TotalEnergies SE 6-K, filed Oct 28, 2022
TotalEnergies SE (TTE)
About this 6-K
TotalEnergies SE filed this 6-K on October 28, 2022.
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
October 28, 2022
Commission File Number 001-10888
TotalEnergies SE
(Translation of registrant’s name into English)
2, place Jean Millier
La Défense 6
92400 Courbevoie
France
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
TotalEnergies SE is providing on this Form 6-K a description of certain recent developments relating to its business.
EXHIBIT INDEX
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| TotalEnergies SE | |||
| Date: October 28, 2022 | By: | /s/ MARIE-SOPHIE WOLKENSTEIN | |
| Name: | Marie-Sophie Wolkenstein | ||
| Title: | Company Treasurer | ||
Exhibit 99.1
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PRESS RELEASE |
Decarbonizing Heavy Industry: TotalEnergies and
Holcim
Join Forces to Study Solutions for First Carbon-Free Cement
Plant in Belgium
Paris, October 4, 2022 – TotalEnergies and Holcim in Belgium have signed a Memorandum of Understanding (MoU) to work together on the full decarbonization of a cement production facility being upgraded by Holcim in Obourg, Belgium. Various energies and technologies will be assessed for the efficient capture, utilization, and sequestration (CCUS) of around 1.3 million metric tons of CO2 emitted by the facility every year.
Each partner will contribute its best-in-class technologies and its know-how to explore and develop the project, including:
| · | an innovative new air-oxyfuel switchable kiln, to facilitate the capture and purification of CO2 in the flue gases, as part of Holcim’s upgrade of the current cement plant; and | |
| · | the transportation and use of the captured CO2 by TotalEnergies for an innovative e-fuel producing scheme and/or deposit in geological storage in the North Sea. |
TotalEnergies will assess the development of renewable projects to power a new electrolyzer, which would generate the green hydrogen needed to produce e-fuels. This new renewable energy production capacity would also power Holcim’s new oxyfuel kiln, thus contributing to the decarbonization of the cement plant. Finally, the oxygen emitted by the electrolyzer would be used to fuel the new kiln.
“The unique, integrated and sustainable solution that we are looking to provide to Holcim for the full decarbonization of its cement plant emissions – with its range of technologies and new decarbonized molecules – is a first, marking a milestone in the decarbonization of heavy industry and its hard-to-abate emissions. We are pleased to partner with Holcim to work on the development of sustainable and carbon neutral industries in Europe, in partnership with our clients and in line with their decarbonization strategy,” said Christophe Sassolas, Senior Vice President, OneB2B Solutions at TotalEnergies. “TotalEnergies is looking forward to deploying other integrated solutions like this one elsewhere, as we move toward reducing our scope 3 emissions, in line with our Climate Ambition to get to Net Zero emissions by 2050, together with society.”
“Cement industry decarbonization is extremely challenging because of the process's inevitable CO2 emissions, which put us firmly in the hard-to-abate sector. CCUS is vital for Obourg to become the first net carbon neutral clinker plant in northwest Europe. We are very happy to work with TotalEnergies to accelerate the development of these CCUS solutions for GO4ZERO. By joining the first movers, we want to set the standards for future clinker manufacturing plants,” said Bart Daneels, CEO, Holcim Belgium.
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About TotalEnergies
TotalEnergies is a global multi-energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees are committed to energy that is ever more affordable, cleaner, more reliable and accessible to as many people as possible. Active in more than 130 countries, TotalEnergies puts sustainable development in all its dimensions at the heart of its projects and operations to contribute to the well-being of people.
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@TotalEnergies | TotalEnergies | TotalEnergies |  |
TotalEnergies |
TotalEnergies Contacts
Media Relations: +33 (0)1 47 44 46 99 l presse@totalenergies.com l @TotalEnergiesPR
Investor Relations: +33 (0)1 47 44 46 46 l ir@totalenergies.com
About Holcim Belgium
Holcim Belgium is member of the Group Holcim, which builds progress for people and the planet. As a global leader in innovative and sustainable building solutions, Holcim is enabling greener cities, smarter infrastructure and improving living standards around the world. With sustainability at the core of its strategy Holcim is becoming a net zero company, with its people and communities at the heart of its success. The company is driving circular construction as a world leader in recycling to build more with less. Holcim is the company behind some of the world’s most trusted brands in the building sector including ACC, Aggregate Industries, Ambuja Cement, Disensa, Geocycle, Holcim, Lafarge and Malarkey Roofing Products. Holcim is 70,000 people around the world who are passionate about building progress for people and the planet through four business segments: Cement, Ready-Mix Concrete, Aggregates and Solutions & Products. Learn more about Holcim on www.holcim.com, and by following us on LinkedIn and Twitter
Holcim Belgium Contacts
You can reach Holcim Belgium via the contact questionnaire at https://www.holcim.be/fr/contact in French or https://www.holcim.be/nl/contact in Dutch. For specific questions related to GO4ZERO, you can get in touch with Vincent MICHEL Program Director GO4ZERO vincent.michel@Holcim.com + 32 478 300 430
Cautionary Note
The terms “TotalEnergies”, “TotalEnergies company” or “Company” in this document are used to designate TotalEnergies SE and the consolidated entities that are directly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” may also be used to refer to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding are separate legal entities. This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. Information concerning risk factors, that may affect TotalEnergies’ financial results or activities is provided in the most recent Registration Document, the French-language version of which is filed by TotalEnergies SE with the French securities regulator Autorité des Marchés Financiers (AMF), and in the Form 20-F filed with the United States Securities and Exchange Commission (SEC).
Exhibit 99.2
TotalEnergies’ answer to the European Parliament
Paris, October 7, 2022 - Following the adoption of a resolution on the Tilenga and EACOP projects by the European Parliament on September,15, 2022, Patrick Pouyanné, CEO and chairman of TotalEnergies, has sent the following attached letter to the President of the European Parliament, Ms. Roberta Metsola. As a result, TotalEnergies will not be represented at the hearing organised by the Human Rights sub-commission on October 10.
If, as one might expect within the framework of contradictory debate respecting the fundamental principles of the institutions of our democracies, TotalEnergies had been consulted prior to the passing of this resolution, the Company could have informed the Parliament the inaccuracy of many elements which are based on serious and unfounded allegations. Unfortunately, it is now too late for this contradictory debate to take place as the European Parliament adopted this resolution without even hearing the Company.
TotalEnergies would like to point out that all partners are committed to putting environmental and biodiversity issues as well as the rights of the communities concerned at the centre of the project, in accordance with the most stringent international standards (IFC).
This project is a major development for Uganda and Tanzania, and we are doing our utmost to ensure that it is exemplary in terms of transparency, shared prosperity, economic and social progress, sustainable development and protecting the environment and human rights.
You can find a whole range of information on the implementation of the project here.
Below is the letter:
“Dear Ms Metsola,
I have been informed that the European Parliament last week deliberated on and then adopted, in just forty-eight hours, a resolution denouncing human rights abuses supposedly connected to the project to develop subsurface resources in Uganda, linked to infrastructure through Tanzania, led by TotalEnergies.
I very much regret that the Company and, by extension, its 105,000 employees should be publicly accused in this way by your institution, without being approached at any point for a prior adversarial discussion. I cannot help but feel that your Assembly should reach its opinions on subjects that it is free to select itself completely independently. It seems to me that, in this case, the adversarial principle on which the rule of law is based has not been respected in any way whatsoever. And I consider that the Parliament’s adoption of resolutions containing factual inexactitudes, and statements based on unfounded allegations, some serious, to be most damaging.
To cite just one example, if we had been asked for explanations, we would have been able to inform the Parliament that the project does not raise the "risk", and even less an “imminent” one of the displacement of 100,000 people. In fact, 723 households, numbering some 5,000 people, will be rehomed nearby in higher quality housing; other people affected because they own or farm land covered by the project have naturally been taken into account in the compensation procedure.
The fact that the Subcommittee on Human Rights decided to extend an invitation to me after the fact, to express myself when the decision had already been taken, for a duration of “eight minutes” (according to the terms of the invitation), does not in any way correct the situation created by this deliberation, because the adversarial principle can scarcely apply retroactively. You will understand that I do not intend to accept the invitation under these circumstances.
Please accept, Madam, the assurance of my highest consideration.
