TIDMTTE
TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE):
Change Change
3Q23 vs 2Q23 9M23 vs 9M22
Net income (TotalEnergies share) (B$) 6.7 +63% 16.3 -5%
Adjusted net income (TotalEnergies
share)(1)
- in billions of dollars (B$) 6.5 +30% 18.0 -37%
- in dollars per share 2.63 +32% 7.24 -34%
Adjusted EBITDA(1) (B$) 13.1 +18% 38.3 -31%
Cash flow from operations excluding
working capital (CFFO)(1) (B$) 9.3 +10% 27.4 -25%
Cash flow from operating activities
(B$) 9.5 -4% 24.5 -41%
Gearing(1) of 12.3% at September 30,
2023 vs.11.1% at June 30, 2023
Third 2023 interim dividend set at
0.74 EUR/share
The Board of Directors of TotalEnergies SE, chaired by CEO
Patrick Pouyanné, met on October 25, 2023, to approve the third
quarter 2023 financial statements. On the occasion, Patrick
Pouyanné said:
"While implementing its balanced transition strategy that
combines Oil & Gas and Integrated Power, TotalEnergies
demonstrates once again this quarter its ability to leverage a
supportive price environment, generating adjusted net income of
$6.5 billion and return on average capital employed of over 20%.
Cash flow from operations (CFFO) increased to $9.3 billion in the
third quarter and totaled $27.4 billion in the first nine months of
2023.
In the Oil & Gas business, production at nearly 2.5 Mboe/d
is up 5% year-on-year, thanks to the start-up of several oil
projects in Brazil (Mero 1), Nigeria (Ikike) and Iraq (Ratawi) and
gas projects in Oman (Block 10) and Azerbaijan (Absheron). During
the quarter, confirmation of exploration successes in Suriname and
Namibia opened the way to new oil developments contributing to
future cash flow growth.
Exploration & Production delivered a strong quarter, with
adjusted net operating income and cash flow both increasing by $0.8
billion quarter-to-quarter to $3.1 billion and $5.2 billion,
respectively. Integrated LNG confirms the robustness of its global
integrated portfolio, with adjusted net operating income of $1.3
billion and cash flow of $1.6 billion. Downstream adjusted net
operating income and cash flow increased sequentially to $1.8
billion and $2.2 billion, respectively, due to good availability of
European refining assets.
This quarter again demonstrates the relevance of TotalEnergies'
profitable transition strategy. For the first time, Integrated
Power adjusted net operating income and cash flow both exceed $500
million. Year-to-date cash flow at the end of the third quarter is
close to $1.5 billion, in line with Integrated Power's objective to
generate around $2 billion of cash flow in 2023. TotalEnergies
commissioned its 1 GW Seagreen offshore wind farm, which was
delivered within budget, and its 380 MW Myrtle Solar project in the
US, which includes battery storage, and acquired 100% of Total
Eren.
Based on the strength of both these results, the Board of
Directors decided the distribution of the third interim dividend
for the 2023 financial year in the amount of EUR0.74/share, up
7.25% year-on-year. Additionally, the Company is executing a $9
billion share buyback program in 2023, as announced on September
27. Year-to-date shareholder distribution is close to 43% at the
end of September, in line with the recently increased annual
guidance of more than 40%."
1. Highlights(2)
Multi-energy strategy
-- Launch of GGIP in Iraq: effective entry in the producing Ratawi field
on August 16, 2023
-- Partnership with SONATRACH to increase the production of the Tin
Fouyé Tabankort fields, extend to 2024 2 Mt/y of LNG deliveries in
France, and develop renewable energy projects in Algeria
-- Partnership with Petrobras and Casa dos Ventos in renewable energies in
Brazil
Upstream
-- Production start-up of Absheron gas and condensate field, in
Azerbaijan
-- Acquisition of an interest in the Cash-Maple gas discoveries, in
Australia, to ensure long-term supply of Ichthys LNG
-- Launch of development studies of a 200,000 b/d oil project in Block 58
in Suriname with targeted FID at the end of 2024
-- Closing of the sale of Surmont to ConocoPhillips for up to $3.3 billion
and disposal of other Canadian assets to Suncor for around $1.1 billion
-- Sale to Petronas of a 40% interest in Block 20 in Angola
-- Sale to ADNOC of a 15% interest in Absheron field in Azerbaijan
Downstream
-- Start-up of a new polyethylene unit on the Baystar plant, in the US
Integrated LNG
-- Signature of 27-year LNG offtake contracts with QatarEnergy LNG for 3.5
Mtpa
-- Launch of the Rio Grande LNG project, in Texas: acquisition of a 16.67%
stake in the JV in charge of developing the 17.5 Mt/y project,
acquisition of a 17.5% stake in NextDecade, and signature of a 5.4 Mt/y
offtake agreement for 20 years
Integrated Power
-- Commissioning of Myrtle Solar in the US, first large solar farm
including battery storage
-- Signature with Saint-Gobain of a Power Purchase Agreement over 15 years,
in the US
-- Commissioning of Seagreen in Scotland, the first offshore windfarm of
the Company
-- Partial farm downs to Corio Generation and Rise Light & Power in a 3 GW
wind project offshore New York and New Jersey, in the US
-- Agreement with European Energy to develop more than 4 GW of onshore
renewable projects
-- Acquisition of a 50% interest in Rönesans Enerji to develop
renewable projects in Turkey
-- Investment with AGEL in a joint venture in India with more than 1,400
MW of renewable assets
-- Award of a contract for the installation and operation of 1,100 EV HPC
points in Germany
Low carbon molecules
-- Agreement with Air Liquide for the supply of green and low carbon
hydrogen to the Normandy platform
-- Call for tenders launch for the supply of 500,000 t/y of green hydrogen
to decarbonize TotalEnergies' European refining
-- Acquisition of an interest in a CO2 storage exploration license, in
Norway
-- Circular economy: first conversion of plastic waste derived oil into
certified circular polymers, in Saudi Arabia, and FID of a new mechanical
recycling unit for plastic waste at Grandpuits biorefinery, in France
2. Key figures from TotalEnergies' consolidated financial
statements(1)
In millions of
dollars, except
effective tax
rate, earnings
3Q23 per share and 9M23
vs number of vs
3Q23 2Q23 3Q22 3Q22 shares 9M23 9M22 9M22
Adjusted EBITDA
13,062 11,105 19,420 -33% (1) 38,334 55,581 -31%
Adjusted net
operating income
from business
6,808 5,582 10,279 -34% segments 19,383 30,237 -36%
Exploration &
3,138 2,349 4,217 -26% Production 8,140 13,951 -42%
1,342 1,330 3,413 -61% Integrated LNG 4,744 8,761 -46%
506 450 236 x2,1 Integrated Power 1,326 494 x2,7
Refining &
1,399 1,004 1,935 -28% Chemicals 4,021 5,815 -31%
Marketing &
423 449 478 -12% Services 1,152 1,216 -5%
Contribution of
equity
affiliates to
adjusted net
662 662 2,576 -74% income 2,403 6,381 -62%
Effective tax
33.4% 37.3% 44.1% rate (3) 37.5% 40.8%
Adjusted net
income
(TotalEnergies
6,453 4,956 9,863 -35% share) (1) 17,950 28,636 -37%
Adjusted
fully-diluted
earnings per
share (dollars)
2.63 1.99 3.83 -31% (4) 7.24 10.96 -34%
Adjusted
fully-diluted
earnings per
share (euros)
2.41 1.84 3.78 -36% (5) 6.68 10.31 -35%
Fully-diluted
weighted-average
shares
2,423 2,448 2,560 -5% (millions) 2,448 2,589 -5%
Net income
(TotalEnergies
6,676 4,088 6,626 +1% share) 16,321 17,262 -5%
Organic
4,283 4,271 3,116 +37% investments (1) 11,987 7,916 +51%
Net acquisitions
808 320 1,587 -49% (1) 4,115 4,585 -10%
Net investments
5,091 4,591 4,703 +8% (1) 16,102 12,501 +29%
Cash flow from
operations
excluding
working capital
9,340 8,485 11,736 -20% (CFFO) (1) 27,446 36,595 -25%
Debt Adjusted
Cash Flow (DACF)
9,551 8,596 12,040 -21% (1) 27,922 37,665 -26%
Cash flow from
operating
9,496 9,900 17,848 -47% activities 24,529 41,749 -41%
3. Key figures of environment, greenhouse gas emissions and
production
3.1 Environment -- liquids and gas price realizations, refining
margins
3Q23 9M23
vs vs
3Q23 2Q23 3Q22 3Q22 9M23 9M22 9M22
86.7 78.1 100.8 -14% Brent ($/b) 82.1 105.5 -22%
Henry Hub
2.7 2.3 7.9 -66% ($/Mbtu) 2.6 6.7 -61%
10.6 10.5 42.5 -75% NBP ($/Mbtu) 12.4 32.4 -62%
12.5 10.9 46.5 -73% JKM ($/Mbtu) 13.3 34.9 -62%
Average price of
liquids (6),(7)
($/b)
Consolidated
78.9 72.0 93.6 -16% subsidiaries 74.9 95.4 -22%
Average price of
gas (6),(8)
($/Mbtu)
Consolidated
5.47 5.98 16.83 -67% subsidiaries 6.80 13.28 -49%
9.56 9.84 21.51 -56% Average price of 10.92 16.26 -33%
LNG (6),(9)
($/Mbtu)
Consolidated
subsidiaries and
equity
affiliates
95.1 42.7 99.3 -4% Variable cost 75.9 100.3 -24%
margin - Refining
Europe, VCM
(6),(10) ($/t)
3.2 Greenhouse gas emissions (11)
3Q23 9M23
vs Scope 1+2 emissions vs
3Q23 2Q23 3Q22 3Q22 (MtCO(2) e) 9M23 9M22 9M22
Scope 1+2 from
operated facilities
8.5 9.1 10.3 -18% (12) 26.6 29.6 -10%
7.5 7.9 8.2 -9% of which Oil & Gas 23.1 24.2 -5%
1.0 1.1 2.1 -54% of which CCGT 3.6 5.4 -33%
Scope 1+2 - equity
12.1 12.5 14.0 -14% share 37.4 41.4 -10%
Estimated 3Q23 and 2Q23 emissions.
Scope 1+2 emissions from operated installations were down 18%
year-on-year in the third quarter 2023, thanks to the continuous
decline in flaring emissions on Exploration & Production
facilities and the decrease in the use of gas-fired power plants in
Europe.
3Q23 9M23
vs Methane emissions vs
3Q23 2Q23 3Q22 3Q22 (ktCH(4) ) 9M23 9M22 9M22
Methane emissions
from operated
7 8 10 -30% facilities 25 31 -19%
Methane emissions -
9 10 14 -32% equity share 30 38 -21%
Estimated 3Q23 and 2Q23 emissions.
Scope 3 emissions (MtCO(2) e) 9M23 2022
Scope 3 from Oil, Biofuels and Gas Worldwide (13) est. 270 389
3.3 Production(14)
3Q23 9M23
vs vs
3Q23 2Q23 3Q22 3Q22 Hydrocarbon production 9M23 9M22 9M22
Hydrocarbon production
2,476 2,471 2,669 -7% (kboe/d) 2,490 2,750 -9%
Oil (including
1,399 1,416 1,298 +8% bitumen) (kb/d) 1,404 1,291 +9%
Gas (including
condensates and
associated NGL)
1,077 1,055 1,371 -21% (kboe/d) 1,086 1,459 -26%
Hydrocarbon production
2,476 2,471 2,669 -7% (kboe/d) 2,490 2,750 -9%
1,561 1,571 1,494 +4% Liquids (kb/d) 1,565 1,501 +4%
4,921 4,845 6,367 -23% Gas (Mcf/d) 4,985 6,785 -27%
2,476 2,471 2,356 +5% Hydrocarbon production 2,490 2,425 +3%
excluding Novatek
(kboe/d)
Hydrocarbon production was 2,476 thousand barrels of oil
equivalent per day (kboe/d) in the third quarter 2023, up 5%
year-on-year (excluding Novatek) and comprised of:
-- +5% due to start-ups and ramp-ups, including Absheron in Azerbaijan,
Johan Sverdrup Phase 2 in Norway, Mero 1 in Brazil, Ikike in Nigeria and
Bloc 10 in Oman
-- +2% due to a decrease of planned maintenance, notably on Ichthys in
Australia and lower unplanned outages, notably at the Kashagan field in
Kazakhstan
-- +1% due to improved security conditions in Nigeria and Libya
-- -3% due to natural field declines
Between the third quarters of 2022 and 2023, portfolio
additions, such as entry into SARB Umm Lulu in the United Arab
Emirates, the Ratawi field in Iraq and the increase in interest in
Waha concessions in Libya, offset negative portfolio changes such
as the end of the Bongkot operating licenses in Thailand and the
exit from Termokarstovoye in Russia.
