TotalEnergies: Fourth Quarter and Full-year 202...

TotalEnergies benefited from the very favorable fourth quarter environment and generated more than $15 billion of net cash flow in 2021

TotalEnergies: Fourth Quarter and Full-year 2021 Results

TotalEnergies SE

 

4Q21

Change
vs 4Q20

2021

Change
vs 2020

Oil price - Brent ($/b)

79.8

+80%

70.9

+69%

Average price of LNG ($/Mbtu)

13.1

x2.7

8.8

+82%

Variable cost margin - Refining Europe, VCM ($/t)

16.7

x3.6

10.5

-9%

Adjusted net income (TotalEnergies share)(1)

 

 

 

 

- in billions of dollars (B$)

6.8

x5.2

18.1

x4.4

- in dollars per share

2.55

x5.5

6.68

x4.7

Net income (TotalEnergies share)

5.8

x6.6

16.0

ns

Adjusted EBITDA(1) (B$)

14.3

x2.7

42.3

x2

DACF1 (B$)

9.8

+98%

30.7

+74%

Cash Flow from operations (B$)

11.6

x2

30.4

x2.1

Net-debt-to-capital ratio(2) of 15.3% at December 31, 2021 vs. 17.7% at September 30, 2021
Fourth quarter 2021 dividend set at 0.66 €/share

The Board of Directors of TotalEnergies SE (Paris:TTE) (LSE:TTE) (NYSE:TTE), meeting on February 9, 2022, under the Chairmanship of Chief Executive Officer Patrick Pouyanné, approved the Company's 2021 financial statements. On the occasion, Patrick Pouyanné said:

"In the fourth quarter, oil prices continued to rise, up 9% compared to the previous quarter, while gas prices in Europe and Asia, driven by increasing demand, hit all-time highs above $30/Mbtu and sent European power prices to record levels. In this context, TotalEnergies' multi-energy model demonstrated its ability to take full advantage of thevery favorable environment, particularly in the LNG and electricity sectors, with adjusted net income of $6.8 billion and cash flow (DACF) of $9.8 billion.

In 2021, the Company generated cash flow of $30.7 billion, up $13 billion compared to 2020, and adjusted EBITDA of $42.3 billion. The Company reported adjusted net income of $18.1 billion, representing a return on equity of 16.9% and a return on capital employed (ROACE) of nearly 14% for 2021, which demonstrates the quality of its portfolio and operations. IFRS net income was $16 billion (€13.6 billion).

The integrated Gas, Renewables & Power (iGRP) segment reported adjusted net operating income of $2.8 billion and cash flow of $2.4 billion in the fourth quarter, bringing full-year results and cash flow to $6.2 billion and $6.1 billion, respectively. These historic results build on the globally integratedLNG portfolio, leveraging rising oil and gas prices and outperformance in the gas and LNGtrading business. The profitablegrowth strategy in Renewables & Electricity continues with more than 10 GW of installed gross capacity and more than 6 million electricity customers at year-end 2021. The Renewables & Electricity business generated proportional adjustedEBITDAof $1.4billion over the year, above the target of $0.8 billion, reflecting the last quarter’s strong electricity markets.At the start of 2022, TotalEnergies secured an additional 2 GW of offshore wind projects with the award of a concession in Scotland, as part of the Scotwindtender.

Exploration & Production benefited from higher oil and gas prices with adjusted net operating income of $10.4 billion and was a strong contributor to the Company’s net cash flow with $12.2 billion. In line with its strategy to invest in low-cost and low-emission projects, TotalEnergies increased its presence in Brazil by entering the Atapu and Sépia giant fields, launched the Lake Albert Resource Development Project in Uganda, while divesting interests in mature assets.

Downstream posted solid results with $3.5 billion in adjusted net operating income and cash flow of $5.5 billion, or more than $3 billion in net cash flow. High margins in petrochemicals and the return to pre-crisis results in Marketing & Services, despite sales volumes still impacted by Covid, offset European refining margins that remained low, due to the rise in energy costs.

The Company maintained capital discipline with net investments of $13.3 billion, of which 25% was in Renewables & Electricity. TotalEnergies reported net cash flow of $15.8 billion for the year, allowing it to continue to reduce its net debt with year-end gearing reduced to 15.3%, compared to 21.7% at year-end 2020, and buy back $1.5 billion of shares, in line with the previously announced objective.

In line with the policy announced in February 2021, the Board of Directors will propose at the Shareholders' Meeting to be held on May 25, 2022, the distribution of a final 2021 dividend of €0.66 per share, equal to the three 2021 interim dividends already declared.

In addition, the Board of Directors defined a return-to-shareholder policy for 2022 that will combine, on the one hand, an increase in interim dividends of 5% given the structural growth in cash flow generated by the LNG and electricity business, and, on the other hand, buybacks to share the surplus cash flow from high hydrocarbon prices. These share buybacks are expected to be $2 billion for the first half of 2022.

In accordance with the resolution approved by shareholders in May 2021 on TotalEnergies' ambitions for sustainable development and energy transition toward carbon neutrality, the Board of Directors will report on the progress made in implementing these ambitions at the Shareholders' Meeting on May 25, 2022. With this in mind, the Board of Directors will adopt a ‘Sustainability & Climate - Progress Report 2022’, which will be submitted to a shareholder advisory vote at the Annual Shareholders’ Meeting on May 25, 2022. It will be published and presented on March 24, 2022, during a Strategy, Sustainability & Climate investor meeting.”

1. Highlights(3)

Social and environmental responsibility

  • TotalEnergies’ withdrawal from Myanmar, as the deteriorating situation in terms of human rights and rule of law no longer allows TotalEnergies to make a sufficiently positive contribution in the country

Multi-energy strategy

  • Signed agreements in Libya to develop gas gathering and processing projects for power generation and a 500 MW solar farm, together with the acquisition of additional interests in the Waha concession
  • Launched the Lake Albert Resource Development Project in Uganda and Tanzania and signed a framework agreement in Uganda to develop renewable energies contributing to public access to energy

Renewables & Electricity

  • Offshore wind:
    • Started power generation at the Yunlin offshore wind farm (640 MW capacity), off the coast of Taiwan
    • Awarded concession with Green Investment Group (GIG) and RIDG to develop a 2 GW offshore wind farm in Scotland
  • Solar:
    • Signed a 25-year renewable electricity sales contract with Prony Resources New Caledonia, thanks to the development of a 160 MW solar project in New Caledonia
    • Strengthened TotalEnergies' leading position in the rooftop solar installation market in France with the award of 58 MW in the 13th tranche of the CRE 4 call for tenders
  • Storage:
    • Commissioned the largest battery electricity storage site (61 MW) in France
  • Electric mobility:
    • Announced a €200 million investment plan over one year to equip more than 150 highway stations with high-power charging stations for electric vehicles in France

Upstream

  • TotalEnergies and partners' successful bids at the ToR Surplus round in Brazil for the award of production sharing contracts (PSCs) for the Atapu and Sépia pre-salt oil fields
  • Obtained the Oman Block 10 concession with a 26.5% interest to develop integrated low-carbon gas projects
  • Started production of the CLOV Phase 2 project on Angola Block 17
  • Divested TotalEnergies' stakes in mature non-operated fields on Angola Blocks 14 and 14K as well as various non-operated permits in Gabon and a minority stake in the Greater Laggan area in the UK

     

Downstream

  • Acquired BP's marketing network, wholesale fuel business and logistics assets in Mozambique
  • Circular economy:
    • Signed agreements for chemical recycling projects in Spain with Plastic Energy and in the United States with Plastic Energy and Freepoint Eco-Systems
    • Partnership with Plastic Omnium to accelerate the development of recycled plastic materials in the automotive industry

Biomass

  • Launched construction, with Clean Energy, of a first biogas production unit in the United States
  • Partnership to recover biomethane from Veolia's waste and wastewater treatment facilities in operation in more than 15 countries

Hydrogen

  • Partnership with Daimler Truck AG to develop a hydrogen ecosystem for road transport in Europe
  • Collaboration agreement with Masdar and Siemens Energy to co-develop a green hydrogen project to produce sustainable aviation fuel (SAF) in the United Arab Emirates

Carbon sinks

  • Signed agreements with AgriProve to develop underground natural carbon sinks on 20,000 hectares in Australia and Corporate Carbon to contribute to the prevention of savannah fires
  • Partnership agreement with the Government of Suriname to contribute to the preservation of the country's forests as carbon sinks

2. Key figures from TotalEnergies’ consolidated financial statements(4)

4Q21

3Q21

4Q20

4Q21
vs
4Q20

4Q19

4Q21
vs
4Q19

In millions of dollars, except effective tax rate,
earnings per share and number of shares

2021

2020

2021
vs
2020

14,285

11,180

5,208

x2.7

8,949

+60%

Adjusted EBITDA (5)

42,302

21,112

x2

7,316

5,374

1,824

x4

3,879

+89%

Adjusted net operating income from business segments

20,209

6,404

x3.2

3,525

2,726

1,068

x3.3

2,031

+74%

Exploration & Production

10,439

2,363

x4.4

2,759

1,608

254

x10.9

794

x3.5

Integrated Gas, Renewables & Power

6,243

1,778

x3.5

553

602

170

x3.3

580

-5%

Refining & Chemicals

1,909

1,039

+84%

479

438

332

+44%

474

+1%

Marketing & Services

1,618

1,224

+32%

1,787

1,143

367

x4.9

668

x2.7

Contribution of equity affiliates to adjusted net income

4,190

1,388

x3

40.2%

39.6%

14.9%

 

31.8%

 

Effective tax rate (6)

37.9%

27.8%

 

6,825

4,769

1,304

x5.2

3,165

x2.2

Adjusted net income (TotalEnergies share)

18,060

4,059

x4.4

2.55

1.76

0.46

x5.5

1.19

x2.1

Adjusted fully-diluted earnings per share (dollars) (7)

6.68

1.43

x4.7

2.19

1.49

0.39

x5.6

1.07

x2

Adjusted fully-diluted earnings per share (euros)*

5.65

1.25

x4.5

2,644

2,655

2,645

-

2,607

+1%

Fully-diluted weighted-average shares (millions)

2,647

2,621

+1%

 

 

 

 

 

 

 

 

 

5,837

4,645

891

x6.6

2,600

x2.2

Net income (TotalEnergies share)

16,032

(7,242)

ns

 

 

 

 

 

 

 

 

 

4,681

2,813

3,432

+36%

4,291

+9%

Organic investments (8)

12,675

10,339

+23%

(396)

(958)

1,099

ns

(80)

ns

Net acquisitions (9)

632

2,650

-76%

4,285

1,855

4,531

-5%

4,211

+2%

Net investments (10)

13,307

12,989

+2%

 

 

 

 

 

 

 

 

 

9,361

8,060

4,498

x2.1

6,793

+38%

Operating cash flow before working capital changes (11)

29,140

15,697

+86%

9,759

8,390

4,933

+98%

7,326

+33%

Operating cash flow before working capital changes
w/o financial charges (DACF) (12)

30,660

17,635

+74%

11,621

5,640

5,674

x2

6,599

+76%

Cash flow from operations

30,410

14,803

x2.1

* Average €-$ exchange rate: 1.1435 in the fourth quarter 2021 and 1.1827 in 2021.

3. Key figures of environment, greenhouse gas emissions and production

3.1 Environment* – liquids and gas price realizations, refining margins

4Q21

3Q21

4Q20

4Q21
vs
4Q20

4Q19

4Q21
vs
4Q19

2021

2020

2021
vs
2020

79.8

73.5

44.2

+80%

63.1

+26%

Brent ($/b)

70.9

41.8

+69%

4.8

4.3

2.8

+74%

2.4

+100%

Henry Hub ($/Mbtu)

3.7

2.1

+75%

32.8

16.9

5.6

x5.9

5.1

x6.4

NBP ($/Mbtu)

16.4

3.3

x4.9

35.0

18.6

8.0

x4.4

5.8

x6.1

JKM ($/Mbtu)

18.5

4.4

x4.2

72.6

67.1

41.0

+77%

59.1

+23%

Average price of liquids ($/b)
Consolidated subsidiaries

65.0

37.0

+76%

11.38

6.33

3.31

x3.4

3.76

x3

Average price of gas ($/Mbtu)
Consolidated subsidiaries

6.60

2.96

x2.2

13.12

9.10

4.90

x2.7

6.52

x2

Average price of LNG ($/Mbtu)
Consolidated subsidiaries and equity affiliates

8.80

4.83

+82%

16.7

8.8

4.6

x3.6

30.2

-45%

Variable cost margin - Refining Europe, VCM ($/t)**

10.5

11.5

-9%

* The indicators are shown on page 21.
** This indicator represents TotalEnergies’ average margin on variable cost for refining in Europe (equal to the difference between TotalEnergies European refined product sales and crude oil purchases with associated variable costs divided by volumes refined in tons).
Data restated in 2Q21 environment for energy costs were 35.7 $/t in 4Q21 and 20.5 $/t in 3Q21.

The average LNG selling price was $13.12/Mbtu in the fourth quarter, up 44% compared to the previous quarter, benefiting on a lagged basis from the increase in oil and gas indices on long-term contracts as well as high spot gas prices in the quarter.

3.2 Greenhouse gas emissions(13)

4Q21*

3Q21*

GHG emissions (MtCO2e)

2021

2021
(excluding Covid effect)

2020

2020
(excluding Covid effect)

10

9

Scope 1+2 from operated facilities (14)

35.7

37.0

38.4

41.5

96

94

Scope 3 from energy product sales (15)

370

400

350

400

53

49

Scope 1+2+3 in Europe (16)

195

215

212

239

47

44

of which Scope 3 in Europe

175

193

190

215

* Estimated emissions.

