TotalEnergies SE: Third Quarter 2022 Results

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TotalEnergies SE (TTE)

UK 100

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	3Q22	Change vs 3Q21	9M22	Change vs 9M21
Net income (TotalEnergies share) (B$)	6.6	*+43%*	17.3	*+69%*
Adjusted net income (TotalEnergies share)⁽¹⁾
- in billions of dollars (B$)	9.9	x2,1	28.6	x2,5
- in dollars per share	3.83	x2,2	10.96	x2,6
Adjusted EBITDA⁽¹⁾ (B$)	19.4	+74%	55.6	+98%
DACF⁽¹⁾ (B$)	12.0	+44%	37.7	+80%
Cash Flow from operations (B$)	17.8	x3,2	41.7	x2,2
Net-debt-to-capital ratio⁽²⁾ of 4.0% at September 30, 2022 vs. 9.8% at June 30, 2022 Special interim dividend set at 1 €/share Third 2022 interim dividend set at 0.69 €/share

3Q22	2Q22	3Q21	3Q22 vs 3Q21	In millions of dollars, except effective tax rate, earnings per share and number of shares	9M22	9M21	9M22 vs 9M21
19,420	18,737	11,180	+74%	Adjusted EBITDA ⁽⁶⁾	55,581	28,017	+98%
10,279	10,500	5,374	+91%	Adjusted net operating income from business segments	30,237	12,893	x2,3
4,217	4,719	2,726	+55%	Exploration & Production	13,951	6,914	x2
3,649	2,555	1,608	x2,3	Integrated Gas, Renewables & Power	9,255	3,484	x2,7
1,935	2,760	602	x3,2	Refining & Chemicals	5,815	1,356	x4,3
478	466	438	+9%	Marketing & Services	1,216	1,139	+7%
2,576	1,944	1,143	x2,3	Contribution of equity affiliates to adjusted net income	6,381	2,403	x2,7
44.1%	39.4%	39.6%	-	Effective tax rate ⁽⁷⁾	40.8%	36.6%	-
9,863	9,796	4,769	x2,1	Adjusted net income (TotalEnergies share)	28,636	11,235	x2,5
3.83	3.75	1.76	x2,2	Adjusted fully-diluted earnings per share (dollars) ⁽⁸⁾	10.96	4.14	x2,6
3.78	3.50	1.49	x2,5	Adjusted fully-diluted earnings per share (euros)*	10.31	3.46	x3
2,560	2,592	2,655	-4%	Fully-diluted weighted-average shares (millions)	2,589	2,648	-2%

6,626	5,692	4,645	+43%	Net income (TotalEnergies share)	17,262	10,195	+69%

3,116	2,819	2,813	+11%	Organic investments ⁽⁹⁾	7,916	7,993	-1%
1,587	2,076	(958)	ns	Net acquisitions ⁽¹⁰⁾	4,585	1,029	x4,5
4,703	4,895	1,855	x2,5	Net investments ⁽¹¹⁾	12,501	9,022	+39%

11,736	13,233	8,060	+46%	Operating cash flow before working capital changes ⁽¹²⁾	36,595	19,778	+85%
12,040	13,631	8,390	+44%	Operating cash flow before working capital changes w/o financial charges (DACF) ⁽¹³⁾	37,665	20,901	+80%
17,848	16,284	5,640	x3,2	Cash flow from operations	41,749	18,789	x2,2

3Q22	2Q22	3Q21	3Q22 vs 3Q21		9M22	9M21	9M22 vs 9M21
100.8	113.9	73.5	+37%	Brent ($/b)	105.5	67.9	+55%
7.9	7.5	4.3	+84%	Henry Hub ($/Mbtu)	6.7	3.3	x2
42.5	22.2	16.9	x2,5	NBP ($/Mbtu)	32.4	10.8	x3
46.5	27.0	18.6	x2,5	JKM ($/Mbtu)	34.9	12.9	x2,7
93.6	102.9	67.1	+40%	Average price of liquids ($/b) Consolidated subsidiaries	95.4	62.2	+53%
16.83	11.01	6.33	x2,7	Average price of gas ($/Mbtu) Consolidated subsidiaries	13.28	4.95	x2,7
21.51	13.96	9.10	x2,4	Average price of LNG ($/Mbtu) Consolidated subsidiaries and equity affiliates	16.26	7.25	x2,2
99.2	145.7	8.8	x11,3	Variable cost margin - Refining Europe, VCM ($/t)**	100.3	8.0	x12,5