Patrick Pouyanné”
Exhibit 99.3
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PRESS RELEASE |
Duty of Vigilance: TotalEnergies Regrets
NGOs' Refusal of the
Mediation Process Proposed by the Paris Civil Court
Paris, October 12, 2022 – In connection with the hearings scheduled before the Paris Civil court today, TotalEnergies regrets that the NGOs involved in the proceedings have refused to participate in the mediation process proposed by the court and accepted by TotalEnergies. Following this refusal, the court decided that the pleadings would take place on December, 7, 2022.
Après avoir constaté ce refus de médiation, la cour a renvoyé les parties pour leurs plaidoiries au 7 décembre 2022.
In October 2019, some NGOs brought proceedings against TotalEnergies SE in the Nanterre Civil court based on France's "duty of vigilance" law, claiming that the Company had insufficiently identified and managed the social and environmental impacts of the Tilenga and EACOP projects in Uganda and Tanzania.
France's "duty of vigilance" law, which came into effect in 2017, requires companies of a certain size to publish in their management report a vigilance plan on the reasonable measures taken to identify risks and prevent potential serious violations of human rights and fundamental freedoms, human and environmental health and safety, not only in relation to the company's own activities but also those of its subcontractors and suppliers with whom it has an established commercial relationship.
The mediation process proposed by the court and accepted by TotalEnergies could have provided an opportunity to initiate a constructive dialogue with the NGOs that brought the proceedings, similar to the dialogue that the Company's affiliates in Uganda and Tanzania have maintained with the majority of local associations since the projects began.
TotalEnergies regrets this refusal by the NGOs party to the proceedings and now intends to argue before the court that its vigilance plan has been implemented effectively and that it has properly checked that its Ugandan and Tanzanian affiliates have applied the appropriate action plans to respect the rights of local communities and ensure respect for biodiversity, within the framework of National Interest Projects decided by the governments of Uganda and Tanzania.
In this respect, the TotalEnergies affiliates involved in the projects commissioned third-party experts to monitor the situations of the people affected by the project. Their feedback is the following:
Payment of compensation:
| § | The Tilenga project in Uganda concerns 4,929 households: |
| o | 92% of compensation agreements have been signed, |
| o | 88% of compensation has been paid. |
| § | The EACOP project in Uganda concerns 3,648 households: |
| o | 74% of compensation agreements have been signed. |
| o | Almost 60% of people have received their compensation. |
| § | The EACOP project in Tanzania, where the process began later, concerns 9,510 households: |
| o | 67% have signed the compensation agreement, |
| o | 15% have received their compensation to date. |
In cases where payment has not been received, the members of the households concerned naturally continue to access and enjoy full disposal of their homes and the land, which belongs to them or which they farm.
Households whose main residence is affected:
| § | For the two projects, 723 households, numbering some 5,000 people, will be relocated. |
| § | All the households concerned continue to live on their land and to farm it until they have received the full amount of their compensation, at which time they will be relocated. |
Societal measures implemented:
| § | In addition to the compensation agreed, additional measures will be implemented to promote employment, education and women’s rights. |
| § | Along with the other aspects of the project, TotalEnergies adheres strictly to local regulations and international standards (IFC). |
Households in the field:
| § | The people concerned by the projects will be monitored for at least three years. An annual survey of the people concerned by Tilenga project who have received cash compensation, carried out by a third party, showed that: |
| o | 70% of respondents said that their life had improved since receiving their compensation, |
| o | and 28% said that their life was unchanged. |
The preservation of biodiversity:
| § | Within the framework of these two projects, and in line with its biodiversity commitments, TotalEnergies SE has undertaken to implement action plans designed to achieve a net positive impact on biodiversity. |
| § | For the Tilenga project, for example: |
| o | The footprint of the facilities in the Murchison Falls National Park has been minimized to less than 0,03% of its surface. |
| o | 1,000 hectares of forest will be restored to allow chimpanzees to move freely, |
| o | 10,000 hectares of forest will be preserved, |
| o | a program is being designed that will increase the population of lions and elephants in Murchison Falls National Park by 25%, |
| o | a project is being designed to reintroduce iconic species such as the black rhinoceros. |
For more information about the EACOP and Tilenga projects and their implementation in compliance with the rights of local people and respect for biodiversity challenges, all third-party reports and assessments have been posted online by our affiliates for public consultation, in
full transparency: https://totalenergies.com/projects/liquids-low-carbon-fuels/tilenga-and-eacop-acting-transparently
https://totalenergies.com/info/tilenga-eacop-two-projects-rigorously-researched-and-assessed
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About TotalEnergies
TotalEnergies is a global multi-energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees are committed to energy that is ever more affordable, cleaner, more reliable and accessible to as many people as possible. Active in more than 130 countries, TotalEnergies puts sustainable development in all its dimensions at the heart of its projects and operations to contribute to the well-being of people.
TotalEnergies Contacts
Media Relations: +33 (0)1 47 44 46 99 l presse@totalenergies.com l @TotalEnergiesPR
Investor Relations: +33 (0)1 47 44 46 46 l ir@totalenergies.com
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@TotalEnergies |  |
TotalEnergies |  |
TotalEnergies |  |
TotalEnergies |
Cautionary Note
This press release, from which no legal consequences may be drawn, is for information purposes only. The entities in which TotalEnergies SE directly or indirectly owns investments are separate legal entities. TotalEnergies SE has no liability for their acts or omissions. The terms “Company” or “TotalEnergies company” refer collectively to the company TotalEnergies SE and the companies it controls directly or indirectly. Such terms are used solely for the sake of convenience for purposes of the present communication. Likewise, the words “we”, “us” and “our” may also be used to refer to subsidiaries in general or to those who work for them. This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic,
competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise.
Exhibit 99.4
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PRESS RELEASE |
Qatar: TotalEnergies announces the startup
of Al Kharsaah (800 MWp), one of the largest solar power
plants in the Middle East
Paris, Doha, 18 October 2022 – The Al Kharsaah solar power plant developped by TotalEnergies and its partners QatarEnergy, and Marubeni was inaugurated today by His Highness Sheikh Tamim bin Hamad Al Thani.
The ceremony marked the completion of the construction works and the startup of the plant, which is now connected to the national grid.
Located 80 km West of Doha, the Al Kharsaah plant is the first large scale photovoltaic plant in Qatar with 800 MWp installed solar capacity. The plant was constructed on a 1000-hectare terrain, equivalent to approximately 1400 football pitches, and integrates 2 million high-efficiency bifacial modules mounted on single-axis trackers. These panels, equipped with photovoltaic cells on the front and back, capture the sun's direct rays on one side, and capture the rays reflected on the ground thanks to the other side, thus optimizing electricity production.
Al Kharsaah can supply 10% of the country's peak power consumption and will avoid 26 million tons of CO2 emissions during its lifetime.
“After our recent entry in the giant LNG projects NFE and NFS alongside QatarEnergy, we are proud to announce today the start-up of the Al Kharsaah solar plant. This giant project, which contributed to the sustainability roadmap of Qatar, demonstrates once again TotalEnergies' ability to support producing countries in their energy transition by combining natural gas production and solar energy to meet the growing demand for electricity”, said Patrick Pouyanné, Chairman and Chief Executive Officer of TotalEnergies. “This is another milestone in our long-standing and trustful relationship with QatarEnergy, also bringing us closer to our goal of 35 GW of production capacity by 2025”.
The power plant has been developed and is operated by Siraj 1, which is jointly owned 40% by the Consortium formed by TotalEnergies (49%) and Marubeni (51%) and 60% by Siraj Energy (100% QatarEnergy). The project includes a 25-year Power Purchase Agreement between Siraj 1 and the power grid operator Kahramaa.
The inauguration of the Al Kharsaah plant follows the recent selection of TotalEnergies as QatarEnergy's first international partner for the North Field East (NFE) and North Field South (NFS) liquefied natural gas (LNG) projects. Participation in these projects will enable TotalEnergies to add 3.5 Mt/year of production to its global LNG portfolio by 2028, in line with the Company's goal of increasing the share of natural gas in its sales mix to 50% by 2030.
The inauguration also follows QatarEnergy's recent announcement of a new solarization project for the Ras Laffan and Mesaieed industrial cities, with the support of TotalEnergies. With 900 MWp of installed capacity, this project will be a second major milestone in QatarEnergy's strategy to reduce the carbon footprint of its facilities by 2030 and to develop 5 GW of renewable power generation capacity by 2035.
