TIDMTTE
TotalEnergies SE: Second Quarter and First Half 2022 Results
TotalEnergies reports IFRS net income of $5.7 billion
and accelerates its transformation with three major deals in
LNG,
renewables and green hydrogen
TotalEnergies SE (Paris:TTE) (LSE:TTE) (NYSE:TTE):
Change Change
2Q22 vs 2Q21 1H22 vs 1H21
Net income (TotalEnergies share)
(B$) 5.7 x2.6 10.6 +92%
Adjusted net income
(TotalEnergies share)(1)
- in billions of dollars (B$) 9.8 x2.8 18.8 x2.9
- in dollars per share 3.75 x2.9 7.14 x3
Adjusted EBITDA(1) (B$) 18.7 x2.2 36.2 x2.1
DACF(1) (B$) 13.6 x2 25.6 x2
Cash Flow from operations (B$) 16.3 x2.2 23.9 +82%
Net-debt-to-capital ratio(2) of 9.8% at June 30, 2022
vs. 12.5% at March 31, 2022
Second 2022 interim dividend set at 0.69 EUR/share
The Board of Directors of TotalEnergies SE, meeting on July 27,
2022, under the chairmanship of CEO Patrick Pouyanné, approved the
Company's financial statements for the second quarter of 2022. On
this occasion, Patrick Pouyanné said:
"Russia's invasion of Ukraine continued to impact energy markets
in the second quarter, with oil prices averaging more than $110/bbl
in the quarter, refining margins reaching record-high levels, and
natural gas prices holding above oil parity in Europe and Asia.
In this context, TotalEnergies responded by increasing energy
output, thus contributing to energy security: LNG sales rose to
more than 25 Mt in the first half, with 60% in Europe, and
TotalEnergies' refineries raised their utilization rate to nearly
90%.
In line with the priority set by the Board of Directors to
accelerate the Company's transformation, TotalEnergies announced
three major investments: the giant NFE LNG project in Qatar,
Clearway, the fifth largest U.S. player in renewable energy, and a
massive green hydrogen production project in India in partnership
with Adani.
In the second quarter of 2022, the Company generated adjusted
net income of $9.8 billion and IFRS net income of $5.7 billion.
TotalEnergies recorded in its accounts a new $3.5 billion
impairment charge related mainly to the potential impact of
international sanctions on the value of its Novatek stake.
Excluding Russia, adjusted net income was $9.1 billion.
The iGRP (integrated Gas, Renewables & Power) segment posted
adjusted net operating income of $2.6 billion and cash flow of $2.4
billion in the second quarter of 2022, confirming the levels
reached in previous quarters.
Exploration & Production posted adjusted net operating
income of $4.7 billion and cash flow of $7.4 billion, despite a
decrease in production in the quarter that was due to planned
maintenance and security-related cuts in Nigeria and Libya.
TotalEnergies approved the launch of projects, such as Ballymore in
the U.S., Begonia, CLOV Phase 3 in Angola, as well as Eldfisk North
in Norway.
Downstream benefited from exceptionally high refining margins on
distillates and gasoline to report adjusted net operating income of
$3.2 billion, up sharply over the quarter, and cash flow of $3.5
billion. In this context, the Company announced a fuel price
reduction program benefitting its French customers.
The Company's cash flow was $13.2 billion ($12.4 billion
excluding Russia) and free cash flow(3) was $4.5 billion, after
buying back $2 billion of shares in the second quarter as
announced. The Company reduced its gearing ratio to less than
10%.
Supported by these results, the Board of Directors approved the
distribution of the 2022 second interim dividend in the amount of
EUR0.69/share, up 5% year-on-year, and authorized the Company to
continue share buybacks of up to $2 billion in the third
quarter."
1. Highlights(4)
Social and environmental responsibility
-- Climate Resolution 2022 approved by 89% of shareholders at the Annual
General Meeting of May 25, 2022
-- Launched global campaign to detect and measure methane emissions by drone
-- Fuel price reduction program until year-end for TotalEnergies' service
stations in France
Renewables and Electricity
-- Acquisition of 50% of Clearway Energy Group, a major player in the United
States, with 7.7 GW of solar and wind assets in operation and a portfolio
of 25 GW in development
-- Offshore wind: obtained an offshore concession to develop a 1 GW offshore
wind farm off the U.S. East Coast, off the coast of North Carolina
-- Solar:
-- Created a joint venture with ENEOS to develop decentralized power
generation for B2B customers in Asia, with a target capacity of 2
GW over the next 5 years
-- Acquired Core Solar which has a pipeline of 4 GW projects in the
United States
-- Launched TotalEnergies On, TotalEnergies' start-up accelerator program
dedicated to the electricity business, with the selection of the first 10
start-ups
LNG
-- Acquired 6.25% stake in the North Field East LNG project in Qatar with a
capacity of 32 Mt/y
-- Launched the FEED for the Cameron LNG extension project in the U.S. with
a capacity of 6.75 Mt/y
-- Launched the FEED for the upstream installations of the Papua LNG project
in Papua New Guinea
-- Signed a 15-year contract for the sale of 600 kt/y of LNG with Hanwha
Energy in South Korea
Upstream
-- Started production on the first 180 kb/d FPSO on the Mero field in Brazil
-- Approved the development of the Ballymore field in the U.S. Gulf of
Mexico for a planned 2025 start-up with 75 kb/d of production capacity
-- 25-year license extension Blocks 404a and 208 in the Berkine Basin,
Algeria
-- Agreed to transfer to Zarubezhneft the 20% residual interest in the
Kharyaga oil field in Russia
Downstream and new molecules
-- Started the ethane cracker in Port Arthur, USA
-- Hydrogen: acquired a 25% stake in Adani New Industries Limited (ANIL) for
the production of green hydrogen in India
-- Sustainable fuel: feasibility study of a sustainable aviation fuel
production unit in Japan in cooperation with ENEOS
-- Circular economy: commercial agreement with New Hope Energy for the
production of polymers from recycled plastic in the United States
Carbon sinks
-- Acquired a 49% stake in Compagnie des Bois du Gabon to develop natural
carbon sinks
-- Launched a CO2 capture project to decarbonize Cameron LNG's production in
the U.S.
2. Key figures from TotalEnergies' consolidated financial
statements(5)
In millions of
dollars, except
effective tax
rate, earnings
2Q22 per share and 1H22
vs number of vs
2Q22 1Q22 2Q21 2Q21 shares 1H22 1H21 1H21
Adjusted EBITDA
18,737 17,424 8,667 x2.2 (6) 36,161 16,837 x2.1
Adjusted net
operating income
from business
10,500 9,458 4,032 x2.6 segments 19,958 7,519 x2.7
Exploration &
4,719 5,015 2,213 x2.1 Production 9,734 4,188 x2.3
Integrated Gas,
Renewables &
2,555 3,051 891 x2.9 Power 5,606 1,876 x3
Refining &
2,760 1,120 511 x5.4 Chemicals 3,880 754 x5.1
Marketing &
466 272 417 +12% Services 738 701 +5%
Contribution of
equity
affiliates to
adjusted net
1,944 1,861 740 x2.6 income 3,805 1,260 x3
Effective tax
39.4% 38.7% 34.3% - rate (7) 39.0% 34.4% -
Adjusted net
income
(TotalEnergies
9,796 8,977 3,463 x2.8 share) 18,773 6,466 x2.9
Adjusted
fully-diluted
earnings per
share (dollars)
3.75 3.40 1.27 x2.9 (8) 7.14 2.38 x3
Adjusted
fully-diluted
earnings per
3.50 3.03 1.06 x3.3 share (euros)* 6.53 1.97 x3.3
Fully-diluted
weighted-average
shares
2,592 2,614 2,646 -2% (millions) 2,602 2,644 -2%
Net income
(TotalEnergies
5,692 4,944 2,206 x2.6 share) 10,636 5,550 +92%
Organic
2,819 1,981 2,802 +1% investments (9) 4,800 5,181 -7%
Net acquisitions
2,076 922 396 x5.2 (10) 2,998 1,986 +51%
Net investments
4,895 2,903 3,198 +53% (11) 7,798 7,167 +9%
Operating cash
flow before
working capital
13,233 11,626 6,352 x2.1 changes (12) 24,859 11,718 x2.1
Operating cash
flow before
working capital
changes w/o
financial
charges (DACF)
13,631 11,995 6,761 x2 (13) 25,626 12,511 x2
Cash flow from
16,284 7,617 7,551 x2.2 operations 23,901 13,149 +82%
* Average EUR-$ exchange rate: 1.0647 in the second quarter
2022, 1.0934 in the first half 2022.
3. Key figures of environment, greenhouse gas emissions and
production
3.1 Environment* -- liquids and gas price realizations, refining
margins
2Q22 1H22
vs vs
2Q22 1Q22 2Q21 2Q21 1H22 1H21 1H21
113.9 102.2 69.0 +65% Brent ($/b) 107.9 65.0 +66%
Henry Hub
7.5 4.6 3.0 x2.5 ($/Mbtu) 6.1 2.9 x2.1
22.2 32.3 8.7 x2.6 NBP ($/Mbtu) 27.2 7.7 x3.5
27.0 31.1 10.0 x2.7 JKM ($/Mbtu) 29.1 10.0 x2.9
Average price of
liquids ($/b)
Consolidated
102.9 90.1 62.9 +64% subsidiaries 96.3 59.7 +61%
Average price of
gas ($/Mbtu)
Consolidated
11.01 12.27 4.43 x2.5 subsidiaries 11.65 4.23 x2.8
Average price of
LNG ($/Mbtu)
Consolidated
subsidiaries and
equity
13.96 13.60 6.59 x2.1 affiliates 13.77 6.33 x2.2
145.7 46.3 10.2 x14.3 Variable cost 101.0 7.6 x13.3
margin - Refining
Europe, VCM
($/t)**
* The indicators are shown on page 21.
** This indicator represents TotalEnergies' average margin on
variable cost for refining in Europe (equal to the difference
between TotalEnergies European refined product sales and crude oil
purchases with associated variable costs divided by volumes refined
in tons).
The average LNG selling price was $13.96/Mbtu in the second
quarter and $13.77/Mbtu in the first half, more than double the
prices over the same periods in 2021, benefitin on a lagged basis
from the increase in oil and gas indexes on long-term contracts as
well as high spot gas prices over these periods.
3.2 Greenhouse gas emissions(14)
2Q22 1H22
vs GHG emissions vs
2Q22 1Q22 2Q21 2Q21 (MtCO(2) e) 1H22 1H21 1H21
Scope 1+2 from
operated facilities
9.6 9.6* 8.6* +12% (15) 19.3 17.8* +9%
Scope 1+2 - equity
13.4 14.0 - - share 27.4 - -
Scope 3 from energy
94* 98* 95* - product sales (16) 192* 193* -
of which Scope 3
65* 66* 68* -5% Oil Worldwide (17) 131* 137* -4%
Scope 1+2+3 in
63* 66* 58* +9% Europe (18) 129* 121* +6%
of which Scope 3 in
57* 60* 53* +8% Europe 117* 111* +6%
Estimated 2022 quarterly emissions. 2021 quarterly equity share
data are not available
* Excluding Covid effect
2Q22 1H22
vs Methane emissions vs
2Q22 1Q22 2Q21 2Q21 (ktCH(4) ) 1H22 1H21 1H21
Methane emissions
from operated
10 10 11 -11% facilities 20 24 -18%
Methane emissions -
13 12 - - equity share 24 - -
Estimated 2022 quarterly emissions. 2021 quarterly equity share
data are not available
The evolution of Scope 1+2 emissions from the operated
facilities is the result of the high-capacity utilization of CCGTs
and refineries in Europe, TotalEnergies responding by increasing
energy output, thus contributing to energy security.
3.3 Production*
2Q22 1H22
vs vs
2Q22 1Q22 2Q21 2Q21 Hydrocarbon production 1H22 1H21 1H21
Hydrocarbon production
2,738 2,843 2,747 - (kboe/d) 2,791 2,805 -0.5%
Oil (including
1,268 1,305 1,258 +1% bitumen) (kb/d) 1,287 1,265 +2%
Gas (including
condensates and
associated NGL)
1,470 1,538 1,489 -1% (kboe/d) 1,504 1,540 -2%
Hydrocarbon production
2,738 2,843 2,747 - (kboe/d) 2,791 2,805 -0.5%
1,483 1,527 1,464 +1% Liquids (kb/d) 1,505 1,486 +1%
6,835 7,162 7,017 -3% Gas (Mcf/d) 6,997 7,208 -3%
* Company production = E&P production + iGRP production.
Hydrocarbon production was 2,738 thousand barrels of oil
equivalent per day (kboe/d) in the second quarter 2022, stable
year-on-year, comprised of:
-- +3% due to the increase in production quotas of OPEC countries,
-- +3% due to a reduction in planned maintenance and unplanned downtime,
-- +2% due to the start-up and ramp-up of projects,
-- -2% due to security-related production cuts in Libya and Nigeria,
-- -2% portfolio effect, mainly related to the end of the operating licenses
for Qatargas 1 and Bongkot North in Thailand, partially offset by the
entry into the Sepia and Atapu fields in Brazil,
-- -1% due to the price effect,
-- -3% due to the natural decline of fields.
