The Shareholders' Meeting on May 28, 2021 decided to change the corporate name to TotalEnergies SE, thereby anchoring the Corporation's transformation into a multi-energy company.
The Shareholders' Meeting on May 28, 2021 decided to change the corporate name to TotalEnergies SE, thereby anchoring the Corporation's transformation into a multi-energy company.
TotalEnergies
The Consolidated Financial Statements of TotalEnergies SE and its subsidiaries (the Company) are presented in U.S. dollars and have been prepared on the basis of IFRS (International Financial Reporting Standards) as adopted by the European Union and IFRS as issued by the IASB (International Accounting Standard Board) as of December 31, 2022.
Note 1General accounting principles
1.1Accounting principles
A)Principles of consolidation
Entities that are directly controlled by the parent company or indirectly controlled by other consolidated entities are fully consolidated.
Investments in joint ventures are consolidated under the equity method. TotalEnergies accounts for joint operations by recognizing its share of assets, liabilities, income and expenses.
Investments in associates, in which TotalEnergies has significant influence, are accounted for by the equity method. Significant influence is presumed when TotalEnergies holds, directly or indirectly (e.g. through subsidiaries), 20% or more of the voting rights. Companies in which ownership interest is less than 20%, but over which TotalEnergies is deemed to exercise significant influence, are also accounted for by the equity method.
All internal balances, transactions and income are eliminated.
B)Business combinations
Business combinations are accounted for using the acquisition method. This method requires the recognition of the acquired identifiable assets and assumed liabilities of the companies acquired by TotalEnergies at their fair value.
The purchase accounting of the acquisition is finalized up to a maximum of one year from the acquisition date.
The acquirer shall recognize goodwill at the acquisition date, being the excess of:
\u2013The consideration transferred, the amount of non-controlling interests and, in business combinations achieved in stages, the fair value at the acquisition date of the investment previously held in the acquired company;
\u2013Over the fair value at the acquisition date of acquired identifiable assets and assumed liabilities.
If the consideration transferred is lower than the fair value of acquired identifiable assets and assumed liabilities, an additional analysis is performed on the identification and valuation of the identifiable elements of the assets and liabilities. After having completed such additional analysis, any negative goodwill is recorded as income.
Non-controlling interests are measured either at their proportionate share in the net assets of the acquired company or at fair value.
In transactions with non-controlling interests, the difference between the price paid (received) and the book value of non-controlling interests acquired (sold) is recognized directly in equity.
C)Foreign currency translation
The presentation currency of TotalEnergies' Consolidated Financial Statements is the US dollar. However, the functional currency of the parent company is the euro. The resulting currency translation adjustments are presented on the line \"currency translation adjustment generated by the parent company\" of the consolidated statement of comprehensive income, within \"items not potentially reclassifiable to profit and loss\". In the balance sheet, they are recorded in \"currency translation adjustment\".
The financial statements of subsidiaries are prepared in the currency that most clearly reflects their business environment. This is referred to as their functional currency.
Since July 1, 2018, Argentina is considered to be hyperinflationary. IAS 29 \u201cFinancial Reporting in Hyperinflationary Economies\u201d is applicable to entities whose functional currency is the Argentine peso. The functional currency of the Argentine Exploration & Production subsidiary is the US dollar, therefore IAS 29 has no incidence on TotalEnergies accounts. Net asset of the other business segments is not significant.
(i)Monetary transactions
Transactions denominated in currencies other than the functional currency of the entity are translated at the exchange rate on the transaction date. At each balance sheet date, monetary assets and liabilities are translated at the closing rate and the resulting exchange differences are recognized in the statement of income.
(ii)Translation of financial statements
Assets and liabilities of entities denominated in currencies other than dollar are translated into dollar on the basis of the exchange rates at the end of the period. The income and cash flow statements are translated using the average exchange rates for the period. Foreign exchange differences resulting from such translations are either recorded in shareholders\u2019 equity under \u201cCurrency translation adjustments\u201d (for TotalEnergies share) or under \u201cNon-controlling interests\u201d (for the share of non-controlling interests) as deemed appropriate.
1.2Significant accounting principles applicable in the future
The expected impact of the standards or interpretations published respectively by the International Accounting Standards Board (IASB) and the International Financial Reporting Standards Interpretations Committee (IFRS IC) which were not yet in effect at December 31, 2022, is not material.
The Shareholders' Meeting on May 28, 2021 decided to change the corporate name to TotalEnergies SE, thereby anchoring the Corporation's transformation into a multi-energy company.
TotalEnergies
8.7Notes to the Consolidated Financial Statements
On February 7, 2023, the Board of Directors established and authorized the publication of the Consolidated Financial Statements of TotalEnergies SE for the year ended December 31, 2022, which will be submitted for approval to the Shareholders\u2019 Meeting to be held on May 26, 2023.
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Basis of preparation of the consolidated financial statements
The Consolidated Financial Statements of TotalEnergies SE and its subsidiaries (the Company) are presented in U.S. dollars and have been prepared on the basis of IFRS (International Financial Reporting Standards) as adopted by the European Union and IFRS as issued by the IASB (International Accounting Standard Board) as of December 31, 2022.
The accounting principles applied for the consolidated financial statements at December 31, 2022, were the same as those that were used for the financial statements at December 31, 2021, except for amendments and interpretations of IFRS which were mandatory for the periods beginning after January 1, 2022 (and not early adopted by TotalEnergies). Their application did not have a significant impact on the financial statements as of December 31, 2022.
As of January 1, 2020, TotalEnergies early adopted the amendments to IFRS 7 and IFRS 9 relating to the interest rate benchmark reform
phase II. In particular, these amendments allow to maintain the hedge accounting qualification of interest rate derivatives.
As part of this transition, TotalEnergies set up a working group in order to cover all aspects relating to the IBOR reform and its impacts.
As of December 31, 2022, the transition to IBOR indices had no notable impact on the financial instruments managed by TotalEnergies\u2019s treasury, the main USD LIBOR maturities, including the 3-month USD LIBOR, continuing to be published until June 2023. In addition, the EONIA rate was published for the last time on January 3, 2022 and replaced by the ESTR rate. This change had a non-material impact on the remuneration of cash collateral exchanged with clearing houses. Bonds and associated derivatives impacted by the IBOR reform are presented in Note 15.1 \u201cFinancial debt and derivative financial instruments\u201d. In this context, the financing contracts for the Company\u2019s projects continue to be amended in accordance with the recommendations of regulators and according to the required schedule.
Major judgments and accounting estimates
The preparation of financial statements in accordance with IFRS for the closing as of December 31, 2022 requires the General Management to make estimates, assumptions and judgments that affect the information reported in the Consolidated Financial Statements and the Notes thereto.
These estimates, assumptions and judgments are based on historical experience and other factors believed to be reasonable at the date of preparation of the financial statements. They are reviewed on an on-going basis by General\u00a0 Management and therefore could be revised as circumstances change or as a result of new information.
Different estimates, assumptions and judgments could significantly affect the information reported, and actual results may differ from the amounts included in the Consolidated Financial Statements and the Notes thereto.
The following summary provides further information about the key estimates, assumptions and judgments that are involved in preparing the Consolidated Financial Statements and the Notes thereto. It should be read in conjunction with the sections of the Notes mentioned in the summary.
Estimation of hydrocarbon reserves
The estimation of oil and gas reserves is a key factor in the Successful Efforts method used by TotalEnergies to account for its oil and gas activities.
TotalEnergies\u2019 oil and gas reserves are estimated by TotalEnergies\u2019 petroleum engineers in accordance with industry standards and SEC (U.S. Securities and Exchange Commission) regulations.
Proved oil and gas reserves are those quantities of oil and gas, which, by analysis of geosciences and engineering data, can be determined with reasonable certainty to be recoverable (from a given date forward, from known reservoirs, and under existing economic conditions, operating methods, and government regulations), prior to the time at which contracts providing the rights to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation.
Proved oil and gas reserves are calculated using a 12-month average price determined as the unweighted arithmetic average of the first-day-of-the-month price for each month of the relevant year unless prices are defined by contractual arrangements, excluding escalations based upon future conditions. TotalEnergies reassesses its oil and gas reserves at least once a year on all its properties.
The Successful Efforts method and the mineral interests and property, plant and equipment of exploration and production are presented in Note 7 \u201cIntangible and tangible assets\u201d.
Impairment of property, plant and equipment, intangible assets and goodwill
As part of the determination of the recoverable value of assets for impairment (IAS 36), the estimates, assumptions and judgments mainly concern hydrocarbon prices scenarios, operating costs, production volumes and oil and gas proved and probable reserves, refining margins and product marketing conditions (mainly petroleum, petrochemical and chemical products as well as renewable industry products). The estimates and assumptions used by the executive management are determined in specialized internal departments in light of economic conditions and external expert analysis. The discount rate is reviewed annually.
In 2020, in line with its new Climate Ambition announced on May 5, 2020, which aims at carbon neutrality, TotalEnergies had reviewed its oil assets that could be qualified as \u201cstranded\u201d, and therefore had decided to impair its oil sands assets in Canada.
Impairment of assets and the method applied are described in Note 3 \"Business segment information\".
CLIMATE CHANGE AND ENERGY TRANSITION
Climate change and the energy transition were considered in preparing the Consolidated Financial Statements. They may have significant impacts on the value of TotalEnergies's assets and liabilities mentioned below, and on similar assets and liabilities that may be recognized in the future.
TotalEnergies supports the goals of the 2015 Paris Agreement, which calls for reducing greenhouse gas emissions in the context of sustainable development and the fight against poverty, and which aims to keep the increase in average global temperatures well below 2\u00b0C compared to pre-industrial levels.
TotalEnergies wants to rise to the dual challenge of meeting the energy needs of a growing world population while reducing global warming, and play an active role in the transformation that is underway in the energy industry, by transforming itself and becoming a broad energy company, capable of producing and selling the low-carbon molecules and electrons that the energy transition needs.
TotalEnergies has embedded the changing energy markets into its strategy by investing in renewables and electricity, developing the production of biofuels, biogas and low-carbon hydrogen, favoring the use of natural gas, the transition fuel whose flexibility offers a lower carbon alternative to coal for electricity production and helps to mitigate the intermittency of solar and wind energies, targeting its investments in low-cost and low-emission oil, and developing nature-based carbon storage solutions as well as CO2 capture and sequestration.
TotalEnergies is committed to reducing its carbon footprint caused by the production, processing and supply of energy to its customers. Although the pace of the transition will depend on public policy, consumption patterns and resulting demand, TotalEnergies has set itself the mission to offer its customers energy products that are affordable and generate less CO2 and to support its partners and suppliers in their own low-carbon strategies.
TotalEnergies\u2019 ambition is to get to Net Zero by 2050, together with society. As in 2021, the Board of Directors submitted a Sustainability & Climate - Progress Report 2022 to a consultative vote of the Shareholders of TotalEnergies at the Combined Shareholders\u2019 Meeting of May 25, 2022. This report gives an account of the progress made in the implementation of the Company\u2019s ambition in terms of sustainable development and energy transition towards carbon neutrality, and with regards to its related objectives for 2030, and it also completes this ambition (resolution approved by 89% of votes).
TotalEnergies evaluates the solidity of its portfolio, particularly new material capital expenditure investments, on the basis of relevant scenarios and sensitivity tests. Each material capex investment, including in the exploration, acquisition or development of oil and gas resources, as well as in other energies and technologies, is subject to an evaluation that takes into consideration the objectives of the Paris Agreement, each new investment thus enhancing the resilience of the Company\u2019s portfolio.
Economic criteria are analyzed as part of a price scenario for oil and gas that is compatible with the Paris agreement goals (Brent at 50$/b under the IEA APS scenario and Henry Hub at $3 per Mbtu). Even if CO2 pricing does not currently apply in all of the Company\u2019s host countries, TotalEnergies includes as a base case in its investment criteria a minimum CO2 price of 100$/t (or the applicable price in a given country, if it is higher), and beyond 2028, the CO2 price is inflated by 2% per year. For investments in upstream oil & gas projects, TotalEnergies focuses on value creation and cash generation over volume, and the Company prioritizes projects with low technical costs (less than $20/b for operating costs plus investment costs) or low-breakeven points (less than $30/b, taxes included) and a profitability that exceeds an internally defined threshold. CCS and NBS projects are evaluated on the basis of the actual cost of one ton of CO2 (internal threshold in $/tCO2 ). As for projects in renewable energies, they are evaluated on their ability to generate a return on equity higher than 10%.
All oil and gas projects must help to lower the average intensity of greenhouse gas emissions (Scope 1+2) in their respective category. Currently, that means:
\u2013For new oil and gas projects (greenfield and acquisitions), the intensity of Scope 1+2 greenhouse gas is compared depending on their nature, to the intensity of the average greenhouse gas to the Company\u2019s Upstream production assets or that of various Downstream units (LNG plants, refineries).
\u2013For additional investments in existing assets (brownfield projects), the investment must lower the Scope 1+2 emissions intensity of the asset in question.
\u2013For projects involving other energies and technologies (biofuels, biogas, CCS, etc.), the greenhouse-gas emissions reductions are assessed based on their contribution to reducing the Company's emissions.
Besides, as described in note 3. D \"Impairment of assets\", in order to ensure the resilience of its assets recognized on the balance sheet, the oil price trajectory retained by the Company for the computation of its impairments converges in the long term towards the price retained in 2050 by the IEA\u2019s NZE scenario, i.e. $24.52022/b; the prices retained for gas, the transition fuel, stabilize between now and 2027 and until 2040 at lower levels than current prices and converge towards the IEA's NZE scenario prices in 2050.
The strategy is implemented in the long-term plan of the Company, which is forecasted for a 5-year period, updated every year, and approved by the Board of Directors.
It reflects the economic environment, the ambition of the Company on carbon neutrality (Net Zero emissions) together with society, the related targets by 2030 and the current dynamics of energy transition, knowing that there is still significant uncertainty on the path to energy transition that the various countries will take.
The financial statements of TotalEnergies are prepared in coherence with the main technical and economic assumptions of the long-term plan and the objectives stated above.
They are also sensitive to various environmental considerations, including oil & gas prices and refining margins, as well as technical parameters, such as the estimation of hydrocarbons reserves. In particular, the selected assumptions and estimates have an impact on hydrocarbons reserves, the useful life of assets, the impairment of assets and provisions.
Asset impairments
The energy transition is likely to have an impact on future oil and gas prices and therefore on the recoverable amount of intangible assets and property, plant and equipment in the oil and gas industry.
The principles applied in determining the recoverable amounts are as follows:
\u2013The future cash flows were determined using the assumptions included in the 2023 budget and in the long-term plan of the Company approved by the Executive Committee and the Board of Directors. These assumptions, in particular including operational costs, estimation of oil and gas reserves, future volumes produced and marketed, represent the best estimate from the Company Management of economic and technical conditions over the remaining life of the assets.
\u2013The Company, notably relying on data on global energy demand from the \u201cWorld Energy Outlook\u201d issued by the IEA since 2016, and on its own supply and demand assessments, determines oil & gas prices scenarios based on assumptions about the evolution of core indicators of the Upstream activity (demand for hydrocarbons in different markets, investment forecasts, decline in production fields, changes in oil & gas reserves and supply by area and by nature of oil & gas products), of the Downstream activity (changes in refining capacity and demand for petroleum products) and by integrating \u201cclimate\u201d challenges.
\u2013These price scenarios, first prepared within the Strategy & Markets Division, are also reviewed with the Company segments which bring their own expertise. They also integrate studies issued by international agencies, banks and independent consultants. They are then approved by the Executive Committee and the Board of Directors.
\u2013The IEA 2022 World Energy Outlook anticipates three scenarios that are key references for the Company: the STEPS (Stated Policies Scenario) and APS (Announced Pledges Scenario) for the short/mid-term and the NZE (Net Zero Emissions by 2050) for the long-term.
\u2013The STEPS only includes climate actions already implemented to date around the world and those under development. The APS also takes into account climate ambitions declared to date in the world, including the NDCs (Nationally Determined Contributions) and carbon neutrality ambitions. It is considered by the EIA to be compatible with the Paris Agreement. The IEA's NZE is understood as the set of actions to be taken to be compatible with a 1.5\u00b0C scenario in 2050 (without overshooting). This normative scenario does not predict oil demand in the short and medium term, and therefore the price scenarios it proposes, particularly in the short and medium term, do not include a \"realistic\" evolution of demand. In fact, this scenario predicts that oil demand will fall by 20% between 2020 and 2030, whereas, according to the Company's projections and those of most energy companies and consultants, demand will stabilize between 2025 and 2030, before declining from 2030 onwards.
\u2013Beyond the 2020-2030 decade, the oil price trajectory retained by the Company converges in the long term, to the price retained in 2050 by the IEA's NZE scenario, i.e $24.52022/b. The prices retained for gas, the transition fuel, stabilize between now and 2027 and until 2040 at lower levels than the current prices and converge towards the IEA's NZE scenario prices in 2050.
The oil price trajectories adopted by the Company are based on the following assumptions:
\u2013Oil demand has experienced sustained growth after the Covid crisis as the global economic recovery generated strong tensions on energy prices from mid-2021 onwards, exacerbated in 2022 by the war in Ukraine. Despite the risks of recession in Europe in particular, global liquid demand in 2023 is expected to be higher than in 2019 pre-crisis, notably thanks to the end of lockdown measures in China allowing the restart of industrial activity. It should continue to grow until 2030, in a context of sustained growth in global energy demand. Indeed, population growth and rising living standards, particularly in emerging countries, should sustain oil consumption, despite the gradual electrification of transport and efficiency gains in combustion engines, mainly in developed countries. As for oil supply, it is marked by historic production cuts decided (and implemented) by OPEP+ members and by the difficulties encountered by some non-OPEP+ producers. In the US, while production in 2023 is expected to be slightly higher than in 2019, doubts remain about the capacity for further growth in shale oil in subsequent years. The Company maintains its analysis that the weakness of investment oil upstream since 2015, accentuated by the health and economic crisis of 2020 and the natural decline of fields currently in production, leads to a global supply-demand balance that will remain tight until 2030. Thus the Brent price scenario used to determine the value in use of the CGUs assumes a stable price of $702022/b from 2023 to 2030. The developments observed at the end of 2022, in particular the resurgence of the Covid pandemic in China, could slow down the Chinese economic recovery, and therefore justify this price level from 2023.
\u2013Beyond 2030, given technological developments, particularly in the transport sector, oil demand should have reached its peak and the selected price scenario decreases linearly to reach $502022/b in 2040 and then $24.52022/b in 2050, in line with the NZE scenario.
The average Brent prices over the period 2023-2050 thus stands at $53.92022/b.
For natural gas, the transition fuel, the price trajectory adopted by the Company is based on the following assumptions:
\u2013Natural gas demand in 2021 has exceeded its pre-crisis level with very strong tensions on prices in Europe and, by extension, in Asia through LNG prices, following the cuts in Russian pipe gas imports that began at the end of 2021 and continued in 2022 with the complete shutdown of the Nordstream. Global gas demand in 2022 is estimated to be almost at the level of 2021. The Company anticipates stable demand in 2023 with the recourse to American LNG to replace Russian gas in Europe, still in competition with Asia.
The Company thus anticipates a return in 2023 to higher prices than before the crisis on the Asia, Europe and USA hubs, but not to the same levels as the highs reached in the third quarter of 2022. Thereafter, natural gas demand would be driven by the same fundamentals as oil (decrease in Europe but resistance in Asia-Pacific), plus its substitution for coal in power generation and by its role as a flexible and controllable source to mitigate the intermittent use and seasonality of renewable energies. The abundant global supply and the growth of liquefied natural gas would, however, limit the potential for higher gas prices. Beyond 2040, with the development of renewables including storage and hydrogen, gas demand is expected to stabilize.
In this context, the gas price level used to determine the value in use of the CGUs concerned is as follows:
On the NBP quotation (Europe): $202022/Mbtu in 2023, $172022/Mbtu in 2024, $142022/Mbtu in 2025, $112022/Mbtu in 2026, then $82022/Mbtu between 2027 and 2040.
On the Henry Hub quotation (United States): $32022/Mbtu between 2023 and 2040.
On the DES Japan (Asia) quotation: $212022/Mbtu in 2023, $182022/Mbtu in 2024, $152022/Mbtu in 2025, $122022/Mbtu in 2026, then $92022/Mbtu between 2027 and 2040.
From 2040 onwards, the price trajectory converges towards the price retained in 2050 by the NZE scenario, i.e. $3.92022/Mbtu for NBP,
$1.82022/Mbtu for Henry Hub and $5.22022/Mbtu DES Japan (Asia).
The future operational costs were determined by taking into account the existing technologies, the fluctuation of prices for petroleum services in line with market developments and the internal cost reduction programs effectively implemented.
The determination of value in use also takes into account on all assets a minimum CO2 cost of $100/t or the applicable price in a given country, if it is higher. Beyond 2028, the CO2 price is inflated by 2% per year.
The future cash flows are estimated over a period consistent with the life of the assets of the CGUs. They are prepared post-tax and take into account specific risks related to the CGUs' assets. They are discounted using an 8% post-tax discount rate, this rate being the weighted-average cost of TotalEnergies capital estimated from historical market data. This rate was 7% in 2021 and 2020. The value in use calculated by discounting the above post-tax cash flows using an 8% post-tax discount rate is not materially different from the value in use calculated by discounting pre-tax cash flows using a pre-tax discount rate determined by an iterative computation from the post-tax value in use. These pre-tax discount rates generally range from 7% to 14%.
Asset impairments are subject to sensitivity testing. In particular, upstream assets are tested as follows:
\u2013Decreases of -10% and -20% in the hydrocarbon\u2019s prices, over the duration of the price scenario.
\u2013Consideration of a CO2 cost of $200/t, inflated by 2% per year from 2028 onwards for all assets.
\u2013Increase or decrease of 1% in the discount rate of future cash flows.
Finally, in June 2020, TotalEnergies also reviewed its upstream assets that can be qualified as \u201cstranded\u201d, meaning with reserves beyond 20 years and high production costs, whose overall reserves may therefore not be produced by 2050. The only projects concerned are the Fort Hills and Surmont oil sands projects in Canada. TotalEnergies has decided to take only proved reserves into account for impairment testing on these two assets \u2013 contrary to general practice which considers proved and probable reserves \u2013 and to approve no new projects for increasing the capacity of these Canadian oil sand assets.
The Company's strategy of focusing new oil investments on low carbon intensity projects also led it to exit from extra heavy crude oil assets in Venezuela's Orinoco Belt in 2021.
The characteristics of TotalEnergies' portfolio mitigate the risk of having stranded assets in the future if a structural decline in demand for hydrocarbons occurs due to stricter global environmental regulations and constraints and a resulting change in consumer preferences.
The Company will continue to review price assumptions as the energy transition progresses and this may result in additional impairment charges in the future.
The effect of asset impairments on TotalEnergies' financial statements and the associated sensitivity calculations are detailed in note 3.D \"Asset impairment\".
Exploration assets
The energy transition could affect the future development or economic viability of certain exploration assets.
TotalEnergies applies IFRS 6 \u201cExploration for and Evaluation of Mineral Resources\u201d. Oil and gas exploration and production properties and assets are accounted for in accordance with the Successful Efforts method.
Exploratory wells are capitalized and tested for impairment on an individual basis as follows:
\u2013Costs of exploratory wells which result in proved reserves are capitalized and then depreciated using the unit-of-production method based on proved developed reserves;
\u2013Costs of exploratory wells are capitalized as work in progress until proved reserves have been found, if both of the following conditions are met:
\u2013The well has found a sufficient quantity of reserves to justify, if appropriate, its completion as a producing well, assuming that the required capital expenditures are made;
\u2013TotalEnergies is making sufficient progress assessing the reserves and the economic and operating viability of the project. This progress is evaluated on the basis of indicators such as whether additional exploratory works are under way or firmly planned (wells, seismic or significant studies), whether costs are being incurred for development studies and whether TotalEnergies is waiting for governmental or other third-party authorization on a proposed project, or availability of capacity on an existing transport or processing facility.
Costs of exploratory wells not meeting these conditions are charged to exploration costs.
These assets will continue to be carefully reviewed as the energy transition progresses, in line with the resulting capital expenditure allocation policy.
The effect of exploration activities on the financial statements of TotalEnergies is detailed in note 7.2 \"Property, plant and equipment\".
Intangible and tangible assets - depreciation and useful lives
The energy transition may curtail the useful life of oil and gas assets, thereby increasing the annual depreciation charges related to these assets.
The following accounting principles are applied to the hydrocarbon production assets of exploration and production activities:
\u2013Unproved mineral interests are tested for impairment based on the results of the exploratory activity or as part of the impairment tests of the cash-generating units to which they are allocated.
\u2013Unproved mineral interests are transferred to proved mineral interests at their net book value as soon as proved reserves are booked.
\u2013Proved mineral interests are depreciated using the unit-of-production method based on proved reserves.The corresponding expense is recorded as depreciation of tangible assets and mineral interests.
\u2013Development costs of oil and gas production facilities are capitalized. These costs include borrowing costs incurred during the period of construction and the present value of estimated future costs of asset retirement obligations.
\u2013The depletion rate of development wells and of production assets is equal to the ratio of oil and gas production for the period to proved developed reserves (unit-of-production method).
In the event that, due to the price effect on reserves evaluation, the unit-of-production method does not reflect properly the useful life of the asset, an alternative depreciation method is applied based on the reserves evaluated with the price of the previous year. This was the case for fiscal year 2020 where the method of unit-of-production depreciation was applied to all assets over 2020 based on proved reserves measured with the price used in 2019. As of December 31, 2021, and December 31, 2022, this alternative method is not applied as, given the price used to assess the reserves, the unit-of-production method correctly reflects the useful life of the assets.
With respect to phased development projects or projects subject to progressive well production start-up, the fixed assets\u2019\u00a0depreciable amount, excluding production or service wells, is adjusted to exclude the portion of development costs attributable to the undeveloped reserves of these projects.
With respect to production sharing contracts, the unit-of-production method is based on the portion of production and reserves assigned to TotalEnergies taking into account estimates based on the contractual clauses regarding the reimbursement of exploration, development and production costs (cost oil/gas) as well as the sharing of hydrocarbon rights after deduction of cost oil (profit oil/gas).
Hydrocarbon transportation and processing assets are depreciated using the unit-of-production method based on throughput or by using the straight-line method whichever best reflects the economic life of the asset.
Given the characteristics of the Company\u2019s portfolio of oil & gas assets, its current value on the balance sheet will be almost entirely depreciated by 2040.
In this context, the majority of the oil and gas assets currently on the Company's balance sheet will be depreciated by the end of that period.
Consequently, TotalEnergies does not anticipate significant changes in the useful life of its existing oil and gas assets that would represent an element of significant judgment impacting its consolidated accounts in the future.
The impact of the depreciation of oil and gas assets on the financial statements of TotalEnergies is detailed in notes 7.1 \"Intangible assets\" and 7.2 \"Property, plant and equipment\".
Asset retirement obligations
The energy transition may bring forward asset retirement obligations of certain oil and gas assets, thereby increasing the present value of the associated provisions.
Asset retirement obligations, which result from a legal or constructive obligation, are recognized based on a reasonable estimate in the period in which the obligation arises.
The associated asset retirement costs are capitalized as part of the carrying amount of the underlying asset and depreciated over the useful life of this asset.
An entity is required to measure changes in the liability for an asset retirement obligation due to the passage of time (accretion) by applying a discount rate to the amount of the liability. Given the long-term nature of expenditures related to our asset retirement obligations, the rate is determined by reference to the rates of high quality AA-rated corporate bonds on the USD area for a long-term horizon. The increase of the provision due to the passage of time is recognized as \u201cOther financial expense\u201d.
The discount rate used for the valuation of asset retirement obligation is 4% in 2022 and 3% in 2021 and in 2020 (the expenses are estimated at current currency values with an inflation rate of 2% in 2022 and 1.5% in 2021 and in 2020).
In upstream activities, in application of its internal procedures, TotalEnergies regularly reviews, on an asset-by-asset basis, the estimate of its future asset retirement costs, as well as the date at which work will be performed. The assets and liabilities recognized in respect of retirement obligations under these rules as described in note 12.1 \"Provisions and other non-current liabilities\" are adjusted accordingly.
The Company will continue to review its estimates of both costs and the maturity of commitments on a regular basis and will take into account any significant impact that may result from changes in these parameters in the future.
The effect of the asset retirement obligations on the financial statements of TotalEnergies and the associated sensitivity calculations are detailed in note 12.1 \"Provisions and other non-current liabilities\". A maturity schedule of these obligations is presented in note 13.1 \"Off-balance sheet commitments and contractual obligations\".
Employee benefits
The benefit obligations and plan assets can be subject to significant volatility due in part to changes in market values \u200b\u200band actuarial assumptions. These assumptions vary between different pension plans and thus take into account local conditions. They are determined following a formal process involving expertise and TotalEnergies internal judgments, in financial and actuarial terms, and also in consultation with actuaries and independent experts.
The assumptions for each plan are reviewed annually and adjusted if necessary to reflect changes from the experience and actuarial advice. The discount rate is reviewed quarterly.
Payroll, staff and employee benefits obligations and the method applied are described in Note 10 \u201cPayroll, staff and employee benefits obligations\u201d.
Asset retirement obligations
Asset retirement obligations, which result from a legal or constructive obligation, are recognized based on a reasonable estimate in the period in which the obligation arises.
This estimate is based on information available in terms of costs and work program. It is regularly reviewed to take into account the changes in laws and regulations, the estimates of reserves and production, the analysis of site conditions and technologies.
The discount rate is reviewed annually.
Asset retirement obligations and the method used are described in Note 12 \"Provisions and other non-current liabilities\".
Income Taxes
A tax liability is recognized when in application of a tax regulation, a future payment is considered probable and can be reasonably estimated. The exercise of judgment is required to assess the impact of new events on the amount of the liability.
Deferred tax assets are recognized in the accounts to the extent that their recovery is considered probable. The amount of these assets is determined after taking into account deferred tax liabilities with comparable maturity, arising from the same entities and tax regimes. It takes into account existing taxable profits and future taxable profits which estimation is inherently uncertain and subject to change over time. The exercise of judgment is required to assess the impact of new events on the value of these assets and including changes in estimates of future taxable profits and the deadlines for their use.
In addition, these tax positions may depend on interpretations of tax laws and regulations in the countries where TotalEnergies operates. These interpretations may have uncertain nature. Depending on the circumstances, they are final only after negotiations or resolution of disputes with authorities that can last several years.
Incomes taxes and the accounting methods are described in Note 11 \u201cIncome taxes\u201d.
Russian-UKRAINIAN CONFLICT
The consolidated financial statements as of December 31, 2022 are impacted by the Russian-Ukrainian conflict.
Since February 2022, Russia\u2019s invasion of Ukraine led European and American authorities to adopt several sets of sanctions measures targeting Russian and Belarusian persons and entities, as well as the financial sector.
On March 2022, TotalEnergies announced that, given the uncertainty created by the technological and financial sanctions on the ability to carry out the Arctic LNG 2 project currently under construction and their probable tightening with the worsening conflict, TotalEnergies SE had decided to no longer book proved reserves for the Arctic LNG 2 project.
Early April 2022, new sanctions were effectively adopted by the European authorities, notably prohibiting export from European Union countries of goods and technology for use in the liquefaction of natural gas benefiting a Russian company. It appeared that these new prohibitions constitute additional risks on the execution of the Arctic LNG\u00a02 project.
The potential impact of international sanctions on the value of TotalEnergies' stake in Novatek led the Company to identify indications of impairment. The impairment tests performed in order to determine the value in use based on future cash flows, taking into account assumptions reflecting the impact of the sanctions on future cash flows, led TotalEnergies to record impairment charges in the second quarter and again in the third quarter of 2022.
In addition, on July 18, 2022, TotalEnergies agreed to sell to Novatek TotalEnergies' 49% interest in Terneftegaz, which operates the Termokarstovoye gas and condensates field in Russia. This transfer was finalized on September 15, 2022.
Finally on December 9, 2022, the Board of Directors of TotalEnergies decided to withdraw the representatives of the Company from the Board of Directors of PAO Novatek with immediate effect.
These events had the following impacts on the 2022 consolidated financial statements.
\u2013TotalEnergies recorded, in its accounts as of March 31, 2022, an impairment of $(4,095) million, concerning notably Arctic LNG 2.
\u2013The Company recorded, in its accounts of the second and third quarter, of 2022, impairments of $(3,513) million and $(3,056) million respectively mainly concerning Novatek.
\u2013At the end of the fourth quarter of 2022, the criteria for significant influence no longer being met under IAS 28 \u201cInvestments in associates and joint ventures\u201d, TotalEnergies\u2019 19.4% stake in Novatek is no longer accounted for under the equity method in the Company\u2019s accounts. This led to the recognition of a supplementary impairment loss of $(4,092) million in the fourth quarter of 2022 financial statements.
\u2013In this context, the Company has ensured that there no impairment needed to be recognized on Yamal LNG, by testing the value of its equity accounted investment.
In total, the impact of impairments and provisions recorded in 2022 in relation to the Russian-Ukrainian conflict amounts to $(14,756) million in net income, TotalEnergies share.
The table below presents the contribution of Russian assets to the key income and cash flow indicators:
| \n Russian Upstream Assets (M$) | \n\n 2022 | \n\n 2021 | \n
| \n Net income (share) TotalEnergies | \n\n (11,578) | \n\n 1,995 | \n
| \n Operating cash flow | \n\n 1,480 | \n\n 1,163 | \n
The Capital Employed339 by TotalEnergies in Russia as of December 31, 2022 was $2,874 million.
| \n (M$) | \n\n As of December 31, 2022 | \n\n As of December 31, 2021 | \n
| \n PAO Novatek | \n\n \u2013 | \n\n 6,243 | \n
| \n Yamal LNG | \n\n 4,626 | \n\n 4,333 | \n
| \n Arctic LNG 2 | \n\n \u2013 | \n\n 2,450 | \n
| \n Terneftegas | \n\n \u2013 | \n\n 573 | \n
| \n Kharyaga | \n\n \u2013 | \n\n 53 | \n
| \n Provisions | \n\n (1,752) | \n\n \u2013 | \n
| \n Total | \n\n 2,874 | \n\n 13,652 | \n
Depending on the developments of the Russian-Ukrainian conflict and the measures that the European and American authorities could be required to take, the activities of TotalEnergies in Russia, in particular those relating to the Yamal LNG asset, could be affected in the future.
Judgments in case of transactions not addressed by any accounting standard or interpretation
Furthermore, when the accounting treatment of a specific transaction is not addressed by any accounting standard or interpretation, the management applies its judgment to define and apply accounting policies that provide information consistent with the general IFRS concepts: faithful representation, relevance and materiality.
Note 1General accounting principles
1.1Accounting principles
A)Principles of consolidation
Entities that are directly controlled by the parent company or indirectly controlled by other consolidated entities are fully consolidated.
Investments in joint ventures are consolidated under the equity method. TotalEnergies accounts for joint operations by recognizing its share of assets, liabilities, income and expenses.
Investments in associates, in which TotalEnergies has significant influence, are accounted for by the equity method. Significant influence is presumed when TotalEnergies holds, directly or indirectly (e.g. through subsidiaries), 20% or more of the voting rights. Companies in which ownership interest is less than 20%, but over which TotalEnergies is deemed to exercise significant influence, are also accounted for by the equity method.
All internal balances, transactions and income are eliminated.
B)Business combinations
Business combinations are accounted for using the acquisition method. This method requires the recognition of the acquired identifiable assets and assumed liabilities of the companies acquired by TotalEnergies at their fair value.
The purchase accounting of the acquisition is finalized up to a maximum of one year from the acquisition date.
The acquirer shall recognize goodwill at the acquisition date, being the excess of:
\u2013The consideration transferred, the amount of non-controlling interests and, in business combinations achieved in stages, the fair value at the acquisition date of the investment previously held in the acquired company;
\u2013Over the fair value at the acquisition date of acquired identifiable assets and assumed liabilities.
If the consideration transferred is lower than the fair value of acquired identifiable assets and assumed liabilities, an additional analysis is performed on the identification and valuation of the identifiable elements of the assets and liabilities. After having completed such additional analysis, any negative goodwill is recorded as income.
Non-controlling interests are measured either at their proportionate share in the net assets of the acquired company or at fair value.
In transactions with non-controlling interests, the difference between the price paid (received) and the book value of non-controlling interests acquired (sold) is recognized directly in equity.
C)Foreign currency translation
The presentation currency of TotalEnergies' Consolidated Financial Statements is the US dollar. However, the functional currency of the parent company is the euro. The resulting currency translation adjustments are presented on the line \"currency translation adjustment generated by the parent company\" of the consolidated statement of comprehensive income, within \"items not potentially reclassifiable to profit and loss\". In the balance sheet, they are recorded in \"currency translation adjustment\".
The financial statements of subsidiaries are prepared in the currency that most clearly reflects their business environment. This is referred to as their functional currency.
Since July 1, 2018, Argentina is considered to be hyperinflationary. IAS 29 \u201cFinancial Reporting in Hyperinflationary Economies\u201d is applicable to entities whose functional currency is the Argentine peso. The functional currency of the Argentine Exploration & Production subsidiary is the US dollar, therefore IAS 29 has no incidence on TotalEnergies accounts. Net asset of the other business segments is not significant.
(i)Monetary transactions
Transactions denominated in currencies other than the functional currency of the entity are translated at the exchange rate on the transaction date. At each balance sheet date, monetary assets and liabilities are translated at the closing rate and the resulting exchange differences are recognized in the statement of income.
(ii)Translation of financial statements
Assets and liabilities of entities denominated in currencies other than dollar are translated into dollar on the basis of the exchange rates at the end of the period. The income and cash flow statements are translated using the average exchange rates for the period. Foreign exchange differences resulting from such translations are either recorded in shareholders\u2019 equity under \u201cCurrency translation adjustments\u201d (for TotalEnergies share) or under \u201cNon-controlling interests\u201d (for the share of non-controlling interests) as deemed appropriate.
1.2Significant accounting principles applicable in the future
The expected impact of the standards or interpretations published respectively by the International Accounting Standards Board (IASB) and the International Financial Reporting Standards Interpretations Committee (IFRS IC) which were not yet in effect at December 31, 2022, is not material.
Note 2Changes in TotalEnergies\u2019 perimeter
2.1Main acquisitions and divestments
In 2022, the main changes in TotalEnergies perimeter were as follows:
Integrated Gas, Renewables & Power
\u2013On February 28, 2022, TotalEnergies has successfully been named a winner of maritime lease area OCS-A 0538 by the BOEM (Bureau of Ocean Energy Management) in the New York Bight auction in United States.
This bid for the development of an offshore wind farm off the U.S. East Coast was won for a consideration of $795 million (100%) by both TotalEnergies and EnBW.\u00a0
Located up to 47 nautical miles (87 kilometers) from the coast, the lease covers a 132 square miles (341 square kilometer) area that could accommodate a generation capacity of at least 3 GW, enough to provide power to about one million homes. The project is expected to come online by 2028.
\u2013In September 2022, TotalEnergies finalized the acquisition of 50% of Clearway Energy Group (CEG), the 5th US renewable energy player, with Global Infrastructure Partners (GIP).
In the frame of this transaction, GIP received $1.6 billion in cash and an interest of 50% minus one share in the TotalEnergies subsidiary that holds a 50.5% ownership in SunPower Corporation, leader in residential solar in the U.S.
These transactions had an impact of $1,391 million on TotalEnergies' net income, TotalEnergies\u2019 share, and as of September 30, 2022, TotalEnergies' interests in Clearway Energy Group (CEG) and in TotalEnergies' subsidiary that holds a 50.5% ownership in SunPower are accounted for using the equity method. This impact is treated as an adjustment item.
Exploration & Production
\u2013In January 2022, TotalEnergies has decided to initiate the contractual process of withdrawing from the Yadana field and from MGTC in Myanmar, both as operator and as shareholder, without any financial compensation for TotalEnergies.
As a result, TotalEnergies registered an impairment of assets of $(201) million in operating income and of $(305) million in net income TotalEnergies\u2019 share in the financial statements as of December 31, 2021.
This withdrawal became effective on July 20, 2022.
\u2013In February 2022, TotalEnergies announced its decision not to sanction and so to withdraw from the North Platte deepwater project in the US Gulf of Mexico.
The decision not to continue with the project was taken as TotalEnergies has better opportunities of allocation of its capital within its global portfolio.\u00a0
An impairment of the project\u2019s assets has been recorded in the consolidated financial statements of the first quarter of 2022, for an amount of $(957) million in net income, TotalEnergies\u2019 share.
\u2013In April 2022, TotalEnergies finalized the acquisition of the Atapu and Sepia pre-salt oil fields offered by Brazil\u2019s National Agency of Petroleum, Natural Gas and Biofuels (ANP) in the Transfer of Rights (ToR) Surplus bidding round, that took place in December 2021.
The details of the acquisition are presented in Note 2.2 to the consolidated financial statements.
\u2013TotalEnergies holds a 19.4% stake in the company Novatek, a stake that it cannot sell given the prevailing shareholders\u2019 agreements, as it is forbidden for TotalEnergies to sell any asset to one of Novatek's main shareholders who is under sanction. In view of the European sanctions in force since the beginning of the war, the two directors representing TotalEnergies on the board of directors of Novatek are led to abstain from voting in meetings of the board of directors of this company, in particular on financial matters. They are therefore no longer in a position to fully carry out their duties on the board which might become an issue for the governance of this company.\u00a0
Under these circumstances, on December 9, 2022, the Board of Directors of TotalEnergies has decided to withdraw the representatives of the Company from the Board of PAO Novatek with immediate effect.
As a result, at the end of 2022, the criteria for significant influence no longer being met under IAS 28 \u201cInvestments in Associates and Joint Ventures\u201d, TotalEnergies' 19.4% stake in Novatek is no longer accounted for under the equity method in the Company\u2019s consolidated financial statements.
2.2Major business combinations
| \n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Accounting principles In accordance with IFRS 3 \u201cBusiness combinations\u201d, TotalEnergies is assessing the fair value of identifiable acquired assets, liabilities and contingent liabilities on the basis of available information. This assessment will be finalised within 12 months following the acquisition date.\u00a0 | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n
Exploration & Production
Transfer of rights in the Atapu and Sepia fields in Brazil
On April 26, 2022, Petrobras transferred to TotalEnergies 22.5% of the rights of the pre-salt Atapu oil field. Production started in 2020 and has reached a plateau of 160,000 barrels per day with a first Floating, Production, Storage and Offloading unit (FPSO). A second FPSO is planned to be sanctioned, which would increase the overall oil production of the field to around 350,000 b/d.
On April 27, 2022, Petrobras also transferred to TotalEnergies 28% of the rights of the pre-salt Sepia oil field. Production started in 2021 and is targeting a plateau of 180,000 barrels per day with a first Floating, Production, Storage and Offloading unit (FPSO). A second FPSO is planned to be sanctioned, which would increase the overall oil production of the field to around 350,000 b/d.
The preliminary purchase price allocation is shown below:
| \n (M$) | \n\n At the acquisition date | \n
| \n Intangible assets | \n\n 543 | \n
| \n Tangible assets | \n\n 4,512 | \n
| \n Other assets and liabilities | \n\n (437) | \n
| \n Fair value of consideration | \n\n 4,618 | \n
2.3Divestment projects
| \n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Accounting principles Pursuant to IFRS 5 \"Non-current assets held for sale and discontinued operations\u201d, assets and liabilities of affiliates that are held for sale are presented separately on the face of the balance sheet. Depreciation of assets ceases from the date of classification in \u201cNon-current assets held for sale\u201d. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n
As of December 31, 2022, there is no material divestment project recorded in \u201cassets held for sale\u201d.
In line with its low-carbon strategy, TotalEnergies announced in September 2022 its intention to exit the Canadian oil sands through a spin-off of its subsidiary TotalEnergies EP Canada in 2023.\u00a0 The spin-off is expected to be submitted to the vote of the Annual General Meeting of Shareholders in May 2023.
\u00a0As of December 31, 2022, the subsidiary TotalEnergies EP Canada is not presented as an asset held for sale in the consolidated financial statements, as the transaction is notably subject to approval of TotalEnergies' shareholders in May 2023.
Note 3Business segment information
Description of the business segments
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 and which is reviewed by the main operational decision-making body of TotalEnergies, namely the Executive Committee.
The operational profit and assets are broken down by business segment prior to the consolidation and inter-segment adjustments.
Sales prices between business segments approximate market prices.
The organization of TotalEnergies' activities is structured around the four following segments:
\u2013An Integrated Gas, Renewables & Power segment comprising integrated gas (including LNG) and low carbon electricity businesses. It includes the upstream and midstream LNG activity;\u00a0
\u2013An Exploration & Production segment. Starting September 2021, it notably includes the carbon sink activity (carbon storage and nature-based solutions) that was previously reported in the Integrated Gas, Renewables & Power segment. Business segment information relating to fiscal year 2020 has not been restated due to the non-material impact of this change;
\u2013A Refining & Chemicals segment constituting a major industrial hub comprising the activities of refining, petrochemicals and specialty chemicals. This segment also includes the activities of oil Supply, Trading and marine Shipping;
\u2013A Marketing & Services segment including the global activities of supply and marketing in the field of petroleum products;
In addition, the Corporate segment includes holdings operating and financial activities.
Definition of the indicators
(i)Operating income (measure used to evaluate operating performance)
Revenue from sales after deducting cost of goods sold and inventory variations, other operating expenses, exploration expenses and depreciation, depletion, and impairment of tangible assets and mineral interests.
Operating income excludes the amortization of intangible assets other than mineral interests, currency translation adjustments and gains or losses on the disposal of assets.
(ii)Net operating income (measure used to evaluate the return on capital employed)
Operating income after taking into account the amortization of intangible assets other than mineral interests, currency translation adjustments, gains or losses on the disposal of assets, as well as all other income and expenses related to capital employed (dividends from non-consolidated companies, income from equity accounted for affiliates, capitalized interest expenses\u2026), and after income taxes applicable to the above.
The only income and expense not included in net operating income but included in net income TotalEnergies share are interest expenses related to net financial debt, after applicable income taxes (net cost of net debt) and non-controlling interests.
(iii)Adjusted income
Operating income, net operating income, or net income excluding the effect of adjustment items described below.
(iv)Capital employed
Non-current assets and working capital, at replacement cost, net of deferred income taxes and non-current liabilities.
(v)ROACE (Return on Average Capital Employed)
Ratio of adjusted net operating income to average capital employed between the beginning and the end of the period.
Performance indicators excluding the adjustment items, such as adjusted incomes and ROACE are meant to facilitate the analysis of the financial performance and the comparison of income between periods.
Adjustment items
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 assets 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)The 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\u2019 performance and facilitate the comparability of the segments\u2019 performance with those of its main 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 prices differential 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 methods.
(iii)Effect of changes in fair value
The effect of changes in fair value presented as adjustment items reflects for certain transactions differences between the internal measure of performance used by TotalEnergies\u2019 Executive Committee 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\u2019 internal economic performance. IFRS precludes recognition of this fair value effect. \u00a0
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 and the effect of changes in fair value.