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TotalEnergies and renewables electricity
As part of its ambition to get to net zero by 2050, TotalEnergies is building a portfolio of activities in renewables and electricity. At the end of June 2022, TotalEnergies' gross renewable electricity generation installed capacity is close to 12 GW. TotalEnergies will continue to expand this business to reach 35 GW of gross production capacity from renewable sources and storage by 2025, and then 100 GW by 2030 with the objective of being among the world's top 5 producers of electricity from wind and solar energy.
About TotalEnergies
TotalEnergies is a global multi-energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees are committed to energy that is ever more affordable, cleaner, more reliable and accessible to as many people as possible. Active in more than 130 countries, TotalEnergies puts sustainable development in all its dimensions at the heart of its projects and operations to contribute to the well-being of people.
TotalEnergies Contacts
Media Relations: +33 (0)1 47 44 46 99 l presse@totalenergies.com l @TotalEnergiesPR
Investor Relations: +33 (0)1 47 44 46 46 l ir@totalenergies.com
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@TotalEnergies | |
TotalEnergies | |
TotalEnergies | |
TotalEnergies |
Cautionary Note
The terms “TotalEnergies”, “TotalEnergies company” or “Company” in this document are used to designate TotalEnergies SE and the consolidated entities that are directly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” may also be used to refer to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding are separate legal entities. This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. Information concerning risk factors, that may affect TotalEnergies’ financial results or activities is provided in the most recent Universal Registration Document, the French-language version of which is filed by TotalEnergies SE with the French securities regulator Autorité des Marchés Financiers (AMF), and in the Form 20-F filed with the United States Securities and Exchange Commission (SEC).
Exhibit 99.5
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PRESS RELEASE
TotalEnergies
and Valeo partner to innovate battery cooling in electric
vehicles and reduce their carbon footprint
Paris, October 20, 2022 – TotalEnergies and Valeo announce that they have signed an agreement to develop an innovative way of cooling electric vehicle batteries using a new, very high-performance dielectric1 fluid. Not only would this innovation improve the way electric vehicles are used, but it would also reduce their carbon footprint.
With current technology, fluids cannot be used to cool the battery from within. But TotalEnergies has developed a new, innovative dielectric coolant that can be in direct contact with battery cells. Valeo will contribute its expertise in the related thermal systems to design and build the best solution to integrate the coolant within the electric vehicle battery pack, thereby optimizing performance by conditioning it at the right temperature.
Research conducted under the agreement will enable Valeo to reduce the weight of the thermal systems used to cool vehicle batteries – greatly improving the overall weight, travel range and carbon footprint of electric vehicles – and improve safety in response to battery fire risk.
To address these needs and respond to other challenges such as comfort and electric powertrain efficiency, Valeo has developed comprehensive, smart, low-carbon thermal management systems adapted to charging intensity and speed. And the collaborative research program with TotalEnergies will enable it to optimize them even further.
“The dielectric fluid developed by TotalEnergies rounds out our TotalEnergies QUARTZ EV Fluid range aimed at electric mobility. It is a unique and innovative solution that aims to contribute to the decarbonization of the electric mobility sector – one of the company's strategic priorities. What's more, the technological advantage our product offers in terms of safety, one of our core values, makes it even more unique” commented Philippe Charleux, Senior Vice President, Lubricants & Specialties at TotalEnergies. “We are very pleased to be partnering with Valeo, with whom we share the same ambitions of accelerating the development of sustainable mobility solutions and achieving carbon neutrality.”
Francisco Moreno, President of Valeo’s Powertrain Systems Business Group, commented: "Helping to reduce the impact of mobility is central to Valeo's strategy. Technologies that contribute to reducing CO2 emissions now account for 60% of Group sales, and Valeo plans to continue expanding its portfolio of solutions that promote low-carbon mobility. This research partnership with TotalEnergies is an opportunity to create an innovative solution that will further accelerate consumer take-up of electric vehicles.”
1 Dielectric materials do not conduct electricity and therefore pose no safety risks.
As well as improving battery thermal management, the program is an opportunity to optimize electric powertrains in all areas where combining dielectric fluid with thermal systems can be beneficial.
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About TotalEnergies
TotalEnergies is a global multi-energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees are committed to energy that is ever more affordable, cleaner, more reliable and accessible to as many people as possible. Active in more than 130 countries, TotalEnergies puts sustainable development in all its dimensions at the heart of its projects and operations to contribute to the well-being of people.
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@TotalEnergies | |
TotalEnergies | |
TotalEnergies | |
TotalEnergies |
About Valeo
As a technology company and partner to all automakers and new mobility players, Valeo is innovating to make mobility cleaner, safer and smarter. Valeo enjoys technological and industrial leadership in electrification, driving assistance systems, reinvention of the interior experience and lighting. These four areas are vital to the transformation of mobility and will drive the Group’s growth in the coming years. Valeo is listed on the Paris Stock Exchange. Valeo in figures: In 2021, the Group generated sales of 17.3 billion euros and invested 12% of sales in R&D. At December 31, 2021, Valeo had 184 plants, 21 research centers, 43 development centers and 16 distribution platforms, and employed 103,300 people in 31 countries worldwide.
TotalEnergies Contacts
Corporate Media Relations: +33 (0)1 47 44 46 99 l presse@totalenergies.com l @TotalEnergiesPR
Investor Relations: +33 (0)1 47 44 46 46 l ir@totalenergies.com
Valeo Contacts
Valeo Media Relations: +33 6 67 88 89 33 | +33 6 81 73 83 41 | press-contact.mailbox@valeo.com
Valeo Investor Relations: +33 1 40 55 37 93 | valeo@relations-investisseurs.com
Cautionary Note
The terms “TotalEnergies”, “TotalEnergies company” or “Company” in this document are used to designate TotalEnergies SE and the consolidated entities that are directly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” may also be used to refer to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding are separate legal entities. This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. Information concerning risk factors, that may affect TotalEnergies’ financial results or activities is provided in the most recent Registration Document, the French-language version of which is filed by TotalEnergies SE with the French securities regulator Autorité des Marchés Financiers (AMF), and in the Form 20-F filed with the United States Securities and Exchange Commission (SEC).
Exhibit 99.6
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PRESS RELEASE |
TotalEnergies reaches
500 MW of onsite B2B Solar Distributed
Generation for the self-consumption of its Customers
Worldwide
Paris, October 25th, 2022 – TotalEnergies announced today it reached the milestone of 500 MW of onsite B2B solar distributed generation in operation. More than 300 sites of its industrial and commercial customers have been equipped with solar panels in Asia, the Middle East, Europe and the United States.
TotalEnergies sells to its B2B customers green electricity produced directly on their sites through long-term onsite Power Purchase Agreements (PPAs). It develops, finances, builds and operates the solar installations on these roofs, carports, as well as on available industrial land.
These solar solutions enable companies to produce clean energy directly at their sites – benefitting from significant savings on their current cost of electricity and reducing their carbon footprints.
“We are delighted to have reached 500 MW of onsite B2B distributed solar capacity worldwide. Thanks to our expertise in this market segment, we provide concrete and competitive solutions to our B2B customers to help them reach their sustainability goals and reduce their energy costs. With a footprint spanning 30 countries worldwide in the Distributed Generation business, we expect to speed up our growth and expand our portfolio in operation to one gigawatt by 2023.” said Matthieu Langeron, VP Solar Distributed Generation at TotalEnergies.
* * *
TotalEnergies and renewables electricity
As part of its ambition to get to net zero by 2050, TotalEnergies is building a portfolio of activities in renewables and electricity. At the end of June 2022, TotalEnergies' gross renewable electricity generation installed capacity is close to 12 GW. TotalEnergies will continue to expand this business to reach 35 GW of gross production capacity from renewable sources and storage by 2025, and then 100 GW by 2030 with the objective of being among the world's top 5 producers of electricity from wind and solar energy.
About TotalEnergies
TotalEnergies is a global multi-energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees are committed to energy that is ever more affordable, cleaner, more reliable and accessible to as many people as possible. Active in more than 130 countries, TotalEnergies puts sustainable development in all its dimensions at the heart of its projects and operations to contribute to the well-being of people.
