TotalEnergies: Second Quarter and First Half 2021 Results

With adjusted results of $3.5 billion and EBITDA of $8.7 billion, TotalEnergies fully benefits from high hydrocarbon prices and allocates part of surplus revenues to share buybacks while continuing to grow renewables and electricity

PARIS--()--Regulatory News:

   

2Q21

 

Change
vs 2Q20

 

1H21

 

Change
vs 1H20

Oil price - Brent ($/b)  

69.0

 

x2.3

 

65.0

 

+62%

Average price of LNG ($/Mbtu)  

6.6

 

+50%

 

6.3

 

+17%

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

10.2

 

-29%

 

7.6

 

-64%

Adjusted net income (TotalEnergies share)(1)   

 

 

 

 

 

 

 

- in billions of dollars (B$)  

3.5

 

x27.5

 

6.5

 

x3.4

- in dollars per share  

1.27

 

x60.8

 

2.38

 

x3.5

DACF(1) (B$)  

6.8

 

+63%

 

12.5

 

+49%

Cash Flow from operations (B$)  

7.6

 

x2.2

 

13.1

 

x2.8

Net income (TotalEnergies share) of 2.2 B$ in 2Q21                
Net-debt-to-capital ratio(2) of 18.5% at June 30, 2021 vs. 19.5% at March 31, 2021
Hydrocarbon production of 2,747 kboe/d in 2Q21, a decrease of 3% compared to 2Q20
Second interim dividend set at 0.66 €/share                

The Board of Directors of TotalEnergies SE (Paris:TTE) (LSE:TTE) (NYSE:TTE), meeting on July 28, 2021, under the chairmanship of Chairman and Chief Executive Officer Patrick Pouyanné, approved the Company's second quarter 2021 accounts. On this occasion, Patrick Pouyanné said:

"In the second quarter, thanks to the progressive recovery of global demand and OPEC+ discipline, TotalEnergies benefited from oil and gas markets that were 13% and 28% higher respectively quarter to quarter. In this context, TotalEnergies reported $3.5 billion of adjusted net income, a 15% increase compared to the first quarter 2021 and above the level of the pre-crisis second quarter 2019 which had a comparable oil price environment, notably thanks to the action plans implemented during the crisis.

TotalEnergies generated cash flow (DACF) of $6.8 billion, an increase of more than $1 billion compared to the previous quarter, and, by maintaining investment discipline, generated net cash flow of $3.2 billion this quarter, which covered the interim dividend of $2.1 billion and allowed continued debt reduction, with gearing falling to 18.5%, below the announced objective of 20%. The organic cash breakeven was below $25/b for the quarter.

Given the strong second quarter results, the Board of Directors decided to distribute a second interim dividend for 2021, stable at € 0.66/share.

In addition, given the high hydrocarbon prices and gearing below 20%, in the respect of the strategy of TotalEnergies and consistent with the cash flow allocation scheme presented in February 2021, the Board of Directors decided to allocate up to 40% of the additional cash flow generated above $60/b to share buybacks.

The iGRP segment confirmed its first quarter performance with adjusted net income and cash flow of around $900 million. Growth in Renewables and Electricity continued with more than 500 MW of gross renewable power generation capacity commissioned in the quarter and the acquisition of a stake in a 640 MW offshore wind project under construction in Taiwan.

Exploration and Production fully leveraged the higher Brent price and, despite lower production in the second quarter, mainly due to planned maintenance, reported increases of about 10% over the previous quarter in adjusted net operating income and cash flow to $2.2 billion and $4.3 billion, respectively.

Downstream delivered very good performance, thanks to the strength of its integrated model, which allowed it to benefit from very high margins in petrochemicals and the rebound of Marketing & Services results to pre-crisis results, despite depressed European refining margins. Downstream adjusted net operating income and cash flow increased by about 70% to $900 million and $1.5 billion, respectively.”

1. Highlights(3)

Sustainability

  • Total transforms and becomes TotalEnergies, with a new visual identity
  • 3rd place globally and 1st place for the sector Oil and Gas in the BloombergNEF ranking on the alignment of corporate strategies with the United Nations’ Sustainable Development Goals
  • TotalEnergies and Chevron decide to suspend distribution of dividends from gas transport company in Myanmar
  • Partnership with Novatek to reduce emissions from LNG production, develop large-scale carbon capture and storage, and study carbon-free hydrogen and ammonia projects
  • Partnership with GHGSat for satellite-based monitoring of methane emissions at sea

Renewables and Electricity

  • Acquired 23% stake in 640 MW offshore wind project under construction in Taiwan
  • Acquisition by Adani Green Energy Ltd., in which TotalEnergies has a 20% stake, of a portfolio of 5 GW of renewable electricity generation capacity in operation and under construction in India that will contribute 1 GW to TotalEnergies' target of 35 GW in 2025
  • Signed contract with Merck & Co. for the sale of 90 GWh/y renewable electricity in Spain for 10 years
  • Partnership with Amazon to supply (474 MW) renewable electricity to its data centers in Europe and the United States, and to accelerate TotalEnergies digital transformation
  • Sales contract for 50 GWh/y over 15 years with Air Liquide in Belgium

LNG

  • Remobilization of the Papua LNG project with a view to final investment decision in 2023
  • Agreement with Novatek to acquire 10% of Arctic Transshipment LLC, which will operate two LNG transshipment terminals under construction in Russia
  • Tolling agreement with GIP, for more than $750 million, for Gladstone LNG infrastructure in Australia
  • Withdrew from the Driftwood LNG project and sold TotalEnergies' stake in Tellurian Inc.
  • Signed contract with ArcelorMittal Nippon Steel for a 5-year supply of up to 0.5 Mt/y of LNG in India
  • Technical collaboration agreements with Siemens Energy and Technip Energies to develop low-carbon LNG technologies

Upstream

  • Started production of Zinia Phase 2, short-cycle development project on Block 17 in Angola
  • Significant new discovery on the Sapakara South well in Suriname
  • Awarded two new conventional offshore exploration permits in Suriname with partner Qatar Petroleum
  • Entry on Block 29 exploration permit in Angola as operator
  • Agreed to divest TotalEnergies 18% interest in the Sarsang block, in Iraqi Kurdistan
  • Divested TotalEnergies’ interest in Petrocedeño to PDVSA in Venezuela which led to the recognition of an exceptional capital loss of $1.38 billion during the quarter

Downstream

  • Started production of sustainable aviation biofuels in France and made, in partnership with Air France-KLM, Groupe ADP and Airbus, the first long-haul flight with sustainable air fuel (SAF) in France
  • Obtained concession for the expansion of the public charging network for electric vehicles of the City of Amsterdam, with 2,200 new charging points
  • Global partnership in the field of lubricants and electric mobility with Peugeot, Citroën, DS Automobiles, Opel and Vauxhall
  • Partnership agreement with Uber to accelerate transition of VTC drivers to electric mobility in France
  • Acquired 20% stake in Hysetco, a French company owning the world's first fleet of hydrogen taxis, operated under the Hype brand, as well as hydrogen charging stations

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

2Q21

 

1Q21

 

2Q20

 

2Q21
 vs
2Q20

 

2Q19

 

2Q21
vs
2Q19

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

1H21

 

1H20

 

1H21
 vs
1H20

8,667

 

8,170

 

3,909

 

x2.2

 

8,550

 

+1%

  Adjusted EBITDA (5)  

16,837

 

10,583

 

+59%

4,032

 

3,487

 

821

 

x4.9

 

3,589

 

+12%

  Adjusted net operating income from business segments  

7,519

 

3,121

 

x2.4

2,213

 

1,975

 

(209)

 

ns

 

2,022

 

+9%

 

Exploration & Production

 

4,188

 

494

 

x8.5

891

 

985

 

326

 

x2.7

 

429

 

x2.1

 

Integrated Gas, Renewables & Power

 

1,876

 

1,239

 

+51%

511

 

243

 

575

 

-11%

 

715

 

-29%

 

Refining & Chemicals

 

754

 

957

 

-21%

417

 

284

 

129

 

x3.2

 

423

 

-1%

 

Marketing & Services

 

701

 

431

 

+63%

740

 

520

 

11

 

x67.3

 

457

 

+62%

  Contribution of equity affiliates to adjusted net income  

1,260

 

669

 

+88%

34.3%

 

34.6%

 

-6.8%

 

 

 

33.0%

 

 

  Effective tax rate (6)  

34.4%

 

24.3%

 

 

3,463

 

3,003

 

126

 

x27.5

 

2,887

 

+20%

  Adjusted net income (TotalEnergies share)  

6,466

 

1,907

 

x3.4

1.27

 

1.10

 

0.02

 

x60.8

 

1.05

 

+21%

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

2.38

 

0.68

 

x3.5

1.06

 

0.91

 

0.02

 

x53

 

0.94

 

+13%

  Adjusted fully-diluted earnings per share (euros)*  

1.97

 

0.62

 

x3.2

2,646

 

2,645

 

2,598

 

+2%

 

2,625

 

+1%

  Fully-diluted weighted-average shares (millions)  

2,644

 

2,598

 

+2%

 

 

 

 

 

 

 

 

 

 

 

     

 

 

 

 

 

2,206

 

3,344

 

(8,369)

 

ns

 

2,756

 

-20%

  Net income (TotalEnergies share)  

5,550

 

(8,335)

 

ns

 

 

 

 

 

 

 

 

 

 

 

     

 

 

 

 

 

2,802

 

2,379

 

2,201

 

+27%

 

3,028

 

-7%

  Organic investments (8)  

5,181

 

4,724

 

+10%

396

 

1,590

 

721

 

-45%

 

402

 

-2%

  Net acquisitions (9)  

1,986

 

1,823

 

+9%

3,198

 

3,969

 

2,922

 

+9%

 

3,430

 

-7%

  Net investments (10)  

7,167

 

6,547

 

+9%

 

 

 

 

 

 

 

 

 

 

 

     

 

 

 

 

 

6,352

 

5,366

 

3,644

 

+74%

 

6,807

 

-7%

  Operating cash flow before working capital changes** (11)  

11,718

 

7,409

 

+58%

6,761

 

5,750

 

4,143

 

+63%

 

7,308

 

-7%

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

12,511

 

8,420

 

+49%

7,551

 

5,598

 

3,479

 

x2.2

 

6,251

 

+21%

  Cash flow from operations  

13,149

 

4,778

 

x2.8

Data take into account the impact of the IFRS16 “Leases” rule, effective January 1, 2019.
* Average €-$ exchange rate: 1.2058 in the second quarter 2021 and 1.2053 in the first half 2021.
** 2Q20, 2Q19 and 1H20 data restated.

