Net power production (TWh) (3)

8.4

9.4

-11%

7.6

+10%

incl. power production from renewables

3.8

3.3

+16%

2.2

+72%

Clients power - BtB and BtC (Million) (2)

6.0

6.1

-2%

6.1

-1%

Clients gas - BtB and BtC (Million) (2)

2.8

2.7

-

2.7

+1%

Sales power - BtB and BtC (TWh)

15.5

14.6

+6%

16.3

-5%

Sales gas - BtB and BtC (TWh)

37.3

28.1

+33%

35.0

+7%

(1) Includes 20% of Adani Green Energy Ltd’s gross capacity effective first quarter 2021, 50% of Clearway Energy Group’s gross capacity effective third quarter 2022 and 49% of Casa dos Ventos’ gross capacity effective first quarter 2023.

(2) End of period data.

(3) Solar, wind, hydroelectric and combined-cycle gas turbine (CCGT) plants.

Gross installed renewable power generation capacity was close to 18 GW at the end of the first quarter 2023, up by more than 1 GW quarter-on-quarter, including 0.6 GW from the acquisition of an interest in the Casa dos Ventos portfolio of renewable projects in Brazil and the connection of 0.3 GW from the Seagreen offshore wind project in the UK.

Net electricity generation was 8.4 TWh in the quarter:

  • up 10% year-on-year, due to growing electricity generation from renewables, offsetting the lower generation from flexible capacity,

  • down 11% quarter-on-quarter due to lower flexible capacity generation in the context of lower demand, partially offset by growing renewable power generation.

4.2.2 Results

In millions of dollars

1Q23

4Q22

1Q23
vs
4Q22

1Q22

1Q23
vs
1Q22

Adjusted net operating income*

370

481

-23%

(82)

ns

including adjusted income from equity affiliates

56

88

-36%

26

x2.2

Organic investments

577

455

+27%

319

+81%

Net acquisitions

519

(230)

ns

661

-22%

Net investments

1,096

225

x4.9

980

+12%

Operating cash flow before working capital changes **

440

439

-

93

x4.7

Cash flow from operations ***

(1,285)

861

ns

(1,904)

ns

* Detail of adjustment items shown in the business segment information annex to financial statements.

** Excluding financial charges, except those related to lease contracts, excluding the impact of contracts recognized at fair value for the sector and including capital gains on the sale of renewable projects.

*** Excluding financial charges, except those related to leases. Excluding margin calls, reported in the Integrated LNG segment since the implementation in 2022 of its centralized management.

Integrated Power adjusted net operating income was $370 million in the first quarter 2023:

  • up significantly year-on-year, due to the contribution from gas-fired power plants and the performance of power trading, which offset the impact of seasonality in the power marketing business,

  • down 23% quarter-on-quarter, notably due to the impact of seasonality in the power marketing business.

Cash flow from operations was ($1,285) million in the first quarter 2023, mainly due to the negative impact on working capital of the seasonality of the power & gas marketing business (gap between a seasonal monthly cost of supply and a fixed monthly B2C clients payment estimated on the year-n-1 consumption).

4.3 Exploration & Production

4.3.1 Production

Hydrocarbon production

1Q23

4Q22

1Q23
vs
4Q22

1Q22

1Q23
vs
1Q22

EP (kboe/d)

2,061

2,309

-11%

2,351

-12%

Liquids (kb/d)

1,500

1,512

-1%

1,467

+2%

Gas (Mcf/d)

3,012

4,261

-29%

4,813

-37%

EP excluding Novatek (kboe/d)

2,061

2,030

+2%

2,075

-1%

4.3.2 Results

In millions of dollars, except effective tax rate

1Q23

4Q22

1Q23
vs
4Q22

1Q22

1Q23
vs
1Q22

Adjusted net operating income*

2,653

3,528

-25%

5,015

-47%

including adjusted income from equity affiliates

135

316

-57%

355

-62%

Effective tax rate**

57.1%

54.4%

-

47.0%

-

Organic investments

2,134

2,219

-4%

1,426

+50%

Net acquisitions

1,938

105

x18.5

316

x6.1

Net investments

4,072

2,324

+75%

1,742

x2.3

Operating cash flow before working capital changes ***

4,907

4,988

-2%

7,303

-33%

Cash flow from operations ***

4,536

4,035

+12%

5,768

-21%

* Details on adjustment items are shown in the business segment information annex to financial statements.

** Tax on adjusted net operating income / (adjusted net operating income - income from equity affiliates - dividends received from investments - impairment of goodwill + tax on adjusted net operating income).

*** Excluding financial charges, except those related to leases.

Exploration & Production adjusted net operating income was $2,653 million in the first quarter 2023:

  • down 22% quarter-on-quarter (excluding Novatek), due to lower oil and gas prices,

  • down 45% year-on-year (excluding Novatek) for the same reasons, as well as higher taxation, particularly in the UK.

Operating cash flow before working capital changes in the first quarter 2023 was $4,907 million, down 3% quarter-on-quarter (excluding Novatek), reflecting lower gas and oil prices in the first quarter 2023 and exceptional taxes during the fourth quarter 2022, notably taxes related to the European solidarity contribution.

4.4 Downstream (Refining & Chemicals and Marketing & Services)

4.4.1 Results

In millions of dollars

1Q23

4Q22

1Q23
vs
4Q22

1Q22

1Q23
vs
1Q22

Adjusted net operating income*

1,898

1,821

+4%

1,392

+36%

Organic investments

290

1,023

-72%

292

-1%

Net acquisitions

(229)

(28)

ns

(34)

ns

Net investments

61

995

-94%

258

-76%

Operating cash flow before working capital changes **

2,189

1,681

+30%

1,896

+15%

Cash flow from operations **

(1,524)

939

ns

2,005

ns

* Detail of adjustment items shown in the business segment information annex to financial statements.

** Excluding financial charges, except those related to leases.

4.5 Refining & Chemicals

4.5.1 Refinery and petrochemicals throughput and utilization rates

Refinery throughput and utilization rate*

1Q23

4Q22

1Q23
vs
4Q22

1Q22

1Q23
vs
1Q22

Total refinery throughput (kb/d)

1,403

1,389

+1%

1,317

+6%

France

357

312

+14%

252

+42%

Rest of Europe

596

580

+3%

605

-1%

Rest of world

450

497

-10%

460

-2%

Utlization rate based on crude only**

78%

77%

74%

* Includes refineries in Africa reported in the Marketing & Services segment.

** Based on distillation capacity at the beginning of the year.

Petrochemicals production and utilization rate

1Q23

4Q22

1Q23
vs
4Q22

1Q22

1Q23
vs
1Q22

Monomers* (kt)

1,295

1,095

+18%

1,404

-8%

Polymers (kt)

1,111

917

+21%

1,274

-13%

Steamcracker utilization rate**

75%

66%

86%

* Olefins.

** Based on olefins production from steam crackers and their treatment capacity at the start of the year.

Refined volumes were up 6% year-on-year, notably due to the restart of the Donges refinery in France in the second quarter 2022.

Petrochemical production was down 8% year-on-year for monomers and 13% for polymers, due to slowing global demand.

4.5.2 Results

In millions of dollars

1Q23

4Q22

1Q23
vs
4Q22

1Q22

1Q23
vs
1Q22

Adjusted net operating income*

1,618

1,487

+9%

1,120

+44%

Organic investments

198

585

-66%

197

+1%

Net acquisitions

5

(5)

ns

-

ns

Net investments

203

580

-65%

197

+3%

Operating cash flow before working capital changes **

1,733

1,144

+51%

1,433

+21%

Cash flow from operations **

(851)

232

ns

1,107

ns

* Detail of adjustment items shown in the business segment information annex to financial statements.

** Excluding financial charges, except those related to leases.

Refining & Chemicals adjusted net operating income was $1,618 million in the first quarter 2023:

  • up 9% quarter-on-quarter, due to strong margins,

  • up 44% year-on-year for the same reason as well as higher refined volumes.