3Q22	2Q22	3Q21	3Q22 vs 3Q21	GHG emissions (MtCO₂e)	9M22	9M21	9M22 vs 9M21
10.3	9.6	9.3	+10%	Scope 1+2 from operated facilities ⁽¹⁵⁾	29.6	27.1	+9%
14.0	13.4	-	ns	Scope 1+2 - equity share	41.4	-	ns

90	94	100	-10%	Scope 3 from Oil & Gas Worldwide ⁽¹⁶⁾	282	293	-4%
65	65	74	-12%	of which Scope 3 Oil Worldwide ⁽¹⁷⁾	196	210	-7%

3Q22	2Q22	3Q21	3Q22 vs 3Q21	Methane emissions (ktCH₄)	9M22	9M21	9M22 vs 9M21
10	10	12	-16%	Methane emissions from operated facilities	31	37	-16%
14	13	-	ns	Methane emissions - equity share	38	-	ns

In millions of dollars	October 1, 2021	July 1, 2021	October 1, 2020
	September 30, 2022	June 30, 2022	September 30, 2021
Adjusted net income	35,790	30,716	12,827
Average adjusted shareholders' equity	113,861	113,333	106,794
Return on equity (ROE)	31.4%	27.1%	12.0%

	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 / TTF***	+/- 2 $/Mbtu	+/- 0.5 B$	+/- 0.5 B$
Variable cost margin, European refining (VCM)	+/- 10 $/t	+/- 0.4 B$	+/- 0.5 B$

Russian Upstream Assets (M$)	3Q22	2Q22	9M22
Net income (TotalEnergies share)	(1,907)	(3,202)	(8,113)
Cash flow from operations	349	368	748

	3Q22					2Q22
Installed power generation gross capacity (GW) ^(1),(2),(3)	Solar	Onshore Wind	Offshore Wind	Other	Total	Solar	Onshore Wind	Offshore Wind	Other	Total
France	0.7	0.6	0.0	0.1	1.4	0.7	0.5	0.0	0.1	1.3
Rest of Europe	0.2	1.1	0.2	0.0	1.4	0.2	1.1	0.0	0.0	1.3
Africa	0.1	0.0	0.0	0.0	0.1	0.1	0.0	0.0	0.0	0.1
Middle East	0.7	0.0	0.0	0.0	0.7	0.7	0.0	0.0	0.0	0.7
North America	2.9	2.1	0.0	0.0	5.0	1.1	0.0	0.0	0.0	1.1
South America	0.4	0.3	0.0	0.0	0.7	0.4	0.3	0.0	0.0	0.7
India	4.9	0.3	0.0	0.0	5.3	4.9	0.2	0.0	0.0	5.1
Asia-Pacific	1.2	0.0	0.1	0.0	1.3	1.2	0.0	0.1	0.0	1.2
Total	11.1	4.4	0.3	0.2	16.0	9.2	2.1	0.1	0.2	11.6

	3Q22					2Q22
Power generation gross capacity from renewables in construction (GW) ^(1),(2),(3)	Solar	Onshore Wind	Offshore Wind	Other	Total	Solar	Onshore Wind	Offshore Wind	Other	Total
France	0.2	0.1	0.0	0.1	0.5	0.2	0.2	0.0	0.1	0.4
Rest of Europe	0.1	0.0	1.0	0.0	1.1	0.0	0.0	1.1	0.0	1.1
Africa	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Middle East	0.4	0.0	0.0	0.0	0.4	0.4	0.0	0.0	0.0	0.4
North America	1.6	0.0	0.0	0.2	1.7	1.3	0.0	0.0	0.0	1.3
South America	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
India	0.8	0.2	0.0	0.0	1.0	0.9	0.3	0.0	0.0	1.2
Asia-Pacific	0.1	0.0	0.5	0.0	0.7	0.1	0.0	0.6	0.0	0.7
Total	3.3	0.3	1.5	0.2	5.4	2.8	0.5	1.7	0.1	5.2

	3Q22					2Q22
Power generation gross capacity from renewables in development (GW) ^(1),(2),(3)	Solar	Onshore Wind	Offshore Wind	Other	Total	Solar	Onshore Wind	Offshore Wind	Other	Total
France	2.1	0.4	0.0	0.0	2.5	2.3	0.5	0.0	0.0	2.8
Rest of Europe	4.8	0.3	4.4	0.1	9.6	4.8	0.3	4.4	0.1	9.5
Africa	0.6	0.1	0.0	0.1	0.9	0.6	0.1	0.0	0.1	0.8
Middle East	0.5	0.0	0.0	0.0	0.5	1.8	0.0	0.0	0.0	1.8
North America	11.8	3.4	4.0	4.5	23.7	6.2	0.1	4.0	0.8	11.0
South America	0.7	0.5	0.0	0.2	1.4	0.6	0.0	0.0	0.2	0.8
India	3.9	0.1	0.0	0.0	4.0	3.9	0.1	0.0	0.0	4.0
Asia-Pacific	2.0	0.3	1.2	0.3	3.7	1.7	0.2	1.2	0.1	3.2
Total	26.5	5.1	9.6	5.3	46.4	21.7	1.3	9.6	1.3	33.9