Compared to the first quarter, production was down 4%, mainly
due to planned maintenance operations for - 2%, production cuts in
Nigeria and Libya for -1%, the end of Bongkot North's license in
Thailand, partially offset by the entry into the production fields
of Sepia and Atapu in Brazil.
Hydrocarbon production was 2,791 kboe/d in the first half 2022,
down slightly by 0.5% year-on-year, comprised of:
-- +2% due to the increase in production quotas of OPEC countries,
-- +2% due to the start-up and ramp-up of projects, including Clov Phase 2
and Zinia Phase 2 in Angola, and Iara in Brazil,
-- +2% due to a reduction in planned maintenance and unplanned downtime,
-- -2% portfolio effect, mainly related to the end of the Qatargas 1
operating license,
-- -1% due to security-related production cuts in Libya and Nigeria,
-- -1% due to the price effect,
-- -2.5% due to the natural decline of fields.
4. Analysis of business segments
4.1 Integrated Gas, Renewables & Power (iGRP)
4.1.1 Production and sales of Liquefied Natural Gas (LNG) and
electricity
2Q22 Hydrocarbon 1H22
vs production for vs
2Q22 1Q22 2Q21 2Q21 LNG 1H22 1H21 1H21
462 492 502 -8% iGRP (kboe/d) 477 510 -6%
53 60 52 +1% Liquids (kb/d) 56 58 -2%
2,233 2,349 2,464 -9% Gas (Mcf/d) 2,291 2,470 -7%
2Q22 Liquefied 1H22
vs Natural Gas in vs
2Q22 1Q22 2Q21 2Q21 Mt 1H22 1H21 1H21
Overall LNG
11.7 13.3 10.5 +11% sales 24.9 20.4 +22%
incl. Sales
from equity
4.1 4.4 4.2 -1% production* 8.6 8.5 -
incl. Sales by
TotalEnergies
from equity
production and
third party
10.2 11.9 8.8 +16% purchases 22.2 16.7 +33%
* The Company's equity production may be sold by TotalEnergies
or by the joint ventures.
Hydrocarbon production for LNG is down 8% and 6% year-on-year,
respectively, in the second quarter 2022 and the first half 2022,
mainly due to the end of the Qatargas 1 contract and the decrease
in supply to NLNG for security reasons in Nigeria. Production in
Snøhvit, Norway, restarted in the second quarter.
Total LNG sales are up year-on-year by 11% in the second quarter
2022 and by 22% in the first half 2022, due to the increase in spot
purchases to maximize the use of the Company's regasification
capacity in Europe.
2Q22 1H22
vs Renewables & vs
2Q22 1Q22 2Q21 2Q21 Electricity 1H22 1H21 1H21
Portfolio of
renewable power
generation gross
capacity (GW)
50.7 46.8 41.7 +22% (1),(2) 50.7 41.7 +22%
o/w installed
11.6 10.7 8.3 +40% capacity 11.6 8.3 +40%
o/w capacity in
5.2 6.1 5.4 -4% construction 5.2 5.4 -4%
o/w capacity in
33.9 30.1 28.0 +21% development 33.9 28.0 +21%
Gross renewables
capacity with PPA
26.8 26.8 22.6 +19% (GW) (1),(2) 26.8 22.6 +19%
Portfolio of
renewable power
generation net
capacity (GW)
38.4 34.4 30.7 +25% (1),(2) 38.4 30.7 +25%
o/w installed
5.8 5.4 4.0 +46% capacity 5.8 4.0 +46%
o/w capacity in
3.7 4.2 3.1 +17% construction 3.7 3.1 +17%
o/w capacity in
28.9 24.8 23.6 +22% development 28.9 23.6 +22%
Net power production
7.7 7.6 5.1 +51% (TWh) (3) 15.2 9.8 +56%
incl. power
production from
2.5 2.2 1.7 +50% renewables 4.7 3.2 +47%
Clients power - BtB
and BtC (Million)
6.2 6.1 5.8 +6% (2) 6.2 5.8 +6%
Clients gas - BtB
and BtC (Million)
2.7 2.7 2.7 +1% (2) 2.7 2.7 +1%
Sales power - BtB
12.3 16.3 12.7 -3% and BtC (TWh) 28.6 28.8 -
Sales gas - BtB and
19.1 35.0 20.6 -7% BtC (TWh) 54.1 56.8 -5%
Proportional
adjusted EBITDA
Renewables &
Electricity (M$)
462 175 310* +49% (4) 637 654* -3%
incl. from
131 91 82* +59% renewables business 222 230* -4%
(1) Includes 20% of Adani Green Energy Ltd's gross capacity
effective first quarter 2021.
(2) End of period data.
(3) Solar, wind, biogas, hydroelectric and combined-cycle gas
turbine (CCGT) plants.
(4) TotalEnergies share (% interest) of EBITDA (Earnings Before
Interest, Tax, Depreciation and Amortization) in Renewables &
Electricity affiliates, regardless of consolidation method.
* 2Q21 and 1H21 data corrected after taking into account AGEL's
result.
Gross installed renewable power generation capacity grew to 11.6
GW at the end of the second quarter of 2022, up 0.9 GW over the
quarter, including 0.4 GW related to the start-up of Phase 1 of the
Al Kharsaah photovoltaic project in Qatar.
Gross power generation capacity in development increased by 3.8
GW quarter-on-quarter, mainly due to the acquisition of Core
Solar's portfolio of projects in the United States.
Net electricity generation stood at 7.7 TWh in the second
quarter 2022 and 15.2 TWh in the first half 2022, up 51% and 56%,
respectively, year-on-year, thanks to higher utilization rates of
flexible power plants (CCGT) as well as growth in electricity
generation from renewable sources.
EBITDA from the Renewables & Electricity business reached
$462 million in the second quarter 2022, up 49% year-on-year due to
the growth of the business.
4.1.2 Results
2Q22 1H22
vs In millions of vs
2Q22 1Q22 2Q21 2Q21 dollars 1H22 1H21 1H21
Adjusted net
operating
2,555 3,051 891 x2.9 income* 5,606 1,876 x3
including
adjusted income
from equity
1,219 1,430 356 x3.4 affiliates 2,649 620 x4.3
Organic
341 258 759 -55% investments 599 1,512 -60%
(58) 641 166 ns Net acquisitions 583 2,059 -72%
283 899 925 -69% Net investments 1,182 3,571 -67%
Operating cash
flow before
working capital
2,360 2,585 904 x2.6 changes ** 4,945 1,963 x2.5
Cash flow from
3,970 315 567 x7 operations *** 4,285 1,347 x3.2
* Detail of adjustment items shown in the business segment
information annex to financial statements.
** Excluding financial charges, except those related to lease
contracts, excluding the impact of contracts recognized at fair
value for the sector and including capital gains on the sale of
renewable projects.
*** Excluding financial charges, except those related to
leases.
iGRP's adjusted net operating income was:
-- $2,555 million in the second quarter 2022, nearly triple year-on-year,
thanks to higher LNG prices, the performance of the gas, LNG and
electricity trading activities and the growing contribution of the
Renewables & Electricity businesses,
-- $5,606 million in the first half 2022, tripling over one year, for the
same reasons.
Cash flow is:
-- 2.6 times higher over one year to $2,360 million in the second quarter
2022, thanks to the increase in LNG prices, the performance of gas, LNG
and electricity trading activities, and the increasing contribution of
the Renewables & Electricity activities,
-- 2.5 times higher over one year to $4,945 million in the first half 2022,
for the same reasons.
Cash flow from operations was $3,970 million for the quarter,
mainly due to margin call reductions and the positive impact on
working capital requirements linked to the seasonality of the gas
and electricity supply business.
4.2 Exploration & Production
4.2.1 Production
2Q22 1H22
vs Hydrocarbon vs
2Q22 1Q22 2Q21 2Q21 production 1H22 1H21 1H21
2,276 2,351 2,245 +1% EP (kboe/d) 2,314 2,295 +1%
1,430 1,467 1,412 +1% Liquids (kb/d) 1,449 1,428 +1%
4,602 4,813 4,553 +1% Gas (Mcf/d) 4,706 4,738 -1%
4.2.2 Results
In millions of
dollars,
2Q22 except 1H22
vs effective tax vs
2Q22 1Q22 2Q21 2Q21 rate 1H22 1H21 1H21
Adjusted net
operating
4,719 5,015 2,213 x2.1 income* 9,734 4,188 x2.3
including
adjusted
income from
equity
287 355 279 +3% affiliates 642 549 +17%
Effective tax
47.2% 47.0% 38.2% - rate** 47.1% 39.5% -
Organic
1,873 1,426 1,559 +20% investments 3,299 2,838 +16%
Net
2,225 316 231 x9.6 acquisitions 2,541 29 x87.6
Net
4,098 1,742 1,790 x2.3 investments 5,840 2,867 x2
Operating cash
flow before
working
capital
7,383 7,303 4,262 +73% changes *** 14,686 8,086 +82%
Cash flow from
operations
8,768 5,768 4,835 +81% *** 14,536 8,571 +70%
* Details on adjustment items are shown in the business segment
information annex to financial statements.
** Tax on adjusted net operating income / (adjusted net
operating income - income from equity affiliates - dividends
received from investments - impairment of goodwill + tax on
adjusted net operating income).
*** Excluding financial charges, except those related to
leases.
Adjusted net operating income from Exploration & Production
was:
-- $4,719 million in the second quarter 2022, double the second quarter
2021, thanks to the sharp increase in oil and gas prices,
-- $9,734 million in the first half of 2022, 2.3 times higher than the first
half 2021, for the same reasons.
Compared to the first quarter, adjusted net operating income
decreased by $296 million due to the decline in production and the
impact of sanctions on the results of Russian assets.
Cash flow was $7,383 million in the second quarter 2022 compared
to $4,262 million a year earlier and is up 82% to $14,686 million
in the first half 2022, in line with higher oil and gas prices.
4.3 Downstream (Refining & Chemicals and Marketing &
Services)
4.3.1 Results
2Q22 1H22
vs In millions of vs
2Q22 1Q22 2Q21 2Q21 dollars 1H22 1H21 1H21
Adjusted net
operating
3,226 1,392 928 x3.5 income* 4,618 1,455 x3.2
Organic
586 292 468 +25% investments 878 803 +9%
Net
(91) (34) (1) ns acquisitions (125) (104) ns
495 258 467 +6% Net investments 753 699 +8%
Operating cash
flow before
working capital
3,548 1,896 1,460 x2.4 changes ** 5,444 2,332 x2.3
Cash flow from
4,106 2,005 2,669 +54% operations ** 6,111 4,330 +41%
* Detail of adjustment items shown in the business segment
information annex to financial statements.
** Excluding financial charges, except those related to
leases.
4.4 Refining & Chemicals
4.4.1 Refinery and petrochemicals throughput and utilization
rates
Refinery
2Q22 throughput and 1H22
vs utilization vs
2Q22 1Q22 2Q21 2Q21 rate* 1H22 1H21 1H21
Total refinery
throughput
1,575 1,317 1,070 +47% (kb/d) 1,448 1,109 +31%
395 252 148 x2.7 France 324 131 x2.5
648 605 495 +31% Rest of Europe 627 578 +8%
532 460 427 +25% Rest of world 497 400 +24%
Utlization rate
based on crude
88% 74% 58% only** 81% 58%
* Includes refineries in Africa reported in the Marketing &
Services segment.
** Based on distillation capacity at the beginning of the year,
excluding Grandpuits (shut down first quarter 2021) from 2021 and
Lindsey refinery (divested) from second quarter 2021.
Petrochemicals
2Q22 production and 1H22
vs utilization vs
2Q22 1Q22 2Q21 2Q21 rate 1H22 1H21 1H21
1,206 1,404 1,424 -15% Monomers* (kt) 2,611 2,829 -8%
1,187 1,274 1,212 -2% Polymers (kt) 2,461 2,377 +4%
Vapocracker
utilization
71% 86% 88% rate** 78% 88%
* Olefins.
** Based on olefins production from steam crackers and their
treatment capacity at the start of the year.
Refinery throughput:
-- Increased by 47% year-on-year in the second quarter 2022, due to the
recovery in demand, particularly in Europe and the United States, the
restart this quarter of the Donges refinery in France and the Leuna
refinery in Germany, which was scheduled for a major turnaround in the
second quarter 2021;
-- Increased by 31% in the first half 2022 over one year for the same
reasons as well as the restart, in 2021, of the distillation unit of the
Normandy refinery in France.
Monomer production was down 15% in the second quarter 2022 and
8% in the first half 2022 year-on-year, mainly due to planned
turnarounds at the Antwerp in Belgium and Feyzin in France as well
as construction affecting sites in the U.S.