A)Information by business segment
| \n For the year ended December 31, 2022 (M$) | \n\n Integrated | \n\n Exploration | \n\n Refining | \n\n Marketing | \n\n Corporate | \n\n Intercompany | \n\n Total | \n
| \n External sales | \n\n 48,753 | \n\n 9,942 | \n\n 121,618 | \n\n 100,661 | \n\n 25 | \n\n \u2013 | \n\n 280,999 | \n
| \n Intersegment sales | \n\n 7,000 | \n\n 55,190 | \n\n 45,857 | \n\n 1,433 | \n\n 248 | \n\n (109,728) | \n\n \u2013 | \n
| \n Excise taxes | \n\n \u2013 | \n\n \u2013 | \n\n (737) | \n\n (16,952) | \n\n \u2013 | \n\n \u2013 | \n\n (17,689) | \n
| \n Revenues from sales | \n\n 55,753 | \n\n 65,132 | \n\n 166,738 | \n\n 85,142 | \n\n 273 | \n\n (109,728) | \n\n 263,310 | \n
| \n Operating expenses | \n\n (45,771) | \n\n (24,521) | \n\n (156,897) | \n\n (81,746) | \n\n (1,329) | \n\n 109,728 | \n\n (200,536) | \n
| \n Depreciation, depletion and impairment of | \n\n (1,402) | \n\n (8,115) | \n\n (1,533) | \n\n (1,033) | \n\n (138) | \n\n \u2013 | \n\n (12,221) | \n
| \n Operating income | \n\n 8,580 | \n\n 32,496 | \n\n 8,308 | \n\n 2,363 | \n\n (1,194) | \n\n \u2013 | \n\n 50,553 | \n
| \n Net income (loss) from equity affiliates and | \n\n 2,766 | \n\n (9,943) | \n\n 885 | \n\n (20) | \n\n 288 | \n\n \u2013 | \n\n (6,024) | \n
| \n Tax on net operating income | \n\n (1,712) | \n\n (17,445) | \n\n (2,544) | \n\n (787) | \n\n 281 | \n\n \u2013 | \n\n (22,207) | \n
| \n Net operating income | \n\n 9,634 | \n\n 5,108 | \n\n 6,649 | \n\n 1,556 | \n\n (625) | \n\n \u2013 | \n\n 22,322 | \n
| \n Net cost of net debt | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (1,278) | \n
| \n Non-controlling interests | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (518) | \n
| \n Net income - TotalEnergies share | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 20,526 | \n
| \n For the year ended December 31, 2022 | \n\n Integrated | \n\n Exploration | \n\n Refining | \n\n Marketing | \n\n Corporate | \n\n Intercompany | \n\n Total | \n
| \n External sales | \n\n 104 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 104 | \n
| \n Intersegment sales | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Excise taxes | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Revenues from sales | \n\n 104 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 104 | \n
| \n Operating expenses | \n\n 1,087 | \n\n (985) | \n\n 130 | \n\n 200 | \n\n (600) | \n\n \u2013 | \n\n (168) | \n
| \n Depreciation, depletion and impairment of tangible assets and mineral interests | \n\n (122) | \n\n 298 | \n\n \u2013 | \n\n (72) | \n\n (9) | \n\n \u2013 | \n\n 95 | \n
| \n Operating income(b) | \n\n 1,069 | \n\n (687) | \n\n 130 | \n\n 128 | \n\n (609) | \n\n \u2013 | \n\n 31 | \n
| \n Net income (loss) from equity affiliates and other items | \n\n (3,490) | \n\n (10,925) | \n\n (32) | \n\n (23) | \n\n 106 | \n\n \u2013 | \n\n (14,364) | \n
| \n Tax on net operating income | \n\n (89) | \n\n (759) | \n\n (751) | \n\n (99) | \n\n 141 | \n\n \u2013 | \n\n (1,557) | \n
| \n Net operating income(b) | \n\n (2,510) | \n\n (12,371) | \n\n (653) | \n\n 6 | \n\n (362) | \n\n \u2013 | \n\n (15,890) | \n
| \n Net cost of net debt | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 277 | \n
| \n Non-controlling interests | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (58) | \n
| \n Net income - TotalEnergies share | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (15,671) | \n
| \n (a)Adjustments include special items, inventory valuation effect and the effect of changes in fair value. (b)Of which inventory valuation effect. | \n|||||||
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
| \n For the year ended December 31, 2022 | \n\n Integrated | \n\n Exploration | \n\n Refining | \n\n Marketing | \n\n Corporate | \n\n Intercompany | \n\n Total | \n
| \n External sales | \n\n 48,649 | \n\n 9,942 | \n\n 121,618 | \n\n 100,661 | \n\n 25 | \n\n \u2013 | \n\n 280,895 | \n
| \n Intersegment sales | \n\n 7,000 | \n\n 55,190 | \n\n 45,857 | \n\n 1,433 | \n\n 248 | \n\n (109,728) | \n\n \u2013 | \n
| \n Excise taxes | \n\n \u2013 | \n\n \u2013 | \n\n (737) | \n\n (16,952) | \n\n \u2013 | \n\n \u2013 | \n\n (17,689) | \n
| \n Revenues from sales | \n\n 55,649 | \n\n 65,132 | \n\n 166,738 | \n\n 85,142 | \n\n 273 | \n\n (109,728) | \n\n 263,206 | \n
| \n Operating expenses | \n\n (46,858) | \n\n (23,536) | \n\n (157,027) | \n\n (81,946) | \n\n (729) | \n\n 109,728 | \n\n (200,368) | \n
| \n Depreciation, depletion and impairment of tangible assets and mineral interests | \n\n (1,280) | \n\n (8,413) | \n\n (1,533) | \n\n (961) | \n\n (129) | \n\n \u2013 | \n\n (12,316) | \n
| \n Adjusted operating income | \n\n 7,511 | \n\n 33,183 | \n\n 8,178 | \n\n 2,235 | \n\n (585) | \n\n \u2013 | \n\n 50,522 | \n
| \n Net income (loss) from equity affiliates and other items | \n\n 6,256 | \n\n 982 | \n\n 917 | \n\n 3 | \n\n 182 | \n\n \u2013 | \n\n 8,340 | \n
| \n Tax on net operating income | \n\n (1,623) | \n\n (16,686) | \n\n (1,793) | \n\n (688) | \n\n 140 | \n\n \u2013 | \n\n (20,650) | \n
| \n Adjusted net operating income | \n\n 12,144 | \n\n 17,479 | \n\n 7,302 | \n\n 1,550 | \n\n (263) | \n\n \u2013 | \n\n 38,212 | \n
| \n Net cost of net debt | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (1,555) | \n
| \n Non-controlling interests | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (460) | \n
| \n Adjusted net income - | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 36,197 | \n
| \n For the year ended December 31, 2022 (M$) | \n\n Integrated | \n\n Exploration | \n\n Refining | \n\n Marketing | \n\n Corporate | \n\n Intercompany | \n\n Total | \n
| \n Total expenditures | \n\n 6,475 | \n\n 10,646 | \n\n 1,391 | \n\n 1,186 | \n\n 104 | \n\n \n | \n\n 19,802 | \n
| \n Total divestments | \n\n 3,427 | \n\n 807 | \n\n 214 | \n\n 222 | \n\n 16 | \n\n \u2013 | \n\n 4,686 | \n
| \n Cash flow from operating activities | \n\n 9,670 | \n\n 27,654 | \n\n 8,663 | \n\n 3,124 | \n\n (1,744) | \n\n \u2013 | \n\n 47,367 | \n
| \n Balance sheet as of December 31, 2022 | \n|||||||
| \n Property, plant and equipment, intangible assets, net | \n\n 30,885 | \n\n 87,833 | \n\n 11,525 | \n\n 8,120 | \n\n 669 | \n\n \u2013 | \n\n 139,032 | \n
| \n Investments & loans in equity affiliates | \n\n 20,869 | \n\n 2,138 | \n\n 4,431 | \n\n 451 | \n\n \u2013 | \n\n \u2013 | \n\n 27,889 | \n
| \n Other non-current assets | \n\n 3,669 | \n\n 3,069 | \n\n 570 | \n\n 1,050 | \n\n 130 | \n\n \u2013 | \n\n 8,488 | \n
| \n Working capital | \n\n (432) | \n\n (2,831) | \n\n (3,293) | \n\n (288) | \n\n (3,393) | \n\n \u2013 | \n\n (10,237) | \n
| \n Provisions and other non-current liabilities | \n\n (5,250) | \n\n (24,633) | \n\n (3,760) | \n\n (1,303) | \n\n 694 | \n\n \u2013 | \n\n (34,252) | \n
| \n Assets and liabilities classified as held for sale | \n\n 155 | \n\n 208 | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n 363 | \n
| \n Capital Employed (Balance sheet) | \n\n 49,896 | \n\n 65,784 | \n\n 9,473 | \n\n 8,030 | \n\n (1,900) | \n\n \u2013 | \n\n 131,283 | \n
| \n Less inventory valuation effect | \n\n \u2013 | \n\n \u2013 | \n\n (2,035) | \n\n (437) | \n\n \u2013 | \n\n \u2013 | \n\n (2,472) | \n
| \n Capital Employed | \n\n 49,896 | \n\n 65,784 | \n\n 7,438 | \n\n 7,593 | \n\n (1,900) | \n\n \u2013 | \n\n 128,811 | \n
| \n ROACE as a percentage | \n\n 23% | \n\n 25% | \n\n 94% | \n\n 19% | \n\n \u00a0 | \n\n \u00a0 | \n\n 28% | \n
| \n For the year ended December 31, 2021 (M$) | \n\n Integrated | \n\n Exploration | \n\n Refining | \n\n Marketing | \n\n Corporate | \n\n Intercompany | \n\n Total | \n
| \n External sales | \n\n 30,704 | \n\n 7,246 | \n\n 87,600 | \n\n 80,288 | \n\n 25 | \n\n \u2013 | \n\n 205,863 | \n
| \n Intersegment sales | \n\n 4,260 | \n\n 34,896 | \n\n 27,637 | \n\n 451 | \n\n 254 | \n\n (67,498) | \n\n \u2013 | \n
| \n Excise taxes | \n\n \u2013 | \n\n \u2013 | \n\n (1,108) | \n\n (20,121) | \n\n \u2013 | \n\n \u2013 | \n\n (21,229) | \n
| \n Revenues from sales | \n\n 34,964 | \n\n 42,142 | \n\n 114,129 | \n\n 60,618 | \n\n 279 | \n\n (67,498) | \n\n 184,634 | \n
| \n Operating expenses | \n\n (29,964) | \n\n (16,722) | \n\n (108,982) | \n\n (57,159) | \n\n (927) | \n\n 67,498 | \n\n (146,256) | \n
| \n Depreciation, depletion and impairment of | \n\n (1,650) | \n\n (9,110) | \n\n (1,583) | \n\n (1,100) | \n\n (113) | \n\n \u2013 | \n\n (13,556) | \n
| \n Operating income | \n\n 3,350 | \n\n 16,310 | \n\n 3,564 | \n\n 2,359 | \n\n (761) | \n\n \u2013 | \n\n 24,822 | \n
| \n Net income (loss) from equity affiliates and | \n\n 2,745 | \n\n (760) | \n\n 518 | \n\n 108 | \n\n 45 | \n\n \u2013 | \n\n 2,656 | \n
| \n Tax on net operating income | \n\n (602) | \n\n (7,506) | \n\n (1,068) | \n\n (738) | \n\n 152 | \n\n \u2013 | \n\n (9,762) | \n
| \n Net operating income | \n\n 5,493 | \n\n 8,044 | \n\n 3,014 | \n\n 1,729 | \n\n (564) | \n\n \u2013 | \n\n 17,716 | \n
| \n Net cost of net debt | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (1,350) | \n
| \n Non-controlling interests | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (334) | \n
| \n Net income - TotalEnergies share | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 16,032 | \n
| \n For the year ended December 31, 2021 | \n\n Integrated | \n\n Exploration | \n\n Refining | \n\n Marketing | \n\n Corporate | \n\n Intercompany | \n\n Total | \n
| \n External sales | \n\n (44) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (44) | \n
| \n Intersegment sales | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Excise taxes | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Revenues from sales | \n\n (44) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (44) | \n
| \n Operating expenses | \n\n (271) | \n\n (187) | \n\n 1,470 | \n\n 278 | \n\n \u2013 | \n\n \u2013 | \n\n 1,290 | \n
| \n Depreciation, depletion and impairment of tangible assets and mineral interests | \n\n (342) | \n\n (418) | \n\n (25) | \n\n (36) | \n\n \u2013 | \n\n \u2013 | \n\n (821) | \n
| \n Operating income(b) | \n\n (657) | \n\n (605) | \n\n 1,445 | \n\n 242 | \n\n \u2013 | \n\n \u2013 | \n\n 425 | \n
| \n Net income (loss) from equity affiliates and other items | \n\n (215) | \n\n (1,839) | \n\n 56 | \n\n (61) | \n\n (54) | \n\n \u2013 | \n\n (2,113) | \n
| \n Tax on net operating income | \n\n 122 | \n\n 49 | \n\n (396) | \n\n (70) | \n\n (67) | \n\n \u2013 | \n\n (362) | \n
| \n Net operating income(b) | \n\n (750) | \n\n (2,395) | \n\n 1,105 | \n\n 111 | \n\n (121) | \n\n \u2013 | \n\n (2,050) | \n
| \n Net cost of net debt | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 25 | \n
| \n Non-controlling interests | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (3) | \n
| \n Net income - TotalEnergies share | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (2,028) | \n
| \n (a)Adjustments include special items, inventory valuation effect and the effect of changes in fair value. (b)Of which inventory valuation effect. | \n|||||||
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
| \n For the year ended December 31, 2021 | \n\n Integrated | \n\n Exploration | \n\n Refining | \n\n Marketing | \n\n Corporate | \n\n Intercompany | \n\n Total | \n
| \n External sales | \n\n 30,748 | \n\n 7,246 | \n\n 87,600 | \n\n 80,288 | \n\n 25 | \n\n \u2013 | \n\n 205,907 | \n
| \n Intersegment sales | \n\n 4,260 | \n\n 34,896 | \n\n 27,637 | \n\n 451 | \n\n 254 | \n\n (67,498) | \n\n \u2013 | \n
| \n Excise taxes | \n\n \u2013 | \n\n \u2013 | \n\n (1,108) | \n\n (20,121) | \n\n \u2013 | \n\n \u2013 | \n\n (21,229) | \n
| \n Revenues from sales | \n\n 35,008 | \n\n 42,142 | \n\n 114,129 | \n\n 60,618 | \n\n 279 | \n\n (67,498) | \n\n 184,678 | \n
| \n Operating expenses | \n\n (29,693) | \n\n (16,535) | \n\n (110,452) | \n\n (57,437) | \n\n (927) | \n\n 67,498 | \n\n (147,546) | \n
| \n Depreciation, depletion and impairment of tangible assets and mineral interests | \n\n (1,308) | \n\n (8,692) | \n\n (1,558) | \n\n (1,064) | \n\n (113) | \n\n \u2013 | \n\n (12,735) | \n
| \n Adjusted operating income | \n\n 4,007 | \n\n 16,915 | \n\n 2,119 | \n\n 2,117 | \n\n (761) | \n\n \u2013 | \n\n 24,397 | \n
| \n Net income (loss) from equity affiliates and other items | \n\n 2,960 | \n\n 1,079 | \n\n 462 | \n\n 169 | \n\n 99 | \n\n \u2013 | \n\n 4,769 | \n
| \n Tax on net operating income | \n\n (724) | \n\n (7,555) | \n\n (672) | \n\n (668) | \n\n 219 | \n\n \u2013 | \n\n (9,400) | \n
| \n Adjusted net operating income | \n\n 6,243 | \n\n 10,439 | \n\n 1,909 | \n\n 1,618 | \n\n (443) | \n\n \u2013 | \n\n 19,766 | \n
| \n Net cost of net debt | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (1,375) | \n
| \n Non-controlling interests | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (331) | \n
| \n Adjusted net income - | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 18,060 | \n
| \n For the year ended December 31, 2021 (M$) | \n\n Integrated | \n\n Exploration | \n\n Refining | \n\n Marketing | \n\n Corporate | \n\n Intercompany | \n\n Total | \n
| \n Total expenditures | \n\n 6,341 | \n\n 7,276 | \n\n 1,638 | \n\n 1,242 | \n\n 92 | \n\n \u2013 | \n\n 16,589 | \n
| \n Total divestments | \n\n 1,350 | \n\n 894 | \n\n 348 | \n\n 319 | \n\n 22 | \n\n \u2013 | \n\n 2,933 | \n
| \n Cash flow from operating activities | \n\n 827 | \n\n 22,009 | \n\n 6,473 | \n\n 2,333 | \n\n (1,232) | \n\n \u2013 | \n\n 30,410 | \n
| \n Balance sheet as of December 31, 2021 | \n|||||||
| \n Property, plant and equipment, intangible assets, net | \n\n 31,525 | \n\n 86,418 | \n\n 11,884 | \n\n 8,578 | \n\n 638 | \n\n \u2013 | \n\n 139,043 | \n
| \n Investments & loans in equity affiliates | \n\n 20,501 | \n\n 6,337 | \n\n 3,729 | \n\n 486 | \n\n \u2013 | \n\n \u2013 | \n\n 31,053 | \n
| \n Other non-current assets | \n\n 3,359 | \n\n 4,441 | \n\n 608 | \n\n 1,105 | \n\n 309 | \n\n \u2013 | \n\n 9,822 | \n
| \n Working capital | \n\n 5,058 | \n\n (1,216) | \n\n (2,558) | \n\n 378 | \n\n (4,220) | \n\n \u2013 | \n\n (2,558) | \n
| \n Provisions and other non-current liabilities | \n\n (4,495) | \n\n (24,613) | \n\n (3,840) | \n\n (1,478) | \n\n 581 | \n\n \u2013 | \n\n (33,845) | \n
| \n Assets and liabilities classified as held for sale | \n\n 30 | \n\n 308 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 338 | \n
| \n Capital Employed (Balance sheet) | \n\n 55,978 | \n\n 71,675 | \n\n 9,823 | \n\n 9,069 | \n\n (2,692) | \n\n \u2013 | \n\n 143,853 | \n
| \n Less inventory valuation effect | \n\n \u2013 | \n\n \u2013 | \n\n (1,754) | \n\n (286) | \n\n \u2013 | \n\n \u2013 | \n\n (2,040) | \n
| \n Capital Employed | \n\n 55,978 | \n\n 71,675 | \n\n 8,069 | \n\n 8,783 | \n\n (2,692) | \n\n \u2013 | \n\n 141,813 | \n
| \n ROACE as a percentage | \n\n 12% | \n\n 14% | \n\n 20% | \n\n 18% | \n\n \u00a0 | \n\n \u00a0 | \n\n 14% | \n
| \n For the year ended December 31, 2020 (M$) | \n\n Integrated | \n\n Exploration | \n\n Refining | \n\n Marketing | \n\n Corporate | \n\n Intercompany | \n\n Total | \n
| \n External sales | \n\n 15,629 | \n\n 4,973 | \n\n 56,615 | \n\n 63,451 | \n\n 17 | \n\n \u2013 | \n\n 140,685 | \n
| \n Intersegment sales | \n\n 2,003 | \n\n 18,483 | \n\n 17,378 | \n\n 357 | \n\n 223 | \n\n (38,444) | \n\n \u2013 | \n
| \n Excise taxes | \n\n \u2013 | \n\n \u2013 | \n\n (2,405) | \n\n (18,576) | \n\n \u2013 | \n\n \u2013 | \n\n (20,981) | \n
| \n REVENUES FROM SALES | \n\n 17,632 | \n\n 23,456 | \n\n 71,588 | \n\n 45,232 | \n\n 240 | \n\n (38,444) | \n\n 119,704 | \n
| \n Operating expenses | \n\n (15,847) | \n\n (11,972) | \n\n (70,524) | \n\n (42,807) | \n\n (1,049) | \n\n 38,444 | \n\n (103,755) | \n
| \n Depreciation, depletion and impairment of tangible assets and mineral interests | \n\n (2,312) | \n\n (16,998) | \n\n (1,878) | \n\n (984) | \n\n (92) | \n\n \u2013 | \n\n (22,264) | \n
| \n OPERATING INCOME | \n\n (527) | \n\n (5,514) | \n\n (814) | \n\n 1,441 | \n\n (901) | \n\n \u2013 | \n\n (6,315) | \n
| \n Net income (loss) from equity affiliates and | \n\n 794 | \n\n 697 | \n\n (393) | \n\n 37 | \n\n 272 | \n\n \u2013 | \n\n 1,407 | \n
| \n Tax on net operating income | \n\n 71 | \n\n (208) | \n\n 59 | \n\n (515) | \n\n (67) | \n\n \u2013 | \n\n (660) | \n
| \n NET OPERATING INCOME | \n\n 338 | \n\n (5,025) | \n\n (1,148) | \n\n 963 | \n\n (696) | \n\n \u2013 | \n\n (5,568) | \n
| \n Net cost of net debt | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n (1,768) | \n
| \n Non-controlling interests | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n 94 | \n
| \n Net income - TotalEnergies share | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n (7,242) | \n
| \n For the year ended December 31, 2020 | \n\n Integrated Gas, Renewables & Power | \n\n Exploration | \n\n Refining | \n\n Marketing | \n\n Corporate | \n\n Intercompany | \n\n Total | \n
| \n External sales | \n\n 20 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 20 | \n
| \n Intersegment sales | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Excise taxes | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n REVENUES FROM SALES | \n\n 20 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 20 | \n
| \n Operating expenses | \n\n (423) | \n\n (137) | \n\n (1,552) | \n\n (330) | \n\n (60) | \n\n \u2013 | \n\n (2,502) | \n
| \n Depreciation, depletion and impairment of tangible assets and mineral interests | \n\n (953) | \n\n (7,693) | \n\n (306) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (8,952) | \n
| \n OPERATING INCOME(b) | \n\n (1,356) | \n\n (7,830) | \n\n (1,858) | \n\n (330) | \n\n (60) | \n\n \u2013 | \n\n (11,434) | \n
| \n Net income (loss) from equity affiliates and other items | \n\n (382) | \n\n 54 | \n\n (677) | \n\n (24) | \n\n 107 | \n\n \u2013 | \n\n (922) | \n
| \n Tax on net operating income | \n\n 298 | \n\n 388 | \n\n 348 | \n\n 93 | \n\n (145) | \n\n \u2013 | \n\n 982 | \n
| \n NET OPERATING INCOME(b) | \n\n (1,440) | \n\n (7,388) | \n\n (2,187) | \n\n (261) | \n\n (98) | \n\n \u2013 | \n\n (11,374) | \n
| \n Net cost of net debt | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (29) | \n
| \n Non-controlling interests | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 102 | \n
| \n Net income - TotalEnergies share | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (11,301) | \n
| \n (a)Adjustments include special items, inventory valuation effect and the effect of changes in fair value. | \n|||||||
| \n (b)Of which inventory valuation effect. | \n|||||||
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
| \n For the year ended December 31, 2020 | \n\n Integrated | \n\n Exploration | \n\n Refining | \n\n Marketing | \n\n Corporate | \n\n Intercompany | \n\n Total | \n
| \n External sales | \n\n 15,609 | \n\n 4,973 | \n\n 56,615 | \n\n 63,451 | \n\n 17 | \n\n \u2013 | \n\n 140,665 | \n
| \n Intersegment sales | \n\n 2,003 | \n\n 18,483 | \n\n 17,378 | \n\n 357 | \n\n 223 | \n\n (38,444) | \n\n \u2013 | \n
| \n Excise taxes | \n\n \u2013 | \n\n \u2013 | \n\n (2,405) | \n\n (18,576) | \n\n \u2013 | \n\n \u2013 | \n\n (20,981) | \n
| \n Revenues from sales | \n\n 17,612 | \n\n 23,456 | \n\n 71,588 | \n\n 45,232 | \n\n 240 | \n\n (38,444) | \n\n 119,684 | \n
| \n Operating expenses | \n\n (15,424) | \n\n (11,835) | \n\n (68,972) | \n\n (42,477) | \n\n (989) | \n\n 38,444 | \n\n (101,253) | \n
| \n Depreciation, depletion and impairment of tangible assets and mineral interests | \n\n (1,359) | \n\n (9,305) | \n\n (1,572) | \n\n (984) | \n\n (92) | \n\n \u2013 | \n\n (13,312) | \n
| \n Adjusted operating income | \n\n 829 | \n\n 2,316 | \n\n 1,044 | \n\n 1,771 | \n\n (841) | \n\n \u2013 | \n\n 5,119 | \n
| \n Net income (loss) from equity affiliates and other items | \n\n 1,176 | \n\n 643 | \n\n 284 | \n\n 61 | \n\n 165 | \n\n \u2013 | \n\n 2,329 | \n
| \n Tax on net operating income | \n\n (227) | \n\n (596) | \n\n (289) | \n\n (608) | \n\n 78 | \n\n \u2013 | \n\n (1,642) | \n
| \n Adjusted net operating income | \n\n 1,778 | \n\n 2,363 | \n\n 1,039 | \n\n 1,224 | \n\n (598) | \n\n \u2013 | \n\n 5,806 | \n
| \n Net cost of net debt | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (1,739) | \n
| \n Non-controlling interests | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (8) | \n
| \n Ajusted net income - | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 4,059 | \n
| \n For the year ended December 31, 2020 (M$) | \n\n Integrated | \n\n Exploration | \n\n Refining | \n\n Marketing | \n\n Corporate | \n\n Intercompany | \n\n Total | \n
| \n Total expenditures | \n\n 6,230 | \n\n 6,782 | \n\n 1,325 | \n\n 1,052 | \n\n 145 | \n\n \u2013 | \n\n 15,534 | \n
| \n Total divestments | \n\n 1,152 | \n\n 819 | \n\n 149 | \n\n 158 | \n\n 177 | \n\n \u2013 | \n\n 2,455 | \n
| \n Cash flow from operating activities | \n\n 2,129 | \n\n 9,922 | \n\n 2,438 | \n\n 2,101 | \n\n (1,787) | \n\n \u2013 | \n\n 14,803 | \n
| \n Balance sheet as of December 31, 2020 | \n|||||||
| \n Property, plant and equipment, intangible assets, net | \n\n 30,704 | \n\n 89,207 | \n\n 12,486 | \n\n 8,734 | \n\n 732 | \n\n \u2013 | \n\n 141,863 | \n
| \n Investments & loans in equity affiliates | \n\n 16,455 | \n\n 7,328 | \n\n 3,638 | \n\n 555 | \n\n \u2013 | \n\n \u2013 | \n\n 27,976 | \n
| \n Other non-current assets | \n\n 3,647 | \n\n 5,093 | \n\n 791 | \n\n 1,260 | \n\n 1,042 | \n\n \u2013 | \n\n 11,833 | \n
| \n Working capital | \n\n (1,004) | \n\n 1,968 | \n\n (264) | \n\n (43) | \n\n (4,470) | \n\n \u2013 | \n\n (3,813) | \n
| \n Provisions and other non-current liabilities | \n\n (4,566) | \n\n (24,909) | \n\n (4,658) | \n\n (1,641) | \n\n 606 | \n\n \u2013 | \n\n (35,168) | \n
| \n Assets and liabilities classified as held for sale | \n\n 375 | \n\n 241 | \n\n (83) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 533 | \n
| \n Capital Employed (Balance sheet) | \n\n 45,611 | \n\n 78,928 | \n\n 11,910 | \n\n 8,865 | \n\n (2,090) | \n\n \u2013 | \n\n 143,224 | \n
| \n Less inventory valuation effect | \n\n \u2013 | \n\n \u2013 | \n\n (535) | \n\n (72) | \n\n \u2013 | \n\n \u2013 | \n\n (607) | \n
| \n Capital Employed | \n\n 45,611 | \n\n 78,928 | \n\n 11,375 | \n\n 8,793 | \n\n (2,090) | \n\n \u2013 | \n\n 142,617 | \n
| \n ROACE as a percentage | \n\n 4% | \n\n 3% | \n\n 9% | \n\n 14% | \n\n \u00a0 | \n\n \u00a0 | \n\n 4% | \n
B)Reconciliation of the information by business segment with Consolidated Financial Statements
The table below presents the impact of adjustment items on the consolidated statement of income:
| \n For the year ended December 31, 2022 (M$) | \n\n Adjusted | \n\n Adjustments(a) | \n\n Consolidated statement of income | \n
| \n Sales | \n\n 280,895 | \n\n 104 | \n\n 280,999 | \n
| \n Excise taxes | \n\n (17,689) | \n\n \u2013 | \n\n (17,689) | \n
| \n Revenues from sales | \n\n 263,206 | \n\n 104 | \n\n 263,310 | \n
| \n Purchases, net of inventory variation | \n\n (171,049) | \n\n 1,601 | \n\n (169,448) | \n
| \n Other operating expenses | \n\n (28,745) | \n\n (1,044) | \n\n (29,789) | \n
| \n Exploration costs | \n\n (574) | \n\n (725) | \n\n (1,299) | \n
| \n Depreciation, depletion and impairment of tangible assets and mineral interests | \n\n (12,316) | \n\n 95 | \n\n (12,221) | \n
| \n Other income | \n\n 1,349 | \n\n 1,500 | \n\n 2,849 | \n
| \n Other expense | \n\n (1,542) | \n\n (5,802) | \n\n (7,344) | \n
| \n Financial interest on debt | \n\n (2,386) | \n\n \u2013 | \n\n (2,386) | \n
| \n Financial income and expense from cash & cash equivalents | \n\n 746 | \n\n 397 | \n\n 1,143 | \n
| \n Cost of net debt | \n\n (1,640) | \n\n 397 | \n\n (1,243) | \n
| \n Other financial income | \n\n 812 | \n\n 84 | \n\n 896 | \n
| \n Other financial expense | \n\n (533) | \n\n \u2013 | \n\n (533) | \n
| \n Net income (loss) from equity affiliates | \n\n 8,254 | \n\n (10,146) | \n\n (1,892) | \n
| \n Income taxes | \n\n (20,565) | \n\n (1,677) | \n\n (22,242) | \n
| \n Consolidated net income | \n\n 36,657 | \n\n (15,613) | \n\n 21,044 | \n
| \n TotalEnergies share | \n\n 36,197 | \n\n (15,671) | \n\n 20,526 | \n
| \n Non-controlling interests | \n\n 460 | \n\n 58 | \n\n 518 | \n
| \n (a)Adjustments include special items, inventory valuation effect and the effect of changes in fair value. | \n
| \n For the year ended December 31, 2021 (M$) | \n\n Adjusted | \n\n Adjustments(a) | \n\n Consolidated statement of income | \n
| \n Sales | \n\n 205,907 | \n\n (44) | \n\n 205,863 | \n
| \n Excise taxes | \n\n (21,229) | \n\n \u2013 | \n\n (21,229) | \n
| \n Revenues from sales | \n\n 184,678 | \n\n (44) | \n\n 184,634 | \n
| \n Purchases, net of inventory variation | \n\n (120,160) | \n\n 1,538 | \n\n (118,622) | \n
| \n Other operating expenses | \n\n (26,754) | \n\n (140) | \n\n (26,894) | \n
| \n Exploration costs | \n\n (632) | \n\n (108) | \n\n (740) | \n
| \n Depreciation, depletion and impairment of tangible assets and mineral interests | \n\n (12,735) | \n\n (821) | \n\n (13,556) | \n
| \n Other income | \n\n 1,300 | \n\n 12 | \n\n 1,312 | \n
| \n Other expense | \n\n (944) | \n\n (1,373) | \n\n (2,317) | \n
| \n Financial interest on debt | \n\n (1,904) | \n\n \u2013 | \n\n (1,904) | \n
| \n Financial income and expense from cash & cash equivalents | \n\n 340 | \n\n 39 | \n\n 379 | \n
| \n Cost of net debt | \n\n (1,564) | \n\n 39 | \n\n (1,525) | \n
| \n Other financial income | \n\n 762 | \n\n \u2013 | \n\n 762 | \n
| \n Other financial expense | \n\n (539) | \n\n \u2013 | \n\n (539) | \n
| \n Net income (loss) from equity affiliates | \n\n 4,190 | \n\n (752) | \n\n 3,438 | \n
| \n Income taxes | \n\n (9,211) | \n\n (376) | \n\n (9,587) | \n
| \n Consolidated net income | \n\n 18,391 | \n\n (2,025) | \n\n 16,366 | \n
| \n TotalEnergies share | \n\n 18,060 | \n\n (2,028) | \n\n 16,032 | \n
| \n Non-controlling interests | \n\n 331 | \n\n 3 | \n\n 334 | \n
| \n (a)Adjustments include special items, inventory valuation effect and the effect of changes in fair value. | \n
| \n For the year ended December 31, 2020 (M$) | \n\n Adjusted | \n\n Adjustments(a) | \n\n Consolidated statement of income | \n
| \n Sales | \n\n 140,665 | \n\n 20 | \n\n 140,685 | \n
| \n Excise taxes | \n\n (20,981) | \n\n \u2013 | \n\n (20,981) | \n
| \n Revenues from sales | \n\n 119,684 | \n\n 20 | \n\n 119,704 | \n
| \n Purchases, net of inventory variation | \n\n (75,672) | \n\n (1,814) | \n\n (77,486) | \n
| \n Other operating expenses | \n\n (24,850) | \n\n (688) | \n\n (25,538) | \n
| \n Exploration costs | \n\n (731) | \n\n \u2013 | \n\n (731) | \n
| \n Depreciation, depletion and impairment of tangible assets and mineral interests | \n\n (13,312) | \n\n (8,952) | \n\n (22,264) | \n
| \n Other income | \n\n 1,405 | \n\n 832 | \n\n 2,237 | \n
| \n Other expense | \n\n (689) | \n\n (817) | \n\n (1,506) | \n
| \n Financial interest on debt | \n\n (2,140) | \n\n (7) | \n\n (2,147) | \n
| \n Financial income and expense from cash & cash equivalents | \n\n 68 | \n\n (31) | \n\n 37 | \n
| \n Cost of net debt | \n\n (2,072) | \n\n (38) | \n\n (2,110) | \n
| \n Other financial income | \n\n 914 | \n\n \u2013 | \n\n 914 | \n
| \n Other financial expense | \n\n (689) | \n\n (1) | \n\n (690) | \n
| \n Net income (loss) from equity affiliates | \n\n 1,388 | \n\n (936) | \n\n 452 | \n
| \n Income taxes | \n\n (1,309) | \n\n 991 | \n\n (318) | \n
| \n Consolidated net income | \n\n 4,067 | \n\n (11,403) | \n\n (7,336) | \n
| \n TotalEnergies share | \n\n 4,059 | \n\n (11,301) | \n\n (7,242) | \n
| \n Non-controlling interests | \n\n 8 | \n\n (102) | \n\n (94) | \n
| \n (a)Adjustments include special items, inventory valuation effect and the effect of changes in fair value. | \n
C)Additional information on adjustment items
The main adjustment items for 2022 are the following:
1.An \u201cInventory valuation effect\u201d amounting to $500 million in operating income and $501 million in net income TotalEnergies\u2019 share for the Refining & Chemicals and Marketing & Services segments;
2.The main adjustment items of the period are the following exceptional impairments and provisions related to Russia:
\u2013In the first quarter, an impairment of $(4,095) million in net income concerning notably Arctic LNG 2.
\u2013In the second quarter, an impairment of $(3,513) million in net income mainly related to the potential impact of international sanctions on the value of the stake in Novatek and in the third quarter, an additional impairment of $(3,056) million in net income.\u00a0
\u2013In the fourth quarter, an impairment of $(4,092) million in net income following discontinuation of equity accounting of Novatek.
In total, the impact of impairments and provisions recorded in 2022 in respect TotalEnergies\u2019s assets in Russia amounts to $(14,756) million in net income, TotalEnergies share.
3.The adjustment items also include a $1,391 million gain on the partial disposal of TotalEnergies' interest in its subsidiary which owns 50.5% of Sunpower and on the revaluation of its retained interest which is accounted for using the equity method.
The detail of the adjustment items is presented in the table below.
Adjustments to operating income
| \n For the year ended December 31, 2022 (M$) | \n\n Integrated | \n\n Exploration | \n\n Refining | \n\n Marketing | \n\n Corporate | \n\n Total | \n
| \n Inventory valuation effect | \n\n \u2013 | \n\n \u2013 | \n\n 239 | \n\n 261 | \n\n \u2013 | \n\n 500 | \n
| \n Effect of changes in fair value | \n\n 1,248 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 1,248 | \n
| \n Restructuring charges | \n\n (25) | \n\n \u2013 | \n\n \u2013 | \n\n (5) | \n\n \u2013 | \n\n (30) | \n
| \n Asset impairment and provisions charges | \n\n (126) | \n\n (588) | \n\n \u2013 | \n\n (98) | \n\n (9) | \n\n (821) | \n
| \n Gains (losses) on disposals of assets | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Other items | \n\n (28) | \n\n (99) | \n\n (109) | \n\n (30) | \n\n (600) | \n\n (866) | \n
| \n Total | \n\n 1,069 | \n\n (687) | \n\n 130 | \n\n 128 | \n\n (609) | \n\n 31 | \n
Adjustments to net income, TotalEnergies share
| \n For the year ended December 31, 2022 (M$) | \n\n Integrated | \n\n Exploration | \n\n Refining | \n\n Marketing | \n\n Corporate | \n\n Total | \n
| \n Inventory valuation effect | \n\n \u2013 | \n\n \u2013 | \n\n 323 | \n\n 178 | \n\n \u2013 | \n\n 501 | \n
| \n Effect of changes in fair value | \n\n 1,138 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 1,138 | \n
| \n Restructuring charges | \n\n (28) | \n\n \u2013 | \n\n \u2013 | \n\n (14) | \n\n \u2013 | \n\n (42) | \n
| \n Asset impairment and provisions charges | \n\n (4,481) | \n\n (11,141) | \n\n \u2013 | \n\n (112) | \n\n (9) | \n\n (15,743) | \n
| \n Gains (losses) on disposals of assets | \n\n 1,391 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 1,391 | \n
| \n Other items | \n\n (576) | \n\n (1,093) | \n\n (990) | \n\n (60) | \n\n (197) | \n\n (2,916) | \n
| \n Total | \n\n (2,556) | \n\n (12,234) | \n\n (667) | \n\n (8) | \n\n (206) | \n\n (15,671) | \n
Adjustments to operating income
| \n For the year ended December 31, 2021 (M$) | \n\n Integrated | \n\n Exploration | \n\n Refining | \n\n Marketing | \n\n Corporate | \n\n Total | \n
| \n Inventory valuation effect | \n\n \u2013 | \n\n \u2013 | \n\n 1,481 | \n\n 315 | \n\n \u2013 | \n\n 1,796 | \n
| \n Effect of changes in fair value | \n\n (217) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (217) | \n
| \n Restructuring charges | \n\n (17) | \n\n (59) | \n\n (10) | \n\n \u2013 | \n\n \u2013 | \n\n (86) | \n
| \n Asset impairment and provisions charges | \n\n (342) | \n\n (356) | \n\n (25) | \n\n (36) | \n\n \u2013 | \n\n (759) | \n
| \n Gains (losses) on disposals of assets | \n\n \u2013 | \n\n (170) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (170) | \n
| \n Other items | \n\n (81) | \n\n (20) | \n\n (1) | \n\n (37) | \n\n \u2013 | \n\n (139) | \n
| \n Total | \n\n (657) | \n\n (605) | \n\n 1,445 | \n\n 242 | \n\n \u2013 | \n\n 425 | \n
Adjustments to net income, TotalEnergies share
| \n For the year ended December 31, 2021 (M$) | \n\n Integrated | \n\n Exploration | \n\n Refining | \n\n Marketing | \n\n Corporate | \n\n Total | \n
| \n Inventory valuation effect | \n\n \u2013 | \n\n \u2013 | \n\n 1,277 | \n\n 218 | \n\n \u2013 | \n\n 1,495 | \n
| \n Effect of changes in fair value | \n\n (194) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (194) | \n
| \n Restructuring charges | \n\n (17) | \n\n (75) | \n\n (118) | \n\n (44) | \n\n (54) | \n\n (308) | \n
| \n Asset impairment and provisions charges | \n\n (332) | \n\n (500) | \n\n (42) | \n\n (36) | \n\n \u2013 | \n\n (910) | \n
| \n Gains (losses) on disposals of assets(a) | \n\n \u2013 | \n\n (1,726) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (1,726) | \n
| \n Other items | \n\n (196) | \n\n (51) | \n\n (31) | \n\n (40) | \n\n (67) | \n\n (385) | \n
| \n Total | \n\n (739) | \n\n (2,352) | \n\n 1,086 | \n\n 98 | \n\n (121) | \n\n (2,028) | \n
| \n (a)Of which $(1,379) million related to the impact of the TotalEnergies' interest sale of Petrocede\u00f1o to PDVSA. | \n
Adjustments to operating income
| \n For the year ended December 31, 2020 (M$) | \n\n Integrated | \n\n Exploration | \n\n Refining | \n\n Marketing | \n\n Corporate | \n\n Total | \n
| \n Inventory valuation effect | \n\n \u2013 | \n\n \u2013 | \n\n (1,244) | \n\n (196) | \n\n \u2013 | \n\n (1,440) | \n
| \n Effect of changes in fair value | \n\n 20 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 20 | \n
| \n Restructuring charges | \n\n (39) | \n\n (35) | \n\n (30) | \n\n \u2013 | \n\n \u2013 | \n\n (104) | \n
| \n Asset impairment and provisions charges | \n\n (953) | \n\n (7,693) | \n\n (306) | \n\n \u2013 | \n\n \u2013 | \n\n (8,952) | \n
| \n Other items | \n\n (384) | \n\n (102) | \n\n (278) | \n\n (134) | \n\n (60) | \n\n (958) | \n
| \n Total | \n\n (1,356) | \n\n (7,830) | \n\n (1,858) | \n\n (330) | \n\n (60) | \n\n (11,434) | \n
Adjustments to net income, TotalEnergies share
| \n For the year ended December 31, 2020 (M$) | \n\n Integrated | \n\n Exploration | \n\n Refining | \n\n Marketing | \n\n Corporate | \n\n Total | \n
| \n Inventory valuation effect | \n\n \u2013 | \n\n \u2013 | \n\n (1,160) | \n\n (120) | \n\n \u2013 | \n\n (1,280) | \n
| \n Effect of changes in fair value | \n\n 23 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 23 | \n
| \n Restructuring charges | \n\n (43) | \n\n (29) | \n\n (292) | \n\n \u2013 | \n\n \u2013 | \n\n (364) | \n
| \n Asset impairment and provision charges | \n\n (829) | \n\n (7,328) | \n\n (306) | \n\n (2) | \n\n \u2013 | \n\n (8,465) | \n
| \n Gains (losses) on disposals of assets | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 104 | \n\n 104 | \n
| \n Other items | \n\n (566) | \n\n \u2013 | \n\n (423) | \n\n (106) | \n\n (224) | \n\n (1,319) | \n
| \n Total | \n\n (1,415) | \n\n (7,357) | \n\n (2,181) | \n\n (228) | \n\n (120) | \n\n (11,301) | \n
D)Asset impairment
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n The recoverable amounts of intangible assets and property, plant and equipment are tested for impairment as soon as any indication of impairment exists. This test is performed at least annually for goodwill. The recoverable amount is the higher of the fair value (less costs to sell) or the value in use. Assets are grouped into cash-generating units (or CGUs) and tested. A CGU is a homogeneous set of assets that generates cash inflows that are largely independent of the cash inflows from other groups of assets. The value in use of a CGU is determined by reference to the discounted expected future cash flows of these assets, based upon Management\u2019s expectation of future economic and operating conditions. When this value is less than the carrying amount of the CGU, an impairment loss is recorded. | \n\n \n | \n\n This loss is allocated first to goodwill with a corresponding amount in \"Other expenses\". Any further losses are then allocated to property, plant and mineral interests with a corresponding amount in \"Depreciation, depletion and impairment of tangible assets and mineral interests\" and to other intangible assets with a corresponding amount in \"Other expenses\". Impairment losses recognized in prior periods can be reversed up to the original carrying amount, had the impairment loss not been recognized. Impairment losses recognized on goodwill cannot be reversed. Investments in associates or joint ventures are tested for impairment whenever indication of impairment exists. If any objective evidence of impairment exists, the carrying amount of the investment is compared with its recoverable amount, being the higher of its fair value less costs to sell and value in use. If the carrying amount exceeds the recoverable amount, an impairment loss is recorded in \"Net income (loss) from equity affiliates\". | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
For the financial year 2022, asset impairments were recorded for an amount of $(821) million in operating income and $(15,743) million in net income, TotalEnergies share. These impairments were qualified as adjustment items of the operating income and net income, TotalEnergies share.
Impairments relate to certain cash-generating units (CGUs) for which indicators of impairment have been identified, due to changes in operating conditions or the economic environment of the activities concerned.
Principles for determining value in use of a CGU
The principles applied are as follows:
\u2013The future cash flows were determined using the assumptions included in the 2023 budget and in the long-term plan of the Company approved by the Executive Committee and the Board of Directors. These assumptions, in particular including operational costs, estimation of oil and gas reserves, future volumes produced and marketed, represent the best estimate from the Company Management of economic and technical conditions over the remaining life of the assets.
\u2013The Company, notably relying on data on global energy demand from the \u201cWorld Energy Outlook\u201d issued by the IEA since 2016, and on its own supply and demand assessments, determines oil & gas prices scenarios based on assumptions about the evolution of core indicators of the Upstream activity (demand for hydrocarbons in different markets, investment forecasts, decline in production fields, changes in oil & gas reserves and supply by area and by nature of oil & gas products), of the Downstream activity (changes in refining capacity and demand for petroleum products) and by integrating \u201cclimate\u201d challenges.
\u2013These price scenarios, first prepared within the Strategy & Markets Division, are also reviewed with the Company segments which bring their own expertise. They also integrate studies issued by international agencies, banks and independent consultants. They are then approved by the Executive Committee and the Board of Directors.
\u2013The IEA 2022 World Energy Outlook anticipates three scenarios that are key references for the Company: the STEPS (Stated Policies Scenario) and APS (Announced Pledges Scenario) for the short/mid-term, and the NZE (Net Zero Emissions by 2050) for the long-term.
\u2013The STEPS only includes climate actions already implemented to date around the world and those under development. The APS also takes into account climate ambitions declared to date in the world, including the NDCs (Nationally Determined Contributions) and carbon neutrality ambitions. It is compatible with the Paris Agreement. The IEA's NZE is understood as the set of actions to be taken to be compatible with a 1.5\u00b0C scenario in 2050 (without overshooting). This normative scenario does not predict oil demand in the short and medium term, and therefore the price scenarios it proposes, particularly in the short and medium term, do not include a \"realistic\" evolution of demand. In fact, this scenario predicts that oil demand will fall by 20% between 2020 and 2030, whereas, according to the Company's projections and those of most energy companies and consultants, demand will stabilize between 2025 and 2030, before declining from 2030 onwards.
\u2013Beyond the 2020-2030 decade, the oil price trajectory retained by the Company converges in the long term, to the price retained in 2050 by the IEA's NZE scenario, i.e $24.52022/b. The prices retained for gas, the transition fuel, stabilize between now and 2027 and until 2040 at lower levels than the current prices and converge towards the IEA's NZE scenario prices in 2050.
The oil price trajectories adopted by the Company are based on the following assumptions:
\u2013Oil demand has experienced sustained growth after the Covid crisis as the global economic recovery\u00a0 generated strong tensions on energy prices from mid-2021 onwards, exacerbated in 2022 by the war in Ukraine. Despite the risks of recession in Europe in particular, global liquid demand in 2023 is expected to be higher than in 2019 pre-crisis, notably thanks to the end of lockdown measures in China allowing the restart of industrial activity. It should continue to grow until 2030, in a context of sustained growth in global energy demand. Indeed, population growth and rising living standards, particularly in emerging countries, should sustain oil consumption, despite the gradual electrification of transport and efficiency gains in combustion engines, mainly in developed countries. As for oil supply, it is marked by historic production cuts decided (and implemented) by OPEP+ members and by the difficulties encountered by some non-OPEP+ producers.
In the US, while production in 2023 is expected to be slightly higher than in 2019, doubts remain about the capacity for further growth in shale oil in subsequent years. The Company maintains its analysis that the weakness of investment oil upstream since 2015, accentuated by the health and economic crisis of 2020 and the natural decline of fields currently in production, leads to a global supply-demand balance that will remain tight until 2030. Thus the Brent price scenario used to determine the value in use of the CGUs assumes a stable price of $702022/b from 2023 to 2030. The developments observed at the end of 2022, in particular the resurgence of the Covid pandemic in China, could slow down the Chinese economic recovery, and therefore justify this price level from 2023.
\u2013Beyond 2030, given technological developments, particularly in the transport sector, oil demand should have reached its peak and the selected price scenario decreases linearly to reach $502022/b in 2040 and then $24.52022/b in 2050, in line with the NZE scenario.
The average Brent prices over the period 2023-2050 thus stands at $53.92022/b.
For natural gas, the transition fuel, the price trajectory adopted by the Company is based on the following assumptions:
\u2013Natural gas demand in 2021 has exceeded its pre-crisis level with very strong tensions on prices\u00a0 in Europe and, by extension, in Asia through LNG prices, following the cuts in Russian pipe gas imports\u00a0 that began at the end of 2021 and continued in 2022 with the complete shutdown of the Nordstream. Global gas demand in 2022 is estimated to be almost at the level of 2021. The Company anticipates stable demand in 2023 with the recourse to American LNG to replace Russian gas in Europe, still in competition with Asia. The Company thus anticipates a return in 2023 to higher prices than before the crisis on the Asia, Europe and USA hubs, but not to the same levels as the highs reached in the third quarter of 2022. Thereafter, natural gas demand would be driven by the same fundamentals as oil (decrease in Europe but resistance in Asia-Pacific), plus its substitution for coal in power generation and by its role as a flexible and controllable source to mitigate the intermittent use and seasonality of renewable energies. The abundant global supply and the growth of liquefied natural gas would, however, limit the potential for higher gas prices. Beyond 2040, with the development of renewables including storage and hydrogen, gas demand is expected to stabilize.
In this context, the gas price level used to determine the value in use of the CGUs concerned is as follows:
\u2013On the NBP quotation (Europe): $202022/Mbtu in 2023, $172022/Mbtu in 2024, $142022/Mbtu in 2025, $112022/Mbtu in 2026, then $82022/Mbtu between 2027 and 2040.
\u2013On the Henry Hub quotation (United States): $32022/Mbtu between 2023 and 2040.
\u2013On the DES Japan (Asia) quotation: $212022/Mbtu in 2023, $182022/Mbtu in 2024, $152022/Mbtu in 2025, $122022/Mbtu in 2026, then $92022/Mbtu between 2027 and 2040.
From 2040 onwards, the price trajectory converges towards the price retained in 2050 by the NZE scenario, i.e. $3.92022/Mbtu for NBP, $1.82022/Mbtu for Henry Hub and $5.22022/Mbtu DES Japan (Asia).
The future operational costs were determined by taking into account the existing technologies, the fluctuation of prices for petroleum services in line with market developments and the internal cost reduction programs effectively implemented.
The determination of value in use also takes into account on all assets a minimum CO2 cost of $100/t or the applicable price in a given country, if it is higher. Beyond 2028, the CO2 price is inflated by 2% per year.
The future cash flows are estimated over a period consistent with the life of the assets of the CGUs. They are prepared post-tax and take into account specific risks related to the CGUs' assets. They are discounted using an 8% post-tax discount rate, this rate being the weighted-average cost of TotalEnergies capital estimated from historical market data. This rate was 7% in 2021 and 2020. The value in use calculated by discounting the above post-tax cash flows using an 8% post-tax discount rate is not materially different from the value in use calculated by discounting pre-tax cash flows using a pre-tax discount rate determined by an iterative computation from the post-tax value in use. These pre-tax discount rates generally range from 7% to 14%.
Impairment losses recognized by segment
Impairments recognized in 2022 have an overall impact of $(15,743) million in net income, TotalEnergies share, and mainly relate to the Company's assets in Russia, for an amount of $(14,756) million.
The CGUs of the Exploration & Production segment are defined as oil and gas fields or groups of oil and gas fields with industrial assets enabling the production, treatment and evacuation of the oil and gas. For the financial year 2022, the Company recorded impairments of assets over CGUs of the Exploration & Production segment for $(588)\u00a0million in operating income and $(11,141) million in net income, TotalEnergies share.
Impairments recognized in 2022 mainly relate to the Company's assets in Russia for an amount of $(10,527) million in net income TotalEnergies share, mainly relating to the investment in Novatek.
They also take into account the impairment of the North Platte project assets for $(957) million in net income, TotalEnergies share, following the Company's decision announced in February not to sanction and so to withdraw from this deepwater project in the Gulf of Mexico.
The impairments recognized also include a reversal of impairment on the Company's assets in Canada. In the context of the project to spin-off the Company's upstream activities in Canada, an impairment test was carried out, and the resulting value in use led to a reversal of impairment of $728 million in net income, TotalEnergies share.
As for sensitivities of the Exploration & Production segment:
\u2013a decrease by 1 point in the discount rate would have a positive impact of $0.3 billion in operating income and $0.2 billion in net income, TotalEnergies share;
\u2013an increase by 1 point in the discount rate would have an additional negative impact of approximately $0.5 billion in operating income and $0.5 billion in net income, TotalEnergies share;
\u2013a decrease of 10% of the oil and gas prices over the duration of the plan (thus an average oil price of around $482022/b) would have an additional negative impact of approximately $1.5 billion in operating income and $1.2 billion in net income, TotalEnergies share.
\u2013a decrease of 20% of the oil and gas prices over the duration of the plan (thus an average oil price of around $432022/b) would have an additional negative impact of approximately $5.3 billion in operating income and $3.9 billion in net income, TotalEnergies share.
\u2013Taking into account a CO2 cost of $200/t, inflated by 2%/year from 2028 onwards for all assets would have an additional negative impact of approximately $1.6 billion on operating income and $1.2 billion on net income, TotalEnergies share.
The CGUs of the Integrated Gas, Renewables & Power segment are subsidiaries or groups of subsidiaries organized by activity or geographical area, and by fields or groups of fields for upstream LNG activities. For the financial year 2022, the Company recorded impairments on CGUs in the Integrated Gas, Renewables & Power segment for $(126) million in operating income and $(4,481) million in net income, TotalEnergies share. Impairments recognized relate to the Company's assets in Russia for an amount of $(4,142) million in net income, TotalEnergies share, notably concerning Arctic LNG 2.
As for sensitivities of the Integrated Gas, Renewables & Power segment:
\u2013a decrease by 1 point in the discount rate would have a positive impact of $0.1 billion in operating income and close to zero in net income, TotalEnergies share;
\u2013an increase by 1 point in the discount rate would have an additional negative impact of approximately $1.3 billion in operating income and $1.1 billion in net income, TotalEnergies share;
\u2013a decrease of 10% of the oil and gas prices over the duration of the plan would have an additional negative impact of approximately $2.0 billion in operating income and $1.6 billion in net income, TotalEnergies share.
\u2013a decrease of 20% of the oil and gas prices over the duration of the plan would have an additional negative impact of approximately $5.0 billion in operating income and $4.2 billion in net income, TotalEnergies share.
\u2013Taking into account a CO2 cost of $200/t inflated by 2%/year from 2028 onwards for all assets would have an additional negative impact of approximately $0.9 billion on operating income and $0.8 billion in net income, TotalEnergies share.
The CGUs of the Refining & Chemicals segment are defined as legal entities with operational activities for refining and petrochemicals activities. Future cash flows are based on the gross contribution margin (calculated on the basis of net sales after purchases of crude oil and refined products, the effect of inventory valuation and variable costs). The other activities of the segment are global divisions, each division gathering a set of businesses or homogeneous products for strategic, commercial and industrial plans. Future cash flows are determined from the specific margins of these activities, unrelated to the price of oil.
For the financial year 2022, the Company has not recorded impairments on CGUs in the Refining & Chemicals segment.
As for sensitivities of the Refining & Chemicals segment:
\u2013an increase by 1 point in the discount rate would have an impact close to zero in operating income and in net income, TotalEnergies share;
\u2013a decrease of 10% of the refining margins would have a negative impact of approximately $0.6 billion in operating income and $0.6 billion in net income, TotalEnergies share.
The most sensitive assets would be the refining assets in France.
The CGUs of the Marketing & Services segment are subsidiaries or groups of subsidiaries organized by geographical area.
For the financial year 2022, the Company recorded impairments on the CGUs of the Marketing & Services segment for $(98) million in operating income and $(112) million in net income, TotalEnergies share. Impairments recognized\u00a0 relate to the Company's assets in Russia for an amount of $(87) million in net income, TotalEnergies share.
Impairments recognized in years 2021 and 2020
For the financial year 2021, the Company recorded impairments in Exploration & Production, Integrated Gas, Renewables & Power, Refining & Chemicals and Marketing & Services segments for an amount of $(759) million in operating income and $(910) million in net income, TotalEnergies share.
These impairments were qualified as adjustments items of the operating income and net income, TotalEnergies share.
For the financial year 2020, asset impairments were recorded in the Exploration & Production, Integrated Gas, Renewables & Power, Refining & Chemicals and Marketing & Services segments with an impact of $(3,492) million in operating income and $(2,991) million in net income, TotalEnergies share.
In addition, in 2020, in line with its new Climate Ambition announced on May 5, 2020, which aims at carbon neutrality, the Company had reviewed its oil assets that could be qualified as stranded, meaning with reserves beyond 20 years and high production costs, whose overall reserves may therefore not be produced by 2050. The only projects identified in this category were the Canadian oil sands projects of Fort Hills and Surmont.
The Company had decided to take into account only proved reserves on these two assets \u2013 unlike general practice which considers so-called proved and probable reserves. This led to an additional exceptional asset impairment of $(5,460) million in operating income and $(5,474) million in net income, TotalEnergies share.
Overall, asset impairments were recorded for the financial year 2020, for an amount of $(8,952) million in operating income and $(8,465) million in net income, TotalEnergies share, including $(6,988) million on Canadian oil sands assets alone.
These impairments were qualified as adjustment items of the operating income and net income, TotalEnergies share.
Note 4Segment Information by geographical area
| \n (M$) | \n\n France | \n\n Rest of Europe | \n\n North America | \n\n Africa | \n\n Rest of the world | \n\n Total | \n
| \n For the year ended December 31, 2022 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n External sales | \n\n 58,411 | \n\n 122,641 | \n\n 33,188 | \n\n 24,582 | \n\n 42,177 | \n\n 280,999 | \n
| \n Property, plant and equipment, intangible assets, net | \n\n 13,080 | \n\n 26,382 | \n\n 13,292 | \n\n 39,410 | \n\n 46,867 | \n\n 139,032 | \n
| \n Capital expenditures | \n\n 1,632 | \n\n 2,743 | \n\n 5,304 | \n\n 3,253 | \n\n 6,870 | \n\n 19,802 | \n
| \n For the year ended December 31, 2021 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n External sales | \n\n 43,316 | \n\n 85,072 | \n\n 22,998 | \n\n 19,520 | \n\n 34,957 | \n\n 205,863 | \n
| \n Property, plant and equipment, intangible assets, net | \n\n 14,204 | \n\n 29,660 | \n\n 12,229 | \n\n 41,593 | \n\n 41,357 | \n\n 139,043 | \n
| \n Capital expenditures | \n\n 2,157 | \n\n 3,027 | \n\n 1,680 | \n\n 3,696 | \n\n 6,029 | \n\n 16,589 | \n
| \n For the year ended December 31, 2020 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n External sales | \n\n 32,748 | \n\n 67,292 | \n\n 13,258 | \n\n 16,011 | \n\n 11,376 | \n\n 140,685 | \n
| \n Property, plant and equipment, intangible assets, net | \n\n 14,555 | \n\n 30,932 | \n\n 11,891 | \n\n 43,087 | \n\n 41,398 | \n\n 141,863 | \n
| \n Capital expenditures | \n\n 2,044 | \n\n 3,165 | \n\n 899 | \n\n 3,816 | \n\n 5,610 | \n\n 15,534 | \n
Note 5Main items related to operating activities
Items related to the statement of income
5.1Net sales
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n IFRS 15 requires identification of the performance obligations for the transfer of goods and services in each contract with customers. Revenue is recognized upon satisfaction of the performance obligations for the amounts that reflect the consideration to which TotalEnergies expects to be entitled in exchange for those goods and services. Sales of goods Revenues from sales are recognized when the control has been transferred to the buyer and the amount can be reasonably measured. Revenues from sales of crude oil and natural gas are recorded upon transfer of title, according to the terms of the sales contracts. Revenues from the production of crude oil and natural gas properties, in which TotalEnergies has an interest with other producers, are recognized based on actual entitlement volumes sold over the period. Any difference between entitlement volumes and volumes sold, based on TotalEnergies net working interest, are recognized in the \u201cUnder-lifting\u201d and \u201cOver-lifting\u201d accounts in the balance sheet and in operating expenses in the profit and loss. Oil and gas delivered quantities that represent production royalties and taxes, when paid in cash, are included in revenues, except for the United States and Canada. Certain transactions within the trading activities (contracts involving quantities that are purchased from third parties then resold to third parties) are shown at their net value in purchases, net of inventory variation. These transactions relate in particular to crude oil, petroleum products, gas, power and LNG. Exchanges of crude oil and petroleum products realized within trading activities are shown at their net value in both the statement of income and the balance sheet. | \n\n \n | \n\n Sales of services Revenues from services are recognized when the services have been rendered. Revenues from gas transport are recognized when services are rendered. These revenues are based on the quantities transported and measured according to procedures defined in each service contract. Shipping revenues and expenses from time-charter activities are recognized on a pro rata basis over a period that commences upon the unloading of the previous voyage and terminates upon the unloading of the current voyage. Shipping revenue recognition starts only when a charter has been agreed to by both TotalEnergies and the customer. Income related to the distribution of electricity and gas is not recognized in revenues in certain countries because TotalEnergies acts as an agent in this transaction. In these countries, TotalEnergies is not responsible for the delivery and does not set the price of the service, because it can only pass on to the customer the amounts invoiced to it by the distributors. Excise taxes Excise taxes are rights or taxes which amount is calculated based on the quantity of oil and gas products put on the market. Excise taxes are determined by the states. They are paid directly to the customs and tax authorities and then invoiced to final customers by being included in the sales price. The analysis of the criteria set by IFRS 15 led TotalEnergies to determine that it was acting as principal in these transactions. . Therefore, sales are presented on a gross basis, including excise taxes collected by TotalEnergies within the course of its oil distribution operations. In addition, the subtotal \u201cRevenue from Sales\u201d is presented as an additional line item in the P&L and is obtained by deducting Excise tax expenses from Sales. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
5.2Operating expenses and research and development
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n TotalEnergies applies IFRS 6 \u201cExploration for and Evaluation of Mineral Resources\u201d. Oil and gas exploration and production properties and assets are accounted for in accordance with the Successful Efforts method. | \n\n \n | \n\n Geological and geophysical costs, including seismic surveys for exploration purposes are expensed as incurred in exploration costs. Costs of dry wells and wells that have not found proved reserves are charged to expense in exploration costs. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
5.2.1Operating expenses
| \n For the year ended December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Purchases, net of inventory variation(a) (b) | \n\n (169,448) | \n\n (118,622) | \n\n (77,486) | \n
| \n Exploration costs | \n\n (1,299) | \n\n (740) | \n\n (731) | \n
| \n Other operating expenses(c) | \n\n (29,789) | \n\n (26,894) | \n\n (25,538) | \n
| \n of which non-current operating liabilities (allowances) reversals | \n\n 1,086 | \n\n 1,299 | \n\n 778 | \n
| \n of which current operating liabilities (allowances) reversals | \n\n (188) | \n\n (30) | \n\n (77) | \n
| \n Operating expenses | \n\n (200,536) | \n\n (146,256) | \n\n (103,755) | \n
| \n (a)Includes taxes paid on oil and gas production in the Exploration & Production segment, amongst others, royalties. (b)TotalEnergies values under / over lifting at market value. (c)Principally composed of production and administrative costs (refer to in particular the payroll costs as detailed in Note 10 to the Consolidated Financial Statements \u201cPayroll, staff and employee benefits obligations\"). | \n
5.2.2Research and development costs
| \n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Accounting principles | \n\n\n | \n
| \n \n | \n\n Research costs are charged to expense as incurred. Development expenses are capitalized when the criteria of IAS 38 are met. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n
Research and development costs incurred by TotalEnergies in 2022 and booked in operating expenses (excluding depreciations) amount to $762 million ($824 million in 2021 and $895 million in 2020), corresponding to 0.27% of the sales. At constant foreign exchange rates, research and development costs increased by 4% in 2022.
The staff dedicated in 2022 to these research and development activities are estimated at 3,536 people (3,830 in 2021 and 4,088 in 2020).\u00a0
5.3Amortization, depreciation and impairment of tangible assets and mineral interests
The amortization, depreciation and impairment of tangible assets and mineral interests are detailed as follows:
| \n For the year ended December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Depreciation and impairment of tangible assets | \n\n (11,128) | \n\n (12,683) | \n\n (21,188) | \n
| \n Amortization and impairment of mineral assets | \n\n (1,093) | \n\n (873) | \n\n (1,076) | \n
| \n Total | \n\n (12,221) | \n\n (13,556) | \n\n (22,264) | \n
Items related to balance sheet
5.4Working capital
5.4.1Inventories
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Inventories are measured in the Consolidated Financial Statements at the lower of historical cost or market value. Costs for petroleum and petrochemical products are determined according to the FIFO (First-In, First-Out) method or weighted-average cost method and other inventories are measured using the weighted-average cost method. In addition stocks held for trading are measured at fair value less cost to sell. Refining & Chemicals Petroleum product inventories are mainly comprised of crude oil and refined products. Refined products principally consist of gasoline, distillate and fuel produced by TotalEnergies' refineries. The turnover of petroleum products does not exceed two months on average. Crude oil costs include raw material and receiving costs. Refining costs principally include crude oil costs, production costs (energy, labor, depreciation of producing assets) and an allocation of production overheads (taxes, maintenance, insurance, etc.). Costs of chemical product inventories consist of raw material costs, direct labor costs and an allocation of production overheads. Start-up costs, general administrative costs and financing costs are excluded from the costs of refined and chemicals products. Marketing & Services The costs of products refined by TotalEnergies\u2019 entities include mainly raw materials costs, production costs (energy, labor, depreciation of producing assets), primary costs of transport and an allocation of production overheads (taxes, maintenance, insurance, etc.). General administrative costs and financing costs are excluded from the cost price of refined products. Product inventories purchased from entities external to TotalEnergies are valued at their purchase cost plus primary costs of transport. | \n\n \n | \n\n Carbon dioxide emission rights generated as part of the EU Emission Trading scheme (EU ETS) In the absence of a current IFRS standard or interpretation on accounting for emission rights of carbon dioxide generated as part of the EU Emission Trading scheme (EU ETS), the following principles are applied: \u2013Emission rights are managed as a cost of production and as such are recognized in inventories: \u2013Emission rights allocated for free are booked in inventories with a nil carrying amount; \u2013Purchased emission rights are booked at acquisition cost; \u2013Sales or annual surrender of emission rights result in decreases in inventories valued at weighted-average cost; \u2013If the carrying amount of inventories at closing date is higher than the market value, an impairment loss is recorded. \u2013If emission rights to be surrendered at the end of the compliance period are higher than emission rights (allocated and purchased), the shortage is accounted for as a liability at market value; \u2013Forward transactions are recognized at their fair market value in the balance sheet. Changes in the fair value of such forward transactions are recognized in the statement of income. Energy savings certificates In the absence of current IFRS standards or interpretations on accounting for energy savings certificates (ESC), the following principles are applied: \u2013If the obligations linked to the sales of energy are greater than the number of ESC's held then a liability is recorded. These liabilities are valued based on the price of the last transactions; \u2013In the event that the number of ESC\u2019s held exceeds the obligation at the balance sheet date this is accounted for as inventory. Otherwise a valuation allowance is recorded ; \u2013ESC inventories are valued at weighted-average cost (acquisition cost for those ESC's acquired or cost incurred for those ESC's generated internally). If the carrying value of the inventory of certificates at the balance sheet date is higher than the market value, an impairment loss is recorded. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
| \n As of December 31, 2022 (M$) | \n\n Gross value | \n\n Valuation allowance | \n\n Net value | \n
| \n Crude oil and natural gas | \n\n 4,758 | \n\n (47) | \n\n 4,711 | \n
| \n Refined products | \n\n 6,386 | \n\n (162) | \n\n 6,224 | \n
| \n Chemicals products | \n\n 1,635 | \n\n (93) | \n\n 1,542 | \n
| \n Trading inventories | \n\n 6,672 | \n\n \u2013 | \n\n 6,672 | \n
| \n Other inventories | \n\n 4,797 | \n\n (1,010) | \n\n 3,787 | \n
| \n Total | \n\n 24,248 | \n\n (1,312) | \n\n 22,936 | \n
| \n As of December 31, 2021 (M$) | \n\n Gross value | \n\n Valuation allowance | \n\n Net value | \n
| \n Crude oil and natural gas | \n\n 3,221 | \n\n (7) | \n\n 3,214 | \n
| \n Refined products | \n\n 5,411 | \n\n (50) | \n\n 5,361 | \n
| \n Chemicals products | \n\n 1,519 | \n\n (98) | \n\n 1,421 | \n
| \n Trading inventories | \n\n 6,501 | \n\n \u2013 | \n\n 6,501 | \n
| \n Other inventories | \n\n 4,538 | \n\n (1,083) | \n\n 3,455 | \n
| \n Total | \n\n 21,190 | \n\n (1,238) | \n\n 19,952 | \n
| \n As of December 31, 2020 (M$) | \n\n Gross value | \n\n Valuation allowance | \n\n Net value | \n
| \n Crude oil and natural gas | \n\n 1,818 | \n\n (1) | \n\n 1,817 | \n
| \n Refined products | \n\n 3,913 | \n\n (68) | \n\n 3,845 | \n
| \n Chemicals products | \n\n 1,330 | \n\n (102) | \n\n 1,228 | \n
| \n Trading inventories | \n\n 5,130 | \n\n \u2013 | \n\n 5,130 | \n
| \n Other inventories | \n\n 3,824 | \n\n (1,114) | \n\n 2,710 | \n
| \n Total | \n\n 16,015 | \n\n (1,285) | \n\n 14,730 | \n
Changes in the valuation allowance on inventories are as follows:
| \n For the year ended December 31, (M$) | \n\n Valuation allowance as of | \n\n Increase (net) | \n\n Currency translation adjustment and | \n\n Valuation allowance as of | \n
| \n 2022 | \n\n (1,238) | \n\n (121) | \n\n 47 | \n\n (1,312) | \n
| \n 2021 | \n\n (1,285) | \n\n (36) | \n\n 83 | \n\n (1,238) | \n
| \n 2020 | \n\n (1,174) | \n\n (85) | \n\n (26) | \n\n (1,285) | \n
5.4.2Accounts receivable and other current assets
| \n As of December 31, 2022 (M$) | \n\n Gross value | \n\n Valuation allowance | \n\n Net value | \n
| \n Accounts receivable | \n\n 25,204 | \n\n (826) | \n\n 24,378 | \n
| \n Recoverable taxes | \n\n 6,295 | \n\n (32) | \n\n 6,263 | \n
| \n Other operating receivables | \n\n 28,582 | \n\n (293) | \n\n 28,289 | \n
| \n Prepaid expenses | \n\n 1,455 | \n\n \u2013 | \n\n 1,455 | \n
| \n Other current assets | \n\n 63 | \n\n \u2013 | \n\n 63 | \n
| \n Other current assets | \n\n 36,395 | \n\n (325) | \n\n 36,070 | \n
| \n As of December 31, 2021 (M$) | \n\n Gross value | \n\n Valuation allowance | \n\n Net value | \n
| \n Accounts receivable | \n\n 22,776 | \n\n (793) | \n\n 21,983 | \n
| \n Recoverable taxes | \n\n 3,713 | \n\n (54) | \n\n 3,659 | \n
| \n Other operating receivables | \n\n 29,767 | \n\n (214) | \n\n 29,553 | \n
| \n Prepaid expenses | \n\n 1,879 | \n\n \u2013 | \n\n 1,879 | \n
| \n Other current assets | \n\n 53 | \n\n \u2013 | \n\n 53 | \n
| \n Other current assets | \n\n 35,412 | \n\n (268) | \n\n 35,144 | \n
| \n As of December 31, 2020 (M$) | \n\n Gross value | \n\n Valuation allowance | \n\n Net value | \n
| \n Accounts receivable | \n\n 14,899 | \n\n (831) | \n\n 14,068 | \n
| \n Recoverable taxes | \n\n 3,598 | \n\n (67) | \n\n 3,531 | \n
| \n Other operating receivables | \n\n 8,251 | \n\n (208) | \n\n 8,043 | \n
| \n Prepaid expenses | \n\n 1,801 | \n\n \u2013 | \n\n 1,801 | \n
| \n Other current assets | \n\n 53 | \n\n \u2013 | \n\n 53 | \n
| \n Other current assets | \n\n 13,703 | \n\n (275) | \n\n 13,428 | \n
Changes in the valuation allowance on \u201cAccounts receivable\u201d and \u201cOther current assets\u201d are as follows:
| \n For the year ended December 31, (M$) | \n\n Valuation allowance as of January 1, | \n\n Increase (net) | \n\n Currency translation adjustments and other variations | \n\n Valuation allowance as of December 31, | \n
| \n Accounts receivable | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n 2022 | \n\n (793) | \n\n (98) | \n\n 65 | \n\n (826) | \n
| \n 2021 | \n\n (831) | \n\n (24) | \n\n 62 | \n\n (793) | \n
| \n 2020 | \n\n (674) | \n\n (107) | \n\n (50) | \n\n \u00a0(831) | \n
| \n Other current assets | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n 2022 | \n\n (268) | \n\n (83) | \n\n 26 | \n\n (325) | \n
| \n 2021 | \n\n (275) | \n\n (10) | \n\n 17 | \n\n (268) | \n
| \n 2020 | \n\n (335) | \n\n 37 | \n\n 23 | \n\n \u00a0(275) | \n
As of December 31, 2022, the net portion of the overdue receivables included in \u201cAccounts receivable\u201d and \u201cOther current assets\u201d was $5,481 million, of which $3,328 million was due less than 90 days, $672 million was due between 90 days and 6 months, $571 million was due between 6 and 12 months and $910 million was due after 12 months.
As of December 31, 2021, the net portion of the overdue receivables included in \u201cAccounts receivable\u201d and \u201cOther current assets\u201d was $4,482 million, of which $2,844 million was due less than 90 days, $260 million was due between 90 days and 6 months, $556 million was due between 6 and 12 months and $823 million was due after 12 months.
As of December 31, 2020, the net portion of the overdue receivables included in \u201cAccounts receivable\u201d and \u201cOther current assets\u201d was $4,197 million, of which $2,140 million was due less than 90 days, $239 million was due between 90 days and 6 months, $553 million was due between 6 and 12 months and $1,265 million was due after 12 months.
5.4.3Other creditors and accrued liabilities
| \n As of December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Accruals and deferred income | \n\n 737 | \n\n 3,744 | \n\n 842 | \n
| \n Payable to States (including taxes and duties) | \n\n 14,780 | \n\n 10,281 | \n\n 5,734 | \n
| \n Payroll | \n\n 1,572 | \n\n 1,481 | \n\n 1,587 | \n
| \n Other operating liabilities | \n\n 35,186 | \n\n 27,294 | \n\n 14,302 | \n
| \n Total | \n\n 52,275 | \n\n 42,800 | \n\n 22,465 | \n
As of December 31, 2022, the heading \u201cOther operating liabilities\u201d notably includes the second quarterly interim dividend for the fiscal year 2022 for $1,857 million, which was paid in January 2023 and the third quarterly interim dividend for the fiscal year 2022 for $1,827 million, which will be paid in April 2023.
As of December 31, 2021, the heading \u201cOther operating liabilities\u201d notably included the second quarterly interim dividend for the fiscal year 2021 for $1,974 million, which was paid in January 2022 and the third quarterly interim dividend for the fiscal year 2021 for $1,948 million, which was paid in April 2022.