TotalEnergies Contacts
Media Relations: +33 (0)1 47 44 46 99 l presse@totalenergies.com l @TotalEnergiesPR
Investor Relations: +33 (0)1 47 44 46 46 l ir@totalenergies.com
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@TotalEnergies | |
TotalEnergies | |
TotalEnergies | |
TotalEnergies |
Cautionary Note
The terms “TotalEnergies”, “TotalEnergies company” or “Company” in this document are used to designate TotalEnergies SE and the consolidated entities that are directly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” may also be used to refer to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding are separate legal entities. This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. Information concerning risk factors, that may affect TotalEnergies’ financial results or activities is provided in the most recent Universal Registration Document, the French-language version of which is filed by TotalEnergies SE with the French securities regulator Autorité des Marchés Financiers (AMF), and in the Form 20-F filed with the United States Securities and Exchange Commission (SEC).
Exhibit 99.7
 |  |
PRESS RELEASE
Brazil: TotalEnergies partners with Casa dos
Ventos to jointly
develop a 12 GW renewable energy portfolio
Paris, October 26th, 2022 – TotalEnergies (TTE) and Casa dos Ventos (CDV), Brazil's leading renewable energy developer, announced today the creation of a 34%(TTE)/66%(CDV) joint venture to jointly develop, build and operate the renewable portfolio of Casa Dos Ventos.
This portfolio includes 700 MW of onshore wind capacity in operation, 1 GW of onshore wind under construction, 2.8 GW of onshore wind and 1.6 GW of solar projects under well advanced development (COD within 5 years).
Besides, the newly formed JV will have the right to acquire the current and new projects that are or will be developed by CDV as they reach execution stage. The JV will thus be able to jointly foster its growth by accessing an additional portfolio of at least 6 GW, that CDV will continue to expand.
TotalEnergies will pay a cash consideration of $550 million (R$ 2,920 million) and up to $30 million (R$ 159 million) in earn-out to complete the acquisition. In addition, TotalEnergies will have the option to acquire an additional 15% equity share in the JV after 5 years.
TotalEnergies will support the JV accelerating its growth thanks to its global presence in the Corporate PPA market, its purchasing power resulting from its worldwide size, its trading expertise well suited to the Brazilian merchant market and its strong balance sheet allowing the JV to improve its financing cost. CDV, which has developed 25% of the onshore wind assets in operation today in Brazil, will bring to the JV its deep knowledge of the Brazilian market and a very high-quality portfolio while shifting from a developer to a producer business model.
"After Adani Green in India and Clearway in the United States, I am delighted with this new major partnership in Brazil, with Casa dos Ventos, the leader in onshore wind energy. With this transaction, TotalEnergies acquires not less than a leading position in the Brazilian renewable energy market, one of the most dynamic merchant markets in the world. This market fits our strategy of taking advantage of the growth of the deregulated power markets, which is crucial to the energy transition. ", said Patrick Pouyanné, Chairman and CEO of TotalEnergies. "With a total of 12 GW in operation, construction and development, both wind and solar, this transaction is an additional step in TotalEnergies ambition to reach 100 GW of renewable production by 2030 and in its transformation into a sustainable and profitable multi-energy company.”
“The partnership between Casa dos Ventos and TotalEnergies was structured to maximize the complementarities and synergies between the companies. In addition to its financial strength,
TotalEnergies’ global footprint will contribute to the expansion of our client portfolio and enhance our knowledge in new fields of the energy transition. We are confident that this partnership positions us in a strategic role to lead the sustainable energy agenda in Brazil,” said Mario Araripe, founder and president of Casa dos Ventos.
* * *
TotalEnergies and renewable electricity
As part of its ambition to get to net zero by 2050, TotalEnergies is building a portfolio of activities in electricity and renewables. At the end of June 2022, TotalEnergies' gross renewable electricity generation installed capacity is close to 12 GW. TotalEnergies will continue to expand this business to reach 35 GW of gross production capacity from renewable sources and storage by 2025, and then 100 GW by 2030 with the objective of being among the world's top 5 producers of electricity from wind and solar energy.
About Casa dos Ventos
Casa dos Ventos is a Brazilian energy company that develops, builds and operates projects from renewable sources. Responsible for one of the largest wind measurement campaigns in the world, the company has developed one in every four wind projects in operation in Brazil. To continue its relevant
role in the sector, Casa dos Ventos holds the largest portfolio of wind and solar projects under development in the country, with approximately 20GW. The company is also a leading provider of energy solutions to support consumers in their energy transition.
Casa dos Ventos is a signatory to the UN Global Compact and works in line with the 17 Sustainable Development Goals (SDGs) and best ESG practices, preserving local biomes, developing social projects in the communities where it is present and contributing to a low carbon economy.
About TotalEnergies
TotalEnergies is a global multi-energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees are committed to energy that is ever more affordable, cleaner, more reliable and accessible to as many people as possible. Active in more than 130 countries, TotalEnergies puts sustainable development in all its dimensions at the heart of its projects and operations to contribute to the well-being of people.
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@TotalEnergies | |
TotalEnergies | |
TotalEnergies | |
TotalEnergies |
TotalEnergies Contacts
Media Relations: +33 1 47 44 46 99 l presse@totalenergies.com l @TotalEnergiesPR
Investor Relations: +33 (0)1 47 44 46 46 l ir@totalenergies.com
Cautionary Note
This press release, from which no legal consequences may be drawn, is for information purposes only. The entities in which TotalEnergies SE directly or indirectly owns investments are separate legal entities. TotalEnergies SE has no liability for their acts or omissions. The terms “Company” or “TotalEnergies company” refer collectively to the company TotalEnergies SE and the companies it controls directly or indirectly. Such terms are used solely for the sake of convenience for purposes of the present communication. Likewise, the words “we”, “us” and “our” may also be used to refer to subsidiaries in general or to those who work for them. This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise.
Exhibit 99.8
 | PRESS RELEASE
|
Third Quarter 2022 Results
TotalEnergies reports IFRS net income of $6.6
billion,
driven by its LNG business, strengthens its balance sheet and
shares benefit with employees and shareholders
Paris, October 27, 2022 - The Board of Directors of TotalEnergies SE, meeting on October 26, 2022 under the chairmanship of CEO Patrick Pouyanné approved the Company’s financial statements for the third quarter of 2022. On this occasion, Patrick Pouyanné said:
"In a context marked by an average Brent price of 100 $/b and an increase in gas prices exacerbated by Russia’s military aggression in Ukraine, TotalEnergies leveraged its integrated model, particularly LNG, to generate results in line with previous quarters. In the third quarter 2022, the Company posted adjusted net income of $9.9 billion and IFRS net income of $6.6 billion after taking into account a new impairment of $3.1 billion related to Russia. Cash flow was $11.7 billion, and the Company strengthened its balance sheet with a gearing ratio of 4%. Return on equity was more than 30% over the past 12 months.
The iGRP (integrated Gas, Renewables & Power) segment reported record adjusted net operating income of $3.6 billion this quarter, up $1.1 billion from the second quarter, and cash flow of $2.7 billion, driven by an average LNG selling price up more than 50% compared to the previous quarter and by the strong performance of its trading activities. The Company continued to implement its growth strategy by taking a stake in the North Field South LNG project in Qatar. In Electricity & Renewables, TotalEnergies completed the acquisition of 50% of the Clearway Energy Group in the United States and announced a significant acquisition in Brazil.
Exploration & Production posted adjusted net operating income of $4.2 billion and cash flow of $6.4 billion, despite a decrease in production this quarter, mainly due to unplanned shutdowns at Kashagan. TotalEnergies started production at the Ikike field in Nigeria, launched the Begonia project in Angola and the Fenix project in Argentina, and announced a significant gas discovery in Cyprus.
Downstream benefited from strong distillate margins, generating an outstanding adjusted net operating income of $2.4 billion and a cash flow of $2.9 billion.
In this favorable environment, taking into account income and production taxes of $26 billion worldwide, the Company is implementing a balanced value-sharing policy with an exceptional one-month-salary bonus in 2022 to all its employees(3) worldwide and, as announced on September 28, its shareholder return policy targeting 35-40% cash flow payout beginning in 2022.