Operating cash flow before working capital changes was $1,733 million in the first quarter of 2023, up 51% quarter-on-quarter, taking into account the fourth quarter 2022 negative impact of the European solidarity contribution for refining activities of $0.7 billion.

Cash flow from operations was ($851) million in the first quarter of 2023, due to the negative impact on working capital of an increase in inventories linked to strikes in France in March.

4.6 Marketing & Services

4.6.1 Petroleum product sales

Sales in kb/d*

1Q23

4Q22

1Q23
vs
4Q22

1Q22

1Q23
vs
1Q22

Total Marketing & Services sales

1,360

1,450

-6%

1,452

-6%

Europe

757

816

-7%

790

-4%

Rest of world

602

634

-5%

662

-9%

* Excludes trading and bulk refining sales.

In the first quarter 2023, sales of petroleum products were down 6% quarter-on-quarter and year-on-year, due to lower industrial demand in Europe linked to higher prices for petroleum products, partially offset by the recovery in aviation activities.

4.6.2 Results

In millions of dollars

1Q23

4Q22

1Q23
vs
4Q22

1Q22

1Q23
vs
1Q22

Adjusted net operating income*

280

334

-16%

272

+3%

Organic investments

92

438

-79%

95

-3%

Net acquisitions

(234)

(23)

ns

(34)

ns

Net investments

(142)

415

ns

61

ns

Operating cash flow before working capital changes **

456

537

-15%

463

-2%

Cash flow from operations **

(673)

707

ns

898

ns

* Detail of adjustment items shown in the business segment information annex to financial statements.

** Excluding financial charges, except those related to leases.

Marketing & Services adjusted net operating income was $280 million in the first quarter 2023, up 3% year-on-year, mainly thanks to the strong performance of the retail network activities.

Cash flow from operations was ($673) million in the first quarter of 2023, due to the negative impact of lower prices on working capital.

5. TotalEnergies results

5.1 Adjusted net operating income from business segments

Adjusted net operating income from business segments was $6,993 million in the first quarter 2023, compared to $9,458 million in the first quarter of 2022, mainly due to lower oil and gas prices.

5.2 Adjusted net income (TotalEnergies share)

TotalEnergies adjusted net income was $6,541 million in the first quarter 2023 versus $8,977 million in the first quarter of 2022, mainly due to lower oil and gas prices.

Adjusted net income excludes the after-tax inventory effect, special items and the impact of changes in fair value(16).

Adjustments to net income(17) were ($984) million in the first quarter 2023, consisting mainly of:

  • ($0.4) billion of inventory effect,

  • ($0.4) billion effects of changes in fair value,

  • ($0.2) billion related to the impacts of the European solidarity contribution and the inframarginal income contribution in France.

TotalEnergies’ average tax rate of 41.4% in the first quarter 2023 was stable compared to the previous quarter, versus 38.7% in the first quarter 2022, mainly as a result of the higher tax rate for Exploration & Production, related notably to the Energy Profits Levy in the UK.

5.3 Adjusted earnings per share

Adjusted diluted net earnings per share were $2.61 in the first quarter 2023, based on 2,479 million weighted average diluted shares, compared to $3.40 a year earlier.

As of March 31, 2023, the number of diluted shares was 2,468 million.

As part of its shareholder return policy, TotalEnergies repurchased 32.2 million shares for cancellation in the first quarter of 2023 for $2 billion.

5.4 Acquisitions - asset sales

Acquisitions were $3,256 million in the first quarter 2023, notably for:

  • the acquisition of a 20% interest in the SARB/ Umm Lulu concession in the United Arab Emirates,

  • payments related to the acquisition of a 6.25% stake in the NFE LNG project in Qatar,

  • a 34% stake in a joint venture with Casa dos Ventos in Brazil.

Divestments were $269 million in the first quarter 2023, mainly related to the sale of 50% of the Marketing & Services subsidiary in Egypt.

5.5 Net cash flow

TotalEnergies' net cash flow(18) was $3,201 million in the first quarter 2023 compared to $8,723 million a year earlier, given the $2,005 million decrease in cash flow and the $3,517 million increase in net investments to $6,420 million this quarter.

In the first quarter, cash flow from operations was $5,133 million compared to $9,621 million of operating cash flow before working capital changes, reflecting the $4.5 billion increase in working capital requirements, mainly due to the effects of lower prices on tax and trade payables, higher crude and petroleum product inventories notably due to the strikes in France, and the seasonality of the gas and power marketing business.

(16) These adjustment elements are explained page 25.

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

(18) Net cash flow = operating cash flow before working capital changes - net investments (including other transactions with non-controlling interest).

5.6 Profitability

Return on equity was 29.7% for the twelve months ended March 31, 2023.

In millions of dollars

April 1, 2022

January 1, 2022

April 1, 2021

March 31, 2023

December 31, 2022

March 31, 2022

Adjusted net income

34,219

36,657

24,382

Average adjusted shareholders' equity

115,233

112,831

111,794

Return on equity (ROE)

29.7%

32.5%

21.8%

Return on average capital employed was 25.4% for the twelve months ended March 31, 2023.

In millions of dollars

April 1, 2022

January 1, 2022

April 1, 2021

March 31, 2023

December 31, 2022

March 31, 2022

Adjusted net operating income

35,712

38,212

25,803

Average capital employed

140,842

135,312

143,517

ROACE

25.4%

28.2%

18.0%

6. TotalEnergies SE statutory accounts

Net income for TotalEnergies SE, the parent company, amounted to €2,189 million in the first quarter 2023, compared to €1,035 million in the first quarter 2022.

7. Annual 2023 Sensitivities*

Change

Estimated impact on adjusted
net operating income

Estimated impact on cash flow from operations

Dollar

+/- 0,1 $ par €

-/+ 0,1 G$

~0 G$

Average liquids price**

+/- 10 $/b

+/- 2,5 G$

+/- 3,0 G$

European gas price - NBP / TTF

+/- 2 $/Mbtu

+/- 0,4 G$

+/- 0,4 G$

Variable cost margin, European refining (VCM)

+/- 10 $/t

+/- 0,4 G$

+/- 0,5 G$

* Sensitivities are revised once per year upon publication of the previous year’s fourth quarter results. Sensitivities are estimates based on assumptions about TotalEnergies’ portfolio in 2023. Actual results could vary significantly from estimates based on the application of these sensitivities. The impact of the $-€ sensitivity on adjusted net operating income is essentially attributable to Refining & Chemicals.

** In a 80 $/b Brent environment.

8. Outlook

After briefly falling below $75/b in mid-March, oil prices rose above $80/b in April, notably due to the decision by some OPEC+ countries to reduce their production quotas to stabilize a market marked by fears of financial crisis and recession.

After several quarters of exceptionally high diesel cracks, European refining margins are easing down because of lower economic growth expectations and high products inventories fueled by Chinese exports and the quicker than anticipated reorganization of Russian flows following the European embargo. Demand for petroleum products could be supported in the coming weeks by the entry into the driving season in the US for gasoline, as well as the global recovery of air traffic for aviation fuel.

Given the evolution of oil and gas prices in recent months and the lag effect on price formulas, TotalEnergies anticipates that its average LNG selling price should be between $10-12/Mbtu in the second quarter 2023.

Given the high inventory levels at the end of winter, European and Asian gas prices are expected to remain stable in the second quarter before rebounding in the second half 2023, driven by restocking gas in Europe before winter and the demand recovery in China, in a context of limited LNG production growth. Futures markets anticipate prices in the range of $18/Mbtu for winter 2023-24.

For the second quarter 2023, TotalEnergies anticipates a hydrocarbon production around 2.5 Mboe/d, LNG sales that should benefit from the restart of Freeport LNG and a utilization rate in refineries up to more than 80% given the end of strikes in France.

The Company confirms its guidance for net investments between $16-18 billion in 2023, including $5 billion in low-carbon energies.

