6-K - TTE - Equibles

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

July 29, 2021

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 ⌧ 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.

THIS REPORT ON FORM 6-K SHALL BE DEEMED TO BE INCORPORATED BY REFERENCE IN THE REGISTRATION STATEMENT ON FORM F-3 (NOS. 333-255641, 333-255641-01, 333-255641-02 AND 333-255641-03) OF TOTALENERGIES SE, TOTALENERGIES CAPITAL INTERNATIONAL, TOTAL CAPITAL CANADA LTD. AND TOTALENERGIES CAPITAL AND THE REGISTRATION STATEMENT ON FORM S-8 (NO. 333-255455) OF TOTALENERGIES SE, AND TO BE PART THEREOF FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.

TotalEnergies SE is providing on this Form 6-K its results for the second quarter of 2021 and six months ended June 30, 2021, a description of certain recent developments relating to its business, as well as a capitalization table as of June 30, 2021.

EXHIBIT INDEX


Exhibit No.	Description

Exhibit 99.1	Results for the Second Quarter of 2021 and Six Months Ended June 30, 2021 (formatted as Inline XBRL)

Exhibit 99.2	Recent Developments

Exhibit 99.3	Capitalization and Indebtedness

Exhibit 101.INS	Inline XBRL Instance Document

Exhibit 101.SCH	Inline XBRL Taxonomy Extension Schema Document

Exhibit 101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document

Exhibit 101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document

Exhibit 101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document

Exhibit 101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document

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: July 29, 2021	By:	/s/ ANTOINE LARENAUDIE
		Name:	Antoine LARENAUDIE
		Title:	Group Treasurer

Exhibit 99.1

OPERATING AND FINANCIAL REVIEW AND PROSPECTS

The financial information on pages 1-21 of this exhibit concerning TotalEnergies SE and all of its direct and indirect consolidated companies located in or outside of France (collectively, “TotalEnergies”) with respect to the second quarter of 2021 and six months ended June 30, 2021 has been derived from TotalEnergies’ unaudited consolidated balance sheets as of June 30, 2021, unaudited statements of income, comprehensive income, cash flow and business segment information for the second quarter of 2021 and six months ended June 30, 2021 and unaudited consolidated statements of changes in shareholders’ equity for the six months ended June 30, 2021 presented on pages 22-29 and 33-40 of this exhibit.

The following discussion should be read in conjunction with the aforementioned financial statements and with the information, including TotalEnergies’ audited consolidated financial statements and related notes, provided in TotalEnergies’ Annual Report on Form 20-F for the year ended December 31, 2020, filed with the Securities and Exchange Commission (“SEC”) on March 31, 2021.

A.	KEY FIGURES

---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
						2Q21				2Q21		in millions of dollars					1H21
						vs				vs		(except earnings per share and number of					vs
2Q21		1Q21		2Q20		2Q20		2Q19		2Q19		shares)	1H21		1H20		1H20
47,049		43,737		25,730		+83%		51,242		-8%		Sales	90,786		69,600		+30%
8,667		8,170		3,909		x2.2		8,550		+1%		Adjusted EBITDA1	16,837		10,583		+59%
4,032		3,487		821		x4.9		3,589		+12%		Adjusted net operating income2 from business segments	7,519		3,121		x2.4
2,213		1,975		(209)		ns		2,022		+9%		• Exploration & Production	4,188		494		x8.5
891		985		326		x2.7		429		x2.1		• Integrated Gas, Renewables & Power	1,876		1,239		+51%
511		243		575		-11%		715		-29%		• Refining & Chemicals	754		957		-21%
417		284		129		x3.2		423		-1%		• Marketing & Services	701		431		+63%
(680)		881		(447)		ns		812		ns		Net income (loss) from equity affiliates	201		285		-29%
0.8		1.23		(3.27)		ns		1.00		-20%		Fully-diluted earnings per share ()	2.03		(3.29)		ns
2,646		2,645		2,598		+2%		2,625		+1%		Fully-diluted weighted-average shares (millions)	2,644		2,598		+2%
2,206		3,344		(8,369)		ns		2,756		-20%		Net income (TotalEnergies share)	5,550		(8,335)		ns
2,802		2,379		2,201		+27%		3,028		-7%		Organic investments3	5,181		4,724		+10%
396		1,590		721		-45%		402		-2%		Net acquisitions4	1,986		1,823		+9%
3,198		3,969		2,922		+9%		3,430		-7%		Net investments5	7,167		6,547		+9%
7,551		5,598		3,479		x2.2		6,251		+21%		Cash flow from operations6	13,149		4,778		x2.8
												Of which:
669		(819)		431		+55%		(317)		ns		• (increase) decrease in working capital	(150)		(453)		ns
(409)		(384)		(499)		ns		(501)		ns		• financial charges	(793)		(1,011)		ns

All values are in US Dollars.

From 2019, data take into account the impact of the new rule IFRS16 “Leases”, effective January 1, 2019.

1	Adjusted EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) corresponds to the adjusted earnings before depreciation, depletion and impairment of tangible and intangible assets and mineral interests, income tax expense and cost of net debt, i.e. all operating income and contribution of equity affiliates to net income. The reconciliation of adjusted EBITDA with the consolidated financial statements is set forth under “Reconciliation of adjusted EBITDA with consolidated financial statements” on page 18 of this exhibit.
2	Adjusted results are defined as income using replacement cost, adjusted for special items, excluding the impact of changes for fair value. See pages 4 et seq. “Analysis of business segment results” below for further details.
---	---
3	“Organic investments” = net investments excluding acquisitions, asset sales and other operations with non-controlling interests.
---	---
4	“Net acquisitions” = acquisitions - assets sales - other transactions with non-controlling interests (see page 19).
---	---
5	“Net investments” = organic investments + net acquisitions (see “Investments – Divestments’” on page 19).
---	---
6	See also “C. TotalEnergies results – Cash Flow”. The reconciliation table for different cash flow figures is set forth under “Cash Flow” on page 20 of this exhibit.
---	---

Environment* — liquids and gas price realizations, refining margins


			2Q21		2Q21				1H21
			vs		vs				vs
2Q21	1Q21	2Q20	2Q20	2Q19	2Q19		1H21	1H20	1H20
69.0	61.1	29.6	x2.3	68.9	-	Brent (/b)	65.0	40.1	+62%
3.0	2.7	1.8	+70%	2.5	+18%	Henry Hub (/Mbtu)	2.9	1.8	+57%
8.7	6.8	1.7	x5.2	4.1	x2.1	NBP** (/Mbtu)	7.7	2.4	x3.2
10.0	10.0	2.1	x4.7	4.9	x2	JKM*** (/Mbtu)	10.0	2.9	x3.5
62.9	56.4	23.4	x2.7	63.7	-1%	Average price of liquids (/b) Consolidated subsidiaries	59.7	33.8	+77%
4.43	4.06	2.61	+69%	3.82	+16%	Average price of gas (/Mbtu) Consolidated subsidiaries	4.23	2.99	+41%
6.59	6.08	4.40	+50%	5.69	+16%	Average price of LNG (/Mbtu) Consolidated subsidiaries and equity affiliates	6.33	5.42	+17%
10.2	5.3	14.3	-29%	27.6	-63%	Variable cost margin – Refining Europe, VCM (/t)	7.6	21.0	-64%

All values are in US Dollars.

* The indicators are shown on page 21.

** NBP (National Balancing Point) is a virtual natural gas trading point in the United Kingdom for transferring rights in respect of physical gas and which is widely used as a price benchmark for the natural gas markets in Europe. NBP is operated by National Grid Gas plc, the operator of the UK transmission network.

*** JKM (Japan-Korea Marker) measures the prices of spot LNG trades in Asia. It is based on prices reported in spot market trades and/or bids and offers collected after the close of the Asian trading day at 16:30 Singapore time.

The average price of LNG increased by 8% in the second quarter 2021 compared to the previous quarter, benefiting from the lag effect of rising oil prices on long-term oil-linked LNG contracts and from the increase in natural gas prices for spot gas price LNG contracts.

Greenhouse gas emissions (GHG)^1^

2Q21	1Q21	GHG emissions (MtCO2e)	2020	2020(excluding Covid effect)
7	8	Scope 1+2 from operated oil & gas facilities^2^	35.8	39
77	81	Scope 3^3^	350	400
45	50	Scope 1+2+3 in Europe^4^	212	239

^1^The six greenhouse gases in the Kyoto protocol, namely CO2*, CH4, N2O, HFCs, PFCs and SF6, with their respective GWP (Global Warming Potential) as described in the 2007 IPCC report. HFCs, PFCs and SF*6 are virtually absent from TotalEnergies’ emissions or are considered as non-material, and are therefore not counted.

^2^Scope 1+2 GHG emissions of operated oil & gas facilities are defined as the sum of direct emissions of greenhouse gases from sites or activities that are included in the scope of reporting (as defined in TotalEnergies’ Form 20-F for the year ended December 31, 2020) and indirect emissions attributable to brought-in energy (electricity, heat, steam), excluding purchased industrial gases (H2*). They do not include facilities for power generation from renewable sources or natural gas, such as combined cycle natural gas power plants (CCGT) and sites with GHG emissions and activities of less than 30 kt CO2e/year*

^3^Scope 3 GHG emissions are defined as the indirect emissions of greenhouse gases related to the use by customers of energy products sold for end-use, i.e. combustion of the products to obtain energy. A stoichiometric emission (oxidation of molecules to carbon dioxide) factor is applied to these sales to obtain an emission volume. TotalEnergies usually follows the oil & gas industry reporting guidelines published by IPIECA, which comply with the GHG Protocol methodologies. Only item 11 of Scope 3 (use of sold products), which is the most significant, is reported.

^4^Scope 1+2+3 GHG emissions in Europe are defined as the sum of Scope 1+2 GHG emissions of facilities operated by TotalEnergies and indirect GHG emissions related to the use by customers of energy products sold for end-use (Scope 3) in the EU, Norway, United Kingdom and Switzerland.

Production*


			2Q21		2Q21		****			1H21
			vs		vs					vs
2Q21	1Q21	2Q20	2Q20	2Q19	2Q19	Hydrocarbon production		1H21	1H20	1H20
2,747	2,863	2,846	-3%	2,957	-7%	Hydrocarbon production (kboe/d)	****	2,805	2,966	-5%
1,258	1,272	1,315	-4%	1,407	-11%	Oil (including bitumen) (kb/d)	****	1,265	1,381	-8%
1,489	1,591	1,531	-3%	1,549	-4%	Gas (including condensates and associated NGL) (kboe/d)	****	1,540	1,584	-3%


			2Q21		2Q21		****			1H21
			vs		vs					vs
2Q21	1Q21	2Q20	2Q20	2Q19	2Q19	Hydrocarbon production		1H21	1H20	1H20
2,747	2,863	2,846	-3%	2,957	-7%	Hydrocarbon production (kboe/d)	****	2,805	2,966	-5%
1,464	1,508	1,553	-6%	1,624	-10%	Liquids (kb/d)	****	1,486	1,626	-9%
7,017	7,400	7,045	-	7,309	-4%	Gas (Mcf/d)	****	7,208	7,302	-1%

* TotalEnergies production = production of Exploration & Production segment (EP) + production of Integrated Gas, Renewables & Power segment (iGRP).

Hydrocarbon production was 2,747 thousand barrels of oil equivalent per day (kboe/d) in the second quarter 2021:

●	a decrease of 3% year-on-year, comprised of:
o	+2% due to the start-up and ramp-up of projects,
---	---
o	-2% due to the price effect, and
---	---
o	-3% due to the natural decline of the fields,
---	---
●	and a decrease of 4% from the first quarter 2021, due to major maintenance shutdowns.
---	---

Hydrocarbon production was 2,805 kboe/d in the first half 2021, a decrease of 5%, comprised of:

●	+2% due to the start-up and ramp-up of projects, including North Russkoye in Russia, Culzean in the United Kingdom, Johan Sverdrup in Norway and Iara in Brazil,
●	-1% portfolio effect, notably asset sales in the United Kingdom and Block CA1 in Brunei,
---	---
●	-2% due to planned maintenance and unplanned outages, notably in the United Kingdom, Australia, Norway and Nigeria,
---	---
●	-1% due to the price effect,
---	---
●	-3% due to the natural decline of the fields.
---	---

**B.**ANALYSIS OF BUSINESS SEGMENT RESULTS

The financial information for each business segment is reported on the same basis as that used internally by the chief operating decision-maker in assessing segment performance and the allocation of segment resources. Due to their particular nature or significance, certain transactions qualifying as “special items” are excluded from the business segment figures. In general, special items relate to transactions that are significant, infrequent or unusual. In certain instances, certain transactions such as restructuring costs or asset disposals, which are not considered to be representative of the normal course of business, may qualify as special items although they may have occurred in prior years or are likely to recur in following years.

In accordance with IAS 2, TotalEnergies values inventories of petroleum products in its financial statements according to the First-In, First-Out (FIFO) method and other inventories using the weighted-average cost method. Under the FIFO method, the cost of inventory is based on the historic cost of acquisition or manufacture rather than the current replacement cost. In volatile energy markets, this can have a significant distorting effect on the reported income. Accordingly, the adjusted results of the Refining & Chemicals and Marketing & Services segments are presented according to the replacement cost method in order to facilitate the comparability of TotalEnergies’ results with those of its competitors and to help illustrate the operating performance of these segments excluding the impact of oil price changes on the replacement of inventories. In the replacement cost method, which approximates the Last-In, First-Out (LIFO) method, the variation of inventory values in the statement of income is, depending on the nature of the inventory, determined using either the month-end price differential between one period and another or the average prices of the period. The inventory valuation effect is the difference between the results under the FIFO and replacement cost methods.

The effect of changes in fair value presented as an adjustment item reflects, for trading inventories and storage contracts, differences between internal measures of performance used by TotalEnergies’ management and the accounting for these transactions under IFRS, which 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 recorded at their fair value based on forward prices. TotalEnergies, in its trading activities, enters into storage contracts, the future effects of which are recorded at fair value in TotalEnergies’ internal economic performance. IFRS, by requiring accounting for storage contracts on an accrual basis, 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 business segment results (adjusted operating income and adjusted net operating income) are defined as replacement cost results, adjusted for special items, excluding the effect of changes in fair value. For further information on the adjustments affecting operating income on a segment-by-segment basis, and for a reconciliation of segment figures to figures reported in TotalEnergies’ interim consolidated financial statements, see pages 33-41 of this exhibit.

TotalEnergies measures performance at the segment level on the basis of adjusted net operating income. Net operating income comprises operating income of the relevant segment after deducting the amortization and the depreciation of intangible assets other than leasehold rights, translation adjustments and gains or losses on the sale of assets, as well as all other income and expenses related to capital employed (dividends from non-consolidated companies, income from equity affiliates and capitalized interest expenses) and after income taxes applicable to the above. The income and expenses not included in net operating income that are included in net income are interest expenses related to long-term liabilities net of interest earned on cash and cash equivalents, after applicable income taxes (net cost of net debt and non-controlling interests). Adjusted net operating income excludes the effect of the adjustments (special items and the inventory valuation effect) described above.

B.1. Integrated Gas, Renewables & Power segment (iGRP)

Production and sales of Liquefied natural gas (LNG) and electricity


			2Q21		2Q21						1H21
			vs		vs						vs
2Q21	1Q21	2Q20	2Q20	2Q19	2Q19	****	Hydrocarbon production for LNG	****	1H21	1H20	1H20
502	518	520	-3%	559	-10%		iGRP (kboe/d)	****	510	536	-5%
52	64	66	-21%	73	-29%		Liquids (kb/d)	****	58	69	-17%
2,464	2,476	2,471	-	2,680	-8%		Gas (Mcf/d)	****	2,470	2,541	-3%


			2Q21		2Q21	****		****			1H21
			vs		vs						vs
2Q21	1Q21	2Q20	2Q20	2Q19	2Q19		Liquefied Natural Gas in Mt		1H21	1H20	1H20
10.5	9.9	10.4	+1%	8.5	+23%		Overall LNG sales	****	20.4	20.2	+1%
4.2	4.4	4.3	-4%	4.1	+3%		including sales from equity production*	****	8.5	9.0	-5%
8.8	7.9	8.7	+1%	6.7	+31%		including sales by TotalEnergies from equity production and <br>third party purchases	****	16.7	16.5	+1%

* TotalEnergies’ equity production may be sold by TotalEnergies or by joint ventures.

Hydrocarbon production for LNG decreased year-on-year by 3% and 5% respectively in the second quarter 2021 and first half 2021, notably due to the shutdown of the Snøhvit LNG plant following a fire at the end of September 2020 and the planned maintenance shutdown in the second quarter 2021 on Ichthys LNG's liquefaction trains in Australia.

Total LNG sales were stable year-on-year in the second quarter 2021 and the first half 2021.


			2Q21	****				1H21
			vs					vs
2Q21	1Q21	2Q20	2Q20		Renewables & Electricity	1H21	1H20	1H20
41.7	40.2	20.4	x2		Portfolio of renewable power generation gross capacity (GW)1,2	41.7	20.4	x2
8.3	7.8	5.1	+63%		o/w installed capacity	8.3	5.1	+63%
5.4	5.1	2.9	+89%		o/w capacity in construction	5.4	2.9	+89%
28.0	27.3	12.4	x2.3		o/w capacity in development	28.0	12.4	x2.3
22.6	21.2	11.2	x2		Gross renewables capacity with PPA (GW)1,2	22.6	11.2	x2
30.7	30.1	13.6	x2.3		Portfolio of renewable power generation net capacity (GW)1,2	30.7	13.6	x2.3
4.0	3.8	2.3	+76%		o/w installed capacity	4.0	2.3	+76%
3.1	3.1	1.1	x3		o/w capacity in construction	3.1	1.1	x3
23.6	23.3	10.3	x2.3		o/w capacity in development	23.6	10.3	x2.3
5.1	4.7	2.9	+73%		Net power production (TWh)3	9.8	5.9	+67%
1.7	1.6	1.1	+47%		incl. Power production from renewables	3.2	1.8	+79%
5.8	5.7	4.2	+38%		Clients power - BtB and BtC (Million)2	5.8	4.2	+38%
2.7	2.7	1.7	+58%		Clients gas - BtB and BtC (Million)2	2.7	1.7	+58%
12.7	16.1	9.4	+35%		Sales power - BtB and BtC (TWh)	28.8	23.6	+22%
20.6	36.2	17.3	+19%		Sales gas - BtB and BtC (TWh)	56.8	50.9	+12%
291	344	91	x3.2		Proportional adjusted EBITDA Renewables and Electricity (M)4	635	340	+87%
62	148	92	-32%		incl. from renewables business	210	184	+14%

All values are in US Dollars.