The Board of Directors therefore decided to distribute a third interim dividend for the 2022 financial year in the amount of €0.69/share, equal to the first and second 2022 interim dividends and an increase of 5% from the interim and the final dividends paid for the 2021 financial year, and set the ex-dividend and payment dates for the interim special dividend of €1/share in December 2022. »
| (1) | Definitions in page 3. |
| (2) | Excluding lease commitments. |
| (3) | Payment, capped for high salaries, to employees of all fully owned companies and of companies in which TotalEnergies holds more than 50%, subject to agreement by their governing bodies. |
| 1 |
| 1. | Highlights(4) |
Social and environmental responsibility
| · | TotalEnergies' contributed to the energy transition dialogue in view of COP27 with the publication of the "TotalEnergies Energy Outlook 2022", |
| · | Fuel price reduction program until year-end for TotalEnergies’ service stations in France |
Electricity & Renewables
| · | Acquired an interest in the development of more than 12 GW of onshore solar and wind projects in Brazil |
| · | Offshore wind: |
| o | Start-up of Seagreen, Scotland's largest offshore wind farm |
| · | Solar: |
| o | Start-up of the 800 MW Al Kharsaah solar power plant in Qatar |
| o | Reached the objective of 500 MW of distributed solar generation capacity worldwide |
LNG
| · | Acquired a 9.375% stake in the 16 Mt/y North Field South LNG project in Qatar |
| · | Launched the FEED for the Papua LNG project’s upstream production facilities, in Papua New Guinea |
Upstream
| · | Started production at the Ikike field in Nigeria |
| · | Launched developments in Angola of the Begonia oil field, the Quiluma and Maboqueiro gas fields, as well as a first solar project with a capacity of 35 MW |
| · | Launched the Fenix offshore gas project in Argentina |
| · | Significant offshore gas discovery at Cronos-1 well, located on Block 6 in Cyprus |
| · | Exploration & production sharing agreement signed for Block 11 in Oman |
| · | Sold 18% stake in the onshore Sarsang oil field in Iraq |
| · | Sold 49% interest in the Termokarstovoye gas field in Russia to Novatek |
Downstream and new molecules
| · | Agreement with SARIA to develop SAF production on the Grandpuits platform in France |
| · | Sold 50% of fuel distribution business in Egypt to ADNOC |
Decarbonization
| · | Awarded a CO2 sequestration license in Australia, in partnership with INPEX and Woodside |
| · | First cross-border commercial agreement for CO2 transport and storage on the Northern Lights project in Norway |
| · | Memorandum of understanding with Holcim for a pilot project to decarbonize a cement plant in Belgium |
| · | Created with the Technical University of Denmark a research center of excellence in decarbonized energies |
| (4) | Some of the transactions mentioned in the highlights remain subject to the agreement of the authorities or to the fulfilment of conditions precedent under the terms of the agreements. |
| 2 |
| 2. | Key figures from TotalEnergies’ consolidated financial statements(5) |
| * | Average €-$ exchange rate: 1.0070 in the third quarter 2022 and 1.0638 in the first nine months of 2022. |
| (5) | Adjusted results are defined as income using replacement cost, adjusted for special items, excluding the impact of changes for fair value; adjustment items are on page 16. | |
| (6) | Adjusted EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) corresponds to the adjusted earnings before depreciation, depletion and impairment of tangible and intangible assets and mineral interests, income tax expense and cost of net debt, i.e., all operating income and contribution of equity affiliates to net income. | |
| (7) | Effective tax rate = (tax on adjusted net operating income) / (adjusted net operating income – income from equity affiliates – dividends received from investments – impairment of goodwill + tax on adjusted net operating income). | |
| (8) | In accordance with IFRS rules, adjusted fully-diluted earnings per share is calculated from the adjusted net income less the interest on the perpetual subordinated bonds | |
| (9) | Organic investments = net investments excluding acquisitions, asset sales and other operations with non-controlling interests. | |
| (10) | Net acquisitions = acquisitions – assets sales – other transactions with non-controlling interests (see page 18). | |
| (11) | Net investments = organic investments + net acquisitions (see page 18). | |
| (12) | Operating cash flow before working capital changes, is defined as cash flow from operating activities before changes in working capital at replacement cost, excluding the mark-to-market effect of iGRP’s contracts and including capital gains from renewable projects sale. | |
| The inventory valuation effect is explained on page 20. The reconciliation table for different cash flow figures is on page 18. | ||
| (13) | DACF = debt adjusted cash flow, is defined as operating cash flow before working capital changes and financial charges. |
| 3 |
| 3. | Key figures of environment, greenhouse gas emissions and production |
| 3.1 | Environment* – liquids and gas price realizations, refining margins |
| * | The indicators are shown on page 21. |
| ** | This indicator represents TotalEnergies’ average margin on variable cost for refining in Europe (equal to the difference between TotalEnergies European refined product sales and crude oil purchases with associated variable costs divided by volumes refined in tons). 3Q21 and 9M21 data as disclosed in 2021 included the restatement of 3Q21 figures to reflect 2Q21 environment for energy costs. |
The average LNG selling price was up 54% in the third quarter compared to the previous quarter, benefiting on a lagged basis from the increase in oil and gas price indexes on long-term contracts as well as high spot gas prices.
| 3.2 | Greenhouse gas emissions(14) |
Estimated 2022 quarterly emissions. 2021 quarterly equity share data are not available.
Excluding Covid-19 effect for emissions data from 2Q20 through 2Q22.
Estimated 2022 quarterly emissions. 2021 quarterly equity share data are not available.
The evolution of Scope 1+2 emissions from the operated facilities resulted from the high-capacity utilization of CCGTs and refineries in Europe, including the restart of the Donges refinery in France.
| (14) | 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 SF6 are virtually absent from the Company’s emissions or are considered as non-material and are therefore not counted. | |
| (15) | Scope 1+2 GHG emissions of operated facilities are defined as the sum of direct emissions of greenhouse gases from sites or activities that are included in the scope of reporting (as defined in the Company’s 2021 Universal Registration Document) and indirect emissions attributable to brought-in energy (electricity, heat, steam), excluding purchased industrial gases (H2). | |
| (16) | TotalEnergies reports Scope 3 GHG emissions, category 11, which correspond to indirect GHG emissions related to the use by customers of energy products, i.e., combustion of the products to obtain energy. The Company follows the oil & gas industry reporting guidelines published by IPIECA, which comply with the GHG Protocol methodologies. In order to avoid double counting, this methodology accounts for the largest volume in the oil and gas value chain, i.e., the higher of the two production volumes or sales to end customers. For TotalEnergies, in 2021 and 2022, the calculation of Scope 3 GHG emissions for the oil value chain considers oil products and biofuels sales (higher than production) and for the gas value chain, gas sales either as LNG or as part of direct sales to B2B/B2C customers (higher than or equivalent to marketable gas production). | |
| (17) | Scope 3 GHG emissions, category 11, which correspond to indirect GHG emissions related to the sale of petroleum products (including biofuels). |
| 4 |
| 3.3 | Production* |
| * | Company production = E&P production + iGRP production. |
Hydrocarbon production was 2,669 thousand barrels of oil equivalent per day (kboe/d) in the third quarter of 2022, down 5% year-on-year, comprised of:
| · | +3% due to the start-up and ramp-up of projects including Clov Phase 2 and Zinia Phase 2 in Angola, Mero 1 in Brazil and Ikike in Nigeria, |
| · | +2% due to the increase in OPEC+ production quotas, |
| · | -3% due to higher planned maintenance, particularly on Ichthys, and unplanned shutdowns on Kashagan, |
| · | -3% portfolio effect, notably related to the end of the operating licenses for Qatargas 1 and Bongkot North in Thailand, as well as the effective withdrawal from Myanmar, partially offset by the entry into the Sepia and Atapu producing fields in Brazil, |
| · | -1% due to security-related production cuts in Libya and Nigeria, |
| · | -1% due to the price effect, |
| · | -2% due to the natural decline of the fields. |
Compared to the previous quarter, production was down 2.5%, mainly due to planned maintenance, notably at Ichthys, and unplanned shutdowns at Kashagan, partially offset by the entry into production fields of Sepia and Atapu and the ramp-up of Mero 1 in Brazil.
| 4. | Analysis of business segments |
| 4.1 | Integrated Gas, Renewables & Power (iGRP) |
| 4.1.1 | Production and sales of Liquefied Natural Gas (LNG) and electricity |
| * | The Company’s equity production may be sold by TotalEnergies or by the joint ventures. |
Third quarter 2022 LNG production was down 6% year-on-year, mainly due to the end of the Qatargas 1 operating license, planned maintenance on Ichthys LNG in Australia as well as the decrease in gas supply to NLNG in Nigeria for security reasons.