* * * *

To listen to the conference call with CEO Patrick Pouyanné and CFO Jean-Pierre Sbraire today at 13:30 (Paris time), please log on to totalenergies.com or dial +44 (0) 121 281 8004 or +1 (718) 705-8796. The conference replay will be available on the Company's website totalenergies.com after the event.

* * * *

9. Operating information by segment

9.1 Company’s production (Exploration & Production + Integrated LNG)

Combined liquids and gas
production by region (kboe/d)

1Q23

4Q22

1Q23
vs
4Q22

1Q22

1Q23
vs
1Q22

Europe

583

918

-37%

959

-39%

Africa

494

477

+4%

498

-1%

Middle East and North Africa

718

703

+2%

670

+7%

Americas

441

442

-

386

+14%

Asia-Pacific

288

272

+6%

330

-13%

Total production

2,524

2,812

-10%

2,843

-11%

includes equity affiliates

344

670

-49%

715

-52%

Liquids production by region (kb/d)

1Q23

4Q22

1Q23
vs
4Q22

1Q22

1Q23
vs
1Q22

Europe

235

282

-17%

298

-21%

Africa

371

358

+4%

371

-

Middle East and North Africa

578

565

+2%

538

+7%

Americas

263

259

+2%

201

+31%

Asia-Pacific

116

106

+9%

119

-3%

Total production

1,562

1,570

-

1,527

+2%

includes equity affiliates

150

199

-24%

210

-29%

Gas production by region (Mcf/d)

1Q23

4Q22

1Q23
vs
4Q22

1Q22

1Q23
vs
1Q22

Europe

1,879

3,412

-45%

3,557

-47%

Africa

615

592

+4%

643

-4%

Middle East and North Africa

772

745

+4%

727

+6%

Americas

994

1,030

-3%

1,041

-5%

Asia-Pacific

931

902

+3%

1,194

-22%

Total production

5,191

6,681

-22%

7,162

-28%

includes equity affiliates

1,054

2,535

-58%

2,714

-61%

9.2 Downstream (Refining & Chemicals and Marketing & Services)

Petroleum product sales by region (kb/d)

1Q23

4Q22

1Q23
vs
4Q22

1Q22

1Q23
vs
1Q22

Europe

1,736

1,665

+4%

1,635

+6%

Africa

667

743

-10%

761

-12%

Americas

849

740

+15%

775

+9%

Rest of world

623

558

+12%

531

+17%

Total consolidated sales

3,875

3,706

+5%

3,701

+5%

Includes bulk sales

387

388

-

409

-5%

Includes trading

2,127

1,868

+14%

1,840

+16%

Petrochemicals production* (kt)

1Q23

4Q22

1Q23
vs
4Q22

1Q22

1Q23
vs
1Q22

Europe

1,047

835

+25%

1,260

-17%

Americas

607

477

+27%

638

-5%

Middle East and Asia

753

700

+7%

781

-4%

* Olefins, polymers.

9.3 Renewables

1Q23

4Q22

Installed power generation gross capacity (GW) (1),(2)

Solar

Onshore Wind

Offshore Wind

Other

Total

Solar

Onshore Wind

Offshore Wind

Other

Total

France

0.8

0.6

0.0

0.2

1.5

0.8

0.6

0.0

0.1

1.5

Rest of Europe

0.2

1.1

0.5

0.0

1.8

0.2

1.1

0.3

0.0

1.6

Africa

0.1

0.0

0.0

0.0

0.2

0.1

0.0

0.0

0.0

0.1

Middle East

1.2

0.0

0.0

0.0

1.2

1.2

0.0

0.0

0.0

1.2

North America

3.0

2.1

0.0

0.1

5.1

2.9

2.1

0.0

0.1

5.1

South America

0.4

0.9

0.0

0.0

1.3

0.4

0.3

0.0

0.0

0.7

India

5.0

0.4

0.0

0.0

5.4

4.9

0.4

0.0

0.0

5.3

Asia-Pacific

1.3

0.0

0.1

0.0

1.5

1.2

0.0

0.1

0.0

1.4

Total

12.0

5.0

0.7

0.3

17.9

11.7

4.5

0.4

0.2

16.8

1Q23

4Q22

Power generation gross capacity from renewables
in construction (GW) (1),(2)

Solar

Onshore Wind

Offshore Wind

Other

Total

Solar

Onshore Wind

Offshore Wind

Other

Total

France

0.2

0.1

0.0

0.0

0.4

0.2

0.1

0.0

0.1

0.4

Rest of Europe

0.1

0.0

0.6

0.0

0.7

0.1

0.0

0.9

0.0

1.0

Africa

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Middle East

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

North America

2.7

0.1

0.0

0.5

3.4

2.6

0.0

0.0

0.5

3.1

South America

0.1

0.6

0.0

0.0

0.7

0.0

0.0

0.0

0.0

0.0

India

0.4

0.1

0.0

0.0

0.5

0.8

0.2

0.0

0.0

1.0

Asia-Pacific

0.0

0.0

0.5

0.0

0.6

0.1

0.0

0.5

0.0

0.6

Total

3.6

0.9

1.2

0.5

6.2

3.8

0.3

1.4

0.6

6.1

1Q23

4Q22

Power generation gross capacity from renewables
in development (GW) (1),(2)

Solar

Onshore Wind

Offshore Wind

Other

Total

Solar

Onshore Wind

Offshore Wind

Other

Total

France

0.9

0.2

0.0

0.0

1.2

1.6

0.4

0.0

0.0

2.0

Rest of Europe

3.6

0.4

4.4

0.1

8.4

3.8

0.4

4.4

0.1

8.6

Africa

0.7

0.3

0.0

0.1

1.1

0.6

0.1

0.0

0.1

0.9

Middle East

0.5

0.0

0.0

0.0

0.5

0.6

0.0

0.0

0.0

0.6

North America

10.7

2.8

4.1

4.5

22.1

10.8

3.4

4.1

4.1

22.4

South America

1.3

0.5

0.0

0.0

1.8

0.8

1.1

0.0

0.2

2.0

India

4.6

0.2

0.0

0.0

4.8

4.4

0.1

0.0

0.0

4.5

Asia-Pacific

2.4

0.4

2.9

0.7

6.4

2.2

0.1

2.3

0.4

5.0

Total

24.7

4.8

11.4

5.4

46.3

24.8

5.5

10.8

4.9

46.0

(1) Includes 20% of the gross capacities of Adani Green Energy Limited, 50% of Clearway Energy Group and, from 1Q23, 49% of Casa dos Ventos.

(2) End-of-period data.

10. Adjustment items to net income (TotalEnergies share)

In millions of dollars

1Q23

4Q22

1Q22

Special items affecting net income (TotalEnergies share)

(159)

(5,585)

(4,993)

Gain (loss) on asset sales

203

-

-

Restructuring charges

-

(14)

(3)

Impairments

(60)

(3,845)

(5,061)

Other

(302)

(1,726)

71

After-tax inventory effect : FIFO vs. replacement cost

(391)

(705)

1,040

Effect of changes in fair value

(434)

1,993

(80)

Total adjustments affecting net income

(984)

(4,297)

(4,033)

11. Reconciliation of adjusted EBITDA with consolidated financial statements

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

In millions of dollars

1Q23

4Q22

1Q23
vs
4Q22

1Q22

1Q23
vs
1Q22

Net income - TotalEnergies share

5,557

3,264

+70%

4,944

+12%

Less: adjustment items to net income (TotalEnergies share)

984

4,297

-77%

4,033

-76%

Adjusted net income - TotalEnergies share

6,541

7,561

-13%

8,977

-27%

Adjusted items

Add: non-controlling interests

74

210

-65%

76

-3%

Add: income taxes

4,090

4,530

-10%

4,724

-13%

Add: depreciation, depletion and impairment of tangible assets and mineral interests

