6-K
TotalEnergies SE (TTE)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
May 2, 2022
Commission File Number 001-10888
TotalEnergies SE
(Translation of registrant’s name into English)
2, place Jean Millier
La Défense 6
92400 Courbevoie
France**(Address of principal executive offices)**
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
TotalEnergies SE is providing on this Form 6-K a description of certain recent developments relating to its business.
EXHIBIT INDEX
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| TotalEnergies SE | ||
|---|---|---|
| Date: May 2, 2022 | By: | /s/ Marie-Sophie Wolkenstein |
| Name: Marie-Sophie Wolkenstein | ||
| Title: Company Treasurer |
EXHIBIT 99.1
| PRESS RELEASE |
|---|
UnitedStates: Launch of Cameron LNG Expansion to Increase
LiquefiedNatural Gas Production
Paris,April 11, 2022 – TotalEnergies has signed a Heads of Agreement (HOA) with Sempra Infrastructure, Mitsui & Co., Ltd. and Japan LNG Investment – a company jointly owned by Mitsubishi Corporation and Nippon Yusen Kabushiki Kaisha (NYK) – for the expansion of Cameron LNG, a liquefied natural gas (LNG) production and export facility located in Louisiana, U.S.
This expansion project includes the development of a fourth train with a production capacity of 6.75 million metric tons per annum (Mtpa), and a 5% increase of the current 13.5 Mtpa first three trains through debottlenecking. It will also include design enhancements aiming at reducing the emissions of the facility, including electric drive technology. Under the terms of the HOA, TotalEnergies will offtake 16.6% of the projected fourth train’s production capacity, and 25% of the projected debottlenecked capacity. Additionally, Cameron LNG advances the development of this project with the selection of two contractors to conduct a competitive Front End Engineering Design (FEED) in view of the selection of the Engineering, Procurement and Construction (EPC) contractor.
“We are pleased to take this new step with our partners to increase liquefaction capacity at Cameron LNG, a facility ideally located on the Atlantic basin for export to Europe. In recent years, TotalEnergies has become the leading exporter of U.S. LNG, most of which has been exported to Europe in recent times, contributing to the continent’s security of energy supply. TotalEnergies is committed to further expanding its presence in the United States, thus meeting growing need for LNG, a key transition fuel” said Patrick Pouyanné, Chairman & CEO of TotalEnergies. “The expansion of Cameron LNG will contribute to our LNG growth strategy by investing in low-cost, long-term competitive LNG projects with lower GHG emissions.”
Development of the Cameron LNG expansion project remains subject to definitive agreements, obtaining the necessary permits, and all partners reaching a final investment decision planned for 2023.
Cameron LNG is jointly owned by Sempra Infrastructure (50.2%), TotalEnergies (16.6%), Mitsui & Co., Ltd. (16.6%) and Japan LNG Investment (16.6%).
***
TotalEnergies,Second Largest Global LNG Player and Leading U.S LNG Exporter
TotalEnergies is the world's second largest publicly traded LNG player, with a global portfolio of nearly 50 Mt/y by 2025 and a global market share of around 10%. Thanks to its interests in liquefaction plants in Angola, Australia, Egypt, the United Arab Emirates, the United States, Nigeria, Norway, Oman, Russia and Qatar, the company markets LNG on all world markets. TotalEnergies also benefits from strong and diversified positions throughout the LNG value chain, including gas production, LNG transportation, LNG trading, and recent developments in the LNG industry for maritime transport. In 2021, TotalEnergies became the leading exporter of U.S. LNG.
About TotalEnergies
TotalEnergies is a global multi-energy company that produces and markets energies on a global scale: 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.
TotalEnergiesContacts
Media Relations: +33 1 47 44 46 99 l presse@totalenergies.com l @TotalEnergiesPR
Investor Relations: +44 (0)207 719 7962 l ir@totalenergies.com
| @TotalEnergies | TotalEnergies | TotalEnergies | TotalEnergies |
|---|
CautionaryNote
The terms “TotalEnergies”, “TotalEnergiescompany” or “Company” in this document are used to designate TotalEnergies SE and the consolidated entities that aredirectly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” mayalso be used to refer to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholdingare separate legal entities. TotalEnergies SE has no liability for the acts or omissions of these entities. This document may containforward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitiveand regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TotalEnergiesSE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trendscontained in this document whether as a result of new information, future events or otherwise. Information concerning risk factors, thatmay affect TotalEnergies’ financial results or activities is provided in the most recent Registration Document, the French-languageversion of which is filed by TotalEnergies SE with the French securities regulator Autorité des Marchés Financiers (AMF),and in the Form 20-F filed with the United States Securities and Exchange Commission (SEC).
EXHIBIT99.2
| PRESS<br> RELEASE |
|---|
Poland: TotalEnergiesand KGHM Join Forces to Develop
OffshoreWind Power
Paris,April 12, 2022 – TotalEnergies and KGHM signed a partnership to participate on a 50/50 basis in the Polish government tender for the development of offshore wind projects.
The government has launched a new auction scheme covering 11 areas in the Polish Baltic Sea, representing an expected total capacity of over 10 GW, in order to leverage the Baltic Sea’s strong potential for wind power generation due to favorable weather conditions.
The partnership will build on the strengths of both companies. TotalEnergies will leverage its proven expertise in offshore operations, its experience in managing large-scale projects and its ties with the worldwide supply chains. KGHM, as a major Polish state-owned group, will bring its knowledge of the Polish market.
If awarded one or more wind farms, the partners will mobilize the best resources to develop these projects to the highest standards and delivery times, with a high level of local content, thereby boosting the local industry, creating jobs in Poland and contributing to the supply of green electricity at a competitive price.
"The development of offshore wind contributes both to the Europe’s energy transition and supply security. With favorable weather conditions, Poland is particularly well positioned to participate in the growth of this promising market," said Patrick Pouyanné, Chairman & CEO of TotalEnergies. "We are delighted to partner with KGHM to respond to Polish offshore wind tenders. Together, we will mobilize all our expertise to meet the challenges of these projects and thus contribute to Poland's renewable energy goals."
“In KGHM’s strategy we declared the achievement of climate neutrality by 2050. We are past the stage of planning and are involved in concrete actions. We are engaged in the process of acquiring several onshore and offshore projects. We have also submitted preliminary applications for the next round of permits in the Baltic,” said Marcin Chludziński, President of the Management Board ofKGHM Polska Miedź S.A. “Cooperation with a French partner on an offshore wind farm project appears to be highly promising,” he added.
***
TotalEnergies andoffshore wind
TotalEnergies is already developing a portfolio of offshore wind projects with a total capacity of more than 10 GW, of which 2/3 are bottom-fixed and 1/3 are floating. These projects are located in the United Kingdom (Seagreen project, Outer Dowsing, Erebus, ScotWind), South Korea (Bada project), Taiwan (Yunlin project), France (Eolmed project) and the United States (New York Bight project). The Company has also been qualified to participate in competitive tenders in the US, UK and France, and will also participate in tenders in Norway and Poland.
AboutTotalEnergies
TotalEnergies is a global multi-energy company that produces and markets energies on a global scale: 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 |
|---|
About KGHM
KGHM is involved in the mining and processing of valuable natural resources. At its heart is the largest deposit of copper ore in Europe, located in south-western Poland. By advancing our strategy we are systematically strengthening KGHM’s international position. Currently the company has a geographically diversified mine project profile. It has operations on three continents – in Europe, North America and South America. The copper ore resources controlled by KGHM guarantee the company a leading position in the mining industry. Its portfolio includes metals such as molybdenum, palladium and nickel, opening the way for KGHM to gain a strong position amongst the world’s diversified miners.
