TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE):
The main indicators, estimated financial information and key
elements impacting TotalEnergies' fourth quarter 2022 aggregates
are shown below:
4Q22 3Q22 2Q22 1Q22 4Q21
EUR/$ 1,02 1,01 1,06 1,12 1,14
Brent ($/b) 88,8 100,8 113,9 102,2 79,8
Average liquids price* (1) ($/b) 80,6 93,6 102,9 90,1 72,6
Average gas price* (1) ($/Mbtu) 12,74 16,83 11,01 12,27 11,38
Average LNG price** (1) ($/Mbtu) 14,83 21,51 13,96 13,60 13,12
Variable Cost Margin, European
refining*** ($/t) 73,6 99,2 145,7 46,3 16,7
* Sales in $ / Sales in volume for consolidated affiliates.
** Sales in $ / Sales in volume for consolidated and equity
*** This indicator represents the average margin on variable
costs realized by TotalEnergies' European refining business (equal
to the difference between the sales of refined products realized by
TotalEnergies' European refining and the crude purchases as well as
associated variable costs, divided by refinery throughput in
(1) Does not take include oil, gas and LNG trading activities,
Main elements impacting the quarter aggregates
-- Cash flow from LNG business and gas trading activities is expected to be
higher than previous quarter, despite lower gas prices, benefiting from
our integrated portfolio.
-- Hydrocarbon production is expected to exceed 2.8 Mboe/d this quarter, up
5% over the quarter, benefiting from project ramp-ups (Mero 1, Ikike) and
the restart of Kashagan production.
-- Downstream results are expected to remain strong, without replicating the
performances reached over the two previous quarters, which benefited from
a highly favorable environment.
-- In line with the applicable accounting standards, the UK Energy Profits
Levy (EPL) will be reported in the fourth quarter adjusted results for
0.4 B$, excluding a 0.3 B$ negative deferred tax impact accounted as
special item. The EPL impact in the 2022 adjusted results is therefore
expected to be 1 B$.
-- The EU solidarity contribution for 2022, including the electricity
production infra-marginal income contribution for 2022, will be reported
in the fourth quarter as part of special items for a total of 1.1 B$.
-- The impairment related to the decision to no longer equity account for
the 19.4% stake in Novatek starting December 31, 2022 is estimated to be
around 4 B$ after taking into account the ruble evolution.
-- Share buybacks amounted to 2 B$ in the fourth quarter 2022 and should
continue over the first quarter 2023 at the same pace.
Estimated impact Estimated impact
on adjusted net on cash flow from
Change operating income operations
Dollar +/- 0.1 $ per EUR -/+ 0.1 B$ 0 B$
price** +/- 10 $/b +/- 2.7 B$ +/- 3.2 B$
European gas price
- NBP / TTF*** +/- 2 $/Mbtu +/- 0.5 B$ +/- 0.5 B$
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.
Sensitivity to European gas price has been exceptionally updated
during third quarter (see ***).
** In a 60 $/b Brent environment.
*** Sensitivity including UK Energy Profits Levy.
Sensitivity +/- 0.4 B$ starting 3Q 2022, related to UK and
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.
The data presented in this document is based on TotalEnergies'
internal preliminary reporting and is not audited. This data is not
intended to be a comprehensive summary of all items that will
affect TotalEnergies SE's results or to provide an estimate of the
fourth quarter 2022 results. Actual results may vary. To the extent
permitted by law, TotalEnergies SE disclaims all liability from the
use of this data.
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 certain adjustment items (i.e.,
special items, inventory valuation effect and effect of changes in
fair value) -adjusted net operating income, adjusted net income).
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.
The adjusted results (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. For
further details on the adjustment items, please refer to the last
published earnings statement and notes to the consolidated
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SOURCE: TotalEnergies SE
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