3,026

3,204

-6%

3,148

-4%

Add: amortization and impairment of intangible assets

99

111

-11%

96

+3%

Add: financial interest on debt

710

719

-1%

462

+54%

Less: financial income and expense from cash & cash equivalents

(373)

(338)

ns

(59)

ns

Adjusted EBITDA

14,167

15,997

-11%

17,424

-19%

11.2 Reconciliation of revenues from sales to adjusted EBITDA and net income (TotalEnergies share)

In millions of dollars

1Q23

4Q22

1Q23
vs
4Q22

1Q22

1Q23
vs
1Q22

Adjusted items

Revenues from sales

58,309

63,884

-9%

63,938

-9%

Purchases, net of inventory variation

(37,479)

(42,755)

ns

(40,762)

ns

Other operating expenses

(7,752)

(7,027)

ns

(7,409)

ns

Exploration costs

(94)

(250)

ns

(136)

ns

Other income

77

636

-88%

121

-36%

Other expense, excluding amortization and impairment of intangible assets

(38)

(480)

ns

(173)

ns

Other financial income

248

266

-7%

119

x2.1

Other financial expense

(183)

(150)

ns

(135)

ns

Net income (loss) from equity affiliates

1,079

1,873

-42%

1,861

-42%

Adjusted EBITDA

14,167

15,997

-11%

17,424

-19%

Adjusted items

Less: depreciation, depletion and impairment of tangible assets and mineral interests

(3,026)

(3,204)

ns

(3,148)

ns

Less: amortization of intangible assets

(99)

(111)

ns

(96)

ns

Less: financial interest on debt

(710)

(719)

ns

(462)

ns

Add: financial income and expense from cash & cash equivalents

373

338

+10%

59

x6.3

Less: income taxes

(4,090)

(4,530)

ns

(4,724)

ns

Less: non-controlling interests

(74)

(210)

ns

(76)

ns

Add: adjustment - TotalEnergies share

(984)

(4,297)

ns

(4,033)

ns

Net income - TotalEnergies share

5,557

3,264

+70%

4,944

+12%

12. Investments - Divestments

In millions of dollars

1Q23

4Q22

1Q23
vs
4Q22

1Q22

1Q23
vs
1Q22

Organic investments ( a )

3,433

3,935

-13%

1,981

+73%

Capitalized exploration

205

287

-29%

114

+80%

Increase in non-current loans

374

210

+78%

234

+60%

Repayment of non-current loans,
excluding organic loan repayment from equity affiliates

(229)

(259)

ns

(435)

ns

Change in debt from renewable projects
(TotalEnergies share)

-

(124)

-100%

-

ns

Acquisitions ( b )

3,256

292

x11.2

1,400

x2.3

Asset sales ( c )

269

425

-37%

478

-44%

Change in debt from renewable projects (partner share)

(3)

109

ns

(2)

ns

Net acquisitions

2,987

(133)

ns

922

x3.2

Net investments ( a + b - c )

6,420

3,802

+69%

2,903

x2.2

Other transactions with non-controlling interests ( d )

-

50

-100%

-

ns

Organic loan repayment from equity affiliates ( e )

6

(335)

ns

(487)

ns

Change in debt from renewable projects financing * ( f )

(3)

233

ns

(2)

ns

Capex linked to capitalized leasing contracts ( g )

60

61

-2%

36

+67%

Expenditures related to carbon credits ( h )

1

8

-88%

-

ns

Cash flow used in investing activities ( a + b - c + d + e + f - g - h )

6,362

3,681

+73%

2,378

x2.7

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

13. Cash flow

In millions of dollars

1Q23

4Q22

1Q23
vs
4Q22

1Q22

1Q23
vs
1Q22

Operating cash flow before working capital changes w/o financial charges (DACF)

9,774

9,361

+4%

11,995

-19%

Financial charges

(153)

(226)

ns

(369)

ns

Operating cash flow before working capital changes ( a ) *

9,621

9,135

+5%

11,626

-17%

(Increase) decrease in working capital **

(3,989)

(2,247)

ns

(4,775)

ns

Inventory effect

(502)

(895)

ns

1,255

ns

Capital gain from renewable project sales

(3)

(40)

ns

(2)

ns

Organic loan repayments from equity affiliates

6

(335)

ns

(487)

ns

Cash flow from operations

5,133

5,618

-9%

7,617

-33%

Organic investments ( b )

3,433

3,935

-13%

1,981

+73%

Free cash flow after organic investments,
w/o net asset sales ( a - b )

6,188

5,200

+19%

9,645

-36%

Net investments ( c )

6,420

3,802

+69%

2,903

x2.2

Net cash flow ( a - c )

3,201

5,333

-40%

8,723

-63%

* Operating cash flow before working capital changes, is defined as cash flow from operating activities before changes in working capital at replacement cost, excluding the mark-to-market effect of Integrated LNG and Integrated Power sectors’ contracts and including capital gain from renewable projects sale.

Historical data have been restated to cancel the impact of fair valuation of Integrated LNG and Integrated Power sectors’ contracts.

** Changes in working capital are presented excluding the mark-to-market effect of Integrated LNG and Integrated Power sectors’ contracts.

14. Gearing ratio

In millions of dollars

03/31/2023

12/31/2023

03/31/2022

Current borrowings (1)

16,280

14,065

16,759

Other current financial liabilities

597

488

502

Current financial assets (1),(2)

(7,223)

(8,556)

(7,231)

Net financial assets classified as held for sale

(38)

(38)

(38)

Non-current financial debt (1)

34,820

36,987

38,924

Non-current financial assets (1)

(1,101)

(1,303)

(587)

Cash and cash equivalents

(27,985)

(33,026)

(31,276)

Net debt (a)

15,350

8,617

17,053

Shareholders’ equity - TotalEnergies share

115,581

111,724

116,480

Non-controlling interests

2,863

2,846

3,375

Shareholders' equity (b)

118,444

114,570

119,855

Net-debt-to-capital ratio = a / (a+b)

11.5%

7.0%

12.5%

Leases (c)

8,131

8,096

8,028

Net-debt-to-capital ratio including leases (a+c) / (a+b+c)

16.5%

12.7%

17.3%

(1) Excludes leases receivables and leases debts.

(2) Including initial margins held as part of the Company's activities on organized markets.

15. Return on average capital employed

Twelve months ended March 31, 2023

In millions of dollars

Integrated LNG

Integrated Power

Exploration & Production

Refining & Chemicals

Marketing & Services

Company

Adjusted net operating income

10,108

1,427

15,117

7,800

1,558

35,712

Capital employed at 03/31/2022*

44,803

9,937

71,518

8,847

7,751

141,853

Capital employed at 03/31/2023*

34,183

18,982

67,658

10,115

8,811

139,830

ROACE

25.6%

9.9%

21.7%

82.3%

18.8%

25.4%

Full-year 2022

In millions of dollars

Integrated LNG

Integrated Power

Exploration & Production

Refining & Chemicals

Marketing & Services

Company

Adjusted net operating income

11,169

975

17,479

7,302

1,550

38,212

Capital employed at 12/31/2021*

46,654

9,324

71,675

8,069

8,783

141,813

Capital employed at 12/31/2022*

33,671

16,225

65,784

7,438

7,593

128,811

ROACE

27.8%

7.6%

25.4%

94.2%

18.9%

28.2%

* At replacement cost (excluding after-tax inventory effect).

16. Restated key figures for 2021 and 2022 for Integrated LNG and Integrated Power segments

16.1 Integrated LNG

16.1.1 Operational data

Hydrocarbon production for LNG

2021

2022

1Q22

2Q22

3Q22

4Q22

Integrated LNG (kboe/d)

529

469

492

462

418

503

Liquids (kb/d)

63

53

60

53

40

58

Gas (Mcf/d)

2,541

2,267

2,349

2,233

2,067

2,420

Liquefied Natural Gas in Mt

2021

2022

1Q22

2Q22

3Q22

4Q22

Overall LNG sales

42.0

48.1

13.3

11.7

10.4

12.7

incl. Sales from equity production*

17.4

17.0

4.4

4.1

4.0

4.4

incl. Sales by TotalEnergies from equity production and third party purchases

35.1

42.8

11.9

10.2

9.2

11.4

*The Company's equity production may be sold by TotalEnergies or by the joint-ventures.

