Regulatory News:

TotalEnergies SE (Paris:TTE) (LSE:TTE) (NYSE:TTE):

3Q21

Change
vs 3Q20

9M21

Change
vs 9M20

Oil price - Brent ($/b)

73.5

+71%

67.9

+65%

Average price of LNG ($/Mbtu)

9.1

x2.5

7.3

+51%

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

20.5

ns

12.3

-10%

Adjusted net income (TotalEnergies share)(1)

 

 

 

 

- in billions of dollars (B$)

4.8

x5.6

11.2

x4.1

- in dollars per share

1.76

x6.1

4.14

x4.3

Adjusted EBITDA(1) (B$)

11.2

x2.1

28.0

+76%

DACF(1) (B$)

8.4

+96%

20.9

+65%

Cash Flow from operations (B$)

5.6

+30%

18.8

x2.1

Net income (TotalEnergies share) of 4.6 B$ in 3Q21
Net-debt-to-capital ratio(2) of 17.7% at September 30, 2021 vs. 18.5% at June 30, 2021
Third interim dividend set at 0.66 €/share

The Board of Directors of TotalEnergies SE, meeting on October 27, 2021, under the Chairmanship of Chief Executive Officer Patrick Pouyanné, approved the Company's third quarter 2021 accounts. On the occasion, Patrick Pouyanné said:

"The global economic recovery, notably in Asia, drove all energy prices sharply higher in the third quarter due to the interconnection of energy systems. Gas prices in Asia and Europe, up more than 85% from the previous quarter, reached unprecedented levels, and oil prices gained 7%, continuing their steady year-long rise.

TotalEnergies reported adjusted net income of $4.8 billion, up 38% compared to the second quarter 2021, fully benefiting from its multi-energy model, and, particularly this quarter, from its position as a world leader in LNG. The Company generated cash flow (DACF) of $8.4 billion, up nearly 25% compared to the previous quarter, and adjusted EBITDA of $11.2 billion.

The integrated Gas Renewables & Power (iGRP) segment generated adjusted net income of $1.6 billion and cash flow of $1.7 billion, both new record highs, thanks to an outperformance of its trading activities, which leveraged its integrated worldwide LNG portfolio. The renewables and electricity activities continued to grow, with gross renewable electricity generation capacity reaching nearly 10 GW, thanks mainly to the addition of 1 GW during the quarter from India. The number of electricity customers grew to six million.

Exploration & Production, benefiting from a 2% production increase during the quarter, thanks to the evolution of OPEC+ quotas, and from higher Brent and natural gas prices, reported $2.7 billion of adjusted net operating income, up more than 20% from the previous quarter, and cash flow of $4.9 billion.

Downstream took advantage of petrochemical margins that remained high and of the improvement in refining margins in Europe, although impacted by the rise in energy costs. Marketing & Services confirmed its return to pre-crisis level results. The Downstream generated adjusted net operating income and cash flow that were up by approximately 10% over the quarter to $1 billion and $1.6 billion, respectively.

Maintaining discipline on investments, TotalEnergies reported net cash flow of $6.2 billion in the third quarter, covering the interim dividend of $2.1 billion and allowing it to continue to reduce its net debt, with gearing of 17.7% as of September 30, 2021. The return on equity was 12% over the past twelve months. Strong cash generation from oil and gas makes it possible to invest in profitable growth projects in renewables & electricity, and thus to build a sustainable multi-energy company, combining energy transition and shareholder returns.

The Board of Directors decided to distribute a third interim dividend for the 2021 financial year of €0.66/share and confirms the completion of $1.5 billion share repurchases in the fourth quarter 2021.”

1. Highlights(3)

  • Signed major agreements in Iraq covering investments in four projects (gas treatment for electricity generation, solar power, optimization of an existing field, seawater treatment) for the sustainable development of natural resources in the Basra area

Sustainability

  • TotalEnergies contributed to energy transition dialog in view of COP26 with the publication of "Energy Panorama" and "TotalEnergies Energy Outlook 2021"
  • Methane emissions: deployed innovative technology developed by Qnergy to significantly reduce methane emissions and partnered with GHGSat to monitor methane emissions at sea by satellite
  • CCS: Aramis partnership with Shell, EBN and Gasunie, for the development of CO2 transport infrastructure for storage in depleted gas fields in the Netherlands

Renewables and Electricity

  • Adani Green Energy Limited (TotalEnergies 20%) acquired SB Energy India's portfolio of 5 GW of renewable power generation capacity in operation and under construction in India
  • Offshore wind:
    • Submitted bid with Green Investment Group (GIG) and RIDG for a 2 GW project in Scotland and study of associated industrial-scale green hydrogen project
    • Associations with Simply Blue Group for floating wind development in the U.S., and with GIG and Qair for floating wind development in France
  • Corporate PPA:
    • Renewable electricity sales contract of 50 GWh/year over 15 years with Air Liquide in Belgium
    • Partnership with Amazon to supply its data centers with renewable electricity (474 MW), in Europe and the U.S.
  • Electric mobility:
    • Mercedes-Benz entered as an equal partner with TotalEnergies and Stellantis in Automotive Cell Company (ACC), targeting at least 120 GWh EV battery manufacturing capacity by 2030
    • Acquired a network of 1500 EV charging stations in Singapore
    • Obtained concession for Antwerp's EV public charging network
    • Partnered with China Three Gorges Corporation to develop more than 11,000 EV fast-charging stations in Hubei Province, China
  • Hydrogen:
    • Launched with other industrial players the world's largest fund dedicated to the development of carbon-free hydrogen infrastructure, with an investment target of €1.5 billion
    • Agreement with Air Liquide for the development of low-carbon hydrogen production in the Normandy industrial basin, backed by technologies such as CCS and electrolysis

Upstream

  • Launched the fourth development phase of the giant Mero field in Brazil

Downstream

  • Expanded Synova in Normandy to double TotalEnergies' recycled plastics production capacity
  • Partnered with Safran in the field of decarbonization of the aviation sector

     

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

3Q21

2Q21

3Q20

3Q21
vs
3Q20

3Q19

3Q21
vs
3Q19

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

9M21

9M20

9M21
vs
9M20

11,180

8,667

5,321

x2.1

8,989

+24%

 Adjusted EBITDA (5)

28,017

15,904

+76%

5,374

4,032

1,459

x3.7

3,673

+46%

 Adjusted net operating income from business segments

12,893

4,580

x2.8

2,726

2,213

801

x3.4

1,734

+57%

 Exploration & Production

6,914

1,295

x5.3

1,608

891

285

x5.6

574

x2.8

 Integrated Gas, Renewables & Power

3,484

1,524

x2.3

602

511

(88)

ns

952

-37%

 Refining & Chemicals

1,356

869

+56%

438

417

461

-5%

413

+6%

 Marketing & Services

1,139

892

+28%

1,143

740

352

x3.2

521

x2.2

 Contribution of equity affiliates to adjusted net income

2,403

1,021

x2.4

39.6%

34.3%

45.7%

 

30.7%

 

Effective tax rate (6)

36.6%

32.3%

 

4,769

3,463

848

x5.6

3,017

+58%

 Adjusted net income (TotalEnergies share)

11,235

2,755

x4.1

1.76

1.27

0.29

x6.1

1.13

+56%

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

4.14

0.97

x4.3

1.49

1.06

0.24

x6.2

1.01

+48%

 Adjusted fully-diluted earnings per share (euros)*

3.46

0.86

x4

2,655

2,646

2,637

+1%

2,614

+2%

 Fully-diluted weighted-average shares (millions)

2,648

2,612

+1%

 

 

 

 

 

 

 

 

 

4,645

2,206

202

x23

2,800

+66%

 Net income (TotalEnergies share)

10,195

(8,133)

ns

* Average €-$ exchange rate: 1.1788 in the third quarter 2021 and 1.1962 in the first nine months 2021.

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

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

3Q21

2Q21

3Q20

3Q21
 vs
3Q20

3Q19

3Q21
vs
3Q19

 

9M21

9M20

9M21
 vs
9M20

73.5

69.0

42.9

+71%

62.0

+19%

 Brent ($/b)

67.9

41.1

+65%

4.3

3.0

2.1

x2

2.3

+85%

 Henry Hub ($/Mbtu)

3.3

1.9

+74%

16.9

8.7

2.9

x5.9

3.9

x4.3

 NBP ($/Mbtu)

10.8

2.5

x4.3

18.6

10.0

3.6

x5.1

4.7

x4

 JKM ($/Mbtu)

12.9

3.1

x4.2

67.1

62.9

39.9

+68%

58.0

+16%

 Average price of liquids ($/b)
Consolidated subsidiaries

62.2

35.6

+75%

6.33

4.43

2.52

x2.5

3.48

+82%

 Average price of gas ($/Mbtu)
Consolidated subsidiaries

4.95

2.84

+74%

9.10

6.59

3.57

x2.5

5.93

+53%

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

7.25

4.81

+51%

20.5

10.2

-2.7

ns

47.4

-57%

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

12.3

13.6

-10%

* The indicators are shown on page 20
** This indicator represents TotalEnergies’ average margin on variable cost for refining in Europe (equal to the difference between TotalEnergies European refined product sales and crude oil purchases with associated variable costs divided by volumes refined in tons) – 3Q21 data restated to reflect 2Q21 environment for energy costs.

The average LNG selling price increased by 38% this quarter compared to the previous quarter, benefiting on a lagged basis from the increase in the oil and gas price indexes on long-term contracts.

3.2 Greenhouse gas emissions(5)

3Q21*

2Q21*

GHG emissions (MtCO2e)

2020

2020
(excluding
Covid effect)

8

7

Scope 1+2 from operated oil & gas facilities (14)

35.8

39

81

77

Scope 3 from energies sales (15)

350

400

46

45

Scope 1+2+3 in Europe (16)

212

239

* Estimated emissions.

3.3 Production*

3Q21

2Q21

3Q20

3Q21
 vs
3Q20

3Q19

3Q21
vs
3Q19

Hydrocarbon production

9M21

9M20

9M21
 vs
9M20

2,814

2,747

2,715

+4%

3,040

-7%

 Hydrocarbon production (kboe/d)

2,808

2,882

-3%

1,288

1,258

1,196

+8%

1,441

-11%

 Oil (including bitumen) (kb/d)

1,272

1,319

-4%

1,526

1,489

1,519

-

1,599

-5%

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

1,535

1,563

-2%

 

 

 

 

 

 

  

 

 

 

2,814

2,747

2,715

+4%

3,040

-7%

 Hydrocarbon production (kboe/d)

2,808

2,882

-3%

1,517

1,464

1,437

+6%

1,720

-12%

 Liquids (kb/d)

1,496

1,563

-4%

7,070

7,017

6,973

+1%

7,200

-2%

 Gas (Mcf/d)

7,161

7,193

-

* Company production = E&P production + iGRP production

Hydrocarbon production was 2,814 thousand barrels of oil equivalent per day (kboe/d) in the third quarter 2021, up 4% year-on-year, comprised of:

  • +6% due to project start-ups and ramp-ups, including North Russkoye in Russia and Iara in Brazil, and the resumption of production in Libya,
  • +5% due to the increase in gas demand and OPEC+ production quotas,
  • -1% due to the price effect,
  • -3% due to planned maintenance and unplanned downtime, notably in Norway (Snøhvit)
  • -3% due to natural decline of fields.

Hydrocarbon production was 2,814 thousand barrels of oil equivalent per day (kboe/d) in the third quarter 2021, up 2% quarter-on-quarter, due to the end of summer maintenance programs and the increase in OPEC+ production quotas.

For the first nine months of 2021 hydrocarbon production was 2,808 kboe/d, down 3% year-on-year, comprised of:

  • +3% due to project start-ups and ramp-ups, including North Russkoye in Russia, Iara in Brazil and Johan Sverdrup in Norway, and the resumption of production in Libya,
  • +2% due to the increase in gas demand, particularly in Norway, and OPEC+ production quotas,
  • -1% due to portfolio effect, in particular the disposals of assets in the United Kingdom and the CA1 block in Brunei,
  • -1% due to the price effect,
  • -3% due planned maintenance and unplanned downtime, notably in the United Kingdom and Norway (Snøhvit),
  • -3% due to natural decline of fields. 