^1^ Includes 20% of Adani Green Energy Limited (AGEL) gross capacity effective first quarter 2021.

^2^ End of period data.

^3^ Solar, wind, biogas, hydroelectric and combined-cycle gas turbine (CCGT) plants.

^4^ TotalEnergies share (% interest) of EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) in Renewables and Electricity affiliates, regardless of consolidation method. 5

Gross installed capacity of renewable electricity generation grew to 8.3 GW at the end of the second quarter 2021.

Net electricity production was 5.1 TWh in the second quarter 2021, an increase of 73% year-on-year, notably due to strong growth in renewable electricity generation and the acquisition of four combined cycle gas turbine (CCGT) plants in France and Spain in the fourth quarter of 2020.

Electricity and gas sales, seasonally lower in the second quarter, increased by 35% and 19% respectively in the second quarter 2021 compared to last year thanks to the growing number of customers, with TotalEnergies notably surpassing the 5 million customer mark (B2C and B2B) in France.

TotalEnergies’ share of the EBITDA of the Renewables and Electricity activities was $291 million in the second quarter 2021, more than tripling over one year, driven by growing electricity production, particularly renewable electricity, and the number of gas and electricity customers.

Results


			2Q21		2Q21	****		****			1H21
			vs		vs						vs
2Q21	1Q21	2Q20	2Q20	2Q19	2Q19		in millions of dollars		1H21	1H20	1H20
5,086	5,502	3,313	+54%	3,789	+34%		External sales	****	10,588	8,403	+26%
436	624	(1,074)	ns	215	x2		Operating income	****	1,060	(716)	ns
419	263	21	x20	661	-37%		Net income (loss) from equity affiliates and other items	****	682	420	+62%
(56)	(101)	322	ns	(450)	ns		Tax on net operating income	****	(157)	330	ns
799	786	(731)	ns	426	-99%		Net operating income	****	1,585	34	x46
92	199	1,057	-91%	3	+70%		Adjustments affecting net operating income	****	291	1,205	-76%
891	985	326	x2.7	429	x2.1		Adjusted net operating income*	****	1,876	1,239	+51%
356	264	(69)	ns	195	+83%		including income from equity affiliates	****	620	179	x3.5
759	753	618	+23%	442	+72%		Organic investments	****	1,512	1,264	+20%
166	1,893	433	-62%	159	+4%		Net acquisitions	****	2,059	1,570	+31%
925	2,646	1,051	-12%	601	+54%		Net investments	****	3,571	2,834	+26%

*Detail of adjustment items shown in the business segment information starting on page 33 of this exhibit.

Adjusted net operating income for the iGRP segment was:

●	$891 million in the second quarter 2021, more than doubling over the year, thanks to higher LNG prices and the growing contribution from Renewables and Electricity, and
●	$1,876 million in the first half 2021, an increase of 51% year-on-year for the same reasons as well as good performance by the trading activities in the first quarter 2021.
---	---

Adjusted net operating income for the iGRP segment excludes special items. In the second quarter 2021, the exclusion of special items had a positive impact of $92 million on the segment’s adjusted net operating income, compared to a positive impact of $1,057 million in the second quarter 2020. In the first half 2021, the exclusion of special items had a positive impact of $291 million on the segment’s adjusted net operating income, compared to a positive impact of $1,205 million in the first half 2020.

The segment’s operating cash flow before working capital changes^1^ excluding financial charges, except those related to lease contracts, excluding the impact of contracts recognized at fair value for the sector and including capital gains on the sale of renewable projects was:

●	$904 million in the second quarter 2021, a decrease of 14% compared to $1,051 million in the second quarter 2020, as the second quarter of 2020 benefited from excellent performance of trading activities in a context of high market volatility, and
●	$1,963 million in the first half 2021, an increase of 19% compared to $1,652 million in the first half 2020, in line with the rise in LNG prices and the growing contribution of Renewables and Electricity.
---	---

^1^Operating cash flow before working capital changes is defined as cash flow from operating activities before changes in working capital at replacement cost, excluding the mark-to-market effect of iGRP’s contracts and including capital gain from renewable projects sale (effective first quarter 2020). Second quarter 2020, second quarter 2019 and first half 2020 data restated. For information on the replacement cost method, refer to “B. Analysis of business segment results”, above. The reconciliation table for different cash flow figures is set forth under “Cash Flow” on page 20 of this exhibit.

The segment’s cash flow from operations excluding financial charges, except those related to leases was:

●	$567 million in the second quarter 2021, a decrease of 59% compared to $1,389 million in the second quarter 2020, and
●	$1,347 million in the first half 2021, an increase of 50% compared to $900 million in the first half 2020.
---	---

B.2. Exploration & Production segment

Production


			2Q21		2Q21	****		****			1H21
			vs		vs						vs
2Q21	1Q21	2Q20	2Q20	2Q19	2Q19		Hydrocarbon production		1H21	1H20	1H20
2,245	2,345	2,326	-3%	2,398	-6%		EP (kboe/d)	****	2,295	2,430	-6%
1,412	1,444	1,487	-5%	1,551	-9%		Liquids (kb/d)	****	1,428	1,557	-8%
4,553	4,924	4,574	-	4,629	-2%		Gas (Mcf/d)	****	4,738	4,761	-

Results


				2Q21		2Q21	****		****			1H21
				vs		vs		in millions of dollars, except effective				vs
2Q21		1Q21	2Q20	2Q20	2Q19	2Q19		tax rate		1H21	1H20	1H20
1,743		1,514	992	+76%	2,273	-23%		External Sales	****	3,257	2,574	+27%
3,180		2,841	(7,983)	ns	2,967	-7%		Operating income	****	6,021	(7,124)	ns
(1,243)		270	17	ns	173	ns		Net income (loss) from equity affiliates and other items	****	(973)	440	ns
38.2%		41.0%	56.6%		39.5%			Effective tax rate*		39.5%	69.6%
(1,195)		(1,180)	398	ns	(1,161)	ns		Tax on net operating income	****	(2,375)	(56)	ns
742		1,931	(7,568)	ns	1,979	+7%		Net operating income	****	2,673	(6,740)	ns
1,471		44	7,359	-80%	43	x34.2		Adjustments affecting net operating income	****	1,515	7,234	-79%
2,213		1,975	(209)	ns	2,022	+9%		Adjusted net operating income**	****	4,188	494	x8.5
279		270	48	x5.8	239	+17%		including income from equity affiliates	****	549	438	+25%
1,559		1,279	1,112	+40%	1,995	-22%		Organic investments	****	2,838	2,684	+6%
231		(202)	311	-26%	204	+13%		Net acquisitions	****	29	305	-90%
1,790		1,077	1,423	+26%	2,199	-19%		Net investments	****	2,867	2,989	-4%
*	“Effective tax rate” = tax on adjusted net operating income / (adjusted net operating income - income from equity affiliates - dividends received from investments - impairment of goodwill + tax on adjusted net operating income).
---	---
**	Detail of adjustment items shown in the business segment information starting on page 33 of this exhibit.
---	---

The Exploration & Production segment’s adjusted net operating income was:

●	$2,213 million in the second quarter 2021 compared to a loss of $209 million in the second quarter 2020, thanks to the sharp rebound in oil and gas prices, and
●	$4,188 million in the first half 2021, more than eight times higher in the first half 2020, for the same reasons.
---	---

Adjusted net operating income for the Exploration & Production segment excludes special items. In the second quarter 2021, the exclusion of special items had a positive impact of $1,471 million on the segment’s adjusted net operating income, compared to a positive impact of $7,359 million in the second quarter 2020. In the first half 2021, the exclusion of special items had a positive impact of $1,515 million on the segment’s adjusted net operating income, compared to a positive impact of $7,234 million in the first half 2020.

The segment’s operating cash flow before working capital changes^2^ excluding financial charges, except those related to leases was $4,262 million in the second quarter 2021, 2.4 times greater than $1,810 million in the second quarter 2020 and $8,086 million in the first half 2021, an increase of 84% compared to $4,386 million in the first half 2020, in line with higher oil and gas prices.

^2^Operating cash flow before working capital changes is defined as cash flow from operating activities before changes in working capital at replacement cost. For information on the replacement cost method, refer to “B. Analysis of business segment results”, above. The reconciliation table for different cash flow figures is set forth under “Cash Flow” on page 20 of this exhibit.

The segment’s cash flow from operations excluding financial charges, except those related to leases was:

●	$4,835 million in the second quarter 2021, 5.3 times greater than $910 million in the second quarter 2020, and
●	$8,571 million in the first half 2021, an increase of 77% compared to $4,833 million in the first half 2020.
---	---

B.3. Downstream (Refining & Chemicals and Marketing & Services segments)

Results


			2Q21		2Q21	****		****			1H21
			vs		vs						vs
2Q21	1Q21	2Q20	2Q20	2Q19	2Q19		in millions of dollars		1H21	1H20	1H20
40,220	36,714	21,419	+88%	45,180	-11%		External sales	****	76,934	58,617	+31%
1,534	1,554	866	+77%	934	+64%		Operating income	****	3,088	(324)	ns
180	54	(13)	x14	222	-19%		Net income (loss) from equity affiliates and other items	****	234	(60)	ns
(457)	(456)	(259)	ns	(124)	ns		Tax on net operating income	****	(913)	44	ns
1,257	1,152	594	x2	1,032	+22%		Net operating income	****	2,409	(340)	ns
(329)	(625)	110	ns	106	ns		Adjustments affecting net operating income	****	(954)	1,728	ns
928	527	704	+32%	1,138	-18%		Adjusted net operating income*	****	1,455	1,388	+5%
468	335	457	+2%	557	-16%		Organic investments	****	803	734	+9%
(1)	(103)	(20)	ns	38	ns		Net acquisitions	****	(104)	(50)	ns
467	232	437	+7%	595	-22%		Net investments	****	699	684	+2%

* Detail of adjustment items shown in the business segment information starting on page 33 of this exhibit

The Downstream segment’s operating cash flow before working capital changes^2^ excluding financial charges, except those related to leases was:

●	$1,460 million in the second quarter 2021, a decrease of 2% compared to $1,488 million in the second quarter 2020, and
●	$2,332 million in the first half 2021, a decrease of 9% compared to $2,552 million in the first half 2020.
---	---

The Downstream segment’s cash flow from operations excluding financial charges, except those related to leases was:

●	$2,669 million in the second quarter 2021, an increase of 41% compared to $1,899 million in the second quarter 2020, and
●	$4,330 million in the first half 2021, 13.7 times greater than $317 million in the first half 2020.
---	---

Refining & Chemicals segment

Refinery and petrochemicals throughput and utilization rates


			2Q21		2Q21	****		****			1H21
			vs		vs						vs
2Q21	1Q21	2Q20	2Q20	2Q19	2Q19		Refinery throughput and utilization rate*		1H21	1H20	1H20
1,070	1,147	1,249	-14%	1,595	-33%		Total refinery throughput (kb/d)	****	1,109	1,347	-18%
148	114	205	-28%	447	-67%		France	****	131	230	-43%
495	660	595	-17%	679	-27%		Rest of Europe	****	578	676	-14%
427	373	449	-5%	469	-9%		Rest of world	****	400	441	-9%
58%	58%	59%		77%			Utilization rate based on crude only**	****	58%	64%

* Includes refineries in Africa reported in the Marketing & Services segment.

**Based on distillation capacity at the beginning of the year, excluding Grandpuits (definitively shut down first quarter 2021) from 2021 and Lindsey refinery (divested) from second quarter 2021.


			2Q21		2Q21	****		****			1H21
			vs		vs						vs
2Q21	1Q21	2Q20	2Q20	2Q19	2Q19		Petrochemicals production and utilization rate		1H21	1H20	1H20
1,424	1,405	1,391	+2%	993	+43%		Monomers* (kt)	****	2,829	2,778	+2%
1,212	1,165	1,193	+2%	1,127	+8%		Polymers (kt)	****	2,377	2,395	-1%
88%	87%	84%		64%		****	Vapocracker utilization rate**		88%	83%

***Olefins

****Based o n olefins production from steamcrackers and their treatment capacity at the start of the year.

Refinery throughput:

●	decreased 14% in the second quarter 2021 compared to a year ago, mainly due to the prolonged voluntary economic shutdown of the Donges refinery given the low European margins, the planned major shutdown of the Leuna refinery in Germany, the shutdown of the Grandpuits refinery in the first quarter 2021 for its conversion to a zero-oil platform, and the sale of the Lindsey refinery in the United Kingdom. The decrease was partially offset by the restart of the Feyzin refinery, in France, and the distillation unit at the Normandy platform, following a fire at the end of 2019, and
●	decreased 18% in the first half 2021, compared to the previous year for the same reasons.
---	---

●

decreased 14% in the second quarter 2021 compared to a year ago, mainly due to the prolonged voluntary economic shutdown of the Donges refinery given the low European margins, the planned major shutdown of the Leuna refinery in Germany, the shutdown of the Grandpuits refinery in the first quarter 2021 for its conversion to a zero-oil platform, and the sale of the Lindsey refinery in the United Kingdom. The decrease was partially offset by the restart of the Feyzin refinery, in France, and the distillation unit at the Normandy platform, following a fire at the end of 2019, and

●

decreased 18% in the first half 2021, compared to the previous year for the same reasons.

---

Monomer production increased slightly in the second quarter 2021 compared to a year ago thanks to the restart of the Feyzin refinery, in France, after a major shutdown in 2020.

Polymer production also increased slightly in the second quarter 2021 compared to a year ago, despite the major shutdown in the second quarter 2021 of the Feluy plant in Belgium.

Results


			2Q21		2Q21	****		****
			vs		vs						1H21 vs
2Q21	1Q21	2Q20	2Q20	2Q19	2Q19		in millions of dollars		1H21	1H20	1H20
20,853	19,201	9,433	x2.2	22,509	-7%		External sales	****	40,054	27,956	+43%
955	993	632	+51%	484	+97%		Operating income	****	1,948	(636)	ns
123	88	(35)	ns	111	+11%		Net income (loss) from equity affiliates and other items	****	211	(92)	ns
(281)	(280)	(132)	ns	46	ns		Tax on net operating income	****	(561)	203	ns
797	801	465	+71%	641	+24%		Net operating income	****	1,598	(525)	ns
(286)	(558)	110	ns	74	ns		Adjustments affecting net operating income	****	(844)	1,482	ns
511	243	575	-11%	715	-29%		Adjusted net operating income*	****	754	957	-21%
279	222	302	-8%	353	-21%		Organic investments	****	501	470	+7%
2	(57)	(15)	ns	(58)	ns		Net acquisitions	****	(55)	(51)	ns
281	165	287	-2%	295	-5%		Net investments	****	446	419	+6%

* Detail of adjustment items shown in the business segment information starting on page 33 of this exhibit.

Adjusted net operating income for the Refining-Chemicals segment:

●	decreased 11% year-on-year to $511 million in the second quarter 2021, due to still-depressed European refining margins that reflect the recovery in oil prices and the continued weak product demand, notably for distillates, linked to the reduced air transport, and to the outperformance of trading activities in the second quarter 2020. The second quarter 2021 results nevertheless benefited from the very good performance of petrochemicals,
●	decreased 21% year-on-year to $754 million in the first half of 2021, for the same reasons.
---	---

●

decreased 11% year-on-year to $511 million in the second quarter 2021, due to still-depressed European refining margins that reflect the recovery in oil prices and the continued weak product demand, notably for distillates, linked to the reduced air transport, and to the outperformance of trading activities in the second quarter 2020. The second quarter 2021 results nevertheless benefited from the very good performance of petrochemicals,

●

decreased 21% year-on-year to $754 million in the first half of 2021, for the same reasons.

---

Adjusted net operating income for the Refining & Chemicals segment excludes any after-tax inventory valuation effect and special items. In the second quarter 2021, the exclusion of the inventory valuation effect had a negative impact of $331 million on the segment’s adjusted net operating income, compared to a positive impact of $86 million in the second quarter 2020. In the second quarter 2021 the exclusion of special items had a positive impact of $45 million on the segment’s adjusted net operating income, compared to a positive impact of $24 million in the second quarter 2020. In the first half 2021, the exclusion of the inventory valuation effect had a negative impact of $937 million on the segment’s adjusted net operating income, compared to a positive impact of $1,371 million in the first half 2020. In the first half 2021, the exclusion of special items had a positive impact of $93 million on the segment’s adjusted net operating income, compared to a positive impact of $111 million in the first half 2020.

The segment’s operating cash flow before working capital changes^2^ excluding financial charges, except those related to leases was:

●	$753 million in the second quarter 2021, a decrease of 24% compared to $996 million in the second quarter 2020, and
●	$1,147 million in the first half 2021, a decrease of 31% compared to $1,670 million in the first half 2020.
---	---

The segment’s cash flow from operations excluding financial charges was:

●	$2,232 million in the second quarter 2021, 2.1 times greater than $1,080 million in the second quarter 2020, mainly due to a decrease in working capital requirements and a positive stock effect, and
●	$3,228 million in the first half 2021, compared to $(103) million in the first half 2020.
---	---

B.4. Marketing & Services segment

Petroleum product sales


			2Q21		2Q21	****		****			1H21
			vs		vs						vs
2Q21	1Q21	2Q20	2Q20	2Q19	2Q19		Sales in kb/d*		1H21	1H20	1H20
1,473	1,442	1,301	+13%	1,860	-21%		Total Marketing & Services sales	****	1,458	1,478	-1%
791	776	740	+7%	1,004	-21%		• Europe	****	783	823	-5%
682	666	561	+22%	856	-20%		• Rest of world	****	674	656	+3%

***Excludes trading and bulk refining sales.

Petroleum product sales volumes increased year-on-year by 13% in the second quarter 2021, thanks to the improving health situation and global economic rebound. The increase driven mainly by a recovery in the retail network sales.

Results


			2Q21		2Q20	****		****			1H21
			vs		vs						vs
2Q21	1Q21	2Q20	2Q20	2Q19	2Q19		in millions of dollars		1H21	1H20	1H20
19,367	17,513	11,986	+62%	22,671	-15%		External sales	****	36,880	30,661	+20%
579	561	234	x2	450	-29%		Operating income	****	1,140	312	x35.6
57	(34)	22	x2.5	111	-49%		Net income (loss) from equity affiliates and other items	****	23	32	-28%
(176)	(176)	(127)	ns	(170)	ns		Tax on net operating income	****	(352)	(159)	ns
460	351	129	x3.6	391	+18%		Net operating income	****	811	185	x4.4
(43)	(67)	-	ns	32	ns		Adjustments affecting net operating income	****	(110)	246	ns
417	284	129	x3.2	423	-1%		Adjusted net operating income*	****	701	431	+63%
189	113	155	+22%	204	-7%		Organic investments	****	302	264	+14%
(3)	(46)	(5)	ns	96	ns		Net acquisitions	****	(49)	1	ns
186	67	150	+24%	300	-38%		Net investments	****	253	265	-5%

*Detail of adjustment items shown in the business segment information starting on page 33 of this exhibit.

