Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2023 | |
Document and Entity Information | |
Entity Registrant Name | TotalEnergies SE |
Entity Central Index Key | 0000879764 |
Document Type | 6-K |
Document Period End Date | Jun. 30, 2023 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | Q2 |
CONSOLIDATED STATEMENT OF INCOM
CONSOLIDATED STATEMENT OF INCOME $ in Millions | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2023 USD ($) $ / shares | Jun. 30, 2023 € / shares | Mar. 31, 2023 USD ($) $ / shares | Mar. 31, 2023 € / shares | Jun. 30, 2022 USD ($) $ / shares | Jun. 30, 2022 € / shares | Jun. 30, 2023 USD ($) $ / shares | Dec. 31, 2022 USD ($) | Jun. 30, 2022 USD ($) $ / shares | |
CONSOLIDATED STATEMENT OF INCOME | |||||||||
Sales | $ 56,271 | $ 62,603 | $ 74,774 | $ 118,874 | $ 143,380 | ||||
Excise taxes | (4,737) | (4,370) | (4,329) | (9,107) | (8,985) | ||||
Revenues from sales | 51,534 | 58,233 | 70,445 | 109,767 | 134,395 | ||||
Purchases, net of inventory variation | (33,864) | (38,351) | (45,443) | (72,215) | (85,091) | ||||
Other operating expenses | (7,906) | (7,785) | (8,041) | (15,691) | (15,664) | ||||
Exploration costs | (62) | (92) | (117) | (154) | (978) | ||||
Depreciation, depletion and impairment of tangible assets and mineral interests | (3,106) | (3,062) | (3,102) | (6,168) | (6,781) | ||||
Other income | 116 | 341 | 429 | 457 | 572 | ||||
Other expense | (366) | (300) | (1,305) | (666) | (3,595) | ||||
Financial interest on debt | (724) | (710) | (572) | (1,434) | (1,034) | ||||
Financial income and expense from cash & cash equivalents | 510 | 393 | 245 | 903 | 459 | ||||
Cost of net debt | (214) | (317) | (327) | (531) | (575) | ||||
Other financial income | 413 | 258 | 231 | 671 | 434 | ||||
Other financial expense | (173) | (183) | (136) | (356) | (271) | ||||
Net income (loss) from equity affiliates | 267 | 960 | (1,546) | 1,227 | (1,503) | ||||
Income taxes | (2,487) | (4,071) | (5,284) | (6,558) | (10,088) | ||||
Consolidated net income | 4,152 | 5,631 | 5,804 | 9,783 | $ 10,189 | 10,855 | |||
TotalEnergies share | 4,088 | 5,557 | 5,692 | 9,645 | 10,636 | ||||
Non-controlling interests | $ 64 | $ 74 | $ 112 | $ 138 | $ 219 | ||||
Earnings per share (in dollars or Euros per share) | (per share) | $ 1.65 | € 1.51 | $ 2.23 | € 2.08 | $ 2.18 | € 2.03 | $ 3.88 | $ 4.04 | |
Fully-diluted earnings per share (in dollars or Euros per share) | (per share) | $ 1.64 | € 1.51 | $ 2.21 | € 2.06 | $ 2.16 | € 2.03 | $ 3.86 | $ 4.02 |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | |||||
Consolidated net income | $ 4,152 | $ 5,631 | $ 5,804 | $ 9,783 | $ 10,855 |
Other comprehensive income | |||||
Actuarial gains and losses | 135 | 3 | 204 | 138 | 204 |
Change in fair value of investments in equity instruments | (1) | 4 | (20) | 3 | (17) |
Tax effect | (43) | (8) | (53) | (51) | (42) |
Currency translation adjustment generated by the parent company | (57) | 1,466 | (5,387) | 1,409 | (7,137) |
Items not potentially reclassifiable to profit and loss | 34 | 1,465 | (5,256) | 1,499 | (6,992) |
Currency translation adjustment | (49) | (1,250) | 2,523 | (1,299) | 3,535 |
Cash flow hedge | 689 | 1,202 | 3,222 | 1,891 | 2,959 |
Variation of foreign currency basis spread | 11 | (3) | 21 | 8 | 70 |
share of other comprehensive income of equity affiliates, net amount | 3 | (98) | 2,548 | (95) | 2,464 |
Other | (4) | 3 | (1) | (1) | (1) |
Tax effect | (136) | (336) | (1,112) | (472) | (1,059) |
Items potentially reclassifiable to profit and loss | 514 | (482) | 7,201 | 32 | 7,968 |
Total other comprehensive income (net amount) | 548 | 983 | 1,945 | 1,531 | 976 |
Comprehensive income | 4,700 | 6,614 | 7,749 | 11,314 | 11,831 |
TotalEnergies share | 4,676 | 6,550 | 7,705 | 11,226 | 11,658 |
Non-controlling interests | $ 24 | $ 64 | $ 44 | $ 88 | $ 173 |
CONSOLIDATED BALANCE SHEET
CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 |
Non-current assets | ||||
Intangible assets, net | $ 31,717 | $ 33,234 | $ 31,931 | $ 37,020 |
Property, plant and equipment, net | 104,174 | 107,499 | 107,101 | 101,454 |
Equity affiliates : investments and loans | 30,425 | 29,997 | 27,889 | 28,210 |
Other investments | 1,190 | 1,209 | 1,051 | 1,383 |
Non-current financial assets | 2,494 | 2,357 | 2,731 | 1,612 |
Deferred income taxes | 3,649 | 4,772 | 5,049 | 4,737 |
Other non-current assets | 2,573 | 2,709 | 2,388 | 3,075 |
Total non-current assets | 176,222 | 181,777 | 178,140 | 177,491 |
Current assets | ||||
Inventories, net | 18,785 | 22,786 | 22,936 | 28,542 |
Accounts receivable, net | 22,163 | 24,128 | 24,378 | 30,796 |
Other current assets | 23,111 | 28,153 | 36,070 | 55,553 |
Current financial assets | 6,725 | 7,535 | 8,746 | 7,863 |
Cash and cash equivalents | 25,572 | 27,985 | 33,026 | 32,848 |
Assets classified as held for sale | 8,441 | 668 | 568 | 313 |
Total current assets | 104,797 | 111,255 | 125,724 | 155,915 |
Total assets | 281,019 | 293,032 | 303,864 | 333,406 |
Shareholders' equity | ||||
Common shares | 7,850 | 7,828 | 8,163 | 8,163 |
Paid-in surplus and retained earnings | 123,511 | 123,357 | 123,951 | 125,554 |
Currency translation adjustment | (12,859) | (12,784) | (12,836) | (14,019) |
Treasury shares | (4,820) | (2,820) | (7,554) | (3,010) |
Total shareholders' equity - TotalEnergies share | 113,682 | 115,581 | 111,724 | 116,688 |
Non-controlling interests | 2,770 | 2,863 | 2,846 | 3,309 |
Total shareholders' equity | 116,452 | 118,444 | 114,570 | 119,997 |
Non-current liabilities | ||||
Deferred income taxes | 11,237 | 11,300 | 11,021 | 12,169 |
Employee benefits | 1,872 | 1,840 | 1,829 | 2,341 |
Provisions and other non-current liabilities | 21,295 | 21,270 | 21,402 | 23,373 |
Non-current financial debt | 40,427 | 42,915 | 45,264 | 46,868 |
Total non-current liabilities | 74,831 | 77,325 | 79,516 | 84,751 |
Current liabilities | ||||
Accounts payable | 32,853 | 36,037 | 41,346 | 49,700 |
Other creditors and accrued liabilities | 38,609 | 42,578 | 52,275 | 62,498 |
Current borrowings | 15,542 | 17,884 | 15,502 | 16,003 |
Other current financial liabilities | 443 | 597 | 488 | 401 |
Liabilities directly associated with the assets classified as held for sale | 2,289 | 167 | 167 | 56 |
Total current liabilities | 89,736 | 97,263 | 109,778 | 128,658 |
Total liabilities & shareholders' equity | $ 281,019 | $ 293,032 | $ 303,864 | $ 333,406 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOW - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
CASH FLOW FROM OPERATING ACTIVITIES | |||||
Consolidated net income | $ 4,152 | $ 5,631 | $ 5,804 | $ 9,783 | $ 10,855 |
Depreciation, depletion, amortization and impairment | 3,195 | 3,187 | 3,321 | 6,382 | 7,899 |
Non-current liabilities, valuation allowances and deferred taxes | 81 | 314 | 1,427 | 395 | 3,965 |
(Gains) losses on disposals of assets | (70) | (252) | (165) | (322) | (178) |
Undistributed affiliates' equity earnings | 383 | (349) | 2,999 | 34 | 3,261 |
(Increase) decrease in working capital | 2,125 | (3,419) | 2,498 | (1,294) | (2,425) |
Other changes, net | 34 | 21 | 400 | 55 | 524 |
Cash flow from operating activities | 9,900 | 5,133 | 16,284 | 15,033 | 23,901 |
CASH FLOW USED IN INVESTING ACTIVITIES | |||||
Intangible assets and property, plant and equipment additions | (3,870) | (4,968) | (5,150) | (8,838) | (8,607) |
Acquisitions of subsidiaries, net of cash acquired | (19) | (136) | (82) | (155) | (82) |
Investments in equity affiliates and other securities | (522) | (1,407) | (136) | (1,929) | (225) |
Increase in non-current loans | (366) | (389) | (278) | (755) | (519) |
Total expenditures | (4,777) | (6,900) | (5,646) | (11,677) | (9,433) |
Proceeds from disposals of intangible assets and property, plant and equipment | 31 | 68 | 153 | 99 | 330 |
Proceeds from disposals of subsidiaries, net of cash sold | 38 | 183 | 63 | 221 | 151 |
Proceeds from disposals of non-current investments | 133 | 49 | 35 | 182 | 250 |
Repayment of non-current loans | 102 | 238 | 413 | 340 | 1,342 |
Total divestments | 304 | 538 | 664 | 842 | 2,073 |
Cash flow used in investing activities | (4,473) | (6,362) | (4,982) | (10,835) | (7,360) |
CASH FLOW USED IN FINANCING ACTIVITIES | |||||
Issuance (repayment) of shares: Parent company shareholders | 383 | 371 | 383 | 371 | |
Issuance (repayment) of shares: Treasury shares | (2,002) | (2,103) | (1,988) | (4,105) | (3,164) |
Dividends paid: Parent company shareholders | (1,842) | (1,844) | (1,825) | (3,686) | (3,753) |
Dividends paid: Non-controlling interests | (105) | (21) | (97) | (126) | (119) |
Net issuance (repayment) of perpetual subordinated notes | (1,081) | (1,958) | (1,081) | ||
Payments on perpetual subordinated notes | (80) | (158) | (138) | (238) | (274) |
Other transactions with non-controlling interests | (13) | (86) | (10) | (99) | (5) |
Net issuance (repayment) of non-current debt | (14) | 118 | 508 | 104 | 542 |
Increase (decrease) in current borrowings | (4,111) | (1,274) | (2,703) | (5,385) | (2,046) |
Increase (decrease) in current financial assets and liabilities | 990 | 1,394 | (731) | 2,384 | 4,863 |
Cash flow from (used in) financing activities | (7,875) | (3,974) | (8,571) | (11,849) | (3,585) |
Net increase (decrease) in cash and cash equivalents | (2,448) | (5,203) | 2,731 | (7,651) | 12,956 |
Effect of exchange rates | 35 | 162 | (1,159) | 197 | (1,450) |
Cash and cash equivalents at the beginning of the period | 27,985 | 33,026 | 31,276 | 33,026 | 21,342 |
Cash and cash equivalents at the end of the period | $ 25,572 | $ 27,985 | $ 32,848 | $ 25,572 | $ 32,848 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Millions | Shareholders' equity - TotalEnergies share | Common shares issued | Paid-in surplus and retained earnings | Currency translation adjustment | Treasury shares | Non-controlling interests | Total | |
Equity as of the beginning of the period at Dec. 31, 2021 | $ 111,736 | $ 8,224 | $ 117,849 | $ (12,671) | $ (1,666) | $ 3,263 | $ 114,999 | |
Common shares issued as of the beginning of the period at Dec. 31, 2021 | 2,640,429,329 | (33,841,104) | ||||||
Net income | 10,636 | 10,636 | 219 | 10,855 | ||||
Other comprehensive income | 1,022 | 2,370 | (1,348) | (46) | 976 | |||
Comprehensive income | 11,658 | 13,006 | (1,348) | 173 | 11,831 | |||
Dividend | (3,803) | (3,803) | (119) | (3,922) | ||||
Issuance of common shares | 371 | $ 26 | 345 | 371 | ||||
Issuance of common shares (in shares) | 9,367,482 | |||||||
Purchase of treasury shares | (3,164) | $ (3,164) | (3,164) | |||||
Purchase of treasury shares (in shares) | (58,458,536) | |||||||
Sale of treasury shares | [1] | (315) | $ 315 | |||||
Sale of treasury shares (in shares) | [1] | 6,168,197 | ||||||
Share-based payments | 157 | 157 | 157 | |||||
Share cancellation | $ (87) | (1,418) | $ 1,505 | |||||
Share cancellation (in shares) | (30,665,526) | 30,665,526 | ||||||
Net issuance (repayment) of perpetual subordinated notes | (44) | (44) | (44) | |||||
Payments on perpetual subordinated notes | (183) | (183) | (183) | |||||
Other operations with non-controlling interests | 4 | 4 | (9) | (5) | ||||
Other items | (44) | (44) | 1 | (43) | ||||
Equity as of the end of the period at Jun. 30, 2022 | 116,688 | $ 8,163 | 125,554 | (14,019) | $ (3,010) | 3,309 | 119,997 | |
Common shares issued as of the end of the period at Jun. 30, 2022 | 2,619,131,285 | (55,465,917) | ||||||
Net income | 9,890 | 9,890 | 299 | 10,189 | ||||
Other comprehensive income | (4,129) | (5,303) | 1,174 | 44 | (4,085) | |||
Comprehensive income | 5,761 | 4,587 | 1,174 | 343 | 6,104 | |||
Dividend | (6,186) | (6,186) | (417) | (6,603) | ||||
Issuance of common shares | (1) | (1) | (1) | |||||
Purchase of treasury shares | (4,547) | $ (4,547) | (4,547) | |||||
Purchase of treasury shares (in shares) | (81,749,207) | |||||||
Sale of treasury shares | [1] | (3) | $ 3 | |||||
Sale of treasury shares (in shares) | [1] | 27,457 | ||||||
Share-based payments | 72 | 72 | 72 | |||||
Payments on perpetual subordinated notes | (148) | (148) | (148) | |||||
Other operations with non-controlling interests | 50 | 41 | 9 | 46 | 96 | |||
Other items | 35 | 35 | (435) | (400) | ||||
Equity as of the end of the period at Dec. 31, 2022 | 111,724 | $ 8,163 | 123,951 | (12,836) | $ (7,554) | 2,846 | 114,570 | |
Common shares issued as of the end of the period at Dec. 31, 2022 | 2,619,131,285 | (137,187,667) | ||||||
Net income | 5,631 | |||||||
Other comprehensive income | 983 | |||||||
Comprehensive income | 6,614 | |||||||
Equity as of the end of the period at Mar. 31, 2023 | 118,444 | |||||||
Equity as of the beginning of the period at Dec. 31, 2022 | 111,724 | $ 8,163 | 123,951 | (12,836) | $ (7,554) | 2,846 | 114,570 | |
Common shares issued as of the beginning of the period at Dec. 31, 2022 | 2,619,131,285 | (137,187,667) | ||||||
Net income | 9,645 | 9,645 | 138 | 9,783 | ||||
Other comprehensive income | 1,581 | 1,576 | 5 | (50) | 1,531 | |||
Comprehensive income | 11,226 | 11,221 | 5 | 88 | 11,314 | |||
Dividend | (3,868) | (3,868) | (126) | (3,994) | ||||
Issuance of common shares | 383 | $ 22 | 361 | 383 | ||||
Issuance of common shares (in shares) | 8,002,155 | |||||||
Purchase of treasury shares | (4,705) | $ (4,705) | (4,705) | |||||
Purchase of treasury shares (in shares) | (66,647,852) | |||||||
Sale of treasury shares | [1] | (396) | $ 396 | |||||
Sale of treasury shares (in shares) | [1] | 6,461,256 | ||||||
Share-based payments | 172 | 172 | 172 | |||||
Share cancellation | $ (335) | (6,708) | $ 7,043 | |||||
Share cancellation (in shares) | (128,869,261) | 128,869,261 | ||||||
Net issuance (repayment) of perpetual subordinated notes | (1,107) | (1,107) | (1,107) | |||||
Payments on perpetual subordinated notes | (151) | (151) | (151) | |||||
Other operations with non-controlling interests | 11 | 39 | (28) | (38) | (27) | |||
Other items | (3) | (3) | (3) | |||||
Equity as of the end of the period at Jun. 30, 2023 | 113,682 | $ 7,850 | 123,511 | (12,859) | $ (4,820) | 2,770 | 116,452 | |
Common shares issued as of the end of the period at Jun. 30, 2023 | 2,498,264,179 | (68,505,002) | ||||||
Equity as of the beginning of the period at Mar. 31, 2023 | 118,444 | |||||||
Net income | 4,152 | |||||||
Other comprehensive income | 548 | |||||||
Comprehensive income | 4,700 | |||||||
Equity as of the end of the period at Jun. 30, 2023 | $ 113,682 | $ 7,850 | $ 123,511 | $ (12,859) | $ (4,820) | $ 2,770 | $ 116,452 | |
Common shares issued as of the end of the period at Jun. 30, 2023 | 2,498,264,179 | (68,505,002) | ||||||
[1] Treasury shares related to the performance share grants. |
Basis of preparation of the con
Basis of preparation of the consolidated financial statements | 6 Months Ended |
Jun. 30, 2023 | |
Basis of preparation of the consolidated financial statements | |
Basis of preparation of the consolidated financial statements | 1) Basis of preparation of the consolidated financial statements 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, 2023, 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, 2023, are consistent with those used for the financial statements at December 31, 2022. The preparation of financial statements in accordance with IFRS for the closing as of June 30, 2023 requires the General 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 General 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, 2022. The consolidated financial statements as of December 31, 2022 were impacted by the Russian-Ukrainian conflict. The Russian assets were fully depreciated, except for those relating to Yamal LNG. As of June 30, 2023, in the absence of any new event, assessments and judgments taken into account in the valuation of assets remain in place. 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 General 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. |