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

3Q21

2Q21

3Q20

3Q21
 vs
3Q20

3Q19

3Q21
vs
3Q19

Hydrocarbon production for LNG

9M21

9M20

9M21
 vs
9M20

533

502

518

+3%

539

-1%

 iGRP (kboe/d)

518

530

-2%

67

52

70

-3%

73

-8%

 Liquids (kb/d)

61

70

-12%

2,527

2,464

2,445

+3%

2,546

-1%

 Gas (Mcf/d)

2,489

2,509

-1%

 

 

 

 

 

 

 

 

 

3Q21

2Q21

3Q20

3Q21
 vs
3Q20

3Q19

3Q21
vs
3Q19

Liquefied Natural Gas in Mt

9M21

9M20

9M21
 vs
9M20

10.0

10.5

8.1

+24%

7.4

+34%

 Overall LNG sales

30.4

28.3

+7%

4.3

4.2

4.3

-1%

4.2

+2%

 incl. Sales from equity production*

12.8

13.3

-4%

8.3

8.8

6.6

+25%

5.5

+50%

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

25.0

23.2

+8%

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

Hydrocarbon production for LNG increased by 6% compared to the previous quarter, in particular due to the end of planned maintenance at Ichthys in Australia.

Total LNG sales increased sharply compared to 2020, up 24% for the quarter and 7% for the first nine months.

3Q21

2Q21

3Q20

3Q21
 vs
3Q20

Renewables & Electricity

9M21

9M20

9M21
 vs
9M20

42.7

41.7

26.3

+62%

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

42.7

26.3

+62%

9.5

8.3

5.1

+87%

 o/w installed capacity 

9.5

5.1

+87%

6.1

5.4

4.0

+52%

 o/w capacity in construction 

6.1

4.0

+52%

27.1

28.0

17.3

+57%

 o/w capacity in development 

27.1

17.3

+57%

26.6

22.6

14.2

+88%

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

26.6

14.2

+88%

31.7

30.7

18.0

+77%

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

31.7

18.0

+77%

4.7

4.0

2.3

x2.1

 o/w installed capacity 

4.7

2.3

x2.1

4.0

3.1

1.6

x2.5

 o/w capacity in construction 

4.0

1.6

x2.5

23.0

23.6

14.1

+64%

 o/w capacity in development 

23.0

14.1

+64%

4.7

5.1

4.1

+17%

 Net power production (TWh) (3)

14.5

9.9

+46%

1.7

1.7

1.0

+67%

 incl. Power production from renewables

4.9

2.8

+75%

6.0

5.8

4.4

+37%

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

6.0

4.4

+37%

2.7

2.7

1.7

+56%

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

2.7

1.7

+56%

11.7

12.7

10.2

+15%

 Sales power - BtB and BtC (TWh)

40.5

33.8

+20%

13.2

20.6

13.5

-2%

 Sales gas - BtB and BtC (TWh)

70.0

64.4

+9%

 

 

 

 

 

 

 

291

310*

64

x4.6

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

946

404

x2.3

104

82*

66

+57%

 incl. from renewables business

334

250

+34%

(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 and Electricity affiliates, regardless of consolidation method.
* 2Q21 data corrected for estimated results of AGEL.

Gross installed renewable power generation capacity grew to 9.5 GW at the end of the third quarter 2021, up 1.2 GW thanks in particular to the acquisition by AGEL (TotalEnergies 20%) during the quarter of the operating assets of SB Energy India's 5 GW renewable portfolio. Total gross capacity increased by 1 GW over the quarter to 42.7 GW, mainly due to the addition of a 1 GW solar power plant project in Iraq.

Net electricity generation stood at 4.7 TWh in the third quarter 2021, up 17% year-on-year, mainly due to strong growth in renewable electricity generation and the acquisition of four natural gas power plants (CCGT) in France and Spain in the fourth quarter 2020.

TotalEnergies’ Renewables and Electricity business adjusted EBITDA was $291 million in the third quarter 2021, a 4.6-fold increase over one year, driven by growing electricity production, particularly from renewables, and the number of gas and electricity customers.

4.1.2 Results

3Q21

2Q21

3Q20

3Q21
 vs
3Q20

3Q19

3Q21
vs
3Q19

In millions of dollars

9M21

9M20

9M21
 vs
9M20

1,608

891

285

x5.6

574

x2.8

 Adjusted net operating income*

3,484

1,524

x2.3

755

356

99

x7.6

206

x3.7

 including income from equity affiliates

1,375

278

x4.9

 

 

 

 

 

 

  

 

 

 

639

759

450

+42%

640

-

 Organic investments

2,150

1,714

+25%

(941)

166

36

ns

3,375

ns

 Net acquisitions

1,119

1,606

-30%

(302)

925

486

ns

4,015

ns

 Net investments

3,269

3,320

-2%

 

 

 

 

 

 

  

 

 

 

1,720

904

695

x2.5

732

x2.3

 Operating cash flow before working capital changes **

3,683

2,346

+57%

(463)

567

654

ns

401

ns

 Cash flow from operations ***

884

1,554

-43%

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

Adjusted net operating income for the iGRP segment was:

  • $1,608 million in the third quarter 2021, a 5.6-fold increase from a year ago, thanks to the increase in LNG prices and the strong performance of gas and electricity trading activities,
  • $3,484 million for the first nine months of 2021, an increase of 2.3-times compared to last year, for the same reasons.

Operating cash flow before working capital changes was:

  • $1,720 million in the third quarter 2021, an increase of 2.5-times compared to the third quarter 2020, thanks to the rise in LNG prices and the strong performance of gas and electricity trading activities,
  • $3,683 million for the first nine months of 2021, up 57% year-on-year, for the same reasons.

Cash flow from operations was -$463 million for the third quarter due to variations in margin calls related to hedging contracts in a context of highly volatile gas and electricity markets.

4.2 Exploration & Production

4.2.1 Production

3Q21

2Q21

3Q20

3Q21
 vs
3Q20

3Q19

3Q21
vs
3Q19

Hydrocarbon production

9M21

9M20

9M21
 vs
9M20

2,281

2,245

2,197

+4%

2,501

-9%

 EP (kboe/d)

2,290

2,352

-3%

1,450

1,412

1,367

+6%

1,647

-12%

 Liquids (kb/d)

1,435

1,493

-4%

4,543

4,553

4,528

-

4,654

-2%

 Gas (Mcf/d)

4,672

4,684

-

4.2.2 Results

3Q21

2Q21

3Q20

3Q21
 vs
3Q20

3Q19

3Q21
vs
3Q19

In millions of dollars, except effective tax rate

9M21

9M20

9M21
 vs
9M20

2,726

2,213

801

x3.4

1,734

+57%

 Adjusted net operating income*

6,914

1,295

x5.3

315

279

268

+18%

297

+6%

 including income from equity affiliates

864

706

+22%

46.4%

38.2%

32.9%

 

39.7%

 

 Effective tax rate**

42.5%

39.7%

 

 

 

 

 

 

 

 

 

 

1,656

1,559

1,266

+31%

2,064

-20%

 Organic investments

4,494

3,950

+14%

(34)

231

(309)

ns

(3)

ns

 Net acquisitions

(5)

(4)

ns

1,622

1,790

957

+69%

2,061

-21%

 Net investments 

4,489

3,946

+14%

 

 

 

 

 

 

 

 

 

4,943

4,262

2,646

+87%

4,451

+11%

 Operating cash flow before working capital changes ***

13,029

7,032

+85%

4,814

4,835

2,043

x2.4

5,007

-4%

 Cash flow from operations ***

13,385

6,876

+95%

* 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 for Exploration & Production was:

  • $2,726 million in the third quarter 2021, more than three times higher than in the third quarter 2020, thanks to the sharp increase in oil and gas prices,
  • $6,914 million in the first nine months of 2021, more than five times higher than in the first nine months of 2020, for the same reasons.

Operating cash flow before working capital changes was $4,943 million in the third quarter 2021, up 87% year-on-year, and $13,029 million in the first nine months of 2021, up 85% year-on-year, in line with higher oil and gas prices.

4.3 Downstream (Refining & Chemicals and Marketing & Services)

4.3.1 Results

3Q21

2Q21

3Q20

3Q21
 vs
3Q20

3Q19

3Q21
vs
3Q19

In millions of dollars

9M21

9M20

9M21
 vs
9M20

1,040

928

373

x2.8

1,365

-24%

 Adjusted net operating income*

2,495

1,761

+42%

 

 

 

 

 

 

 

 

 

506

468

449

+13%

570

-11%

 Organic investments

1,309

1,183

+11%

17

(1)

2

x8.5

52

-67%

 Net acquisitions

(87)

(48)

ns

523

467

451

+16%

622

-16%

 Net investments

1,222

1,135

+8%

 

 

 

 

 

 

  

 

 

 

1,611

1,460

971

+66%

1,995

-19%

 Operating cash flow before working capital changes **

3,943

3,523

+12%

1,644

2,669

2,060

-20%

3,058

-46%

 Cash flow from operations **

5,974

2,377

x2.5

* 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

3Q21

2Q21

3Q20

3Q21
 vs
3Q20

3Q19

3Q21
vs
3Q19

Refinery throughput and utilization rate*

9M21

9M20

9M21
 vs
9M20

1,225

1,070

1,212

+1%

1,719

-29%

 Total refinery throughput (kb/d)

1,147

1,302

-12%

274

148

267

+3%

503

-46%

 France

179

242

-26%

505

495

540

-6%

757

-33%

 Rest of Europe

553

630

-12%

446

427

405

+10%

459

-3%

 Rest of world

415

429

-3%

69%

58%

57%

 

82%

 

 Utlization rate based on crude only**

62%

62%

 

* Includes refineries in Africa reported in the Marketing & Services segment.
** Based on distillation capacity at the beginning of the year, excluding Grandpuits (definitively shut down first quarter 2021) from 2021 and Lindsey refinery (divested) from second quarter 2021.

3Q21

2Q21

3Q20

3Q21
 vs
3Q20

3Q19

3Q21
vs
3Q19

Petrochemicals production and utilization rate

9M21

9M20

9M21
 vs
9M20

1,486

1,424

1,255

+18%

1,402

+6%

 Monomers* (kt)

4,315

4,033

+7%

1,330

1,212

1,248

+7%

1,268

+5%

 Polymers  (kt)

3,707

3,642

+2%

93%

88%

75%

 

91%

 

 Vapocracker utilization rate**

89%

81%

 

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

4.4.2 Results

3Q21

2Q21

3Q20

3Q21
 vs
3Q20

3Q19

3Q21
vs
3Q19

In millions of dollars

9M21

9M20

9M21
 vs
9M20

602

511

(88)

ns

952

-37%

 Adjusted net operating income*

1,356

869

+56%

 

 

 

 

 

 

 

 

 

321

279

291

+10%

355

-10%

 Organic investments

822

761

+8%

(6)

2

(1)

ns

19

ns

 Net acquisitions

(61)

(52)

ns

315

281

290

+9%

374

-16%

 Net investments

761

709

+7%

 

 

 

 

 

 

  

 

 

 

934

753

242

x3.9

1,373

-32%

 Operating cash flow before working capital changes **

2,081

1,912

+9%

799

2,232

1,027

-22%

1,575

-49%

 Cash flow from operations **

4,027

924

x4.4

* 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 Refining and Chemicals segment:

  • Increased sharply year-on-year to $602 million in the third quarter 2021, compared to -$88 million in the third quarter 2020. This increase is due to the strong performance of petrochemicals and European refining margins, which were negative in 2020 due to weak demand,
  • Increased by 56% year-on-year to $1,356 million in the first nine months of 2021, compared to $869 million, for the same reasons.

Operating cash flow before working capital changes increased year-on-year by 3.9-times in the third quarter 2021 to $934 million and by 9% in the first nine months of 2021 to $2,081 million.

4.5 Marketing & Services

4.5.1 Petroleum product sales

3Q21

2Q21

3Q20

3Q21
 vs
3Q20

3Q19

3Q21
vs
3Q19

Sales in kb/d*

9M21

9M20

9M21
 vs
9M20

1,542

1,473

1,442

+7%

1,848

-17%

 Total Marketing & Services sales

1,486

1,466

+1%

867

791

819

+6%

1,034

-16%

 Europe

811

822

-1%

675

682

623

+8%

814

-17%

 Rest of world

675

645

+5%

* Excludes trading and bulk refining sales

Sales of petroleum products grew by 7% year-on-year in the third quarter 2021, thanks to the improvement in the pandemic situation and the global economic rebound. This increase is supported notably by the recovery in network sales activity.