As of December 31, 2020, the heading \u201cOther operating liabilities\u201d notably included the second quarterly interim dividend for the fiscal year 2020 for $2,129 million, which was paid in January 2021 and the third quarterly interim dividend for the fiscal year 2020 for $2,149 million, which was paid in April 2021.
Items related to the cash flow statement
5.5Cash flow from operating activities
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n The Consolidated Statement of Cash Flows prepared in currencies other than dollar has been translated into dollars using the exchange rate on the transaction date or the average exchange rate for the period. Currency translation differences arising from the translation of monetary assets and liabilities denominated in foreign currency into | \n\n \n | \n\n dollars using the closing exchange rates are shown in the Consolidated Statement of Cash Flows under \u201cEffect of exchange rates\u201d. Therefore, the Consolidated Statement of Cash Flows will not agree with the figures derived from the Consolidated Balance Sheet. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
The following table gives additional information on cash paid or received in the cash flow from operating activities.
Detail of interest, taxes and dividends
| \n For the year ended December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Interests paid | \n\n (2,292) | \n\n (1,886) | \n\n (2,145) | \n
| \n Interests received | \n\n 655 | \n\n 284 | \n\n 197 | \n
| \n Income tax paid(a) | \n\n (14,486) | \n\n (4,508) | \n\n (2,858) | \n
| \n Dividends received | \n\n 3,955 | \n\n 2,346 | \n\n 1,444 | \n
| \n (a)These amounts include taxes paid in kind under production-sharing contracts in exploration and production activities. | \n
Detail of changes in working capital
| \n For the year ended December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Inventories | \n\n (3,805) | \n\n (5,903) | \n\n 2,274 | \n
| \n Accounts receivable | \n\n (3,272) | \n\n (6,788) | \n\n 4,818 | \n
| \n Other current assets | \n\n (3,523) | \n\n (21,026) | \n\n 3,374 | \n
| \n Accounts payable | \n\n 5,313 | \n\n 12,073 | \n\n (5,355) | \n
| \n Other creditors and accrued liabilities | \n\n 6,478 | \n\n 21,028 | \n\n (3,242) | \n
| \n Net amount, Decrease (Increase) | \n\n 1,191 | \n\n (616) | \n\n 1,869 | \n
Detail of changes in provisions and deferred taxes
| \n As of December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Accruals | \n\n 2,177 | \n\n (467) | \n\n 350 | \n
| \n Deferred taxes | \n\n 2,417 | \n\n 1,429 | \n\n (2,132) | \n
| \n Total | \n\n 4,594 | \n\n 962 | \n\n (1,782) | \n
Note 6Other items from operating activities
6.1Other income and other expense
| \n For the year ended December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Gains on disposal of assets | \n\n 2,244 | \n\n 890 | \n\n 961 | \n
| \n Foreign exchange gains | \n\n 379 | \n\n 227 | \n\n 746 | \n
| \n Other | \n\n 226 | \n\n 195 | \n\n 530 | \n
| \n Other income | \n\n 2,849 | \n\n 1,312 | \n\n 2,237 | \n
| \n Losses on disposal of assets | \n\n (2,613) | \n\n (436) | \n\n (52) | \n
| \n Foreign exchange losses | \n\n (1,023) | \n\n (702) | \n\n (320) | \n
| \n Amortization of other intangible assets (excl. mineral interests) | \n\n (430) | \n\n (448) | \n\n (343) | \n
| \n Other | \n\n (3,278) | \n\n (731) | \n\n (791) | \n
| \n Other expense | \n\n (7,344) | \n\n (2,317) | \n\n (1,506) | \n
Other income
In 2022, gains on disposal of assets are mainly related to the partial disposal of TotalEnergies' interest in its subsidiary which owns 50.5% of SunPower and the revaluation of its retained interest which is accounted for using the equity method for $1,461 million in the segment Integrated Gas, renewables & Power.
In 2021, gains on disposal of assets included the sale of interests in onshore Oil Mining Lease 17 in Nigeria in the Exploration & Production segment, the sale of interests in two portfolios of renewable assets in the Gas Renewables & Power segment, and the sale of a part of TotalEnergies\u2019 investment in Trapil in the Refining & Chemicals and Marketing & Services segments.
In 2020, gains on disposal of assets mainly related to the sale of non-strategic assets in the British North Sea in the Exploration & Production segment, to the sale of TotalEnergies\u2019 interest in the Fos Cavaou regasification terminal in France and the sale of infrastructure assets in the Integrated Gas Renewables & Power segment, as well as to the sale of real estate in Belgium in the Holding segment.
Other expense
In 2022, losses on disposal of assets are mainly related to the recycling in expenses of Exploration & Production, of an amount of $2,384 million representing the accumulated foreign exchange losses accumulated in equity since the acquisition of the Novatek stake and until its deconsolidation date. The heading \u201cOther\u201d notably includes provisions relating to assets in Russia in the Integrated Gas, Renewables & Power and Exploration & Production segments.
In 2021, the losses on disposal were mainly related to the sale of the Utica asset in the United States as well as the sale of interests in non-operated assets and the Cap Lopez oil terminal in Gabon in the Exploration & Production segment. The heading \u201cOther\u201d mainly consists of the restructuring charges in the Exploration & Production, Refining & Chemicals, Marketing & Services and Holding segments for an amount of $288 million, and of the impairment of non-consolidated shares and provision for financial risks for $238 million.
In 2020, the heading \u201cOther\u201d notably consisted of restructuring charges in the Exploration & Production, Integrated Gas Renewables & Power and Refining & Chemicals segments for an amount of $312 million, and of the impairment of non-consolidated shares and loans granted to non-consolidated subsidiaries for an amount of $64 million.
6.2Other financial income and expense
| \n As of December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Dividend income on non-consolidated subsidiaries | \n\n 159 | \n\n 203 | \n\n 160 | \n
| \n Capitalized financial expenses | \n\n 310 | \n\n 134 | \n\n 110 | \n
| \n Other | \n\n 427 | \n\n 425 | \n\n 644 | \n
| \n Other financial income | \n\n 896 | \n\n 762 | \n\n 914 | \n
| \n Accretion of asset retirement obligations | \n\n (430) | \n\n (449) | \n\n (607) | \n
| \n Other | \n\n (103) | \n\n (90) | \n\n (83) | \n
| \n Other financial expense | \n\n (533) | \n\n (539) | \n\n (690) | \n
6.3Other non-current assets
| \n As of December 31, 2022 (M$) | \n\n Gross value | \n\n Valuation allowance | \n\n Net value | \n
| \n Loans and advances(a) | \n\n 2,092 | \n\n (255) | \n\n 1,837 | \n
| \n Other non-current financial assets related to operational activities | \n\n 250 | \n\n \u2013 | \n\n 250 | \n
| \n Other | \n\n 301 | \n\n \u2013 | \n\n 301 | \n
| \n Total | \n\n 2,643 | \n\n (255) | \n\n 2,388 | \n
| \n As of December 31, 2021 (M$) | \n\n Gross value | \n\n Valuation allowance | \n\n Net value | \n
| \n Loans and advances(a) | \n\n 2,364 | \n\n (257) | \n\n 2,107 | \n
| \n Other non-current financial assets related to operational activities | \n\n 312 | \n\n \u2013 | \n\n 312 | \n
| \n Other | \n\n 378 | \n\n \u2013 | \n\n 378 | \n
| \n Total | \n\n 3,054 | \n\n (257) | \n\n 2,797 | \n
| \n As of December 31, 2020 (M$) | \n\n Gross value | \n\n Valuation allowance | \n\n Net value | \n
| \n Loans and advances(a) | \n\n 2,731 | \n\n (273) | \n\n 2,458 | \n
| \n Other non-current financial assets related to operational activities | \n\n 287 | \n\n \u2013 | \n\n 287 | \n
| \n Other | \n\n 65 | \n\n \u2013 | \n\n 65 | \n
| \n Total | \n\n 3,083 | \n\n (273) | \n\n 2,810 | \n
| \n (a)Excluding loans to equity affiliates. | \n\n\n | \n\n\n | \n\n\n | \n
Changes in the valuation allowance on loans and advances are detailed as follows:
| \n For the year ended December 31, (M$) | \n\n Valuation allowance as of January 1, | \n\n Increases | \n\n Decreases | \n\n Currency translation adjustment and | \n\n Valuation allowance as of December 31, | \n
| \n 2022 | \n\n (257) | \n\n (27) | \n\n 11 | \n\n 18 | \n\n (255) | \n
| \n 2021 | \n\n (273) | \n\n (6) | \n\n 14 | \n\n 8 | \n\n (257) | \n
| \n 2020 | \n\n (266) | \n\n (30) | \n\n 15 | \n\n 8 | \n\n (273) | \n
Note 7Intangible and tangible assets
7.1Intangible assets
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Goodwill Guidance for measuring goodwill is presented in Note 1.1 paragraph B to the Consolidated Financial Statements. Goodwill is not amortized but is tested for impairment at least annually and as soon as there is any indication of impairment. Mineral interests Unproved mineral interests are tested for impairment based on the results of the exploratory activity or as part of the impairment tests of the cash-generating units to which they are allocated. Unproved mineral interests are transferred to proved mineral interests at their net book value as soon as proved reserves are booked. | \n\n \n | \n\n Proved mineral interests are depreciated using the unit-of-production method based on proved reserves. The corresponding expense is recorded as depreciation of tangible assets and mineral interests. Other intangible assets Other intangible assets include patents, and trademarks. Intangible assets are carried at cost, after deducting any accumulated amortization and accumulated impairment losses. Intangible assets (excluding mineral interests) that have a finite useful life are amortized on a straight-line basis over three to twenty years depending on the useful life of the assets. The corresponding depreciation expense is recorded under other expense. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
| \n As of December 31, 2022 (M$) | \n\n Cost | \n\n Amortization and impairment | \n\n Net | \n
| \n Goodwill | \n\n 9,010 | \n\n (360) | \n\n 8,650 | \n
| \n Proved mineral interests | \n\n 18,025 | \n\n (10,088) | \n\n 7,937 | \n
| \n Unproved mineral interests | \n\n 15,962 | \n\n (2,946) | \n\n 13,016 | \n
| \n Other intangible assets | \n\n 6,795 | \n\n (4,467) | \n\n 2,328 | \n
| \n TOTAL INTANGIBLE ASSETS | \n\n 49,792 | \n\n (17,861) | \n\n 31,931 | \n
| \n As of December 31, 2021 (M$) | \n\n Cost | \n\n Amortization | \n\n Net | \n
| \n Goodwill | \n\n 9,728 | \n\n (899) | \n\n 8,829 | \n
| \n Proved mineral interests | \n\n 17,382 | \n\n (9,730) | \n\n 7,652 | \n
| \n Unproved mineral interests | \n\n 16,637 | \n\n (2,831) | \n\n 13,806 | \n
| \n Other intangible assets | \n\n 7,185 | \n\n (4,988) | \n\n 2,197 | \n
| \n Total intangible assets | \n\n 50,932 | \n\n (18,448) | \n\n 32,484 | \n
| \n As of December 31, 2020 (M$) | \n\n Cost | \n\n Amortization | \n\n Net | \n
| \n Goodwill | \n\n 9,738 | \n\n (931) | \n\n 8,807 | \n
| \n Proved mineral interests | \n\n 16,559 | \n\n (9,595) | \n\n 6,964 | \n
| \n Unproved mineral interests | \n\n 20,300 | \n\n (4,790) | \n\n 15,510 | \n
| \n Other intangible assets | \n\n 7,212 | \n\n (4,965) | \n\n 2,247 | \n
| \n Total intangible assets | \n\n 53,809 | \n\n (20,281) | \n\n 33,528 | \n
Change in net intangible assets is analyzed in the following table:
| \n (M$) | \n\n Net amount as of January 1, | \n\n Expenditures | \n\n Disposals | \n\n Amortization | \n\n Currency translation adjustment | \n\n Other | \n\n Net amount as of December 31, | \n
| \n 2022 | \n\n 32,484 | \n\n 1,991 | \n\n \u00a0(75) | \n\n \u00a0(1,582) | \n\n \u00a0(423) | \n\n \u00a0(464) | \n\n 31,931 | \n
| \n 2021 | \n\n 33,528 | \n\n 696 | \n\n (271) | \n\n (1,322) | \n\n (394) | \n\n 247 | \n\n 32,484 | \n
| \n 2020 | \n\n 33,178 | \n\n 784 | \n\n (277) | \n\n (1,430) | \n\n 305 | \n\n 968 | \n\n 33,528 | \n
In 2022, the heading \u201cAmortization and impairment\" includes the accounting impact of exceptional asset impairments for an amount of $301 million, resulting in particular from the withdrawal from the North Platte project in the deep waters of the Gulf of Mexico (see note 3, paragraph D to the consolidated financial statements).
In 2022, the heading \u201cOther\u201d mainly reflects the effect of changes in the consolidation scope (in particular the removal of SunPower from the scope of consolidation for USD 167 million).
In 2021, the heading \u201cAmortization and impairment\" included the accounting impact of exceptional asset impairments for an amount of $253 million, notably relating to the end of the Qatargas 1 licence agreement and \u00a0unconventional assets in the United States (see note 3 paragraph D to the Consolidated Financial Statements).
In 2021, the heading \u201cOther\u201d mainly reflected changes in the consolidation scope (including the acquisition of Blue Raven Solar for $140 million and Fonroche Biogaz) for $89 million.
In 2020, the heading \u201cAmortization and impairment\" included the accounting impact of exceptional asset impairments for an amount of $323 million (see note 3 paragraph D to the Consolidated Financial Statements).
In 2020, the heading \u201cOther\u201d mainly reflected changes in the consolidation scope (including the acquisition of the residential gas and electricity supply business in Spain) for $898 million.
\u00a0
A summary of changes in the carrying amount of goodwill by business segment for the year ended December\u00a031, 2022 is as follows:
| \n (M$) | \n\n Net goodwill as\u00a0of | \n\n Increases | \n\n Impairments | \n\n Other | \n\n Net goodwill as of December 31, 2022 | \n
| \n Integrated Gas, Renewables & Power | \n\n 5,243 | \n\n 111 | \n\n (58) | \n\n (273) | \n\n 5,023 | \n
| \n Exploration & Production | \n\n 2,612 | \n\n \u2013 | \n\n \u2013 | \n\n (31) | \n\n 2,581 | \n
| \n Refining & Chemicals | \n\n 519 | \n\n \u2013 | \n\n \u2013 | \n\n (17) | \n\n 502 | \n
| \n Marketing & Services | \n\n 426 | \n\n 108 | \n\n \u2013 | \n\n (18) | \n\n 516 | \n
| \n Corporate | \n\n 29 | \n\n \u2013 | \n\n \u2013 | \n\n (1) | \n\n 28 | \n
| \n Total | \n\n 8,829 | \n\n 219 | \n\n (58) | \n\n (340) | \n\n 8,650 | \n
7.2Property, plant and equipment
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n|||||||||
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n|||||||||
| \n \n | \n\n Exploration costs TotalEnergies applies IFRS 6 \u201cExploration for and Evaluation of Mineral Resources\u201d. Oil and gas exploration and production properties and assets are accounted for in accordance with the Successful Efforts method. Exploratory wells are capitalized and tested for impairment on an individual basis as follows: \u2013Costs of exploratory wells which result in proved reserves are capitalized and then depreciated using the unit-of-production method based on proved developed reserves; \u2013Costs of exploratory wells are capitalized as work in progress until proved reserves have been found, if both of the following conditions are met: \u2013The well has found a sufficient quantity of reserves to justify, if appropriate, its completion as a producing well, assuming that the required capital expenditures are made; \u2013TotalEnergies is making sufficient progress assessing the reserves and the economic and operating viability of the project. This progress is evaluated on the basis of indicators such as whether additional exploratory works are under way or firmly planned (wells, seismic or significant studies), whether costs are being incurred for development studies and whether TotalEnergies is waiting for governmental or other third-party authorization on a proposed project, or availability of capacity on an existing transport or processing facility. Costs of exploratory wells not meeting these conditions are charged to exploration costs. Oil and Gas production assets of exploration and production activities Development costs of oil and gas production facilities are capitalized. These costs include borrowing costs incurred during the period of construction and the present value of estimated future costs of asset retirement obligations. The depletion rate of development wells and of production assets is equal to the ratio of oil and gas production for the period to proved developed reserves (unit-of-production method). In the event that, due to the price effect on reserves evaluation, the unit-of-production method does not reflect properly the useful life of the asset, an alternative depreciation method is applied based on the reserves evaluated with the price of the previous year. This was the case for fiscal year 2020 where the method of unit-of-production depreciation was applied to all assets over 2020 based on proved reserves measured with the price used in 2019. As of December 31, 2021, and December 31, 2022, this alternative method is not applied as, given the price used to assess the reserves, the unit-of-production method correctly reflects the useful life of the assets. | \n\n \n | \n\n \n With respect to phased development projects or projects subject to progressive well production start-up, the fixed assets\u2019\u00a0depreciable amount, excluding production or service wells, is adjusted to exclude the portion of development costs attributable to the undeveloped reserves of these projects. With respect to production sharing contracts, the unit-of-production method is based on the portion of production and reserves assigned to TotalEnergies taking into account estimates based on the contractual clauses regarding the reimbursement of exploration, development and production costs (cost oil/gas) as well as the sharing of hydrocarbon rights after deduction of cost oil (profit oil/gas). Hydrocarbon transportation and processing assets are depreciated using the unit-of-production method based on throughput or by using the straight-line method whichever best reflects the economic life of the asset. Other property, plant and equipment Other property, plant and equipment are carried at cost, after deducting any accumulated depreciation and accumulated impairment losses. This cost includes borrowing costs directly attributable to the acquisition or production of a qualifying asset incurred until assets are placed in service. Borrowing costs are capitalized as follows: \u2013if the project benefits from a specific funding, the capitalization of borrowing costs is based on the borrowing rate; \u2013if the project is financed by all TotalEnergies\u2019 debt, the capitalization of borrowing costs is based on the weighted average borrowing cost for the period. Routine maintenance and repairs are charged to expense as incurred. The costs of major turnarounds of refineries and large petrochemical units are capitalized as incurred and depreciated over the period of time between two consecutive major turnarounds. Other property, plant and equipment are depreciated using the straight-line method over their useful lives, which are as follows:
\n | \n\n\n | \n||||||||||
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
| \n As of December 31, 2022 (M$) | \n\n Cost | \n\n Depreciation | \n\n Net | \n
| \n Property, plant and equipment of exploration and production activities | \n\n \n | \n\n \n | \n\n \n | \n
| \n Proved properties | \n\n 210,079 | \n\n \u00a0(146,571) | \n\n 63,508 | \n
| \n Unproved properties | \n\n 1,023 | \n\n \u00a0(268) | \n\n 755 | \n
| \n Work in progress | \n\n 20,294 | \n\n \u00a0(688) | \n\n 19,606 | \n
| \n Subtotal | \n\n 231,396 | \n\n \u00a0(147,527) | \n\n 83,869 | \n
| \n Other property, plant and equipment | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Land | \n\n 3,089 | \n\n \u00a0(1,039) | \n\n 2,050 | \n
| \n Machinery, plant and equipment (including transportation equipment) | \n\n 37,002 | \n\n \u00a0(26,079) | \n\n 10,923 | \n
| \n Buildings | \n\n 10,230 | \n\n \u00a0(6,627) | \n\n 3,603 | \n
| \n Work in progress | \n\n 3,960 | \n\n \u00a0(23) | \n\n 3,937 | \n
| \n Other | \n\n 10,401 | \n\n \u00a0(7,682) | \n\n 2,719 | \n
| \n Subtotal | \n\n 64,682 | \n\n \u00a0(41,450) | \n\n 23,232 | \n
| \n Total property, plant and equipment | \n\n 296,078 | \n\n \u00a0(188,977) | \n\n 107,101 | \n
| \n As of December 31, 2021 (M$) | \n\n Cost | \n\n Depreciation | \n\n Net | \n
| \n Property, plant and equipment of exploration and production activities | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Proved properties | \n\n 212,264 | \n\n \u00a0(149,221) | \n\n 63,043 | \n
| \n Unproved properties | \n\n 1,635 | \n\n \u00a0(268) | \n\n 1,367 | \n
| \n Work in progress | \n\n 18,463 | \n\n \u00a0(831) | \n\n 17,632 | \n
| \n Subtotal | \n\n 232,362 | \n\n \u00a0(150,320) | \n\n 82,042 | \n
| \n Other property, plant and equipment | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Land | \n\n 3,145 | \n\n \u00a0(973) | \n\n 2,172 | \n
| \n Machinery, plant and equipment (including transportation equipment) | \n\n 38,285 | \n\n \u00a0(26,425) | \n\n 11,860 | \n
| \n Buildings | \n\n 10,558 | \n\n \u00a0(6,646) | \n\n 3,912 | \n
| \n Work in progress | \n\n 3,625 | \n\n \u00a0(8) | \n\n 3,617 | \n
| \n Other | \n\n 10,434 | \n\n \u00a0(7,478) | \n\n 2,956 | \n
| \n Subtotal | \n\n 66,047 | \n\n \u00a0(41,530) | \n\n 24,517 | \n
| \n Total property, plant and equipment | \n\n 298,409 | \n\n \u00a0(191,850) | \n\n 106,559 | \n
| \n As of December 31, 2020 (M$) | \n\n Cost | \n\n Depreciation | \n\n Net | \n
| \n Property, plant and equipment of exploration and production activities | \n\n \u00a0 | \n||
| \n Proved properties | \n\n 215,892 | \n\n \u00a0(147,914) | \n\n 67,978 | \n
| \n Unproved properties | \n\n 2,978 | \n\n \u00a0(268) | \n\n 2,710 | \n
| \n Work in progress | \n\n 13,873 | \n\n \u00a0(861) | \n\n 13,012 | \n
| \n Subtotal | \n\n 232,743 | \n\n \u00a0(149,043) | \n\n 83,700 | \n
| \n Other property, plant and equipment | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Land | \n\n 2,999 | \n\n \u00a0(905) | \n\n 2,094 | \n
| \n Machinery, plant and equipment (including transportation equipment) | \n\n 39,506 | \n\n \u00a0(27,381) | \n\n 12,125 | \n
| \n Buildings | \n\n 11,184 | \n\n \u00a0(6,858) | \n\n 4,326 | \n
| \n Work in progress | \n\n 3,063 | \n\n \u00a0(1) | \n\n 3,062 | \n
| \n Other | \n\n 10,983 | \n\n \u00a0(7,955) | \n\n 3,028 | \n
| \n Subtotal | \n\n 67,735 | \n\n \u00a0(43,100) | \n\n 24,635 | \n
| \n Total property, plant and equipment | \n\n 300,478 | \n\n (192,143) | \n\n 108,335 | \n
Change in net property, plant and equipment is analyzed in the following table:
| \n (M$) | \n\n Net amount as of January 1, | \n\n Expenditures | \n\n Disposals | \n\n Depreciation and impairment | \n\n Currency translation adjustment | \n\n Other | \n\n Net amount as of December 31, | \n
| \n 2022 | \n\n 106,559 | \n\n 13,699 | \n\n \u00a0(951) | \n\n \u00a0(12,275) | \n\n \u00a0(2,236) | \n\n 2,305 | \n\n 107,101 | \n
| \n 2021 | \n\n 108,335 | \n\n 11,647 | \n\n (705) | \n\n (13,133) | \n\n (1,739) | \n\n 2,154 | \n\n 106,559 | \n
| \n 2020 | \n\n 116,408 | \n\n 9,980 | \n\n (611) | \n\n (21,544) | \n\n 1,706 | \n\n 2,396 | \n\n 108,335 | \n
In 2022, the heading \u201cDisposals\u201d mainly includes the impact of the transfer of assets from TotalEnergies East Africa Midstream to the equity-accounted company EACOP for $508 million.
In 2022, the heading \u201cDepreciation and impairment\u201d includes the impact of impairments of assets recognized for an amount of $888 million, including the withdrawal from the North Platte project in the deep waters of the Gulf of Mexico, and an impairment reversal of $1,196 million on the Company's assets in Canada (see Note 3 paragraph D to the Consolidated Financial Statements).
In 2022, the heading \u201cOther\u201d includes the impact of changes in the consolidation scope, and the impact of new IFRS 16 contracts during the year (mainly FPSOs and vessels) for an amount of $1,969 million.
In 2021, the heading \u201cDisposals\u201d mainly included the sale of non-operated assets in Gabon for $397 million.
In 2021, the heading \u201cDepreciation and impairment\u201d included the impact of impairments of assets recognized for an amount of $615 million including the Company's assets in Myanmar and unconventional assets in the United States (see Note 3 paragraph D to the Consolidated Financial Statements).
In 2021, the heading \u201cOther\u201d included the impact of changes in the consolidation scope, and the impact of the new IFRS 16 contracts of the period (mainly new chartering contracts) for an amount of $1,786 million.
In 2020, the heading \u201cDisposals\u201d mainly included the sale of non strategic assets in the United Kingdom for $240 million.
In 2020, the heading \u201cDepreciation and impairment\u201d included the impact of impairments of assets recognized for an amount of $8,629 million (see Note 3 paragraph D to the Consolidated Financial Statements).
In 2020, the heading \u201cOther\u201d included the impact of changes in the consolidation scope, the impact of the new IFRS 16 contracts of the period (mainly LNG carriers and FPSO vessels) for an amount of $1,815 million, and the reversal of the reclassification under IFRS 5 as at December 31, 2019 for $434 million corresponding to disposals (mainly non strategic assets in the United Kingdom and Total E&P Deep Offshore Borneo BV).
Following the application of IFRS 16 \"Leases\", property, plant and equipment as at December 31, 2022, 2021 and 2020 presented above include the following amounts for rights of use of assets
| \n As of December 31, 2022 (M$) | \n\n Cost | \n\n Depreciation and impairment | \n\n Net | \n
| \n Property, plant and equipment of exploration and production activities | \n\n 4,497 | \n\n \u00a0(2,121) | \n\n 2,376 | \n
| \n Other property, plant and equipment | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Land | \n\n 1,396 | \n\n \u00a0(397) | \n\n 999 | \n
| \n Machinery, plant and equipment (including transportation equipment) | \n\n 4,691 | \n\n \u00a0(2,100) | \n\n 2,591 | \n
| \n Buildings | \n\n 1,750 | \n\n \u00a0(615) | \n\n 1,135 | \n
| \n Other | \n\n 745 | \n\n \u00a0(483) | \n\n 262 | \n
| \n Subtotal | \n\n 8,582 | \n\n \u00a0(3,595) | \n\n 4,987 | \n
| \n Total property, plant and equipment | \n\n 13,079 | \n\n \u00a0(5,716) | \n\n 7,363 | \n
| \n As of December 31, 2021 (M$) | \n\n Cost | \n\n Depreciation and impairment | \n\n Net | \n
| \n Property, plant and equipment of exploration and production activities | \n\n 3,228 | \n\n (1,683) | \n\n 1,545 | \n
| \n Other property, plant and equipment | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Land | \n\n 1,441 | \n\n (324) | \n\n 1,117 | \n
| \n Machinery, plant and equipment (including transportation equipment) | \n\n 4,910 | \n\n (1,819) | \n\n 3,091 | \n
| \n Buildings | \n\n 1,853 | \n\n (561) | \n\n 1,292 | \n
| \n Other | \n\n 712 | \n\n (404) | \n\n 308 | \n
| \n Subtotal | \n\n 8,916 | \n\n (3,108) | \n\n 5,808 | \n
| \n Total property, plant and equipment | \n\n 12,144 | \n\n (4,791) | \n\n 7,353 | \n
| \n As of December 31, 2020 (M$) | \n\n Cost | \n\n Depreciation and impairment | \n\n Net | \n
| \n Property, plant and equipment of exploration and production activities | \n\n 2,758 | \n\n (1,297) | \n\n 1,461 | \n
| \n Other property, plant and equipment | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Land | \n\n 1,187 | \n\n (222) | \n\n 965 | \n
| \n Machinery, plant and equipment (including transportation equipment) | \n\n 4,606 | \n\n (1,631) | \n\n 2,975 | \n
| \n Buildings | \n\n 1,778 | \n\n (385) | \n\n 1,393 | \n
| \n Other | \n\n 682 | \n\n (286) | \n\n 396 | \n
| \n Subtotal | \n\n 8,253 | \n\n (2,524) | \n\n 5,729 | \n
| \n Total property, plant and equipment | \n\n 11,011 | \n\n (3,821) | \n\n 7,190 | \n
Note 8Equity affiliates, other investments and related parties
8.1Equity affiliates: investments and loans
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Under the equity method, the investment in the associate or joint venture is initially recognized at acquisition cost and subsequently adjusted to recognize TotalEnergies\u2019 share of the net income and other comprehensive income of the associate or joint venture. Unrealized gains on transactions between TotalEnergies and its equity-accounted entities are eliminated to the extent of TotalEnergies\u2019 interest in the equity accounted entity. In equity affiliates, goodwill is included in investment book value. | \n\n \n | \n\n In cases where TotalEnergies holds less than 20% of the voting rights in another entity, the determination of whether TotalEnergies exercises significant influence is also based on other facts and circumstances: representation on the Board of Directors or an equivalent governing body of the entity, participation in policy-making processes, including participation in decisions relating to dividends or other distributions, significant transactions between the investor and the entity, exchange of management personnel, or provision of essential technical information. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
The contribution of equity affiliates in the consolidated balance sheet, consolidated statement of income and consolidated statement of comprehensive income is presented below:
| \n Equity value As of December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Total Associates | \n\n 9,533 | \n\n 17,244 | \n\n 15,745 | \n
| \n Total Joint ventures | \n\n 14,623 | \n\n 9,277 | \n\n 7,102 | \n
| \n TOTAL | \n\n 24,156 | \n\n 26,521 | \n\n 22,847 | \n
| \n Loans | \n\n 3,733 | \n\n 4,532 | \n\n 5,129 | \n
| \n Total | \n\n 27,889 | \n\n 31,053 | \n\n 27,976 | \n
| \n Profit/(loss) (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Total Associates | \n\n (4,567) | \n\n 1,186 | \n\n 753 | \n
| \n Total Joint ventures | \n\n 2,675 | \n\n 2,252 | \n\n (301) | \n
| \n Total | \n\n (1,892) | \n\n 3,438 | \n\n 452 | \n
| \n Other comprehensive income (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Total Associates | \n\n 3,368 | \n\n 734 | \n\n (1,704) | \n
| \n Total Joint ventures | \n\n 129 | \n\n (28) | \n\n (127) | \n
| \n Total | \n\n 3,497 | \n\n 706 | \n\n (1,831) | \n
A)Information related to associates
Information (100% gross) related to significant associates is as follows:
| \n Exploration & production activities (M$) | \n\n Novatek(a) | \n\n \n | \n\n Liquefaction entities | \n\n \n | \n\n PetroCede\u00f1o(a) | \n||||
| \n 2022 | \n\n 2021 | \n\n 2020 | \n\n \n | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n\n \n | \n\n 2020 | \n|
| \n Non current assets | \n\n \u2013 | \n\n 26,954 | \n\n 23,748 | \n\n \n | \n\n 40,850 | \n\n 39,348 | \n\n 34,273 | \n\n \n | \n\n 4,008 | \n
| \n Current assets | \n\n \u2013 | \n\n 8,208 | \n\n 4,170 | \n\n \n | \n\n 8,276 | \n\n 11,075 | \n\n 7,537 | \n\n \n | \n\n 6,428 | \n
| \n Total Assets | \n\n \u2013 | \n\n 35,162 | \n\n 27,918 | \n\n \n | \n\n 49,126 | \n\n 50,423 | \n\n 41,810 | \n\n \n | \n\n 10,436 | \n
| \n Shareholder's equity | \n\n \u2013 | \n\n 25,944 | \n\n 22,160 | \n\n \n | \n\n 19,188 | \n\n 23,867 | \n\n 23,403 | \n\n \n | \n\n 4,548 | \n
| \n Non current liabilities | \n\n \u2013 | \n\n 3,246 | \n\n 3,164 | \n\n \n | \n\n 22,312 | \n\n 19,659 | \n\n 13,608 | \n\n \n | \n\n 73 | \n
| \n Current liabilities | \n\n \u2013 | \n\n 5,972 | \n\n 2,594 | \n\n \n | \n\n 7,626 | \n\n 6,897 | \n\n 4,799 | \n\n \n | \n\n 5,815 | \n
| \n Total Liabilities | \n\n \u2013 | \n\n 35,162 | \n\n 27,918 | \n\n \n | \n\n 49,126 | \n\n 50,423 | \n\n 41,810 | \n\n \n | \n\n 10,436 | \n
| \n Revenue from sales | \n\n \u2013 | \n\n 15,876 | \n\n 9,733 | \n\n \n | \n\n 35,888 | \n\n 23,243 | \n\n 15,584 | \n\n \n | \n\n 66 | \n
| \n Net income | \n\n \u2013 | \n\n 5,871 | \n\n 1,759 | \n\n \n | \n\n 10,247 | \n\n 8,056 | \n\n 2,416 | \n\n \n | \n\n \u2013 | \n
| \n Other comprehensive income | \n\n \u2013 | \n\n (82) | \n\n (3,206) | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n
| \n % owned | \n\n 19.40% | \n\n 19.40% | \n\n 19.40% | \n\n \n | \n\n \n | \n\n \u00a0 | \n\n \u00a0 | \n\n \n | \n\n 30.32% | \n
| \n Equity value | \n\n \u2013 | \n\n 6,243 | \n\n 5,596 | \n\n \n | \n\n 3,243 | \n\n 5,582 | \n\n 5,534 | \n\n \n | \n\n 1,379 | \n
| \n including goodwill and identifiable assets | \n\n \u2013 | \n\n 1,210 | \n\n 1,297 | \n\n \n | \n\n 34 | \n\n 1,832 | \n\n 1,837 | \n\n \n | \n\n \u2013 | \n
| \n Profit/(loss) | \n\n (5,747) | \n\n 1,065 | \n\n 264 | \n\n \n | \n\n (340) | \n\n 1,024 | \n\n 237 | \n\n \n | \n\n \u2013 | \n
| \n Share of Other Comprehensive Income, net amount | \n\n 3,118 | \n\n 446 | \n\n (1,409) | \n\n \n | \n\n (71) | \n\n 85 | \n\n (122) | \n\n \n | \n\n \u2013 | \n
| \n Dividends paid to TotalEnergies | \n\n 883 | \n\n 387 | \n\n 229 | \n\n \n | \n\n 1,224 | \n\n 817 | \n\n 406 | \n\n \n | \n\n \u2013 | \n
| \n (a)Information includes the best Company\u2019s estimates of results at the date of TotalEnergies\u2019 financial statements. | \n
As of 31 December 2022, Novatek is no longer an equity accounted affiliate in the Company's consolidated financial statements (see note 2.1 to the consolidated financial statements). This stake is now recognized in \"other investments\" and is measured in accordance with IFRS 9 at fair value through profit or loss. In the context of the Russian-Ukrainian conflict, the Company considers that the market value of Novatek is not representative of its fair value. As of December 31, 2022, the Company retained a zero fair value given the very significant uncertainties on any valuation assumption for the stake in Novatek.
TotalEnergies' interests in associates operating liquefaction plants are combined. The amounts include investments in: Nigeria LNG (15.00%), TotalEnergies LNG Angola (13.60%), Yemen LNG (39.62%), Qatar Liquefied Gas Company Limited (Qatargas) (10.00%), Qatar Liquefied Gas Company Limited II (16.70%), Oman LNG (5.54%), and Abu Dhabi Gas Liquefaction Company Limited (5.00%), Arctic LNG 2 (10.00%).
TotalEnergies\u2019 stake in PetroCede\u00f1o was sold in July 2021.
| \n Renewables and Electricity activities (M$) | \n\n Adani Green Energy Limited(a) | \n|
| \n 2022 | \n\n 2021 | \n|
| \n Non current assets | \n\n 6,961 | \n\n 6,223 | \n
| \n Current assets | \n\n 769 | \n\n 1,042 | \n
| \n Total Assets | \n\n 7,730 | \n\n 7,265 | \n
| \n Shareholder's equity | \n\n 807 | \n\n 316 | \n
| \n Non current liabilities | \n\n 5,805 | \n\n 5,560 | \n
| \n Current liabilities | \n\n 1,118 | \n\n 1,389 | \n
| \n Total Liabilities | \n\n 7,730 | \n\n 7,265 | \n
| \n Revenue from sales | \n\n 1,073 | \n\n 545 | \n
| \n Net income | \n\n 104 | \n\n 35 | \n
| \n Other comprehensive income | \n\n (112) | \n\n (10) | \n
| \n % owned | \n\n 19.74% | \n\n 20.00% | \n
| \n Equity value | \n\n 1,856 | \n\n 2,102 | \n
| \n including goodwill and identifiable assets | \n\n 1,697 | \n\n 2,039 | \n
| \n Profit/(loss) | \n\n 21 | \n\n 7 | \n
| \n Share of Other Comprehensive Income, net amount | \n\n 23 | \n\n 6 | \n
| \n Dividends paid to TotalEnergies | \n\n \u2013 | \n\n \u2013 | \n
| \n (a)Interest acquired in 2021. | \n
| \n Refining & Chemicals activities (M$) | \n\n Saudi Aramco | \n\n \n | \n\n Qatar | \n||||
| \n 2022 | \n\n 2021 | \n\n 2020 | \n\n \n | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n|
| \n Non current assets | \n\n 10,003 | \n\n 10,264 | \n\n 10,698 | \n\n \n | \n\n 3,905 | \n\n 3,909 | \n\n 4,105 | \n
| \n Current assets | \n\n 3,615 | \n\n 2,221 | \n\n 1,211 | \n\n \n | \n\n 2,491 | \n\n 1,908 | \n\n 1,521 | \n
| \n Total Assets | \n\n 13,618 | \n\n 12,485 | \n\n 11,909 | \n\n \n | \n\n 6,396 | \n\n 5,817 | \n\n 5,626 | \n
| \n Shareholder's equity | \n\n 3,858 | \n\n 1,164 | \n\n 1,256 | \n\n \n | \n\n 2,737 | \n\n 2,693 | \n\n 2,717 | \n
| \n Non current liabilities | \n\n 6,365 | \n\n 7,322 | \n\n 7,994 | \n\n \n | \n\n 2,062 | \n\n 1,906 | \n\n 2,171 | \n
| \n Current liabilities | \n\n 3,395 | \n\n 3,999 | \n\n 2,659 | \n\n \n | \n\n 1,597 | \n\n 1,218 | \n\n 738 | \n
| \n Total Liabilities | \n\n 13,618 | \n\n 12,485 | \n\n 11,909 | \n\n \n | \n\n 6,396 | \n\n 5,817 | \n\n 5,626 | \n
| \n Revenue from sales | \n\n 20,492 | \n\n 11,123 | \n\n 6,031 | \n\n \n | \n\n 13,193 | \n\n 9,266 | \n\n 5,222 | \n
| \n Net income | \n\n 2,409 | \n\n (245) | \n\n (686) | \n\n \n | \n\n 629 | \n\n 649 | \n\n 91 | \n
| \n Other comprehensive income | \n\n 284 | \n\n 155 | \n\n (171) | \n\n \n | \n\n (5) | \n\n (5) | \n\n \u2013 | \n
| \n % owned | \n\n 37.50% | \n\n 37.50% | \n\n 37.50% | \n\n \n | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Equity value | \n\n 1,447 | \n\n 437 | \n\n 471 | \n\n \n | \n\n 703 | \n\n 693 | \n\n 716 | \n
| \n including goodwill and identifiable assets | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Profit/(loss) | \n\n 903 | \n\n (92) | \n\n (257) | \n\n \n | \n\n 161 | \n\n 174 | \n\n 57 | \n
| \n Share of Other Comprehensive Income, net amount | \n\n 147 | \n\n 116 | \n\n (128) | \n\n \n | \n\n 10 | \n\n 13 | \n\n (16) | \n
| \n Dividends paid to TotalEnergies | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n 138 | \n\n 199 | \n\n 63 | \n
Saudi Aramco Total Refining & Petrochemicals is an entity including a refinery in Jubail, Saudi Arabia, with a capacity of 460,000 barrels/day with integrated petrochemical units.
The TotalEnergies' interests in associates of the Refining & Chemicals segment, operating steam crackers and polyethylene lines in Qatar have been combined: Qatar Petrochemical Company Ltd. (20.00%), Qatofin (49.08%), Laffan Refinery (10.00%) and Laffan Refinery II (10.00%).
B)Information related to joint ventures
The information (100% gross) related to significant joint ventures is as follows:
| \n (M$) | \n\n Liquefaction entities | \n\n \n | \n\n Hanwha TotalEnergies Petrochemical Co | \n||||
| \n 2022 | \n\n 2021 | \n\n 2020 | \n\n \n | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n|
| \n Non current assets | \n\n 65,293 | \n\n 66,924 | \n\n 70,425 | \n\n \n | \n\n 4,113 | \n\n 4,443 | \n\n 4,664 | \n
| \n Current assets excluding cash and cash equivalents | \n\n 2,630 | \n\n 2,912 | \n\n 1,513 | \n\n \n | \n\n 2,326 | \n\n 2,117 | \n\n 1,575 | \n
| \n Cash and cash equivalents | \n\n 4,375 | \n\n 2,312 | \n\n 1,834 | \n\n \n | \n\n 82 | \n\n 151 | \n\n 303 | \n
| \n Total Assets | \n\n 72,298 | \n\n 72,148 | \n\n 73,772 | \n\n \n | \n\n 6,521 | \n\n 6,711 | \n\n 6,542 | \n
| \n Shareholder's equity | \n\n 17,455 | \n\n 9,956 | \n\n 4,433 | \n\n \n | \n\n 3,146 | \n\n 3,538 | \n\n 3,443 | \n
| \n Other non current liabilities | \n\n 10,785 | \n\n 8,205 | \n\n 8,259 | \n\n \n | \n\n 180 | \n\n 164 | \n\n 167 | \n
| \n Non current financial debts | \n\n 41,452 | \n\n 50,920 | \n\n 58,128 | \n\n \n | \n\n 1,220 | \n\n 1,241 | \n\n 1,703 | \n
| \n Other current liabilities | \n\n 2,606 | \n\n 3,067 | \n\n 2,952 | \n\n \n | \n\n 1,117 | \n\n 1,055 | \n\n 583 | \n
| \n Current financial debts | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n 858 | \n\n 713 | \n\n 646 | \n
| \n Total Liabilities | \n\n 72,298 | \n\n 72,148 | \n\n 73,772 | \n\n \n | \n\n 6,521 | \n\n 6,711 | \n\n 6,542 | \n
| \n Revenue from sales | \n\n 24,701 | \n\n 14,380 | \n\n 8,543 | \n\n \n | \n\n 10,824 | \n\n 8,600 | \n\n 5,734 | \n
| \n Depreciation and depletion of tangible assets and mineral interests | \n\n (2,814) | \n\n (3,058) | \n\n (3,130) | \n\n \n | \n\n (289) | \n\n (312) | \n\n (278) | \n
| \n Interest income | \n\n 17 | \n\n \u2013 | \n\n 2 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Interest expense | \n\n (2,453) | \n\n (2,599) | \n\n (2,972) | \n\n \n | \n\n (47) | \n\n (44) | \n\n (2) | \n
| \n Income taxes | \n\n (2,804) | \n\n (1,448) | \n\n 77 | \n\n \n | \n\n (65) | \n\n (222) | \n\n (69) | \n
| \n Net income | \n\n 12,791 | \n\n 5,600 | \n\n (2,399) | \n\n \n | \n\n 123 | \n\n 620 | \n\n 133 | \n
| \n Other comprehensive income | \n\n 526 | \n\n 323 | \n\n (323) | \n\n \n | \n\n (189) | \n\n (308) | \n\n 194 | \n
| \n % owned | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \n | \n\n 50.00% | \n\n 50.00% | \n\n 50.00% | \n
| \n Equity value | \n\n 4,315 | \n\n 2,725 | \n\n 1,602 | \n\n \n | \n\n 1,573 | \n\n 1,769 | \n\n 1,721 | \n
| \n including goodwill and identifiable assets | \n\n 465 | \n\n 502 | \n\n 546 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Profit/(loss) | \n\n 2,616 | \n\n 1,119 | \n\n (633) | \n\n \n | \n\n 62 | \n\n 310 | \n\n 67 | \n
| \n Share of Other Comprehensive Income, net amount | \n\n 137 | \n\n 84 | \n\n (84) | \n\n \n | \n\n (59) | \n\n (150) | \n\n 87 | \n
| \n Dividends paid to TotalEnergies | \n\n 1,166 | \n\n 81 | \n\n \u2013 | \n\n \n | \n\n 162 | \n\n 109 | \n\n 102 | \n
TotalEnergies' interests in joint ventures operating liquefaction plants have been combined. The amounts include investments in Yamal LNG in Russia (20.02% direct holding) and Ichthys LNG in Australia (26.00%).
Hanwha TotalEnergies Petrochemical Co is a South Korean company that operates a petrochemical complex in Daesan (condensate separator, steam cracker, styrene, paraxylene, polyolefins).
Off balance sheet commitments relating to joint ventures are disclosed in Note 13 of the Consolidated Financial Statements.
C)Other equity affiliates
In TotalEnergies share, the main aggregated financial items in equity affiliates including assets held for sale, which have not been presented individually are as follows:
| \n As of December 31, (M$) | \n\n 2022 | \n\n \n | \n\n 2021 | \n\n \n | \n\n 2020 | \n|||
| \n Associates | \n\n Joint ventures | \n\n \n | \n\n Associates | \n\n Joint ventures | \n\n \n | \n\n Associates | \n\n Joint ventures | \n|
| \n Non Current assets | \n\n 6,014 | \n\n 17,484 | \n\n \u00a0 | \n\n 5,987 | \n\n 9,745 | \n\n \u00a0 | \n\n 5,454 | \n\n 7,002 | \n
| \n Current assets | \n\n 1,591 | \n\n 3,485 | \n\n \u00a0 | \n\n 1,849 | \n\n 1,799 | \n\n \u00a0 | \n\n 1,299 | \n\n 1,671 | \n
| \n Total Assets | \n\n 7,605 | \n\n 20,969 | \n\n \u00a0 | \n\n 7,836 | \n\n 11,544 | \n\n \u00a0 | \n\n 6,753 | \n\n 8,673 | \n
| \n Shareholder's equity - TotalEnergies share | \n\n 1,423 | \n\n 4,042 | \n\n \u00a0 | \n\n 1,366 | \n\n 2,531 | \n\n \u00a0 | \n\n 1,183 | \n\n 1,963 | \n
| \n Shareholder's equity - Non controlling interests | \n\n \u2013 | \n\n 1,414 | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n
| \n Non current liabilities | \n\n 5,296 | \n\n 12,422 | \n\n \n | \n\n 5,455 | \n\n 7,460 | \n\n \n | \n\n 4,881 | \n\n 5,469 | \n
| \n Current liabilities | \n\n 886 | \n\n 3,091 | \n\n \u00a0 | \n\n 1,015 | \n\n 1,553 | \n\n \u00a0 | \n\n 689 | \n\n 1,241 | \n
| \n Total Liabilities | \n\n 7,605 | \n\n 20,969 | \n\n \u00a0 | \n\n 7,836 | \n\n 11,544 | \n\n \u00a0 | \n\n 6,753 | \n\n 8,673 | \n
| \n For the year ended December 31, (M$) | \n\n 2022 | \n\n \n | \n\n 2021 | \n\n \n | \n\n 2020 | \n|||
| \n Associates | \n\n Joint ventures | \n\n \n | \n\n Associates | \n\n Joint ventures | \n\n \n | \n\n Associates | \n\n Joint ventures | \n|
| \n Revenues from sales | \n\n 2,338 | \n\n 7,202 | \n\n \u00a0 | \n\n 2,450 | \n\n 4,850 | \n\n \u00a0 | \n\n 2,154 | \n\n 3,116 | \n
| \n Net income | \n\n 488 | \n\n 436 | \n\n \u00a0 | \n\n 514 | \n\n 381 | \n\n \u00a0 | \n\n 478 | \n\n 202 | \n
| \n Non controlling interests | \n\n \u2013 | \n\n 110 | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n
| \n Share of other comprehensive income items | \n\n 140 | \n\n 52 | \n\n \u00a0 | \n\n 68 | \n\n 38 | \n\n \u00a0 | \n\n (29) | \n\n (130) | \n
| \n Equity value | \n\n 2,285 | \n\n 8,735 | \n\n \u00a0 | \n\n 2,188 | \n\n 4,782 | \n\n \u00a0 | \n\n 2,049 | \n\n 3,779 | \n
| \n Profit/(Loss) | \n\n 436 | \n\n (3) | \n\n \u00a0 | \n\n (992) | \n\n 823 | \n\n \u00a0 | \n\n 452 | \n\n 265 | \n
| \n Dividends paid to TotalEnergies | \n\n 469 | \n\n 109 | \n\n \u00a0 | \n\n 498 | \n\n 96 | \n\n \u00a0 | \n\n 409 | \n\n 59 | \n
8.2Other investments
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Other investments are equity instruments and are measured according to IFRS 9 at fair value through profit and loss (default option). On initial recognition, the standard allows to make an election to record the changes of fair value in other comprehensive income. For these equity instruments, only dividends can be recognized in profit or loss. | \n\n \n | \n\n TotalEnergies recognizes changes in fair value in equity or in profit or loss according to the option chosen on an instrument by instrument basis. For quoted shares on active markets, this fair value is based on the market price. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
| \n As of December 31, 2022 (M$) | \n\n As of | \n\n Increase-Decrease | \n\n Change in fair value | \n\n As of | \n
| \n Enphase Energy Inc | \n\n 457 | \n\n (579) | \n\n 122 | \n\n \u2013 | \n
| \n Other shares through fair value OCI (unit value < $50M) | \n\n 116 | \n\n 13 | \n\n (10) | \n\n 119 | \n
| \n Equity instruments recorded through fair value OCI | \n\n 573 | \n\n (566) | \n\n 112 | \n\n 119 | \n
| \n BTC Limited | \n\n 14 | \n\n \u2013 | \n\n (9) | \n\n 5 | \n
| \n Hubei Cathay Smart Energy Fund | \n\n 36 | \n\n 7 | \n\n 11 | \n\n 54 | \n
| \n Other shares through fair value P&L (unit value < $50M) | \n\n 1,002 | \n\n (54) | \n\n (75) | \n\n 873 | \n
| \n Equity instruments recorded through fair value P&L | \n\n 1,052 | \n\n (47) | \n\n (73) | \n\n 932 | \n
| \n Total equity instruments | \n\n 1,625 | \n\n (613) | \n\n 39 | \n\n 1,051 | \n
| \n As of December 31, 2021 (M$) | \n\n As of | \n\n Increase-Decrease | \n\n Change in fair value | \n\n As of | \n
| \n Enphase Energy Inc. | \n\n 613 | \n\n (177) | \n\n 21 | \n\n 457 | \n
| \n Tellurian Investments Inc. | \n\n 57 | \n\n (111) | \n\n 54 | \n\n \u2013 | \n
| \n Other shares through fair value OCI (unit value < $50M) | \n\n 113 | \n\n 12 | \n\n (9) | \n\n 116 | \n
| \n Equity instruments recorded through fair value OCI | \n\n 783 | \n\n (276) | \n\n 66 | \n\n 573 | \n
| \n BBPP | \n\n 58 | \n\n (58) | \n\n \u2013 | \n\n \u2013 | \n
| \n BTC Limited | \n\n 27 | \n\n \u2013 | \n\n (13) | \n\n 14 | \n
| \n Hubei Cathay Smart Energy Fund | \n\n 36 | \n\n 1 | \n\n (1) | \n\n 36 | \n
| \n Other shares through fair value P&L (unit value < $50M) | \n\n 1,103 | \n\n (107) | \n\n 6 | \n\n 1,002 | \n
| \n Equity instruments recorded through fair value P&L | \n\n 1,224 | \n\n (164) | \n\n (8) | \n\n 1,052 | \n
| \n Total equity instruments | \n\n 2,007 | \n\n (440) | \n\n 58 | \n\n 1,625 | \n
| \n As of December 31, 2020, (M$) | \n\n As of | \n\n Increase-Decrease | \n\n Change in fair value | \n\n As of | \n
| \n Enphase Energy Inc | \n\n 173 | \n\n (251) | \n\n 691 | \n\n 613 | \n
| \n Tellurian Investments Inc. | \n\n 207 | \n\n (1) | \n\n (149) | \n\n 57 | \n
| \n Other shares through fair value OCI (unit value < $50M) | \n\n 126 | \n\n (4) | \n\n (9) | \n\n 113 | \n
| \n Equity instruments recorded through fair value OCI | \n\n 506 | \n\n (256) | \n\n 533 | \n\n 783 | \n
| \n BBPP | \n\n 62 | \n\n (4) | \n\n \u2013 | \n\n 58 | \n
| \n BTC Limited | \n\n 28 | \n\n \u2013 | \n\n (1) | \n\n 27 | \n
| \n Hubei Cathay Smart Energy Fund | \n\n 15 | \n\n 21 | \n\n \u2013 | \n\n 36 | \n
| \n Tas Helat Marketing Company(a) | \n\n 108 | \n\n (108) | \n\n \u2013 | \n\n \u2013 | \n
| \n Other shares through fair value P&L (unit value < $50M) | \n\n 1,059 | \n\n 63 | \n\n (19) | \n\n 1,103 | \n
| \n Equity instruments recorded through fair value P&L | \n\n 1,272 | \n\n (28) | \n\n (20) | \n\n 1,224 | \n
| \n Total equity instruments | \n\n 1,778 | \n\n (284) | \n\n 513 | \n\n 2,007 | \n
| \n (a)Tas Helat Marketing Company is a joint venture with SAUDI ARAMCO to develop the retail business. It was consolidated in 2020 (using the equity method). | \n
8.3Related parties
The main transactions as well as receivable and payable balances with related parties (principally non-consolidated subsidiaries and equity affiliates) are detailed as follows:
| \n As of December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Balance sheet | \n\n \u00a0 | \n\n \n | \n\n \n | \n
| \n Receivables | \n\n \u00a0 | \n\n \n | \n\n \n | \n
| \n Debtors and other debtors | \n\n 1,231 | \n\n 809 | \n\n 545 | \n
| \n Loans (excl. loans to equity accounted for affiliates) | \n\n 184 | \n\n 113 | \n\n 89 | \n
| \n Payables | \n\n \u00a0 | \n\n \n | \n\n \n | \n
| \n Creditors and other creditors | \n\n 1,610 | \n\n 1,347 | \n\n 662 | \n
| \n Debts | \n\n 5 | \n\n 2 | \n\n 3 | \n
| \n For the year ended December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Statement of income | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Sales | \n\n 6,806 | \n\n 4,250 | \n\n 3,134 | \n
| \n Purchases | \n\n (25,656) | \n\n (13,473) | \n\n (7,183) | \n
| \n Financial income | \n\n 3 | \n\n \u2013 | \n\n 1 | \n
| \n Financial expense | \n\n (9) | \n\n (8) | \n\n (6) | \n
8.4Compensation for the administration and management bodies
The aggregated amount of direct and indirect compensation accounted by the French and foreign affiliates of the Company, for all executive officers of TotalEnergies as of December 31 and for the members of the Board of Directors who are employees of TotalEnergies, is detailed below.
As of December 31, 2022, December 31, 2021, and December 31, 2020, TotalEnergies Executive Officers are the members of the Executive Committee, i.e. eight people and there are three employees members of the Board of Directors.
| \n For the year ended December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Number of people | \n\n 11 | \n\n 11 | \n\n 11 | \n
| \n Direct or indirect compensation | \n\n 12.4 | \n\n 11.9 | \n\n 12.6 | \n
| \n Pension expenses(a) | \n\n 1.9 | \n\n 1.4 | \n\n 1.5 | \n
| \n Share-based payments expense | \n\n 7.7 | \n\n 4.9 | \n\n 7.2 | \n
| \n (a)The benefits provided for Executive Officers of the Company and the members of the Board of Directors, who are employees of the Compagny, include severance to be paid upon retirement, supplementary pension schemes and insurance plans, which represent a commitment of $64.3 million as of December 31, 2022 (against $90.7 million as of December 31, 2021 and $129.0 million as of December 31, 2020). Converted into Euros, this commitment amounts to \u20ac60.3 million as of December 31, 2022 (against \u20ac80.1 million as of December 31, 2021 and \u20ac105.2 million as of December 31, 2020). The decrease is related to the increase in discount rates. (b)Share-based payments expense computed for the Executive Officers and the members of the Board of Directors who are employees of TotalEnergies and based on the principles of IFRS 2 \u201cShare-based payments\u201d described in Note 9. The increase of the expense between 2021 and 2022 is mainly related to the increase in the TotalEnergies share price. | \n
The compensation allocated to members of the Board of Directors as directors\u2019 fees totaled $1.84 million in 2022 ($2.06 million in 2021 and $1.44 million in 2020).
Note 9Shareholders\u2019 equity and share-based payments
9.1Shareholders\u2019 equity
Number of TotalEnergies shares and rights attached
As of December\u00a031,\u00a02022, the share capital of TotalEnergies SE amounts to \u20ac6,547,828,212.50, divided into 2,619,131,285 shares, with a par value of \u20ac2.50. There is only one category of shares. The shares may be held in either registered or bearer form.
The authorized share capital amounts to 3,664,966,081 shares as of December 31, 2022, compared to 3,686,636,841 shares as of December 31, 2021 and 3,668,371,962 shares as of December 31, 2020.
A double voting right is assigned to shares that are fully-paid and held in registered form in the name of the same shareholder for at least two years, with due consideration for the total portion of the share capital represented. A double voting right is also assigned, in the event of an increase in share capital by incorporation of reserves, profits or premiums, to registered shares granted without charge to a shareholder due to shares already held that are entitled to this right.
Pursuant to the Corporation's bylaws (Statutes), no shareholder may cast a vote at a Shareholders' Meeting, either by himself or through an agent, representing more than 10% of the total voting rights for the Corporation's shares. This limit applies to the aggregated amount of voting rights held directly, indirectly or through voting proxies. However, in the case of double voting rights, this limit may be extended up to 20% of the total voting rights for the Corporation's shares.
These restrictions no longer apply if any individual or entity, acting alone or in concert, acquires at least two-thirds of the total share capital of the Corporation, directly or indirectly, following a public tender offer for all of the Corporation\u2019s shares.
Share cancellation
The Board of Directors, pursuant to the authorization granted by the Extraordinary Shareholders\u2019 Meeting on May 26, 2017, in the thirteenth resolution to reduce, on one or more occasions, the Corporation\u2019s share capital by cancelling shares, in accordance with the provisions of Articles L. 225-209 (became L. 22-10-62) and L. 225-213 of the French Commercial Code, has proceeded with the following cancellation of TotalEnergies shares:
| \n Fiscal year | \n\n Board of Directors\u2019 decision date | \n\n Number of shares bought back and cancelled | \n\n Percentage of | \n||
| \n 2022 | \n\n February 9, 2022 | \n\n 30,665,526 shares bought back between November 8 and December 22, 2021 | \n\n 1.16% | \n||
| \n 2021 | \n\n February 8, 2021 | \n\n 23,284,409 shares bought back between October 31, 2019 and March 9,\u00a02020 | \n\n 0.88% | \n||
| \n 2020 | \n\n \u00a0 | \n\n n/a(b) | \n\n \n | \n\n \u00a0 | \n\n \u00a0 | \n
| \n (a)Percentage of the share capital that the cancelled shares represented on the operations\u2019 date. (b)TotalEnergies SE did not cancel any shares in the fiscal year 2020. | \n
Under the terms of the twenty-third resolution of the General Meeting of Shareholders of May 25, 2022, the Board of Directors is authorized to cancel the shares of the Company within the limit of 10% of the capital of the Company existing on the date of the operation per period of 24 months.
Variation of the number of shares composing the share capital
| \n As of December 31, 2019(a) | \n\n \u00a0 | \n\n 2,601,881,075 | \n
| \n \u00a0 | \n\n Deferred contribution pursuant to the 2015 capital increase reserved for employees | \n\n 18,879 | \n
| \n \u00a0 | \n\n 2020 Capital increase reserved for employees | \n\n 13,160,383 | \n
| \n \u00a0 | \n\n Capital increase as payment of the scrip dividend (final 2019 dividend) | \n\n 38,063,688 | \n
| \n As of December 31, 2020(b) | \n\n \u00a0 | \n\n 2,653,124,025 | \n
| \n \u00a0 | \n\n Capital reduction by cancellation of treasury shares | \n\n (23,284,409) | \n
| \n \u00a0 | \n\n 2021 Capital increase reserved for employees | \n\n 10,589,713 | \n
| \n As of December 31, 2021(c) | \n\n \u00a0 | \n\n 2,640,429,329 | \n
| \n \u00a0 | \n\n Capital reduction by cancellation of treasury shares | \n\n (30,665,526) | \n
| \n \u00a0 | \n\n Deferred contribution pursuant to the 2017 capital increase reserved for employees | \n\n 9,471 | \n
| \n \u00a0 | \n\n 2022 Capital increase reserved for employees | \n\n 9,358,011 | \n
| \n As of December 31, 2022(d) | \n\n \n | \n\n 2,619,131,285 | \n
| \n (a)Including 15,474,234 treasury shares deducted from consolidated shareholders\u2019 equity. (b)Including 24,392,703 treasury shares deducted from consolidated shareholders\u2019 equity. (c)Including 33,841,104 treasury shares deducted from consolidated shareholders\u2019 equity. (d)Including 137,187,667 treasury shares deducted from consolidated shareholders\u2019 equity. | \n
Capital increase reserved for employees
The Extraordinary Shareholders\u2019 Meeting (\u201cESM\u201d) of May 25, 2022, in its twenty-second resolution, granted the authority to the Board of Directors to carry out, a capital increase, in one or more occasions within a maximum period of twenty-six months, reserved to members (employees and retirees) of a company or group savings plan (\u201cESOP\u201d).