Changes in the Company structur
Changes in the Company structure | 6 Months Ended |
Jun. 30, 2023 | |
Changes in the Company structure | |
Changes in the Company structure | 2) Changes in the Company structure 2.1) Main acquisitions and divestments Ø Exploration & Production ● In March 2023, TotalEnergies has signed an agreement with CEPSA to acquire CEPSA’s upstream assets in the United Arab Emirates with an effective date of January 1, 2023. The assets to be acquired are: o a 20% participating interest in the Satah Al Razboot (SARB), Umm Lulu, Bin Nasher and Al Bateel (SARB and Umm Lulu) offshore concession. The SARB and Umm Lulu concession includes two major offshore fields. ADNOC holds a 60% interest in this concession, alongside OMV (20%). The concession is operated by ADNOC Offshore. o a 12.88% indirect interest in the Mubarraz concession held by Abu Dhabi Oil Company Ltd (ADOC), through the acquisition of 20% of Cosmo Abu Dhabi Energy Exploration & Production Co. Ltd (CEPAD), a company holding a 64.4% interest in ADOC. The Mubarraz concession is comprised of four producing offshore fields. The SARB and Umm Lulu transaction was completed on March 15, 2023. The Mubarraz transaction was not completed following Cosmo’s decision to exercise its right of first refusal on the proposed transaction on April 21, 2023 in accordance with the terms of the agreements. Ø Integrated LNG ● On June 12, 2022, following the request for proposals in relation to partner selection for the North Field East (NFE) liquified natural gas project, TotalEnergies has been awarded, a 25% interest in a new joint venture (JV), alongside the national company QatarEnergy ( 75 )%. The new JV will hold a 25% interest in the 32 million tons per annum (Mtpa) NFE project, equivalent to one 8 Mtpa LNG train. The acquisition of the interest in this project was finalized in January 2023. Ø Integrated Power ● On October 26, 2022, TotalEnergies and Casa dos Ventos (CDV), Brazil's leading renewable energy developer, announced 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 1 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 transaction amounts to a payment of $0.5 billion and an earn-out of up to $30 million for the acquisition of a 34% stake in the JV. In addition, TotalEnergies will have the option to acquire an additional 15% equity share in 2027. The transaction was completed in January 2023. 2.2) Major business combinations Ø Exploration & Production ● Acquisition of participating interest in SARB and Umm Lulu offshore concession In accordance with IFRS 3 “Business combinations”, TotalEnergies is assessing the fair value of identifiable acquired assets, liabilities and contingent liabilities on the basis of available information. A preliminary purchase price allocation has been done in the second quarter following the acquisition, this assessment will be finalized within 12 months following the acquisition date. 2.3) Divestment projects Ø Exploration & Production On April 27, 2023, TotalEnergies announced the signature of an agreement with Suncor Energy Inc. for the sale of the entirety of the shares of TotalEnergies EP Canada Ltd for a consideration including a 5.5 billion Canadian dollar cash payment at closing (about US$4.1 billion) and additional payments that could reach a maximum of 600 million Canadian dollar (about US$450 million) under specific conditions. The transaction was subject to the waiver of TotalEnergies EP Canada Ltd’s partners pre-emption rights and customary closing conditions, notably the required approval from public authorities. 1 On May 26, 2023 ConocoPhillips has notified TotalEnergies that it is exercising its preemption right to purchase the 50% interest in the Surmont asset held by TotalEnergies EP Canada Ltd. TotalEnergies will receive from ConocoPhillips a cash payment upon closing of 4.0 billion Canadian dollar (about US$3 billion) and additional payments that could reach a maximum of 440 million Canadian dollar (about US$325 million) under specific conditions for its 50% non-operated interest in the Surmont asset and associated logistics commitments. Closing is expected in the second half year of 2023. Following the exercise by ConocoPhillips of its preemption right, TotalEnergies and Suncor are continuing discussions regarding the sale of TotalEnergies EP Canada Ltd shares, including the Fort Hills working interest and the associated logistics. As of June 30, 2023, the assets and liabilities have been respectively classified in the consolidated balance sheet as “assets classified as held for sale” for an amount of $5,435 million and “liabilities classified as held for sale” for an amount of $893 million. These assets mainly include tangible assets. Ø Marketing & Services On March 16, 2023, TotalEnergies and Alimentation Couche-Tard have signed agreements covering TotalEnergies' retail networks in four European countries. As part of this agreement, TotalEnergies will join forces with Couche-Tard in Belgium and Luxembourg and transfer its networks in Germany and the Netherlands. This planned transaction, which is based on an enterprise value of 3.1 billion euros, is subject to the usual conditions for completion, including the consultation processes of employee representatives and securing of the mandatory authorizations from competition authorities. As of June 30, 2023, the assets and liabilities have been respectively classified in the consolidated balance sheet as “assets classified as held for sale” for an amount of $1,901 million and “liabilities classified as held for sale” for an amount of $1,227 million. These assets mainly include tangible assets. |
Business segment information
Business segment information | 6 Months Ended |
Jun. 30, 2023 | |
Business segment information | |
Business segment information | 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 profitable growth in the LNG and power integrated value chains are two of the key axes of TotalEnergies’s strategy. In order to give more visibility to these businesses, the Board of Directors has decided that from the first quarter 2023, Integrated LNG and Integrated Power results, previously grouped in the Integrated Gas, Renewables & Power (iGRP) segment, would be reported separately as two segments. A new reporting structure for the business segments’ financial information has been put in place, effective January 1, 2023. It is based on the following five business segments: - An Exploration-Production segment; - An Integrated LNG segment covering LNG production and trading activities as well as biogas, hydrogen and gas trading activities; - An Integrated Power segment covering generation, storage, electricity trading and B2B-B2C distribution of gas and electricity; - 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. This new segment reporting has been prepared in accordance with IFRS 8 and according to the same principles as the internal reporting followed by the TotalEnergies's Executive Committee. For the Integrated LNG and Integrated Power segments, the principles for the preparation of this segment information are as follows: - The management of balance sheet positions (including margin calls) related to to centralized markets access for LNG, gas and power activities since 2022 has been fully included in the Integrated LNG segment. - Effects of changes in the fair value of gas and LNG positions are allocated to the operating income of Integrated LNG segment. - Effects of changes in the fair value of power positions are allocated to the operating income of Integrated Power segment. Due to the change in the Company's internal organizational structure affecting the composition of the business segments, the segment reporting data for the years 2021 and 2022 has been restated. 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, whose 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. 3.1) Information by business segment 1 st half 2023 Exploration Refining Marketing & Integrated Integrated & & (M$) Production LNG Power Chemicals Services Corporate Intercompany Total External sales 3,388 6,892 14,804 49,704 44,071 15 - 118,874 Intersegment sales 20,836 8,777 2,355 17,691 321 121 (50,101) - Excise taxes - - - (415) (8,692) - - (9,107) Revenues from sales 24,224 15,669 17,159 66,980 35,700 136 (50,101) 109,767 Operating expenses (9,924) (13,242) (16,165) (63,934) (34,459) (437) 50,101 (88,060) Depreciation, depletion and impairment of tangible assets and mineral interests (4,183) (565) (98) (808) (465) (49) - (6,168) Operating income 10,117 1,862 896 2,238 776 (350) - 15,539 Net income (loss) from equity affiliates and other items 53 1,276 (320) 55 307 (38) - 1,333 Tax on net operating income (5,287) (342) (152) (512) (281) 23 - (6,551) Net operating income 4,883 2,796 424 1,781 802 (365) - 10,321 Net cost of net debt (538) Non-controlling interests (138) Net income - TotalEnergies share 9,645 1 st half 2023 (adjustments) (a) Exploration Refining Marketing & Integrated Integrated & & (M$) Production LNG Power Chemicals Services Corporate Intercompany Total External sales - - - - - - - - Intersegment sales - - - - - - - - Excise taxes - - - - - - - - Revenues from sales - - - - - - - - Operating expenses (33) (700) 67 (640) (177) (57) - (1,540) Depreciation, depletion and impairment of tangible assets and mineral interests (147) - - (36) - - - (183) Operating income (b) (180) (700) 67 (676) (177) (57) - (1,723) Net income (loss) from equity affiliates and other items (179) 12 (457) (96) 217 2 - (501) Tax on net operating income 240 82 (6) (69) 33 15 - 295 Net operating income (b) (119) (606) (396) (841) 73 (40) - (1,929) Net cost of net debt 80 Non-controlling interests (3) Net income - TotalEnergies share (1,852) (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. (b) Of which inventory valuation effect - On operating income - - (607) (147) - - - - On net operating income - - (659) (109) - - - 1 st half 2023 (adjusted) Exploration Refining Marketing & Integrated Integrated & & (M$) Production LNG Power Chemicals Services Corporate Intercompany Total External sales 3,388 6,892 14,804 49,704 44,071 15 - 118,874 Intersegment sales 20,836 8,777 2,355 17,691 321 121 (50,101) - Excise taxes - - - (415) (8,692) - - (9,107) Revenues from sales 24,224 15,669 17,159 66,980 35,700 136 (50,101) 109,767 Operating expenses (9,891) (12,542) (16,232) (63,294) (34,282) (380) 50,101 (86,520) Depreciation, depletion and impairment of tangible assets and mineral interests (4,036) (565) (98) (772) (465) (49) - (5,985) Adjusted operating income 10,297 2,562 829 2,914 953 (293) - 17,262 Net income (loss) from equity affiliates and other items 232 1,264 137 151 90 (40) - 1,834 Tax on net operating income (5,527) (424) (146) (443) (314) 8 - (6,846) Adjusted net operating income 5,002 3,402 820 2,622 729 (325) - 12,250 Net cost of net debt (618) Non-controlling interests (135) Adjusted net income - TotalEnergies share 11,497 1 st half 2023 Exploration Refining Marketing & Integrated Integrated & & (M$) Production LNG Power Chemicals Services Corporate Intercompany Total Total expenditures 6,621 1,821 2,041 714 415 65 - 11,677 Total divestments 57 94 298 60 329 4 - 842 Cash flow from operating activities 8,583 4,868 999 1,072 (8) (481) - 15,033 1 st half 2022 Exploration Refining Marketing & Integrated Integrated & & (M$) Production LNG Power Chemicals Services Corporate Intercompany Total External sales 4,672 9,408 13,167 66,069 50,056 8 - 143,380 Intersegment sales 27,623 7,438 1,009 22,062 983 133 (59,248) - Excise taxes - - - (378) (8,607) - - (8,985) Revenues from sales 32,295 16,846 14,176 87,753 42,432 141 (59,248) 134,395 Operating expenses (11,468) (13,030) (14,686) (80,653) (40,294) (850) 59,248 (101,733) Depreciation, depletion and impairment of tangible assets and mineral interests (4,773) (554) (94) (769) (514) (77) - (6,781) Operating income 16,054 3,262 (604) 6,331 1,624 (786) - 25,881 Net income (loss) from equity affiliates and other items (3,426) (1,869) 192 505 56 179 - (4,363) Tax on net operating income (7,739) (553) (1) (1,391) (521) 97 - (10,108) Net operating income 4,889 840 (413) 5,445 1,159 (510) - 11,410 Net cost of net debt (555) Non-controlling interests (219) Net income - TotalEnergies share 10,636 1 st half 2022 (adjustments) (a) Exploration Refining Marketing & Integrated Integrated & & (M$) Production LNG Power Chemicals Services Corporate Intercompany Total External sales - (18) 15 - - - - (3) Intersegment sales - - - - - - - - Excise taxes - - - - - - - - Revenues from sales - (18) 15 - - - - (3) Operating expenses (873) 45 (768) 1,722 641 (433) - 334 Depreciation, depletion and impairment of tangible assets and mineral interests (539) (14) - - (33) (9) - (595) Operating income (b) (1,412) 13 (753) 1,722 608 (442) - (264) Net income (loss) from equity affiliates and other items (3,770) (4,508) 11 169 (7) 106 - (7,999) Tax on net operating income 337 (13) 71 (326) (180) 98 - (13) Net operating income (b) (4,845) (4,508) (671) 1,565 421 (238) - (8,276) Net cost of net debt 193 Non-controlling interests (54) Net income - TotalEnergies share (8,137) (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. (b) Of which inventory valuation effect - On operating income - - 1,722 684 - - On net operating income - - 1,597 503 - 1 st half 2022 (adjusted) Exploration Refining Marketing & Integrated Integrated & & (M$) Production LNG Power Chemicals Services Corporate Intercompany Total External sales 4,672 9,426 13,152 66,069 50,056 8 - 143,383 Intersegment sales 27,623 7,438 1,009 22,062 983 133 (59,248) - Excise taxes - - - (378) (8,607) - - (8,985) Revenues from sales 32,295 16,864 14,161 87,753 42,432 141 (59,248) 134,398 Operating expenses (10,595) (13,075) (13,918) (82,375) (40,935) (417) 59,248 (102,067) Depreciation, depletion and impairment of tangible assets and mineral interests (4,234) (540) (94) (769) (481) (68) - (6,186) Adjusted operating income 17,466 3,249 149 4,609 1,016 (344) - 26,145 Net income (loss) from equity affiliates and other items 344 2,639 181 336 63 73 - 3,636 Tax on net operating income (8,076) (540) (72) (1,065) (341) (1) - (10,095) Adjusted net operating income 9,734 5,348 258 3,880 738 (272) - 19,686 Net cost of net debt (748) Non-controlling interests (165) Adjusted net income - TotalEnergies share 18,773 1 st half 2022 Exploration Refining Marketing & Integrated Integrated & & (M$) Production LNG Power Chemicals Services Corporate Intercompany Total Total expenditures 6,099 575 1,736 561 428 34 - 9,433 Total divestments 346 1,237 244 83 151 12 - 2,073 Cash flow from operating activities 14,536 6,021 (1,736) 4,633 1,478 (1,031) - 23,901 2 nd quarter 2023 Exploration Refining Marketing & Integrated Integrated & & (M$) Production LNG Power Chemicals Services Corporate Intercompany Total External sales 1,434 2,020 6,249 24,849 21,712 7 - 56,271 Intersegment sales 10,108 2,778 670 8,630 201 64 (22,451) - Excise taxes - - - (231) (4,506) - - (4,737) Revenues from sales 11,542 4,798 6,919 33,248 17,407 71 (22,451) 