4. Analysis of business segments
4.1 Exploration & Production
4.1.1 Production
3Q23 9M23
vs Hydrocarbon vs
3Q23 2Q23 3Q22 3Q22 production 9M23 9M22 9M22
2,043 2,033 2,251 -9% EP (kboe/d) 2,045 2,292 -11%
1,507 1,512 1,454 +4% Liquids (kb/d) 1,506 1,450 +4%
2,865 2,778 4,300 -33% Gas (Mcf/d) 2,885 4,569 -37%
EP excluding
Novatek
2,043 2,033 1,988 +3% (kboe/d) 2,045 2,023 1.1%
4.1.2 Results
In millions
of dollars,
3Q23 except 9M23
vs effective tax vs
3Q23 2Q23 3Q22 3Q22 rate 9M23 9M22 9M22
Adjusted net
operating
3,138 2,349 4,217 -26% income 8,140 13,951 -42%
including
adjusted
income from
equity
125 149 377 -67% affiliates 409 1,019 -60%
Effective tax
44.6% 49.7% 55.4% rate (15) 50.7% 49.9%
Organic
investments
2,557 2,424 1,989 +29% (1) 7,115 5,288 +35%
Net
acquisitions
(514) 176 (126) ns (1) 1,600 2,415 -34%
Net
investments
2,043 2,600 1,863 +10% (1) 8,715 7,703 +13%
Cash flow
from
operations
excluding
working
capital
5,165 4,364 6,406 -19% (CFFO) (1) 14,436 21,092 -32%
Cash flow
from
operating
4,240 4,047 9,083 -53% activities 12,823 23,619 -46%
Exploration & Production adjusted net operating income was
$3,138 million in the third quarter 2023 up 34% quarter-to-quarter,
primarily driven by higher oil prices and a lower effective tax
rate due to the North Sea, which carries higher tax rates,
comprising a lower percentage of the overall portfolio mix.
Cash flow from operations excluding working capital (CFFO) was
$5,165 million in the third quarter 2023, up 18%
quarter-to-quarter, for the same reasons.
4.2 Integrated LNG
4.2.1 Production
3Q23 Hydrocarbon 9M23
vs production for vs
3Q23 2Q23 3Q22 3Q22 LNG 9M23 9M22 9M22
Integrated LNG
433 438 418 +4% (kboe/d) 445 458 -3%
54 59 40 +37% Liquids (kb/d) 59 51 +15%
2,056 2,067 2,067 -1% Gas (Mcf/d) 2,100 2,216 -5%
433 438 368 +18% Integrated LNG 445 402 +11%
excluding
Novatek
(kboe/d)
3Q23 9M23
vs Liquefied Natural vs
3Q23 2Q23 3Q22 3Q22 Gas in Mt 9M23 9M22 9M22
10.5 11.0 10.4 - Overall LNG sales 32.5 35.4 -8%
incl. Sales from
3.7 3.6 4.0 -9% equity production* 11.2 12.6 -11%
9.4 10.0 9.2 +2% incl. Sales by 29.3 31.4 -7%
TotalEnergies from
equity production
and third party
purchases
* The Company's equity production may be sold by TotalEnergies
or by the joint ventures.
Hydrocarbon production for LNG (excluding Novatek) stabilized
quarter-to-quarter and was up by 18% year-on-year mainly due to a
planned maintenance impacting production at Ichthys field in the
third quarter 2022.
In the third quarter 2023, LNG sales stabilized year-on-year and
decreased quarter-to-quarter, due to the decrease in spot traded
volumes in a less volatile environment.
4.2.2 Results
3Q23 9M23
vs In millions of vs
3Q23 2Q23 3Q22 3Q22 dollars 9M23 9M22 9M22
Adjusted net
operating
1,342 1,330 3,413 -61% income 4,744 8,761 -46%
including
adjusted income
from equity
385 432 1,828 -79% affiliates 1,603 4,424 -64%
Organic
investments
495 382 213 x2,3 (1) 1,273 324 x3,9
Net
acquisitions
84 205 (10) ns (1) 1,048 (66) ns
Net investments
579 587 203 x2,9 (1) 2,321 258 x9
Cash flow from
operations
excluding
working capital
1,648 1,801 2,492 -34% (CFFO) (1) 5,530 7,096 -22%
Cash flow from
operating
872 1,332 3,449 -75% activities 5,740 9,470 -39%
Integrated LNG adjusted net operating income was $1,342 million
in the third quarter 2023, down 53% year-on-year (excluding
Novatek), mainly due to lower LNG prices, as well as exceptional
trading results in the third quarter 2022, partially offset by
higher production.
Cash flow from operations excluding working capital (CFFO) for
Integrated LNG was $1,648 million in the third quarter 2023, down
34% year-on-year (excluding Novatek), mainly due to lower LNG
prices, partially offset by the high margins captured in 2022 on
LNG cargoes to be delivered in 2023.
4.3 Integrated Power
4.3.1 Capacities, productions, clients and sales
3Q23 9M23
vs vs
3Q23 2Q23 3Q22 3Q22 Integrated Power 9M23 9M22 9M22
Net power production
8.9 8.2 8.5 +4% (TWh) * 25.5 23.7 +7%
o/w power production
5.4 4.2 2.4 x2,3 from renewables 13.5 7.1 +90%
3.5 4.0 6.1 -43% o/w CCGT 12.0 16.6 -28%
Portfolio of power
generation net
installed capacity
15.9 13.2 11.7 +36% (GW) ** 15.9 11.7 +36%
11.6 8.9 7.4 +57% o/w renewables 11.6 7.4 +57%
4.3 4.3 4.3 - o/w CCGT 4.3 4.3 -
Portfolio of
renewable power
generation gross
capacity (GW)
80.5 74.7 67.8 +19% **,*** 80.5 67.8 +19%
o/w installed
20.2 19.0 16.0 +26% capacity 20.2 16.0 +26%
Clients power - BtB
and BtC (Million)
6.0 6.0 6.3 -5% ** 6.0 6.3 -5%
Clients gas - BtB
and BtC (Million)
2.8 2.8 2.8 - ** 2.8 2.8 -
Sales power - BtB
11.2 11.5 12.1 -7% and BtC (TWh) 38.2 40.7 -6%
Sales gas - BtB and
13.8 19.2 14.2 -2% BtC (TWh) 70.2 68.3 +3%
* Solar, wind, hydroelectric and combined-cycle gas turbine
(CCGT) plants.
** End of period data.
*** 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.
Net power production was 8.9 TWh in the third quarter 2023, up
7% quarter-to-quarter, due to growing power generation from
renewables following the integration at 100% of Total Eren and the
start-up of Myrtle Solar and Danish Fields in the US.
Gross installed renewable power generation capacity reached more
than 20 GW at the end of the third quarter 2023, up by more than 1
GW quarter-to-quarter, including 0.5 GW installed in the US (Myrtle
Solar, Danish) and the connection of 0.3 GW from the Seagreen
offshore wind project in the UK.
4.3.2 Results
3Q23 9M23
vs In millions of vs
3Q23 2Q23 3Q22 3Q22 dollars 9M23 9M22 9M22
Adjusted net
operating
506 450 236 x2,1 income 1,326 494 x2,7
including
adjusted income
from equity
37 23 60 -38% affiliates 116 113 +3%
Organic
investments
578 753 440 +31% (1) 1,908 929 x2,1
Net
acquisitions
1,354 (42) 1,728 -22% (1) 1,831 2,367 -23%
Net investments
1,932 711 2,168 -11% (1) 3,739 3,296 +13%
Cash flow from
operations
excluding
working capital
516 491 191 x2,7 (CFFO) (1) 1,447 532 x2,7
Cash flow from
operating
1,936 2,284 941 x2,1 activities 2,935 (795) ns
Integrated Power adjusted net operating income was $506 million
and cash flow from operations excluding working capital (CFFO) was
$516 million in the third quarter 2023, up 12% and 5% respectively
quarter-to-quarter, due to the growth in power generation from
renewables and the performance of its profitable Integrated Power
model.
Cash flow from operating activities is $1,936 million in the
third quarter 2023, due to the positive impact on working capital
of the seasonality in the gas and power marketing business.
4.4 Downstream (Refining & Chemicals and Marketing &
Services)
4.4.1 Results
3Q23 9M23
vs In millions of vs
3Q23 2Q23 3Q22 3Q22 dollars 9M23 9M22 9M22
Adjusted net
operating
1,822 1,453 2,413 -24% income 5,173 7,031 -26%
Organic
investments
625 686 453 +38% (1) 1,601 1,332 +20%
Net
acquisitions
(115) (19) (6) ns (1) (363) (131) ns
Net
investments
510 667 447 +14% (1) 1,238 1,201 +3%
Cash flow from
operations
excluding
working
capital (CFFO)
2,205 2,085 2,944 -25% (1) 6,479 8,388 -23%
Cash flow from
operating
2,266 2,588 4,737 -52% activities 3,330 10,848 -69%
4.5 Refining & Chemicals
4.5.1 Refinery and petrochemicals throughput and utilization
rates
Refinery
3Q23 throughput and 9M23
vs utilization vs
3Q23 2Q23 3Q22 3Q22 rate* 9M23 9M22 9M22
Total refinery
throughput
1,489 1,472 1,599 -7% (kb/d) 1,456 1,497 -3%
489 364 431 +14% France 404 359 +12%
589 601 656 -10% Rest of Europe 596 637 -6%
410 507 512 -20% Rest of world 456 501 -9%
Utilization
rate based on
84% 82% 88% crude only** 81% 84%
* Includes refineries in Africa reported in the Marketing &
Services segment.
** Based on distillation capacity at the beginning of the
year.
Petrochemicals
3Q23 production and 9M23
vs utilization vs
3Q23 2Q23 3Q22 3Q22 rate 9M23 9M22 9M22
1,330 1,157 1,299 +2% Monomers* (kt) 3,782 3,910 -3%
1,070 963 1,171 -9% Polymers (kt) 3,145 3,632 -13%
Steamcracker
utilization
75% 67% 80% rate** 72% 79%
* Olefins.
** Based on olefins production from steam crackers and their
treatment capacity at the start of the year.
Refining throughput was down 7% year-on-year in the third
quarter 2023, notably due to planned maintenance and unplanned
shutdowns at the Port Arthur refinery in the US and the Antwerp
refinery in Belgium, despite an increase in refinery throughput in
France.
The utilization rate on processed crude increased sequentially
over the quarter to 84% thanks to higher availability of French
refining.
4.5.2 Results
3Q23 9M23
vs In millions of vs
3Q23 2Q23 3Q22 3Q22 dollars 9M23 9M22 9M22
Adjusted net
operating
1,399 1,004 1,935 -28% income 4,021 5,815 -31%
Organic
investments
386 454 224 +72% (1) 1,038 735 +41%
Net
acquisitions
(97) (15) 1 ns (1) (107) (33) ns
Net investments
289 439 225 +28% (1) 931 702 +33%
Cash flow from
operations
excluding
working capital
1,618 1,329 2,164 -25% (CFFO) (1) 4,680 6,560 -29%
Cash flow from
operating
2,060 1,923 3,798 -46% activities 3,132 8,431 -63%
Refining & Chemicals adjusted net operating income was
$1,399 million in the third quarter 2023, up 39%
quarter-to-quarter, reflecting higher refining margins in Europe
and a higher utilization rate.
Cash flow from operations excluding working capital (CFFO) was
$1,618 million in the third quarter 2023, up 22% quarter-to-quarter
for the same reasons.
4.6 Marketing & Services
4.6.1 Petroleum product sales
3Q23 9M23
vs vs
3Q23 2Q23 3Q22 3Q22 Sales in kb/d* 9M23 9M22 9M22
Total Marketing
& Services
1,399 1,397 1,495 -6% sales 1,386 1,475 -6%
792 799 873 -9% Europe 783 827 -5%
608 598 622 -2% Rest of world 603 648 -7%
* Excludes trading and bulk refining sales.
Sales of petroleum products were down year-on-year by 6% in the
third quarter due to the portfolio effect linked to the disposal of
50% of the fuel distribution business in Egypt, partially offset by
the recovery in the aviation business.
4.6.2 Results
3Q23 9M23
vs In millions of vs
3Q23 2Q23 3Q22 3Q22 dollars 9M23 9M22 9M22
Adjusted net
423 449 478 -12% operating income 1,152 1,216 -5%
Organic
239 232 229 +4% investments (1) 563 597 -6%
Net acquisitions
(18) (4) (7) ns (1) (256) (98) ns
Net investments
221 228 222 - (1) 307 499 -38%
Cash flow from
operations
excluding working
capital (CFFO)
587 756 780 -25% (1) 1,799 1,828 -2%
Cash flow from
operating
206 665 939 -78% activities 198 2,417 -92%
Marketing & Services adjusted net operating income was $423
million in the third quarter 2023, down 12% year-on-year, due to
lower sales.
Cash flow from operations excluding working capital (CFFO)
decreased by 25% year-on-year to $587 million in the third quarter
2023, negatively impacted by the tax effect of higher prices on the
valuation of petroleum product inventories.
5. TotalEnergies results
5.1 Adjusted net operating income from business segments
Adjusted net operating income from business segments was:
-- $6,808 million in the third quarter 2023, compared to $5,582 million in
the second quarter 2023, due to higher oil prices and refining margins
and a lower effective tax rate for Exploration-Production,
-- $19,383 million in the first nine months of 2023, compared to $30,237
million in the first nine months of 2022, due to lower prices of oil, gas
and refining margins.
5.2 Adjusted net income(1) (TotalEnergies share)
TotalEnergies adjusted net income was $6,453 million in the
third quarter 2023 versus $4,956 million in the second quarter
2023, mainly due to higher oil prices and refining margins.