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

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

2Q21

 

1Q21

 

2Q20

 

2Q21
 vs
2Q20

 

2Q19

 

2Q21
vs
2Q19

     

1H21

 

1H20

 

1H21
 vs
1H20

69.0

 

61.1

 

29.6

 

x2.3

 

68.9

 

-

  Brent ($/b)  

65.0

 

40.1

 

+62%

3.0

 

2.7

 

1.8

 

+70%

 

2.5

 

+18%

  Henry Hub ($/Mbtu)  

2.9

 

1.8

 

+57%

8.7

 

6.8

 

1.7

 

x5.2

 

4.1

 

x2.1

  NBP ($/Mbtu)  

7.7

 

2.4

 

x3.2

10.0

 

10.0

 

2.1

 

x4.7

 

4.9

 

x2

  JKM ($/Mbtu)  

10.0

 

2.9

 

x3.5

62.9

 

56.4

 

23.4

 

x2.7

 

63.7

 

-1%

  Average price of liquids ($/b)
Consolidated subsidiaries
 

59.7

 

33.8

 

+77%

4.43

 

4.06

 

2.61

 

+69%

 

3.82

 

+16%

  Average price of gas ($/Mbtu)
Consolidated subsidiaries
 

4.23

 

2.99

 

+41%

6.59

 

6.08

 

4.40

 

+50%

 

5.69

 

+16%

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

6.33

 

5.42

 

+17%

10.2

 

5.3

 

14.3

 

-29%

 

27.6

 

-63%

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

7.6

 

21.0

 

-64%

* The indicators are shown on page 20

The average price of LNG increased by 8% in the second quarter 2021 compared to the previous quarter, benefiting from the lag effect of rising oil prices on long-term oil-linked LNG contracts and from the increase in natural gas prices for spot gas price LNG contracts.

3.2 Greenhouse gas emissions(13)

2Q21

 

1Q21

  GHG emissions (MtCO2e)  

2020

 

2020
(excluding
Covid effect)

7

 

8

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

35.8

 

39

77

 

81

  Scope 3 (15)  

350

 

400

45

 

50

  Scope 1+2+3 in Europe (16)  

212

 

239

3.3 Production*

2Q21

 

1Q21

 

2Q20

 

2Q21
 vs
2Q20

 

2Q19

 

2Q21
vs
2Q19

  Hydrocarbon production  

1H21

 

1H20

 

1H21
 vs
1H20

2,747

 

2,863

 

2,846

 

-3%

 

2,957

 

-7%

  Hydrocarbon production (kboe/d)  

2,805

 

2,966

 

-5%

1,258

 

1,272

 

1,315

 

-4%

 

1,407

 

-11%

 

Oil (including bitumen) (kb/d)

 

1,265

 

1,381

 

-8%

1,489

 

1,591

 

1,531

 

-3%

 

1,549

 

-4%

 

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

 

1,540

 

1,584

 

-3%

 

 

 

 

 

 

 

 

 

 

 

     

 

 

 

 

 

2,747

 

2,863

 

2,846

 

-3%

 

2,957

 

-7%

  Hydrocarbon production (kboe/d)  

2,805

 

2,966

 

-5%

1,464

 

1,508

 

1,553

 

-6%

 

1,624

 

-10%

 

Liquids (kb/d)

 

1,486

 

1,626

 

-9%

7,017

 

7,400

 

7,045

 

-

 

7,309

 

-4%

 

Gas (Mcf/d)

 

7,208

 

7,302

 

-1%

* Company production = E&P production + iGRP production

Hydrocarbon production was 2,747 thousand barrels of oil equivalent per day (kboe/d) in the second quarter 2021, a decrease of 3% year-on-year, comprised of:

  • +2% due to the start-up and ramp-up of projects,
  • -2% due to the price effect,
  • -3% due to the natural decline of the fields.

Hydrocarbon production was 2,747 kboe/d in the second quarter 2021, down 4% from the first quarter 2021, due to major maintenance shutdowns.

Hydrocarbon production was 2,805 kboe/d in the first half 2021, a decrease of 5%, comprised of:

  • +2% due to the start-up and ramp-up of projects, including North Russkoye in Russia, Culzean in the United Kingdom, Johan Sverdrup in Norway and Iara in Brazil,
  • -1% portfolio effect, notably asset sales in the United Kingdom and Block CA1 in Brunei,
  • -2% due to planned maintenance and unplanned outages, notably in the United Kingdom, Australia, Norway and Nigeria,
  • -1% due to the price effect,
  • -3% due to the natural decline of the 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

Hydrocarbon production for LNG  

2Q21

 

1Q21

 

2Q20

 

2Q21
 vs
2Q20

 

2Q19

 

2Q21
vs
2Q19

  Hydrocarbon production for LNG  

1H21

 

1H20

 

1H21
 vs
1H20

iGRP (kboe/d)  

502

 

518

 

520

 

-3%

 

559

 

-10%

  iGRP (kboe/d)  

510

 

536

 

-5%

Liquids (kb/d)  

52

 

64

 

66

 

-21%

 

73

 

-29%

 

Liquids (kb/d)

 

58

 

69

 

-17%

Gas (Mcf/d)  

2,464

 

2,476

 

2,471

 

-

 

2,680

 

-8%

 

Gas (Mcf/d)

 

2,470

 

2,541

 

-3%

 

 

 

 

 

 

 

 

 

 

 

 

   

 

 

 

 

 

Liquefied Natural Gas in Mt  

2Q21

 

1Q21

 

2Q20

 

2Q21
 vs
2Q20

 

2Q19

 

2Q21
vs
2Q19

  Liquefied Natural Gas in Mt  

1H21

 

1H20

 

1H21
 vs
1H20

Overall LNG sales  

10.5

 

9.9

 

10.4

 

+1%

 

8.5

 

+23%

  Overall LNG sales  

20.4

 

20.2

 

+1%

incl. Sales from equity production*  

4.2

 

4.4

 

4.3

 

-4%

 

4.1

 

+3%

 

incl. Sales from equity production*

 

8.5

 

9.0

 

-5%

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

8.8

 

7.9

 

8.7

 

+1%

 

6.7

 

+31%

 

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

 

16.7

 

16.5

 

+1%

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

Hydrocarbon production for LNG decreased year-on-year by 3% and 5% respectively in the second quarter 2021 and first half 2021, notably due to the shutdown of the Snøhvit LNG plant following a fire at the end of September 2020 and the planned maintenance shutdown in the second quarter 2021 on Ichthys LNG's liquefaction trains in Australia.

Total LNG sales were stable year-on-year in the second quarter 2021 and the first half 2021.

2Q21

 

1Q21

 

2Q20

 

2Q21
 vs
2Q20

  Renewables & Electricity  

1H21

 

1H20

 

1H21
 vs
1H20

41.7

 

40.2

 

20.4

 

x2

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

41.7

 

20.4

 

x2

8.3

 

7.8

 

5.1

 

+63%

 

o/w installed capacity 

 

8.3

 

5.1

 

+63%

5.4

 

5.1

 

2.9

 

+89%

 

o/w capacity in construction 

 

5.4

 

2.9

 

+89%

28.0

 

27.3

 

12.4

 

x2.3

 

o/w capacity in development 

 

28.0

 

12.4

 

x2.3

22.6

 

21.2

 

11.2

 

x2

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

22.6

 

11.2

 

x2

30.7

 

30.1

 

13.6

 

x2.3

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

30.7

 

13.6

 

x2.3

4.0

 

3.8

 

2.3

 

+76%

 

o/w installed capacity 

 

4.0

 

2.3

 

+76%

3.1

 

3.1

 

1.1

 

x3

 

o/w capacity in construction 

 

3.1

 

1.1

 

x3

23.6

 

23.3

 

10.3

 

x2.3

 

o/w capacity in development 

 

23.6

 

10.3

 

x2.3

5.1

 

4.7

 

2.9

 

+73%

  Net power production (TWh) (3)  

9.8

 

5.9

 

+67%

1.7

 

1.6

 

1.1

 

+47%

 

incl. Power production from renewables

 

3.2

 

1.8

 

+79%

5.8

 

5.7

 

4.2

 

+38%

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

5.8

 

4.2

 

+38%

2.7

 

2.7

 

1.7

 

+58%

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

2.7

 

1.7

 

+58%

12.7

 

16.1

 

9.4

 

+35%

  Sales power - BtB and BtC (TWh)  

28.8

 

23.6

 

+22%

20.6

 

36.2

 

17.3

 

+19%

  Sales gas - BtB and BtC (TWh)  

56.8

 

50.9

 

+12%

 

 

 

 

 

 

 

   

 

 

 

 

 

291

 

344

 

91

 

x3.2

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

635

 

340

 

+87%

62

 

148

 

92

 

-32%

 

incl. from renewables business

 

210

 

184

 

+14%

(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.

Gross installed capacity of renewable electricity generation grew to 8.3 GW at the end of the second quarter 2021.

Net electricity production was 5.1 TWh in the second quarter 2021, an increase of 73% year-on-year, notably due to strong growth in renewable electricity generation and the acquisition of four CCGT plants in France and Spain in the fourth quarter of 2020.

Electricity and gas sales, seasonally lower in the second quarter, increased by 35% and 19% respectively in the second quarter 2021 compared to last year thanks to the growing number of customers, with TotalEnergies notably surpassing the 5 million customer mark (B2C and B2B) in France.

TotalEnergies’ share of the EBITDA of the Renewables and Electricity activities was $291 million in the second quarter 2021, more than tripling over one year, driven by growing electricity production, particularly renewable electricity, and the number of gas and electricity customers.

4.1.2 Results

In millions of dollars  

2Q21

 

1Q21

 

2Q20

 

2Q21
 vs
2Q20

 

2Q19

 

2Q21
vs
2Q19

  In millions of dollars  

1H21

 

1H20

 

1H21
 vs
1H20

Adjusted net operating income*  

891

 

985

 

326

 

x2.7

 

429

 

x2.1

  Adjusted net operating income*  

1,876

 

1,239

 

+51%

including income from equity affiliates  

356

 

264

 

(69)

 

ns

 

195

 

+83%

 

including income from equity affiliates

 

620

 

179

 

x3.5

   

 

 

 

 

 

 

 

 

 

 

 

     

 

 

 

 

 

Organic investments  

759

 

753

 

618

 

+23%

 

442

 

+72%

  Organic investments  

1,512

 

1,264

 

+20%

Net acquisitions  

166

 

1,893

 

433

 

-62%

 

159

 

+4%

  Net acquisitions  

2,059

 

1,570

 

+31%

Net investments  

925

 

2,646

 

1,051

 

-12%

 

601

 

+54%

  Net investments  

3,571

 

2,834

 

+26%

   

 

 

 

 

 

 

 

 

 

 

 

     

 

 

 

 

 

Operating cash flow before working capital changes **  

904

 

1,059

 

1,051

 

-14%

 

969

 

-7%

  Operating cash flow before working capital changes **  

1,963

 

1,652

 

+19%

Cash flow from operations ***  

567

 

780

 

1,389

 

-59%

 

641

 

-12%

  Cash flow from operations ***  

1,347

 

900

 

+50%

* Detail of adjustment items shown in the business segment information annex to financial statements.
** Excluding financial expenses, 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. 2Q20, 2Q19 and 1H20 data restated (see note 11 on page 3).
*** Excluding financial charges, except those related to leases.