TotalEnergiesContacts
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
Contacts KGHM
Media Relations: +48 887 843 615 l komunikacja@kghm.com
Investor Relations: + 48 76 74 78 280l ir@kghm.com
CautionaryNote
This press release, from which no legal consequencesmay be drawn, is for information purposes only. The entities in which TotalEnergies SE directly or indirectly owns investments are separatelegal entities. TotalEnergies SE has no liability for their acts or omissions. The terms “Company” or “TotalEnergiescompany” refer collectively to the company TotalEnergies SE and the companies it controls directly or indirectly. Such terms areused 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-lookinginformation and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatoryenvironment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TotalEnergies SE norany of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trendscontained in this document whether as a result of new information, future events or otherwise.
EXHIBIT 99.3
PRESS RELEASE
TotalEnergiesand ENEOS join forces to Develop B2B Solar
Distributed Generation across Asia
Parisand Tokyo, April 13, 2022 – TotalEnergies and ENEOS signed a joint venture agreement to develop onsite B2B solar distributed generation across Asia^1^. The 50/50 Joint Venture between two major players in the field plans to develop 2 GW of decentralized solar capacity over the next five years.
This partnership will capitalize on the strengths of both companies. TotalEnergies will leverage its expertise on this market segment and its global footprint and ENEOS will use its expertise in renewables and its strong brand mainly in Japan to lower the costs of decentralized solutions offered to industrial and commercial customers, making this joint venture one of the most competitive service providers in the region.
**“**We are pleased to partner with ENEOS, one of Asia's most dynamic and established renewable energy players. Through this joint venture we will provide one of the most efficient solutions in Asia to help our B2B customers achieve their sustainability goals while reducing their costs”, said Vincent Stoquart, Senior Vice President Renewables for TotalEnergies. “With this partnership, TotalEnergies further demonstrates its commitment to Asia, a key continent for reaching our target of 100 GW of renewable generation capacity by 2030.”
**“**We strongly believe TotalEnergies, one of the leading energy companies on a global scale, is the best partner for us since both of us are increasingly developing the renewable energy business in the global energy transition. In addition to the highly competitive business model which TotalEnergies has developed, we will be utilizing our strong brand and customer network in Japan and Asia for the business expansion of this Joint Venture. We are confident that this partnership enables us to expand this business efficiently and effectively in Asia including Japan,” said Katsuki Arisa, Senior Vice President, President & CEO of Resources & Power Company, ENEOSCorporation.
TotalEnergies is a global multi-energy company that produces and markets energies with a global portfolio of 2 GW of solar distributed generation in operation, under construction or under development.
ENEOS is expanding the distributed generation business with one of the largest renewable power generation capacities in Japan. In ENEOS Group Long-Term Vision to 2040, ENEOS places Next-generation Energy Supply and Community Services including distributed power sources as one of its growth businesses.
Completion of the transaction is expected in the second quarter 2022 following competition clearance from the relevant authorities.
***
^1^Japan, India, Thailand, Vietnam, Indonesia, Philippines, Cambodia, Singapore and Malaysia
TotalEnergiesand renewables electricity
As part of its ambition to get to net zero by 2050, TotalEnergies is building a portfolio of activities in renewables and electricity. At the end of 2021, TotalEnergies' gross renewable electricity generation capacity was more than 10 GW. TotalEnergies will continue to expand this business to reach 35 GW of gross production capacity from renewable sources by 2025, and then 100 GW by 2030 with the objective of being among the world's top 5 producers of electricity from wind and solar energy.
ENEOS Corporationand renewables electricity
ENEOS operates 22 solar power plants in Japan and are also participating in renewable energy projects in the United States, Australia, and Vietnam. Furthermore, we are actively engaged in power generation projects using biomass, hydroelectric power, wind power, etc. This Joint Venture is ENEOS’ first overseas renewable energy project using distributed power sources.
About TotalEnergies
TotalEnergies is a global multi-energy company that produces and markets energies on a global scale: 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, clean, 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 |
|---|
About ENEOS Corporation
ENEOS Group has developed businesses in the energy and nonferrous metals segments, from upstream to downstream. The Group’s envisioned goals for 2040 are: becoming one of the most prominent and internationally competitive energy and materials company groups in Asia, creating value by transforming our current business structure, and contributing to the development of a low-carbon, recycling-oriented society with the pursuit of carbon-neutral status in its own CO2 emissions. ENEOS Corporation, one of the principal operating companies in the Group, is contributing to achievement of the Group’s envisioned goals through a broad range of energy businesses.
eneos.jp
TotalEnergiesContacts
Media Relations: +33 (0)1 47 44 46 99 l presse@totalenergies.com l @TotalEnergiesPR
Investor Relations: +33 (0)1 47 44 46 46 l ir@totalenergies.com
ENEOS Contacts
Website: https://www.eneos.co.jp/
Public Relations: +81 (3) 6257 7150 l pr@eneos.com
CautionaryNote TotalEnergies
The terms “TotalEnergies”, “TotalEnergiescompany” or “Company” in this document are used to designate TotalEnergies SE and the consolidated entities that aredirectly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” mayalso be used to refer to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholdingare separate legal entities. This document may contain forward-looking information and statements that are based on a number of economicdata and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future andare subject to a number of risk factors. Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to update publiclyany forward-looking information or statement, objectives or trends contained in this document whether as a result of new information,future events or otherwise. Information concerning risk factors, that may affect TotalEnergies’ financial results or activitiesis provided in the most recent Registration Document, the French-language version of which is filed by TotalEnergies SE with the Frenchsecurities
regulator Autorité des MarchésFinanciers (AMF), and in the Form 20-F filed with the United States Securities and Exchange Commission (SEC).
Cautionary Note ENEOS Corporation
The terms “ENEOS”, “ENEOSGroup” in this document are used to designate ENEOS Corporation and the consolidated entities that are directly or indirectly controlledby ENEOS Corporation. This document contains certain forward-looking statements. Actual results may differ materially from those reflectedin any forward-looking statement due to various factors, which include, but are not limited to, the following: (1) macroeconomic conditionsand changes in the competitive environment in the energy, resources, and materials industries; (2) the impact of COVID-19 on economicactivity; (3) changes in laws and regulations; and (4) risks related to litigation and other legal proceedings.
EXHIBIT 99.4
PRESS RELEASE
Japan:TotalEnergies and ENEOS to Study Sustainable Aviation Fuel production at ENEOS Negishi Refinery
Parisand Tokyo, April 14, 2022 – TotalEnergies and ENEOS Corporation announced a collaboration to jointly conduct a feasibility study to assess the production of Sustainable Aviation Fuel (SAF) in ENEOS Negishi Refinery in Yokohama city, Japan.
The companies have already started to conduct the study for feedstock procurement and production of SAF related to this project. The proposed unit, which capacity would be 300,000 tons per year of SAF, would process waste or residue sourced notably from the circular economy, mainly used cooking oil and animal fat. The two companies are considering establishing a new joint venture to produce SAF.
This collaboration would leverage the companies’ respective areas of excellence and expertise for the development of the sustainable supply chain of SAF in Japan around 2025:
| - | TotalEnergies’ experience in feedstock procurement and SAF production technology. |
|---|---|
| - | ENEOS’s available production and loading/unloading facilities of the Negishi Refinery^1^,<br>which is located in the largest aviation fuel demand area in Japan (Narita and Haneda airports) and marketing network of aviation fuel<br>in Japan |
| --- | --- |
Responding to the significant challenge of global climate change, the two energy companies have been working to reduce greenhouse-gas emissions on a global scale together with their customers, paving the way for a decarbonized, recycling-oriented society. In the airline industry, dealing with global decarbonization has become an urgent issue and SAF is expected to be an effective way to reduce CO2 emission. In Japan, Ministry of Land, Infrastructure, Transport and Tourism (“MLIT”) has set a target of 10% SAF use to be achieved by 2030.