4.4.2 Results
2Q22 1H22
vs In millions of vs
2Q22 1Q22 2Q21 2Q21 dollars 1H22 1H21 1H21
Adjusted net
operating
2,760 1,120 511 x5.4 income* 3,880 754 x5.1
Organic
313 197 279 +12% investments 510 501 +2%
Net
(34) - 2 -100% acquisitions (34) (55) ns
279 197 281 -1% Net investments 476 446 +7%
Operating cash
flow before
working capital
2,963 1,433 753 x3.9 changes ** 4,396 1,147 x3.8
Cash flow from
3,526 1,107 2,232 +58% operations ** 4,633 3,228 +44%
* Detail of adjustment items shown in the business segment
information annex to financial statements.
** Excluding financial charges, except those related to
leases.
Adjusted net operating income for the Refining and Chemicals
segment was exceptional:
-- $2,760 million in the second quarter 2022, compared to $511 million in
the second quarter 2021, due to higher refined volumes in response to the
recovery in demand in Europe and the United States, very high margins on
distillates and gasoline in the context of reduced imports of Russian
petroleum products, as well as the outperformance of crude oil and
petroleum product trading activities,
-- $3,880 million in the first half 2022 compared to a year ago, for the
same reasons.
Cash flow also increased sharply to $2,963 million in the second
quarter 2022, 3.9 times higher than in the second quarter 2021, and
to $4,396 million in the first half 2022.
4.5 Marketing & Services
4.5.1 Petroleum product sales
2Q22 1H22
vs vs
2Q22 1Q22 2Q21 2Q21 Sales in kb/d* 1H22 1H21 1H21
Total Marketing
& Services
1,477 1,452 1,473 - sales 1,464 1,458 -
817 790 791 +3% Europe 804 783 +3%
660 662 682 -3% Rest of world 661 674 -2%
* Excludes trading and bulk refining sales.
Sales of petroleum products were stable in the second quarter
2022 and the first half 2022 compared to the same periods last
year, as the recovery in aviation and network activities worldwide
offset the decline in sales to commercial and industrial customers,
particularly in Europe.
4.5.2 Results
2Q22 1H22
vs In millions of vs
2Q22 1Q22 2Q21 2Q21 dollars 1H22 1H21 1H21
Adjusted net
466 272 417 +12% operating income* 738 701 +5%
Organic
273 95 189 +44% investments 368 302 +22%
(57) (34) (3) ns Net acquisitions (91) (49) ns
216 61 186 +16% Net investments 277 253 +9%
Operating cash
flow before
working capital
585 463 707 -17% changes ** 1,048 1,185 -12%
Cash flow from
580 898 437 +33% operations ** 1,478 1,102 +34%
* Detail of adjustment items shown in the business segment
information annex to financial statements.
** Excluding financial charges, except those related to
leases.
Adjusted net operating income for the Marketing & Services
segment was $466 million, up 12% year-on-year, and $738 million in
the first half, up 5% year-on-year, thanks mainly to the recovery
of the network and aviation activities.
Cash flow was down 17% year-on-year to $585 million in the
second quarter 2022, and 12% to $1,048 million in the first half,
mainly due to the fiscal effect of higher prices on the valuation
of petroleum product inventories.
5. TotalEnergies results
5.1 Adjusted net operating income from business segments
Segment adjusted net operating income was:
-- $10,500 million in the second quarter 2022, compared to $4,032 million a
year earlier, due to higher oil and gas prices, refining margins and the
good performance of trading activities,
-- $19,958 million in the first half 2022, compared to $7,519 million a year
earlier, for the same reasons.
5.2 Adjusted net income (TotalEnergies share)
TotalEnergies adjusted net income was $9,796 million in the
second quarter 2022 compared to $3,463 million in the second
quarter 2021, due to higher oil and gas prices, refining margins
and the good performance of trading activities.
Adjusted net income excludes the after-tax inventory effect,
non-recurring items and the impact of changes in fair value(19)
.
The net income adjustment items(20) represented an amount of
-$4,104 million in the second quarter 2022, notably due to the fact
that TotalEnergies recorded in its accounts a new $3.5 billion
impairment charge related mainly to the potential impact of
international sanctions on the value of its Novatek stake.
TotalEnergies' effective tax rate was 39.4% in the second
quarter 2022, compared to 38.7% in the first quarter and 34.3% a
year earlier due to the increase in the Exploration &
Production tax rate in line with the increase in hydrocarbon
prices.
5.3 Adjusted earnings per share
Adjusted diluted net earnings per share were:
-- $3.75 in the second quarter 2022, calculated based on 2,592 million
weighted-average diluted shares, compared to $1.27 a year earlier;
-- $7.14 in the first half 2022, calculated based on 2,602 million
weighted-average diluted shares, compared to $2.38 a year earlier.
As of June 30, 2022, the number of fully-diluted shares was
2,578 million.
As part of its shareholder return policy, as announced in April
2022, TotalEnergies repurchased 36.1 million shares for
cancellation in the second quarter of 2022 for $2 billion. Share
buybacks amounted to $3 billion in the first half of the year.
5.4 Acquisitions - asset sales
Acquisitions were:
-- $2,464 million in the second quarter 2022, including notably $2,232
million in payments to Petrobras related to the award of the Atapu and
Sepia Production Sharing Contracts in Brazil as well as the bonus related
to the offshore wind concession in North Carolina in the U.S.,
-- $3,864 million in the first half 2022, including the above items as well
as the bonus paid to the State of Brazil for the award of the Atapu and
Sepia Production Sharing Contracts and the bonus related to the New York
Bight offshore wind concession in the United States.
Asset sales were:
-- $388 million in the second quarter 2022, including the partial sale of
the Landivisiau power generation plant in France,
-- $866 million in the first half 2022, including the above items as well as
a payment related to the sale of interests in the CA1 offshore block in
Brunei and the sale by SunPower of its Enphase shares.
5.5 Net cash flow
TotalEnergies' net cash flow(21) is as follows:
-- $8,338 million in the second quarter 2022 compared to $3,154 million a
year earlier, reflecting the $6.9 billion increase in cash flow and the
$1.7 billion increase in net investments to $4,895 million in the second
quarter 2022,
-- $17,061 million in the first half 2022 compared to $4,551 million a year
earlier, reflecting the $13.1 billion increase in cash flow and the $631
million increase in net investments to $7,798 million in the first half
2022.
Cash flow from operations was $16,284 million in the second
quarter, compared to cash flow of $13,233 million, reflecting the
positive impact of a $3.3 billion decrease in working capital
requirements, mainly due to changes in margin calls, an increase in
tax liabilities related to higher prices, and the seasonality of
the gas and electricity supply activity.
5.6 Profitability
Return on equity was 27.1% for the twelve months ended June 30,
2022.
In millions of
dollars July 1, 2021 April 1, 2021 July 1, 2020
June 30, 2022 March 31, 2022 June 30, 2021
Adjusted net income 30,716 24,382 8,786
Average adjusted
shareholders'
equity 113,333 111,794 105,066
Return on equity
(ROE) 27.1% 21.8% 8.4%
The return on average capital employed was 23.1% for the twelve
months ended June 30, 2022.
In millions of
dollars July 1, 2021 April 1, 2021 July 1, 2020
June 30, 2022 March 31, 2022 June 30, 2021
Adjusted net
operating income 32,177 25,803 10,252
Average capital
employed 139,377 143,517 142,172
ROACE 23.1% 18.0% 7.2%
6. TotalEnergies SE statutory accounts
Net income for TotalEnergies SE, the parent company, was
EUR3,702 million in the first half 2022, compared to EUR4,568
million in the first quarter 2021.
7. 2022 Sensitivities*
2022
sensitivities*
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** +/- 10 $/b +/- 2.7 B$ +/- 3.2 B$
European gas price
- NBP +/- 10 $/Mbtu +/- 3.0 B$ +/- 3.0 B$
Variable cost
margin, European
refining (VCM) +/- 10 $/t +/- 0.4 B$ +/- 0.5 B$
* Sensitivities are revised once per year upon publication of
the previous year's fourth quarter results. Sensitivities are
estimates based on assumptions about TotalEnergies' portfolio in
2022. Actual results could vary significantly from estimates based
on the application of these sensitivities. The impact of the $-EUR
sensitivity on adjusted net operating income is essentially
attributable to Refining & Chemicals. Please find the
indicators detailed page 21.
** In a 60 $/b Brent environment.
8. Summary and outlook
Oil and gas prices, while volatile, have remained at high levels
since the beginning of the third quarter. Due to the limited
additional spare capacity of production and refining at the global
level, market disruptions linked to the sanctions against Russia
and the counter-sanctions implemented by Russia, the supply-demand
balance of energy markets are expected to remain fragile and
support prices, especially gas.
In the oil markets however, the price of Brent retreated to a
level close to $100/bbl in July, due to negative expectations on
global growth, and therefore on oil demand, in response to high
energy prices and inflation.
Gas prices are expected to remain high, particularly in Europe
where gas indices exceeded $50/Mbtu in early July for winter
2022-23 futures contracts, due to fears of a shutdown in pipeline
exports from Russia to Europe. Local electricity markets are also
impacted by gas prices.
The Company is mobilizing its human and financial resources to
contribute to the diversification of Europe's gas supply by
maximizing the use of its LNG regasification capacity. Given the
evolution of oil and gas prices in recent months and the lag effect
on pricing formulas, TotalEnergies anticipates that its average LNG
selling price should be more than $15/Mbtu in the third quarter of
2022. However, the Company's LNG operations will be affected by the
outage of the Freeport LNG plant in the third quarter.
Despite the approximately 40 kboe/d increase in planned
maintenance in the third quarter compared to the second quarter,
TotalEnergies expects production to be stable compared to the
second quarter due to the contribution of new projects, notably in
Brazil with the production ramp-up of Mero 1 and the entry into
Sépia and Atapu. The Refining business aims to maintain a high
utilization rate.
With nearly $8 billion in investments recorded at the end of
June, TotalEnergies anticipates net investments of around $16
billion in 2022, 25% of which will be in Renewables &
Electricity.
Given the strong cash flow generation and strong balance sheet,
the Board of Directors has decided to prioritize countercyclical
opportunities to accelerate the Company's transformation. The
shareholder return policy is reinforced through dividend growth of
5% and the continuation of the share buyback program of $2 billion
in the third quarter.
* * * *
To listen to the conference call with CEO Patrick Pouyanné and
CFO Jean-Pierre Sbraire today at 13:30 (Paris time) please log on
to totalenergies.com or call +44 (0) 207 194 3759 in Europe or +1
(646) 722-4916 in the United States (code: 47289312). The
conference replay will be available on totalenergies.com after the
event.
* * * *
9. Results from Russian assets
Russian Upstream Assets (M$) 2Q22 1Q22 1H22 2021
Adjusted net operating income 707 1,021 1,727 2,092
Operating cash flow before working capital
changes 857 288 1,144 1,613
Capital Employed by TotalEnergies in Russia as at June 30, 2022
was $8,760 million, after taking into account the $3,513 million
impairment and the impact of the evolution of the ruble/dollar
exchange rate between March 31, 2022 and June 30, 2022, which leads
to a $2,066 million revaluation of Capital Employed on the balance
sheet as at June 30, 2022.
10. Operating information by segment
10.1 Company's production (Exploration & Production +
iGRP)
Combined
liquids and gas
2Q22 production by 1H22
vs region vs
2Q22 1Q22 2Q21 2Q21 (kboe/d) 1H22 1H21 1H21
Europe and
965 1,050 985 -2% Central Asia 1,007 1,018 -1%
460 498 533 -14% Africa 479 542 -12%
Middle East and
680 670 654 +4% North Africa 675 652 +3%
420 386 378 +11% Americas 403 377 +7%
213 240 197 +8% Asia-Pacific 227 216 +5%
Total
2,738 2,843 2,747 - production 2,791 2,805 -
includes equity
690 715 750 -8% affiliates 702 740 -5%
2Q22 Liquids 1H22
vs production by vs
2Q22 1Q22 2Q21 2Q21 region (kb/d) 1H22 1H21 1H21
Europe and
315 373 351 -10% Central Asia 343 363 -5%
351 371 399 -12% Africa 362 407 -11%
Middle East and
546 538 502 +9% North Africa 542 500 +8%
231 201 183 +26% Americas 216 181 +19%
40 45 29 +36% Asia-Pacific 42 35 +21%
Total
1,483 1,527 1,464 +1% production 1,505 1,486 +1%
includes equity
201 210 213 -6% affiliates 206 207 -1%
2Q22 Gas production 1H22
vs by region vs
2Q22 1Q22 2Q21 2Q21 (Mcf/d) 1H22 1H21 1H21
Europe and
3,492 3,635 3,411 +2% Central Asia 3,563 3,523 +1%
545 643 680 -20% Africa 594 686 -13%
Middle East and
742 727 847 -12% North Africa 734 845 -13%
1,063 1,041 1,095 -3% Americas 1,052 1,098 -4%
993 1,116 984 +1% Asia-Pacific 1,054 1,056 -
Total
6,835 7,162 7,017 -3% production 6,997 7,208 -3%
includes equity
2,633 2,714 2,895 -9% affiliates 2,673 2,875 -7%
10.2 Downstream (Refining & Chemicals and Marketing &
Services)
Petroleum
2Q22 product sales 1H22
vs by region vs
2Q22 1Q22 2Q21 2Q21 (kb/d) 1H22 1H21 1H21
1,814 1,635 1,521 +19% Europe 1,724 1,540 +12%
734 761 663 +11% Africa 747 665 +12%
922 775 799 +15% Americas 849 785 +8%
705 531 492 +44% Rest of world 618 493 +25%
Total
consolidated
4,176 3,701 3,475 +20% sales 3,939 3,483 +13%
Includes bulk
409 409 334 +22% sales 409 368 +11%
Includes
2,290 1,840 1,668 +37% trading 2,065 1,658 +25%
2Q22 Petrochemicals 1H22
vs production* vs
2Q22 1Q22 2Q21 2Q21 (kt) 1H22 1H21 1H21
1,023 1,260 1,166 -12% Europe 2,282 2,512 -9%
603 638 725 -17% Americas 1,240 1,235 -
Middle East and
768 781 744 +3% Asia 1,549 1,459 +6%
* Olefins, polymers.