4.5.2 Results

3Q21

2Q21

3Q20

3Q21
 vs
3Q20

3Q19

3Q21
vs
3Q19

In millions of dollars

9M21

9M20

9M21
 vs
9M20

438

417

461

-5%

413

+6%

 Adjusted net operating income*

1,139

892

+28%

 

 

 

 

 

 

 

 

 

185

189

158

+17%

215

-14%

 Organic investments

487

422

+15%

23

(3)

3

x7.7

33

-30%

 Net acquisitions

(26)

4

ns

208

186

161

+29%

248

-16%

 Net investments

461

426

+8%

 

 

 

 

 

 

  

 

 

 

677

707

729

-7%

622

+9%

 Operating cash flow before working capital changes **

1,862

1,611

+16%

845

437

1,033

-18%

1,483

-43%

 Cash flow from operations **

1,947

1,453

+34%

* 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 sector was $438 million in the third quarter 2021 compared to $461 million a year earlier.

Operating cash flow before working capital changes was $677 million in the third quarter 2021 and $1,862 million in the first nine months of the year.

5. TotalEnergies results

5.1 Adjusted net operating income from business segments

Adjusted net operating income for the sectors was:

  • $5,374 million in the third quarter 2021, compared to $1,459 million a year earlier, due to higher oil and gas prices,
  • $12,893 million for the first nine months of 2021, compared to $4,580 million last year, for the same reason.

5.2 Adjusted net income (TotalEnergies share)

Adjusted net income (TotalEnergies share) was:

  • $4,769 million in the third quarter 2021 compared to $848 million a year earlier, due to higher oil and gas prices,
  • $11,235 million for the first nine months of 2021, compared to $2,755 million last year, for the same reason.

Adjusted net income excludes the after-tax inventory effect, special items and impact of changes in fair value(6).

Total net income adjustments(7) were -$124 million and include the capital loss of -$177 million on the disposal of TotalEnergies' interest in the Utica asset in the United States.

TotalEnergies' effective tax rate was 39.6% in the third quarter of 2021, compared to 34.3% in the previous quarter and 45.7% in the third quarter of 2020. The high rate in 2020 was due to a negative adjusted net operating income in Refining & Chemicals, which reduced the base for calculating the rate at the Company level.

5.3 Adjusted earnings per share

Adjusted fully-diluted earnings per share was:

  • $1.76 in the third quarter 2021, calculated based on 2,655 million weighted-average diluted shares, compared to $0.29 a year earlier,
  • $4.14 for the first nine months of 2021, calculated based on 2,648 million weighted-average diluted shares, compared to $0.97 a year earlier.

As of September 30, 2021, the number of fully-diluted shares was 2,660 million.

5.4 Acquisitions - asset sales

Acquisitions were:

  • $126 million in the third quarter 2021 and include notably a 10% increase in the Lapa block in Brazil,
  • $2,996 million in the first nine months of 2021 and include the item above as well as the acquisitions of a 20% interest for $2 billion in the renewable project developer in India, Adani Green Energy Limited, of Fonroche Biogaz in France and of the interest in the Yunlin wind project in Taiwan.

Asset sales were:

  • $1,084 million in the third quarter 2021 and includes notably 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,
  • $1,967 million in the first nine months of 2021, including the above item as well as the sale in France of a 50% interest in a portfolio of renewable projects with total capacity of 285 MW (100%), the sale of the 10% interest in onshore block OML 17 in Nigeria, a 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(8) was:

  • $6,205 million in the third quarter 2021 compared to $1,879 million a year ago, reflecting the $4.3 billion increase in operating cash flow before working capital changes and the slight decrease of $57 million in net investments to $1,855 million in the third quarter 2021,
  • $10,756 million in the first nine months of 2021 compared to $2,740 million in the same period a year ago, reflecting the $8.6 billion increase in operating cash flow before working capital changes, slightly offset by a $563 million increase in net investments to $9,022 million in the first nine months of 2021.

Cash flow from operations of $5,640 million for the quarter, compared to operating cash flow before working capital changes of $8,060 million, was negatively impacted for an amount of $2.1 billion by variations in margin calls related to hedging contracts in a context of highly volatile natural gas and electricity markets, as well as by a negative inventory effect of $1.2 billion and an increase in tax liabilities of $0.9 billion.

5.6 Profitability

The return on equity was 12.0% for the twelve months ended September 30, 2021.

In millions of dollars

October 1, 2020

July 1, 2020

October 1, 2019

September 30, 2021

June 30, 2021

September 30, 2020

Adjusted net income

12 827

8 786

5 960

Average adjusted shareholders' equity

106 794

105 066

108 885

Return on equity (ROE)

12,0%

8,4%

5,5%

The return on average capital employed was 10.0% for the twelve months ended September 30, 2021.

In millions of dollars

October 1, 2020

July 1, 2020

October 1, 2019

September 30, 2021

June 30, 2021

September 30, 2020

Adjusted net operating income

14 237

10 252

7 801

Average capital employed

142 179

142 172

144 060

ROACE

10,0%

7,2%

5,4%

6. TotalEnergies SE statutory accounts

Net income for TotalEnergies SE, the parent company, was €5,635 million for the first nine months of 2021 compared to €4,727 for the same period in 2020.

7. 2021 Sensitivities*

 ChangeEstimated 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 +/- 1 $/Mbtu +/- 0.3 B$ +/- 0.25 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 2021. Actual results could vary significantly from estimates based on the application of these sensitivities. The impact of the $-€ sensitivity on adjusted net operating income is essentially attributable to Refining & Chemicals. Please find the indicators detailed page 20.
** In a 50 $/b Brent environment.

8. Summary and outlook

The steady recovery in oil demand to pre-crisis levels, except for aviation fuel, led to nearly continuous price increases that reached $85/b in mid-October, close to a 7-year high. Controlled production increases from OPEC+, the continued draw-down of crude inventories and the strong investment discipline in oil & gas supported the increase. In addition, an increase in fuel demand from the aviation sector is beginning to materialize, also supporting high prices.

The increase in gas markets, which began in the first half of the year, accelerated considerably in the third quarter, reaching record levels in Europe and Asia. Barring an exceptionally mild winter, the low inventory level for gas and expected sustained demand are likely to keep gas prices in Europe and Asia at high levels until the second quarter 2022.

Given the outlook for OPEC+ quotas and seasonal gas demand in the fourth quarter of 2021, TotalEnergies expects fourth quarter 2021 hydrocarbon production to be in the range of 2.85-2.9 Mboe/d.

TotalEnergies anticipates that 2021 oil price increases will positively impact its average LNG selling price for the next six months, given the lag effect on price formulas. It is expected to be above $12/Mbtu in the fourth quarter 2021.

TotalEnergies maintains its cost discipline, with net investments expected to be close to $13 billion in 2021, including $3 billion dedicated to renewables and electricity.

The Company confirms its cash flow allocation priorities: investing in profitable projects to implement TotalEnergies' transformation strategy into a sustainable multi-energy company, linking the growth of its dividend to its underlying 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 up to 40% of the surplus cash generated above $60/b to share buybacks.

* * * *

To listen to the conference call with CFO Jean-Pierre Sbraire today at 13:30 (Paris time) please log on to totalenergies.com or call +44 (0) 203 009 5709 in Europe or +1 646 787 1226 in the United States (code: 4496213).
The conference replay will be available on totalenergies.com after the event.

* * * *

9. Operating information by segment

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

3Q21

2Q21

3Q20

3Q21
 vs
3Q20

3Q19

3Q21
vs
3Q19

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

9M21

9M20

9M21
 vs
9M20

989

985

969

+2%

1,004

-1%

 Europe and Central Asia

1,008

1,032

-2%

537

533

598

-10%

733

-27%

 Africa

540

651

-17%

681

654

576

+18%

720

-5%

 Middle East and North Africa

662

633

+5%

372

378

343

+8%

363

+3%

 Americas

375

343

+9%

235

197

229

+3%

221

+7%

 Asia-Pacific

223

223

-

2,814

2,747

2,715

+4%

3,040

-7%

 Total production

2,808

2,882

-3%

711

750

667

+7%

698

+2%

 includes equity affiliates

730

706

+3%

 

3Q21

2Q21

3Q20

3Q21
 vs
3Q20

3Q19

3Q21
vs
3Q19

Liquids production by region (kb/d)

9M21

9M20

9M21
 vs
9M20

362

351

359

+1%

367

-1%

 Europe and Central Asia

363

381

-5%

401

399

458

-12%

583

-31%

 Africa

405

509

-20%

530

502

432

+23%

562

-6%

 Middle East and North Africa

510

481

+6%

179

183

144

+24%

163

+10%

 Americas

180

150

+20%

45

29

44

+3%

44

+2%

 Asia-Pacific

38

42

-10%

1,517

1,464

1,437

+6%

1,720

-12%

 Total production

1,496

1,563

-4%

205

213

197

+4%

210

-2%

 includes equity affiliates

206

203

+2%

         

3Q21

2Q21

3Q20

3Q21
 vs
3Q20

3Q19

3Q21
vs
3Q19

Gas production by region (Mcf/d)

9M21

9M20

9M21
 vs
9M20

3,366

3,411

3,284

+2%

3,431

-2%

 Europe and Central Asia

3,470

3,507

-1%

689

680

713

-3%

768

-10%

 Africa

687

722

-5%

838

847

801

+5%

866

-3%

 Middle East and North Africa

842

844

-

1,086

1,095

1,115

-3%

1,124

-3%

 Americas

1,094

1,085

+1%

1,091

984

1,060

+3%

1,011

+8%

 Asia-Pacific

1,068

1,035

+3%

7,070

7,017

6,973

+1%

7,200

-2%

 Total production

7,161

7,193

-

2,730

2,895

2,540

+8%

2,635

+4%

 includes equity affiliates

2,826

2,714

+4%

9.2 Downstream (Refining & Chemicals and Marketing & Services)

3Q21

2Q21

3Q20

3Q21
 vs
3Q20

3Q19

3Q21
vs
3Q19

Petroleum product sales by region (kb/d)

9M21

9M20

9M21
 vs
9M20

1,579

1,521

1,475

+7%

1,999

-21%

 Europe

1,553

1,565

-1%

693

663

541

+28%

677

+2%

 Africa

674

562

+20%

811

799

673

+20%

920

-12%

 Americas

794

767

+4%

486

492

460

+6%

541

-10%

 Rest of world

491

446

+10%

3,568

3,475

3,149

+13%

4,136

-14%

 Total consolidated sales

3,512

3,340

+5%

360

334

417

-14%

544

-34%

 Includes bulk sales

365

427

-14%

1,666

1,668

1,290

+29%

1,745

-5%

 Includes trading

1,661

1,447

+15%

 

 

 

 

 

 

 

 

 

3Q21

2Q21

3Q20

3Q21
 vs
3Q20

3Q19

3Q21
vs
3Q19

Petrochemicals production* (kt)

9M21

9M20

9M21
 vs
9M20

1,308

1,166

1,274

+3%

1,377

-5%

 Europe

3,820

3,821

-

705

725

513

+38%

648

+9%

 Americas

1,940

1,813

+7%

802

744

716

+12%

646

+24%

 Middle East and Asia

2,261

2,040

+11%

* Olefins, polymers

9.3 Renewables

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

Solar

Onshore Wind

Offshore Wind

Other 

Total 

 

Solar

Onshore Wind

Offshore Wind

Other

Total 

France 

0.5

0.5

0.0

0.1

1.0

 

0.5

0.5

0.0

0.1

1.0

Rest of Europe 

0.1

1.0

0.0

0.1

1.2

 

0.1

1.0

0.0

0.1

1.1

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

 

0.8

0.0

0.0

0.0

0.9

South America 

0.4

0.2

0.0

0.0

0.6

 

0.4

0.1

0.0

0.0

0.5

India 

4.4

0.1

0.0

0.0

4.5

 

3.5

0.1

0.0

0.0

3.6

Asia-Pacific 

0.9

0.0

0.0

0.0

0.9

 

0.7

0.0

0.0

0.0

0.7

Total  

7.5

1.9

0.0

0.1

9.5

 

6.4

1.8

0.0

0.1

8.3

 

 

 

 

 

 

 

 

 

 

 

3Q21

 

2Q21

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 

0.3

0.1

0.0

0.1

0.5

 

0.3

0.1

0.0

0.1

0.5

Rest of Europe 

0.1

0.1

1.1

0.0

1.3

 