51,534 Operating expenses (5,162) (3,797) (6,334) (32,042) (16,672) (276) 22,451 (41,832) Depreciation, depletion and impairment of tangible assets and mineral interests (2,117) (277) (51) (394) (241) (26) - (3,106) Operating income 4,263 724 534 812 494 (231) - 6,596 Net income (loss) from equity affiliates and other items (15) 472 (250) 3 64 (17) - 257 Tax on net operating income (1,889) (137) (41) (187) (162) (40) - (2,456) Net operating income 2,359 1,059 243 628 396 (288) - 4,397 Net cost of net debt (245) Non-controlling interests (64) Net income - TotalEnergies share 4,088 2 nd quarter 2023 (adjustments) (a) Exploration Refining Marketing & Integrated Integrated & & (M$) Production LNG Power Chemicals Services Corporate Intercompany Total External sales - 76 - - - - - 76 Intersegment sales - - - - - - - - Excise taxes - - - - - - - - Revenues from sales - 76 - - - - - 76 Operating expenses (25) (400) 137 (216) (76) (57) - (637) Depreciation, depletion and impairment of tangible assets and mineral interests (147) - - - - - - (147) Operating income (b) (172) (324) 137 (216) (76) (57) - (708) Net income (loss) from equity affiliates and other items (106) 16 (346) (59) - 2 - (493) Tax on net operating income 288 37 2 (101) 23 15 - 264 Net operating income (b) 10 (271) (207) (376) (53) (40) - (937) Net cost of net debt 72 Non-controlling interests (3) Net income - TotalEnergies share (868) (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. (b) Of which inventory valuation effect - On operating income - - (192) (60) - - On net operating income - - (332) (45) - 2 nd quarter 2023 (adjusted) Exploration Refining Marketing & Integrated Integrated & & (M$) Production LNG Power Chemicals Services Corporate Intercompany Total External sales 1,434 1,944 6,249 24,849 21,712 7 - 56,195 Intersegment sales 10,108 2,778 670 8,630 201 64 (22,451) - Excise taxes - - - (231) (4,506) - - (4,737) Revenues from sales 11,542 4,722 6,919 33,248 17,407 71 (22,451) 51,458 Operating expenses (5,137) (3,397) (6,471) (31,826) (16,596) (219) 22,451 (41,195) Depreciation, depletion and impairment of tangible assets and mineral interests (1,970) (277) (51) (394) (241) (26) - (2,959) Adjusted operating income 4,435 1,048 397 1,028 570 (174) - 7,304 Net income (loss) from equity affiliates and other items 91 456 96 62 64 (19) - 750 Tax on net operating income (2,177) (174) (43) (86) (185) (55) - (2,720) Adjusted net operating income 2,349 1,330 450 1,004 449 (248) - 5,334 Net cost of net debt (317) Non-controlling interests (61) Adjusted net income - TotalEnergies share 4,956 2 nd quarter 2023 Exploration Refining Marketing & Integrated Integrated & & (M$) Production LNG Power Chemicals Services Corporate Intercompany Total Total expenditures 2,569 626 807 489 256 30 - 4,777 Total divestments 26 45 149 52 28 4 - 304 Cash flow from operating activities 4,047 1,332 2,284 1,923 665 (351) - 9,900 2 nd quarter 2022 Exploration Refining Marketing & Integrated Integrated & & (M$) Production LNG Power Chemicals Services Corporate Intercompany Total External sales 2,521 3,901 6,380 35,061 26,907 4 - 74,774 Intersegment sales 13,805 3,940 488 12,785 716 70 (31,804) - Excise taxes - - - (186) (4,143) - - (4,329) Revenues from sales 16,326 7,841 6,868 47,660 23,480 74 (31,804) 70,445 Operating expenses (5,760) (6,144) (7,392) (43,242) (22,310) (557) 31,804 (53,601) Depreciation, depletion and impairment of tangible assets and mineral interests (2,112) (276) (51) (389) (241) (33) - (3,102) Operating income 8,454 1,421 (575) 4,029 929 (516) - 13,742 Net income (loss) from equity affiliates and other items (3,668) 626 197 349 98 71 - (2,327) Tax on net operating income (3,876) (292) 32 (866) (296) (8) - (5,306) Net operating income 910 1,755 (346) 3,512 731 (453) - 6,109 Net cost of net debt (305) Non-controlling interests (112) Net income - TotalEnergies share 5,692 2 nd quarter 2022 (adjustments) (a) Exploration Refining Marketing & Integrated Integrated & & (M$) Production LNG Power Chemicals Services Corporate Intercompany Total External sales - (15) - - - - - (15) Intersegment sales - - - - - - - - Excise taxes - - - - - - - - Revenues from sales - (15) - - - - - (15) Operating expenses (82) 152 (758) 775 373 (301) - 159 Depreciation, depletion and impairment of tangible assets and mineral interests (46) (14) - - (4) - - (64) Operating income (b) (128) 123 (758) 775 369 (301) - 80 Net income (loss) from equity affiliates and other items (3,756) (560) 2 52 (4) - - (4,266) Tax on net operating income 75 (23) 70 (75) (100) 78 - 25 Net operating income (b) (3,809) (460) (686) 752 265 (223) - (4,161) Net cost of net debt 80 Non-controlling interests (23) Net income - TotalEnergies share (4,104) (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. (b) Of which inventory valuation effect - On operating income - - 775 376 - - - - On net operating income - - 752 275 - - - 2 nd quarter 2022 (adjusted) Exploration Refining Marketing & Integrated Integrated & & (M$) Production LNG Power Chemicals Services Corporate Intercompany Total External sales 2,521 3,916 6,380 35,061 26,907 4 - 74,789 Intersegment sales 13,805 3,940 488 12,785 716 70 (31,804) - Excise taxes - - - (186) (4,143) - - (4,329) Revenues from sales 16,326 7,856 6,868 47,660 23,480 74 (31,804) 70,460 Operating expenses (5,678) (6,296) (6,634) (44,017) (22,683) (256) 31,804 (53,760) Depreciation, depletion and impairment of tangible assets and mineral interests (2,066) (262) (51) (389) (237) (33) - (3,038) Adjusted operating income 8,582 1,298 183 3,254 560 (215) - 13,662 Net income (loss) from equity affiliates and other items 88 1,186 195 297 102 71 - 1,939 Tax on net operating income (3,951) (269) (38) (791) (196) (86) - (5,331) Adjusted net operating income 4,719 2,215 340 2,760 466 (230) - 10,270 Net cost of net debt (385) Non-controlling interests (89) Adjusted net income - TotalEnergies share 9,796 2 nd quarter 2022 Exploration Refining Marketing & Integrated Integrated & & (M$) Production LNG Power Chemicals Services Corporate Intercompany Total Total expenditures 4,128 285 587 333 288 25 - 5,646 Total divestments 63 393 73 56 72 7 - 664 Cash flow from operating activities 8,768 3,802 168 3,526 580 (560) - 16,284 3.2) Reconciliation of the information by business segment with consolidated financial statements Consolidated 1 st half 2023 statement of (M$) Adjusted Adjustments (a) income Sales 118,874 - 118,874 Excise taxes (9,107) - (9,107) Revenues from sales 109,767 - 109,767 Purchases net of inventory variation (70,858) (1,357) (72,215) Other operating expenses (15,506) (185) (15,691) Exploration costs (156) 2 (154) Depreciation, depletion and impairment of tangible assets and mineral interests (5,985) (183) (6,168) Other income 193 264 457 Other expense (393) (273) (666) Financial interest on debt (1,434) - (1,434) Financial income and expense from cash & cash equivalents 775 128 903 Cost of net debt (659) 128 (531) Other financial income 649 22 671 Other financial expense (356) - (356) Net income (loss) from equity affiliates 1,741 (514) 1,227 Income taxes (6,805) 247 (6,558) Consolidated net income 11,632 (1,849) 9,783 TotalEnergies share 11,497 (1,852) 9,645 Non-controlling interests 135 3 138 (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. Consolidated 1 st half 2022 statement of (M$) Adjusted Adjustments (a) income Sales 143,383 (3) 143,380 Excise taxes (8,985) - (8,985) Revenues from sales 134,398 (3) 134,395 Purchases net of inventory variation (86,785) 1,694 (85,091) Other operating expenses (15,029) (635) (15,664) Exploration costs (253) (725) (978) Depreciation, depletion and impairment of tangible assets and mineral interests (6,186) (595) (6,781) Other income 550 22 572 Other expense (798) (2,797) (3,595) Financial interest on debt (1,034) - (1,034) Financial income and expense from cash & cash equivalents 189 270 459 Cost of net debt (845) 270 (575) Other financial income 350 84 434 Other financial expense (271) - (271) Net income (loss) from equity affiliates 3,805 (5,308) (1,503) Income taxes (9,998) (90) (10,088) Consolidated net income 18,938 (8,083) 10,855 TotalEnergies share 18,773 (8,137) 10,636 Non-controlling interests 165 54 219 (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. Consolidated 2 nd quarter 2023 statement (M$) Adjusted Adjustments (a) of income Sales 56,195 76 56,271 Excise taxes (4,737) - (4,737) Revenues from sales 51,458 76 51,534 Purchases net of inventory variation (33,379) (485) (33,864) Other operating expenses (7,754) (152) (7,906) Exploration costs (62) - (62) Depreciation, depletion and impairment of tangible assets and mineral interests (2,959) (147) (3,106) Other income 116 - 116 Other expense (256) (110) (366) Financial interest on debt (724) - (724) Financial income and expense from cash & cash equivalents 402 108 510 Cost of net debt (322) 108 (214) Other financial income 401 12 413 Other financial expense (173) - (173) Net income (loss) from equity affiliates 662 (395) 267 Income taxes (2,715) 228 (2,487) Consolidated net income 5,017 (865) 4,152 TotalEnergies share 4,956 (868) 4,088 Non-controlling interests 61 3 64 (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. Consolidated 2 nd quarter 2022 statement (M$) Adjusted Adjustments (a) of income Sales 74,789 (15) 74,774 Excise taxes (4,329) - (4,329) Revenues from sales 70,460 (15) 70,445 Purchases net of inventory variation (46,023) 580 (45,443) Other operating expenses (7,620) (421) (8,041) Exploration costs (117) - (117) Depreciation, depletion and impairment of tangible assets and mineral interests (3,038) (64) (3,102) Other income 429 - 429 Other expense (529) (776) (1,305) Financial interest on debt (572) - (572) Financial income and expense from cash & cash equivalents 130 115 245 Cost of net debt (442) 115 (327) Other financial income 231 - 231 Other financial expense (136) - (136) Net income (loss) from equity affiliates 1,944 (3,490) (1,546) Income taxes (5,274) (10) (5,284) Consolidated net income 9,885 (4,081) 5,804 TotalEnergies share 9,796 (4,104) 5,692 Non-controlling interests 89 23 112 (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. 3.3) Adjustment items The detail of the adjustment items is presented in the table below. ADJUSTMENTS TO OPERATING INCOME Exploration Refining Marketing & Integrated Integrated & & (M$) Production LNG Power Chemicals Services Corporate Total 2 nd quarter 2023 Inventory valuation effect - - - (192) (60) - (252) Effect of changes in fair value - (322) 165 - - - (157) Restructuring charges - - - - - - - Asset impairment and provisions charges (155) - - - - - (155) Gains (losses) on disposals of assets – – – – – – – Other items (17) (2) (28) (24) (16) (57) (144) Total (172) (324) 137 (216) (76) (57) (708) 2 nd quarter 2022 Inventory valuation effect - - - 775 376 - 1,151 Effect of changes in fair value - 141 (738) - - - (597) Restructuring charges - - (17) - - - (17) Asset impairment and provisions charges (46) (18) - - 4 - (60) Other items (82) - (3) - (11) (301) (397) Total (128) 123 (758) 775 369 (301) 80 1 st half 2023 Inventory valuation effect - - - (607) (147) - (754) Effect of changes in fair value - (698) 95 - - - (603) Restructuring charges - - - - - - - Asset impairment and provisions charges (155) - - (45) - - (200) Gains (losses) on disposals of assets – – – – (14) – (14) Other items (25) (2) (28) (24) (16) (57) (152) Total (180) (700) 67 (676) (177) (57) (1,723) 1 st half 2022 Inventory valuation effect - - - 1,722 684 - 2,406 Effect of changes in fair value - 31 (716) - - - (685) Restructuring charges - - (22) - - - (22) Asset impairment and provisions charges (1,330) (18) - - (65) (9) (1,422) Other items (82) - (15) - (11) (433) (541) Total (1,412) 13 (753) 1,722 608 (442) (264) ADJUSTMENTS TO NET INCOME, TotalEnergies SHARE Exploration Refining Marketing & Integrated Integrated & & (M$) Production LNG Power Chemicals Services Corporate Total 2 nd quarter 2023 Inventory valuation effect - - - (333) (47) - (380) Effect of changes in fair value - (286) 175 - - - (111) Restructuring charges - - (5) - - - (5) Asset impairment and provisions charges (123) - (346) - - - (469) Gains (losses) on disposals of assets - - - - - - - Other items 188 15 (31) (44) (8) (23) 97 Total 65 (271) (207) (377) (55) (23) (868) 2 nd quarter 2022 Inventory valuation effect - - - 738 255 - 993 Effect of changes in fair value - 118 (669) - - - (551) Restructuring charges - - (8) - - - (8) Asset impairment and provisions charges (3,493) (226) - - - - (3,719) Gains (losses) on disposals of assets - - - - - - - Other items (286) (352) - - (8) (173) (819) Total (3,779) (460) (677) 738 247 (173) (4,104) 1 st half 2023 Inventory valuation effect - - - (658) (113) - (771) Effect of changes in fair value - (617) 72 - - - (545) Restructuring charges - - (5) - - - (5) Asset impairment and provisions charges (123) - (346) (60) - - (529) Gains (losses) on disposals of assets - - - - 203 - 203 Other items 103 11 (117) (122) (21) (59) (205) Total (20) (606) (396) (840) 69 (59) (1,852) 1 st half 2022 Inventory valuation effect - - - 1,573 460 - 2,033 Effect of changes in fair value - 18 (649) - - - (631) Restructuring charges - - (11) - - - (11) Asset impairment and provisions charges (4,525) (4,174) - - (72) (9) (8,780) Gains (losses) on disposals of assets - - - - - - - Other items (272) (352) - (32) (8) (84) (748) Total (4,797) (4,508) (660) 1,541 380 (93) (8,137) |
Shareholders' equity
Shareholders' equity | 6 Months Ended |
Jun. 30, 2023 | |
Shareholders' equity | |