16.1.2 Restated key figures

In millions of dollars

2021

2022

1Q22

2Q22

3Q22

4Q22

Adjusted net operating income

5,591

11,169

3,133

2,215

3,413

2,408

including adjusted income from equity affiliates

2,659

5,637

1,404

1,192

1,828

1,213

Organic investments

2,061

519

(61)

171

213

195

Net acquisitions

(910)

(47)

(20)

(36)

(10)

19

Net investments

1,151

472

(81)

135

203

214

Operating cash flow before working capital changes *

5,404

9,784

2,492

2,112

2,492

2,688

Cash flow from operations **

(2,765)

9,604

2,219

3,802

3,449

134

Capital employed end of period

46,654

33,671

44,803

41,606

37,742

33,671

Including the centralized management of balance sheet positions (including margin calls) related to single market access for LNG, gas and power activities since 2022.

Effects of changes in fair value in gas and LNG positions are allocated to the operating income of Integrated LNG sector

Effects of changes in fair value in power positions are allocated to the operating income of Integrated Power sector.

* Excluding financial charges, except those related to lease contracts, excluding the impact of contracts recognized at fair value for the sector.

** Excluding financial charges, except those related to leases.

16.2 Integrated Power

16.2.1 Operational data

Integrated Power

2021

2022

1Q22

2Q22

3Q22

4Q22

Portfolio of renewable power generation gross capacity (GW) (1),(2),(3)

43.0

69.0

46.8

50.7

67.8

69.0

o/w installed capacity

10.3

16.8

10.7

11.6

16.0

16.8

o/w capacity in construction

6.5

6.1

6.1

5.2

5.4

6.1

o/w capacity in development

26.2

46.0

30.1

33.9

46.4

46.0

Portfolio of renewable power generation net capacity (GW) (3)

31.7

45.5

34.4

38.4

45.2

45.5

o/w installed capacity

5.1

7.7

5.4

5.8

7.4

7.7

o/w capacity in construction

4.6

4.1

4.2

3.7

3.5

4.1

o/w capacity in development

22.0

33.6

24.8

28.9

34.2

33.6

Gas-fired power generation gross installed capacity (GW) (3)

5.8

5.8

5.8

5.8

5.8

5.8

Gas-fired power generation net installed capacity (CCGT) (GW) (3)

4.5

4.3

4.5

4.3

4.3

4.3

Net power production (TWh) (4)

21.2

33.2

7.6

7.7

8.5

9.4

incl. power production from renewables

6.8

10.4

2.2

2.5

2.4

3.3

Clients power - BtB and BtC (Million) (3)

6.1

6.1

6.1

6.2

6.3

6.1

Clients gas - BtB and BtC (Million) (3)

2.7

2.7

2.7

2.7

2.8

2.7

Sales power - BtB and BtC (TWh)

56.6

55.3

16.3

12.3

12.1

14.6

Sales gas - BtB and BtC (TWh)

101.2

96.3

35.0

19.1

14.2

28.1

(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, hydroelectric and combined-cycle gas turbine (CCGT) plants.

16.2.2 Restated key figures

In millions of dollars

2021

2022

1Q22

2Q22

3Q22

4Q22

Adjusted net operating income

652

975

(82)

340

236

481

including adjusted income from equity affiliates

37

201

26

27

60

88

Organic investments

1,280

1,385

319

170

440

455

Net acquisitions

2,075

2,136

661

(22)

1,728

(230)

Net investments

3,355

3,521

980

148

2,168

225

Operating cash flow before working capital changes *

720

970

93

248

191

439

Cash flow from operations **

3,592

66

(1,904)

168

941

861

Capital employed end of period

9,324

16,225

9,937

12,568

17,181

16,225

Excluding the centralized management of balance sheet positions (including margin calls) related to single market access for LNG, gas and power activities since 2022.

Effects of changes in fair value in gas and LNG positions are allocated to the operating income of Integrated LNG sector

Effects of changes in fair value in power positions are allocated to the operating income of Integrated Power sector.

* 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.

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 first quarter 2023 from the consolidated financial statements of TotalEnergies SE as of March 31, 2023 (unaudited). The limited review procedures by the Statutory Auditors are underway. The notes to the consolidated financial statements (unaudited) are available on the website totalenergies.com.

This document may contain forward-looking statements 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.

TotalEnergies financial statements

First quarter 2023 consolidated accounts, IFRS

CONSOLIDATED STATEMENT OF INCOME

TotalEnergies

(unaudited)

1st quarter

4th quarter

1st quarter

(M$)(a)

2023

2022

2022

Sales

62,603

68,582

68,606

Excise taxes

(4,370)

(4,629)

(4,656)

Revenues from sales

58,233

63,953

63,950

Purchases, net of inventory variation

(38,351)

(41,555)

(39,648)

Other operating expenses

(7,785)

(7,354)

(7,623)

Exploration costs

(92)

(250)

(861)

Depreciation, depletion and impairment of tangible assets and mineral interests

(3,062)

(2,505)

(3,679)

Other income

341

584

143

Other expense

(300)

(2,828)

(2,290)

Financial interest on debt

(710)

(719)

(462)

Financial income and expense from cash & cash equivalents

393

357

214

Cost of net debt

(317)

(362)

(248)

Other financial income

258

266

203

Other financial expense

(183)

(150)

(135)

Net income (loss) from equity affiliates

960

(281)

43

Income taxes

(4,071)

(6,077)

(4,804)

Consolidated net income

5,631

3,441

5,051

TotalEnergies share

5,557

3,264

4,944

Non-controlling interests

74

177

107

Earnings per share ($)

2.23

1.27

1.87

Fully-diluted earnings per share ($)

2.21

1.26

1.85

(a) Except for per share amounts.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

TotalEnergies

(unaudited)

1st quarter

4th quarter

1st quarter

(M$)

2023

2022

2022

Consolidated net income

5,631

3,441

5,051

Other comprehensive income

Actuarial gains and losses

3

387

-

Change in fair value of investments in equity instruments

4

(2)

3

Tax effect

(8)

(56)

11

Currency translation adjustment generated by the parent company

1,466

6,800

(1,750)

Items not potentially reclassifiable to profit and loss

1,465

7,129

(1,736)

Currency translation adjustment

(1,250)

(3,672)

1,012

Cash flow hedge

1,202

(9,669)

(263)

Variation of foreign currency basis spread

(3)

(14)

49

share of other comprehensive income of equity affiliates, net amount

(98)

842

(84)

Other

3

3

-

Tax effect

(336)

2,932

53

Items potentially reclassifiable to profit and loss

(482)

(9,578)

767

Total other comprehensive income (net amount)

983

(2,449)

(969)

Comprehensive income

6,614

992

4,082

TotalEnergies share

6,550

792

3,953

Non-controlling interests

64

200

129

CONSOLIDATED BALANCE SHEET

TotalEnergies

March 31, 2023

December 31, 2022

March 31, 2022

(M$)

(unaudited)

(unaudited)

(unaudited)

ASSETS

Non-current assets

Intangible assets, net

33,234

31,931

32,504

Property, plant and equipment, net

107,499

107,101

104,450

Equity affiliates : investments and loans

29,997

27,889

29,334

Other investments

1,209

1,051

1,490

Non-current financial assets

2,357

2,731

1,490

Deferred income taxes

4,772

5,049

5,299

Other non-current assets

2,709

2,388

3,033

Total non-current assets

181,777

178,140

177,600

Current assets

Inventories, net

22,786

22,936

24,456

Accounts receivable, net

24,128

24,378

32,000

Other current assets

28,153

36,070

50,976

Current financial assets

7,535

8,746

7,415

Cash and cash equivalents

27,985

33,026

31,276

Assets classified as held for sale

668

568

856

Total current assets

111,255

125,724

146,979

Total assets

293,032

303,864

324,579

LIABILITIES & SHAREHOLDERS' EQUITY

Shareholders' equity

Common shares

7,828

8,163

8,137

Paid-in surplus and retained earnings

123,357

123,951

123,008

Currency translation adjustment

(12,784)