Adjusted net operating income for the Marketing & Services segment was:

●	$417 million in the second quarter 2021, 3.2 times greater than $129 million in the second quarter 2020. This increase was mainly related to the increase in global sales volumes in a context of rising margins.
●	$701 million in the first half 2021, an increase of 63% compared to $431 million in the first half 2020, for the same reasons.
---	---

Adjusted net operating income for the Marketing & Services segment excludes any after-tax inventory valuation effect and special items. In the second quarter 2021, the exclusion of the inventory valuation effect had a negative impact of $50 million on the segment’s adjusted net operating income, compared to a positive impact of $9 million in the second quarter 2020. In the second quarter 2021, the exclusion of special items had a positive impact of $7 million on the segment’s adjusted net operating income, compared to a negative impact of $9 million in the second quarter 2020. In the first half 2021, the exclusion of the inventory valuation effect had a negative impact of $148 million on the segment’s adjusted net operating income, compared to a positive impact of $163 million in the first half 2020. In the first half 2021, the exclusion of special items had a positive impact of $38 million on the segment’s adjusted net operating income, compared to a positive impact of $83 million in the first half 2020.

The segment’s operating cash flow before working capital changes^2^ excluding financial charges, except those related to leases was:

●	$707 million in the second quarter 2021, an increase of 44% compared to $492 million in the second quarter 2020, and
●	$1,185 million in the first half 2021, an increase of 34% compared to $882 million in the first half 2020.
---	---

The segment’s cash flow from operations excluding financial charges was:

●	$437 million in the second quarter 2021, a decrease of 47% compared to $819 million in the second quarter 2020, and
●	$1,102 million in the first half 2021, 2.6 times greater than $420 million in the first half 2020.
---	---

**C.**TOTALENERGIES RESULTS

Net income (TotalEnergies share)

In the second quarter 2021, net income (TotalEnergies share) was $2,206 million, an increase compared to $(8,369) million in the second quarter 2020. In the first half 2021, net income (TotalEnergies share) was $5,550 million, an increase compared to $(8,335) million in the first half 2020. ****

Adjusted net income (TotalEnergies share) was:

●	$3,463 million in the second quarter 2021 compared to $126 million a year earlier, due to the increase in oil and gas prices,
●	$6,466 million in the first half 2021 compared to $1,907 million a year earlier, for the same reasons.
---	---

Adjusted net income excludes the after-tax inventory effect, special items and the impact of changes in fair value^3^.

Total adjustments affecting net income^4^ were $(1,257) in the second quarter 2021, mainly comprised of the effect of the sale of TotalEnergies’ participation in Petrocedeño S.A. to PDVSA in Venezuela for an amount of $(1,379) million, a $375 million positive inventory effect and restructuring charges related to voluntary departures in France and Belgium.

Fully-diluted shares

The number of fully-diluted shares was 2,654 million on June 30, 2021.

Acquisitions - Asset sales

Acquisitions were:

●	$662 million in the second quarter 2021 and included notably the 23% interest in a 640 MW offshore wind project in Taiwan, the Fonroche Biogas in France, and Repsol's interest in the Tin Fouyé Tabankort II field in Algeria, and
●	$2,870 million in the first half 2021, including the above items as well as the acquisition, for $2 billion, of a 20% interest in the renewable projects developer in India, Adani Green Energy Limited.
---	---

Asset sales were:

●	$266 million in the second quarter 2021 and included notably the sale of TotalEnergies’ interest in the TBG pipeline in Brazil, the sale of shares in Clean Energy Fuels Corp. (Nasdaq: CLNE), and the sale of its interest in Tellurian Inc. (Nasdaq: TELL) in the United States, and
●	$884 million in the first half 2021, including the above items as well as the sale in France of a 50% interest in a portfolio of renewable projects with a total capacity of 285 MW (100%), the sale of the 10% interest in onshore block OML 17 in Nigeria, a price supplement relating to the sale of Block CA1 in Brunei and the sale of the Lindsey refinery in the United Kingdom.
---	---

Cash flow

TotalEnergies’ cash flow from operations was:

●	$7,551 million in the second quarter 2021, 2.2 times greater than $3,479 million in the second quarter 2020, and
●	$13,149 million in the first half 2021, 2.8 times greater than $4,778 million in the first half 2020.
---	---

The change in working capital as determined using the replacement cost method excluding the mark-to-market effect of iGRP’s contracts, including capital gain from renewable project sale (effective first quarter 2020) and including organic loan repayment from equity affiliates was $1,199 million in the second quarter 2021, compared to $(165) million in the second quarter 2020. It is the decrease in working capital of $669 million as determined in accordance with IFRS adjusted for (i) the pre-tax inventory valuation effect of $463 million, (ii) the mark-to-market effect of iGRP’s contracts of $145 million, (iii) the capital gains from renewables project sale of $(0) million and (iv) the organic loan repayments from equity affiliates of $(78) million.

^3^ Details shown on page 17 of this exhibit.

^4^ Details shown on pages 17 and 33-41 of this exhibit.

The change in working capital as determined using the replacement cost method excluding the mark-to-market effect of iGRP’s contracts, including capital gain from renewable project sale (effective first quarter 2020) and including organic loan repayment from equity affiliates was $1,431 million in the first half 2021, compared to $(2,631) million in the first half 2020. It is the increase in working capital of $150 million as determined in accordance with IFRS adjusted for (i) the pre-tax inventory valuation effect of $1,346 million, (ii) the mark-to-market effect of iGRP’s contracts of $409 million, (iii) the capital gains from renewables project sale of $(66) million and (iv) the organic loan repayments from equity affiliates of $(108) million.

In the second quarter 2021, operating cash flow before working capital changes without financial charges (DACF)^5^ was $6,761 million, an increase of 63% compared to $4,143 million in the second quarter 2020 and a decrease of 7% compared to $7,308 million in the second quarter 2019. In the second quarter 2021, operating cash flow before working capital changes^1^ was $6,352 million, an increase of 74% compared to $3,644 million in the second quarter 2020 and a decrease of 7% compared to $6,807 million in the second quarter 2019.

TotalEnergies’ net cash flow^6^ was:

●	$3,154 million in the second quarter 2021, 4.4 times greater than $722 million a year earlier, which takes into account the $2.7 billion increase in operating cash flow before changes in working capital^1^ and the slight increase of $276 million in net investments to $3,198 million in the second quarter 2021,
●	$4,551 million in the first half 2021, 5.3 times greater than $862 million a year earlier, which takes into account the $4.3 billion increase in operating cash flow before changes in working capital, partially offset by a $620 million increase in net investments to $7,167 million in the first half 2021.
---	---

D. PROFITABILITY

Return on equity was 8.4% for the twelve months ended June 30, 2021.


	****	07/01/2020-	****	04/01/2020-	****	07/01/2019-
in millions of dollars		06/30/2021		3/31/2021		06/30/2020
Adjusted net income		8,786		5,330		8,214
Average adjusted shareholders' equity		105,066		109,135		109,448
Return on equity (ROE)	****	8.4%		4.9%		7.5%

Return on average capital employed was 7.2% for the twelve months ended June 30, 2021.


	****	07/01/2020-	****	04/01/2020-	****	07/01/2019-
in millions of dollars		06/30/2021		3/31/2021		06/30/2020
Adjusted net operating income		10,252		6,915		10,125
Average capital employed		142,861		148,777		145,621
ROACE	****	7.2%		4.6%		7.0%

^5^DACF = debt adjusted cash flow, is defined as cash flow from operating activities before changes in working capital at replacement cost, without financial charges.

^6^Net cash flow = operating cash flow before working capital changes - net investments (including other transactions with non-controlling interests).

E. 2021 SENSITIVITIES*


	****			Estimated
			Estimated impact	impact on cash
			on adjusted net	flow from
		Change	operating income	operations
Dollar		+/- 0.1 per	-/+ 0.1 B	~0 B$
Average Liquids Price**		+/- 10/b	+/- 2.7 B	+/- 3.2 B$
European gas price – NBP		+/- 1 /Mbtu	+/- 0.3 B	+/- 0.25 B$
Variable cost margin, European refining (VCM)		+/- 10 /t	+/- 0.4 B	+/- 0.5 B$

All values are in US Dollars.

* 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 2021. Actual results could vary significantly from estimates based on the application of these sensitivities. The impact of the $-€ sensitivity on adjusted net operating income is essentially attributable to Refining & Chemicals. Please find the indicators detailed page 21.

** In a 50 $/b Brent environment.

F. SUMMARY AND OUTLOOK

In a context of rebounding global demand for petroleum products, OPEC+ quotas in the first half 2021 contributed to a rapid drawdown of crude oil inventories, which fell below the average of the past five years. The price of oil has remained above $60/b since the beginning of February 2021 and broke through $70/b at the end of June. Recent OPEC+ decisions reinforce its collective discipline to adapt supply step by step to the growth in demand.

Given the outlook for OPEC+ quotas in the second half 2021, TotalEnergies anticipates its full-year 2021 hydrocarbon production to be around 2.85 Mboe/d. The start-up and ramp-up of new projects, including Zinia Phase 2 in Angola, North Russkoye in Russia and Iara in Brazil, will contribute to increased production in the second half 2021.

TotalEnergies anticipates that the higher oil prices observed in the first half 2021 will have a positive impact on its average realized price of LNG for the coming six months, given the lag effect on price formulas. It is expected to be more than $7.5/Mbtu in the third quarter 2021. In addition, gas markets in Asia and Europe are benefiting from the strong growth in demand linked to the global economic recovery.

TotalEnergies maintains discipline on expenses, with net investments expected to be between $12-13 billion in 2021, with half dedicated to future growth. For those growth investments, 50% will be dedicated to renewables and electricity.

In this favorable context, TotalEnergies confirms its priorities in terms of cash flow allocation: invest in profitable projects to implement TotalEnergies' transformation strategy to a broad energy company, support the dividend through economic cycles, maintain a solid balance sheet and a minimum "A" long-term debt rating by sustainably anchoring TotalEnergies’ gearing below 20%, and share additional revenues with its shareholders through share buybacks in the event of high prices.

FORWARD-LOOKING STATEMENTS

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.

Except for its ongoing obligations to disclose material information as required by applicable securities laws, TotalEnergies does not have any intention or obligation to update forward-looking statements after the distribution of this document, even if new information, future events or other circumstances have made them incorrect or misleading.

For additional factors, you should read the information set forth under “Item 3. -3.2 Risk Factors”, “Item 4. Information on the Company”, “Item 5. Operating and Financial Review and Prospects” and “Item 11. Quantitative and Qualitative Disclosures about Market Risk” in TotalEnergies’ Form 20-F for the year ended December 31, 2020.

OPERATING INFORMATION BY SEGMENT

TotalEnergies’ production (Exploration & Production + iGRP)


			2Q21		2Q21					1H21
			vs		vs	Combined liquids and gas				vs
2Q21	1Q21	2Q20	2Q20	2Q19	2Q19	production by region (kboe/d)		1H21	1H20	1H20
985	1,050	1,032	-4%	997	-1%	Europe and Central Asia	****	1,018	1,064	-4%
533	551	653	-18%	686	-22%	Africa	****	542	677	-20%
654	651	641	+2%	703	-7%	Middle East and North Africa	****	652	661	-1%
378	376	314	+20%	358	+6%	Americas	****	377	343	+10%
197	235	206	-4%	214	-8%	Asia-Pacific	****	216	220	-2%
2,747	2,863	2,846	-3%	2,957	-7%	Total production	****	2,805	2,966	-5%
750	729	699	+7%	750	-	includes equity affiliates	****	740	726	+2%


			2Q21		2Q21					1H21
			vs		vs					vs
2Q21	1Q21	2Q20	2Q20	2Q19	2Q19	Liquids production by region (kb/d)		1H21	1H20	1H20
351	374	381	-8%	328	+7%	Europe and Central Asia	****	363	392	-8%
399	415	514	-22%	549	-27%	Africa	****	407	534	-24%
502	499	494	+2%	546	-8%	Middle East and North Africa	****	500	505	-1%
183	179	127	+44%	160	+15%	Americas	****	181	153	+19%
29	41	37	-21%	41	-29%	Asia-Pacific	****	35	42	-17%
1,464	1,508	1,553	-6%	1,624	-10%	Total production	****	1,486	1,626	-9%
213	201	199	+7%	225	-5%	includes equity affiliates	****	207	207	-


			2Q21		2Q21					1H21
			vs		vs					vs
2Q21	1Q21	2Q20	2Q20	2Q19	2Q19	Gas production by region (Mcf/d)		1H21	1H20	1H20
3,411	3,636	3,506	-3%	3,639	-6%	Europe and Central Asia	****	3,523	3,620	-3%
680	693	706	-4%	703	-3%	Africa	****	686	726	-6%
847	843	818	+3%	866	-2%	Middle East and North Africa	****	845	865	-2%
1,095	1,100	1,047	+5%	1,107	-1%	Americas	****	1,098	1,069	+3%
984	1,128	968	+2%	994	-1%	Asia-Pacific	****	1,056	1,022	+3%
7,017	7,400	7,045	-	7,309	-4%	Total production	****	7,208	7,302	-1%
2,895	2,855	2,698	+7%	2,868	+1%	includes equity affiliates	****	2,875	2,802	+3%

Downstream (Refining & Chemicals and Marketing & Services)


			2Q21		2Q21					1H21
			vs		vs					vs
2Q21	1Q21	2Q20	2Q20	2Q19	2Q19	Petroleum product sales by region (kb/d)		1H21	1H20	1H20
1,521	1,558	1,449	+5%	2,018	-25%	Europe*	****	1,540	1,610	-4%
663	667	463	+43%	751	-12%	Africa	****	665	573	+16%
799	772	861	-7%	846	-6%	Americas	****	785	814	-3%
492	495	433	+13%	536	-8%	Rest of world	****	493	439	+12%
3,475	3,492	3,208	+8%	4,152	-16%	Total consolidated sales	****	3,483	3,435	+1%
334	402	366	-9%	535	-38%	Includes bulk sales*	****	368	432	-15%
1,668	1,648	1,541	+8%	1,757	-5%	Includes trading	****	1,658	1,525	+9%

* 1Q21 data adjusted


			2Q21		2Q20					1H21
			vs		vs					vs
2Q21	1Q21	2Q20	2Q20	2Q19	2Q19	*Petrochemicals production (kt)**		1H21	1H20	1H20
1,166	1,346	1,275	-9%	1,318	-11%	Europe	****	2,512	2,547	-1%
725	510	637	+14%	475	+53%	Americas	****	1,235	1,301	-5%
744	714	672	+11%	327	x2.3	Middle-East and Asia	****	1,459	1,324	+10%

* Olefins, polymers

> Renewables


		2Q21										1Q21
Installed power
generation gross				Onshore		Offshore								Onshore		Onshore
capacity (GW)^1,2^	****	Solar	****	Wind	****	Wind	****	Other	****	Total	****	Solar	****	Wind	****	Wind	****	Other	****	Total
France		0.5		0.5		0.0		0.1	****	1.0		0.4		0.5		0.0		0.1	****	1.0
Rest of Europe		0.1		1.0		0.0		0.1	****	1.1		0.1		0.8		0.0		0.1	****	1.0
Africa		0.1		0.0		0.0		0.0	****	0.1		0.1		0.0		0.0		0.0	****	0.1
Middle East		0.3		0.0		0.0		0.0	****	0.3		0.3		0.0		0.0		0.0	****	0.3
North America		0.8		0.0		0.0		0.0	****	0.9		0.8		0.0		0.0		0.0	****	0.8
South America		0.4		0.1		0.0		0.0	****	0.5		0.2		0.1		0.0		0.0	****	0.3
India		3.5		0.1		0.0		0.0	****	3.6		3.4		0.1		0.0		0.0	****	3.5
Asia-Pacific		0.7		0.0		0.0		0.0	****	0.7		0.7		0.0		0.0		0.0	****	0.7
Total	****	6.4	****	1.8	****	0.0	****	0.1	****	8.3	****	6.1	****	1.5		0.0	****	0.1	****	7.8


		2Q21										1Q21
Power generation gross
capacity from
renewables in				Onshore		Offshore								Onshore		Offshore
construction (GW)^1,2^	****	Solar	****	Wind	****	Wind	****	Other	****	Total	****	Solar	****	Wind	****	Wind	****	Other	****	Total
France		0.3		0.1		0.0		0.1	****	0.5		0.3		0.0		0.0		0.1	****	0.4
Rest of Europe		0.1		0.1		1.1		0.0	****	1.3		0.1		0.3		1.1		0.0	****	1.5
Africa		0.0		0.0		0.0		0.0	****	0.0		0.0		0.0		0.0		0.0	****	0.0
Middle East		0.8		0.0		0.0		0.0	****	0.8		0.8		0.0		0.0		0.0	****	0.8
North America		0.3		0.0		0.0		0.0	****	0.3		0.3		0.0		0.0		0.0	****	0.3
South America		0.0		0.2		0.0		0.0	****	0.2		0.2		0.2		0.0		0.0	****	0.3
India		0.9		0.2		0.0		0.0	****	1.1		0.9		0.4		0.0		0.0	****	1.3
Asia-Pacific		0.5		0.0		0.6		0.0	****	1.1		0.4		0.0		0.0		0.0	****	0.5
Total	****	2.8	****	0.6	****	1.8	****	0.1	****	5.4	****	2.9	****	0.9	****	1.1	****	0.1	****	5.1


		2Q21										1Q21
Power generation gross
capacity from
renewables in				Onshore		Offshore								Onshore		Offshore
development (GW)^1,2^	****	Solar	****	Wind	****	Wind	****	Other	****	Total	****	Solar	****	Wind	****	Wind	****	Other	****	Total
France		3.2		0.8		0.0		0.0	****	4.0		3.2		1.0		0.0		0.0	****	4.2
Rest of Europe		5.3		0.3		2.3		0.0	****	7.9		5.2		0.3		2.3		0.0	****	7.8
Africa		0.4		0.1		0.0		0.2	****	0.6		0.1		0.1		0.0		0.0	****	0.2
Middle East		0.1		0.0		0.0		0.0	****	0.1		0.2		0.0		0.0		0.0	****	0.2
North America		3.5		0.2		0.0		0.7	****	4.3		3.4		0.2		0.0		0.7	****	4.2
South America		0.6		1.0		0.0		0.0	****	1.7		0.8		0.8		0.0		0.0	****	1.6
India		6.2		0.1		0.0		0.0	****	6.3		6.2		0.1		0.0		0.0	****	6.2
Asia-Pacific		1.1		0.0		2.1		0.0	****	3.2		0.8		0.0		2.1		0.0	****	2.9
Total	****	20.3	****	2.5	****	4.4	****	0.8	****	28.0	****	19.8	****	2.5	****	4.4	****	0.7	****	27.3

^1^ Includes 20% of gross capacity of Adani Green Energy Ltd effective first quarter 2021.