0.1

0.1

1.1

0.0

1.3

Africa 

0.0

0.0

0.0

0.0

0.0

 

0.0

0.0

0.0

0.0

0.0

Middle East 

0.8

0.0

0.0

0.0

0.8

 

0.8

0.0

0.0

0.0

0.8

North America 

0.4

0.0

0.0

0.0

0.4

 

0.3

0.0

0.0

0.0

0.3

South America 

0.0

0.1

0.0

0.0

0.1

 

0.0

0.2

0.0

0.0

0.2

India 

1.4

0.4

0.0

0.0

1.8

 

0.9

0.2

0.0

0.0

1.1

Asia-Pacific 

0.4

0.0

0.6

0.0

1.1

 

0.5

0.0

0.6

0.0

1.1

Total  

3.4

0.7

1.8

0.1

6.1

 

2.8

0.6

1.8

0.1

5.4

 

 

 

 

 

 

 

 

 

 

 

 

3Q21

 

2Q21

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 

3.6

0.7

0.0

0.0

4.4

 

3.2

0.8

0.0

0.0

4.0

Rest of Europe 

5.2

0.3

2.3

0.0

7.7

 

5.3

0.3

2.3

0.0

7.9

Africa 

0.4

0.1

0.0

0.2

0.6

 

0.4

0.1

0.0

0.2

0.6

Middle East 

1.4

0.0

0.0

0.0

1.4

 

0.1

0.0

0.0

0.0

0.1

North America 

3.3

0.2

0.0

0.7

4.2

 

3.5

0.2

0.0

0.7

4.3

South America 

0.6

0.4

0.0

0.1

1.2

 

0.6

1.0

0.0

0.0

1.7

India 

4.5

0.1

0.0

0.0

4.5

 

6.2

0.1

0.0

0.0

6.3

Asia-Pacific 

1.0

0.0

2.1

0.0

3.1

 

1.1

0.0

2.1

0.0

3.2

Total  

20.0

1.8

4.4

1.0

27.1

 

20.3

2.5

4.4

0.8

28.0

(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 09/30/2021 (GW)

Solar 

Onshore Wind

Other

Total 

 

Solar 

Onshore Wind

Offshore Wind

Other

Total 

 

Solar 

Onshore Wind

Offshore Wind

Other

Total 

Europe  

0.6

1.5

X

2.2

 

0.3

X

0.8

X

1.4

 

4.0

0.2

X

X

4.2

Asia  

5.4

X

X

5.5

 

2.7

0.4

0.6

-

3.8

 

5.8

X

-

-

5.9

North America  

0.8

X

X

0.8

 

0.4

X

-

X

0.4

 

0.5

X

-

X

0.6

Rest of World  

0.6

0.2

X

0.8

 

X

X

-

X

X

 

0.4

X

-

X

0.7

Total   

7.4

1.9

X

9.5

 

3.4

0.7

1.4

X

5.7

 

10.7

0.5

X

0.2

11.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

In operation 

 

In construction

 

In development

PPA average price at 09/30/2021
($/MWh)

Solar 

Onshore Wind

Other

Total 

 

Solar 

Onshore Wind

Offshore Wind

Other

Total 

 

Solar 

Onshore Wind

Offshore Wind

Other

Total 

Europe  

230

117

X

148

 

71

X

61

X

63

 

42

76

X

X

46

Asia  

78

X

X

77

 

45

49

187

-

70

 

40

X

-

-

40

North America  

155

X

X

157

 

27

X

-

X

30

 

31

X

-

X

41

Rest of World  

80

72

X

78

 

X

X

-

X

X

 

98

X

-

X

98

Total   

98

108

X

100

 

46

58

106

X

66

 

42

80

X

145

44

X not specified, capacity < 0.2 GW

10. Adjustment items to net income (TotalEnergies share)

3Q21

2Q21

3Q20

3Q19

In millions of dollars

9M21

9M20

(325)

(1,588)

(706)

(156)

Special items affecting net income (TotalEnergies share)

(2,255)

(9,361)

(177)

(1,379)

-

-

Gain (loss) on asset sales

(1,556)

-

(43)

(110)

(70)

(20)

Restructuring charges

(314)

(170)

(47)

(49)

(293)

(160)

Impairments

(240)

(8,394)

(58)

(50)

(343)

24

Other

(145)

(797)

320

375

4

(71)

After-tax inventory effect : FIFO vs. replacement cost

1,384

(1,504)

(119)

(44)

56

10

Effect of changes in fair value

(169)

(23)

(124)

(1,257)

(646)

(217)

 Total adjustments affecting net income

(1,040)

(10,888)

11. Reconciliation of adjusted EBITDA with consolidated financial statements

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

3Q21

2Q21

3Q20

3Q21
 vs
3Q20

3Q19

3Q21
vs
3Q19

In millions of dollars

9M21

9M20

9M21
 vs
9M20

4,645

2,206

202

x23

2,800

+66%

Net income - TotalEnergies share

10,195

(8,133)

ns

124

1,257

646

-81%

217

-43%

 Less: adjustment items to net income (TotalEnergies share)

1,040

10,888

-90%

4,769

3,463

848

x5.6

3,017

+58%

Adjusted net income - TotalEnergies share

11,235

2,755

x4.1

 

 

 

 

 

 

Adjusted items

 

 

 

105

88

(15)

ns

70

+50%

 Add: non-controlling interests

252

(28)

ns

2,674

1,485

684

x3.9

1,258

x2.1

 Add: income taxes

5,605

1,174

x4.8

3,172

3,105

3,203

-1%

3,987

-20%

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

9,457

10,140

-7%

85

94

101

-16%

63

+35%

 Add: amortization and impairment of intangible assets

282

256

+10%

454

501

549

-17%

594

-24%

 Add: financial interest on debt

1,421

1,643

-14%

(79)

(69)

(49)

ns

-

ns

 Less: financial income and expense from cash & cash equivalents

(235)

(36)

ns

11,180

8,667

5,321

x2.1

8,989

+24%

Adjusted EBITDA

28,017

15,904

+76%

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

3Q21

2Q21

3Q20

3Q21
 vs
3Q20

3Q19

3Q21
vs
3Q19

In millions of dollars

9M21

9M20

9M21
 vs
9M20

 

 

 

 

 

 

Adjusted items

 

 

 

49,070

41,642

27,184

+81%

42,526

+15%

 Revenues from sales

129,380

87,339

+48%

(32,574)

(27,108)

(16,942)

ns

(27,805)

ns

 Purchases, net of inventory variation

(83,971)

(54,891)

ns

(6,548)

(6,708)

(5,399)

ns

(6,240)

ns

 Other operating expenses

(20,124)

(18,384)

ns

(127)

(123)

(139)

ns

(96)

ns

 Exploration costs

(417)

(393)

ns

195

138

310

-37%

167

+17%

 Other income

749

1,130

-34%

(32)

(48)

(14)

ns

(69)

ns

 Other expense, excluding amortization and impairment of intangible assets

(169)

(153)

ns

193

265

134

+44%

163

+18%

 Other financial income

567

741

-23%

(140)

(131)

(165)

ns

(178)

ns

 Other financial expense

(401)

(506)

ns

1,143

740

352

x3.2

521

x2.2

 Net income (loss) from equity affiliates

2,403

1,021

x2.4

11,180

8,667

5,321

x2.1

8,989

+24%

Adjusted EBITDA

28,017

15,904

+76%

 

 

 

 

 

 

Adjusted items

 

 

 

(3,172)

(3,105)

(3,203)

ns

(3,987)

ns

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

(9,457)

(10,140)

ns

(85)

(94)

(101)

ns

(63)

ns

 Less: amortization of intangible assets

(282)

(256)

ns

(454)

(501)

(549)

ns

(594)

ns

 Less: financial interest on debt

(1,421)

(1,643)

ns

79

69

49

+61%

-

ns

 Add: financial income and expense from cash & cash equivalents

235

36

x6.5

(2,674)

(1,485)

(684)

ns

(1,258)

ns

 Less: income taxes

(5,605)

(1,174)

ns

(105)

(88)

15

ns

(70)

ns

 Less: non-controlling interests

(252)

28

ns

(124)

(1,257)

(646)

ns

(217)

ns

 Add: adjustment - TotalEnergies share

(1,040)

(10,888)

ns

4,645

2,206

202

x23

2,800

+66%

Net income - TotalEnergies share

10,195

(8,133)

ns

12. Investments - Divestments

3Q21

2Q21

3Q20

3Q21
 vs
3Q20

3Q19

3Q21
vs
3Q19

In millions of dollars

9M21

9M20

9M21
 vs
9M20

2,813

2,802

2,184

+29%

3,296

-15%

 Organic investments ( a )

7,993

6,908

+16%

172

245

148

+16%

152

+13%

 Capitalized exploration

660

445

+48%

211

380

290

-27%

242

-13%

 Increase in non-current loans

883

1,302

-32%

(112)

(89)

(330)

ns

(61)

ns

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

(297)

(505)

ns

1

(4)

(11)

ns

(109)

ns

 Change in debt from renewable projects
(TotalEnergies share)

(170)

(163)

ns

126

662

150

-16%

4,429

-97%

 Acquisitions ( b )

2,996

2,651

+13%

1,084

266

422

x2.6

1,007

+8%

 Asset sales ( c )

1,967

1,100

+79%

(5)

5

7

ns

105

ns

 Change in debt from renewable projects (partner share)  

100

90

+11%

(958)

396

(272)

ns

3,422

ns

 Net acquisitions

1,029

1,551

-34%

1,855

3,198

1,912

-3%

6,718

-72%

Net investments ( a + b - c )

9,022

8,459

+7%

757

-

-

ns

-

ns

 Other transactions with non-controlling interests ( d )

757

-

ns

(120)

(78)

(1)

ns

(101)

ns

 Organic loan repayment from equity affiliates ( e )

(228)

(35)

ns

(6)

9

18

ns

214

ns

 Change in debt from renewable projects financing * ( f )

270

253

+7%

30

25

28

+7%

-

ns

 Capex linked to capitalized leasing contracts ( g )

77

74

+4%

2,456

3,104

1,901

+29%

6,831

-64%

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

9,744

8,603

+13%

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

13. Cash-flow

3Q21

2Q21

3Q20

3Q21
 vs
3Q20

3Q19

3Q21
vs
3Q19

In millions of dollars

9M21

9M20

9M21
 vs
9M20

8,390

6,761

4,281

+96%

7,269

+15%

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

20,901

12,701

+65%

(330)

(409)

(491)

ns

(532)

ns

 Financial charges

(1,122)

(1,502)

ns

8,060

6,352

3,791

x2.1

6,737

+20%

Operating cash flow before working capital changes ( a ) *

19,778

11,199

+77%

(2,662)

814

475

ns

1,639

ns

 (Increase) decrease in working capital **

(2,403)

(223)

ns

365

463

90

x4.1

69

x5.3

 Inventory effect

1,711

(1,748)

ns

(3)

(0)

(4)

ns

-

ns

 Capital gain from renewable projects sale

(69)

(64)

ns

(120)

(78)

(1)

ns

(101)

ns

 Organic loan repayment from equity affiliates

(228)

(35)

ns

5,640

7,551

4,351

+30%

8,206

-31%

Cash flow from operations

18,789

9,129

x2.1

 

 

 

 

 

 

 

 

 

 

2,813

2,802

2,184

+29%

3,296

-15%

 Organic investments ( b )

7,993

6,908

+16%

5,247

3,550

1,607

x3.3

3,441

+52%

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

11,785

4,291

x2.7

 

 

 

 

 

 

 

 

 

 

1,855

3,198

1,912

-3%

6,718

-72%

 Net investments ( c )

9,022

8,459

+7%

6,205

3,154

1,879

x3.3

19

x326.6

Net cash flow ( a - c )

10,756

2,740

x3.9

* 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

09/30/2021

06/30/2021

09/30/2020

09/30/2019

Current borrowings *

15,184

15,795

13,756

13,422

Other current financial liabilities

504

322

196

769

Current financial assets *

(3,821)

(4,326)

(5,843)

(3,720)

Net financial assets classified as held for sale

(1)

-

5

-

Non-current financial debt *

43,350

44,687

54,001

42,031

Non-current financial assets *

(1,927)

(2,726)

(2,122)

(615)

Cash and cash equivalents

(28,971)

(28,643)

(30,593)

(27,454)

Net debt (a)

24,318

25,109

29,400

24,433

 

 

 

 

 

Shareholders’ equity - TotalEnergies share

110,016

108,096

102,234

114,994

Non-controlling interests

3,211

2,480

2,177

2,319

Shareholders' equity (b)

113,227

110,576

104,411

117,313

 

 

 

 

 

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

17.7%

18.5%

22.0%

17.2%

 

 

 

 

 

Leases (c)

7,786

7,702

7,499

6,888

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

22.1%

22.9%

26.1%

21.1%

* Excludes leases receivables and leases debts

15. Return on average capital employed

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

 

140,976

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%

Twelve months ended June 30, 2021

In millions of dollars

Integrated Gas, Renewables & Power

Exploration & Production

Refining & Chemicals

Marketing & Services

 

Company

Adjusted net operating income

2,415

6,057

836

1,494

 

10,252

Capital employed at 06/30/2020*

43,527

79,096

12,843

8,366

 

142,625

Capital employed at 06/30/2021*

49,831

76,013

9,285

8,439

 

141,720

ROACE

5.2%

7.8%

7.6%

17.8%

 

7.2%

Twelve months ended September 30, 2020

In millions of dollars

Integrated Gas, Renewables & Power

Exploration & Production

Refining & Chemicals

Marketing & Services

 

Company

Adjusted net operating income

2,318

3,326

1,449

1,366

 

7,801

Capital employed at 09/30/2019*

41,516

88,560

11,658

7,570

 

147,145

Capital employed at 09/30/2020*

43,799

78,548

11,951

8,211

 

140,976

ROACE

5.4%

4.0%

12.3%

17.3%

 

5.4%

* 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. TotalEnergies SE has no liability for the acts or omissions of these entities.