	In operation					In construction					In development
Gross renewables capacity covered by PPA at 09/30/2022 (GW)	Solar	Onshore Wind	Offshore Wind	Other	Total	Solar	Onshore Wind	Offshore Wind	Other	Total	Solar	Onshore Wind	Offshore Wind	Other	Total
Europe	0.9	1.6	X	X	2.8	0.3	X	0.7	X	1.2	4.1	0.3	-	X	4.5
Asia	6.1	0.4	X	X	6.6	0.9	0.2	0.5	-	1.7	4.5	X	-	X	4.7
North America	2.8	2.1	-	X	5.0	1.6	-	-	X	1.7	1.5	X	-	0.8	2.5
Rest of World	1.2	0.3	-	X	1.5	0.4	-	-	X	0.5	0.9	-	-	0.3	1.3
Total	11.0	4.4	0.2	X	15.9	3.3	0.3	1.3	0.2	5.1	11.1	0.6	-	1.2	13.0

X not specified, capacity < 0.2 GW.
	In operation					In construction					In development
PPA average price at 09/30/2022 ($/MWh)	Solar	Onshore Wind	Offshore Wind	Other	Total	Solar	Onshore Wind	Offshore Wind	Other	Total	Solar	Onshore Wind	Offshore Wind	Other	Total
Europe	198	114	X	X	139	67	X	73	X	74	75	85	-	X	80
Asia	70	52	X	X	72	55	45	254	-	117	39	X	-	X	39
North America	106	54	-	X	83	28	-	-	X	28	31	X	-	-	43
Rest of World	90	54	-	X	82	19	-	-	X	19	77	-	-	-	77
Total	91	77	127	X	88	38	64	150	95	69	42	80	-	145	46
X not specified, PPA referring to a capacity < 0.2 GW.

In millions of dollars	09/30/2022	06/30/2022	09/30/2021
Current borrowings ⁽¹⁾	15,556	14,589	15,184
Other current financial liabilities	861	401	504
Current financial assets ^(1),(2)	(11,532)	(7,697)	(3,821)
Net financial assets classified as held for sale	(36)	(14)	(1)
Non-current financial debt ⁽¹⁾	37,506	39,233	43,350
Non-current financial assets ⁽¹⁾	(1,406)	(692)	(1,927)
Cash and cash equivalents	(35,941)	(32,848)	(28,971)
Net debt (a)	5,008	12,972	24,318

Shareholders’ equity - TotalEnergies share	117,821	116,688	110,016
Non-controlling interests	2,851	3,309	3,211
Shareholders' equity (b)	120,672	119,997	113,227

Net-debt-to-capital ratio = a / (a+b)	4.0%	9.8%	17.7%

Leases (c)	7,669	7,963	7,786
Net-debt-to-capital ratio including leases (a+c) / (a+b+c)	9.5%	14.9%	22.1%

In millions of dollars	Integrated Gas, Renewables & Power	Exploration & Production	Refining & Chemicals	Marketing & Services	Company
Adjusted net operating income	12,014	17,476	6,368	1,695	37,239
Capital employed at 09/30/2021*	52,401	75,499	9,156	8,281	143,383
Capital employed at 09/30/2022*	54,923	65,041	5,801	7,141	130,420
ROACE	22.4%	24.9%	85.2%	22.2%	27.2%

In millions of dollars	Integrated Gas, Renewables & Power	Exploration & Production	Refining & Chemicals	Marketing & Services	Company
Adjusted net operating income	9,973	15,985	5,035	1,655	32,177
Capital employed at 06/30/2021*	49,831	76,013	9,285	8,439	141,720
Capital employed at 06/30/2022*	54,174	70,248	7,958	7,475	137,035
ROACE	19.2%	21.9%	58.4%	20.8%	23.1%

CONSOLIDATED STATEMENT OF INCOME
TotalEnergies
(unaudited)
		3^rd quarter	2^nd quarter	3^rd quarter
(M$)^(a)		2022	2022	2021