In fiscal year 2022, the Board of Directors of September 22, 2022, by virtue of the twenty-second resolution above-mentioned, decided to proceed with a capital increase reserved for employees and retirees within the limit of 18 million shares and has granted all powers to the Chairman and Chief Executive Officer to determine, in particular, the terms and conditions of subscription, the opening and closing dates of the subscription period and the subscription price to be issued. This capital increase is expected to be completed after the Shareholders\u2019 Meeting of May 26, 2023.
During the fiscal years 2022, 2021 and 2020, the Corporation completed the following ESOP, which terms are set out below:
| \n Fiscal year | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Date of the ESOP | \n\n June 8, 2022 | \n\n June 9, 2021 | \n\n June 11, 2020 | \n
| \n By virtue of | \n\n 17th resolution of the ESM of May 28, 2021 | \n\n 20th resolution of the ESM of May 29, 2020 | \n\n 18th resolution of the ESM of June 1, 2018 | \n
| \n Subscriptions | \n\n \n | \n\n \n | \n\n \n | \n
| \n Number of shares subscribed | \n\n 9,130,380 | \n\n 10,376,190 | \n\n 12,952,925 | \n
| \n Subscription price | \n\n 37.00 euros | \n\n 30.50 euros | \n\n 26.20 euros | \n
| \n Free shares | \n\n \n | \n\n \n | \n\n \n | \n
| \n Number of shares granted | \n\n 227,631 | \n\n 213,523 | \n\n 207,458 | \n
| \n By virtue of | \n\n \n | \n\n \n | \n\n 19th resolution of the ESM of June 1, 2018 | \n
| \n Deferred contribution | \n\n \n | \n\n \n | \n\n \n | \n
| \n Number of shares granted | \n\n \u2013 | \n\n \u2013 | \n\n 1,380 | \n
| \n Number of beneficiaries | \n\n \u2013 | \n\n \u2013 | \n\n 276 | \n
| \n End of the acquisition period | \n\n \u2013 | \n\n \u2013 | \n\n June 11, 2025 | \n
Treasury shares
| \n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Accounting principles Treasury shares held by TotalEnergies SE, or by its subsidiaries are deducted from consolidated shareholders' equity. Gains or losses on sales of treasury shares are excluded from the determination of net income and are recognized in shareholders\u2019 equity. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n
Number of treasury shares held by TotalEnergies SE
| \n As of December 31, | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Number of treasury shares held by TotalEnergies SE | \n\n 137,187,667 | \n\n 33,841,104 | \n\n 24,392,703 | \n
| \n Percentage of share capital | \n\n 5.24% | \n\n 1.28% | \n\n 0.92% | \n
| \n of which shares acquired with the intention to cancel them | \n\n 128,869,261 | \n\n 30,665,526 | \n\n 23,284,409 | \n
| \n of which shares allocated to TotalEnergies share performance plans | \n\n 8,231,365 | \n\n 3,103,018 | \n\n 1,055,446 | \n
| \n of which shares intended to be allocated to new share performance or purchase options plans | \n\n 87,041 | \n\n 72,560 | \n\n 52,848 | \n
Paid-in surplus
In accordance with French law, the paid-in surplus corresponds to premiums related to shares issuances, contributions or mergers of the parent company which can be capitalized or used to offset losses if the legal reserve has reached its minimum required level. The amount of the paid-in surplus may also be distributed subject to taxation except when it qualifies as a refund of shareholder contributions.
As of December 31, 2022, paid-in surplus relating to TotalEnergies SE amounted to \u20ac35,099 million (\u20ac36,030 million as of December 31, 2021 and \u20ac36,722 million as of December 31, 2020).
Reserves
Under French law, 5% of net income must be transferred to the legal reserve until the legal reserve reaches 10% of the nominal value of the share capital. This reserve cannot be distributed to the shareholders other than upon liquidation but can be used to offset losses.
If wholly distributed, the unrestricted reserves of TotalEnergies SE would be taxed for an approximate amount of $227 million as of December 31, 2022 ($362 million as of December 31, 2021 and $492 million as of December 31, 2020) due to additional corporation tax applied on regulatory reserves so that they become distributable
Earnings per share
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Earnings per share is calculated by dividing net income (TotalEnergies share) by the weighted-average number of common shares outstanding during the period, excluding TotalEnergies shares held by TotalEnergies SE (Treasury shares) which are deducted from consolidated shareholders\u2019 equity. Diluted earnings per share is calculated by dividing net income (TotalEnergies share) by the fully-diluted weighted-average number of common shares outstanding during the period. Treasury shares held by the parent company, TotalEnergies SE are deducted from consolidated shareholders\u2019 equity. This calculation also takes into account the dilutive effect of share grants and capital increases with a subscription period closing after the end of the fiscal year. | \n\n \n | \n\n The weighted-average number of fully-diluted shares is calculated in accordance with the treasury stock method provided for by IAS 33. The proceeds, which would be recovered in the event of an exercise of rights related to dilutive instruments, are presumed to be a share buyback at the average market price over the period. The number of shares thereby obtained leads to a reduction in the total number of shares that would result from the exercise of rights. In compliance with IAS 33, earnings per share and diluted earnings per share are based on the net income after deduction of the remuneration due to the holders of deeply subordinated notes | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
The variation of both weighted-average number of shares and weighted-average number of diluted shares, as of December 31, respectively used in the calculation of earnings per share and fully-diluted earnings per share is detailed as follows:
| \n \n | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Number of shares as of January 1, | \n\n 2,640,429,329 | \n\n 2,653,124,025 | \n\n 2,601,881,075 | \n
| \n TotalEnergies shares held by TotalEnergies SE or by its subsidiaries and deducted from shareholders' equity | \n\n (33,841,104) | \n\n (24,392,703) | \n\n (15,474,234) | \n
| \n Evolution of the number of shares during the financial year pro-rated | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Final grant of TotalEnergies performance shares | \n\n 5,152,336 | \n\n 3,810,430 | \n\n 2,154,064 | \n
| \n Capital increase reserved for employees(a) | \n\n 5,465,154 | \n\n 6,177,333 | \n\n 7,689,476 | \n
| \n Capital increase as payment of the scrip dividend | \n\n \u2013 | \n\n \u2013 | \n\n 17,445,857 | \n
| \n Buyback of TotalEnergies treasury shares including: | \n\n (62,498,318) | \n\n (7,296,460) | \n\n (11,669,489) | \n
| \n Shares repurchased during the fiscal year to cancel the dilution caused by the scrip dividend payment and within the framework of the share buyback program | \n\n (58,621,530) | \n\n (3,762,794) | \n\n (10,666,710) | \n
| \n Shares repurchased during the fiscal year to cover for the performance share plans\u00a0 | \n\n (3,876,788) | \n\n (3,533,666) | \n\n (1,002,779) | \n
| \n Weighted-average number of shares | \n\n 2,554,707,397 | \n\n 2,631,422,625 | \n\n 2,602,026,749 | \n
| \n Dilutive effect | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Grant of TotalEnergies performance shares | \n\n 15,890,560 | \n\n 14,492,673 | \n\n \u2013 | \n
| \n Capital increase reserved for employees(a) | \n\n 1,584,068 | \n\n 1,552,947 | \n\n \u2013 | \n
| \n Weighted-average number of diluted shares as of December 31,(b) | \n\n 2,572,182,025 | \n\n 2,647,468,245 | \n\n 2,602,026,749 | \n
| \n (a)Including the shares granted in consideration to the deferred contribution pursuant to the capital increase reserved for employees. (b)In 2020, the effect generated by the grant of TotalEnergies performance shares and by the capital increase reserved for employees (19,007,836 shares) is anti-dilutive. In accordance with IAS 33, the weighted-average number of diluted shares is therefore equal to the weighted-average number of shares. | \n
Earnings per share in euros
The earnings per share in euros, converted from the earnings per share in dollars, by using the average exchange rate euro/dollar, is \u20ac7.51 per share for 2022 closing (\u20ac5.03 for 2021 closing). The fully-diluted earnings per share calculated by using the same method is \u20ac7.45 per share for 2022 closing (\u20ac5.01 for 2021 closing).
Dividend
On February 7, 2023, the Board of Directors after approving the financial statements for fiscal year 2022, decided to propose to the Shareholders\u2019 Meeting on May 26, 2023, the distribution of an ordinary \u20ac2.81 dividend per share for fiscal year 2022. Subject to the Shareholders\u2019 decision on May 26, 2023, considering the first three interim dividends already decided by the Board of Directors, the final ordinary dividend for the fiscal year 2022 will be \u20ac0.74 per share.
| \n 2022 Dividend | \n\n First interim | \n\n Second interim | \n\n Third interim | \n\n Final | \n
| \n Amount | \n\n \u20ac0.69 | \n\n \u20ac0.69 | \n\n \u20ac0.69 | \n\n \u20ac0.74 | \n
| \n Set date | \n\n April 27, 2022 | \n\n July 27, 2022 | \n\n October 26, 2022 | \n\n February 7, 2023 | \n
| \n Ex-dividend date | \n\n September 21, 2022 | \n\n January 2, 2023 | \n\n March 22, 2023 | \n\n June 21, 2023 | \n
| \n Payment date | \n\n October 3, 2022 | \n\n January 12, 2023 | \n\n April 3, 2023 | \n\n July 3, 2023 | \n
Following its decisions of September 28, 2022, the Board of Directors of October 26, 2022 confirmed the distribution of a special interim dividend of \u20ac1 per share. This interim dividend has been detached on December 6, 2022, and paid in cash on December 16, 2022.
Subject to the Shareholders\u2019 decision on May 26, 2023, given the special interim dividend for the 2022 financial year already paid, this special dividend of \u20ac1 per share would not give rise to the payment of a balance.
| \n Special interim dividend | \n|
| \n Amount per share | \n\n \u20ac1.00 | \n
| \n Ex-dividend date | \n\n December 6, 2022 | \n
| \n Payment date | \n\n December 16, 2022 | \n
Subject to the Shareholder's decision on May 26, 2023, dividend for fiscal year 2022 (ordinary plus special) will amount to \u20ac3.81 per share.
Issuances of perpetual subordinated notes
As of December 31, 2022, the amount of perpetual subordinated notes booked in TotalEnergies shareholders' equity is $13,882 million. The coupons attributable to the holders of these securities are recognized as a deduction from TotalEnergies shareholders' equity for an amount of $331 million for fiscal year 2022. The tax deduction due to these coupons is booked in the statement of income.
Based on their characteristics (mainly no mandatory repayment and no obligation to pay a coupon except under certain circumstances specified into the documentation of the notes) and in compliance with IAS 32 standard \u2013 Financial instruments - Presentation, these notes were recorded in equity.
On 17 January 2022, TotalEnergies SE issued two tranches of perpetual subordinated notes in euro:
\u2013Deeply subordinated notes 2.000% perpetual maturity callable after 5.25 years (\u20ac1,000 million); and
\u2013Deeply subordinated notes 3.250% perpetual maturity callable after 15 years (\u20ac750 million).
These two tranches were issued to refinance the \u20ac1,750 million perpetual subordinated notes carrying a coupon of 3.875% and whose redemption option was exercised on its first call date on May 18, 2022.
Summary of the perpetual deeply subordinated notes of TotalEnergies SE:
| \n Perpetual deeply subordinated notes issues by TotalEnergies SE | \n\n \n | \n\n Outstanding amount in M\u20ac as of | \n||||
| \n Date | \n\n Amount issued (M\u20ac) | \n\n Coupon (%) | \n\n First call date | \n\n December 31, 2022 | \n\n December 31, 2021 | \n\n December 31, 2020 | \n
| \n January 17, 2022 | \n\n 1,000 | \n\n 2.000% | \n\n April 17, 2027 | \n\n 1,000 | \n\n \u2013 | \n\n \u2013 | \n
| \n 750 | \n\n 3.250% | \n\n January 17, 2037 | \n\n 750 | \n\n \u2013 | \n\n \u2013 | \n|
| \n January 25, 2021 | \n\n 1,500 | \n\n 2.125% | \n\n January 25, 2033 | \n\n 1,500 | \n\n 1,500 | \n\n \u2013 | \n
| \n 1,500 | \n\n 1.625% | \n\n January 25, 2028 | \n\n 1,500 | \n\n 1,500 | \n\n \u2013 | \n|
| \n September 4, 2020 | \n\n 1,000 | \n\n 2.000% | \n\n September 4, 2030 | \n\n 1,000 | \n\n 1,000 | \n\n 1,000 | \n
| \n April 4, 2019 | \n\n 1,500 | \n\n 1.750% | \n\n April 4, 2024 | \n\n 1,500 | \n\n 1,500 | \n\n 1,500 | \n
| \n October 6, 2016 | \n\n 1,500 | \n\n 3.369% | \n\n October 6, 2026 | \n\n 1,500 | \n\n 1,500 | \n\n 1,500 | \n
| \n 1,000 | \n\n 2.708% | \n\n May 5, 2023 | \n\n 1,000 | \n\n 1,000 | \n\n 1,000 | \n|
| \n May 18, 2016 | \n\n 1,750 | \n\n 3.875% | \n\n May 18, 2022 | \n\n \u2013 | \n\n 1,750 | \n\n 1,750 | \n
| \n February 26, 2015 | \n\n 2,500 | \n\n 2.250% | \n\n February 26, 2021 | \n\n \u2013 | \n\n \u2013 | \n\n 297 | \n
| \n 2,500 | \n\n 2.625% | \n\n February 26, 2025 | \n\n 2,500 | \n\n 2,500 | \n\n 2,500 | \n|
| \n TOTAL | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 12,250 | \n\n 12,250 | \n\n 9,547 | \n
Other comprehensive income
Detail of other comprehensive income showing both items potentially reclassifiable and those not potentially reclassifiable from equity to net income is presented in the table below:
| \n For the year ended December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Actuarial gains and losses | \n\n 574 | \n\n 1,035 | \n\n (212) | \n
| \n Change in fair value of investments in equity instruments | \n\n 112 | \n\n 66 | \n\n 533 | \n
| \n Tax effect | \n\n (96) | \n\n (411) | \n\n 65 | \n
| \n Currency translation adjustment generated by the parent company | \n\n (4,976) | \n\n (7,202) | \n\n 7,541 | \n
| \n Sub-total items not potentially reclassifiable to profit & loss | \n\n (4,386) | \n\n (6,512) | \n\n 7,927 | \n
| \n Currency translation adjustment | \n\n 1,734 | \n\n 4,216 | \n\n (4,645) | \n
| \n \u2013Unrealized gain/(loss) of the period | \n\n 1,974 | \n\n 4,380 | \n\n (4,607) | \n
| \n \u2013Less gain/(loss) included in net income | \n\n 240 | \n\n 164 | \n\n 38 | \n
| \n Cash flow hedge | \n\n (5,452) | \n\n 278 | \n\n (313) | \n
| \n \u2013Unrealized gain/(loss) of the period | \n\n (4,190) | \n\n 109 | \n\n (175) | \n
| \n \u2013Less gain/(loss) included in net income | \n\n 1,262 | \n\n (169) | \n\n 138 | \n
| \n Variation of foreign currency basis spread | \n\n 65 | \n\n 2 | \n\n 28 | \n
| \n \u2013Unrealized gain/(loss) of the period | \n\n 26 | \n\n (47) | \n\n (22) | \n
| \n \u2013Less gain/(loss) included in net income | \n\n (39) | \n\n (49) | \n\n (50) | \n
| \n Share of other comprehensive income of equity affiliates, net amount | \n\n 3,497 | \n\n 706 | \n\n (1,831) | \n
| \n \u2013Unrealized gain/(loss) of the period | \n\n 1,071 | \n\n 626 | \n\n (1,841) | \n
| \n \u2013Less gain/(loss) included in net income | \n\n (2,426) | \n\n (80) | \n\n (10) | \n
| \n Other | \n\n (16) | \n\n (1) | \n\n (8) | \n
| \n Tax effect | \n\n 1,449 | \n\n (135) | \n\n 72 | \n
| \n Sub-total items potentially reclassifiable to profit & loss | \n\n 1,277 | \n\n 5,066 | \n\n (6,697) | \n
| \n Total other comprehensive income, net amount | \n\n (3,109) | \n\n (1,446) | \n\n 1,230 | \n
The currency translation adjustment by currency is detailed in the following table:
| \n As of December 31, 2022 (M$) | \n\n Total | \n\n Euro | \n\n Pound sterling | \n\n Ruble | \n\n Other currencies | \n
| \n Currency translation adjustment generated by the parent company | \n\n (4,976) | \n\n (4,976) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Currency translation adjustment | \n\n 1,734 | \n\n 3,120 | \n\n (592) | \n\n 4 | \n\n (798) | \n
| \n Currency translation adjustment of equity affiliates | \n\n 3,002 | \n\n (1,076) | \n\n 31 | \n\n 4,247 | \n\n (200) | \n
| \n Total currency translation adjustment | \n\n (240) | \n\n (2,932) | \n\n (561) | \n\n 4,251 | \n\n (998) | \n
| \n As of December 31, 2021 (M$) | \n\n Total | \n\n Euro | \n\n Pound sterling | \n\n Ruble | \n\n Other currencies | \n
| \n Currency translation adjustment generated by the parent company | \n\n (7,202) | \n\n (7,202) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Currency translation adjustment | \n\n 4,216 | \n\n 4,654 | \n\n (180) | \n\n (1) | \n\n (257) | \n
| \n Currency translation adjustment of equity affiliates | \n\n 536 | \n\n 730 | \n\n 4 | \n\n (27) | \n\n (171) | \n
| \n Total currency translation adjustment | \n\n (2,450) | \n\n (1,818) | \n\n (176) | \n\n (28) | \n\n (428) | \n
| \n As of December 31, 2020 (M$) | \n\n Total | \n\n Euro | \n\n Pound sterling | \n\n Ruble | \n\n Other currencies | \n
| \n Currency translation adjustment generated by the parent company | \n\n 7,541 | \n\n 7,541 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Currency translation adjustment | \n\n (4,645) | \n\n (4,668) | \n\n 115 | \n\n (12) | \n\n (80) | \n
| \n Currency translation adjustment of equity affiliates | \n\n (1,657) | \n\n (851) | \n\n (11) | \n\n (886) | \n\n 91 | \n
| \n Total currency translation adjustment | \n\n 1,239 | \n\n 2,022 | \n\n 104 | \n\n (898) | \n\n 11 | \n
Tax effects relating to each component of other comprehensive income are as follows:
| \n For the year ended December 31, (M$) | \n\n 2022 | \n\n \n | \n\n 2021 | \n\n \n | \n\n 2020 | \n||||||
| \n Pre-tax amount | \n\n Tax | \n\n Net amount | \n\n \n | \n\n Pre-tax amount | \n\n Tax | \n\n Net amount | \n\n \n | \n\n Pre-tax amount | \n\n Tax | \n\n Net amount | \n|
| \n Actuarial gains and losses | \n\n 574 | \n\n (106) | \n\n 468 | \n\n \n | \n\n 1,035 | \n\n (372) | \n\n 663 | \n\n \n | \n\n (212) | \n\n 47 | \n\n (165) | \n
| \n Change in fair value of investments in equity instruments | \n\n 112 | \n\n 10 | \n\n 122 | \n\n \n | \n\n 66 | \n\n (39) | \n\n 27 | \n\n \n | \n\n 533 | \n\n 18 | \n\n 551 | \n
| \n Currency translation adjustment | \n\n (4,976) | \n\n \u2013 | \n\n (4,976) | \n\n \n | \n\n (7,202) | \n\n \u2013 | \n\n (7,202) | \n\n \n | \n\n 7,541 | \n\n \u2013 | \n\n 7,541 | \n
| \n Sub-total items | \n\n (4,290) | \n\n (96) | \n\n (4,386) | \n\n \n | \n\n (6,101) | \n\n (411) | \n\n (6,512) | \n\n \n | \n\n 7,862 | \n\n 65 | \n\n 7,927 | \n
| \n Currency translation adjustment | \n\n 1,734 | \n\n \u2013 | \n\n 1,734 | \n\n \n | \n\n 4,216 | \n\n \u2013 | \n\n 4,216 | \n\n \n | \n\n (4,645) | \n\n \u2013 | \n\n (4,645) | \n
| \n Cash flow hedge | \n\n (5,452) | \n\n 1,466 | \n\n (3,986) | \n\n \n | \n\n 278 | \n\n (130) | \n\n 148 | \n\n \n | \n\n (313) | \n\n 79 | \n\n (234) | \n
| \n Variation of foreign currency basis spread | \n\n 65 | \n\n (17) | \n\n 48 | \n\n \n | \n\n 2 | \n\n (5) | \n\n (3) | \n\n \n | \n\n 28 | \n\n (7) | \n\n 21 | \n
| \n Share of other comprehensive income of equity affiliates, net amount | \n\n 3,497 | \n\n \u2013 | \n\n 3,497 | \n\n \n | \n\n 706 | \n\n \u2013 | \n\n 706 | \n\n \n | \n\n (1,831) | \n\n \u2013 | \n\n (1,831) | \n
| \n Other | \n\n (16) | \n\n \u2013 | \n\n (16) | \n\n \n | \n\n (1) | \n\n \u2013 | \n\n (1) | \n\n \n | \n\n (8) | \n\n \u2013 | \n\n (8) | \n
| \n Sub-total items | \n\n (172) | \n\n 1,449 | \n\n 1,277 | \n\n \n | \n\n 5,201 | \n\n (135) | \n\n 5,066 | \n\n \n | \n\n (6,769) | \n\n 72 | \n\n (6,697) | \n
| \n Total other comprehensive income | \n\n (4,462) | \n\n 1,353 | \n\n (3,109) | \n\n \n | \n\n (900) | \n\n (546) | \n\n (1,446) | \n\n \n | \n\n 1,093 | \n\n 137 | \n\n 1,230 | \n
Non-controlling interests
As of December 31, 2022, the subsidiaries with the most significant non-controlling interests are TotalEnergies Australia Unit Trust, TotalEnergies Gabon and TotalEnergies E&P Congo.
9.2Share-based payments
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n TotalEnergies SE may grant employees share subscription or purchase options plans, performance shares plans and offer its employees the opportunity to subscribe to reserved capital increases. These employee benefits are recognized as expenses with a corresponding credit to shareholders\u2019 equity. The expense is equal to the fair value of the instruments granted. The expense is recognized on a straight-line basis over the period in which the advantages are acquired. The fair value of the options is calculated using the Black-Scholes model at the grant date. For performance shares plans, the fair value is calculated using the market price at the grant date after deducting the expected distribution rate during the vesting period. | \n\n \n | \n\n The number of allocated equity instruments can be revised during the vesting period in cases of non-compliance with performance conditions, with the exception of those related to the market, or according to the rate of turnover of the beneficiaries. The cost of employee-reserved capital increases is immediately expensed. The cost of the capital increase reserved for employees consists of the cost related to the discount on the shares subscribed using the classic and/or the leveraged schemes, the cost of the free shares and the opportunity gain for the shares subscribed using the leveraged scheme, as applicable. This opportunity gain corresponds to the benefit of subscribing to the leveraged offer, rather than reproducing the same economic profile through the purchase of options in the market for individual investors. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
A)TotalEnergies share subscription or purchase option plans
The Extraordinary Shareholders\u2019 Meeting of May 29, 2020 authorised the Board of Directors, for a period of thirty-eight months to grant share subscription or purchase options. The Board of Directors has not decided any grant of TotalEnergies share subscription or purchase option plan by virtue of this authorisation and all previous option plans have expired.
B)TotalEnergies performance share plans
| \n \n | \n\n 2017 | \n\n 2018 | \n\n 2019 | \n\n 2020 | \n\n 2021 | \n\n 2022 | \n\n Total | \n
| \n Date of the Shareholders' Meeting | \n\n 5/24/2016 | \n\n 5/24/2016 | \n\n 6/1/2018 | \n\n 6/1/2018 | \n\n 6/1/2018 | \n\n 5/28/2021 | \n\n \u00a0 | \n
| \n Award date | \n\n 7/26/2017 | \n\n 3/14/2018 | \n\n 3/13/2019 | \n\n 3/18/2020 | \n\n 5/28/2021 | \n\n 3/16/2022 | \n\n \u00a0 | \n
| \n Date of the final award (end of the vesting period) | \n\n 7/27/2020 | \n\n 3/15/2021 | \n\n 3/14/2022 | \n\n 3/20/2023 | \n\n 5/29/2024 | \n\n 3/17/2025 | \n\n \u00a0 | \n
| \n Transfer authorized as from | \n\n 7/28/2022 | \n\n 3/16/2023 | \n\n 3/15/2024 | \n\n 3/21/2025 | \n\n 5/30/2026 | \n\n 3/17/2025 | \n\n \u00a0 | \n
| \n Grant date IFRS 2 fair value | \n\n 35.57 \u20ac | \n\n 36.22 \u20ac | \n\n 40.11 \u20ac | \n\n 12.40 \u20ac | \n\n 27.40 \u20ac | \n\n 37.22 \u20ac | \n\n \u00a0 | \n
| \n Number of performance shares | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Outstanding as of January 1, 2020 | \n\n 5,607,859 | \n\n 6,028,435 | \n\n 6,407,643 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 18,043,937 | \n
| \n Notified | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 6,727,352 | \n\n \u2013 | \n\n \u2013 | \n\n 6,727,352 | \n
| \n Cancelled | \n\n (1,313,687) | \n\n (55,830) | \n\n (44,289) | \n\n (18,691) | \n\n \u2013 | \n\n \u2013 | \n\n (1,432,497) | \n
| \n Finally granted | \n\n (4,294,172) | \n\n (10,740) | \n\n (10,890) | \n\n (1,773) | \n\n \u2013 | \n\n \u2013 | \n\n (4,317,575) | \n
| \n Outstanding as of January 1, 2021 | \n\n \u2013 | \n\n 5,961,865 | \n\n 6,352,464 | \n\n 6,706,888 | \n\n \u2013 | \n\n \u2013 | \n\n 19,021,217 | \n
| \n Notified | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 6,764,548 | \n\n \u2013 | \n\n 6,764,548 | \n
| \n Cancelled | \n\n \u2013 | \n\n (1,395,555) | \n\n (58,578) | \n\n (52,301) | \n\n (31,118) | \n\n \u2013 | \n\n (1,537,552) | \n
| \n Finally granted | \n\n \u2013 | \n\n (4,566,310) | \n\n (4,810) | \n\n (1,385) | \n\n (690) | \n\n \u2013 | \n\n (4,573,195) | \n
| \n Outstanding as of January 1, 2022 | \n\n \u2013 | \n\n \u2013 | \n\n 6,289,076 | \n\n 6,653,202 | \n\n 6,732,740 | \n\n \u2013 | \n\n 19,675,018 | \n
| \n Notified | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 7,353,271 | \n\n 7,353,271 | \n
| \n Cancelled | \n\n \u2013 | \n\n \u2013 | \n\n (127,852) | \n\n (65,561) | \n\n (57,410) | \n\n (27,690) | \n\n (278,513) | \n
| \n Finally granted | \n\n \u2013 | \n\n \u2013 | \n\n (6,161,224) | \n\n (12,680) | \n\n (13,750) | \n\n (8,000) | \n\n (6,195,654) | \n
| \n Outstanding as of December 31, 2022 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 6,574,961 | \n\n 6,661,580 | \n\n 7,317,581 | \n\n 20,554,122 | \n
The performance shares, which are bought back by TotalEnergies SE on the market, are finally granted to their beneficiaries after a 3-year vesting period, from the date of the grant. The final grant is subject to a continued employment condition as well as:
\u2013two performance conditions for the 2017 and 2018 Plans,
\u2013three performance conditions for the 2019 Plan,
\u2013four performance conditions for the 2020 Plan, and
\u2013five performance conditions for the 2021 and 2022 Plans.
Moreover, the transfer of the performance shares finally granted under the 2017 to 2021 Plans will not be permitted until the end of a 2-year holding period from the date of the final grant.
2022 Plan
On March 16, 2022, the Board of Directors granted performance shares to certain employees and executive directors of TotalEnergies SE or its subsidiaries, subject to the fulfilment of the continued employment condition and five performance conditions.
The presence condition applies to all shares.
The performance conditions apply differently depending on the capacity of the beneficiaries. If all shares granted to senior executives are subject to performance conditions, the grant of the first 150 shares to non-senior executives are not subject to the performance condition abovementioned, which will, nonetheless, apply to any shares granted above this threshold.
The applicable performance conditions are as follows:
\u2013For 25% of the shares, the Corporation will be ranked against its peers (ExxonMobil, Shell, BP and Chevron) based on the Total Shareholder Return (\"TSR\") during the three vesting years (2022, 2023 and 2024) based on the TSR criterion of the last quarter of the year in question, the dividend being considered reinvested based on the closing price on the ex-dividend date.
\u2013For 25% of the shares, the Corporation will be ranked against its peers (ExxonMobil, Shell, BP and Chevron) based on the annual variation in net cash flow per share criterion expressed in dollars during the three vesting years (2022, 2023 and 2024).
\u2013For 20% of the shares, the level reached by the pre-dividend organic cash breakeven in view of the objective set for the three vesting years (2022, 2023 and 2024). The pre-dividend organic cash breakeven is defined as the Brent price for which the operating cash flow before working capital changes (MBA) covers the organic investments340. The ability of the Company to resist to the variations of the Brent barrel price is measured by this parameter.
\u2013For 15% of the shares, the change in the greenhouse gas (GHG) emissions on operated facilities (Scope 1+2) in relation to the achievement of the target to reduce the GHG emissions set for fiscal years 2022, 2023 and 2024.
\u2013For 15% of the shares, the criterion of the change in the indirect GHG emissions related to the use by customers of the energy products (Scope 3341) in Europe in relation to the achievement of the target to reduce these GHG emissions set for fiscal years 2022, 2023 and 2024.
C)Share-based payment expense
Share-based payment expense before tax was broken down as follows:
| \n As of December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n TotalEnergies performance shares plans | \n\n 200 | \n\n 129 | \n\n 176 | \n
| \n SunPower plans(a) | \n\n 23 | \n\n 25 | \n\n 26 | \n
| \n Capital increase reserved for employees | \n\n 28 | \n\n 14 | \n\n 12 | \n
| \n Total | \n\n 251 | \n\n 168 | \n\n 214 | \n
| \n (a)Since September 30, 2022, TotalEnergies' 50.5% subsidiary in SunPower is accounted for using the equity method in the Company's consolidated accounts (see note 2 to the consolidated accounts) | \n
The main assumptions used for the valuation of the cost of the capital increase reserved for employees in 2022 were the following:
| \n For the year ended December 31, | \n\n 2022 | \n
| \n Date of the Board of Directors meeting that decided the issue | \n\n September 15, 2021 | \n
| \n Reference price (\u20ac)(a) | \n\n 46.22 | \n
| \n Subscription price (\u20ac)(b) | \n\n 37.00 | \n
| \n Number of shares issued (in millions)(c) | \n\n 9.36 | \n
| \n (a)Average of the closing prices of the TotalEnergies shares over the twenty trading sessions preceding April 27, 2022, being the date of the Chairman and CEO\u2019s decision setting the opening date of the subscription period and the subscription price. (b)Reference price, reduced by a 20% discount and rounded off to the highest tenth of a euro. (c)Including the free shares issued. | \n
Note 10Payroll, staff and employee benefits obligations
10.1Employee benefits obligations
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n In accordance with the laws and practices of each country, TotalEnergies participates in employee benefit plans offering retirement, death and disability, healthcare and special termination benefits. These plans provide benefits based on various factors such as length of service, salaries, and contributions made to the governmental bodies responsible for the payment of benefits. These plans can be either defined contribution or defined benefit pension plans and may be entirely or partially funded with investments made in various non-consolidated instruments such as mutual funds, insurance contracts, and other instruments. For defined contribution plans, expenses correspond to the contributions paid. | \n\n \n | \n\n Defined benefit obligations are determined according to the Projected Unit Method. Actuarial gains and losses may arise from differences between actuarial valuation and projected commitments (depending on new calculations or assumptions) and between projected and actual return of plan assets. Such gains and losses are recognized in the statement of comprehensive income, with no possibility to subsequently recycle them to the income statement. The past service cost is recorded immediately in the statement of income, whether vested or unvested. The net periodic pension cost is recognized under \u201cOther operating expenses\u201d. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
Liabilities for employee benefits obligations consist of the following:
| \n As of December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Pension benefits liabilities | \n\n 1,308 | \n\n 1,966 | \n\n 3,111 | \n
| \n Other benefits liabilities | \n\n 467 | \n\n 633 | \n\n 700 | \n
| \n Restructuring reserves (early retirement plans) | \n\n 54 | \n\n 73 | \n\n 106 | \n
| \n Total | \n\n 1,829 | \n\n 2,672 | \n\n 3,917 | \n
| \n Net liabilities relating to assets held for sale | \n\n \u2013 | \n\n (1) | \n\n 1 | \n
Description of plans and risk management
TotalEnergies operates, for the benefit of its current and former employees, both defined benefit plans and defined contribution plans.
TotalEnergies recognized a charge of $152 million for defined contribution plans in 2022 ($145 million in 2021 and $135 million in 2020).
TotalEnergies\u2019 main defined benefit pension plans are located in France, the United Kingdom, the United States, Belgium and Germany. Their main characteristics, depending on the country-specific regulatory environment, are the following:
\u2013the benefits are usually based on the final salary and seniority;
\u2013they are usually funded (pension fund or insurer);
\u2013they are usually closed to new employees who benefit from defined contribution pension plans;
\u2013they are paid in annuity or in lump sum.
The pension benefits include also termination indemnities and early retirement benefits. The other benefits are employer contributions to post-employment medical care.
In order to manage the inherent risks, TotalEnergies has implemented a dedicated governance framework to ensure the supervision of the different plans. These governance rules provide for:
\u2013TotalEnergies\u2019 representation in key governance bodies or monitoring committees;
\u2013the principles of the funding policy;
\u2013the general investment policy, including for most plans:
\u2013the establishment of a monitoring committee to define and follow the investment strategy and performance,
\u2013the principles in respect of investment allocation are respected;
\u2013a procedure to approve the establishment of new plans or the amendment of existing plans;
\u2013the principles of administration, communication and reporting.
Change in benefit obligations and plan assets
The fair value of the defined benefit obligation and plan assets in the Consolidated Financial Statements is detailed as follows:
| \n As of December 31, (M$) | \n\n Pension benefits | \n\n \n | \n\n Other benefits | \n||||
| \n 2022 | \n\n 2021 | \n\n 2020 | \n\n \n | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n|
| \n Change in benefit obligation | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \n | \n\n \u00a0 | \n\n \u00a0 | \n
| \n \u2013Benefit obligation at beginning of year | \n\n 11,777 | \n\n 13,591 | \n\n 12,285 | \n\n \u00a0 | \n\n 633 | \n\n 700 | \n\n 742 | \n
| \n \u2013Current service cost | \n\n 202 | \n\n 247 | \n\n 244 | \n\n \u00a0 | \n\n 15 | \n\n 17 | \n\n 19 | \n
| \n \u2013Interest cost | \n\n 195 | \n\n 164 | \n\n 217 | \n\n \u00a0 | \n\n 12 | \n\n 8 | \n\n 11 | \n
| \n \u2013Past service cost | \n\n 27 | \n\n (197) | \n\n \u2013 | \n\n \u00a0 | \n\n 9 | \n\n (1) | \n\n \u2013 | \n
| \n \u2013Settlements | \n\n 5 | \n\n 3 | \n\n (10) | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n (3) | \n
| \n \u2013Plan participants' contributions | \n\n 17 | \n\n 17 | \n\n 10 | \n\n \u00a0 | \n\n 1 | \n\n \u2013 | \n\n \u2013 | \n
| \n \u2013Benefits paid | \n\n \u00a0(661) | \n\n (704) | \n\n (702) | \n\n \u00a0 | \n\n (22) | \n\n (34) | \n\n (27) | \n
| \n \u2013Actuarial losses / (gains) | \n\n \u00a0(2,502) | \n\n (734) | \n\n 818 | \n\n \u00a0 | \n\n (155) | \n\n (11) | \n\n (89) | \n
| \n \u2013Foreign currency translation and other | \n\n \u00a0(793) | \n\n (610) | \n\n 729 | \n\n \u00a0 | \n\n (25) | \n\n (46) | \n\n 47 | \n
| \n Benefit obligation at year-end | \n\n 8,267 | \n\n 11,777 | \n\n 13,591 | \n\n \u00a0 | \n\n 467 | \n\n 633 | \n\n 700 | \n
| \n of which plans entirely or partially funded | \n\n 7,806 | \n\n 11,143 | \n\n 12,830 | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n of which plans not funded | \n\n 461 | \n\n 634 | \n\n 761 | \n\n \u00a0 | \n\n 467 | \n\n 633 | \n\n 700 | \n
| \n Change in fair value of plan assets | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n
| \n\n \u00a0 | \n\n \u00a0 | \n
| \n \u2013Fair value of plan assets at beginning of year | \n\n \u00a0(10,231) | \n\n (10,580) | \n\n (9,769) | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n \u2013Interest income | \n\n \u00a0(190) | \n\n (146) | \n\n (191) | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n \u2013Actuarial losses / (gains) | \n\n 2,083 | \n\n (290) | \n\n (517) | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n \u2013Settlements | \n\n 2 | \n\n \u2013 | \n\n 2 | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n \u2013Plan participants' contributions | \n\n \u00a0(17) | \n\n (17) | \n\n (10) | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n \u2013Employer contributions | \n\n \u00a0(260) | \n\n (303) | \n\n (229) | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n \u2013Benefits paid | \n\n 607 | \n\n 635 | \n\n 622 | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n \u2013Foreign currency translation and other | \n\n 700 | \n\n 470 | \n\n (488) | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Fair value of plan assets at year-end | \n\n \u00a0(7,306) | \n\n (10,231) | \n\n (10,580) | \n\n \u00a0 | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n
| \n Unfunded status | \n\n 961 | \n\n 1,546 | \n\n 3,011 | \n\n \u00a0 | \n\n 467 | \n\n 633 | \n\n 700 | \n
| \n \u2013Asset ceiling | \n\n 46 | \n\n 41 | \n\n 36 | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Net recognized amount | \n\n 1,007 | \n\n 1,587 | \n\n 3,047 | \n\n \u00a0 | \n\n 467 | \n\n 633 | \n\n 700 | \n
| \n \u2013Pension benefits and other benefits liabilities | \n\n 1,308 | \n\n 1,966 | \n\n 3,111 | \n\n \u00a0 | \n\n 467 | \n\n 633 | \n\n 700 | \n
| \n \u2013Other non-current assets | \n\n \u00a0(301) | \n\n (378) | \n\n (65) | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n \u2013Net benefit liabilities relating to assets held for sale | \n\n \u2013 | \n\n (1) | \n\n 1 | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
As of December 31, 2022, the contribution from the main geographical areas for the net pension liability in the balance sheet is: 85% for the Euro area, (10)% for the United Kingdom and 24% for the United States.
The amounts recognized in the consolidated income statement and the consolidated statement of comprehensive income for defined benefit plans are detailed as follows:
| \n \n | \n\n Pension benefits | \n\n \n | \n\n Other benefits | \n||||
| \n For the year ended December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n\n \n | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Current service cost | \n\n 202 | \n\n 247 | \n\n 244 | \n\n \n | \n\n 15 | \n\n 17 | \n\n 19 | \n
| \n Past service cost | \n\n 27 | \n\n \u00a0(197) | \n\n \u2013 | \n\n \n | \n\n 9 | \n\n \u00a0(1) | \n\n \u2013 | \n
| \n Settlements | \n\n 7 | \n\n 3 | \n\n (7) | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n (3) | \n
| \n Net interest cost | \n\n 5 | \n\n 18 | \n\n 25 | \n\n \n | \n\n 12 | \n\n 8 | \n\n 11 | \n
| \n Benefit amounts recognized on Profit & Loss | \n\n 241 | \n\n 71 | \n\n 262 | \n\n \n | \n\n 36 | \n\n 24 | \n\n 27 | \n
| \n Actuarial (Gains) / Losses | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \n | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n \u2013Effect of changes in demographic assumptions | \n\n 1 | \n\n (71) | \n\n (12) | \n\n \n | \n\n \u00a0(9) | \n\n (8) | \n\n (3) | \n
| \n \u2013Effect of changes in financial assumptions | \n\n \u00a0(2,617) | \n\n (450) | \n\n 773 | \n\n \n | \n\n \u00a0(138) | \n\n 2 | \n\n (1) | \n
| \n \u2013Effect of experience adjustments | \n\n 111 | \n\n (214) | \n\n 57 | \n\n \n | \n\n \u00a0(8) | \n\n (5) | \n\n (85) | \n
| \n \u2013Actual return on plan assets | \n\n 2,083 | \n\n (294) | \n\n (517) | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Effect of asset ceiling | \n\n 3 | \n\n 5 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Benefit amounts recognized on Equity | \n\n \u00a0(419) | \n\n (1,024) | \n\n 301 | \n\n \n | \n\n \u00a0(155) | \n\n (11) | \n\n (89) | \n
| \n Total benefit amounts recognized on comprehensive income | \n\n \u00a0(178) | \n\n (953) | \n\n 563 | \n\n \n | \n\n \u00a0(119) | \n\n 13 | \n\n (62) | \n
Expected future cash outflows
The average duration of accrued benefits is approximately 12 years for defined pension benefits and 15 years for other benefits. TotalEnergies expects to pay contributions of $234 million in respect of funded pension plans in 2023.
Estimated future benefits either financed from plan assets or directly paid by the employer are detailed as follows:
| \n Estimated future payments (M$) | \n\n Pension benefits | \n\n Other benefits | \n
| \n 2023 | \n\n 586 | \n\n 25 | \n
| \n 2024 | \n\n 495 | \n\n 25 | \n
| \n 2025 | \n\n 504 | \n\n 25 | \n
| \n 2026 | \n\n 537 | \n\n 25 | \n
| \n 2027 | \n\n 589 | \n\n 25 | \n
| \n 2028-2032 | \n\n 3,059 | \n\n 121 | \n
Type of assets
| \n Asset allocation as of December 31, | \n\n Pension benefits | \n||
| \n 2022 | \n\n 2021 | \n\n 2020 | \n|
| \n Equity securities | \n\n 26% | \n\n 39% | \n\n 25% | \n
| \n Debt securities | \n\n 46% | \n\n 35% | \n\n 45% | \n
| \n Monetary | \n\n 3% | \n\n 1% | \n\n 2% | \n
| \n Annuity contracts | \n\n 17% | \n\n 17% | \n\n 20% | \n
| \n Real estate | \n\n 8% | \n\n 8% | \n\n 8% | \n
Investments on equity and debt markets are quoted on active markets.
Main actuarial assumptions and sensitivity analysis
Assumptions used to determine benefits obligations:
| \n \n | \n\n Pension benefits | \n\n \n | \n\n Other benefits | \n||||
| \n As of December 31, | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n\n \n | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Discount rate (weighted average for all regions) | \n\n 4.39% | \n\n 1.82% | \n\n 1.28% | \n\n \n | \n\n 4.45% | \n\n 1.83% | \n\n 1.41% | \n
| \n of which Euro zone | \n\n 3.70% | \n\n 0.99% | \n\n 0.52% | \n\n \n | \n\n 3.48% | \n\n 1.05% | \n\n 0.68% | \n
| \n of which United States | \n\n 4.50% | \n\n 3.00% | \n\n 2.50% | \n\n \n | \n\n 4.50% | \n\n 3.00% | \n\n 2.50% | \n
| \n of which United Kingdom | \n\n 4.75% | \n\n 2.00% | \n\n 1.50% | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Inflation rate (weighted average for all regions) | \n\n 2.91% | \n\n 2.41% | \n\n 2.06% | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n of which Euro zone | \n\n 2.49% | \n\n 1.71% | \n\n 1.24% | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n of which United States | \n\n 2.50% | \n\n 2.50% | \n\n 2.50% | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n of which United Kingdom | \n\n 3.25% | \n\n 3.25% | \n\n 3.00% | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
The discount rate retained is determined by reference to the high quality rates for AA-rated corporate bonds for a duration equivalent to that of the obligations. It derives from a benchmark per monetary area of different market data at the closing date.
Sensitivity to inflation in respect of defined benefit pension plans is not material in the United States.
A 0.5% increase or decrease in discount rates \u2013 all other things being equal - would have the following approximate impact on the benefit obligation:
| \n (M$) | \n\n 0.5% Increase | \n\n 0.5% Decrease | \n
| \n Benefit obligation as of December 31, 2022 | \n\n \u00a0(510) | \n\n 623 | \n
A 0.5% increase or decrease in inflation rates \u2013 all other things being equal - would have the following approximate impact on the benefit obligation:
| \n (M$) | \n\n 0.5% Increase | \n\n 0.5% Decrease | \n
| \n Benefit obligation as of December 31, 2022 | \n\n 303 | \n\n (284) | \n
10.2Payroll and staff
| \n For the year ended December 31, | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Personnel expenses (M$) | \n\n \u00a0 | \n\n \n | \n\n \n | \n
| \n Wages and salaries (including social charges) | \n\n 9,002 | \n\n 9,207 | \n\n 8,908 | \n
| \n TotalEnergies employees at December 31, | \n\n \u00a0 | \n\n \n | \n\n \n | \n
| \n France (DROM COM includ.) | \n\n \u00a0 | \n\n \n | \n\n \n | \n
| \n \u2013Management | \n\n 14,130 | \n\n 13,903 | \n\n 14,016 | \n
| \n \u2013Other | \n\n 20,829 | \n\n 21,232 | \n\n 21,886 | \n
| \n International | \n\n \u00a0 | \n\n \n | \n\n \n | \n
| \n \u2013Management | \n\n 18,183 | \n\n 17,346 | \n\n 17,102 | \n
| \n \u2013Other | \n\n 48,137 | \n\n 48,828 | \n\n 52,472 | \n
| \n Total | \n\n 101,279 | \n\n 101,309 | \n\n 105,476 | \n
The number of employees includes only employees of fully consolidated subsidiaries.
Note 11Income taxes
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Income taxes disclosed in the statement of income include current tax expenses (or income) and deferred tax expenses (or income). Current tax expenses (or income) are the estimated amount of the tax due for the taxable income of the period. Deferred income taxes are recorded based on the temporary differences between the carrying amounts of assets and liabilities recorded in the balance sheet and their tax bases, and on carry-forwards of unused tax losses and other tax credits. | \n\n \n | \n\n Deferred tax assets and liabilities are measured using the tax rates that have been enacted or substantially enacted at the balance sheet date. The tax rates used depend on the timing of reversals of temporary differences, tax losses and other tax credits. The effect of a change in tax rate is recognized either in the Consolidated Statement of Income or in shareholders\u2019 equity depending on the item it relates to. Deferred tax resulting from temporary differences between the carrying amounts of equity-method investments and their tax bases are recognized. The deferred tax calculation is based on the expected future tax effect (dividend distribution rate or tax rate on capital gains). | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
Income taxes are detailed as follows:
| \n For the year ended December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Current income taxes | \n\n (19,825) | \n\n (8,158) | \n\n (2,450) | \n
| \n Deferred income taxes | \n\n (2,417) | \n\n (1,429) | \n\n 2,132 | \n
| \n Total income taxes | \n\n (22,242) | \n\n (9,587) | \n\n (318) | \n
Before netting deferred tax assets and liabilities by fiscal entity, the components of deferred tax balances are as follows:
| \n As of December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Net operating losses and tax carry forwards | \n\n 3,600 | \n\n 5,129 | \n\n 5,106 | \n
| \n Employee benefits | \n\n 409 | \n\n 586 | \n\n 1,004 | \n
| \n Other temporary non-deductible provisions | \n\n 8,813 | \n\n 8,235 | \n\n 9,068 | \n
| \n Differences in depreciations | \n\n (14,692) | \n\n (15,233) | \n\n (14,641) | \n
| \n Other temporary tax deductions | \n\n (4,102) | \n\n (4,221) | \n\n (3,847) | \n
| \n Net deferred tax liability | \n\n (5,972) | \n\n (5,504) | \n\n (3,310) | \n
The reserves of TotalEnergies subsidiaries that would be taxable if distributed but for which no distribution is planned, and for which no deferred tax liability has therefore been recognized, totaled $1,103 million as of December 31, 2022.
Deferred tax assets not recognized as of December 31, 2022 amount to $3,854 million as their future recovery was not regarded as probable given the expected results of the entities. Particularly in the
Exploration & Production segment, when the affiliate or the field concerned is in its exploration phase, the net operating losses created during this phase will be useable only if a final investment and development decision is made. Accordingly, the time limit for the utilization of those net operating losses is not known.
Deferred tax assets not recognized relate notably to France for an amount of $1,189 million and to Canada for an amount of $998 million.
After netting deferred tax assets and liabilities by fiscal entity, deferred taxes are presented on the balance sheet as follows:
| \n As of December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Deferred tax assets | \n\n 5,049 | \n\n 5,400 | \n\n 7,016 | \n
| \n Deferred tax liabilities | \n\n (11,021) | \n\n (10,904) | \n\n (10,326) | \n
| \n Net amount | \n\n (5,972) | \n\n (5,504) | \n\n (3,310) | \n
The net deferred tax variation in the balance sheet is analyzed as follows:
| \n As of December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Opening balance | \n\n (5,504) | \n\n (3,310) | \n\n (5,642) | \n
| \n Deferred tax on income | \n\n (2,417) | \n\n (1,429) | \n\n 2,132 | \n
| \n Deferred tax on shareholders' equity(a) | \n\n 1,353 | \n\n (546) | \n\n 137 | \n
| \n Changes in scope of consolidation and others | \n\n 218 | \n\n (315) | \n\n 76 | \n
| \n Currency translation adjustment | \n\n 378 | \n\n 96 | \n\n (13) | \n
| \n Closing balance | \n\n (5,972) | \n\n (5,504) | \n\n (3,310) | \n
| \n (a)This amount includes mainly deferred taxes on actuarial gains and losses, current income taxes and deferred taxes for changes in fair value of investments inequity instruments, as well as deferred taxes related to the cash flow hedge (see Note 9 to the Consolidated Financial Statements). | \n
Reconciliation between provision for income taxes and pre-tax income
| \n For the year ended December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Consolidated net income | \n\n 21,044 | \n\n 16,366 | \n\n (7,336) | \n
| \n Income taxes | \n\n 22,242 | \n\n 9,587 | \n\n 318 | \n
| \n Pre-tax income | \n\n 43,286 | \n\n 25,953 | \n\n (7,018) | \n
| \n French statutory tax rate | \n\n 25.83% | \n\n 28.41% | \n\n 32.02% | \n
| \n Theoretical tax charge | \n\n (11,181) | \n\n (7,373) | \n\n 2,247 | \n
| \n Difference between French and foreign income tax rates | \n\n (9,625) | \n\n (3,754) | \n\n (1,109) | \n
| \n Tax effect of equity in income (loss) of affiliates | \n\n (489) | \n\n 977 | \n\n 145 | \n
| \n Permanent differences(a) | \n\n (676) | \n\n 738 | \n\n 665 | \n
| \n Adjustments on prior years income taxes | \n\n 64 | \n\n 109 | \n\n (31) | \n
| \n Adjustments on deferred tax related to changes in tax rates | \n\n (610) | \n\n (119) | \n\n (204) | \n
| \n Variation of deferred tax assets not recognized | \n\n 275 | \n\n (165) | \n\n (2,031) | \n
| \n Income taxes in the statement of income | \n\n (22,242) | \n\n (9,587) | \n\n (318) | \n
| \n (a)Including the European Solidarity Contribution 2022 for a total of \u20ac0.9 billion. The European Solidarity Contribution 2022, including the 2022 contribution on the sub-marginal rent of electricity production, amounts to \u20ac1 billion or $1.1 billion. | \n
The French statutory tax rate includes the standard corporate tax rate (25%), additional and exceptional applicable taxes that bring the overall tax rate to 25.83% in 2022 (versus 28.41% in 2021 and 32.02% in 2020).
Permanent differences are mainly due to impairment of goodwill and to dividends from non-consolidated companies as well as the specific taxation rules applicable to certain activities.
Schedule of losses and tax credits carried forward
TotalEnergies has deferred tax assets related to losses and carried forward tax credit which expire according to the following years:
| \n As of December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n 2021 | \n\n \u00a0 | \n\n \n | \n\n 69 | \n
| \n 2022 | \n\n \u00a0 | \n\n 27 | \n\n 26 | \n
| \n 2023 | \n\n 4 | \n\n 1 | \n\n 7 | \n
| \n 2024 | \n\n 2 | \n\n 5 | \n\n 2 | \n
| \n 2025(a) | \n\n 4 | \n\n 25 | \n\n 1,643 | \n
| \n 2026(b) | \n\n 8 | \n\n 1,652 | \n\n \n | \n
| \n 2027 and after | \n\n 1,220 | \n\n \n | \n\n \n | \n
| \n Unlimited | \n\n 2,362 | \n\n 3,419 | \n\n 3,359 | \n
| \n Total | \n\n 3,600 | \n\n 5,129 | \n\n 5,106 | \n
| \n (a)2025 and after for 2020. (b)2026 and after for 2021. | \n
As of December 31, 2022 the schedule of deferred tax assets related to carried forward tax credits on net operating losses for the main countries is as follows:
| \n As of December 31, 2022 (M$) | \n\n Tax | \n|||
| \n Australia | \n\n United States | \n\n Canada | \n\n France | \n|
| \n 2023 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n 2024 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n 2025 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n 2026 | \n\n \u00a0 | \n\n \u00a0 | \n\n 32 | \n\n \u00a0 | \n
| \n 2027 and after | \n\n \u00a0 | \n\n 326 | \n\n 812 | \n\n \u00a0 | \n
| \n Unlimited | \n\n 820 | \n\n 581 | \n\n \u00a0 | \n\n 487 | \n
| \n Total | \n\n 820 | \n\n 907 | \n\n 843 | \n\n 487 | \n
Note 12Provisions and other non-current liabilities
12.1Provisions and other non-current liabilities
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n A provision is recognized when TotalEnergies has a present obligation, legal or constructive, as a result of a past event for which it is probable that an outflow of resources will be required and when a reliable estimate can be made regarding the amount of the obligation. The amount of the liability corresponds to the best possible estimate. | \n\n \n | \n\n Provisions and non-current liabilities are comprised of liabilities for which the amount and the timing are uncertain. They arise from environmental risks, legal and tax risks, litigation and other risks. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
| \n As of December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Litigations and accrued penalty claims | \n\n 529 | \n\n 285 | \n\n 320 | \n
| \n Provisions for environmental contingencies | \n\n 751 | \n\n 812 | \n\n 960 | \n
| \n Asset retirement obligations | \n\n 13,110 | \n\n 14,976 | \n\n 15,368 | \n
| \n Other non-current provisions | \n\n 3,633 | \n\n 2,766 | \n\n 2,868 | \n
| \n of which restructuring activities | \n\n 282 | \n\n 506 | \n\n 293 | \n
| \n of which financial risks related to non-consolidated and equity accounted for affiliates | \n\n 1,582 | \n\n 265 | \n\n 134 | \n
| \n of which contingency reserve on solar panels warranties (SunPower) | \n\n \u2013 | \n\n 83 | \n\n 82 | \n
| \n Other non-current liabilities | \n\n 3,379 | \n\n 1,430 | \n\n 1,409 | \n
| \n Total | \n\n 21,402 | \n\n 20,269 | \n\n 20,925 | \n
In 2022, litigation reserves amount to $529 million of which $257 million in the Exploration & Production, notably in Brazil, Bolivia and Angola, and $159 million in Refining-Chemicals.
In 2021, litigation reserves amounted to $285 million of which $192 million in the Exploration & Production, notably in Brazil, Bolivia and Angola.
In 2020, litigation reserves amounted to $320 million of which $208 million in the Exploration & Production, notably in Brazil and Angola.
Other non-current liabilities mainly include debts whose maturity is more than one year related to fixed assets acquisitions.
Changes in provisions and other non-current liabilities
Changes in provisions and other non-current liabilities are as follows:
| \n (M$) | \n\n As of January, 1 | \n\n Allowances | \n\n Reversals | \n\n Currency translation adjustment | \n\n Other | \n\n As of December, 31 | \n
| \n 2022 | \n\n 20,269 | \n\n 2,724 | \n\n (1,397) | \n\n (834) | \n\n 640 | \n\n 21,402 | \n
| \n of which provisions for financial risks | \n\n \n | \n\n 1,363 | \n\n (15) | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n of which asset retirement obligations | \n\n \n | \n\n 430 | \n\n (418) | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n of which provisions for environmental contingencies | \n\n \n | \n\n 97 | \n\n (133) | \n\n \n | \n\n \u00a0 | \n\n \u00a0 | \n
| \n of which provisions for restructuring of activities | \n\n \n | \n\n 31 | \n\n (230) | \n\n \n | \n\n \u00a0 | \n\n \u00a0 | \n
| \n 2021 | \n\n 20,925 | \n\n 1,446 | \n\n (1,560) | \n\n (404) | \n\n (138) | \n\n 20,269 | \n
| \n of which asset retirement obligations | \n\n \n | \n\n 449 | \n\n (527) | \n\n \n | \n\n \u00a0 | \n\n \u00a0 | \n
| \n of which provisions for environmental contingencies | \n\n \n | \n\n 43 | \n\n (178) | \n\n \n | \n\n \u00a0 | \n\n \u00a0 | \n
| \n of which provisions for restructuring of activities | \n\n \n | \n\n 415 | \n\n (178) | \n\n \n | \n\n \u00a0 | \n\n \u00a0 | \n
| \n 2020 | \n\n 20,613 | \n\n 1,756 | \n\n (1,378) | \n\n 452 | \n\n (518) | \n\n 20,925 | \n
| \n of which asset retirement obligations | \n\n \n | \n\n 607 | \n\n (519) | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n of which provisions for environmental contingencies | \n\n \n | \n\n 217 | \n\n (93) | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n of which provisions for restructuring of activities | \n\n \n | \n\n 271 | \n\n (135) | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
Asset retirement obligations
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Asset retirement obligations, which result from a legal or constructive obligation, are recognized based on a reasonable estimate in the period in which the obligation arises. The associated asset retirement costs are capitalized as part of the carrying amount of the underlying asset and depreciated over the useful life of this asset. | \n\n \n | \n\n An entity is required to measure changes in the liability for an asset retirement obligation due to the passage of time (accretion) by applying a discount rate to the amount of the liability. Given the long-term nature of expenditures related to our asset retirement obligations, the rate is determined by reference to the rates of high quality AA-rated corporate bonds on the USD area for a long-term horizon. The increase of the provision due to the passage of time is recognized as \u201cOther financial expense\u201d. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
The discount rate used for the valuation of asset retirement obligation is 4% in 2022 and 3% in 2021 and in 2020 (the expenses are estimated at current currency values with an inflation rate of 2% in 2022 and 1.5% in 2021 and in 2020).
A decrease of 0.5% of this rate would increase the asset retirement obligation by $955 million, with a corresponding impact in tangible assets, and with a negative impact of approximately $76 million on the following years net income. Conversely, an increase of 0.5% would have a nearly symmetrical impact compared to the effect of the decrease of 0.5%.
Changes in the asset retirement obligation are as follows:
| \n (M$) | \n\n As of January 1, | \n\n Accretion | \n\n Revision in estimates | \n\n New obligations | \n\n Spending | \n\n Currency translation adjustment | \n\n Other | \n\n As of December 31, | \n
| \n 2022 | \n\n 14,976 | \n\n 430 | \n\n \u00a0(1,172) | \n\n 198 | \n\n \u00a0(418) | \n\n \u00a0(663) | \n\n \u00a0(241) | \n\n 13,110 | \n
| \n 2021 | \n\n 15,368 | \n\n 449 | \n\n \u00a0(109) | \n\n 228 | \n\n \u00a0(527) | \n\n \u00a0(194) | \n\n (239) | \n\n 14,976 | \n
| \n 2020 | \n\n 14,492 | \n\n 607 | \n\n 526 | \n\n 87 | \n\n \u00a0(519) | \n\n 284 | \n\n (109) | \n\n 15,368 | \n
12.2Other risks and contingent liabilities
There are no governmental, legal or arbitration proceedings, including any proceeding of which the Corporation is aware that are pending or threatened against the Company, that could have, or could have had during the last 12 months, a material impact on TotalEnergies\u2019 financial situation or profitability.
Described below are the main administrative, legal and arbitration proceedings in which the Corporation and the other entities of TotalEnergies are involved.
FERC
The Office of Enforcement of the US Federal Energy Regulatory Commission (FERC) began in 2015 an investigation in connection with the natural gas trading activities in the United States of TotalEnergies Gas & Power North America, Inc. (TGPNA), a US subsidiary of TotalEnergies. The investigation covered transactions made by TGPNA between June 2009 and June 2012 on the natural gas market. TGPNA received a Notice of Alleged Violations from FERC on September 21, 2015. On April 28, 2016, FERC issued an order to show cause to TGPNA and two of its former employees, and to the Corporation and TotalEnergies Gas & Power Ltd., regarding the same facts. The case was remanded on July 15, 2021 to the FERC Administrative Judge for hearing and consideration on the merits. TGPNA contests the claims brought against it.
A class action, launched to seek damages from these three companies, was dismissed by a judgment of the US District court of New York issued on March 15, 2017. The Court of Appeal upheld this judgment on May 4, 2018. In September 2019, a California city initiated another class action against the same parties based on the same legal ground. This class action was dismissed by the US District court of New York on June 8, 2020. This judgment was confirmed on appeal by a ruling issued on December 3, 2021.