^2^ End-of-period data.


	In operation						In construction						In development
Gross
renewables
capacity
covered by
PPA at 30
June 2021		Onshore						Onshore	Offshore					Onshore	Offshore
(GW)	Solar	Wind		Other		Total	Solar	Wind	Wind	Other		Total	Solar	Wind	Wind	Other		Total
Europe	0.6	1.5		X	****	2.2	0.3	X	0.8	X	****	1.4	4.0	0.3	X	X	****	4.3
Asia	4.5	X		X	****	4.6	2.2	0.3	0.6	—	****	3.1	3.9	X	—	—	****	4.0
North America	0.8	X		X	****	0.8	0.3	X	—	X	****	0.3	0.3	X	—	X	****	0.4
Rest of World	0.5	X		X	****	0.7	X	X	—	X	****	X	0.4	X	—	X	****	0.7
Total	6.3	1.8	****	X	****	8.2	2.8	0.6	1.4	X	****	5.0	8.6	0.5	X	0.2		9.3


	In operation					In construction						In development
PPA
average
price at
30 June
2021		Onshore					Onshore	Offshore					Onshore	Offshore
(/MWh)	Solar	Wind	Other		Total	Solar	Wind	Wind	Other		Total	Solar	Wind	Wind	Other		Total
Europe	239	120	X	****	154	68	X	61	X	****	64	42	73	X	X	****	46
Asia	85	X	X	****	84	47	56	187	—	****	77	40	X	—	—	****	40
North America	155	X	X	****	158	26	X	—	X	****	31	31	X	—	X	****	49
Rest of World	82	X	X	****	82	X	X	—	X	****	X	97	X	—	X	****	97
Total	107	112	X	****	108	48	66	106	X	****	70	43	79	X	145	****	45

All values are in US Dollars.

Adjustment items to net income (TotalEnergies share)


2Q21	1Q21	2Q20	2Q19	****	in millions of dollars	****	1H21	1H20
(1,588)	(342)	(8,321)	(56)		Special items affecting net income (TotalEnergies share)	****	(1,930)	(8,655)
(1,379)	-	-	-		Gain (loss) on asset sales*	****	(1,379)	-
(110)	(161)	(20)	(31)		Restructuring charges	****	(271)	(100)
(49)	(144)	(8,101)	(57)		Impairments	****	(193)	(8,101)
(50)	(37)	(200)	32		Other	****	(87)	(454)
375	689	(94)	(28)		After-tax inventory effect: FIFO vs. replacement cost	****	1,064	(1,508)
(44)	(6)	(80)	(47)		Effect of changes in fair value	****	(50)	(79)
(1,257)	341	(8,495)	(131)	****	Total adjustments affecting net income	****	(916)	(10,242)

* Including $(1,379) million related to the effect of the sale of TotalEnergies’ participation in Petrocedeño S.A. to PDVSA in Venezuela

RECONCILIATION OF ADJUSTED EBITDA WITH CONSOLIDATED FINANCIAL STATEMENTS

Reconciliation of net income (TotalEnergies share) to adjusted EBITDA


	****		****		****	2Q21 vs	****		****	2Q21 vs	****		****		****		****	1H21 vs
2Q21		1Q21		2Q20		2Q20		2Q19		2Q19		in millions of dollars		1H21		1H20		1H20
2,206	****	3,344	****	(8,369)		ns	****	2,756		-20%		Net income - TotalEnergies share	****	5,550	****	(8,335)		ns
1,257		(341)		8,495		-85%		131		x9.6		Less: adjustment items to net income (TotalEnergies share)		916		10,242		-91%
3,463	****	3,003	****	126		x27.5	****	2,887		20%		Adjusted net income - TotalEnergies share	****	6,466	****	1,907		x3.4
												Adjusted items
88		59		(31)		ns		73		21%		Add: non-controlling interests		147		(13)		ns
1,485		1,446		(95)		ns		1,322		12%		Add: income taxes		2,931		490		x6
3,105		3,180		3,302		-6%		3,597		-14%		Add: depreciation, depletion and impairment of tangible assets and mineral interests		6,285		6,937		-9
94		103		77		22%		65		45%		Add: amortization and impairment of intangible assets		197		155		27%
501		466		527		-5%		564		-11%		Add: financial interest on debt		967		1,094		-12%
(69)		(87)		3		ns		42		ns		Less: financial income and expense from cash & cash equivalents		(156)		13		ns
8,667	****	8,170	****	3,909		x2.2	****	8,550		1%		Adjusted EBITDA	****	16,837	****	10,583		+59%

Reconciliation of revenues from sales to adjusted EBITDA and net income (TotalEnergies share)


	****		****		****	2Q21 vs	****		****	2Q21 vs		****		****		****	1H21 vs
2Q21		1Q21		2Q20		2Q20		2Q19		2Q19	In millions of dollars		1H21		1H20		1H20
											Adjusted items
41,642		38,668		21,580		+93%		45,261		-8%	Revenues from sales		80,310		60,155		+34%
(27,108)		(24,289)		(11,842)		ns		(30,295)		ns	Purchases, net of inventory variation		(51,397)		(37,949)		ns
(6,708)		(6,868)		(6,199)		ns		(7,042)		ns	Other operating expenses		(13,576)		(12,985)		ns
(123)		(167)		(114)		ns		(170)		ns	Exploration costs		(290)		(254)		ns
138		416		240		-43%		253		-45%	Other income		554		820		-32%
(48)		(89)		(26)		ns		(52)		ns	Other expense, excluding amortization and impairment of intangible assets		(137)		(139)		ns
265		109		419		-37%		326		-19%	Other financial income		374		607		-38%
(131)		(130)		(160)		ns		(188)		ns	Other financial expense		(261)		(341)		ns
740		520		11		x67.3		457		+62%	Net income (loss) from equity affiliates		1,260		669		+88%
8,667	****	8,170	****	3,909		x2.2	****	8,550		+1%	Adjusted EBITDA	****	16,837	****	10,583		+59%
											Adjusted items
(3,105)		(3,180)		(3,302)		ns		(3,597)		ns	Less: depreciation, depletion and impairment of tangible assets and mineral interests		(6,285)		(6,937)		ns
(94)		(103)		(77)		ns		(65)		ns	Less: amortization of intangible assets		(197)		(155)		ns
(501)		(466)		(527)		ns		(564)		ns	Less: financial interest on debt		(967)		(1,094)		ns
69		87		(3)		ns		(42)		ns	Add: financial income and expense from cash & cash equivalents		156		(13)		ns
(1,485)		(1,446)		95		ns		(1,322)		ns	Less: income taxes		(2,931)		(490)		ns
(88)		(59)		31		ns		(73)		ns	Less: non-controlling interests		(147)		13		ns
(1,257)		341		(8,495)		ns		(131)		ns	Add: adjustment - TotalEnergies share		(916)		(10,242)		ns
2,206	****	3,344	****	(8,369)		ns	****	2,756		-20%	Net income - TotalEnergies share	****	5,550	****	(8,335)		ns

Investments - Divestments


					2Q21		2Q21						1H21
					vs		vs						vs
2Q21		1Q21		2Q20	2Q20	2Q19	2Q19	in millions of dollars		1H21		1H20	1H20
2,802		2,379		2,201	+27%	3,028	-7%	Organic investments (a)	****	5,181		4,724	+10%
245		243		162	+52%	185	+33%	capitalized exploration	****	488		297	+64%
380		292		733	-48%	370	+3%	increase in non-current loans	****	672		1,012	-34%
(89)		(96)		(58)	ns	(254)	ns	repayment of non-current loans, excluding organic loan repayment from equity affiliates	****	(185)		(175)	ns
(4)		(167)		(47)	ns	-	ns	change in debt from renewable projects (TotalEnergies share)	****	(171)		(152)	ns
662		2,208		857	-23%	614	+8%	Acquisitions (b)	****	2,870		2,501	+15%
266		618		136	+95%	212	+25%	Asset sales (c)	****	884		678	+30%
5		100		22	-77%	-	ns	change in debt from renewable projects (partner share)	****	105		83	+27%
-		-		-	ns	-	ns	Other transactions with non-controlling <br>interests (d)	****	-		-	ns
3,198	****	3,969	****	2,922	+9%	3,430	-7%	Net investments (a + b - c - d)	****	7,167	****	6,547	+9%
(78)		(30)		(41)	ns	(99)	ns	Organic loan repayment from equity affiliates (e)	****	(108)		(34)	ns
9		267		69	-87%	-	ns	Change in debt from renewable projects financing* (f)	****	276		235	+17%
25		22		22	+14%	-	ns	Capex linked to capitalized leasing contracts (g)	****	47		46	+2%
3,104	****	4,184	****	2,928	+6%	3,331	-7%	Cash flow used in investing activities (a + b - c + e + f - g)	****	7,288	****	6,702	+9%

* Change in debt from renewable projects (TotalEnergies share and partner share).

Cash flow


					2Q21		2Q21	****		****				1H21
					vs		vs							vs
2Q21		1Q21		2Q20	2Q20	2Q19	2Q19		in millions of dollars		1H21		1H20	1H20
6,761	****	5,750	****	4,143	+63%	7,308	-7%		Operating cash flow before working capital changes w/o financial charges (DACF)	****	12,511	****	8,420	+49%
(409)		(384)		(499)	ns	(501)	ns		Financial charges	****	(793)		(1,011)	ns
6,352	****	5,366	****	3,644	+74%	6,807	-7%		Operating cash flow before working capital changes (a) *	****	11,718	****	7,409	+58%
814		(555)		(65)	ns	(417)	ns		(Increase) decrease in working capital**	****	259		(698)	ns
463		883		(42)	ns	(40)	ns		Inventory effect	****	1,346		(1,838)	ns
-		(66)		(17)	ns	-	ns		capital gain from renewable projects sale	****	(66)		(61)	ns
(78)		(30)		(41)	ns	(99)	ns		Organic loan repayment from equity affiliates	****	(108)		(34)	ns
7,551	****	5,598	****	3,479	x2.2	6,251	+21%		Cash flow from operations	****	13,149	****	4,778	x2.8
2,802		2,379		2,201	+27%	3,028	-7%		Organic investments (b)	****	5,181		4,724	+10%
3,550	****	2,987	****	1,443	x2.5	3,779	-6%		Free cash flow after organic investments, w/o net asset sales (a - b)	****	6,537	****	2,685	x2.4
3,198		3,969		2,922	+9%	3,430	-7%		Net investments (c)	****	7,167		6,547	+9%
3,154	****	1,397	****	722	x4.4	3,377	-7%		Net cash flow (a - c)	****	4,551	****	862	x5.3

* Operating cash flow before working capital changes, is defined as cash flow from operating activities before changes in working capital at replacement cost, excluding the mark-to-market effect of iGRP’s contracts and including capital gain from renewable projects sale (effective first quarter 2020). Historical data have been restated to cancel the impact of fair valuation of iGRP sector’s contracts.

** Changes in working capital are presented excluding the mark-to-market effect of iGRP’s contracts.

Gearing ratio


In millions of dollars	****	06/30/2021	03/31/2021	06/30/2020	06/30/2019
Current borrowings*	****	15,795	19,279	14,894	15,290
Other current financial liabilities	****	322	351	411	426
Current financial assets*		(4,326)	(4,492)	(6,383)	(3,536)
Net financial assets classified as held for sale	****	-	-	-	-
Non-current financial debt*	****	44,687	44,842	54,214	39,260
Non-current financial assets*	****	(2,726)	(2,669)	(1,415)	(721)
Cash and cash equivalents	****	(28,643)	(30,285)	(29,727)	(26,723)
Net debt (a)	****	25,109	27,026	31,994	23,996
Shareholders’ equity – TotalEnergies share	****	108,096	109,295	101,205	116,862
Non-controlling interests	****	2,480	2,390	2,334	2,362
Shareholders’ equity (b)	****	110,576	111,685	103,539	119,224
Net-debt-to-capital ratio = a / (a+b)	****	18.5%	19.5%	23.6%	16.8%
Leases (c)		7,702	7,747	7,383	7,015
Net-debt-to-capital ratio including leases (a+c) / (a+b+c)		22.9%	23.7%	27.6%	20.6%

* Excludes leases receivables and leases debts.

RETURN ON AVERAGE CAPITAL EMPLOYED

Twelve months ended June 30, 2021


	****		****		****		****
		Integrated Gas,
		Renewables &		Exploration &		Refining &		Marketing
in millions of dollars		Power		Production		Chemicals		& Services
Adjusted net operating income		2,415		6,057		836		1,494
Capital employed at 6/30/2020*		43,527		79,096		12,843		8,366
Capital employed at 6/30/2021*		49,831		76,013		9,285		8,439
ROACE	****	5.2%		7.8%		7.6%		17.8%

Twelve months ended March 31, 2021


	****	Integrated	****		****		****
		Gas,
		Renewables &		Exploration &		Refining &		Marketing
in millions of dollars		Power		Production		Chemicals		& Services
Adjusted net operating income		1,850		3,635		900		1,206
Capital employed at 3/31/2020*		44,236		85,622		12,878		8,764
Capital employed at 3/31/2021*		48,423		78,170		10,403		8,198
ROACE	****	4.0%		4.4%		7.7%		14.2%

Twelve months ended June 30, 2020


	****	Integrated Gas,	****		****		****		****
		Renewables &		Exploration &		Refining &		Marketing &
in millions of dollars		Power		Production		Chemicals		Services
Adjusted net operating income		2,607		4,259		2,489		1,318
Capital employed at 6/30/2019*		37,290		90,633		12,300		8,535
Capital employed at 6/30/2020*		43,527		79,096		12,843		8,366
ROACE	****	6.5%		5.0%		19.8%		15.6%

*At replacement cost (excluding after-tax inventory effect).

MAIN INDICATORS


	****		****		****		****		****		****	Variable cost
						Average		Average gas		Average LNG		margin,
				Brent		liquids price*		price*		price**		European
		$/€		($/b)		($/b)		($/Mbtu)		($/Mbtu)		refining* ($/t)**
Second quarter 2021		1.21		69.0		62.9		4.43		6.59		10.2
First quarter 2021		1.20		61.1		56.4		4.06		6.08		5.3
Fourth quarter 2020		1.19		44.2		41.0		3.31		4.90		4.6
Third quarter 2020		1.17		42.9		39.9		2.52		3.57		-2.7
Second quarter 2020		1.10		29.6		23.4		2.61		4.40		14.3

* Sales in $ / sales in volume for consolidated subsidiaries (excluding stock value variation).

** Sales in $ / sales in volume for consolidated subsidiaries and equity affiliates (excluding stock value variation).

*** This indicator represents the average margin on variable costs realized by TotalEnergies’ European refining business (equal to the difference between the sales of refined products realized by TotalEnergies’ European refining and the crude purchases as well as associated variable costs, divided by refinery throughput in tons).

Disclaimer: Data is based on TotalEnergies’ reporting and is not audited.

CONSOLIDATED STATEMENT OF INCOME

TotalEnergies

(unaudited)


	2^nd^quarter	1^st^quarter	2^nd^quarter
(M$)^(a)^	2021	2021	2020

Sales	47,049	43,737	25,730
Excise taxes	(5,416)	(5,104)	(4,168)
Revenues from sales	41,633	38,633	21,562

Purchases, net of inventory variation	(26,719)	(23,398)	(12,025)
Other operating expenses	(6,717)	(6,880)	(6,321)
Exploration costs	(123)	(167)	(114)
Depreciation, depletion and impairment of tangible assets and mineral interests	(3,121)	(3,325)	(11,593)
Other income	223	358	362
Other expense	(298)	(659)	(108)

Financial interest on debt	(501)	(466)	(530)
Financial income and expense from cash & cash equivalents	77	95	50
Cost of net debt	(424)	(371)	(480)

Other financial income	265	109	419
Other financial expense	(131)	(130)	(161)

Net income (loss) from equity affiliates	(680)	881	(447)

Income taxes	(1,609)	(1,639)	484
Consolidated net income	2,299	3,412	(8,422)
TotalEnergies share	2,206	3,344	(8,369)
Non-controlling interests	93	68	(53)
Earnings per share ($)	0.80	1.24	(3.27)
Fully-diluted earnings per share ($)	0.80	1.23	(3.27)

(a) Except for per share amounts.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

TotalEnergies

(unaudited)


	2^nd^quarter	1^st^quarter	2^nd^quarter
(M$)	2021	2021	2020

Consolidated net income	2,299	3,412	(8,422)

Other comprehensive income

Actuarial gains and losses	449	-	(356)
Change in fair value of investments in equity instruments	56	12	90
Tax effect	(142)	(12)	101
Currency translation adjustment generated by the parent company	1,239	(4,173)	1,780
Items not potentially reclassifiable to profit and loss	1,602	(4,173)	1,615
Currency translation adjustment	(746)	2,523	(919)
Cash flow hedge	(424)	504	231
Variation of foreign currency basis spread	(4)	-	14
Share of other comprehensive income of equity affiliates, net amount	(18)	469	296
Other	(1)	1	-
Tax effect	100	(157)	(78)
Items potentially reclassifiable to profit and loss	(1,093)	3,340	(456)
Total other comprehensive income (net amount)	509	(833)	1,159

Comprehensive income	2,808	2,579	(7,263)
TotalEnergies share	2,670	2,542	(7,253)
Non-controlling interests	138	37	(10)

CONSOLIDATED STATEMENT OF INCOME

TotalEnergies

(unaudited)


	1^st^half	1^st^half
(M$)^(a)^	2021	2020

Sales	90,786	69,600
Excise taxes	(10,520)	(9,461)
Revenues from sales	80,266	60,139