Shareholders' equity | 4) Shareholders’ equity Treasury shares (TotalEnergies shares held directly by TotalEnergies SE) December 31, 2022 June 30, 2023 Number of treasury shares 137,187,667 68,505,002 Percentage of share capital 5.24% 2.74% Of which shares acquired with the intention to cancel them 128,869,261 65,043,639 Of which shares allocated to TotalEnergies share performance plans for Company employees 8,231,365 3,362,143 Of which shares intended to be allocated to new share performance or purchase options plans 87,041 99,220 Dividend The Shareholder’s Meeting of May 26, 2023 approved the distribution of an ordinary dividend at €2.81 per share and confirmed the €1 per share exceptional dividend for the fiscal year 2022, i.e. a total amount of €3.81 per share. The final dividend (ordinary and exceptional) for fiscal year 2022 was paid according to the following timetable: Ordinary dividend 2022 First interim Second interim Third interim Final Amount €0.69 €0.69 €0.69 €0.74 Set date April 27, 2022 July 27, 2022 October 26, 2022 May 26, 2023 Ex-dividend date September 21, 2022 January 2, 2023 March 22, 2023 June 21, 2023 Payment date October 3, 2022 January 12, 2023 April 3, 2023 July 3, 2023 Special interim dividend 2022 Amount per share € 1 Ex-dividend date December 6, 2022 Payment date December 16, 2022 The Board of Directors, during its April 26, 2023 meeting, set the first interim dividend for the fiscal year 2023 at €0.74 per share. The ex-dividend date of this intermin dividend will be September 20, 2023 and it will be paid in cash on October 2, 2023. Furthermore, the Board of Directors, during its July 26, 2023 meeting, set the second interim dividend for the fiscal year 2023 at €0.74 per share, i.e an amount equal to the aforementioned first interim dividend. The ex-dividend date of this intermin dividend will be January 2, 2024 and it will be paid in cash on January 12, 2024. Dividend 2023 First interim Second interim Amount € 0.74 € 0.74 Set date April 26, 2023 July 26, 2023 Ex-dividend date September 20, 2023 January 2, 2024 Payment date October 2, 2023 January 12, 2024 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 € nd € st € nd € nd € st € nd Earnings per share are calculated after remuneration of perpetual subordinated notes. Perpetual subordinated notes TotalEnergies SE has not issued any perpetual subordinated notes during the first six months of 2023. TotalEnergies SE fully reimbursed the nominal amount of €1,000 million of its perpetual subordinated notes 2.708% issued in October 2016, on their first call date, on May 5th, 2023. Other comprehensive income Detail of other comprehensive income is presented in the table below: (M$) 1 st half 2023 1 st half 2022 Actuarial gains and losses 138 204 Change in fair value of investments in equity instruments 3 (17) Tax effect (51) (42) Currency translation adjustment generated by the parent company 1,409 (7,137) Sub-total items not potentially reclassifiable to profit and loss 1,499 (6,992) Currency translation adjustment (1,299) 3,535 - unrealized gain/(loss) of the period (1,381) 3,532 - less gain/(loss) included in net income (82) (3) Cash flow hedge 1,891 2,959 - unrealized gain/(loss) of the period 1,699 2,901 - less gain/(loss) included in net income (192) (58) Variation of foreign currency basis spread 8 70 - unrealized gain/(loss) of the period (8) 49 - less gain/(loss) included in net income (16) (21) Share of other comprehensive income of equity affiliates, net amount (95) 2,464 - unrealized gain/(loss) of the period (84) 2,427 - less gain/(loss) included in net income 11 (37) Other (1) (1) Tax effect (472) (1,059) Sub-total items potentially reclassifiable to profit and loss 32 7,968 Total other comprehensive income (net amount) 1,531 976 Tax effects relating to each component of other comprehensive income are as follows: 1 st half 2023 1 st half 2022 Pre-tax Pre-tax (M$) amount Tax effect Net amount amount Tax effect Net amount Actuarial gains and losses 138 (50) 88 204 (53) 151 Change in fair value of investments in equity instruments 3 (1) 2 (17) 11 (6) Currency translation adjustment generated by the parent company 1,409 - 1,409 (7,137) - (7,137) Sub-total items not potentially reclassifiable to profit and loss 1,550 (51) 1,499 (6,950) (42) (6,992) Currency translation adjustment (1,299) - (1,299) 3,535 - 3,535 Cash flow hedge 1,891 (470) 1,421 2,959 (1,041) 1,918 Variation of foreign currency basis spread 8 (2) 6 70 (18) 52 Share of other comprehensive income of equity affiliates, net amount (95) - (95) 2,464 - 2,464 Other (1) - (1) (1) - (1) Sub-total items potentially reclassifiable to profit and loss 504 (472) 32 9,027 (1,059) 7,968 Total other comprehensive income 2,054 (523) 1,531 2,077 (1,101) 976 |
Financial debt
Financial debt | 6 Months Ended |
Jun. 30, 2023 | |
Financial debt | |
Financial debt | 5) Financial debt The Company has not issued any new senior bond during the first six months of 2023. The Company reimbursed two senior bonds during the first six months of 2023: - Bond 2.700% issued by TotalEnergies Capital International in 2012 and maturing in January 2023 ($1,000 million); - Bond 2.125% issued by TotalEnergies Capital International in 2012 (€500 million) and tapped in 2013 (€250 million) forming a single series (€750 million) and maturing in March 2023. In addition, the $8 billion credit line, put in place in March 2022, has not |
Related parties
Related parties | 6 Months Ended |
Jun. 30, 2023 | |
Related parties | |
Related parties | 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 2023. |
Other risks and contingent liab
Other risks and contingent liabilities | 6 Months Ended |
Jun. 30, 2023 | |
Other risks and contingent liabilities | |
Other risks and contingent liabilities | 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. Disputes relating to Climate In France, the Corporation was summoned in January 2020 before Nanterre’s Court of Justice by certain associations and local communities in order to oblige the Company to complete its Vigilance Plan, by identifying in detail risks relating to a global warming above 1.5°C, as well as indicating the expected amount of future greenhouse gas emissions related to the Company’s activities and its product utilization by third parties and in order to obtain an injunction ordering the Corporation to immediately cease exploration and exploitation of new oil or gas fields, to reduce its oil and gas production by 2030 and 2050, and to reduce its net direct and indirect CO 2 Several associations in France brought a civil action against TotalEnergies and TotalEnergies Gaz et Electricité France before the Paris judicial court, with the aim of proving that since May 2021 – after the change of name of TotalEnergies – the Company’s corporate communication and its publicity campaign contain environmental claims that are either false or misleading for the consumer. TotalEnergies considers that these accusations are unfounded. In France, on July 4, 2023, nine shareholders (two companies and 7 individuals holding a small number of the Corporation's shares) brought an action against the Corporation before the Nanterre Commercial Court, seeking the annulment of resolution no. 3 passed by the Corporation's Annual Shareholders’ Meeting on May 26, 2023, recording the results for fiscal year 2022 and setting the amount of the dividend to be distributed for fiscal year 2022. The plaintiffs essentially allege an insufficient provision for impairment of the Company's assets in the financial statements for the fiscal year 2022, due to the insufficient consideration of future risks and costs related to the consequences of greenhouse gas emissions emitted by its customers (scope 3) and carbon cost assumptions presented as too low. The Corporation considers this action to be unfounded. In the United States, US subsidiaries of TotalEnergies (TotalEnergies EP USA, Inc. and TotalEnergies Marketing USA, Inc.) were summoned, amongst many companies and professional associations, in a number of "climate litigation" cases, seeking to establish legal liability for past greenhouse gas emissions, and to compensate plaintiff public authorities, in particular for adaptation costs. The Corporation was summoned, along with one of its subsidiaries, in one of these litigations. The Corporation and its subsidiaries consider that the courts lack jurisdiction, and have many arguments to put forward, and consider that the past and present behavior of the Corporation and its subsidiaries does not constitute a fault susceptible to give rise to liability. |
Subsequent events
Subsequent events | 6 Months Ended |
Jun. 30, 2023 | |
Subsequent events | |
Subsequent events | 8) Subsequent events On June 30, 2023, TotalEnergies held an interest of 33.86% in Total Eren Holding and an interest of 5.73% in Total Eren SA. On June 29, 2023, the Company exercised the option it had to acquire all the shares of these two companies, exercisable over a period of 3 months between April 1, 2023 and June 30, 2023. The acquisition of the shares was finalized on July 24, 2023 for a net investment of around 1.5 billion euros. |
Basis of preparation of the c_2
Basis of preparation of the consolidated financial statements (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Basis of preparation of the consolidated financial statements | |
Accounting principles applied in the interim financial statements | The accounting principles applied for the consolidated financial statements at June 30, 2023, are consistent with those used for the financial statements at December 31, 2022. |
Business segment information (T
Business segment information (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Business segment information | |
Schedule of information by business segment | 1 st half 2023 Exploration Refining Marketing & Integrated Integrated & & (M$) Production LNG Power Chemicals Services Corporate Intercompany Total External sales 3,388 6,892 14,804 49,704 44,071 15 - 118,874 Intersegment sales 20,836 8,777 2,355 17,691 321 121 (50,101) - Excise taxes - - - (415) (8,692) - - (9,107) Revenues from sales 24,224 15,669 17,159 66,980 35,700 136 (50,101) 109,767 Operating expenses (9,924) (13,242) (16,165) (63,934) (34,459) (437) 50,101 (88,060) Depreciation, depletion and impairment of tangible assets and mineral interests (4,183) (565) (98) (808) (465) (49) - (6,168) Operating income 10,117 1,862 896 2,238 776 (350) - 15,539 Net income (loss) from equity affiliates and other items 53 1,276 (320) 55 307 (38) - 1,333 Tax on net operating income (5,287) (342) (152) (512) (281) 23 - (6,551) Net operating income 4,883 2,796 424 1,781 802 (365) - 10,321 Net cost of net debt (538) Non-controlling interests (138) Net income - TotalEnergies share 9,645 1 st half 2023 (adjustments) (a) Exploration Refining Marketing & Integrated Integrated & & (M$) Production LNG Power Chemicals Services Corporate Intercompany Total External sales - - - - - - - - Intersegment sales - - - - - - - - Excise taxes - - - - - - - - Revenues from sales - - - - - - - - Operating expenses (33) (700) 67 (640) (177) (57) - (1,540) Depreciation, depletion and impairment of tangible assets and mineral interests (147) - - (36) - - - (183) Operating income (b) (180) (700) 67 (676) (177) (57) - (1,723) Net income (loss) from equity affiliates and other items (179) 12 (457) (96) 217 2 - (501) Tax on net operating income 240 82 (6) (69) 33 15 - 295 Net operating income (b) (119) (606) (396) (841) 73 (40) - (1,929) Net cost of net debt 80 Non-controlling interests (3) Net income - TotalEnergies share (1,852) (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. (b) Of which inventory valuation effect - On operating income - - (607) (147) - - - - On net operating income - - (659) (109) - - - 1 st half 2023 (adjusted) Exploration Refining Marketing & Integrated Integrated & & (M$) Production LNG Power Chemicals Services Corporate Intercompany Total External sales 3,388 6,892 14,804 49,704 44,071 15 - 118,874 Intersegment sales 20,836 8,777 2,355 17,691 321 121 (50,101) - Excise taxes - - - (415) (8,692) - - (9,107) Revenues from sales 24,224 15,669 17,159 66,980 35,700 136 (50,101) 109,767 Operating expenses (9,891) (12,542) (16,232) (63,294) (34,282) (380) 50,101 (86,520) Depreciation, depletion and impairment of tangible assets and mineral interests (4,036) (565) (98) (772) (465) (49) - (5,985) Adjusted operating income 10,297 2,562 829 2,914 953 (293) - 17,262 Net income (loss) from equity affiliates and other items 232 1,264 137 151 90 (40) - 1,834 Tax on net operating income (5,527) (424) (146) (443) (314) 8 - (6,846) Adjusted net operating income 5,002 3,402 820 2,622 729 (325) - 12,250 Net cost of net debt (618) Non-controlling interests (135) Adjusted net income - TotalEnergies share 11,497 1 st half 2023 Exploration Refining Marketing & Integrated Integrated & & (M$) Production LNG Power Chemicals Services Corporate Intercompany Total Total expenditures 6,621 1,821 2,041 714 415 65 - 11,677 Total divestments 57 94 298 60 329 4 - 842 Cash flow from operating activities 8,583 4,868 999 1,072 (8) (481) - 15,033 1 st half 2022 Exploration Refining Marketing & Integrated Integrated & & (M$) Production LNG Power Chemicals Services Corporate Intercompany Total External sales 4,672 9,408 13,167 66,069 50,056 8 - 143,380 Intersegment sales 27,623 7,438 1,009 22,062 983 133 (59,248) - Excise taxes - - - (378) (8,607) - - (8,985) Revenues from sales 32,295 16,846 14,176 87,753 42,432 141 (59,248) 134,395 Operating expenses (11,468) (13,030) (14,686) (80,653) (40,294) (850) 59,248 (101,733) Depreciation, depletion and impairment of tangible assets and mineral interests (4,773) (554) (94) (769) (514) (77) - (6,781) Operating income 16,054 3,262 (604) 6,331 1,624 (786) - 25,881 Net income (loss) from equity affiliates and other items (3,426) (1,869) 192 505 56 179 - (4,363) Tax on net operating income (7,739) (553) (1) (1,391) (521) 97 - (10,108) Net operating income 4,889 840 (413) 5,445 1,159 (510) - 11,410 Net cost of net debt (555) Non-controlling interests (219) Net income - TotalEnergies share 10,636 1 st half 2022 (adjustments) (a) Exploration Refining Marketing & Integrated Integrated & & (M$) Production LNG Power Chemicals Services Corporate Intercompany Total External sales - (18) 15 - - - - (3) Intersegment sales - - - - - - - - Excise taxes - - - - - - - - Revenues from sales - (18) 15 - - - - (3) Operating expenses (873) 45 (768) 1,722 641 (433) - 334 Depreciation, depletion and impairment of tangible assets and mineral interests (539) (14) - - (33) (9) - (595) Operating income (b) (1,412) 13 (753) 1,722 608 (442) - (264) Net income (loss) from equity affiliates and other items (3,770) (4,508) 11 169 (7) 106 - (7,999) Tax on net operating income 337 (13) 71 (326) (180) 98 - (13) Net operating income (b) (4,845) (4,508) (671) 1,565 421 (238) - (8,276) Net cost of net debt 193 Non-controlling interests (54) Net income - TotalEnergies share (8,137) (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. (b) Of which inventory valuation effect - On operating income - - 1,722 684 - - On net operating income - - 1,597 503 - 1 st half 2022 (adjusted) Exploration Refining Marketing & Integrated Integrated & & (M$) Production LNG Power Chemicals Services Corporate Intercompany Total External sales 4,672 9,426 13,152 66,069 50,056 8 - 143,383 Intersegment sales 27,623 7,438 1,009 22,062 983 133 (59,248) - Excise taxes - - - (378) (8,607) - - (8,985) Revenues from sales 32,295 16,864 14,161 87,753 42,432 141 (59,248) 134,398 Operating expenses (10,595) (13,075) (13,918) (82,375) (40,935) (417) 59,248 (102,067) Depreciation, depletion and impairment of tangible assets and mineral interests (4,234) (540) (94) (769) (481) (68) - (6,186) Adjusted operating income 17,466 3,249 149 4,609 1,016 (344) - 26,145 Net income (loss) from equity affiliates and other items 344 2,639 181 336 63 73 - 3,636 Tax on net operating income (8,076) (540) (72) (1,065) (341) (1) - (10,095) Adjusted net operating income 9,734 5,348 258 3,880 738 (272) - 19,686 Net cost of net debt (748) Non-controlling interests (165) Adjusted net income - TotalEnergies share 18,773 1 st half 2022 Exploration Refining Marketing & Integrated Integrated & & (M$) Production LNG Power Chemicals Services Corporate Intercompany Total Total expenditures 6,099 575 1,736 561 428 34 - 9,433 Total divestments 346 1,237 244 83 151 12 - 2,073 Cash flow from operating activities 14,536 6,021 (1,736) 4,633 1,478 (1,031) - 23,901 2 nd quarter 2023 Exploration Refining Marketing & Integrated Integrated & & (M$) Production LNG Power Chemicals Services Corporate Intercompany Total External sales 1,434 2,020 6,249 24,849 21,712 7 - 56,271 Intersegment sales 10,108 2,778 670 8,630 201 64 (22,451) - Excise taxes - - - (231) (4,506) - - (4,737) Revenues from sales 11,542 4,798 6,919 33,248 17,407 71 (22,451) 51,534 Operating expenses (5,162) (3,797) (6,334) (32,042) (16,672) (276) 22,451 (41,832) Depreciation, depletion and impairment of tangible assets and mineral interests (2,117) (277) (51) (394) (241) (26) - (3,106) Operating income 4,263 724 534 812 494 (231) - 6,596 Net income (loss) from equity affiliates and other items (15) 472 (250) 3 64 (17) - 257 Tax on net operating