Overall LNG sales were down 10% in the third quarter compared to the previous quarter, mainly due to the outage at Freeport LNG, planned maintenance at Ichthys LNG and a shutdown of production at Idku LNG in Egypt due to insufficient gas supply.
| 5 |
Nevertheless, third quarter 2022 overall LNG sales were up 5% year-on-year, mainly due to the increase in spot purchases to maximize the use of the Company's regasification capacity in Europe and seize opportunities in a volatile market.
| (1) | Includes 20% of Adani Green Energy Ltd’s gross capacity effective first quarter 2021. |
| (2) | Includes 50% of Clearway Energy Group’s gross capacity effective third quarter 2022. |
| (3) | End of period data. |
| (4) | Solar, wind, biogas, hydroelectric and combined-cycle gas turbine (CCGT) plants. |
| (5) | TotalEnergies share (% interest) of EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) in Electricity & Renewables affiliates, regardless of consolidation method. |
Gross installed renewable power generation capacity reached 16.0 GW at the end of the third quarter 2022, up 4.4 GW from the previous quarter, including 3.8 GW related to the acquisition of 50% of Clearway Energy Group in the United States and 160 MW related to the start-up of the Seagreen offshore wind farm in Scotland.
Gross power generation capacity in development increased by 12.5 GW quarter-on-quarter, mainly due to the acquisition of 50% of Clearway Energy Group in the United States.
Net electricity generation stood at 8.5 TWh in the third quarter 2022, up 79% year-on-year thanks to higher utilization rates of flexible power plants (CCGT) as well as growth in electricity generation from renewable sources.
EBITDA from the Electricity & Renewables business reached $460 million in the third quarter 2022, up 58% year-on-year due to the growth of the business.
| 6 |
| 4.1.2 | Results |
| * | Detail of adjustment items shown in the business segment information annex to financial statements. |
| ** | Excluding financial charges, except those related to lease contracts, excluding the impact of contracts recognized at fair value for the sector and including capital gains on the sale of renewable projects. |
| *** | Excluding financial charges, except those related to leases. |
Adjusted net operating income for the iGRP segment was:
| · | $3,649 million in the third quarter 2022, 2.3 times the same quarter last year, thanks to higher LNG prices, the performance of gas, LNG and electricity trading activities and the growing contribution of Electricity & Renewables, |
| · | $9,255 million over the first nine months of 2022, 2.7 times the same period last year for the same reasons. |
The iGRP segment's cash flow was as follows:
| · | $2,683 million in the third quarter 2022, up 56% year-on-year, thanks to higher LNG prices, the performance of gas, LNG and electricity trading activities and the growing contribution of Electricity & Renewables, despite a lag effect on dividends received from equity affiliates, |
| · | $7,628 million over the first nine months of 2022, 2.1 times the same period last year for the same reasons. |
Operating cash flow was $4,390 million for the quarter, mainly due the positive impact on working capital requirements of margin call reductions and the seasonality of the gas and electricity supply business.
| 4.2 | Exploration & Production |
| 4.2.1 | Production |
| 7 |
| 4.2.2 | Results |
| * | Details on adjustment items are shown in the business segment information annex to financial statements. |
| ** | Tax on adjusted net operating income / (adjusted net operating income - income from equity affiliates - dividends received from investments - impairment of goodwill + tax on adjusted net operating income). |
| *** | Excluding financial charges, except those related to leases. |
Adjusted net operating income from Exploration & Production was:
| · | $4,217 million in the third quarter 2022, up 55% year-on-year, thanks to the sharp rise in oil and gas prices, |
| · | $13,951 million for the first nine months of 2022, double the same period last year for the same reasons. |
Cash flow was $6,406 million in the third quarter 2022 compared to $4,943 million a year earlier and increased by 62% to $21,092 million in the first nine months of 2022, benefiting from the sharp increase in oil and gas prices.
Adjusted net operating income and cash flow for the third quarter of 2022 were down $502 million and $977 million respectively compared to the second quarter, mainly due to the impact of Energy Profits Levy in the United Kingdom for $0.6 billion.
4.3 Downstream (Refining & Chemicals and Marketing & Services)
| 4.3.1 | Results |
| * | Detail of adjustment items shown in the business segment information annex to financial statements. |
| ** | Excluding financial charges, except those related to leases. |
| 8 |
| 4.4 | Refining & Chemicals |
| 4.4.1 | Refinery and petrochemicals throughput and utilization rates |
| * | Includes refineries in Africa reported in the Marketing & Services segment. |
| ** | Based on distillation capacity at the beginning of the year, excluding Grandpuits (shut down first quarter 2021) from 2021 and Lindsey refinery (divested) from second quarter 2021. |
| * | Olefins. |
| ** | Based on olefins production from steam crackers and their treatment capacity at the start of the year. |
Refinery throughput:
| · | increased by 31% year-on-year in the third quarter 2022, due to the recovery in demand, particularly in Europe and the United States, the restart of the Donges refinery in France in the second quarter 2022 and the Leuna refinery in Germany which had a major scheduled turnaround in 2021, |
| · | increased by 31% year-on-year for the first nine months, for the same reasons as well as the restart, in 2021, of the distillation unit at the Normandy refinery in France. |
Monomer production was down 13% in the third quarter 2022, mainly due to lower demand in Asia and unplanned shutdowns at Normandy in France and Antwerp in Belgium.
| 4.4.2 | Results |
*Details of the adjustment items can be found in the industry information in the financial statements.
**Excluding financial expenses except those related to leases.
Adjusted net operating income for the Refining & Chemicals segment was:
| · | $1,935 million in the third quarter 2022, compared to $602 million in the third quarter 2021, due to high distillate margins in the context of reduced imports of Russian petroleum products, as well as the performance of crude oil and petroleum products trading activities, |
| · | $5,815 million over the first nine months of 2022, 4.3 times the same period last year, due to high refining margins in Europe and the United States and better utilization rates, as a result of the restart of the Donges refinery in France in the second quarter 2022 as well as the Leuna refinery in Germany which had a major scheduled turnaround in 2021. |
Cash flow also rose sharply to $2,164 million in the third quarter 2022, 2.3 times higher than in the third quarter 2021, and to $6,560 million in the first nine months of 2022.
| 9 |
In the third quarter 2022, adjusted net operating result and cash flow were down $825 million and $799 million respectively, compared to the second quarter 2022, due to lower gasoline margins in Europe and the United States.
| 4.5 | Marketing & Services |
| 4.5.1 | Petroleum product sales |
| * | Excludes trading and bulk refining sales. |
Sales of petroleum products were down 3% year-on-year in the third quarter 2022, reflecting lower demand due to higher prices of petroleum products, particularly in Africa.
Sales were stable for the first nine months of 2022 compared to a year ago, as the recovery of aviation and network activities worldwide offset the decline in sales to professional and industrial customers, particularly in Europe.
| 4.5.2 | Results |
*Details of the adjustment items can be found in the industry information in the financial statements.
**Excluding financial expenses except those related to leases.
Adjusted net operating income for the Marketing & Services segment was $478 million in the third quarter 2022, up 9% year-on-year, and $1,216 million in the first nine months of 2022, up 7% year-on-year, thanks mainly to the recovery of the network and aviation activities.
Cash flow was $780 million in the third quarter 2022 and $1,828 million in the first nine months of the year.
| 10 |
| 5. | TotalEnergies results |
| 5.1 | Adjusted net operating income from business segments |
Segment adjusted net operating income was:
| · | $10,279 million in the third quarter 2022, compared to $5,374 million a year earlier, due to higher oil and gas prices, refining margins and the good performance of trading activities, |
| · | $30,237 million over the first nine months of 2022, compared to $12,893 million a year earlier, for the same reasons. |
| 5.2 | Adjusted net income (TotalEnergies share) |
TotalEnergies adjusted net income was $9,863 million in the third quarter 2022 compared to $4,769 million in the third quarter 2021, due to higher oil and gas prices, refining margins and the good performance of trading activities.