By developing and supporting the emergence of a sustainable aviation fuel value chain, TotalEnergies confirms its leadership role played in driving innovation in the energy and environmental transition. By acting directly on the carbon intensity of the energy products used by its customers, TotalEnergies is pursuing its strategy of building a multi-energy company with the ambition to get to net zero by 2050 together with society.
One of the ENEOS Group’s goals in their Long-Term Vision to 2040 is contributing to the development of a decarbonized, recycling-oriented society. As part of these initiatives, ENEOS aims to provide a stable supply of the various forms of energy required to the needs of the times. By developing the supply chain of SAF, ENEOS will contribute to the decarbonization of the airline industry.
***
^1^ ENEOSNegishi Refinery No. 1 topper and its affiliated secondary units are scheduled to be decommissioned by October 2022.
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 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 |
|---|
About ENEOS Corporation
ENEOS Group has developed businesses in the energy and nonferrous metals segments, from upstream to downstream. The Group’s envisioned goals for 2040 are: becoming one of the most prominent and internationally-competitive energy and materials company groups in Asia, creating value by transforming our current business structure, and contributing to the development of a low-carbon, recycling-oriented society with the pursuit of carbon-neutral status in its own CO2 emissions. ENEOS Corporation, one of the principal operating companies in the Group, is contributing to achievement of the Group’s envisioned goals through a broad range of energy businesses.
TotalEnergiesContacts
Media Relations: +33 (0)1 47 44 46 99 l presse@totalenergies.com l @TotalEnergiesPR
Investor Relations: +33 (0)1 47 44 46 46 l ir@totalenergies.com
ENEOS Contacts
https://www.eneos.co.jp/
Public Relations: +81 3 6257 7150 / pr@eneos.com
CautionaryNote
The terms “TotalEnergies”, “TotalEnergiescompany” or “Company” in this document are used to designate TotalEnergies SE and the consolidated entities that aredirectly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” mayalso be used to refer to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholdingare separate legal entities. This document may contain forward-looking information and statements that are based on a number of economicdata and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future andare subject to a number of risk factors. Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to update publiclyany forward-looking information or statement, objectives or trends contained in this document whether as a result of new information,future events or otherwise. Information concerning risk factors, that may affect TotalEnergies’ financial results or activitiesis provided in the most recent Registration Document, the French-language version of which is filed by TotalEnergies SE with the Frenchsecurities regulator Autorité des Marchés Financiers (AMF), and in the Form 20-F filed with the United States Securitiesand Exchange Commission (SEC).
EXHIBIT 99.5
| PRESS<br> RELEASE |
|---|
United States: TotalEnergies adds 4 GW to itsRenewable Energy Portfolio with the Acquisition of Core Solar
Paris/Austin,April 27, 2022 – TotalEnergies is further expanding its presence in the U.S. renewable energy industry by acquiring Austin-based Core Solar, LLC whose portfolio includes more than 4 GW of utility-scale solar and energy storage projects at various stages of development across several U.S. states^1^ and power markets. Core Solar’s CEO Greg Nelson and his employees will join TotalEnergies’ teams.
With this acquisition, TotalEnergies further develops its presence in the U.S. where it now has a portfolio of more than 10 GW gross capacity of renewable projects in operation, in construction and in development:
| § | In large scale solar energy, TotalEnergies is already developing 2.2 GW of projects, initially<br>carried by SunChase Power, and 1.6 GW of projects in partnership with Hanwha Energy, which will be completed by the 4 GW ofprojects acquired from Core Solar. These portfolios also include energy storage projects. |
|---|---|
| § | In offshore wind energy, TotalEnergies is starting the development of a 3 GW wind farm off<br>the coast of New York and New Jersey, which was awarded last February during the New York Bight auction. The Company has also launched<br>a joint venture with Simply Blue to unlock the vast potential for floating offshore in the United States. Beyond, TotalEnergies is working<br>on the preparation of the upcoming auction of offshore wind projects off the coast of California. |
| --- | --- |
| § | In solar distributed generation, TotalEnergies acquired in the first quarter of 2022 the industrial<br>and commercial solar activities of SunPower with the objective to develop more than 100 MW per year of additional capacity**.** |
| --- | --- |
“We are delighted with this new addition to our portfolio of solar projects in the U.S., a key region for achieving our global target of 100 GW of renewable projects in operation by 2030. This attractive 4 GW pipeline of projects will strengthen and diversify our portfolio. I look forward to welcoming Core Solar’s teams who have established an impressive track record with market-leading technical expertise, consistently delivering optimal project results,” said Vincent Stoquart, Senior Vice President Renewables at TotalEnergies.
“We are thrilled to join TotalEnergies with its unparalleled financial capability, project execution, and operational excellence. This will enable the business to accelerate its growth across the U.S. solar market. The Core Solar team brings with it an exceptional ability that will contribute to TotalEnergies’ ambition to become a market leader in solar energy delivery in the U.S.,” said Greg Nelson, President and CEO at Core Solar.
^1^Texas, Kentucky, Ohio, Pennsylvania
***
TotalEnergiesand renewables electricity
As part of its ambition to get to net zero by 2050, TotalEnergies is building a portfolio of activities in renewables and electricity. At the end of September 2021, TotalEnergies' gross renewable electricity generation capacity is 10 GW. TotalEnergies will continue to expand this business to reach 35 GW of gross production capacity from renewable sources and storage by 2025, and then 100 GW by 2030 with the objective of being among the world's top 5 producers of electricity from wind and solar energy.
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 |
|---|
TotalEnergiesContacts
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
CautionaryNote
The terms “TotalEnergies”, “TotalEnergiescompany” or “Company” in this document are used to designate TotalEnergies SE and the consolidated entities that aredirectly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” mayalso be used to refer to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholdingare separate legal entities. TotalEnergies SE has no liability for the acts or omissions of these entities. This document may containforward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitiveand regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TotalEnergiesSE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trendscontained in this document whether as a result of new information, future events or otherwise. Information concerning risk factors, thatmay affect TotalEnergies’ financial results or activities is provided in the most recent Registration Document, the French-languageversion of which is filed by TotalEnergies SE with the French securities regulator Autorité des Marchés Financiers (AMF),and in the Form 20-F filed with the United States Securities and Exchange Commission (SEC).
EXHIBIT 99.6
| PRESS RELEASE |
|---|
Russia: TotalEnergies records a 4.1 B$ impairmentin its Q1 2022 accounts
Paris,April 27, 2022 – On March 22, 2022, TotalEnergies announced that, given the uncertainty created by the technological and financial sanctions on the ability to carry out the Arctic LNG 2 project currently under construction and their probable tightening with the worsening conflict, TotalEnergies SE had decided to no longer book proved reserves for the Arctic LNG 2 project.
Since then, on April 8^th^, new sanctions have effectively been adopted by the European authorities, notably prohibiting export from European Union countries of goods and technology for use in the liquefaction of natural gas benefitting a Russian company. It appears that these new prohibitions constitute additional risks on the execution of the Arctic LNG 2 project.
As a result, TotalEnergies has decided to record in its accounts, as of March 31, 2022, an impairment of 4.1 B$, concerning notably Arctic LNG 2.