Adjustments to net income(1) were $223 million in the third
quarter 2023, consisting mainly of:
-- $1 billion of inventory and changes in fair value effects,
-- ($0.6) billion related to asset impairments notably due to divestments
projects of Naphtachimie to INEOS and the Natref refinery in South Africa
as well as client portfolios-related goodwills from gas & power marketing
activities in Belgium, Spain and France.
TotalEnergies' average tax rate was:
-- 33.4% in the third quarter 2023 versus 37.3% in the second quarter
2023, mainly as a result of the lower tax rate for Exploration &
Production related to the lower relative weight of highly taxed North Sea
assets,
-- 37.5% in the first nine months of 2023 versus 40.8% in the first nine
months of 2022, mainly as a result of the lower relative weight of
Exploration & Production in Company results, in line with oil and gas
prices evolution.
5.3 Adjusted earnings per share
Adjusted diluted net earnings per share were:
-- $2.63 in the third quarter 2023, based on 2,423 million weighted
average diluted shares, compared to $1.99 in the second quarter 2023,
-- $7.24 in the first nine months of 2023, based on 2,448 million weighted
average diluted shares, compared to $10.96 a year earlier.
As of September 30, 2023, the number of diluted shares was 2,417
million.
As part of its shareholder return policy, TotalEnergies
repurchased:
-- 33.9 million shares for cancellation in the third quarter 2023 for $2.1
billion,
-- 98.9 million shares for cancellation in the first nine months of 2023
for $6.1 billion.
5.4 Acquisitions -- asset sales
Acquisitions were:
-- $1,992 million in the third quarter 2023, mainly related to the
acquisition of the remaining 70.4% in Total Eren and the acquisition of
an additional 12.4% stake in NextDecade in line with the launch of Rio
Grande LNG project in the US,
-- $5,730 million in the first nine months of 2023, mainly related to the
above items, as well as the acquisition of a 20% interest in the SARB and
Umm Lulu concession in the United Arab Emirates, the acquisition of a
6.25% stake in the NFE LNG project and 9.375% in NFS LNG project in Qatar,
and a 34% stake in a joint venture with Casa dos Ventos in Brazil.
Divestments were:
-- $1,184 million in the third quarter 2023, notably for the sale of a 40%
interest to ADNOC in Bloc 20 in Angola, of a number of non-conventional
assets in Argentina and a partial farm down in an offshore wind project
of the coast of New York and New Jersey in the US,
-- $1,615 million in the first nine months of 2023, notably for the above
items as well as the sale of 50% of the Marketing & Services subsidiary
in Egypt.
5.5 Net cash flow(1)
TotalEnergies' net cash flow was:
-- $4,249 million in the third quarter 2023 compared to $3,894 million in
the second quarter, reflecting the $856 million increase in CFFO offset
partially by the $500 million increase in net investments to $5,091
million in the third quarter 2023,
-- $11,344 million in the first nine months of 2023 compared to $24,094
million a year earlier, reflecting the $9,149 million decrease in CFFO
and the $3,601 million increase in net investments to $16,102 million in
the first nine months of 2023.
In the third quarter, cash flow from operating activities was
$9,496 million, versus $9,340 million of CFFO.
5.6 Profitability
Return on equity was 22.3% for the twelve months ended September
30, 2023.
In millions of
dollars October 1, 2022 July 1, 2022 October 1, 2021
September 30, September 30,
2023 June 30, 2023 2022
Adjusted net
income (1) 25,938 29,351 35,790
Average adjusted
shareholders'
equity 116,529 116,329 113,861
Return on equity
(ROE) 22.3% 25.2% 31.4%
Return on average capital employed(1) was 20.1% for the twelve
months ended September 30, 2023.
In millions of
dollars October 1, 2022 July 1, 2022 October 1, 2021
September 30, September 30,
2023 June 30, 2023 2022
Adjusted net
operating income
(1) 27,351 30,776 37,239
Average capital
employed (1) 135,757 137,204 136,902
ROACE (1) 20.1% 22.4% 27.2%
6. TotalEnergies SE statutory accounts
Net income for TotalEnergies SE, the parent company, amounted to
EUR8,388 million in first nine months of 2023, compared to EUR5,205
million in first nine months of 2022.
7. Annual 2023 Sensitivities(16)
Estimated impact
on adjusted net Estimated impact
operating on cash flow
Change income from operations
+/- 0.1 $ per
Dollar EUR -/+ 0.1 B$ 0 B$
Average liquids
price (17) +/- 10 $/b +/- 2.5 B$ +/- 3.0 B$
European gas price
- NBP / TTF +/- 2 $/Mbtu +/- 0.4 B$ +/- 0.4 B$
Variable cost
margin, European
refining (VCM) +/- 10 $/t +/- 0.4 B$ +/- 0.5 B$
8. Outlook
Oil prices remain buoyant at around $90/b at the beginning of
the fourth quarter, supported by OPEC+ actions on supply and a
tense geopolitical context. The 2 Mb/d increase in petroleum
products this year is driven by emerging countries, notably due to
the recovery of the aviation sector and demand from the
petrochemical industry in China.
Despite entering the winter period with high natural gas
inventories in Europe, in a tense market, gas prices remain very
reactive to production disruptions.
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 above $10/Mbtu in the
fourth quarter 2023.
TotalEnergies expects hydrocarbon production to range between
2.4 and 2.5 Mboe/d in the fourth quarter 2023, which reflects the
impact of the sale of its oil sands assets in Canada.
The utilization rate in refineries should be above 80% during
the fourth quarter 2023, with the restart of Port Arthur expected
in mid-November.
In the fourth quarter 2023, TotalEnergies anticipates cash
proceeds of around $4.1 billion(18) from the Canadian assets
divestments, which could bring back the gearing below 8%. The
Company confirms 2023 net investment guidance between $16 and $17
billion.
* * * *
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.
* * * *
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
9. Operating information by segment
9.1 Company's production (Exploration & Production +
Integrated LNG)
Combined
liquids and gas
3Q23 production by 9M23
vs region vs
3Q23 2Q23 3Q22 3Q22 (kboe/d) 9M23 9M22 9M22
550 537 889 -38% Europe 556 918 -39%
459 481 463 -1% Africa 478 473 +1%
Middle East and
781 767 692 +13% North Africa 756 681 +11%
445 443 449 -1% Americas 443 419 +6%
241 243 176 +37% Asia-Pacific 257 259 -1%
Total
2,476 2,471 2,669 -7% production 2,490 2,750 -9%
includes equity
327 338 656 -50% affiliates 336 687 -51%
3Q23 Liquids 9M23
vs production by vs
3Q23 2Q23 3Q22 3Q22 region (kb/d) 9M23 9M22 9M22
229 227 275 -17% Europe 230 280 -18%
335 359 352 -5% Africa 354 358 -1%
Middle East and
627 615 557 +12% North Africa 607 547 +11%
268 268 260 +3% Americas 267 231 +15%
102 102 50 x2,1 Asia-Pacific 107 85 +26%
Total
1,561 1,571 1,494 +4% production 1,565 1,501 +4%
includes equity
156 153 202 -23% affiliates 153 204 -25%
3Q23 Gas production 9M23
vs by region vs
3Q23 2Q23 3Q22 3Q22 (Mcf/d) 9M23 9M22 9M22
1,733 1,671 3,300 -47% Europe 1,760 3,431 -49%
619 610 559 +11% Africa 615 582 +6%
Middle East and
844 834 740 +14% North Africa 817 736 +11%
989 976 1,061 -7% Americas 986 1,055 -7%
736 754 707 +4% Asia-Pacific 807 981 -18%
Total
4,921 4,845 6,367 -23% production 4,985 6,785 -27%
includes equity
933 1,004 2,444 -62% affiliates 996 2,596 -62%
9.2 Downstream (Refining & Chemicals and Marketing &
Services)
Petroleum
3Q23 product sales 9M23
vs by region vs
3Q23 2Q23 3Q22 3Q22 (kb/d) 9M23 9M22 9M22
1,838 1,709 1,816 +1% Europe 1,716 1,755 -2%
621 599 690 -10% Africa 629 728 -14%
946 918 907 +4% Americas 904 868 +4%
624 665 569 +10% Rest of world 637 602 +6%
Total
consolidated
4,029 3,892 3,982 +1% sales 3,886 3,953 -2%
Includes bulk
407 424 438 -7% sales 406 419 -3%
Includes
2,222 2,070 2,049 +8% trading 2,095 2,060 +2%
3Q23 Petrochemicals 9M23
vs production* vs
3Q23 2Q23 3Q22 3Q22 (kt) 9M23 9M22 9M22
1,018 1,026 1,078 -6% Europe 3,091 3,361 -8%
611 619 670 -9% Americas 1,837 1,910 -4%
Middle East and
771 475 722 +7% Asia 1,999 2,271 -12%
* Olefins, polymers.
9.3 Integrated Power
9.3.1 Net power production
3Q23 2Q23
Net power
production Onshore Offshore Onshore Offshore
(TWh) Solar Wind Wind Gas Others Total Solar Wind Wind Gas Others Total
France 0.2 0.1 - 2.0 0.0 2.3 0.2 0.1 - 2.6 0.0 2.9
Rest of
Europe 0.1 0.4 0.1 1.1 0.0 1.7 0.0 0.1 0.2 1.1 0.0 1.4
Africa 0.0 0.0 - - - 0.0 0.0 0.0 - - - 0.0
Middle East 0.2 - - 0.5 - 0.7 0.2 - - 0.3 - 0.5
North
America 0.6 0.4 - - - 1.1 0.4 0.5 - - - 1.0
South
America 0.1 0.9 - - - 1.0 0.0 0.4 - - - 0.5
India 1.4 0.4 - - - 1.7 1.4 0.3 - - - 1.8
Pacific Asia 0.4 0.0 0.0 - - 0.4 0.2 0.0 0.0 - - 0.2
Total 3.0 2.2 0.2 3.5 0.0 8.9 2.5 1.5 0.2 4.0 0.0 8.2
9.3.2 Installed power generation net capacity
3Q23 2Q23
Installed
power
generation
net
capacity Onshore Offshore Onshore Offshore
(GW) (19) Solar Wind Wind Gas Others Total Solar Wind Wind Gas Others Total
France 0.5 0.3 - 2.6 0.1 3.5 0.4 0.3 - 2.6 0.1 3.4
Rest of
Europe 0.2 0.9 0.6 1.4 0.0 3.1 0.1 0.3 0.4 1.4 0.0 2.2
Africa 0.1 0.0 - - 0.0 0.1 0.0 0.0 - - 0.0 0.1
Middle East 0.4 - - 0.3 - 0.7 0.3 - - 0.3 - 0.6
North
America 1.5 0.8 - - 0.0 2.3 1.2 0.8 - - 0.0 2.0
South
America 0.5 0.7 - - - 1.2 0.2 0.5 - - - 0.7
India 3.5 0.4 - - - 3.9 3.2 0.4 - - - 3.7
Pacific Asia 1.0 0.0 0.1 - 0.0 1.0 0.6 0.0 0.0 - 0.0 0.6
Total 7.6 3.2 0.6 4.3 0.2 15.9 6.0 2.3 0.5 4.3 0.2 13.2
9.3.3 Power generation gross capacity from renewables
3Q23 2Q23
Installed
power
generation
gross
capacity from
renewables
(GW) Onshore Offshore Onshore Offshore
(20),(21) Solar Wind Wind Other Total Solar Wind Wind Other Total
France 0.8 0.6 - 0.1 1.6 0.8 0.6 - 0.1 1.6
Rest of Europe 0.2 1.1 1.1 0.0 2.4 0.2 1.1 0.8 0.0 2.1
Africa 0.1 0.0 - 0.0 0.2 0.1 0.0 - 0.0 0.2
Middle East 1.2 - - - 1.2 1.2 - - - 1.2
North America 3.9 2.1 - 0.1 6.2 3.5 2.1 - 0.1 5.6
South America 0.4 1.2 - - 1.6 0.4 1.0 - - 1.4
India 5.1 0.4 - - 5.5 5.1 0.4 - - 5.5
Asia-Pacific 1.4 0.0 0.2 0.0 1.6 1.4 0.0 0.1 0.0 1.5
Total 13.1 5.5 1.3 0.3 20.2 12.5 5.2 1.0 0.3 19.0
3Q23 2Q23
Power
generation
gross
capacity from
renewables in
construction
(GW) Onshore Offshore Onshore Offshore
(20),(21) Solar Wind Wind Other Total Solar Wind Wind Other Total
France 0.2 0.0 0.0 0.0 0.3 0.2 0.1 0.0 0.0 0.3
Rest of Europe 0.4 0.0 - 0.0 0.5 0.1 0.0 0.3 0.0 0.5
Africa 0.0 - - 0.0 0.0 0.0 - - 0.0 0.0
Middle East 0.1 - - - 0.1 0.1 - - - 0.1
North America 2.3 0.1 - 0.5 3.0 2.8 0.1 - 0.5 3.4
South America 0.1 0.1 - - 0.2 0.1 0.2 - - 0.3
India 0.4 0.1 - - 0.4 0.4 0.1 - - 0.5
Asia-Pacific 0.1 0.0 0.5 - 0.6 0.0 0.0 0.5 - 0.6
Total 3.8 0.3 0.5 0.6 5.2 3.8 0.5 0.9 0.6 5.7
3Q23 2Q23
Power
generation
gross
capacity from
renewables in
development
(GW) Onshore Offshore Onshore Offshore
(20),(21) Solar Wind Wind Other Total Solar Wind Wind Other Total
France 0.9 0.5 - 0.0 1.4 1.0 0.6 - 0.0 1.6
Rest of Europe 4.6 0.5 7.4 0.1 12.6 5.4 0.4 4.4 0.1 10.3
Africa 1.2 0.3 - 0.0 1.5 0.6 0.3 - 0.1 1.0
Middle East 1.7 0.7 - - 2.4 0.4 - - - 0.4
North America 8.3 3.3 4.1 5.2 20.9 9.0 3.2 4.1 5.1 21.3
South America 1.4 1.3 - 0.4 3.0 1.6 1.6 - 0.4 3.6
India 4.0 0.1 - - 4.1 4.2 0.1 - - 4.3
Asia-Pacific 3.4 1.3 2.9 1.6 9.2 3.2 0.4 2.9 0.9 7.5
Total 25.6 7.9 14.4 7.2 55.2 25.5 6.6 11.4 6.5 50.0
10. Alternative Performance Measures (Non-GAAP measures)
10.1 Adjustment items to net income (TotalEnergies share)
3Q23 2Q23 3Q22 In millions of dollars 9M23 9M22
Net income (TotalEnergies
6,676 4,088 6,626 share) 16,321 17,262
Special items affecting
net income (TotalEnergies
(749) (377) (2,186) share) (1,285) (11,725)
- - 1,391 Gain (loss) on asset sales 203 1,391
- (5) (17) Restructuring charges (5) (28)
(614) (469) (3,118) Impairments (1,143) (11,898)
(135) 97 (442) Other * (340) (1,190)
After-tax inventory effect
: FIFO vs. replacement
607 (380) (827) cost (164) 1,206
Effect of changes in fair
365 (111) (224) value (180) (855)
Total adjustments
223 (868) (3,237) affecting net income (1,629) (11,374)
6,453 4,956 9,863 Adjusted net income 17,950 28,636
(TotalEnergies share)
* Other adjustment items for net income in the third quarter
amounted to ($135) million, including $388 million of revaluation
of Total Eren's previously held equity interest and ($523) million
mainly due to the impact of the European solidarity contribution
and of the Electricity Generation Infra-Marginal Income
Contribution in France and of the devaluation of the Argentine
peso. Other adjustment items for net income in the first nine
months of the year amounted to ($340) million including $388
million of revaluation of Total Eren's previously held equity
interest and ($728) million mainly due to the impact of the
European solidarity contribution and of the Electricity Generation
Infra-Marginal Income Contribution in France and of the devaluation
of the Argentine peso.