Dispute relating to Climate
In France, the Corporation was assigned in January 2020 before Nanterre\u2019s Court of Justice by certain associations and local communities in order to oblige the Company to complete its Vigilance Plan, by identifying in detail risks relating to a global warming above 1.5\u00b0C, as well as indicating the expected amount of future greenhouse gas emissions related to the Company\u2019s activities and its product utilization via third parties. TotalEnergies estimates that it has fulfilled its obligations regarding vigilance duty.
Also in France, several associations have brought a civil action against TotalEnergies and TotalEnergies Gaz et Electricit\u00e9 France to the Paris Court of Justice, seeking a ruling that the company\u2019s corporate communication and the advertising campaign broadcast since May 2021 after the change of name to TotalEnergies contain false or misleading environmental claims. TotalEnergies believes that these accusations are unfounded.
In the United States, two subsidiaries of TotalEnergies were assigned in 2017 by certain communities and associations for their liability in climate change before a California Court. These two subsidiaries, as well as the 34 other companies and professional associations, are contesting the State Court\u2019s competence to rule this request. In September 2020, the Attorney General of the State of Delaware launched an indemnity claim based upon climate change against the Corporation, Total Specialties USA (now known as TotalEnergies Marketing USA, Inc.) and about 30 other oil companies before a court of this State. These companies are contesting the competence of such court to rule this request.
Note 13Off balance sheet commitments and lease contracts
13.1Off balance sheet commitments and contractual obligations
| \n As of December 31, 2022 (M$) | \n\n Maturity and installments | \n|||
| \n Total | \n\n Less than | \n\n Between | \n\n More than | \n|
| \n Non-current debt obligations net of hedging instruments (Note 15) | \n\n 35,684 | \n\n \u2013 | \n\n 14,229 | \n\n 21,455 | \n
| \n Current portion of non-current debt obligations net of hedging instruments (Note 15) | \n\n 5,328 | \n\n 5,328 | \n\n \u2013 | \n\n \u2013 | \n
| \n Lease obligations (Note 13.2) | \n\n 9,714 | \n\n 1,437 | \n\n 3,872 | \n\n 4,405 | \n
| \n Asset retirement obligations (Note 12) | \n\n 13,110 | \n\n 521 | \n\n 1,497 | \n\n 11,092 | \n
| \n Contractual obligations recorded in the balance sheet | \n\n 63,836 | \n\n 7,286 | \n\n 19,598 | \n\n 36,952 | \n
| \n Lease obligations for low value assets, short term contracts or not yet commenced (Note 13.2) | \n\n 1,830 | \n\n 783 | \n\n 610 | \n\n 437 | \n
| \n Purchase obligations | \n\n 139,050 | \n\n 11,286 | \n\n 40,516 | \n\n 87,248 | \n
| \n Contractual obligations not recorded in the balance sheet | \n\n 140,880 | \n\n 12,069 | \n\n 41,126 | \n\n 87,685 | \n
| \n Total of contractual obligations | \n\n 204,716 | \n\n 19,355 | \n\n 60,724 | \n\n 124,637 | \n
| \n Guarantees given to customs authorities | \n\n 2,003 | \n\n 1,904 | \n\n 53 | \n\n 46 | \n
| \n Guarantees given on borrowings | \n\n 20,218 | \n\n 2,519 | \n\n 5,814 | \n\n 11,885 | \n
| \n Guarantees related to sales of businesses | \n\n 310 | \n\n 157 | \n\n \u2013 | \n\n 153 | \n
| \n Guarantees of current liabilities | \n\n 62 | \n\n 61 | \n\n 1 | \n\n \u2013 | \n
| \n Guarantees to customers / suppliers | \n\n 23,757 | \n\n 3,539 | \n\n 2,275 | \n\n 17,943 | \n
| \n Letters of credit | \n\n 2,430 | \n\n 2,241 | \n\n 172 | \n\n 17 | \n
| \n Other operating commitments | \n\n 23,039 | \n\n 5,198 | \n\n 900 | \n\n 16,941 | \n
| \n Total of other commitments given | \n\n 71,819 | \n\n 15,619 | \n\n 9,215 | \n\n 46,985 | \n
| \n Assets received as collateral (security interests) | \n\n 45 | \n\n 14 | \n\n 10 | \n\n 21 | \n
| \n Sales obligations | \n\n 94,977 | \n\n 6,267 | \n\n 36,341 | \n\n 52,369 | \n
| \n Other commitments received | \n\n 25,650 | \n\n 19,261 | \n\n 2,817 | \n\n 3,572 | \n
| \n Total of commitments received | \n\n 120,672 | \n\n 25,542 | \n\n 39,168 | \n\n 55,962 | \n
| \n of which commitments given relating to joint ventures | \n\n 32,054 | \n\n 2,006 | \n\n 5,666 | \n\n 24,382 | \n
| \n of which commitments given relating to associates | \n\n 52,270 | \n\n 839 | \n\n 11,638 | \n\n 39,793 | \n
| \n As of December 31, 2021 (M$) | \n\n Maturity and installments | \n|||
| \n Total | \n\n Less than | \n\n Between | \n\n More than | \n|
| \n Non-current debt obligations net of hedging instruments (Note 15) | \n\n 40,311 | \n\n \u2013 | \n\n 16,811 | \n\n 23,500 | \n
| \n Current portion of non-current debt obligations net of hedging instruments (Note 15) | \n\n 5,073 | \n\n 5,073 | \n\n \u2013 | \n\n \u2013 | \n
| \n Lease obligations (Note 13.2) | \n\n 9,034 | \n\n 1,390 | \n\n 3,321 | \n\n 4,323 | \n
| \n Asset retirement obligations (Note 12) | \n\n 14,976 | \n\n 610 | \n\n 1,751 | \n\n 12,615 | \n
| \n Contractual obligations recorded in the balance sheet | \n\n 69,394 | \n\n 7,073 | \n\n 21,883 | \n\n 40,438 | \n
| \n Lease obligations for low value assets, short term contracts or not yet commenced (Note 13.2) | \n\n 1,679 | \n\n 689 | \n\n 543 | \n\n 447 | \n
| \n Purchase obligations | \n\n 136,032 | \n\n 13,333 | \n\n 36,174 | \n\n 86,525 | \n
| \n Contractual obligations not recorded in the balance sheet | \n\n 137,711 | \n\n 14,022 | \n\n 36,717 | \n\n 86,972 | \n
| \n Total of contractual obligations | \n\n 207,105 | \n\n 21,095 | \n\n 58,600 | \n\n 127,410 | \n
| \n Guarantees given to customs authorities | \n\n 2,236 | \n\n 2,122 | \n\n 50 | \n\n 64 | \n
| \n Guarantees given on borrowings | \n\n 20,428 | \n\n 595 | \n\n 3,734 | \n\n 16,099 | \n
| \n Guarantees related to sales of businesses | \n\n 316 | \n\n 163 | \n\n \u2013 | \n\n 153 | \n
| \n Guarantees of current liabilities | \n\n 70 | \n\n 69 | \n\n 1 | \n\n \u2013 | \n
| \n Guarantees to customers / suppliers | \n\n 23,494 | \n\n 3,093 | \n\n 4,376 | \n\n 16,025 | \n
| \n Letters of credit | \n\n 2,993 | \n\n 2,869 | \n\n 122 | \n\n 2 | \n
| \n Other operating commitments | \n\n 21,138 | \n\n 3,058 | \n\n 1,594 | \n\n 16,486 | \n
| \n Total of other commitments given | \n\n 70,675 | \n\n 11,969 | \n\n 9,877 | \n\n 48,829 | \n
| \n Assets received as collateral (security interests) | \n\n 62 | \n\n 37 | \n\n 16 | \n\n 9 | \n
| \n Sales obligations | \n\n 92,555 | \n\n 7,565 | \n\n 33,271 | \n\n 51,719 | \n
| \n Other commitments received | \n\n 22,326 | \n\n 17,285 | \n\n 1,755 | \n\n 3,286 | \n
| \n Total of commitments received | \n\n 114,943 | \n\n 24,887 | \n\n 35,042 | \n\n 55,014 | \n
| \n of which commitments given relating to joint ventures | \n\n 33,373 | \n\n 253 | \n\n 7,353 | \n\n 25,767 | \n
| \n of which commitments given relating to associates | \n\n 34,491 | \n\n 727 | \n\n 9,110 | \n\n 24,654 | \n
| \n As of December 31, 2020 (M$) | \n\n Maturity and installments | \n|||
| \n Total | \n\n Less than | \n\n Between | \n\n More than | \n|
| \n Non-current debt obligations net of hedging instruments (Note 15) | \n\n 48,705 | \n\n \u2013 | \n\n 22,745 | \n\n 25,960 | \n
| \n Current portion of non-current debt obligations net of hedging instruments (Note 15) | \n\n 4,674 | \n\n 4,674 | \n\n \u2013 | \n\n \u2013 | \n
| \n Lease obligations (Note 13.2) | \n\n 8,943 | \n\n 1,207 | \n\n 3,178 | \n\n 4,558 | \n
| \n Asset retirement obligations (Note 12) | \n\n 15,368 | \n\n 463 | \n\n 1,840 | \n\n 13,065 | \n
| \n Contractual obligations recorded in the balance sheet | \n\n 77,690 | \n\n 6,344 | \n\n 27,763 | \n\n 43,583 | \n
| \n Lease obligations for low value assets, short term contracts or not yet commenced (Note 13.2) | \n\n 1,745 | \n\n 704 | \n\n 626 | \n\n 415 | \n
| \n Purchase obligations | \n\n 143,177 | \n\n 11,719 | \n\n 39,126 | \n\n 92,332 | \n
| \n Contractual obligations not recorded in the balance sheet | \n\n 144,922 | \n\n 12,423 | \n\n 39,752 | \n\n 92,747 | \n
| \n Total of contractual obligations | \n\n 222,612 | \n\n 18,767 | \n\n 67,515 | \n\n 136,330 | \n
| \n Guarantees given to customs authorities | \n\n 2,312 | \n\n 2,189 | \n\n 60 | \n\n 63 | \n
| \n Guarantees given on borrowings | \n\n 14,164 | \n\n 746 | \n\n 3,660 | \n\n 9,758 | \n
| \n Guarantees related to sales of businesses | \n\n 333 | \n\n 179 | \n\n \u2013 | \n\n 154 | \n
| \n Guarantees of current liabilities | \n\n 147 | \n\n 68 | \n\n 56 | \n\n 23 | \n
| \n Guarantees to customers / suppliers | \n\n 19,182 | \n\n 2,603 | \n\n 1,853 | \n\n 14,726 | \n
| \n Letters of credit | \n\n 2,432 | \n\n 2,297 | \n\n 135 | \n\n \u2013 | \n
| \n Other operating commitments | \n\n 23,879 | \n\n 3,224 | \n\n 3,002 | \n\n 17,653 | \n
| \n Total of other commitments given | \n\n 62,449 | \n\n 11,306 | \n\n 8,766 | \n\n 42,377 | \n
| \n Assets received as collateral (security interests) | \n\n 77 | \n\n 28 | \n\n 24 | \n\n 25 | \n
| \n Sales obligations | \n\n 80,521 | \n\n 7,001 | \n\n 29,362 | \n\n 44,158 | \n
| \n Other commitments received | \n\n 20,401 | \n\n 15,270 | \n\n 1,474 | \n\n 3,657 | \n
| \n Total of commitments received | \n\n 100,999 | \n\n 22,299 | \n\n 30,860 | \n\n 47,840 | \n
| \n of which commitments given relating to joint ventures | \n\n 34,920 | \n\n 644 | \n\n 7,288 | \n\n 26,988 | \n
| \n of which commitments given relating to associates | \n\n 51,795 | \n\n 999 | \n\n 8,664 | \n\n 42,132 | \n
A)Contractual obligations
Debt obligations
\u201cNon-current debt obligations\u201d are included in the items \u201cNon-current financial debt\u201d and \u201cNon-current financial assets\u201d of the Consolidated Balance Sheet. It includes the non-current portion of swaps hedging bonds and excludes non-current lease obligations of $8,277 million.
The current portion of non-current debt is included in the items \u201cCurrent borrowings\u201d, \u201cCurrent financial assets\u201d and \u201cOther current financial liabilities\u201d of the Consolidated Balance Sheet. It includes the current portion of swaps hedging bonds and excludes the current portion of lease obligations of $1,437 million.
The information regarding contractual obligations linked to indebtedness is presented in Note 15 to the Consolidated Financial Statements.
Lease contracts
The information regarding leases is presented in Note 13.2 to the Consolidated Financial Statements.
Asset retirement obligations
This item represents the discounted present value of Exploration & Production and Integrated Gas, Renewables & Power asset retirement obligations, primarily asset removal costs at the completion date. The information regarding contractual obligations linked to asset retirement obligations is presented in Note 12 to the Consolidated Financial Statements.
Purchase obligations
Purchase obligations are obligations under contractual agreements to purchase goods or services, including capital projects. These obligations are enforceable and legally binding on the company and specify all significant terms, including the amount and the timing of the payments.
These obligations mainly include: unconditional hydrocarbon purchase contracts (except where an active, highly-liquid market exists and when the hydrocarbons are expected to be re-sold shortly after purchase) in the Integrated Gas, Renewables & Power segment, reservation of transport capacities in pipelines, unconditional exploration works and development works in the Exploration & Production segment, and contracts for capital investment projects in the Refining & Chemicals segment.
B)Other commitments given
Guarantees given to customs authorities
These consist of guarantees given by TotalEnergies to customs authorities in order to guarantee the payments of taxes and excise duties on the importation of oil and gas products, mostly in France.
Guarantees given on borrowings
TotalEnergies guarantees bank debt and lease obligations of certain non-consolidated subsidiaries and equity affiliates. Maturity dates vary, and guarantees will terminate on payment and/or cancellation of the obligation. A payment would be triggered by failure of the guaranteed party to fulfill its obligation covered by the guarantee, and no assets are held as collateral for these guarantees. As of December 31, 2022, the maturities of these guarantees are up to 2047.
As of December\u00a031, 2022, the guarantees provided by TotalEnergies SE in connection with the financing of the Ichthys LNG project amount to $4,659 million. As of December 31, 2021, the guarantees amounted to $4,860 million.
As of December\u00a031, 2022, the guarantees provided by TotalEnergies SE in connection with the financing of the Mozambique LNG project amount to $4,600 million as in 2021.
As of December\u00a031, 2022, the guarantees provided by TotalEnergies SE in connection with the financing of the Yamal LNG project amount to $3,483 million. As of December 31, 2021, the guarantees amounted to $3,469 million.
As of December\u00a031, 2022, guarantees provided by TotalEnergies SE in connection with the financing of the Bayport Polymers LLC project, amount to $1,820 million as in 2021.
As of December\u00a031, 2022, guarantees provided by TotalEnergies Holdings in connection with the financing of the Seagreen project, amount to $1,204 million. As of December 31, 2021, the guarantees amounted to $481 million.
As of December 31, 2022, TotalEnergies SE has confirmed guarantees for TotalEnergies Refining Saudi Arabia SAS shareholders' advances for an amount of $1,025 million. As of December 31, 2021, the guarantees amounted to $1,120 million.
As of December\u00a031, 2022, the guarantees provided by TotalEnergies SE in connection with the financing of the Arctic LNG2 project amount to $1,013 million. As of December 31, 2021, the guarantees amounted to $1,076 million.
Indemnities related to sales of businesses
In the ordinary course of business, TotalEnergies executes contracts involving standard indemnities for the oil industry and indemnities specific to transactions such as sales of businesses. These indemnities might include claims against any of the following: environmental, tax and shareholder matters, intellectual property rights, governmental regulations and employment-related matters, and commercial contractual relationships. Performance under these indemnities would generally be triggered by a breach of terms of the contract or by a third party claim. TotalEnergies regularly evaluates the probability of having to incur costs associated with these indemnities.
Other guarantees given
Non-consolidated subsidiaries
TotalEnergies also guarantees the current liabilities of certain non-consolidated subsidiaries. Performance under these guarantees would be triggered by a financial default of the entity.
Operating agreements
As part of normal ongoing business operations and consistent with generally accepted industry practices, TotalEnergies enters into numerous agreements with other parties. These commitments are often entered into for commercial purposes, for regulatory purposes or for other operating agreements.
C)Commitments received
Sales obligations
These amounts represent binding obligations to sell goods, including in particular hydrocarbon sales contracts (except where an active, highly-liquid market exists and when the volumes are expected to be re-sold shortly after purchase).
13.2Lease contracts
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n A lease contract is a contract that grants lessee the right to use an identified asset for a specified period of time in exchange for consideration. At lease inception, an asset corresponding to right of use and a debt are recognized in the lessee\u2019s balance sheet. Carrying value of right of use corresponds to present value of future lease payments plus any direct costs incurred for concluding the contract. Lease debt is recorded as a liability in the balance sheet under financial debts. Rights of use are depreciated over the useful lives applied by TotalEnergies. | \n\n \n | \n\n Leases that are of short duration or that relate to low value assets are not recorded in the balance sheet, in accordance with the exemptions in the standard. They are presented as off-balance sheet commitments. | \n\n\n | \n|
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
TotalEnergies mainly leases real estate, retail stations, ships, and other equipment (see Note 7 to the Consolidated Financial Statements).
The future minimum lease payments on leases to which TotalEnergies is committed are as follows:
| \n For the year ended December 31, 2022 (M$) | \n\n Exempted contracts | \n\n Leases recorded in balance sheet | \n
| \n 2023 | \n\n 783 | \n\n 2,189 | \n
| \n 2024 | \n\n 190 | \n\n 1,646 | \n
| \n 2025 | \n\n 154 | \n\n 1,255 | \n
| \n 2026 | \n\n 137 | \n\n 1,140 | \n
| \n 2027 | \n\n 129 | \n\n 993 | \n
| \n 2028 and beyond | \n\n 437 | \n\n 6,053 | \n
| \n Total minimum payments | \n\n 1,830 | \n\n 13,276 | \n
| \n Less financial expenses | \n\n \u2013 | \n\n (3,562) | \n
| \n Nominal value of contracts | \n\n \u2013 | \n\n 9,714 | \n
| \n Less current portion of lease contracts (note 15) | \n\n \u2013 | \n\n (1,437) | \n
| \n Non-current lease liabilities | \n\n \u2013 | \n\n 8,277 | \n
| \n For the year ended December 31, 2021 (M$) | \n\n Exempted contracts | \n\n Leases recorded in balance sheet | \n
| \n 2022 | \n\n 689 | \n\n 1,835 | \n
| \n 2023 | \n\n 194 | \n\n 1,347 | \n
| \n 2024 | \n\n 136 | \n\n 1,199 | \n
| \n 2025 | \n\n 111 | \n\n 1,097 | \n
| \n 2026 | \n\n 102 | \n\n 1,021 | \n
| \n 2027 and beyond | \n\n 447 | \n\n 6,017 | \n
| \n Total minimum payments | \n\n 1,679 | \n\n 12,516 | \n
| \n Less financial expenses | \n\n \u2013 | \n\n (3,482) | \n
| \n Nominal value of contracts | \n\n \u2013 | \n\n 9,034 | \n
| \n Less current portion of lease contracts (note 15) | \n\n \u2013 | \n\n (1,390) | \n
| \n Non-current lease liabilities | \n\n \u2013 | \n\n 7,644 | \n
| \n For the year ended December 31, 2020 (M$) | \n\n Exempted contracts | \n\n Leases recorded in balance sheet | \n
| \n 2021 | \n\n 704 | \n\n 1,659 | \n
| \n 2022 | \n\n 252 | \n\n 1,366 | \n
| \n 2023 | \n\n 159 | \n\n 1,117 | \n
| \n 2024 | \n\n 118 | \n\n 1,022 | \n
| \n 2025 | \n\n 97 | \n\n 964 | \n
| \n 2026 and beyond | \n\n 415 | \n\n 6,325 | \n
| \n Total minimum payments | \n\n 1,745 | \n\n 12,453 | \n
| \n Less financial expenses | \n\n \u2013 | \n\n \u00a0(3,510) | \n
| \n Nominal value of contracts | \n\n \u2013 | \n\n 8,943 | \n
| \n Less current portion of lease contracts (note 15) | \n\n \u2013 | \n\n \u00a0(1,207) | \n
| \n Non-current lease liabilities | \n\n \u2013 | \n\n 7,736 | \n
For the year ended December 31, 2022, rental expense recorded in the income statement and incurred under short term leases or low value assets leases and under variable lease payments is $701 million and $151 million, respectively.
For the year ended December 31, 2021, rental expense recorded in the income statement and incurred under short term leases or low value assets leases and under variable lease payments was $487 million and $242 million, respectively.
For the year ended December 31, 2020, rental expense recorded in the income statement and incurred under short team leases or low value assets leases and under variable lease payments was $600 million and $162 million, respectively.
Other information required on lease debts, notably their maturity, is presented in Note 15 to the consolidated financial statements.
Note 14Financial assets and liabilities analysis per instrument class and strategy
The financial assets and liabilities disclosed in the balance sheet are detailed as follows:
| \n As of December 31, 2022 (M$) ASSETS/(Liabilities) | \n\n Amortized cost | \n\n Fair value through P&L | \n\n Other Comprehensive Income | \n\n Fair value of bonds hedging instruments | \n\n Total | \n\n Fair value | \n
| \n Equity affiliates: loans | \n\n 3,733 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 3,733 | \n\n 3,733 | \n
| \n Other investments | \n\n \u2013 | \n\n 932 | \n\n 119 | \n\n \u2013 | \n\n 1,051 | \n\n 1,051 | \n
| \n Non-current financial assets | \n\n 1,428 | \n\n 490 | \n\n \u2013 | \n\n 813 | \n\n 2,731 | \n\n 2,731 | \n
| \n Other non-current assets | \n\n 2,087 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 2,087 | \n\n 2,087 | \n
| \n Accounts receivable, net(b) | \n\n 24,378 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 24,378 | \n\n 24,378 | \n
| \n Other operating receivables | \n\n 8,069 | \n\n 19,529 | \n\n 691 | \n\n \u2013 | \n\n 28,289 | \n\n 28,289 | \n
| \n Current financial assets | \n\n 7,536 | \n\n 1,071 | \n\n 137 | \n\n 2 | \n\n 8,746 | \n\n 8,746 | \n
| \n Cash and cash equivalents | \n\n 33,026 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 33,026 | \n\n 33,026 | \n
| \n Total financial assets | \n\n 80,257 | \n\n 22,022 | \n\n 947 | \n\n 815 | \n\n 104,041 | \n\n 104,041 | \n
| \n Total non-financial assets | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 199,823 | \n\n \u00a0 | \n
| \n Total assets | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 303,864 | \n\n \u00a0 | \n
| \n Non-current financial debt(a) | \n\n (41,235) | \n\n (283) | \n\n \u2013 | \n\n (3,746) | \n\n (45,264) | \n\n (43,471) | \n
| \n Accounts payable(b) | \n\n (41,346) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (41,346) | \n\n (41,346) | \n
| \n Other operating liabilities | \n\n (16,412) | \n\n (17,994) | \n\n (780) | \n\n \u2013 | \n\n (35,186) | \n\n (35,186) | \n
| \n Current borrowings(a) | \n\n (15,502) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (15,502) | \n\n (15,518) | \n
| \n Other current financial liabilities | \n\n \u2013 | \n\n (226) | \n\n \u2013 | \n\n (262) | \n\n (488) | \n\n (488) | \n
| \n Total financial liabilities | \n\n (114,495) | \n\n (18,503) | \n\n (780) | \n\n (4,008) | \n\n (137,786) | \n\n (136,009) | \n
| \n Total non-financial liabilities | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (166,078) | \n\n \u00a0 | \n
| \n Total liabilities | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (303,864) | \n\n \u00a0 | \n
| \n (a)The financial debt is adjusted to the hedged risks value (currency and interest rate) as part of hedge accounting (see Note 15 to the Consolidated Financial Statements). (b)The impact of offsetting on accounts receivable, net is $(10,156) million and $10,156 million on accounts payable. | \n
| \n As of December 31, 2021 (M$)
| \n\n Amortized cost | \n\n Fair value through P&L | \n\n Other Comprehensive Income | \n\n Fair value of bonds hedging instruments | \n\n Total | \n\n Fair value | \n
| \n Equity affiliates: loans | \n\n 4,532 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 4,532 | \n\n 4,532 | \n
| \n Other investments | \n\n \u2013 | \n\n 1,052 | \n\n 573 | \n\n \u2013 | \n\n 1,625 | \n\n 1,625 | \n
| \n Non-current financial assets | \n\n 847 | \n\n 770 | \n\n \u2013 | \n\n 787 | \n\n 2,404 | \n\n 2,404 | \n
| \n Other non-current assets | \n\n 2,419 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 2,419 | \n\n 2,419 | \n
| \n Accounts receivable, net(b) | \n\n 21,983 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 21,983 | \n\n 21,983 | \n
| \n Other operating receivables | \n\n 7,141 | \n\n 21,067 | \n\n 1,345 | \n\n \u2013 | \n\n 29,553 | \n\n 29,553 | \n
| \n Current financial assets | \n\n 12,001 | \n\n 272 | \n\n \u2013 | \n\n 42 | \n\n 12,315 | \n\n 12,315 | \n
| \n Cash and cash equivalents | \n\n 21,342 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 21,342 | \n\n 21,342 | \n
| \n Total financial assets | \n\n 70,265 | \n\n 23,161 | \n\n 1,918 | \n\n 829 | \n\n 96,173 | \n\n 96,173 | \n
| \n Total non-financial assets | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 197,285 | \n\n \u00a0 | \n
| \n Total assets | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 293,458 | \n\n \u00a0 | \n
| \n Non-current financial debt(a) | \n\n (47,973) | \n\n (41) | \n\n \u2013 | \n\n (1,498) | \n\n (49,512) | \n\n (53,144) | \n
| \n Accounts payable(b) | \n\n (36,837) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (36,837) | \n\n (36,837) | \n
| \n Other operating liabilities | \n\n (11,128) | \n\n (15,266) | \n\n (900) | \n\n \u2013 | \n\n (27,294) | \n\n (27,294) | \n
| \n Current borrowings(a) | \n\n (15,035) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (15,035) | \n\n (15,039) | \n
| \n Other current financial liabilities | \n\n \u2013 | \n\n (56) | \n\n \u2013 | \n\n (316) | \n\n (372) | \n\n (372) | \n
| \n Total financial liabilities | \n\n (110,973) | \n\n (15,363) | \n\n (900) | \n\n (1,814) | \n\n (129,050) | \n\n (132,686) | \n
| \n Total non-financial liabilities | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (164,408) | \n\n \u00a0 | \n
| \n Total liabilities | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (293,458) | \n\n \u00a0 | \n
| \n (a)The financial debt is adjusted to the hedged risks value (currency and interest rate) as part of hedge accounting (see Note 15 to the Consolidated Financial Statements). (b)The impact of offsetting on accounts receivable, net is $(4,584) million and $4,584 million on accounts payable. | \n
| \n As of December 31, 2020 (M$)
| \n\n Amortized cost | \n\n Fair value through P&L | \n\n Other Comprehensive Income | \n\n Fair value of bonds hedging instruments | \n\n Total | \n\n Fair value | \n
| \n Equity affiliates: loans | \n\n 5,129 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 5,129 | \n\n 5,129 | \n
| \n Other investments | \n\n \u2013 | \n\n 1,224 | \n\n 783 | \n\n \u2013 | \n\n 2,007 | \n\n 2,007 | \n
| \n Non-current financial assets | \n\n 1,019 | \n\n 541 | \n\n \u2013 | \n\n 3,221 | \n\n 4,781 | \n\n 4,781 | \n
| \n Other non-current assets | \n\n 2,745 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 2,745 | \n\n 2,745 | \n
| \n Accounts receivable, net(b) | \n\n 14,068 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 14,068 | \n\n 14,068 | \n
| \n Other operating receivables | \n\n 6,615 | \n\n 1,428 | \n\n \u2013 | \n\n \u2013 | \n\n 8,043 | \n\n 8,043 | \n
| \n Current financial assets | \n\n 4,547 | \n\n 65 | \n\n \u2013 | \n\n 18 | \n\n 4,630 | \n\n 4,630 | \n
| \n Cash and cash equivalents | \n\n 31,268 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 31,268 | \n\n 31,268 | \n
| \n Total financial assets | \n\n 65,391 | \n\n 3,258 | \n\n 783 | \n\n 3,239 | \n\n 72,671 | \n\n 72,671 | \n
| \n Total non-financial assets | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 193,461 | \n\n \u00a0 | \n
| \n Total assets | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 266,132 | \n\n \u00a0 | \n
| \n Non-current financial debt(a) | \n\n (58,470) | \n\n (118) | \n\n \u2013 | \n\n (1,615) | \n\n (60,203) | \n\n (66,210) | \n
| \n Accounts payable(b) | \n\n (23,574) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (23,574) | \n\n (23,574) | \n
| \n Other operating liabilities | \n\n (10,635) | \n\n (3,666) | \n\n \u2013 | \n\n (1) | \n\n (14,302) | \n\n (14,302) | \n
| \n Current borrowings(a) | \n\n (17,099) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (17,099) | \n\n (17,121) | \n
| \n Other current financial liabilities | \n\n \u2013 | \n\n (99) | \n\n \u2013 | \n\n (104) | \n\n (203) | \n\n (203) | \n
| \n Total financial liabilities | \n\n (109,778) | \n\n (3,883) | \n\n \u2013 | \n\n (1,720) | \n\n (115,381) | \n\n (121,410) | \n
| \n Total non-financial liabilities | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (150,751) | \n\n \u00a0 | \n
| \n Total liabilities | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (266,132) | \n\n \u00a0 | \n
| \n (a)The financial debt is adjusted to the hedged risks value (currency and interest rate) as part of hedge accounting (see Note 15 to the Consolidated Financial Statements). (b)The impact of offsetting on accounts receivable, net is $(1,844) million and $1,844 million on accounts payable. | \n
Note 15Financial structure and financial costs
15.1Financial debt and derivative financial instruments
A)Non-current financial debt and derivative financial instruments
| \n As of December 31, 2022 (M$) (Assets)/Liabilities | \n\n Secured | \n\n Unsecured | \n\n Total | \n
| \n Non-current financial debt | \n\n 8,329 | \n\n 36,935 | \n\n 45,264 | \n
| \n of which hedging instruments of non-current financial debt (liabilities) | \n\n \u2013 | \n\n 3,746 | \n\n 3,746 | \n
| \n Non-current financial assets | \n\n (1,428) | \n\n (1,303) | \n\n (2,731) | \n
| \n of which hedging instruments of non-current financial debt (assets) | \n\n \u2013 | \n\n (813) | \n\n (813) | \n
| \n Non-current net financial debt and related financial instruments | \n\n 6,901 | \n\n 35,632 | \n\n 42,533 | \n
| \n Variable rate bonds or bonds after fair value hedge | \n\n \u2013 | \n\n 8,958 | \n\n 8,958 | \n
| \n Fixed rate bonds or bonds after cash flow hedge | \n\n \u2013 | \n\n 26,159 | \n\n 26,159 | \n
| \n Other floating rate debt | \n\n 13 | \n\n 227 | \n\n 240 | \n
| \n Other fixed rate debt | \n\n 39 | \n\n 496 | \n\n 535 | \n
| \n Lease obligations | \n\n 8,277 | \n\n \u2013 | \n\n 8,277 | \n
| \n Non-current financial assets excluding derivative financial instruments | \n\n (1,428) | \n\n \u2013 | \n\n (1,428) | \n
| \n Non-current instruments held for trading | \n\n \u2013 | \n\n (208) | \n\n (208) | \n
| \n Non-current net financial debt and related financial instruments | \n\n 6,901 | \n\n 35,632 | \n\n 42,533 | \n
| \n As of December 31, 2021 (M$) (Assets)/Liabilities | \n\n Secured | \n\n Unsecured | \n\n Total | \n
| \n Non-current financial debt | \n\n 7,720 | \n\n 41,792 | \n\n 49,512 | \n
| \n of which hedging instruments of non-current financial debt (liabilities) | \n\n \u2013 | \n\n 1,498 | \n\n 1,498 | \n
| \n Non-current financial assets | \n\n (847) | \n\n (1,557) | \n\n (2,404) | \n
| \n of which hedging instruments of non-current financial debt (assets) | \n\n \u2013 | \n\n (787) | \n\n (787) | \n
| \n Non-current net financial debt and related financial instruments | \n\n 6,873 | \n\n 40,235 | \n\n 47,108 | \n
| \n Variable rate bonds or bonds after fair value hedge | \n\n \u2013 | \n\n 12,820 | \n\n 12,820 | \n
| \n Fixed rate bonds or bonds after cash flow hedge | \n\n \u2013 | \n\n 27,147 | \n\n 27,147 | \n
| \n Other floating rate debt | \n\n 15 | \n\n 634 | \n\n 649 | \n
| \n Other fixed rate debt | \n\n 61 | \n\n 363 | \n\n 424 | \n
| \n Lease obligations | \n\n 7,644 | \n\n \u2013 | \n\n 7,644 | \n
| \n Non-current financial assets excluding derivative financial instruments | \n\n (847) | \n\n (675) | \n\n (1,522) | \n
| \n Non-current instruments held for trading | \n\n \u2013 | \n\n (54) | \n\n (54) | \n
| \n Non-current net financial debt and related financial instruments | \n\n 6,873 | \n\n 40,235 | \n\n 47,108 | \n
| \n As of December 31, 2020 (M$) (Assets)/Liabilities | \n\n Secured | \n\n Unsecured | \n\n Total | \n
| \n Non-current financial debt | \n\n 7,849 | \n\n 52,354 | \n\n 60,203 | \n
| \n of which hedging instruments of non-current financial debt (liabilities) | \n\n \u2013 | \n\n 1,615 | \n\n 1,615 | \n
| \n Non-current financial assets | \n\n (1,019) | \n\n (3,762) | \n\n (4,781) | \n
| \n of which hedging instruments of non-current financial debt (assets) | \n\n \u2013 | \n\n (3,221) | \n\n (3,221) | \n
| \n Non-current net financial debt and related financial instruments | \n\n 6,830 | \n\n 48,592 | \n\n 55,422 | \n
| \n Variable rate bonds or bonds after fair value hedge | \n\n \u2013 | \n\n 16,553 | \n\n 16,553 | \n
| \n Fixed rate bonds or bonds after cash flow hedge | \n\n \u2013 | \n\n 28,080 | \n\n 28,080 | \n
| \n Other floating rate debt | \n\n 40 | \n\n 3,944 | \n\n 3,984 | \n
| \n Other fixed rate debt | \n\n 73 | \n\n 438 | \n\n 511 | \n
| \n Lease obligations | \n\n 7,736 | \n\n \u2013 | \n\n 7,736 | \n
| \n Non-current financial assets excluding derivative financial instruments | \n\n (1,019) | \n\n (432) | \n\n (1,451) | \n
| \n Non-current instruments held for trading | \n\n \u2013 | \n\n 9 | \n\n 9 | \n
| \n Non-current net financial debt and related financial instruments | \n\n 6,830 | \n\n 48,592 | \n\n 55,422 | \n
The bonds, as of December 31, 2022, after taking into account currency and interest rates swaps fair value, are detailed as follows:
| \n Bonds after fair value hedge or | \n\n Currency of issuance | \n\n Amount after December 31, 2022 | \n\n Amount after December 31, 2021 | \n\n Amount after December 31, 2020 | \n\n Range of current maturities | \n\n Range of initial current rate before hedging instruments | \n
| \n Bond | \n\n USD | \n\n 5,042 | \n\n 5,001 | \n\n 6,253 | \n\n 2023 - 2028 | \n\n 2.434% - 3.883% | \n
| \n Bond | \n\n USD | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Bond | \n\n CHF | \n\n 407 | \n\n 409 | \n\n 410 | \n\n 2026 - 2029 | \n\n 0.176% - 0.298% | \n
| \n Bond | \n\n NZD | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Bond | \n\n AUD | \n\n 71 | \n\n 71 | \n\n 377 | \n\n 2025 | \n\n 4.000% | \n
| \n Bond | \n\n EUR | \n\n 5,574 | \n\n 7,528 | \n\n 8,666 | \n\n 2023 - 2044 | \n\n 0.250% - 3.125% | \n
| \n Bond | \n\n EUR | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Bond | \n\n CAD | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Bond | \n\n GBP | \n\n 925 | \n\n 1,524 | \n\n 1,522 | \n\n 2025 - 2031 | \n\n 1.405% - 2.250% | \n
| \n Bond | \n\n HKD | \n\n 129 | \n\n 129 | \n\n 129 | \n\n 2025 | \n\n 2.920% | \n
| \n Current portion (less than one year) | \n\n \n | \n\n (3,890) | \n\n (2,540) | \n\n (2,699) | \n\n \n | \n\n \n | \n
| \n Principal financing entities(b) | \n\n \n | \n\n 8,258 | \n\n 12,122 | \n\n 14,658 | \n\n \n | \n\n \n | \n
| \n TotalEnergies SE | \n\n \n | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \n | \n\n \n | \n
| \n Bond | \n\n \n | \n\n \u2013 | \n\n 1,200 | \n\n 1,200 | \n\n \n | \n\n \n | \n
| \n Current portion (less than one year) | \n\n \n | \n\n \u2013 | \n\n (1,200) | \n\n \u2013 | \n\n \n | \n\n \n | \n
| \n Other consolidated subsidiaries | \n\n \n | \n\n 700 | \n\n 698 | \n\n 695 | \n\n \n | \n\n \n | \n
| \n Total variable rate bonds or bonds after fair value hedge | \n\n \n | \n\n 8,958 | \n\n 12,820 | \n\n 16,553 | \n\n \n | \n\n \n | \n
| \n Bonds after cash flow hedge or fixed (M$) | \n\n Currency of issuance | \n\n Amount after December 31, 2022 | \n\n Amount after December 31, 2021 | \n\n Amount after December 31, 2020 | \n\n Range of current maturities | \n\n Range of initial current rate before hedging instruments | \n
| \n Bond | \n\n EUR | \n\n 15,628 | \n\n 15,487 | \n\n 15,259 | \n\n 2024 - 2044 | \n\n 0.696% - 5.125% | \n
| \n Bond | \n\n USD | \n\n 8,783 | \n\n 9,941 | \n\n 11,524 | \n\n 2023 - 2060 | \n\n 2.829% - 3.461% | \n
| \n Bond | \n\n HKD | \n\n 187 | \n\n 200 | \n\n 208 | \n\n 2026 | \n\n 3.088% | \n
| \n Bond | \n\n CHF | \n\n 1,076 | \n\n 1,113 | \n\n 1,134 | \n\n 2024 - 2027 | \n\n 0.510% - 1.010% | \n
| \n Bond | \n\n GBP | \n\n 985 | \n\n 1,004 | \n\n 998 | \n\n 2024 - 2026 | \n\n 1.250% - 1.660% | \n
| \n Bond | \n\n AUD | \n\n (2) | \n\n 5 | \n\n 9 | \n\n 2025 | \n\n 4.000% | \n
| \n Current portion (less than one year) | \n\n \u00a0 | \n\n (500) | \n\n (1,000) | \n\n (1,500) | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Principal financing entities(b) | \n\n \u00a0 | \n\n 26,157 | \n\n 26,750 | \n\n 27,632 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Other consolidated subsidiaries | \n\n \u00a0 | \n\n 2 | \n\n 397 | \n\n 448 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total fixed rate bonds or bonds after cash flow hedge | \n\n \n | \n\n 26,159 | \n\n 27,147 | \n\n 28,080 | \n\n \n | \n\n \n | \n
| \n (a)The IBOR rate reform will mainly impact the bonds after fair value hedge, on principal financing entities and TotalEnergies SE, indexed on the USLIBOR rate. At December 31, 2022, the amount of the bonds after fair value hedge (both non-current and current portions) on principal financing entities and TotalEnergies SE is $12,148 million. (b)All debt securities issued through the following subsidiaries are fully and unconditionally guaranteed by TotalEnergies SE as to payment of principal, premium, if any, interest and any other amounts due: \u2013TotalEnergies Capital is a wholly and directly owned subsidiary of TotalEnergies SE (except for one share held by each director). It acts as a financing vehicle for TotalEnergies. The repayment of its financial debt (capital, premium and interest) is fully and unconditionally guaranteed by TotalEnergies SE; \u2013TotalEnergies Capital Canada Ltd. is a wholly and directly owned subsidiary of TotalEnergies SE. It acts as a financing vehicle for the activities of TotalEnergies in Canada. The repayment of its financial debt (capital, premium and interest) is fully and unconditionally guaranteed by TotalEnergies SE; \u2013TotalEnergies Capital International is a wholly and directly owned subsidiary of TotalEnergies SE (except for one share held by each director). It acts as a financing vehicle for TotalEnergies. The repayment of its financial debt (capital, premium and interest) is fully and unconditionally guaranteed by TotalEnergies SE. | \n
Loan repayment schedule (excluding current portion)
| \n As of December 31, 2022 | \n\n Non-current financial debt | \n\n of which hedging instruments of non-current financial debt (liabilities) | \n\n Non-current financial assets | \n\n of which hedging instruments of non-current financial debt (assets) | \n\n Non-current net financial debt and related financial instruments | \n\n % | \n
| \n 2024 | \n\n 7,251 | \n\n 399 | \n\n (899) | \n\n (56) | \n\n 6,352 | \n\n 15% | \n
| \n 2025 | \n\n 4,701 | \n\n 552 | \n\n (259) | \n\n (168) | \n\n 4,442 | \n\n 10% | \n
| \n 2026 | \n\n 3,465 | \n\n 467 | \n\n (194) | \n\n (107) | \n\n 3,271 | \n\n 8% | \n
| \n 2027 | \n\n 3,522 | \n\n 217 | \n\n (104) | \n\n (17) | \n\n 3,418 | \n\n 8% | \n
| \n 2028 and beyond | \n\n 26,325 | \n\n 2,111 | \n\n (1,275) | \n\n (465) | \n\n 25,050 | \n\n 59% | \n
| \n Total | \n\n 45,264 | \n\n 3,746 | \n\n (2,731) | \n\n (813) | \n\n 42,533 | \n\n 100% | \n
| \n As of December 31, 2021 | \n\n Non-current financial debt | \n\n of which hedging instruments of non-current financial debt (liabilities) | \n\n Non-current financial assets | \n\n of which hedging instruments of non-current financial debt (assets) | \n\n Non-current net financial debt and related financial instruments | \n\n % | \n
| \n 2023 | \n\n 6,143 | \n\n 115 | \n\n (111) | \n\n (51) | \n\n 6,032 | \n\n 13% | \n
| \n 2024 | \n\n 6,506 | \n\n 190 | \n\n (219) | \n\n (103) | \n\n 6,287 | \n\n 13% | \n
| \n 2025 | \n\n 4,471 | \n\n 194 | \n\n (89) | \n\n (51) | \n\n 4,382 | \n\n 9% | \n
| \n 2026 | \n\n 3,348 | \n\n 238 | \n\n (71) | \n\n (34) | \n\n 3,277 | \n\n 7% | \n
| \n 2027 and beyond | \n\n 29,044 | \n\n 761 | \n\n (1,914) | \n\n (548) | \n\n 27,130 | \n\n 58% | \n
| \n Total | \n\n 49,512 | \n\n 1,498 | \n\n (2,404) | \n\n (787) | \n\n 47,108 | \n\n 100% | \n
| \n As of December 31, 2020 | \n\n Non-current financial debt | \n\n of which hedging instruments of non-current financial debt (liabilities) | \n\n Non-current financial assets | \n\n of which hedging instruments of non-current financial debt (assets) | \n\n Non-current net financial debt and related financial instruments | \n\n % | \n
| \n 2022 | \n\n 9,932 | \n\n 142 | \n\n (142) | \n\n (58) | \n\n 9,790 | \n\n 18% | \n
| \n 2023 | \n\n 5,988 | \n\n 59 | \n\n (268) | \n\n (218) | \n\n 5,720 | \n\n 10% | \n
| \n 2024 | \n\n 6,340 | \n\n 115 | \n\n (395) | \n\n (277) | \n\n 5,945 | \n\n 11% | \n
| \n 2025 | \n\n 4,535 | \n\n 150 | \n\n (260) | \n\n (212) | \n\n 4,275 | \n\n 8% | \n
| \n 2026 and beyond | \n\n 33,408 | \n\n 1,149 | \n\n (3,716) | \n\n (2,456) | \n\n 29,692 | \n\n 53% | \n
| \n Total | \n\n 60,203 | \n\n 1,615 | \n\n (4,781) | \n\n (3,221) | \n\n 55,422 | \n\n 100% | \n
Analysis by currency and interest rate
These analyses take into account interest rate and foreign currency swaps to hedge non-current financial net debt.
| \n As of December 31, | \n\n 2022 | \n\n % | \n\n 2021 | \n\n % | \n\n 2020 | \n\n % | \n
| \n U.S. Dollar | \n\n 38,896 | \n\n 91% | \n\n 44,387 | \n\n 94% | \n\n 48,609 | \n\n 88% | \n
| \n Euro | \n\n 2,083 | \n\n 5% | \n\n 1,708 | \n\n 4% | \n\n 3,144 | \n\n 6% | \n
| \n Norwegian krone | \n\n 47 | \n\n 0% | \n\n 67 | \n\n 0% | \n\n 72 | \n\n 0% | \n
| \n Other currencies | \n\n 1,507 | \n\n 4% | \n\n 946 | \n\n 2% | \n\n 3,597 | \n\n 6% | \n
| \n Total | \n\n 42,533 | \n\n 100% | \n\n 47,108 | \n\n 100% | \n\n 55,422 | \n\n 100% | \n
| \n As of December 31, | \n\n 2022 | \n\n % | \n\n 2021 | \n\n % | \n\n 2020 | \n\n % | \n
| \n Fixed rate | \n\n 33,533 | \n\n 79% | \n\n 34,353 | \n\n 73% | \n\n 34,870 | \n\n 63% | \n
| \n Floating rate | \n\n 9,000 | \n\n 21% | \n\n 12,755 | \n\n 27% | \n\n 20,552 | \n\n 37% | \n
| \n Total | \n\n 42,533 | \n\n 100% | \n\n 47,108 | \n\n 100% | \n\n 55,422 | \n\n 100% | \n
B)Current financial assets and liabilities
Current borrowings consist mainly of drawings on commercial papers or treasury bills and of bank loans. These instruments bear interest at rates that are close to market rates. Current deposits beyond three months include initial margins held as part of the Company\u2019s activities on organized markets.
| \n As of December 31, (M$)
| \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Current financial debt(a) | \n\n 8,997 | \n\n 8,846 | \n\n 11,305 | \n
| \n Current lease obligations | \n\n 1,437 | \n\n 1,390 | \n\n 1,206 | \n
| \n Current portion of non-current financial debt | \n\n 5,068 | \n\n 4,799 | \n\n 4,588 | \n
| \n Current borrowings (note 14) | \n\n 15,502 | \n\n 15,035 | \n\n 17,099 | \n
| \n Current portion of hedging instruments of debt (liabilities) | \n\n 262 | \n\n 316 | \n\n 104 | \n
| \n Other current financial instruments (liabilities) | \n\n 226 | \n\n 56 | \n\n 99 | \n
| \n Other current financial liabilities (note 14) | \n\n 488 | \n\n 372 | \n\n 203 | \n
| \n Current deposits beyond three months | \n\n (8,127) | \n\n (11,868) | \n\n (4,436) | \n
| \n Non-traded marketable securities | \n\n (218) | \n\n (195) | \n\n \u2013 | \n
| \n Financial receivables on sub-lease, current | \n\n (190) | \n\n (132) | \n\n (111) | \n
| \n Current portion of hedging instruments of debt (assets) | \n\n (2) | \n\n (42) | \n\n (18) | \n
| \n Other current financial instruments (assets) | \n\n (209) | \n\n (78) | \n\n (65) | \n
| \n Current financial assets (note 14) | \n\n (8,746) | \n\n (12,315) | \n\n (4,630) | \n
| \n Net current borrowings | \n\n 7,244 | \n\n 3,092 | \n\n 12,672 | \n
| \n (a)As of December 31, 2022, December 31, 2021 and December 31, 2020, current financial debt includes notably short-term negotiable debt security issued through programs fully and unconditionally securred by TotalEnergies SE.\u00a0 | \n
C)Cash flow from (used in) financing activities
The variations of financial debt are detailed as follows:
| \n (M$) | \n\n As of January 1, 2022 | \n\n Cash changes | \n\n Non-cash changes | \n\n As of December | \n||||
| \n Change | \n\n Foreign currency | \n\n Changes in fair value | \n\n Reclassification Non-current/ Current | \n\n Other | \n||||
| \n Non-current financial instruments - assets(a) and non-current financial assets | \n\n (2,404) | \n\n \u2013 | \n\n 24 | \n\n 52 | \n\n (448) | \n\n 198 | \n\n (153) | \n\n (2,731) | \n
| \n Non-current financial debt | \n\n 49,512 | \n\n 1,108 | \n\n (696) | \n\n (225) | \n\n 175 | \n\n (6,981) | \n\n 2,371 | \n\n 45,264 | \n
| \n Non-current financial debt and related financial instruments | \n\n 47,108 | \n\n 1,108 | \n\n (672) | \n\n (173) | \n\n (273) | \n\n (6,783) | \n\n 2,218 | \n\n 42,533 | \n
| \n Current financial instruments - assets(a) | \n\n (252) | \n\n 264 | \n\n \u2013 | \n\n 6 | \n\n (97) | \n\n (198) | \n\n (124) | \n\n (401) | \n
| \n Current borrowings | \n\n 15,035 | \n\n (6,337) | \n\n (316) | \n\n (106) | \n\n (69) | \n\n 6,981 | \n\n 314 | \n\n 15,502 | \n
| \n Current financial instruments - liabilities(a) | \n\n 372 | \n\n \u2013 | \n\n \u2013 | \n\n (9) | \n\n 125 | \n\n \u2013 | \n\n \u2013 | \n\n 488 | \n
| \n Current financial debt and related financial instruments | \n\n 15,155 | \n\n (6,073) | \n\n (316) | \n\n (109) | \n\n (41) | \n\n 6,783 | \n\n 190 | \n\n 15,589 | \n
| \n Financial debt and financial assets classified as held for sale | \n\n (4) | \n\n \u2013 | \n\n (34) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (38) | \n
| \n Net financial debt | \n\n 62,259 | \n\n (4,965) | \n\n (1,022) | \n\n (282) | \n\n (314) | \n\n \u2013 | \n\n 2,408 | \n\n 58,084 | \n
| \n (a)Fair value or cash flow hedge instruments and other non-hedge debt-related derivative instruments. | \n
| \n (M$) | \n\n As of January 1, 2021 | \n\n Cash changes | \n\n Non-cash changes | \n\n As of December | \n||||
| \n Change | \n\n Foreign currency | \n\n Changes in fair value | \n\n Reclassification Non-current/ Current | \n\n Other | \n||||
| \n Non-current financial instruments - assets(a) and non-current financial assets | \n\n (4,781) | \n\n (290) | \n\n 1 | \n\n 64 | \n\n 2,432 | \n\n 188 | \n\n (18) | \n\n (2,404) | \n
| \n Non-current financial debt | \n\n 60,203 | \n\n (359) | \n\n (58) | \n\n (183) | \n\n (2,377) | \n\n (9,254) | \n\n 1,540 | \n\n 49,512 | \n
| \n Non-current financial debt and related financial instruments | \n\n 55,422 | \n\n (649) | \n\n (57) | \n\n (119) | \n\n 55 | \n\n (9,066) | \n\n 1,522 | \n\n 47,108 | \n
| \n Current financial instruments - assets(a) | \n\n (194) | \n\n 191 | \n\n \u2013 | \n\n 8 | \n\n (45) | \n\n (188) | \n\n (24) | \n\n (252) | \n
| \n Current borrowings | \n\n 17,099 | \n\n (11,047) | \n\n 15 | \n\n (283) | \n\n (158) | \n\n 9,254 | \n\n 155 | \n\n 15,035 | \n
| \n Current financial instruments - liabilities(a) | \n\n 203 | \n\n \u2013 | \n\n 1 | \n\n (11) | \n\n 179 | \n\n \u2013 | \n\n \u2013 | \n\n 372 | \n
| \n Current financial debt and related financial instruments | \n\n 17,108 | \n\n (10,856) | \n\n 16 | \n\n (286) | \n\n (24) | \n\n 9,066 | \n\n 131 | \n\n 15,155 | \n
| \n Financial debt and financial assets classified as held for sale | \n\n 313 | \n\n \u2013 | \n\n (306) | \n\n (11) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (4) | \n
| \n Net financial debt | \n\n 72,843 | \n\n (11,505) | \n\n (347) | \n\n (416) | \n\n 31 | \n\n \u2013 | \n\n 1,653 | \n\n 62,259 | \n
| \n (a)Fair value or cash flow hedge instruments and other non-hedge debt-related derivative instruments | \n
| \n \n | \n\n As of January 1, 2020 | \n\n Cash changes | \n\n Non-cash changes | \n\n As of December 31, 2020 | \n||||
| \n (M$) | \n\n Change | \n\n Foreign currency | \n\n Changes in fair value | \n\n Reclassification Non-current / Current | \n\n Other | \n|||
| \n Non-current financial instruments - | \n\n (912) | \n\n (228) | \n\n 3 | \n\n (59) | \n\n (2,729) | \n\n 118 | \n\n (974) | \n\n (4,781) | \n
| \n Non-current financial debt | \n\n 47,773 | \n\n 15,800 | \n\n (456) | \n\n 192 | \n\n 2,973 | \n\n (8,711) | \n\n 2,632 | \n\n 60,203 | \n
| \n Non-current financial debt | \n\n 46,861 | \n\n 15,572 | \n\n (453) | \n\n 133 | \n\n 244 | \n\n (8,593) | \n\n 1,658 | \n\n 55,422 | \n
| \n Current financial instruments - assets(a) | \n\n (268) | \n\n 178 | \n\n \u2013 | \n\n (6) | \n\n 46 | \n\n (118) | \n\n (26) | \n\n (194) | \n
| \n Current borrowings | \n\n 14,819 | \n\n (6,679) | \n\n 6 | \n\n (132) | \n\n 188 | \n\n 8,711 | \n\n 186 | \n\n 17,099 | \n
| \n Current financial instruments - liabilities(a) | \n\n 487 | \n\n \u2013 | \n\n (5) | \n\n 8 | \n\n (287) | \n\n \u2013 | \n\n \u2013 | \n\n 203 | \n
| \n Current financial debt and related financial instruments | \n\n 15,038 | \n\n (6,501) | \n\n 1 | \n\n (130) | \n\n (53) | \n\n 8,593 | \n\n 160 | \n\n 17,108 | \n
| \n Financial debt and financial assets classified as held for sale | \n\n 301 | \n\n \u2013 | \n\n (10) | \n\n 22 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 313 | \n
| \n Net financial debt | \n\n 62,200 | \n\n 9,071 | \n\n (462) | \n\n 25 | \n\n 191 | \n\n \u2013 | \n\n 1,818 | \n\n 72,843 | \n
| \n\n | \n
Monetary changes in non-current financial debt are detailed as follows:
| \n For the year ended December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Issuance of non-current debt | \n\n 1,148 | \n\n 808 | \n\n 16,075 | \n
| \n Repayment of non-current debt | \n\n (40) | \n\n (1,167) | \n\n (275) | \n
| \n Net amount | \n\n 1,108 | \n\n \u00a0(359) | \n\n 15,800 | \n
D)Cash and cash equivalents
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Cash and cash equivalents are composed of cash on hand and highly liquid short-term investments that are easily convertible into known amounts of cash and are subject to insignificant risks of changes in value. | \n\n \n | \n\n Investments with maturity greater than three months and less than twelve months are shown under \u201cCurrent financial assets\u201d. Changes in current financial assets and liabilities are included in the financing activities section of the Consolidated Statement of Cash Flows. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
Cash and cash equivalents are detailed as follows:
| \n For the year ended December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Cash | \n\n 14,873 | \n\n 13,544 | \n\n 14,518 | \n
| \n Cash equivalents | \n\n 18,153 | \n\n 7,798 | \n\n 16,750 | \n
| \n Total | \n\n 33,026 | \n\n 21,342 | \n\n 31,268 | \n
Cash equivalents are mainly composed of deposits with a maturity of less than three months, deposited in government institutions or deposit banks selected in accordance with strict criteria.
As of December 31, 2022, the cash and cash equivalents include $2,352 million subject to restrictions, notably due to regulatory framework or to the fact they are owned by affiliates located in countries with exchange controls.
E)Net-debt-to-capital ratio
For its internal and external communication needs, TotalEnergies calculates a debt ratio by dividing its net financial debt excluding leases by its capital.
The ratio is calculated as follows: Net debt excluding leases / (Equity + Net debt excluding leases)
| \n As of December 31, (M$)
| \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Current borrowings(a) | \n\n 14,065 | \n\n 13,645 | \n\n 15,893 | \n
| \n Other current financial liabilities | \n\n 488 | \n\n 372 | \n\n 203 | \n
| \n Current financial assets(a) | \n\n (8,556) | \n\n (12,183) | \n\n (4,519) | \n
| \n Net financial assets and liabilities held for sale or exchange | \n\n (38) | \n\n (4) | \n\n 313 | \n
| \n Non-current financial debt(a) | \n\n 36,987 | \n\n 41,868 | \n\n 52,467 | \n
| \n Non-current financial assets(a) | \n\n (1,303) | \n\n (1,557) | \n\n (3,762) | \n
| \n Cash and cash equivalents | \n\n (33,026) | \n\n (21,342) | \n\n (31,268) | \n
| \n Net financial debt | \n\n 8,617 | \n\n 20,799 | \n\n 29,327 | \n
| \n Shareholders' equity - TotalEnergies share | \n\n 111,724 | \n\n 111,736 | \n\n 103,702 | \n
| \n Distribution of the income based on existing shares at the closing date | \n\n 2,846 | \n\n 3,263 | \n\n 2,383 | \n
| \n Shareholders' equity | \n\n 114,570 | \n\n 114,999 | \n\n 106,085 | \n
| \n Net-debt-to-capital ratio excluding leases | \n\n 7.0% | \n\n 15.3% | \n\n 21.7% | \n
| \n (a)Excluding lease receivables & lease debts. | \n
15.2Fair value of financial instruments (excluding commodity contracts)
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n TotalEnergies uses derivative instruments to manage its exposure to risks of changes in interest rates, foreign exchange rates and commodity prices. These financial instruments are accounted for in accordance with IFRS 9, changes in fair value of derivative instruments are recognized in the income statement or in other comprehensive income and are recognized in the balance sheet in the accounts corresponding to their nature, according to the risk management strategy. The derivative instruments used by TotalEnergies are the following: Cash management Financial instruments used for cash management purposes are part of a hedging strategy of currency and interest rate risks within global limits set by TotalEnergies and are considered to be held for trading. Changes in fair value are systematically recorded in the income statement. The balance sheet value of those instruments is included in \u201cCurrent financial assets\u201d or \u201cOther current financial liabilities\u201d. Long-term financing When an external long-term financing is set up, specifically to finance subsidiaries, and when this financing involves currency and interest rate derivatives, these instruments are qualified as: 1.Fair value hedge of the interest rate and currency risks on the external debt financing the loans to subsidiaries. Changes in fair value of derivatives are recognized in the income statement, as are changes in fair value of underlying financial debts and loans to subsidiaries. The fair value of those hedging instruments of long-term financing is included in assets under \u201cNon-current financial assets\u201d or in liabilities under \u201cNon-current financial debt\u201d for the non-current portion. The current portion (less than one year) is accounted for in \u201cCurrent financial assets\u201d or \u201cOther current financial liabilities\u201d. In case of the anticipated termination of derivative instruments accounted for as fair value hedges, the amount paid or received is recognized in the income statement and: \u2013If this termination is due to an early cancellation of the hedged items, the adjustment previously recorded as revaluation of those hedged items is also recognized in the income statement; \u2013If the hedged items remain in the balance sheet, the adjustment previously recorded as a revaluation of those hedged items is amortized over the remaining life of those items. In case of a change in the strategy of the hedge (fair value hedge to cash flow hedge), if the components of the initial aggregated exposure had already been designated in a hedging relationship (FVH), TotalEnergies designates the new instrument as a hedging instrument of an aggregated position (CFH) without having to end the initial hedging relationship. | \n\n \n | \n\n 2.Cash flow hedge when TotalEnergies implements a strategy of fixing interest rate and/or currency rate on the external debt. Changes in fair value are recorded in other comprehensive income for the effective portion of the hedging and in the income statement for the ineffective portion of the hedging. When the hedged transaction affects profit or loss, the fair value variations of the hedging instrument recorded in equity are also symmetrically recycled to the income statement. The fair value of those hedging instruments of long-term financing is included in assets under \u201cNon-current financial assets\u201d or in liabilities under \u201cNon-current financial debt\u201d for the non-current portion. The current portion (less than one year) is accounted for in \u201cCurrent financial assets\u201d or \u201cOther current financial liabilities\u201d. If the hedging instrument expires, is sold or terminated by anticipation, gains or losses previously recognized in equity remain in equity. Amounts are recycled to the income statement only when the hedged transaction affects profit or loss. 3.In compliance with IFRS 9, TotalEnergies has decided to recognize in a separate component of the comprehensive income the variation of foreign currency basis spread (Cross Currency Swaps) identified in the hedging relationships qualified as fair value hedges and cash flow hedges. Foreign subsidiaries\u2019 equity hedge Certain financial instruments hedge against risks related to the equity of foreign subsidiaries whose functional currency is not the euro (mainly the dollar). These instruments qualify as \u201cnet investment hedges\u201d and changes in fair value are recorded in other comprehensive income under \u201cCurrency translation\u201d for the effective portion of the hedging and in the income statement for the ineffective portion of the hedging. Gains or losses on hedging instruments previously recorded in equity, are reclassified to the income statement in the same period as the total or partial disposal of the foreign activity. The fair value of these instruments is recorded under \u201cCurrent financial assets\u201d and \u201dOther current financial liabilities\u201d Commitments to purchase shares held by non-controlling interests (put options written on minority interests) Put options granted to non-controlling-interest shareholders are initially recognized as financial liabilities at the present value of the exercise price of the options with a corresponding reduction in shareholders\u2019 equity \u2013 TotalEnergies share. The financial liability is subsequently measured at fair value at each balance sheet date in accordance with contractual clauses and any variation is recorded in the income statement (cost of debt). | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
A)Impact on the income statement per nature of financial instruments
Assets and liabilities from financing activities
The impact on the income statement of financing assets and liabilities mainly includes:
\u2013Financial income on cash, cash equivalents, and current financial assets (notably current deposits beyond three months) classified as \u201cLoans and receivables\u201d;
\u2013Financial expense of long-term subsidiaries financing, associated hedging instruments (excluding ineffective portion of the hedge detailed below) and financial expense of short-term financing classified as \u201cFinancing liabilities and associated hedging instruments\u201d;
\u2013Ineffective portion of bond hedging;
\u2013Financial income and financial expense on lease contracts and;
\u2013Financial income, financial expense and fair value of derivative instruments used for cash management purposes classified as \u201cAssets and liabilities held for trading\u201d.