Adjusted net operating income for the iGRP sector was:

  • $891 million in the second quarter 2021, more than doubling over the year, thanks to higher LNG prices and the growing contribution from Renewables and Electricity,
  • $1,876 million in the first half 2021, an increase of 51% year-on-year for the same reasons as well as good performance by the trading activities in the first quarter 2021.

Operating cash flow before working capital changes:

  • Decreased 14% year-on-year to $904 million in the second quarter 2021, as the second quarter of 2020 benefited from excellent performance of trading activities in a context of high market volatility,
  • Increased 19% year-on-year to $1,963 million in the first half 2021, in line with the rise in LNG prices and the growing contribution of Renewables and Electricity.

4.2 Exploration & Production

4.2.1 Production

Hydrocarbon production  

2Q21

 

1Q21

 

2Q20

 

2Q21
 vs
2Q20

 

2Q19

 

2Q21
vs
2Q19

  Hydrocarbon production  

1H21

 

1H20

 

1H21
 vs
1H20

EP (kboe/d)  

2,245

 

2,345

 

2,326

 

-3%

 

2,398

 

-6%

  EP (kboe/d)  

2,295

 

2,430

 

-6%

Liquids (kb/d)  

1,412

 

1,444

 

1,487

 

-5%

 

1,551

 

-9%

 

Liquids (kb/d)

 

1,428

 

1,557

 

-8%

Gas (Mcf/d)  

4,553

 

4,924

 

4,574

 

-

 

4,629

 

-2%

 

Gas (Mcf/d)

 

4,738

 

4,761

 

-

4.2.2 Results

In millions of dollars, except effective tax rate  

2Q21

 

1Q21

 

2Q20

 

2Q21
 vs
2Q20

 

2Q19

 

2Q21
vs
2Q19

  In millions of dollars, except effective tax rate  

1H21

 

1H20

  1H21
 vs
1H20
Adjusted net operating income*  

2,213

 

1,975

 

(209)

 

ns

 

2,022

 

+9%

  Adjusted net operating income*  

4,188

 

494

  x8.5
including income from equity affiliates  

279

 

270

 

48

 

x5.8

 

239

 

+17%

 

including income from equity affiliates

 

549

 

438

  +25%
Effective tax rate**  

38.2%

 

41.0%

 

56.6%

 

 

 

39.5%

 

 

  Effective tax rate**  

39.5%

 

69.6%

   
 

 

 

 

 

 

 

 

 

 

 

 

         
Organic investments  

1,559

 

1,279

 

1,112

 

+40%

 

1,995

 

-22%

  Organic investments  

2,838

 

2,684

  +6%
Net acquisitions  

231

 

(202)

 

311

 

-26%

 

204

 

+13%

  Net acquisitions  

29

 

305

 

-90%

Net investments   

1,790

 

1,077

 

1,423

 

+26%

 

2,199

 

-19%

  Net investments   

2,867

 

2,989

 

-4%

 

 

 

 

 

 

 

 

 

 

 

 

         
Operating cash flow before working capital changes ***  

4,262

 

3,824

 

1,810

 

x2.4

 

4,882

 

-13%

  Operating cash flow before working capital changes ***  

8,086

 

4,386

  +84%
Cash flow from operations ***  

4,835

 

3,736

 

910

 

x5.3

 

3,768

 

+28%

  Cash flow from operations ***  

8,571

 

4,833

  +77%

* 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:

  • $2,213 million in the second quarter 2021 compared to a loss of $209 million in the second quarter 2020, thanks to the sharp rebound in oil and gas prices,
  • $4,188 million in the first half 2021, more than eight times higher in the first half 2020, for the same reasons.

Operating cash flow before working capital changes was $4,262 million in the second quarter 2021 compared to $1,810 million a year earlier and increased by 84% to $8,086 million in the first half 2021, in line with higher oil and gas prices.

4.3 Downstream (Refining & Chemicals and Marketing & Services)

4.3.1 Results

In millions of dollars  

2Q21

 

1Q21

 

2Q20

 

2Q21
 vs
2Q20

 

2Q19

 

2Q21
vs
2Q19

  In millions of dollars  

1H21

 

1H20

 

1H21
 vs
1H20

Adjusted net operating income*  

928

 

527

 

704

 

+32%

 

1,138

 

-18%

  Adjusted net operating income*  

1,455

 

1,388

 

+5%

 

 

 

 

 

 

 

 

 

 

 

 

   

 

 

 

 

 

Organic investments  

468

 

335

 

457

 

+2%

 

557

 

-16%

  Organic investments  

803

 

734

 

+9%

Net acquisitions  

(1)

 

(103)

 

(20)

 

ns

 

38

 

ns

  Net acquisitions  

(104)

 

(50)

 

ns

Net investments  

467

 

232

 

437

 

+7%

 

595

 

-22%

  Net investments  

699

 

684

 

+2%

   

 

 

 

 

 

 

 

 

 

 

 

     

 

 

 

 

 

Operating cash flow before working capital changes **  

1,460

 

872

 

1,488

 

-2%

 

1,432

 

+2%

  Operating cash flow before working capital changes **  

2,332

 

2,552

 

-9%

Cash flow from operations **  

2,669

 

1,661

 

1,899

 

+41%

 

2,269

 

+18%

  Cash flow from operations **  

4,330

 

317

 

x13.7

* 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

Refinery throughput and utilization rate*  

2Q21

 

1Q21

 

2Q20

 

2Q21
 vs
2Q20

 

2Q19

 

2Q21
vs
2Q19

  Refinery throughput and utilization rate*  

1H21

 

1H20

 

1H21
 vs
1H20

Total refinery throughput (kb/d)  

1,070

 

1,147

 

1,249

 

-14%

 

1,595

 

-33%

  Total refinery throughput (kb/d)  

1,109

 

1,347

 

-18%

France  

148

 

114

 

205

 

-28%

 

447

 

-67%

 

France

 

131

 

230

 

-43%

Rest of Europe  

495

 

660

 

595

 

-17%

 

679

 

-27%

 

Rest of Europe

 

578

 

676

 

-14%

Rest of world  

427

 

373

 

449

 

-5%

 

469

 

-9%

 

Rest of world

 

400

 

441

 

-9%

Utlization rate based on crude only**  

58%

 

58%

 

59%

 

 

 

77%

 

 

  Utlization rate based on crude only**  

58%

 

64%

 

 

* 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.

Petrochemicals production and utilization rate  

2Q21

 

1Q21

 

2Q20

 

2Q21
 vs
2Q20

 

2Q19

 

2Q21
vs
2Q19

  Petrochemicals production and utilization rate  

1H21

 

1H20

 

1H21
 vs
1H20

Monomers* (kt)  

1,424

 

1,405

 

1,391

 

+2%

 

993

 

+43%

  Monomers* (kt)  

2,829

 

2,778

 

+2%

Polymers  (kt)  

1,212

 

1,165

 

1,193

 

+2%

 

1,127

 

+8%

  Polymers  (kt)  

2,377

 

2,395

 

-1%

Vapocracker utilization rate**  

88%

 

87%

 

84%

 

 

 

64%

 

 

  Vapocracker utilization rate**  

88%

 

83%

 

 

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

Refinery throughput:

  • Decreased 14% in the second quarter 2021 compared to a year ago, mainly due to the prolonged voluntary economic shutdown of the Donges refinery given the low European margins, the planned major shutdown of the Leuna refinery in Germany, the shutdown of the Grandpuits refinery in the first quarter 2021 for its conversion to a zero-oil platform, and the sale of the Lindsey refinery in the United Kingdom. The decrease was partially offset by the restart of the Feyzin refinery, in France, and the distillation unit at the Normandy platform, following a fire at the end of 2019,
  • Decreased 18% in the first half 2021 compared to the previous year for the same reasons.

Monomer production increased slightly in the second quarter 2021 compared to a year ago thanks to the restart of the Feyzin refinery, in France, after a major shutdown in 2020.

Polymer production also increased slightly in the second quarter 2021 compared to a year ago, despite the major shutdown in the second quarter 2021 of the Feluy plant in Belgium.

4.4.2 Results

In millions of dollars  

2Q21

 

1Q21

 

2Q20

 

2Q21
 vs
2Q20

 

2Q19

 

2Q21
vs
2Q19

  In millions of dollars  

1H21

 

1H20

 

1H21
 vs
1H20

Adjusted net operating income*  

511

 

243

 

575

 

-11%

 

715

 

-29%

  Adjusted net operating income*  

754

 

957

 

-21%

 

 

 

 

 

 

 

 

 

 

 

 

   

 

 

 

 

 

Organic investments  

279

 

222

 

302

 

-8%

 

353

 

-21%

  Organic investments  

501

 

470

 

+7%

Net acquisitions  

2

 

(57)

 

(15)

 

ns

 

(58)

 

ns

  Net acquisitions  

(55)

 

(51)

 

ns

Net investments  

281

 

165

 

287

 

-2%

 

295

 

-5%

  Net investments  

446

 

419

 

+6%

   

 

 

 

 

 

 

 

 

 

 

 

     

 

 

 

 

 

Operating cash flow before working capital changes **  

753

 

394

 

996

 

-24%

 

806

 

-7%

  Operating cash flow before working capital changes **  

1,147

 

1,670

 

-31%

Cash flow from operations **  

2,232

 

996

 

1,080

 

x2.1

 

1,658

 

+35%

  Cash flow from operations **  

3,228

 

(103)

 

ns

* 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-Chemicals segment:

  • Decreased 11% year-on-year to $511 million in the second quarter 2021, due to still-depressed European refining margins that reflect the recovery in oil prices and the continued weak product demand, notably for distillates, linked to the reduced air transport, and to the outperformance of trading activities in the second quarter 2020. The second quarter 2021 results nevertheless benefited from the very good performance of petrochemicals,
  • Decreased 21% year-on-year to $754 million in the first half of 2021, for the same reasons.

Operating cash flow before working capital changes decreased by 24% year-on-year to 753 M$ in the second quarter 2021 and by 31% to 1,147 M$ in the first half 2021.

Cash flow from operations increased to $2,232 million in the second quarter 2021 from $1,080 million in the second quarter 2020, mainly due to a decrease in working capital requirements and a positive stock effect.