10.2 Reconciliation of adjusted EBITDA with consolidated
financial statements
10.2.1 Reconciliation of net income (TotalEnergies share) to
adjusted EBITDA
3Q23 9M23
vs In millions of vs
3Q23 2Q23 3Q22 3Q22 dollars 9M23 9M22 9M22
Net income
(TotalEnergies
6,676 4,088 6,626 +1% share) 16,321 17,262 -5%
Less:
adjustment
items to net
income
(TotalEnergies
(223) 868 3,237 ns share) 1,629 11,374 -86%
Adjusted net
income
(TotalEnergies
6,453 4,956 9,863 -35% share) 17,950 28,636 -37%
Adjusted items
Add:
non-controlling
82 61 85 -4% interests 217 250 -13%
Add: income
3,130 2,715 6,037 -48% taxes 9,935 16,035 -38%
Add:
depreciation,
depletion and
impairment of
tangible assets
and mineral
2,967 2,959 2,926 +1% interests 8,952 9,112 -2%
Add:
amortization
and impairment
of intangible
88 92 95 -7% assets 279 289 -3%
Add: financial
interest on
726 724 633 +15% debt 2,160 1,667 +30%
Less: financial
income and
expense from
cash & cash
(384) (402) (219) ns equivalents (1,159) (408) ns
13,062 11,105 19,420 -33% Adjusted EBITDA 38,334 55,581 -31%
10.2.2 Reconciliation of revenues from sales to adjusted EBITDA
and net income (TotalEnergies share)
3Q23 9M23
vs In millions of vs
3Q23 2Q23 3Q22 3Q22 dollars 9M23 9M22 9M22
Adjusted items
Revenues from
54,413 51,458 64,924 -16% sales 164,180 199,322 -18%
Purchases, net
of inventory
(34,738) (33,379) (41,509) ns variation (105,596) (128,294) ns
Other operating
(7,346) (7,754) (6,689) ns expenses (22,852) (21,718) ns
Exploration
(245) (62) (71) ns costs (401) (324) ns
142 116 163 -13% Other income 335 713 -53%
Other expense,
excluding
amortization
and impairment
of intangible
64 (164) (58) ns assets (138) (662) ns
Other financial
296 401 196 +51% income 945 546 +73%
Other financial
(186) (173) (112) ns expense (542) (383) ns
Net income
(loss) from
equity
662 662 2,576 -74% affiliates 2,403 6,381 -62%
13,062 11,105 19,420 -33% Adjusted EBITDA 38,334 55,581 -31%
Adjusted items
Less:
depreciation,
depletion and
impairment of
tangible assets
and mineral
(2,967) (2,959) (2,926) ns interests (8,952) (9,112) ns
Less:
amortization of
intangible
(88) (92) (95) ns assets (279) (289) ns
Less: financial
interest on
(726) (724) (633) ns debt (2,160) (1,667) ns
Add: financial
income and
expense from
cash & cash
384 402 219 +75% equivalents 1,159 408 x2.8
Less: income
(3,130) (2,715) (6,037) ns taxes (9,935) (16,035) ns
Less:
non-controlling
(82) (61) (85) ns interests (217) (250) ns
Add: adjustment
(TotalEnergies
223 (868) (3,237) ns share) (1,629) (11,374) ns
Net income
(TotalEnergies
6,676 4,088 6,626 +1% share) 16,321 17,262 -5%
10.3 Investments -- Divestments (TotalEnergies share)
Reconciliation of Cash flow used in investing activities to Net
investments
3Q23 9M23
vs In millions of vs
3Q23 2Q23 3Q22 3Q22 dollars 9M23 9M22 9M22
Cash flow used
in investing
activities ( a
4,987 4,473 4,075 +22% ) 15,822 11,435 +38%
Other
transactions
with
non-controlling
interests ( b
- - - ns ) - - ns
Organic loan
repayment from
equity
affiliates ( c
(17) 18 570 ns ) (5) 1,295 ns
Change in debt
from renewable
projects
financing ( d )
43 35 8 x5.4 * 81 (356) ns
Capex linked to
capitalized
leasing
contracts ( e
64 64 43 +49% ) 188 116 +62%
Expenditures
related to
carbon credits
14 1 7 +100% ( f ) 16 11 +45%
Net investments
( a + b + c + d
+ e + f = g - i
5,091 4,591 4,703 +8% + h ) 16,102 12,501 +29%
of which net
acquisitions (
808 320 1,587 -49% g-i ) 4,115 4,585 -10%
Acquisitions (
1,992 482 1,716 +16% g ) 5,730 5,580 +3%
Asset sales ( i
1,184 162 129 x9.2 ) 1,615 995 +62%
Change in debt
from renewable
projects
(partner
(43) (35) (4) ns share) (81) 170 ns
of which
organic
investments ( h
4,283 4,271 3,116 +37% ) 11,987 7,916 +51%
Capitalized
346 328 169 x2 exploration 879 381 x2.3
Increase in
non-current
422 366 233 +81% loans 1,162 744 +56%
(120) (84) (214) ns Repayment of (433) (823) ns
non-current
loans,
excluding
organic loan
repayment from
equity
affiliates
- - 4 -100% Change in debt - (186) -100%
from renewable
projects
(TotalEnergies
share)
* Change in debt from renewable projects (TotalEnergies share
and partner share).
10.4 Cash flow (TotalEnergies share)
Reconciliation of Cash flow from operating activities to Cash
flow from operations excluding working capital (CFFO), to DACF and
to Net cash flow
3Q23 9M23
vs In millions vs
3Q23 2Q23 3Q22 3Q22 of dollars 9M23 9M22 9M22
Cash flow
from
operating
activities (
9,496 9,900 17,848 -47% a ) 24,529 41,749 -41%
(Increase)
decrease in
working
capital ( b )
(582) 1,720 7,692 ns * (2,851) 5,078 ns
Inventory
764 (252) (1,010) ns effect ( c ) 10 1,396 -99%
Capital gain
from
renewable
project sales
43 35 (0) ns ( d ) 81 25 x3.3
Organic loan
repayments
from equity
affiliates (
(17) 18 570 ns e ) (5) 1,295 ns
Cash flow
from
operations
excluding
working
capital
(CFFO) ( f =
a - b - c + d
9,340 8,485 11,736 -20% + e ) 27,446 36,595 -25%
Financial
(211) (112) (304) ns charges (476) (1,071) ns
Debt Adjusted
Cash Flow
9,551 8,596 12,040 -21% (DACF) 27,922 37,665 -26%
Organic
investments (
4,283 4,271 3,116 +37% g ) 11,987 7,916 +51%
Free cash
flow after
organic
investments (
5,058 4,214 8,620 -41% f - g ) 15,459 28,679 -46%
Net
investments (
5,091 4,591 4,703 +8% h ) 16,102 12,501 +29%
Net cash flow
4,249 3,894 7,033 -40% ( f - h ) 11,344 24,094 -53%
* Changes in working capital are presented excluding the
mark-to-market effect of Integrated LNG and Integrated Power
sectors' contracts.
10.5 Gearing ratio
In millions of dollars 09/30/2023 06/30/2023 09/30/2022
Current borrowings * 15,193 13,980 15,556
Other current financial liabilities 415 443 861
Current financial assets * (,) ** (6,585) (6,397) (11,532)
Net financial assets classified as
held for sale * (44) (41) (36)
Non-current financial debt * 33,947 33,387 37,506
Non-current financial assets * (1,519) (1,264) (1,406)
Cash and cash equivalents (24,731) (25,572) (35,941)
Net debt ( a ) 16,676 14,536 5,008
Shareholders' equity (TotalEnergies
share) 115,767 113,682 117,821
Non-controlling interests 2,657 2,770 2,851
Shareholders' equity (b) 118,424 116,452 120,672
Gearing = a / ( a+b ) 12.3% 11.1% 4.0%
Leases (c) 8,277 8,090 7,669
Gearing including leases ( a+c ) / (
a+b+c ) 17.4% 16.3% 9.5%
* Excludes leases receivables and leases debts.
** Including initial margins held as part of the Company's
activities on organized markets.
10.6 Return on average capital employed
Twelve
months
ended
September
30, 2023
Exploration Refining Marketing
In millions & Integrated Integrated & &
of dollars Production LNG Power Chemicals Services Company
Adjusted net
operating
income 11,668 7,152 1,807 5,508 1,486 27,351
Capital
employed at
09/30/2022 65,041 37,742 17,181 5,801 7,141 130,420
Capital
employed at
09/30/2023 69,392 36,033 20,043 9,002 9,025 141,093
ROACE 17.4% 19.4% 9.7% 74.4% 18.4% 20.1%
10.7 Payout
In millions of dollars 9M23 9M22 2022
Dividend paid (parent company shareholders) ( a
) 5,648 5,630 9,986
Repayment of treasury shares 6,203 5,160 7,711
of which buy-backs ( b ) 6,082 4,979 7,019
Cash flow from operations excluding working
capital (CFFO) (c) 27,446 36,595 45,729
Payout ratio = ( a+b ) / c 42.7% 29.0% 37.2%
GLOSSARY
Adjusted EBITDA (Earnings Before Interest, Tax, Depreciation and
Amortization) is a non-GAAP financial measure and its most directly
comparable IFRS measure is Net Income. It refers 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. This indicator can be a valuable
tool for decision makers, analysts and shareholders alike to
measure and compare the Company's profitability with utility
companies (energy sector).
Adjusted net income (TotalEnergies share) is a non-GAAP
financial measure and its most directly comparable IFRS measure is
Net Income (TotalEnergies share). Adjusted Net Income
(TotalEnergies share) refers to Net Income (TotalEnergies share)
less adjustment items to Net Income (TotalEnergies share).
Adjustment items are inventory valuation effect, effect of changes
in fair value, and special items. This indicator can be a valuable
tool for decision makers, analysts and shareholders alike to
evaluate the Company's operating results and to understand its
operating trends by removing the impact of non-operational results
and special items.
Adjusted net operating income is a non-GAAP financial measure
and its most directly comparable IFRS measure is Net Income.
Adjusted Net Operating Income refers to Net Income before net cost
of net debt, i.e., cost of net debt net of its tax effects, less
adjustment items. Adjustment items are inventory valuation effect,
effect of changes in fair value, and special items. Adjusted Net
Operating Income can be a valuable tool for decision makers,
analysts and shareholders alike to evaluate the Company's operating
results and understanding its operating trends, by removing the
impact of non-operational results and special items and is used to
evaluate the Return on Average Capital Employed (ROACE) as
explained below.