3.3 Production*

4Q21

3Q21

4Q20

4Q21
vs
4Q20

4Q19

4Q21
vs
4Q19

Hydrocarbon production

2021

2020

2021
vs
2020

2,852

2,814

2,841

-

3,113

-8%

Hydrocarbon production (kboe/d)

2,819

2,871

-2%

1,278

1,288

1,238

+3%

1,452

-12%

Oil (including bitumen) (kb/d)

1,274

1,298

-2%

1,574

1,526

1,603

-2%

1,661

-5%

Gas (including condensates and associated NGL) (kboe/d)

1,545

1,573

-2%

 

 

 

 

 

 

 

 

 

2,852

2,814

2,841

-

3,113

-8%

Hydrocarbon production (kboe/d)

2,819

2,871

-2%

1,509

1,517

1,483

+2%

1,714

-12%

Liquids (kb/d)

1,500

1,543

-3%

7,328

7,070

7,406

-1%

7,563

-3%

Gas (Mcf/d)

7,203

7,246

-1%

* Company production = E&P production + iGRP production.

Hydrocarbon production was 2,852 thousand barrels of oil equivalent per day (kboe/d) in the fourth quarter 2021, stable compared to a year ago, comprised of:

  • +2% due to start-ups and ramp-ups, including CLOV Phase 2 and Zinia Phase 2 in Angola, Yamal LNG train 4, and the resumption of production in Libya,
  • +3% due to the increase in OPEC+ quotas,
  • -1% due to portfolio effect, notably the Utica sale in the United States and the divestment of non-operated assets, particularly in Gabon,
  • -1% due to the price effect,
  • -1% due to planned maintenance and unplanned downtime, notably in Canada, Nigeria and the UK,
  • -2% due to natural field decline.

Hydrocarbon production was 2,819 kboe/d in 2021, down 2% year-on-year, comprised of:

  • +3% due to start-ups and ramp-ups, including North Russkoye in Russia, Iara in Brazil and Johan Sverdrup in Norway, as well as the resumption of production in Libya,
  • +3% due to the increase in gas demand and OPEC+ quotas,
  • -1% due to portfolio effect, notably the disposals of assets in the UK and the CA1 block in Brunei,
  • -1% due to the price effect,
  • -3% due to planned maintenance and unplanned downtime, notably in the UK and Norway (Snøhvit),
  • -3% due to the natural field decline.

4. Analysis of business segments

4.1 Integrated Gas, Renewables & Power (iGRP)

4.1.1 Production and sales of Liquefied Natural Gas (LNG) and electricity

4Q21

3Q21

4Q20

4Q21
vs
4Q20

4Q19

4Q21
vs
4Q19

Hydrocarbon production for LNG

2021

2020

2021
vs
2020

562

533

532

+6%

624

-10%

iGRP (kboe/d)

529

530

-

68

67

65

+4%

74

-8%

Liquids (kb/d)

63

69

-9%

2,697

2,527

2,549

+6%

2,939

-8%

Gas (Mcf/d)

2,541

2,519

+1%

 

 

 

 

 

 

 

 

 

4Q21

3Q21

4Q20

4Q21
vs
4Q20

4Q19

4Q21
vs
4Q19

Liquefied Natural Gas in Mt

2021

2020

2021
vs
2020

11.6

10.0

10.0

+16%

10.6

+10%

Overall LNG sales

42.0

38.3

+10%

4.6

4.3

4.3

+6%

4.2

+9%

incl. Sales from equity production*

17.4

17.6

-1%

10.1

8.3

8.0

+27%

9.6

+5%

incl. Sales by TotalEnergies from equity production and third party purchases

35.1

31.1

+13%

* The Company’s equity production may be sold by TotalEnergies or by the joint ventures.

Hydrocarbon production for LNG increased 6% year-on-year in the fourth quarter 2021, due to the impact of unplanned maintenance on fourth quarter 2020 production. Full-year 2021 was stable compared to 2020.

Total LNG sales increased sharply on higher production from Cameron LNG and Freeport LNG in the United States, up 16% in the fourth quarter 2021 compared to a year ago and up 10% for full-year 2021 versus 2020.

4Q21

3Q21

4Q20

4Q21
vs
4Q20

Renewables & Electricity

2021

2020

2021
vs
2020

43.0

42.7

28.6

+50%

Portfolio of renewable power generation gross capacity
(GW) (1),(2)

43.0

28.6

+50%

10.3

9.5

7.0

+47%

o/w installed capacity

10.3

7.0

+47%

6.5

6.1

4.1

+61%

o/w capacity in construction

6.5

4.1

+61%

26.2

27.1

17.5

+49%

o/w capacity in development

26.2

17.5

+49%

28.0

26.6

17.5

+60%

Gross renewables capacity with PPA (GW) (1),(2)

28.0

17.5

+60%

31.7

31.7

19.2

+65%

Portfolio of renewable power generation net capacity
(GW) (1),(2)

31.7

19.2

+65%

5.1

4.7

3.1

+65%

o/w installed capacity

5.1

3.1

+65%

4.6

4.0

2.3

x2

o/w capacity in construction

4.6

2.3

x2

22.0

23.0

13.8

+59%

o/w capacity in development

22.0

13.8

+59%

6.7

4.7

4.3

+57%

Net power production (TWh) (3)

21.2

14.1

+50%

1.9

1.7

1.2

+61%

incl. power production from renewables

6.8

4.0

+71%

6.1

6.0

5.6

+9%

Clients power - BtB and BtC (Million) (2)

6.1

5.6

+9%

2.7

2.7

2.7

+2%

Clients gas - BtB and BtC (Million) (2)

2.7

2.7

+2%

16.1

11.7

13.5

+19%

Sales power - BtB and BtC (TWh)

56.6

47.3

+20%

31.2

13.2

31.5

-1%

Sales gas - BtB and BtC (TWh)

101.2

95.8

+6%

 

 

 

 

 

 

 

447

291

179

x2.5

Proportional adjusted EBITDA Renewables & Electricity (M$) (4)

1,393

583

x2.4

84

104

102

-18%

incl. from renewables business

418

352

+19%

(1) Includes 20% of Adani Green Energy Ltd gross capacity effective first quarter 2021.
(2) End of period data.
(3) Solar, wind, biogas, hydroelectric and combined-cycle gas turbine (CCGT) plants.
(4) TotalEnergies share (% interest) of EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) in Renewables & Electricity affiliates, regardless of consolidation method.

Gross installed renewable power generation capacity grew to 10.3 GW at the end of the fourth quarter 2021, up 800 MW, notably thanks to continued increase in start-ups in India and the commissioning of the Dunkirk battery-powered storage site in France.

Net electricity production stood at 6.7 TWh in the fourth quarter 2021, up 57% year-on-year, thanks to strong growth in electricity production from renewable sources as well as combined cycle gas turbine (CCGT) power plants, strengthened by the acquisition of four CCGT plants in France and Spain in the fourth quarter 2020.

TotalEnergies’ adjusted EBITDA of the Renewables & Electricity business was $447 million in the fourth quarter 2021, an increase of 2.5 times year-on-year, driven by strong growth in electricity generation, and took full advantage of integration into the electricity value chain in Europe.

4.1.2 Results

4Q21

3Q21

4Q20

4Q21
vs
4Q20

4Q19

4Q21
vs
4Q19

In millions of dollars

2021

2020

2021
vs
2020

2,759

1,608

254

x10.9

794

x3.5

Adjusted net operating income*

6,243

1,778

x3.5

1,321

755

97

x13.6

353

x3.7

including adjusted income from equity affiliates

2,696

375

x7.2

 

 

 

 

 

 

 

 

 

1,190

639

1,007

+18%

684

+74%

Organic investments

3,341

2,720

+23%

47

(941)

577

-92%

(13)

ns

Net acquisitions

1,165

2,183

-47%

1,237

(302)

1,584

-22%

671

+84%

Net investments

4,506

4,903

-8%

 

 

 

 

 

 

 

 

 

2,440

1,720

1,072

x2.3

1,356

+80%

Operating cash flow before working capital changes **

6,124

3,418

+79%

(57)

(463)

575

ns

1,527

ns

Cash flow from operations ***

827

2,129

-61%

* Detail of adjustment items shown in the business segment information annex to financial statements.
** Excluding financial charges, except those related to lease contracts, excluding the impact of contracts recognized at fair value for the sector and including capital gains on the sale of renewable projects.
*** Excluding financial charges, except those related to leases.

Adjusted net operating income from the iGRP segment was:

  • $2,759 million in the fourth quarter 2021, a 10.9-fold increase from a year ago, thanks to higher LNG prices and the very good performance of the gas, LNG and electricity trading activities,
  • $6,243 million for the full-year 2021, a 3.5-fold increase from 2020, for the same reasons.

Operating cash flow before working capital changes was:

  • $2,440 million in the fourth quarter 2021, a 2.3-fold increase from a year ago, thanks to higher LNG prices and the very good performance of the gas, LNG and electricity trading activities,
  • $6,124 million in 2021, up 79% compared to 2020, for the same reasons.

Cash flow from operations was -$57 million for the quarter and $827 million for 2021, mainly due to variations in margin calls related to hedging mechanisms in a context of high volatility in the gas and electricity markets.

4.2 Exploration & Production

4.2.1 Production

4Q21

3Q21

4Q20

4Q21
vs
4Q20

4Q19

4Q21
vs
4Q19

Hydrocarbon production

2021

2020

2021
vs
2020

2,290

2,281

2,309

-1%

2,489

-8%

EP (kboe/d)

2,290

2,341

-2%

1,441

1,450

1,418

+2%

1,640

-12%

Liquids (kb/d)

1,437

1,474

-3%

4,631

4,543

4,857

-5%

4,624

-

Gas (Mcf/d)

4,662

4,727

-1%

4.2.2 Results

4Q21

3Q21

4Q20

4Q21
vs
4Q20

4Q19

4Q21
vs
4Q19

In millions of dollars, except effective tax rate

2021

2020

2021
vs
2020

3,525

2,726

1,068

x3.3

2,031

+74%

Adjusted net operating income*

10,439

2,363

x4.4

366

315

222

+65%

247

+48%

including adjusted income from equity affiliates

1,230

928

+33%

49.7%

46.4%

19.8%

 

38.0%

 

Effective tax rate**

45.2%

29.4%

 

 

 

 

 

 

 

 

 

 

2,196

1,656

1,569

+40%

2,617

-16%

Organic investments

6,690

5,519

+21%

(162)

(34)

548

ns

(224)

ns

Net acquisitions

(167)

544

ns

2,034

1,622

2,117

-4%

2,393

-15%

Net investments

6,523

6,063

+8%

 

 

 

 

 

 

 

 

 

5,688

4,943

2,652

x2.1

4,451

+28%

Operating cash flow before working capital changes ***

18,717

9,684

+93%

8,624

4,814

3,046

x2.8

4,206

x2.1

Cash flow from operations ***

22,009

9,922

x2.2

* Details on adjustment items are shown in the business segment information annex to financial statements.
** Tax on adjusted net operating income / (adjusted net operating income - income from equity affiliates - dividends received from investments - impairment of goodwill + tax on adjusted net operating income).
*** Excluding financial charges, except those related to leases.

Adjusted net operating income from Exploration & Production segment was:

  • $3,525 million in the fourth quarter 2021, more than three times higher than in the fourth quarter 2020, thanks to the sharp increase in oil and gas prices,
  • $10,439 million in 2021, more than four times higher than in 2020, for the same reasons.

Operating cash flow before working capital changes was $5,688 million in the fourth quarter 2021, more than twice higher than in the fourth quarter 2020, and $18,717 million in 2021, more than twice higher than in 2020, in line with higher oil and gas prices.

4.3 Downstream (Refining & Chemicals and Marketing & Services)

4.3.1 Results

4Q21

3Q21

4Q20

4Q21
vs
4Q20

4Q19

4Q21
vs
4Q19

In millions of dollars

2021

2020

2021
vs
2020

1,032

1,040

502

x2.1

1,054

-2%

Adjusted net operating income*

3,527

2,263

+56%

 

 

 

 

 

 

 

 

 

1,267

506

840

+51%

950

+33%

Organic investments

2,576

2,023

+27%

(281)

17

80

ns

158

ns

Net acquisitions

(368)

32

ns

986

523

920

+7%

1,108

-11%

Net investments

2,208

2,055

+7%

 

 

 

 

 

 

 

 

 

1,559

1,611

1,129

+38%

1,505

+4%

Operating cash flow before working capital changes **

5,502

4,652

+18%

2,832

1,644

2,162

+31%

1,420

+99%

Cash flow from operations **

8,806

4,539

+94%

* Detail of adjustment items shown in the business segment information annex to financial statements.
** Excluding financial charges, except those related to leases.

4.4 Refining & Chemicals

4.4.1 Refinery and petrochemicals throughput and utilization rates

4Q21

3Q21

4Q20

4Q21
vs
4Q20

4Q19

4Q21
vs
4Q19

Refinery throughput and utilization rate*

2021

2020

2021
vs
2020

1,279

1,225

1,262

+1%

1,509

-15%

Total refinery throughput (kb/d)

1,180

1,292

-9%

223

274

247

-10%

282

-21%

France

190

244

-22%

612

505

582

+5%

756

-19%

Rest of Europe

568

618

-8%

444

446

433

+3%

471

-6%

Rest of world

423

430

-2%

73%

69%

60%

 

71%

 

Utlization rate based on crude only**

64%

61%

 

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

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

4Q21

3Q21

4Q20

4Q21
vs
4Q20

4Q19

4Q21
vs
4Q19

Petrochemicals production and utilization rate

2021

2020

2021
vs
2020

1,460

1,486

1,486

-2%

1,431

+2%

Monomers* (kt)

5,775

5,519

+5%

1,231

1,330

1,291

-5%

1,169

+5%

Polymers (kt)

4,938

4,934

-

90%

93%

90%

 

92%

 

Vapocracker utilization rate**

90%

83%

 

* Olefins.
** Based on olefins production from steam crackers and their treatment capacity at the start of the year.