4.5 Marketing & Services

4.5.1 Petroleum product sales

Sales in kb/d*  

2Q21

 

1Q21

 

2Q20

 

2Q21
 vs
2Q20

 

2Q19

 

2Q21
vs
2Q19

  Sales in kb/d*  

1H21

 

1H20

 

1H21
 vs
1H20

Total Marketing & Services sales  

1,473

 

1,442

 

1,301

 

+13%

 

1,860

 

-21%

  Total Marketing & Services sales  

1,458

 

1,478

 

-1%

Europe  

791

 

776

 

740

 

+7%

 

1,004

 

-21%

 

Europe

 

783

 

823

 

-5%

Rest of world  

682

 

666

 

561

 

+22%

 

856

 

-20%

 

Rest of world

 

674

 

656

 

+3%

* Excludes trading and bulk refining sales

Petroleum product sales volumes increased year-on-year by 13% in the second quarter 2021, thanks to the improving health situation and global economic rebound. The increase driven mainly by a recovery in the retail network sales.

4.5.2 Results

In millions of dollars  

2Q21

 

1Q21

 

2Q20

 

2Q21
 vs
2Q20

 

2Q19

 

2Q21
vs
2Q19

  In millions of dollars  

1H21

 

1H20

 

1H21
 vs
1H20

Adjusted net operating income*  

417

 

284

 

129

 

x3.2

 

423

 

-1%

  Adjusted net operating income*  

701

 

431

 

+63%

 

 

 

 

 

 

 

 

 

 

 

 

   

 

 

 

 

 

Organic investments  

189

 

113

 

155

 

+22%

 

204

 

-7%

  Organic investments  

302

 

264

 

+14%

Net acquisitions  

(3)

 

(46)

 

(5)

 

ns

 

96

 

ns

  Net acquisitions  

(49)

 

1

 

ns

Net investments  

186

 

67

 

150

 

+24%

 

300

 

-38%

  Net investments  

253

 

265

 

-5%

   

 

 

 

 

 

 

 

 

 

 

 

     

 

 

 

 

 

Operating cash flow before working capital changes **  

707

 

478

 

492

 

+44%

 

626

 

+13%

  Operating cash flow before working capital changes **  

1,185

 

882

 

+34%

Cash flow from operations **  

437

 

665

 

819

 

-47%

 

611

 

-28%

  Cash flow from operations **  

1,102

 

420

 

x2.6

* 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 was $417 million in the second quarter 2021 compared to $129 million a year earlier. This increase was mainly related to the increase in global sales volumes in a context of rising margins.

Operating cash flow before working capital changes was $707 million in the second quarter 2021 and $1,185 million in the first half.

5. TotalEnergies results

5.1 Adjusted net operating income from business segments

Adjusted net operating income for the sectors was:

  • $4,032 million in the second quarter 2021, compared to $821 million in the second quarter 2020, due to higher oil and gas prices,
  • $7,519 million in the first half 2021, compared to $3,121 million a year earlier, for the same reasons.

5.2 Adjusted net income (TotalEnergies share)

Adjusted net income (TotalEnergies share) was:

  • $3,463 million in the second quarter 2021 compared to $126 million a year earlier, due to the increase in oil and gas prices,
  • $6,466 million in the first half 2021 compared to $1,907 million a year earlier, for the same reasons.

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

Total net income adjustments(18) were $(1,257) million in the second quarter 2021, mainly comprised of the effect of the sale of TotalEnergies’ participation in Petrocedeño to PDVSA in Venezuela for an amount of $(1,379) million, a $375 million positive inventory effect and restructuring charges related to voluntary departures in France and Belgium.

The effective tax rate for TotalEnergies was 34.3% in the second quarter 2021, compared to -6.8% in the second quarter 2020. This negative tax rate in 2020 was due to the adjusted net operating loss in Exploration & Production, which has a high tax rate, and was not offset by the positive, less taxed, results from Downstream activities.

5.3 Adjusted earnings per share

Adjusted fully-diluted earnings per share was:

  • $1.27 in the second quarter 2021, calculated based on 2,646 million weighted-average diluted shares, compared to $0.02 a year earlier,
  • $2.38 in the first half 2021, calculated based on 2,644 million weighted-average diluted shares, compared to $0.68 a year earlier.

As of June 30, 2021, the number of fully-diluted shares was 2,654 million.

5.4 Acquisitions - asset sales

Acquisitions were:

  • $662 million in the second quarter 2021 and included notably the 23% stake in a 640 MW offshore wind project in Taiwan, the Fonroche Biogas in France, and Repsol's interest in the Tin Fouyé Tabankort II field in Algeria,
  • $2,870 million in the first half 2021, including the above items as well as the acquisition, for $2 billion, of a 20% interest in the renewable projects developer in India, Adani Green Energy Limited.

Asset sales were:

  • $266 million in the second quarter 2021 and included notably the sale of TotalEnergies’ interest in the TBG pipeline in Brazil, the sale of shares in Clean Energy Fuels Corp, and the sale of its interest in Tellurian Inc. in the United States,
  • $884 million in the first half 2021, including the above items as well as the sale in France of a 50% interest in a portfolio of renewable projects with a total capacity of 285 MW (100%), the sale of the 10% interest in onshore block OML 17 in Nigeria, a price supplement relating to the sale of Block CA1 in Brunei and the sale of the Lindsey refinery in the United Kingdom.

5.5 Net cash flow

TotalEnergies’ net cash flow(19) was:

  • $3,154 million in the second quarter 2021 compared to $722 million a year earlier, which takes into account the $2.7 billion increase in operating cash flow before changes in working capital and the slight increase of $276 million in net investments to $3,198 million in the second quarter 2021,
  • $4,551 million in the first half 2021 compared to $862 million a year earlier, which takes into account the $4.3 billion increase in operating cash flow before changes in working capital, partially offset by a $620 million increase in net investments to $7,167 million in the first half 2021.

5.6 Profitability

The return on equity was 8.4% for the twelve months ended June 30, 2021.

In millions of dollars  

July 1, 2020

 

April 1, 2020

 

July 1, 2019

 

June 30, 2021

 

March 31, 2021

 

June 30, 2020

Adjusted net income  

8,786

 

5,330

 

8,214

Average adjusted shareholders' equity  

105,066

 

109,135

 

109,448

Return on equity (ROE)  

8.4%

 

4.9%

 

7.5%

The return on average capital employed was 7.2% for the twelve months ended June 30, 2021.

In millions of dollars  

July 1, 2020

 

April 1, 2020

 

July 1, 2019

 

June 30, 2021

 

March 31, 2021

 

June 30, 2020

Adjusted net operating income  

10,252

 

6,915

 

10,125

Average capital employed  

142,172

 

148,777

 

145,621

ROACE  

7.2%

 

4.6%

 

7.0%

6. TotalEnergies SE accounts

Net income for TotalEnergies SE, the parent company, was €4,568 million in the first half 2021 compared to €4,710 in the first half 2020.

7. 2021 Sensitivities*

    Change   Estimated impact on
adjusted
net operating income
  Estimated impact on
cash flow from
operations
Dollar    +/- 0.1 $ per €   -/+ 0.1 B$   ~0 B$
Average liquids price**   +/- 10 $/b   +/- 2.7 B$   +/- 3.2 B$
European gas price - NBP   +/- 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

In a context of rebounding global demand for petroleum products, OPEC+ quotas in the first half 2021 contributed to a rapid drawdown of crude oil inventories, which fell below the average of the past five years. The price of oil has remained above $60/b since the beginning of February 2021 and broke through $70/b at the end of June. Recent OPEC+ decisions reinforce its collective discipline to adapt supply step by step to the growth in demand.

Given the outlook for OPEC+ quotas in the second half 2021, TotalEnergies anticipates its full-year 2021 hydrocarbon production to be around 2.85 Mboe/d. The start-up and ramp-up of new projects, including Zinia Phase 2 in Angola, North Russkoye in Russia and Iara in Brazil, will contribute to increased production in the second half 2021.

TotalEnergies anticipates that the higher oil prices observed in the first half 2021 will have a positive impact on its average realized price of LNG for the coming six months, given the lag effect on price formulas. It is expected to be more than $7.5/Mbtu in the third quarter 2021. In addition, gas markets in Asia and Europe are benefiting from the strong growth in demand linked to the global economic recovery.

TotalEnergies maintains discipline on expenses, with net investments expected to be between $12-13 billion in 2021, with half dedicated to future growth. For those growth investments, 50% will be dedicated to renewables and electricity.

In an environment of hydrocarbon prices that would remain in the second half of the year at the level of the first half ($65/b for Brent, $8/Mbtu for gas in Europe) and European refining margins of $10-15/t, TotalEnergies expects cash flow generation (DACF) of more than $25 billion in 2021 and a return on capital employed of more than 10%.

In this favorable context, the Company confirms its priorities in terms of cash flow allocation: invest in profitable projects to implement TotalEnergies' transformation strategy to a broad energy company, support the dividend through economic cycles, maintain a solid balance sheet and a minimum "A" long-term debt rating by sustainably anchoring the Company's gearing below 20%, and share additional revenues with its shareholders through share buybacks in the event of high prices.

* * * *

To listen to the conference call with CEO Patrick Pouyanné and CFO Jean-Pierre Sbraire today at 15:00 (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: 3586957).
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)

2Q21

 

1Q21

 

2Q20

 

2Q21
 vs
2Q20

 

2Q19

 

2Q21
vs
2Q19

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

1H21

 

1H20

 

1H21
 vs
1H20

985

 

1,050

 

1,032

 

-4%

 

997

 

-1%

  Europe and Central Asia  

1,018

 

1,064

 

-4%

533

 

551

 

653

 

-18%

 

686

 

-22%

  Africa  

542

 

677

 

-20%

654

 

651

 

641

 

+2%

 

703

 

-7%

  Middle East and North Africa  

652

 

661

 

-1%

378

 

376

 

314

 

+20%

 

358

 

+6%

  Americas  

377

 

343

 

+10%

197

 

235

 

206

 

-4%

 

214

 

-8%

  Asia-Pacific  

216

 

220

 

-2%

2,747

 

2,863

 

2,846

 

-3%

 

2,957

 

-7%

  Total production  

2,805

 

2,966

 

-5%

750

 

729

 

699

 

+7%

 

750

 

-

 

includes equity affiliates

 

740

 

726

 

+2%

 

 

 

 

 

 

 

 

 

 

 

   

 

 

 

 

 

2Q21

 

1Q21

 

2Q20

 

2Q21
 vs
2Q20

 

2Q19

 

2Q21
vs
2Q19

  Liquids production by region (kb/d)  

1H21

 

1H20

 

1H21
 vs
1H20

351

 

374

 

381

 

-8%

 

328

 

+7%

  Europe and Central Asia  

363

 

392

 

-8%

399

 

415

 

514

 

-22%

 

549

 

-27%

  Africa  

407

 

534

 

-24%

502

 

499

 

494

 

+2%

 

546

 

-8%

  Middle East and North Africa  

500

 

505

 

-1%

183

 

179

 

127

 

+44%

 

160

 

+15%

  Americas  

181

 

153

 

+19%

29

 