Financial derivative instruments used for cash management purposes (interest rate and foreign exchange) are considered to be held for trading. Based on practical documentation issues, TotalEnergies did not elect to set up hedge accounting for such instruments. The impact on income statement of the derivatives is offset by the impact of loans and current liabilities they are related to. Therefore these transactions taken as a whole do not have a significant impact on the Consolidated Financial Statements.
| \n For the year ended December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Loans and receivables | \n\n 562 | \n\n 188 | \n\n 154 | \n
| \n Financing liabilities and associated hedging instruments | \n\n (1,812) | \n\n (1,373) | \n\n (1,660) | \n
| \n Fair value hedge (ineffective portion) | \n\n (5) | \n\n (10) | \n\n 12 | \n
| \n Lease assets and obligations | \n\n (458) | \n\n (413) | \n\n (422) | \n
| \n Assets and liabilities held for trading | \n\n 470 | \n\n 83 | \n\n (194) | \n
| \n Impact on the cost of net debt | \n\n (1,243) | \n\n (1,525) | \n\n (2,110) | \n
B)Impact of the hedging strategies
Fair value hedge instruments
The impact on the income statement of the bond hedging instruments which is recorded in the item \u201cFinancial interest on debt\u201d in the Consolidated Statement of Income is detailed as follows:
| \n For the year ended December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Revaluation impact at market value of bonds | \n\n 3,817 | \n\n 3,199 | \n\n (4,004) | \n
| \n Swaps hedging bonds | \n\n (3,822) | \n\n (3,209) | \n\n 4,016 | \n
| \n Ineffective portion of the fair value hedge | \n\n (5) | \n\n (10) | \n\n 12 | \n
The ineffective portion is not representative of TotalEnergies' performance considering its objective to hold swaps to maturity. The current portion of the swaps valuation is not subject to active management.
Net investment hedge
As of December 31, 2022, 2021 and 2020 TotalEnergies had no open forward contracts held in respect of net investment hedge strategies.
Cash flow hedge
The impact on the income statement and other comprehensive income of the bonds hedging instruments qualified as cash flow hedges is detailed as follows:
| \n For the year ended December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Profit (Loss) recorded in other comprehensive income of the period | \n\n 72 | \n\n (167) | \n\n (327) | \n
| \n Recycled amount from other comprehensive income to the income statement of the period | \n\n (55) | \n\n (113) | \n\n 139 | \n
As of December 31, 2022, 2021 and 2020, the ineffective portion of these financial instruments is nil.
Hedging instruments and hedged items by strategy
Fair Value Hedge
The following charts regarding Fair Value Hedge, disclose by nature of hedging instruments (Interest Rate Swaps and Cross Currency Swaps):
\u2013The nominal amounts and carrying amounts of hedging instruments;
\u2013The carrying amounts of hedged items and cumulative FVH adjustments included in the carrying amounts of the hedged items;
\u2013The hedged items that have ceased to be adjusted for hedging gains and losses.
| \n For the year ended | \n\n Hedging instruments | \n\n Nominal amount of hedging instruments | \n\n Carrying amount of hedging instruments | \n\n \n | \n\n Carrying amount of hedged items | \n\n \n | \n\n Cumulative FVH adjustments included | \n\n Line items in the | \n|||
| \n Hedged items | \n\n Assets | \n\n Liabilities | \n\n \n | \n\n Assets | \n\n Liabilities | \n\n \n | \n\n Assets | \n\n Liabilities | \n|||
| \n Bonds | \n\n Interest Rate Swaps | \n\n 5,000 | \n\n \u2013 | \n\n (151) | \n\n \n | \n\n \u2013 | \n\n (4,892) | \n\n \n | \n\n \u2013 | \n\n 108 | \n\n Financial debt / Financial assets | \n
| \n Bonds | \n\n Cross Currency Swaps | \n\n 7,029 | \n\n \u2013 | \n\n (1,124) | \n\n \n | \n\n \u2013 | \n\n (5,982) | \n\n \n | \n\n \u2013 | \n\n 1,047 | \n\n Financial debt / Financial assets | \n
| \n End of hedging | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n (8) | \n\n \n | \n
| \n For the year ended | \n\n Hedging instruments | \n\n Nominal amount of hedging instruments | \n\n Carrying amount of hedging instruments | \n\n \n | \n\n Carrying amount of hedged items | \n\n \n | \n\n Cumulative FVH adjustments included | \n\n Line items in the | \n|||
| \n Hedged items | \n\n Assets | \n\n Liabilities | \n\n \n | \n\n Assets | \n\n Liabilities | \n\n \n | \n\n Assets | \n\n Liabilities | \n|||
| \n Bonds | \n\n Interest Rate Swaps | \n\n 6,767 | \n\n 303 | \n\n (36) | \n\n \n | \n\n \u2013 | \n\n (7,037) | \n\n \n | \n\n \u2013 | \n\n (837) | \n\n Financial debt / Financial assets | \n
| \n Bonds | \n\n Cross Currency Swaps | \n\n 9,566 | \n\n 154 | \n\n (382) | \n\n \n | \n\n \u2013 | \n\n (8,865) | \n\n \n | \n\n \u2013 | \n\n 701 | \n\n Financial debt / Financial assets | \n
| \n End of hedging | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n (27) | \n\n \n | \n
| \n For the year ended | \n\n Hedging instruments | \n\n Nominal amount of hedging instruments | \n\n Carrying amount of hedging instruments | \n\n \n | \n\n Carrying amount of hedged items | \n\n \n | \n\n Cumulative FVH adjustments included | \n\n Line items in the | \n|||
| \n Hedged items | \n\n Assets | \n\n Liabilities | \n\n \n | \n\n Assets | \n\n Liabilities | \n\n \n | \n\n Assets | \n\n Liabilities | \n|||
| \n Bonds | \n\n Interest Rate Swaps | \n\n 8,063 | \n\n 527 | \n\n (15) | \n\n \n | \n\n \u2013 | \n\n (8,586) | \n\n \n | \n\n \u2013 | \n\n (1,136) | \n\n Financial debt / Financial assets | \n
| \n Bonds | \n\n Cross Currency Swaps | \n\n 11,011 | \n\n 836 | \n\n (211) | \n\n \n | \n\n \u2013 | \n\n (11,109) | \n\n \n | \n\n \u2013 | \n\n (98) | \n\n Financial debt / Financial assets | \n
| \n End of hedging | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n (47) | \n\n \n | \n
Cash Flow Hedge
The following charts regarding Cash Flow Hedge disclose the nominal amounts and carrying amounts by nature of hedging instruments (Interest Rate Swaps and Cross Currency Swaps).
According to IFRS 9, there is no accounting entry related to Cash Flow Hedge on hedged items.
| \n For the year ended | \n\n Nature of hedging instruments | \n\n Nominal amount of | \n\n Carrying amount of hedging instruments | \n\n Line items in the statement of financial position | \n|
| \n Assets | \n\n Liabilities | \n||||
| \n Bonds | \n\n Interest Rate Swaps | \n\n 12,782 | \n\n 815 | \n\n (2) | \n\n Financial debt / Financial assets | \n
| \n Bonds | \n\n Cross Currency swaps | \n\n 17,511 | \n\n \u2013 | \n\n (2,731) | \n\n Financial debt / Financial assets | \n
| \n For the year ended | \n\n Nature of hedging instruments | \n\n Nominal amount of | \n\n Carrying amount of hedging instruments | \n\n Line items in the statement of financial position | \n|
| \n Assets | \n\n Liabilities | \n||||
| \n Bonds | \n\n Interest Rate Swaps | \n\n 12,782 | \n\n \u2013 | \n\n (736) | \n\n Financial debt / Financial assets | \n
| \n Bonds | \n\n Cross Currency swaps | \n\n 17,511 | \n\n 372 | \n\n (660) | \n\n Financial debt / Financial assets | \n
| \n For the year ended | \n\n Nature of hedging instruments | \n\n Nominal amount of | \n\n Carrying amount of hedging instruments | \n\n Line items in the statement of financial position | \n|
| \n Assets | \n\n Liabilities | \n||||
| \n Bonds | \n\n Interest Rate Swaps | \n\n 12,781 | \n\n \u2013 | \n\n (1,441) | \n\n Financial debt / Financial assets | \n
| \n Bonds | \n\n Cross Currency swaps | \n\n 17,511 | \n\n 1,856 | \n\n (32) | \n\n Financial debt / Financial assets | \n
C)Maturity of derivative instruments
The maturity of the notional amounts of derivative instruments, excluding the commodity contracts, is detailed in the following table:
| \n For the year ended December 31, 2022 (M$)
| \n\n Fair value | \n\n Notional value 2023 | \n\n Fair value | \n\n Notional value schedule | \n|||||
| \n 2024 | \n\n 2024 | \n\n 2025 | \n\n 2026 | \n\n 2027 | \n\n 2028 | \n||||
| \n Fair value hedge | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (assets) | \n\n \u2013 | \n\n 1,000 | \n\n \u2013 | \n\n \u2013 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (liabilities) | \n\n (260) | \n\n 2,858 | \n\n (1,015) | \n\n 8,171 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total swaps hedging bonds - | \n\n (260) | \n\n 3,858 | \n\n (1,015) | \n\n 8,171 | \n\n 2,087 | \n\n 1,630 | \n\n 202 | \n\n 820 | \n\n 3,432 | \n
| \n Cash flow hedge | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (assets) | \n\n 2 | \n\n 250 | \n\n 813 | \n\n 11,782 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (liabilities) | \n\n (2) | \n\n 750 | \n\n (2,731) | \n\n 17,511 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total swaps hedging bonds - | \n\n \u2013 | \n\n 1,000 | \n\n (1,918) | \n\n 29,293 | \n\n 3,659 | \n\n 4,459 | \n\n 4,069 | \n\n 2,071 | \n\n 15,035 | \n
| \n Forward exchange contracts related to operating activities (assets) | \n\n 4 | \n\n 70 | \n\n 3 | \n\n 91 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Forward exchange contracts related to operating activities (liabilities) | \n\n (19) | \n\n 187 | \n\n (19) | \n\n 433 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total forward exchange contracts related to operating activities | \n\n (15) | \n\n 257 | \n\n (16) | \n\n 524 | \n\n 524 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Held for trading | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Other interest rate swaps (assets) | \n\n 154 | \n\n 14,955 | \n\n 447 | \n\n 7,470 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Other interest rate swaps (liabilities) | \n\n (94) | \n\n 13,236 | \n\n (226) | \n\n 4,128 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total other interest rate swaps | \n\n 60 | \n\n 28,191 | \n\n 221 | \n\n 11,598 | \n\n 5,233 | \n\n 3,716 | \n\n 1,174 | \n\n 1,022 | \n\n 453 | \n
| \n Currency swaps and forward exchange contracts (assets) | \n\n 55 | \n\n 7,076 | \n\n 44 | \n\n 1,289 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Currency swaps and forward exchange contracts (liabilities) | \n\n (110) | \n\n 15,964 | \n\n (57) | \n\n 839 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total currency swaps and forward exchange contracts | \n\n (55) | \n\n 23,040 | \n\n (13) | \n\n 2,128 | \n\n 391 | \n\n 1,737 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
Notional amounts set the levels of commitment and are indicative nor of a contingent gain or loss neither of a related debt.
| \n For the year ended December 31, 2021 (M$)
| \n\n Fair value | \n\n Notional value 2022 | \n\n Fair value | \n\n Notional value schedule | \n|||||
| \n 2023 | \n\n 2023 | \n\n 2024 | \n\n 2025 | \n\n 2026 | \n\n 2027 | \n||||
| \n Fair value hedge | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (assets) | \n\n 42 | \n\n 566 | \n\n 415 | \n\n 9,659 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (liabilities) | \n\n (316) | \n\n 3,737 | \n\n (102) | \n\n 2,371 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total swaps hedging bonds - | \n\n (274) | \n\n 4,303 | \n\n 313 | \n\n 12,030 | \n\n 3,858 | \n\n 2,087 | \n\n 1,630 | \n\n 202 | \n\n 4,253 | \n
| \n Cash flow hedge | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (assets) | \n\n \u2013 | \n\n \u2013 | \n\n 372 | \n\n 7,149 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (liabilities) | \n\n \u2013 | \n\n \u2013 | \n\n (1,396) | \n\n 23,144 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total swaps hedging bonds - | \n\n \u2013 | \n\n \u2013 | \n\n (1,024) | \n\n 30,293 | \n\n 1,000 | \n\n 3,659 | \n\n 4,459 | \n\n 4,068 | \n\n 17,107 | \n
| \n Forward exchange contracts related to operating activities (assets) | \n\n \u2013 | \n\n 36 | \n\n \u2013 | \n\n \u2013 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Forward exchange contracts related to operating activities (liabilities) | \n\n (8) | \n\n 283 | \n\n (14) | \n\n 366 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total forward exchange contracts related to operating activities | \n\n (8) | \n\n 319 | \n\n (14) | \n\n 366 | \n\n 171 | \n\n 195 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Held for trading | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Other interest rate swaps (assets) | \n\n 13 | \n\n 20,876 | \n\n 78 | \n\n 5,170 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Other interest rate swaps (liabilities) | \n\n (19) | \n\n 6,470 | \n\n (41) | \n\n 2,561 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total other interest rate swaps | \n\n (6) | \n\n 27,346 | \n\n 37 | \n\n 7,731 | \n\n 1,708 | \n\n 2,856 | \n\n 2,111 | \n\n 751 | \n\n 305 | \n
| \n Currency swaps and forward exchange contracts (assets) | \n\n 65 | \n\n 9,769 | \n\n 17 | \n\n 367 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Currency swaps and forward exchange contracts (liabilities) | \n\n (37) | \n\n 5,065 | \n\n \u2013 | \n\n (16) | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total currency swaps and forward exchange contracts | \n\n 28 | \n\n 14,834 | \n\n 17 | \n\n 351 | \n\n 265 | \n\n 86 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
Notional amounts set the levels of commitment and are indicative nor of a contingent gain or loss neither of a related debt.
| \n For the year ended December 31, 2020 (M$)
| \n\n Fair value | \n\n Notional value 2021 | \n\n Fair value | \n\n Notional value schedule | \n|||||
| \n 2022 | \n\n 2022 | \n\n 2023 | \n\n 2024 | \n\n 2025 | \n\n 2026 | \n||||
| \n Fair value hedge | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (assets) | \n\n 18 | \n\n 1,250 | \n\n 1,365 | \n\n 12,642 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (liabilities) | \n\n (104) | \n\n 1,445 | \n\n (142) | \n\n 3,737 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total swaps hedging bonds - | \n\n (86) | \n\n 2,695 | \n\n 1,223 | \n\n 16,379 | \n\n 4,350 | \n\n 3,858 | \n\n 2,087 | \n\n 1,630 | \n\n 4,454 | \n
| \n Cash flow hedge | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (assets) | \n\n \u2013 | \n\n \u2013 | \n\n 1,856 | \n\n 16,259 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (liabilities) | \n\n \u2013 | \n\n \u2013 | \n\n (1,473) | \n\n 14,033 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total swaps hedging bonds - | \n\n \u2013 | \n\n \u2013 | \n\n 383 | \n\n 30,292 | \n\n \u2013 | \n\n 1,000 | \n\n 3,659 | \n\n 4,459 | \n\n 21,174 | \n
| \n Forward exchange contracts related to operating activities (assets) | \n\n 16 | \n\n 262 | \n\n 20 | \n\n 394 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Forward exchange contracts related to operating activities (liabilities) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total forward exchange contracts related to operating activities | \n\n 16 | \n\n 262 | \n\n 20 | \n\n 394 | \n\n 276 | \n\n 118 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Held for trading | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Other interest rate swaps (assets) | \n\n 10 | \n\n 22,011 | \n\n 84 | \n\n 3,214 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Other interest rate swaps (liabilities) | \n\n (51) | \n\n 7,693 | \n\n (116) | \n\n 3,695 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total other interest rate swaps | \n\n (41) | \n\n 29,704 | \n\n (32) | \n\n 6,909 | \n\n 2,067 | \n\n 764 | \n\n 2,004 | \n\n 1,937 | \n\n 137 | \n
| \n Currency swaps and forward exchange contracts (assets) | \n\n 39 | \n\n 3,323 | \n\n 5 | \n\n 344 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Currency swaps and forward exchange contracts (liabilities) | \n\n (48) | \n\n 2,580 | \n\n (2) | \n\n 54 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total currency swaps and forward exchange contracts | \n\n (9) | \n\n 5,903 | \n\n 3 | \n\n 398 | \n\n 189 | \n\n 145 | \n\n 64 | \n\n \u2013 | \n\n \u2013 | \n
Notional amounts set the levels of commitment and are indicative nor of a contingent gain or loss neither of a related debt.
D)Fair value hierarchy
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n According to IFRS 13, fair values are estimated for the majority of TotalEnergies\u2019 financial instruments, with the exception of publicly traded equity securities and marketable securities for which the market price is used. Estimations of fair value, which are based on principles such as discounting future cash flows to present value, must be weighted by the fact that the value of a financial instrument at a given time may be influenced by the market environment (liquidity especially), and also the fact that subsequent changes in interest rates and exchange rates are not taken into account. As a consequence, the use of different estimates, methodologies and assumptions could have a material effect on the estimated fair value amounts. | \n\n \n | \n\n The methods used are as follows: Financial debts, swaps The market value of swaps and of bonds that are hedged by those swaps has been determined on an individual basis by discounting future cash flows with the market curves existing at year-end. Other financial instruments The fair value of interest rate swaps and of FRA's (Forward Rate Agreements) is calculated by discounting future cash flows on the basis of market curves existing at year-end after adjustment for interest accrued but unpaid. Forward exchange contracts and currency swaps are valued on the basis of a comparison of the negotiated forward rates with the rates in effect on the financial markets at year-end for similar maturities. Exchange options are valued based on models commonly used by the market. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
The fair value hierarchy for financial instruments, excluding commodity contracts, is as follows:
| \n As of December 31, 2022 (M$) | \n\n Quoted prices | \n\n Prices based on observable data (level 2) | \n\n Prices based on non observable data (level 3) | \n\n Total | \n
| \n Fair value hedge instruments | \n\n \u2013 | \n\n (1,275) | \n\n \u2013 | \n\n (1,275) | \n
| \n Cash flow hedge instruments | \n\n \u2013 | \n\n (1,950) | \n\n \u2013 | \n\n (1,950) | \n
| \n Assets and liabilities held for trading | \n\n \u2013 | \n\n 214 | \n\n \u2013 | \n\n 214 | \n
| \n Equity instruments | \n\n 33 | \n\n \u2013 | \n\n \u2013 | \n\n 33 | \n
| \n Total | \n\n 33 | \n\n (3,011) | \n\n \u2013 | \n\n (2,978) | \n
| \n As of December 31, 2021 (M$) | \n\n Quoted prices | \n\n Prices based on observable data (level 2) | \n\n Prices based on non observable data (level 3) | \n\n Total | \n
| \n Fair value hedge instruments | \n\n \u2013 | \n\n 39 | \n\n \u2013 | \n\n 39 | \n
| \n Cash flow hedge instruments | \n\n \u2013 | \n\n (1,052) | \n\n \u2013 | \n\n (1,052) | \n
| \n Assets and liabilities held for trading | \n\n \u2013 | \n\n 82 | \n\n \u2013 | \n\n 82 | \n
| \n Equity instruments | \n\n 501 | \n\n \u2013 | \n\n \u2013 | \n\n 501 | \n
| \n Total | \n\n 501 | \n\n (931) | \n\n \u2013 | \n\n (430) | \n
| \n As of December 31, 2020 (M$) | \n\n Quoted prices | \n\n Prices based on observable data (level 2) | \n\n Prices based on non observable data (level 3) | \n\n Total | \n
| \n Fair value hedge instruments | \n\n \u2013 | \n\n 1,137 | \n\n \u2013 | \n\n 1,137 | \n
| \n Cash flow hedge instruments | \n\n \u2013 | \n\n 408 | \n\n \u2013 | \n\n 408 | \n
| \n Assets and liabilities held for trading | \n\n \u2013 | \n\n (68) | \n\n \u2013 | \n\n (68) | \n
| \n Equity instruments | \n\n 706 | \n\n \u2013 | \n\n \u2013 | \n\n 706 | \n
| \n Total | \n\n 706 | \n\n 1,477 | \n\n \u2013 | \n\n 2,183 | \n
15.3Financial risks management
Financial markets related risks
As part of its financing and cash management activities, TotalEnergies uses derivative instruments to manage its exposure to changes in interest rates and foreign exchange rates. These instruments are mainly interest rate and currency swaps. TotalEnergies may also occasionally use futures contracts and options. These operations and their accounting treatment are detailed in Notes 14, 15.1 and 15.2 to the Consolidated Financial Statements.
Risks relative to cash management operations and to interest rate and foreign exchange financial instruments are managed according to rules set by TotalEnergies\u2019 General Management, which provide for regular pooling of available cash balances, open positions and management of the financial instruments by the Treasury Department. Excess cash of TotalEnergies is deposited mainly in government institutions, deposit banks, or major companies through deposits, reverse repurchase agreements and purchase of commercial paper. Liquidity positions and the management of financial instruments are centralized by the Treasury Department, where they are managed by a team specialized in foreign exchange and interest rate market transactions.
The Cash Monitoring-Management Unit within the Treasury Department monitors limits and positions per bank on a daily basis and results of the Front Office. This unit also prepares marked-to-market valuations of used financial instruments and, when necessary, performs sensitivity analyses.
Counterparty risk
TotalEnergies has established standards for market transactions under which any banking counterparty must be approved in advance, based on an assessment of the counterparty\u2019s financial solidity (multi-criteria analysis including notably a review of its Credit Default Swap (CDS) level, credit ratings from Standard & Poor\u2019s and Moody\u2019s, which must be of high standing, and general financial situation).
An overall credit limit is set for each authorised financial counterparty and is allocated amongst the affiliates and TotalEnergies\u2019 central treasury entities, according to TotalEnergies\u2019 financial needs.
To reduce the market valuation risk on its commitments, in particular relating to derivative instruments, the Treasury Department has entered into margin call agreements with its counterparties, in compliance with applicable regulations. Moreover, since December 21, 2018 any new interest rate hedging swap (excluding cross currency swaps) entered into by a TotalEnergies\u2019 entity, and falling under the clearing obligation in accordance with EU regulations 648/2012 and 2019/834 on OTC derivatives, central counterparties and trade repositories (EMIR and EMIR Refit respectively), is now subject to central clearing.\u00a0
Since September 1, 2021, TotalEnergies applies the delegated Regulation (EU) No. 2016/2251 (supplementing Regulation (EU) No 648/2012), regarding initial margin calls on certain OTC derivative contracts not cleared by central counterparty.
Reform of benchmarks risk
The transition to IBOR indices did not have a significant impact on the financial instruments managed by the Treasury Department of TotalEnergies. The main LIBOR Dollar maturities such as the 3 month USD LIBOR will continue to be published until the end of June 2023 and will then be replaced by the SOFR. Furthermore, in Europe, the Eonia rate ceased to be published on January 3, 2022 and was replaced by the ESTR rate. TotalEnergies is proactively managing these regulatory changes.
Short-term interest rate exposure and cash
Cash balances, primarily composed of euros and dollars, are managed according to the guidelines established by TotalEnergies\u2019 General Management (to maintain an adequate level of liquidity, optimize revenue from investments considering existing interest rate yield curves, and minimize the cost of borrowing) based on a daily interest rate benchmark, primarily through short-term interest rate swaps and short-term currency swaps.
Interest rate risk on non-current debt
TotalEnergies\u2019 policy consists in incurring long-term debt at a floating or fixed rate, depending on TotalEnergies\u2019 general corporate needs and the interest rate environment at the time of issuance, mainly in dollars or euros. Long-term interest rate and currency swaps may be entered into for the purpose of hedging bonds at the time of issuance, synthetically resulting in the incurrence of variable or fixed rate debt. In order to partially alter the interest rate exposure of its long-term indebtedness, TotalEnergies may also enter into long-term interest rate swaps on an ad-hoc basis.
Currency exposure
TotalEnergies generally seeks to minimize the currency exposure of each entity to its functional currency (primarily the dollar, the euro, the pound sterling and the Norwegian krone).
For currency exposure generated by commercial activity, the hedging of revenues and costs in foreign currencies is typically performed using currency operations on the spot market and, in some cases, on the forward market. TotalEnergies rarely hedges future cash flows, although it may use options to do so.
With respect to currency exposure linked to non-current assets, TotalEnergies has a hedging policy of financing these assets in their functional currency.
Net short-term currency exposure is periodically monitored against limits set by TotalEnergies\u2019 General Management.
The non-current debt described in Note 15.1 to the Consolidated Financial Statements is generally raised by the corporate treasury entities either directly in dollars or in euros, or in other currencies which are then exchanged for dollars or euros through swap issuances to appropriately match general corporate needs. The proceeds from these debt issuances are loaned to affiliates whose accounts are kept in dollars or in euros. Thus, the net sensitivity of these positions to currency exposure is not significant.
TotalEnergies\u2019 short-term currency swaps, the notional value of which appears in Note 15.2 to the Consolidated Financial Statements, are used to attempt to optimize the centralized cash management of TotalEnergies. Thus, the sensitivity to currency fluctuations which may be induced is likewise considered negligible.
Sensitivity analysis on interest rate and foreign exchange risk
The tables below present the potential impact of an increase or decrease of 10 basis points on the interest rate yield curves for each of the currencies on the fair value of the current financial instruments as of December\u00a031, 2022, 2021 and 2020.
| \n Assets/(Liabilities) (M$) | \n\n Carrying | \n\n Estimated | \n\n Change in fair value due to a change in interest rate by | \n|
| \n + 10 basis | \n\n - 10 basis | \n|||
| \n As of December 31, 2022 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Bonds (non-current portion, before swaps) | \n\n (32,184) | \n\n (30,391) | \n\n 210 | \n\n (210) | \n
| \n Swaps hedging bonds (liabilities) | \n\n (3,746) | \n\n (3,746) | \n\n \u2013 | \n\n \u2013 | \n
| \n Swaps hedging bonds (assets) | \n\n 813 | \n\n 813 | \n\n \u2013 | \n\n \u2013 | \n
| \n Total swaps hedging bonds (assets and liabilities) | \n\n (2,933) | \n\n (2,933) | \n\n (9) | \n\n 9 | \n
| \n Current portion of non-current debt after swaps (excluding lease obligations) | \n\n (5,328) | \n\n (5,344) | \n\n 3 | \n\n (3) | \n
| \n Other interest rates swaps | \n\n 281 | \n\n 281 | \n\n 10 | \n\n (10) | \n
| \n Currency swaps and forward exchange contracts | \n\n (68) | \n\n (68) | \n\n \u2013 | \n\n \u2013 | \n
| \n As of December 31, 2021 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Bonds (non-current portion, before swaps) | \n\n (39,256) | \n\n (42,888) | \n\n 349 | \n\n (349) | \n
| \n Swaps hedging bonds (liabilities) | \n\n (1,498) | \n\n (1,498) | \n\n \u2013 | \n\n \u2013 | \n
| \n Swaps hedging bonds (assets) | \n\n 787 | \n\n 787 | \n\n \u2013 | \n\n \u2013 | \n
| \n Total swaps hedging bonds (assets and liabilities) | \n\n (711) | \n\n (711) | \n\n (34) | \n\n 34 | \n
| \n Current portion of non-current debt after swaps (excluding lease obligations) | \n\n (5,073) | \n\n (5,077) | \n\n 5 | \n\n (5) | \n
| \n Other interest rates swaps | \n\n 31 | \n\n 31 | \n\n 16 | \n\n (16) | \n
| \n Currency swaps and forward exchange contracts | \n\n 45 | \n\n 45 | \n\n \u2013 | \n\n \u2013 | \n
| \n As of December 31, 2020 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Bonds (non-current portion, before swaps) | \n\n (46,239) | \n\n (52,246) | \n\n 440 | \n\n (440) | \n
| \n Swaps hedging bonds (liabilities) | \n\n (1,615) | \n\n (1,615) | \n\n \u2013 | \n\n \u2013 | \n
| \n Swaps hedging bonds (assets) | \n\n 3,221 | \n\n 3,221 | \n\n \u2013 | \n\n \u2013 | \n
| \n Total swaps hedging bonds (assets and liabilities) | \n\n 1,606 | \n\n 1,606 | \n\n (70) | \n\n 70 | \n
| \n Current portion of non-current debt after swaps (excluding lease obligations) | \n\n (4,674) | \n\n (4,696) | \n\n 2 | \n\n (2) | \n
| \n Other interest rates swaps | \n\n (73) | \n\n (73) | \n\n 18 | \n\n (18) | \n
| \n Currency swaps and forward exchange contracts | \n\n (6) | \n\n (6) | \n\n \u2013 | \n\n \u2013 | \n
The impact of changes in interest rates on the cost of debt before tax is as follows:
| \n For the year ended December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Cost of net debt | \n\n (1,243) | \n\n (1,525) | \n\n (2,110) | \n
| \n Interest rate translation of : | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n + 10 basis points | \n\n 18 | \n\n 47 | \n\n 29 | \n
| \n - 10 basis points | \n\n (18) | \n\n (47) | \n\n (29) | \n
As a result of the policy for the management of currency exposure previously described, TotalEnergies\u2019 sensitivity to currency exposure is primarily influenced by the net equity of the subsidiaries whose functional currency is the euro and to a lesser extent, the pound sterling and the Norwegian krone.
This sensitivity is reflected in the historical evolution of the currency translation adjustment recorded in the statement of changes in consolidated shareholders\u2019 equity which, over the course of the last three years, is essentially related to the fluctuation of the euro, the ruble and the pound sterling and is set forth in the table below:
| \n \n | \n\n Dollar/Euro | \n\n Dollar/Pound sterling | \n\n Dollar/Ruble | \n
| \n December 31, 2022 | \n\n 0.94 | \n\n 0.83 | \n\n 74.01 | \n
| \n December 31, 2021 | \n\n 0.88 | \n\n 0.74 | \n\n 75.31 | \n
| \n December 31, 2020 | \n\n 0.81 | \n\n 0.73 | \n\n 74.54 | \n
| \n As of December 31, 2022 (M$) | \n\n Total | \n\n Euro | \n\n Dollar | \n\n Pound sterling | \n\n Ruble | \n\n Other currencies | \n
| \n Shareholders' equity at historical exchange rate | \n\n 124,560 | \n\n 15,835 | \n\n 88,902 | \n\n 6,258 | \n\n 45 | \n\n 13,520 | \n
| \n Currency translation adjustment before net investment hedge | \n\n (12,831) | \n\n (7,170) | \n\n \u2013 | \n\n (2,463) | \n\n (30) | \n\n (3,168) | \n
| \n Net investment hedge - open instruments | \n\n (5) | \n\n (5) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Shareholders' equity at exchange rate as of December 31, 2022 | \n\n 111,724 | \n\n 8,660 | \n\n 88,902 | \n\n 3,795 | \n\n 15 | \n\n 10,352 | \n
| \n As of December 31, 2021 (M$) | \n\n Total | \n\n Euro | \n\n Dollar | \n\n Pound sterling | \n\n Ruble | \n\n Other currencies | \n
| \n Shareholders' equity at historical exchange rate | \n\n 124,407 | \n\n 24,617 | \n\n 70,030 | \n\n 6,064 | \n\n 10,596 | \n\n 13,100 | \n
| \n Currency translation adjustment before net investment hedge | \n\n (12,666) | \n\n (4,239) | \n\n \u2013 | \n\n (1,902) | \n\n (4,281) | \n\n (2,244) | \n
| \n Net investment hedge - open instruments | \n\n (5) | \n\n (5) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Shareholders' equity at exchange rate as of December 31, 2021 | \n\n 111,736 | \n\n 20,373 | \n\n 70,030 | \n\n 4,162 | \n\n 6,315 | \n\n 10,856 | \n
| \n As of December 31, 2020 (M$) | \n\n Total | \n\n Euro | \n\n Dollar | \n\n Pound sterling | \n\n Ruble | \n\n Other currencies | \n
| \n Shareholders' equity at historical exchange rate | \n\n 113,958 | \n\n 28,893 | \n\n 60,613 | \n\n 4,494 | \n\n 9,913 | \n\n 10,045 | \n
| \n Currency translation adjustment before net investment hedge | \n\n (10,279) | \n\n (2,448) | \n\n \u2013 | \n\n (1,726) | \n\n (4,253) | \n\n (1,852) | \n
| \n Net investment hedge - open instruments | \n\n 23 | \n\n 23 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Shareholders' equity at exchange rate as of December 31, 2020 | \n\n 103,702 | \n\n 26,468 | \n\n 60,613 | \n\n 2,768 | \n\n 5,660 | \n\n 8,193 | \n
Based on the 2022 financial statements, a conversion using rates different from + or - 10% for each of the currencies below would have the following impact on shareholders equity and net income (TotalEnergies share):
| \n As of December 31, 2022 (M$) | \n\n Euro | \n\n Pound sterling | \n\n Ruble | \n
| \n Impact of an increase of 10% of exchange rates on : | \n\n \n | \n\n \n | \n\n \n | \n
| \n \u2013shareholders equity | \n\n 866 | \n\n 380 | \n\n 2 | \n
| \n \u2013net income (TotalEnergies share) | \n\n (150) | \n\n 275 | \n\n (581) | \n
| \n Impact of a decrease of (10)% of exchange rates on : | \n\n \n | \n\n \n | \n\n \n | \n
| \n \u2013shareholders equity | \n\n (866) | \n\n (380) | \n\n (2) | \n
| \n \u2013net income (TotalEnergies share) | \n\n 150 | \n\n (275) | \n\n 581 | \n
Stock market risk
TotalEnergies holds interests in a number of publicly-traded companies (see Note 8 to the Consolidated Financial Statements). The market value of these holdings fluctuates due to various factors, including stock market trends, valuations of the sectors in which the companies operate, and the economic and financial condition of each individual company.
Liquidity risk
TotalEnergies SE has committed credit facilities granted by international banks allowing it to benefit from significant liquidity reserves.
As of December 31, 2022, these credit facilities amounted to $17,527 million and were entirely unutilized. The agreements underpinning credit facilities granted to TotalEnergies SE do not contain conditions related to TotalEnergies\u2019 financial ratios, to its credit ratings from specialized agencies, or to the occurrence of events that could have a material adverse effect on its financial position.
As of December 31, 2022, the aggregated amount of the main committed credit facilities granted by international banks to the TotalEnergies\u2019 companies, including TotalEnergies SE, was $18,963 million, of which $18,510 million were unutilized. In addition, the $8 billion undrawn credit line as of December, 31, 2022, put in place in March 2022, has not been extended and will therefore end in March 2023.
Credit facilities granted to the TotalEnergies\u2019 companies other than TotalEnergies SE are not intended to fund TotalEnergies\u2019 general corporate purposes; they are intended to fund either general corporate purposes of the borrowing affiliate, or a specific project.
The following tables show the maturity of the financial assets and liabilities of TotalEnergies as of December\u00a031, 2022, 2021 and 2020 (see Note\u00a015.1\u00a0to the Consolidated Financial Statements).
| \n As of December 31, 2022 (M$)
| \n\n Less than one year | \n\n 1-2 years | \n\n 2-3 years | \n\n 3-4 years | \n\n 4-5 years | \n\n More than 5 years | \n\n Total | \n
| \n Non-current financial debt (notional value excluding interests) | \n\n \u2013 | \n\n (6,719) | \n\n (4,527) | \n\n (3,356) | \n\n (3,503) | \n\n (25,856) | \n\n (43,961) | \n
| \n Non-current financial assets excluding derivative financial instruments | \n\n \u2013 | \n\n 367 | \n\n 85 | \n\n 85 | \n\n 85 | \n\n 806 | \n\n 1,428 | \n
| \n Current borrowings | \n\n (15,502) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (15,502) | \n
| \n Other current financial liabilities | \n\n (488) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (488) | \n
| \n Current financial assets | \n\n 8,746 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 8,746 | \n
| \n Assets and liabilities available for sale or exchange | \n\n 38 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 38 | \n
| \n Cash and cash equivalents | \n\n 33,026 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 33,026 | \n
| \n Net amount before financial expense | \n\n 25,820 | \n\n (6,352) | \n\n (4,442) | \n\n (3,271) | \n\n (3,418) | \n\n (25,050) | \n\n (16,713) | \n
| \n Financial expense on non-current financial debt | \n\n (662) | \n\n (583) | \n\n (515) | \n\n (449) | \n\n (416) | \n\n (4,611) | \n\n (7,236) | \n
| \n Interest differential on swaps | \n\n (431) | \n\n (312) | \n\n (264) | \n\n (272) | \n\n (221) | \n\n (761) | \n\n (2,261) | \n
| \n Net amount | \n\n 24,727 | \n\n (7,247) | \n\n (5,221) | \n\n (3,992) | \n\n (4,055) | \n\n (30,422) | \n\n (26,210) | \n
| \n As of December 31, 2021 (M$)
| \n\n Less than one year | \n\n 1-2 years | \n\n 2-3 years | \n\n 3-4 years | \n\n 4-5 years | \n\n More than 5 years | \n\n Total | \n
| \n Non-current financial debt (notional value excluding interests) | \n\n \u2013 | \n\n (6,073) | \n\n (6,328) | \n\n (4,420) | \n\n (3,314) | \n\n (28,495) | \n\n (48,630) | \n
| \n Non-current financial assets excluding derivative financial instruments | \n\n \u2013 | \n\n 41 | \n\n 41 | \n\n 38 | \n\n 37 | \n\n 1,365 | \n\n 1,522 | \n
| \n Current borrowings | \n\n (15,035) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (15,035) | \n
| \n Other current financial liabilities | \n\n (372) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (372) | \n
| \n Current financial assets | \n\n 12,315 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 12,315 | \n
| \n Assets and liabilities available for sale or exchange | \n\n 4 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 4 | \n
| \n Cash and cash equivalents | \n\n 21,342 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 21,342 | \n
| \n Net amount before financial expense | \n\n 18,254 | \n\n (6,032) | \n\n (6,287) | \n\n (4,382) | \n\n (3,277) | \n\n (27,130) | \n\n (28,854) | \n
| \n Financial expense on non-current financial debt | \n\n (821) | \n\n (786) | \n\n (664) | \n\n (576) | \n\n (506) | \n\n (5,197) | \n\n (8,550) | \n
| \n Interest differential on swaps | \n\n (217) | \n\n (235) | \n\n (232) | \n\n (229) | \n\n (221) | \n\n (836) | \n\n (1,970) | \n
| \n Net amount | \n\n 17,216 | \n\n (7,053) | \n\n (7,183) | \n\n (5,187) | \n\n (4,004) | \n\n (33,163) | \n\n (39,374) | \n
| \n As of December 31, 2020 (M$)
| \n\n Less than one year | \n\n 1-2 years | \n\n 2-3 years | \n\n 3-4 years | \n\n 4-5 years | \n\n More than 5 years | \n\n Total | \n
| \n Non-current financial debt (notional value excluding interests) | \n\n \u2013 | \n\n (9,849) | \n\n (5,762) | \n\n (5,990) | \n\n (4,321) | \n\n (30,951) | \n\n (56,873) | \n
| \n Non-current financial assets excluding derivative financial instruments | \n\n \u2013 | \n\n 59 | \n\n 42 | \n\n 45 | \n\n 46 | \n\n 1,259 | \n\n 1,451 | \n
| \n Current borrowings | \n\n (17,099) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (17,099) | \n
| \n Other current financial liabilities | \n\n (203) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (203) | \n
| \n Current financial assets | \n\n 4,630 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 4,630 | \n
| \n Assets and liabilities available for sale or exchange | \n\n (313) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (313) | \n
| \n Cash and cash equivalents | \n\n 31,268 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 31,268 | \n
| \n Net amount before financial expense | \n\n 18,283 | \n\n (9,790) | \n\n (5,720) | \n\n (5,945) | \n\n (4,275) | \n\n (29,692) | \n\n (37,139) | \n
| \n Financial expense on non-current financial debt | \n\n (930) | \n\n (888) | \n\n (825) | \n\n (696) | \n\n (603) | \n\n (5,833) | \n\n (9,775) | \n
| \n Interest differential on swaps | \n\n (163) | \n\n (149) | \n\n (158) | \n\n (173) | \n\n (196) | \n\n (930) | \n\n (1,769) | \n
| \n Net amount | \n\n 17,190 | \n\n (10,827) | \n\n (6,703) | \n\n (6,814) | \n\n (5,074) | \n\n (36,455) | \n\n (48,683) | \n
The following table sets forth financial assets and liabilities related to operating activities as of December 31, 2022, 2021 and 2020 (see Note 14 of the Notes to the Consolidated Financial Statements).
| \n As of December 31, (M$)
| \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Accounts payable | \n\n (41,346) | \n\n (36,837) | \n\n (23,574) | \n
| \n Other operating liabilities | \n\n (35,186) | \n\n (27,294) | \n\n (14,302) | \n
| \n including derivative financial instruments related to commodity contracts (liabilities) | \n\n (18,774) | \n\n (16,166) | \n\n (3,666) | \n
| \n Accounts receivable, net | \n\n 24,378 | \n\n 21,983 | \n\n 14,068 | \n
| \n Other operating receivables | \n\n 28,289 | \n\n 29,553 | \n\n 8,043 | \n
| \n including derivative financial instruments related to commodity contracts (assets) | \n\n 20,220 | \n\n 22,412 | \n\n 1,428 | \n
| \n Total | \n\n (23,865) | \n\n (12,595) | \n\n (15,765) | \n
These financial assets and liabilities mainly have a maturity date below one year.
Credit risk
Credit risk is defined as the risk of the counterparty to a contract failing to perform or pay the amounts due.
TotalEnergies is exposed to credit risks in its operating and financing activities. TotalEnergies' maximum exposure to credit risk is partially related to financial assets recorded on its balance sheet, including energy derivative instruments that have a positive market value.
The following table presents TotalEnergies' maximum credit risk exposure:
| \n As of December 31, (M$)
| \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Loans to equity affiliates (note 8) | \n\n 3,733 | \n\n 4,532 | \n\n 5,129 | \n
| \n Loans and advances (note 6) | \n\n 1,837 | \n\n 2,107 | \n\n 2,458 | \n
| \n Other non-current financial assets related to operational activities (note 6) | \n\n 250 | \n\n 312 | \n\n 287 | \n
| \n Non-current financial assets (note 15.1) | \n\n 2,731 | \n\n 2,404 | \n\n 4,781 | \n
| \n Accounts receivable (note 5) | \n\n 24,378 | \n\n 21,983 | \n\n 14,068 | \n
| \n Other operating receivables (note 5) | \n\n 28,289 | \n\n 29,553 | \n\n 8,043 | \n
| \n Current financial assets (note 15.1) | \n\n 8,746 | \n\n 12,315 | \n\n 4,630 | \n
| \n Cash and cash equivalents (note 15.1) | \n\n 33,026 | \n\n 21,342 | \n\n 31,268 | \n
| \n Total | \n\n 102,990 | \n\n 94,548 | \n\n 70,664 | \n
The valuation allowance on accounts receivable, other operating receivables and on loans and advances is detailed in Notes 5 and 6 to the Consolidated Financial Statements.
As part of its credit risk management related to operating and financing activities, TotalEnergies has developed margining agreements with certain counterparties. As of December 31, 2022, the net margin call paid amounted to $2,857 million (against $7,299 million paid as of December 31, 2021 and $(1,556) million paid as of December 31, 2020).
TotalEnergies has established a number of programs for the sale of receivables, without recourse, with various banks, primarily to reduce its exposure to such receivables. As a result of these programs TotalEnergies retains no risk of payment default after the sale, but may continue to service the customer accounts as part of a service arrangement on behalf of the buyer and is required to pay to the buyer payments it receives from the customers relating to the receivables sold. As of December 31, 2022, the net value of receivables sold amounted to $8,681 million. TotalEnergies has substantially transferred all the risks and rewards related to receivables. No financial asset or liability remains recognized in the consolidated balance sheet after the date of sale.
Furthermore, in 2022, TotalEnergies conducted several operations of reverse factoring. The value of factored payables outstanding at year-end is $491\u00a0million.
Credit risk is managed by TotalEnergies\u2019 business segments as follows:
Integrated Gas, Renewables & Power segment
Gas & Power activities
Trading of gas & power activities deal with counterparties in the energy, industrial and financial sectors throughout the world. Financial institutions providing credit risk coverage are highly rated international banks and insurance groups.
Potential counterparties are subject to credit assessment and approval before concluding transactions and are thereafter subject to regular review, including re-appraisal and approval of the limits previously granted.
The creditworthiness of counterparties is assessed based on an analysis of quantitative and qualitative data regarding financial standing and business risks, together with the review of any relevant third party and market information, such as data published by rating agencies. On this basis, credit limits are defined for each potential counterparty and, where appropriate, transactions are subject to specific authorizations.
Credit exposure, which is essentially an economic exposure or an expected future physical exposure, is permanently monitored and subject to sensitivity measures.
Credit risk is mitigated by the systematic use of industry standard contractual frameworks that permit netting, enable requiring added security in case of adverse change in the counterparty risk, and allow for termination of the contract upon occurrence of certain events of default.
About the professionals and retail gas and power sales activities, credit risk management policy is adapted to the type of customer either through the use of procedures of prepayments and appropriate collection, especially for mass customers or through credit insurances and sureties/guarantees obtaining. For the Professionals segment, the segregation of duties between the commercial and financial teams allows an \u201ca priori\u201d control of risks.
Other activities
Internal procedures include rules on credit risk management. Procedures to monitor customer risk are defined at the local level, especially for Saft Groupe and Greenflex (rules for the approval of credit limits, use of guarantees, monitoring and assessment of the receivables portfolio,...).
Exploration\u00a0& Production segment
Risks arising under contracts with government authorities or other oil companies or under long-term supply contracts necessary for the development of projects are evaluated during the project approval process. The long-term aspect of these contracts and the high-quality of the other parties lead to a low level of credit risk.
Risks related to commercial operations, other than those described above (which are, in practice, directly monitored by subsidiaries), are subject to procedures for establishing credit limits and reviewing outstanding balances.
Refining & Chemicals segment
Refining & Chemicals activities
Credit risk is primarily related to commercial receivables. Internal procedures of Refining & Chemicals include rules for the management of credit describing the fundamentals of internal control in this domain. Each Business Unit implements the procedures of the activity for managing and provisioning credit risk according to the size of the subsidiary and the market in which it operates. The principal elements of these procedures are:
\u2013implementation of credit limits with different authorization schemes;
\u2013use of insurance policies or specific guarantees (letters of credit);
\u2013regular monitoring and assessment of overdue accounts (aging balance), including dunning procedures.
Counterparties are subject to credit assessment and approval prior to any transaction being concluded. Regular reviews are made for all active counterparties including a re-appraisal and renewing of the granted credit limits. The limits of the counterparties are assessed based on quantitative and qualitative data regarding financial standing, together with the review of any relevant third party and market information, such as that provided by rating agencies and insurance companies.
Trading\u00a0& Shipping activities
Trading\u00a0& Shipping deals with commercial counterparties and financial institutions located throughout the world. Counterparties to physical and derivative transactions are primarily entities involved in the oil and gas industry or in the trading of energy commodities, or financial institutions. Credit risk coverage is arranged with financial institutions, international banks and insurance groups selected in accordance with strict criteria.
The Trading\u00a0& Shipping division applies a strict policy of internal delegation of authority in order to set up credit limits by country and counterparty and approval processes for specific transactions. Credit exposures contracted under these limits and approvals are monitored on a daily basis.
Potential counterparties are subject to credit assessment and approval prior to any transaction being concluded and all active counterparties are subject to regular reviews, including re-appraisal and approval of granted limits. The creditworthiness of counterparties is assessed based on an analysis of quantitative and qualitative data regarding financial standing and business risks, together with the review of any relevant third party and market information, such as ratings published by Standard\u00a0& Poor\u2019s, Moody\u2019s Investors Service and other agencies.
Contractual arrangements are structured so as to maximize the risk mitigation benefits of netting between transactions wherever possible and additional protective terms providing for the provision of security in the event of financial deterioration and the termination of transactions on the occurrence of defined default events are used to the greatest permitted extent.
Credit risks in excess of approved levels are secured by means of letters of credit and other guarantees, cash deposits and insurance arrangements. In respect of derivative transactions, risks are secured by margin call contracts wherever possible.
Marketing & Services segment
Internal procedures for the Marketing & Services division include rules on credit risk that describe the basis of internal control in this domain, including the segregation of duties between commercial and financial operations.
Credit policies are defined at the local level and procedures to monitor customer risk are implemented (credit committees at the subsidiary level, the creation of credit limits for corporate customers, etc.). Each entity also implements monitoring of its outstanding receivables. Risks related to credit may be mitigated or limited by subscription of credit insurance and/or requiring security or guarantees.
Note 16Financial instruments related to commodity contracts
16.1Financial instruments related to commodity contracts
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Financial instruments related to commodity contracts, including crude oil, petroleum products, gas, and power purchase/sales contracts within the trading activities, together with the commodity contract derivative instruments and freight rate swaps, are used to adjust TotalEnergies' exposure to price fluctuations within global trading limits. According to the industry practice, these instruments are considered as held for trading. Changes in fair value are recorded in the income statement. The fair value of these instruments is recorded in \u201cOther current assets\u201d or \u201cOther creditors and accrued liabilities\u201d depending on whether they are assets or liabilities. | \n\n \n | \n\n The valuation methodology is to mark-to-market all open positions for both physical and paper transactions. The valuations are determined on a daily basis using observable market data based on organized and over the counter (OTC) markets. In specific cases when market data is not directly available, the valuations are derived from observable data such as arbitrages, freight or spreads and market corroboration. For valuation of risks which are the result of a calculation, such as options for example, commonly known models are used to compute the fair value. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
| \n As of December 31, 2022 Assets/(Liabilities) | \n\n Gross value before offsetting | \n\n \n | \n\n Amounts offset | \n\n \n | \n\n Net balance sheet value presented | \n\n Other amounts | \n\n Net carrying amount | \n\n Fair value(b) | \n|||
| \n Assets | \n\n Liabilities | \n\n \n | \n\n Assets(c) | \n\n Liabilities(cc) | \n\n \n | \n\n Assets | \n\n Liabilities | \n||||
| \n Integrated Gas, Renewables & Power activities | \n|||||||||||
| \n Swaps | \n\n 1,268 | \n\n (449) | \n\n \n | \n\n (18) | \n\n 18 | \n\n \n | \n\n 1,250 | \n\n (431) | \n\n \u2013 | \n\n 819 | \n\n 819 | \n
| \n Forwards(a) | \n\n 18,014 | \n\n (18,638) | \n\n \n | \n\n (1,994) | \n\n 1,994 | \n\n \n | \n\n 16,020 | \n\n (16,644) | \n\n \u2013 | \n\n (624) | \n\n (624) | \n
| \n Options | \n\n 2,143 | \n\n (1) | \n\n \n | \n\n \u00a0(1) | \n\n 1 | \n\n \n | \n\n 2,142 | \n\n \u2013 | \n\n \u2013 | \n\n 2,142 | \n\n 2,142 | \n
| \n Futures | \n\n 13 | \n\n (3) | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n 13 | \n\n \u00a0(3) | \n\n \u2013 | \n\n 10 | \n\n 10 | \n
| \n Other/Collateral | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u00a0(406) | \n\n \u00a0(406) | \n\n \u00a0(406) | \n
| \n Total Integrated | \n\n 21,438 | \n\n (19,091) | \n\n \n | \n\n (2,013) | \n\n 2,013 | \n\n \n | \n\n 19,425 | \n\n (17,078) | \n\n (406) | \n\n 1,941 | \n\n 1,941 | \n
| \n Crude oil, petroleum products and freight rates activities | \n|||||||||||
| \n Petroleum products, | \n\n 122 | \n\n (114) | \n\n \n | \n\n (58) | \n\n 58 | \n\n \n | \n\n 64 | \n\n (56) | \n\n \u2013 | \n\n 8 | \n\n 8 | \n
| \n Forwards(a) | \n\n 631 | \n\n (1,489) | \n\n \n | \n\n (7) | \n\n 7 | \n\n \n | \n\n 624 | \n\n (1,482) | \n\n \u2013 | \n\n (858) | \n\n (858) | \n
| \n Options | \n\n 76 | \n\n (227) | \n\n \n | \n\n (69) | \n\n 69 | \n\n \n | \n\n 7 | \n\n (158) | \n\n \u2013 | \n\n (151) | \n\n (151) | \n
| \n Futures | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Options on futures | \n\n 113 | \n\n (13) | \n\n \n | \n\n \u00a0(13) | \n\n 13 | \n\n \n | \n\n 100 | \n\n \u2013 | \n\n \u2013 | \n\n 100 | \n\n 100 | \n
| \n Other/Collateral | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Total crude oil, petroleum | \n\n 942 | \n\n (1,843) | \n\n \n | \n\n (147) | \n\n 147 | \n\n \n | \n\n 795 | \n\n (1,696) | \n\n \u2013 | \n\n (901) | \n\n (901) | \n
| \n Total | \n\n 22,380 | \n\n (20,934) | \n\n \n | \n\n (2,160) | \n\n 2,160 | \n\n \n | \n\n 20,220 | \n\n (18,774) | \n\n (406) | \n\n 1,040 | \n\n 1,040 | \n
| \n Total of fair value non recognized in the balance sheet | \n\n \u2013 | \n||||||||||
| \n (a)Forwards: contracts resulting in physical delivery are accounted for as derivative commodity contracts and included in the amounts shown. (b)When the fair value of derivatives listed on an organized exchange market (futures, options on futures and swaps) is offset with the margin call received or paid in the balance sheet, this fair value is set to zero. (c)Amounts offset in accordance with IAS 32. | \n
| \n As of December 31, 2021 Assets/(Liabilities) | \n\n Gross value before offsetting | \n\n \n | \n\n Amounts offset | \n\n \n | \n\n Net balance sheet value presented | \n\n Other amounts | \n\n Net carrying amount | \n\n Fair value(b) | \n|||
| \n Assets | \n\n Liabilities | \n\n \n | \n\n Assets(c) | \n\n Liabilities(c) | \n\n \n | \n\n Assets | \n\n Liabilities | \n||||
| \n Integrated Gas, Renewables & Power activities | \n|||||||||||
| \n Swaps | \n\n 92 | \n\n \u00a0(385) | \n\n \n | \n\n \u00a0(35) | \n\n 35 | \n\n \n | \n\n 57 | \n\n (350) | \n\n \u2013 | \n\n (293) | \n\n (293) | \n
| \n Forwards(a) | \n\n 21,752 | \n\n \u00a0(16,954) | \n\n \n | \n\n \u00a0(2,120) | \n\n 2,120 | \n\n \n | \n\n 19,632 | \n\n (14,834) | \n\n \u2013 | \n\n 4,798 | \n\n 4,798 | \n
| \n Options | \n\n 1,953 | \n\n \u00a0(63) | \n\n \n | \n\n \u00a0(3) | \n\n 3 | \n\n \n | \n\n 1,950 | \n\n (60) | \n\n \u2013 | \n\n 1,890 | \n\n 1,890 | \n
| \n Futures | \n\n 418 | \n\n \u00a0(430) | \n\n \n | \n\n \u00a0(183) | \n\n 183 | \n\n \n | \n\n 235 | \n\n (247) | \n\n \u2013 | \n\n \u00a0(12) | \n\n \u00a0(12) | \n
| \n Other/Collateral | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n 382 | \n\n 382 | \n\n 382 | \n
| \n Total Integrated | \n\n 24,215 | \n\n (17,832) | \n\n \n | \n\n (2,341) | \n\n 2,341 | \n\n \n | \n\n 21,874 | \n\n (15,491) | \n\n 382 | \n\n 6,765 | \n\n 6,765 | \n
| \n Crude oil, petroleum products and freight rates activities | \n|||||||||||
| \n Petroleum products, | \n\n 245 | \n\n \u00a0(289) | \n\n \n | \n\n \u00a0(166) | \n\n 166 | \n\n \n | \n\n 79 | \n\n \u00a0(123) | \n\n \u2013 | \n\n \u00a0(44) | \n\n \u00a0(44) | \n
| \n Forwards(a) | \n\n 411 | \n\n \u00a0(444) | \n\n \n | \n\n \u00a0(88) | \n\n 88 | \n\n \n | \n\n 323 | \n\n \u00a0(356) | \n\n \u2013 | \n\n \u00a0(33) | \n\n \u00a0(33) | \n
| \n Options | \n\n 68 | \n\n \u00a0(236) | \n\n \n | \n\n \u00a0(40) | \n\n 40 | \n\n \n | \n\n 28 | \n\n \u00a0(196) | \n\n \u2013 | \n\n \u00a0(168) | \n\n \u00a0(168) | \n
| \n Futures | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Options on futures | \n\n 186 | \n\n \u00a0(78) | \n\n \n | \n\n \u00a0(78) | \n\n 78 | \n\n \n | \n\n 108 | \n\n \u2013 | \n\n \u2013 | \n\n 108 | \n\n 108 | \n
| \n Other/Collateral | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n 344 | \n\n 344 | \n\n 344 | \n
| \n Total crude oil, petroleum | \n\n 910 | \n\n (1,047) | \n\n \n | \n\n (372) | \n\n 372 | \n\n \n | \n\n 538 | \n\n (675) | \n\n 344 | \n\n 207 | \n\n 207 | \n
| \n Total | \n\n 25,125 | \n\n (18,879) | \n\n \n | \n\n (2,713) | \n\n 2,713 | \n\n \n | \n\n 22,412 | \n\n (16,166) | \n\n 726 | \n\n 6,972 | \n\n 6,972 | \n
| \n Total of fair value non recognized in the balance sheet | \n\n \u2013 | \n||||||||||
| \n (a)Forwards: contracts resulting in physical delivery are accounted for as derivative commodity contracts and included in the amounts shown. (b)When the fair value of derivatives listed on an organized exchange market (futures, options on futures and swaps) is offset with the margin call received or paid in the balance sheet, this fair value is set to zero. (c)Amounts offset in accordance with IAS 32. | \n
| \n As of December 31, 2020 Assets/(Liabilities) | \n\n Gross value before offsetting | \n\n \n | \n\n Amounts offset | \n\n \n | \n\n Net balance sheet value presented | \n\n Other amounts | \n\n Net carrying amount | \n\n Fair value(b) | \n|||
| \n Assets | \n\n Liabilities | \n\n \n | \n\n Assets(c) | \n\n Liabilities(c) | \n\n \n | \n\n Assets | \n\n Liabilities | \n||||
| \n Integrated Gas, Renewables & Power activities | \n|||||||||||
| \n Swaps | \n\n 10 | \n\n \u00a0(71) | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n 10 | \n\n \u00a0(71) | \n\n \u2013 | \n\n \u00a0(61) | \n\n \u00a0(61) | \n
| \n Forwards(a) | \n\n 1,372 | \n\n \u00a0(3,113) | \n\n \n | \n\n \u00a0(186) | \n\n 186 | \n\n \n | \n\n 1,186 | \n\n \u00a0(2,927) | \n\n \u2013 | \n\n \u00a0(1,741) | \n\n \u00a0(1,741) | \n
| \n Options | \n\n \u00a0(61) | \n\n \u00a0(75) | \n\n \n | \n\n \u00a0(13) | \n\n 13 | \n\n \n | \n\n \u00a0(74) | \n\n \u00a0(62) | \n\n \u2013 | \n\n \u00a0(136) | \n\n \u00a0(136) | \n
| \n Futures | \n\n 42 | \n\n \u00a0(32) | \n\n \n | \n\n \u00a0(21) | \n\n 21 | \n\n \n | \n\n 21 | \n\n \u00a0(11) | \n\n \u2013 | \n\n 10 | \n\n 10 | \n
| \n Other/Collateral | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n 22 | \n\n 22 | \n\n 22 | \n
| \n Total Integrated | \n\n 1,363 | \n\n (3,291) | \n\n \n | \n\n (220) | \n\n 220 | \n\n \n | \n\n 1,143 | \n\n (3,071) | \n\n 22 | \n\n (1,906) | \n\n (1,906) | \n
| \n Crude oil, petroleum products and freight rates activities | \n|||||||||||
| \n Petroleum products, | \n\n 302 | \n\n \u00a0(443) | \n\n \n | \n\n \u00a0(207) | \n\n 207 | \n\n \n | \n\n 95 | \n\n \u00a0(236) | \n\n \u2013 | \n\n \u00a0(141) | \n\n \u00a0(141) | \n
| \n Forwards(a) | \n\n 158 | \n\n \u00a0(297) | \n\n \n | \n\n \u00a0(13) | \n\n 13 | \n\n \n | \n\n 145 | \n\n \u00a0(284) | \n\n \u2013 | \n\n \u00a0(139) | \n\n \u00a0(139) | \n
| \n Options | \n\n 113 | \n\n \u00a0(125) | \n\n \n | \n\n \u00a0(68) | \n\n 68 | \n\n \n | \n\n 45 | \n\n \u00a0(57) | \n\n \u2013 | \n\n \u00a0(12) | \n\n \u00a0(12) | \n
| \n Futures | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Options on futures | \n\n 117 | \n\n \u00a0(135) | \n\n \n | \n\n \u00a0(117) | \n\n 117 | \n\n \n | \n\n \u2013 | \n\n \u00a0(18) | \n\n \u2013 | \n\n \u00a0(18) | \n\n \u00a0(18) | \n
| \n Other/Collateral | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n 43 | \n\n 43 | \n\n 43 | \n
| \n Total crude oil, petroleum products and freight rates | \n\n 690 | \n\n (1,000) | \n\n \n | \n\n (405) | \n\n 405 | \n\n \n | \n\n 285 | \n\n (595) | \n\n 43 | \n\n (267) | \n\n (267) | \n
| \n Total | \n\n 2,053 | \n\n (4,291) | \n\n \n | \n\n (625) | \n\n 625 | \n\n \n | \n\n 1,428 | \n\n (3,666) | \n\n 65 | \n\n (2,173) | \n\n (2,173) | \n
| \n Total of fair value non recognized in the balance sheet | \n\n \u2013 | \n||||||||||
| \n (a)Forwards: contracts resulting in physical delivery are accounted for as derivative commodity contracts and included in the amounts shown. (b)When the fair value of derivatives listed on an organized exchange market (futures, options on futures and swaps) is offset with the margin call received or paid in the balance sheet, this fair value is set to zero. (c)Amounts offset in accordance with IAS 32. | \n
Commitments on crude oil and refined products have, for the most part, a short-term maturity (less than one year).
