TOTALENERGIES SE: Russia: TotalEnergies Decides to Withdraw Its Directors From Novatek And Will No Longer Equity Account for Its Stake in Novatek and Record a 3.7 b$ Impairment in Q4
09 Décembre 2022 - 9:49AM
UK Regulatory
TIDMTTE
Further to its principles of conduct defined for its activities
in relation to Russia, published on March 22, 2022, TotalEnergies
(Paris:TTE) (LSE:TTE) (NYSE:TTE) has gradually started to withdraw
from its Russian assets while ensuring that it continues to supply
gas to Europe.
TotalEnergies holds a 19.4% stake in the company Novatek, a
stake that it cannot sell given the prevailing shareholders'
agreements, as it is forbidden for TotalEnergies to sell any asset
to one of Novatek's main shareholders who is under sanction.
In view of the European sanctions in force since the beginning
of the war, the two directors representing TotalEnergies on the
board of directors of Novatek are led to abstain from voting in
meetings of the board of directors of this company, in particular
on financial matters. They are therefore no longer in a position to
fully carry out their duties on the board which might become an
issue for the governance of this company.
Under these circumstances, the Board of Directors of
TotalEnergies has decided to withdraw the representatives of the
Company from the board of PAO Novatek with immediate effect.
As a result, the criteria for significant influence no longer
being met within the meaning of the accounting regulations that
apply to the Company, TotalEnergies will no longer equity account
for its 19.4% stake in Novatek in the Company's accounts.
This will lead to record an impairment of approximately $3.7
billion in the accounts for the 4th quarter of 2022. In addition,
TotalEnergies will no longer book reserves for its interest in
Novatek, with an impact on the Company's reported proved reserves
at the end of 2021 of 1.7 billion of barrels. However, the life
duration of the Company's proved reserves will remain above 11
years of production.
***
About TotalEnergies
TotalEnergies is a global multi-energy company that produces and
markets energies: oil and biofuels, natural gas and green gases,
renewables and electricity. Our more than 100,000 employees are
committed to energy that is ever more affordable, cleaner, more
reliable and accessible to as many people as possible. Active in
more than 130 countries, TotalEnergies puts sustainable development
in all its dimensions at the heart of its projects and operations
to contribute to the well-being of people.
@TotalEnergies TotalEnergies TotalEnergies TotalEnergies
TotalEnergies Contacts
Media Relations: +33 1 47 44 46 99 l presse@totalenergies.com l
@TotalEnergiesPR
Investor Relations: +33 (0)1 47 44 46 46 l
ir@totalenergies.com
Cautionary Note
This press release, from which no legal consequences may be
drawn, is for information purposes only. The entities in which
TotalEnergies SE directly or indirectly owns investments are
separate legal entities. TotalEnergies SE has no liability for
their acts or omissions. The terms "Company" or "TotalEnergies
company" refer collectively to the company TotalEnergies SE and the
companies it controls directly or indirectly. Such terms are used
solely for the sake of convenience for purposes of the present
communication. Likewise, the words "we", "us" and "our" may also be
used to refer to subsidiaries in general or to those who work for
them. This document may contain forward-looking information and
statements that are based on a number of economic data and
assumptions made in a given economic, competitive and regulatory
environment. They may prove to be inaccurate in the future and are
subject to a number of risk factors. 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.
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TOTALENERGIES SE
SOURCE: TotalEnergies SE
Copyright Business Wire 2022
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