Purchases, net of inventory variation	(50,117)	(40,093)
Other operating expenses	(13,597)	(13,265)
Exploration costs	(290)	(254)
Depreciation, depletion and impairment of tangible assets and mineral interests	(6,446)	(15,228)
Other income	581	942
Other expense	(957)	(528)

Financial interest on debt	(967)	(1,099)
Financial income and expense from cash & cash equivalents	172	(105)
Cost of net debt	(795)	(1,204)

Other financial income	374	607
Other financial expense	(261)	(342)

Net income (loss) from equity affiliates	201	285

Income taxes	(3,248)	521
Consolidated net income	5,711	(8,420)
TotalEnergies share	5,550	(8,335)
Non-controlling interests	161	(85)
Earnings per share ($)	2.04	(3.29)
Fully-diluted earnings per share ($)	2.03	(3.29)

(a) Except for per share amounts.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

TotalEnergies

(unaudited)


	1^st^half	1^st^half
(M$)	2021	2020

Consolidated net income	5,711	(8,420)

Other comprehensive income

Actuarial gains and losses	449	(223)
Change in fair value of investments in equity instruments	68	(74)
Tax effect	(154)	86
Currency translation adjustment generated by the parent company	(2,934)	(196)
Items not potentially reclassifiable to profit and loss	(2,571)	(407)
Currency translation adjustment	1,777	(940)
Cash flow hedge	80	(1,293)
Variation of foreign currency basis spread	(4)	70
Share of other comprehensive income of equity affiliates, net amount	451	(927)
Other	-	3
Tax effect	(57)	367
Items potentially reclassifiable to profit and loss	2,247	(2,720)
Total other comprehensive income (net amount)	(324)	(3,127)

Comprehensive income	5,387	(11,547)
TotalEnergies share	5,212	(11,424)
Non-controlling interests	175	(123)

CONSOLIDATED BALANCE SHEET

TotalEnergies


	****	June 30,	****	March 31,	****	December 31,	****	June 30,
		2021		2021		2020		2020

(M$)		(unaudited)		(unaudited)				(unaudited)

ASSETS

Non-current assets
Intangible assets, net		33,359		33,239		33,528		33,114
Property, plant and equipment, net		106,791		106,859		108,335		104,925
Equity affiliates : investments and loans		29,712		30,727		27,976		27,470
Other investments		2,247		2,062		2,007		1,627
Non-current financial assets		3,778		3,700		4,781		2,431
Deferred income taxes		6,578		6,619		7,016		7,257
Other non-current assets		2,800		2,638		2,810		2,539
Total non-current assets	****	185,265	****	185,844	****	186,453	****	179,363

Current assets
Inventories, net		19,162		16,192		14,730		12,688
Accounts receivable, net		17,192		17,532		14,068		13,481
Other current assets		17,585		14,304		13,428		17,155
Current financial assets		4,404		4,605		4,630		6,570
Cash and cash equivalents		28,643		30,285		31,268		29,727
Assets classified as held for sale		456		396		1,555		421
Total current assets	****	87,442	****	83,314	****	79,679	****	80,042
Total assets	****	272,707	****	269,158	****	266,132	****	259,405

LIABILITIES & SHAREHOLDERS' EQUITY

Shareholders’ equity
Common shares		8,224		8,193		8,267		8,159
Paid-in surplus and retained earnings		110,967		112,676		107,078		107,934
Currency translation adjustment		(11,087)		(11,566)		(10,256)		(13,265)
Treasury shares		(8)		(8)		(1,387)		(1,623)
Total shareholders' equity - TotalEnergies share	****	108,096	****	109,295	****	103,702	****	101,205
Non-controlling interests	****	2,480	****	2,390	****	2,383	****	2,334
Total shareholders' equity	****	110,576	****	111,685	****	106,085	****	103,539

Non-current liabilities
Deferred income taxes		10,596		10,387		10,326		10,346
Employee benefits		3,305		3,644		3,917		3,612
Provisions and other non-current liabilities		20,716		20,893		20,925		19,487
Non-current financial debt		52,331		52,541		60,203		61,540
Total non-current liabilities	****	86,948	****	87,465	****	95,371	****	94,985

Current liabilities
Accounts payable		29,752		26,959		23,574		19,198
Other creditors and accrued liabilities		27,836		22,066		22,465		24,790
Current borrowings		16,983		20,471		17,099		16,154
Other current financial liabilities		322		351		203		411
Liabilities directly associated with the assets classified as held for sale		290		161		1,335		328
Total current liabilities	****	75,183	****	70,008	****	64,676	****	60,881
Total liabilities & shareholders' equity	****	272,707	****	269,158	****	266,132	****	259,405

CONSOLIDATED STATEMENT OF CASH FLOW

TotalEnergies

(unaudited)


	2^nd^quarter	1^st^quarter	2^nd^quarter
(M$)	2021	2021	2020

CASH FLOW FROM OPERATING ACTIVITIES

Consolidated net income	2,299	3,412	(8,422)
Depreciation, depletion, amortization and impairment	3,287	3,473	11,701
Non-current liabilities, valuation allowances and deferred taxes	210	121	(796)
(Gains) losses on disposals of assets	(85)	(285)	(131)
Undistributed affiliates’ equity earnings	1,255	(573)	978
(Increase) decrease in working capital	669	(819)	431
Other changes, net	(84)	269	(282)
Cash flow from operating activities	7,551	5,598	3,479

CASH FLOW USED IN INVESTING ACTIVITIES

Intangible assets and property, plant and equipment additions	(2,675)	(2,410)	(2,409)
Acquisitions of subsidiaries, net of cash acquired	(170)	-	-
Investments in equity affiliates and other securities	(307)	(2,126)	(136)
Increase in non-current loans	(380)	(300)	(733)
Total expenditures	(3,532)	(4,836)	(3,278)
Proceeds from disposals of intangible assets and property, plant and equipment	45	226	219
Proceeds from disposals of subsidiaries, net of cash sold	-	229	12
Proceeds from disposals of non-current investments	216	63	20
Repayment of non-current loans	167	134	99
Total divestments	428	652	350
Cash flow used in investing activities	(3,104)	(4,184)	(2,928)

CASH FLOW USED IN FINANCING ACTIVITIES

Issuance (repayment) of shares:
- Parent company shareholders	381	-	374
- Treasury shares	-	(165)	(2)
Dividends paid:
- Parent company shareholders	(2,094)	(2,090)	(1,928)
- Non-controlling interests	(53)	(10)	(76)
Net issuance (repayment) of perpetual subordinated notes	-	3,248	-
Payments on perpetual subordinated notes	(147)	(87)	(134)
Other transactions with non-controlling interests	-	(55)	(22)
Net issuance (repayment) of non-current debt	51	(890)	15,430
Increase (decrease) in current borrowings	(4,369)	(1,662)	(6,604)
Increase (decrease) in current financial assets and liabilities	(67)	(148)	449
Cash flow from (used in) financing activities	(6,298)	(1,859)	7,487
Net increase (decrease) in cash and cash equivalents	(1,851)	(445)	8,038
Effect of exchange rates	209	(538)	55
Cash and cash equivalents at the beginning of the period	30,285	31,268	21,634
Cash and cash equivalents at the end of the period	28,643	30,285	29,727

CONSOLIDATED STATEMENT OF CASH FLOW

TotalEnergies

(unaudited)


	1^st^half	1^st^half
(M$)	2021	2020

CASH FLOW FROM OPERATING ACTIVITIES

Consolidated net income	5,711	(8,420)
Depreciation, depletion, amortization and impairment	6,760	15,431
Non-current liabilities, valuation allowances and deferred taxes	331	(1,457)
(Gains) losses on disposals of assets	(370)	(340)
Undistributed affiliates’ equity earnings	682	391
(Increase) decrease in working capital	(150)	(453)
Other changes, net	185	(374)
Cash flow from operating activities	13,149	4,778

CASH FLOW USED IN INVESTING ACTIVITIES

Intangible assets and property, plant and equipment additions	(5,085)	(4,773)
Acquisitions of subsidiaries, net of cash acquired	(170)	(188)
Investments in equity affiliates and other securities	(2,433)	(1,670)
Increase in non-current loans	(680)	(1,028)
Total expenditures	(8,368)	(7,659)
Proceeds from disposals of intangible assets and property, plant and equipment	271	263
Proceeds from disposals of subsidiaries, net of cash sold	229	154
Proceeds from disposals of non-current investments	279	315
Repayment of non-current loans	301	225
Total divestments	1,080	957
Cash flow used in investing activities	(7,288)	(6,702)

CASH FLOW USED IN FINANCING ACTIVITIES

Issuance (repayment) of shares:
- Parent company shareholders	381	374
- Treasury shares	(165)	(611)
Dividends paid:
- Parent company shareholders	(4,184)	(3,810)
- Non-controlling interests	(63)	(76)
Net issuance (repayment) of perpetual subordinated notes	3,248	-
Payments on perpetual subordinated notes	(234)	(231)
Other transactions with non-controlling interests	(55)	(70)
Net issuance (repayment) of non-current debt	(839)	15,472
Increase (decrease) in current borrowings	(6,031)	(3,819)
Increase (decrease) in current financial assets and liabilities	(215)	(2,546)
Cash flow from (used in) financing activities	(8,157)	4,683
Net increase (decrease) in cash and cash equivalents	(2,296)	2,759
Effect of exchange rates	(329)	(384)
Cash and cash equivalents at the beginning of the period	31,268	27,352
Cash and cash equivalents at the end of the period	28,643	29,727

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

TotalEnergies

(unaudited)


				Paid-in						Shareholders’
				surplus and	Currency					equity -	Non-	Total
	Common shares issued			retained	translation		Treasury shares			TotalEnergies	controlling	shareholders’
(M)	Number		Amount	earnings	adjustment	****	Number		Amount	Share	interests	equity
As of January 1, 2020	2,601,881,075	****	8,123	121,170	(11,503)		(15,474,234)	****	(1,012)	116,778	2,527	119,305
Net income of the first half 2020	-		-	(8,335)	-		-		-	(8,335)	(85)	(8,420)
Other comprehensive income	-		-	(1,327)	(1,762)		-		-	(3,089)	(38)	(3,127)
Comprehensive Income	-	****	-	(9,662)	(1,762)		-	****	-	(11,424)	(123)	(11,547)
Dividend	-		-	(3,799)	-		-		-	(3,799)	(76)	(3,875)
Issuance of common shares	13,179,262		36	338	-		-		-	374	-	374
Purchase of treasury shares	-		-	-	-		(13,236,044)		(611)	(611)	-	(611)
Sale of treasury shares(a)	-		-	-	-		3,680		-	-	-	-
Share-based payments	-		-	96	-		-		-	96	-	96
Share cancellation	-		-	-	-		-		-	-	-	-
Net issuance (repayment) of perpetual subordinated notes	-		-	-	-		-		-	-	-	-
Payments on perpetual subordinated notes	-		-	(143)	-		-		-	(143)	-	(143)
Other operations with non-controlling interests	-		-	(63)	-		-		-	(63)	(7)	(70)
Other items	-		-	(3)	-		-		-	(3)	13	10
As of June 30, 2020	2,615,060,337	****	8,159	107,934	(13,265)		(28,706,598)	****	(1,623)	101,205	2,334	103,539
Net income of the second half 2020	-		-	1,093	-		-		-	1,093	(9)	1,084
Other comprehensive income	-		-	1,006	3,013		-		-	4,019	338	4,357
Comprehensive Income	-	****	-	2,099	3,013		-	****	-	5,112	329	5,441
Dividend	-		-	(4,100)	-		-		-	(4,100)	(158)	(4,258)
Issuance of common shares	38,063,688		108	1,132	-		-		-	1,240	-	1,240
Purchase of treasury shares	-		-	-	-		-		-	-	-	-
Sale of treasury shares(a)	-		-	(236)	-		4,313,895		236	-	-	-
Share-based payments	-		-	92	-		-		-	92	-	92
Share cancellation	-		-	-	-		-		-	-	-	-
Net issuance (repayment) of perpetual subordinated notes	-		-	331	-		-		-	331	-	331
Payments on perpetual subordinated notes	-		-	(165)	-		-		-	(165)	-	(165)
Other operations with non-controlling interests	-		-	2	(4)		-		-	(2)	(110)	(112)
Other items	-		-	(11)	-		-		-	(11)	(12)	(23)
As of December 31, 2020	2,653,124,025	****	8,267	107,078	(10,256)		(24,392,703)	****	(1,387)	103,702	2,383	106,085
Net income of the first half 2021	-		-	5,550	-		-		-	5,550	161	5,711
Other comprehensive income	-		-	485	(823)		-		-	(338)	14	(324)
Comprehensive Income	-	****	-	6,035	(823)		-	****	-	5,212	175	5,387
Dividend	-		-	(4,189)	-		-		-	(4,189)	(63)	(4,252)
Issuance of common shares	10,589,713		31	350	-		-		-	381	-	381
Purchase of treasury shares	-		-	-	-		(3,636,351)		(165)	(165)	-	(165)
Sale of treasury shares(a)	-		-	(216)	-		4,570,220		216	-	-	-
Share-based payments	-		-	61	-		-		-	61	-	61
Share cancellation	(23,284,409)		(74)	(1,254)	-		23,284,409		1,328	-	-	-
Net issuance (repayment) of perpetual subordinated notes	-		-	3,254	-		-		-	3,254	-	3,254
Payments on perpetual subordinated notes	-		-	(184)	-		-		-	(184)	-	(184)
Other operations with non-controlling interests	-		-	26	(6)		-		-	20	(20)	-
Other items	-		-	6	(2)		-		-	4	5	9
As of June 30, 2021	2,640,429,329	****	8,224	110,967	(11,087)		(174,425)	****	(8)	108,096	2,480	110,576

All values are in US Dollars.

^(a)^Treasury shares related to the performance share grants.

TotalEnergies

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE FIRST SIX MONTHS 2021

(unaudited)

1) Accounting policies

The consolidated financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union and IFRS as published by the International Accounting Standards Board (IASB).

The interim consolidated financial statements of TotalEnergies SE and its subsidiaries (the Company) as of June 30, 2021, are presented in U.S. dollars and have been prepared in accordance with International Accounting Standard (IAS) 34 “Interim Financial Reporting”.

The accounting principles applied for the consolidated financial statements at June 30, 2021, are consistent with those used for the financial statements at December 31, 2020. Since January 1, 2020, the Company has early adopted the amendments to IFRS 7 and IFRS 9 relating to the interest rate benchmark reform phase II. In particular, these amendments allow to maintain the hedge accounting qualification of interest rate derivatives.

The preparation of financial statements in accordance with IFRS for the closing as of June 30, 2021 requires the executive management to make estimates, assumptions and judgments that affect the information reported in the Consolidated Financial Statements and the Notes thereto.

These estimates, assumptions and judgments are based on historical experience and other factors believed to be reasonable at the date of preparation of the financial statements. They are reviewed on an on-going basis by management and therefore could be revised as circumstances change or as a result of new information.

The main estimates, judgments and assumptions relate to the estimation of hydrocarbon reserves in application of the successful efforts method for the oil and gas activities, asset impairments, employee benefits, asset retirement obligations and income taxes. These estimates and assumptions are described in the Notes to the Consolidated Financial Statements as of December 31, 2020.

Different estimates, assumptions and judgments could significantly affect the information reported, and actual results may differ from the amounts included in the Consolidated Financial Statements and the Notes thereto.

Furthermore, when the accounting treatment of a specific transaction is not addressed by any accounting standard or interpretation, the management of the Company applies its judgment to define and apply accounting policies that provide information consistent with the general IFRS concepts: faithful representation, relevance and materiality.

2) Changes in the Company structure

2.1) Main acquisitions and divestments

Ø	Integrated Gas, Renewables & Power
●	In January 2021, TotalEnergies finalized the acquisition of a 20% minority interest in Adani Green Energy Limited (AGEL) from Adani Group. Adani Green Energy Limited (AGEL), a part of the Adani Group, has 14.6 GW of operating, under-construction and awarded renewable power projects catering to investment-grade counterparties.
---	---
Ø	Refining & Chemicals
---	---
●	In February 2021, TotalEnergies finalized the sale of Lindsey refinery and its associated logistic assets, as well as all the related rights and obligations, to the Prax Group.
---	---

2.2) Divestment projects

Ø	Exploration & Production
●	TotalEnergies has initiated the sale process of its 30.323% interest in the share capital of Petrocedeño in Venezuela. As mentioned in Note 8 Subsequent Events, this process led to the execution on July 9, 2021 of a Share Purchase Agreement with PDVSA.
---	---

As of June 30, 2021, the assets have been classified as “assets classified as held for sale” for a null value. These assets are the shares of Petrocedeño, as consolidated under the equity method and recorded at their sale price; this transaction triggering a loss of $1.38 billion in the financial statements of TotalEnergies.

●	On July 30, 2020, TotalEnergies announced that its 58% owned affiliate Total Gabon has signed an agreement with Perenco to divest its interests in seven mature non-operated offshore fields, along with its interests and operatorship in the Cap Lopez oil terminal. The transaction remains subject to approval by the Gabonese authorities.

As of June 30, 2021, the assets and liabilities have been respectively classified in the consolidated balance sheet as "assets classified as held for sale" for an amount of $398 million and “liabilities classified as held for sale” for an amount of $169 million. These assets mainly include tangible assets.

3) Business segment information

Description of the business segments

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 and which is reviewed by the main operational decision-making body of the Company, namely the Executive Committee.

The operational profit and assets are broken down by business segment prior to the consolidation and inter-segment adjustments.

Sales prices between business segments approximate market prices.

The organization of the Company’s activities is structured around the four followings segments:

-	an Exploration & Production segment;
-	an Integrated Gas, Renewables & Power segment comprising integrated gas (including LNG) and low carbon electricity businesses. It includes the upstream and midstream LNG activity;
---	---

-	a Refining & Chemicals segment constituting a major industrial hub comprising the activities of refining, petrochemicals and specialty chemicals. This segment also includes the activities of oil Supply, Trading and marine Shipping;
-	a Marketing & Services segment including the global activities of supply and marketing in the field of petroleum products;
---	---

In addition the Corporate segment includes holdings operating and financial activities.

Adjustment items

Performance indicators excluding the adjustment items, such as adjusted operating income, adjusted net operating income, and adjusted net income are meant to facilitate the analysis of the financial performance and the comparison of income between periods.

Adjustment items include:

(i) Special items

Due to their unusual nature or particular significance, certain transactions qualified as “special items” are excluded from the business segment figures. In general, special items relate to transactions that are significant, infrequent or unusual. However, in certain instances, transactions such as restructuring costs or assets 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) The inventory valuation effect

The adjusted results of the Refining & Chemicals and Marketing & Services segments are presented according to the replacement cost method. This method is used to assess the segments’ performance and facilitate the comparability of the segments’ performance with those of its 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 prices differential between one period and another or the average prices of the period rather than the historical value. The inventory valuation effect is the difference between the results according to the FIFO (First-In, First-Out) and the replacement cost methods.