10.3 Renewables
Installed
power
generation
gross
capacity (GW) Onshore Offshore Onshore Offshore
(1),(2) Solar Wind Wind Other Total Solar Wind Wind Other Total
France 0.7 0.5 0.0 0.1 1.3 0.7 0.5 0.0 0.1 1.3
Rest of Europe 0.2 1.1 0.0 0.0 1.3 0.2 1.0 0.0 0.0 1.3
Africa 0.1 0.0 0.0 0.0 0.1 0.1 0.0 0.0 0.0 0.1
Middle East 0.7 0.0 0.0 0.0 0.7 0.3 0.0 0.0 0.0 0.3
North America 1.1 0.0 0.0 0.0 1.1 0.9 0.0 0.0 0.0 0.9
South America 0.4 0.3 0.0 0.0 0.7 0.4 0.3 0.0 0.0 0.7
India 4.9 0.2 0.0 0.0 5.1 4.8 0.2 0.0 0.0 5.0
Asia-Pacific 1.2 0.0 0.1 0.0 1.2 1.0 0.0 0.1 0.0 1.1
Total 9.2 2.1 0.1 0.2 11.6 8.4 2.1 0.1 0.1 10.7
2Q22 1Q22
Power
generation
gross
capacity from
renewables in
construction Onshore Offshore Onshore Offshore
(GW) (1),(2) Solar Wind Wind Other Total Solar Wind Wind Other Total
France 0.2 0.2 0.0 0.1 0.4 0.1 0.2 0.0 0.1 0.4
Rest of Europe 0.0 0.0 1.1 0.0 1.1 0.0 0.0 1.1 0.0 1.2
Africa 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Middle East 0.4 0.0 0.0 0.0 0.4 0.8 0.0 0.0 0.0 0.8
North America 1.3 0.0 0.0 0.0 1.3 1.5 0.0 0.0 0.0 1.5
South America 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
India 0.9 0.3 0.0 0.0 1.2 1.0 0.3 0.0 0.0 1.3
Asia-Pacific 0.1 0.0 0.6 0.0 0.7 0.3 0.0 0.6 0.0 0.9
Total 2.8 0.5 1.7 0.1 5.2 3.7 0.6 1.7 0.1 6.1
2Q22 1Q22
Power
generation
gross
capacity from
renewables in
development Onshore Offshore Onshore Offshore
(GW) (1),(2) Solar Wind Wind Other Total Solar Wind Wind Other Total
France 2.3 0.5 0.0 0.0 2.8 2.8 0.5 0.0 0.0 3.3
Rest of Europe 4.8 0.3 4.4 0.1 9.5 4.7 0.3 4.4 0.0 9.3
Africa 0.6 0.1 0.0 0.1 0.8 0.7 0.1 0.0 0.1 0.9
Middle East 1.8 0.0 0.0 0.0 1.8 1.6 0.0 0.0 0.0 1.6
North America 6.2 0.1 4.0 0.8 11.0 2.0 0.1 3.0 0.7 5.9
South America 0.6 0.0 0.0 0.2 0.8 0.7 0.3 0.0 0.2 1.2
India 3.9 0.1 0.0 0.0 4.0 4.0 0.1 0.0 0.0 4.1
Asia-Pacific 1.7 0.2 1.2 0.1 3.2 1.4 0.0 2.1 0.1 3.6
Total 21.7 1.3 9.6 1.3 33.9 17.9 1.5 9.5 1.2 30.1
(1) Includes 20% of gross capacity of Adani Green Energy Ltd
effective first quarter 2021.
(2) End-of-period data.
In operation In construction In development
Gross
renewables
capacity
covered by
PPA at
06/30/2022 Onshore Offshore Onshore Offshore Onshore Offshore
(GW) Solar Wind Wind Other Total Solar Wind Wind Other Total Solar Wind Wind Other Total
Europe 0.9 1.6 - X 2.6 X X 0.8 X 1.2 3.4 0.2 - X 3.6
Asia 6.0 0.2 X X 6.4 0.9 0.3 0.6 - 1.8 4.3 X - X 4.5
North
America 1.0 X - X 1.1 1.3 - - X 1.3 X X - X X
Rest of
World 1.2 0.3 - X 1.5 0.4 - - X 0.5 1.9 - - 0.3 2.2
Total 9.2 2.1 X X 11.5 2.8 0.5 1.4 X 4.8 9.7 0.3 - 0.5 10.5
X not specified, capacity < 0.2 GW.
In operation In construction In development
PPA average
price at
06/30/2022 Onshore Offshore Onshore Offshore Onshore Offshore
($/MWh) Solar Wind Wind Other Total Solar Wind Wind Other Total Solar Wind Wind Other Total
Europe 201 115 - X 145 X X 72 X 75 44 85 - X 46
Asia 70 43 X X 70 55 51 254 - 115 39 X - X 39
North
America 121 X - X 125 28 - - X 28 X X - X X
Rest of
World 90 54 - X 82 18 - - X 18 76 - - - 76
Total 90 100 X X 93 38 64 146 X 73 43 81 - 145 45
X not specified, PPA relating to a capacity < 0.2 GW.
11. Adjustment items to net income (TotalEnergies share)
2Q22 1Q22 2Q21 In millions of dollars 1H22 1H21
Special items affecting
net income
(4,546) (4,993) (1,588) (TotalEnergies share) (9,539) (1,930)
Gain (loss) on asset
- - (1,379) sales - (1,379)
(8) (3) (110) Restructuring charges (11) (271)
(3,719) (5,061) (49) Impairments (8,780) (193)
(819) 71 (50) Other (748) (87)
After-tax inventory
effect : FIFO vs.
993 1,040 375 replacement cost 2,033 1,064
Effect of changes in
(551) (80) (44) fair value (631) (50)
Total adjustments
(4,104) (4,033) (1,257) affecting net income (8,137) (916)
12. Reconciliation of adjusted EBITDA with consolidated
financial statements
12.1 Reconciliation of net income (TotalEnergies share) to
adjusted EBITDA
2Q22 1H22
vs In millions of vs
2Q22 1Q22 2Q21 2Q21 dollars 1H22 1H21 1H21
Net income -
TotalEnergies
5,692 4,944 2,206 x2.6 share 10,636 5,550 +92%
Less:
adjustment
items to net
income
(TotalEnergies
4,104 4,033 1,257 x3.3 share) 8,137 916 x8.9
Adjusted net
income -
TotalEnergies
9,796 8,977 3,463 x2.8 share 18,773 6,466 x2.9
Adjusted items - - -
Add:
non-controlling
89 76 88 +1% interests 165 147 +12%
Add: income
5,274 4,724 1,485 x3.6 taxes 9,998 2,931 x3.4
Add:
depreciation,
depletion and
impairment of
tangible assets
and mineral
3,038 3,148 3,105 -2% interests 6,186 6,285 -2%
Add:
amortization
and impairment
of intangible
98 96 94 +4% assets 194 197 -2%
Add: financial
interest on
572 462 501 +14% debt 1,034 967 +7%
Less: financial
income and
expense from
cash & cash
(130) (59) (69) ns equivalents (189) (156) ns
18,737 17,424 8,667 x2.2 Adjusted EBITDA 36,161 16,837 x2.1
12.2 Reconciliation of revenues from sales to adjusted EBITDA
and net income (TotalEnergies share)
2Q22 1H22
vs In millions of vs
2Q22 1Q22 2Q21 2Q21 dollars 1H22 1H21 1H21
Adjusted items
Revenues from
70,460 63,938 41,642 +69% sales 134,398 80,310 +67%
Purchases, net
of inventory
(46,023) (40,762) (27,108) ns variation (86,785) (51,397) ns
Other operating
(7,620) (7,409) (6,708) ns expenses (15,029) (13,576) ns
Exploration
(117) (136) (123) ns costs (253) (290) ns
429 121 138 x3.1 Other income 550 554 -1%
Other expense,
excluding
amortization
and impairment
of intangible
(431) (173) (48) ns assets (604) (137) ns
Other financial
231 119 265 -13% income 350 374 -6%
Other financial
(136) (135) (131) ns expense (271) (261) ns
Net income
(loss) from
equity
1,944 1,861 740 x2.6 affiliates 3,805 1,260 x3
18,737 17,424 8,667 x2.2 Adjusted EBITDA 36,161 16,837 x2.1
Adjusted items
Less:
depreciation,
depletion and
impairment of
tangible assets
and mineral
(3,038) (3,148) (3,105) ns interests (6,186) (6,285) ns
Less:
amortization of
intangible
(98) (96) (94) ns assets (194) (197) ns
Less: financial
interest on
(572) (462) (501) ns debt (1,034) (967) ns
Add: financial
income and
expense from
cash & cash
130 59 69 +88% equivalents 189 156 +21%
Less: income
(5,274) (4,724) (1,485) ns taxes (9,998) (2,931) ns
Less:
non-controlling
(89) (76) (88) ns interests (165) (147) ns
Add: adjustment
- TotalEnergies
(4,104) (4,033) (1,257) ns share (8,137) (916) ns
Net income -
TotalEnergies
5,692 4,944 2,206 x2.6 share 10,636 5,550 +92%
13. Investments - Divestments
2Q22 1H22
vs In millions of vs
2Q22 1Q22 2Q21 2Q21 dollars 1H22 1H21 1H21
Organic
investments ( a
2,819 1,981 2,802 +1% ) 4,800 5,181 -7%
Capitalized
98 114 245 -60% exploration 212 488 -57%
Increase in
non-current
277 234 380 -27% loans 511 672 -24%
Repayment of
non-current
loans,
excluding
organic loan
repayment from
equity
(174) (435) (89) ns affiliates (609) (185) ns
Change in debt
from renewable
projects
(TotalEnergies
(190) - (4) -100% share) (190) (171) ns
Acquisitions (
2,464 1,400 662 x3.7 b ) 3,864 2,870 +35%
Asset sales ( c
388 478 266 +46% ) 866 884 -2%
Change in debt
from renewable
projects
(partner
176 (2) 5 x35.2 share) 174 105 +66%
Net
2,076 922 396 x5.2 acquisitions 2,998 1,986 +51%
Net investments
4,895 2,903 3,198 +53% ( a + b - c ) 7,798 7,167 +9%
- - - ns Other - - ns
transactions
with
non-controlling
interests ( d
)
(238) (487) (78) ns Organic loan (725) (108) ns
repayment from
equity
affiliates ( e
)
366 (2) 9 x40.7 Change in debt 364 276 +32%
from renewable
projects
financing * ( f
)
37 36 25 +48% Capex linked to 73 47 +55%
capitalized
leasing
contracts ( g
)
4 - - ns Expenditures 4 - ns
related to
carbon credits
( h )
4,982 2,378 3,104 +61% Cash flow used 7,360 7,288 +1%
in investing
activities ( a
+ b - c + d + e
+ f - g - h )
* Change in debt from renewable projects (TotalEnergies share
and partner share).
14. Cash flow
2Q22 1H22
vs In millions vs
2Q22 1Q22 2Q21 2Q21 of dollars 1H22 1H21 1H21
Operating
cash flow
before
working
capital
changes w/o
financial
charges
13,631 11,995 6,761 x2 (DACF) 25,626 12,511 x2
Financial
(399) (369) (409) ns charges (767) (793) ns
Operating
cash flow
before
working
capital
changes ( a
13,233 11,626 6,352 x2.1 ) * 24,859 11,718 x2.1
(Increase)
decrease in
working
2,161 (4,775) 814 x2.7 capital ** (2,614) 259 ns
Inventory
1,151 1,255 463 x2.5 effect 2,406 1,346 +79%
Capital gain
from
renewable
project
(23) (2) (0) ns sales (25) (66) ns
Organic loan
repayments
from equity
(238) (487) (78) ns affiliates (725) (108) ns
Cash flow
from
16,284 7,617 7,551 x2.2 operations 23,901 13,149 +82%
Organic
investments
2,819 1,981 2,802 +1% ( b ) 4,800 5,181 -7%
Free cash
flow after
organic
investments,
w/o net
asset sales
10,414 9,645 3,550 x2.9 ( a - b ) 20,059 6,537 x3.1
Net
investments
4,895 2,903 3,198 +53% ( c ) 7,798 7,167 +9%
Net cash
flow ( a - c
8,338 8,723 3,154 x2.6 ) 17,061 4,551 x3.7
* Operating cash flow before working capital changes, is defined
as cash flow from operating activities before changes in working
capital at replacement cost, excluding the mark-to-market effect of
iGRP's contracts and including capital gain from renewable projects
sale.