***
AboutTotalEnergies
TotalEnergies is a global multi-energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our 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.
TotalEnergiesContacts
Media Relations: +33 (0)1 47 44 46 99 l presse@totalenergies.com l @TotalEnergiesPR
Investor Relations: +33 (0)1 47 44 46 46 l ir@totalenergies.com
| @TotalEnergies | TotalEnergies | TotalEnergies | TotalEnergies |
|---|
CautionaryNote
The terms “TotalEnergies”, “TotalEnergies company” or “Company” in this document are used to designate TotalEnergies SE and the consolidatedentities that are directly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our”may also be used to refer to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly ownsa shareholding are separate legal entities. This document may contain forward-looking information and statements that are based on anumber of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccuratein the future and are subject to a number of risk factors. Neither TotalEnergies SE nor any of its subsidiaries assumes any obligationto update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a resultof new information, future events or otherwise. Information concerning risk factors, that may affect TotalEnergies’ financial resultsor activities is provided in the most recent Universal Registration Document, the French-language version of which is filed by TotalEnergiesSE with the French securities regulator Autorité des Marchés Financiers (AMF), and in the Form 20-F filed with the UnitedStates Securities and Exchange Commission (SEC).
EXHIBIT99.7
| PRESS RELEASE |
|---|
The Board of Directors of TotalEnergiesis promoting dialogue
with its shareholders by inviting those that proposed
a draft resolution to express their views
at the Annual Shareholders’ Meetingof 25 May 2022
Paris,April 27 2022 – TotalEnergies’ Board of Directors decided not to includethe draft shareholder resolution in the agenda of the next Annual Shareholders’ Meeting as it contravenes French legal rules settingthe prerogatives of the Company's governance bodies, but supports the dialogue with its shareholders by inviting those supporting theproposed resolution to express their views either through a written question or a verbal question which will be addressed as a matterof priority.
The Board observed that the draft resolution proposed by MN and a group of 10 shareholders was not admissible notably because it encroaches on the public policy competence of the Board of Directors to define the Company’s strategy. The Board can therefore not accept it. Under cover of extending the transparency of the information to be provided in the management report, the proposed resolution would in fact amount to an obligation to frame the strategy "to align its activities with the objectives of the Paris Agreement" and to (i) set reduction targets in absolute terms (...)of direct or indirect greenhouse gas emissions (...) and (ii) the means implemented by the Company to achieve these targets" while the definition of strategy is the prerogative of the Board of Directors. The Board emphasises that it fully exercises its powers with regard to the definition of the Company's orientations in the field of energy transition and that these orientations are the subject of an extensive shareholder dialogue.
It is therefore proposed that shareholders, through an advisory vote at the next Shareholders Meeting, to express their opinion on the Sustainability & Climate - Progress Report 2022, in which TotalEnergies reports on the implementation of the strategy and the progress made in 2021 with regard to the climate objectives for 2030 and also completes the Company's ambition in this area.
Furthermore, in preparation for the Annual Shareholders Meeting and following constructive discussions with a number of shareholders, the Company has made new commitments as part of its principle of transparency. Thus, to enable investors to assess the Company's energy transition strategy, the Sustainability & Climate report which will be published each year will present the Company's strategy in terms of energy transition and its implementation, and will contain in particular:
i. The absolute and relative reduction targets for greenhouse gas (GHG) emissions on Scope 1, 2, 3 in the short (2025) and medium (2030) term, covering all activities.
ii. The evolution of the energy mix and targeted production volumes for these time frames.
iii. Short- and medium-term investment plans broken down by sector and by orientation between maintenance and growth of the Company's assets.
iv. The potential contribution of captured GHG emissions to achieving the Company's GHG emission reduction targets.
v. The works carried out by the Company with third parties to assess the relevance of these targets with regard to the implementation of the Paris Agreement.
In order to promote dialogue with shareholders at the next Shareholders’ Meeting, and in line with its decision not to include this proposed resolution on the agenda for legal reasons, the Board invites those shareholders supporting the proposed resolution to express their views either through a written question or a verbal question which will be addressed as a matter of priority at the AGM.
***
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.
TotalEnergiesContacts
Media Relations: +33 (0)1 47 44 46 99 l presse@totalenergies.com l @TotalEnergiesPR
Investor Relations: +33 (0)1 47 44 46 46 l ir@totalenergies.com
| @TotalEnergies | TotalEnergies | TotalEnergies | TotalEnergies |
|---|
CautionaryNote
The terms “TotalEnergies”, “TotalEnergiescompany” or “Company” in this document are used to designate TotalEnergies SE and the consolidated entities that aredirectly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” mayalso be used to refer to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholdingare separate legal entities. This document may contain forward-looking information and statements that are based on a number of economicdata and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future andare subject to a number of risk factors. Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to update publiclyany forward-looking information or statement, objectives or trends contained in this document whether as a result of new information,future events or otherwise. Information concerning risk factors, that may affect TotalEnergies’ financial results or activitiesis provided in the most recent Universal Registration Document, the French-language version of which is filed by TotalEnergies SE withthe French securities regulator Autorité des Marchés Financiers (AMF), and in the Form 20-F filed with the United StatesSecurities and Exchange Commission (SEC).
EXHIBIT 99.8
| PRESS<br>RELEASE |
|---|
Firstquarter 2022 results
TotalEnergiesrecords a $4.1 billion impairment for Russia
andreports IFRS net income of $4.9 billion
Paris,April 28, 2022- The Board of Directors of TotalEnergies SE, meeting on April 27, 2022, led by Chairman and CEO Patrick Pouyanné, approved the Company's financial statements for the first quarter of 2022. On this occasion, Patrick Pouyanné said:
"Therebound in energy prices seen since the second half of 2021 amplifiedafter Russia’s military aggression against Ukraine in the first quarter of 2022, sending oil prices to more than $100/b and gasprices in Europe and Asia to historic highs above $30/Mbtu during the quarter.
Inthis context of strong geopolitical tensions, the Company outlined clear principles of conduct for managing its Russian activities: beyondensuring strict compliance with current and future European sanctions, TotalEnergies SE decided to provide no further capital**for the development of projects in Russia and initiated the gradual suspensionof its activities, including the planned end of its activities related to Russian oil and petroleum products. Taking into account notablythe impact of new sanctions prohibiting the export of LNG technologies benefiting a Russian company on the execution ability of the ArcticLNG 2 project, TotalEnergies took an impairment of $4.1 billion in its accounts as of March 31.
Inthe first quarter of 2022*, the Company reported adjusted net incomeof $9 billion and IFRS net income of $4.9 billion. It generated cash flow of $11.6 billion (including $0.3 billion from Russian Upstreamassets) and free cash flow of $5.8^*^ billion. Its gearing ratio decreased to 12.5% and its return on average capital employedis 18%.*
TheiGRP (integrated Gas, Renewables & Power) segmentposted adjusted net operating income of $3.1 billion, up 11% over the previous quarter, and cash flow of $2.6 billion in the firstquarter of 2022. Notably, TotalEnergies leveraged its integrated midstream LNG to saturate its European regasification capacitythanks to record spot LNG purchases (4.7 Mt) and posted a very good performance in gas, LNG and electricity trading activities.TotalEnergies launched with its partners the Cameron LNG expansion project that will contribute to Europe's security of supply.Investments in Renewables & Electricity amounted to $0.9 billion, in line with the annual target of $3.5 billion. Inparticular, TotalEnergies strengthened its offshore wind portfolio by obtaining concessions to develop 3 GW in the United States and2 GW in Scotland.