41

 

37

 

-21%

 

41

 

-29%

  Asia-Pacific  

35

 

42

 

-17%

1,464

 

1,508

 

1,553

 

-6%

 

1,624

 

-10%

  Total production  

1,486

 

1,626

 

-9%

213

 

201

 

199

 

+7%

 

225

 

-5%

 

includes equity affiliates

 

207

 

207

 

-

 

 

 

 

 

 

 

 

 

 

 

   

 

 

 

 

 

2Q21

 

1Q21

 

2Q20

 

2Q21
 vs
2Q20

 

2Q19

 

2Q21
vs
2Q19

  Gas production by region (Mcf/d)  

1H21

 

1H20

 

1H21
 vs
1H20

3,411

 

3,636

 

3,506

 

-3%

 

3,639

 

-6%

  Europe and Central Asia  

3,523

 

3,620

 

-3%

680

 

693

 

706

 

-4%

 

703

 

-3%

  Africa  

686

 

726

 

-6%

847

 

843

 

818

 

+3%

 

866

 

-2%

  Middle East and North Africa  

845

 

865

 

-2%

1,095

 

1,100

 

1,047

 

+5%

 

1,107

 

-1%

  Americas  

1,098

 

1,069

 

+3%

984

 

1,128

 

968

 

+2%

 

994

 

-1%

  Asia-Pacific  

1,056

 

1,022

 

+3%

7,017

 

7,400

 

7,045

 

-

 

7,309

 

-4%

  Total production  

7,208

 

7,302

 

-1%

2,895

 

2,855

 

2,698

 

+7%

 

2,868

 

+1%

 

includes equity affiliates

 

2,875

 

2,802

 

+3%

9.2 Downstream (Refining & Chemicals and Marketing & Services)

2Q21

 

1Q21

 

2Q20

 

2Q21
 vs
2Q20

 

2Q19

 

2Q21
vs
2Q19

  Petroleum product sales by region (kb/d)  

1H21

 

1H20

 

1H21
 vs
1H20

1,521

 

1,558

 

1,449

 

+5%

 

2,018

 

-25%

  Europe*  

1,540

 

1,610

 

-4%

663

 

667

 

463

 

+43%

 

751

 

-12%

  Africa  

665

 

573

 

+16%

799

 

772

 

861

 

-7%

 

846

 

-6%

  Americas  

785

 

814

 

-3%

492

 

495

 

433

 

+13%

 

536

 

-8%

  Rest of world  

493

 

439

 

+12%

3,475

 

3,492

 

3,208

 

+8%

 

4,152

 

-16%

  Total consolidated sales  

3,483

 

3,435

 

+1%

334

 

402

 

366

 

-9%

 

535

 

-38%

 

Includes bulk sales*

 

368

 

432

 

-15%

1,668

 

1,648

 

1,541

 

+8%

 

1,757

 

-5%

 

Includes trading

 

1,658

 

1,525

 

+9%

* 1Q21 data adjusted

2Q21

 

1Q21

 

2Q20

 

2Q21
 vs
2Q20

 

2Q19

 

2Q21
vs
2Q19

  Petrochemicals production* (kt)  

1H21

 

1H20

 

1H21
 vs
1H20

1,166

 

1,346

 

1,275

 

-9%

 

1,318

 

-11%

  Europe  

2,512

 

2,547

 

-1%

725

 

510

 

637

 

+14%

 

475

 

+53%

  Americas  

1,235

 

1,301

 

-5%

744

 

714

 

672

 

+11%

 

327

 

x2.3

  Middle East and Asia  

1,459

 

1,324

 

+10%

* Olefins, polymers

9.3 Renewables

2Q21

 

1Q21

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

 

0.4

 

0.5

 

0.0

 

0.1

 

1.0

Rest of Europe  

0.1

 

1.0

 

0.0

 

0.1

 

1.1

 

0.1

 

0.8

 

0.0

 

0.1

 

1.0

Africa 

0.1

 

0.0

 

0.0

 

0.0

 

0.1

 

0.1

 

0.0

 

0.0

 

0.0

 

0.1

Middle East 

0.3

 

0.0

 

0.0

 

0.0

 

0.3

 

0.3

 

0.0

 

0.0

 

0.0

 

0.3

North America  

0.8

 

0.0

 

0.0

 

0.0

 

0.9

 

0.8

 

0.0

 

0.0

 

0.0

 

0.8

South America  

0.4

 

0.1

 

0.0

 

0.0

 

0.5

 

0.2

 

0.1

 

0.0

 

0.0

 

0.3

India  

3.5

 

0.1

 

0.0

 

0.0

 

3.6

 

3.4

 

0.1

 

0.0

 

0.0

 

3.5

Asia-Pacific  

0.7

 

0.0

 

0.0

 

0.0

 

0.7

 

0.7

 

0.0

 

0.0

 

0.0

 

0.7

Total   

6.4

 

1.8

 

0.0

 

0.1

 

8.3

 

6.1

 

1.5

 

0.0

 

0.1

 

7.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2Q21

 

1Q21

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

 

0.0

 

0.0

 

0.1

 

0.4

Rest of Europe  

0.1

 

0.1

 

1.1

 

0.0

 

1.3

 

0.1

 

0.3

 

1.1

 

0.0

 

1.5

Africa 

0.0

 

0.0

 

0.0

 

0.0

 

0.0

 

0.0

 

0.0

 

0.0

 

0.0

 

0.0

Middle East 

0.8

 

0.0

 

0.0

 

0.0

 

0.8

 

0.8

 

0.0

 

0.0

 

0.0

 

0.8

North America  

0.3

 

0.0

 

0.0

 

0.0

 

0.3

 

0.3

 

0.0

 

0.0

 

0.0

 

0.3

South America  

0.0

 

0.2

 

0.0

 

0.0

 

0.2

 

0.2

 

0.2

 

0.0

 

0.0

 

0.3

India  

0.9

 

0.2

 

0.0

 

0.0

 

1.1

 

0.9

 

0.4

 

0.0

 

0.0

 

1.3

Asia-Pacific  

0.5

 

0.0

 

0.6

 

0.0

 

1.1

 

0.4

 

0.0

 

0.0

 

0.0

 

0.5

Total   

2.8

 

0.6

 

1.8

 

0.1

 

5.4

 

2.9

 

0.9

 

1.1

 

0.1

 

5.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2Q21

 

1Q21

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  

3.2

 

0.8

 

0.0

 

0.0

 

4.0

 

3.2

 

1.0

 

0.0

 

0.0

 

4.2

Rest of Europe  

5.3

 

0.3

 

2.3

 

0.0

 

7.9

 

5.2

 

0.3

 

2.3

 

0.0

 

7.8

Africa 

0.4

 

0.1

 

0.0

 

0.2

 

0.6

 

0.1

 

0.1

 

0.0

 

0.0

 

0.2

Middle East 

0.1

 

0.0

 

0.0

 

0.0

 

0.1

 

0.2

 

0.0

 

0.0

 

0.0

 

0.2

North America  

3.5

 

0.2

 

0.0

 

0.7

 

4.3

 

3.4

 

0.2

 

0.0

 

0.7

 

4.2

South America  

0.6

 

1.0

 

0.0

 

0.0

 

1.7

 

0.8

 

0.8

 

0.0

 

0.0

 

1.6

India  

6.2

 

0.1

 

0.0

 

0.0

 

6.3

 

6.2

 

0.1

 

0.0

 

0.0

 

6.2

Asia-Pacific  

1.1

 

0.0

 

2.1

 

0.0

 

3.2

 

0.8

 

0.0

 

2.1

 

0.0

 

2.9

Total   

20.3

 

2.5

 

4.4

 

0.8

 

28.0

 

19.8

 

2.5

 

4.4

 

0.7

 

27.3

(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 06/30/2021 (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

 

0.3

 

X

 

X

 

4.3

Asia  

4.5

 

X

 

X

 

4.6

 

2.2

 

0.3

 

0.6

 

-

 

3.1

 

3.9

 

X

 

-

 

-

 

4.0

North America  

0.8

 

X

 

X

 

0.8

 

0.3

 

X

 

-

 

X

 

0.3

 

0.3

 

X

 

-

 

X

 

0.4

Rest of World  

0.5

 

X

 

X

 

0.7

 

X

 

X

 

-

 

X

 

X

 

0.4

 

X

 

-

 

X

 

0.7

Total   

6.3

 

1.8

 

X

 

8.2

 

2.8

 

0.6

 

1.4

 

X

 

5.0

 

8.6

 

0.5

 

X

 

0.2

 

9.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

In operation 

 

In construction

 

In development

PPA average price at 06/30/2021
($/MWh)

Solar 

 

Onshore Wind

 

Other

 

Total 

 

Solar 

 

Onshore Wind

 

Offshore Wind

 

Other

 

Total 

 

Solar 

 

Onshore Wind

 

Offshore Wind

 

Other

 

Total 

Europe  

239

 

120

 

X

 

154

 

68

 

X

 

61

 

X

 

64

 

42

 

73

 

X

 

X

 

46

Asia  

85

 

X

 

X

 

84

 

47

 

56

 

187

 

-

 

77

 

40

 

X

 

-

 

-

 

40

North America  

155

 

X

 

X

 

158

 

26

 

X

 

-

 

X

 

31

 

31

 

X

 

-

 

X

 

49

Rest of World  

82

 

X

 

X

 

82

 

X

 

X

 

-

 

X

 

X

 

97

 

X

 

-

 

X

 

97

Total   

107

 

112

 

X

 

108

 

48

 

66

 

106

 

X

 

70

 

43

 

79

 

X

 

145

 

45

10. Adjustment items to net income (TotalEnergies share)

2Q21

 

1Q21

 

2Q20

 

2Q19

  In millions of dollars  

1H21

 

1H20

(1,588)

 

(342)

 

(8,321)

 

(56)

  Special items affecting net income (TotalEnergies share)  

(1,930)

 

(8,655)

(1,379)

 

-

 

-

 

-

 

Gain (loss) on asset sales*

 

(1,379)

 

-

(110)

 

(161)

 

(20)

 

(31)

 

Restructuring charges

 

(271)

 

(100)

(49)

 

(144)

 

(8,101)

 

(57)

 

Impairments

 

(193)

 

(8,101)

(50)

 

(37)

 

(200)

 

32

 

Other

 

(87)

 

(454)

375

 

689

 

(94)

 

(28)

  After-tax inventory effect : FIFO vs. replacement cost  

1,064

 

(1,508)

(44)

 

(6)

 

(80)

 

(47)

  Effect of changes in fair value  

(50)

 

(79)

(1,257)

 

341

 

(8,495)

 

(131)

  Total adjustments affecting net income  

(916)

 

(10,242)

* including $(1,379) million related to the effect of the sale of TotalEnergies’ participation in Petrocedeño to PDVSA in Venezuela