(iii) Effect of changes in fair value

The effect of changes in fair value presented as adjustment items reflects for certain transactions differences between the internal measure of performance used by TotalEnergies’s 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, which future effects are recorded at fair value in the Company’s 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 and the effect of changes in fair value. 32

3.1) Information by business segment


1st half 2021	Exploration		Integrated Gas,		Refining		Marketing
	&		Renewables		&		&
(M)	Production	****	& Power	****	Chemicals	****	Services	****	Corporate	****	Intercompany	****	Total
External sales	3,257		10,588		40,054		36,880		7		-		90,786
Intersegment sales	14,433		1,555		11,890		186		68		(28,132)		-
Excise taxes	-		-		(630)		(9,890)		-		-		(10,520)
Revenues from sales	17,690	****	12,143	****	51,314	****	27,176	****	75	****	(28,132)	****	80,266
Operating expenses	(7,352)		(10,321)		(48,579)		(25,510)		(374)		28,132		(64,004)
Depreciation, depletion and impairment of tangible assets and mineral interests	(4,317)		(762)		(787)		(526)		(54)		-		(6,446)
Operating income	6,021	****	1,060	****	1,948	****	1,140	****	(353)	****	-	****	9,816
Net income (loss) from equity affiliates and other items	(973)		682		211		23		(5)		-		(62)
Tax on net operating income	(2,375)		(157)		(561)		(352)		54		-		(3,391)
Net operating income	2,673	****	1,585	****	1,598	****	811	****	(304)	****	-	****	6,363
Net cost of net debt													(652)
Non-controlling interests													(161)
Net income - TotalEnergies share													5,550

All values are in US Dollars.


1st half 2021 (adjustments)(a)	Exploration		Integrated Gas,		Refining		Marketing
	&		Renewables		&		&
(M)	Production	****	& Power	****	Chemicals	****	Services	****	Corporate	****	Intercompany	****	Total
External sales	-		(44)		-		-		-		-		(44)
Intersegment sales	-		-		-		-		-		-		-
Excise taxes	-		-		-		-		-		-		-
Revenues from sales	-	****	(44)	****	-	****	-	****	-	****	-	****	(44)
Operating expenses	(23)		(62)		1,131		213		-		-		1,259
Depreciation, depletion and impairment of tangible assets and mineral interests	-		(148)		(13)		-		-		-		(161)
Operating income (b)	(23)	****	(254)	****	1,118	****	213	****	-	****	-	****	1,054
Net income (loss) from equity affiliates and other items	(1,482)		(96)		28		(43)		(62)		-		(1,655)
Tax on net operating income	(10)		59		(302)		(60)		2		-		(311)
Net operating income (b)	(1,515)	****	(291)	****	844	****	110	****	(60)	****	-	****	(912)
Net cost of net debt													10
Non-controlling interests													(14)
Net income - TotalEnergies share													(916)

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
(b) Of which inventory valuation effect
- On operating income	-		-		1,140		206		-
- On net operating income	-		-		937		148		-

All values are in US Dollars.


1st half 2021 (adjusted)	Exploration		Integrated Gas,		Refining		Marketing
	&		Renewables		&		&
(M)	Production	****	& Power	****	Chemicals	****	Services	****	Corporate	****	Intercompany	****	Total
External sales	3,257		10,632		40,054		36,880		7		-		90,830
Intersegment sales	14,433		1,555		11,890		186		68		(28,132)		-
Excise taxes	-		-		(630)		(9,890)		-		-		(10,520)
Revenues from sales	17,690	****	12,187	****	51,314	****	27,176	****	75	****	(28,132)	****	80,310
Operating expenses	(7,329)		(10,259)		(49,710)		(25,723)		(374)		28,132		(65,263)
Depreciation, depletion and impairment of tangible assets and mineral interests	(4,317)		(614)		(774)		(526)		(54)		-		(6,285)
Adjusted operating income	6,044	****	1,314	****	830	****	927	****	(353)	****	-	****	8,762
Net income (loss) from equity affiliates and other items	509		778		183		66		57		-		1,593
Tax on net operating income	(2,365)		(216)		(259)		(292)		52		-		(3,080)
Adjusted net operating income	4,188	****	1,876	****	754	****	701	****	(244)	****	-	****	7,275
Net cost of net debt													(662)
Non-controlling interests													(147)
Adjusted net income - TotalEnergies share													6,466

All values are in US Dollars.


1st half 2021	Exploration		Integrated Gas,		Refining		Marketing
	&		Renewables		&		&
(M)	Production	****	& Power	****	Chemicals	****	Services	****	Corporate	****	Intercompany	****	Total
Total expenditures	3,195		4,187		578		360		48				8,368
Total divestments	374		452		129		107		18				1,080
Cash flow from operating activities	8,571		1,347		3,228		1,102		(1,099)				13,149

All values are in US Dollars. 33


1st half 2020	Exploration		Integrated Gas,		Refining		Marketing
	&		Renewables		&		&
(M)	Production	****	& Power	****	Chemicals	****	Services	****	Corporate		Intercompany		Total
External sales	2,574		8,403		27,956		30,661		6		-		69,600
Intersegment sales	8,661		895		9,051		196		59		(18,862)		-
Excise taxes	-		-		(1,119)		(8,342)		-		-		(9,461)
Revenues from sales	11,235	****	9,298	****	35,888	****	22,515	****	65	****	(18,862)	****	60,139
Operating expenses	(6,048)		(8,398)		(35,736)		(21,730)		(562)		18,862		(53,612)
Depreciation, depletion and impairment of tangible assets and mineral interests	(12,311)		(1,616)		(788)		(473)		(40)		-		(15,228)
Operating income	(7,124)	****	(716)	****	(636)	****	312	****	(537)	****	-	****	(8,701)
Net income (loss) from equity affiliates and other items	440		420		(92)		32		164		-		964
Tax on net operating income	(56)		330		203		(159)		2		-		320
Net operating income	(6,740)	****	34	****	(525)	****	185	****	(371)	****	-	****	(7,417)
Net cost of net debt													(1,003)
Non-controlling interests													85
Net income - TotalEnergies share													(8,335)

All values are in US Dollars.


1st half 2020 (adjustments)(a)	Exploration		Integrated Gas,		Refining		Marketing
	&		Renewables		&		&
(M)	Production	****	& Power	****	Chemicals	****	Services	****	Corporate	****	Intercompany	****	Total
External sales	-		(16)		-		-		-		-		(16)
Intersegment sales	-		-		-		-		-		-		-
Excise taxes	-		-		-		-		-		-		-
Revenues from sales	-	****	(16)	****	-	****	-	****	-	****	-	****	(16)
Operating expenses	(37)		(318)		(1,637)		(341)		(91)		-		(2,424)
Depreciation, depletion and impairment of tangible assets and mineral interests	(7,338)		(953)		-		-		-		-		(8,291)
Operating income (b)	(7,375)	****	(1,287)	****	(1,637)	****	(341)	****	(91)	****	-	****	(10,731)
Net income (loss) from equity affiliates and other items	71		(292)		(271)		(5)		-		-		(497)
Tax on net operating income	70		374		426		100		12		-		982
Net operating income (b)	(7,234)	****	(1,205)	****	(1,482)	****	(246)	****	(79)	****	-	****	(10,246)
Net cost of net debt													(68)
Non-controlling interests													72
Net income - TotalEnergies share													(10,242)

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
(b) Of which inventory valuation effect
- On operating income	-		-		(1,604)		(234)		-
- On net operating income	-		-		(1,371)		(163)		-

All values are in US Dollars.


1st half 2020 (adjusted)	Exploration		Integrated Gas,		Refining		Marketing
	&		Renewables		&		&
(M)	Production	****	& Power	****	Chemicals	****	Services		Corporate		Intercompany		Total
External sales	2,574		8,419		27,956		30,661		6		-		69,616
Intersegment sales	8,661		895		9,051		196		59		(18,862)		-
Excise taxes	-		-		(1,119)		(8,342)		-		-		(9,461)
Revenues from sales	11,235	****	9,314	****	35,888	****	22,515	****	65	****	(18,862)	****	60,155
Operating expenses	(6,011)		(8,080)		(34,099)		(21,389)		(471)		18,862		(51,188)
Depreciation, depletion and impairment of tangible assets and mineral interests	(4,973)		(663)		(788)		(473)		(40)		-		(6,937)
Adjusted operating income	251	****	571	****	1,001	****	653	****	(446)	****	-	****	2,030
Net income (loss) from equity affiliates and other items	369		712		179		37		164		-		1,461
Tax on net operating income	(126)		(44)		(223)		(259)		(10)		-		(662)
Adjusted net operating income	494	****	1,239	****	957	****	431	****	(292)	****	-	****	2,829
Net cost of net debt													(935)
Non-controlling interests													13
Adjusted net income - TotalEnergies share													1,907

All values are in US Dollars.


1st half 2020	Exploration		Integrated Gas,		Refining		Marketing
	&		Renewables		&		&
(M)	Production	****	& Power	****	Chemicals	****	Services	Corporate	Intercompany	Total
Total expenditures	3,265		3,461		533		334	66		7,659
Total divestments	325		433		101		72	26		957
Cash flow from operating activities	4,833		900		(103)		420	(1,272)		4,778

All values are in US Dollars.


2nd quarter 2021	Exploration		Integrated Gas,		Refining		Marketing
	&		Renewables		&		&
(M)	Production	****	& Power	****	Chemicals	****	Services		Corporate		Intercompany		Total
External sales	1,743		5,086		20,853		19,367		-		-		47,049
Intersegment sales	7,855		744		6,369		108		39		(15,115)		-
Excise taxes	-		-		(225)		(5,191)		-		-		(5,416)
Revenues from sales	9,598	****	5,830	****	26,997	****	14,284	****	39	****	(15,115)	****	41,633
Operating expenses	(4,284)		(5,103)		(25,646)		(13,434)		(207)		15,115		(33,559)
Depreciation, depletion and impairment of tangible assets and mineral interests	(2,134)		(291)		(396)		(271)		(29)		-		(3,121)
Operating income	3,180	****	436	****	955	****	579	****	(197)	****	-	****	4,953
Net income (loss) from equity affiliates and other items	(1,243)		419		123		57		23		-		(621)
Tax on net operating income	(1,195)		(56)		(281)		(176)		16		-		(1,692)
Net operating income	742	****	799	****	797	****	460	****	(158)	****	-	****	2,640
Net cost of net debt													(341)
Non-controlling interests													(93)
Net income - TotalEnergies share													2,206

All values are in US Dollars.


2nd quarter 2021 (adjustments)(a)	Exploration		Integrated Gas,		Refining		Marketing
	&		Renewables		&		&
(M)	Production	****	& Power	****	Chemicals	****	Services		Corporate		Intercompany		Total
External sales	-		(9)		-		-		-		-		(9)
Intersegment sales	-		-		-		-		-		-		-
Excise taxes	-		-		-		-		-		-		-
Revenues from sales	-	****	(9)		-	****	-	****	-	****	-	****	(9)
Operating expenses	(23)		(54)		386		71		-		-		380
Depreciation, depletion and impairment of tangible assets and mineral interests	-		(3)		(13)		-		-		-		(16)
Operating income (b)	(23)	****	(66)		373	****	71	****	-	****	-	****	355
Net income (loss) from equity affiliates and other items	(1,436)		(47)		22		(8)		(22)		-		(1,491)
Tax on net operating income	(12)		21		(109)		(20)		-		-		(120)
Net operating income (b)	(1,471)	****	(92)		286	****	43	****	(22)	****	-	****	(1,256)
Net cost of net debt													4
Non-controlling interests													(5)
Net income - TotalEnergies share													(1,257)

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
(b) Of which inventory valuation effect
- On operating income	-		-		394		69		-
- On net operating income	-		-		331		50		-

All values are in US Dollars.


2nd quarter 2021 (adjusted)	Exploration		Integrated Gas,		Refining		Marketing
	&		Renewables		&		&
(M)	Production	****	& Power	****	Chemicals	****	Services		Corporate		Intercompany		Total
External sales	1,743		5,095		20,853		19,367		-		-		47,058
Intersegment sales	7,855		744		6,369		108		39		(15,115)		-
Excise taxes	-		-		(225)		(5,191)		-		-		(5,416)
Revenues from sales	9,598	****	5,839	****	26,997	****	14,284	****	39	****	(15,115)	****	41,642
Operating expenses	(4,261)		(5,049)		(26,032)		(13,505)		(207)		15,115		(33,939)
Depreciation, depletion and impairment of tangible assets and mineral interests	(2,134)		(288)		(383)		(271)		(29)		-		(3,105)
Adjusted operating income	3,203	****	502	****	582	****	508	****	(197)	****	-	****	4,598
Net income (loss) from equity affiliates and other items	193		466		101		65		45		-		870
Tax on net operating income	(1,183)		(77)		(172)		(156)		16		-		(1,572)
Adjusted net operating income	2,213	****	891	****	511	****	417	****	(136)	****	-	****	3,896
Net cost of net debt													(345)
Non-controlling interests													(88)
Adjusted net income - TotalEnergies share													3,463

All values are in US Dollars.


2nd quarter 2021	Exploration		Integrated Gas,		Refining		Marketing
	&		Renewables		&		&
(M)	Production	****	& Power	****	Chemicals	****	Services	****	Corporate	Intercompany	Total
Total expenditures	1,830		1,167		291		222		22		3,532
Total divestments	63		310		13		36		6		428
Cash flow from operating activities	4,835		567		2,232		437		(520)		7,551

All values are in US Dollars.


2nd quarter 2020	Exploration		Integrated Gas,		Refining		Marketing
	&		Renewables		&		&
(M)	Production	****	& Power	****	Chemicals	****	Services		Corporate		Intercompany		Total
External sales	992		3,313		9,433		11,986		6		-		25,730
Intersegment sales	3,097		301		2,956		107		31		(6,492)		-
Excise taxes	-		-		(469)		(3,699)		-		-		(4,168)
Revenues from sales	4,089	****	3,614	****	11,920	****	8,394	****	37	****	(6,492)	****	21,562
Operating expenses	(2,405)		(3,406)		(10,895)		(7,931)		(315)		6,492		(18,460)
Depreciation, depletion and impairment of tangible assets and mineral interests	(9,667)		(1,282)		(393)		(229)		(22)		-		(11,593)
Operating income	(7,983)	****	(1,074)	****	632	****	234	****	(300)	****	-	****	(8,491)
Net income (loss) from equity affiliates and other items	17		21		(35)		22		40		-		65
Tax on net operating income	398		322		(132)		(127)		(26)		-		435
Net operating income	(7,568)	****	(731)	****	465	****	129	****	(286)	****	-	****	(7,991)
Net cost of net debt													(431)
Non-controlling interests													53
Net income - TotalEnergies share													(8,369)

All values are in US Dollars.


2nd quarter 2020 (adjustments)(a)	Exploration		Integrated Gas,		Refining		Marketing
	&		Renewables		&		&
(M)	Production	****	& Power	****	Chemicals	****	Services		Corporate		Intercompany		Total
External sales	-		(18)		-		-		-		-		(18)
Intersegment sales	-		-		-		-		-		-		-
Excise taxes	-		-		-		-		-		-		-
Revenues from sales	-	****	(18)	****	-	****	-	****	-	****	-	****	(18)
Operating expenses	(27)		(199)		(48)		5		(36)		-		(305)
Depreciation, depletion and impairment of tangible assets and mineral interests	(7,338)		(953)		-		-		-		-		(8,291)
Operating income (b)	(7,365)	****	(1,170)	****	(48)	****	5	****	(36)	****	-	****	(8,614)
Net income (loss) from equity affiliates and other items	(57)		(217)		(63)		(5)		-		-		(342)
Tax on net operating income	63		330		1		-		12		-		406
Net operating income (b)	(7,359)	****	(1,057)	****	(110)	****	-	****	(24)	****	-	****	(8,550)
Net cost of net debt													33
Non-controlling interests													22
Net income - TotalEnergies share													(8,495)

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
(b) Of which inventory valuation effect
- On operating income	-		-		(26)		(16)		-
- On net operating income	-		-		(86)		(9)		-

All values are in US Dollars.


2nd quarter 2020 (adjusted)	Exploration		Integrated Gas,		Refining		Marketing
	&		Renewables		&		&
(M)	Production	****	& Power	****	Chemicals	****	Services		Corporate		Intercompany		Total
External sales	992		3,331		9,433		11,986		6		-		25,748
Intersegment sales	3,097		301		2,956		107		31		(6,492)		-
Excise taxes	-		-		(469)		(3,699)		-		-		(4,168)
Revenues from sales	4,089	****	3,632	****	11,920	****	8,394	****	37	****	(6,492)	****	21,580
Operating expenses	(2,378)		(3,207)		(10,847)		(7,936)		(279)		6,492		(18,155)
Depreciation, depletion and impairment of tangible assets and mineral interests	(2,329)		(329)		(393)		(229)		(22)		-		(3,302)
Adjusted operating income	(618)	****	96	****	680	****	229	****	(264)	****	-	****	123
Net income (loss) from equity affiliates and other items	74		238		28		27		40		-		407
Tax on net operating income	335		(8)		(133)		(127)		(38)		-		29
Adjusted net operating income	(209)	****	326	****	575	****	129	****	(262)	****	-	****	559
Net cost of net debt													(464)
Non-controlling interests													31
Adjusted net income - TotalEnergies share													126

All values are in US Dollars.


2nd quarter 2020	Exploration		Integrated Gas,		Refining		Marketing
	&		Renewables		&		&
(M)	Production	****	& Power	****	Chemicals	****	Services	Corporate	Intercompany	Total
Total expenditures	1,606		1,170		307		174	21		3,278
Total divestments	204		89		22		26	9		350
Cash flow from operating activities	910		1,389		1,080		819	(719)		3,479

All values are in US Dollars.