Explorationand Production benefited from stable production and high oil andgas costs to post adjusted net operating income of $5 billion and cash flow of $7.3 billion in the first quarter of 2022. TotalEnergieshas announced a promising discovery in deep-offshore Namibia.
Downstreambenefited from high distillate margins in Europe despite higher energy prices and outperformance byits oil trading activities to post adjusted net operating income of$1.4 billion and cash flow of $1.9 billion.TotalEnergies launched feasibility studies for two sustainable aviation fuel (SAF) projects in China with Sinopec and in Japan with Eneos.
Giventhe strong cash flow generation and solid balance sheet, the Boardof Directors decided to give priority to countercyclical opportunities to accelerate the Company's transformation. It confirmed the increaseby 5% of the first 2022 interim dividend to €0.69 per share and authorized the Company to buyback up to $3 billion of its sharesin the first half of 2022.”
| ^(1)^ | Definition on page 3. |
|---|---|
| ^(2)^ | Excluding<br>leases. |
| --- | --- |
| * | Operating<br>cash flow before working capital changes minus net investments, minus dividends paid and shares buybacks. |
| --- | --- |
1
| 1. | Highlights^(3)^ |
|---|
Social and environmental responsibility
| ● | Statement<br> of principles of conduct for managing its Russian activities |
|---|---|
| ● | Publication<br> of the Sustainability & Climate – 2022 Progress Report presenting the<br> advances made on TotalEnergies' transformation strategy and the update of its climate ambition |
| --- | --- |
| ● | Publication<br> of TotalEnergies' first tax transparency report |
| --- | --- |
| ● | Solidarity<br> measures taken by TotalEnergies in France aimed at reducing its customers' gas and fuel bills<br> with a discount of 10 cts on each liter of fuel sold at its service stations and the implementation<br> of a "gas cheque" of €100 for its gas customers in a precarious energy situation |
| --- | --- |
| ● | Implementation<br> of the responsible withdrawal of TotalEnergies from Myanmar: transfer of the operatorship<br> to PTTEP by ensuring a fair transition for key stakeholders, employees and communities. |
| --- | --- |
Renewables and Electricity
| ● | Offshore<br> wind: |
|---|---|
| o | Award<br> of leases to develop offshore wind farms for 3 GW on the east coast of the United States,<br> off New York and New Jersey, and 2 GW in Scotland with Green Investment Group (GIG) and RIDG |
| --- | --- |
| o | Partnership<br> with KGHM in Poland to participate in the Polish government tender for the development of<br> offshore wind projects |
| --- | --- |
| ● | Solar: |
| --- | --- |
| o | Acquisition<br> of SunPower's industrial and commercial solar business in the United States |
| --- | --- |
| o | Creation<br> of a joint venture with Eneos to develop onsite B2B solar distributed generation across Asia,<br> with a target capacity of 2 GW in the next 5 years |
| --- | --- |
| o | Core<br> Solar: acquisition of a 4 GW pipeline of projects in the United States |
| --- | --- |
| ● | Launch<br> of the start-up acceleration program dedicated to the electricity business |
| --- | --- |
LNG
| ● | Expansion<br> of the strategic alliance with Sempra to develop the Vista Pacifico LNG project in Mexico<br> and to co-develop several onshore and offshore renewable projects in North America |
|---|---|
| ● | Signature<br> of Heads of Agreement with Sempra, Mitsui, Mitsubishi and NYK for the launch of the Cameron<br> LNG expansion project with a maximum production capacity of 6.75 Mtpa and a 5% increase of<br> the current 13.5 Mtpa capacity |
| --- | --- |
Upstream
| ● | Withdrawal<br> from the North Platte deep-water project in the Gulf of Mexico |
|---|---|
| ● | Significant<br> new oil and associated gas discovery at the Krabdagu-1 well located on Block 58 in Suriname |
| --- | --- |
| ● | Significant<br> discovery of light oil and associated gas on the Venus prospect located on Block 2913B in<br> Namibia |
| --- | --- |
Downstream and new molecules
| ● | Sustainable<br> aviation fuel : |
|---|---|
| o | Start<br> of sustainable aviation fuel production at the Normandy platform, in France |
| --- | --- |
| o | Collaboration<br> with Eneos to jointly conduct a feasibility study of a sustainable aviation fuel production<br> unit with 300 kt/y capacity at their Negishi refinery in Japan |
| --- | --- |
| ● | Circular<br> economy: signature of an agreement with Honeywell to promote the development of advanced<br> plastic recycling in Europe |
| --- | --- |
Carbon sinks
| ● | $50<br> million contribution in the Tropical Asia Forest Fund 2 to invest in sustainable forestry<br> projects in Southeast Asia |
|---|---|
| ● | Start-up<br> of the "3D" carbon capture industrial pilot at the ArcelorMittal site in Dunkirk |
| --- | --- |
| ^(3)^ | Some<br>of the transactions mentioned in the highlights remain subject to the agreement of the authorities or to the fulfilment of conditions<br>precedent under the terms of the agreements. |
| --- | --- |
2
| 2. | Key figures from TotalEnergies’ consolidated financial statements^(4)^ |
|---|
| * | Average<br> €-$ exchange rate: 1.1217 in the first quarter 2022, 1.1435 in the fourth quarter 2021,<br> 1.2048 in the first quarter 2021. |
|---|---|
| ^(4)^ | Adjusted results are defined as income using replacement cost,<br>adjusted for special items, excluding the impact of changes for fair value; adjustment items are on page 17. |
| --- | --- |
| ^(5)^ | Adjusted EBITDA (Earnings Before Interest, Tax, Depreciation<br>and Amortization) corresponds to the adjusted earnings before depreciation, depletion and impairment of tangible and intangible assets<br>and mineral interests, income tax expense and cost of net debt, i.e., all operating income and contribution of equity affiliates to net<br>income. |
| --- | --- |
| ^(6)^ | Effective tax rate = (tax on adjusted net operating income)<br>/ (adjusted net operating income – income from equity affiliates – dividends received from investments – impairment<br>of goodwill + tax on adjusted net operating income). |
| --- | --- |
| ^(7)^ | In accordance with IFRS rules, adjusted fully-diluted earnings<br>per share is calculated from the adjusted net income less the interest on the perpetual subordinated bond |
| --- | --- |
| ^(8)^ | Organic investments = net investments excluding acquisitions,<br>asset sales and other operations with non-controlling interests. |
| --- | --- |
| ^(9)^ | Net acquisitions = acquisitions – assets sales –<br>other transactions with non-controlling interests (see page 19). |
| --- | --- |
| ^(10)^ | Net investments = organic investments + net acquisitions<br>(see page 19). |
| --- | --- |
| ^(11)^ | Operating cash flow before working capital changes, is defined<br>as cash flow from operating activities before changes in working capital at replacement cost, excluding the mark-to-market effect of<br>iGRP’s contracts and including capital gain from renewable projects sale (effective first quarter 2020). The inventory valuation<br>effect is explained on page 21. The reconciliation table for different cash flow figures is on page 19. |
| --- | --- |
| ^(12)^ | DACF = debt adjusted cash flow, is defined as operating cash<br>flow before working capital changes and financial charges |
| --- | --- |
3
| 3. | Key figures of environment, greenhouse gas emissions and production |
|---|---|
| 3.1 | Environment*<br> – liquids and gas price realizations, refining margins |
| --- | --- |
| ^*^ | The<br> indicators are shown on page 22. |
|---|---|
| ^**^ | This<br> indicator represents TotalEnergies’ average margin on variable cost for refining in<br> Europe (equal to the difference between TotalEnergies European refined product sales and<br> crude oil purchases with associated variable costs divided by volumes refined in tons). |
| --- | --- |
The average LNG selling price at $13.60/Mbtu is up 4% this quarter compared to the previous quarter, benefiting on a lagged basis from the increase in oil and gas indexes on long-term contracts as well as high spot gas prices in the quarter.