income (1,889) (137) (41) (187) (162) (40) - (2,456) Net operating income 2,359 1,059 243 628 396 (288) - 4,397 Net cost of net debt (245) Non-controlling interests (64) Net income - TotalEnergies share 4,088 2 nd quarter 2023 (adjustments) (a) Exploration Refining Marketing & Integrated Integrated & & (M$) Production LNG Power Chemicals Services Corporate Intercompany Total External sales - 76 - - - - - 76 Intersegment sales - - - - - - - - Excise taxes - - - - - - - - Revenues from sales - 76 - - - - - 76 Operating expenses (25) (400) 137 (216) (76) (57) - (637) Depreciation, depletion and impairment of tangible assets and mineral interests (147) - - - - - - (147) Operating income (b) (172) (324) 137 (216) (76) (57) - (708) Net income (loss) from equity affiliates and other items (106) 16 (346) (59) - 2 - (493) Tax on net operating income 288 37 2 (101) 23 15 - 264 Net operating income (b) 10 (271) (207) (376) (53) (40) - (937) Net cost of net debt 72 Non-controlling interests (3) Net income - TotalEnergies share (868) (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. (b) Of which inventory valuation effect - On operating income - - (192) (60) - - On net operating income - - (332) (45) - 2 nd quarter 2023 (adjusted) Exploration Refining Marketing & Integrated Integrated & & (M$) Production LNG Power Chemicals Services Corporate Intercompany Total External sales 1,434 1,944 6,249 24,849 21,712 7 - 56,195 Intersegment sales 10,108 2,778 670 8,630 201 64 (22,451) - Excise taxes - - - (231) (4,506) - - (4,737) Revenues from sales 11,542 4,722 6,919 33,248 17,407 71 (22,451) 51,458 Operating expenses (5,137) (3,397) (6,471) (31,826) (16,596) (219) 22,451 (41,195) Depreciation, depletion and impairment of tangible assets and mineral interests (1,970) (277) (51) (394) (241) (26) - (2,959) Adjusted operating income 4,435 1,048 397 1,028 570 (174) - 7,304 Net income (loss) from equity affiliates and other items 91 456 96 62 64 (19) - 750 Tax on net operating income (2,177) (174) (43) (86) (185) (55) - (2,720) Adjusted net operating income 2,349 1,330 450 1,004 449 (248) - 5,334 Net cost of net debt (317) Non-controlling interests (61) Adjusted net income - TotalEnergies share 4,956 2 nd quarter 2023 Exploration Refining Marketing & Integrated Integrated & & (M$) Production LNG Power Chemicals Services Corporate Intercompany Total Total expenditures 2,569 626 807 489 256 30 - 4,777 Total divestments 26 45 149 52 28 4 - 304 Cash flow from operating activities 4,047 1,332 2,284 1,923 665 (351) - 9,900 2 nd quarter 2022 Exploration Refining Marketing & Integrated Integrated & & (M$) Production LNG Power Chemicals Services Corporate Intercompany Total External sales 2,521 3,901 6,380 35,061 26,907 4 - 74,774 Intersegment sales 13,805 3,940 488 12,785 716 70 (31,804) - Excise taxes - - - (186) (4,143) - - (4,329) Revenues from sales 16,326 7,841 6,868 47,660 23,480 74 (31,804) 70,445 Operating expenses (5,760) (6,144) (7,392) (43,242) (22,310) (557) 31,804 (53,601) Depreciation, depletion and impairment of tangible assets and mineral interests (2,112) (276) (51) (389) (241) (33) - (3,102) Operating income 8,454 1,421 (575) 4,029 929 (516) - 13,742 Net income (loss) from equity affiliates and other items (3,668) 626 197 349 98 71 - (2,327) Tax on net operating income (3,876) (292) 32 (866) (296) (8) - (5,306) Net operating income 910 1,755 (346) 3,512 731 (453) - 6,109 Net cost of net debt (305) Non-controlling interests (112) Net income - TotalEnergies share 5,692 2 nd quarter 2022 (adjustments) (a) Exploration Refining Marketing & Integrated Integrated & & (M$) Production LNG Power Chemicals Services Corporate Intercompany Total External sales - (15) - - - - - (15) Intersegment sales - - - - - - - - Excise taxes - - - - - - - - Revenues from sales - (15) - - - - - (15) Operating expenses (82) 152 (758) 775 373 (301) - 159 Depreciation, depletion and impairment of tangible assets and mineral interests (46) (14) - - (4) - - (64) Operating income (b) (128) 123 (758) 775 369 (301) - 80 Net income (loss) from equity affiliates and other items (3,756) (560) 2 52 (4) - - (4,266) Tax on net operating income 75 (23) 70 (75) (100) 78 - 25 Net operating income (b) (3,809) (460) (686) 752 265 (223) - (4,161) Net cost of net debt 80 Non-controlling interests (23) Net income - TotalEnergies share (4,104) (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. (b) Of which inventory valuation effect - On operating income - - 775 376 - - - - On net operating income - - 752 275 - - - 2 nd quarter 2022 (adjusted) Exploration Refining Marketing & Integrated Integrated & & (M$) Production LNG Power Chemicals Services Corporate Intercompany Total External sales 2,521 3,916 6,380 35,061 26,907 4 - 74,789 Intersegment sales 13,805 3,940 488 12,785 716 70 (31,804) - Excise taxes - - - (186) (4,143) - - (4,329) Revenues from sales 16,326 7,856 6,868 47,660 23,480 74 (31,804) 70,460 Operating expenses (5,678) (6,296) (6,634) (44,017) (22,683) (256) 31,804 (53,760) Depreciation, depletion and impairment of tangible assets and mineral interests (2,066) (262) (51) (389) (237) (33) - (3,038) Adjusted operating income 8,582 1,298 183 3,254 560 (215) - 13,662 Net income (loss) from equity affiliates and other items 88 1,186 195 297 102 71 - 1,939 Tax on net operating income (3,951) (269) (38) (791) (196) (86) - (5,331) Adjusted net operating income 4,719 2,215 340 2,760 466 (230) - 10,270 Net cost of net debt (385) Non-controlling interests (89) Adjusted net income - TotalEnergies share 9,796 2 nd quarter 2022 Exploration Refining Marketing & Integrated Integrated & & (M$) Production LNG Power Chemicals Services Corporate Intercompany Total Total expenditures 4,128 285 587 333 288 25 - 5,646 Total divestments 63 393 73 56 72 7 - 664 Cash flow from operating activities 8,768 3,802 168 3,526 580 (560) - 16,284 |
Schedule of reconciliation of the information by business segment with consolidated financial statements | Consolidated 1 st half 2023 statement of (M$) Adjusted Adjustments (a) income Sales 118,874 - 118,874 Excise taxes (9,107) - (9,107) Revenues from sales 109,767 - 109,767 Purchases net of inventory variation (70,858) (1,357) (72,215) Other operating expenses (15,506) (185) (15,691) Exploration costs (156) 2 (154) Depreciation, depletion and impairment of tangible assets and mineral interests (5,985) (183) (6,168) Other income 193 264 457 Other expense (393) (273) (666) Financial interest on debt (1,434) - (1,434) Financial income and expense from cash & cash equivalents 775 128 903 Cost of net debt (659) 128 (531) Other financial income 649 22 671 Other financial expense (356) - (356) Net income (loss) from equity affiliates 1,741 (514) 1,227 Income taxes (6,805) 247 (6,558) Consolidated net income 11,632 (1,849) 9,783 TotalEnergies share 11,497 (1,852) 9,645 Non-controlling interests 135 3 138 (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. Consolidated 1 st half 2022 statement of (M$) Adjusted Adjustments (a) income Sales 143,383 (3) 143,380 Excise taxes (8,985) - (8,985) Revenues from sales 134,398 (3) 134,395 Purchases net of inventory variation (86,785) 1,694 (85,091) Other operating expenses (15,029) (635) (15,664) Exploration costs (253) (725) (978) Depreciation, depletion and impairment of tangible assets and mineral interests (6,186) (595) (6,781) Other income 550 22 572 Other expense (798) (2,797) (3,595) Financial interest on debt (1,034) - (1,034) Financial income and expense from cash & cash equivalents 189 270 459 Cost of net debt (845) 270 (575) Other financial income 350 84 434 Other financial expense (271) - (271) Net income (loss) from equity affiliates 3,805 (5,308) (1,503) Income taxes (9,998) (90) (10,088) Consolidated net income 18,938 (8,083) 10,855 TotalEnergies share 18,773 (8,137) 10,636 Non-controlling interests 165 54 219 (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. Consolidated 2 nd quarter 2023 statement (M$) Adjusted Adjustments (a) of income Sales 56,195 76 56,271 Excise taxes (4,737) - (4,737) Revenues from sales 51,458 76 51,534 Purchases net of inventory variation (33,379) (485) (33,864) Other operating expenses (7,754) (152) (7,906) Exploration costs (62) - (62) Depreciation, depletion and impairment of tangible assets and mineral interests (2,959) (147) (3,106) Other income 116 - 116 Other expense (256) (110) (366) Financial interest on debt (724) - (724) Financial income and expense from cash & cash equivalents 402 108 510 Cost of net debt (322) 108 (214) Other financial income 401 12 413 Other financial expense (173) - (173) Net income (loss) from equity affiliates 662 (395) 267 Income taxes (2,715) 228 (2,487) Consolidated net income 5,017 (865) 4,152 TotalEnergies share 4,956 (868) 4,088 Non-controlling interests 61 3 64 (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. Consolidated 2 nd quarter 2022 statement (M$) Adjusted Adjustments (a) of income Sales 74,789 (15) 74,774 Excise taxes (4,329) - (4,329) Revenues from sales 70,460 (15) 70,445 Purchases net of inventory variation (46,023) 580 (45,443) Other operating expenses (7,620) (421) (8,041) Exploration costs (117) - (117) Depreciation, depletion and impairment of tangible assets and mineral interests (3,038) (64) (3,102) Other income 429 - 429 Other expense (529) (776) (1,305) Financial interest on debt (572) - (572) Financial income and expense from cash & cash equivalents 130 115 245 Cost of net debt (442) 115 (327) Other financial income 231 - 231 Other financial expense (136) - (136) Net income (loss) from equity affiliates 1,944 (3,490) (1,546) Income taxes (5,274) (10) (5,284) Consolidated net income 9,885 (4,081) 5,804 TotalEnergies share 9,796 (4,104) 5,692 Non-controlling interests 89 23 112 (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. |
Schedule of detail of the adjustment items | Exploration Refining Marketing & Integrated Integrated & & (M$) Production LNG Power Chemicals Services Corporate Total 2 nd quarter 2023 Inventory valuation effect - - - (192) (60) - (252) Effect of changes in fair value - (322) 165 - - - (157) Restructuring charges - - - - - - - Asset impairment and provisions charges (155) - - - - - (155) Gains (losses) on disposals of assets – – – – – – – Other items (17) (2) (28) (24) (16) (57) (144) Total (172) (324) 137 (216) (76) (57) (708) 2 nd quarter 2022 Inventory valuation effect - - - 775 376 - 1,151 Effect of changes in fair value - 141 (738) - - - (597) Restructuring charges - - (17) - - - (17) Asset impairment and provisions charges (46) (18) - - 4 - (60) Other items (82) - (3) - (11) (301) (397) Total (128) 123 (758) 775 369 (301) 80 1 st half 2023 Inventory valuation effect - - - (607) (147) - (754) Effect of changes in fair value - (698) 95 - - - (603) Restructuring charges - - - - - - - Asset impairment and provisions charges (155) - - (45) - - (200) Gains (losses) on disposals of assets – – – – (14) – (14) Other items (25) (2) (28) (24) (16) (57) (152) Total (180) (700) 67 (676) (177) (57) (1,723) 1 st half 2022 Inventory valuation effect - - - 1,722 684 - 2,406 Effect of changes in fair value - 31 (716) - - - (685) Restructuring charges - - (22) - - - (22) Asset impairment and provisions charges (1,330) (18) - - (65) (9) (1,422) Other items (82) - (15) - (11) (433) (541) Total (1,412) 13 (753) 1,722 608 (442) (264) ADJUSTMENTS TO NET INCOME, TotalEnergies SHARE Exploration Refining Marketing & Integrated Integrated & & (M$) Production LNG Power Chemicals Services Corporate Total 2 nd quarter 2023 Inventory valuation effect - - - (333) (47) - (380) Effect of changes in fair value - (286) 175 - - - (111) Restructuring charges - - (5) - - - (5) Asset impairment and provisions charges (123) - (346) - - - (469) Gains (losses) on disposals of assets - - - - - - - Other items 188 15 (31) (44) (8) (23) 97 Total 65 (271) (207) (377) (55) (23) (868) 2 nd quarter 2022 Inventory valuation effect - - - 738 255 - 993 Effect of changes in fair value - 118 (669) - - - (551) Restructuring charges - - (8) - - - (8) Asset impairment and provisions charges (3,493) (226) - - - - (3,719) Gains (losses) on disposals of assets - - - - - - - Other items (286) (352) - - (8) (173) (819) Total (3,779) (460) (677) 738 247 (173) (4,104) 1 st half 2023 Inventory valuation effect - - - (658) (113) - (771) Effect of changes in fair value - (617) 72 - - - (545) Restructuring charges - - (5) - - - (5) Asset impairment and provisions charges (123) - (346) (60) - - (529) Gains (losses) on disposals of assets - - - - 203 - 203 Other items 103 11 (117) (122) (21) (59) (205) Total (20) (606) (396) (840) 69 (59) (1,852) 1 st half 2022 Inventory valuation effect - - - 1,573 460 - 2,033 Effect of changes in fair value - 18 (649) - - - (631) Restructuring charges - - (11) - - - (11) Asset impairment and provisions charges (4,525) (4,174) - - (72) (9) (8,780) Gains (losses) on disposals of assets - - - - - - - Other items (272) (352) - (32) (8) (84) (748) Total (4,797) (4,508) (660) 1,541 380 (93) (8,137) |
Shareholders' equity (Tables)
Shareholders' equity (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Shareholders' equity | |
Schedule of treasury shares held | December 31, 2022 June 30, 2023 Number of treasury shares 137,187,667 68,505,002 Percentage of share capital 5.24% 2.74% Of which shares acquired with the intention to cancel them 128,869,261 65,043,639 Of which shares allocated to TotalEnergies share performance plans for Company employees 8,231,365 3,362,143 Of which shares intended to be allocated to new share performance or purchase options plans 87,041 99,220 |
Schedule of information about dividends paid | Ordinary dividend 2022 First interim Second interim Third interim Final Amount €0.69 €0.69 €0.69 €0.74 Set date April 27, 2022 July 27, 2022 October 26, 2022 May 26, 2023 Ex-dividend date September 21, 2022 January 2, 2023 March 22, 2023 June 21, 2023 Payment date October 3, 2022 January 12, 2023 April 3, 2023 July 3, 2023 Amount per share € 1 Ex-dividend date December 6, 2022 Payment date December 16, 2022 Dividend 2023 First interim Second interim Amount € 0.74 € 0.74 Set date April 26, 2023 July 26, 2023 Ex-dividend date September 20, 2023 January 2, 2024 Payment date October 2, 2023 January 12, 2024 |
Schedule of other comprehensive income | (M$) 1 st half 2023 1 st half 2022 Actuarial gains and losses 138 204 Change in fair value of investments in equity instruments 3 (17) Tax effect (51) (42) Currency translation adjustment generated by the parent company 1,409 (7,137) Sub-total items not potentially reclassifiable to profit and loss 1,499 (6,992) Currency translation adjustment (1,299) 3,535 - unrealized gain/(loss) of the period (1,381) 3,532 - less gain/(loss) included in net income (82) (3) Cash flow hedge 1,891 2,959 - unrealized gain/(loss) of the period 1,699 2,901 - less gain/(loss) included in net income (192) (58) Variation of foreign currency basis spread 8 70 - unrealized gain/(loss) of the period (8) 49 - less gain/(loss) included in net income (16) (21) Share of other comprehensive income of equity affiliates, net amount (95) 2,464 - unrealized gain/(loss) of the period (84) 2,427 - less gain/(loss) included in net income 11 (37) Other (1) (1) Tax effect (472) (1,059) Sub-total items potentially reclassifiable to profit and loss 32 7,968 Total other comprehensive income (net amount) 1,531 976 Tax effects relating to each component of other comprehensive income are as follows: 1 st half 2023 1 st half 2022 Pre-tax Pre-tax (M$) amount Tax effect Net amount amount Tax effect Net amount Actuarial gains and losses 138 (50) 88 204 (53) 151 Change in fair value of investments in equity instruments 3 (1) 2 (17) 11 (6) Currency translation adjustment generated by the parent company 1,409 - 1,409 (7,137) - (7,137) Sub-total items not potentially reclassifiable to profit and loss 1,550 (51) 1,499 (6,950) (42) (6,992) Currency translation adjustment (1,299) - (1,299) 3,535 - 3,535 Cash flow hedge 1,891 (470) 1,421 2,959 (1,041) 1,918 Variation of foreign currency basis spread 8 (2) 6 70 (18) 52 Share of other comprehensive income of equity affiliates, net amount (95) - (95) 2,464 - 2,464 Other (1) - (1) (1) - (1) Sub-total items potentially reclassifiable to profit and loss 504 (472) 32 9,027 (1,059) 7,968 Total other comprehensive income 2,054 (523) 1,531 2,077 (1,101) 976 |