Refinery throughput:

  • Increased by 1% year-on-year in the fourth quarter 2021, due to the demand recovery partially offset by the prolonged shutdown of the Donges refinery for economic reasons, the shutdown of the Grandpuits refinery for conversion to a zero-oil platform and the sale of the Lindsey refinery in the United Kingdom.
  • Decreased 9% in 2021 compared to 2020 for the same reasons as well as the planned major shutdown of the Leuna refinery in Germany in the second quarter 2021.

Monomer production:

  • Decreased by 2% year-on-year in the fourth quarter 2021, notably due to a planned maintenance shutdown on the Qapco platform in Qatar and unplanned shutdowns at several sites in Europe, partially offset by the restart of the Port Arthur steam cracker in the United States, in maintenance in 2020.
  • Increased 5% in 2021 compared to 2020, supported by demand, and notably due to the restart of the Port Arthur steam cracker in the United States, in maintenance in 2020.

Polymer production decreased 5% year-on-year in the fourth quarter 2021, given the decline in demand, particularly in Asia, and was stable in 2021 compared to 2020.

4.4.2 Results

4Q21

3Q21

4Q20

4Q21
vs
4Q20

4Q19

4Q21
vs
4Q19

In millions of dollars

2021

2020

2021
vs
2020

553

602

170

x3.3

580

-5%

Adjusted net operating income*

1,909

1,039

+84%

 

 

 

 

 

 

 

 

 

680

321

448

+52%

479

+42%

Organic investments

1,502

1,209

+24%

(156)

(6)

(2)

ns

118

ns

Net acquisitions

(217)

(54)

ns

524

315

446

+17%

597

-12%

Net investments

1,285

1,155

+11%

 

 

 

 

 

 

 

 

 

865

934

560

+54%

789

+10%

Operating cash flow before working capital changes **

2,946

2,472

+19%

2,446

799

1,514

+62%

1,142

x2.1

Cash flow from operations **

6,473

2,438

x2.7

* Detail of adjustment items shown in the business segment information annex to financial statements.
** Excluding financial charges, except those related to leases.

Adjusted net operating income from the Refining & Chemicals segment:

  • Increased sharply to $553 million in the fourth quarter 2021, compared to $170 million in the fourth quarter 2020. The increase is linked to the very good performance of petrochemicals and the increase in European and American refining margins, despite the increase in energy costs,
  • Increased 84% to $1,909 million in 2021, compared to $1,039 million in 2020, for the same reasons.

Operating cash flow before working capital changes was $865 million in the fourth quarter 2021 and $2,946 million in 2021, up 54% and 19% year-on-year, respectively, in line with the very good performance of petrochemicals and refining margins that increased, although still low, at the end of 2021.

4.5 Marketing & Services

4.5.1 Petroleum product sales

4Q21

3Q21

4Q20

4Q21
vs
4Q20

4Q19

4Q21
vs
4Q19

Sales in kb/d*

2021

2020

2021
vs
2020

1,553

1,542

1,509

+3%

1,835

-15%

Total Marketing & Services sales

1,503

1,477

+2%

868

867

828

+5%

1,033

-16%

Europe

826

823

-

684

675

681

+1%

801

-15%

Rest of world

677

654

+4%

* Excludes trading and bulk refining sales.

Petroleum product sales showed year-on-year growth of 3% in the fourth quarter 2021 and 2% for the full-year 2021, thanks to the improvement in the health situation and the global economic rebound. This increase reflects mainly the recovery in retail activity and, at the end of 2021, of the aviation activity.

4.5.2 Results

4Q21

3Q21

4Q20

4Q21
vs
4Q20

4Q19

4Q21
vs
4Q19

In millions of dollars

2021

2020

2021
vs
2020

479

438

332

+44%

474

+1%

Adjusted net operating income*

1,618

1,224

+32%

 

 

 

 

 

 

 

 

 

587

185

392

+50%

471

+25%

Organic investments

1,074

814

+32%

(125)

23

82

ns

40

ns

Net acquisitions

(151)

86

ns

462

208

474

-3%

511

-10%

Net investments

923

900

+3%

 

 

 

 

 

 

 

 

 

694

677

569

+22%

716

-3%

Operating cash flow before working capital changes **

2,556

2,180

+17%

386

845

648

-40%

278

+39%

Cash flow from operations **

2,333

2,101

+11%

* Detail of adjustment items shown in the business segment information annex to financial statements.
** Excluding financial charges, except those related to leases.

Adjusted net operating income for the Marketing & Services segment was $479 million in the fourth quarter 2021 and $1,618 million in 2021, up 44% and 32% year-on-year, respectively.

Operating cash flow before working capital changes was $694 million in the fourth quarter 2021 and $2,556 million in 2021, up 22% and 17% year-on-year, respectively.

These results are back to levels comparable to those of the pre-crisis period, despite a 19% drop in sales in 2021 compared to 2019 (most of which is linked to the strategy to arbitrage low margin sales).

5. TotalEnergies results

5.1 Adjusted net operating income from business segments

Adjusted net operating income from the business segments was:

  • $7,316 million in the fourth quarter 2021, compared to $1,824 million a year ago, due to higher oil and gas prices,
  • $20,209 million in 2021, compared to $6,404 million in 2020, for the same reason.

5.2 Adjusted net income (TotalEnergies share)

Adjusted net income (TotalEnergies share) was:

  • $6,825 million in the fourth quarter 2021 compared to $1,304 million a year ago, due to higher oil and gas prices,
  • $18,060 million in 2021, compared to $4,059 million in 2020, for the same reason.

Adjusted net income excludes the after-tax inventory effect, special items and the impact of changes in fair value(17).

Total net income adjustments(18) were:

  • -$988 million in the fourth quarter 2021, mainly comprised of -$670 million for impairments, including -$305 million for the withdrawal of TotalEnergies from Myanmar and -$170 million for the loss on the sale of TotalEnergies' interest in Yucal Placer in Venezuela,
  • -$2,028 million for 2021, comprised of the elements above as well as notably the -$1,379 million loss on the sale of TotalEnergies' stake in Petrocedeño to PDVSA in Venezuela and the -$177 million loss on the Utica sale in the United States, the -$89 million impairment related to the end of the Qatargas 1 contract, restructuring charges related to the voluntary departure plan in France and Belgium, and a positive inventory effect of $1,495 million for the year.

TotalEnergies' effective tax rate was 40.2% in the fourth quarter 2021, compared to 39.6% in the previous quarter and 14.9% in the fourth quarter 2020. The exceptionally low rate in the fourth quarter 2020 reflected the impact of the Covid crisis on financial results.

5.3 Adjusted earnings per share

Adjusted fully-diluted earnings per share was:

  • $2.55 in the fourth quarter 2021, calculated based on 2,644 million weighted-average diluted shares, compared to $0.46 a year earlier,
  • $6.68 in 2021, calculated based on 2,647 million weighted-average diluted shares, compared to $1.43 a year earlier.

As of December 31, 2021, the number of fully-diluted shares was 2,626 million.

As part of its shareholder return policy, TotalEnergies repurchased 30.7 million shares for cancellation in the fourth quarter 2021 for $1.5 billion.

5.4 Acquisitions - asset sales

Acquisitions were:

  • $288 million in the fourth quarter 2021, including the acquisition of Blue Raven Solar by SunPower in the United States,
  • $3,284 million in 2021, including the acquisition above as well as notably the acquisition of a 20% interest for $2 billion in Adani Green Energy Limited, the renewable project developer in India, the acquisition of Fonroche Biogaz in France, the interest in the Yunlin wind project in Taiwan and the 10% increase in the interest in the Lapa block in Brazil.

Asset sales were:

  • $684 million in the fourth quarter 2021, including the sale of TotalEnergies' interests in 7 mature non-operated offshore fields and the Cap Lopez oil terminal in Gabon and the sale of a 30% interest in TRAPIL in France,
  • $2,652 million in 2021, including the elements above as well as the payment by GIP of more than $750 million as part of the tolling agreement for the infrastructure of the Gladstone LNG project in Australia, the sale in France of a 50% interest in a portfolio of renewable projects with a total capacity of 285 MW (100%), the sale of the 10% stake in onshore block OML 17 in Nigeria, the price supplement related to the sale of Block CA1 in Brunei, the sale of the Lindsey refinery in the United Kingdom, the sale of interests in the TBG pipeline in Brazil, the sale of shares in Clean Energy Fuels Corp. and the sale of interests in Tellurian Inc. in the United States.

5.5 Net cash flow

TotalEnergies’ net cash flow(19) was:

  • $5,076 million in the fourth quarter 2021 compared to -$33 million a year earlier, reflecting the $4.9 billion increase in operating cash flow before working capital changes and the $246 million decrease in net investments to $4,285 million in the fourth quarter 2021,
  • $15,833 million in 2021 compared to $2,708 million in 2020, reflecting the $13.4 billion increase in operating cash flow before working capital changes and a $318 million increase in net investments to $13,307 million in 2021.

Cash flow from operations of $11,621 million in the fourth quarter, compared to operating cash flow before working capital changes of $9,361 million, was positively impacted by a decrease in working capital requirements of $2.7 billion, which was driven by an increase in tax liabilities and by a reduction in net receivables, and negatively impacted by variations in margin calls, related to hedging mechanisms in a context of high volatility in the gas and electricity markets.

5.6 Profitability

Return on equity was 16.9% for the full-year 2021.

In millions of dollars

January 1, 2021

October 1, 2020

January 1, 2020

December 31, 2021

September 30, 2021

December 31, 2020

Adjusted net income

18,391

12,827

4,067

Average adjusted shareholders' equity

108,504

106,794

110,643

Return on equity (ROE)

16.9%

12.0%

3.7%

Return on average capital employed was 13.9% for the full-year 2021.

In millions of dollars

January 1, 2021

October 1, 2020

January 1, 2020

December 31, 2021

September 30, 2021

December 31, 2020

Adjusted net operating income

19,766

14,237

5,806

Average capital employed

142,215

142,180

145,723

ROACE

13.9%

10.0%

4.0%

6. TotalEnergies SE statutory accounts

Net income for TotalEnergies SE, the parent company, was €6,868 million in 2021 compared to €7,238 million in 2020.

7. 2022 Sensitivities*

Change

Estimated impact on adjusted
net operating income

Estimated impact on
cash flow from operations

Dollar

+/- 0.1 $ per €

-/+ 0.1 B$

~0 B$

Average liquids price**

+/- 10 $/b

+/- 2.7 B$

+/- 3.2 B$

European gas price - NBP

+/- 10 $/Mbtu

+/- 3.0 B$

+/- 3.0 B$

Variable cost margin, European refining (VCM)

+/- 10 $/t

+/- 0.4 B$

+/- 0.5 B$

* Sensitivities are revised once per year upon publication of the previous year’s fourth quarter results. Sensitivities are estimates based on assumptions about TotalEnergies’ portfolio in 2022. Actual results could vary significantly from estimates based on the application of these sensitivities. The impact of the $-€ sensitivity on adjusted net operating income is essentially attributable to Refining & Chemicals. Please find the indicators detailed page 21.
** In a 60 $/b Brent environment.

8. Summary and outlook

The prices of oil rose above $90/b for the first time since 2014 at the beginning of 2022. This increase in price is driven by the global demand recovery and OPEC+ discipline in a context of constrained supply, given the low level of investment in hydrocarbons since 2015. It is exacerbated in the short term by low oil inventories. Prices could therefore remain at high levels, depending on the mobilization of OPEC+ production and the growth of unconventional oil production in the United States.

After reaching all-time highs in the fourth quarter 2021, gas prices have remained very high in Europe and Asia since the beginning of 2022, driven by geopolitical uncertainties in Europe despite a mild winter season. In this context, futures markets anticipate gas prices that may remain above $20/Mbtu in 2022.

TotalEnergies anticipates 2022 hydrocarbon production growth of around 2%, driven by the start-ups of Mero 1 in Brazil and Ikike in Nigeria, the entry into the Atapu and Sépia PSCs in Brazil effective May 2022 but impacted by the sales of mature assets completed in 2021 as well as the exit from Myanmar effective July 2022.

Continuing the momentum that has been underway for several years, TotalEnergies is implementing its strategy of integrated growth in LNG, which will generate structural cash flow growth of $1 billion in 2022. In addition, given the evolution of oil and gas prices in recent months and the lag effect on price formulas, TotalEnergies anticipates that its average LNG selling price should remain at a high level of at least $12/Mbtu in the first half of 2022.

In Renewables & Electricity, TotalEnergies plans to have more than 16 GW of renewable gross capacity in operation by year-end 2022. Electricity generation will increase by more than 25% in 2022, representing a proportional adjusted EBITDA(20) of at least $1.5 billion. To implement its profitable growth strategy in the electricity value chain, TotalEnergies will allocate, in 2022, $3.5 billion of net investments to Renewables & Electricity, or 25% of its net investments.

Downstream will continue to strengthen its industrial competitiveness and invest in petrochemicals and in new markets, such as biofuels and electric mobility. In 2022, as part of its diversified portfolio, it is expected to contribute more than $6 billion to the Company's cash flow, based on an assumption of $25/t refining margins.

Confident in its ability to transform itself into a sustainable multi-energy company and increase the return to shareholders, the Company confirms its cash flow allocation priorities: investing in profitable projects to implement its transformation strategy, linking dividend growth to structural cash flow growth, maintaining a strong balance sheet and a long-term debt rating with a minimum "A" level by anchoring gearing below 20%, and allocating a share of the surplus cash flow from high hydrocarbon prices to share buybacks.

In accordance with this policy, TotalEnergies expects net investments of $14-15 billion in 2022, of which 50% will be allocated to growth and 50% to maintaining the base of its activity.