Adjusted net income excludes the after-tax inventory effect, non-recurring items and the impact of changes in fair value(18).
The net income adjustment items(19) represented $-3,237 million in the third quarter 2022, notably due to a new impairment of $-3.1 billion related to Russia and to an inventory effect of $-0.8 billion, partially offset by the capital gain on the partial sale of SunPower shares and the impact of revaluing the shares held and consolidated under the equity method for $1.4 billion.
TotalEnergies’ effective tax rate was 44.1% in the third quarter 2022, compared to 39.4% in the second quarter 2022 and 39.6% in the third quarter 2021, mainly due to the increase in the Exploration & Production tax rate, notably as a result of the Energy Profits Levy in the United Kingdom.
| 5.3 | Adjusted earnings per share |
Adjusted diluted net earnings per share were:
| · | $3.83 in the third quarter 2022, calculated based on 2,560 million weighted-average diluted shares, compared to $1.76 a year earlier, |
| · | $10.96 over the first nine months of 2022, calculated based on 2,589 million weighted-average diluted shares, compared to $4.14 a year earlier. |
As of September 30, 2022, the number of fully-diluted shares was 2,543 million.
As part of its shareholder return policy, as announced in July 2022, TotalEnergies repurchased 38.9 million shares for cancellation in the third quarter 2022 for $2 billion. Share buybacks amounted to $5 billion in the first nine months of 2022.
| 5.4 | Acquisitions - asset sales |
Acquisitions were:
| · | $1,716 million in the third quarter 2022, mainly related to the acquisition of 50% of Clearway Energy Group for $1,619 million, |
| · | $5,580 million over the first nine months of 2022 including the above item as well as payments related to the award of the Atapu and Sepia Production Sharing Contracts and the bonus related to the New York Bight offshore wind concession in the United States. |
Asset sales were:
| · | $129 million in the third quarter 2022, mainly for the sale of the 18% interest in the Sarsang field in Iraq, |
| · | $995 million over the first nine months of 2022, including the above item as well as the partial sale of the Landivisiau power generation plant in France, the sale by SunPower of its Enphase shares and a payment related to the sale of interests in the CA1 offshore block in Brunei. |
| (18) | These adjustment elements are explained page 20. |
| (19) | The total of the net income adjustment items is detailed on page 16 as follows. than in the notes to the accounts. |
| 11 |
| 5.5 | Net cash flow |
TotalEnergies' net cash flow(20) was:
| · | $7,033 million in the third quarter 2022 compared to $6,205 million a year earlier, reflecting the $3.7 billion increase in cash flow and the $2.8 billion increase in net investments to $4,703 million in the third quarter 2022, |
| · | $24,094 million in the first nine months of 2022 compared to $10,756 million a year earlier, reflecting the $16.8 billion increase in cash flow and the $3.5 billion increase in net investments to $12,501 million in the first nine months of 2022. |
Cash flow from operations was $17,848 million in the third quarter, compared to cash flow of $11,736 million, reflecting the positive impact of a $6.7 billion decrease in working capital requirement, mainly due to:
| · | price effect on inventories related to the decrease in oil and petroleum products average prices |
| · | increase in tax liabilities related to rising gas prices and the Energy Profits Levy in the United Kingdom, |
| · | reduction in margin calls, |
| · | seasonality of the gas and electricity supply activity. |
| 5.6 | Profitability |
Return on equity was 31.4% for the twelve months ended September 30, 2022.
The return on average capital employed was 27.2% for the twelve months ended September 30, 2022.
| 6. | TotalEnergies SE statutory accounts |
Net income for TotalEnergies SE, the parent company, was €5,205 million in the first nine months of 2022, compared to €5,635 million a year earlier.
| 7. | Annual 2022 Sensitivities* |
| * | Sensitivities are revised once per year upon publication of the previous year’s fourth quarter results. Sensitivities are estimates
based on assumptions about TotalEnergies’ portfolio in 2022. Actual results could vary significantly from estimates based on the
application of these sensitivities. The impact of the $-€ sensitivity on adjusted net operating income is essentially attributable
to Refining & Chemicals. Sensitivity to European gas price has been exceptionally updated during this quarter (see ***). |
| ** | In a 60 $/b Brent environment. |
| *** | Updated sensitivity, including UK Energy Profits Levy. |
| Sensitivity +/- 0.4 B$ starting 3Q 2022, related to UK and Norway taxes |
| (20) | Net cash fow = cash flow – net investments (including other transactions with non-controlling interest). |
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| 8. | Summary and outlook |
The markets for oil and gas are marked by strong volatility. Despite anticipated slower global growth in 2023, oil prices are supported notably by the OPEC+ decision to reduce production quotas by 2 Mb/d as well as by the implementation of the European ban on Russian oil effective December 5, 2022. Gas prices should also remain high, driven by the need to import LNG into Europe to replace Russian gas imports. In addition, refining margins, notably for distillates, should remain strong due to the ban on imports of Russian petroleum products into Europe effective February 2023.
TotalEnergies expects fourth quarter 2022 production to reach around 2.8 Mboe/d, due to a reduction in planned maintenance and the re-start of Kashagan production.
Given the evolution of oil and gas prices in recent months and the lag effect on price formulas, TotalEnergies anticipates that its average LNG selling price for the fourth quarter should be above $17/Mbtu.
With strong cash flow generation and a gearing ratio of 4%, the Company confirms its strategy of allocating 35-40% of cash flow to its shareholders through the cycles, while accelerating its transformation strategy with net investments of around $16 billion in 2022, including $4 billion in decarbonized energies.
* * * *
To listen live to the presentation in English by Jean-Pierre Sbraire, Chief Financial Officer, which is being held today at 13:30 (Paris time) with financial analysts, you can consult the information provided on the Company's website totalenergies.com or dial +44 (0) 121 281 8003 or +1 (718) 705-8794. The recording of this conference will be available on the Company's website totalenergies.com at the end of the event.
* * * *
Contacts TotalEnergies
Media Relations: +33 (0)1 47 44 46 99 l presse@totalenergies.com l @TotalEnergiesPR
Investor Relations: +33 (0)1 47 44 46 46 l ir@totalenergies.com
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| 9. | Results from Russian assets |
Capital employed by TotalEnergies in Russia as of September 30, 2022 was $6,110 million after taking into account a impairment of $3.1 billion in the third quarter 2022.
10. Operating information by segment
| 10.1 | Company’s production (Exploration & Production + iGRP) |
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| 10.2 | Downstream (Refining & Chemicals and Marketing & Services) | |
| * | Olefins, polymers. |
| 10.3 | Renewables |
| (1) | Includes 20% of gross capacity of Adani Green Energy Ltd effective first quarter 2021. |
| (2) | Includes 50% of Clearway Energy Group’s gross capacity effective third quarter 2022. |
| (3) | End-of-period data. |
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| X | not specified, capacity < 0.2 GW. |
| X | not specified, PPA referring to a capacity < 0.2 GW. |
| 11. | Adjustment items to net income (TotalEnergies share) |
| 12. | Reconciliation of adjusted EBITDA with consolidated financial statements |
| 12.1 | Reconciliation of net income (TotalEnergies share) to adjusted EBITDA |
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| 12.2 | Reconciliation of revenues from sales to adjusted EBITDA and net income (TotalEnergies share) |
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| 13. | Investments - Divestments |
| * | Change in debt from renewable projects (TotalEnergies share and partner share). |
| 14. | Cash flow |
| * | Operating cash flow before working capital changes, is defined as cash flow from operating activities before changes in working capital at replacement cost, excluding the mark-to-market effect of iGRP’s contracts and including capital gain from renewable projects sale. |
| Historical data have been restated to cancel the impact of fair valuation of iGRP sector’s contracts. |
| ** | Changes in working capital are presented excluding the mark-to-market effect of iGRP’s contracts. |
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| 15. | Gearing ratio |
| (1) | Excludes leases receivables and leases debts. |
| (2) | Including initial margins held as part of the Company's activities on organized markets. |
| 16. | Return on average capital employed |
Twelve months ended September 30, 2022
Twelve months ended June 30, 2022
Twelve months ended September 30, 2021
| * | At replacement cost (excluding after-tax inventory effect). |
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Disclaimer:
The terms “TotalEnergies”, “TotalEnergies company” and “Company” in this document are used to designate TotalEnergies SE and the consolidated entities directly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” may also be used to refer to these entities or their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding are separate and independent legal entities.