Changes in the Company struct_2
Changes in the Company structure - Main acquisitions and divestments, Exploration & Production (Details) - item | Mar. 31, 2023 | Mar. 15, 2023 |
SARB and Umm Lulu offshore concession | ||
Changes in the Company structure | ||
Percentage of interest to be acquired | 20% | |
Number of offshore fields | 2 | |
SARB and Umm Lulu offshore concession | ADNOC | ||
Changes in the Company structure | ||
Proportion of ownership interest in concession | 60% | |
SARB and Umm Lulu offshore concession | OMV | ||
Changes in the Company structure | ||
Proportion of ownership interest in concession | 20% | |
Mubarraz concession | ||
Changes in the Company structure | ||
Percentage of interest to be acquired | 12.88% | |
Number of offshore fields | 4 | |
CEPAD | ||
Changes in the Company structure | ||
Percentage of interest to be acquired | 20% | |
ADOC | CEPAD | ||
Changes in the Company structure | ||
Proportion of ownership interest in subsidiary | 64.40% |
Changes in the Company struct_3
Changes in the Company structure - Main acquisitions and divestments, Integrated LNG (Details) | Jun. 12, 2022 MT / yr item |
North Field East (NFE) LNG Project | |
Changes in the Company structure | |
Production of project | 32 |
North Field East (NFE) JV | |
Changes in the Company structure | |
Proportion of ownership interest in joint venture | 25% |
QatarEnergy | North Field East (NFE) JV | |
Changes in the Company structure | |
Proportion of ownership interest in joint venture | 75% |
North Field East (NFE) JV | North Field East (NFE) LNG Project | |
Changes in the Company structure | |
Proportion of ownership interest in project | 25% |
Number of production equivalent LNG trains | item | 1 |
Production of LNG train | 8 |
Changes in the Company struct_4
Changes in the Company structure - Main acquisitions and divestments, Integrated Power (Details) $ in Millions | Oct. 26, 2022 USD ($) GW MW |
Joint venture for renewable portfolio of Casa Dos Ventos | |
Changes in the Company structure | |
Onshore wind capacity in operation | MW | 700 |
Onshore wind under construction | 1 |
Onshore wind | 2.8 |
Solar projects under well advanced development | 1.6 |
Maximum period to commence commercial operations of solar projects under well advanced development | 5 years |
Joint venture for renewable portfolio of Casa Dos Ventos | |
Changes in the Company structure | |
Proportion of ownership interest in joint venture | 34% |
Payments for JV transaction | $ | $ 500 |
Maximum earn-out amount | $ | $ 30 |
Additional equity share under option to acquire in 2027 | 15% |
Joint venture for renewable portfolio of Casa Dos Ventos | Casa Dos Ventos | |
Changes in the Company structure | |
Proportion of ownership interest in joint venture | 66% |
Changes in the Company struct_5
Changes in the Company structure - Divestment projects, Exploration & Production (Details) $ in Millions, $ in Millions | May 26, 2023 USD ($) | May 26, 2023 CAD ($) | Apr. 27, 2023 USD ($) | Apr. 27, 2023 CAD ($) | Jun. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Jun. 30, 2022 USD ($) |
Changes in the Company structure | ||||||||
Asset classified as held for sale | $ 8,441 | $ 668 | $ 568 | $ 313 | ||||
Liabilities classified as held for sale | 2,289 | $ 167 | $ 167 | $ 56 | ||||
TotalEnergies EP Canada Ltd | ||||||||
Changes in the Company structure | ||||||||
Asset classified as held for sale | 5,435 | |||||||
Liabilities classified as held for sale | $ 893 | |||||||
TotalEnergies EP Canada Ltd | Suncor Energy Inc | ||||||||
Changes in the Company structure | ||||||||
Consideration agreed for sale of assets, cash | $ 4,100 | $ 5,500 | ||||||
Consideration agreed for sale of assets, additional payments under specific conditions | $ 450 | $ 600 | ||||||
Surmont asset | Conoco Phillips | ||||||||
Changes in the Company structure | ||||||||
Consideration agreed for sale of assets, cash | $ 3,000 | $ 4,000 | ||||||
Consideration agreed for sale of assets, additional payments under specific conditions | $ 325 | $ 440 | ||||||
Percentage of interest to be purchased under preemption right | 50% | 50% |
Changes in the Company struct_6
Changes in the Company structure - Divestment projects, Marketing & Services (Details) $ in Millions, € in Billions | Jun. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Mar. 16, 2023 EUR (€) | Dec. 31, 2022 USD ($) | Jun. 30, 2022 USD ($) |
Changes in the Company structure | |||||
Asset classified as held for sale | $ 8,441 | $ 668 | $ 568 | $ 313 | |
Liabilities classified as held for sale | 2,289 | $ 167 | $ 167 | $ 56 | |
Retail networks in Belgium, Luxembourg, Germany and Netherlands | |||||
Changes in the Company structure | |||||
Enterprise value | € | € 3.1 | ||||
Asset classified as held for sale | 1,901 | ||||
Liabilities classified as held for sale | $ 1,227 |
Business segment information -
Business segment information - Information by business segment (Details) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) segment | Jun. 30, 2022 USD ($) | |
Business segment information | |||||
Number of business segments | segment | 5 | ||||
Sales | $ 56,271 | $ 62,603 | $ 74,774 | $ 118,874 | $ 143,380 |
Excise taxes | (4,737) | (4,370) | (4,329) | (9,107) | (8,985) |
Revenues from sales | 51,534 | 58,233 | 70,445 | 109,767 | 134,395 |
Operating expenses | (41,832) | (53,601) | (88,060) | (101,733) | |
Depreciation, depletion and impairment of tangible assets and mineral interests | (3,106) | (3,062) | (3,102) | (6,168) | (6,781) |
Operating income | 6,596 | 13,742 | 15,539 | 25,881 | |
Net income (loss) from equity affiliates and other items | 257 | (2,327) | 1,333 | (4,363) | |
Tax on net operating income | (2,456) | (5,306) | (6,551) | (10,108) | |
Net operating income | 4,397 | 6,109 | 10,321 | 11,410 | |
Net cost of net debt | (245) | (305) | (538) | (555) | |
Non-controlling interests | (64) | (74) | (112) | (138) | (219) |
Net income - TotalEnergies share | 4,088 | 5,557 | 5,692 | 9,645 | 10,636 |
Total expenditures | 4,777 | 6,900 | 5,646 | 11,677 | 9,433 |
Total divestments | 304 | 538 | 664 | 842 | 2,073 |
Cash flow from operating activities | 9,900 | $ 5,133 | 16,284 | 15,033 | 23,901 |
Intercompany | |||||
Business segment information | |||||
Sales | (22,451) | (31,804) | (50,101) | (59,248) | |
Revenues from sales | (22,451) | (31,804) | (50,101) | (59,248) | |
Operating expenses | 22,451 | 31,804 | 50,101 | 59,248 | |
Exploration & Production | |||||
Business segment information | |||||
Sales | 1,434 | 2,521 | 3,388 | 4,672 | |
Depreciation, depletion and impairment of tangible assets and mineral interests | (2,117) | (2,112) | (4,183) | (4,773) | |
Operating income | 4,263 | 8,454 | 10,117 | 16,054 | |
Net income (loss) from equity affiliates and other items | (15) | (3,668) | 53 | (3,426) | |
Tax on net operating income | (1,889) | (3,876) | (5,287) | (7,739) | |
Net operating income | 2,359 | 910 | 4,883 | 4,889 | |
Total expenditures | 2,569 | 4,128 | 6,621 | 6,099 | |
Total divestments | 26 | 63 | 57 | 346 | |
Cash flow from operating activities | 4,047 | 8,768 | 8,583 | 14,536 | |
Exploration & Production | Business segments and Corporate | |||||
Business segment information | |||||
Revenues from sales | 11,542 | 16,326 | 24,224 | 32,295 | |
Operating expenses | (5,162) | (5,760) | (9,924) | (11,468) | |
Exploration & Production | Intercompany | |||||
Business segment information | |||||
Sales | (10,108) | (13,805) | (20,836) | (27,623) | |
Integrated LNG | |||||
Business segment information | |||||
Sales | 2,020 | 3,901 | 6,892 | 9,408 | |
Depreciation, depletion and impairment of tangible assets and mineral interests | (277) | (276) | (565) | (554) | |
Operating income | 724 | 1,421 | 1,862 | 3,262 | |
Net income (loss) from equity affiliates and other items | 472 | 626 | 1,276 | (1,869) | |
Tax on net operating income | (137) | (292) | (342) | (553) | |
Net operating income | 1,059 | 1,755 | 2,796 | 840 | |
Total expenditures | 626 | 285 | 1,821 | 575 | |
Total divestments | 45 | 393 | 94 | 1,237 | |
Cash flow from operating activities | 1,332 | 3,802 | 4,868 | 6,021 | |
Integrated LNG | Business segments and Corporate | |||||
Business segment information | |||||
Revenues from sales | 4,798 | 7,841 | 15,669 | 16,846 | |
Operating expenses | (3,797) | (6,144) | (13,242) | (13,030) | |
Integrated LNG | Intercompany | |||||
Business segment information | |||||
Sales | (2,778) | (3,940) | (8,777) | (7,438) | |
Integrated Power | |||||
Business segment information | |||||
Sales | 6,249 | 6,380 | 14,804 | 13,167 | |
Depreciation, depletion and impairment of tangible assets and mineral interests | (51) | (51) | (98) | (94) | |
Operating income | 534 | (575) | 896 | (604) | |
Net income (loss) from equity affiliates and other items | (250) | 197 | (320) | 192 | |
Tax on net operating income | (41) | 32 | (152) | (1) | |
Net operating income | 243 | (346) | 424 | (413) | |
Total expenditures | 807 | 587 | 2,041 | 1,736 | |
Total divestments | 149 | 73 | 298 | 244 | |
Cash flow from operating activities | 2,284 | 168 | 999 | (1,736) | |
Integrated Power | Business segments and Corporate | |||||
Business segment information | |||||
Revenues from sales | 6,919 | 6,868 | 17,159 | 14,176 | |
Operating expenses | (6,334) | (7,392) | (16,165) | (14,686) | |
Integrated Power | Intercompany | |||||
Business segment information | |||||
Sales | (670) | (488) | (2,355) | (1,009) | |
Refining & Chemicals | |||||
Business segment information | |||||
Sales | 24,849 | 35,061 | 49,704 | 66,069 | |
Excise taxes | (231) | (186) | (415) | (378) | |
Depreciation, depletion and impairment of tangible assets and mineral interests | (394) | (389) | (808) | (769) | |
Operating income | 812 | 4,029 | 2,238 | 6,331 | |
Net income (loss) from equity affiliates and other items | 3 | 349 | 55 | 505 | |
Tax on net operating income | (187) | (866) | (512) | (1,391) | |
Net operating income | 628 | 3,512 | 1,781 | 5,445 | |
Total expenditures | 489 | 333 | 714 | 561 | |
Total divestments | 52 | 56 | 60 | 83 | |
Cash flow from operating activities | 1,923 | 3,526 | 1,072 | 4,633 | |
Refining & Chemicals | Business segments and Corporate | |||||
Business segment information | |||||
Revenues from sales | 33,248 | 47,660 | 66,980 | 87,753 | |
Operating expenses | (32,042) | (43,242) | (63,934) | (80,653) | |
Refining & Chemicals | Intercompany | |||||
Business segment information | |||||
Sales | (8,630) | (12,785) | (17,691) | (22,062) | |
Marketing & Services | |||||
Business segment information | |||||
Sales | 21,712 | 26,907 | 44,071 | 50,056 | |
Excise taxes | (4,506) | (4,143) | (8,692) | (8,607) | |
Depreciation, depletion and impairment of tangible assets and mineral interests | (241) | (241) | (465) | (514) | |
Operating income | 494 | 929 | 776 | 1,624 | |
Net income (loss) from equity affiliates and other items | 64 | 98 | 307 | 56 | |
Tax on net operating income | (162) | (296) | (281) | (521) | |
Net operating income | 396 | 731 | 802 | 1,159 | |
Total expenditures | 256 | 288 | 415 | 428 | |
Total divestments | 28 | 72 | 329 | 151 | |
Cash flow from operating activities | 665 | 580 | (8) | 1,478 | |
Marketing & Services | Business segments and Corporate | |||||
Business segment information | |||||
Revenues from sales | 17,407 | 23,480 | 35,700 | 42,432 | |
Operating expenses | (16,672) | (22,310) | (34,459) | (40,294) | |
Marketing & Services | Intercompany | |||||
Business segment information | |||||
Sales | (201) | (716) | (321) | (983) | |
Corporate | |||||
Business segment information | |||||
Sales | 7 | 4 | 15 | 8 | |
Depreciation, depletion and impairment of tangible assets and mineral interests | (26) | (33) | (49) | (77) | |
Operating income | (231) | (516) | (350) | (786) | |
Net income (loss) from equity affiliates and other items | (17) | 71 | (38) | 179 | |
Tax on net operating income | (40) | (8) | 23 | 97 | |
Net operating income | (288) | (453) | (365) | (510) | |
Total expenditures | 30 | 25 | 65 | 34 | |
Total divestments | 4 | 7 | 4 | 12 | |
Cash flow from operating activities | (351) | (560) | (481) | (1,031) | |
Corporate | Business segments and Corporate | |||||
Business segment information | |||||
Revenues from sales | 71 | 74 | 136 | 141 | |
Operating expenses | (276) | (557) | (437) | (850) | |
Corporate | Intercompany | |||||
Business segment information | |||||
Sales | (64) | (70) | (121) | (133) | |
Adjustments | |||||
Business segment information | |||||
Sales | 76 | (15) | (3) | ||
Revenues from sales | 76 | (15) | (3) | ||
Operating expenses | (637) | 159 | (1,540) | 334 | |
Depreciation, depletion and impairment of tangible assets and mineral interests | (147) | (64) | (183) | (595) | |
Operating income | (708) | 80 | (1,723) | (264) | |
Net income (loss) from equity affiliates and other items | (493) | (4,266) | (501) | (7,999) | |
Tax on net operating income | 264 | 25 | 295 | (13) | |
Net operating income | (937) | (4,161) | (1,929) | (8,276) | |
Net cost of net debt | 72 | 80 | 80 | 193 | |
Non-controlling interests | (3) | (23) | (3) | (54) | |
Net income - TotalEnergies share | (868) | (4,104) | (1,852) | (8,137) | |
Adjustments | Exploration & Production | |||||
Business segment information | |||||
Depreciation, depletion and impairment of tangible assets and mineral interests | (147) | (46) | (147) | (539) | |
Operating income | (172) | (128) | (180) | (1,412) | |
Net income (loss) from equity affiliates and other items | (106) | (3,756) | (179) | (3,770) | |
Tax on net operating income | 288 | 75 | 240 | 337 | |
Net operating income | 10 | (3,809) | (119) | (4,845) | |
Net income - TotalEnergies share | 65 | (3,779) | (20) | (4,797) | |
Adjustments | Exploration & Production | Business segments and Corporate | |||||
Business segment information | |||||
Operating expenses | (25) | (82) | (33) | (873) | |
Adjustments | Integrated LNG | |||||
Business segment information | |||||
Sales | 76 | (15) | (18) | ||
Depreciation, depletion and impairment of tangible assets and mineral interests | (14) | (14) | |||
Operating income | (324) | 123 | (700) | 13 | |
Net income (loss) from equity affiliates and other items | 16 | (560) | 12 | (4,508) | |
Tax on net operating income | 37 | (23) | 82 | (13) | |
Net operating income | (271) | (460) | (606) | (4,508) | |
Net income - TotalEnergies share | (271) | (460) | (606) | (4,508) | |
Adjustments | Integrated LNG | Business segments and Corporate | |||||
Business segment information | |||||
Revenues from sales | 76 | (15) | (18) | ||