* * * *

To listen to the conference call with CEO Patrick Pouyanné and CFO Jean-Pierre Sbraire today at 13:00 (Paris time) please log on to totalenergies.com or call +44 (0) 207 192 8338 in Europe or +1 (646) 7413-167 in the United States (code: 8472569). The conference replay will be available on totalenergies.com after the event.

(1) Definition on page 4.
(2) Excluding leases.
(3) Certain transactions referred to in the highlights are subject to approval by authorities or to conditions as per the agreements.
(4) Adjusted results are defined as income using replacement cost, adjusted for special items, excluding the impact of changes for fair value; adjustment items are on page 17.
(5) Adjusted EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) corresponds to the adjusted earnings before depreciation, depletion and impairment of tangible and intangible assets and mineral interests, income tax expense and cost of net debt, i.e., all operating income and contribution of equity affiliates to net income.
(6) Effective tax rate = (tax on adjusted net operating income) / (adjusted net operating income – income from equity affiliates – dividends received from investments – impairment of goodwill + tax on adjusted net operating income).
(7) In accordance with IFRS rules, adjusted fully-diluted earnings per share is calculated from the adjusted net income less the interest on the perpetual subordinated bond
(8) Organic investments = net investments excluding acquisitions, asset sales and other operations with non-controlling interests.
(9) Net acquisitions = acquisitions – assets sales – other transactions with non-controlling interests (see page 18).
(10) Net investments = organic investments + net acquisitions (see page 18).
(11) Operating cash flow before working capital changes, is defined as cash flow from operating activities before changes in working capital at replacement cost, excluding the mark-to-market effect of iGRP’s contracts and including capital gain from renewable projects sale (effective first quarter 2020).
The inventory valuation effect is explained on page 20. The reconciliation table for different cash flow figures is on page 18.
(12) DACF = debt adjusted cash flow, is defined as operating cash flow before working capital changes and financial charges
(13) The six greenhouse gases in the Kyoto protocol, namely CO2, CH4, N2O, HFCs, PFCs and SF6, with their respective GWP (Global Warming Potential) as described in the 2007 IPCC report. HFCs, PFCs and SF6 are virtually absent from the Company’s emissions or are considered as non-material and are therefore not counted.
(14) Scope 1+2 GHG emissions of operated facilities are defined as the sum of direct emissions of greenhouse gases from sites or activities that are included in the scope of reporting (as defined in the Company’s 2020 Universal Registration Document) and indirect emissions attributable to brought-in energy (electricity, heat, steam), excluding purchased industrial gases (H2).
(15) TotalEnergies reports Scope 3 GHG emissions, category 11, which correspond to indirect GHG emissions related to the use by customers of energy products, i.e., combustion of the products to obtain energy. The Company follows the oil & gas industry reporting guidelines published by IPIECA, which comply with the GHG Protocol methodologies. In order to avoid double counting, this methodology accounts for the largest volume in the oil and gas value chain, i.e., the higher of the two production volumes or sales to end customers. For TotalEnergies, in 2021, the calculation of Scope 3 GHG emissions for the oil value chain considers oil products and biofuels sales (higher than production) and for the gas value chain, marketable gas production (higher than marketing sales).
(16) Scope 1+2+3 GHG emissions in Europe are defined as the sum of Scope 1+2 GHG emissions of facilities operated by the Company and indirect GHG emissions related to the use by customers of energy products (Scope 3) in the EU, Norway, United Kingdom and Switzerland.
(17) These adjustment elements are explained page 20.
(18) The total of the adjustment items of the net income is detailed page 17 as well as in the annexes to the accounts
(19) Net cash flow = operating cash flow before working capital changes - net investments (including other transactions with non-controlling interest).
(20) Definition on page 7.

* * * *

9. Operating information by segment

9.1 Company’s production (Exploration & Production + iGRP)

4Q21

3Q21

4Q20

4Q21
vs
4Q20

4Q19

4Q21
vs
4Q19

Combined liquids and gas
production by region (kboe/d)

2021

2020

2021
vs
2020

1,063

989

1,059

-

1,102

-4%

Europe and Central Asia

1,022

1,039

-2%

508

537

566

-10%

703

-28%

Africa

532

629

-15%

682

681

598

+14%

701

-3%

Middle East and North Africa

667

624

+7%

363

372

382

-5%

368

-1%

Americas

372

353

+5%

235

235

236

-

239

-2%

Asia-Pacific

226

226

-

2,852

2,814

2,841

-

3,113

-8%

Total production

2,819

2,871

-2%

739

711

727

+2%

768

-4%

includes equity affiliates

732

712

+3%

 

 

 

 

 

 

 

 

 

4Q21

3Q21

4Q20

4Q21
vs
4Q20

4Q19

4Q21
vs
4Q19

Liquids production by region (kb/d)

2021

2020

2021
vs
2020

378

362

378

-

373

+1%

Europe and Central Asia

366

380

-4%

379

401

427

-11%

560

-32%

Africa

398

488

-18%

534

530

454

+18%

560

-5%

Middle East and North Africa

516

474

+9%

174

179

181

-4%

171

+2%

Americas

179

158

+13%

45

45

43

+3%

50

-11%

Asia-Pacific

40

43

-7%

1,509

1,517

1,483

+2%

1,714

-12%

Total production

1,500

1,543

-3%

205

205

200

+2%

212

-4%

includes equity affiliates

206

202

+2%

 

 

 

 

 

 

 

 

 

4Q21

3Q21

4Q20

4Q21
vs
4Q20

4Q19

4Q21
vs
4Q19

Gas production by region (Mcf/d)

2021

2020

2021
vs
2020

3,683

3,366

3,666

-

3,887

-5%

Europe and Central Asia

3,524

3,547

-1%

664

689

701

-5%

686

-3%

Africa

681

717

-5%

825

838

809

+2%

792

+4%

Middle East and North Africa

838

835

-

1,064

1,086

1,126

-6%

1,109

-4%

Americas

1,086

1,095

-1%

1,092

1,091

1,104

-1%

1,089

-

Asia-Pacific

1,074

1,052

+2%

7,328

7,070

7,406

-1%

7,563

-3%

Total production

7,203

7,246

-1%

2,889

2,730

2,851

+1%

2,961

-2%

includes equity affiliates

2,842

2,748

+3%

9.2 Downstream (Refining & Chemicals and Marketing & Services)

4Q21

3Q21

4Q20

4Q21
vs
4Q20

4Q19

4Q21
vs
4Q19

Petroleum product sales by region (kb/d)

2021

2020

2021
vs
2020

1,668

1,579

1,651

+1%

1,993

-16%

Europe

1,582

1,586

-

780

693

628

+24%

737

+6%

Africa

701

579

+21%

817

811

794

+3%

763

+7%

Americas

800

773

+3%

526

486

547

-4%

526

-

Rest of world

500

471

+6%

3,791

3,568

3,619

+5%

4,019

-6%

Total consolidated sales

3,581

3,410

+5%

437

360

458

-5%

508

-14%

Includes bulk sales

383

434

-12%

1,801

1,666

1,652

+9%

1,676

+7%

Includes trading

1,696

1,498

+13%

4Q21

3Q21

4Q20

4Q21
vs
4Q20

4Q19

4Q21
vs
4Q19

Petrochemicals production* (kt)

2021

2020

2021
vs
2020

1,249

1,308

1,381

-10%

1,253

-

Europe

5,069

5,202

-3%

689

705

662

+4%

630

+9%

Americas

2,629

2,475

+6%

753

802

735

+2%

717

+5%

Middle East and Asia

3,014

2,775

+9%

* Olefins, polymers.

9.3 Renewables

4Q21

 

4Q20

Installed power generation gross capacity (GW) (1),(2)

Solar

Onshore Wind

Offshore Wind

Other

Total

 

Solar

Onshore Wind

Offshore Wind

Other

Total

France

0.6

0.5

0.0

0.1

1.2

 

0.4

0.5

0.0

0.1

1.0

Rest of Europe

0.2

1.0

0.0

0.1

1.3

 

0.1

0.8

0.0

0.1

1.0

Africa

0.1

0.0

0.0

0.0

0.1

 

0.1

0.0

0.0

0.0

0.1

Middle East

0.3

0.0

0.0

0.0

0.3

 

0.3

0.0

0.0

0.0

0.3

North America

0.9

0.0

0.0

0.0

0.9

 

0.6

0.0

0.0

0.0

0.6

South America

0.4

0.3

0.0

0.0

0.7

 

0.2

0.1

0.0

0.0

0.2

India

4.5

0.2

0.0

0.0

4.7

 

3.3

0.0

0.0

0.0

3.3

Asia-Pacific

1.0

0.0

0.0

0.0

1.0

 

0.5

0.0

0.0

0.0

0.5

Total

8.0

2.0

0.0

0.2

10.3

 

5.6

1.3

0.0

0.1

7.0

 

 

 

 

 

 

 

 

 

 

 

4Q21

 

4Q20

Power generation gross capacity from renewables
in construction (GW) (1),(2)

Solar

Onshore Wind

Offshore Wind

Other

Total

 

Solar

Onshore Wind

Offshore Wind

Other

Total

France

0.2

0.2

0.0

0.1

0.4

 

0.3

0.0

0.0

0.0

0.3

Rest of Europe

0.0

0.1

1.1

0.0

1.2

 

0.1

0.3

1.1

0.0

1.5

Africa

0.0

0.0

0.0

0.0

0.0

 

0.0

0.0

0.0

0.0

0.0

Middle East

0.8

0.0

0.0

0.0

0.8

 

0.8

0.0

0.0

0.0

0.8

North America

1.5

0.0

0.0

0.0

1.5

 

0.0

0.0

0.0

0.0

0.1

South America

0.0

0.0

0.0

0.0

0.0

 

0.2

0.3

0.0

0.0

0.4

India

1.2

0.4

0.0

0.0

1.6

 

0.5

0.0

0.0

0.0

0.5

Asia-Pacific

0.3

0.0

0.6

0.0

1.0

 

0.5

0.0

0.0

0.0

0.5

Total

4.0

0.6

1.7

0.1

6.5

 

2.3

0.6

1.1

0.1

4.1

 

 

 

 

 

 

 

 

 

 

 

4Q21

 

4Q20

Power generation gross capacity from renewables
in development (GW) (1),(2)

Solar

Onshore Wind

Offshore Wind

Other

Total

 

Solar

Onshore Wind

Offshore Wind

Other

Total

France

3.1

0.8

0.0

0.0

3.9

 

3.5

1.0

0.0

0.1

4.6

Rest of Europe

5.2

0.3

2.3

0.0

7.8

 

5.1

0.3

0.4

0.0

5.7

Africa

0.4

0.0

0.0

0.1

0.5

 

0.1

0.1

0.0

0.0

0.2

Middle East

1.6

0.0

0.0

0.0

1.6

 

0.1

0.0

0.0

0.0

0.1

North America

2.3

0.1

0.0

0.7

3.1

 

0.6

0.3

0.0

0.0

0.9

South America

0.6

0.4

0.0

0.1

1.2

 

0.5

0.3

0.0

0.0

0.9

India

4.4

0.1

0.0

0.0

4.5

 

1.6

0.0

0.0

0.0

1.6

Asia-Pacific

1.2

0.0

2.1

0.1

3.5

 

0.9

0.0

0.0

0.0

0.9

Total

18.9

1.7

4.4

1.1

26.2

 

12.5

2.0

0.4

0.1

15.0

(1) Includes 20% of gross capacity of Adani Green Energy Ltd effective first quarter 2021.
(2) End-of-period data.

In operation

 

In construction

 

In development

Gross renewables capacity covered by PPA
at 12/31/2021 (GW)

Solar

Onshore Wind

Other

Total

 

Solar

Onshore Wind

Offshore Wind

Other

Total

 

Solar

Onshore Wind

Offshore Wind

Other

Total

Europe

0.8

1.5

X

2.5

 

X

0.2

0.8

X

1.2

 

4.0

0.3

X

X

4.3

Asia

5.7

X

X

5.9

 

2.4

0.4

0.6

-

3.4

 

6.2

X

-

X

6.4

North America

0.8

X

X

0.9

 

1.5

X

-

X

1.5

 

X

-

-

X

X

Rest of World

0.6

0.3

X

0.9

 

X

X

-

X

X

 

0.5

X

-

X

0.7

Total

8.0

2.0

X

10.2

 

4.0

0.6

1.4

X

6.2

 

10.8

0.5

X

0.3

11.6

X not specified, capacity < 0.2 GW.

In operation

 

In construction

 

In development

PPA average price at 12/31/2021
($/MWh)

Solar

Onshore Wind

Other

Total

 

Solar

Onshore Wind

Offshore Wind

Other

Total

 

Solar

Onshore Wind

Offshore Wind

Other

Total

Europe

196

118

X

143

 

X

66

64

X

66

 

42

96

X

X

46

Asia

80

X

X

80

 

40

50

214

-

72

 

38

X

-

X

38

North America

153

X

X

156

 

28

X

-

X

28

 

X

-

-

X

X

Rest of World

80

54

X

72

 

X

X

-

X

X

 

77

X

-

X

77

Total

99

103

X

100

 

37

63

116

X

61

 

42

81

X

144

44

X not specified, PPA relating to a capacity < 0.2 GW.