This press release presents the results for the third quarter of 2021 and first nine months of 2021 from the consolidated financial statements of TotalEnergies SE as of September 30, 2021. The limited review procedures by the Statutory Auditors are underway. The notes to the consolidated financial statements (unaudited) are available on the website totalenergies.com.

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

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

Neither TotalEnergies 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 its competitors.

In the replacement cost method, which approximates the LIFO (Last-In, First-Out) method, the variation of inventory values in the statement of income is, depending on the nature of the inventory, determined using either the month-end 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, 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. 

(1) Definition page 3.
(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 16.
(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 17).
(10) Net investments = organic investments + net acquisitions (see page 17).
(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 19. The reconciliation table for different cash flow figures is on page 17.
(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 oil & gas facilities are defined as the sum of direct emissions of greenhouse gases from sites or activities that are included in the scope of reporting (as defined in the Company’s 2020 Universal Registration Document) and indirect emissions attributable to brought-in energy (electricity, heat, steam), excluding purchased industrial gases (H2). They do not include facilities for power generation from renewable sources or natural gas, such as combined cycle natural gas power plants (CCGT) and sites with GHG emissions and activities of less than 30 kt CO2e/year.
(15) Scope 3 GHG emissions are defined as the indirect emissions of greenhouse gases related to the use by customers of energy products sold for end-use, i.e. combustion of the products to obtain energy. A stoichiometric emission (oxidation of molecules to carbon dioxide) factor is applied to these sales to obtain an emission volume. The Company usually follows the oil & gas industry reporting guidelines published by IPIECA, which comply with the GHG Protocol methodologies. Only item 11 of Scope 3 (use of sold products), which is the most significant, is reported.
(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 sold for end-use (Scope 3) in the EU, Norway, United Kingdom and Switzerland.
(17) Adjustment items shown on page 19.
(18) Details shown on page 16 and in the appendix to the financial statements.
(19) Net cash flow = operating cash flow before working capital changes - net investments (including other transactions with non-controlling interest).

TotalEnergies financial statements
____

Third quarter and nine months 2021 consolidated accounts, IFRS

CONSOLIDATED STATEMENT OF INCOME

 

 

TotalEnergies

 

 

 

 

 

(unaudited)

 

 

3rd quarter

 

2nd quarter

 

3rd quarter

(M$)(a)

2021

 

2021

 

2020

 

 

 

 

 

 

 

Sales

54,729

 

47,049

 

33,142

Excise taxes

(5,659)

 

(5,416)

 

(5,925)

 

Revenues from sales

49,070

 

41,633

 

27,217

 

 

 

 

 

 

 

Purchases, net of inventory variation

(32,344)

 

(26,719)

 

(16,885)

Other operating expenses

(6,617)

 

(6,717)

 

(5,610)

Exploration costs

(127)

 

(123)

 

(139)

Depreciation, depletion and impairment of tangible assets and mineral interests

(3,191)

 

(3,121)

 

(3,493)

Other income

195

 

223

 

457

Other expense

(605)

 

(298)

 

(281)

 

 

 

 

 

 

 

Financial interest on debt

(454)

 

(501)

 

(547)

Financial income and expense from cash & cash equivalents

87

 

77

 

89

 

Cost of net debt

(367)

 

(424)

 

(458)

 

 

 

 

 

 

 

Other financial income

193

 

265

 

134

Other financial expense

(140)

 

(131)

 

(165)

 

 

 

 

 

 

 

Net income (loss) from equity affiliates

1,377

 

(680)

 

94

 

 

 

 

 

 

 

Income taxes

(2,692)

 

(1,609)

 

(690)

Consolidated net income

4,752

 

2,299

 

181

TotalEnergies share

4,645

 

2,206

 

202

Non-controlling interests

107

 

93

 

(21)

Earnings per share ($)

1.72

 

0.80

 

0.04

Fully-diluted earnings per share ($)

1.71

 

0.80

 

0.04

(a) Except for per share amounts.

 

 

 

 

 

 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

 

 

TotalEnergies

 

 

 

 

 

(unaudited)

 

3rd quarter

 

2nd quarter

 

3rd quarter

(M$)

2021

 

2021

 

2020

Consolidated net income

4,752

 

2,299

 

181

 

 

 

 

 

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

Actuarial gains and losses

(3)

 

449

 

(6)

Change in fair value of investments in equity instruments

(95)

 

56

 

221

Tax effect

5

 

(142)

 

-

Currency translation adjustment generated by the parent company

(2,368)

 

1,239

 

3,663

Items not potentially reclassifiable to profit and loss

(2,461)

 

1,602

 

3,878

Currency translation adjustment

1,260

 

(746)

 

(1,830)

Cash flow hedge

424

 

(424)

 

363

Variation of foreign currency basis spread

2

 

(4)

 

(35)

Share of other comprehensive income of equity affiliates, net amount

184

 

(18)

 

(804)

Other

1

 

(1)

 

(7)

Tax effect

(100)

 

100

 

(115)

Items potentially reclassifiable to profit and loss

1,771

 

(1,093)

 

(2,428)

Total other comprehensive income (net amount)

(690)

 

509

 

1,450

 

 

 

 

 

 

Comprehensive income

4,062

 

2,808

 

1,631

TotalEnergies share

4,014

 

2,670

 

1,536

Non-controlling interests

48

 

138

 

95

CONSOLIDATED STATEMENT OF INCOME

TotalEnergies

 

 

 

(unaudited)

 

 

 

 

9 months

 

9 months

(M$)(a)

2021

 

2020

 

 

 

 

 

Sales

145,515

 

102,742

Excise taxes

(16,179)

 

(15,386)

 

Revenues from sales

129,336

 

87,356

 

 

 

 

 

Purchases, net of inventory variation

(82,461)

 

(56,978)

Other operating expenses

(20,214)

 

(18,875)

Exploration costs

(417)

 

(393)

Depreciation, depletion and impairment of tangible assets and mineral interests

(9,637)

 

(18,721)

Other income

776

 

1,399

Other expense

(1,562)

 

(809)

 

 

 

 

 

Financial interest on debt

(1,421)

 

(1,646)

Financial income and expense from cash & cash equivalents

259

 

(16)

 

Cost of net debt

(1,162)

 

(1,662)

 

 

 

 

 

Other financial income

567

 

741

Other financial expense

(401)

 

(507)

 

 

 

 

 

Net income (loss) from equity affiliates

1,578

 

379

 

 

 

 

 

Income taxes

(5,940)

 

(169)

Consolidated net income

10,463

 

(8,239)

TotalEnergies share

10,195

 

(8,133)

Non-controlling interests

268

 

(106)

Earnings per share ($)

3.77

 

(3.22)

Fully-diluted earnings per share ($)

3.74

 

(3.22)

(a) Except for per share amounts.

 

 

 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

TotalEnergies

 

 

 

(unaudited)

 

9 months

 

9 months

(M$)

2021

 

2020

Consolidated net income

10,463

 

(8,239)

 

 

 

 

Other comprehensive income

 

 

 

 

 

 

 

Actuarial gains and losses

446

 

(229)

Change in fair value of investments in equity instruments

(27)

 

147

Tax effect

(149)

 

86

Currency translation adjustment generated by the parent company

(5,302)

 

3,467

Items not potentially reclassifiable to profit and loss

(5,032)

 

3,471

Currency translation adjustment

3,037

 

(2,770)

Cash flow hedge

504

 

(930)

Variation of foreign currency basis spread

(2)

 

35

Share of other comprehensive income of equity affiliates, net amount

635

 

(1,731)

Other

1

 

(4)

Tax effect

(157)

 

252

Items potentially reclassifiable to profit and loss

4,018

 

(5,148)

Total other comprehensive income (net amount)

(1,014)

 

(1,677)

 

 

 

 

Comprehensive income

9,449

 

(9,916)

TotalEnergies share

9,226

 

(9,888)

Non-controlling interests

223

 

(28)

CONSOLIDATED BALANCE SHEET

 

 

 

 

 

 

 

TotalEnergies

 

 

 

 

 

 

 

 

September 30,   2021

 

June 30,     2021

 

December 31,   2020

 

September 30,   2020

(M$)

(unaudited)

 

(unaudited)

 

 

 

(unaudited)

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-current assets

 

 

 

 

 

 

 

Intangible assets, net

32,895

 

33,359

 

33,528

 

33,145

Property, plant and equipment, net

105,902

 

106,791

 

108,335

 

104,355

Equity affiliates : investments and loans

30,467

 

29,712

 

27,976

 

27,386

Other investments

1,688

 

2,247

 

2,007

 

1,822

Non-current financial assets

2,799

 

3,778

 

4,781

 

3,155

Deferred income taxes

6,452

 

6,578

 

7,016

 

6,952

Other non-current assets

2,530

 

2,800

 

2,810

 

2,570

Total non-current assets

182,733

 

185,265

 

186,453

 

179,385

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

Inventories, net

19,601

 

19,162

 

14,730

 

12,373

Accounts receivable, net

19,865

 

17,192

 

14,068

 

12,893

Other current assets

39,967

 

17,585

 

13,428

 

14,637

Current financial assets

3,910

 

4,404

 

4,630

 

6,011

Cash and cash equivalents

28,971

 

28,643

 

31,268

 

30,593

Assets classified as held for sale

633

 

456

 

1,555

 

1,090

Total current assets

112,947

 

87,442

 

79,679

 

77,597

Total assets

295,680

 

272,707

 

266,132

 

256,982

 

 

 

 

 

 

 

 

LIABILITIES & SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders' equity

 

 

 

 

 

 

 

Common shares

8,224

 

8,224

 

8,267

 

8,267

Paid-in surplus and retained earnings

113,795

 

110,967

 

107,078

 

107,632

Currency translation adjustment

(11,995)

 

(11,087)

 

(10,256)

 

(12,275)

Treasury shares

(8)

 

(8)

 

(1,387)

 

(1,390)

Total shareholders' equity - TotalEnergies share

110,016

 

108,096

 

103,702

 

102,234

Non-controlling interests

3,211

 

2,480

 

2,383

 

2,177

Total shareholders' equity

113,227

 

110,576

 

106,085

 

104,411

 

 

 

 

 

 

 

 

Non-current liabilities

 

 

 

 

 

 

 

Deferred income taxes

11,161

 

10,596

 

10,326

 

10,367

Employee benefits

3,218

 

3,305

 

3,917

 

3,719

Provisions and other non-current liabilities

20,355

 

20,716

 

20,925

 

19,351

Non-current financial debt

50,810

 

52,331

 

60,203

 

61,477

Total non-current liabilities

85,544

 

86,948

 

95,371

 

94,914

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

Accounts payable

34,149

 

29,752

 

23,574

 

18,880

Other creditors and accrued liabilities

45,476

 

27,836

 

22,465

 

22,806

Current borrowings

16,471

 

16,983

 

17,099

 