| 3.2 | Greenhouse<br> gas emissions^(13)^ |
|---|
Estimated 1Q22 emissions
* Excluding Covid effect
Estimated 1Q22 emissions. Equity share quarterly 2021 data is not available.
| ^(13)^ | The<br> six greenhouse gases in the Kyoto protocol, namely CO2, CH4, N2O,<br> HFCs, PFCs and SF6, with their respective GWP (Global Warming Potential) as described<br> in the 2007 IPCC report. HFCs, PFCs and SF6 are virtually absent from the Company’s<br> emissions or are considered as non-material and are therefore not counted. |
|---|---|
| ^(14)^ | Scope<br> 1+2 GHG emissions of operated facilities are defined as the sum of direct emissions of greenhouse<br> gases from sites or activities that are included in the scope of reporting (as defined in<br> the Company’s 2021 Universal Registration Document) and indirect emissions attributable<br> to brought-in energy (electricity, heat, steam), excluding purchased industrial gases (H2). |
| --- | --- |
| ^(15)^ | TotalEnergies<br> reports Scope 3 GHG emissions, category 11, which correspond to indirect GHG emissions related<br> to the use by customers of energy products, i.e., combustion of the products to obtain energy.<br> The Company follows the oil & gas industry reporting guidelines published by IPIECA,<br> which comply with the GHG Protocol methodologies. In order to avoid double counting, this<br> methodology accounts for the largest volume in the oil and gas value chain, i.e., the higher<br> of the two production volumes or sales to end customers. For TotalEnergies, in 2021 and 2022,<br> the calculation of Scope 3 GHG emissions for the oil value chain considers oil products and<br> biofuels sales (higher than production) and for the gas value chain, gas sales either as<br> LNG or as part of direct sales to B2B/B2C customers (higher than or equivalent to marketable<br> gas production). |
| --- | --- |
| ^(16)^ | Scope<br> 3 GHG emissions, category 11, which correspond to indirect GHG emissions related to the sale<br> of petroleum products (including biofuels). |
| --- | --- |
| ^(17)^ | Scope<br> 1+2+3 GHG emissions in Europe are defined as the sum of Scope 1+2 GHG emissions of facilities<br> operated by the Company and indirect GHG emissions related to the use by customers of energy<br> products (Scope 3) in the EU, Norway, United Kingdom and Switzerland. |
| --- | --- |
4
| 3.3 | Production* |
|---|
| * | Company<br> production = E&P production + iGRP production. |
|---|
Hydrocarbon production was 2,843 thousand barrels of oil equivalent per day (kboe/d) in the first quarter 2022, down 1% year-on-year, comprised of:
| ● | +2%<br> due to the start-up and ramp-up of projects, including the CLOV Phase 2 and Zinia Phase 2<br> projects in Angola, as well as Iara in Brazil, |
|---|---|
| ● | +2%<br> due to the increase in production quotas of OPEC+ countries, |
| --- | --- |
| ● | -2%<br> due to portfolio effect, in particular related to the end of the Qatargas 1 operating license<br> and the Utica asset sale in the United States, |
| --- | --- |
| ● | -1%<br> due to the price effect, |
| --- | --- |
| ● | -2%<br> due to the natural decline of fields. |
| --- | --- |
| 4. | Analysis of business segments |
| --- | --- |
| 4.1 | Integrated Gas, Renewables & Power (iGRP) |
| --- | --- |
| 4.1.1 | Production<br> and sales of Liquefied Natural Gas (LNG) and electricity |
| --- | --- |
| * | The<br> Company’s equity production may be sold by TotalEnergies or by the joint ventures. |
|---|
Hydrocarbon production for LNG in the first quarter 2022 is down 5% year-on-year, mainly due to the end of the Qatargas 1 operating license.
Total LNG sales in the first quarter 2022 are up 34% year-on-year, supported by strong European LNG demand.
5
| ^(1)^ | Includes<br> 20% of Adani Green Energy Ltd gross capacity effective first quarter 2021. |
|---|---|
| ^(2)^ | End<br> of period data. |
| --- | --- |
| ^(3)^ | Solar,<br> wind, biogas, hydroelectric and combined-cycle gas turbine (CCGT) plants. |
| --- | --- |
| ^(4)^ | TotalEnergies<br> share (% interest) of EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization)<br> in Renewables & Electricity affiliates, regardless of consolidation method. |
| --- | --- |
Gross installed renewable power generation capacity grew to 10.7 GW at the end of the first quarter 2022, up 400 MW from the previous quarter, thanks in part to the continued increase of start-ups in India.
Gross power generation capacity under development increased mainly due to award of concessions to develop offshore wind farms, including 3 GW on the east coast of the United States, off New York and New Jersey, and 2 GW in Scotland.
Net electricity generation stood at 7.6 TWh in the first quarter 2022, up 61% year-on-year, thanks to higher utilization rates of flexible power plants (CCGT) to capture higher margins as well as growth in electricity generation from renewable sources.
EBITDA from renewables increased in the first quarter 2022 due to production growth compared to the fourth quarter 2021. The first quarter 2021 included a capital gain on the partial sale of a portfolio of projects. TotalEnergies adjusted EBITDA of the Renewables and Electricity business was $175 million in the first quarter 2022, down 49% year-on-year due to the seasonality of electricity supply activities in the context of power prices volatility and the mechanism for setting the regulated electricity sales tariff in France.
6
| 4.1.2 | Results |
|---|
| * | Detail<br> of adjustment items shown in the business segment information annex to financial statements. |
|---|---|
| ** | Excluding<br> financial charges, except those related to lease contracts, excluding the impact of contracts<br> recognized at fair value for the sector and including capital gains on the sale of renewable<br> projects. |
| --- | --- |
| *** | Excluding<br> financial charges, except those related to leases. |
| --- | --- |
Adjusted net operating income for the iGRP segment was $3,051 million in the first quarter 2022, a 3.1-fold increase year-on-year, thanks to higher LNG prices and the very good performance of the gas, LNG and electricity trading activities.
Operating cash flow before working capital changes was $2,585 million in the first quarter 2022, 2.4 times higher than the first quarter 2021 for the same reasons.
Cash flow from operations was $315 million for the first quarter 2022, mainly due to the working capital impact linked to the seasonality of the gas and power marketing activities and to price effect on receivables.
7
| 4.2 | Exploration & Production |
|---|---|
| 4.2.1 | Production |
| --- | --- |
| 4.2.2 | Results |
|---|
| * | Details<br> on adjustment items are shown in the business segment information annex to financial statements. |
|---|---|
| ** | Tax<br> on adjusted net operating income / (adjusted net operating income - income from equity affiliates<br> - dividends received from investments - impairment of goodwill + tax on adjusted net operating<br> income). |
| --- | --- |
| *** | Excluding<br> financial charges, except those related to leases. |
| --- | --- |
Adjusted net operating income for the Exploration & Production segment was $5,015 million in the first quarter 2022, 2.5 times higher than in the first quarter 2021, due to higher oil and gas prices.