Sales		69,037	74,774	54,729
Excise taxes		(4,075)	(4,329)	(5,659)
	Revenues from sales	64,962	70,445	49,070

Purchases, net of inventory variation		(42,802)	(45,443)	(32,344)
Other operating expenses		(6,771)	(8,041)	(6,617)
Exploration costs		(71)	(117)	(127)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,935)	(3,102)	(3,191)
Other income		1,693	429	195
Other expense		(921)	(1,305)	(605)

Financial interest on debt		(633)	(572)	(454)
Financial income and expense from cash & cash equivalents		327	245	87
	Cost of net debt	(306)	(327)	(367)

Other financial income		196	231	193
Other financial expense		(112)	(136)	(140)

Net income (loss) from equity affiliates		(108)	(1,546)	1,377

Income taxes		(6,077)	(5,284)	(2,692)
Consolidated net income		6,748	5,804	4,752
TotalEnergies share		6,626	5,692	4,645
Non-controlling interests		122	112	107
Earnings per share ($)		2.58	2.18	1.72
Fully-diluted earnings per share ($)		2.56	2.16	1.71
(a) Except for per share amounts.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TotalEnergies
(unaudited)
	3^rd quarter	2^nd quarter	3^rd quarter
(M$)	2022	2022	2021
Consolidated net income	6,748	5,804	4,752

Other comprehensive income

Actuarial gains and losses	(17)	204	(3)
Change in fair value of investments in equity instruments	131	(20)	(95)
Tax effect	2	(53)	5
Currency translation adjustment generated by the parent company	(4,639)	(5,387)	(2,368)
Items not potentially reclassifiable to profit and loss	(4,523)	(5,256)	(2,461)
Currency translation adjustment	1,871	2,523	1,260
Cash flow hedge	1,258	3,222	424
Variation of foreign currency basis spread	9	21	2
share of other comprehensive income of equity affiliates, net amount	191	2,548	184
Other	(18)	(1)	1
Tax effect	(424)	(1,112)	(100)
Items potentially reclassifiable to profit and loss	2,887	7,201	1,771
Total other comprehensive income (net amount)	(1,636)	1,945	(690)

Comprehensive income	5,112	7,749	4,062
TotalEnergies share	4,969	7,705	4,014
Non-controlling interests	143	44	48

3Q22	2Q22	3Q21	3Q22 vs 3Q21	Hydrocarbon production	9M22	9M21	9M22 vs 9M21
2,669	2,738	2,814	-5%	Hydrocarbon production (kboe/d)	2,750	2,808	-2%
1,298	1,268	1,288	+1%	Oil (including bitumen) (kb/d)	1,291	1,272	+1%
1,371	1,470	1,526	-10%	Gas (including condensates and associated NGL) (kboe/d)	1,459	1,535	-5%

2,669	2,738	2,814	-5%	Hydrocarbon production (kboe/d)	2,750	2,808	-2%
1,494	1,483	1,517	-2%	Liquids (kb/d)	1,501	1,496	-
6,367	6,835	7,070	-10%	Gas (Mcf/d)	6,785	7,161	-5%

3Q22	2Q22	3Q21	3Q22 vs 3Q21	Hydrocarbon production for LNG	9M22	9M21	9M22 vs 9M21
418	462	533	-21%	iGRP (kboe/d)	458	518	-12%
40	53	67	-41%	Liquids (kb/d)	51	61	-17%
2,067	2,233	2,527	-18%	Gas (Mcf/d)	2,216	2,489	-11%

3Q22	2Q22	3Q21	3Q22 vs 3Q21	Liquefied Natural Gas in Mt	9M22	9M21	9M22 vs 9M21
10.4	11.7	10.0	+5%	Overall LNG sales	35.4	30.4	+16%
4.0	4.1	4.3	-6%	incl. Sales from equity production*	12.6	12.8	-2%
9.2	10.2	8.3	+12%	incl. Sales by TotalEnergies from equity production and third party purchases	31.4	25.0	+26%