14,980

Other current financial liabilities

504

 

322

 

203

 

196

Liabilities directly associated with the assets classified as held for sale

309

 

290

 

1,335

 

795

Total current liabilities

96,909

 

75,183

 

64,676

 

57,657

Total liabilities & shareholders' equity

295,680

 

272,707

 

266,132

 

256,982

CONSOLIDATED STATEMENT OF CASH FLOW

 

 

 

 

 

TotalEnergies

 

 

 

 

 

(unaudited)

 

3rd quarter

 

2nd quarter

 

3rd quarter

(M$)

2021

 

2021

 

2020

 

 

 

 

 

 

CASH FLOW FROM OPERATING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

Consolidated net income

4,752

 

2,299

 

181

Depreciation, depletion, amortization and impairment

3,361

 

3,287

 

3,634

Non-current liabilities, valuation allowances and deferred taxes

479

 

210

 

(88)

(Gains) losses on disposals of assets

100

 

(85)

 

(309)

Undistributed affiliates' equity earnings

(506)

 

1,255

 

178

(Increase) decrease in working capital

(2,698)

 

669

 

980

Other changes, net

152

 

(84)

 

(225)

Cash flow from operating activities

5,640

 

7,551

 

4,351

 

 

 

 

 

 

CASH FLOW USED IN INVESTING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

Intangible assets and property, plant and equipment additions

(2,718)

 

(2,675)

 

(2,157)

Acquisitions of subsidiaries, net of cash acquired

(23)

 

(170)

 

-

Investments in equity affiliates and other securities

(67)

 

(307)

 

(229)

Increase in non-current loans

(219)

 

(380)

 

(301)

Total expenditures

(3,027)

 

(3,532)

 

(2,687)

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

150

 

45

 

363

Proceeds from disposals of subsidiaries, net of cash sold

4

 

-

 

4

Proceeds from disposals of non-current investments

177

 

216

 

77

Repayment of non-current loans

240

 

167

 

342

Total divestments

571

 

428

 

786

Cash flow used in investing activities

(2,456)

 

(3,104)

 

(1,901)

 

 

 

 

 

 

CASH FLOW USED IN FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

Issuance (repayment) of shares:

 

 

 

 

 

   - Parent company shareholders

-

 

381

 

-

   - Treasury shares

-

 

-

 

-

Dividends paid:

 

 

 

 

 

   - Parent company shareholders

(2,053)

 

(2,094)

 

(825)

   - Non-controlling interests

(41)

 

(53)

 

(103)

Net issuance (repayment) of perpetual subordinated notes

-

 

-

 

331

Payments on perpetual subordinated notes

(22)

 

(147)

 

(22)

Other transactions with non-controlling interests

721

 

-

 

(75)

Net issuance (repayment) of non-current debt

133

 

51

 

224

Increase (decrease) in current borrowings

(1,457)

 

(4,369)

 

(2,343)

Increase (decrease) in current financial assets and liabilities

513

 

(67)

 

730

Cash flow from (used in) financing activities

(2,206)

 

(6,298)

 

(2,083)

Net increase (decrease) in cash and cash equivalents

978

 

(1,851)

 

367

Effect of exchange rates

(650)

 

209

 

499

Cash and cash equivalents at the beginning of the period

28,643

 

30,285

 

29,727

Cash and cash equivalents at the end of the period

28,971

 

28,643

 

30,593

CONSOLIDATED STATEMENT OF CASH FLOW

 

 

 

TotalEnergies

 

 

 

(unaudited)

 

9 months

 

9 months

(M$)

2021

 

2020

 

 

 

 

CASH FLOW FROM OPERATING ACTIVITIES

 

 

 

 

 

 

 

Consolidated net income

10,463

 

(8,239)

Depreciation, depletion, amortization and impairment

10,121

 

19,065

Non-current liabilities, valuation allowances and deferred taxes

810

 

(1,545)

(Gains) losses on disposals of assets

(270)

 

(649)

Undistributed affiliates' equity earnings

176

 

569

(Increase) decrease in working capital

(2,848)

 

527

Other changes, net

337

 

(599)

Cash flow from operating activities

18,789

 

9,129

 

 

 

 

CASH FLOW USED IN INVESTING ACTIVITIES

 

 

 

 

 

 

 

Intangible assets and property, plant and equipment additions

(7,803)

 

(6,930)

Acquisitions of subsidiaries, net of cash acquired

(193)

 

(188)

Investments in equity affiliates and other securities

(2,500)

 

(1,899)

Increase in non-current loans

(899)

 

(1,329)

Total expenditures

(11,395)

 

(10,346)

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

421

 

626

Proceeds from disposals of subsidiaries, net of cash sold

233

 

158

Proceeds from disposals of non-current investments

456

 

392

Repayment of non-current loans

541

 

567

Total divestments

1,651

 

1,743

Cash flow used in investing activities

(9,744)

 

(8,603)

 

 

 

 

CASH FLOW USED IN FINANCING ACTIVITIES

 

 

 

 

 

 

 

Issuance (repayment) of shares:

 

 

 

   - Parent company shareholders

381

 

374

   - Treasury shares

(165)

 

(611)

Dividends paid:

 

 

 

   - Parent company shareholders

(6,237)

 

(4,635)

   - Non-controlling interests

(104)

 

(179)

Net issuance (repayment) of perpetual subordinated notes

3,248

 

331

Payments on perpetual subordinated notes

(256)

 

(253)

Other transactions with non-controlling interests

666

 

(145)

Net issuance (repayment) of non-current debt

(706)

 

15,696

Increase (decrease) in current borrowings

(7,488)

 

(6,162)

Increase (decrease) in current financial assets and liabilities

298

 

(1,816)

Cash flow from (used in) financing activities

(10,363)

 

2,600

Net increase (decrease) in cash and cash equivalents

(1,318)

 

3,126

Effect of exchange rates

(979)

 

115

Cash and cash equivalents at the beginning of the period

31,268

 

27,352

Cash and cash equivalents at the end of the period

28,971

 

30,593

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY

TotalEnergies

 

 

 

 

 

 

 

 

 

 

 

 

(unaudited)

 

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 of the first nine months  2020

-

-

(8,133)

-

 

-

-

 

(8,133)

(106)

 

(8,239)

 Other comprehensive income

-

-

(983)

(772)

 

-

-

 

(1,755)

78

 

(1,677)

 Comprehensive Income

-

-

(9,116)

(772)

 

-

-

 

(9,888)

(28)

 

(9,916)

 Dividend

-

-

(5,829)

-

 

-

-

 

(5,829)

(234)

 

(6,063)

 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(a)

-

-

(233)

-

 

4,297,502

233

 

-

-

 

-

 Share-based payments

-

-

144

-

 

-

-

 

144

-

 

144

 Share cancellation

-

-

-

-

 

-

-

 

-

-

 

-

 Net issuance (repayment) of perpetual subordinated notes

-

-

331

-

 

-

-

 

331

-

 

331

 Payments on perpetual subordinated notes

-

-

(227)

-

 

-

-

 

(227)

-

 

(227)

 Other operations with

 non-controlling interests

-

-

(63)

-

 

-

-

 

(63)

(82)

 

(145)

 Other items

-

-

(15)

-

 

-

-

 

(15)

(6)

 

(21)

As of September 30,  2020

2,653,124,025

8,267

107,632

(12,275)

 

(24,412,776)

(1,390)

 

102,234

2,177

 

104,411

 Net income of the fourth quarter 2020

-

-

891

-

 

-

-

 

891

12

 

903

 Other comprehensive income

-

-

662

2,023

 

-

-

 

2,685

222

 

2,907

 Comprehensive Income

-

-

1,553

2,023

 

-

-

 

3,576

234

 

3,810

 Dividend

-

-

(2,070)

-

 

-

-

 

(2,070)

-

 

(2,070)

 Issuance of common shares

-

-

-

-

 

-

-

 

-

-

 

-

 Purchase of treasury shares

-

-

-

-

 

-

-

 

-

-

 

-

 Sale of treasury shares(a)

-

-

(3)

-

 

20,073

3

 

-

-

 

-

 Share-based payments

-

-

44

-

 

-

-

 

44

-

 

44

 Share cancellation

-

-

-

-

 

-

-

 

-

-

 

-

 Net issuance (repayment) of perpetual subordinated notes

-

-

-

-

 

-

-

 

-

-

 

-

 Payments on perpetual subordinated notes

-

-

(81)

-

 

-

-

 

(81)

-

 

(81)

 Other operations with

 non-controlling interests

-

-

2

(4)

 

-

-

 

(2)

(35)

 

(37)

 Other items

-

-

1

-

 

-

-

 

1

7

 

8

As of December 31, 2020

2,653,124,025

8,267

107,078

(10,256)

 

(24,392,703)

(1,387)

 

103,702

2,383

 

106,085

 Net income of the first nine months 2021

-

-

10,195

-

 

-

-

 

10,195

268

 

10,463

 Other comprehensive income

-

-

762

(1,731)

 

-

-

 

(969)

(45)

 

(1,014)

 Comprehensive Income

-

-

10,957

(1,731)

 

-

-

 

9,226

223

 

9,449

 Dividend

-

-

(6,236)

-

 

-

-

 

(6,236)

(104)

 

(6,340)

 Issuance of common shares

10,589,713

31

350

-

 

-

-

 

381

-

 

381

 Purchase of treasury shares

-

-

-

-

 

(3,636,351)

(165)

 

(165)

-

 

(165)

 Sale of treasury shares(a)

-

-

(216)

-

 

4,571,235

216

 

-

-

 

-

 Share-based payments

-

-

103

-

 

-

-

 

103

-

 

103

 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

-

-

(278)

-

 

-

-

 

(278)

-

 

(278)

 Other operations with

 non-controlling interests

-

-

26

(6)

 

-

-

 

20

701

 

721

 Other items

-

-

11

(2)

 

-

-

 

9

8

 

17

As of September 30,  2021

2,640,429,329

8,224

113,795

(11,995)

 

(173,410)

(8)

 

110,016

3,211

 

113,227

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

 

 

 

 

 

INFORMATION BY BUSINESS SEGMENT

TotalEnergies

 

 

 

 

 

 

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 3rd quarter 2021

Exploration

&

Production

Integrated Gas,

Renewables

& Power

Refining

&

Chemicals

Marketing

&

Services

Corporate

Intercompany

Total

(M$)

External sales

1,921

8,482

22,765

21,554

7

-

54,729

Intersegment sales

8,588

1,239

7,031

110

38

(17,006)

-

Excise taxes

-

-

(240)

(5,419)

-

-

(5,659)

Revenues from sales

10,509

9,721

29,556

16,245

45

(17,006)

49,070

Operating expenses

(3,958)

(8,502)

(28,153)

(15,302)

(179)

17,006

(39,088)

Depreciation, depletion and impairment of tangible assets and mineral interests

(2,156)

(343)

(397)

(267)

(28)

-

(3,191)

 Operating income

4,395

876

1,006

676

(162)

-

6,791

Net income (loss) from equity affiliates and other items

139

782

79

2

18

-

1,020

Tax on net operating income

(2,007)

(208)

(273)

(222)

23

-

(2,687)

 Net operating income

2,527

1,450

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)

Exploration

&

Production

Integrated Gas,

Renewables

& Power

Refining

&

Chemicals

Marketing

&

Services

Corporate

Intercompany

Total

(M$)

External sales

-

-

-

-

-

-

-

Intersegment sales

-

-

-

-

-

-

-

Excise taxes

-

-

-

-

-

-

-

Revenues from sales

-

-

-

-

-

-

-

Operating expenses

(32)

(152)

301

44

-

-

161

Depreciation, depletion and impairment of tangible assets and mineral interests

-

(7)

(12)

-

-

-

(19)

 Operating income  (b)

(32)

(159)

289

44

-

-

142

Net income (loss) from equity affiliates and other items

(246)

(3)

5

(12)

2

-

(254)

Tax on net operating income

79

4

(84)

(14)

-

-

(15)

 Net operating income  (b)

(199)

(158)

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)

Exploration

&

Production

Integrated Gas,

Renewables

& Power

Refining

&

Chemicals

Marketing

&

Services

Corporate

Intercompany

Total

(M$)

External sales

1,921

8,482

22,765

21,554

7

-

54,729

Intersegment sales

8,588

1,239

7,031

110

38

(17,006)

-

Excise taxes

-

-

(240)

(5,419)

-

-

(5,659)