3.2) Reconciliation of the information by business segment with consolidated financial statements


					Consolidated
1st half 2021					statement **** of
(M)	Adjusted		Adjustments^(a)^		income
Sales	90,830		(44)		90,786
Excise taxes	(10,520)		-		(10,520)
Revenues from sales	80,310		(44)		80,266

Purchases net of inventory variation	(51,397)		1,280		(50,117)
Other operating expenses	(13,576)		(21)		(13,597)
Exploration costs	(290)		-		(290)
Depreciation, depletion and impairment of tangible assets and mineral interests	(6,285)		(161)		(6,446)
Other income	554		27		581
Other expense	(334)		(623)		(957)

Financial interest on debt	(967)		-		(967)
Financial income and expense from cash & cash equivalents	156		16		172
Cost of net debt	(811)		16		(795)

Other financial income	374		-		374
Other financial expense	(261)		-		(261)

Net income (loss) from equity affiliates	1,260		(1,059)		201

Income taxes	(2,931)		(317)		(3,248)
Consolidated net income	6,613	****	(902)	****	5,711
TotalEnergies share	6,466		(916)		5,550
Non-controlling interests	147		14		161

All values are in US Dollars.

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.


					Consolidated
1st half 2020					statement **** of
(M)	Adjusted		Adjustments^(a)^		income
Sales	69,616		(16)		69,600
Excise taxes	(9,461)		-		(9,461)
Revenues from sales	60,155		(16)		60,139

Purchases net of inventory variation	(37,949)		(2,144)		(40,093)
Other operating expenses	(12,985)		(280)		(13,265)
Exploration costs	(254)		-		(254)
Depreciation, depletion and impairment of tangible assets and mineral interests	(6,937)		(8,291)		(15,228)
Other income	820		122		942
Other expense	(294)		(234)		(528)

Financial interest on debt	(1,094)		(5)		(1,099)
Financial income and expense from cash & cash equivalents	(13)		(92)		(105)
Cost of net debt	(1,107)		(97)		(1,204)

Other financial income	607		-		607
Other financial expense	(341)		(1)		(342)

Net income (loss) from equity affiliates	669		(384)		285

Income taxes	(490)		1,011		521
Consolidated net income	1,894	****	(10,314)	****	(8,420)
TotalEnergies share	1,907		(10,242)		(8,335)
Non-controlling interests	(13)		(72)		(85)

All values are in US Dollars.

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. 37


					Consolidated
2nd quarter 2021					statement
(M)	Adjusted	****	Adjustments^(a)^	****	of income
Sales	47,058	****	(9)	****	47,049
Excise taxes	(5,416)		-		(5,416)
Revenues from sales	41,642		(9)		41,633

Purchases net of inventory variation	(27,108)		389		(26,719)
Other operating expenses	(6,708)		(9)		(6,717)
Exploration costs	(123)		-		(123)
Depreciation, depletion and impairment of tangible assets and mineral interests	(3,105)		(16)		(3,121)
Other income	138		85		223
Other expense	(142)		(156)		(298)

Financial interest on debt	(501)		-		(501)
Financial income and expense from cash & cash equivalents	69		8		77
Cost of net debt	(432)		8		(424)

Other financial income	265		-		265
Other financial expense	(131)		-		(131)

Net income (loss) from equity affiliates	740		(1,420)		(680)

Income taxes	(1,485)		(124)		(1,609)
Consolidated net income	3,551	****	(1,252)	****	2,299
TotalEnergies share	3,463		(1,257)		2,206
Non-controlling interests	88		5		93

All values are in US Dollars.

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.


					Consolidated
2nd quarter 2020					statement
(M)	Adjusted	****	Adjustments^(a)^	****	of income
Sales	25,748	****	(18)	****	25,730
Excise taxes	(4,168)		-		(4,168)
Revenues from sales	21,580		(18)		21,562

Purchases net of inventory variation	(11,842)		(183)		(12,025)
Other operating expenses	(6,199)		(122)		(6,321)
Exploration costs	(114)		-		(114)
Depreciation, depletion and impairment of tangible assets and mineral interests	(3,302)		(8,291)		(11,593)
Other income	240		122		362
Other expense	(103)		(5)		(108)

Financial interest on debt	(527)		(3)		(530)
Financial income and expense from cash & cash equivalents	(3)		53		50
Cost of net debt	(530)		50		(480)

Other financial income	419		-		419
Other financial expense	(160)		(1)		(161)

Net income (loss) from equity affiliates	11		(458)		(447)

Income taxes	95		389		484
Consolidated net income	95	****	(8,517)	****	(8,422)
TotalEnergies share	126		(8,495)		(8,369)
Non-controlling interests	(31)		(22)		(53)

All values are in US Dollars.

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

3.3) Adjustment items

The detail of the adjustment items is presented in the table below.

ADJUSTMENTS TO OPERATING INCOME


			Exploration		Integrated Gas,		Refining		Marketing
			&		Renewables		&		&
(M)		****	Production	****	& Power	****	Chemicals	****	Services	****	Corporate		Total
2nd quarter 2021	Inventory valuation effect		-		-		394		69		-		463
	Effect of changes in fair value		-		(49)		-		-		-		(49)
	Restructuring charges		-		(1)		(8)		-		-		(9)
	Asset impairment charges		-		(3)		(13)		-		-		(16)
	Other items		(23)		(13)		-		2		-		(34)
Total			(23)	****	(66)	****	373	****	71	****	-	****	355
2nd quarter 2020	Inventory valuation effect		-		-		(26)		(16)		-		(42)
	Effect of changes in fair value		-		(100)		-		-		-		(100)
	Restructuring charges		-		(10)		(7)		-		-		(17)
	Asset impairment charges		(7,338)		(953)		-		-		-		(8,291)
	Other items		(27)		(107)		(15)		21		(36)		(164)
Total			(7,365)	****	(1,170)	****	(48)	****	5	****	(36)	****	(8,614)
1st half 2021	Inventory valuation effect		-		-		1,140		206		-		1,346
	Effect of changes in fair value		-		(58)		-		-		-		(58)
	Restructuring charges		-		(10)		(8)		-		-		(18)
	Asset impairment charges		-		(148)		(13)		-		-		(161)
	Other items		(23)		(38)		(1)		7		-		(55)
Total			(23)	****	(254)	****	1,118	****	213	****	-	****	1,054
1st half 2020	Inventory valuation effect		-		-		(1,604)		(234)		-		(1,838)
	Effect of changes in fair value		-		(98)		-		-		-		(98)
	Restructuring charges		(10)		(18)		(7)		-		-		(35)
	Asset impairment charges		(7,338)		(953)		-		-		-		(8,291)
	Other items		(27)		(218)		(26)		(107)		(91)		(469)
Total			(7,375)	****	(1,287)	****	(1,637)	****	(341)	****	(91)	****	(10,731)

All values are in US Dollars.

ADJUSTMENTS TO NET INCOME, TotalEnergies SHARE


			Exploration		Integrated Gas,		Refining		Marketing
			&		Renewables		&		&
(M)		****	Production	****	& Power	****	Chemicals	****	Services	****	Corporate		Total
2nd quarter 2021	Inventory valuation effect		-		-		327		48		-		375
	Effect of changes in fair value		-		(44)		-		-		-		(44)
	Restructuring charges		(44)		(4)		(32)		(8)		(22)		(110)
	Asset impairment charges		-		(36)		(13)		-		-		(49)
	Gains (losses) on disposals of assets		(1,379)	*	-		-		-		-		(1,379)
	Other items		(44)		(7)		-		1		-		(50)
Total			(1,467)	****	(91)	****	282	****	41	****	(22)	****	(1,257)
* Impact of the TotalEnergies' interest sale of Petrocedeño to PDVSA.

2nd quarter 2020	Inventory valuation effect		-		-		(83)		(11)		-		(94)
	Effect of changes in fair value		-		(80)		-		-		-		(80)
	Restructuring charges		-		(10)		(10)		-		-		(20)
	Asset impairment charges		(7,272)		(829)		-		-		-		(8,101)
	Gains (losses) on disposals of assets		-		-		-		-		-		-
	Other items		(77)		(131)		(14)		10		12		(200)
Total			(7,349)	****	(1,050)	****	(107)	****	(1)	****	12	****	(8,495)
1st half 2021	Inventory valuation effect		-		-		926		138		-		1,064
	Effect of changes in fair value		-		(50)		-		-		-		(50)
	Restructuring charges		(85)		(12)		(71)		(43)		(60)		(271)
	Asset impairment charges		-		(180)		(13)		-		-		(193)
	Gains (losses) on disposals of assets		(1,379)	*	-		-		-		-		(1,379)
	Other items		(41)		(42)		(9)		5		-		(87)
Total			(1,505)	****	(284)	****	833	****	100	****	(60)	****	(916)
* Impact of the TotalEnergies' interest sale of Petrocedeño to PDVSA.

1st half 2020	Inventory valuation effect		-		-		(1,364)		(144)		-		(1,508)
	Effect of changes in fair value		-		(79)		-		-		-		(79)
	Restructuring charges		(3)		(22)		(75)		-		-		(100)
	Asset impairment charges		(7,272)		(829)		-		-		-		(8,101)
	Gains (losses) on disposals of assets		-		-		-		-		-		-
	Other items		51		(256)		(36)		(71)		(142)		(454)
Total			(7,224)	****	(1,186)	****	(1,475)	****	(215)	****	(142)	****	(10,242)

All values are in US Dollars.

4) Shareholders’ equity

Treasury shares (TotalEnergies shares held directly by TotalEnergies SE)


Shares to be allocated as part of performance share grant plans	****
including the 2019 Plan		99,750
including other Plans		74,675
Total Treasury shares	****	174,425

Dividend

The Shareholders’ meeting of May 28, 2021 approved the distribution of a dividend of 2.64 euros per share for the 2020 fiscal year and the payment of a final dividend of 0.66 euro per share given the three interim dividends that had already been paid. The dividend for the fiscal year 2020 was paid according to the following timetable:


Dividend 2020	First interim	Second interim	Third interim	Final
Amount	€ 0.66	€ 0.66	€ 0.66	€ 0.66
Set date	May 4, 2020	July 29, 2020	October 29, 2020	May 28, 2021
Ex-dividend date	September 25, 2020	January 4, 2021	March 25, 2021	June 24, 2021
Payment date	October 2, 2020	January 11, 2021	April 1, 2021	July 1, 2021

Furthermore, on July 28, 2021 the Board of Directors decided to set the second interim dividend for the fiscal year 2021 at 0.66 euro per share, equal to the first interim dividend. This second interim dividend will be paid in cash on January 13, 2022 (the ex-dividend date will be January 3, 2022).


Dividend 2021	First interim	Second interim
Amount	€ 0.66	€ 0.66
Set date	April 28, 2021	July 28, 2021
Ex-dividend date	September 21, 2021	January 3, 2022
Payment date	October 1, 2021	January 13, 2022

Earnings per share in Euro

Earnings per share in Euro, calculated from the earnings per share in U.S. dollars converted at the average Euro/USD exchange rate for the period, amounted to €0.66 per share for the 2^nd^ quarter 2021 (€1.03 per share for the 1st quarter 2021 and €(2.98) per share for the 2^nd^ quarter 2020). Diluted earnings per share calculated using the same method amounted to €0.66 per share for the 2^nd^ quarter 2021 (€1.02 per share for the 1st quarter 2021 and €(2.98) per share for the 2^nd^ quarter 2020).

Earnings per share are calculated after remuneration of perpetual subordinated notes.

Perpetual subordinated notes

The Company issued perpetual subordinated notes in January 2021:

-	Perpetual subordinated notes 1.625% callable in January 2028, or in anticipation in October 2027 (EUR 1,500 million); and
-	Perpetual subordinated notes 2.125% callable in January 2033, or in anticipation in July 2032 (EUR 1,500 million).
---	---

Following the two tender operations on perpetual subordinated notes 2.250% callable from February 2021 (carried out in April 2019 and September 2020 for EUR 1,500 million and EUR 703 million respectively), TotalEnergies SE fully reimbursed the residual nominal amount of this note at its first call date for an amount of EUR 297 million on February 26, 2021. 41

Other comprehensive income

Detail of other comprehensive income is presented in the table below:


(M)	1^st^half 2021	****	1^st^half 2020
Actuarial gains and losses	449		(223)

Change in fair value of investments in equity instruments	68		(74)

Tax effect	(154)		86
Currency translation adjustment generated by the parent company	(2,934)		(196)
Sub-total items not potentially reclassifiable to profit and loss	(2,571)	****	(407)

Currency translation adjustment	1,777	****	(940)
- unrealized gain/(loss) of the period	1,898		(907)
- less gain/(loss) included in net income	121		33

Cash flow hedge	80	****	(1,293)
- unrealized gain/(loss) of the period	(56)		(1,317)
- less gain/(loss) included in net income	(136)		(24)

Variation of foreign currency basis spread	(4)	****	70
- unrealized gain/(loss) of the period	(29)		42
- less gain/(loss) included in net income	(25)		(28)

Share of other comprehensive income of equity affiliates, net amount	451	****	(927)
- unrealized gain/(loss) of the period	449		(936)
- less gain/(loss) included in net income	(2)		(9)

Other	-	****	3

Tax effect	(57)	****	367
Sub-total items potentially reclassifiable to profit and loss	2,247	****	(2,720)
Total other comprehensive income, net amount	(324)	****	(3,127)

All values are in US Dollars.

Tax effects relating to each component of other comprehensive income are as follows:


	1^st^half 2021						1^st^half 2020
	Pre-tax							Pre-tax					****
(M)	amount	****	Tax effect	****	Net amount	****	****	amount	****	Tax effect	****	Net amount
Actuarial gains and losses	449		(141)		308			(223)		56		(167)
Change in fair value of investments in equity instruments	68		(13)		55			(74)		30		(44)
Currency translation adjustment generated by the parent company	(2,934)		-		(2,934)			(196)		-		(196)
Sub-total items not potentially reclassifiable to profit and loss	(2,417)		(154)		(2,571)			(493)		86		(407)
Currency translation adjustment	1,777		-		1,777			(940)		-		(940)
Cash flow hedge	80		(55)		25			(1,293)		389		(904)

Variation of foreign currency basis spread	(4)		(2)		(6)			70		(22)		48
Share of other comprehensive income of equity affiliates, net amount	451		-		451			(927)		-		(927)
Other	-		-		-			3		-		3
Sub-total items potentially reclassifiable to profit and loss	2,304		(57)		2,247			(3,087)		367		(2,720)
Total other comprehensive income	(113)		(211)		(324)			(3,580)		453		(3,127)

All values are in US Dollars.

5) Financial debt

The Company has not issued any new senior bond during the first six months of 2021.

The Company reimbursed two senior bonds during the first six months of 2021:

-Bond 4.125% issued in 2011 and maturing in January 2021 (USD 500 million)

-Bond 2.750% issued in 2014 and maturing in June 2021 (USD 1,000 million).

On April 2, 2020, the Company put in place a committed syndicated credit line with banking counterparties for an initial amount of USD 6,350 million and with a 12-month tenor (with the option to extend its maturity twice by a further 6 months at TotalEnergies’ hand).

On April 1, 2021, the Company reimbursed in full the balance of this committed syndicated credit line for an amount of USD 2,646 million.

6) Related parties

The related parties are mainly equity affiliates and non-consolidated investments.

There were no major changes concerning transactions with related parties during the first six months of 2021.

7) Other risks and contingent liabilities

TotalEnergies is not currently aware of any exceptional event, dispute, risks or contingent liabilities that could have a material impact on the assets and liabilities, results, financial position or operations of the TotalEnergies, other than those mentioned below.

Yemen

In Yemen, the deterioration of security conditions in the vicinity of the Balhaf site caused the company Yemen LNG, in which TotalEnergies holds a stake of 39.62%, to stop its commercial production and export of LNG and to declare force majeure to its various stakeholders in 2015. The plant has been put in preservation mode.

Mozambique

Considering the evolution of the security situation in the north of the Cabo Delgado province in Mozambique, TotalEnergies has confirmed on April 26, 2021 the withdrawal of all Mozambique LNG project personnel from the Afungi site. This situation led TotalEnergies, as operator of Mozambique LNG project, to declare force majeure.

8) Subsequent events

On July 9, 2021, TotalEnergies executed a Share Purchase Agreement with PDVSA for the sale of its 30.323% interest in the share capital of Petrocedeño in Venezuela.

The contractual conditions necessary to close this transaction are the approval of the Venezuelan Ministry of Petroleum (MINPET) and the approval of the Board of Directors of TotalEnergies SE.

The Board of Directors of TotalEnergies SE approved this transaction on July 28, 2021.

Exhibit 99.2

RECENT DEVELOPMENTS

Suriname: TotalEnergies announces another successful well in offshore Block 58

TotalEnergies and APA Corporation encountered oil in the Sapakara South-1 well on Block 58 off the coast of Suriname, announced on July 29, 2021. This announcement follows previous discoveries at Maka Central, Sapakara West, Kwaskwasi and Keskesi.

Located 4 kilometers south-east of the Sapakara West-1 discovery, Sapakara South-1 was drilled in a water depth of about 850 meters.

The drilling operations will continue with the Maersk Valiant drillship. TotalEnergies is the operator, holding a 50% working interest and Apache holding a 50% working interest. Upon completion of the Sapakara South -1 well, the rig will move to drill the Bonboni – 1 well in Block 58.

TotalEnergies and Amazon announce strategic collaboration

On July 29, 2021, TotalEnergies announced a strategic collaboration with Amazon through which TotalEnergies will contribute to Amazon’s commitment to power its operations with 100% renewable energy, while Amazon will help TotalEnergies accelerate its digital transformation. This strategic agreement spans both the TotalEnergies and Amazon businesses:

Renewable Energy: TotalEnergies and Amazon have signed power purchase agreements (“PPAs”) for a commitment of 474 MW of renewable capacity in the US and Europe, and expect to expand their cooperation in the Middle East and Asia Pacific. By supplying renewable energy and potential battery energy solutions, TotalEnergies will contribute to Amazon’s commitment to power operations with 100 percent renewable energy by 2030 and reach net-zero carbon emissions by 2040.

Cloud Computing: With Amazon Web Services (AWS) as a key cloud provider, TotalEnergies will accelerate its move to the cloud, boosting its IT transformation, the digitization of its operations and its digital innovation. In particular, TotalEnergies’ Digital Factory will benefit from the breadth and depth of AWS services including infrastructure, speed, reliability and innovative services. TotalEnergies will also evaluate AWS High Performance Computing technology to accelerate critical workflows and further speed up innovation across its businesses around the world.

Venezuela: TotalEnergies exits from Petrocedeño

TotalEnergies, through its affiliate Total Venezuela, has decided to transfer its non-operated minority participation of 30.32% in Petrocedeño S.A. to Corporation Venezolana de Petróleos (CVP), an affiliate of Petróleos de Venezuela S.A. (PDVSA), announced on July 29, 2021. Equinor having also decided to transfer in parallel its participation of 9.67% in the company, PDVSA will own 100% of Petrocedeño S.A..