11. Reconciliation of adjusted EBITDA with consolidated financial statements

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

2Q21

 

1Q21

 

2Q20

 

2Q21
 vs
2Q20

 

2Q19

 

2Q21
vs
2Q19

  In millions of dollars  

1H21

 

1H20

 

1H21
 vs
1H20

2,206

 

3,344

 

(8,369)

 

ns

 

2,756

 

-20%

  Net income - TotalEnergies share  

5,550

 

(8,335)

 

ns

1,257

 

(341)

 

8,495

 

-85%

 

131

 

x9.6

  Less: adjustment items to net income (TotalEnergies share)  

916

 

10,242

 

-91%

3,463

 

3,003

 

126

 

x27.5

 

2,887

 

+20%

  Adjusted net income - TotalEnergies share  

6,466

 

1,907

 

x3.4

 

 

 

 

 

 

 

 

 

 

 

  Adjusted items  

 

 

 

 

 

88

 

59

 

(31)

 

ns

 

73

 

+21%

 

Add: non-controlling interests

 

147

 

(13)

 

ns

1,485

 

1,446

 

(95)

 

ns

 

1,322

 

+12%

 

Add: income taxes

 

2,931

 

490

 

x6

3,105

 

3,180

 

3,302

 

-6%

 

3,597

 

-14%

 

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

 

6,285

 

6,937

 

-9%

94

 

103

 

77

 

+22%

 

65

 

+45%

 

Add: amortization and impairment of intangible assets

 

197

 

155

 

+27%

501

 

466

 

527

 

-5%

 

564

 

-11%

 

Add: financial interest on debt

 

967

 

1,094

 

-12%

(69)

 

(87)

 

3

 

ns

 

42

 

ns

 

Less: financial income and expense from cash & cash equivalents

 

(156)

 

13

 

ns

8,667

 

8,170

 

3,909

 

x2.2

 

8,550

 

+1%

  Adjusted EBITDA  

16,837

 

10,583

 

+59%

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

2Q21

 

1Q21

 

2Q20

 

2Q21
 vs
2Q20

 

2Q19

 

2Q21
vs
2Q19

  In millions of dollars  

1H21

 

1H20

 

1H21
 vs
1H20

 

 

 

 

 

 

 

 

 

 

 

  Adjusted items  

 

 

 

 

 

41,642

 

38,668

 

21,580

 

+93%

 

45,261

 

-8%

  Revenues from sales  

80,310

 

60,155

 

+34%

(27,108)

 

(24,289)

 

(11,842)

 

ns

 

(30,295)

 

ns

  Purchases, net of inventory variation  

(51,397)

 

(37,949)

 

ns

(6,708)

 

(6,868)

 

(6,199)

 

ns

 

(7,042)

 

ns

  Other operating expenses  

(13,576)

 

(12,985)

 

ns

(123)

 

(167)

 

(114)

 

ns

 

(170)

 

ns

  Exploration costs  

(290)

 

(254)

 

ns

138

 

416

 

240

 

-43%

 

253

 

-45%

  Other income  

554

 

820

 

-32%

(48)

 

(89)

 

(26)

 

ns

 

(52)

 

ns

  Other expense, excluding amortization and impairment of intangible assets  

(137)

 

(139)

 

ns

265

 

109

 

419

 

-37%

 

326

 

-19%

  Other financial income  

374

 

607

 

-38%

(131)

 

(130)

 

(160)

 

ns

 

(188)

 

ns

  Other financial expense  

(261)

 

(341)

 

ns

740

 

520

 

11

 

x67.3

 

457

 

+62%

  Net income (loss) from equity affiliates  

1,260

 

669

 

+88%

8,667

 

8,170

 

3,909

 

x2.2

 

8,550

 

+1%

  Adjusted EBITDA  

16,837

 

10,583

 

+59%

 

 

 

 

 

 

 

 

 

 

 

  Adjusted items  

 

 

 

 

 

(3,105)

 

(3,180)

 

(3,302)

 

ns

 

(3,597)

 

ns

 

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

 

(6,285)

 

(6,937)

 

ns

(94)

 

(103)

 

(77)

 

ns

 

(65)

 

ns

 

Less: amortization of intangible assets

 

(197)

 

(155)

 

ns

(501)

 

(466)

 

(527)

 

ns

 

(564)

 

ns

 

Less: financial interest on debt

 

(967)

 

(1,094)

 

ns

69

 

87

 

(3)

 

ns

 

(42)

 

ns

 

Add: financial income and expense from cash & cash equivalents

 

156

 

(13)

 

ns

(1,485)

 

(1,446)

 

95

 

ns

 

(1,322)

 

ns

 

Less: income taxes

 

(2,931)

 

(490)

 

ns

(88)

 

(59)

 

31

 

ns

 

(73)

 

ns

 

Less: non-controlling interests

 

(147)

 

13

 

ns

(1,257)

 

341

 

(8,495)

 

ns

 

(131)

 

ns

  Add: adjustment - TotalEnergies share  

(916)

 

(10,242)

 

ns

2,206

 

3,344

 

(8,369)

 

ns

 

2,756

 

-20%

  Net income - TotalEnergies share  

5,550

 

(8,335)

 

ns

12. Investments - Divestments

2Q21

 

1Q21

 

2Q20

 

2Q21
 vs
2Q20

 

2Q19

 

2Q21
vs
2Q19

  In millions of dollars  

1H21

 

1H20

 

1H21
 vs
1H20

2,802

 

2,379

 

2,201

 

+27%

 

3,028

 

-7%

  Organic investments ( a )  

5,181

 

4,724

 

+10%

245

 

243

 

162

 

+52%

 

185

 

+33%

 

Capitalized exploration

 

488

 

297

 

+64%

380

 

292

 

733

 

-48%

 

370

 

+3%

 

Increase in non-current loans

 

672

 

1,012

 

-34%

(89)

 

(96)

 

(58)

 

ns

 

(254)

 

ns

 

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

 

(185)

 

(175)

 

ns

(4)

 

(167)

 

(47)

 

ns

 

-

 

ns

 

Change in debt from renewable projects
(TotalEnergies share)

 

(171)

 

(152)

 

ns

662

 

2,208

 

857

 

-23%

 

614

 

+8%

  Acquisitions ( b )  

2,870

 

2,501

 

+15%

266

 

618

 

136

 

+95%

 

212

 

+25%

  Asset sales ( c )  

884

 

678

 

+30%

5

 

100

 

22

 

-77%

 

-

 

ns

 

Change in debt from renewable projects (partner share)  

 

105

 

83

 

+27%

-

 

-

 

-

 

ns

 

-

 

ns

  Other transactions with non-controlling interests ( d )  

-

 

-

 

ns

3,198

 

3,969

 

2,922

 

+9%

 

3,430

 

-7%

  Net investments ( a + b - c - d )  

7,167

 

6,547

 

+9%

(78)

 

(30)

 

(41)

 

ns

 

(99)

 

ns

  Organic loan repayment from equity affiliates ( e )  

(108)

 

(34)

 

ns

9

 

267

 

69

 

-87%

 

-

 

ns

  Change in debt from renewable projects financing * ( f )  

276

 

235

 

+17%

25

 

22

 

22

 

+14%

 

-

 

ns

  Capex linked to capitalized leasing contracts ( g )  

47

 

46

 

+2%

3,104

 

4,184

 

2,928

 

+6%

 

3,331

 

-7%

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

7,288

 

6,702

 

+9%

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

13. Cash-flow

2Q21

 

1Q21

 

2Q20

 

2Q21
 vs
2Q20

 

2Q19

 

2Q21
vs
2Q19

  In millions of dollars  

1H21

 

1H20

 

1H21
 vs
1H20

6,761

 

5,750

 

4,143

 

+63%

 

7,308

 

-7%

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

12,511

 

8,420

 

+49%

(409)

 

(384)

 

(499)

 

ns

 

(501)

 

ns

 

Financial charges

 

(793)

 

(1,011)

 

ns

6,352

 

5,366

 

3,644

 

+74%

 

6,807

 

-7%

  Operating cash flow before working capital changes ( a ) *  

11,718

 

7,409

 

+58%

814

 

(555)

 

(65)

 

ns

 

(417)

 

ns

 

(Increase) decrease in working capital **

 

259

 

(698)

 

ns

463

 

883

 

(42)

 

ns

 

(40)

 

ns

 

Inventory effect

 

1,346

 

(1,838)

 

ns

(0)

 

(66)

 

(17)

 

ns

 

-

 

ns

 

capital gain from renewable projects sale

 

(66)

 

(61)

 

ns

(78)

 

(30)

 

(41)

 

ns

 

(99)

 

ns

 

Organic loan repayment from equity affiliates

 

(108)

 

(34)

 

ns

7,551

 

5,598

 

3,479

 

x2.2

 

6,251

 

+21%

  Cash flow from operations  

13,149

 

4,778

 

x2.8

 

 

 

 

 

 

 

 

 

 

 

     

 

 

 

 

 

2,802

 

2,379

 

2,201

 

+27%

 

3,028

 

-7%

  Organic investments ( b )  

5,181

 

4,724

 

+10%

3,550

 

2,987

 

1,443

 

x2.5

 

3,779

 

-6%

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

6,537

 

2,685

 

x2.4

 

 

 

 

 

 

 

 

 

 

 

     

 

 

 

 

 

3,198

 

3,969

 

2,922

 

+9%

 

3,430

 

-7%

  Net investments ( c )  

7,167

 

6,547

 

+9%

3,154

 

1,397

 

722

 

x4.4

 

3,377

 

-7%

  Net cash flow ( a - c )  

4,551

 

862

 

x5.3

* 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  

06/30/2021

 

03/31/2021

 

06/30/2020

 

06/30/2019

Current borrowings *  

15,795

 

19,279

 

14,894

 

15,290

Other current financial liabilities  

322

 

351

 

411

 

426

Current financial assets *  

(4,326)

 

(4,492)

 

(6,383)

 

(3,536)

Net financial assets classified as held for sale  

-

 

-

 

-

 

-

Non-current financial debt *  

44,687

 

44,842

 

54,214

 

39,260

Non-current financial assets *  

(2,726)

 

(2,669)

 

(1,415)

 

(721)

Cash and cash equivalents  

(28,643)

 

(30,285)

 

(29,727)

 

(26,723)

Net debt (a)  

25,109

 

27,026

 

31,994

 

23,996

   

 

 

 

 

 

 

 

Shareholders’ equity - TotalEnergies share  

108,096

 

109,295

 

101,205

 

116,862

Non-controlling interests  

2,480

 

2,390

 

2,334

 

2,362

Shareholders' equity (b)  

110,576

 

111,685

 

103,539

 

119,224

   

 

 

 

 

 

 

 

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

18.5%

 

19.5%

 

23.6%

 

16.8%

   

 

 

 

 

 

 

 

Leases (c)  

7,702

 