Historical data have been restated to cancel the impact of fair
valuation of iGRP sector's contracts.
** Changes in working capital are presented excluding the
mark-to-market effect of iGRP's contracts.
15. Gearing ratio
In millions of dollars 06/30/2022 03/31/2022 06/30/2021
Current borrowings (1) 14,589 16,759 15,795
Other current financial liabilities 401 502 322
Current financial assets (1),(2) (7,697) (7,231) (4,326)
Net financial assets classified as
held for sale (14) (38) -
Non-current financial debt (1) 39,233 38,924 44,687
Non-current financial assets (1) (692) (587) (2,726)
Cash and cash equivalents (32,848) (31,276) (28,643)
Net debt (a) 12,972 17,053 25,109
Shareholders' equity - TotalEnergies
share 116,688 116,480 108,096
Non-controlling interests 3,309 3,375 2,480
Shareholders' equity (b) 119,997 119,855 110,576
Net-debt-to-capital ratio = a /
(a+b) 9.8% 12.5% 18.5%
Leases (c) 7,963 8,028 7,702
Net-debt-to-capital ratio including
leases (a+c) / (a+b+c) 14.9% 17.3% 22.9%
(1) Excludes leases receivables and leases debts.
(2) Including initial margins held as part of the Company's
activities on organized markets.
16. Return on average capital employed
Twelve months ended June 30, 2022
Integrated
Gas, Exploration Refining Marketing
In millions Renewables & & &
of dollars & Power Production Chemicals Services Company
Adjusted net
operating
income 9,973 15,985 5,035 1,655 32,177
Capital
employed at
06/30/2021* 49,831 76,013 9,285 8,439 141,720
Capital
employed at
06/30/2022* 54,174 70,248 7,958 7,475 137,035
ROACE 19.2% 21.9% 58.4% 20.8% 23.1%
Twelve months ended March 31, 2022
Integrated
Gas, Exploration Refining Marketing
In millions Renewables & & &
of dollars & Power Production Chemicals Services Company
Adjusted net
operating
income 8,309 13,479 2,786 1,606 25,803
Capital
employed at
03/31/2021* 48,423 78,170 10,403 8,198 145,180
Capital
employed at
03/31/2022* 54,740 71,518 8,847 7,751 141,853
ROACE 16.1% 18.0% 28.9% 20.1% 18.0%
Twelve months ended June 30, 2021
Integrated
Gas, Exploration Refining Marketing
In millions Renewables & & &
of dollars & Power Production Chemicals Services Company
Adjusted net
operating
income 2,415 6,057 836 1,494 10,252
Capital
employed at
06/30/2020* 43,527 79,096 12,843 8,366 142,625
Capital
employed at
06/30/2021* 49,831 76,013 9,285 8,439 141,720
ROACE 5.2% 7.8% 7.6% 17.8% 7.2%
* At replacement cost (excluding after-tax inventory
effect).
Disclaimer:
The terms "TotalEnergies", "TotalEnergies company" and "Company"
in this document are used to designate TotalEnergies SE and the
consolidated entities directly or indirectly controlled by
TotalEnergies SE. Likewise, the words "we", "us" and "our" may also
be used to refer to these entities or their employees. The entities
in which TotalEnergies SE directly or indirectly owns a
shareholding are separate and independent legal entities.
This document does not constitute the half-year financial
report, which will be separately published in accordance with
article L. 451-1-2-III of the French Code monétaire et financier
and applicable UK law, and available on the website
totalenergies.com. This press release presents the results for the
second quarter of 2022 and half-year 2022 from the consolidated
financial statements of TotalEnergies SE as of June 30, 2022. The
limited review procedures by the Statutory Auditors are underway.
The notes to the consolidated financial statements (unaudited) are
available on the website totalenergies.com.
This document may contain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
notably with respect to the financial condition, results of
operations, business activities and industrial strategy of
TotalEnergies. This document may also contain statements regarding
the perspectives, objectives, areas of improvement and goals of
TotalEnergies, including with respect to climate change and carbon
neutrality (net zero emissions). An ambition expresses an outcome
desired by TotalEnergies, it being specified that the means to be
deployed do not depend solely on TotalEnergies. These
forward-looking statements may generally be identified by the use
of the future or conditional tense or forward-looking words such as
"envisions", "intends", "anticipates", "believes", "considers",
"plans", "expects", "thinks", "targets", "aims" or similar
terminology. Such forward-looking statements included in this
document are based on economic data, estimates and assumptions
prepared in a given economic, competitive and regulatory
environment and considered to be reasonable by TotalEnergies as of
the date of this document.
These forward-looking statements are not historical data and
should not be interpreted as assurances that the perspectives,
objectives or goals announced will be achieved. They may prove to
be inaccurate in the future, and may evolve or be modified with a
significant difference between the actual results and those
initially estimated, due to the uncertainties notably related to
the economic, financial, competitive and regulatory environment, or
due to the occurrence of risk factors, such as, notably, the price
fluctuations in crude oil and natural gas, the evolution of the
demand and price of petroleum products, the changes in production
results and reserves estimates, the ability to achieve cost
reductions and operating efficiencies without unduly disrupting
business operations, changes in laws and regulations including
those related to the environment and climate, currency
fluctuations, as well as economic and political developments,
changes in market conditions, loss of market share and changes in
consumer preferences, or pandemics such as the COVID-19 pandemic.
Additionally, certain financial information is based on estimates
particularly in the assessment of the recoverable value of assets
and potential impairments of assets relating thereto.
Neither TotalEnergies SE nor any of its subsidiaries assumes any
obligation to update publicly any forward-looking information or
statement, objectives or trends contained in this document whether
as a result of new information, future events or otherwise. The
information on risk factors that could have a significant adverse
effect on TotalEnergies' business, financial condition, including
its operating income and cash flow, reputation, outlook or the
value of financial instruments issued by TotalEnergies is provided
in the most recent version of the Universal Registration Document
which is filed by TotalEnergies SE with the French Autorité des
Marchés Financiers and the annual report on Form 20-F filed with
the United States Securities and Exchange Commission ("SEC").
Financial information by business segment is reported in
accordance with the internal reporting system and shows internal
segment information that is used to manage and measure the
performance of TotalEnergies. In addition to IFRS measures, certain
alternative performance indicators are presented, such as
performance indicators excluding the adjustment items described
below (adjusted operating income, adjusted net operating income,
adjusted net income), return on equity (ROE), return on average
capital employed (ROACE), gearing ratio, operating cash flow before
working capital changes, the shareholder rate of return. These
indicators are meant to facilitate the analysis of the financial
performance of TotalEnergies and the comparison of income between
periods. They allow investors to track the measures used internally
to manage and measure the performance of TotalEnergies.
These adjustment items include:
(i) Special items
Due to their unusual nature or particular significance, certain
transactions qualified as "special items" are excluded from the
business segment figures. In general, special items relate to
transactions that are significant, infrequent or unusual. However,
in certain instances, transactions such as restructuring costs or
asset disposals, which are not considered to be representative of
the normal course of business, may be qualified as special items
although they may have occurred within prior years or are likely to
occur again within the coming years.
(ii) Inventory valuation effect
The adjusted results of the Refining & Chemicals and
Marketing & Services segments are presented according to the
replacement cost method. This method is used to assess the
segments' performance and facilitate the comparability of the
segments' performance with those of TotalEnergies' principal
competitors.
In the replacement cost method, which approximates the LIFO
(Last-In, First-Out) method, the variation of inventory values in
the statement of income is, depending on the nature of the
inventory, determined using either the month-end price
differentials between one period and another or the average prices
of the period rather than the historical value. The inventory
valuation effect is the difference between the results according to
the FIFO (First-In, First-Out) and the replacement cost.
(iii) Effect of changes in fair value
The effect of changes in fair value presented as an adjustment
item reflects, for some transactions, differences between internal
measures of performance used by TotalEnergies' management and the
accounting for these transactions under IFRS.
IFRS requires that trading inventories be recorded at their fair
value using period-end spot prices. In order to best reflect the
management of economic exposure through derivative transactions,
internal indicators used to measure performance include valuations
of trading inventories based on forward prices.
TotalEnergies, in its trading activities, enters into storage
contracts, whose future effects are recorded at fair value in
TotalEnergies' internal economic performance. IFRS precludes
recognition of this fair value effect.
Furthermore, TotalEnergies enters into derivative instruments to
risk manage certain operational contracts or assets. Under IFRS,
these derivatives are recorded at fair value while the underlying
operational transactions are recorded as they occur. Internal
indicators defer the fair value on derivatives to match with the
transaction occurrence.
The adjusted results (adjusted operating income, adjusted net
operating income, adjusted net income) are defined as replacement
cost results, adjusted for special items, excluding the effect of
changes in fair value.
Euro amounts presented for the fully adjusted-diluted earnings
per share represent dollar amounts converted at the average
euro-dollar (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) Definition on page 3.
(2) Excluding leases.
(3) Cash flow less net investments, less dividends paid and
share buybacks.
(4) Some of the transactions mentioned in the highlights remain
subject to the agreement of the authorities or to the fulfilment of
conditions precedent under the terms of the agreements.
(5) Adjusted results are defined as income using replacement
cost, adjusted for special items, excluding the impact of changes
for fair value; adjustment items are on page 16.
(6) Adjusted EBITDA (Earnings Before Interest, Tax, Depreciation
and Amortization) corresponds to the adjusted earnings before
depreciation, depletion and impairment of tangible and intangible
assets and mineral interests, income tax expense and cost of net
debt, i.e., all operating income and contribution of equity
affiliates to net income.
(7) Effective tax rate = (tax on adjusted net operating income)
/ (adjusted net operating income -- income from equity affiliates
-- dividends received from investments -- impairment of goodwill +
tax on adjusted net operating income).
(8) In accordance with IFRS rules, adjusted fully-diluted
earnings per share is calculated from the adjusted net income less
the interest on the perpetual subordinated bond
(9) Organic investments = net investments excluding
acquisitions, asset sales and other operations with non-controlling
interests.
(10) Net acquisitions = acquisitions -- assets sales -- other
transactions with non-controlling interests (see page 18).
(11) Net investments = organic investments + net acquisitions
(see page 18).
(12) Operating cash flow before working capital changes, is
defined as cash flow from operating activities before changes in
working capital at replacement cost, excluding the mark-to-market
effect of iGRP's contracts and including capital gain from
renewable projects sale.
The inventory valuation effect is explained on page 20. The
reconciliation table for different cash flow figures is on page
18.
(13) DACF = debt adjusted cash flow, is defined as operating
cash flow before working capital changes and financial charges
(14) The six greenhouse gases in the Kyoto protocol, namely
CO(2) , CH(4) , N(2) O, HFCs, PFCs and SF(6) , with their
respective GWP (Global Warming Potential) as described in the 2007
IPCC report. HFCs, PFCs and SF(6) are virtually absent from the
Company's emissions or are considered as non-material and are
therefore not counted.
(15) Scope 1+2 GHG emissions of operated facilities are defined
as the sum of direct emissions of greenhouse gases from sites or
activities that are included in the scope of reporting (as defined
in the Company's 2021 Universal Registration Document) and indirect
emissions attributable to brought-in energy (electricity, heat,
steam), excluding purchased industrial gases (H(2) ).
(16) TotalEnergies reports Scope 3 GHG emissions, category 11,
which correspond to indirect GHG emissions related to the use by
customers of energy products, i.e., combustion of the products to
obtain energy. The Company follows the oil & gas industry
reporting guidelines published by IPIECA, which comply with the GHG
Protocol methodologies. In order to avoid double counting, this
methodology accounts for the largest volume in the oil and gas
value chain, i.e., the higher of the two production volumes or
sales to end customers. For TotalEnergies, in 2021 and 2022, the
calculation of Scope 3 GHG emissions for the oil value chain
considers oil products and biofuels sales (higher than production)
and for the gas value chain, gas sales either as LNG or as part of
direct sales to B2B/B2C customers (higher than or equivalent to
marketable gas production).
(17) Scope 3 GHG emissions, category 11, which correspond to
indirect GHG emissions related to the sale of petroleum products
(including biofuels).
(18) Scope 1+2+3 GHG emissions in Europe are defined as the sum
of Scope 1+2 GHG emissions of facilities operated by the Company
and indirect GHG emissions related to the use by customers of
energy products (Scope 3) in the EU, Norway, United Kingdom and
Switzerland.
(19) These adjustment elements are explained page 20.
(20) Total adjustment items in net income are detailed page 16
as well as in the annexes to the accounts
(21) Net cash fow = cash flow -- net investments (including
other transactions with non-controlling interest).