(12,836)

(13,643)

Treasury shares

(2,820)

(7,554)

(1,022)

Total shareholders' equity - TotalEnergies Share

115,581

111,724

116,480

Non-controlling interests

2,863

2,846

3,375

Total shareholders' equity

118,444

114,570

119,855

Non-current liabilities

Deferred income taxes

11,300

11,021

11,281

Employee benefits

1,840

1,829

2,610

Provisions and other non-current liabilities

21,270

21,402

21,649

Non-current financial debt

42,915

45,264

46,546

Total non-current liabilities

77,325

79,516

82,086

Current liabilities

Accounts payable

36,037

41,346

46,869

Other creditors and accrued liabilities

42,578

52,275

56,972

Current borrowings

17,884

15,502

18,252

Other current financial liabilities

597

488

502

Liabilities directly associated with the assets classified as held for sale

167

167

43

Total current liabilities

97,263

109,778

122,638

Total liabilities & shareholders' equity

293,032

303,864

324,579

CONSOLIDATED STATEMENT OF CASH FLOW

TotalEnergies

(unaudited)

1st quarter

4th quarter

1st quarter

(M$)

2023

2022

2022

CASH FLOW FROM OPERATING ACTIVITIES

Consolidated net income

5,631

3,441

5,051

Depreciation, depletion, amortization and impairment

3,187

2,749

4,578

Non-current liabilities, valuation allowances and deferred taxes

314

(75)

2,538

(Gains) losses on disposals of assets

(252)

2,192

(13)

Undistributed affiliates' equity earnings

(349)

1,506

262

(Increase) decrease in working capital

(3,419)

(3,791)

(4,923)

Other changes, net

21

(404)

124

Cash flow from operating activities

5,133

5,618

7,617

CASH FLOW USED IN INVESTING ACTIVITIES

Intangible assets and property, plant and equipment additions

(4,968)

(4,097)

(3,457)

Acquisitions of subsidiaries, net of cash acquired

(136)

(4)

-

Investments in equity affiliates and other securities

(1,407)

(260)

(89)

Increase in non-current loans

(389)

(211)

(241)

Total expenditures

(6,900)

(4,572)

(3,787)

Proceeds from disposals of intangible assets and property, plant and equipment

68

113

177

Proceeds from disposals of subsidiaries, net of cash sold

183

160

88

Proceeds from disposals of non-current investments

49

23

215

Repayment of non-current loans

238

595

929

Total divestments

538

891

1,409

Cash flow used in investing activities

(6,362)

(3,681)

(2,378)

CASH FLOW USED IN FINANCING ACTIVITIES

Issuance (repayment) of shares:

- Parent company shareholders

-

-

-

- Treasury shares

(2,103)

(2,551)

(1,176)

Dividends paid:

- Parent company shareholders

(1,844)

(4,356)

(1,928)

- Non-controlling interests

(21)

(12)

(22)

Net issuance (repayment) of perpetual subordinated notes

-

-

1,958

Payments on perpetual subordinated notes

(158)

(51)

(136)

Other transactions with non-controlling interests

(86)

(82)

5

Net issuance (repayment) of non-current debt

118

425

34

Increase (decrease) in current borrowings

(1,274)

(3,500)

657

Increase (decrease) in current financial assets and liabilities

1,394

3,554

5,594

Cash flow from (used in) financing activities

(3,974)

(6,573)

4,986

Net increase (decrease) in cash and cash equivalents

(5,203)

(4,636)

10,225

Effect of exchange rates

162

1,721

(291)

Cash and cash equivalents at the beginning of the period

33,026

35,941

21,342

Cash and cash equivalents at the end of the period

27,985

33,026

31,276

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY

TotalEnergies

(unaudited)

Common shares issued

Paid-in surplus and retained earnings

Currency translation adjustment

Treasury shares

Shareholders' equity - TotalEnergies

Share

Non-controlling interests

Total shareholders' equity

(M$)

Number

Amount

Number

Amount

As of January 1, 2022

2,640,429,329

8,224

117,849

(12,671)

(33,841,104)

(1,666)

111,736

3,263

114,999

Net income of the first quarter 2022

-

-

4,944

-

-

-

4,944

107

5,051

Other comprehensive income

-

-

(19)

(972)

-

-

(991)

22

(969)

Comprehensive Income

-

-

4,925

(972)

-

-

3,953

129

4,082

Dividend

-

-

-

-

-

-

-

(22)

(22)

Issuance of common shares

-

-

-

-

-

-

-

-

-

Purchase of treasury shares

-

-

-

-

(22,378,128)

(1,176)

(1,176)

-

(1,176)

Sale of treasury shares(a)

-

-

(315)

-

6,168,047

315

-

-

-

Share-based payments

-

-

92

-

-

-

92

-

92

Share cancellation

(30,665,526)

(87)

(1,418)

-

30,665,526

1,505

-

-

-

Net issuance (repayment) of perpetual subordinated notes

-

-

1,958

-

-

-

1,958

-

1,958

Payments on perpetual subordinated notes

-

-

(96)

-

-

-

(96)

-

(96)

Other operations with

non-controlling interests

-

-

(1)

-

-

-

(1)

6

5

Other items

-

-

14

-

-

-

14

(1)

13

As of March 31, 2022

2,609,763,803

8,137

123,008

(13,643)

(19,385,659)

(1,022)

116,480

3,375

119,855

Net income from April 1 to December 31, 2022

-

-

15,582

-

-

-

15,582

411

15,993

Other comprehensive income

-

-

(2,914)

798

-

-

(2,116)

(24)

(2,140)

Comprehensive Income

-

-

12,668

798

-

-

13,466

387

13,853

Dividend

-

-

(9,989)

-

-

-

(9,989)

(514)

(10,503)

Issuance of common shares

9,367,482

26

344

-

-

-

370

-

370

Purchase of treasury shares

-

-

-

-

(117,829,615)

(6,535)

(6,535)

-

(6,535)

Sale of treasury shares(a)

-

-

(3)

-

27,607

3

-

-

-

Share-based payments

-

-

137

-

-

-

137

-

137

Share cancellation

-

-

-

-

-

-

-

-

-

Net issuance (repayment) of perpetual subordinated notes

-

-

(2,002)

-

-

-

(2,002)

-

(2,002)

Payments on perpetual subordinated notes

-

-

(235)

-

-

-

(235)

-

(235)

Other operations with

non-controlling interests

-

-

46

9

-

-

55

31

86

Other items

-

-

(23)

-

-

-

(23)

(433)

(456)

As of December 31, 2022

2,619,131,285

8,163

123,951

(12,836)

(137,187,667)

(7,554)

111,724

2,846

114,570

Net income of the first quarter 2023

-

-

5,557

-

-

-

5,557

74

5,631

Other comprehensive income

-

-

913

80

-

-

993

(10)

983

Comprehensive Income

-

-

6,470

80

-

-

6,550

64

6,614

Dividend

-

-

-

-

-

-

-

(21)

(21)

Issuance of common shares

-

-

-

-

-

-

-

-

-

Purchase of treasury shares

-

-

-

-

(33,842,858)

(2,703)

(2,703)

-

(2,703)

Sale of treasury shares(a)

-

-

(395)

-

6,446,384

395

-

-

-

Share-based payments

-

-

54

-

-

-

54

-

54

Share cancellation

(128,869,261)

(335)

(6,707)

-

128,869,261

7,042

-

-

-

Net issuance (repayment) of perpetual subordinated notes

-

-

-

-

-

-

-

-

-

Payments on perpetual subordinated notes

-

-

(77)

-

-

-

(77)

-

(77)

Other operations with

non-controlling interests

-

-

39

(28)

-

-

11

(25)

(14)

Other items

-

-

22

-

-

-

22

(1)

21

As of March 31, 2023

2,490,262,024

7,828

123,357

(12,784)

(35,714,880)

(2,820)

115,581

2,863

118,444

(a)Treasury shares related to the performance share grants.