Capital Employed is a non-GAAP financial measure. They are
calculated at replacement cost and refer to capital employed
(balance sheet) less inventory valuations effect. Capital employed
(balance sheet) refers to the sum of the following items: (i)
Property, plant and equipment, intangible assets, net, (ii)
Investments & loans in equity affiliates, (iii) Other
non-current assets, (iv) Working capital which is the sum of:
Inventories, net, Accounts receivable, net, other current assets,
Accounts payable, Other creditors and accrued liabilities(v)
Provisions and other non-current liabilities and (vi) Assets and
liabilities classified as held for sale. Capital Employed can be a
valuable tool for decision makers, analysts and shareholders alike
to provide insight on the amount of capital investment used by the
Company or its business segments to operate. Capital Employed is
used to calculate the Return on Average Capital Employed
(ROACE).
Cash Flow From Operations excluding working capital (CFFO) is a
non-GAAP financial measure and its most directly comparable IFRS
measure is Cash flow from operating activities. Cash Flow From
Operations excluding working capital 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, including capital gain from
renewable projects sales and including organic loan repayments from
equity affiliates.
This indicator can be a valuable tool for decision makers,
analysts and shareholders alike to help understand changes in cash
flow from operating activities, excluding the impact of working
capital changes across periods on a consistent basis and with the
performance of peer companies in a manner that, when viewed in
combination with the Company's results prepared in accordance with
GAAP, provides a more complete understanding of the factors and
trends affecting the Company's business and performance. This
performance indicator is used by the Company as a base for its cash
flow allocation and notably to guide on the share of its cash flow
to be allocated to the distribution to shareholders.
Debt adjusted cash flow (DACF) is a non-GAAP financial measure
and its most directly comparable IFRS measure is Cash flow from
operating activities. DACF is defined as Cash Flow From Operations
excluding working capital (CFFO) without financial charges. This
indicator can be a valuable tool for decision makers, analysts and
shareholders alike because it corresponds to the funds
theoretically available to the Company for investments, debt
repayment and distribution to shareholders, and therefore
facilitates comparison of the Company's results of operations with
those of other registrants, independent of their capital structure
and working capital requirements.
Free cash flow after Organic Investments is a non-GAAP financial
measure and its most directly comparable IFRS measure is Cash flow
from operating activities. Free cash flow after Organic
Investments, refers to Cash Flow From Operations excluding working
capital minus Organic Investments. Organic Investments refer to Net
Investments excluding acquisitions, asset sales and other
transactions with non-controlling interests. This indicator can be
a valuable tool for decision makers, analysts and shareholders
alike because it illustrates operating cash flow generated by the
business post allocation of cash for Organic Investments.
Gearing is a non-GAAP financial measure and its most directly
comparable IFRS measure is the ratio of total financial liabilities
to total equity. Gearing is a Net-debt-to-capital ratio, which is
calculated as the ratio of Net debt excluding leases to (Equity +
Net debt excluding leases). This indicator can be a valuable tool
for decision makers, analysts and shareholders alike to assess the
strength of the Company's balance sheet.
Net acquisitions is a non-GAAP financial measure and its most
directly comparable IFRS measure is Cash flow used in investing
activities. Net Acquisitions refer to acquisitions minus assets
sales (including other operations with non-controlling interests).
This indicator can be a valuable tool for decision makers, analysts
and shareholders alike because it illustrates the allocation of
cash flow used for growing the Company's asset base via external
growth opportunities.
Net cash flow is a non-GAAP financial measure and its most
directly comparable IFRS measure is Cash flow from operating
activities. Net cash flow refers to Cash Flow From Operations
excluding working capital minus Net Investments. Net cash flow can
be a valuable tool for decision makers, analysts and shareholders
alike because it illustrates cash flow generated by the operations
of the Company post allocation of cash for Organic Investments and
Net Acquisitions (acquisitions - assets sales - other operations
with non-controlling interests). This performance indicator
corresponds to the cash flow available to repay debt and allocate
cash to shareholder distribution or share buybacks.
Net investments is a non-GAAP financial measure and its most
directly comparable IFRS measure is Cash flow used in investing
activities. Net Investments refer to Cash flow used in investing
activities including other transactions with non-controlling
interests, including change in debt from renewable projects
financing, including expenditures related to carbon credits,
including capex linked to capitalized leasing contracts and
excluding organic loan repayment from equity affiliates. This
indicator can be a valuable tool for decision makers, analysts and
shareholders alike to illustrate the cash directed to growth
opportunities, both internal and external, thereby showing, when
combined with the Company's cash flow statement prepared under
IFRS, how cash is generated and allocated for uses within the
organization. Net Investments are the sum of Organic Investments
and Net Acquisitions each of which is described in the
Glossary.
Organic investments is a non-GAAP financial measure and its most
directly comparable IFRS measure is Cash flow used in investing
activities. Organic investments refers to Net Investments,
excluding acquisitions, asset sales and other operations with
non-controlling interests. Organic Investments can be a valuable
tool for decision makers, analysts and shareholders alike because
it illustrates cash flow used by the Company to grow its asset
base, excluding sources of external growth.
Payout is a non-GAAP financial measure. Payout is defined as the
ratio of the dividends and share buybacks to the Cash Flow From
Operations excluding working capital. This indicator can be a
valuable tool for decision makers, analysts and shareholders as it
provides the portion of the Cash Flow From Operations excluding
working capital distributed to the shareholder.
Return on Average Capital Employed (ROACE) is a non-GAAP
financial measure. ROACE is the ratio of Adjusted Net Operating
Income to average Capital Employed at replacement cost between the
beginning and the end of the period. This indicator can be a
valuable tool for decision makers, analysts and shareholders alike
to measure the profitability of the Company's average Capital
Employed in its business operations and is used by the Company to
benchmark its performance internally and externally with its
peers.
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
2023 and first nine month of 2023 from the consolidated financial
statements of TotalEnergies SE as of September 30, 2023
(unaudited). The limited review procedures by the Statutory
Auditors are underway. The notes to the consolidated financial
statements (unaudited) are available on the website
totalenergies.com.
This document may contain forward-looking statements (including
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995), notably with respect to
the financial condition, results of operations, business activities
and industrial strategy of TotalEnergies. This document may also
contain statements regarding the perspectives, objectives, areas of
improvement and goals of TotalEnergies, including with respect to
climate change and carbon neutrality (net zero emissions). An
ambition expresses an outcome desired by TotalEnergies, it being
specified that the means to be deployed do not depend solely on
TotalEnergies. These forward-looking statements may generally be
identified by the use of the future or conditional tense or
forward-looking words such as "envisions", "intends",
"anticipates", "believes", "considers", "plans", "expects",
"thinks", "targets", "aims" or similar terminology. Such
forward-looking statements included in this document are based on
economic data, estimates and assumptions prepared in a given
economic, competitive and regulatory environment and considered to
be reasonable by TotalEnergies as of the date of this document.
These forward-looking statements are not historical data and should
not be interpreted as assurances that the perspectives, objectives,
or goals announced will be achieved. They may prove to be
inaccurate in the future, and may evolve or be modified with a
significant difference between the actual results and those
initially estimated, due to the uncertainties notably related to
the economic, financial, competitive and regulatory environment, or
due to the occurrence of risk factors, such as, notably, the price
fluctuations in crude oil and natural gas, the evolution of the
demand and price of petroleum products, the changes in production
results and reserves estimates, the ability to achieve cost
reductions and operating efficiencies without unduly disrupting
business operations, changes in laws and regulations including
those related to the environment and climate, currency
fluctuations, as well as economic and political developments,
changes in market conditions, loss of market share and changes in
consumer preferences, or pandemics such as the COVID-19 pandemic.
Additionally, certain financial information is based on estimates
particularly in the assessment of the recoverable value of assets
and potential impairments of assets relating thereto. Neither
TotalEnergies SE nor any of its subsidiaries assumes any obligation
to update publicly any forward-looking information or statement,
objectives or trends contained in this document whether as a result
of new information, future events or otherwise. The information on
risk factors that could have a significant adverse effect on
TotalEnergies' business,
financial condition, including its operating income and cash
flow, reputation, outlook or the value of financial instruments
issued by TotalEnergies is provided in the most recent version of
the Universal Registration Document which is filed by TotalEnergies
SE with the French Autorité des Marchés Financiers and the annual
report on Form 20-F filed with the United States Securities and
Exchange Commission ("SEC").
Financial information by business segment is reported in
accordance with the internal reporting system and shows internal
segment information that is used to manage and measure the
performance of TotalEnergies. In addition to IFRS measures, certain
alternative performance indicators are presented, such as
performance indicators excluding the adjustment items described
below (adjusted operating income, adjusted net operating income,
adjusted net income), return on equity (ROE), return on average
capital employed (ROACE), gearing ratio, operating cash flow before
working capital changes, the shareholder rate of return. These
indicators are meant to facilitate the analysis of the financial
performance of TotalEnergies and the comparison of income between
periods. They allow investors to track the measures used internally
to manage and measure the performance of TotalEnergies.
These adjustment items include:
(i) Special items
Due to their unusual nature or particular significance, certain
transactions qualifying 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
assets disposals, which are not considered to be representative of
the normal course of business, may qualify as special items
although they may have occurred in prior years or are likely to
occur in following years.
(ii) The inventory valuation effect
In accordance with IAS 2, TotalEnergies values inventories of
petroleum products in its financial statements according to the
First-In, First-Out (FIFO) method and other inventories using the
weighted-average cost method. Under the FIFO method, the cost of
inventory is based on the historic cost of acquisition or
manufacture rather than the current replacement cost. In volatile
energy markets, this can have a significant distorting effect on
the reported income. Accordingly, 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 its main
competitors.
In the replacement cost method, which approximates the Last-In,
First-Out (LIFO) 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 prices differential 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 under the FIFO and the replacement
cost methods.
(iii) Effect of changes in fair value
The effect of changes in fair value presented as an adjustment
item reflects, for trading inventories and storage contracts,
differences between internal measures of performance used by
TotalEnergies' Executive Committee 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 (EUR-$) 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 Ndeg
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) Refer to Glossary page 23 & 24 for the definitions and
further information on alternative performance measures (Non-GAAP
measures) and to pages 19 and following for reconciliation
tables.
(2) 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.
(3) 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).
(4) 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.
(5) Average EUR-$ exchange rate: 1.0884 in the third quarter
2023, 1.0833 in the first nine months of 2023.
(6) Does not include oil, gas and LNG trading activities,
respectively.
(7) Sales in $ / Sales in volume for consolidated
affiliates.
(8) Sales in $ / Sales in volume for consolidated
affiliates.
(9) Sales in $ / Sales in volume for consolidated and equity
affiliates.
(10) This indicator represents the average margin on variable
costs realized by TotalEnergies' European refining business (equal
to the difference between the sales of refined products realized by
TotalEnergies' European refining and the crude purchases as well as
associated variable costs, divided by refinery throughput in
tons).
(11) 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.
(12) Scope 1+2 GHG emissions of operated facilities are defined
as the sum of direct emissions of greenhouse gases from sites or
activities that are included in the scope of reporting (as defined
in the Company's 2022 Universal Registration Document) and indirect
emissions attributable to brought-in energy (electricity, heat,
steam), excluding purchased industrial gases (H(2) ).
(13) 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.
(14) Company production = E&P production + Integrated LNG
production.
(15) 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).
(16) 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 $-EUR
sensitivity on adjusted net operating income is essentially
attributable to Refining & Chemicals.
(17) In a 80 $/b Brent environment.
(18) Excluding adjustments and contingent payments.
(19) End-of-period data.
(20) Includes 20% of the gross capacities of Adani Green Energy
Limited, 50% of Clearway Energy Group and, from 1Q23, 49% of Casa
dos Ventos.
(21) End-of-period data.