7,747

 

7,383

 

7,015

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

22.9%

 

23.7%

 

27.6%

 

20.6%

* Excludes leases receivables and leases debts

15. Return on average capital employed

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 March 31, 2021

In millions of dollars  

Integrated Gas,
Renewables &
Power

 

Exploration &
Production

 

Refining &
Chemicals

 

Marketing &
Services

 

Company

Adjusted net operating income  

1,850

 

3,635

 

900

 

1,206

 

6,915

Capital employed at 03/31/2020*  

44,236

 

85,622

 

12,878

 

8,764

 

152,374

Capital employed at 03/31/2021*  

48,423

 

78,170

 

10,403

 

8,198

 

145,180

ROACE  

4.0%

 

4.4%

 

7.7%

 

14.2%

 

4.6%

Twelve months ended June 30, 2020

In millions of dollars  

Integrated Gas,
Renewables &
Power

 

Exploration &
Production

 

Refining &
Chemicals

 

Marketing &
Services

 

Company

Adjusted net operating income  

2,607

 

4,259

 

2,489

 

1,318

 

10,125

Capital employed at 06/30/2019*  

37,290

 

90,633

 

12,300

 

8,535

 

148,617

Capital employed at 06/30/2020*  

43,527

 

79,096

 

12,843

 

8,366

 

142,625

ROACE  

6.5%

 

5.0%

 

19.8%

 

15.6%

 

7.0%

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

Disclaimer:

The entities in which TotalEnergies SE directly or indirectly owns a shareholding are separate and independent legal entities. The terms “TotalEnergies”, “TotalEnergies company” and “Company” used in this document are generic and used for convenience to designate TotalEnergies SE and the entities included in its scope of consolidation. Likewise, the words “we”, “us” and “our” may also be used to refer to these entities or their employees.

This document does not constitute the Financial Report for the first half of 2021, which will be separately published, in accordance with article L. 451-1-2-III of the French Code monétaire et financier, and available on the website totalenergies.com. This press release presents the results for the second quarter of 2021 and half-year 2021 from the consolidated financial statements of TotalEnergies SE as of June 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 = cash flow - net investments (including other transactions with non-controlling interest).

TotalEnergies financial statements

___________________________

Second quarter and first half 2021 consolidated accounts, IFRS

 

CONSOLIDATED STATEMENT OF INCOME

 

 

TotalEnergies

 

 

 

 

 

 

(unaudited)

 

 

 

2nd quarter

 

1st quarter

 

2nd quarter

(M$)(a)

 

2021

 

2021

 

2020

 

 

 

 

 

 

 

 

Sales

 

47,049

 

43,737

 

25,730

Excise taxes

 

(5,416)

 

(5,104)

 

(4,168)

 

Revenues from sales

 

41,633

 

38,633

 

21,562

 

 

 

 

 

 

 

 

Purchases, net of inventory variation

 

(26,719)

 

(23,398)

 

(12,025)

Other operating expenses

 

(6,717)

 

(6,880)

 

(6,321)

Exploration costs

 

(123)

 

(167)

 

(114)

Depreciation, depletion and impairment of tangible assets and mineral interests

 

(3,121)

 

(3,325)

 

(11,593)

Other income

 

223

 

358

 

362

Other expense

 

(298)

 

(659)

 

(108)

 

 

 

 

 

 

 

 

Financial interest on debt

 

(501)

 

(466)

 

(530)

Financial income and expense from cash & cash equivalents

 

77

 

95

 

50

 

Cost of net debt

 

(424)

 

(371)

 

(480)

 

 

 

 

 

 

 

 

Other financial income

 

265

 

109

 

419

Other financial expense

 

(131)

 

(130)

 

(161)

 

 

 

 

 

 

 

 

Net income (loss) from equity affiliates

 

(680)

 

881

 

(447)

 

 

 

 

 

 

 

 

Income taxes

 

(1,609)

 

(1,639)

 

484

Consolidated net income

 

2,299

 

3,412

 

(8,422)

TotalEnergies share

 

2,206

 

3,344

 

(8,369)

Non-controlling interests

 

93

 

68

 

(53)

Earnings per share ($)

 

0.80

 

1.24

 

(3.27)

Fully-diluted earnings per share ($)

 

0.80

 

1.23

 

(3.27)

(a) Except for per share amounts.

 

 

 

 

 

 

 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

 

 

TotalEnergies

 

 

 

 

 

 

(unaudited)

 

 

2nd quarter

 

1st quarter

 

2nd quarter

(M$)

 

2021

 

2021

 

2020

Consolidated net income

 

2,299

 

3,412

 

(8,422)

 

 

 

 

 

 

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

Actuarial gains and losses

 

449

 

-

 

(356)

Change in fair value of investments in equity instruments

 

56

 

12

 

90

Tax effect

 

(142)

 

(12)

 

101

Currency translation adjustment generated by the parent company

 

1,239

 

(4,173)

 

1,780

Items not potentially reclassifiable to profit and loss

 

1,602

 

(4,173)

 

1,615

Currency translation adjustment

 

(746)

 

2,523

 

(919)

Cash flow hedge

 

(424)

 

504

 

231

Variation of foreign currency basis spread

 

(4)

 

-

 

14

share of other comprehensive income of equity affiliates, net amount

 

(18)

 

469

 

296

Other

 

(1)

 

1

 

-

Tax effect

 

100

 

(157)

 

(78)

Items potentially reclassifiable to profit and loss

 

(1,093)

 

3,340

 

(456)

Total other comprehensive income (net amount)

 

509

 

(833)

 

1,159

 

 

 

 

 

 

 

Comprehensive income

 

2,808

 

2,579

 

(7,263)

TotalEnergies share

 

2,670

 

2,542

 

(7,253)

Non-controlling interests

 

138

 

37

 

(10)

 

CONSOLIDATED STATEMENT OF INCOME

TotalEnergies

 

 

 

 

(unaudited)

 

 

 

 

 

1st half

 

1st half

(M$)(a)

 

2021

 

2020

 

 

 

 

 

 

Sales

 

90,786

 

69,600

Excise taxes

 

(10,520)

 

(9,461)

 

Revenues from sales

 

80,266

 

60,139

 

 

 

 

 

 

Purchases, net of inventory variation

 

(50,117)

 

(40,093)

Other operating expenses

 

(13,597)

 

(13,265)

Exploration costs

 

(290)

 

(254)

Depreciation, depletion and impairment of tangible assets and mineral interests

 

(6,446)

 

(15,228)

Other income

 

581

 

942

Other expense

 

(957)

 

(528)

 

 

 

 

 

 

Financial interest on debt

 

(967)

 

(1,099)

Financial income and expense from cash & cash equivalents

 

172

 

(105)

 

Cost of net debt

 

(795)

 

(1,204)

 

 

 

 

 

 

Other financial income

 

374

 

607

Other financial expense

 

(261)

 

(342)

 

 

 

 

 

 

Net income (loss) from equity affiliates

 

201

 

285

 

 

 

 

 

 

Income taxes

 

(3,248)

 

521

Consolidated net income

 

5,711

 

(8,420)

TotalEnergies share

 

5,550

 

(8,335)

Non-controlling interests

 

161

 

(85)

Earnings per share ($)

 

2.04

 

(3.29)

Fully-diluted earnings per share ($)

 

2.03

 

(3.29)

(a) Except for per share amounts.

 

 

 

 

 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

TotalEnergies

 

 

 

 

(unaudited)

 

 

1st half

 

1st half

(M$)

 

2021

 

2020

Consolidated net income

 

5,711

 

(8,420)

 

 

 

 

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

Actuarial gains and losses

 

449

 

(223)

Change in fair value of investments in equity instruments

 

68

 

(74)

Tax effect

 

(154)

 

86

Currency translation adjustment generated by the parent company

 

(2,934)

 

(196)

Items not potentially reclassifiable to profit and loss

 

(2,571)

 

(407)

Currency translation adjustment

 

1,777

 

(940)

Cash flow hedge

 

80

 

(1,293)

Variation of foreign currency basis spread

 

(4)

 

70

share of other comprehensive income of equity affiliates, net amount

 

451

 

(927)

Other

 

-

 

3

Tax effect

 

(57)

 

367

Items potentially reclassifiable to profit and loss

 

2,247

 

(2,720)

Total other comprehensive income (net amount)

 

(324)

 

(3,127)

 

 

 

 

 

Comprehensive income

 

5,387

 

(11,547)

TotalEnergies share

 

5,212

 

(11,424)

Non-controlling interests

 

175

 

(123)

   

CONSOLIDATED BALANCE SHEET

 

 

 

 

 

 

 

 

TotalEnergies

 

 

 

 

 

 

 

 

 

 

June 30,
     2021

 

March 31,
     2021

 

December 31,
   2020

 

June 30,
     2020

(M$)

 

(unaudited)

 

(unaudited)

 

 

 

(unaudited)

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-current assets

 

 

 

 

 

 

 

 

Intangible assets, net

 

33,359

 

33,239

 

33,528

 

33,114

Property, plant and equipment, net

 

106,791

 

106,859

 

108,335

 

104,925

Equity affiliates : investments and loans

 

29,712

 

30,727

 

27,976

 

27,470

Other investments

 

2,247

 

2,062

 

2,007

 

1,627

Non-current financial assets

 

3,778

 

3,700

 

4,781

 

2,431

Deferred income taxes

 

6,578

 

6,619

 

7,016

 

7,257

Other non-current assets

 

2,800

 

2,638

 

2,810

 

2,539

Total non-current assets

 

185,265

 

185,844

 

186,453

 

179,363

 

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Inventories, net

 

19,162

 

16,192

 

14,730

 

12,688

Accounts receivable, net

 

17,192

 

17,532

 

14,068

 

13,481

Other current assets

 

17,585

 

14,304

 

13,428

 

17,155

Current financial assets

 

4,404

 

4,605

 

4,630

 

6,570

Cash and cash equivalents

 

28,643

 

30,285

 

31,268

 

29,727

Assets classified as held for sale

 

456

 

396

 

1,555

 

421

Total current assets

 

87,442

 

83,314

 

79,679

 

80,042

Total assets

 

272,707

 

269,158

 

266,132

 

259,405

 

 

 

 

 

 

 

 

 

LIABILITIES & SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders' equity

 

 

 

 

 

 

 

 

Common shares

 

8,224

 

8,193

 

8,267

 

8,159

Paid-in surplus and retained earnings

 

110,967

 

112,676

 

107,078

 

107,934

Currency translation adjustment

 

(11,087)

 

(11,566)

 

(10,256)

 

(13,265)

Treasury shares

 

(8)

 

(8)

 

(1,387)

 

(1,623)

Total shareholders' equity - TotalEnergies share

 

108,096

 

109,295

 

103,702

 

101,205

Non-controlling interests

 

2,480

 

2,390

 

2,383

 