INFORMATION BY BUSINESS SEGMENT

TotalEnergies

(unaudited)

1st quarter 2023

Integrated LNG

Integrated Power

Exploration

&

Production

Refining

&

Chemicals

Marketing

&

Services

Corporate

Intercompany

Total

(M$)

External sales

4,872

8,555

1,954

24,855

22,359

8

-

62,603

Intersegment sales

5,999

1,685

10,728

9,061

120

57

(27,650)

-

Excise taxes

-

-

-

(184)

(4,186)

-

-

(4,370)

Revenues from sales

10,871

10,240

12,682

33,732

18,293

65

(27,650)

58,233

Operating expenses

(9,445)

(9,831)

(4,762)

(31,892)

(17,787)

(161)

27,650

(46,228)

Depreciation, depletion and impairment of tangible assets and mineral interests

(288)

(47)

(2,066)

(414)

(224)

(23)

-

(3,062)

Operating income

1,138

362

5,854

1,426

282

(119)

-

8,943

Net income (loss) from equity affiliates and other items

804

(70)

68

52

243

(21)

-

1,076

Tax on net operating income

(205)

(111)

(3,398)

(325)

(119)

63

-

(4,095)

Net operating income

1,737

181

2,524

1,153

406

(77)

-

5,924

Net cost of net debt

(293)

Non-controlling interests

(74)

Net income - TotalEnergies share

5,557

1st quarter 2023 (adjustments)(a)

Integrated LNG

Integrated Power

Exploration

&

Production

Refining

&

Chemicals

Marketing

&

Services

Corporate

Intercompany

Total

(M$)

External sales

(76)

-

-

-

-

-

-

(76)

Intersegment sales

-

-

-

-

-

-

-

-

Excise taxes

-

-

-

-

-

-

-

-

Revenues from sales

(76)

-

-

-

-

-

-

(76)

Operating expenses

(300)

(70)

(8)

(424)

(101)

-

-

(903)

Depreciation, depletion and impairment of tangible assets and mineral interests

-

-

-

(36)

-

-

-

(36)

Operating income (b)

(376)

(70)

(8)

(460)

(101)

-

-

(1,015)

Net income (loss) from equity affiliates and other items

(4)

(111)

(73)

(37)

217

-

-

(8)

Tax on net operating income

45

(8)

(48)

32

10

-

-

31

Net operating income (b)

(335)

(189)

(129)

(465)

126

-

-

(992)

Net cost of net debt

8

Non-controlling interests

-

Net income - TotalEnergies share

(984)

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

(b) Of which inventory valuation effect

- On operating income

-

-

(415)

(87)

-

- On net operating income

-

-

(327)

(64)

-

1st quarter 2023 (adjusted)

Integrated LNG

Integrated Power

Exploration

&

Production

Refining

&

Chemicals

Marketing

&

Services

Corporate

Intercompany

Total

(M$)

External sales

4,948

8,555

1,954

24,855

22,359

8

-

62,679

Intersegment sales

5,999

1,685

10,728

9,061

120

57

(27,650)

-

Excise taxes

-

-

-

(184)

(4,186)

-

-

(4,370)

Revenues from sales

10,947

10,240

12,682

33,732

18,293

65

(27,650)

58,309

Operating expenses

(9,145)

(9,761)

(4,754)

(31,468)

(17,686)

(161)

27,650

(45,325)

Depreciation, depletion and impairment of tangible assets and mineral interests

(288)

(47)

(2,066)

(378)

(224)

(23)

-

(3,026)

Adjusted operating income

1,514

432

5,862

1,886

383

(119)

-

9,958

Net income (loss) from equity affiliates and other items

808

41

141

89

26

(21)

-

1,084

Tax on net operating income

(250)

(103)

(3,350)

(357)

(129)

63

-

(4,126)

Adjusted net operating income

2,072

370

2,653

1,618

280

(77)

-

6,916

Net cost of net debt

(301)

Non-controlling interests

(74)

Adjusted net income - TotalEnergies share

6,541

1st quarter 2023

Integrated LNG

Integrated Power

Exploration

&

Production

Refining

&

Chemicals

Marketing

&

Services

Corporate

Intercompany

Total

(M$)

Total expenditures

1,195

1,234

4,052

225

159

35

-

6,900

Total divestments

49

149

31

8

301

-

-

538

Cash flow from operating activities

3,536

(1,285)

4,536

(851)

(673)

(130)

-

5,133

INFORMATION BY BUSINESS SEGMENT

TotalEnergies

(unaudited)

4th quarter 2022

Integrated LNG

Integrated Power

Exploration

&

Production

Refining

&

Chemicals

Marketing

&

Services

Corporate

Intercompany

Total

(M$)

External sales

4,628

10,055

2,600

26,650

24,637

12

-

68,582

Intersegment sales

5,783

1,807

12,866

11,730

274

63

(32,523)

-

Excise taxes

-

-

-

(199)

(4,430)

-

-

(4,629)

Revenues from sales

10,411

11,862

15,466

38,181

20,481

75

(32,523)

63,953

Operating expenses

(8,361)

(9,836)

(6,173)

(37,107)

(19,939)

(266)

32,523

(49,159)

Depreciation, depletion and impairment of tangible assets and mineral interests

(405)

(54)

(1,343)

(393)

(276)

(34)

-

(2,505)

Operating income

1,645

1,972

7,950

681

266

(225)

-

12,289

Net income (loss) from equity affiliates and other items

1,150

103

(3,874)

161

(62)

113

-

(2,409)

Tax on net operating income

(269)

(112)

(4,635)

(898)

(113)

22

-

(6,005)

Net operating income

2,526

1,963

(559)

(56)

91

(90)

-

3,875

Net cost of net debt

(434)

Non-controlling interests

(177)

Net income - TotalEnergies share

3,264

4th quarter 2022 (adjustments)(a)

Integrated LNG

Integrated Power

Exploration

&

Production

Refining

&

Chemicals

Marketing

&

Services

Corporate

Intercompany

Total

(M$)

External sales

69

-

-

-

-

-

-

69

Intersegment sales

-

-

-

-

-

-

-

-

Excise taxes

-

-

-

-

-

-

-

-

Revenues from sales

69

-

-

-

-

-

-

69

Operating expenses

382

1,719

(108)

(821)

(211)

(88)

-

873

Depreciation, depletion and impairment of tangible assets and mineral interests

(108)

-

844

-

(37)

-

-

699

Operating income (b)

343

1,719

736

(821)

(248)

(88)

-

1,641

Net income (loss) from equity affiliates and other items

(195)

(113)

(4,025)

(101)

(9)

-

-

(4,443)

Tax on net operating income

(30)

(124)

(798)

(621)

14

23

-

(1,536)

Net operating income (b)

118

1,482

(4,087)

(1,543)

(243)

(65)

-

(4,338)

Net cost of net debt

8

Non-controlling interests

33

Net income - TotalEnergies share

(4,297)

(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

-

-

(712)

(184)

-

- On net operating income

-

-

(586)

(137)

-

4th quarter 2022 (adjusted)

Integrated LNG

Integrated Power

Exploration

&

Production

Refining

&

Chemicals

Marketing

&

Services

Corporate

Intercompany

Total

(M$)

External sales

4,559

10,055

2,600

26,650

24,637

12

-

68,513

Intersegment sales

5,783

1,807

12,866

11,730

274

63

(32,523)

-

Excise taxes

-

-

-

(199)

(4,430)

-

-

(4,629)

Revenues from sales

10,342

11,862

15,466

38,181

20,481

75

(32,523)