3Q22	2Q22	3Q21	3Q22 vs 3Q21	Electricity & Renewables	9M22	9M21	9M22 vs 9M21
67.8	50.7	42.7	+59%	Portfolio of renewable power generation gross capacity (GW) ^(1),(2),(3)	67.8	42.7	+59%
16.0	11.6	9.5	+68%	o/w installed capacity	16.0	9.5	+68%
5.4	5.2	6.1	-11%	o/w capacity in construction	5.4	6.1	-11%
46.4	33.9	27.1	+71%	o/w capacity in development	46.4	27.1	+71%
33.9	26.8	26.6	+28%	Gross renewables capacity with PPA (GW) ^(1),(2),(3)	33.9	26.6	+28%
45.2	38.4	31.7	+43%	Portfolio of renewable power generation net capacity (GW) ^(1),(3)	45.2	31.7	+43%
7.4	5.8	4.7	+59%	o/w installed capacity	7.4	4.7	+59%
3.5	3.7	4.0	-12%	o/w capacity in construction	3.5	4.0	-12%
34.2	28.9	23.0	+49%	o/w capacity in development	34.2	23.0	+49%
8.5	7.7	4.7	+79%	Net power production (TWh) ⁽⁴⁾	23.7	14.5	+64%
2.4	2.5	1.7	+42%	incl. power production from renewables	7.1	4.9	+45%
6.3	6.2	6.0	+5%	Clients power - BtB and BtC (Million) ⁽³⁾	6.3	6.0	+5%
2.8	2.7	2.7	+1%	Clients gas - BtB and BtC (Million) ⁽³⁾	2.8	2.7	+1%
12.1	12.3	11.7	+3%	Sales power - BtB and BtC (TWh)	40.7	40.5	+1%
14.2	19.1	13.2	+7%	Sales gas - BtB and BtC (TWh)	68.3	70.0	-3%

460	462	291	+58%	Proportional adjusted EBITDA Electricity & Renewables (M$) ⁽⁵⁾	1,097	946	+16%
120	131	104	+15%	incl. from renewables business	341	334	+2%

CONSOLIDATED BALANCE SHEET
TotalEnergies
	September 30, 2022	June 30, 2022	December 31, 2021	September 30, 2021
(M$)	(unaudited)	(unaudited)		(unaudited)

ASSETS

Non-current assets
Intangible assets, net	36,376	37,020	32,484	32,895
Property, plant and equipment, net	99,700	101,454	106,559	105,902
Equity affiliates : investments and loans	28,743	28,210	31,053	30,467
Other investments	1,149	1,383	1,625	1,688
Non-current financial assets	2,341	1,612	2,404	2,799
Deferred income taxes	4,434	4,737	5,400	6,452
Other non-current assets	2,930	3,075	2,797	2,530
Total non-current assets	175,673	177,491	182,322	182,733

Current assets
Inventories, net	24,420	28,542	19,952	19,601
Accounts receivable, net	28,191	30,796	21,983	19,865
Other current assets	73,453	55,553	35,144	39,967
Current financial assets	11,688	7,863	12,315	3,910
Cash and cash equivalents	35,941	32,848	21,342	28,971
Assets classified as held for sale	349	313	400	633
Total current assets	174,042	155,915	111,136	112,947
Total assets	349,715	333,406	293,458	295,680

LIABILITIES & SHAREHOLDERS' EQUITY

Shareholders' equity
Common shares	8,163	8,163	8,224	8,224
Paid-in surplus and retained earnings	131,382	125,554	117,849	113,795
Currency translation adjustment	(16,720)	(14,019)	(12,671)	(11,995)
Treasury shares	(5,004)	(3,010)	(1,666)	(8)
Total shareholders' equity - TotalEnergies share	117,821	116,688	111,736	110,016
Non-controlling interests	2,851	3,309	3,263	3,211
Total shareholders' equity	120,672	119,997	114,999	113,227

Non-current liabilities
Deferred income taxes	12,576	12,169	10,904	11,161
Employee benefits	2,207	2,341	2,672	3,218
Provisions and other non-current liabilities	22,133	23,373	20,269	20,355
Non-current financial debt	44,899	46,868	49,512	50,810
Total non-current liabilities	81,815	84,751	83,357	85,544

Current liabilities
Accounts payable	48,942	49,700	36,837	34,149
Other creditors and accrued liabilities	80,468	62,498	42,800	45,476
Current borrowings	16,923	16,003	15,035	16,471
Other current financial liabilities	861	401	372	504
Liabilities directly associated with the assets classified as held for sale	34	56	58	309
Total current liabilities	147,228	128,658	95,102	96,909
Total liabilities & shareholders' equity	349,715	333,406	293,458	295,680

CONSOLIDATED STATEMENT OF CASH FLOW
TotalEnergies
(unaudited)
	3^rd quarter	2^nd quarter	3^rd quarter
(M$)	2022	2022	2021