10. Adjustment items to net income (TotalEnergies share)

4Q21

3Q21

4Q20

4Q19

In millions of dollars

2021

2020

(1,074)

(325)

(683)

(666)

Special items affecting net income (TotalEnergies share)

(3,329)

(10,044)

(170)

(177)

104

-

Gain (loss) on asset sales

(1,726)

104

6

(43)

(194)

(5)

Restructuring charges

(308)

(364)

(670)

(47)

(71)

(248)

Impairments

(910)

(8,465)

(240)

(58)

(522)

(413)

Other

(385)

(1,319)

111

320

224

57

After-tax inventory effect : FIFO vs. replacement cost

1,495

(1,280)

(25)

(119)

46

44

Effect of changes in fair value

(194)

23

(988)

(124)

(413)

(565)

Total adjustments affecting net income

(2,028)

(11,301)

11. Reconciliation of adjusted EBITDA with consolidated financial statements

11.1 Reconciliation of net income (TotalEnergies share) to adjusted EBITDA

4Q21

3Q21

4Q20

4Q21
vs
4Q20

4Q19

4Q21
vs
4Q19

In millions of dollars

2021

2020

2021
vs
2020

5,837

4,645

891

x6.6

2,600

x2.2

Net income - TotalEnergies share

16,032

(7,242)

ns

988

124

413

x2.4

565

+75%

Less: adjustment items to net income (TotalEnergies share)

2,028

11,301

-82%

6,825

4,769

1,304

x5.2

3,165

x2.2

Adjusted net income - TotalEnergies share

18,060

4,059

x4.4

 

 

 

 

 

 

Adjusted items

 

 

 

79

105

36

x2.2

68

+16%

Add: non-controlling interests

331

8

x41.4

3,606

2,674

135

x26.7

1,329

x2.7

Add: income taxes

9,211

1,309

x7

3,278

3,172

3,172

+3%

3,761

-13%

Add: depreciation, depletion and impairment of tangible assets and mineral interests

12,735

13,312

-4%

119

85

96

+24%

74

+61%

Add: amortization and impairment of intangible assets

401

352

+14%

483

454

497

-3%

603

-20%

Add: financial interest on debt

1,904

2,140

-11%

(105)

(79)

(32)

ns

(51)

ns

Less: financial income and expense from cash & cash equivalents

(340)

(68)

ns

14,285

11,180

5,208

x2.7

8,949

+60%

Adjusted EBITDA

42,302

21,112

x2

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

4Q21

3Q21

4Q20

4Q21
vs
4Q20

4Q19

4Q21
vs
4Q19

In millions of dollars

2021

2020

2021
vs
2020

 

 

 

 

 

 

Adjusted items

 

 

 

55,298

49,070

32,345

+71%

43,375

+27%

Revenues from sales

184,678

119,684

+54%

(36,189)

(32,574)

(20,781)

ns

(28,126)

ns

Purchases, net of inventory variation

(120,160)

(75,672)

ns

(6,630)

(6,548)

(6,466)

ns

(6,874)

ns

Other operating expenses

(26,754)

(24,850)

ns

(215)

(127)

(338)

ns

(231)

ns

Exploration costs

(632)

(731)

ns

551

195

275

x2

256

x2.2

Other income

1,300

1,405

-7%

(374)

(32)

(184)

ns

(59)

ns

Other expense, excluding amortization and impairment of intangible assets

(543)

(337)

ns

195

193

173

+13%

143

+36%

Other financial income

762

914

-17%

(138)

(140)

(183)

ns

(203)

ns

Other financial expense

(539)

(689)

ns

1,787

1,143

367

x4.9

668

x2.7

Net income (loss) from equity affiliates

4,190

1,388

x3

14,285

11,180

5,208

x2.7

8,949

+60%

Adjusted EBITDA

42,302

21,112

x2

 

 

 

 

 

 

Adjusted items

 

 

 

(3,278)

(3,172)

(3,172)

ns

(3,761)

ns

Less: depreciation, depletion and impairment of tangible assets and mineral interests

(12,735)

(13,312)

ns

(119)

(85)

(96)

ns

(74)

ns

Less: amortization of intangible assets

(401)

(352)

ns

(483)

(454)

(497)

ns

(603)

ns

Less: financial interest on debt

(1,904)

(2,140)

ns

105

79

32

x3.3

51

x2.1

Add: financial income and expense from cash & cash equivalents

340

68

x5

(3,606)

(2,674)

(135)

ns

(1,329)

ns

Less: income taxes

(9,211)

(1,309)

ns

(79)

(105)

(36)

ns

(68)

ns

Less: non-controlling interests

(331)

(8)

ns

(988)

(124)

(413)

ns

(565)

ns

Add: adjustment - TotalEnergies share

(2,028)

(11,301)

ns

5,837

4,645

891

x6.6

2,600

x2.2

Net income - TotalEnergies share

16,032

(7,242)

ns

12. Investments - Divestments

4Q21

3Q21

4Q20

4Q21
vs
4Q20

4Q19

4Q21
vs
4Q19

In millions of dollars

2021

2020

2021
vs
2020

4,681

2,813

3,432

+36%

4,291

+9%

Organic investments ( a )

12,675

10,339

+23%

182

172

214

-15%

136

+34%

Capitalized exploration

841

659

+28%

348

211

355

-2%

319

+9%

Increase in non-current loans

1,231

1,657

-26%

(234)

(112)

(212)

ns

(102)

ns

Repayment of non-current loans,
excluding organic loan repayment from equity affiliates

(531)

(717)

ns

(52)

1

(46)

ns

-

ns

Change in debt from renewable projects
(TotalEnergies share)

(222)

(209)

ns

288

126

1,538

-81%

277

+4%

Acquisitions ( b )

3,284

4,189

-22%

684

1,084

439

+56%

357

+92%

Asset sales ( c )

2,652

1,539

+72%

34

(5)

15

x2.3

-

ns

Change in debt from renewable projects (partner share)

134

105

+28%

(396)

(958)

1,099

ns

(80)

ns

Net acquisitions

632

2,650

-76%

4,285

1,855

4,531

-5%

4,211

+2%

Net investments ( a + b - c )

13,307

12,989

+2%

-

757

-

ns

(11)

-100%

Other transactions with non-controlling interests ( d )

757

-

ns

(398)

(120)

(77)

ns

(275)

ns

Organic loan repayment from equity affiliates ( e )

(626)

(111)

ns

86

(6)

61

+41%

-

ns

Change in debt from renewable projects financing * ( f )

356

314

+13%

34

30

39

-13%

-

ns

Capex linked to capitalized leasing contracts ( g )

111

113

-2%

27

-

-

ns

-

ns

Expenditures related to carbon credits ( h )

27

-

ns

3,912

2,456

4,476

-13%

3,925

-

Cash flow used in investing activities ( a + b - c + d + e + f - g - h )

13,656

13,079

+4%

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

13. Cash flow

4Q21

3Q21

4Q20

4Q21
vs
4Q20

4Q19

4Q21
vs
4Q19

In millions of dollars

2021

2020

2021
vs
2020

9,759

8,390

4,933

+98%

7,326

+33%

Operating cash flow before working capital changes w/o financial charges (DACF)

30,660

17,635

+74%

(398)

(330)

(436)

ns

(533)

ns

Financial charges

(1,520)

(1,938)

ns

9,361

8,060

4,498

x2.1

6,793

+38%

Operating cash flow before working capital changes ( a ) *

29,140

15,697

+86%

2,591

(2,662)

976

x2.7

92

x28.2

(Increase) decrease in working capital **

188

753

-75%

85

365

308

-72%

(11)

ns

Inventory effect

1,796

(1,440)

ns

(19)

(3)

(32)

ns

-

ns

Capital gain from renewable projects sale

(89)

(96)

ns

(398)

(120)

(77)

ns

(275)

ns

Organic loan repayment from equity affiliates

(626)

(111)

ns

11,621

5,640

5,674

x2

6,599

+76%

Cash flow from operations

30,410

14,803

x2.1

 

 

 

 

 

 

 

 

 

4,681

2,813

3,432

+36%

4,291

+9%

Organic investments ( b )

12,675

10,339

+23%

4,680

5,247

1,066

x4.4

2,502

+87%

Free cash flow after organic investments,
w/o net asset sales ( a - b )

16,465

5,358

x3.1

 

 

 

 

 

 

 

 

 

4,285

1,855

4,531

-5%

4,211

+2%

Net investments ( c )

13,307

12,989

+2%

5,076

6,205

(33)

ns

2,582

+97%

Net cash flow ( a - c )

15,833

2,708

x5.8

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

14. Gearing ratio

In millions of dollars

12/31/2021

09/30/2021

12/31/2020

12/31/2019

Current borrowings (1)

13,645

15,184

15,893

13,617

Other current financial liabilities

372

504

203

487

Current financial assets (1),(2)

(12,183)

(3,821)

(4,519)

(3,847)

Net financial assets classified as held for sale

(4)

(1)

313

301

Non-current financial debt (1)

41,868

43,350

52,467

41,510

Non-current financial assets (1)

(1,557)

(1,927)

(3,762)

(748)

Cash and cash equivalents

(21,342)

(28,971)

(31,268)

(27,352)

Net debt (a)

20,799

24,318

29,327

23,968

 

 

 

 

Shareholders’ equity - TotalEnergies share

111,736

110,016

103,702

116,778

Non-controlling interests

3,263

3,211

2,383

2,527

Shareholders' equity (b)

114,999

113,227

106,085

119,305

 

 

 

 

Net-debt-to-capital ratio = a / (a+b)

15.3%

17.7%

21.7%

16.7%

 

 

 

 

Leases (c)

8,055

7,786

7,812

7,156

Net-debt-to-capital ratio including leases (a+c) / (a+b+c)

20.1%

22.1%

25.9%

20.7%

(1) Excludes leases receivables and leases debts.
(2) Including initial margins held as part of the Company's activities on organized markets.

15. Return on average capital employed

Full-year 2021

In millions of dollars

Integrated Gas, Renewables
& Power

Exploration & Production

Refining & Chemicals

Marketing & Services

 

Company

Adjusted net operating income

6,243

10,439

1,909

1,618

 

19,766

Capital employed at 12/31/2020*

45,611

78,928

11,375

8,793

 

142,617

Capital employed at 12/31/2021*

55,978

71,675

8,069

8,783

 

141,813

ROACE

12.3%

13.9%

19.6%

18.4%

 

13.9%

Twelve months ended September 30, 2021

In millions of dollars

Integrated Gas, Renewables
& Power

Exploration & Production

Refining & Chemicals

Marketing & Services

 

Company

Adjusted net operating income

3,738

7,982

1,526

1,471

 

14,237

Capital employed at 09/30/2020*

43,799

78,548

11,951

8,211

 

140,977

Capital employed at 09/30/2021*

52,401

75,499

9,156

8,281

 

143,383

ROACE

7.8%

10.4%

14.5%

17.8%

 

10.0%

Full-year 2020

In millions of dollars

Integrated Gas, Renewables
& Power

Exploration & Production

Refining & Chemicals

Marketing & Services

 

Company

Adjusted net operating income

1,778

2,363

1,039

1,224

 

5,806

Capital employed at 12/31/2019*

41,549

88,844

12,228

8,371

 

148,828

Capital employed at 12/31/2020*

45,611

78,928

11,375

8,793

 

142,617

ROACE

4.1%

2.8%

8.8%

14.3%

 

4.0%

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

Disclaimer:

The terms “TotalEnergies”, “TotalEnergies company” and “Company” in this document are used to designate TotalEnergies SE and the consolidated entities directly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” may also be used to refer to these entities or their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding are separate and independent legal entities.

This press release presents the results for the fourth quarter 2021 and the full-year 2021 from the consolidated financial statements of TotalEnergies SE as of December 31, 2021 (unaudited). The audit procedures by the Statutory Auditors are underway. The consolidated financial statements (unaudited) are available on the website totalenergies.com. This document does not constitute the annual financial report (rapport financier annuel) within the meaning of article L.451.1.2 of the French monetary and financial code (code monétaire et financier).

This document may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, notably with respect to the financial condition, results of operations, business activities and industrial strategy of TotalEnergies. This document may also contain statements regarding the perspectives, objectives, areas of improvement and goals of TotalEnergies, including with respect to climate change and carbon neutrality (net zero emissions). An ambition expresses an outcome desired by TotalEnergies, it being specified that the means to be deployed do not depend solely on TotalEnergies. These forward-looking statements may generally be identified by the use of the future or conditional tense or forward-looking words such as “envisions”, “intends”, “anticipates”, “believes”, “considers”, “plans”, “expects”, “thinks”, “targets”, “aims” or similar terminology. Such forward-looking statements included in this document are based on economic data, estimates and assumptions prepared in a given economic, competitive and regulatory environment and considered to be reasonable by TotalEnergies as of the date of this document.

These forward-looking statements are not historical data and should not be interpreted as assurances that the perspectives, objectives or goals announced will be achieved. They may prove to be inaccurate in the future, and may evolve or be modified with a significant difference between the actual results and those initially estimated, due to the uncertainties notably related to the economic, financial, competitive and regulatory environment, or due to the occurrence of risk factors, such as, notably, the price fluctuations in crude oil and natural gas, the evolution of the demand and price of petroleum products, the changes in production results and reserves estimates, the ability to achieve cost reductions and operating efficiencies without unduly disrupting business operations, changes in laws and regulations including those related to the environment and climate, currency fluctuations, as well as economic and political developments, changes in market conditions, loss of market share and changes in consumer preferences, or pandemics such as the COVID-19 pandemic. Additionally, certain financial information is based on estimates particularly in the assessment of the recoverable value of assets and potential impairments of assets relating thereto.

Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. The information on risk factors that could have a significant adverse effect on TotalEnergies’ business, financial condition, including its operating income and cash flow, reputation, outlook or the value of financial instruments issued by TotalEnergies is provided in the most recent version of the Universal Registration Document which is filed by TotalEnergies SE with the French Autorité des Marchés Financiers and the annual report on Form 20-F filed with the United States Securities and Exchange Commission (“SEC”).

Financial information by business segment is reported in accordance with the internal reporting system and shows internal segment information that is used to manage and measure the performance of TotalEnergies. In addition to IFRS measures, certain alternative performance indicators are presented, such as performance indicators excluding the adjustment items described below (adjusted operating income, adjusted net operating income, adjusted net income), return on equity (ROE), return on average capital employed (ROACE), gearing ratio, operating cash flow before working capital changes, the shareholder rate of return. These indicators are meant to facilitate the analysis of the financial performance of TotalEnergies and the comparison of income between periods. They allow investors to track the measures used internally to manage and measure the performance of TotalEnergies.