TotalEnergies financial statements
______________________
Third quarter and nine months 2023 consolidated accounts,
IFRS
CONSOLIDATED STATEMENT OF INCOME
TotalEnergies
(unaudited)
3(rd) quarter 2(nd) quarter 3(rd) quarter
(M$)(a) 2023 2023 2022
Sales 59,017 56,271 69,037
Excise taxes (4,604) (4,737) (4,075)
Revenues from sales 54,413 51,534 64,962
Purchases, net of inventory
variation (33,676) (33,864) (42,802)
Other operating expenses (7,562) (7,906) (6,771)
Exploration costs (245) (62) (71)
Depreciation, depletion and
impairment of tangible
assets and mineral
interests (3,055) (3,106) (2,935)
Other income 535 116 1,693
Other expense (928) (366) (921)
Financial interest on debt (726) (724) (633)
Financial income and
expense from cash & cash
equivalents 459 510 327
Cost of net debt (267) (214) (306)
Other financial income 311 413 196
Other financial expense (186) (173) (112)
Net income (loss) from
equity affiliates 754 267 (108)
Income taxes (3,404) (2,487) (6,077)
Consolidated net income 6,690 4,152 6,748
TotalEnergies share 6,676 4,088 6,626
Non-controlling interests 14 64 122
Earnings per share ($) 2.74 1.65 2.58
Fully-diluted earnings per
share ($) 2.73 1.64 2.56
(a) Except for per share
amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TotalEnergies
(unaudited)
3(rd) quarter 2(nd) quarter 3(rd) quarter
(M$) 2023 2023 2022
Consolidated net income 6,690 4,152 6,748
Other comprehensive income
Actuarial gains and losses (1) 135 (17)
Change in fair value of
investments in equity
instruments 3 (1) 131
Tax effect (2) (43) 2
Currency translation
adjustment generated by the
parent company (1,861) (57) (4,639)
Items not potentially
reclassifiable to profit and
loss (1,861) 34 (4,523)
Currency translation
adjustment 1,204 (49) 1,871
Cash flow hedge 306 689 1,258
Variation of foreign currency
basis spread (3) 11 9
share of other comprehensive
income of equity affiliates,
net amount 31 3 191
Other (4) (4) (18)
Tax effect (46) (136) (424)
Items potentially
reclassifiable to profit and
loss 1,488 514 2,887
Total other comprehensive
income (net amount) (373) 548 (1,636)
Comprehensive income 6,317 4,700 5,112
TotalEnergies share 6,313 4,676 4,969
Non-controlling interests 4 24 143
CONSOLIDATED STATEMENT OF INCOME
TotalEnergies
(unaudited)
9 months 9 months
(M$)(a) 2023 2022
Sales 177,891 212,417
Excise taxes (13,711) (13,060)
Revenues from sales 164,180 199,357
Purchases, net of inventory variation (105,891) (127,893)
Other operating expenses (23,253) (22,435)
Exploration costs (399) (1,049)
Depreciation, depletion and impairment of tangible
assets and mineral interests (9,223) (9,716)
Other income 992 2,265
Other expense (1,594) (4,516)
Financial interest on debt (2,160) (1,667)
Financial income and expense from cash & cash
equivalents 1,362 786
Cost of net debt (798) (881)
Other financial income 982 630
Other financial expense (542) (383)
Net income (loss) from equity affiliates 1,981 (1,611)
Income taxes (9,962) (16,165)
Consolidated net income 16,473 17,603
TotalEnergies share 16,321 17,262
Non-controlling interests 152 341
Earnings per share ($) 6.61 6.61
Fully-diluted earnings per share ($) 6.57 6.57
(a) Except for per share amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TotalEnergies
(unaudited)
9 months 9 months
(M$) 2023 2022
Consolidated net income 16,473 17,603
Other comprehensive income
Actuarial gains and losses 137 187
Change in fair value of investments in equity
instruments 6 114
Tax effect (53) (40)
Currency translation adjustment generated by the parent
company (452) (11,776)
Items not potentially reclassifiable to profit and loss (362) (11,515)
Currency translation adjustment (95) 5,406
Cash flow hedge 2,197 4,217
Variation of foreign currency basis spread 5 79
share of other comprehensive income of equity
affiliates, net amount (64) 2,655
Other (5) (19)
Tax effect (518) (1,483)
Items potentially reclassifiable to profit and loss 1,520 10,855
Total other comprehensive income (net amount) 1,158 (660)
Comprehensive income 17,631 16,943
TotalEnergies share 17,539 16,627
Non-controlling interests 92 316
CONSOLIDATED
BALANCE SHEET
TotalEnergies
September June 30, December 31, September 30,
30, 2023 2023 2022 2022
(M$) (unaudited) (unaudited) (unaudited)
ASSETS
Non-current
assets
Intangible
assets, net 32,911 31,717 31,931 36,376
Property, plant
and equipment,
net 106,721 104,174 107,101 99,700
Equity
affiliates :
investments and
loans 30,153 30,425 27,889 28,743
Other
investments 1,342 1,190 1,051 1,149
Non-current
financial
assets 2,710 2,494 2,731 2,341
Deferred income
taxes 3,535 3,649 5,049 4,434
Other
non-current
assets 3,991 2,573 2,388 2,930
Total
non-current
assets 181,363 176,222 178,140 175,673
Current assets
Inventories, net 22,512 18,785 22,936 24,420
Accounts
receivable,
net 23,598 22,163 24,378 28,191
Other current
assets 22,252 23,111 36,070 73,453
Current
financial
assets 6,892 6,725 8,746 11,688
Cash and cash
equivalents 24,731 25,572 33,026 35,941
Assets
classified as
held for sale 8,656 8,441 568 349
Total current
assets 108,641 104,797 125,724 174,042
Total assets 290,004 281,019 303,864 349,715
LIABILITIES &
SHAREHOLDERS'
EQUITY
Shareholders'
equity
Common shares 7,616 7,850 8,163 8,163
Paid-in surplus
and retained
earnings 123,506 123,511 123,951 131,382
Currency
translation
adjustment (13,461) (12,859) (12,836) (16,720)
Treasury shares (1,894) (4,820) (7,554) (5,004)
Total
shareholders'
equity -
TotalEnergies
share 115,767 113,682 111,724 117,821
Non-controlling
interests 2,657 2,770 2,846 2,851
Total
shareholders'
equity 118,424 116,452 114,570 120,672
Non-current
liabilities
Deferred income
taxes 11,633 11,237 11,021 12,576
Employee
benefits 1,837 1,872 1,829 2,207
Provisions and
other
non-current
liabilities 22,657 21,295 21,402 22,133
Non-current
financial debt 41,022 40,427 45,264 44,899
Total
non-current
liabilities 77,149 74,831 79,516 81,815
Current
liabilities
Accounts payable 37,268 32,853 41,346 48,942
Other creditors
and accrued
liabilities 37,405 38,609 52,275 80,468
Current
borrowings 16,876 15,542 15,502 16,923
Other current
financial
liabilities 415 443 488 861
Liabilities
directly
associated with
the assets
classified as
held for sale 2,467 2,289 167 34
Total current
liabilities 94,431 89,736 109,778 147,228
Total
liabilities &
shareholders'
equity 290,004 281,019 303,864 349,715
CONSOLIDATED STATEMENT OF
CASH FLOW
TotalEnergies
(unaudited)
3(rd) quarter 2(nd) quarter 3(rd) quarter
(M$) 2023 2023 2022
CASH FLOW FROM OPERATING
ACTIVITIES
Consolidated net income 6,690 4,152 6,748
Depreciation, depletion,
amortization and impairment 3,621 3,195 3,032
Non-current liabilities,
valuation allowances and
deferred taxes 686 81 704
(Gains) losses on disposals
of assets (521) (70) (1,645)
Undistributed affiliates'
equity earnings (325) 383 1,290
(Increase) decrease in
working capital (923) 2,125 7,407
Other changes, net 268 34 312
Cash flow from operating
activities 9,496 9,900 17,848
CASH FLOW USED IN INVESTING
ACTIVITIES
Intangible assets and
property, plant and
equipment additions (3,808) (3,870) (2,986)
Acquisitions of subsidiaries,
net of cash acquired (1,607) (19) (8)
Investments in equity
affiliates and other
securities (482) (522) (2,557)
Increase in non-current loans (451) (366) (246)
Total expenditures (6,348) (4,777) (5,797)
Proceeds from disposals of
intangible assets and
property, plant and
equipment 914 31 97
Proceeds from disposals of
subsidiaries, net of cash
sold 7 38 524
Proceeds from disposals of
non-current investments 308 133 304
Repayment of non-current
loans 132 102 797
Total divestments 1,361 304 1,722
Cash flow used in investing
activities (4,987) (4,473) (4,075)
CASH FLOW USED IN FINANCING
ACTIVITIES
Issuance (repayment) of
shares:
- Parent company shareholders - 383 (1)
- Treasury shares (2,098) (2,002) (1,996)
Dividends paid:
- Parent company shareholders (1,962) (1,842) (1,877)
- Non-controlling interests (168) (105) (405)
Net issuance (repayment) of
perpetual subordinated
notes - (1,081) -
Payments on perpetual
subordinated notes (22) (80) (14)
Other transactions with
non-controlling interests (11) (13) 38
Net issuance (repayment) of
non-current debt 47 (14) 141
Increase (decrease) in
current borrowings (446) (4,111) (527)
Increase (decrease) in
current financial assets and
liabilities (182) 990 (4,473)
Cash flow from (used in)
financing activities (4,842) (7,875) (9,114)
Net increase (decrease) in
cash and cash equivalents (333) (2,448) 4,659
Effect of exchange rates (508) 35 (1,566)
Cash and cash equivalents at
the beginning of the period 25,572 27,985 32,848
Cash and cash equivalents at
the end of the period 24,731 25,572 35,941
CONSOLIDATED STATEMENT OF CASH FLOW
TotalEnergies
(unaudited)
9 months 9 months
(M$) 2023 2022
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income 16,473 17,603
Depreciation, depletion, amortization and impairment 10,003 10,931
Non-current liabilities, valuation allowances and
deferred taxes 1,081 4,669
(Gains) losses on disposals of assets (843) (1,823)
Undistributed affiliates' equity earnings (291) 4,551
(Increase) decrease in working capital (2,217) 4,982
Other changes, net 323 836
Cash flow from operating activities 24,529 41,749
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment
additions (12,646) (11,593)
Acquisitions of subsidiaries, net of cash acquired (1,762) (90)
Investments in equity affiliates and other securities (2,411) (2,782)
Increase in non-current loans (1,206) (765)
Total expenditures (18,025) (15,230)
Proceeds from disposals of intangible assets and
property, plant and equipment 1,013 427
Proceeds from disposals of subsidiaries, net of cash
sold 228 675
Proceeds from disposals of non-current investments 490 554
Repayment of non-current loans 472 2,139
Total divestments 2,203 3,795
Cash flow used in investing activities (15,822) (11,435)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders 383 370
- Treasury shares (6,203) (5,160)
Dividends paid:
- Parent company shareholders (5,648) (5,630)
- Non-controlling interests (294) (524)
Net issuance (repayment) of perpetual subordinated notes (1,081) -
Payments on perpetual subordinated notes (260) (288)
Other transactions with non-controlling interests (110) 33
Net issuance (repayment) of non-current debt 151 683
Increase (decrease) in current borrowings (5,831) (2,573)
Increase (decrease) in current financial assets and
liabilities 2,202 390
Cash flow from (used in) financing activities (16,691) (12,699)
Net increase (decrease) in cash and cash equivalents (7,984) 17,615
Effect of exchange rates (311) (3,016)
Cash and cash equivalents at the beginning of the period 33,026 21,342
Cash and cash equivalents at the end of the period 24,731 35,941
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
TotalEnergies
(unaudited)
Paid-in
surplus Shareholders'
and Currency equity - Non- Total
retained translation TotalEnergies controlling shareholders'
Common shares issued earnings adjustment Treasury shares Share interests 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 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
perpetual
subordinated
notes - - (44) - - - (44) - (44)
Payments on
perpetual
subordinated
notes - - (255) - - - (255) - (255)
Other operations
with
non-controlling
interests - - 41 7 - - 48 124 172
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
Net income of
the fourth
quarter 2022 - - 3,264 - - - 3,264 177 3,441
Other
comprehensive
income - - (6,354) 3,882 - - (2,472) 23 (2,449)
Comprehensive
Income - - (3,090) 3,882 - - 792 200 992
Dividend - - (4,336) - - - (4,336) (12) (4,348)
Issuance of
common shares - - - - - - - - -
Purchase of
treasury
shares - - - - (42,831,619) (2,551) (2,551) - (2,551)
Sale of treasury
shares(a) - - (1) - 1,733 1 - - -
Share-based
payments - - 38 - - - 38 - 38
Share
cancellation - - - - - - - - -
Net issuance
(repayment) of
perpetual
subordinated
notes - - - - - - - - -
Payments on
perpetual
subordinated
notes - - (76) - - - (76) - (76)
Other operations
with
non-controlling
interests - - 4 2 - - 6 (87) (81)
Other items - - 30 - - - 30 (106) (76)
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 nine
months 2023 - - 16,321 - - - 16,321 152 16,473
Other
comprehensive
income - - 1,815 (597) - - 1,218 (60) 1,158
Comprehensive
Income - - 18,136 (597) - - 17,539 92 17,631
Dividend - - (5,765) - - - (5,765) (294) (6,059)
Issuance of
common shares 8,002,155 22 361 - - - 383 - 383
Purchase of
treasury
shares - - - - (100,511,783) (7,024) (7,024) - (7,024)
Sale of treasury
shares(a) - - (396) - 6,463,426 396 - - -
Share-based
payments - - 232 - - - 232 - 232
Share
cancellation (214,881,605) (569) (11,720) - 214,881,605 12,289 - - -
Net issuance
(repayment) of
perpetual
subordinated
notes - - (1,107) - - - (1,107) - (1,107)
Payments on
perpetual
subordinated
notes - - (223) - - - (223) - (223)
Other operations
with
non-controlling
interests - - 39 (28) - - 11 12 23
Other items - - (2) - - (1) (3) 1 (2)
As of September
30, 2023 2,412,251,835 7,616 123,506 (13,461) (16,354,419) (1,894) 115,767 2,657 118,424
(a) Treasury shares related to the performance share grants.