Operating expenses | (400) | 152 | (700) | 45 | |
Adjustments | Integrated Power | |||||
Business segment information | |||||
Sales | 15 | ||||
Operating income | 137 | (758) | 67 | (753) | |
Net income (loss) from equity affiliates and other items | (346) | 2 | (457) | 11 | |
Tax on net operating income | 2 | 70 | (6) | 71 | |
Net operating income | (207) | (686) | (396) | (671) | |
Net income - TotalEnergies share | (207) | (677) | (396) | (660) | |
Adjustments | Integrated Power | Business segments and Corporate | |||||
Business segment information | |||||
Revenues from sales | 15 | ||||
Operating expenses | 137 | (758) | 67 | (768) | |
Adjustments | Refining & Chemicals | |||||
Business segment information | |||||
Depreciation, depletion and impairment of tangible assets and mineral interests | (36) | ||||
Operating income | (216) | 775 | (676) | 1,722 | |
Net income (loss) from equity affiliates and other items | (59) | 52 | (96) | 169 | |
Tax on net operating income | (101) | (75) | (69) | (326) | |
Net operating income | (376) | 752 | (841) | 1,565 | |
Net income - TotalEnergies share | (377) | 738 | (840) | 1,541 | |
Adjustments | Refining & Chemicals | Business segments and Corporate | |||||
Business segment information | |||||
Operating expenses | (216) | 775 | (640) | 1,722 | |
Adjustments | Marketing & Services | |||||
Business segment information | |||||
Depreciation, depletion and impairment of tangible assets and mineral interests | (4) | (33) | |||
Operating income | (76) | 369 | (177) | 608 | |
Net income (loss) from equity affiliates and other items | (4) | 217 | (7) | ||
Tax on net operating income | 23 | (100) | 33 | (180) | |
Net operating income | (53) | 265 | 73 | 421 | |
Net income - TotalEnergies share | (55) | 247 | 69 | 380 | |
Adjustments | Marketing & Services | Business segments and Corporate | |||||
Business segment information | |||||
Operating expenses | (76) | 373 | (177) | 641 | |
Adjustments | Corporate | |||||
Business segment information | |||||
Depreciation, depletion and impairment of tangible assets and mineral interests | (9) | ||||
Operating income | (57) | (301) | (57) | (442) | |
Net income (loss) from equity affiliates and other items | 2 | 2 | 106 | ||
Tax on net operating income | 15 | 78 | 15 | 98 | |
Net operating income | (40) | (223) | (40) | (238) | |
Net income - TotalEnergies share | (23) | (173) | (59) | (93) | |
Adjustments | Corporate | Business segments and Corporate | |||||
Business segment information | |||||
Operating expenses | (57) | (301) | (57) | (433) | |
Adjustments - Inventory valuation effect | |||||
Business segment information | |||||
Operating income | (252) | 1,151 | (754) | 2,406 | |
Net income - TotalEnergies share | (380) | 993 | (771) | 2,033 | |
Adjustments - Inventory valuation effect | Refining & Chemicals | |||||
Business segment information | |||||
Operating income | (192) | 775 | (607) | 1,722 | |
Net operating income | (332) | 752 | (659) | 1,597 | |
Net income - TotalEnergies share | (333) | 738 | (658) | 1,573 | |
Adjustments - Inventory valuation effect | Marketing & Services | |||||
Business segment information | |||||
Operating income | (60) | 376 | (147) | 684 | |
Net operating income | (45) | 275 | (109) | 503 | |
Net income - TotalEnergies share | (47) | 255 | (113) | 460 | |
Adjusted | |||||
Business segment information | |||||
Sales | 56,195 | 74,789 | 118,874 | 143,383 | |
Excise taxes | (4,737) | (4,329) | (9,107) | (8,985) | |
Revenues from sales | 51,458 | 70,460 | 109,767 | 134,398 | |
Operating expenses | (41,195) | (53,760) | (86,520) | (102,067) | |
Depreciation, depletion and impairment of tangible assets and mineral interests | (2,959) | (3,038) | (5,985) | (6,186) | |
Operating income | 7,304 | 13,662 | 17,262 | 26,145 | |
Net income (loss) from equity affiliates and other items | 750 | 1,939 | 1,834 | 3,636 | |
Tax on net operating income | (2,720) | (5,331) | (6,846) | (10,095) | |
Net operating income | 5,334 | 10,270 | 12,250 | 19,686 | |
Net cost of net debt | (317) | (385) | (618) | (748) | |
Non-controlling interests | (61) | (89) | (135) | (165) | |
Net income - TotalEnergies share | 4,956 | 9,796 | 11,497 | 18,773 | |
Adjusted | Intercompany | |||||
Business segment information | |||||
Sales | (22,451) | (31,804) | (50,101) | (59,248) | |
Revenues from sales | (22,451) | (31,804) | (50,101) | (59,248) | |
Operating expenses | 22,451 | 31,804 | 50,101 | 59,248 | |
Adjusted | Exploration & Production | |||||
Business segment information | |||||
Sales | 1,434 | 2,521 | 3,388 | 4,672 | |
Depreciation, depletion and impairment of tangible assets and mineral interests | (1,970) | (2,066) | (4,036) | (4,234) | |
Operating income | 4,435 | 8,582 | 10,297 | 17,466 | |
Net income (loss) from equity affiliates and other items | 91 | 88 | 232 | 344 | |
Tax on net operating income | (2,177) | (3,951) | (5,527) | (8,076) | |
Net operating income | 2,349 | 4,719 | 5,002 | 9,734 | |
Adjusted | Exploration & Production | Business segments and Corporate | |||||
Business segment information | |||||
Revenues from sales | 11,542 | 16,326 | 24,224 | 32,295 | |
Operating expenses | (5,137) | (5,678) | (9,891) | (10,595) | |
Adjusted | Exploration & Production | Intercompany | |||||
Business segment information | |||||
Sales | (10,108) | (13,805) | (20,836) | (27,623) | |
Adjusted | Integrated LNG | |||||
Business segment information | |||||
Sales | 1,944 | 3,916 | 6,892 | 9,426 | |
Depreciation, depletion and impairment of tangible assets and mineral interests | (277) | (262) | (565) | (540) | |
Operating income | 1,048 | 1,298 | 2,562 | 3,249 | |
Net income (loss) from equity affiliates and other items | 456 | 1,186 | 1,264 | 2,639 | |
Tax on net operating income | (174) | (269) | (424) | (540) | |
Net operating income | 1,330 | 2,215 | 3,402 | 5,348 | |
Adjusted | Integrated LNG | Business segments and Corporate | |||||
Business segment information | |||||
Revenues from sales | 4,722 | 7,856 | 15,669 | 16,864 | |
Operating expenses | (3,397) | (6,296) | (12,542) | (13,075) | |
Adjusted | Integrated LNG | Intercompany | |||||
Business segment information | |||||
Sales | (2,778) | (3,940) | (8,777) | (7,438) | |
Adjusted | Integrated Power | |||||
Business segment information | |||||
Sales | 6,249 | 6,380 | 14,804 | 13,152 | |
Depreciation, depletion and impairment of tangible assets and mineral interests | (51) | (51) | (98) | (94) | |
Operating income | 397 | 183 | 829 | 149 | |
Net income (loss) from equity affiliates and other items | 96 | 195 | 137 | 181 | |
Tax on net operating income | (43) | (38) | (146) | (72) | |
Net operating income | 450 | 340 | 820 | 258 | |
Adjusted | Integrated Power | Business segments and Corporate | |||||
Business segment information | |||||
Revenues from sales | 6,919 | 6,868 | 17,159 | 14,161 | |
Operating expenses | (6,471) | (6,634) | (16,232) | (13,918) | |
Adjusted | Integrated Power | Intercompany | |||||
Business segment information | |||||
Sales | (670) | (488) | (2,355) | (1,009) | |
Adjusted | Refining & Chemicals | |||||
Business segment information | |||||
Sales | 24,849 | 35,061 | 49,704 | 66,069 | |
Excise taxes | (231) | (186) | (415) | (378) | |
Depreciation, depletion and impairment of tangible assets and mineral interests | (394) | (389) | (772) | (769) | |
Operating income | 1,028 | 3,254 | 2,914 | 4,609 | |
Net income (loss) from equity affiliates and other items | 62 | 297 | 151 | 336 | |
Tax on net operating income | (86) | (791) | (443) | (1,065) | |
Net operating income | 1,004 | 2,760 | 2,622 | 3,880 | |
Adjusted | Refining & Chemicals | Business segments and Corporate | |||||
Business segment information | |||||
Revenues from sales | 33,248 | 47,660 | 66,980 | 87,753 | |
Operating expenses | (31,826) | (44,017) | (63,294) | (82,375) | |
Adjusted | Refining & Chemicals | Intercompany | |||||
Business segment information | |||||
Sales | (8,630) | (12,785) | (17,691) | (22,062) | |
Adjusted | Marketing & Services | |||||
Business segment information | |||||
Sales | 21,712 | 26,907 | 44,071 | 50,056 | |
Excise taxes | (4,506) | (4,143) | (8,692) | (8,607) | |
Depreciation, depletion and impairment of tangible assets and mineral interests | (241) | (237) | (465) | (481) | |
Operating income | 570 | 560 | 953 | 1,016 | |
Net income (loss) from equity affiliates and other items | 64 | 102 | 90 | 63 | |
Tax on net operating income | (185) | (196) | (314) | (341) | |
Net operating income | 449 | 466 | 729 | 738 | |
Adjusted | Marketing & Services | Business segments and Corporate | |||||
Business segment information | |||||
Revenues from sales | 17,407 | 23,480 | 35,700 | 42,432 | |
Operating expenses | (16,596) | (22,683) | (34,282) | (40,935) | |
Adjusted | Marketing & Services | Intercompany | |||||
Business segment information | |||||
Sales | (201) | (716) | (321) | (983) | |
Adjusted | Corporate | |||||
Business segment information | |||||
Sales | 7 | 4 | 15 | 8 | |
Depreciation, depletion and impairment of tangible assets and mineral interests | (26) | (33) | (49) | (68) | |
Operating income | (174) | (215) | (293) | (344) | |
Net income (loss) from equity affiliates and other items | (19) | 71 | (40) | 73 | |
Tax on net operating income | (55) | (86) | 8 | (1) | |
Net operating income | (248) | (230) | (325) | (272) | |
Adjusted | Corporate | Business segments and Corporate | |||||
Business segment information | |||||
Revenues from sales | 71 | 74 | 136 | 141 | |
Operating expenses | (219) | (256) | (380) | (417) | |
Adjusted | Corporate | Intercompany | |||||
Business segment information | |||||
Sales | $ (64) | $ (70) | $ (121) | $ (133) |
Business segment information _2
Business segment information - Reconciliation with consolidated financial statements (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | |
Business segment information | ||||||
Sales | $ 56,271 | $ 62,603 | $ 74,774 | $ 118,874 | $ 143,380 | |
Excise taxes | (4,737) | (4,370) | (4,329) | (9,107) | (8,985) | |
Revenues from sales | 51,534 | 58,233 | 70,445 | 109,767 | 134,395 | |
Purchases, net of inventory variation | (33,864) | (38,351) | (45,443) | (72,215) | (85,091) | |
Other operating expenses | (7,906) | (7,785) | (8,041) | (15,691) | (15,664) | |
Exploration costs | (62) | (92) | (117) | (154) | (978) | |
Depreciation, depletion and impairment of tangible assets and mineral interests | (3,106) | (3,062) | (3,102) | (6,168) | (6,781) | |
Other income | 116 | 341 | 429 | 457 | 572 | |
Other expense | (366) | (300) | (1,305) | (666) | (3,595) | |
Financial interest on debt | (724) | (710) | (572) | (1,434) | (1,034) | |
Financial income and expense from cash & cash equivalents | 510 | 393 | 245 | 903 | 459 | |
Cost of net debt | (214) | (317) | (327) | (531) | (575) | |
Other financial income | 413 | 258 | 231 | 671 | 434 | |
Other financial expense | (173) | (183) | (136) | (356) | (271) | |
Net income (loss) from equity affiliates | 267 | 960 | (1,546) | 1,227 | (1,503) | |
Income taxes | (2,487) | (4,071) | (5,284) | (6,558) | (10,088) | |
Consolidated net income | 4,152 | 5,631 | 5,804 | 9,783 | $ 10,189 | 10,855 |
TotalEnergies share | 4,088 | 5,557 | 5,692 | 9,645 | 10,636 | |
Non-controlling interests | 64 | $ 74 | 112 | 138 | 219 | |
Adjusted | ||||||
Business segment information | ||||||
Sales | 56,195 | 74,789 | 118,874 | 143,383 | ||
Excise taxes | (4,737) | (4,329) | (9,107) | (8,985) | ||
Revenues from sales | 51,458 | 70,460 | 109,767 | 134,398 | ||
Purchases, net of inventory variation | (33,379) | (46,023) | (70,858) | (86,785) | ||
Other operating expenses | (7,754) | (7,620) | (15,506) | (15,029) | ||
Exploration costs | (62) | (117) | (156) | (253) | ||
Depreciation, depletion and impairment of tangible assets and mineral interests | (2,959) | (3,038) | (5,985) | (6,186) | ||
Other income | 116 | 429 | 193 | 550 | ||
Other expense | (256) | (529) | (393) | (798) | ||
Financial interest on debt | (724) | (572) | (1,434) | (1,034) | ||
Financial income and expense from cash & cash equivalents | 402 | 130 | 775 | 189 | ||
Cost of net debt | (322) | (442) | (659) | (845) | ||
Other financial income | 401 | 231 | 649 | 350 | ||
Other financial expense | (173) | (136) | (356) | (271) | ||
Net income (loss) from equity affiliates | 662 | 1,944 | 1,741 | 3,805 | ||
Income taxes | (2,715) | (5,274) | (6,805) | (9,998) | ||
Consolidated net income | 5,017 | 9,885 | 11,632 | 18,938 | ||
TotalEnergies share | 4,956 | 9,796 | 11,497 | 18,773 | ||
Non-controlling interests | 61 | 89 | 135 | 165 | ||
Adjustments | ||||||
Business segment information | ||||||
Sales | 76 | (15) | (3) | |||
Revenues from sales | 76 | (15) | (3) | |||
Purchases, net of inventory variation | (485) | 580 | (1,357) | 1,694 | ||
Other operating expenses | (152) | (421) | (185) | (635) | ||
Exploration costs | 2 | (725) | ||||
Depreciation, depletion and impairment of tangible assets and mineral interests | (147) | (64) | (183) | (595) | ||
Other income | 264 | 22 | ||||
Other expense | (110) | (776) | (273) | (2,797) | ||
Financial income and expense from cash & cash equivalents | 108 | 115 | 128 | 270 | ||
Cost of net debt | 108 | 115 | 128 | 270 | ||
Other financial income | 12 | 22 | 84 | |||
Net income (loss) from equity affiliates | (395) | (3,490) | (514) | (5,308) | ||
Income taxes | 228 | (10) | 247 | (90) | ||
Consolidated net income | (865) | (4,081) | (1,849) | (8,083) | ||
TotalEnergies share | (868) | (4,104) | (1,852) | (8,137) | ||
Non-controlling interests | $ 3 | $ 23 | $ 3 | $ 54 |
Business segment information _3
Business segment information - Adjustment items (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Business segment information | |||||
Operating income | $ 6,596 | $ 13,742 | $ 15,539 | $ 25,881 | |
Net income - TotalEnergies share | 4,088 | $ 5,557 | 5,692 | 9,645 | 10,636 |
Adjustments | |||||
Business segment information | |||||
Operating income | (708) | 80 | (1,723) | (264) | |
Net income - TotalEnergies share | (868) | (4,104) | (1,852) | (8,137) | |
Adjustments - Inventory valuation effect | |||||
Business segment information | |||||
Operating income | (252) | 1,151 | (754) | 2,406 | |
Net income - TotalEnergies share | (380) | 993 | (771) | 2,033 | |
Adjustments - Effect of changes in fair value | |||||
Business segment information | |||||
Operating income | (157) | (597) | (603) | (685) | |
Net income - TotalEnergies share | (111) | (551) | (545) | (631) | |
Adjustments - Restructuring charges | |||||
Business segment information | |||||
Operating income | (17) | (22) | |||
Net income - TotalEnergies share | (5) | (8) | (5) | (11) | |
Adjustments - Asset impairment and provisions charges | |||||
Business segment information | |||||
Operating income | (155) | (60) | (200) | (1,422) | |
Net income - TotalEnergies share | (469) | (3,719) | (529) | (8,780) | |
Adjustments - Gains (losses) on disposals of assets | |||||
Business segment information | |||||
Operating income | (14) | ||||
Net income - TotalEnergies share | 203 | ||||
Adjustments - Other items | |||||
Business segment information | |||||
Operating income | (144) | (397) | (152) | (541) | |
Net income - TotalEnergies share | 97 | (819) | (205) | (748) | |
Exploration & Production | |||||
Business segment information | |||||
Operating income | 4,263 | 8,454 | 10,117 | 16,054 | |
Exploration & Production | Adjustments | |||||
Business segment information | |||||
Operating income | (172) | (128) | (180) | (1,412) | |