These adjustment items include:

(i) Special items

Due to their unusual nature or particular significance, certain transactions qualified as "special items" are excluded from the business segment figures. In general, special items relate to transactions that are significant, infrequent or unusual. However, in certain instances, transactions such as restructuring costs or asset disposals, which are not considered to be representative of the normal course of business, may be qualified as special items although they may have occurred within prior years or are likely to occur again within the coming years.

(ii) Inventory valuation effect

The adjusted results of the Refining & Chemicals and Marketing & Services segments are presented according to the replacement cost method. This method is used to assess the segments’ performance and facilitate the comparability of the segments’ performance with those of TotalEnergies’ principal competitors.

In the replacement cost method, which approximates the LIFO (Last-In, First-Out) method, the variation of inventory values in the statement of income is, depending on the nature of the inventory, determined using either the month-end price differentials between one period and another or the average prices of the period rather than the historical value. The inventory valuation effect is the difference between the results according to the FIFO (First-In, First-Out) and the replacement cost.

(iii) Effect of changes in fair value

The effect of changes in fair value presented as an adjustment item reflects, for some transactions, differences between internal measures of performance used by TotalEnergies’ management and the accounting for these transactions under IFRS.

IFRS requires that trading inventories be recorded at their fair value using period-end spot prices. In order to best reflect the management of economic exposure through derivative transactions, internal indicators used to measure performance include valuations of trading inventories based on forward prices.

TotalEnergies, in its trading activities, enters into storage contracts, whose future effects are recorded at fair value in TotalEnergies’ internal economic performance. IFRS precludes recognition of this fair value effect.

Furthermore, TotalEnergies enters into derivative instruments to risk manage certain operational contracts or assets. Under IFRS, these derivatives are recorded at fair value while the underlying operational transactions are recorded as they occur. Internal indicators defer the fair value on derivatives to match with the transaction occurrence.

The adjusted results (adjusted operating income, adjusted net operating income, adjusted net income) are defined as replacement cost results, adjusted for special items, excluding the effect of changes in fair value.

Euro amounts presented for the fully adjusted-diluted earnings per share represent dollar amounts converted at the average euro-dollar (€-$) exchange rate for the applicable period and are not the result of financial statements prepared in euros.

Cautionary Note to U.S. Investors – The SEC permits oil and gas companies, in their filings with the SEC, to separately disclose proved, probable and possible reserves that a company has determined in accordance with SEC rules. We may use certain terms in this press release, such as “potential reserves” or “resources”, that the SEC’s guidelines strictly prohibit us from including in filings with the SEC. U.S. investors are urged to consider closely the disclosure in the Form 20-F of TotalEnergies SE, File N° 1-10888, available from us at 2, place Jean Millier – Arche Nord Coupole/Regnault - 92078 Paris-La Défense Cedex, France, or at our website totalenergies.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or on the SEC’s website sec.gov.

TotalEnergies financial statements

___________________

Fourth quarter and full-year 2021 consolidated accounts, IFRS

CONSOLIDATED STATEMENT OF INCOME
TotalEnergies
(unaudited)

(M$) (a) 4th quarter
2021 		3rd quarter
2021 		4th quarter
2020
Sales

60,348

54,729

37,943

Excise taxes

(5,050)

(5,659)

(5,595)

Revenues from sales

55,298

49,070

32,348

Purchases, net of inventory variation

(36,161)

(32,344)

(20,508)

Other operating expenses

(6,680)

(6,617)

(6,663)

Exploration costs

(323)

(127)

(338)

Depreciation, depletion and impairment of tangible assets and mineral interests

(3,919)

(3,191)

(3,543)

Other income

536

195

838

Other expense

(755)

(605)

(697)

Financial interest on debt

(483)

(454)

(501)

Financial income and expense from cash & cash equivalents

120

87

53

Cost of net debt

(363)

(367)

(448)

Other financial income

195

193

173

Other financial expense

(138)

(140)

(183)

Net income (loss) from equity affiliates

1,860

1,377

73

Income taxes

(3,647)

(2,692)

(149)

Consolidated net income

5,903

4,752

903

TotalEnergies share

5,837

4,645

891

Non-controlling interests

66

107

12

Earnings per share ($)

2.19

1.72

0.31

Fully-diluted earnings per share ($)

2.17

1.71

0.31

(a) Except for per share amounts.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TotalEnergies
(unaudited)

(M$) 4th quarter
2021 		3rd quarter
2021 		4th quarter
2020
Consolidated net income

5,903

4,752

903

Other comprehensive income
 
Actuarial gains and losses

589

(3)

17

Change in fair value of investments in equity instruments

93

(95)

386

Tax effect

(262)

5

(21)

Currency translation adjustment generated by the parent company

(1,900)

(2,368)

4,074

Items not potentially reclassifiable to profit and loss

(1,480)

(2,461)

4,456

Currency translation adjustment

1,179

1,260

(1,875)

Cash flow hedge

(226)

424

617

Variation of foreign currency basis spread

4

2

(7)

Share of other comprehensive income of equity affiliates, net amount

71

184

(100)

Other

(2)

1

(4)

Tax effect

22

(100)

(180)

Items potentially reclassifiable to profit and loss

1,048

1,771

(1,549)

Total other comprehensive income (net amount)

(432)

(690)

2,907

 
Comprehensive income

5,471

4,062

3,810

TotalEnergies share

5,390

4,014

3,576

Non-controlling interests

81

48

234

CONSOLIDATED STATEMENT OF INCOME
TotalEnergies

(M$) (a) Year
2021
(unaudited)
 		Year
2020
Sales

205,863

140,685

Excise taxes

(21,229)

(20,981)

Revenues from sales

184,634

119,704

Purchases, net of inventory variation

(118,622)

(77,486)

Other operating expenses

(26,894)

(25,538)

Exploration costs

(740)

(731)

Depreciation, depletion and impairment of tangible assets and mineral interests

(13,556)

(22,264)

Other income

1,312

2,237

Other expense

(2,317)

(1,506)

Financial interest on debt

(1,904)

(2,147)

Financial income and expense from cash & cash equivalents

379

37

Cost of net debt

(1,525)

(2,110)

Other financial income

762

914

Other financial expense

(539)

(690)

Net income (loss) from equity affiliates

3,438

452

Income taxes

(9,587)

(318)

Consolidated net income

16,366

(7,336)

TotalEnergies share

16,032

(7,242)

Non-controlling interests

334

(94)

Earnings per share ($)

5.95

(2.90)

Fully-diluted earnings per share ($)

5.92

(2.90)

(a) Except for per share amounts.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TotalEnergies

(M$) Year
2021
(unaudited)
 		Year
2020
Consolidated net income

16,366

(7,336)

Other comprehensive income
 
Actuarial gains and losses

1,035

(212)

Change in fair value of investments in equity instruments

66

533

Tax effect

(411)

65

Currency translation adjustment generated by the parent company

(7,202)

7,541

Items not potentially reclassifiable to profit and loss

(6,512)

7,927

Currency translation adjustment

4,216

(4,645)

Cash flow hedge

278

(313)

Variation of foreign currency basis spread

2

28

Share of other comprehensive income of equity affiliates, net amount

706

(1,831)

Other

(1)

(8)

Tax effect

(135)

72

Items potentially reclassifiable to profit and loss

5,066

(6,697)

Total other comprehensive income (net amount)

(1,446)

1,230

 
Comprehensive income

14,920

(6,106)

TotalEnergies share

14,616

(6,312)

Non-controlling interests

304

206

 

CONSOLIDATED BALANCE SHEET
TotalEnergies

(M$) December 31, 2021
(unaudited) 		September 30, 2021
(unaudited) 		December 31, 2020
ASSETS
Non-current assets
Intangible assets, net

32,484

32,895

33,528

Property, plant and equipment, net

106,559

105,902

108,335

Equity affiliates : investments and loans

31,053

30,467

27,976

Other investments

1,625

1,688

2,007

Non-current financial assets

2,404

2,799

4,781

Deferred income taxes

5,400

6,452

7,016

Other non-current assets

2,797

2,530

2,810

Total non-current assets

182,322

182,733

186,453

Current assets
Inventories, net

19,952

19,601

14,730

Accounts receivable, net

21,983

19,865

14,068

Other current assets

35,144

39,967

13,428

Current financial assets

12,315

3,910

4,630

Cash and cash equivalents

21,342

28,971

31,268

Assets classified as held for sale

400

633

1,555

Total current assets

111,136

112,947

79,679

Total assets

293,458

295,680

266,132

LIABILITIES & SHAREHOLDERS' EQUITY
Shareholders' equity
Common shares

8,224

8,224

8,267

Paid-in surplus and retained earnings

117,849

113,795

107,078

Currency translation adjustment

(12,671)

(11,995)

(10,256)

Treasury shares

(1,666)

(8)

(1,387)

Total shareholders' equity - TotalEnergies share

111,736

110,016

103,702

Non-controlling interests

3,263

3,211

2,383

Total shareholders' equity

114,999

113,227

106,085

Non-current liabilities
Deferred income taxes

10,904

11,161

10,326

Employee benefits

2,672

3,218

3,917

Provisions and other non-current liabilities

20,269

20,355

20,925

Non-current financial debt

49,512

50,810

60,203

Total non-current liabilities

83,357

85,544

95,371

Current liabilities
Accounts payable

36,837

34,149

23,574

Other creditors and accrued liabilities

42,800

45,476

22,465

Current borrowings

15,035

16,471

17,099

Other current financial liabilities

372

504

203

Liabilities directly associated with the assets classified as held for sale

58

309

1,335

Total current liabilities

95,102

96,909

64,676

Total liabilities & shareholders' equity

293,458

295,680

266,132

CONSOLIDATED STATEMENT OF CASH FLOW
TotalEnergies
(unaudited)

CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income

5,903

4,752

903

Depreciation, depletion, amortization and impairment

4,222

3,361

3,796

Non-current liabilities, valuation allowances and deferred taxes

152

479

(237)

(Gains) losses on disposals of assets

(184)

100

(260)

Undistributed affiliates' equity earnings

(843)

(506)

379

(Increase) decrease in working capital

2,232

(2,698)

1,342

Other changes, net

139

152

(249)

Cash flow from operating activities

11,621

5,640

5,674

CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions

(4,540)

(2,718)

(3,834)

Acquisitions of subsidiaries, net of cash acquired

(128)

(23)

(778)

Investments in equity affiliates and other securities

(178)

(67)

(221)

Increase in non-current loans

(348)

(219)

(355)

Total expenditures

(5,194)

(3,027)

(5,188)

Proceeds from disposals of intangible assets and property, plant and equipment

349

150

114

Proceeds from disposals of subsidiaries, net of cash sold

36

4

124

Proceeds from disposals of non-current investments

266

177

186

Repayment of non-current loans

631

240

288

Total divestments

1,282

571

712

Cash flow used in investing activities

(3,912)

(2,456)

(4,476)

CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders

-

-

-

- Treasury shares

(1,658)

-

-

Dividends paid:
- Parent company shareholders

(1,991)

(2,053)

(2,053)

- Non-controlling interests

(20)

(41)

(5)

Net issuance (repayment) of perpetual subordinated notes

-

-

-

Payments on perpetual subordinated notes

(57)

(22)

(62)

Other transactions with non-controlling interests

(14)

721

(59)

Net issuance (repayment) of non-current debt

347

133

104

Increase (decrease) in current borrowings

(3,368)

(1,457)

(339)

Increase (decrease) in current financial assets and liabilities

(8,373)

513

1,212

Cash flow from (used in) financing activities

(15,134)

(2,206)

(1,202)

Net increase (decrease) in cash and cash equivalents

(7,425)

978

(4)

Effect of exchange rates

(204)

(650)

679

Cash and cash equivalents at the beginning of the period

28,971

28,643

30,593

Cash and cash equivalents at the end of the period

21,342

28,971

31,268

CONSOLIDATED STATEMENT OF CASH FLOW
TotalEnergies

(M$) Year
2021
(unaudited)
 		Year
2020
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income

16,366

(7,336)

Depreciation, depletion, amortization and impairment

14,343

22,861

Non-current liabilities, valuation allowances and deferred taxes

962

(1,782)

(Gains) losses on disposals of assets

(454)

(909)

Undistributed affiliates' equity earnings

(667)

948

(Increase) decrease in working capital

(616)

1,869

Other changes, net

476

(848)

Cash flow from operating activities

30,410

14,803

CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions

(12,343)

(10,764)

Acquisitions of subsidiaries, net of cash acquired

(321)

(966)

Investments in equity affiliates and other securities

(2,678)

(2,120)

Increase in non-current loans

(1,247)

(1,684)

Total expenditures

(16,589)

(15,534)

Proceeds from disposals of intangible assets and property, plant and equipment

770

740

Proceeds from disposals of subsidiaries, net of cash sold

269

282

Proceeds from disposals of non-current investments

722

578

Repayment of non-current loans

1,172

855

Total divestments

2,933

2,455

Cash flow used in investing activities

(13,656)

(13,079)

CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders

381

374

- Treasury shares

(1,823)

(611)

Dividends paid:
- Parent company shareholders

(8,228)

(6,688)

- Non-controlling interests

(124)

(184)

Net issuance (repayment) of perpetual subordinated notes

3,248

331

Payments on perpetual subordinated notes

(313)

(315)

Other transactions with non-controlling interests

652

(204)

Net issuance (repayment) of non-current debt

(359)

15,800

Increase (decrease) in current borrowings

(10,856)

(6,501)

Increase (decrease) in current financial assets and liabilities

(8,075)

(604)

Cash flow from (used in) financing activities

(25,497)

1,398

Net increase (decrease) in cash and cash equivalents

(8,743)

3,122

Effect of exchange rates

(1,183)