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
Exploration Refining Marketing
3(rd) quarter & Integrated Integrated & &
2023 Production LNG Power Chemicals Services Corporate Intercompany Total
(M$)
External sales 1,551 2,144 5,183 27,127 23,012 - - 59,017
Intersegment
sales 11,129 2,361 495 10,094 153 59 (24,291) -
Excise taxes - - - (210) (4,394) - - (4,604)
Revenues from
sales 12,680 4,505 5,678 37,011 18,771 59 (24,291) 54,413
Operating
expenses (5,347) (3,038) (4,811) (34,598) (17,749) (231) 24,291 (41,483)
Depreciation,
depletion and
impairment of
tangible assets
and mineral
interests (1,976) (283) (86) (483) (204) (23) - (3,055)
Net income
(loss) from
equity
affiliates and
other items 10 358 (8) 61 (16) 81 - 486
Tax on net
operating
income (2,437) (251) (86) (502) (247) 157 - (3,366)
Adjustment (a) (208) (51) 181 90 132 (37) - 107
Adjusted net
operating
income 3,138 1,342 506 1,399 423 80 - 6,888
Adjustment (a) 107
Net cost of net
debt (305)
Non-controlling
interests (14)
Net income -
TotalEnergies
share 6,676
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
Exploration Refining Marketing
3(rd) quarter & Integrated Integrated & &
2023 Production LNG Power Chemicals Services Corporate Intercompany Total
(M$)
Total
expenditures 2,677 734 2,215 424 270 28 - 6,348
Total
divestments 699 168 331 114 49 - - 1,361
Cash flow from
operating
activities 4,240 872 1,936 2,060 206 182 - 9,496
Exploration Refining Marketing
2(nd) quarter & Integrated Integrated & &
2023 Production LNG Power Chemicals Services Corporate Intercompany Total
(M$)
External sales 1,434 2,020 6,249 24,849 21,712 7 - 56,271
Intersegment
sales 10,108 2,778 670 8,630 201 64 (22,451) -
Excise taxes - - - (231) (4,506) - - (4,737)
Revenues from
sales 11,542 4,798 6,919 33,248 17,407 71 (22,451) 51,534
Operating
expenses (5,162) (3,797) (6,334) (32,042) (16,672) (276) 22,451 (41,832)
Depreciation,
depletion and
impairment of
tangible assets
and mineral
interests (2,117) (277) (51) (394) (241) (26) - (3,106)
Net income
(loss) from
equity
affiliates and
other items (15) 472 (250) 3 64 (17) - 257
Tax on net
operating
income (1,889) (137) (41) (187) (162) (40) - (2,456)
Adjustment (a) 10 (271) (207) (376) (53) (40) - (937)
Adjusted net
operating
income 2,349 1,330 450 1,004 449 (248) - 5,334
Adjustment (a) (937)
Net cost of net
debt (245)
Non-controlling
interests (64)
Net income -
TotalEnergies
share 4,088
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
Exploration Refining Marketing
2(nd) quarter & Integrated Integrated & &
2023 Production LNG Power Chemicals Services Corporate Intercompany Total
(M$)
Total
expenditures 2,569 626 807 489 256 30 - 4,777
Total
divestments 26 45 149 52 28 4 - 304
Cash flow from
operating
activities 4,047 1,332 2,284 1,923 665 (351) - 9,900
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
Exploration Refining Marketing
3(rd) quarter & Integrated Integrated & &
2022 Production LNG Power Chemicals Services Corporate Intercompany Total
(M$)
External sales 2,670 7,264 4,231 28,899 25,968 5 - 69,037
Intersegment
sales 14,701 3,854 537 12,065 176 52 (31,385) -
Excise taxes - - - (160) (3,915) - - (4,075)
Revenues from
sales 17,371 11,118 4,768 40,804 22,229 57 (31,385) 64,962
Operating
expenses (6,880) (8,591) (4,695) (39,137) (21,513) (213) 31,385 (49,644)
Depreciation,
depletion and
impairment of
tangible assets
and mineral
interests (1,999) (249) (46) (371) (243) (27) - (2,935)
Net income
(loss) from
equity
affiliates and
other items (2,643) 1,697 1,493 219 (14) (4) - 748
Tax on net
operating
income (5,071) (752) (25) (255) (153) 162 - (6,094)
Adjustment (a) (3,439) (190) 1,259 (675) (172) (59) - (3,276)
Adjusted net
operating
income 4,217 3,413 236 1,935 478 34 - 10,313
Adjustment (a) (3,276)
Net cost of net
debt (289)
Non-controlling
interests (122)
Net income -
TotalEnergies
share 6,626
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
Exploration Refining Marketing
3(rd) quarter & Integrated Integrated & &
2022 Production LNG Power Chemicals Services Corporate Intercompany Total
(M$)
Total
expenditures 2,069 364 2,850 242 251 21 - 5,797
Total
divestments 246 745 696 6 29 - - 1,722
Cash flow from
operating
activities 9,083 3,449 941 3,798 939 (362) - 17,848
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
Exploration Refining Marketing
& Integrated Integrated & &
9 months 2023 Production LNG Power Chemicals Services Corporate Intercompany Total
(M$)
External sales 4,939 9,036 19,987 76,831 67,083 15 - 177,891
Intersegment
sales 31,965 11,138 2,850 27,785 474 180 (74,392) -
Excise taxes - - - (625) (13,086) - - (13,711)
Revenues from
sales 36,904 20,174 22,837 103,991 54,471 195 (74,392) 164,180
Operating
expenses (15,271) (16,280) (20,976) (98,532) (52,208) (668) 74,392 (129,543)
Depreciation,
depletion and
impairment of
tangible assets
and mineral
interests (6,159) (848) (184) (1,291) (669) (72) - (9,223)
Net income
(loss) from
equity
affiliates and
other items 63 1,634 (328) 116 291 43 - 1,819
Tax on net
operating
income (7,724) (593) (238) (1,014) (528) 180 - (9,917)
Adjustment (a) (327) (657) (215) (751) 205 (77) - (1,822)
Adjusted net
operating
income 8,140 4,744 1,326 4,021 1,152 (245) - 19,138
Adjustment (a) (1,822)
Net cost of net
debt (843)
Non-controlling
interests (152)
Net income -
TotalEnergies
share 16,321
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
Exploration Refining Marketing
& Integrated Integrated & &
9 months 2023 Production LNG Power Chemicals Services Corporate Intercompany Total
(M$)
Total
expenditures 9,298 2,555 4,256 1,138 685 93 - 18,025
Total
divestments 756 262 629 174 378 4 - 2,203
Cash flow from
operating
activities 12,823 5,740 2,935 3,132 198 (299) - 24,529
Exploration Refining Marketing
& Integrated Integrated & &
9 months 2022 Production LNG Power Chemicals Services Corporate Intercompany Total
(M$)
External sales 7,342 16,672 17,398 94,968 76,024 13 - 212,417
Intersegment
sales 42,324 11,292 1,546 34,127 1,159 185 (90,633) -
Excise taxes - - - (538) (12,522) - - (13,060)
Revenues from
sales 49,666 27,964 18,944 128,557 64,661 198 (90,633) 199,357
Operating
expenses (18,348) (21,621) (19,381) (119,790) (61,807) (1,063) 90,633 (151,377)
Depreciation,
depletion and
impairment of
tangible assets
and mineral
interests (6,772) (803) (140) (1,140) (757) (104) - (9,716)
Net income
(loss) from
equity
affiliates and
other items (6,069) (172) 1,685 724 42 175 - (3,615)
Tax on net
operating
income (12,810) (1,305) (26) (1,646) (674) 259 - (16,202)
Adjustment (a) (8,284) (4,698) 588 890 249 (297) - (11,552)
Adjusted
operating
income 13,951 8,761 494 5,815 1,216 (238) - 29,999
Adjustment (a) (11,552)
Net cost of net
debt (844)
Non-controlling
interests (341)
Net income -
TotalEnergies
share 17,262
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
Exploration Refining Marketing
& Integrated Integrated & &
9 months 2022 Production LNG Power Chemicals Services Corporate Intercompany Total
(M$)
Total
expenditures 8,168 939 4,586 803 679 55 - 15,230
Total
divestments 592 1,982 940 89 180 12 - 3,795
Cash flow from
operating
activities 23,619 9,470 (795) 8,431 2,417 (1,393) - 41,749
Non GAAP Financial Measures
______________________
Alternative Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)
1. Reconciliation of cash flow used in investing activities to
Net investments
1.1. Exploration & Production
3(rd) 9
quarter months
3(rd) 2(nd) 3(rd) 2023 9 9 2023
quarter quarter quarter vs months months vs
3(rd) 9
quarter (in millions of months
2023 2023 2022 2022 dollars) 2023 2022 2022
Cash flow used
in investing
1,978 2,543 1,823 9% activities (a) 8,542 7,576 13%
Other
transactions
with
non-controlling
- - - ns interests (b) - - ns
Organic loan
repayment from
equity
- - (1) -100% affiliates (c) - 22 -100%
Change in debt
from renewable
projects
financing (d)
- - - ns * - - ns
Capex linked to
capitalized
leasing
51 56 34 50% contracts (e) 157 94 67%
Expenditures
related to
carbon credits
14 1 7 100% (f) 16 11 45%
Net investments
(a + b + c + d
+ e + f = g - i
2,043 2,600 1,863 10% + h) 8,715 7,703 13%
of which net
acquisitions (g
(514) 176 (126) ns - i) 1,600 2,415 -34%
Acquisitions
156 179 96 63% (g) 2,281 2,893 -21%
670 3 222 x3 Asset sales (i) 681 478 42%
Change in debt
from renewable
projects
(partner
- - - ns share) - - ns
of which
organic
investments
2,557 2,424 1,989 29% (h) 7,115 5,288 35%
Capitalized
343 325 169 x2 exploration 872 381 x2.3
Increase in
non-current
32 17 12 x2.7 loans 93 58 60%
(29) (23) (25) ns Repayment of (75) (92) ns
non-current
loans,
excluding
organic loan
repayment from
equity
affiliates
- - - ns Change in debt - - ns
from renewable
projects
(TotalEnergies
share)
*Change in debt from renewable projects (TotalEnergies share and
partner share).
1.2. Integrated LNG
3(rd) 9
quarter months
3(rd) 2(nd) 3(rd) 2023 9 9 2023
quarter quarter quarter vs months months vs
3(rd) 9
quarter (in millions of months
2023 2023 2022 2022 dollars) 2023 2022 2022
Cash flow used
in investing
566 581 (381) ns activities (a) 2,293 (1,043) ns
Other
transactions
with
non-controlling
- - - ns interests (b) - - ns
Organic loan
repayment from
equity
1 - 578 -100% affiliates (c) 2 1,282 -100%
Change in debt
from renewable
projects
financing (d)
- - - ns * - - ns
Capex linked to
capitalized
leasing
12 6 6 100% contracts (e) 26 19 37%
Expenditures
related to
carbon credits
- - - ns (f) - - ns
Net investments
(a + b + c + d
+ e + f = g - i
579 587 203 x2.9 + h) 2,321 258 x9
of which net
acquisitions (g
84 205 (10) ns - i) 1,048 (66) ns
Acquisitions
204 224 - ns (g) 1,197 4 x299.3
120 19 10 x12 Asset sales (i) 149 70 x2.1
Change in debt
from renewable
projects
(partner
- - - ns share) - - ns
of which
organic
investments
495 382 213 x2.3 (h) 1,273 324 x3.9
Capitalized
3 3 - ns exploration 7 - ns
Increase in
non-current
153 95 133 15% loans 391 264 48%
(47) (26) (156) ns Repayment of (111) (592) ns
non-current
loans,
excluding
organic loan
repayment from
equity
affiliates
- - - ns Change in debt - - ns
from renewable
projects
(TotalEnergies
share)
*Change in debt from renewable projects (TotalEnergies share and
partner share).
Alternative Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)
1.3. Integrated Power
3(rd) 9
quarter months
3(rd) 2(nd) 3(rd) 2023 9 9 2023
quarter quarter quarter vs months months vs
3(rd) 9
quarter (in millions of months
2023 2023 2022 2022 dollars) 2023 2022 2022
Cash flow used
in investing
1,884 658 2,154 -13% activities (a) 3,627 3,646 -1%
Other
transactions
with
non-controlling
- - - ns interests (b) - - ns
Organic loan
repayment from
equity
4 16 3 33% affiliates (c) 26 3 x8.7
Change in debt
from renewable
projects
financing (d)
43 35 8 x5.4 * 81 (356) ns
Capex linked to
capitalized
leasing
1 2 3 -67% contracts (e) 5 3 67%
Expenditures
related to
carbon credits
- - - ns (f) - - ns
Net investments
(a + b + c + d
+ e + f = g - i
1,932 711 2,168 -11% + h) 3,739 3,296 13%
of which net
acquisitions (g
1,354 (42) 1,728 -22% - i) 1,831 2,367 -23%
Acquisitions
1,622 45 1,617 - (g) 2,204 2,647 -17%
268 87 (111) ns Asset sales (i) 373 280 33%
Change in debt
from renewable
projects
(partner
(43) (35) (4) ns share) (81) 170 ns
of which
organic
investments
578 753 440 31% (h) 1,908 929 x2.1
Capitalized
- - - ns exploration - - ns
Increase in
non-current
207 182 62 x3.3 loans 552 290 90%
(17) (11) (8) ns Repayment of (149) (34) ns
non-current
loans,
excluding
organic loan
repayment from
equity
affiliates
- - 4 -100% Change in debt - (186) -100%
from renewable
projects
(TotalEnergies
share)
*Change in debt from renewable projects (TotalEnergies share and
partner share).