TotalEnergies financial statements
______________________
Second quarter and first half 2022 consolidated accounts,
IFRS
CONSOLIDATED STATEMENT OF INCOME
TotalEnergies
(unaudited)
2(nd) quarter 1(st) quarter 2(nd) quarter
(M$)(a) 2022 2022 2021
Sales 74,774 68,606 47,049
Excise taxes (4,329) (4,656) (5,416)
Revenues from sales 70,445 63,950 41,633
Purchases, net of
inventory variation (45,443) (39,648) (26,719)
Other operating expenses (8,041) (7,623) (6,717)
Exploration costs (117) (861) (123)
Depreciation, depletion
and impairment of
tangible assets and
mineral interests (3,102) (3,679) (3,121)
Other income 429 143 223
Other expense (1,305) (2,290) (298)
Financial interest on
debt (572) (462) (501)
Financial income and
expense from cash &
cash equivalents 245 214 77
Cost of net debt (327) (248) (424)
Other financial income 231 203 265
Other financial expense (136) (135) (131)
Net income (loss) from
equity affiliates (1,546) 43 (680)
Income taxes (5,284) (4,804) (1,609)
Consolidated net income 5,804 5,051 2,299
TotalEnergies share 5,692 4,944 2,206
Non-controlling
interests 112 107 93
Earnings per share ($) 2.18 1.87 0.80
Fully-diluted earnings
per share ($) 2.16 1.85 0.80
(a) Except for per share
amounts.
CONSOLIDATED STATEMENT OF
COMPREHENSIVE INCOME
TotalEnergies
(unaudited)
2(nd) quarter 1(st) quarter 2(nd) quarter
(M$) 2022 2022 2021
Consolidated net income 5,804 5,051 2,299
Other comprehensive income
Actuarial gains and losses 204 - 449
Change in fair value of
investments in equity
instruments (20) 3 56
Tax effect (53) 11 (142)
Currency translation
adjustment generated by
the parent company (5,387) (1,750) 1,239
Items not potentially
reclassifiable to profit
and loss (5,256) (1,736) 1,602
Currency translation
adjustment 2,523 1,012 (746)
Cash flow hedge 3,222 (263) (424)
Variation of foreign
currency basis spread 21 49 (4)
share of other
comprehensive income of
equity affiliates, net
amount 2,548 (84) (18)
Other (1) - (1)
Tax effect (1,112) 53 100
Items potentially
reclassifiable to profit
and loss 7,201 767 (1,093)
Total other comprehensive
income (net amount) 1,945 (969) 509
Comprehensive income 7,749 4,082 2,808
TotalEnergies share 7,705 3,953 2,670
Non-controlling interests 44 129 138
CONSOLIDATED STATEMENT OF INCOME
TotalEnergies
(unaudited)
1(st) half 1(st) half
(M$)(a) 2022 2021
Sales 143,380 90,786
Excise taxes (8,985) (10,520)
Revenues from sales 134,395 80,266
Purchases, net of inventory variation (85,091) (50,117)
Other operating expenses (15,664) (13,597)
Exploration costs (978) (290)
Depreciation, depletion and impairment of
tangible assets and mineral interests (6,781) (6,446)
Other income 572 581
Other expense (3,595) (957)
Financial interest on debt (1,034) (967)
Financial income and expense from cash & cash
equivalents 459 172
Cost of net debt (575) (795)
Other financial income 434 374
Other financial expense (271) (261)
Net income (loss) from equity affiliates (1,503) 201
Income taxes (10,088) (3,248)
Consolidated net income 10,855 5,711
TotalEnergies share 10,636 5,550
Non-controlling interests 219 161
Earnings per share ($) 4.04 2.04
Fully-diluted earnings per share ($) 4.02 2.03
(a) Except for per share amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TotalEnergies
(unaudited)
1(st) half 1(st) half
(M$) 2022 2021
Consolidated net income 10,855 5,711
Other comprehensive income
Actuarial gains and losses 204 449
Change in fair value of investments in equity
instruments (17) 68
Tax effect (42) (154)
Currency translation adjustment generated by the
parent company (7,137) (2,934)
Items not potentially reclassifiable to profit and
loss (6,992) (2,571)
Currency translation adjustment 3,535 1,777
Cash flow hedge 2,959 80
Variation of foreign currency basis spread 70 (4)
share of other comprehensive income of equity
affiliates, net amount 2,464 451
Other (1) -
Tax effect (1,059) (57)
Items potentially reclassifiable to profit and
loss 7,968 2,247
Total other comprehensive income (net amount) 976 (324)
Comprehensive income 11,831 5,387
TotalEnergies share 11,658 5,212
Non-controlling interests 173 175
CONSOLIDATED
BALANCE SHEET
TotalEnergies
June 30, March 31, December 31, June 30,
2022 2022 2021 2021
(M$) (unaudited) (unaudited) (unaudited)
ASSETS
Non-current
assets
Intangible
assets, net 37,020 32,504 32,484 33,359
Property, plant
and equipment,
net 101,454 104,450 106,559 106,791
Equity affiliates
: investments
and loans 28,210 29,334 31,053 29,712
Other investments 1,383 1,490 1,625 2,247
Non-current
financial
assets 1,612 1,490 2,404 3,778
Deferred income
taxes 4,737 5,299 5,400 6,578
Other non-current
assets 3,075 3,033 2,797 2,800
Total non-current
assets 177,491 177,600 182,322 185,265
Current assets
Inventories, net 28,542 24,456 19,952 19,162
Accounts
receivable, net 30,796 32,000 21,983 17,192
Other current
assets 55,553 50,976 35,144 17,585
Current financial
assets 7,863 7,415 12,315 4,404
Cash and cash
equivalents 32,848 31,276 21,342 28,643
Assets classified
as held for
sale 313 856 400 456
Total current
assets 155,915 146,979 111,136 87,442
Total assets 333,406 324,579 293,458 272,707
LIABILITIES &
SHAREHOLDERS'
EQUITY
Shareholders'
equity
Common shares 8,163 8,137 8,224 8,224
Paid-in surplus
and retained
earnings 125,554 123,008 117,849 110,967
Currency
translation
adjustment (14,019) (13,643) (12,671) (11,087)
Treasury shares (3,010) (1,022) (1,666) (8)
Total
shareholders'
equity -
TotalEnergies
share 116,688 116,480 111,736 108,096
Non-controlling
interests 3,309 3,375 3,263 2,480
Total
shareholders'
equity 119,997 119,855 114,999 110,576
Non-current
liabilities
Deferred income
taxes 12,169 11,281 10,904 10,596
Employee benefits 2,341 2,610 2,672 3,305
Provisions and
other
non-current
liabilities 23,373 21,649 20,269 20,716
Non-current
financial debt 46,868 46,546 49,512 52,331
Total non-current
liabilities 84,751 82,086 83,357 86,948
Current
liabilities
Accounts payable 49,700 46,869 36,837 29,752
Other creditors
and accrued
liabilities 62,498 56,972 42,800 27,836
Current
borrowings 16,003 18,252 15,035 16,983
Other current
financial
liabilities 401 502 372 322
Liabilities
directly
associated with
the assets
classified as
held for sale 56 43 58 290
Total current
liabilities 128,658 122,638 95,102 75,183
Total liabilities
& shareholders'
equity 333,406 324,579 293,458 272,707
CONSOLIDATED STATEMENT OF
CASH FLOW
TotalEnergies
(unaudited)
2(nd) quarter 1(st) quarter 2(nd) quarter
(M$) 2022 2022 2021
CASH FLOW FROM OPERATING
ACTIVITIES
Consolidated net income 5,804 5,051 2,299
Depreciation, depletion,
amortization and
impairment 3,321 4,578 3,287
Non-current liabilities,
valuation allowances and
deferred taxes 1,427 2,538 210
(Gains) losses on disposals
of assets (165) (13) (85)
Undistributed affiliates'
equity earnings 2,999 262 1,255
(Increase) decrease in
working capital 2,498 (4,923) 669
Other changes, net 400 124 (84)
Cash flow from operating
activities 16,284 7,617 7,551
CASH FLOW USED IN
INVESTING ACTIVITIES
Intangible assets and
property, plant and
equipment additions (5,150) (3,457) (2,675)
Acquisitions of
subsidiaries, net of cash
acquired (82) - (170)
Investments in equity
affiliates and other
securities (136) (89) (307)
Increase in non-current
loans (278) (241) (380)
Total expenditures (5,646) (3,787) (3,532)
Proceeds from disposals of
intangible assets and
property, plant and
equipment 153 177 45
Proceeds from disposals of
subsidiaries, net of cash
sold 63 88 -
Proceeds from disposals of
non-current investments 35 215 216
Repayment of non-current
loans 413 929 167
Total divestments 664 1,409 428
Cash flow used in investing
activities (4,982) (2,378) (3,104)
CASH FLOW USED IN
FINANCING ACTIVITIES
Issuance (repayment) of
shares:
- Parent company
shareholders 371 - 381
- Treasury shares (1,988) (1,176) -
Dividends paid:
- Parent company
shareholders (1,825) (1,928) (2,094)
- Non-controlling
interests (97) (22) (53)
Net issuance (repayment) of
perpetual subordinated
notes (1,958) 1,958 -
Payments on perpetual
subordinated notes (138) (136) (147)
Other transactions with
non-controlling interests (10) 5 -
Net issuance (repayment) of
non-current debt 508 34 51
Increase (decrease) in
current borrowings (2,703) 657 (4,369)
Increase (decrease) in
current financial assets
and liabilities (731) 5,594 (67)
Cash flow from (used in)
financing activities (8,571) 4,986 (6,298)
Net increase (decrease) in
cash and cash equivalents 2,731 10,225 (1,851)
Effect of exchange rates (1,159) (291) 209
Cash and cash equivalents
at the beginning of the
period 31,276 21,342 30,285
Cash and cash equivalents
at the end of the period 32,848 31,276 28,643
CONSOLIDATED STATEMENT OF CASH FLOW
TotalEnergies
(unaudited)
1(st) half 1(st) half
(M$) 2022 2021
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income 10,855 5,711
Depreciation, depletion, amortization and
impairment 7,899 6,760
Non-current liabilities, valuation allowances
and deferred taxes 3,965 331
(Gains) losses on disposals of assets (178) (370)
Undistributed affiliates' equity earnings 3,261 682
(Increase) decrease in working capital (2,425) (150)
Other changes, net 524 185
Cash flow from operating activities 23,901 13,149
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and
equipment additions (8,607) (5,085)
Acquisitions of subsidiaries, net of cash
acquired (82) (170)
Investments in equity affiliates and other
securities (225) (2,433)
Increase in non-current loans (519) (680)
Total expenditures (9,433) (8,368)
Proceeds from disposals of intangible assets
and property, plant and equipment 330 271
Proceeds from disposals of subsidiaries, net
of cash sold 151 229
Proceeds from disposals of non-current
investments 250 279
Repayment of non-current loans 1,342 301
Total divestments 2,073 1,080
Cash flow used in investing activities (7,360) (7,288)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders 371 381
- Treasury shares (3,164) (165)
Dividends paid:
- Parent company shareholders (3,753) (4,184)
- Non-controlling interests (119) (63)
Net issuance (repayment) of perpetual
subordinated notes - 3,248
Payments on perpetual subordinated notes (274) (234)
Other transactions with non-controlling
interests (5) (55)
Net issuance (repayment) of non-current debt 542 (839)
Increase (decrease) in current borrowings (2,046) (6,031)
Increase (decrease) in current financial
assets and liabilities 4,863 (215)
Cash flow from (used in) financing activities (3,585) (8,157)
Net increase (decrease) in cash and cash
equivalents 12,956 (2,296)
Effect of exchange rates (1,450) (329)
Cash and cash equivalents at the beginning of
the period 21,342 31,268
Cash and cash equivalents at the end of the
period 32,848 28,643
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
TotalEnergies
(unaudited)
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,
2021 2,653,124,025 8,267 107,078 (10,256) (24,392,703) (1,387) 103,702 2,383 106,085
Net income of the
first half
2021 - - 5,550 - - - 5,550 161 5,711
Other
comprehensive
income - - 485 (823) - - (338) 14 (324)
Comprehensive
Income - - 6,035 (823) - - 5,212 175 5,387
Dividend - - (4,189) - - - (4,189) (63) (4,252)
Issuance of
common shares 10,589,713 31 350 - - - 381 - 381
Purchase of
treasury shares - - - - (3,636,351) (165) (165) - (165)
Sale of treasury
shares(a) - - (216) - 4,570,220 216 - - -
Share-based
payments - - 61 - - - 61 - 61
Share
cancellation (23,284,409) (74) (1,254) - 23,284,409 1,328 - - -
Net issuance
(repayment) of
perpetual
subordinated
notes - - 3,254 - - - 3,254 - 3,254
Payments on
perpetual
subordinated
notes - - (184) - - - (184) - (184)
Other operations
with
non-controlling
interests - - 26 (6) - - 20 (20) -
Other items - - 6 (2) - - 4 5 9
As of June 30,
2021 2,640,429,329 8,224 110,967 (11,087) (174,425) (8) 108,096 2,480 110,576
Net income of the
second half
2021 - - 10,482 - - - 10,482 173 10,655
Other
comprehensive
income - - 506 (1,584) - - (1,078) (44) (1,122)
Comprehensive
Income - - 10,988 (1,584) - - 9,404 129 9,533
Dividend - - (4,011) - - - (4,011) (61) (4,072)
Issuance of
common shares - - - - - - - - -
Purchase of
treasury shares - - - - (33,669,654) (1,658) (1,658) - (1,658)
Sale of treasury
shares(a) - - - - 2,975 - - - -
Share-based
payments - - 82 - - - 82 - 82
Share
cancellation - - - - - - - - -
Net issuance
(repayment) of
perpetual
subordinated
notes - - - - - - - - -
Payments on
perpetual
subordinated
notes - - (184) - - - (184) - (184)
Other operations
with
non-controlling
interests - - 4 - - - 4 709 713
Other items - - 3 - - - 3 6 9
As of December
31, 2021 2,640,429,329 8,224 117,849 (12,671) (33,841,104) (1,666) 111,736 3,263 114,999
Net income of the
first half 2022 - - 10,636 - - - 10,636 219 10,855
Other
comprehensive
income - - 2,370 (1,348) - - 1,022 (46) 976
Comprehensive
Income - - 13,006 (1,348) - - 11,658 173 11,831
Dividend - - (3,803) - - - (3,803) (119) (3,922)
Issuance of
common shares 9,367,482 26 345 - - - 371 - 371
Purchase of
treasury shares - - - - (58,458,536) (3,164) (3,164) - (3,164)
Sale of treasury
shares(a) - - (315) - 6,168,197 315 - - -
Share-based
payments - - 157 - - - 157 - 157
Share
cancellation (30,665,526) (87) (1,418) - 30,665,526 1,505 - - -
Net issuance
(repayment) of
perpetual
subordinated
notes - - (44) - - - (44) - (44)
Payments on
perpetual
subordinated
notes - - (183) - - - (183) - (183)
Other operations
with
non-controlling
interests - - 4 - - - 4 (9) (5)
Other items - - (44) - - - (44) 1 (43)
As of June 30,
2022 2,619,131,285 8,163 125,554 (14,019) (55,465,917) (3,010) 116,688 3,309 119,997
(a) Treasury shares related to the performance share grants.