794

Cash and cash equivalents at the beginning of the period

31,268

27,352

Cash and cash equivalents at the end of the period

21,342

31,268

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
TotalEnergies
(unaudited: Year 2021)

Common shares
issued 		Paid-in surplus
and retained
earnings 		Currency
translation
adjustment 		Treasury shares Shareholders' equity -
TotalEnergies share 		Non-controlling
interests 		Total shareholders'
equity
(M$) Number Amount Number Amount
As of January 1, 2020

2,601,881,075

8,123

121,170

(11,503)

(15,474,234)

(1,012)

116,778

2,527

119,305

Net income 2020

-

-

(7,242)

-

-

-

(7,242)

(94)

(7,336)

Other comprehensive income

-

-

(321)

1,251

-

-

930

300

1,230

Comprehensive Income

-

-

(7,563)

1,251

-

-

(6,312)

206

(6,106)

Dividend

-

-

(7,899)

-

-

-

(7,899)

(234)

(8,133)

Issuance of common shares

51,242,950

144

1,470

-

-

-

1,614

-

1,614

Purchase of treasury shares

-

-

-

-

(13,236,044)

(611)

(611)

-

(611)

Sale of treasury shares (1)

-

-

(236)

-

4,317,575

236

-

-

-

Share-based payments

-

-

188

-

-

-

188

-

188

Share cancellation

-

-

-

-

-

-

-

-

-

Net issuance (repayment) of perpetual subordinated notes

-

-

331

-

-

-

331

-

331

Payments on perpetual subordinated notes

-

-

(308)

-

-

-

(308)

-

(308)

Other operations with non-controlling interests

-

-

(61)

(4)

-

-

(65)

(117)

(182)

Other items

-

-

(14)

-

-

-

(14)

1

(13)

As of December 31, 2020

2,653,124,025

8,267

107,078

(10,256)

(24,392,703)

(1,387)

103,702

2,383

106,085

Net income 2021

-

-

16,032

-

-

-

16,032

334

16,366

Other comprehensive Income

-

-

991

(2,407)

-

-

(1,416)

(30)

(1,446)

Comprehensive Income

-

-

17,023

(2,407)

-

-

14,616

304

14,920

Dividend

-

-

(8,200)

-

-

-

(8,200)

(124)

(8,324)

Issuance of common shares

10,589,713

31

350

-

-

-

381

-

381

Purchase of treasury shares

-

-

-

-

(37,306,005)

(1,823)

(1,823)

-

(1,823)

Sale of treasury shares (1)

-

-

(216)

-

4,573,195

216

-

-

-

Share-based payments

-

-

143

-

-

-

143

-

143

Share cancellation

(23,284,409)

(74)

(1,254)

-

23,284,409

1,328

-

-

-

Net issuance (repayment) of perpetual subordinated notes

-

-

3,254

-

-

-

3,254

-

3,254

Payments on perpetual subordinated notes

-

-

(368)

-

-

-

(368)

-

(368)

Other operations with non-controlling interests

-

-

30

(6)

-

-

24

689

713

Other items

-

-

9

(2)

-

-

7

11

18

As of December 31, 2021

2,640,429,329

8,224

117,849

(12,671)

(33,841,104)

(1,666)

111,736

3,263

114,999

(1) Treasury shares related to the performance share grants

BUSINESS SEGMENT INFORMATION
TotalEnergies
(unaudited)

4th quarter 2021
(M$) 		Integrated Gas, Renewables
& Power 		Exploration & Production Refining & Chemicals Marketing & Services Corporate Intercompany Total
External sales

11,634

2,068

24,781

21,854

11

-

60,348

Intersegment sales

1,466

11,875

8,716

155

148

(22,360)

-

Excise taxes

-

-

(238)

(4,812)

-

-

(5,050)

Revenues from sales

13,100

13,943

33,259

17,197

159

(22,360)

55,298

Operating expenses

(11,141)

(5,412)

(32,250)

(16,347)

(374)

22,360

(43,164)

Depreciation, depletion and impairment of tangible assets and mineral interests

(545)

(2,637)

(399)

(307)

(31)

-

(3,919)

Operating income

1,414

5,894

610

543

(246)

-

8,215

Net income (loss) from equity affiliates and other items

1,281

74

228

83

32

-

1,698

Tax on net operating income

(237)

(3,124)

(234)

(164)

75

-

(3,684)

Net operating income

2,458

2,844

604

462

(139)

-

6,229

Net cost of net debt            

(326)

Non-controlling interests            

(66)

Net income - TotalEnergies share            

5,837

4th quarter 2021  (adjustments) (a)
(M$) 		Integrated Gas, Renewables
& Power 		Exploration & Production Refining & Chemicals Marketing & Services Corporate Intercompany Total
External sales

-

-

-

-

-

-

-

Intersegment sales

-

-

-

-

-

-

-

Excise taxes

-

-

-

-

-

-

-

Revenues from sales

-

-

-

-

-

-

-

Operating expenses

(57)

(132)

38

21

-

-

(130)

Depreciation, depletion and impairment of tangible assets and mineral interests

(187)

(418)

-

(36)

-

-

(641)

Operating income (b)

(244)

(550)

38

(15)

-

-

(771)

Net income (loss) from equity affiliates and other items

(116)

(111)

23

(6)

6

-

(204)

Tax on net operating income

59

(20)

(10)

4

(69)

-

(36)

Net operating income (b)

(301)

(681)

51

(17)

(63)

-

(1,011)

Net cost of net debt            

10

Non-controlling interests            

13

Net income - TotalEnergies share            

(988)

(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

-

-

32

53

-

   
On net operating income

-

-

74

47

-

   
4th quarter 2021  (adjusted)
(M$) 		Integrated Gas, Renewables
& Power 		Exploration & Production Refining  & Chemicals Marketing & Services Corporate Intercompany Total
External sales

11,634

2,068

24,781

21,854

11

-

60,348

Intersegment sales

1,466

11,875

8,716

155

148

(22,360)

-

Excise taxes

-

-

(238)

(4,812)

-

-

(5,050)

Revenues from sales

13,100

13,943

33,259

17,197

159

(22,360)

55,298

Operating expenses

(11,084)

(5,280)

(32,288)

(16,368)

(374)

22,360

(43,034)

Depreciation, depletion and impairment of tangible assets and mineral interests

(358)

(2,219)

(399)

(271)

(31)

-

(3,278)

Adjusted operating income

1,658

6,444

572

558

(246)

-

8,986

Net income (loss) from equity affiliates and other items

1,397

185

205

89

26

-

1,902

Tax on net operating income

(296)

(3,104)

(224)

(168)

144

-

(3,648)

Adjusted net operating income

2,759

3,525

553

479

(76)

-

7,240

Net cost of net debt            

(336)

Non-controlling interests            

(79)

Adjusted net income - TotalEnergies share            

6,825

               
               
               
4th quarter 2021
(M$) 		Integrated Gas, Renewables
& Power 		Exploration & Production Refining & Chemicals Marketing & Services Corporate Intercompany Total
Total expenditures

1,471

2,327

723

643

30

-

5,194

Total divestments

540

357

202

181

2

-

1,282

Cash flow from operating activities

(57)

8,624

2,446

386

222

-

11,621

BUSINESS SEGMENT INFORMATION
TotalEnergies
(unaudited)

3rd quarter 2021
(M$) 		Integrated Gas, Renewables
& Power 		Exploration & Production Refining & Chemicals Marketing & Services Corporate Intercompany Total
External sales

8,482

1,921

22,765

21,554

7

-

54,729

Intersegment sales

1,239

8,588

7,031

110

38

(17,006)

-

Excise taxes

-

-

(240)

(5,419)

-

-

(5,659)

Revenues from sales

9,721

10,509

29,556

16,245

45

(17,006)

49,070

Operating expenses

(8,502)

(3,958)

(28,153)

(15,302)

(179)

17,006

(39,088)

Depreciation, depletion and impairment of tangible assets and mineral interests

(343)

(2,156)

(397)

(267)

(28)

-

(3,191)

Operating income

876

4,395

1,006

676

(162)

-

6,791

Net income (loss) from equity affiliates and other items

782

139

79

2

18

-

1,020

Tax on net operating income

(208)

(2,007)

(273)

(222)

23

-

(2,687)

Net operating income

1,450

2,527

812

456

(121)

-

5,124

Net cost of net debt            

(372)

Non-controlling interests            

(107)

Net income - TotalEnergies share            

4,645

3rd quarter 2021  (adjustments) (a)
(M$) 		Integrated Gas, Renewables
& Power 		Exploration & Production Refining & Chemicals Marketing & Services Corporate Intercompany Total
External sales

-

-

-

-

-

-

-

Intersegment sales

-

-

-

-

-

-

-

Excise taxes

-

-

-

-

-

-

-

Revenues from sales

-

-

-

-

-

-

-

Operating expenses

(152)

(32)

301

44

-

-

161

Depreciation, depletion and impairment of tangible assets and mineral interests

(7)

-

(12)

-

-

-

(19)

Operating income (b)

(159)

(32)

289

44

-

-

142

Net income (loss) from equity affiliates and other items

(3)

(246)

5

(12)

2

-

(254)

Tax on net operating income

4

79

(84)

(14)

-

-

(15)

Net operating income (b)

(158)

(199)

210

18

2

-

(127)

Net cost of net debt            

5

Non-controlling interests            

(2)

Net income - TotalEnergies share            

(124)

(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

-

-

309

56

-

   
On net operating income

-

-

285

41

-

   
3rd quarter 2021  (adjusted)
(M$) 		Integrated Gas, Renewables
& Power 		Exploration & Production Refining & Chemicals Marketing & Services Corporate Intercompany Total
External sales

8,482

1,921

22,765

21,554

7

-

54,729

Intersegment sales

1,239

8,588

7,031

110

38

(17,006)

-

Excise taxes

-

-

(240)

(5,419)

-

-

(5,659)

Revenues from sales

9,721

10,509

29,556

16,245

45

(17,006)

49,070

Operating expenses

(8,350)

(3,926)

(28,454)

(15,346)

(179)

17,006

(39,249)

Depreciation, depletion and impairment of tangible assets and mineral interests

(336)

(2,156)

(385)

(267)

(28)

-

(3,172)

Adjusted operating income

1,035

4,427

717

632

(162)

-

6,649

Net income (loss) from equity affiliates and other items

785

385

74

14

16

-

1,274

Tax on net operating income

(212)

(2,086)

(189)

(208)

23

-

(2,672)

Adjusted net operating income

1,608

2,726

602

438

(123)

-

5,251

Net cost of net debt            

(377)

Non-controlling interests            

(105)

Adjusted net income - TotalEnergies share            

4,769

3rd quarter 2021
(M$) 		Integrated Gas, Renewables
& Power 		Exploration & Production Refining & Chemicals Marketing & Services Corporate Intercompany Total
Total expenditures

683

1,754

337

239

14

-

3,027

Total divestments

358

163

17

31

2

-

571

Cash flow from operating activities

(463)

4,814

799

845

(355)

-

5,640

BUSINESS SEGMENT INFORMATION
TotalEnergies
(unaudited)

4th quarter 2020
(M$) 		Integrated Gas, Renewables
& Power 		Exploration & Production Refining & Chemicals Marketing & Services Corporate Intercompany Total
External sales

5,231

1,257

15,052

16,393

10

-

37,943

Intersegment sales

628

5,574

4,160

98

140

(10,600)

-

Excise taxes

-

-

(628)

(4,967)

-

-

(5,595)

Revenues from sales

5,859

6,831

18,584

11,524

150

(10,600)

32,348

Operating expenses

(5,569)

(3,489)

(17,989)

(10,776)

(286)

10,600

(27,509)

Depreciation, depletion and impairment of tangible assets and mineral interests

(354)

(2,500)

(412)

(241)

(36)

-

(3,543)

Operating income

(64)

842

183

507

(172)

-

1,296

Net income (loss) from equity affiliates and other items

149

6

(54)

(9)

112

-

204

Tax on net operating income

7

91

(93)

(169)

(72)

-

(236)

Net operating income

92

939

36

329

(132)

-

1,264

Net cost of net debt            

(361)

Non-controlling interests            

(12)

Net income - TotalEnergies share            

891

4th quarter 2020  (adjustments) (a)
(M$) 		Integrated Gas, Renewables
& Power 		Exploration & Production Refining & Chemicals Marketing & Services Corporate Intercompany Total
External sales

3

-

-

-

-

-

3

Intersegment sales

-

-

-

-

-

-

-

Excise taxes

-

-

-

-

-

-

-

Revenues from sales

3

-

-

-

-

-

3

Operating expenses

(56)

(49)

133

17

31

-

76

Depreciation, depletion and impairment of tangible assets and mineral interests

-

(355)

(16)

-

-

-

(371)

Operating income (b)

(53)

(404)

117

17

31

-

(292)

Net income (loss) from equity affiliates and other items

(26)

(25)

(191)

(13)

107

-

(148)

Tax on net operating income

(83)

300

(60)

(7)

(157)

-

(7)

Net operating income (b)

(162)

(129)

(134)

(3)

(19)

-

(447)

Net cost of net debt            

10

Non-controlling interests            

24

Net income - TotalEnergies share            

(413)

(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

-

-

265

43

-

   
On net operating income

-

-

192

32

-

   
4th quarter 2020  (adjusted)
(M$) 		Integrated Gas, Renewables
& Power 		Exploration & Production Refining & Chemicals Marketing & Services Corporate Intercompany Total
External sales

5,228

1,257

15,052

16,393

10

-

37,940

Intersegment sales

628

5,574

4,160

98

140

(10,600)

-

Excise taxes

-

-

(628)

(4,967)

-

-

(5,595)

Revenues from sales

5,856

6,831

18,584

11,524

150

(10,600)

32,345

Operating expenses

(5,513)

(3,440)

(18,122)

(10,793)

(317)

10,600

(27,585)