1.4. Refining & Chemicals
3(rd) 9
quarter months
3(rd) 2(nd) 3(rd) 2023 9 9 2023
quarter quarter quarter vs months months vs
3(rd) 9
quarter (in millions of months
2023 2023 2022 2022 dollars) 2023 2022 2022
Cash flow used
in investing
310 437 236 31% activities (a) 964 714 35%
Other
transactions
with
non-controlling
- - - ns interests (b) - - ns
Organic loan
repayment from
equity
(21) 2 (11) ns affiliates (c) (33) (12) ns
Change in debt
from renewable
projects
financing (d)
- - - ns * - - ns
Capex linked to
capitalized
leasing
- - - ns contracts (e) - - ns
Expenditures
related to
carbon credits
- - - ns (f) - - ns
Net investments
(a + b + c + d
+ e + f = g - i
289 439 225 28% + h) 931 702 33%
of which net
acquisitions (g
(97) (15) 1 ns - i) (107) (33) ns
Acquisitions
- 27 - ns (g) 31 15 x2.1
97 42 (1) ns Asset sales (i) 138 48 x2.9
Change in debt
from renewable
projects
(partner
- - - ns share) - - ns
of which
organic
investments
386 454 224 72% (h) 1,038 735 41%
Capitalized
- - - ns exploration - - ns
Increase in
non-current
13 27 - ns loans 51 52 -2%
(9) (8) (5) ns Repayment of (25) (32) ns
non-current
loans,
excluding
organic loan
repayment from
equity
affiliates
- - - ns Change in debt - - ns
from renewable
projects
(TotalEnergies
share)
*Change in debt from renewable projects (TotalEnergies share and
partner share).
Alternative Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)
1.5. Marketing & Services
3(rd) 9
quarter months
3(rd) 2(nd) 3(rd) 2023 9 9 2023
quarter quarter quarter vs months months vs
3(rd) 9
quarter (in millions of months
2023 2023 2022 2022 dollars) 2023 2022 2022
Cash flow used
in investing
221 228 222 ns activities (a) 307 499 -38%
Other
transactions
with
non-controlling
- - - ns interests (b) - - ns
Organic loan
repayment from
equity
- - - ns affiliates (c) - - ns
Change in debt
from renewable
projects
financing (d)
- - - ns * - - ns
Capex linked to
capitalized
leasing
- - - ns contracts (e) - - ns
Expenditures
related to
carbon credits
- - - ns (f) - - ns
Net investments
(a + b + c + d
+ e + f = g - i
221 228 222 - + h) 307 499 -38%
of which net
acquisitions (g
(18) (4) (7) ns - i) (256) (98) ns
Acquisitions
10 7 2 x5 (g) 17 20 -15%
28 11 9 x3.1 Asset sales (i) 273 118 x2.3
Change in debt
from renewable
projects
(partner
- - - ns share) - - ns
of which
organic
investments
239 232 229 4% (h) 563 597 -6%
Capitalized
- - - ns exploration - - ns
Increase in
non-current
16 26 24 -33% loans 53 68 -22%
(19) (12) (20) ns Repayment of (70) (62) ns
non-current
loans,
excluding
organic loan
repayment from
equity
affiliates
- - - ns Change in debt - - ns
from renewable
projects
(TotalEnergies
share)
*Change in debt from renewable projects (TotalEnergies share and
partner share).
2. Reconciliation of cash flow from operating activities to
CFFO
2.1. Exploration & Production
3(rd) 9
quarter months
3(rd) 2(nd) 3(rd) 2023 9 9 2023
quarter quarter quarter vs months months vs
3(rd) 9
quarter (in millions of months
2023 2023 2022 2022 dollars) 2023 2022 2022
Cash flow from
operating
4,240 4,047 9,083 -53% activities (a) 12,823 23,619 -46%
(Increase)
decrease in
working capital
(925) (317) 2,676 ns (b) (1,613) 2,549 ns
- - - ns Inventory - - ns
effect (c)
- - - ns Capital gain - - ns
from renewable
project sales
(d)
- - (1) -100% Organic loan - 22 -100%
repayments from
equity
affiliates (e)
5,165 4,364 6,406 -19% Cash flow from 14,436 21,092 -32%
operations
excluding
working capital
(CFFO) (f = a -
b - c + d + e)
Alternative Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)
2.2. Integrated LNG
3(rd) 9
quarter months
3(rd) 2(nd) 3(rd) 2023 9 9 2023
quarter quarter quarter vs months months vs
3(rd) 9
quarter (in millions of months
2023 2023 2022 2022 dollars) 2023 2022 2022
Cash flow from
operating
872 1,332 3,449 -75% activities (a) 5,740 9,470 -39%
(Increase)
decrease in
working capital
(775) (469) 1,536 ns (b) * 212 3,656 -94%
- - - ns Inventory - - ns
effect (c)
- - - ns Capital gain - - ns
from renewable
project sales
(d)
1 - 578 -100% Organic loan 2 1,282 -100%
repayments from
equity
affiliates (e)
1,648 1,801 2,492 -34% Cash flow from 5,530 7,096 -22%
operations
excluding
working capital
(CFFO) (f = a -
b - c + d + e)
* Changes in working capital are presented excluding the
mark-to-market effect of Integrated LNG and Integrated Power
sectors' contracts.
2.3. Integrated Power
3(rd) 9
quarter months
3(rd) 2(nd) 3(rd) 2023 9 9 2023
quarter quarter quarter vs months months vs
3(rd) 9
quarter (in millions of months
2023 2023 2022 2022 dollars) 2023 2022 2022
Cash flow from
operating
1,936 2,284 941 x2.1 activities (a) 2,935 (795) ns
(Increase)
decrease in
working capital
1,466 1,844 753 95% (b) * 1,595 (1,299) ns
- - - ns Inventory - - ns
effect (c)
43 35 - ns Capital gain 81 25 x3.3
from renewable
project sales
(d)
4 16 3 33% Organic loan 26 3 x8.7
repayments from
equity
affiliates (e)
516 491 191 x2.7 Cash flow from 1,447 532 x2.7
operations
excluding
working capital
(CFFO) (f = a -
b - c + d + e)
* Changes in working capital are presented excluding the
mark-to-market effect of Integrated LNG and Integrated Power
sectors' contracts.
Alternative Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)
2.4. Refining & Chemicals
3(rd) 9
quarter months
3(rd) 2(nd) 3(rd) 2023 9 9 2023
quarter quarter quarter vs months months vs
3(rd) 9
quarter (in millions of months
2023 2023 2022 2022 dollars) 2023 2022 2022
Cash flow from
operating
2,060 1,923 3,798 -46% activities (a) 3,132 8,431 -63%
(Increase)
decrease in
working capital
(125) 788 2,394 ns (b) (1,520) 908 ns
Inventory
546 (192) (771) ns effect (c) (61) 951 ns
- - - ns Capital gain - - ns
from renewable
project sales
(d)
(21) 2 (11) ns Organic loan (33) (12) ns
repayments from
equity
affiliates (e)
1,618 1,329 2,164 -25% Cash flow from 4,680 6,560 -29%
operations
excluding
working capital
(CFFO) (f = a -
b - c + d + e)
2.5. Marketing & Services
3(rd) 9
quarter months
3(rd) 2(nd) 3(rd) 2023 9 9 2023
quarter quarter quarter vs months months vs
3(rd) 9
quarter (in millions of months
2023 2023 2022 2022 dollars) 2023 2022 2022
Cash flow from
operating
206 665 939 -78% activities (a) 198 2,417 -92%
(Increase)
decrease in
working capital
(599) (31) 398 ns (b) (1,672) 144 ns
Inventory
218 (60) (239) ns effect (c) 71 445 -84%
- - - ns Capital gain - - ns
from renewable
project sales
(d)
- - - ns Organic loan - - ns
repayments from
equity
affiliates (e)
587 756 780 -25% Cash flow from 1,799 1,828 -2%
operations
excluding
working capital
(CFFO) (f = a -
b - c + d + e)
Alternative Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)
3. Reconciliation of capital employed (balance sheet) and
calculation of ROACE
Exploration Refining Marketing
In millions of & Integrated Integrated & & Inter-
dollars Production LNG Power Chemicals Services Corporate Company Company
Adjusted net
operating
income 3(rd)
quarter 2023 3,138 1,342 506 1,399 423 80 - 6,888
Adjusted net
operating
income 2(nd)
quarter 2023 2,349 1,330 450 1,004 449 (248) - 5,334
Adjusted net
operating
income 1(st)
quarter 2023 2,653 2,072 370 1,618 280 (77) - 6,916
Adjusted net
operating
income 4(th)
quarter 2022 3,528 2,408 481 1,487 334 (25) - 8,213
Adjusted net
operating
income (a) 11,668 7,152 1,807 5,508 1,486 (270) - 27,351
Balance sheet as
of September
30, 2023
Property plant
and equipment
intangible
assets net 84,906 24,683 11,635 11,350 6,449 609 - 139,632
Investments &
loans in equity
affiliates 2,823 13,624 8,840 4,293 573 - - 30,153
Other
non-current
assets 3,473 2,874 711 722 1,124 (35) - 8,869
Inventories, net 1,542 1,768 657 14,337 4,208 - - 22,512
Accounts
receivable,
net 7,152 8,436 5,415 23,483 9,416 1,734 (32,038) 23,598
Other current
assets 5,623 10,327 8,081 2,452 3,531 2,815 (10,577) 22,252
Accounts payable (5,860) (9,514) (5,659) (35,396) (10,972) (1,787) 31,920 (37,268)
Other creditors
and accrued
liabilities (9,532) (12,307) (8,178) (6,803) (4,919) (6,361) 10,695 (37,405)
Working capital (1,075) (1,290) 316 (1,927) 1,264 (3,598) - (6,310)
Provisions and
other
non-current
liabilities (26,342) (3,858) (1,586) (3,757) (1,207) 623 - (36,127)
Assets and
liabilities
classified as
held for sale 5,607 - 127 130 1,298 - - 7,162
Capital Employed
(Balance
sheet) 69,392 36,033 20,043 10,811 9,501 (2,402) - 143,378
Less inventory
valuation
effect - - - (1,809) (476) - - (2,285)
Capital Employed
at replacement
cost (b) 69,392 36,033 20,043 9,002 9,025 (2,402) - 141,093
Balance sheet as
of September
30, 2022
Property plant
and equipment
intangible
assets net 86,341 24,387 6,791 10,670 7,317 570 - 136,076
Investments &
loans in equity
affiliates 2,874 13,525 7,694 4,228 422 - - 28,743
Other
non-current
assets 3,782 1,039 2,050 577 1,142 (78) - 8,512
Inventories, net 1,230 2,910 1,217 14,474 4,587 2 - 24,420
Accounts
receivable,
net 7,827 25,065 3,087 19,382 9,043 1,245 (37 458) 28,191
Other current
assets 6,846 63,814 23,448 2,842 4,157 2,558 (30 212) 73,453
Accounts payable (5,818) (22,866) (12,466) (31,969) (12,166) (998) 37 341 (48,942)
Other creditors
and accrued
liabilities (13,114) (65,868) (12,109) (8,438) (5,535) (5,733) 30 329 (80,468)
Working capital (3,029) 3,055 3,177 (3,709) 86 (2,926) - (3,346)
Provisions and
other
non-current
liabilities (25,051) (4,264) (2,686) (3,566) (1,298) (52) - (36,917)
Assets and
liabilities
classified as
held for sale 124 - 155 - - - - 279
Capital Employed
(Balance
sheet) 65,041 37 742 17 181 8,200 7,669 (2,486) - 133,347
Less inventory
valuation
effect - - - (2,399) (528) - - (2,927)
Capital Employed
at replacement
cost (c) 65,041 37 742 17 181 5,801 7,141 (2,486) - 130,420
ROACE as a
percentage (a /
average (b +
c)) 17.4% 19.4% 9.7% 74.4% 18.4% 20.1%
Alternative Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)
Reconciliation of consolidated net income to adjusted net
operating income
3(rd) 2(nd)
quarter quarter 3(rd) quarter 9 months 9 months
(in millions of
2023 2023 2022 dollars) 2023 2022
Consolidated
6,690 4,152 6,748 net income (a) 16,473 17,603
Net cost of net
(305) (245) (289) debt (b) (843) (844)
Special items
affecting net
operating
(881) (449) (2,205) income (1,497) (11,950)
Gain (loss) on
- - 1,450 asset sales 203 1,450
Restructuring
- (5) (19) charges (5) (41)
(698) (469) (3,118) Impairments (1,227) (11,898)
(183) 25 (518) Other (468) (1,461)
After-tax
inventory
effect : FIFO
vs. replacement
623 (377) (847) cost (145) 1,253
Effect of
changes in fair
365 (111) (224) value (180) (855)
107 (937) (3,276) Total (1,822) (11,552)
adjustments
affecting net
operating
income (c)
6,888 5,334 10,313 Adjusted net 19,138 29,999
operating
income (a - b -
c)
View source version on businesswire.com:
https://www.businesswire.com/news/home/20231025785330/en/
CONTACT:
TotalEnergies
SOURCE: TotalEnergies SE
Copyright Business Wire 2023
(END) Dow Jones Newswires
October 26, 2023 06:05 ET (10:05 GMT)
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