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
Integrated
Gas, Exploration Refining Marketing
2(nd) quarter Renewables & & &
2022 & Power Production Chemicals Services Corporate Intercompany Total
(M$)
External sales 10,281 2,521 35,061 26,907 4 - 74,774
Intersegment
sales 1,889 13,805 12,785 716 70 (29,265) -
Excise taxes - - (186) (4,143) - - (4,329)
Revenues from
sales 12,170 16,326 47,660 23,480 74 (29,265) 70,445
Operating
expenses (10,997) (5,760) (43,242) (22,310) (557) 29,265 (53,601)
Depreciation,
depletion and
impairment of
tangible assets
and mineral
interests (327) (2,112) (389) (241) (33) - (3,102)
Operating income 846 8,454 4,029 929 (516) - 13,742
Net income (loss)
from equity
affiliates and
other items 823 (3,668) 349 98 71 - (2,327)
Tax on net
operating
income (260) (3,876) (866) (296) (8) - (5,306)
Net operating
income 1,409 910 3,512 731 (453) - 6,109
Net cost of net
debt (305)
Non-controlling
interests (112)
Net income -
TotalEnergies
share 5,692
Integrated
2(nd) quarter Gas, Exploration Refining Marketing
2022 Renewables & & &
(adjustments)(a) & Power Production Chemicals Services Corporate Intercompany Total
(M$)
External sales (15) - - - - - (15)
Intersegment
sales - - - - - - -
Excise taxes - - - - - - -
Revenues from
sales (15) - - - - - (15)
Operating
expenses (606) (82) 775 373 (301) - 159
Depreciation,
depletion and
impairment of
tangible assets
and mineral
interests (14) (46) - (4) - - (64)
Operating income
(b) (635) (128) 775 369 (301) - 80
Net income (loss)
from equity
affiliates and
other items (558) (3,756) 52 (4) - - (4,266)
Tax on net
operating
income 47 75 (75) (100) 78 - 25
Net operating
income (b) (1,146) (3,809) 752 265 (223) - (4,161)
Net cost of net
debt 80
Non-controlling
interests (23)
Net income -
TotalEnergies
share (4,104)
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair
value.
(b) Of which
inventory
valuation effect
- On
operating
income - - 775 376 -
- On net
operating
income - - 752 275 -
Integrated
Gas, Exploration Refining Marketing
2(nd) quarter Renewables & & &
2022 (adjusted) & Power Production Chemicals Services Corporate Intercompany Total
(M$)
External sales 10,296 2,521 35,061 26,907 4 - 74,789
Intersegment
sales 1,889 13,805 12,785 716 70 (29,265) -
Excise taxes - - (186) (4,143) - - (4,329)
Revenues from
sales 12,185 16,326 47,660 23,480 74 (29,265) 70,460
Operating
expenses (10,391) (5,678) (44,017) (22,683) (256) 29,265 (53,760)
Depreciation,
depletion and
impairment of
tangible assets
and mineral
interests (313) (2,066) (389) (237) (33) - (3,038)
Adjusted
operating
income 1,481 8,582 3,254 560 (215) - 13,662
Net income (loss)
from equity
affiliates and
other items 1,381 88 297 102 71 - 1,939
Tax on net
operating
income (307) (3,951) (791) (196) (86) - (5,331)
Adjusted net
operating
income 2,555 4,719 2,760 466 (230) - 10,270
Net cost of net
debt (385)
Non-controlling
interests (89)
Adjusted net
income -
TotalEnergies
share 9,796
Integrated
Gas, Exploration Refining Marketing
2(nd) quarter Renewables & & &
2022 & Power Production Chemicals Services Corporate Intercompany Total
(M$)
Total
expenditures 872 4,128 333 288 25 5,646
Total divestments 466 63 56 72 7 664
Cash flow from
operating
activities 3,970 8,768 3,526 580 (560) 16,284
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
Integrated
Gas, Exploration Refining Marketing
1(st) quarter Renewables & & &
2022 & Power Production Chemicals Services Corporate Intercompany Total
(M$)
External sales 12,294 2,151 31,008 23,149 4 - 68,606
Intersegment
sales 1,471 13,818 9,277 267 63 (24,896) -
Excise taxes - - (192) (4,464) - - (4,656)
Revenues from
sales 13,765 15,969 40,093 18,952 67 (24,896) 63,950
Operating
expenses (11,632) (5,708) (37,411) (17,984) (293) 24,896 (48,132)
Depreciation,
depletion and
impairment of
tangible assets
and mineral
interests (321) (2,661) (380) (273) (44) - (3,679)
Operating income 1,812 7,600 2,302 695 (270) - 12,139
Net income (loss)
from equity
affiliates and
other items (2,500) 242 156 (42) 108 - (2,036)
Tax on net
operating
income (294) (3,863) (525) (225) 105 - (4,802)
Net operating
income (982) 3,979 1,933 428 (57) - 5,301
Net cost of net
debt (250)
Non-controlling
interests (107)
Net income -
TotalEnergies
share 4,944
Integrated
1(st) quarter Gas, Exploration Refining Marketing
2022 Renewables & & &
(adjustments)(a) & Power Production Chemicals Services Corporate Intercompany Total
(M$)
External sales 12 - - - - - 12
Intersegment
sales - - - - - - -
Excise taxes - - - - - - -
Revenues from
sales 12 - - - - - 12
Operating
expenses (117) (791) 947 268 (132) - 175
Depreciation,
depletion and
impairment of
tangible assets
and mineral
interests - (493) - (29) (9) - (531)
Operating income
(b) (105) (1,284) 947 239 (141) - (344)
Net income (loss)
from equity
affiliates and
other items (3,939) (14) 117 (3) 106 - (3,733)
Tax on net
operating
income 11 262 (251) (80) 20 - (38)
Net operating
income (b) (4,033) (1,036) 813 156 (15) - (4,115)
Net cost of net
debt 113
Non-controlling
interests (31)
Net income -
TotalEnergies
share (4,033)
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair
value.
(b) Of which
inventory
valuation effect
- On
operating
income - - 947 308 -
- On net
operating
income - - 845 228 -
Integrated
Gas, Exploration Refining Marketing
1(st) quarter Renewables & & &
2022 (adjusted) & Power Production Chemicals Services Corporate Intercompany Total
(M$)
External sales 12,282 2,151 31,008 23,149 4 - 68,594
Intersegment
sales 1,471 13,818 9,277 267 63 (24,896) -
Excise taxes - - (192) (4,464) - - (4,656)
Revenues from
sales 13,753 15,969 40,093 18,952 67 (24,896) 63,938
Operating
expenses (11,515) (4,917) (38,358) (18,252) (161) 24,896 (48,307)
Depreciation,
depletion and
impairment of
tangible assets
and mineral
interests (321) (2,168) (380) (244) (35) - (3,148)
Adjusted
operating
income 1,917 8,884 1,355 456 (129) - 12,483
Net income (loss)
from equity
affiliates and
other items 1,439 256 39 (39) 2 - 1,697
Tax on net
operating
income (305) (4,125) (274) (145) 85 - (4,764)
Adjusted net
operating
income 3,051 5,015 1,120 272 (42) - 9,416
Net cost of net
debt (363)
Non-controlling
interests (76)
Adjusted net
income -
TotalEnergies
share 8,977
Integrated
Gas, Exploration Refining Marketing
1(st) quarter Renewables & & &
2022 & Power Production Chemicals Services Corporate Intercompany Total
(M$)
Total
expenditures 1,439 1,971 228 140 9 3,787
Total divestments 1,015 283 27 79 5 1,409
Cash flow from
operating
activities 315 5,768 1,107 898 (471) 7,617
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
Integrated
Gas, Exploration Refining Marketing
2(nd) quarter Renewables & & &
2021 & Power Production Chemicals Services Corporate Intercompany Total
(M$)
External sales 5,086 1,743 20,853 19,367 - - 47,049
Intersegment
sales 744 7,855 6,369 108 39 (15,115) -
Excise taxes - - (225) (5,191) - - (5,416)
Revenues from
sales 5,830 9,598 26,997 14,284 39 (15,115) 41,633
Operating
expenses (5,103) (4,284) (25,646) (13,434) (207) 15,115 (33,559)
Depreciation,
depletion and
impairment of
tangible assets
and mineral
interests (291) (2,134) (396) (271) (29) - (3,121)
Operating income 436 3,180 955 579 (197) - 4,953
Net income (loss)
from equity
affiliates and
other items 419 (1,243) 123 57 23 - (621)
Tax on net
operating
income (56) (1,195) (281) (176) 16 - (1,692)
Net operating
income 799 742 797 460 (158) - 2,640
Net cost of net
debt (341)
Non-controlling
interests (93)
Net income -
TotalEnergies
share 2,206
Integrated
2(nd) quarter Gas, Exploration Refining Marketing
2021 Renewables & & &
(adjustments)(a) & Power Production Chemicals Services Corporate Intercompany Total
(M$)
External sales (9) - - - - - (9)
Intersegment
sales - - - - - - -
Excise taxes - - - - - - -
Revenues from
sales (9) - - - - - (9)
Operating
expenses (54) (23) 386 71 - - 380
Depreciation,
depletion and
impairment of
tangible assets
and mineral
interests (3) - (13) - - - (16)
Operating income
(b) (66) (23) 373 71 - - 355
Net income (loss)
from equity
affiliates and
other items (47) (1,436) 22 (8) (22) - (1,491)
Tax on net
operating
income 21 (12) (109) (20) - - (120)
Net operating
income (b) (92) (1,471) 286 43 (22) - (1,256)
Net cost of net
debt 4
Non-controlling
interests (5)
Net income -
TotalEnergies
share (1,257)
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair
value.