Revenues from sales

10,509

9,721

29,556

16,245

45

(17,006)

49,070

Operating expenses

(3,926)

(8,350)

(28,454)

(15,346)

(179)

17,006

(39,249)

Depreciation, depletion and impairment of tangible assets and mineral interests

(2,156)

(336)

(385)

(267)

(28)

-

(3,172)

 Adjusted operating income

4,427

1,035

717

632

(162)

-

6,649

Net income (loss) from equity affiliates and other items

385

785

74

14

16

-

1,274

Tax on net operating income

(2,086)

(212)

(189)

(208)

23

-

(2,672)

 Adjusted net operating income

2,726

1,608

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

Exploration

&

Production

Integrated Gas,

Renewables

& Power

Refining

&

Chemicals

Marketing

&

Services

Corporate

Intercompany

Total

(M$)

Total expenditures

1,754

683

337

239

14

 

3,027

Total divestments

163

358

17

31

2

 

571

 Cash flow from operating activities

4,814

(463)

799

845

(355)

 

5,640

INFORMATION BY BUSINESS SEGMENT

TotalEnergies

 

 

 

 

 

 

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 2nd quarter 2021

Exploration

&

Production

Integrated Gas,

Renewables

& Power

Refining

&

Chemicals

Marketing

&

Services

Corporate

Intercompany

Total

(M$)

External sales

1,743

5,086

20,853

19,367

-

-

47,049

Intersegment sales

7,855

744

6,369

108

39

(15,115)

-

Excise taxes

-

-

(225)

(5,191)

-

-

(5,416)

Revenues from sales

9,598

5,830

26,997

14,284

39

(15,115)

41,633

Operating expenses

(4,284)

(5,103)

(25,646)

(13,434)

(207)

15,115

(33,559)

Depreciation, depletion and impairment of tangible assets and mineral interests

(2,134)

(291)

(396)

(271)

(29)

-

(3,121)

 Operating income

3,180

436

955

579

(197)

-

4,953

Net income (loss) from equity affiliates and other items

(1,243)

419

123

57

23

-

(621)

Tax on net operating income

(1,195)

(56)

(281)

(176)

16

-

(1,692)

 Net operating income

742

799

797

460

(158)

-

2,640

Net cost of net debt

 

 

 

 

 

 

(341)

Non-controlling interests

 

 

 

 

 

 

(93)

Net income - TotalEnergies share

 

 

 

 

 

 

2,206

 

 

 

 

 

 

 

 

 2nd quarter 2021 (adjustments)(a)

Exploration

&

Production

Integrated Gas,

Renewables

& Power

Refining

&

Chemicals

Marketing

&

Services

Corporate

Intercompany

Total

(M$)

External sales

-

(9)

-

-

-

-

(9)

Intersegment sales

-

-

-

-

-

-

-

Excise taxes

-

-

-

-

-

-

-

Revenues from sales

-

(9)

-

-

-

-

(9)

Operating expenses

(23)

(54)

386

71

-

-

380

Depreciation, depletion and impairment of tangible assets and mineral interests

-

(3)

(13)

-

-

-

(16)

 Operating income  (b)

(23)

(66)

373

71

-

-

355

Net income (loss) from equity affiliates and other items

(1,436)

(47)

22

(8)

(22)

-

(1,491)

Tax on net operating income

(12)

21

(109)

(20)

-

-

(120)

 Net operating income  (b)

(1,471)

(92)

286

43

(22)

-

(1,256)

Net cost of net debt

 

 

 

 

 

 

4

Non-controlling interests

 

 

 

 

 

 

(5)

Net income - TotalEnergies share

 

 

 

 

 

 

(1,257)

 

 

 

 

 

 

 

 

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

(b) Of which inventory valuation effect

 

 

 

 

 

 

 

        - On operating income

-

-

394

69

-

 

 

        - On net operating income

-

-

331

50

-

 

 

 

 

 

 

 

 

 

 

 2nd quarter 2021 (adjusted)

Exploration

&

Production

Integrated Gas,

Renewables

& Power

Refining

&

Chemicals

Marketing

&

Services

Corporate

Intercompany

Total

(M$)

External sales

1,743

5,095

20,853

19,367

-

-

47,058

Intersegment sales

7,855

744

6,369

108

39

(15,115)

-

Excise taxes

-

-

(225)

(5,191)

-

-

(5,416)

Revenues from sales

9,598

5,839

26,997

14,284

39

(15,115)

41,642

Operating expenses

(4,261)

(5,049)

(26,032)

(13,505)

(207)

15,115

(33,939)

Depreciation, depletion and impairment of tangible assets and mineral interests

(2,134)

(288)

(383)

(271)

(29)

-

(3,105)

 Adjusted operating income

3,203

502

582

508

(197)

-

4,598

Net income (loss) from equity affiliates and other items

193

466

101

65

45

-

870

Tax on net operating income

(1,183)

(77)

(172)

(156)

16

-

(1,572)

 Adjusted net operating income

2,213

891

511

417

(136)

-

3,896

Net cost of net debt

 

 

 

 

 

 

(345)

Non-controlling interests

 

 

 

 

 

 

(88)

Adjusted net income - TotalEnergies share

 

 

 

 

 

 

3,463

 

 

 

 

 

 

 

 

 2nd quarter 2021

Exploration

&

Production

Integrated Gas,

Renewables

& Power

Refining

&

Chemicals

Marketing

&

Services

Corporate

Intercompany

Total

(M$)

Total expenditures

1,830

1,167

291

222

22

 

3,532

Total divestments

63

310

13

36

6

 

428

 Cash flow from operating activities

4,835

567

2,232

437

(520)

 

7,551

INFORMATION BY BUSINESS SEGMENT

TotalEnergies

 

 

 

 

 

 

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 3rd quarter 2020

Exploration

&

Production

Integrated Gas,

Renewables

& Power

Refining

&

Chemicals

Marketing

&

Services

Corporate

Intercompany

Total

(M$)

External sales

1,142

1,995

13,607

16,397

1

-

33,142

Intersegment sales

4,248

480

4,167

63

24

(8,982)

-

Excise taxes

-

-

(658)

(5,267)

-

-

(5,925)

Revenues from sales

5,390

2,475

17,116

11,193

25

(8,982)

27,217

Operating expenses

(2,435)

(1,880)

(16,799)

(10,301)

(201)

8,982

(22,634)

Depreciation, depletion and impairment of tangible assets and mineral interests

(2,187)

(342)

(678)

(270)

(16)

-

(3,493)

 Operating income

768

253

(361)

622

(192)

-

1,090

Net income (loss) from equity affiliates and other items

251

225

(247)

14

(4)

-

239

Tax on net operating income

(243)

(266)

(51)

(187)

3

-

(744)

 Net operating income

776

212

(659)

449

(193)

-

585

Net cost of net debt

 

 

 

 

 

 

(404)

Non-controlling interests

 

 

 

 

 

 

21

Net income - TotalEnergies share

 

 

 

 

 

 

202

 

 

 

 

 

 

 

 

 3rd quarter 2020 (adjustments)(a)

Exploration

&

Production

Integrated Gas,

Renewables

& Power

Refining

&

Chemicals

Marketing

&

Services

Corporate

Intercompany

Total

(M$)

External sales

-

33

-

-

-

-

33

Intersegment sales

-

-

-

-

-

-

-

Excise taxes

-

-

-

-

-

-

-

Revenues from sales

-

33

-

-

-

-

33

Operating expenses

(51)

(49)

(48)

(6)

-

-

(154)

Depreciation, depletion and impairment of tangible assets and mineral interests

-

-

(290)

-

-

-

(290)

 Operating income  (b)

(51)

(16)

(338)

(6)

-

-

(411)

Net income (loss) from equity affiliates and other items

8

(64)

(215)

(6)

-

-

(277)

Tax on net operating income

18

7

(18)

-

-

-

7

 Net operating income  (b)

(25)

(73)

(571)

(12)

-

-

(681)

Net cost of net debt

 

 

 

 

 

 

29

Non-controlling interests

 

 

 

 

 

 

6

Net income - TotalEnergies share

 

 

 

 

 

 

(646)

 

 

 

 

 

 

 

 

(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

-

-

95

(5)

-

 

 

        - On net operating income

-

-

14

(6)

-

 

 

 

 

 

 

 

 

 

 

 3rd quarter 2020 (adjusted)

Exploration

&

Production

Integrated Gas,

Renewables

& Power

Refining

&

Chemicals

Marketing

&

Services

Corporate

Intercompany

Total

(M$)

External sales

1,142

1,962

13,607

16,397

1

-

33,109

Intersegment sales

4,248

480

4,167

63

24

(8,982)

-

Excise taxes

-

-

(658)

(5,267)

-

-

(5,925)

Revenues from sales

5,390

2,442

17,116

11,193

25

(8,982)

27,184

Operating expenses

(2,384)

(1,831)

(16,751)

(10,295)

(201)

8,982

(22,480)

Depreciation, depletion and impairment of tangible assets and mineral interests

(2,187)

(342)

(388)

(270)

(16)

-

(3,203)

 Adjusted operating income

819

269

(23)

628

(192)

-

1,501

Net income (loss) from equity affiliates and other items

243

289

(32)

20

(4)

-

516

Tax on net operating income

(261)

(273)

(33)

(187)

3

-

(751)

 Adjusted net operating income

801

285

(88)

461

(193)

-

1,266

Net cost of net debt

 

 

 

 

 

 

(433)

Non-controlling interests

 

 

 

 

 

 

15

Adjusted net income - TotalEnergies share

 

 

 

 

 

 

848

 

 

 

 

 

 

 

 

 3rd quarter 2020

Exploration

&

Production

Integrated Gas,

Renewables

& Power

Refining

&

Chemicals

Marketing

&

Services

Corporate

Intercompany

Total

(M$)

Total expenditures

1,291

874

317

185

20

 

2,687

Total divestments

362

380

17

25

2

 

786

 Cash flow from operating activities

2,043

654

1,027

1,033

(406)

 

4,351

INFORMATION BY BUSINESS SEGMENT

TotalEnergies

 

 

 

 

 

 

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 9 months 2021

Exploration

&

Production

Integrated Gas,

Renewables

& Power

Refining

&

Chemicals

Marketing

&

Services

Corporate

Intercompany

Total

(M$)

External sales

5,178

19,070

62,819

58,434

14

-

145,515

Intersegment sales

23,021

2,794

18,921

296

106

(45,138)

-

Excise taxes

-

-

(870)

(15,309)

-

-

(16,179)

Revenues from sales

28,199

21,864

80,870

43,421

120

(45,138)

129,336

Operating expenses

(11,310)

(18,823)

(76,732)

(40,812)

(553)

45,138

(103,092)

Depreciation, depletion and impairment of tangible assets and mineral interests

(6,473)

(1,105)

(1,184)

(793)

(82)

-

(9,637)

 Operating income

10,416

1,936

2,954

1,816

(515)

-

16,607

Net income (loss) from equity affiliates and other items

(834)

1,464

290

25

13

-

958

Tax on net operating income

(4,382)

(365)

(834)

(574)

77

-

(6,078)

 Net operating income

5,200

3,035

2,410

1,267

(425)

-

11,487

Net cost of net debt

 

 

 

 

 

 

(1,024)

Non-controlling interests

 

 

 

 

 

 

(268)

Net income - TotalEnergies share

 

 

 

 

 

 

10,195

 

 

 

 

 

 

 

 

 9 months 2021 (adjustments)(a)

Exploration

&

Production

Integrated Gas,

Renewables

& Power

Refining

&

Chemicals

Marketing

&

Services

Corporate

Intercompany

Total

(M$)

External sales

-

(44)

-

-

-

-

(44)

Intersegment sales

-

-

-

-

-

-

-

Excise taxes

-

-

-

-

-

-

-

Revenues from sales

-

(44)

-

-

-

-

(44)

Operating expenses

(55)

(214)

1,432

257

-

-

1,420

Depreciation, depletion and impairment of tangible assets and mineral interests

-

(155)

(25)

-

-

-

(180)

 Operating income  (b)

(55)

(413)

1,407

257

-

-

1,196

Net income (loss) from equity affiliates and other items

(1,728)

(99)

33

(55)

(60)

-

(1,909)

Tax on net operating income

69

63

(386)

(74)

2

-

(326)

 Net operating income  (b)

(1,714)

(449)

1,054

128

(58)

-

(1,039)

Net cost of net debt

 

 

 

 

 

 

15

Non-controlling interests

 