Petrocedeño S.A. is a company that produces extra-heavy crude oil from the Orinoco Belt in Venezuela, transports it and transforms it into light crude oil.

This transaction carried out for a symbolic amount in exchange of a broad indemnity in relation to the past and future participation of TotalEnergies’ in Petrocedeño S.A., results in the recognition of an exceptional capital loss of $1.38 billion in the financial statements of TotalEnergies.

TotalEnergies announces the second 2021 interim dividend stable at €0.66/share

The Board of Directors of TotalEnergies SE met on July 28, 2021, and declared the distribution of the second 2021 interim dividend at €0.66/share, stable compared to the first 2021 interim dividend. This second 2021 interim dividend will be paid in cash exclusively, according to the following timetable:

	Shareholders	ADS holders
Ex-dividend date	January 3, 2022	December 30, 2021
Payment date	January 13, 2022	January 25, 2022

Singapore : TotalEnergies acquires one of the largest electric vehicle charge points network

On July 28, 2021, TotalEnergies announced it signed with Bolloré Group for the acquisition of ‘Blue Charge’. Upon the approval of the relevant authorities, TotalEnergies will manage and operate one of the largest electric vehicle charging network in Singapore, with more than 1,500 charge points installed in the city-state.

This urban charging network represents around 85% of the charge points currently under operation in Singapore, accessible to electric vehicles’ owners as well as to the carsharing solution BlueSG.

This network has been developed with the Land Transport Authority of Singapore (LTA) and with other partners from both public and private sectors. Local growth perspectives for electric mobility are powered by the ambition of Singapore to massively develop the charging infrastructure as part of its Green Plan 2030, which includes a target to reach 60,000 charge points by the end of the decade.

Belgium: TotalEnergies signs a renewable power purchase agreement with Air Liquide

On July 26, 2021, TotalEnergies announced that it signed a Corporate Power Purchase Agreement with Air Liquide. TotalEnergies intends to supply 50 GWh per year of renewable electricity over a period of 15 years. Air Liquide will use this renewable energy to power some of its industrial and medical gas production sites in Belgium.

TotalEnergies will supply Air Liquide with this electricity from an offshore wind farm located in the Belgian North Sea. With a strong expertise across the integrated electricity chain, TotalEnergies is proving its ability to provide competitive and available renewable electricity to support Air Liquide in its sustainable development objectives.

This agreement also illustrates TotalEnergies’ commitment to contribute to Belgium’s energy transition, while promoting low carbon solutions for its customers. The wind-generated electricity is expected to save about 270,000 tons of CO2 emissions over the life of the contract.

This contract with Air Liquide follows other Corporate Power Purchase Agreements signed earlier in 2021 by TotalEnergies with Orange, Microsoft and Merck.

TotalEnergies partners with Technip Energies to advance low-carbon solutions for LNG and offshore facilities

TotalEnergies and Technip Energies signed a Technical Cooperation Agreement to jointly develop low-carbon solutions for Liquefied Natural Gas (LNG) production and offshore facilities to accelerate the energy transition, as announced on July 21, 2021.

As part of this agreement, both parties will explore new concepts and technologies, in order to reduce carbon footprint of existing facilities and greenfield projects in key areas, such as:

●	LNG production,
●	cryogeny,
---	---
●	production and use of hydrogen for power generation,
---	---
●	or processes for Carbon Capture, Utilization and Storage (CCUS).
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The qualification of new architectures and equipment that will be developed in these areas is

also part of the agreement.

This partnership is based on a common belief that cooperation across the industry is needed to achieve energy transition goals. By partnering together, Technip Energies and TotalEnergies are leveraging their complementary expertise to decarbonize LNG plants and offshore facilities, supported by their leadership positions in these areas.

Australia: TotalEnergies enters into an infrastructure agreement with GIP on Gladstone LNG

On July 13, 2021, TotalEnergies announced it completed a transaction with GIP Australia (GIP) in relation to the downstream facilities of the Gladstone LNG project owned by its subsidiary Total GLNG Australia (TGA), for a consideration of more than US$750 million, with an effective date of January 1, 2021.

As part of this transaction, GIP will receive a throughput-based tolling fee calculated on TGA’s share of gas processed through the downstream facilities over a period of 15 years.

TGA retains full control and ownership of its 27.5% interest in the Gladstone LNG downstream joint venture.

TotalEnergies and GHGSat launch a new initiative to monitor offshore methane emissions by satellite

On July 7, 2021, TotalEnergies announced, that as part of its commitment to identify, quantify and reduce methane emissions linked to its operations, it is partnering with GHGSat to develop a satellite imaging technology to monitor potential methane leak occurrences at offshore facilities.

This new technology, known as “Glint Mode”, allows to remove interference effects on data acquisition by observing sun glint on the ocean surface. This satellite imaging can be combined with local measurements for which TotalEnergies has developed the ultra-light AUSEA^1^ drone-mounted spectrometer, considered to be the most accurate in the world.

TotalEnergies and GHGSat have been working together since 2018 to refine methane emissions measurement thresholds in order to detect increasingly smaller emissions so that leaks can be prevented as far upstream as possible. In October 2020, the partners set a world record at TotalEnergies’ TADI^2^ testing complex, which is equipped with leading-edge detection resources, by successfully quantifying the smallest controlled leak detected to date. TotalEnergies and GHGSat are taking a new step with this initiative and will be conducting six satellite observations in Glint Mode of TotalEnergies offshore sites.

This partnership builds on TotalEnergies’ commitment within the United Nations Environmental Programme (UNEP) Oil and Gas Methane Partnership (OGMP) to reduce the industry’s methane emissions.

TotalEnergies and Veolia join forces to develop CO2-based microalgae cultivation to produce next-generation biofuels

TotalEnergies and Veolia joined forces to accelerate the development of microalgae cultivation using CO2 as announced on July 6, 2021. The two partners will pool their know-how to develop a four-year research project at the La Mède biorefinery, operated by TotalEnergies, with the long-term goal of producing biofuel.

Through photosynthesis, microalgae use sunlight and CO2 from the atmosphere or from industrial processes to grow. When mature, they can be transformed into next-generation biofuels with low carbon intensity.

As part of the project, a test platform will be set up to compare different innovative systems for growing microalgae and identify the most efficient ones.

Veolia will bring its expertise in:

●	the water sector to optimize management of the microalgae's aquatic environment,
●	the development of algal biomass as an effective solution for CO2 capture.
---	---

TotalEnergies, in synergy with the business lines at the La Mède site, will bring its expertise in:

●	the cultivation and refining of biomass to produce advanced biofuels,
●	CO2 capture and utilization technologies.
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Energy transition in shipping: First BioLNG production project at a French port

On July 5, 2021, TotalEnergies announced that EveRé, operator of the multi-process household waste treatment plant commissioned by Métropole Aix-Marseille-Provence, the CMA CGM Group, a world leader in shipping and logistics, Elengy, a subsidiary of Engie, operating LNG terminals at Fos-sur-Mer and TotalEnergies, a global multi-energy company that produces and supplies energy, joined forces to study the feasibility of creating France’s first production unit for liquefied biomethane (BioLNG), a low-carbon alternative fuel dedicated to energy transition in the shipping industry.

Produced by converting the biodegradable part of household waste from the Marseille Provence region, BioLNG would allow for the decarbonization of shipping services departing from the Grand Port Maritime in Marseille and would be used primarily for the CMA CGM Group’s LNG-powered vessels.

The project forms a circular economic system. Using the area’s household waste will help reduce local air pollutants (nitrogen oxides, sulfur oxides and fine particles), improving air quality and quality of life for people living in the region and supporting the energy transition in the shipping industry.

^1^ The 1.4-kg Airborne Ultra-Light Spectrometer for Environmental Applications (AUSEA) was developed by TotalEnergies and the GSMA laboratory, a joint research unit of the French National Center for Scientific Research (CNRS) and University of Reims Champagne Ardenne.

^2^The TADI testing complex in Lacq (southwestern France) has unique capabilities for testing controlled gas emissions in a typical industrial environment.

A concrete commitment to energy transition in shipping

BioLNG, combined with the dual-fuel gas engine technology developed by CMA CGM, reduces greenhouse gas emissions (including carbon dioxide) by at least 67% relative to well-to-wake very-low sulfur fuel oil (VLSFO) (the complete value chain). On the basis of a tank-to-wake measurement (at vessel level), greenhouse gas emissions are reduced by 88%.

Liquefied natural gas allows for a 99% reduction in sulfur oxide emissions, a 91% reduction in fine particles emissions and a 92% reduction in nitrogen oxide emissions. By the end of 2024, 44 of the CMA CGM Group’s vessels are expected to be powered by LNG.

A project integrated into the local ecosystem

The project fits perfectly into the local ecosystem, benefiting from the particularly well-suited and already existing infrastructure at the Grand Port Maritime, including EveRé’s waste methanization unit, Elengy’s LNG terminals, which will be used for the storage and delivery of the BioLNG, TotalEnergies’ bunker vessel, to be located at the port as of January 2022, and CMA CGM’s fleet of LNG-powered vessels. The feasibility study has been launched as part of this large-scale project, which corresponds with the national drive to promote BioLNG as defined in France’s Mobility Orientation Law.

Suriname: TotalEnergies expands its presence with two new shallow water exploration licenses

On June 25, 2021, TotalEnergies announced that Block 6 and Block 8 in the Suriname SHO Bid Round 2020/2021 were awarded to it and its partner Qatar Petroleum. TotalEnergies will operate these blocks, situated in shallow water with depths between 30 meters and 50 meters, and adjacent to the TotalEnergies operated Block 58, where four significant discoveries have been made since January 2020 and where operations are continuing in 2021.

With these two new operated exploration blocks, TotalEnergies expands its position in Suriname, an emerging world class basin. A 3D seismic acquisition campaign will be carried out on these 2 licenses to confirm their potential.

TotalEnergies will operate the blocks with a 40% working interest, alongside Qatar Petroleum (20%) and the national company Staatsolie (40%).

TotalEnergies renews its global partnership with Peugeot, Citroën, DS Automobiles and extends the partnership to Opel and Vauxhall

On June 22, 2021, TotalEnergies and Stellantis announced the renewal of their partnership for the next five years for the Peugeot, Citroën and DS Automobiles brands. The two Groups have also opened a new chapter with the expansion of the partnership to include Opel and Vauxhall. These global cooperation agreements now cover five core areas:

●Increased collaboration in Research & Development, with common R&D objectives in terms of sustainable development and innovation, particularly in new forms of mobility, low-carbon or bio-sourced fuels, lubricants and fluids specially optimized for new electrified engines and their components, including batteries.

●“First-fill” lubricants, with the supply of lubricants by TotalEnergies for vehicles produced in the factories of the five Stellantis Group brands concerned throughout the world.

●Exclusive recommendation of Quartz lubricants in the after-sales and maintenance networks of the Peugeot, Citroën, DS Automobiles, Opel and Vauxhall brands. Approved repair specialists have access to TotalEnergies' high-tech motor oils, specifically developed for the engines of these five brands of vehicles, guaranteeing performance, reliability and fuel savings.

●Automobile competition, with technical and sporting cooperation which is expected to focus exclusively on the various electric and hybrid programmes launched by the brands:

oPeugeot's return to the 24 Hours of Le Mans and the FIA-World Endurance Championship in the Hypercar category for hybrid prototypes, with the design of batteries resulting from the collaboration between Peugeot Sport and TotalEnergies, through its subsidiary SAFT, as well as the development of specific fluids.

oContinued support for the title-holding team DS-TECHEETAH in the ABB FIA Formula E World Championship, an electric single-seater competition with the development of the Quartz EV Fluid range.

oA new partnership with Opel Motorsport which launches the Opel Corsa-e Rally Cup, the first electric rally world cup

●Mobility and Electrical Vehicle (EV) charging are new components of this partnership. Free2Move, the Mobility Brand of Stellantis, will use the network of charging stations operated by TotalEnergies for its car-sharing activity in Paris. Other proposals related to simpler electric mobility are also under consideration.

Electric Vehicles: TotalEnergies expands the charging network of the municipality of Amsterdam with 2,200 new EV charging points

On June 8, 2021, TotalEnergies announced that the municipality of Amsterdam awarded the concession for the expansion of its public charging network for EV to TotalEnergies. As part of this new concession, TotalEnergies will expand Amsterdam's current network with 2,200 new EV charging points, which are expected to be installed by fall 2022.

The installation of 1,100 chargers, each equipped with two charging points, will give a boost to the Clean Air Action Plan of the Municipality of Amsterdam, which aims to realize completely emission-free transport by 2030. One of the main challenges of this ambition is to facilitate enough charging points to support the strong growth of EVs.

Amsterdam has selected TotalEnergies, through its subsidiary TotalEnergies Marketing Nederland, as a key partner to realize this increase in scale. TotalEnergies focuses on a hassle-free and transparent customer experience for the e-driver, while guaranteeing both the availability and the quality of the charging service.

For the first time in Amsterdam, TotalEnergies will make large-scale use of chargers clustering and the expansion of the charging network will be partly based on requests from e-drivers. In addition, a data-driven approach will be used, in which the load on the current charging network is monitored to determine optimal locations. When charging demand on the current charging network is high enough, chargers will be added. In this way TotalEnergies intends to ensure that there will always be enough charging points to meet the demand. To further address the required scaling-up and the growing demand for charging, as many clusters of chargers as necessary will also be installed in Amsterdam.

TotalEnergies is already the largest EV charging operator in the Metropolitan Region of Amsterdam (MRA-Electric), which includes the three provinces of Noord-Holland, Flevoland and Utrecht, with over 6,500 charging points in operation and accessible to the public. TotalEnergies is also active in the operation of charging infrastructure in major European capitals and urban areas: London (Source London), Paris (Bélib') and the Brussels-Capital Region in Belgium, as well as in the B2B segment in Germany and throughout its service-stations network in Western Europe.

This new concession from the municipality of Amsterdam reinforces TotalEnergies' position as a key player in electric mobility in Europe. TotalEnergies is thereby pursuing its development in major European cities, in line with its ambition to operate more than 150,000 charging points for EVs by 2025.

Russia: TotalEnergies partners with Novatek on LNG decarbonization, hydrogen and renewables

On June 3, 2021, TotalEnergies announced that it signed a Memorandum of Understanding with Novatek to jointly work on sustainable reductions of the CO₂ emissions resulting from the production of LNG including with the use of renewable power, to develop large-scale carbon capture and storage (CCS) solutions and to explore new opportunities for developing decarbonized hydrogen and ammonia. This partnership will leverage the significant low-cost resources of the Yamal and Gydan peninsulas and their large potential for geological storage.

Each partner will bring its best-in-class technologies and combine its know-how to explore and develop projects that will help reduce the carbon footprint of the LNG value chain, using:

●	CCS,
●	energy efficiency,
---	---
●	renewable sources of power,
---	---

●	marketing of carbon-neutral LNG,
●	and clean hydrogen & ammonia.
---	---

TotalEnergies is a 19.4% shareholder in Novatek and holds a 20% interest in Yamal LNG, a project that started up in December 2017 and produced more than 18.8 million tons of LNG in 2020. The company also holds a 10% interest in Arctic LNG 2, a project currently under construction and on track to deliver its first LNG cargo in 2023.

Russia: TotalEnergies acquires 10% of Arctic Transshipment LLC from Novatek

TotalEnergies signed a Sale and Purchase Agreement (SPA) with Novatek to acquire 10% of Arctic Transshipment LLC, a wholly owned subsidiary of Novatek, which owns and will operate two LNG transshipment terminals being built in the Murmansk and Kamchatka regions of Russia, as announced on June 3, 2021.

These terminals will provide export logistics services, including to the Arctic LNG 2 project under construction, and will each initially include a 360,000 m^3^ floating storage unit (FSU) and two ship-to-ship (STS) transfer kits. They will allow for the transshipment of LNG from Arc7 ice-class LNG carriers, which provide transport on the iced waters of the Arctic Ocean, to conventional LNG carriers, which handle the remaining delivery. By limiting the use of Arc7 ice-class LNG carriers, this logistics optimization reduces the costs and CO2 emissions of the LNG transport.

FORWARD-LOOKING STATEMENTS

The entities in which TotalEnergies SE directly or indirectly owns a shareholding are separate and independent legal entities. The term “TotalEnergies” used in this document is generic and used for convenience to designate TotalEnergies SE and the entities included in its scope of consolidation.

Exhibit 99.3

CAPITALIZATION AND INDEBTEDNESS OF TOTALENERGIES

(unaudited)

The following table sets out the unaudited consolidated capitalization and long-term indebtedness, as well as short-term indebtedness, of TotalEnergies SE and all of its direct and indirect consolidated companies located in or outside of France (collectively, “TotalEnergies”) as of June 30, 2021, prepared on the basis of IFRS. Currency amounts are expressed in U.S. dollars (“dollars” or “$”) or in euros (“euros” or “€”).


	****	At June 30,<br>2021	****
		(in millions of dollars)
Current financial debt, including current portion of non-current financial debt
Current portion of non-current financial debt		6,655
Current financial debt		10,328
Current portion of financial instruments for interest rate swaps liabilities		288
Other current financial instruments — liabilities		34
Financial liabilities directly associated with assets held for sale		—
Total current financial debt		17,305
Non-current financial debt		52,331
Non-controlling interests		2,480
Shareholders’ equity
Common shares		8,224
Paid-in surplus and retained earnings		110,967
Currency translation adjustment		(11,087)
Treasury shares		(8)
Total shareholders’ equity — TotalEnergies share		108,096
Total capitalization and non-current indebtedness		162,907

As of June 30, 2021, TotalEnergies SE had an authorized share capital of 3,686,636,841 ordinary shares with a par value of €2.50 per share, and an issued share capital of 2,640,429,329 ordinary shares (including 174,425 treasury shares from shareholders’ equity).

As of June 30, 2021, approximately $7,721 million of TotalEnergies’ non-current financial debt was secured and $44,610 million was unsecured, and all of TotalEnergies’ current financial debt of $10,328 million was unsecured. As of June 30, 2021, TotalEnergies had no outstanding guarantees from third parties relating to its consolidated indebtedness.

For more information about TotalEnergies’ off-balance sheet commitments and contingencies, see Note 13.1 of the Notes to TotalEnergies’ audited Consolidated Financial Statements in its Annual Report on Form 20-F for the year ended December 31, 2020, filed with the Securities and Exchange Commission on March 31, 2021.

Except as disclosed herein, there have been no material changes in the consolidated capitalization, indebtedness and contingent liabilities of TotalEnergies since June 30, 2021.