2,334

Total shareholders' equity

 

110,576

 

111,685

 

106,085

 

103,539

 

 

 

 

 

 

 

 

 

Non-current liabilities

 

 

 

 

 

 

 

 

Deferred income taxes

 

10,596

 

10,387

 

10,326

 

10,346

Employee benefits

 

3,305

 

3,644

 

3,917

 

3,612

Provisions and other non-current liabilities

 

20,716

 

20,893

 

20,925

 

19,487

Non-current financial debt

 

52,331

 

52,541

 

60,203

 

61,540

Total non-current liabilities

 

86,948

 

87,465

 

95,371

 

94,985

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Accounts payable

 

29,752

 

26,959

 

23,574

 

19,198

Other creditors and accrued liabilities

 

27,836

 

22,066

 

22,465

 

24,790

Current borrowings

 

16,983

 

20,471

 

17,099

 

16,154

Other current financial liabilities

 

322

 

351

 

203

 

411

Liabilities directly associated with the assets classified as held for sale

 

290

 

161

 

1,335

 

328

Total current liabilities

 

75,183

 

70,008

 

64,676

 

60,881

Total liabilities & shareholders' equity

 

272,707

 

269,158

 

266,132

 

259,405

   

CONSOLIDATED STATEMENT OF CASH FLOW

 

 

 

 

 

 

TotalEnergies

 

 

 

 

 

 

(unaudited)

 

 

2nd quarter

 

1st quarter

 

2nd quarter

(M$)

 

2021

 

2021

 

2020

 

 

 

 

 

 

 

CASH FLOW FROM OPERATING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated net income

 

2,299

 

3,412

 

(8,422)

Depreciation, depletion, amortization and impairment

 

3,287

 

3,473

 

11,701

Non-current liabilities, valuation allowances and deferred taxes

 

210

 

121

 

(796)

(Gains) losses on disposals of assets

 

(85)

 

(285)

 

(131)

Undistributed affiliates' equity earnings

 

1,255

 

(573)

 

978

(Increase) decrease in working capital

 

669

 

(819)

 

431

Other changes, net

 

(84)

 

269

 

(282)

Cash flow from operating activities

 

7,551

 

5,598

 

3,479

 

 

 

 

 

 

 

CASH FLOW USED IN INVESTING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

Intangible assets and property, plant and equipment additions

 

(2,675)

 

(2,410)

 

(2,409)

Acquisitions of subsidiaries, net of cash acquired

 

(170)

 

-

 

-

Investments in equity affiliates and other securities

 

(307)

 

(2,126)

 

(136)

Increase in non-current loans

 

(380)

 

(300)

 

(733)

Total expenditures

 

(3,532)

 

(4,836)

 

(3,278)

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

 

45

 

226

 

219

Proceeds from disposals of subsidiaries, net of cash sold

 

-

 

229

 

12

Proceeds from disposals of non-current investments

 

216

 

63

 

20

Repayment of non-current loans

 

167

 

134

 

99

Total divestments

 

428

 

652

 

350

Cash flow used in investing activities

 

(3,104)

 

(4,184)

 

(2,928)

 

 

 

 

 

 

 

CASH FLOW USED IN FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance (repayment) of shares:

 

 

 

 

 

 

   - Parent company shareholders

 

381

 

-

 

374

   - Treasury shares

 

-

 

(165)

 

(2)

Dividends paid:

 

 

 

 

 

 

   - Parent company shareholders

 

(2,094)

 

(2,090)

 

(1,928)

   - Non-controlling interests

 

(53)

 

(10)

 

(76)

Net issuance (repayment) of perpetual subordinated notes

 

-

 

3,248

 

-

Payments on perpetual subordinated notes

 

(147)

 

(87)

 

(134)

Other transactions with non-controlling interests

 

-

 

(55)

 

(22)

Net issuance (repayment) of non-current debt

 

51

 

(890)

 

15,430

Increase (decrease) in current borrowings

 

(4,369)

 

(1,662)

 

(6,604)

Increase (decrease) in current financial assets and liabilities

 

(67)

 

(148)

 

449

Cash flow from (used in) financing activities

 

(6,298)

 

(1,859)

 

7,487

Net increase (decrease) in cash and cash equivalents

 

(1,851)

 

(445)

 

8,038

Effect of exchange rates

 

209

 

(538)

 

55

Cash and cash equivalents at the beginning of the period

 

30,285

 

31,268

 

21,634

Cash and cash equivalents at the end of the period

 

28,643

 

30,285

 

29,727

   

CONSOLIDATED STATEMENT OF CASH FLOW

 

 

 

 

TotalEnergies

 

 

 

 

(unaudited)

 

 

1st half

 

1st half

(M$)

 

2021

 

2020

 

 

 

 

 

CASH FLOW FROM OPERATING ACTIVITIES

 

 

 

 

 

 

 

 

 

Consolidated net income

 

5,711

 

(8,420)

Depreciation, depletion, amortization and impairment

 

6,760

 

15,431

Non-current liabilities, valuation allowances and deferred taxes

 

331

 

(1,457)

(Gains) losses on disposals of assets

 

(370)

 

(340)

Undistributed affiliates' equity earnings

 

682

 

391

(Increase) decrease in working capital

 

(150)

 

(453)

Other changes, net

 

185

 

(374)

Cash flow from operating activities

 

13,149

 

4,778

 

 

 

 

 

CASH FLOW USED IN INVESTING ACTIVITIES

 

 

 

 

 

 

 

 

 

Intangible assets and property, plant and equipment additions

 

(5,085)

 

(4,773)

Acquisitions of subsidiaries, net of cash acquired

 

(170)

 

(188)

Investments in equity affiliates and other securities

 

(2,433)

 

(1,670)

Increase in non-current loans

 

(680)

 

(1,028)

Total expenditures

 

(8,368)

 

(7,659)

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

 

271

 

263

Proceeds from disposals of subsidiaries, net of cash sold

 

229

 

154

Proceeds from disposals of non-current investments

 

279

 

315

Repayment of non-current loans

 

301

 

225

Total divestments

 

1,080

 

957

Cash flow used in investing activities

 

(7,288)

 

(6,702)

 

 

 

 

 

CASH FLOW USED IN FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

 

Issuance (repayment) of shares:

 

 

 

 

   - Parent company shareholders

 

381

 

374

   - Treasury shares

 

(165)

 

(611)

Dividends paid:

 

 

 

 

   - Parent company shareholders

 

(4,184)

 

(3,810)

   - Non-controlling interests

 

(63)

 

(76)

Net issuance (repayment) of perpetual subordinated notes

 

3,248

 

-

Payments on perpetual subordinated notes

 

(234)

 

(231)

Other transactions with non-controlling interests

 

(55)

 

(70)

Net issuance (repayment) of non-current debt

 

(839)

 

15,472

Increase (decrease) in current borrowings

 

(6,031)

 

(3,819)

Increase (decrease) in current financial assets and liabilities

 

(215)

 

(2,546)

Cash flow from (used in) financing activities

 

(8,157)

 

4,683

Net increase (decrease) in cash and cash equivalents

 

(2,296)

 

2,759

Effect of exchange rates

 

(329)

 

(384)

Cash and cash equivalents at the beginning of the period

 

31,268

 

27,352

Cash and cash equivalents at the end of the period

 

28,643

 

29,727

 

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 half  2020

 

-

 

-

 

(8,335)

 

-

 

-

 

-

 

(8,335)

 

(85)

 

(8,420)

 Other comprehensive income

 

-

 

-

 

(1,327)

 

(1,762)

 

-

 

-

 

(3,089)

 

(38)

 

(3,127)

 Comprehensive Income

 

-

 

-

 

(9,662)

 

(1,762)

 

-

 

-

 

(11,424)

 

(123)

 

(11,547)

 Dividend

 

-

 

-

 

(3,799)

 

-

 

-

 

-

 

(3,799)

 

(76)

 

(3,875)

 Issuance of common shares

 

13,179,262

 

36

 

338

 

-

 

-

 

-

 

374

 

-

 

374

 Purchase of treasury shares

 

-

 

-

 

-

 

-

 

(13,236,044)

 

(611)

 

(611)

 

-

 

(611)

 Sale of treasury shares(a)

 

-

 

-

 

-

 

-

 

3,680

 

-

 

-

 

-

 

-

 Share-based payments

 

-

 

-

 

96

 

-

 

-

 

-

 

96

 

-

 

96

 Share cancellation

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 Net issuance (repayment) of perpetual subordinated notes

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 Payments on perpetual subordinated notes

 

-

 

-

 

(143)

 

-

 

-

 

-

 

(143)

 

-

 

(143)

 Other operations with

 non-controlling interests

 

-

 

-

 

(63)

 

-

 

-

 

-

 

(63)

 

(7)

 

(70)

 Other items

 

-

 

-

 

(3)

 

-

 

-

 

-

 

(3)

 

13

 

10

As of June 30,  2020

 

2,615,060,337

 

8,159

 

107,934

 

(13,265)

 

(28,706,598)

 

(1,623)

 

101,205

 

2,334

 

103,539

 Net income of the second half 2020

 

-

 

-

 

1,093

 

-

 

-

 

-

 

1,093

 

(9)

 

1,084

 Other comprehensive income

 

-

 

-

 

1,006

 

3,013

 

-

 

-

 

4,019

 

338

 

4,357

 Comprehensive Income

 

-

 

-

 

2,099

 

3,013

 

-

 

-

 

5,112

 

329

 

5,441

 Dividend

 

-

 

-

 

(4,100)

 

-

 

-

 

-

 

(4,100)

 

(158)

 

(4,258)

 Issuance of common shares

 

38,063,688

 

108

 

1,132

 

-

 

-

 

-

 

1,240

 

-

 

1,240

 Purchase of treasury shares

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 Sale of treasury shares(a)

 

-

 

-

 

(236)

 

-

 

4,313,895

 

236

 

-

 

-

 

-

 Share-based payments

 

-

 

-

 

92

 

-

 

-

 

-

 

92

 

-

 

92

 Share cancellation

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 Net issuance (repayment) of perpetual subordinated notes

 

-

 

-

 

331

 

-

 

-

 

-

 

331

 

-

 

331

 Payments on perpetual subordinated notes

 

-

 

-

 

(165)

 

-

 

-

 

-

 

(165)

 

-

 

(165)

 Other operations with

 non-controlling interests

 

-

 

-

 

2

 

(4)

 

-

 

-

 

(2)

 

(110)

 

(112)

 Other items

 

-

 

-

 

(11)

 

-

 

-

 

-

 

(11)

 

(12)

 

(23)

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 half 2021

 

-

 

-

 

5,550

 

-

 

-

 

-

 

5,550

 

161

 

5,711

 Other comprehensive income

 

-

 

-

 

485

 

(823)

 

-

 

-

 

(338)

 

14

 

(324)

 Comprehensive Income

 <