 

 

 

 

 

(16)

Net income - TotalEnergies share

 

 

 

 

 

 

(1,040)

 

 

 

 

 

 

 

 

(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

-

-

1,449

262

-

 

 

        - On net operating income

-

-

1,222

189

-

 

 

 

 

 

 

 

 

 

 

 9 months 2021 (adjusted)

Exploration

&

Production

Integrated Gas,

Renewables

& Power

Refining

&

Chemicals

Marketing

&

Services

Corporate

Intercompany

Total

(M$)

External sales

5,178

19,114

62,819

58,434

14

-

145,559

Intersegment sales

23,021

2,794

18,921

296

106

(45,138)

-

Excise taxes

-

-

(870)

(15,309)

-

-

(16,179)

Revenues from sales

28,199

21,908

80,870

43,421

120

(45,138)

129,380

Operating expenses

(11,255)

(18,609)

(78,164)

(41,069)

(553)

45,138

(104,512)

Depreciation, depletion and impairment of tangible assets and mineral interests

(6,473)

(950)

(1,159)

(793)

(82)

-

(9,457)

 Adjusted operating income

10,471

2,349

1,547

1,559

(515)

-

15,411

Net income (loss) from equity affiliates and other items

894

1,563

257

80

73

-

2,867

Tax on net operating income

(4,451)

(428)

(448)

(500)

75

-

(5,752)

 Adjusted net operating income

6,914

3,484

1,356

1,139

(367)

-

12,526

Net cost of net debt

 

 

 

 

 

 

(1,039)

Non-controlling interests

 

 

 

 

 

 

(252)

Adjusted net income - TotalEnergies share

 

 

 

 

 

 

11,235

 

 

 

 

 

 

 

 

 9 months 2021

Exploration

&

Production

Integrated Gas,

Renewables

& Power

Refining

&

Chemicals

Marketing

&

Services

Corporate

Intercompany

Total

(M$)

Total expenditures

4,949

4,870

915

599

62

 

11,395

Total divestments

537

810

146

138

20

 

1,651

 Cash flow from operating activities

13,385

884

4,027

1,947

(1,454)

 

18,789

INFORMATION BY BUSINESS SEGMENT

TotalEnergies

 

 

 

 

 

 

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 9 months 2020

Exploration

&

Production

Integrated Gas,

Renewables

& Power

Refining

&

Chemicals

Marketing

&

Services

Corporate

Intercompany

Total

(M$)

External sales

3,716

10,398

41,563

47,058

7

-

102,742

Intersegment sales

12,909

1,375

13,218

259

83

(27,844)

-

Excise taxes

-

-

(1,777)

(13,609)

-

-

(15,386)

Revenues from sales

16,625

11,773

53,004

33,708

90

(27,844)

87,356

Operating expenses

(8,483)

(10,278)

(52,535)

(32,031)

(763)

27,844

(76,246)

Depreciation, depletion and impairment of tangible assets and mineral interests

(14,498)

(1,958)

(1,466)

(743)

(56)

-

(18,721)

 Operating income

(6,356)

(463)

(997)

934

(729)

-

(7,611)

Net income (loss) from equity affiliates and other items

691

645

(339)

46

160

-

1,203

Tax on net operating income

(299)

64

152

(346)

5

-

(424)

 Net operating income

(5,964)

246

(1,184)

634

(564)

-

(6,832)

Net cost of net debt

 

 

 

 

 

 

(1,407)

Non-controlling interests

 

 

 

 

 

 

106

Net income - TotalEnergies share

 

 

 

 

 

 

(8,133)

 

 

 

 

 

 

 

 

 9 months 2020 (adjustments)(a)

Exploration

&

Production

Integrated Gas,

Renewables

& Power

Refining

&

Chemicals

Marketing

&

Services

Corporate

Intercompany

Total

(M$)

External sales

-

17

-

-

-

-

17

Intersegment sales

-

-

-

-

-

-

-

Excise taxes

-

-

-

-

-

-

-

Revenues from sales

-

17

-

-

-

-

17

Operating expenses

(88)

(367)

(1,685)

(347)

(91)

-

(2,578)

Depreciation, depletion and impairment of tangible assets and mineral interests

(7,338)

(953)

(290)

-

-

-

(8,581)

 Operating income  (b)

(7,426)

(1,303)

(1,975)

(347)

(91)

-

(11,142)

Net income (loss) from equity affiliates and other items

79

(356)

(486)

(11)

-

-

(774)

Tax on net operating income

88

381

408

100

12

-

989

 Net operating income  (b)

(7,259)

(1,278)

(2,053)

(258)

(79)

-

(10,927)

Net cost of net debt

 

 

 

 

 

 

(39)

Non-controlling interests

 

 

 

 

 

 

78

Net income - TotalEnergies share

 

 

 

 

 

 

(10,888)

 

 

 

 

 

 

 

 

(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

-

-

(1,509)

(239)

-

 

 

        - On net operating income

-

-

(1,357)

(169)

-

 

 

 

 

 

 

 

 

 

 

 9 months 2020 (adjusted)

Exploration

&

Production

Integrated Gas,

Renewables

& Power

Refining

&

Chemicals

Marketing

&

Services

Corporate

Intercompany

Total

(M$)

External sales

3,716

10,381

41,563

47,058

7

-

102,725

Intersegment sales

12,909

1,375

13,218

259

83

(27,844)

-

Excise taxes

-

-

(1,777)

(13,609)

-

-

(15,386)

Revenues from sales

16,625

11,756

53,004

33,708

90

(27,844)

87,339

Operating expenses

(8,395)

(9,911)

(50,850)

(31,684)

(672)

27,844

(73,668)

Depreciation, depletion and impairment of tangible assets and mineral interests

(7,160)

(1,005)

(1,176)

(743)

(56)

-

(10,140)

 Adjusted operating income

1,070

840

978

1,281

(638)

-

3,531

Net income (loss) from equity affiliates and other items

612

1,001

147

57

160

-

1,977

Tax on net operating income

(387)

(317)

(256)

(446)

(7)

-

(1,413)

 Adjusted net operating income

1,295

1,524

869

892

(485)

-

4,095

Net cost of net debt

 

 

 

 

 

 

(1,368)

Non-controlling interests

 

 

 

 

 

 

28

Adjusted net income - TotalEnergies share

 

 

 

 

 

 

2,755

 

 

 

 

 

 

 

 

 9 months 2020

Exploration

&

Production

Integrated Gas,

Renewables

& Power

Refining

&

Chemicals

Marketing

&

Services

Corporate

Intercompany

Total

(M$)

Total expenditures

4,556

4,335

850

519

86

 

10,346

Total divestments

687

813

118

97

28

 

1,743

 Cash flow from operating activities

6,876

1,554

924

1,453

(1,678)

 

9,129

Reconciliation of the information by business segment with Consolidated Financial Statements

TotalEnergies

 

 

 

 

 

 

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated

3rd quarter 2021

 

 

 

 

statement

(M$)

Adjusted

 

Adjustments(a)

 

 of income

Sales

54,729

 

-

 

54,729

Excise taxes

(5,659)

 

-

 

(5,659)

      Revenues from sales

49,070

 

-

 

49,070

 

 

 

 

 

 

Purchases net of inventory variation

(32,574)

 

230

 

(32,344)

Other operating expenses

(6,548)

 

(69)

 

(6,617)

Exploration costs

(127)

 

-

 

(127)

Depreciation, depletion and impairment of tangible assets and mineral interests

(3,172)

 

(19)

 

(3,191)

Other income

195

 

-

 

195

Other expense

(117)

 

(488)

 

(605)

 

 

 

 

 

 

Financial interest on debt

(454)

 

-

 

(454)

Financial income and expense from cash & cash equivalents

79

 

8

 

87

      Cost of net debt

(375)

 

8

 

(367)

 

 

 

 

 

 

Other financial income

193

 

-

 

193

Other financial expense

(140)

 

-

 

(140)

 

 

 

 

 

 

Net income (loss) from equity affiliates

1,143

 

234

 

1,377

 

 

 

 

 

 

Income taxes

(2,674)

 

(18)

 

(2,692)

Consolidated net income

4,874

 

(122)

 

4,752

TotalEnergies share

4,769

 

(124)

 

4,645

Non-controlling interests

105

 

2

 

107

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

Consolidated

3rd quarter 2020

 

 

 

 

statement

(M$)

Adjusted

 

Adjustments(a)

 

 of income

Sales

33,109

 

33

 

33,142

Excise taxes

(5,925)

 

-

 

(5,925)

      Revenues from sales

27,184

 

33

 

27,217

 

 

 

 

 

 

Purchases net of inventory variation

(16,942)

 

57

 

(16,885)

Other operating expenses

(5,399)

 

(211)

 

(5,610)

Exploration costs

(139)

 

-

 

(139)

Depreciation, depletion and impairment of tangible assets and mineral interests

(3,203)

 

(290)

 

(3,493)

Other income

310

 

147

 

457

Other expense

(115)

 

(166)

 

(281)

 

 

 

 

 

 

Financial interest on debt

(549)

 

2

 

(547)

Financial income and expense from cash & cash equivalents

49

 

40

 

89

      Cost of net debt

(500)

 

42

 

(458)

 

 

 

 

 

 

Other financial income

134

 

-

 

134

Other financial expense

(165)

 

-

 

(165)

 

 

 

 

 

 

Net income (loss) from equity affiliates

352

 

(258)

 

94

 

 

 

 

 

 

Income taxes

(684)

 

(6)

 

(690)

Consolidated net income

833

 

(652)

 

181

TotalEnergies share

848

 

(646)

 

202

Non-controlling interests

(15)

 

(6)

 

(21)

 

 

 

 

 

 

(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

 

 

 

 

 

 

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated

9 months 2021

 

 

 

statement of

(M$)

Adjusted

 

Adjustments(a)

income

Sales

145,559

 

(44)

145,515

Excise taxes

(16,179)

 

-

(16,179)

      Revenues from sales

129,380

 

(44)

129,336

 

 

 

 

 

Purchases net of inventory variation

(83,971)

 

1,510

(82,461)

Other operating expenses

(20,124)

 

(90)

(20,214)

Exploration costs

(417)

 

-

(417)

Depreciation, depletion and impairment of tangible assets and mineral interests

(9,457)

 

(180)

(9,637)

Other income

749

 

27

776

Other expense

(451)

 

(1,111)

(1,562)

 

 

 

 

 

Financial interest on debt

(1,421)

 

-

(1,421)

Financial income and expense from cash & cash equivalents

235

 

24

259

      Cost of net debt

(1,186)

 

24

(1,162)

 

 

 

 

 

Other financial income

567

 

-

567

Other financial expense

(401)

 

-

(401)

 

 

 

 

 

Net income (loss) from equity affiliates

2,403

 

(825)

1,578

 

 

 

 

 

Income taxes

(5,605)

 

(335)

(5,940)

Consolidated net income

11,487

 

(1,024)

10,463

TotalEnergies share

11,235

 

(1,040)

10,195

Non-controlling interests

252

 

16

268

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

Consolidated

9 months 2020

 

 

 

statement of

(M$)

Adjusted

 

Adjustments(a)

income

Sales

102,725

 

17

102,742

Excise taxes

(15,386)

 

-

(15,386)

      Revenues from sales

87,339

 

17

87,356

 

 

 

 

 

Purchases net of inventory variation

(54,891)

 

(2,087)

(56,978)

Other operating expenses

(18,384)

 

(491)

(18,875)

Exploration costs

(393)

 

-

(393)

Depreciation, depletion and impairment of tangible assets and mineral interests

(10,140)

 

(8,581)

(18,721)

Other income

1,130

 

269

1,399

Other expense

(409)

 

(400)

(809)

 

 

 

 

 

Financial interest on debt

(1,643)

 

(3)

(1,646)

Financial income and expense from cash & cash equivalents

36

 

(52)

(16)

      Cost of net debt

(1,607)

 

(55)

(1,662)

 

 

 

 

 

Other financial income

741

 

-

741

Other financial expense

(506)

 

(1)

(507)

 

 

 

 

 

Net income (loss) from equity affiliates

1,021

 

(642)

379

 

 

 

 

 

Income taxes

(1,174)

 

1,005

(169)

Consolidated net income

2,727

 

(10,966)

(8,239)

TotalEnergies share

2,755

 

(10,888)

(8,133)

Non-controlling interests

(28)

 

(78)

(106)

 

 

 

 

 

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