CASH FLOW FROM OPERATING ACTIVITIES

Consolidated net income	6,748	5,804	4,752
Depreciation, depletion, amortization and impairment	3,032	3,321	3,361
Non-current liabilities, valuation allowances and deferred taxes	704	1,427	479
(Gains) losses on disposals of assets	(1,645)	(165)	100
Undistributed affiliates' equity earnings	1,290	2,999	(506)
(Increase) decrease in working capital	7,407	2,498	(2,698)
Other changes, net	312	400	152
Cash flow from operating activities	17,848	16,284	5,640

CASH FLOW USED IN INVESTING ACTIVITIES

Intangible assets and property, plant and equipment additions	(2,986)	(5,150)	(2,718)
Acquisitions of subsidiaries, net of cash acquired	(8)	(82)	(23)
Investments in equity affiliates and other securities	(2,557)	(136)	(67)
Increase in non-current loans	(246)	(278)	(219)
Total expenditures	(5,797)	(5,646)	(3,027)
Proceeds from disposals of intangible assets and property, plant and equipment	97	153	150
Proceeds from disposals of subsidiaries, net of cash sold	524	63	4
Proceeds from disposals of non-current investments	304	35	177
Repayment of non-current loans	797	413	240
Total divestments	1,722	664	571
Cash flow used in investing activities	(4,075)	(4,982)	(2,456)

CASH FLOW USED IN FINANCING ACTIVITIES

Issuance (repayment) of shares:
- Parent company shareholders	(1)	371	-
- Treasury shares	(1,996)	(1,988)	-
Dividends paid:
- Parent company shareholders	(1,877)	(1,825)	(2,053)
- Non-controlling interests	(405)	(97)	(41)
Net issuance (repayment) of perpetual subordinated notes	-	(1,958)	-
Payments on perpetual subordinated notes	(14)	(138)	(22)
Other transactions with non-controlling interests	38	(10)	721
Net issuance (repayment) of non-current debt	141	508	133
Increase (decrease) in current borrowings	(527)	(2,703)	(1,457)
Increase (decrease) in current financial assets and liabilities	(4,473)	(731)	513
Cash flow from (used in) financing activities	(9,114)	(8,571)	(2,206)
Net increase (decrease) in cash and cash equivalents	4,659	2,731	978
Effect of exchange rates	(1,566)	(1,159)	(650)
Cash and cash equivalents at the beginning of the period	32,848	31,276	28,643
Cash and cash equivalents at the end of the period	35,941	32,848	28,971

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	Paid-in surplus and retained earnings	Currency translation adjustment	Number	Amount	Shareholders' equity - TotalEnergies Share	Non- controlling interests	Total shareholders' equity
As of January 1, 2021	2,653,124,025	8,267	107,078	(10,256)	(24,392,703)	(1,387)	103,702	2,383	106,085
Net income of the first nine months 2021	-	-	10,195	-	-	-	10,195	268	10,463
Other comprehensive income	-	-	762	(1,731)	-	-	(969)	(45)	(1,014)
Comprehensive Income	-	-	10,957	(1,731)	-	-	9,226	223	9,449
Dividend	-	-	(6,236)	-	-	-	(6,236)	(104)	(6,340)
Issuance of common shares	10,589,713	31	350	-	-	-	381	-	381
Purchase of treasury shares	-	-	-	-	(3,636,351)	(165)	(165)	-	(165)
Sale of treasury shares^(a)	-	-	(216)	-	4,571,235	216	-	-	-
Share-based payments	-	-	103	-	-	-	103	-	103
Share cancellation	(23,284,409)	(74)	(1,254)	-	23,284,409	1,328	-	-	-
Net issuance (repayment) of perpetual subordinated notes	-	-	3,254	-	-	-	3,254	-	3,254
Payments on perpetual subordinated notes	-	-	(278)	-	-	-	(278)	-	(278)
Other operations with non-controlling interests	-	-	26	(6)	-	-	20	701	721
Other items	-	-	11	(2)	-	-	9	8	17
As of September 30, 2021	2,640,429,329	8,224	113,795	(11,995)	(173,410)	(8)	110,016	3,211	113,227
Net income of the fourth quarter 2021	-	-	5,837	-	-	-	5,837	66	5,903
Other comprehensive income	-	-	229	(676)	-	-	(447)	15	(432)
Comprehensive Income	-	-	6,066	(676)	-	-	5,390	81	5,471
Dividend	-	-	(1,964)	-	-	-	(1,964)	(20)	(1,984)
Issuance of common shares	-	-	-	-	-	-	-	-	-
Purchase of treasury shares	-	-	-	-	(33,669,654)	(1,658)	(1,658)	-	(1,658)
Sale of treasury shares^(a)	-	-	-	-	1,960	-	-	-	-
Share-based payments	-	-	40	-	-	-	40	-	40
Share cancellation	-	-	-	-	-	-	-	-	-
Net issuance (repayment) of perpetual subordinated notes	-	-	-	-	-	-	-	-	-
Payments on perpetual subordinated notes	-	-	(90)	-	-	-	(90)	-	(90)
Other operations with non-controlling interests	-	-	4	-	-	-	4	(12)	(8)
Other items	-	-	(2)	-	-	-	(2)	3	1
As of December 31, 2021	2,640,429,329	8,224	117,849	(12,671)	(33,841,104)	(1,666)	111,736	3,263	114,999
Net income of the first nine months 2022	-	-	17,262	-	-	-	17,262	341	17,603
Other comprehensive income	-	-	3,421	(4,056)	-	-	(635)	(25)	(660)
Comprehensive Income	-	-	20,683	(4,056)	-	-	16,627	316	16,943
Dividend	-	-	(5,653)	-	-	-	(5,653)	(524)	(6,177)
Issuance of common shares	9,367,482	26	344	-	-	-	370	-	370
Purchase of treasury shares	-	-	-	-	(97,376,124)	(5,160)	(5,160)	-	(5,160)
Sale of treasury shares^(a)	-	-	(317)	-	6,193,921	317	-	-	-
Share-based payments	-	-	191	-	-	-	191	-	191
Share cancellation	(30,665,526)	(87)	(1,418)	-	30,665,526	1,505	-	-	-
Net issuance (repayment) of perpetual subordinated notes	-	-	(44)	-	-	-	(44)	-	(44)
Payments on perpetual subordinated notes	-	-	(255)	-	-	-	(255)	-	(255)
Other operations with non-controlling interests	-	-	41	7	-	-	48	124	172
Other items	-	-	(39)	-	-	-	(39)	(328)	(367)
As of September 30, 2022	2,619,131,285	8,163	131,382	(16,720)	(94,357,781)	(5,004)	117,821	2,851	120,672
^(a) Treasury shares related to the performance share grants.

INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)

3^rd quarter 2022	Integrated Gas, Renewables & Power	Exploration & Production	Refining & Chemicals	Marketing & Services	Corporate	Intercompany	Total
(M$)	Integrated Gas, Renewables & Power	Exploration & Production	Refining & Chemicals	Marketing & Services	Corporate	Intercompany	Total
External sales	11,495	2,670	28,899	25,968	5	-	69,037
Intersegment sales	1,753	14,701	12,065	176	52	(28,747)	-
Excise taxes	-	-	(160)	(3,915)	-	-	(4,075)
Revenues from sales	13,248	17,371	40,804	22,229	57	(28,747)	64,962
Operating expenses	(10,648)	(6,880)	(39,137)	(21,513)	(213)	28,747	(49,644)
Depreciation, depletion and impairment of tangible assets and mineral interests	(295)	(1,999)	(371)	(243)	(27)	-	(2,935)
Operating income	2,305	8,492	1,296	473	(183)	-	12,383
Net income (loss) from equity affiliates and other items	3,190	(2,643)	219	(14)	(4)	-	748
Tax on net operating income	(777)	(5,071)	(255)	(153)	162	-	(6,094)
Net operating income	4,718	778	1,260	306	(25)	-	7,037
Net cost of net debt							(289)
Non-controlling interests							(122)
Net income - TotalEnergies share							6,626

3^rd quarter 2022 (adjustments)^(a)	Integrated Gas, Renewables & Power	Exploration & Production	Refining & Chemicals	Marketing & Services	Corporate	Intercompany	Total
(M$)	Integrated Gas, Renewables & Power	Exploration & Production	Refining & Chemicals	Marketing & Services	Corporate	Intercompany	Total
External sales	38	-	-	-	-	-	38
Intersegment sales	-	-	-	-	-	-	-
Excise taxes	-	-	-	-	-	-	-
Revenues from sales	38	-	-	-	-	-	38
Operating expenses	(291)	(4)	(771)	(230)	(79)	-	(1,375)
Depreciation, depletion and impairment of tangible assets and mineral interests	-	(7)	-	(2)	-	-	(9)
Operating income ^(b)	(253)	(11)	(771)	(232)	(79)	-	(1,346)
Net income (loss) from equity affiliates and other items	1,315	(3,130)	(100)	(7)	-	-	(1,922)
Tax on net operating income	7	(298)	196	67	20	-	(8)
Net operating income ^(b)	1,069	(3,439)	(675)	(172)	(59)	-	(3,276)
Net cost of net debt							76
Non-controlling interests							(37)
Net income - TotalEnergies share							(3,237)