63,884

Operating expenses

(8,743)

(11,555)

(6,065)

(36,286)

(19,728)

(178)

32,523

(50,032)

Depreciation, depletion and impairment of tangible assets and mineral interests

(297)

(54)

(2,187)

(393)

(239)

(34)

-

(3,204)

Adjusted operating income

1,302

253

7,214

1,502

514

(137)

-

10,648

Net income (loss) from equity affiliates and other items

1,345

216

151

262

(53)

113

-

2,034

Tax on net operating income

(239)

12

(3,837)

(277)

(127)

(1)

-

(4,469)

Adjusted net operating income

2,408

481

3,528

1,487

334

(25)

-

8,213

Net cost of net debt

(442)

Non-controlling interests

(210)

Adjusted net income - TotalEnergies share

7,561

4th quarter 2022

Integrated LNG

Integrated Power

Exploration

&

Production

Refining

&

Chemicals

Marketing

&

Services

Corporate

Intercompany

Total

(M$)

Total expenditures

310

640

2,478

588

507

49

-

4,572

Total divestments

319

186

215

125

42

4

-

891

Cash flow from operating activities

134

861

4,035

232

707

(351)

-

5,618

INFORMATION BY BUSINESS SEGMENT

TotalEnergies

(unaudited)

1st quarter 2022

Integrated LNG

Integrated Power

Exploration

&

Production

Refining

&

Chemicals

Marketing

&

Services

Corporate

Intercompany

Total

(M$)

External sales

5,507

6,787

2,151

31,008

23,149

4

-

68,606

Intersegment sales

3,498

521

13,818

9,277

267

63

(27,444)

-

Excise taxes

-

-

-

(192)

(4,464)

-

-

(4,656)

Revenues from sales

9,005

7,308

15,969

40,093

18,952

67

(27,444)

63,950

Operating expenses

(6,886)

(7,294)

(5,708)

(37,411)

(17,984)

(293)

27,444

(48,132)

Depreciation, depletion and impairment of tangible assets and mineral interests

(278)

(43)

(2,661)

(380)

(273)

(44)

-

(3,679)

Operating income

1,841

(29)

7,600

2,302

695

(270)

-

12,139

Net income (loss) from equity affiliates and other items

(2,495)

(5)

242

156

(42)

108

-

(2,036)

Tax on net operating income

(261)

(33)

(3,863)

(525)

(225)

105

-

(4,802)

Net operating income

(915)

(67)

3,979

1,933

428

(57)

-

5,301

Net cost of net debt

(250)

Non-controlling interests

(107)

Net income - TotalEnergies share

4,944

1st quarter 2022 (adjustments)(a)

Integrated LNG

Integrated Power

Exploration

&

Production

Refining

&

Chemicals

Marketing

&

Services

Corporate

Intercompany

Total

(M$)

External sales

(3)

15

-

-

-

-

-

12

Intersegment sales

-

-

-

-

-

-

-

-

Excise taxes

-

-

-

-

-

-

-

-

Revenues from sales

(3)

15

-

-

-

-

-

12

Operating expenses

(107)

(10)

(791)

947

268

(132)

-

175

Depreciation, depletion and impairment of tangible assets and mineral interests

-

-

(493)

-

(29)

(9)

-

(531)

Operating income (b)

(110)

5

(1,284)

947

239

(141)

-

(344)

Net income (loss) from equity affiliates and other items

(3,948)

9

(14)

117

(3)

106

-

(3,733)

Tax on net operating income

10

1

262

(251)

(80)

20

-

(38)

Net operating income (b)

(4,048)

15

(1,036)

813

156

(15)

-

(4,115)

Net cost of net debt

113

Non-controlling interests

(31)

Net income - TotalEnergies share

(4,033)

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

(b) Of which inventory valuation effect

- On operating income

-

-

947

308

-

- On net operating income

-

-

845

228

-

1st quarter 2022 (adjusted)

Integrated LNG

Integrated Power

Exploration

&

Production

Refining

&

Chemicals

Marketing

&

Services

Corporate

Intercompany

Total

(M$)

External sales

5,510

6,772

2,151

31,008

23,149

4

-

68,594

Intersegment sales

3,498

521

13,818

9,277

267

63

(27,444)

-

Excise taxes

-

-

-

(192)

(4,464)

-

-

(4,656)

Revenues from sales

9,008

7,293

15,969

40,093

18,952

67

(27,444)

63,938

Operating expenses

(6,779)

(7,284)

(4,917)

(38,358)

(18,252)

(161)

27,444

(48,307)

Depreciation, depletion and impairment of tangible assets and mineral interests

(278)

(43)

(2,168)

(380)

(244)

(35)

-

(3,148)

Adjusted operating income

1,951

(34)

8,884

1,355

456

(129)

-

12,483

Net income (loss) from equity affiliates and other items

1,453

(14)

256

39

(39)

2

-

1,697

Tax on net operating income

(271)

(34)

(4,125)

(274)

(145)

85

-

(4,764)

Adjusted net operating income

3,133

(82)

5,015

1,120

272

(42)

-

9,416

Net cost of net debt

(363)

Non-controlling interests

(76)

Adjusted net income - TotalEnergies share

8,977

1st quarter 2022

Integrated LNG

Integrated Power

Exploration

&

Production

Refining

&

Chemicals

Marketing

&

Services

Corporate

Intercompany

Total

(M$)

Total expenditures

290

1,149

1,971

228

140

9

-

3,787

Total divestments

844

171

283

27

79

5

-

1,409

Cash flow from operating activities

2,219

(1,904)

5,768

1,107

898

(471)

-

7,617

Reconciliation of the information by business segment with Consolidated Financial Statements

TotalEnergies

(unaudited)

Consolidated

1st quarter 2023

statement

(M$)

Adjusted

Adjustments(a)

of income

Sales

62,679

(76)

62,603

Excise taxes

(4,370)

-

(4,370)

Revenues from sales

58,309

(76)

58,233

Purchases net of inventory variation

(37,479)

(872)

(38,351)

Other operating expenses

(7,752)

(33)

(7,785)

Exploration costs

(94)

2

(92)

Depreciation, depletion and impairment of tangible assets and mineral interests

(3,026)

(36)

(3,062)

Other income

77

264

341

Other expense

(137)

(163)

(300)

Financial interest on debt

(710)

-

(710)

Financial income and expense from cash & cash equivalents

373

20

393

Cost of net debt

(337)

20

(317)

Other financial income

248

10

258

Other financial expense

(183)

-

(183)

Net income (loss) from equity affiliates

1,079

(119)

960

Income taxes

(4,090)

19

(4,071)

Consolidated net income

6,615

(984)

5,631

TotalEnergies share

6,541

(984)

5,557

Non-controlling interests

74

-

74

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

Consolidated

1st quarter 2022

statement

(M$)

Adjusted

Adjustments(a)

of income

Sales

68,594

12

68,606

Excise taxes

(4,656)

-

(4,656)

Revenues from sales

63,938

12

63,950

Purchases net of inventory variation

(40,762)

1,114

(39,648)

Other operating expenses

(7,409)

(214)

(7,623)

Exploration costs

(136)

(725)

(861)

Depreciation, depletion and impairment of tangible assets and mineral interests

(3,148)

(531)

(3,679)

Other income

121

22

143

Other expense

(269)

(2,021)

(2,290)

Financial interest on debt

(462)

-

(462)

Financial income and expense from cash & cash equivalents

59

155

214

Cost of net debt

(403)

155

(248)

Other financial income

119

84

203

Other financial expense

(135)

-

(135)

Net income (loss) from equity affiliates

1,861

(1,818)

43

Income taxes

(4,724)

(80)

(4,804)

Consolidated net income

9,053

(4,002)

5,051

TotalEnergies share

8,977

(4,033)

4,944

Non-controlling interests

76

31

107

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

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

View source version on businesswire.com: https://www.businesswire.com/news/home/20230426006107/en/

Contacts

TotalEnergies