Net income - TotalEnergies share | 65 | (3,779) | (20) | (4,797) | |
Exploration & Production | Adjustments - Asset impairment and provisions charges | |||||
Business segment information | |||||
Operating income | (155) | (46) | (155) | (1,330) | |
Net income - TotalEnergies share | (123) | (3,493) | (123) | (4,525) | |
Exploration & Production | Adjustments - Other items | |||||
Business segment information | |||||
Operating income | (17) | (82) | (25) | (82) | |
Net income - TotalEnergies share | 188 | (286) | 103 | (272) | |
Integrated LNG | |||||
Business segment information | |||||
Operating income | 724 | 1,421 | 1,862 | 3,262 | |
Integrated LNG | Adjustments | |||||
Business segment information | |||||
Operating income | (324) | 123 | (700) | 13 | |
Net income - TotalEnergies share | (271) | (460) | (606) | (4,508) | |
Integrated LNG | Adjustments - Effect of changes in fair value | |||||
Business segment information | |||||
Operating income | (322) | 141 | (698) | 31 | |
Net income - TotalEnergies share | (286) | 118 | (617) | 18 | |
Integrated LNG | Adjustments - Asset impairment and provisions charges | |||||
Business segment information | |||||
Operating income | (18) | (18) | |||
Net income - TotalEnergies share | (226) | (4,174) | |||
Integrated LNG | Adjustments - Other items | |||||
Business segment information | |||||
Operating income | (2) | (2) | |||
Net income - TotalEnergies share | 15 | (352) | 11 | (352) | |
Integrated Power | |||||
Business segment information | |||||
Operating income | 534 | (575) | 896 | (604) | |
Integrated Power | Adjustments | |||||
Business segment information | |||||
Operating income | 137 | (758) | 67 | (753) | |
Net income - TotalEnergies share | (207) | (677) | (396) | (660) | |
Integrated Power | Adjustments - Effect of changes in fair value | |||||
Business segment information | |||||
Operating income | 165 | (738) | 95 | (716) | |
Net income - TotalEnergies share | 175 | (669) | 72 | (649) | |
Integrated Power | Adjustments - Restructuring charges | |||||
Business segment information | |||||
Operating income | (17) | (22) | |||
Net income - TotalEnergies share | (5) | (8) | (5) | (11) | |
Integrated Power | Adjustments - Asset impairment and provisions charges | |||||
Business segment information | |||||
Net income - TotalEnergies share | (346) | (346) | |||
Integrated Power | Adjustments - Other items | |||||
Business segment information | |||||
Operating income | (28) | (3) | (28) | (15) | |
Net income - TotalEnergies share | (31) | (117) | |||
Refining & Chemicals | |||||
Business segment information | |||||
Operating income | 812 | 4,029 | 2,238 | 6,331 | |
Refining & Chemicals | Adjustments | |||||
Business segment information | |||||
Operating income | (216) | 775 | (676) | 1,722 | |
Net income - TotalEnergies share | (377) | 738 | (840) | 1,541 | |
Refining & Chemicals | Adjustments - Inventory valuation effect | |||||
Business segment information | |||||
Operating income | (192) | 775 | (607) | 1,722 | |
Net income - TotalEnergies share | (333) | 738 | (658) | 1,573 | |
Refining & Chemicals | Adjustments - Asset impairment and provisions charges | |||||
Business segment information | |||||
Operating income | (45) | ||||
Net income - TotalEnergies share | (60) | ||||
Refining & Chemicals | Adjustments - Other items | |||||
Business segment information | |||||
Operating income | (24) | (24) | |||
Net income - TotalEnergies share | (44) | (122) | (32) | ||
Marketing & Services | |||||
Business segment information | |||||
Operating income | 494 | 929 | 776 | 1,624 | |
Marketing & Services | Adjustments | |||||
Business segment information | |||||
Operating income | (76) | 369 | (177) | 608 | |
Net income - TotalEnergies share | (55) | 247 | 69 | 380 | |
Marketing & Services | Adjustments - Inventory valuation effect | |||||
Business segment information | |||||
Operating income | (60) | 376 | (147) | 684 | |
Net income - TotalEnergies share | (47) | 255 | (113) | 460 | |
Marketing & Services | Adjustments - Asset impairment and provisions charges | |||||
Business segment information | |||||
Operating income | 4 | (65) | |||
Net income - TotalEnergies share | (72) | ||||
Marketing & Services | Adjustments - Gains (losses) on disposals of assets | |||||
Business segment information | |||||
Operating income | (14) | ||||
Net income - TotalEnergies share | 203 | ||||
Marketing & Services | Adjustments - Other items | |||||
Business segment information | |||||
Operating income | (16) | (11) | (16) | (11) | |
Net income - TotalEnergies share | (8) | (8) | (21) | (8) | |
Corporate | |||||
Business segment information | |||||
Operating income | (231) | (516) | (350) | (786) | |
Corporate | Adjustments | |||||
Business segment information | |||||
Operating income | (57) | (301) | (57) | (442) | |
Net income - TotalEnergies share | (23) | (173) | (59) | (93) | |
Corporate | Adjustments - Asset impairment and provisions charges | |||||
Business segment information | |||||
Operating income | (9) | ||||
Net income - TotalEnergies share | (9) | ||||
Corporate | Adjustments - Other items | |||||
Business segment information | |||||
Operating income | (57) | (301) | (57) | (433) | |
Net income - TotalEnergies share | $ (23) | $ (173) | $ (59) | $ (84) |
Shareholders' equity - Treasury
Shareholders' equity - Treasury shares (Details) - TotalEnergies SE - shares | Jun. 30, 2023 | Dec. 31, 2022 |
Shareholders' equity | ||
Number of treasury shares | 68,505,002 | 137,187,667 |
Percentage of share capital represented by treasury shares | 2.74% | 5.24% |
Shares acquired with the intention to cancel them | 65,043,639 | 128,869,261 |
TotalEnergies share performance plans | ||
Shareholders' equity | ||
Shares allocated or intended to be allocated to share-based payment plans | 3,362,143 | 8,231,365 |
New share performance or purchase options plans | ||
Shareholders' equity | ||
Shares allocated or intended to be allocated to share-based payment plans | 99,220 | 87,041 |
Shareholders' equity - Dividend
Shareholders' equity - Dividend (Details) - € / shares | Jul. 26, 2023 | Jul. 03, 2023 | May 26, 2023 | Apr. 26, 2023 | Apr. 03, 2023 | Jan. 12, 2023 | Dec. 16, 2022 | Oct. 03, 2022 |
Dividend | ||||||||
Dividend approved for the 2022 fiscal year (in Euros per share) | € 2.81 | |||||||
Special interim dividend for 2022 (in Euros per share) | 1 | |||||||
Ordinary dividend plus special dividend for 2022 (in Euros per share) | € 3.81 | |||||||
First interim | ||||||||
Dividend | ||||||||
Dividend paid (in Euros per share) | € 0.69 | |||||||
Interim dividend set by Board of Directors (in Euros per share) | € 0.74 | |||||||
Second interim | ||||||||
Dividend | ||||||||
Dividend paid (in Euros per share) | € 0.69 | |||||||
Interim dividend set by Board of Directors (in Euros per share) | € 0.74 | |||||||
Third interim | ||||||||
Dividend | ||||||||
Dividend paid (in Euros per share) | € 0.69 | |||||||
Final | ||||||||
Dividend | ||||||||
Dividend paid (in Euros per share) | € 0.74 | |||||||
Special interim dividend | ||||||||
Dividend | ||||||||
Dividend paid (in Euros per share) | € 1 |
Shareholders' equity - Earnings
Shareholders' equity - Earnings per share (Details) | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2023 $ / shares | Jun. 30, 2023 € / shares | Mar. 31, 2023 $ / shares | Mar. 31, 2023 € / shares | Jun. 30, 2022 $ / shares | Jun. 30, 2022 € / shares | Jun. 30, 2023 $ / shares | Jun. 30, 2022 $ / shares | |
Earnings per share in euros | ||||||||
Basic earnings per share (in dollars or Euros per share) | (per share) | $ 1.65 | € 1.51 | $ 2.23 | € 2.08 | $ 2.18 | € 2.03 | $ 3.88 | $ 4.04 |
Diluted earnings per share (in dollars or Euros per share) | (per share) | $ 1.64 | € 1.51 | $ 2.21 | € 2.06 | $ 2.16 | € 2.03 | $ 3.86 | $ 4.02 |
Shareholders' equity - Perpetua
Shareholders' equity - Perpetual subordinated notes (Details) - Subordinated note, 2.708%, perpetual maturity callable after 6.6 years € in Millions | May 05, 2023 EUR (€) |
Shareholders' equity | |
Reimbursement of nominal amount | € 1,000 |
Interest rate (as percent) | 2.708% |
Shareholders' equity - Other co
Shareholders' equity - Other comprehensive income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | |
Shareholders' equity | ||||||
Actuarial gains and losses | $ 135 | $ 3 | $ 204 | $ 138 | $ 204 | |
Change in fair value of investments in equity instruments | (1) | 4 | (20) | 3 | (17) | |
Tax effect | (43) | (8) | (53) | (51) | (42) | |
Currency translation adjustment generated by the parent company | (57) | 1,466 | (5,387) | 1,409 | (7,137) | |
Items not potentially reclassifiable to profit and loss | 34 | 1,465 | (5,256) | 1,499 | (6,992) | |
Currency translation adjustment | (49) | (1,250) | 2,523 | (1,299) | 3,535 | |
Unrealized gain/(loss) of the period | (1,381) | 3,532 | ||||
Less gain/(loss) included in net income | (82) | (3) | ||||
Cash flow hedge | 689 | 1,202 | 3,222 | 1,891 | 2,959 | |
Unrealized gain/(loss) of the period | 1,699 | 2,901 | ||||
Less gain/(loss) included in net income | (192) | (58) | ||||
Variation of foreign currency basis spread | 11 | (3) | 21 | 8 | 70 | |
unrealized gain/(loss) of the period | (8) | 49 | ||||
less gain/(loss) included in net income | (16) | (21) | ||||
Share of other comprehensive income of equity affiliates, net amount | 3 | (98) | 2,548 | (95) | 2,464 | |
Unrealized gain/(loss) of the period | (84) | 2,427 | ||||
Less gain/(loss) included in net income | 11 | (37) | ||||
Other | (4) | 3 | (1) | (1) | (1) | |
Tax effect | (136) | (336) | (1,112) | (472) | (1,059) | |
Sub-total items potentially reclassifiable to profit and loss | 514 | (482) | 7,201 | 32 | 7,968 | |
Total other comprehensive income (net amount) | $ 548 | $ 983 | $ 1,945 | $ 1,531 | $ (4,085) | $ 976 |
Shareholders' equity - Tax effe
Shareholders' equity - Tax effects of other comprehensive income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | |
Pre-tax amount | ||||||
Actuarial gains and losses | $ 135 | $ 3 | $ 204 | $ 138 | $ 204 | |
Change in fair value of investments in equity instruments | (1) | 4 | (20) | 3 | (17) | |
Currency translation adjustment generated by the parent company | 1,409 | (7,137) | ||||
Sub-total items not potentially reclassifiable to profit & loss | 1,550 | (6,950) | ||||
Currency translation adjustment | (49) | (1,250) | 2,523 | (1,299) | 3,535 | |
Cash flow hedge | 689 | 1,202 | 3,222 | 1,891 | 2,959 | |
Variation of foreign currency basis spread | 11 | (3) | 21 | 8 | 70 | |
Share of other comprehensive income of equity affiliates, net amount | (95) | 2,464 | ||||
Other | (4) | 3 | (1) | (1) | (1) | |
Sub-total items potentially reclassifiable to profit & loss | 504 | 9,027 | ||||
Total other comprehensive income | 2,054 | 2,077 | ||||
Tax effect | ||||||
Actuarial gains and losses | (50) | (53) | ||||
Change in fair value of investments in equity instruments | (1) | 11 | ||||
Sub-total items not potentially reclassifiable to profit and loss | (43) | (8) | (53) | (51) | (42) | |
Cash flow hedge | (470) | (1,041) | ||||
Variation of foreign currency basis spread | (2) | (18) | ||||
Sub-total items potential reclassifiable to profit and loss | (136) | (336) | (1,112) | (472) | (1,059) | |
Total other comprehensive income | (523) | (1,101) | ||||
Net amount | ||||||
Actuarial gains and losses | 88 | 151 | ||||
Change in fair value of investments in equity instruments | 2 | (6) | ||||
Currency translation adjustment generated by the parent company | (57) | 1,466 | (5,387) | 1,409 | (7,137) | |
Items not potentially reclassifiable to profit and loss | 34 | 1,465 | (5,256) | 1,499 | (6,992) | |
Currency translation adjustment | (1,299) | 3,535 | ||||
Cash flow hedge | 1,421 | 1,918 | ||||
Variation of foreign currency basis spread | 6 | 52 | ||||
Share of other comprehensive income of equity affiliates, net amount | 3 | (98) | 2,548 | (95) | 2,464 | |
Other | (1) | (1) | ||||
Items potentially reclassifiable to profit and loss | 514 | (482) | 7,201 | 32 | 7,968 | |
Total other comprehensive income (net amount) | $ 548 | $ 983 | $ 1,945 | $ 1,531 | $ (4,085) | $ 976 |
Financial debt (Details)
Financial debt (Details) € in Millions, $ in Millions | 6 Months Ended | |||
Jun. 30, 2023 USD ($) | Jun. 30, 2023 EUR (€) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | |
Bond 2.700% issued in 2012 and maturing in January 2023 | TotalEnergies Capital International | ||||
Financial debt | ||||
Interest rate (as percent) | 2.70% | 2.70% | ||
Amount of bonds reimbursed | $ | $ 1,000 | |||
Bond 2.125% issued in 2012, tapped in 2013 and maturing in March 2023 | TotalEnergies Capital International | ||||
Financial debt | ||||
Interest rate (as percent) | 2.125% | 2.125% | ||
Amount of bonds reimbursed | € 750 | |||
Bond 2.125% issued in 2012, tapped in 2013 and maturing in March 2023, original part | TotalEnergies Capital International | ||||
Financial debt | ||||
Amount of bonds reimbursed | 500 | |||
Bond 2.125% issued in 2012, tapped in 2013 and maturing in March 2023, tapped part | TotalEnergies Capital International | ||||
Financial debt | ||||
Amount of bonds reimbursed | € 250 | |||
Syndicated credit line | ||||
Financial debt | ||||
Committed credit facilities granted by banks | $ | $ 0 | $ 8,000 |
Other risks and contingent li_2
Other risks and contingent liabilities (Details) | 6 Months Ended | 252 Months Ended | ||
Jul. 04, 2023 shareholder | Jun. 30, 2023 | Jun. 30, 2023 subsidiary item | Dec. 31, 2040 | |
Disputes relating to Climate | United States | ||||
Disclosure of contingent liabilities | ||||
Number of subsidiaries summoned for liability in climate change | subsidiary | 1 | |||
Number of litigations in which Corporation and subsidiaries were summoned | item | 1 | |||
Dispute relating to completion of Vigilance Plan | France | ||||
Disclosure of contingent liabilities | ||||
Percentage of reduction in net direct and indirect CO2 emissions, per injunction sought after by certain associations and local communities before Court of Justice | 40% | |||
Dispute relating to annulment of resolution no.3 passed by Annual Shareholders' Meeting on May 26, 2023 | France | ||||
Disclosure of contingent liabilities | ||||
Number of shareholders seeking annulment of resolution no.3 passed by Annual Shareholders’ Meeting on May 26, 2023 | 9 | |||
Number of shareholder companies seeking annulment of resolution no.3 passed by Annual Shareholders’ Meeting on May 26, 2023 | 2 | |||
Number of shareholder individuals seeking annulment of resolution no.3 passed by Annual Shareholders’ Meeting on May 26, 2023 | 7 | |||
Yemen LNG Company Limited | ||||
Disclosure of contingent liabilities | ||||
Stake held in associate (as a percent) | 39.62% |
Subsequent events (Details)
Subsequent events (Details) $ in Millions, € in Billions | 3 Months Ended | 6 Months Ended | |||||
Jul. 24, 2023 EUR (€) | Jun. 30, 2023 | Jun. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | |
Subsequent events | |||||||
Net investment for acquisition of shares | $ | $ 19 | $ 136 | $ 82 | $ 155 | $ 82 | ||
Total Eren Holding | |||||||
Subsequent events | |||||||
Interest held (as a percent) | 33.86% | ||||||
Total Eren SA | |||||||
Subsequent events | |||||||
Interest held (as a percent) | 5.73% | ||||||
Acquisition of shares | Total Eren Holding and Total Eren SA | |||||||
Subsequent events | |||||||
Net investment for acquisition of shares | € | € 1.5 |