Depreciation, depletion and impairment of tangible assets and mineral interests

(354)

(2,145)

(396)

(241)

(36)

-

(3,172)

Adjusted operating income

(11)

1,246

66

490

(203)

-

1,588

Net income (loss) from equity affiliates and other items

175

31

137

4

5

-

352

Tax on net operating income

90

(209)

(33)

(162)

85

-

(229)

Adjusted net operating income

254

1,068

170

332

(113)

-

1,711

Net cost of net debt            

(371)

Non-controlling interests            

(36)

Adjusted net income - TotalEnergies share            

1,304

4th quarter 2020
(M$) 		Integrated Gas, Renewables
& Power 		Exploration & Production Refining & Chemicals Marketing & Services Corporate Intercompany Total
Total expenditures

1,895

2,226

475

533

59

-

5,188

Total divestments

339

132

31

61

149

-

712

Cash flow from operating activities 

575

3,046

1,514

648

(109)

-

5,674

BUSINESS SEGMENT INFORMATION
TotalEnergies
(unaudited)

Year 2021
(M$) 		Integrated Gas, Renewables
& Power 		Exploration & Production Refining & Chemicals Marketing & Services Corporate Intercompany Total
External sales

30,704

7,246

87,600

80,288

25

-

205,863

Intersegment sales

4,260

34,896

27,637

451

254

(67,498)

-

Excise taxes

-

-

(1,108)

(20,121)

-

-

(21,229)

Revenues from sales

34,964

42,142

114,129

60,618

279

(67,498)

184,634

Operating expenses

(29,964)

(16,722)

(108,982)

(57,159)

(927)

67,498

(146,256)

Depreciation, depletion and impairment of tangible assets and mineral interests

(1,650)

(9,110)

(1,583)

(1,100)

(113)

-

(13,556)

Operating income

3,350

16,310

3,564

2,359

(761)

-

24,822

Net income (loss) from equity affiliates and other items

2,745

(760)

518

108

45

-

2,656

Tax on net operating income

(602)

(7,506)

(1,068)

(738)

152

-

(9,762)

Net operating income

5,493

8,044

3,014

1,729

(564)

-

17,716

Net cost of net debt            

(1,350)

Non-controlling interests            

(334)

Net income - TotalEnergies share            

16,032

Year 2021  (adjustments) (a)
(M$) 		Integrated Gas, Renewables
& Power 		Exploration & Production Refining & Chemicals Marketing & Services Corporate Intercompany Total
External sales

(44)

-

-

-

-

-

(44)

Intersegment sales

-

-

-

-

-

-

-

Excise taxes

-

-

-

-

-

-

-

Revenues from sales

(44)

-

-

-

-

-

(44)

Operating expenses

(271)

(187)

1,470

278

-

-

1,290

Depreciation, depletion and impairment of tangible assets and mineral interests

(342)

(418)

(25)

(36)

-

-

(821)

Operating income (b)

(657)

(605)

1,445

242

-

-

425

Net income (loss) from equity affiliates and other items

(215)

(1,839)

56

(61)

(54)

-

(2,113)

Tax on net operating income

122

49

(396)

(70)

(67)

-

(362)

Net operating income (b)

(750)

(2,395)

1,105

111

(121)

-

(2,050)

Net cost of net debt

-

-

-

-

-

-

25

Non-controlling interests

-

-

-

-

-

-

(3)

Net income - TotalEnergies share

-

-

-

-

-

-

(2,028)

(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

-

-

1,481

315

-

   
On net operating income

-

-

1,296

236

-

   
Year 2021  (adjusted)
(M$) 		Integrated Gas, Renewables
& Power 		Exploration & Production Refining  & Chemicals Marketing & Services Corporate Intercompany Total
External sales

30,748

7,246

87,600

80,288

25

-

205,907

Intersegment sales

4,260

34,896

27,637

451

254

(67,498)

-

Excise taxes

-

-

(1,108)

(20,121)

-

-

(21,229)

Revenues from sales

35,008

42,142

114,129

60,618

279

(67,498)

184,678

Operating expenses

(29,693)

(16,535)

(110,452)

(57,437)

(927)

67,498

(147,546)

Depreciation, depletion and impairment of tangible assets and mineral interests

(1,308)

(8,692)

(1,558)

(1,064)

(113)

-

(12,735)

Adjusted operating income

4,007

16,915

2,119

2,117

(761)

-

24,397

Net income (loss) from equity affiliates and other items

2,960

1,079

462

169

99

-

4,769

Tax on net operating income

(724)

(7,555)

(672)

(668)

219

-

(9,400)

Adjusted net operating income

6,243

10,439

1,909

1,618

(443)

-

19,766

Net cost of net debt            

(1,375)

Non-controlling interests            

(331)

Adjusted net income - TotalEnergies share            

18,060

Year 2021
(M$)

Integrated Gas, Renewables
& Power

Exploration & Production Refining & Chemicals Marketing & Services Corporate Intercompany Total
Total expenditures

6,341

7,276

1,638

1,242

92

-

16,589

Total divestments

1,350

894

348

319

22

-

2,933

Cash flow from operating activities 

827

22,009

6,473

2,333

(1,232)

-

30,410

BUSINESS SEGMENT INFORMATION
TotalEnergies

Year 2020
(M$) 		Integrated Gas, Renewables
& Power 		Exploration & Production Refining & Chemicals Marketing & Services Corporate Intercompany Total
External sales

15,629

4,973

56,615

63,451

17

-

140,685

Intersegment sales

2,003

18,483

17,378

357

223

(38,444)

-

Excise taxes

-

-

(2,405)

(18,576)

-

-

(20,981)

Revenues from sales

17,632

23,456

71,588

45,232

240

(38,444)

119,704

Operating expenses

(15,847)

(11,972)

(70,524)

(42,807)

(1,049)

38,444

(103,755)

Depreciation, depletion and impairment of tangible assets and mineral interests

(2,312)

(16,998)

(1,878)

(984)

(92)

-

(22,264)

Operating income

(527)

(5,514)

(814)

1,441

(901)

-

(6,315)

Net income (loss) from equity affiliates and other items

794

697

(393)

37

272

-

1,407

Tax on net operating income

71

(208)

59

(515)

(67)

-

(660)

Net operating income

338

(5,025)

(1,148)

963

(696)

-

(5,568)

Net cost of net debt            

(1,768)

Non-controlling interests            

94

Net income - TotalEnergies share            

(7,242)

Year 2020  (adjustments) (a)
(M$) 		Integrated Gas, Renewables
& Power 		Exploration & Production Refining & Chemicals Marketing & Services Corporate Intercompany Total
External sales

20

-

-

-

-

-

20

Intersegment sales

-

-

-

-

-

-

-

Excise taxes

-

-

-

-

-

-

-

Revenues from sales

20

-

-

-

-

-

20

Operating expenses

(423)

(137)

(1,552)

(330)

(60)

-

(2,502)

Depreciation, depletion and impairment of tangible assets and mineral interests

(953)

(7,693)

(306)

-

-

-

(8,952)

Operating income (b)

(1,356)

(7,830)

(1,858)

(330)

(60)

-

(11,434)

Net income (loss) from equity affiliates and other items

(382)

54

(677)

(24)

107

-

(922)

Tax on net operating income

298

388

348

93

(145)

-

982

Net operating income (b)

(1,440)

(7,388)

(2,187)

(261)

(98)

-

(11,374)

Net cost of net debt            

(29)

Non-controlling interests            

102

Net income - TotalEnergies share            

(11,301)

(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

-

-

(1,244)

(196)

-

   
On net operating income

-

-

(1,165)

(137)

-

   
Year 2020  (adjusted)
(M$) 		Integrated Gas, Renewables
& Power 		Exploration & Production Refining & Chemicals Marketing & Services Corporate Intercompany Total
External sales

15,609

4,973

56,615

63,451

17

-

140,665

Intersegment sales

2,003

18,483

17,378

357

223

(38,444)

-

Excise taxes

-

-

(2,405)

(18,576)

-

-

(20,981)

Revenues from sales

17,612

23,456

71,588

45,232

240

(38,444)

119,684

Operating expenses

(15,424)

(11,835)

(68,972)

(42,477)

(989)

38,444

(101,253)

Depreciation, depletion and impairment of tangible assets and mineral interests

(1,359)

(9,305)

(1,572)

(984)

(92)

-

(13,312)

Adjusted operating income

829

2,316

1,044

1,771

(841)

-

5,119

Net income (loss) from equity affiliates and other items

1,176

643

284

61

165

-

2,329

Tax on net operating income

(227)

(596)

(289)

(608)

78

-

(1,642)

Adjusted net operating income

1,778

2,363

1,039

1,224

(598)

-

5,806

Net cost of net debt            

(1,739)

Non-controlling interests            

(8)

Adjusted net income - TotalEnergies share            

4,059

Year 2020
(M$) 		Integrated Gas, Renewables
& Power 		Exploration & Production Refining & Chemicals Marketing & Services Corporate Intercompany Total
Total expenditures

6,230

6,782

1,325

1,052

145

-

15,534

Total divestments

1,152

819

149

158

177

-

2,455

Cash flow from operating activities 

2,129

9,922

2,438

2,101

(1,787)

-

14,803

Reconciliation of the information by business segment with consolidated financial statements
TotalEnergies
(unaudited)

4th quarter 2021
(M$) 		Adjusted Adjustments (a) Consolidated statement of income
Sales

60,348

-

60,348

Excise taxes

(5,050)

-

(5,050)

Revenues from sales

55,298

-

55,298

Purchases, net of inventory variation

(36,189)

28

(36,161)

Other operating expenses

(6,630)

(50)

(6,680)

Exploration costs

(215)

(108)

(323)

Depreciation, depletion and impairment of tangible assets and mineral interests

(3,278)

(641)

(3,919)

Other income

551

(15)

536

Other expense

(493)

(262)

(755)

Financial interest on debt

(483)

-

(483)

Financial income and expense from cash & cash equivalents

105

15

120

Cost of net debt

(378)

15

(363)

Other financial income

195

-

195

Other financial expense

(138)

-

(138)

Net income (loss) from equity affiliates

1,787

73

1,860

Income taxes

(3,606)

(41)

(3,647)

Consolidated net income

6,904

(1,001)

5,903

TotalEnergies share 

6,825

(988)

5,837

Non-controlling interests

79

(13)

66

       
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.  
4th quarter 2020
(M$) 		Adjusted Adjustments (a) Consolidated statement of income
Sales

37,940

3

37,943

Excise taxes

(5,595)

-

(5,595)

Revenues from sales

32,345

3

32,348

Purchases, net of inventory variation

(20,781)

273

(20,508)

Other operating expenses

(6,466)

(197)

(6,663)

Exploration costs

(338)

-

(338)

Depreciation, depletion and impairment of tangible assets and mineral interests

(3,172)

(371)

(3,543)

Other income

275

563

838

Other expense

(280)

(417)

(697)

Financial interest on debt

(497)

(4)

(501)

Financial income and expense from cash & cash equivalents

32

21

53

Cost of net debt

(465)

17

(448)

Other financial income

173

-

173

Other financial expense

(183)

-

(183)

Net income (loss) from equity affiliates

367

(294)

73

Income taxes

(135)

(14)

(149)

Consolidated net income

1,340

(437)

903

TotalEnergies share 

1,304

(413)

891

Non-controlling interests

36

(24)

12

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

Reconciliation of the information by business segment with consolidated financial statements
TotalEnergies

Year 2021
(M$)
(unaudited)
 		Adjusted Adjustments (a) Consolidated statement of income
Sales

205,907

(44)

205,863

Excise taxes

(21,229)

-

(21,229)

Revenues from sales

184,678

(44)

184,634

Purchases, net of inventory variation

(120,160)

1,538

(118,622)

Other operating expenses

(26,754)

(140)

(26,894)

Exploration costs

(632)

(108)

(740)

Depreciation, depletion and impairment of tangible assets and mineral interests

(12,735)

(821)

(13,556)

Other income

1,300

12

1,312

Other expense

(944)

(1,373)

(2,317)

Financial interest on debt

(1,904)

-

(1,904)

Financial income and expense from cash & cash equivalents

340

39

379

Cost of net debt

(1,564)

39

(1,525)

Other financial income

762

-

762

Other financial expense

(539)

-

(539)

Net income (loss) from equity affiliates

4,190

(752)

3,438

Income taxes

(9,211)

(376)

(9,587)

Consolidated net income

18,391

(2,025)

16,366

TotalEnergies share 

18,060

(2,028)

16,032

Non-controlling interests

331

3

334

       
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.  
Year 2020
(M$) 		Adjusted Adjustments (a) Consolidated statement of income
Sales

140,665

20

140,685

Excise taxes

(20,981)

-

(20,981)

Revenues from sales

119,684

20

119,704

Purchases, net of inventory variation

(75,672)

(1,814)

(77,486)

Other operating expenses

(24,850)

(688)

(25,538)

Exploration costs

(731)

-

(731)

Depreciation, depletion and impairment of tangible assets and mineral interests

(13,312)

(8,952)

(22,264)

Other income

1,405

832

2,237

Other expense

(689)

(817)

(1,506)

Financial interest on debt

(2,140)

(7)

(2,147)

Financial income and expense from cash & cash equivalents

68

(31)

37

Cost of net debt

(2,072)

(38)

(2,110)

Other financial income

914

-

914

Other financial expense

(689)

(1)

(690)

Net income (loss) from equity affiliates

1,388

(936)

452

Income taxes

(1,309)

991

(318)

Consolidated net income

4,067

(11,403)

(7,336)

TotalEnergies share 

4,059

(11,301)

(7,242)

Non-controlling interests

8

(102)

(94)

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

TotalEnergies contacts
Media Relations: +33 (0)1 47 44 46 99 l presse@totalenergies.com l @TotalEnergiesPress
Investor Relations: +33 (0)1 47 44 46 46 l ir@totalenergies.com

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