The Board of Directors of TotalEnergies SE, meeting on October 26, 2022 under the chairmanship of CEO Patrick Pouyanné approved the Company’s financial statements for the third quarter of 2022. Patrick Pouyanné said:

"In a context marked by an average Brent price of 100 $/b and an increase in gas prices exacerbated by Russia’s military aggression in Ukraine, TotalEnergies leveraged its integrated model, particularly LNG, to generate results in line with previous quarters. In the third quarter 2022, the Company posted adjusted net income of $9.9 billion and IFRS net income of $6.6 billion after taking into account a new impairment of $3.1 billion related to Russia. Cash flow was $11.7 billion, and the Company strengthened its balance sheet with a gearing ratio of 4%. Return on equity was more than 30% over the past 12 months.

The iGRP (integrated Gas, Renewables & Power) segment reported record adjusted net operating income of $3.6 billion this quarter, up $1.1 billion from the second quarter, and cash flow of $2.7 billion, driven by an average LNG selling price up more than 50% compared to the previous quarter and by the strong performance of its trading activities.

The Company continued to implement its growth strategy by taking a stake in the North Field South LNG project in Qatar. In Electricity & Renewables, TotalEnergies completed the acquisition of 50% of the Clearway Energy Group in the United States and announced a significant acquisition in Brazil.

Exploration & Production posted adjusted net operating income of $4.2 billion and cash flow of $6.4 billion, despite a decrease in production this quarter, mainly due to unplanned shutdowns at Kashagan. TotalEnergies started production at the Ikike field in Nigeria, launched the Begonia project in Angola and the Fenix project in Argentina, and announced a significant gas discovery in Cyprus.

Downstream benefited from strong distillate margins, generating an outstanding adjusted net operating income of $2.4 billion and a cash flow of $2.9 billion.

In this favorable environment, taking into account income and production taxes of $26 billion worldwide, the Company is implementing a balanced value-sharing policy with an exceptional one-month-salary bonus in 2022 to all its employees worldwide and, as announced on September 28, its shareholder return policy targeting 35-40% cash flow payout beginning in 2022.

The Board of Directors therefore decided to distribute a third interim dividend for the 2022 financial year in the amount of €0.69/share, equal to the first and second 2022 interim dividends and an increase of 5% from the interim and the final dividends paid for the 2021 financial year, and set the ex-dividend and payment dates for the interim special dividend of €1/share in December 2022."

HIGHLIGHTS

Upstream

• Started production at the Ikike field in Nigeria
• Launched developments in Angola of the Begonia oil field, the Quiluma and Maboqueiro gas fields, as well as a first solar project with a capacity of 35 MW
• Launched the Fenix offshore gas project in Argentina
• Significant offshore gas discovery at Cronos-1 well, located on Block 6 in Cyprus
• Exploration & production sharing agreement signed for Block 11 in Oman
• Sold 18% stake in the onshore Sarsang oil field in Iraq
• Sold 49% interest in the Termokarstovoye gas field in Russia to Novatek

Social and environmental responsibility

• TotalEnergies' contributed to the energy transition dialogue in view of COP27 with the publication of the "TotalEnergies Energy Outlook 2022"
• Fuel price reduction program until year-end for TotalEnergies’ service stations in France: 20 c/l discount extended until November 15 and then 10 c/l discount until December 31, 2022 

Electricity & Renewables

• Acquired an interest in the development of more than 12 GW of onshore solar and wind projects in Brazil
• Start-up of Seagreen, Scotland's largest offshore wind farm
• Start-up of the 800 MW Al Kharsaah solar power plant in Qatar
• Reached the objective of 500 MW of distributed solar generation capacity worldwide

LNG

• Acquired a 9.375% stake in the 16 Mt/y North Field South LNG project in Qatar
• Launched the FEED for the Papua LNG project’s upstream production facilities, in Papua New Guinea

Downstream and new molecules

• Agreement with SARIA to develop SAF production on the Grandpuits platform in France
• Sold 50% of fuel distribution business in Egypt to ADNOC

Decarbonization

• Awarded a CO2 sequestration license in Australia, in partnership with INPEX and Woodside
• First cross-border commercial agreement for CO2 transport and storage on the Northern Lights project in Norway
• Memorandum of understanding with Holcim for a pilot project to decarbonize a cement plant in Belgium
• Created with the Technical University of Denmark a research center of excellence in decarbonized energies

KeyFacts Energy: TotalEnergies France country profile