The changes in fair value of financial instruments related to commodity contracts are detailed as follows:
| \n For the year ended December 31, (M$) | \n\n Fair value as of January 1, | \n\n Impact on income | \n\n Settled contracts | \n\n Other | \n\n Fair value as of December 31, | \n
| \n Integrated Gas, Renewables & Power activities | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n 2022 | \n\n 6,383 | \n\n 11,406 | \n\n (15,628) | \n\n 186 | \n\n 2,347 | \n
| \n 2021 | \n\n (1,928) | \n\n 6,817 | \n\n 1,408 | \n\n 86 | \n\n 6,383 | \n
| \n 2020 | \n\n (260) | \n\n 676 | \n\n (2,348) | \n\n 4 | \n\n (1,928) | \n
| \n Crude oil, petroleum products and freight rates activities | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n 2022 | \n\n (137) | \n\n 5,891 | \n\n (6,655) | \n\n \u2013 | \n\n (901) | \n
| \n 2021 | \n\n (310) | \n\n 3,950 | \n\n (3,777) | \n\n \u2013 | \n\n (137) | \n
| \n 2020 | \n\n (282) | \n\n 3,813 | \n\n (3,841) | \n\n \u2013 | \n\n (310) | \n
The fair value hierarchy for financial instruments related to commodity contracts is as follows:
| \n As of December 31, 2022 (M$) | \n\n Quoted prices | \n\n Prices based on observable data (level 2) | \n\n Prices based on | \n\n Total | \n
| \n Integrated Gas, Renewables & Power activities | \n\n 1,034 | \n\n 1,678 | \n\n (365) | \n\n 2,347 | \n
| \n Crude oil, petroleum products and freight rates activities | \n\n 98 | \n\n (999) | \n\n \u2013 | \n\n (901) | \n
| \n Total | \n\n 1,132 | \n\n 679 | \n\n (365) | \n\n 1,446 | \n
| \n As of December 31, 2021 (M$) | \n\n Quoted prices | \n\n Prices based on observable data (level 2) | \n\n Prices based on | \n\n Total | \n
| \n Integrated Gas, Renewables & Power activities | \n\n 3,716 | \n\n (3,563) | \n\n 6,230 | \n\n 6,383 | \n
| \n Crude oil, petroleum products and freight rates activities | \n\n 134 | \n\n (271) | \n\n \u2013 | \n\n (137) | \n
| \n Total | \n\n 3,850 | \n\n (3,834) | \n\n 6,230 | \n\n 6,246 | \n
| \n As of December 31, 2020 (M$) | \n\n Quoted prices | \n\n Prices based on observable data (level 2) | \n\n Prices based on | \n\n Total | \n
| \n Integrated Gas, Renewables & Power activities | \n\n (159) | \n\n (361) | \n\n (1,408) | \n\n (1,928) | \n
| \n Crude oil, petroleum products and freight rates activities | \n\n 10 | \n\n (320) | \n\n \u2013 | \n\n (310) | \n
| \n Total | \n\n (149) | \n\n (681) | \n\n (1,408) | \n\n (2,238) | \n
Financial instruments classified as level 3 are mainly composed of long-term liquefied natural gas purchase and sale contracts which relate to the trading activity.
The management of positions is carried out on the basis of a net value of LNG purchase and sale commitments; the valuation of \u00a0contracts is based on observable market data, such as commodity forward prices, but it also takes into account unobservable data on contract performance (assumptions on the variable terms of the contracts, on the availability of infrastructures, on the performance of counterparties...).
The valuation of LNG contracts is sensitive to changes in oil and natural gas prices on North American, Asian and European markets, as well as to these assumptions on contract performance.
TotalEnergies\u2019 management horizon is 12 months in 2022 (as in 2021 and 2020), and includes the full annual delivery program of LNG cargoes for the following year.
The analysis of the fair value of the LNG portfolio over the period beyond 12 months carried out by the Company, allows to verify that there is no material asset or liability to be recognized in its accounts for that period. This analysis, which takes into account the specific characteristics of LNG contracts and of the gas market, including its liquidity, incorporates valuation parameters that are unobservable over this period, in particular Company internal assumptions on the long-term evolution of hydrocarbon prices, the execution of contracts and the performance of counterparties, the renegotiation of price terms in contracts or the exercise of their contractual flexibilities.
The description of each fair value level is presented in Note 15 to the Consolidated Financial Statements.
Cash Flow hedge
The impact on the income statement and other comprehensive income of the hedging instruments related to commodity contracts and qualified as cash flow hedges is detailed as follows:
| \n As of December 31 (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Profit (Loss) recorded in other comprehensive income of the period | \n\n (5,524) | \n\n 445 | \n\n 14 | \n
| \n Recycled amount from other comprehensive income to the income statement of the period | \n\n 1,317 | \n\n (56) | \n\n (1) | \n
These financial instruments are mainly one year term Henry Hub derivatives and European gas, power and CO2 emission rights derivatives.
As of December 31, 2022, the ineffective portion of these financial instruments is $132 million (in 2021 and in 2020 the ineffective portion of the financial instruments was nil).
16.2Oil, Gas and Power markets related risks management
Due to the nature of its business, TotalEnergies has significant oil and gas trading activities as part of its day-to-day operations in order to optimize revenues from its oil and gas production and to obtain favorable pricing to supply its refineries.
In its international oil trading business, TotalEnergies usually follows a policy of not selling its future production. However, in connection with this trading business, TotalEnergies, like most other oil companies, uses energy derivative instruments to adjust its exposure to price fluctuations of crude oil, refined products, natural gas, and power. TotalEnergies also uses freight rate derivative contracts in its shipping business to adjust its exposure to freight-rate fluctuations. To hedge against this risk, TotalEnergies uses various instruments such as futures, forwards, swaps and options on organized markets or over-the-counter markets. The list of the different derivatives held by TotalEnergies in these markets is detailed in Note 16.1 to the Consolidated Financial Statements.
As part of its gas and power trading activity, TotalEnergies also uses derivative instruments such as futures, forwards, swaps and options in both organized and over-the-counter markets. In general, the transactions are settled at maturity date through physical delivery. TotalEnergies measures its market risk exposure, i.e. potential loss in fair values, on its trading business using a \u201cvalue-at-risk\u201d technique. This technique is based on a historical model and makes an assessment of the market risk arising from possible future changes in market values over a one-day period. The calculation of the range of potential changes in fair values takes into account a snapshot of the end-of-day exposures and the set of historical price movements for the past two years for all instruments and maturities in the global trading business.
Integrated Gas, Renewables & Power division trading: \"value-at-risk\" with a 97.5% probability
| \n As of December 31, (M$) | \n\n High | \n\n Low | \n\n Average | \n\n Year end | \n
| \n 2022 | \n\n 119 | \n\n 15 | \n\n 53 | \n\n 92 | \n
| \n 2021 | \n\n 80 | \n\n 9 | \n\n 28 | \n\n 30 | \n
| \n 2020 | \n\n 51 | \n\n 6 | \n\n 21 | \n\n 27 | \n
The Trading & Shipping division measures its market risk exposure, i.e. potential loss in fair values, on its crude oil, refined products and freight rates trading activities using a \u201cvalue-at-risk\u201d technique. This technique is based on a historical model and makes an assessment of the market risk arising from possible future changes in market values over a 24-hour period. The calculation of the range of potential changes in fair values is based on the end-of-day exposures and historical price movements of the last 400 business days for all traded instruments and maturities. Options are systematically re-evaluated using appropriate models.
The \u201cvalue-at-risk\u201d represents the most unfavorable movement in fair value obtained with a 97.5% confidence level. This means that TotalEnergies\u2019 portfolio result is likely to exceed the value-at-risk loss measure once over 40\u00a0business days if the portfolio exposures were left unchanged.
Trading & Shipping: \"value-at-risk with\" a 97.5% probability
| \n As of December 31, (M$) | \n\n High | \n\n Low | \n\n Average | \n\n Year end | \n
| \n 2022 | \n\n 48 | \n\n 9 | \n\n 22 | \n\n 27 | \n
| \n 2021 | \n\n 36 | \n\n 9 | \n\n 18 | \n\n 12 | \n
| \n 2020 | \n\n 30 | \n\n 6 | \n\n 15 | \n\n 19 | \n
TotalEnergies has implemented strict policies and procedures to manage and monitor these market risks. These are based on the separation of control and front-office functions and on an integrated information system that enables real-time monitoring of trading activities.
Limits on trading positions are approved by TotalEnergies\u2019 Executive Committee and are monitored daily. To increase flexibility and encourage liquidity, hedging operations are performed with numerous independent operators, including other oil companies, major energy producers or consumers and financial institutions. TotalEnergies has established counterparty limits and monitors outstanding amounts with each counterparty on an ongoing basis.
Note 17Post closing events
TotalEnergies' investments in India
Following the allegations against Adani Group published on January 24, 2023 by Hindenburg Research, TotalEnergies issued a statement on February 3, 2023 providing the following clarifications on its joint investments in India, in partnership with Adani since 2018.
The following table lists TotalEnergies\u2019 current stakes in partnerships with Adani:
| \n Adani Total Private Limited | \n\n 50% | \n
| \n Adani Total Gas Limited (quoted) | \n\n 37.4% | \n
| \n Adani Green Energy Limited (quoted) | \n\n 19.75% | \n
| \n AGEL23 | \n\n 50% | \n
| \n \n | \n\n \n | \n
TotalEnergies\u2019 exposure resulting from these stakes represents 2.4% ($3.1 billion at December 31, 2022) of the Company\u2019s capital employed and $180 million of net operating income in 2022. These investments being accounted for under the equity method, TotalEnergies has not performed any re-evaluation in its accounts of its stakes in the listed entities ATGL and AGEL in relation to the increase in their stock values.
Note 18Consolidation scope
As of December 31, 2022, 1,149 entities are consolidated of which 169 are accounted for under the equity method (E).
The table below presents a comprehensive list of the consolidated entities:
| \n Business segment | \n\n Statutory corporate name | \n\n % Company interest | \n\n Method | \n\n Country of incorporation | \n\n Country of operations | \n\n Country of operations | \n
| \n Exploration & Production | \n||||||
| \n \n | \n\n Abu Dhabi Gas Industries Limited | \n\n 15.00% | \n\n E | \n\n United Arab Emirates | \n\n United Arab Emirates | \n\n United Arab Emirates | \n
| \n \n | \n\n Angola LNG Supply Services, LLC | \n\n 13.60% | \n\n E | \n\n United States | \n\n United States | \n\n Angola | \n
| \n \n | \n\n Bonny Gas Transport Limited | \n\n 15.00% | \n\n E | \n\n Bermuda | \n\n Nigeria | \n\n United States | \n
| \n \n | \n\n Brass Holdings B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Nigeria | \n\n Nigeria | \n
| \n \n | \n\n Brass LNG Limited | \n\n 20.48% | \n\n E | \n\n Nigeria | \n\n Nigeria | \n\n Nigeria | \n
| \n \n | \n\n Congo Forest Company (CFC)\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n Congo | \n\n Congo | \n\n Nigeria | \n
| \n \n | \n\n Deer Creek Pipelines Limited | \n\n 75.00% | \n\n \u00a0 | \n\n Canada | \n\n Canada | \n\n Congo | \n
| \n \n | \n\n Dolphin Energy Limited | \n\n 24.50% | \n\n E | \n\n United Arab Emirates | \n\n United Arab Emirates | \n\n Canada | \n
| \n \n | \n\n E.F. Oil And Gas Limited | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n United Arab Emirates | \n
| \n \n | \n\n East African Crude Oil Pipeline (EACOP) Ltd | \n\n 62.00% | \n\n E | \n\n United Kingdom | \n\n Uganda | \n\n United Kingdom | \n
| \n \n | \n\n Elf E&P | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Elf Exploration UK Limited | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Elf Petroleum Iran | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Iran | \n\n Iran | \n
| \n \n | \n\n Elf Petroleum UK Limited | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Gas Investment and Services Company Limited | \n\n 10.00% | \n\n E | \n\n Bermuda | \n\n Oman | \n\n Oman | \n
| \n \n | \n\n Global Forestry Development (GFD)\u00a0 | \n\n 49.00% | \n\n E | \n\n Belgium | \n\n Belgium | \n\n Libya | \n
| \n \n | \n\n Mabruk Oil Operations | \n\n 49.02% | \n\n \u00a0 | \n\n France | \n\n Libya | \n\n Myanmar | \n
| \n \n | \n\n Marsa LNG LLC\u00a0 | \n\n 80.00% | \n\n \u00a0 | \n\n Oman | \n\n Oman | \n\n Norway | \n
| \n \n | \n\n Norpipe Oil A/S | \n\n 34.93% | \n\n E | \n\n Norway | \n\n Norway | \n\n Norway | \n
| \n \n | \n\n Norpipe Petroleum UK Limited | \n\n 45.22% | \n\n E | \n\n United Kingdom | \n\n Norway | \n\n Norway | \n
| \n \n | \n\n Norpipe Terminal Holdco Limited | \n\n 45.22% | \n\n E | \n\n United Kingdom | \n\n Norway | \n\n Norway | \n
| \n \n | \n\n Norsea Pipeline Limited | \n\n 45.22% | \n\n E | \n\n United Kingdom | \n\n Norway | \n\n Qatar | \n
| \n \n | \n\n North Oil Company | \n\n 30.00% | \n\n E | \n\n Qatar | \n\n Qatar | \n\n Russia | \n
| \n \n | \n\n Northern Lights JV DA | \n\n 33.33% | \n\n E | \n\n Norway | \n\n Norway | \n\n Iran | \n
| \n \n | \n\n Pars LNG Limited | \n\n 40.00% | \n\n E | \n\n Bermuda | \n\n Iran | \n\n Oman | \n
| \n \n | \n\n Private Oil Holdings Oman Limited | \n\n 10.00% | \n\n E | \n\n United Kingdom | \n\n Oman | \n\n Nigeria | \n
| \n \n | \n\n Stogg Eagle Funding B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Nigeria | \n\n Iraq | \n
| \n \n | \n\n TOQAP Guyana B.V. | \n\n 60.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Guyana | \n\n Russia | \n
| \n Exploration & Production (continued) | \n\n \n | \n|||||
| \n \n | \n\n Total Austral | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Argentina | \n\n Guyana | \n
| \n \n | \n\n Total E&P Al Shaheen A/S | \n\n 100.00% | \n\n \u00a0 | \n\n Denmark | \n\n Qatar | \n\n Azerbaijan | \n
| \n \n | \n\n Total E&P Angola Block 15/06 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Angola | \n\n United Arab Emirates | \n
| \n \n | \n\n Total E&P Angola Block 16 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Angola | \n\n Argentina | \n
| \n \n | \n\n Total E&P Angola Block 16 Holdings | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Angola | \n\n Denmark | \n
| \n \n | \n\n Total E&P Angola Block 33 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Angola | \n\n France | \n
| \n \n | \n\n Total E&P Angola Block 39 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Angola | \n\n Azerbaijan | \n
| \n \n | \n\n Total E&P Chine | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n China | \n\n Qatar | \n
| \n \n | \n\n Total E&P Chissonga | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Angola | \n\n Algeria | \n
| \n \n | \n\n Total E&P Dunga GmbH | \n\n 100.00% | \n\n \u00a0 | \n\n Germany | \n\n Kazakhstan | \n\n United States | \n
| \n \n | \n\n Total E&P East El Burullus Offshore B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Egypt | \n\n United States | \n
| \n \n | \n\n Total E&P Egypt Block 2 B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Egypt | \n\n Angola | \n
| \n \n | \n\n Total E&P Egypt Offshore Western Desert B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Egypt | \n\n Angola | \n
| \n \n | \n\n Total E&P Egypte | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Egypt | \n\n Angola | \n
| \n \n | \n\n Total E&P Guyane Francaise | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Angola | \n
| \n \n | \n\n Total E&P Jutland Denmark B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Denmark | \n\n Angola | \n
| \n \n | \n\n Total E&P Kurdistan Region of Iraq (Harir) B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Iraq | \n\n Angola | \n
| \n \n | \n\n Total E&P Kurdistan Region of Iraq (Safen) B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Iraq | \n\n Azerbaijan | \n
| \n \n | \n\n Total E&P Kurdistan Region of Iraq (Taza) B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Iraq | \n\n Bolivia | \n
| \n \n | \n\n Total E&P Kurdistan Region of Iraq B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Iraq | \n\n Canada | \n
| \n \n | \n\n Total E&P M2 Holdings Limited | \n\n 100.00% | \n\n \u00a0 | \n\n South Africa | \n\n South Africa | \n\n China | \n
| \n \n | \n\n Total E&P Myanmar | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Myanmar | \n\n Angola | \n
| \n \n | \n\n Total E&P Participations Petrolieres Congo | \n\n 100.00% | \n\n \u00a0 | \n\n Congo | \n\n Congo | \n\n Colombia | \n
| \n \n | \n\n Total E&P Philippines B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Philippines | \n\n Congo | \n
| \n \n | \n\n Total E&P RDC | \n\n 100.00% | \n\n \u00a0 | \n\n Democratic Republic of Congo | \n\n Democratic Republic of Congo | \n\n C\u00f4te d'Ivoire | \n
| \n \n | \n\n Total E&P Services China Company Limited | \n\n 100.00% | \n\n \u00a0 | \n\n China | \n\n China | \n\n Cyprus | \n
| \n \n | \n\n Total E&P South Pars | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Iran | \n\n Qatar | \n
| \n \n | \n\n Total E&P South Sudan | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Republic of South Sudan | \n\n Kazakhstan | \n
| \n \n | \n\n Total E&P Syrie | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Syrian Arab Republic | \n\n Egypt | \n
| \n \n | \n\n Total E&P Tajikistan B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Tajikistan | \n\n Egypt | \n
| \n \n | \n\n Total Oil and Gas South America | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Egypt | \n
| \n \n | \n\n Total Pars LNG | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Egypt | \n
| \n \n | \n\n Total South Pars | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Iran | \n\n Qatar | \n
| \n \n | \n\n Total Venezuela | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Anchor USA LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United Arab Emirates | \n
| \n \n | \n\n TotalEnergies BTC B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Azerbaijan | \n\n United States | \n
| \n \n | \n\n TotalEnergies Denmark ASW | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n Denmark | \n\n Denmark | \n
| \n \n | \n\n TotalEnergies Denmark ASW Pipeline ApS | \n\n 100.00% | \n\n \u00a0 | \n\n Denmark | \n\n Denmark | \n\n Iraq | \n
| \n \n | \n\n TotalEnergies E&P Alg\u00e9rie | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Algeria | \n\n Iraq | \n
| \n \n | \n\n TotalEnergies E&P Alg\u00e9rie Berkine A/S | \n\n 100.00% | \n\n \u00a0 | \n\n Denmark | \n\n Algeria | \n\n Iraq | \n
| \n \n | \n\n TotalEnergies E&P Americas LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Iraq | \n
| \n \n | \n\n TotalEnergies E&P Colombie | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Colombia | \n\n Lebanon | \n
| \n \n | \n\n TotalEnergies E&P New Ventures Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Libya | \n
| \n \n | \n\n TotalEnergies E&P North Sea UK Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n United Arab Emirates | \n
| \n \n | \n\n TotalEnergies E&P Research & Technology USA LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n South Africa | \n
| \n Exploration & Production (continued) | \n\n \n | \n|||||
| \n \n | \n\n TotalEnergies E&P UK Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n Mauritania | \n
| \n \n | \n\n TotalEnergies E&P USA Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Mauritania | \n
| \n \n | \n\n TotalEnergies E&P USA Oil Shale LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Mauritania | \n
| \n \n | \n\n TotalEnergies E&P USA Well Containment LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Mauritania | \n
| \n \n | \n\n TotalEnergies East Africa Midstream B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Uganda | \n\n Mozambique | \n
| \n \n | \n\n TotalEnergies EP (Brunei) B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Brunei | \n\n Myanmar | \n
| \n \n | \n\n TotalEnergies EP Absheron B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Azerbaijan | \n\n United States | \n
| \n \n | \n\n TotalEnergies EP Abu Al Bu Khoosh | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n United Arab Emirates | \n\n Congo | \n
| \n \n | \n\n TotalEnergies EP Angola | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Angola | \n\n Philippines | \n
| \n \n | \n\n TotalEnergies EP Angola Block 17.06 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Angola | \n\n Qatar | \n
| \n \n | \n\n TotalEnergies EP Angola Block 25 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Angola | \n\n Democratic Republic | \n
| \n \n | \n\n TotalEnergies EP Angola Block 29 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Angola | \n\n United States | \n
| \n \n | \n\n TotalEnergies EP Angola Block 32 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Angola | \n\n China | \n
| \n \n | \n\n TotalEnergies EP Angola Block 40 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Angola | \n\n Iran | \n
| \n \n | \n\n TotalEnergies EP Angola Block 48 B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Angola | \n\n Republic of South Sudan | \n
| \n \n | \n\n TotalEnergies EP Angola Blocks 20-21 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Angola | \n\n Syrian Arab Republic | \n
| \n \n | \n\n TotalEnergies EP Asia Pacific Pte. Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Singapore | \n\n Singapore | \n\n Tajikistan | \n
| \n \n | \n\n TotalEnergies EP Azerbaijan B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Azerbaijan | \n\n Thailand | \n
| \n \n | \n\n TotalEnergies EP Block 9 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Lebanon | \n\n Russia | \n
| \n \n | \n\n TotalEnergies EP Bolivie | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Bolivia | \n\n United Arab Emirates | \n
| \n \n | \n\n TotalEnergies EP Brasil Ltda | \n\n 100.00% | \n\n \u00a0 | \n\n Brazil | \n\n Brazil | \n\n Uganda | \n
| \n \n | \n\n TotalEnergies EP Bulgaria B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Bulgaria | \n\n United Arab Emirates | \n
| \n \n | \n\n TotalEnergies EP Cambodge\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Cambodia | \n\n United States | \n
| \n \n | \n\n TotalEnergies EP Canada Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Canada | \n\n Canada | \n\n United States | \n
| \n \n | \n\n TotalEnergies EP Company UK Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n United States | \n
| \n \n | \n\n TotalEnergies EP Congo | \n\n 85.00% | \n\n \u00a0 | \n\n Congo | \n\n Congo | \n\n Libya | \n
| \n \n | \n\n TotalEnergies EP C\u00f4te d'Ivoire B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n C\u00f4te d'Ivoire | \n\n Uganda | \n
| \n \n | \n\n TotalEnergies EP Cyprus B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Cyprus | \n\n Gabon | \n
| \n \n | \n\n TotalEnergies EP Danmark A/S\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n Denmark | \n\n Denmark | \n\n Norway | \n
| \n \n | \n\n TotalEnergies EP Danmark A/S - CPH | \n\n 100.00% | \n\n \u00a0 | \n\n Denmark | \n\n Denmark | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Dolphin Holdings | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Dolphin Midstream | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Dolphin Upstream | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Qatar | \n\n Iran | \n
| \n \n | \n\n TotalEnergies EP France | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Gabon | \n\n 58.28% | \n\n \u00a0 | \n\n Gabon | \n\n Gabon | \n\n Denmark | \n
| \n \n | \n\n TotalEnergies EP Gass Handel Norge AS | \n\n 100.00% | \n\n \u00a0 | \n\n Norway | \n\n Norway | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies EP Gastransport Nederland B.V.\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Netherlands | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies EP Golfe | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Qatar | \n\n Brunei | \n
| \n \n | \n\n TotalEnergies EP Greece B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Greece | \n\n Algeria | \n
| \n \n | \n\n TotalEnergies EP Guyana B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Guyana | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP Holding UAE B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n United Arab Emirates | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP Holdings Russia | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP International K1 Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n Kenya | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP International K2 Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n Kenya | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP International K3 Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n Kenya | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP International Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n Kenya | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP Iran B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Iran | \n\n Singapore | \n
| \n Exploration & Production (continued) | \n\n \n | \n|||||
| \n \n | \n\n TotalEnergies EP Iraq | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Iraq | \n\n Brazil | \n
| \n \n | \n\n TotalEnergies EP Italia S.p.A. | \n\n 100.00% | \n\n \u00a0 | \n\n Italy | \n\n Italy | \n\n Bulgaria | \n
| \n \n | \n\n TotalEnergies EP Kazakhstan | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Kazakhstan | \n\n Cambodia | \n
| \n \n | \n\n TotalEnergies EP Kenya B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Kenya | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies EP Liban S.A.L. | \n\n 100.00% | \n\n \u00a0 | \n\n Lebanon | \n\n Lebanon | \n\n C\u00f4te d'Ivoire | \n
| \n \n | \n\n TotalEnergies EP Libye | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Libya | \n\n C\u00f4te d'Ivoire | \n
| \n \n | \n\n TotalEnergies EP Lower Zakum B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n United Arab Emirates | \n\n Denmark | \n
| \n \n | \n\n TotalEnergies EP Malaysia | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Malaysia | \n\n Denmark | \n
| \n \n | \n\n TotalEnergies EP Mauritania Block C18 B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Mauritania | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies EP Mauritania Block C9 B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Mauritania | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Mauritania Blocks DW B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Mauritania | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies EP Mauritanie | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Mauritania | \n\n Greece | \n
| \n \n | \n\n TotalEnergies EP M'Bridge B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Angola | \n\n Guyana | \n
| \n \n | \n\n TotalEnergies EP Mexico S.A. de C.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Mexico | \n\n Mexico | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Namibia B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Namibia | \n\n Kenya | \n
| \n \n | \n\n TotalEnergies EP Nederland B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Netherlands | \n\n Kenya | \n
| \n \n | \n\n TotalEnergies EP Nigeria Deepwater A Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Nigeria | \n\n Nigeria | \n\n Kenya | \n
| \n \n | \n\n TotalEnergies EP Nigeria Deepwater B Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Nigeria | \n\n Nigeria | \n\n Kenya | \n
| \n \n | \n\n TotalEnergies EP Nigeria Deepwater C Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Nigeria | \n\n Nigeria | \n\n Iran | \n
| \n \n | \n\n TotalEnergies EP Nigeria Deepwater D Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Nigeria | \n\n Nigeria | \n\n Iraq | \n
| \n \n | \n\n TotalEnergies EP Nigeria Deepwater E Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Nigeria | \n\n Nigeria | \n\n Italy | \n
| \n \n | \n\n TotalEnergies EP Nigeria Deepwater F Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Nigeria | \n\n Nigeria | \n\n Kazakhstan | \n
| \n \n | \n\n TotalEnergies EP Nigeria Deepwater G Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Nigeria | \n\n Nigeria | \n\n Kenya | \n
| \n \n | \n\n TotalEnergies EP Nigeria Deepwater H Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Nigeria | \n\n Nigeria | \n\n Malaysia | \n
| \n \n | \n\n TotalEnergies EP Nigeria Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Nigeria | \n\n Nigeria | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP Nigeria S.A.S. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Mexico | \n
| \n \n | \n\n TotalEnergies EP Norge AS | \n\n 100.00% | \n\n \u00a0 | \n\n Norway | \n\n Norway | \n\n Namibia | \n
| \n \n | \n\n TotalEnergies EP Oman Block 11 B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Oman | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies EP Oman S.A.S. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Oman | \n\n Nigeria | \n
| \n \n | \n\n TotalEnergies EP Petroleum Angola | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Angola | \n\n Nigeria | \n
| \n \n | \n\n TotalEnergies EP Pipelines Danmark A/S\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n Denmark | \n\n Denmark | \n\n Nigeria | \n
| \n \n | \n\n TotalEnergies EP Profils Petroliers | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Nigeria | \n
| \n \n | \n\n TotalEnergies EP Qatar | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Qatar | \n\n Nigeria | \n
| \n \n | \n\n TotalEnergies EP Qatar 2 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Qatar | \n\n Nigeria | \n
| \n \n | \n\n TotalEnergies EP Ratawi Hub | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Iraq | \n\n Nigeria | \n
| \n \n | \n\n TotalEnergies EP Russie | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Russia | \n\n Nigeria | \n
| \n \n | \n\n TotalEnergies EP Sao Tome and Principe B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Angola | \n\n Nigeria | \n
| \n \n | \n\n TotalEnergies EP Sebuku | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Indonesia | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Senegal | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Senegal | \n\n Norway | \n
| \n \n | \n\n TotalEnergies EP Services Brazil B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Netherlands | \n\n Oman | \n
| \n \n | \n\n TotalEnergies EP South Africa B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n South Africa | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP South Africa Block 567 (Pty) Ltd\u00a0\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n South Africa | \n\n South Africa | \n\n Denmark | \n
| \n \n | \n\n TotalEnergies EP Suriname B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Suriname | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Thailand | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Thailand | \n\n Qatar | \n
| \n \n | \n\n TotalEnergies EP UAE Unconventional Gas B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n United Arab Emirates | \n\n Iraq | \n
| \n \n | \n\n TotalEnergies EP Uganda S.A.S. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Uganda | \n\n Russia | \n
| \n \n | \n\n TotalEnergies EP Umm Shaif Nasr B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n United Arab Emirates | \n\n Angola | \n
| \n Exploration & Production (continued) | \n\n \n | \n|||||
| \n \n | \n\n TotalEnergies EP Venezuela B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Venezuela | \n\n Senegal | \n
| \n \n | \n\n TotalEnergies EP Vostok LLC | \n\n 100.00% | \n\n \u00a0 | \n\n Russia | \n\n Russia | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies EP Waha | \n\n 100.00% | \n\n \u00a0 | \n\n Cayman Islands | \n\n Libya | \n\n South Africa | \n
| \n \n | \n\n TotalEnergies EP Well Response | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n South Africa | \n
| \n \n | \n\n TotalEnergies EP Yemen | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Yemen | \n\n Suriname | \n
| \n \n | \n\n TotalEnergies EP Yemen Block 3 B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Yemen | \n\n Venezuela | \n
| \n \n | \n\n TotalEnergies Holdings EACOP S.A.S. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Uganda | \n\n France | \n
| \n \n | \n\n TotalEnergies Holdings International B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Netherlands | \n\n Yemen | \n
| \n \n | \n\n TotalEnergies Holdings Nederland B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Netherlands | \n\n Yemen | \n
| \n \n | \n\n TotalEnergies Jack USA LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies LNG Supply Services USA | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Nature Based Solutions | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Nature Based Solutions II\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Nederland Facilities Management B.V.\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies Offshore GB Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Offshore UK Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Petr\u00f3leo & G\u00e1s Brasil Ltda | \n\n 100.00% | \n\n \u00a0 | \n\n Brazil | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n TotalEnergies Shipping Brazil B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n TotalEnergies Termokarstovoye S.A.S. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Upstream Danmark A/S | \n\n 100.00% | \n\n \u00a0 | \n\n Denmark | \n\n Denmark | \n\n Denmark | \n
| \n \n | \n\n TotalEnergies Upstream Nigeria | \n\n 100.00% | \n\n \u00a0 | \n\n Nigeria | \n\n Nigeria | \n\n Nigeria | \n
| \n \n | \n\n TotalEnergies Upstream UK Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Uintah Colorado Resources, LLC | \n\n 66.67% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Uintah Colorado Resources II, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n Integrated Gas, Renewables & Power | \n||||||
| \n \n | \n\n Abarloar Solar S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Abu Dhabi Gas Liquefaction Company Limited | \n\n 5.00% | \n\n E | \n\n United Arab Emirates | \n\n United Arab Emirates | \n\n United Arab Emirates | \n
| \n \n | \n\n Adani Gas Limited AGL | \n\n 37.40% | \n\n E | \n\n India | \n\n India | \n\n India | \n
| \n \n | \n\n Adani Green Energy Ltd | \n\n 19.75% | \n\n E | \n\n India | \n\n India | \n\n India | \n
| \n \n | \n\n Adani Green Energy Twenty Three Limited | \n\n 50.00% | \n\n E | \n\n India | \n\n India | \n\n India | \n
| \n \n | \n\n Adani Total Private Limited(d) | \n\n 50.00% | \n\n E | \n\n India | \n\n India | \n\n India | \n
| \n \n | \n\n Advanced Thermal Batteries Inc. | \n\n 50.00% | \n\n E | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Aerospatiale Batteries (ASB) | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Aerowatt Energies | \n\n 65.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Aerowatt Energies 2 | \n\n 51.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Al Kharsaa Solar Holdings B.V.\u00a0 | \n\n 49.00% | \n\n E | \n\n Netherlands | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n Alamo Solarbay S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Alcad AB | \n\n 100.00% | \n\n \u00a0 | \n\n Sweden | \n\n Sweden | \n\n United States | \n
| \n \n | \n\n Alicante | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n\n Sweden | \n
| \n \n | \n\n Alicante 2 | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Altergie Territoires 2 | \n\n 44.58% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Altergie Territoires 3 | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Amber Solar Power Cinco, S.L. | \n\n 65.00% | \n\n E | \n\n Spain | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Amber Solar Power Cuatro, S.L. | \n\n 65.00% | \n\n E | \n\n Spain | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Amber Solar Power Dieciseis, S.L. | \n\n 65.00% | \n\n E | \n\n Spain | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Amber Solar Power Diez, S.L. | \n\n 65.00% | \n\n E | \n\n Spain | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Amber Solar Power Nueve, S.L. | \n\n 65.00% | \n\n E | \n\n Spain | \n\n Spain | \n\n Spain | \n
| \n Integrated Gas, Renewables & Power (continued) | \n\n \n | \n|||||
| \n \n | \n\n Amber Solar Power Quince, S.L. | \n\n 65.00% | \n\n E | \n\n Spain | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Amber Solar Power Tres, S.L. | \n\n 65.00% | \n\n E | \n\n Spain | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Amber Solar Power Uno, S.L. | \n\n 65.00% | \n\n E | \n\n Spain | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Amura Solar, S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Anayet Solar, S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Anclote Solar, S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Ancora Solar, S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Andromeda Solarbay HP S.L. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Angola LNG Ltd | \n\n 13.60% | \n\n E | \n\n Bermuda | \n\n Angola | \n\n Spain | \n
| \n \n | \n\n Arbotante Solar, S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n Russia | \n
| \n \n | \n\n Arctic LNG 2 LLC | \n\n 10.00% | \n\n E | \n\n Russia | \n\n Russia | \n\n Russia | \n
| \n \n | \n\n Armada Solar, S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n ATJV Offshore | \n\n 50.00% | \n\n E | \n\n Singapore | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n Atol\u00f3n Solar, S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Attentive Energy, LLC | \n\n 84.00% | \n\n E | \n\n United States | \n\n United States | \n\n Spain | \n
| \n \n | \n\n Auriga Generacion S.L. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n France | \n
| \n \n | \n\n Automotive Cells Company, S.E. | \n\n 33.33% | \n\n E | \n\n France | \n\n France | \n\n Spain | \n
| \n \n | \n\n Baker Creek Solar, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n Baser Comercializadora de Referencia | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n France | \n
| \n \n | \n\n BioBearn S.A.S. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n BioDeac S.A.S. | \n\n 65.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n BioGasconha S.A.S. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Biogaz Breuil | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Biogaz Chatillon | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Biogaz Corcelles | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Biogaz Epinay | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Biogaz Libron | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Biogaz Milhac | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Biogaz Soignolles | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Biogaz Torcy | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Biogaz Vert Le Grand | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Biogaz Viriat | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n BioLoie S.A.S. | \n\n 55.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n BioPommeria S.A.S. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n BioQuercy S.A.S. | \n\n 66.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Bioroussillon S.A.S. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Biovilleneuvois S.A.S. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Blue Gem Wind Limited | \n\n 80.00% | \n\n E | \n\n United Kingdom | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Brazoria Solar I, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Brazoria Solar II, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Cameron LNG Holdings LLC | \n\n 16.60% | \n\n E | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Castille | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n\n United States | \n
| \n \n | \n\n Cefeo Solar S.L. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n United States | \n
| \n \n | \n\n Centaurus Environment S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n United States | \n
| \n \n | \n\n Central Solaire RENFR 331 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United States | \n
| \n \n | \n\n Centrale Eolienne De La Vallee Gentillesse | \n\n 74.80% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United States | \n
| \n \n | \n\n Centrale Hydrolique Alas | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United States | \n
| \n Integrated Gas, Renewables & Power (continued) | \n\n \n | \n|||||
| \n \n | \n\n Centrale Hydrolique Ardon | \n\n 90.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Hydrolique Arvan | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Spain | \n
| \n \n | \n\n Centrale Hydrolique Barbaira | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Spain | \n
| \n \n | \n\n Centrale Hydrolique Bonnant | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Hydrolique Gavet | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Hydrolique Miage | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Hydrolique Previnquieres | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Photovoltaique De Merle Sud | \n\n 40.58% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire 2 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire 21.09-4 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire APV R&D | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Autoprod | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Beauce Val de Loire | \n\n 60.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Borde Blanche | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Cet d'Al Gouty | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Chemin De Melette | \n\n 51.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire De Cazedarnes | \n\n 75.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Dom | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Du Centre Ouest | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Du Lavoir | \n\n 60.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Estarac | \n\n 35.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Forum Laudun | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Gatilles | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Golbey | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Guinots | \n\n 60.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Heliovale | \n\n 59.63% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire La Potence | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire La Roquette | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire La Tastere | \n\n 60.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Lacoste | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Larampeau | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Les Cordeliers | \n\n 83.98% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Les Cordeliers 2 | \n\n 75.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Lodes | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Lot 1 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Mazeran Lr | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Merle Sud 2 | \n\n 60.00% | \n\n E | \n\n France | \n\n France | \n\n \n | \n
| \n \n | \n\n Centrale Solaire Olinoca | \n\n 10.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Ombrieres Cap Agathois | \n\n 83.98% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Ombrieres De Blyes | \n\n 60.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Plateau De Pouls | \n\n 51.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Pouy Negue 2 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire RENFR 436 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Solarshare Bordeaux | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Terre du Roi | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Toiture Josse | \n\n 60.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Vauvoix | \n\n 60.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n Integrated Gas, Renewables & Power (continued) | \n\n \n | \n|||||
| \n \n | \n\n Centrale Solaire Zabo 2 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Cerezo Solar, S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n France | \n
| \n \n | \n\n Cidra Solar, S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n France | \n
| \n \n | \n\n Circinus Energy S.L. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n France | \n
| \n \n | \n\n Clinton Solar, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n Col\u00f3n LNG Marketing S. de R. L. | \n\n 50.00% | \n\n E | \n\n Panama | \n\n Panama | \n\n France | \n
| \n \n | \n\n Columba Renovables S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n France | \n
| \n \n | \n\n Comanche Solar, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n Core Energy Development, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n Core Fund 1, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n Core Solar Capital, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n Core Solar Data, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Spain | \n
| \n \n | \n\n Core Solar Development, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Spain | \n
| \n \n | \n\n Core Solar DG, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Spain | \n
| \n \n | \n\n Core Solar Holdings I, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Core Solar Land Holdings I, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Panama | \n
| \n \n | \n\n Core Solar SPV X, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Spain | \n
| \n \n | \n\n Core Solar SPV XV, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n C\u00f4te d'Ivoire | \n
| \n \n | \n\n Core Solar SPV XXIV, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Spain | \n
| \n \n | \n\n Core Solar, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n Cote d'Ivoire GNL | \n\n 34.00% | \n\n E | \n\n C\u00f4te d'Ivoire | \n\n C\u00f4te d'Ivoire | \n\n France | \n
| \n \n | \n\n Cottonwood Bayou Solar, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Cowtown Solar, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Netherlands | \n
| \n \n | \n\n Crc Kern Front Tugboat, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Chile | \n
| \n \n | \n\n CS Carrefour de l'Europe | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Spain | \n
| \n \n | \n\n CS Les Comottes | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n CS QUADRAO 2 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n Cygnus Environment S.L. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n France | \n
| \n \n | \n\n Danish Fields Solar, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n Del Rio Funding LLC(a) | \n\n 59.57% | \n\n E | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n ECA LNG Holdings B.V. | \n\n 16.60% | \n\n E | \n\n Netherlands | \n\n Netherlands | \n\n France | \n
| \n \n | \n\n Eclipse Solar SPA | \n\n 100.00% | \n\n \u00a0 | \n\n Chile | \n\n Chile | \n\n France | \n
| \n \n | \n\n Edelweis Solar, S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n France | \n
| \n \n | \n\n Energie Developpement | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Eole Boin | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Eole Champagne Conlinoise | \n\n 66.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Eole Dadoud | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Eole Fonds Caraibes | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United States | \n
| \n \n | \n\n Eole Grand Maison | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Spain | \n
| \n \n | \n\n Eole La Montagne | \n\n 87.60% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Eole La Perriere S.A.R.L. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Sweden | \n
| \n \n | \n\n Eole Morne Carriere | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Eole Yate | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Eolmed | \n\n 20.00% | \n\n E | \n\n France | \n\n France | \n\n Germany | \n
| \n \n | \n\n Evergreen Solar, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Japan | \n
| \n \n | \n\n Falla Solar, S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n France | \n
| \n \n | \n\n Fast Jung KB | \n\n 100.00% | \n\n \u00a0 | \n\n Sweden | \n\n Sweden | \n\n Mexico | \n
| \n Integrated Gas, Renewables & Power (continued) | \n\n \n | \n|||||
| \n \n | \n\n Fleming Solar, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Fluxsol | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Fonroche Energies Renouvelables S.A.S. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Frieman & Wolf Batterietechnick GmbH | \n\n 100.00% | \n\n \u00a0 | \n\n Germany | \n\n Germany | \n\n France | \n
| \n \n | \n\n G.K. Succeed Tsu Haze | \n\n 45.00% | \n\n E | \n\n Japan | \n\n Japan | \n\n United States | \n
| \n \n | \n\n Galibier | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Garonne-et-Canal Energies | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United States | \n
| \n \n | \n\n Gas Del Litoral SRLCV | \n\n 25.00% | \n\n E | \n\n Mexico | \n\n Mexico | \n\n United States | \n
| \n \n | \n\n GIP III Zephyr Holdings, LLC | \n\n 50.00% | \n\n E | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Glaciere De Palisse | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United States | \n
| \n \n | \n\n Global LNG Armateur S.A.S. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n South Korea | \n
| \n \n | \n\n Global LNG Downstream S.A.S. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n South Korea | \n
| \n \n | \n\n Global LNG North America Corporation | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Spain | \n
| \n \n | \n\n Global LNG S.A.S. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Go Electric | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Golden Triangle Solar, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Spain | \n
| \n \n | \n\n Goodfellow Solar III, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United Kingdom | \n
| \n \n | \n\n Gray Whale Offshore Wind Power No.1 Co., Ltd\u00a0 | \n\n 42.50% | \n\n E | \n\n South Korea | \n\n South Korea | \n\n United Arab Emirates | \n
| \n \n | \n\n Gray Whale Offshore Wind Power No.2 Co., Ltd | \n\n 42.50% | \n\n E | \n\n South Korea | \n\n South Korea | \n\n United States | \n
| \n \n | \n\n Gray Whale Offshore Wind Power No.3 Co. Ltd | \n\n 42.50% | \n\n E | \n\n South Korea | \n\n South Korea | \n\n United States | \n
| \n \n | \n\n Greenflex Actirent Group, S.L. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n France | \n
| \n \n | \n\n Greenflex S.A.S. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Grillete Solar, S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n France | \n
| \n \n | \n\n GT R4 Holding Limited | \n\n 50.00% | \n\n E | \n\n United Kingdom | \n\n United Kingdom | \n\n France | \n
| \n \n | \n\n Gulf Total Tractebel Power Company PSJC | \n\n 20.00% | \n\n E | \n\n United Arab Emirates | \n\n United Arab Emirates | \n\n France | \n
| \n \n | \n\n Hanwha Total Solar II, LLC | \n\n 50.00% | \n\n E | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n Hanwha Total Solar, LLC | \n\n 50.00% | \n\n E | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n Helio 100 Kw | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Helio 971 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Helio 974 Sol 1 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Helio 974 Toiture 2 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Helio Fonds Caraibes | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United States | \n
| \n \n | \n\n Helio L'R | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United States | \n
| \n \n | \n\n Helio Saint Benoit | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Helio Wabealo | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Helix Project V, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n HETTY | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Australia | \n
| \n \n | \n\n Hill Solar I, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n Hill Solar I, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Japan | \n
| \n \n | \n\n Hill Solar II, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n HTS Holdings LLC | \n\n 50.00% | \n\n E | \n\n United States | \n\n United States | \n\n China | \n
| \n \n | \n\n Hydro 974 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Hydro Tinee | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n\n United States | \n
| \n \n | \n\n Hydromons | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n South Korea | \n
| \n \n | \n\n Ichthys LNG PTY Limited | \n\n 26.00% | \n\n E | \n\n Australia | \n\n Australia | \n\n United States | \n
| \n \n | \n\n Ise Total Nanao Power Plant G.K. | \n\n 50.00% | \n\n E | \n\n Japan | \n\n Japan | \n\n France | \n
| \n \n | \n\n Jingdan New Energy investment (Shanghai) Co. Ltd | \n\n 50.00% | \n\n E | \n\n China | \n\n China | \n\n France | \n
| \n Integrated Gas, Renewables & Power (continued) | \n\n \n | \n|||||
| \n \n | \n\n Jmcp | \n\n 50.05% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Keith Solar I, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Belgium | \n
| \n \n | \n\n Komundo Offshore Wind Power Co., Ltd | \n\n 42.50% | \n\n E | \n\n South Korea | \n\n South Korea | \n\n Spain | \n
| \n \n | \n\n LA Basin Solar I, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n La Compagnie Electrique de Bretagne | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n La Metairie Neuve | \n\n 25.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n La Seauve | \n\n 40.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Lanuza Solar, S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n France | \n
| \n \n | \n\n Lauderdale Solar, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n Laurens Solar I, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n Lemoore Stratford Land Holdings IV, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Les ailes de Taillard | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Les vents de la Moivre 1 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Chile | \n
| \n \n | \n\n Les Vents de la Moivre 2 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Spain | \n
| \n \n | \n\n Les Vents de la Moivre 3 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Spain | \n
| \n \n | \n\n Les Vents de la Moivre 4 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Spain | \n
| \n \n | \n\n Les Vents de la Moivre 5 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Spain | \n
| \n \n | \n\n Les Vents De Nivillac | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n South Korea | \n
| \n \n | \n\n Leuret | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Lorca | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n\n Spain | \n
| \n \n | \n\n Luce Solar SPA | \n\n 100.00% | \n\n \u00a0 | \n\n Chile | \n\n Chile | \n\n United States | \n
| \n \n | \n\n Luminora Solar 5 | \n\n 65.00% | \n\n E | \n\n Spain | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Luminora Solar cuatro, S.L. | \n\n 65.00% | \n\n E | \n\n Spain | \n\n Spain | \n\n Singapore | \n
| \n \n | \n\n Luminora Solar Dos, S.L. | \n\n 65.00% | \n\n E | \n\n Spain | \n\n Spain | \n\n France | \n
| \n \n | \n\n Luminora Solar Tres, S.L. | \n\n 65.00% | \n\n E | \n\n Spain | \n\n Spain | \n\n United Kingdom | \n
| \n \n | \n\n Maenggoldo Offshore Wind Power Co., Ltd | \n\n 42.50% | \n\n E | \n\n South Korea | \n\n South Korea | \n\n Japan | \n
| \n \n | \n\n Margeriaz Energie | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Japan | \n
| \n \n | \n\n Martianez Solar, S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n Mozambique | \n
| \n \n | \n\n Marysville Unified School District Solar, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United Arab Emirates | \n
| \n \n | \n\n Mauricio Solar, S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n United Arab Emirates | \n
| \n \n | \n\n Maxeon Solar Technologies, Pte. Ltd. | \n\n 26.66% | \n\n E | \n\n Singapore | \n\n Singapore | \n\n Mozambique | \n
| \n \n | \n\n Methanergy | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Mozambique | \n
| \n \n | \n\n Missiles & Space Batteries Limited | \n\n 50.00% | \n\n E | \n\n United Kingdom | \n\n United Kingdom | \n\n South Africa | \n
| \n \n | \n\n Miyagi Osato Solar Park G.K. | \n\n 45.00% | \n\n E | \n\n Japan | \n\n Japan | \n\n United States | \n
| \n \n | \n\n Miyako Kuzakai Solarpark G.K. | \n\n 50.00% | \n\n E | \n\n Japan | \n\n Japan | \n\n United Arab Emirates | \n
| \n \n | \n\n Moz LNG1 Co-Financing Company | \n\n 26.50% | \n\n \u00a0 | \n\n Mozambique | \n\n Mozambique | \n\n United States | \n
| \n \n | \n\n Moz LNG1 Financing Company Ltd | \n\n 26.50% | \n\n \u00a0 | \n\n United Arab Emirates | \n\n United Arab Emirates | \n\n Nigeria | \n
| \n \n | \n\n Moz LNG1 Holding Company Ltd | \n\n 26.50% | \n\n \u00a0 | \n\n United Arab Emirates | \n\n United Arab Emirates | \n\n Norway | \n
| \n \n | \n\n Mozambique LNG Marine Terminal Company S.A. | \n\n 26.50% | \n\n \u00a0 | \n\n Mozambique | \n\n Mozambique | \n\n United States | \n
| \n \n | \n\n Mozambique MOF Company S.A. | \n\n 26.50% | \n\n \u00a0 | \n\n Mozambique | \n\n Mozambique | \n\n United States | \n
| \n \n | \n\n Mulilo Prieska PV (RF) Proprietary Limited | \n\n 27.00% | \n\n E | \n\n South Africa | \n\n South Africa | \n\n France | \n
| \n \n | \n\n Mustang Creek Solar, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Spain | \n
| \n \n | \n\n Myrtle Solar, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n National Gas Shipping Company Limited | \n\n 5.00% | \n\n E | \n\n United Arab Emirates | \n\n United Arab Emirates | \n\n Oman | \n
| \n \n | \n\n Nigeria LNG Limited | \n\n 15.00% | \n\n E | \n\n Nigeria | \n\n Nigeria | \n\n France | \n
| \n \n | \n\n Nouvelle Centrale Eolienne de Lastours | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Nuza Solar, S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n France | \n
| \n Integrated Gas, Renewables & Power (continued) | \n\n \n | \n|||||
| \n \n | \n\n Nyk Armateur S.A.S. | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n\n Chile | \n
| \n \n | \n\n Offshore Wind Power Ltd | \n\n 38.25% | \n\n E | \n\n United Kingdom | \n\n United Kingdom | \n\n Chile | \n
| \n \n | \n\n Oman LNG, LLC | \n\n 5.54% | \n\n E | \n\n Oman | \n\n Oman | \n\n Spain | \n
| \n \n | \n\n Papua LNG Development Pte Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Singapore | \n\n Papua New Guinea | \n\n Spain | \n
| \n \n | \n\n Parc Eolien de Cassini | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n\n Spain | \n
| \n \n | \n\n Parc Eolien Des Monts Jumeaux | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Parc Eolien Du Coupru | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Parc Eolien du Vilpion | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Parque Fotovoltaico Alicahue Solar SPA | \n\n 100.00% | \n\n \u00a0 | \n\n Chile | \n\n Chile | \n\n France | \n
| \n \n | \n\n Parque Fotovoltaico Santa Adriana Solar SPA | \n\n 100.00% | \n\n \u00a0 | \n\n Chile | \n\n Chile | \n\n Spain | \n
| \n \n | \n\n Piedra Solar, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Qatar | \n
| \n \n | \n\n Pilastra Solar, S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n Qatar | \n
| \n \n | \n\n Planta solar OPDE Andaluc\u00eda 3, S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n France | \n
| \n \n | \n\n Portalon Solar, S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Pos Production Ii | \n\n 60.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Spain | \n
| \n \n | \n\n Pos Production Iii | \n\n 70.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Spain | \n
| \n \n | \n\n Pos Production Iv | \n\n 70.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Spain | \n
| \n \n | \n\n Pos Production V | \n\n 70.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Chile | \n
| \n \n | \n\n Poste HTB du Mont de L'Arbre | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United States | \n
| \n \n | \n\n Postigo Solar, S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n China | \n
| \n \n | \n\n PT TATS Indonesia\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n Indonesia | \n\n Indonesia | \n\n China | \n
| \n \n | \n\n Qatar Liquefied Gas Company Limited | \n\n 10.00% | \n\n E | \n\n Qatar | \n\n Qatar | \n\n Sweden | \n
| \n \n | \n\n Qatar Liquefied Gas Company Limited (II) | \n\n 16.70% | \n\n E | \n\n Qatar | \n\n Qatar | \n\n France | \n
| \n \n | \n\n Quadrica | \n\n 51.00% | \n\n E | \n\n France | \n\n France | \n\n United States | \n
| \n \n | \n\n Quilla Solar, S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n Norway | \n
| \n \n | \n\n Rabiza Solar, S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n Australia | \n
| \n \n | \n\n Randolph Solar I, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Spain | \n
| \n \n | \n\n Recova Solar, S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n Italy | \n
| \n \n | \n\n Regata Solar, S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n Germany | \n
| \n \n | \n\n RLA Solar SPA | \n\n 100.00% | \n\n \u00a0 | \n\n Chile | \n\n Chile | \n\n Singapore | \n
| \n \n | \n\n Rolling Plains Solar, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Australia | \n
| \n \n | \n\n Saft (Zhuhai FTZ) Batteries Company Limited | \n\n 100.00% | \n\n \u00a0 | \n\n China | \n\n China | \n\n Netherlands | \n
| \n \n | \n\n Saft (Zhuhai) Energy Storage Co | \n\n 100.00% | \n\n \u00a0 | \n\n China | \n\n China | \n\n Brazil | \n
| \n \n | \n\n Saft AB | \n\n 100.00% | \n\n \u00a0 | \n\n Sweden | \n\n Sweden | \n\n France | \n
| \n \n | \n\n Saft America Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Czech Republic | \n
| \n \n | \n\n Saft AS | \n\n 100.00% | \n\n \u00a0 | \n\n Norway | \n\n Norway | \n\n France | \n
| \n \n | \n\n Saft Australia PTY Limited | \n\n 100.00% | \n\n \u00a0 | \n\n Australia | \n\n Australia | \n\n Hong Kong | \n
| \n \n | \n\n Saft Batterias SL | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n India | \n
| \n \n | \n\n Saft Batterie Italia S.R.L. | \n\n 100.00% | \n\n \u00a0 | \n\n Italy | \n\n Italy | \n\n Japan | \n
| \n \n | \n\n Saft Batterien GmbH | \n\n 100.00% | \n\n \u00a0 | \n\n Germany | \n\n Germany | \n\n United Kingdom | \n
| \n \n | \n\n Saft Batteries Pte Limited | \n\n 100.00% | \n\n \u00a0 | \n\n Singapore | \n\n Singapore | \n\n Russia | \n
| \n \n | \n\n Saft Batteries PTY Limited | \n\n 100.00% | \n\n \u00a0 | \n\n Australia | \n\n Australia | \n\n Cyprus | \n
| \n \n | \n\n Saft Batterijen B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Netherlands | \n\n France | \n
| \n \n | \n\n Saft Do Brasil Ltda | \n\n 100.00% | \n\n \u00a0 | \n\n Brazil | \n\n Brazil | \n\n United Kingdom | \n
| \n \n | \n\n Saft EV S.A.S. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United States | \n
| \n \n | \n\n Saft Ferak AS | \n\n 100.00% | \n\n \u00a0 | \n\n Czech Republic | \n\n Czech Republic | \n\n United Arab Emirates | \n
| \n \n | \n\n Saft Groupe S.A.S. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United States | \n
| \n Integrated Gas, Renewables & Power (continued) | \n\n \n | \n|||||
| \n \n | \n\n Saft Hong Kong Limited | \n\n 100.00% | \n\n \u00a0 | \n\n Hong Kong | \n\n Hong Kong | \n\n France | \n
| \n \n | \n\n Saft India Private Limited | \n\n 100.00% | \n\n \u00a0 | \n\n India | \n\n India | \n\n France | \n
| \n \n | \n\n Saft Japan KK | \n\n 100.00% | \n\n \u00a0 | \n\n Japan | \n\n Japan | \n\n France | \n
| \n \n | \n\n Saft Limited | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n United States | \n
| \n \n | \n\n Saft LLC | \n\n 100.00% | \n\n \u00a0 | \n\n Russia | \n\n Russia | \n\n France | \n
| \n \n | \n\n Saft Nife ME Limited | \n\n 100.00% | \n\n \u00a0 | \n\n Cyprus | \n\n Cyprus | \n\n United States | \n
| \n \n | \n\n Saft S.A.S. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United States | \n
| \n \n | \n\n Sanders Creek Solar, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Seagreen HoldCo 1 Limited | \n\n 51.00% | \n\n E | \n\n United Kingdom | \n\n United Kingdom | \n\n United States | \n
| \n \n | \n\n Shams Power Company PJSC | \n\n 20.00% | \n\n E | \n\n United Arab Emirates | \n\n United Arab Emirates | \n\n United States | \n
| \n \n | \n\n Societe Champenoise d'Energie | \n\n 16.00% | \n\n E | \n\n France | \n\n France | \n\n United States | \n
| \n \n | \n\n Societe Economie Mixte Production Energetique Renouvelable | \n\n 35.92% | \n\n E | \n\n France | \n\n France | \n\n United States | \n
| \n \n | \n\n Sol Holding, LLC | \n\n 50.00% | \n\n E | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Carport NJ, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Energies | \n\n 65.00% | \n\n E | \n\n France | \n\n France | \n\n United States | \n
| \n \n | \n\n Solar Star Academia 1, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Always Low Prices Hi, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Arizona HMR-1, LLC\u00a0\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Baltimore Carney, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Baltimore Roofs, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Bay City 2, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Big Apple BTM, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Big Apple CDG, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Big Apple CDGB,LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Blakeslee 2, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Buchanan 1, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Buchanan 2, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star California LXXV, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star California LXXVI, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star California LXXVIII, LLC\u00a0\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star California XXXV, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star California XXXVI, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star California XXXVIII, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Cambridge 1, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Carbondale 1, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Carlsbad 1, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Charles City 1, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Charles City 2, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Charlotte 1, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Clovis Curry North, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Clovis Curry South, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Co Co 2500, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Colorado II, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star CRC Kern Front, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star CRC Mt. Poso, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star CRC North Shafter, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n Integrated Gas, Renewables & Power (continued) | \n\n \n | \n|||||