This press release presents the results for the third quarter of 2022 and first nine months of 2022 from the consolidated financial statements of TotalEnergies SE as of September 30, 2022. The limited review procedures by the Statutory Auditors are underway. The notes to the consolidated financial statements (unaudited) are available on the website totalenergies.com.
This document may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, notably with respect to the financial condition, results of operations, business activities and industrial strategy of TotalEnergies. This document may also contain statements regarding the perspectives, objectives, areas of improvement and goals of TotalEnergies, including with respect to climate change and carbon neutrality (net zero emissions). An ambition expresses an outcome desired by TotalEnergies, it being specified that the means to be deployed do not depend solely on TotalEnergies. These forward-looking statements may generally be identified by the use of the future or conditional tense or forward-looking words such as “envisions”, “intends”, “anticipates”, “believes”, “considers”, “plans”, “expects”, “thinks”, “targets”, “aims” or similar terminology. Such forward-looking statements included in this document are based on economic data, estimates and assumptions prepared in a given economic, competitive and regulatory environment and considered to be reasonable by TotalEnergies as of the date of this document.
These forward-looking statements are not historical data and should not be interpreted as assurances that the perspectives, objectives or goals announced will be achieved. They may prove to be inaccurate in the future, and may evolve or be modified with a significant difference between the actual results and those initially estimated, due to the uncertainties notably related to the economic, financial, competitive and regulatory environment, or due to the occurrence of risk factors, such as, notably, the price fluctuations in crude oil and natural gas, the evolution of the demand and price of petroleum products, the changes in production results and reserves estimates, the ability to achieve cost reductions and operating efficiencies without unduly disrupting business operations, changes in laws and regulations including those related to the environment and climate, currency fluctuations, as well as economic and political developments, changes in market conditions, loss of market share and changes in consumer preferences, or pandemics such as the COVID-19 pandemic. Additionally, certain financial information is based on estimates particularly in the assessment of the recoverable value of assets and potential impairments of assets relating thereto.
Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. The information on risk factors that could have a significant adverse effect on TotalEnergies’ business, financial condition, including its operating income and cash flow, reputation, outlook or the value of financial instruments issued by TotalEnergies is provided in the most recent version of the Universal Registration Document which is filed by TotalEnergies SE with the French Autorité des Marchés Financiers and the annual report on Form 20-F filed with the United States Securities and Exchange Commission (“SEC”).
Financial information by business segment is reported in accordance with the internal reporting system and shows internal segment information that is used to manage and measure the performance of TotalEnergies. In addition to IFRS measures, certain alternative performance indicators are presented, such as performance indicators excluding the adjustment items described below (adjusted operating income, adjusted net operating income, adjusted net income), return on equity (ROE), return on average capital employed (ROACE), gearing ratio, operating cash flow before working capital changes, the shareholder rate of return. These indicators are meant to facilitate the analysis of the financial performance of TotalEnergies and the comparison of income between periods. They allow investors to track the measures used internally to manage and measure the performance of TotalEnergies.
These adjustment items include:
(i) Special items
Due to their unusual nature or particular significance, certain transactions qualified as "special items" are excluded from the business segment figures. In general, special items relate to transactions that are significant, infrequent or unusual. However, in certain instances, transactions such as restructuring costs or asset disposals, which are not considered to be representative of the normal course of business, may be qualified as special items although they may have occurred within prior years or are likely to occur again within the coming years.
(ii) Inventory valuation effect
The adjusted results of the Refining & Chemicals and Marketing & Services segments are presented according to the replacement cost method. This method is used to assess the segments’ performance and facilitate the comparability of the segments’ performance with those of TotalEnergies’ principal competitors.
In the replacement cost method, which approximates the LIFO (Last-In, First-Out) method, the variation of inventory values in the statement of income is, depending on the nature of the inventory, determined using either the month-end price differentials between one period and another or the average prices of the period rather than the historical value. The inventory valuation effect is the difference between the results according to the FIFO (First-In, First-Out) and the replacement cost.
(iii) Effect of changes in fair value
The effect of changes in fair value presented as an adjustment item reflects, for some transactions, differences between internal measures of performance used by TotalEnergies’ management and the accounting for these transactions under IFRS.
IFRS requires that trading inventories be recorded at their fair value using period-end spot prices. In order to best reflect the management of economic exposure through derivative transactions, internal indicators used to measure performance include valuations of trading inventories based on forward prices.
TotalEnergies, in its trading activities, enters into storage contracts, whose future effects are recorded at fair value in TotalEnergies’ internal economic performance. IFRS precludes recognition of this fair value effect.
Furthermore, TotalEnergies enters into derivative instruments to risk manage certain operational contracts or assets. Under IFRS, these derivatives are recorded at fair value while the underlying operational transactions are recorded as they occur. Internal indicators defer the fair value on derivatives to match with the transaction occurrence.
The adjusted results (adjusted operating income, adjusted net operating income, adjusted net income) are defined as replacement cost results, adjusted for special items, excluding the effect of changes in fair value.
Euro amounts presented for the fully adjusted-diluted earnings per share represent dollar amounts converted at the average euro-dollar (€-$) exchange rate for the applicable period and are not the result of financial statements prepared in euros.
Cautionary Note to U.S. Investors – The SEC permits oil and gas companies, in their filings with the SEC, to separately disclose proved, probable and possible reserves that a company has determined in accordance with SEC rules. We may use certain terms in this press release, such as “potential reserves” or “resources”, that the SEC’s guidelines strictly prohibit us from including in filings with the SEC. U.S. investors are urged to consider closely the disclosure in the Form 20-F of TotalEnergies SE, File N° 1-10888, available from us at 2, place Jean Millier – Arche Nord Coupole/Regnault - 92078 Paris-La Défense Cedex, France, or at our website totalenergies.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or on the SEC’s website sec.gov.
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Exhibit 99.9
 | PRESS RELEASE |
TotalEnergies announces the third 2022 interim dividend of €0.69/share, an increase of 5% compared to 2021
and sets the ex-dividend and payment dates of the special interim dividend of €1/share
Paris, October 27, 2022 – In accordance with the shareholder return policy presented during the investor day on September 28, aiming for a shareholder return of 35% to 40% from 2022, the Board of Directors convened on October 26, 2022 under the chairmanship of Mr. Patrick Pouyanné, Chairman and Chief Executive Officer:
| - | declared the distribution of the third 2022 interim dividend at €0.69/share, equal to the first and second 2022 interim dividends and an increase of 5% from the interim and the final dividends paid for the 2021 financial year, |
| - | set the ex-dividend and payment dates of the special 2022 interim dividend of €1/share. |
These interim dividends will be paid in cash exclusively, according to the following timetable:
| Ex-dividend date | Payment date | |
| Special interim dividend | ||
| Shareholders | December 6, 2022 | December 16, 2022 |
| ADS holders | December 2, 2022 | December 28, 2022 |
| Third 2022 interim dividend | ||
| Shareholders | March 22, 2023 | April 3, 2023 |
| ADS holders | March 20, 2023 | April 14, 2023 |
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About TotalEnergies
TotalEnergies is a global multi-energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees are committed to energy that is ever more affordable, cleaner, more reliable and accessible to as many people as possible. Active in more than 130 countries, TotalEnergies puts sustainable development in all its dimensions at the heart of its projects and operations to contribute to the well-being of people.
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TotalEnergies |
TotalEnergies Contacts
Media Relations: +33 1 47 44 46 99 l presse@totalenergies.com l @TotalEnergiesPR
Investor Relations: +33 1 47 44 46 46 l ir@totalenergies.com
Cautionary Note
The terms “TotalEnergies”, “TotalEnergies company” or “Company” in this document are used to designate TotalEnergies SE and the consolidated entities that are directly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” may also be used to refer to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding are separate legal entities. TotalEnergies SE has no liability for the acts or omissions of these entities. This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. Information concerning risk factors, that may affect TotalEnergies’ financial results or activities is provided in the most recent Registration Document, the French-language version of which is filed by TotalEnergies SE with the French securities regulator Autorité des Marchés Financiers (AMF), and in the Form 20-F filed with the United States Securities and Exchange Commission (SEC).