Operating cash flow before working capital changes was $7,303 million in the first quarter 2022, up 91% year-on-year for the same reason.
| 4.3 | Downstream (Refining & Chemicals and Marketing & Services) |
|---|---|
| 4.3.1 | Results |
| --- | --- |
| * | Detail<br> of adjustment items shown in the business segment information annex to financial statements. |
|---|---|
| ** | Excluding<br> financial charges, except those related to leases. |
| --- | --- |
8
| 4.4 | Refining & Chemicals |
|---|---|
| 4.4.1 | Refinery<br> and petrochemicals throughput and utilization rates |
| --- | --- |
| * | Includes<br> refineries in Africa reported in the Marketing & Services segment. |
|---|---|
| ** | Based<br> on distillation capacity at the beginning of the year, excluding Grandpuits (shut down first<br> quarter 2021) from 2021 and Lindsey refinery (divested) from second quarter 2021. |
| --- | --- |
| * | Olefins. |
|---|---|
| ** | Based<br> on olefins production from steam crackers and their treatment capacity at the start of the<br> year. |
| --- | --- |
Refinery throughput increased 15% year-on-year in the first quarter 2022, due to demand recovery, particularly in Europe and the United States, and the 2021 restart of the distillation unit at the Normandy refinery in France.
Monomer production was stable year-on-year in the first quarter 2022.
Polymer production increased 9% year-on-year in the first quarter 2022, thanks in particular to the commissioning of a new polypropylene line in the second quarter 2021 on the integrated refining and petrochemical platform in Daesan, South Korea. Production in the first quarter 2021 was negatively impacted by the temporary shutdown of facilities in the United States due to Storm Uri in Texas.
| 4.4.2 | Results |
|---|
| * | Detail<br> of adjustment items shown in the business segment information annex to financial statements. |
|---|---|
| ** | Excluding<br> financial charges, except those related to leases. |
| --- | --- |
Adjusted net operating income for the Refining and Chemicals segment in the first quarter 2022 increased sharply to $1,120 million from $243 million in the first quarter 2021, due to higher distillate margins in Europe in the context of reduced imports of Russian petroleum products as well as the overperformance of crude oil and petroleum products trading activities.
Operating cash flow before working capital changes was $1,433 million in the first quarter 2022, 3.6 times higher than the first quarter 2021 for the same reasons.
9
| 4.5 | Marketing & Services |
|---|---|
| 4.5.1 | Petroleum<br> product sales |
| --- | --- |
| * | Excludes<br> trading and bulk refining sales. |
|---|
Sales of petroleum products in the first quarter of 2022 were up by 1% year-on-year, as the recovery in aviation activity worldwide was notably offset by lower sales in Asia, due to the pandemic lockdowns.
| 4.5.2 | Results |
|---|
| * | Detail<br> of adjustment items shown in the business segment information annex to financial statements. |
|---|---|
| ** | Excluding<br> financial charges, except those related to leases. |
| --- | --- |
Adjusted net operating income for the Marketing & Services segment amounted to $272 million and operating cash flow before working capital changes was $463 million in the first quarter 2022, down 4% and 3% respectively year-on-year due to the margin squeeze related to high petroleum products prices.
10
| 5. | TotalEnergies results |
|---|---|
| 5.1 | Adjusted<br> net operating income from business segments |
| --- | --- |
Adjusted net operating income from the business segments was $9,458 million in the first quarter 2022, compared to $3,487 million in the first quarter 2021, due to higher oil and gas prices and the strong performance of trading activities.
| 5.2 | Adjusted<br> net income (TotalEnergies share) |
|---|
Adjusted net income (TotalEnergies share) was $8,977 million in the first quarter 2022 compared to $3,003 million in the first quarter 2021, due to higher oil and gas prices and the strong performance of trading activities.
Adjusted net income excludes the after-tax inventory effect, special items and the impact of changes in fair value^(18)^.
Total net income adjustment items^(19)^ were $4,033 million in the first quarter 2022, mainly consisting of $4,095 million for impairments notably concerning Arctic LNG 2, the $957 million impairment related to the withdrawal from the North Platte project in the United States, partially offset by a positive inventory effect of $1,040 million.
TotalEnergies' effective tax rate was 38.7% in the first quarter 2022, compared to 34.6% in the first quarter 2021 due to the increase in the contribution of Exploration & Production to the Company's results.
| 5.3 | Adjusted<br> earnings per share |
|---|
Adjusted fully-diluted earnings per share was $3.40 in the first quarter 2022, calculated based on 2,614 million weighted-average diluted shares compared to $1.10 a year ago.
As of March 31, 2022, the number of fully-diluted shares was 2,607 million.
As part of its shareholder return policy, TotalEnergies repurchased 19.2 million shares for cancellation in the first quarter 2022 for $1 billion.
| 5.4 | Acquisitions<br> - asset sales |
|---|
Acquisitions were $1,400 million in the first quarter 2022, including the bonus related to the award of the Production Sharing Contracts of Atapu and Sépia in Brazil as well as the bonus related to the New York Bight offshore wind concession in the United States.
Asset sales were $478 million in the first quarter 2022, including an additional 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 | Cash<br> flow from operations |
|---|
Cash flow from operations was $7,617 million in the first quarter 2022, compared to operating cash flow before working capital changes of $11,626 million, was negatively impacted by an increase in working capital requirements of $3,520 million mainly related to the price effect on inventories, an increase in inventories to ensure the security of supply for refineries and the seasonality of the gas and electricity business.
| 5.6 | Profitability |
|---|
Return on equity was 21.8% for the 12 months ended March 31, 2022.
^(18)^ These adjustment elements are explained page 21.
^(19)^ Total adjustment items in net income are detailed page 17 as well as in the annexes to the accounts
11
The return on average capital employed was 18.0% for the 12 months ended March 31, 2022.
| 6. | TotalEnergies SE statutory accounts |
|---|
Net income for TotalEnergies SE, the parent company, was €1,035 million in the first quarter 2022, compared to €1,472 million in the first quarter 2021.
| 7. | 2022 Sensitivities* |
|---|
| * | Sensitivities<br> are revised once per year upon publication of the previous year’s fourth quarter results.<br> Sensitivities are estimates based on assumptions about TotalEnergies’ portfolio in<br> 2022. Actual results could vary significantly from estimates based on the application of<br> these sensitivities. The impact of the $-€ sensitivity on adjusted net operating income<br> is essentially attributable to Refining & Chemicals. Please find the indicators<br> detailed page [22]. |
|---|---|
| ** | In<br> a 60 $/b Brent environment. |
| --- | --- |
12
| 8. | Summary and outlook |
|---|
Russia's military aggression against Ukraine on February 24, 2022 and its consequences, have pushed oil prices to more than $100/b, exacerbating the upward trend seen since the second half of 2021 that stems from a lack of investment in hydrocarbons. These prices could remain at high levels if the mobilization of additional production capacity from OPEC countries and the growth of unconventional oil production in the United States fail to compensate for the anticipated loss of Russian crude oil production on the order of 2-3 Mb/d as well as the lower production from Russian refining. The effect could be mitigated by a drop in demand caused by the higher prices, the impact of the crisis and the pandemic lockdowns in China on global growth.
Gas prices have remained very high and volatile in Europe and Asia since the start of 2022, driven by global demand and the need for Europe to rebuild inventories. Futures markets indicate average gas prices in Europe and Asia in 2022 around $30/Mbtu. In this context and in line with its investment criteria, TotalEnergies is mobilizing additional investments to support short-term gas production in the North Sea.
Given the evolution of oil and gas prices in recent months and the lag effect on price formulas, TotalEnergies anticipates that its average LNG selling price should remain at a high level above $14/Mbtu in the second quarter of 2022.