(b) Of which
inventory
valuation effect
- On
operating
income - - 394 69 -
- On net
operating
income - - 331 50 -
Integrated
Gas, Exploration Refining Marketing
2(nd) quarter Renewables & & &
2021 (adjusted) & Power Production Chemicals Services Corporate Intercompany Total
(M$)
External sales 5,095 1,743 20,853 19,367 - - 47,058
Intersegment
sales 744 7,855 6,369 108 39 (15,115) -
Excise taxes - - (225) (5,191) - - (5,416)
Revenues from
sales 5,839 9,598 26,997 14,284 39 (15,115) 41,642
Operating
expenses (5,049) (4,261) (26,032) (13,505) (207) 15,115 (33,939)
Depreciation,
depletion and
impairment of
tangible assets
and mineral
interests (288) (2,134) (383) (271) (29) - (3,105)
Adjusted
operating
income 502 3,203 582 508 (197) - 4,598
Net income (loss)
from equity
affiliates and
other items 466 193 101 65 45 - 870
Tax on net
operating
income (77) (1,183) (172) (156) 16 - (1,572)
Adjusted net
operating
income 891 2,213 511 417 (136) - 3,896
Net cost of net
debt (345)
Non-controlling
interests (88)
Adjusted net
income -
TotalEnergies
share 3,463
Integrated
Gas, Exploration Refining Marketing
2(nd) quarter Renewables & & &
2021 & Power Production Chemicals Services Corporate Intercompany Total
(M$)
Total
expenditures 1,167 1,830 291 222 22 3,532
Total divestments 310 63 13 36 6 428
Cash flow from
operating
activities 567 4,835 2,232 437 (520) 7,551
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
Integrated
Gas, Exploration Refining Marketing
Renewables & & &
1(st) half 2022 & Power Production Chemicals Services Corporate Intercompany Total
(M$)
External sales 22,575 4,672 66,069 50,056 8 - 143,380
Intersegment
sales 3,360 27,623 22,062 983 133 (54,161) -
Excise taxes - - (378) (8,607) - - (8,985)
Revenues from
sales 25,935 32,295 87,753 42,432 141 (54,161) 134,395
Operating
expenses (22,629) (11,468) (80,653) (40,294) (850) 54,161 (101,733)
Depreciation,
depletion and
impairment of
tangible assets
and mineral
interests (648) (4,773) (769) (514) (77) - (6,781)
Operating income 2,658 16,054 6,331 1,624 (786) - 25,881
Net income (loss)
from equity
affiliates and
other items (1,677) (3,426) 505 56 179 - (4,363)
Tax on net
operating
income (554) (7,739) (1,391) (521) 97 - (10,108)
Net operating
income 427 4,889 5,445 1,159 (510) - 11,410
Net cost of net
debt (555)
Non-controlling
interests (219)
Net income -
TotalEnergies
share 10,636
Integrated
Gas, Exploration Refining Marketing
1(st) half 2022 Renewables & & &
(adjustments)(a) & Power Production Chemicals Services Corporate Intercompany Total
(M$)
External sales (3) - - - - - (3)
Intersegment
sales - - - - - - -
Excise taxes - - - - - - -
Revenues from
sales (3) - - - - - (3)
Operating
expenses (723) (873) 1,722 641 (433) - 334
Depreciation,
depletion and
impairment of
tangible assets
and mineral
interests (14) (539) - (33) (9) - (595)
Operating income
(b) (740) (1,412) 1,722 608 (442) - (264)
Net income (loss)
from equity
affiliates and
other items (4,497) (3,770) 169 (7) 106 - (7,999)
Tax on net
operating
income 58 337 (326) (180) 98 - (13)
Net operating
income (b) (5,179) (4,845) 1,565 421 (238) - (8,276)
Net cost of net
debt 193
Non-controlling
interests (54)
Net income -
TotalEnergies
share (8,137)
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair
value.
(b) Of which
inventory
valuation effect
- On
operating
income - - 1,722 684 -
- On net
operating
income - - 1,597 503 -
Integrated
Gas, Exploration Refining Marketing
1(st) half 2022 Renewables & & &
(adjusted) & Power Production Chemicals Services Corporate Intercompany Total
(M$)
External sales 22,578 4,672 66,069 50,056 8 - 143,383
Intersegment
sales 3,360 27,623 22,062 983 133 (54,161) -
Excise taxes - - (378) (8,607) - - (8,985)
Revenues from
sales 25,938 32,295 87,753 42,432 141 (54,161) 134,398
Operating
expenses (21,906) (10,595) (82,375) (40,935) (417) 54,161 (102,067)
Depreciation,
depletion and
impairment of
tangible assets
and mineral
interests (634) (4,234) (769) (481) (68) - (6,186)
Adjusted
operating
income 3,398 17,466 4,609 1,016 (344) - 26,145
Net income (loss)
from equity
affiliates and
other items 2,820 344 336 63 73 - 3,636
Tax on net
operating
income (612) (8,076) (1,065) (341) (1) - (10,095)
Adjusted net
operating
income 5,606 9,734 3,880 738 (272) - 19,686
Net cost of net
debt (748)
Non-controlling
interests (165)
Adjusted net
income -
TotalEnergies
share 18,773
Integrated
Gas, Exploration Refining Marketing
Renewables & & &
1(st) half 2022 & Power Production Chemicals Services Corporate Intercompany Total
(M$)
Total
expenditures 2,311 6,099 561 428 34 9,433
Total divestments 1,481 346 83 151 12 2,073
Cash flow from
operating
activities 4,285 14,536 4,633 1,478 (1,031) 23,901
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
Integrated
Gas, Exploration Refining Marketing
Renewables & & &
1(st) half 2021 & Power Production Chemicals Services Corporate Intercompany Total
(M$)
External sales 10,588 3,257 40,054 36,880 7 - 90,786
Intersegment
sales 1,555 14,433 11,890 186 68 (28,132) -
Excise taxes - - (630) (9,890) - - (10,520)
Revenues from
sales 12,143 17,690 51,314 27,176 75 (28,132) 80,266
Operating
expenses (10,321) (7,352) (48,579) (25,510) (374) 28,132 (64,004)
Depreciation,
depletion and
impairment of
tangible assets
and mineral
interests (762) (4,317) (787) (526) (54) - (6,446)
Operating income 1,060 6,021 1,948 1,140 (353) - 9,816
Net income (loss)
from equity
affiliates and
other items 682 (973) 211 23 (5) - (62)
Tax on net
operating
income (157) (2,375) (561) (352) 54 - (3,391)
Net operating
income 1,585 2,673 1,598 811 (304) - 6,363
Net cost of net
debt (652)
Non-controlling
interests (161)
Net income -
TotalEnergies
share 5,550
Integrated
Gas, Exploration Refining Marketing
1(st) half 2021 Renewables & & &
(adjustments)(a) & Power Production Chemicals Services Corporate Intercompany Total
(M$)
External sales (44) - - - - - (44)
Intersegment
sales - - - - - - -
Excise taxes - - - - - - -
Revenues from
sales (44) - - - - - (44)
Operating
expenses (62) (23) 1,131 213 - - 1,259
Depreciation,
depletion and
impairment of
tangible assets
and mineral
interests (148) - (13) - - - (161)
Operating income
(b) (254) (23) 1,118 213 - - 1,054
Net income (loss)
from equity
affiliates and
other items (96) (1,482) 28 (43) (62) - (1,655)
Tax on net
operating
income 59 (10) (302) (60) 2 - (311)
Net operating
income (b) (291) (1,515) 844 110 (60) - (912)
Net cost of net
debt 10
Non-controlling
interests (14)
Net income -
TotalEnergies
share (916)
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair
value.
(b) Of which
inventory
valuation effect
- On
operating
income - - 1,140 206 -
- On net
operating
income - - 937 148 -
Integrated
Gas, Exploration Refining Marketing
1(st) half 2021 Renewables & & &
(adjusted) & Power Production Chemicals Services Corporate Intercompany Total
(M$)
External sales 10,632 3,257 40,054 36,880 7 - 90,830
Intersegment
sales 1,555 14,433 11,890 186 68 (28,132) -
Excise taxes - - (630) (9,890) - - (10,520)
Revenues from
sales 12,187 17,690 51,314 27,176 75 (28,132) 80,310
Operating
expenses (10,259) (7,329) (49,710) (25,723) (374) 28,132 (65,263)
Depreciation,
depletion and
impairment of
tangible assets
and mineral
interests (614) (4,317) (774) (526) (54) - (6,285)
Adjusted
operating
income 1,314 6,044 830 927 (353) - 8,762
Net income (loss)
from equity
affiliates and
other items 778 509 183 66 57 - 1,593
Tax on net
operating
income (216) (2,365) (259) (292) 52 - (3,080)
Adjusted net
operating
income 1,876 4,188 754 701 (244) - 7,275
Net cost of net
debt (662)
Non-controlling
interests (147)
Adjusted net
income -
TotalEnergies
share 6,466
Integrated
Gas, Exploration Refining Marketing
Renewables & & &
1(st) half 2021 & Power Production Chemicals Services Corporate Intercompany Total
(M$)
Total
expenditures 4,187 3,195 578 360 48 8,368
Total divestments 452 374 129 107 18 1,080
Cash flow from
operating
activities 1,347 8,571 3,228 1,102 (1,099) 13,149
Reconciliation of the information by business segment with
Consolidated Financial Statements
TotalEnergies
(unaudited)
Consolidated
2(nd) quarter 2022 statement
(M$) Adjusted Adjustments(a) of income
Sales 74,789 (15) 74,774
Excise taxes (4,329) - (4,329)
Revenues from sales 70,460 (15) 70,445
Purchases net of inventory
variation (46,023) 580 (45,443)
Other operating expenses (7,620) (421) (8,041)
Exploration costs (117) - (117)
Depreciation, depletion and
impairment of tangible assets
and mineral interests (3,038) (64) (3,102)
Other income 429 - 429
Other expense (529) (776) (1,305)
Financial interest on debt (572) - (572)
Financial income and expense
from cash & cash equivalents 130 115 245
Cost of net debt (442) 115 (327)
Other financial income 231 - 231
Other financial expense (136) - (136)
Net income (loss) from equity
affiliates 1,944 (3,490) (1,546)
Income taxes (5,274) (10) (5,284)
Consolidated net income 9,885 (4,081) 5,804
TotalEnergies share 9,796 (4,104) 5,692
Non-controlling interests 89 23 112
(a) Adjustments include special items, inventory valuation effect and
the effect of changes in fair value.
Consolidated
2(nd) quarter 2021 statement
(M$) Adjusted Adjustments(a) of income
Sales 47,058 (9) 47,049
Excise taxes (5,416) - (5,416)
Revenues from sales 41,642 (9) 41,633
Purchases net of inventory
variation (27,108) 389 (26,719)
Other operating expenses (6,708) (9) (6,717)
Exploration costs (123) - (123)
Depreciation, depletion and
impairment of tangible assets
and mineral interests (3,105) (16) (3,121)
Other income 138 85 223
Other expense (142) (156) (298)
Financial interest on debt (501) - (501)
Financial income and expense
from cash & cash equivalents 69 8 77
Cost of net debt (432) 8 (424)
Other financial income 265 - 265
Other financial expense (131) - (131)
Net income (loss) from equity
affiliates 740 (1,420) (680)
Income taxes (1,485) (124) (1,609)
Consolidated net income 3,551 (1,252) 2,299
TotalEnergies share 3,463 (1,257) 2,206
Non-controlling interests 88 5 93
(a) Adjustments include special items, inventory valuation effect and
the effect of changes in fair value.
Reconciliation of the information by business segment with
Consolidated Financial Statements
TotalEnergies
(unaudited)
Consolidated
1(st) half 2022 statement of
(M$) Adjusted Adjustments(a) income
Sales 143,383 (3) 143,380
Excise taxes (8,985) - (8,985)
Revenues from sales 134,398 (3) 134,395
Purchases net of inventory
variation (86,785) 1,694 (85,091)
Other operating expenses (15,029) (635) (15,664)
Exploration costs (253) (725) (978)
Depreciation, depletion and
impairment of tangible assets and
mineral interests (6,186) (595) (6,781)
Other income 550 22 572
Other expense (798) (2,797) (3,595)
Financial interest on debt (1,034) - (1,034)
Financial income and expense from
cash & cash equivalents 189 270 459
Cost of net debt (845) 270 (575)
Other financial income 350 84 434
Other financial expense (271) - (271)
Net income (loss) from equity
affiliates 3,805 (5,308) (1,503)
Income taxes (9,998) (90) (10,088)
Consolidated net income 18,938 (8,083) 10,855
TotalEnergies share 18,773 (8,137) 10,636
Non-controlling interests 165 54 219
(a) Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
Consolidated
1(st) half 2021 statement of
(M$) Adjusted Adjustments(a) income
Sales 90,830 (44) 90,786
Excise taxes (10,520) - (10,520)
Revenues from sales 80,310 (44) 80,266
Purchases net of inventory
variation (51,397) 1,280 (50,117)
Other operating expenses (13,576) (21) (13,597)
Exploration costs (290) - (290)
Depreciation, depletion and
impairment of tangible assets and
mineral interests (6,285) (161) (6,446)
Other income 554 27 581
Other expense (334) (623) (957)
Financial interest on debt (967) - (967)
Financial income and expense from
cash & cash equivalents 156 16 172
Cost of net debt (811) 16 (795)
Other financial income 374 - 374
Other financial expense (261) - (261)
Net income (loss) from equity
affiliates 1,260 (1,059) 201
Income taxes (2,931) (317) (3,248)
Consolidated net income 6,613 (902) 5,711
TotalEnergies share 6,466 (916) 5,550
Non-controlling interests 147 14 161
(a) Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
TotalEnergies contacts
Media Relations: +33 (0)1 47 44 46 99 l presse@totalenergies.com
l @TotalEnergiesPress
Investor Relations: +33 (0)1 47 44 46 46 l
ir@totalenergies.com
View source version on businesswire.com:
https://www.businesswire.com/news/home/20220727006241/en/
CONTACT:
TotalEnergies SE
SOURCE: TotalEnergies SE
Copyright Business Wire 2022
(END) Dow Jones Newswires
July 28, 2022 06:25 ET (10:25 GMT)
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