^(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
^(b) Of which inventory valuation effect
- On operating income	-	-	(771)	(239)	-
- On net operating income	-	-	(675)	(172)	-

3^rd quarter 2022 (adjusted)	Integrated Gas, Renewables & Power	Exploration & Production	Refining & Chemicals	Marketing & Services	Corporate	Intercompany	Total
(M$)	Integrated Gas, Renewables & Power	Exploration & Production	Refining & Chemicals	Marketing & Services	Corporate	Intercompany	Total
External sales	11,457	2,670	28,899	25,968	5	-	68,999
Intersegment sales	1,753	14,701	12,065	176	52	(28,747)	-
Excise taxes	-	-	(160)	(3,915)	-	-	(4,075)
Revenues from sales	13,210	17,371	40,804	22,229	57	(28,747)	64,924
Operating expenses	(10,357)	(6,876)	(38,366)	(21,283)	(134)	28,747	(48,269)
Depreciation, depletion and impairment of tangible assets and mineral interests	(295)	(1,992)	(371)	(241)	(27)	-	(2,926)
Adjusted operating income	2,558	8,503	2,067	705	(104)	-	13,729
Net income (loss) from equity affiliates and other items	1,875	487	319	(7)	(4)	-	2,670
Tax on net operating income	(784)	(4,773)	(451)	(220)	142	-	(6,086)
Adjusted net operating income	3,649	4,217	1,935	478	34	-	10,313
Net cost of net debt							(365)
Non-controlling interests							(85)
Adjusted net income - TotalEnergies share							9,863

3^rd quarter 2022	Integrated Gas, Renewables & Power	Exploration & Production	Refining & Chemicals	Marketing & Services	Corporate	Intercompany	Total
(M$)	Integrated Gas, Renewables & Power	Exploration & Production	Refining & Chemicals	Marketing & Services	Corporate	Intercompany	Total
Total expenditures	3,214	2,069	242	251	21		5,797
Total divestments	1,441	246	6	29	-		1,722
Cash flow from operating activities	4,390	9,083	3,798	939	(362)		17,848

Reconciliation of the information by business segment with Consolidated Financial Statements
TotalEnergies
(unaudited)
			Consolidated
3^rd quarter 2022			statement
(M$)	Adjusted	Adjustments^(a)	of income
Sales	68,999	38	69,037
Excise taxes	(4,075)	-	(4,075)
Revenues from sales	64,924	38	64,962

Purchases net of inventory variation	(41,509)	(1,293)	(42,802)
Other operating expenses	(6,689)	(82)	(6,771)
Exploration costs	(71)	-	(71)
Depreciation, depletion and impairment of tangible assets and mineral interests	(2,926)	(9)	(2,935)
Other income	163	1,530	1,693
Other expense	(153)	(768)	(921)

Financial interest on debt	(633)	-	(633)
Financial income and expense from cash & cash equivalents	219	108	327
Cost of net debt	(414)	108	(306)

Other financial income	196	-	196
Other financial expense	(112)	-	(112)

Net income (loss) from equity affiliates	2,576	(2,684)	(108)

Income taxes	(6,037)	(40)	(6,077)
Consolidated net income	9,948	(3,200)	6,748
TotalEnergies share	9,863	(3,237)	6,626
Non-controlling interests	85	37	122

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

			Consolidated
3^rd quarter 2021			statement
(M$)	Adjusted	Adjustments^(a)	of income
Sales	54,729	-	54,729
Excise taxes	(5,659)	-	(5,659)
Revenues from sales	49,070	-	49,070

Purchases net of inventory variation	(32,574)	230	(32,344)
Other operating expenses	(6,548)	(69)	(6,617)
Exploration costs	(127)	-	(127)
Depreciation, depletion and impairment of tangible assets and mineral interests	(3,172)	(19)	(3,191)
Other income	195	-	195
Other expense	(117)	(488)	(605)

Financial interest on debt	(454)	-	(454)
Financial income and expense from cash & cash equivalents	79	8	87
Cost of net debt	(375)	8	(367)

Other financial income	193	-	193
Other financial expense	(140)	-	(140)

Net income (loss) from equity affiliates	1,143	234	1,377

Income taxes	(2,674)	(18)	(2,692)
Consolidated net income	4,874	(122)	4,752
TotalEnergies share	4,769	(124)	4,645
Non-controlling interests	105	2	107

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