In the second quarter, TotalEnergies will benefit from the increase in its production in Brazil from May 2022 with the start-up of Mero 1 and the entry into Atapu and Sépia (30 kb/d in the second quarter growing to 60 kb/d in the fourth quarter)
The Company maintains its capital discipline with net investments trending toward $15 billion in 2022, of which 25% will be in renewables and electricity.
The Company's priorities in terms of cash flow allocation are reaffirmed in this context of higher oil and gas prices: investing in profitable projects to implement the strategy to transform TotalEnergies into a sustainable multi-energy company, linking dividend growth to structural cash flow growth, maintaining a strong balance sheet and a long-term debt rating with a minimum "A" level by permanently anchoring gearing below 20%, and allocating a share of the surplus cash flow from high hydrocarbon prices to share buybacks.
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To listen to the conference call with CEO Patrick Pouyanné and CFO Jean-Pierre Sbraire today at 12:00 (Paris time) please log on to totalenergies.com or call +44 (0) 207 192 8338 in Europe or +1 (646) 7413-167 in the United States (code: 4169200). The conference replay will be available on totalenergies.com after the event.
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TotalEnergiescontacts
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
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| 9. | Results from Russian assets |
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Capital Employed by TotalEnergies in Russia as at March 31, 2022 was $9,976 million.
10.Operating information by segment
| 10.1 | Company’s<br> production (Exploration & Production + iGRP) |
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| 10.2 | Downstream<br> (Refining & Chemicals and Marketing & Services) |
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| * | Olefins,<br> polymers. |
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| 10.3 | Renewables |
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| ^(1)^ | Includes<br> 20% of gross capacity of Adani Green Energy Ltd effective first quarter 2021. |
|---|---|
| ^(2)^ | End-of-period<br> data. |
| X | not<br> specified, capacity < 0.2 GW. |
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| X | not<br> specified, PPA relating to a capacity < 0.2 GW. |
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| 11. | Adjustment items to net income (TotalEnergies share) |
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| 12. | Reconciliation of adjusted EBITDA with consolidated financial statements |
|---|---|
| 12.1 | Reconciliation<br> of net income (TotalEnergies share) to adjusted EBITDA |
| --- | --- |
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| 12.2 | Reconciliation<br> of revenues from sales to adjusted EBITDA and net income (TotalEnergies share) |
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| 13. | Investments - Divestments |
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| * | Change<br> in debt from renewable projects (TotalEnergies share and partner share). |
|---|---|
| 14. | Cash flow |
| --- | --- |
| * | Operating<br> cash flow before working capital changes, is defined as cash flow from operating activities<br> before changes in working capital at replacement cost, excluding the mark-to-market effect<br> of iGRP’s contracts and including capital gain from renewable projects sale (effective<br> first quarter 2020). |
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Historical data have been restated to cancel the impact of fair valuation of iGRP sector’s contracts.
| ** | Changes<br> in working capital are presented excluding the mark-to-market effect of iGRP’s contracts. |
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| 15. | Gearing ratio |
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| ^(1)^^^ | Excludes<br> leases receivables and leases debts. |
|---|---|
| ^(2)^^^ | Including<br> initial margins held as part of the Company's activities on organized markets. |
| 16. | Return on average capital employed |
| --- | --- |
Twelve months ended March 31, 2022
Twelve months ended December 31, 2021
Twelve months ended March 31, 2021
| * | At<br> replacement cost (excluding after-tax inventory effect). |
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Disclaimer:
The terms “TotalEnergies”, “TotalEnergies company” and “Company” in this document are used to designate TotalEnergies SE and the consolidated entities directly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” may also be used to refer to these entities or their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding are separate and independent legal entities.
This press release presents the results for the first quarter 2022 from the consolidated financial statements of TotalEnergies SE as of March 31, 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) Specialitems
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) Inventoryvaluation 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) Effectof changes in fair value
The effect of changes in fair value presented as an adjustment item reflects, for some transactions, differences between internal measures of performance used by TotalEnergies’ management and the accounting for these transactions under IFRS.
IFRS requires that trading inventories be recorded at their fair value using period-end spot prices. In order to best reflect the management of economic exposure through derivative transactions, internal indicators used to measure performance include valuations of trading inventories based on forward prices.
TotalEnergies, in its trading activities, enters into storage contracts, whose future effects are recorded at fair value in TotalEnergies’ internal economic performance. IFRS precludes recognition of this fair value effect.
Furthermore, TotalEnergies enters into derivative instruments to risk manage certain operational contracts or assets. Under IFRS, these derivatives are recorded at fair value while the underlying operational transactions are recorded as they occur. Internal indicators defer the fair value on derivatives to match with the transaction occurrence.
The adjusted results (adjusted operating income, adjusted net operating income, adjusted net income) are defined as replacement cost results, adjusted for special items, excluding the effect of changes in fair value.
Euro amounts presented for the fully adjusted-diluted earnings per share represent dollar amounts converted at the average euro-dollar (€-$) exchange rate for the applicable period and are not the result of financial statements prepared in euros.
Cautionary Note to U.S. Investors – The SEC permits oil and gas companies, in their filings with the SEC, to separately disclose proved, probable and possible reserves that a company has determined in accordance with SEC rules. We may use certain terms in this press release, such as “potential reserves” or “resources”, that the SEC’s guidelines strictly prohibit us from including in filings with the SEC. U.S. investors are urged to consider closely the disclosure in the Form 20-F of TotalEnergies SE, File N° 1-10888, available from us at 2, place Jean Millier – Arche Nord Coupole/Regnault - 92078 Paris-La Défense Cedex, France, or at our website totalenergies.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or on the SEC’s website sec.gov.
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EXHIBIT99.9
| PRESS<br> RELEASE |
|---|
TotalEnergies announces the first 2022 interimdividendof €0.69/share, an increase of 5% compared to 2021
Paris,April 28, 2022 - The Board of Directors of TotalEnergies SE, meeting on April 27, 2022 under the chairmanship of Mr. Patrick Pouyanné, Chairman and Chief Executive Officer, declared the distribution of the first 2022 interim dividend at €0.69/share, an increase of 5% from the interim dividends paid and the final dividend proposed for the 2021 financial year. This increase is in line with the shareholder return policy for the financial year 2022 as announced by the Board in February 2022 and confirmed to shareholders at the March 24, 2022 investor meeting.
This first interim dividend will be paid in cash exclusively, according to the following schedule:
| Shares | American Depositary Receipts | |
|---|---|---|
| Ex-dividend<br> date | September<br> 21, 2022 | September<br> 19, 2022 |
| Payment<br> date | October<br> 3, 2022 | October<br> 13, 2022 |
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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 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 Contacts
Media Relations: +33 1 47 44 46 99 l presse@totalenergies.com l @TotalEnergiesPR
Investor Relations: +33 1 47 44 46 46 l ir@totalenergies.com
| @TotalEnergies | TotalEnergies | TotalEnergies | TotalEnergies |
|---|
Cautionary Note
The terms “TotalEnergies”, “TotalEnergiescompany” or “Company” in this document are used to designate TotalEnergies SE and the consolidated entities that aredirectly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” mayalso be used to refer to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholdingare separate legal entities. TotalEnergies SE has no liability for the acts or omissions of these entities. This document may containforward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitiveand regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TotalEnergiesSE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trendscontained in this document whether as a result of new information, future events or otherwise. Information concerning risk factors, thatmay affect TotalEnergies’ financial results or activities is provided in the most recent Registration Document, the French-languageversion of which is filed by TotalEnergies SE with the French securities regulator Autorité des Marchés Financiers (AMF),and in the Form 20-F filed with the United States Securities and Exchange Commission (SEC).