| \n \n | \n\n Solar Star CRC Pier A West, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star CRC Yowlumne 1 North, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star CRC Yowlumne 2 South, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Deer Island, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Dornsife 1, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Fort Atkinson South, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star George Gift, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Gloucester 1, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Gloucester 2, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Goochland 1, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Goodwin Storage, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Halifax 1, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Harbor, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Hawley 1, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star HD Maryland, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star HD New Jersey, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star HD New York, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Healthy 1, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Healthy Lake, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Herald Square 1, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Hernwood, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Irondale, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Jal, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Kennedale Storage, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Khsd, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star LA County High Desert, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Lake Mills 1, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star LCR Culver City, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star LCR Irvine, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star LCR Split 2, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Lincoln School, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Lompoc Diatomite 1, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Los Lunas 2 LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Los Lunas, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star MA - Tewksbury, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Massachusetts II, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Massachusetts III, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Maxx 1, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Mayfield 1, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Maynard 1, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Mifflinburg 1, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Millville Rohrsburg, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Millville, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Mount Crawford 1, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star North Herty Storage, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Orangeville 2, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Orangeville Eagle, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n Integrated Gas, Renewables & Power (continued) | \n\n \n | \n|||||
| \n \n | \n\n Solar Star Parent CRC Kern Front, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Parent CRC Mt. Poso, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Parent CRC North Shafter, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Parent CRC Pier A West, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Parent CRC Yowlumne 1 North, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Parent CRC Yowlumne 2 South, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Parkton, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Pennsauken, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Petersburg 1, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Philipsburg 1, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Pleasant Mount 1, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Pleasant Mount 2, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Prime 2, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star PTC 1, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star PTC 2, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Serving Science 2, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Serving Science, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star South Deering, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Storage Texas, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Timberville 1, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United Kingdom | \n
| \n \n | \n\n Solar Star Timberville 2, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Spain | \n
| \n \n | \n\n Solar Star Track Southern Ave 1, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Tranquility, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Unkety Brook, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Urbana Landfill South, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Virginia Holdco, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Ware 1, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Western Hills Storage, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Wholesome Portland, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solarstar Ma I, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solarstar Prime I, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n SolarStorage Fund A, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n SolarStorage Fund B, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n SolarStorage Fund C, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n SolarStorage Fund D, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Chile | \n
| \n \n | \n\n Sombrero Solar, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Canada | \n
| \n \n | \n\n South Hook LNG Terminal Company Limited | \n\n 8.35% | \n\n E | \n\n United Kingdom | \n\n United Kingdom | \n\n United States | \n
| \n \n | \n\n Spinnaker Solar, S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n United States | \n
| \n \n | \n\n SPWR SS 1, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Strongstown Solar, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n SunPower Bobcat Solar, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n SunPower Commercial FTB Construction, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n SunPower Commercial Holding Company FTB SLB Parent, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n SunPower Commercial Holding Company FTB SLB, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Cayman Islands | \n
| \n \n | \n\n SunPower Helix I, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n SunPower NY CDG 1,LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n Integrated Gas, Renewables & Power (continued) | \n\n \n | \n|||||
| \n \n | \n\n SunPower Revolver HoldCo I Parent, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n SunPower Revolver HoldCo I, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Sunzil | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n\n United States | \n
| \n \n | \n\n Swingletree Operations, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Mexico | \n
| \n \n | \n\n Tadiran Batteries GmbH | \n\n 100.00% | \n\n \u00a0 | \n\n Germany | \n\n Germany | \n\n United States | \n
| \n \n | \n\n Tadiran Batteries Limited | \n\n 100.00% | \n\n \u00a0 | \n\n Israel | \n\n Israel | \n\n United States | \n
| \n \n | \n\n Tianneng Saft Energy Joint Stock Company | \n\n 40.00% | \n\n E | \n\n China | \n\n China | \n\n United States | \n
| \n \n | \n\n TNE Holdco 1 Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n France | \n
| \n \n | \n\n Total Direct Energie Belgium | \n\n 100.00% | \n\n \u00a0 | \n\n Belgium | \n\n Belgium | \n\n United States | \n
| \n \n | \n\n Total E&P Indonesie | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Indonesia | \n\n Germany | \n
| \n \n | \n\n TotalEnergies Biogaz France | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Israel | \n
| \n \n | \n\n Total Eren(b) | \n\n 29.60% | \n\n E | \n\n France | \n\n France | \n\n Morocco | \n
| \n \n | \n\n Total Eren Holding | \n\n 33.86% | \n\n E | \n\n France | \n\n France | \n\n China | \n
| \n \n | \n\n Total Shenergy LNG (Shanghai) Co., Ltd. | \n\n 49.00% | \n\n E | \n\n China | \n\n China | \n\n France | \n
| \n \n | \n\n Total Solar Singapore Pte Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Singapore | \n\n Singapore | \n\n Belgium | \n
| \n \n | \n\n Total Strong, LLC | \n\n 50.00% | \n\n E | \n\n United States | \n\n United States | \n\n Indonesia | \n
| \n \n | \n\n Total Tractebel Emirates O & M Company | \n\n 50.00% | \n\n E | \n\n France | \n\n United Arab Emirates | \n\n Indonesia | \n
| \n \n | \n\n Total Tractebel Emirates Power Company | \n\n 50.00% | \n\n E | \n\n France | \n\n United Arab Emirates | \n\n Mauritius Island | \n
| \n \n | \n\n TotalEnergies \u2013 Centrale Electrique Bayet | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Papua New Guinea | \n
| \n \n | \n\n TotalEnergies \u2013 Centrale Electrique Marchienne-au-Pont\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n Belgium | \n\n Belgium | \n\n Indonesia | \n
| \n \n | \n\n TotalEnergies \u2013 Centrale Electrique Pont-sur-Sambre | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies \u2013 Centrale Electrique Saint-Avold | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n China | \n
| \n \n | \n\n TotalEnergies \u2013 Centrale Electrique Toul | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Australia Unit Trust(c) | \n\n 0.00% | \n\n \u00a0 | \n\n Australia | \n\n Australia | \n\n France | \n
| \n \n | \n\n TotalEnergies Biogas Holdings USA, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n TotalEnergies Carbon Solutions | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Carolina Long Bay, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies CCS Australia Pty Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Australia | \n\n Australia | \n\n Mauritius Island | \n
| \n \n | \n\n TotalEnergies Clientes\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n Mauritius Island | \n
| \n \n | \n\n TotalEnergies CW I Solar, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n China | \n
| \n \n | \n\n TotalEnergies DF Solar, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Distributed Generation Assets Usa, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n China | \n
| \n \n | \n\n TotalEnergies Distributed Generation Philippines Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Distributed Generation Usa, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies E&P Yamal | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Chile | \n
| \n \n | \n\n TotalEnergies Electricidad y Gas Espa\u00f1a | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n Indonesia | \n
| \n \n | \n\n TotalEnergies Electricit\u00e9 et Gaz France | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United Arab Emirates | \n
| \n \n | \n\n TotalEnergies EP Angola D\u00e9veloppement Gaz | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Angola | \n\n United Arab Emirates | \n
| \n \n | \n\n TotalEnergies EP Australia | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Australia | \n\n United States | \n
| \n \n | \n\n TotalEnergies EP Australia II | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Australia | \n\n Bermuda | \n
| \n \n | \n\n TotalEnergies EP Australia III | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Australia | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Barnett USA | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies EP Holding Mauritius Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Mauritius Island | \n\n Mauritius Island | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Holdings Australia Pty Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Australia | \n\n Australia | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Ichthys B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Australia | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Ichthys Holdings | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Australia | \n
| \n \n | \n\n TotalEnergies EP Ichthys Pty Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Australia | \n\n Australia | \n\n France | \n
| \n Integrated Gas, Renewables & Power (continued) | \n\n \n | \n|||||
| \n \n | \n\n TotalEnergies EP Indonesia Mentawai B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Indonesia | \n\n Spain | \n
| \n \n | \n\n TotalEnergies EP Mozambique Area1, Ltda | \n\n 100.00% | \n\n \u00a0 | \n\n Mozambique | \n\n Mozambique | \n\n United States | \n
| \n \n | \n\n TotalEnergies EP Oman Block 12 B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Oman | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Oman Development B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Oman | \n\n Spain | \n
| \n \n | \n\n TotalEnergies EP PNG Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Papua New Guinea | \n\n Papua New Guinea | \n\n France | \n
| \n \n | \n\n TotalEnergies EP PNG2 B.V.\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Papua New Guinea | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP Salmanov | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Australia | \n
| \n \n | \n\n TotalEnergies EP Singapore Pte. Ltd. | \n\n 100.00% | \n\n \u00a0 | \n\n Singapore | \n\n Singapore | \n\n Australia | \n
| \n \n | \n\n TotalEnergies EP Tengah | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Indonesia | \n\n Australia | \n
| \n \n | \n\n TotalEnergies EP Transshipment S.A.S. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United States | \n
| \n \n | \n\n TotalEnergies ESS Flandres | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Australia | \n
| \n \n | \n\n TotalEnergies Exploration Australia Pty Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Australia | \n\n Australia | \n\n Australia | \n
| \n \n | \n\n TotalEnergies Gas & Power Asia Private Limited\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n Singapore | \n\n Singapore | \n\n France | \n
| \n \n | \n\n TotalEnergies Gas & Power Brazil | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Mozambique | \n
| \n \n | \n\n TotalEnergies Gas & Power Chartering UK Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n Oman | \n
| \n \n | \n\n TotalEnergies Gas & Power Holdings UK Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n Oman | \n
| \n \n | \n\n TotalEnergies Gas & Power Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n Papua New Guinea | \n
| \n \n | \n\n TotalEnergies Gas & Power Ltd, London, Meyrin - Geneva branch | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n Switzerland | \n\n France | \n
| \n \n | \n\n TotalEnergies Gas & Power North America, Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Gas & Power Services UK Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n Russia | \n
| \n \n | \n\n TotalEnergies Gas Holdings Andes | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Gas Pipeline USA, Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Australia | \n
| \n \n | \n\n TotalEnergies Gas y Electricidad Argentina S.A. | \n\n 100.00% | \n\n \u00a0 | \n\n Argentina | \n\n Argentina | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Gaz & Electricit\u00e9 Holdings | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies GLNG Australia | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Australia | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies GLNG Holdings Australia S.A.S. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Australia | \n\n Switzerland | \n
| \n \n | \n\n TotalEnergies H Solar, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies LNG Angola | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies M Solar, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Mercado Espa\u00f1a | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n Argentina | \n
| \n \n | \n\n TotalEnergies New Ventures USA, Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n TotalEnergies Offshore Wind Korea | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Australia | \n
| \n \n | \n\n TotalEnergies OFW US 1, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Australia | \n
| \n \n | \n\n TotalEnergies OFW US 4, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Power Generation France | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Angola | \n
| \n \n | \n\n TotalEnergies Power & Gas Belgium | \n\n 100.00% | \n\n \u00a0 | \n\n Belgium | \n\n Belgium | \n\n France | \n
| \n \n | \n\n TotalEnergies Renewables | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United States | \n
| \n \n | \n\n TotalEnergies Renewables Asia | \n\n 100.00% | \n\n \u00a0 | \n\n Singapore | \n\n Singapore | \n\n Spain | \n
| \n \n | \n\n TotalEnergies Renewables DG Asia Assets PTE Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Singapore | \n\n Singapore | \n\n United States | \n
| \n \n | \n\n TotalEnergies Renewables DG Development Asia Pte. Ltd. | \n\n 100.00% | \n\n \u00a0 | \n\n Singapore | \n\n Singapore | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Renewables DG Holdings Asia PTE Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Singapore | \n\n Singapore | \n\n France | \n
| \n \n | \n\n TotalEnergies Renewables DG MEA \u2013 Assets 1 FZE | \n\n 100.00% | \n\n \u00a0 | \n\n United Arab Emirates | \n\n United Arab Emirates | \n\n France | \n
| \n \n | \n\n TotalEnergies Renewables DG MEA\u00a0 FZE | \n\n 100.00% | \n\n \u00a0 | \n\n United Arab Emirates | \n\n United Arab Emirates | \n\n France | \n
| \n \n | \n\n TotalEnergies Renewables ESS Carling | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Renewables ESS Mayotte | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Renewables Iberica, S.L.U | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n United Arab Emirates | \n
| \n Integrated Gas, Renewables & Power (continued) | \n\n \n | \n|||||
| \n \n | \n\n TotalEnergies Renewables Indian Ocean Ltd. | \n\n 100.00% | \n\n \u00a0 | \n\n Mauritius Island | \n\n Mauritius Island | \n\n United Arab Emirates | \n
| \n \n | \n\n TotalEnergies Renewables International | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Spain | \n
| \n \n | \n\n TotalEnergies Renewables Latin America | \n\n 100.00% | \n\n \u00a0 | \n\n Chile | \n\n Chile | \n\n France | \n
| \n \n | \n\n TotalEnergies Renewables Projects Philippines Corporation | \n\n 100.00% | \n\n \u00a0 | \n\n Philippines | \n\n Philippines | \n\n Chile | \n
| \n \n | \n\n TotalEnergies Renewables Projects Vietnam | \n\n 100.00% | \n\n \u00a0 | \n\n Singapore | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Renewables R4 Holdco Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Renewables Seagreen Holdco Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Renewables Thailand | \n\n 100.00% | \n\n \u00a0 | \n\n Thailand | \n\n Thailand | \n\n Thailand | \n
| \n \n | \n\n TotalEnergies Renewables UK Limited | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n United States | \n
| \n \n | \n\n TotalEnergies Renewables USA, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n TotalEnergies Renouvelables Danemark ApS | \n\n 100.00% | \n\n \u00a0 | \n\n Denmark | \n\n Denmark | \n\n Denmark | \n
| \n \n | \n\n TotalEnergies Renouvelables France | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Renouvelables Nogara | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Renouvelables Pacific | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Solar DG Nederland B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Netherlands | \n\n France | \n
| \n \n | \n\n TotalEnergies Solar France | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Solar Intl | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Italy | \n
| \n \n | \n\n TotalEnergies Solar Wind Indian Ocean Ltd. | \n\n 100.00% | \n\n \u00a0 | \n\n Mauritius Island | \n\n Mauritius Island | \n\n France | \n
| \n \n | \n\n TotalEnergies Sviluppo Italia S.R.L. | \n\n 100.00% | \n\n \u00a0 | \n\n Italy | \n\n Italy | \n\n France | \n
| \n \n | \n\n TotalEnergies USA International LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n TotalEnergies Ventures Emerging Markets | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United States | \n
| \n \n | \n\n TotalEnergies Ventures Europe | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Ventures International | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Wire 3, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n TotalEnergies Yemen LNG Company Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Bermuda | \n\n Bermuda | \n\n France | \n
| \n \n | \n\n TQN Hydro | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Argentina | \n
| \n \n | \n\n TQN Solar | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Spain | \n
| \n \n | \n\n TQN Solar Nogara | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n\n Singapore | \n
| \n \n | \n\n TQN Wind | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Chile | \n
| \n \n | \n\n Transportadora de Gas del Mercosur S.A. | \n\n 32.68% | \n\n E | \n\n Argentina | \n\n Argentina | \n\n United States | \n
| \n \n | \n\n Trofeo Solar, S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n United States | \n
| \n \n | \n\n TSGF SpA | \n\n 50.00% | \n\n E | \n\n Chile | \n\n Chile | \n\n United States | \n
| \n \n | \n\n Valencia Solar 1, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n South Korea | \n
| \n \n | \n\n Valencia Solar 2, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n Valencia Solar 3, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Mexico | \n
| \n \n | \n\n Valencia Solar 4, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Mexico | \n
| \n \n | \n\n Valorene | \n\n 66.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Vents d'Oc Centrale d'Energie Renouvelable 16 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Vents D'Oc Centrale D'Energie Renouvelable 17 | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Vents D'Oc Centrale D'Energie Renouvelable 18 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Spain | \n
| \n \n | \n\n Vertigo | \n\n 25.00% | \n\n E | \n\n France | \n\n France | \n\n Germany | \n
| \n \n | \n\n Wichita Data, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n Wichita Solar I, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n Winche Solar, S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n France | \n
| \n \n | \n\n Wind 1026 GmbH | \n\n 100.00% | \n\n \u00a0 | \n\n Germany | \n\n France | \n\n France | \n
| \n \n | \n\n Wind 1029 GmbH | \n\n 100.00% | \n\n \u00a0 | \n\n Germany | \n\n Germany | \n\n Russia | \n
| \n Integrated Gas, Renewables & Power (continued) | \n\n \n | \n|||||
| \n \n | \n\n Winergy | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Yemen | \n
| \n \n | \n\n Woodbury Solar, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Germany | \n
| \n \n | \n\n WP France 21 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Netherlands | \n
| \n \n | \n\n Yamal LNG | \n\n 20.02% | \n\n E | \n\n Russia | \n\n Russia | \n\n \n | \n
| \n \n | \n\n Yemen LNG Company Limited | \n\n 39.62% | \n\n E | \n\n Bermuda | \n\n Yemen | \n\n \n | \n
| \n \n | \n\n Yunlin Holding Gmbh | \n\n 23.00% | \n\n E | \n\n Germany | \n\n Germany | \n\n \n | \n
| \n Refining & Chemicals | \n||||||
| \n \n | \n\n Appryl S.N.C | \n\n 50.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Atlantic Trading and Marketing Financial Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Atlantic Trading and Marketing Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Balzatex S.A.S. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Barry Controls Aerospace S.N.C. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n BASF Total Petrochemicals LLC | \n\n 40.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Bay Junction Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Bayport Polymers LLC | \n\n 50.00% | \n\n E | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Borrachas Portalegre Ltda | \n\n 100.00% | \n\n \u00a0 | \n\n Portugal | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n BOU Verwaltungs GmbH | \n\n 100.00% | \n\n \u00a0 | \n\n Germany | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Buckeye Products Pileline LP | \n\n 14.66% | \n\n E | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Catelsa-Caceres S.A.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Cie Tunisienne du Caoutchouc S.A.R.L. | \n\n 100.00% | \n\n \u00a0 | \n\n Tunisia | \n\n Tunisia | \n\n Tunisia | \n
| \n \n | \n\n Composite Industrie Maroc S.A.R.L. | \n\n 100.00% | \n\n \u00a0 | \n\n Morocco | \n\n Morocco | \n\n Morocco | \n
| \n \n | \n\n Composite Industrie S.A. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Cosden, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n COS-MAR Company | \n\n 50.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Cray Valley (Guangzhou) Chemical Company, Limited | \n\n 100.00% | \n\n \u00a0 | \n\n China | \n\n China | \n\n China | \n
| \n \n | \n\n Cray Valley Czech | \n\n 100.00% | \n\n \u00a0 | \n\n Czech Republic | \n\n Czech Republic | \n\n Czech Republic | \n
| \n \n | \n\n Cray Valley HSC Asia Limited | \n\n 100.00% | \n\n \u00a0 | \n\n China | \n\n Hong Kong | \n\n Hong Kong | \n
| \n \n | \n\n Cray Valley Italia S.R.L. | \n\n 100.00% | \n\n \u00a0 | \n\n Italy | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n Cray Valley S.A. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n CSSA - Chartering and Shipping Services S.A. | \n\n 100.00% | \n\n \u00a0 | \n\n Switzerland | \n\n Switzerland | \n\n Switzerland | \n
| \n \n | \n\n Espa S.A.R.L. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Ethylene Est | \n\n 99.98% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Feluy Immobati | \n\n 100.00% | \n\n \u00a0 | \n\n Belgium | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n Fina Pipeline Co | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n FINA Technology, Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Gasket (Suzhou) Valve Components Company, Limited | \n\n 100.00% | \n\n \u00a0 | \n\n China | \n\n China | \n\n China | \n
| \n \n | \n\n Gasket International S.R.L. | \n\n 100.00% | \n\n \u00a0 | \n\n Italy | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n Grande Paroisse S.A. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Gulf Coast Pipeline LP | \n\n 14.66% | \n\n E | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Hanwha TotalEnergies Petrochemical Co. Limited | \n\n 50.00% | \n\n E | \n\n South Korea | \n\n South Korea | \n\n South Korea | \n
| \n \n | \n\n HBA Hutchinson Brasil Automotive Ltda | \n\n 100.00% | \n\n \u00a0 | \n\n Brazil | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n Hutchinson (UK) Limited | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Hutchinson (Wuhan) Automotive Rubber Products Company Limited | \n\n 100.00% | \n\n \u00a0 | \n\n China | \n\n China | \n\n China | \n
| \n \n | \n\n Hutchinson Aeronautique & Industrie Limited | \n\n 100.00% | \n\n \u00a0 | \n\n Canada | \n\n Canada | \n\n Canada | \n
| \n \n | \n\n Hutchinson Aerospace & Industry Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Hutchinson Aerospace GmbH | \n\n 100.00% | \n\n \u00a0 | \n\n Germany | \n\n Germany | \n\n Germany | \n
| \n Refining & Chemicals (continued) | \n\n \n | \n|||||
| \n \n | \n\n Hutchinson Antivibration Systems Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Hutchinson Automotive Systems Company, Limited | \n\n 100.00% | \n\n \u00a0 | \n\n China | \n\n China | \n\n United States | \n
| \n \n | \n\n Hutchinson Autopartes Mexico S.A. de C.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Mexico | \n\n Mexico | \n\n China | \n
| \n \n | \n\n Hutchinson Borrachas de Portugal Ltda | \n\n 100.00% | \n\n \u00a0 | \n\n Portugal | \n\n Portugal | \n\n Mexico | \n
| \n \n | \n\n Hutchinson Corporation | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Portugal | \n
| \n \n | \n\n Hutchinson d.o.o Ruma | \n\n 100.00% | \n\n \u00a0 | \n\n Serbia | \n\n Serbia | \n\n United States | \n
| \n \n | \n\n Hutchinson Do Brasil S.A. | \n\n 100.00% | \n\n \u00a0 | \n\n Brazil | \n\n Brazil | \n\n Serbia | \n
| \n \n | \n\n Hutchinson Fluid Management Systems Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Brazil | \n
| \n \n | \n\n Hutchinson GmbH | \n\n 100.00% | \n\n \u00a0 | \n\n Germany | \n\n Germany | \n\n United States | \n
| \n \n | \n\n Hutchinson Holding GmbH | \n\n 100.00% | \n\n \u00a0 | \n\n Germany | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Hutchinson Holdings UK Limited | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n Germany | \n
| \n \n | \n\n Hutchinson Iberia S.A. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n United Kingdom | \n
| \n \n | \n\n Hutchinson Industrial Rubber Products (Suzhou) Company, Limited | \n\n 100.00% | \n\n \u00a0 | \n\n China | \n\n China | \n\n Spain | \n
| \n \n | \n\n Hutchinson Industrias Del Caucho SAU | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n China | \n
| \n \n | \n\n Hutchinson Industries Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Spain | \n
| \n \n | \n\n Hutchinson Japan Company Limited | \n\n 100.00% | \n\n \u00a0 | \n\n Japan | \n\n Japan | \n\n United States | \n
| \n \n | \n\n Hutchinson Korea Limited | \n\n 100.00% | \n\n \u00a0 | \n\n South Korea | \n\n South Korea | \n\n Japan | \n
| \n \n | \n\n Hutchinson Malta Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Malta | \n\n Malta | \n\n South Korea | \n
| \n \n | \n\n Hutchinson Maroc S.A.R.L. AU | \n\n 100.00% | \n\n \u00a0 | \n\n Morocco | \n\n Morocco | \n\n Morocco | \n
| \n \n | \n\n Hutchinson Poland SP ZO.O. | \n\n 100.00% | \n\n \u00a0 | \n\n Poland | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n Hutchinson Polymers S.N.C. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Hutchinson Porto | \n\n 100.00% | \n\n \u00a0 | \n\n Portugal | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n Hutchinson Precision Sealing Systems Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Hutchinson Research & Innovation Singapore PTE. Limited | \n\n 100.00% | \n\n \u00a0 | \n\n Singapore | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n Hutchinson Rubber Products Private Limited Inde | \n\n 100.00% | \n\n \u00a0 | \n\n India | \n\n India | \n\n India | \n
| \n \n | \n\n Hutchinson S.A. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Hutchinson S.N.C. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Hutchinson S.R.L. (Italie) | \n\n 100.00% | \n\n \u00a0 | \n\n Italy | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n Hutchinson S.R.L. (Roumanie) | \n\n 100.00% | \n\n \u00a0 | \n\n Romania | \n\n Romania | \n\n Romania | \n
| \n \n | \n\n Hutchinson Sales Corporation | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Hutchinson Seal De Mexico S.A. de CV. | \n\n 100.00% | \n\n \u00a0 | \n\n Mexico | \n\n Mexico | \n\n Mexico | \n
| \n \n | \n\n Hutchinson Sealing Systems Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Hutchinson SRO | \n\n 100.00% | \n\n \u00a0 | \n\n Czech Republic | \n\n Czech Republic | \n\n Czech Republic | \n
| \n \n | \n\n Hutchinson Stop - Choc GmbH & CO. KG | \n\n 100.00% | \n\n \u00a0 | \n\n Germany | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Hutchinson Suisse S.A. | \n\n 100.00% | \n\n \u00a0 | \n\n Switzerland | \n\n Switzerland | \n\n Switzerland | \n
| \n \n | \n\n Hutchinson Technologies (Maanshan) Co., Ltd. | \n\n 100.00% | \n\n \u00a0 | \n\n China | \n\n China | \n\n Mexico | \n
| \n \n | \n\n Hutchinson Technologies (Shenyang) Co., Ltd. | \n\n 100.00% | \n\n \u00a0 | \n\n China | \n\n China | \n\n Tunisia | \n
| \n \n | \n\n Hutchinson Transferencia de Fluidos S.A. de C.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Mexico | \n\n Mexico | \n\n Vietnam | \n
| \n \n | \n\n Hutchinson Tunisie S.A.R.L. | \n\n 100.00% | \n\n \u00a0 | \n\n Tunisia | \n\n Tunisia | \n\n Spain | \n
| \n \n | \n\n Hutchinson Vietnam Company Limited | \n\n 100.00% | \n\n \u00a0 | \n\n Vietnam | \n\n Vietnam | \n\n France | \n
| \n \n | \n\n Industrias Tecnicas De La Espuma SL | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n France | \n
| \n \n | \n\n Industrielle Desmarquoy S.N.C. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Jehier S.A.S. | \n\n 99.89% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Germany | \n
| \n \n | \n\n Joint Precision Rubber | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Qatar | \n
| \n \n | \n\n KTN Kunststofftechnik Nobitz GmbH | \n\n 100.00% | \n\n \u00a0 | \n\n Germany | \n\n Germany | \n\n Qatar | \n
| \n \n | \n\n Laffan Refinery Company Limited | \n\n 10.00% | \n\n E | \n\n Qatar | \n\n Qatar | \n\n United States | \n
| \n Refining & Chemicals (continued) | \n\n \n | \n|||||
| \n \n | \n\n Laffan Refinery Company Limited 2 | \n\n 10.00% | \n\n E | \n\n Qatar | \n\n Qatar | \n\n United States | \n
| \n \n | \n\n LaPorte Pipeline Company LP | \n\n 19.96% | \n\n E | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n LaPorte Pipeline GP LLC | \n\n 19.96% | \n\n E | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Le Joint Francais S.N.C. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United States | \n
| \n \n | \n\n Legacy Site Services Funding Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n Legacy Site Services LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Les Stratifies S.A.S. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United Kingdom | \n
| \n \n | \n\n Lone Wolf Land Company | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Machen Land Limited | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n France | \n
| \n \n | \n\n Mide Technology Corporation | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Germany | \n
| \n \n | \n\n Naphtachimie | \n\n 50.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Malta | \n
| \n \n | \n\n Olutex Oberlausitzer Luftfahrttextilien GmbH | \n\n 100.00% | \n\n \u00a0 | \n\n Germany | \n\n Germany | \n\n United Kingdom | \n
| \n \n | \n\n Pamargan Products Limited | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n France | \n
| \n \n | \n\n Paulstra S.N.C. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Germany | \n
| \n \n | \n\n PFW Aerospace GmbH | \n\n 100.00% | \n\n \u00a0 | \n\n Germany | \n\n Germany | \n\n Turkey | \n
| \n \n | \n\n PFW Havacilik Sanayi ve Dis Ticaret Limited Sirtketi | \n\n 100.00% | \n\n \u00a0 | \n\n Turkey | \n\n Turkey | \n\n United Kingdom | \n
| \n \n | \n\n PFW Uk Machining Ltd. | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n Germany | \n
| \n \n | \n\n Polyblend GmbH | \n\n 100.00% | \n\n \u00a0 | \n\n Germany | \n\n Germany | \n\n Qatar | \n
| \n \n | \n\n Qatar Petrochemical Company Q.S.C. (QAPCO) | \n\n 20.00% | \n\n E | \n\n Qatar | \n\n Qatar | \n\n Qatar | \n
| \n \n | \n\n Qatofin Company Limited | \n\n 49.08% | \n\n E | \n\n Qatar | \n\n Qatar | \n\n Belgium | \n
| \n \n | \n\n Resilium | \n\n 100.00% | \n\n \u00a0 | \n\n Belgium | \n\n Belgium | \n\n France | \n
| \n \n | \n\n Retia | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United States | \n
| \n \n | \n\n Retia USA LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n San Jacinto Rail Limited | \n\n 17.00% | \n\n E | \n\n United States | \n\n United States | \n\n Saoudia Arabia | \n
| \n \n | \n\n Saudi Aramco Total Refining & Petrochemical Company | \n\n 37.50% | \n\n E | \n\n Saoudia Arabia | \n\n Saoudia Arabia | \n\n France | \n
| \n \n | \n\n Societe Bearnaise De Gestion Industrielle | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Societe du Pipeline Sud-Europeen | \n\n 35.14% | \n\n E | \n\n France | \n\n France | \n\n United States | \n
| \n \n | \n\n Southeast Texas Pipelines LLC | \n\n 40.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Algeria | \n
| \n \n | \n\n SPA Sonatrach Total Entreprise de Polym\u00e8res | \n\n 49.00% | \n\n E | \n\n Algeria | \n\n Algeria | \n\n United States | \n
| \n \n | \n\n Stillman Seal Corporation | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United Kingdom | \n
| \n \n | \n\n Stop-Choc (UK) Limited | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n France | \n
| \n \n | \n\n Synova | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Techlam S.A.S. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Thermal Control Systems Automotive Sasu | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Total Activites Maritimes | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Mexico | \n
| \n \n | \n\n Total Atlantic Trading Mexico SA De CV | \n\n 100.00% | \n\n \u00a0 | \n\n Mexico | \n\n Mexico | \n\n Netherlands | \n
| \n \n | \n\n Total Corbion PLA B.V. | \n\n 50.00% | \n\n E | \n\n Netherlands | \n\n Netherlands | \n\n Denmark | \n
| \n \n | \n\n Total Energy Marketing A/S | \n\n 100.00% | \n\n \u00a0 | \n\n Denmark | \n\n Denmark | \n\n Netherlands | \n
| \n \n | \n\n Total Opslag En Pijpleiding Nederland NV | \n\n 55.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Netherlands | \n\n China | \n
| \n \n | \n\n Total Petrochemicals (Shangai) Limited | \n\n 100.00% | \n\n \u00a0 | \n\n China | \n\n China | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Belgium Services | \n\n 100.00% | \n\n \u00a0 | \n\n Belgium | \n\n Belgium | \n\n France | \n
| \n \n | \n\n TotalEnergies Fluids | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies Laffan Refinery Holdco | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Germany | \n
| \n \n | \n\n TotalEnergies Laffan Refinery Holdco II B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Netherlands | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Marketing Deutschland GmbH Refining(d) | \n\n 100.00% | \n\n \u00a0 | \n\n Germany | \n\n Germany | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Olefins Antwerp | \n\n 100.00% | \n\n \u00a0 | \n\n Belgium | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Petrochemicals Development Feluy | \n\n 100.00% | \n\n \u00a0 | \n\n Belgium | \n\n Belgium | \n\n Belgium | \n
| \n Refining & Chemicals (continued) | \n\n \n | \n|||||
| \n \n | \n\n TotalEnergies Petrochemicals Ecaussinnes\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n Belgium | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Petrochemicals Feluy | \n\n 100.00% | \n\n \u00a0 | \n\n Belgium | \n\n Belgium | \n\n France | \n
| \n \n | \n\n TotalEnergies Petrochemicals France | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Hong Kong | \n
| \n \n | \n\n TotalEnergies Petrochemicals Hong Kong Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Hong Kong | \n\n Hong Kong | \n\n Spain | \n
| \n \n | \n\n TotalEnergies Petrochemicals Iberica | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Petrochemicals UK Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n United States | \n
| \n \n | \n\n TotalEnergies Pipeline USA, Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Plastic Energy Advanced Recycling S.A.S. | \n\n 60.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Polymers Antwerp | \n\n 100.00% | \n\n \u00a0 | \n\n Belgium | \n\n Belgium | \n\n France | \n
| \n \n | \n\n TotalEnergies Raffinage Chimie | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Germany | \n
| \n \n | \n\n TotalEnergies Raffinage France | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Raffinerie Mitteldeutschland GmbH | \n\n 100.00% | \n\n \u00a0 | \n\n Germany | \n\n Germany | \n\n United States | \n
| \n \n | \n\n TotalEnergies Refinery Antwerp | \n\n 100.00% | \n\n \u00a0 | \n\n Belgium | \n\n Belgium | \n\n France | \n
| \n \n | \n\n TotalEnergies Refinery Port Arthur, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Refining & Chemicals Arabia | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United States | \n
| \n \n | \n\n TotalEnergies Splitter USA, Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Trading Asia Pte. Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Singapore | \n\n Singapore | \n\n Canada | \n
| \n \n | \n\n TotalEnergies Trading Canada LP | \n\n 100.00% | \n\n \u00a0 | \n\n Canada | \n\n Canada | \n\n France | \n
| \n \n | \n\n TotalEnergies Trading Europe | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Canada | \n
| \n \n | \n\n TotalEnergies Trading Holdings Canada Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Canada | \n\n Canada | \n\n Switzerland | \n
| \n \n | \n\n TotalEnergies Trading Products S.A. | \n\n 100.00% | \n\n \u00a0 | \n\n Switzerland | \n\n Switzerland | \n\n Switzerland | \n
| \n \n | \n\n TotalEnergies Trading Storage S.A. | \n\n 100.00% | \n\n \u00a0 | \n\n Switzerland | \n\n Switzerland | \n\n Switzerland | \n
| \n \n | \n\n TOTSA TotalEnergies Trading S.A. | \n\n 100.00% | \n\n \u00a0 | \n\n Switzerland | \n\n Switzerland | \n\n Belgium | \n
| \n \n | \n\n Totseanergy | \n\n 49.00% | \n\n E | \n\n Belgium | \n\n Belgium | \n\n France | \n
| \n \n | \n\n Transalpes S.N.C. | \n\n 67.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Trans-Ethylene | \n\n 99.98% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Spain | \n
| \n \n | \n\n Vibrachoc S.A.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n Netherlands | \n
| \n \n | \n\n Zeeland Refinery NV | \n\n 55.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Netherlands | \n\n \n | \n
| \n Marketing & Services | \n||||||
| \n \n | \n\n Antilles Gaz | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Argedis | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Aristea | \n\n 51.00% | \n\n E | \n\n Belgium | \n\n Belgium | \n\n France | \n
| \n \n | \n\n Arteco | \n\n 49.99% | \n\n E | \n\n Belgium | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n AS 24 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Belgium | \n
| \n \n | \n\n AS24 Belgie N.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Belgium | \n\n Belgium | \n\n France | \n
| \n \n | \n\n AS24 Espanola S.A. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n Belgium | \n
| \n \n | \n\n AS24 Fuel Cards Limited | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n Spain | \n
| \n \n | \n\n AS24 Lithuanie | \n\n 100.00% | \n\n \u00a0 | \n\n Lithunia | \n\n Lithunia | \n\n United Kingdom | \n
| \n \n | \n\n AS24 Polska SP ZO.O. | \n\n 100.00% | \n\n \u00a0 | \n\n Poland | \n\n Poland | \n\n Lithunia | \n
| \n \n | \n\n AS24 Tankservice GmbH | \n\n 100.00% | \n\n \u00a0 | \n\n Germany | \n\n Germany | \n\n Poland | \n
| \n \n | \n\n BlueCharge Pte. Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Singapore | \n\n Singapore | \n\n Germany | \n
| \n \n | \n\n Clean Energy | \n\n 19.15% | \n\n E | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n Cristal Marketing Egypt | \n\n 84.62% | \n\n \u00a0 | \n\n Egypt | \n\n Egypt | \n\n United States | \n
| \n \n | \n\n Elf Oil UK Aviation Limited | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n France | \n
| \n \n | \n\n Elf Oil UK Properties Limited | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n Egypt | \n
| \n \n | \n\n Fioulmarket.fr | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United Kingdom | \n
| \n \n | \n\n Gapco Kenya Limited | \n\n 100.00% | \n\n \u00a0 | \n\n Kenya | \n\n Kenya | \n\n United Kingdom | \n
| \n Marketing & Services (continued) | \n\n \n | \n|||||
| \n \n | \n\n Gapco Tanzania Limited | \n\n 100.00% | \n\n \u00a0 | \n\n Tanzania | \n\n Tanzania | \n\n France | \n
| \n \n | \n\n Guangzhou Elf Lubricants Company Limited | \n\n 77.00% | \n\n \u00a0 | \n\n China | \n\n China | \n\n Kenya | \n
| \n \n | \n\n Gulf Africa Petroleum Corporation | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Tanzania | \n
| \n \n | \n\n Lubricants Vietnam Holding Limited | \n\n 100.00% | \n\n \u00a0 | \n\n Hong Kong | \n\n Hong Kong | \n\n China | \n
| \n \n | \n\n National Petroleum Refiners Of South Africa (PTY) Limited | \n\n 18.22% | \n\n E | \n\n South Africa | \n\n South Africa | \n\n France | \n
| \n \n | \n\n Progeres S.A.S. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Hong Kong | \n
| \n \n | \n\n Quimica Vasca S.A.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n South Africa | \n
| \n \n | \n\n Saudi Total Petroleum Products | \n\n 51.00% | \n\n E | \n\n Saoudia Arabia | \n\n Saudi Arabia | \n\n France | \n
| \n \n | \n\n Servauto Nederland B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Netherlands | \n\n Spain | \n
| \n \n | \n\n Societe d'exploitation de l'usine de Rouen | \n\n 98.98% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Saoudia Arabia | \n
| \n \n | \n\n Societe mahoraise de stockage de produits petroliers | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Netherlands | \n
| \n \n | \n\n Societe Urbaine des Petroles | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n S-OIL TotalEnergies Lubricants Co. Ltd\u00a0 | \n\n 50.00% | \n\n E | \n\n South Korea | \n\n South Korea | \n\n France | \n
| \n \n | \n\n South Asia LPG Private Limited | \n\n 50.00% | \n\n E | \n\n India | \n\n India | \n\n France | \n
| \n \n | \n\n Stedis | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n South Korea | \n
| \n \n | \n\n Tas'Helat Marketing Company | \n\n 50.00% | \n\n E | \n\n Saoudia Arabia | \n\n Saoudia Arabia | \n\n United Kingdom | \n
| \n \n | \n\n TEVGO | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n India | \n
| \n \n | \n\n TotaEnergies Marketing Botswana (Pty) Ltd\u00a0 | \n\n 50.10% | \n\n \u00a0 | \n\n Botswana | \n\n Botswana | \n\n France | \n
| \n \n | \n\n Total Bitumen UK Limited | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n Saoudia Arabia | \n
| \n \n | \n\n Total China Investment Company Limited | \n\n 100.00% | \n\n \u00a0 | \n\n China | \n\n China | \n\n Fiji Islands | \n
| \n \n | \n\n TotalEnergies Charging Solutions UK Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n France | \n
| \n \n | \n\n Total Especialidades Argentina | \n\n 100.00% | \n\n \u00a0 | \n\n Argentina | \n\n Argentina | \n\n United Kingdom | \n
| \n \n | \n\n Total Freeport Corporation | \n\n 51.00% | \n\n E | \n\n Philippines | \n\n Philippines | \n\n Botswana | \n
| \n \n | \n\n Total Jordan PSC | \n\n 100.00% | \n\n \u00a0 | \n\n Jordan | \n\n Jordan | \n\n Brazil | \n
| \n \n | \n\n Total Lubricants (China) Company Limited | \n\n 77.00% | \n\n \u00a0 | \n\n China | \n\n China | \n\n Cambodia | \n
| \n \n | \n\n Total Marketing Tchad | \n\n 100.00% | \n\n \u00a0 | \n\n Chad | \n\n Chad | \n\n Czech Republic | \n
| \n \n | \n\n Total Marketing Uganda | \n\n 100.00% | \n\n \u00a0 | \n\n Uganda | \n\n Uganda | \n\n China | \n
| \n \n | \n\n Total Parco Pakistan Limited | \n\n 50.00% | \n\n E | \n\n Pakistan | \n\n Pakistan | \n\n France | \n
| \n \n | \n\n Total Petroleum (Shanghai) Company Limited | \n\n 100.00% | \n\n \u00a0 | \n\n China | \n\n China | \n\n Egypt | \n
| \n \n | \n\n Total Philippines Corporation | \n\n 51.00% | \n\n E | \n\n Philippines | \n\n Philippines | \n\n Argentina | \n
| \n \n | \n\n Total Sinochem Oil Company Limited | \n\n 49.00% | \n\n E | \n\n China | \n\n China | \n\n France | \n
| \n \n | \n\n Total Tianjin Manufacturing Company Limited | \n\n 77.00% | \n\n \u00a0 | \n\n China | \n\n China | \n\n Philippines | \n
| \n \n | \n\n TotalEnergies Additives and Fuels Solutions | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Germany | \n
| \n \n | \n\n TotalEnergies Aviation | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Jamaica | \n
| \n \n | \n\n TotalEnergies Aviation Suisse S.A. | \n\n 100.00% | \n\n \u00a0 | \n\n Switzerland | \n\n Switzerland | \n\n Jordan | \n
| \n \n | \n\n TotalEnergies Aviation Zambia Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Zambia | \n\n Zambia | \n\n Lebanon | \n
| \n \n | \n\n TotalEnergies Bitumen Deutschland GmbH | \n\n 100.00% | \n\n \u00a0 | \n\n Germany | \n\n Germany | \n\n China | \n
| \n \n | \n\n TotalEnergies Charging Services | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Taiwan | \n
| \n \n | \n\n TotalEnergies Charging Solutions Belgium | \n\n 100.00% | \n\n \u00a0 | \n\n Belgium | \n\n Belgium | \n\n France | \n
| \n \n | \n\n TotalEnergies Charging Solutions Deutschland GmbH | \n\n 100.00% | \n\n \u00a0 | \n\n Germany | \n\n Germany | \n\n France | \n
| \n \n | \n\n TotalEnergies Charging Solutions Nederland B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Netherlands | \n\n Luxembourg | \n
| \n \n | \n\n TotalEnergies Diesel Comercio e Transportes Brasil Ltda | \n\n 100.00% | \n\n \u00a0 | \n\n Brazil | \n\n Brazil | \n\n Egypt | \n
| \n \n | \n\n TotalEnergies Distribuidora Brasil LTDA | \n\n 100.00% | \n\n \u00a0 | \n\n Brazil | \n\n Brazil | \n\n Gabon | \n
| \n \n | \n\n TotalEnergies Distribution Egypt\u00a0 | \n\n 84.62% | \n\n \u00a0 | \n\n Egypt | \n\n Egypt | \n\n United Arab Emirates | \n
| \n \n | \n\n TotalEnergies Glass Lubricants Europe GmbH | \n\n 100.00% | \n\n \u00a0 | \n\n Germany | \n\n Germany | \n\n Chad | \n
| \n \n | \n\n TotalEnergies Holdings Deutschland GmbH | \n\n 100.00% | \n\n \u00a0 | \n\n Germany | \n\n Germany | \n\n Uganda | \n
| \n Marketing & Services (continued) | \n||||||
| \n \n | \n\n TotalEnergies LPG Vietnam Company Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Vietnam | \n\n Vietnam | \n\n Mexico | \n
| \n \n | \n\n TotalEnergies Lubrifiants | \n\n 99.98% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Niger | \n
| \n \n | \n\n TotalEnergies Lubrifiants Alg\u00e9rie SPA | \n\n 78.90% | \n\n \u00a0 | \n\n Algeria | \n\n Algeria | \n\n India | \n
| \n \n | \n\n TotalEnergies Lubrifiants Service Automobiles | \n\n 99.98% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Marine Fuels Pte. Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Singapore | \n\n Singapore | \n\n New Caledonia | \n
| \n \n | \n\n TotalEnergies Marketing & Services | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Pakistan | \n
| \n \n | \n\n TotalEnergies Marketing (Cambodia) Co. Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Cambodia | \n\n Cambodia | \n\n China | \n
| \n \n | \n\n TotalEnergies Marketing (Fiji) Pte Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Fiji Islands | \n\n Fiji Islands | \n\n Ghana | \n
| \n \n | \n\n TotalEnergies Marketing (Hubei) Co., Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n China | \n\n China | \n\n Philippines | \n
| \n \n | \n\n TotalEnergies Marketing African Holdings Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n Poland | \n
| \n \n | \n\n TotalEnergies Marketing Afrique | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n French Polynesia | \n
| \n \n | \n\n TotalEnergies Marketing Angola S.A. | \n\n 50.00% | \n\n E | \n\n Angola | \n\n Angola | \n\n France | \n
| \n \n | \n\n TotalEnergies Marketing Antilles-Guyane | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n China | \n
| \n \n | \n\n TotalEnergies Marketing Asia-Pacific Middle East Pte. Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Singapore | \n\n Singapore | \n\n China | \n
| \n \n | \n\n TotalEnergies Marketing Belgium | \n\n 100.00% | \n\n \u00a0 | \n\n Belgium | \n\n Belgium | \n\n United States | \n
| \n \n | \n\n TotalEnergies Marketing Burkina | \n\n 100.00% | \n\n \u00a0 | \n\n Burkina Faso | \n\n Burkina Faso | \n\n Swaziland | \n
| \n \n | \n\n TotalEnergies Marketing Cameroun S.A. | \n\n 67.01% | \n\n \u00a0 | \n\n Cameroon | \n\n Cameroon | \n\n China | \n
| \n \n | \n\n TotalEnergies Marketing Cesk\u00e1 republika S.R.O. | \n\n 100.00% | \n\n \u00a0 | \n\n Czech Republic | \n\n Czech Republic | \n\n Togo | \n
| \n \n | \n\n TotalEnergies Marketing Congo\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n Congo | \n\n Congo | \n\n Turkey | \n
| \n \n | \n\n TotalEnergies Marketing Corse | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United Arab Emirates | \n
| \n \n | \n\n TotalEnergies Marketing C\u00f4te d'Ivoire | \n\n 72.99% | \n\n \u00a0 | \n\n C\u00f4te d'Ivoire | \n\n C\u00f4te d'Ivoire | \n\n Ukraine | \n
| \n \n | \n\n TotalEnergies Marketing Denmark A/S | \n\n 100.00% | \n\n \u00a0 | \n\n Denmark | \n\n Denmark | \n\n Vietnam | \n
| \n \n | \n\n TotalEnergies Marketing Egypte | \n\n 84.62% | \n\n \u00a0 | \n\n Egypt | \n\n Egypt | \n\n Russia | \n
| \n \n | \n\n TotalEnergies Marketing Espa\u00f1a, S.A.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n France | \n
| \n \n | \n\n TotalEnergies Marketing Eswatini (Pty) Ltd\u00a0 | \n\n 50.10% | \n\n \u00a0 | \n\n Swaziland | \n\n Swaziland | \n\n Switzerland | \n
| \n \n | \n\n TotalEnergies Marketing Ethiopia Share Company | \n\n 100.00% | \n\n \u00a0 | \n\n Ethiopia | \n\n Ethiopia | \n\n Zambia | \n
| \n \n | \n\n TotalEnergies Marketing France | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Germany | \n
| \n \n | \n\n TotalEnergies Marketing Gabon | \n\n 90.00% | \n\n \u00a0 | \n\n Gabon | \n\n Gabon | \n\n Brazil | \n
| \n \n | \n\n TotalEnergies Marketing Ghana PLC | \n\n 76.74% | \n\n \u00a0 | \n\n Ghana | \n\n Ghana | \n\n Germany | \n
| \n \n | \n\n TotalEnergies Marketing Guinea Ecuatorial | \n\n 70.00% | \n\n \u00a0 | \n\n Equatorial Guinea | \n\n Equatorial Guinea | \n\n Algeria | \n
| \n \n | \n\n TotalEnergies Marketing Guin\u00e9e | \n\n 100.00% | \n\n \u00a0 | \n\n Guinea | \n\n Guinea | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Marketing Holdings Africa | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Marketing Holdings Asia | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n China | \n
| \n \n | \n\n TotalEnergies Marketing Holdings India | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Marketing India Private Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n India | \n\n India | \n\n Angola | \n
| \n \n | \n\n TotalEnergies Marketing Italia SpA\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n Italy | \n\n Italy | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Marketing Jamaica Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Jamaica | \n\n Jamaica | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Marketing Kenya PLC | \n\n 93.96% | \n\n \u00a0 | \n\n Kenya | \n\n Kenya | \n\n Burkina Faso | \n
| \n \n | \n\n TotalEnergies Marketing Lebanon | \n\n 100.00% | \n\n \u00a0 | \n\n Lebanon | \n\n Lebanon | \n\n Cameroon | \n
| \n \n | \n\n TotalEnergies Marketing Luxembourg S.A. | \n\n 100.00% | \n\n \u00a0 | \n\n Luxembourg | \n\n Luxembourg | \n\n France | \n
| \n \n | \n\n TotalEnergies Marketing Madagasikara S.A. | \n\n 79.44% | \n\n \u00a0 | \n\n Madagascar | \n\n Madagascar | \n\n Congo | \n
| \n \n | \n\n TotalEnergies Marketing Malawi Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Malawi | \n\n Malawi | \n\n C\u00f4te d'Ivoire | \n
| \n \n | \n\n TotalEnergies Marketing Mali | \n\n 100.00% | \n\n \u00a0 | \n\n Mali | \n\n Mali | \n\n Denmark | \n
| \n \n | \n\n TotalEnergies Marketing Maroc | \n\n 55.00% | \n\n \u00a0 | \n\n Morocco | \n\n Morocco | \n\n Spain | \n
| \n \n | \n\n TotalEnergies Marketing Mauritius Ltd | \n\n 55.00% | \n\n \u00a0 | \n\n Mauritius Island | \n\n Mauritius Island | \n\n Ethiopia | \n
| \n \n | \n\n TotalEnergies Marketing Mayotte | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Mayotte | \n\n France | \n
| \n \n | \n\n TotalEnergies Marketing Mexico S.A. de C.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Mexico | \n\n Mexico | \n\n Guadeloupe | \n
| \n Marketing & Services (continued) | \n||||||
| \n \n | \n\n TotalEnergies Marketing Middle East FZE | \n\n 100.00% | \n\n \u00a0 | \n\n United Arab Emirates | \n\n United Arab Emirates | \n\n Equatorial Guinea | \n
| \n \n | \n\n TotalEnergies Marketing Mo\u00e7ambique S.A. | \n\n 100.00% | \n\n \u00a0 | \n\n Mozambique | \n\n Mozambique | \n\n Guinea | \n
| \n \n | \n\n TotalEnergies Marketing Namibia (Pty) Ltd | \n\n 50.10% | \n\n \u00a0 | \n\n Namibia | \n\n Namibia | \n\n France | \n
| \n \n | \n\n TotalEnergies Marketing Nederland NV | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Netherlands | \n\n France | \n
| \n \n | \n\n TotalEnergies Marketing Nigeria PLC | \n\n 61.72% | \n\n \u00a0 | \n\n Nigeria | \n\n Nigeria | \n\n France | \n
| \n \n | \n\n TotalEnergies Marketing Pacifique | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n New Caledonia | \n\n Italy | \n
| \n \n | \n\n TotalEnergies Marketing Polska | \n\n 100.00% | \n\n \u00a0 | \n\n Poland | \n\n Poland | \n\n Kenya | \n
| \n \n | \n\n TotalEnergies Marketing Polyn\u00e9sie | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n French Polynesia | \n\n Madagascar | \n
| \n \n | \n\n TotalEnergies Marketing Puerto Rico | \n\n 100.00% | \n\n \u00a0 | \n\n Puerto Rico | \n\n Puerto Rico | \n\n Malawi | \n
| \n \n | \n\n TotalEnergies Marketing RDC | \n\n 60.00% | \n\n \u00a0 | \n\n Democratic Republic of Congo | \n\n Democratic Republic of Congo | \n\n Mali | \n
| \n \n | \n\n TotalEnergies Marketing R\u00e9union | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Reunion | \n\n Morocco | \n
| \n \n | \n\n TotalEnergies Marketing Romania S.A. | \n\n 100.00% | \n\n \u00a0 | \n\n Romania | \n\n Romania | \n\n Mauritius Island | \n
| \n \n | \n\n TotalEnergies Marketing Russia | \n\n 100.00% | \n\n \u00a0 | \n\n Russia | \n\n Russia | \n\n Mayotte | \n
| \n \n | \n\n TotalEnergies Marketing S\u00e9n\u00e9gal | \n\n 69.14% | \n\n \u00a0 | \n\n Senegal | \n\n Senegal | \n\n Mozambique | \n
| \n \n | \n\n TotalEnergies Marketing South Africa (Pty) Ltd | \n\n 50.10% | \n\n \u00a0 | \n\n South Africa | \n\n South Africa | \n\n Namibia | \n
| \n \n | \n\n TotalEnergies Marketing Taiwan Ltd | \n\n 63.00% | \n\n \u00a0 | \n\n Taiwan | \n\n Taiwan | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies Marketing Tanzania Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Tanzania | \n\n Tanzania | \n\n Nigeria | \n
| \n \n | \n\n TotalEnergies Marketing Togo\u00a0 | \n\n 76.72% | \n\n \u00a0 | \n\n Togo | \n\n Togo | \n\n Puerto Rico | \n
| \n \n | \n\n TotalEnergies Marketing Tunisie | \n\n 100.00% | \n\n \u00a0 | \n\n Tunisia | \n\n Tunisia | \n\n Democratic Republic of Congo | \n
| \n \n | \n\n TotalEnergies Marketing UAE LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United Arab Emirates | \n\n United Arab Emirates | \n\n Reunion | \n
| \n \n | \n\n TotalEnergies Marketing Uganda Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Uganda | \n\n Uganda | \n\n Romania | \n
| \n \n | \n\n TotalEnergies Marketing UK Limited | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n Senegal | \n
| \n \n | \n\n TotalEnergies Marketing Ukraine | \n\n 100.00% | \n\n \u00a0 | \n\n Ukraine | \n\n Ukraine | \n\n South Africa | \n
| \n \n | \n\n TotalEnergies Marketing USA Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Tanzania | \n
| \n \n | \n\n TotalEnergies Marketing Vietnam Company Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Vietnam | \n\n Vietnam | \n\n Tunisia | \n
| \n \n | \n\n TotalEnergies Marketing Zambia Ltd\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n Zambia | \n\n Zambia | \n\n Uganda | \n
| \n \n | \n\n TotalEnergies Marketing Zimbabwe (Private) Ltd | \n\n 80.00% | \n\n \u00a0 | \n\n Zimbabwe | \n\n Zimbabwe | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Proxi Nord Est | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Zambia | \n
| \n \n | \n\n TotalEnergies Proxi Nord Ouest | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Zimbabwe | \n
| \n \n | \n\n TotalEnergies Proxi Sud Est | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Proxi Sud Ouest | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Switzerland | \n
| \n \n | \n\n TotalEnergies Singapore Services Pte Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Singapore | \n\n Singapore | \n\n China | \n
| \n \n | \n\n TotalEnergies Supply Marketing Services S.A. | \n\n 100.00% | \n\n \u00a0 | \n\n Switzerland | \n\n Switzerland | \n\n Germany | \n
| \n \n | \n\n TotalEnergies Turkey Pazarlama A.S. | \n\n 100.00% | \n\n \u00a0 | \n\n Turkey | \n\n Turkey | \n\n Vietnam | \n
| \n \n | \n\n TotalEnergies W\u00e4rme&Kraftstoff Deutschland GmbH | \n\n 100.00% | \n\n \u00a0 | \n\n Germany | \n\n Germany | \n\n France | \n
| \n \n | \n\n Trapil | \n\n 5.50% | \n\n E | \n\n France | \n\n France | \n\n South Africa | \n
| \n \n | \n\n Upbeatprops 100 PTY Limited | \n\n 50.10% | \n\n \u00a0 | \n\n South Africa | \n\n South Africa | \n\n Dominican Republic | \n
| \n \n | \n\n V Energy S.A. | \n\n 50.00% | \n\n \u00a0 | \n\n Dominican Republic | \n\n Dominican Republic | \n\n \n | \n
| \n \n | \n\n Yangtze Gorges Green Way Charging Technology (Hubei) Co., Ltd. | \n\n 50.00% | \n\n E | \n\n China | \n\n China | \n\n \n | \n
| \n Corporate | \n\n \n | \n\n \n | \n||||
| \n \n | \n\n Albatros | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Elf Aquitaine Fertilisants | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Elf Aquitaine Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Elf Forest Products LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Institut Photovoltaique D'Ile De France (IPVF) | \n\n 43.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Switzerland | \n
| \n Corporate (continued) | \n\n \n | \n|||||
| \n \n | \n\n Omnium Reinsurance Company S.A. | \n\n 100.00% | \n\n \u00a0 | \n\n Switzerland | \n\n Switzerland | \n\n Ireland | \n
| \n \n | \n\n Pan Insurance Limited | \n\n 100.00% | \n\n \u00a0 | \n\n Ireland | \n\n Ireland | \n\n France | \n
| \n \n | \n\n Septentrion Participations | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Socap S.A.S. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Societe Civile Immobiliere CB2 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Sofax Banque | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n China | \n
| \n \n | \n\n Total Energy Investments Tianjin | \n\n 100.00% | \n\n \u00a0 | \n\n China | \n\n China | \n\n France | \n
| \n \n | \n\n Total Global Services Bucharest | \n\n 99.00% | \n\n \u00a0 | \n\n Romania | \n\n Romania | \n\n France | \n
| \n \n | \n\n Total International NV | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Netherlands | \n\n France | \n
| \n \n | \n\n Total Investment Management Tianjin\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n China | \n\n China | \n\n France | \n
| \n \n | \n\n Total Operations Canada Limited | \n\n 100.00% | \n\n \u00a0 | \n\n Canada | \n\n Canada | \n\n Belgium | \n
| \n \n | \n\n Total Resources (Canada) Limited | \n\n 100.00% | \n\n \u00a0 | \n\n Canada | \n\n Canada | \n\n Romania | \n
| \n \n | \n\n TotalEnergies (Beijing) Corporate Management Co., Ltd. | \n\n 100.00% | \n\n \u00a0 | \n\n China | \n\n China | \n\n Philippines | \n
| \n \n | \n\n TotalEnergies American Services, Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies Capital | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Capital Canada Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Canada | \n\n Canada | \n\n Canada | \n
| \n \n | \n\n TotalEnergies Capital International | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies Consulting | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Canada | \n
| \n \n | \n\n TotalEnergies Delaware, Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies D\u00e9veloppement R\u00e9gional S.A.S. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Digital Factory | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Canada | \n
| \n \n | \n\n TotalEnergies EP Gestion Filiales | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Facilities Management Services (TFMS) | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Finance\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United States | \n
| \n \n | \n\n TotalEnergies Finance Corporate Services Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n France | \n
| \n \n | \n\n TotalEnergies Finance International B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Netherlands | \n\n France | \n
| \n \n | \n\n TotalEnergies Finance USA, Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n TotalEnergies Funding Nederland B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Netherlands | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Gestion USA | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies Global Financial Services | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United States | \n
| \n \n | \n\n TotalEnergies Global Human Resources Services | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies Global Information Technology Services Belgium | \n\n 99.98% | \n\n \u00a0 | \n\n Belgium | \n\n Belgium | \n\n France | \n
| \n \n | \n\n TotalEnergies Global IT Services (TGITS) | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Global Procurement (TGP)\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Global Procurement Belgium S.A. (TGPB) | \n\n 100.00% | \n\n \u00a0 | \n\n Belgium | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Global Services Philippines Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n Philippines | \n\n Philippines | \n\n France | \n
| \n \n | \n\n TotalEnergies Holding Allemagne | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Holdings | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Holdings Europe | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies Holdings UK Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Holdings USA, Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Investments | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Learning Solutions (TLS) | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies Marketing Holdings Nederland B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Netherlands | \n\n France | \n
| \n \n | \n\n TotalEnergies Marketing Holdings South Africa ZA (Pty) Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n South Africa | \n\n Netherlands | \n\n France | \n
| \n Corporate (continued) | \n\n \n | \n|||||
| \n \n | \n\n TotalEnergies One Tech Belgium | \n\n 100.00% | \n\n \u00a0 | \n\n Belgium | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies OneTech | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United States | \n
| \n \n | \n\n TotalEnergies Participations\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Petrochemicals & Refining (Holding) | \n\n 100.00% | \n\n \u00a0 | \n\n Belgium | \n\n Belgium | \n\n United States | \n
| \n \n | \n\n TotalEnergies Petrochemicals & Refining USA, Inc.(d) | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n TotalEnergies SE | \n\n \u2013 | \n\n \u00a0 | \n\n France | \n\n France | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Security USA, Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n \n | \n
| \n \n | \n\n TotalEnergies Treasury | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Treasury Belgium\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n Belgium | \n\n Belgium | \n\n \n | \n
| \n \n | \n\n TotalEnergies UK Finance Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n \n | \n
| \n (a)Del Rio Funding LLC, % of control different from % of interest : 50.00%. (b)Total Eren, % of control different from % of interest : 5.80%. (c)TotalEnergies Australia Unit Trust, % of control different from % of interest : 75.16%. (d)Multi-segment entities. | \n
8.3Related parties
The main transactions as well as receivable and payable balances with related parties (principally non-consolidated subsidiaries and equity affiliates) are detailed as follows:
| \n As of December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Balance sheet | \n\n \u00a0 | \n\n \n | \n\n \n | \n
| \n Receivables | \n\n \u00a0 | \n\n \n | \n\n \n | \n
| \n Debtors and other debtors | \n\n 1,231 | \n\n 809 | \n\n 545 | \n
| \n Loans (excl. loans to equity accounted for affiliates) | \n\n 184 | \n\n 113 | \n\n 89 | \n
| \n Payables | \n\n \u00a0 | \n\n \n | \n\n \n | \n
| \n Creditors and other creditors | \n\n 1,610 | \n\n 1,347 | \n\n 662 | \n
| \n Debts | \n\n 5 | \n\n 2 | \n\n 3 | \n
| \n For the year ended December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Statement of income | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Sales | \n\n 6,806 | \n\n 4,250 | \n\n 3,134 | \n
| \n Purchases | \n\n (25,656) | \n\n (13,473) | \n\n (7,183) | \n
| \n Financial income | \n\n 3 | \n\n \u2013 | \n\n 1 | \n
| \n Financial expense | \n\n (9) | \n\n (8) | \n\n (6) | \n
8.4Compensation for the administration and management bodies
The aggregated amount of direct and indirect compensation accounted by the French and foreign affiliates of the Company, for all executive officers of TotalEnergies as of December 31 and for the members of the Board of Directors who are employees of TotalEnergies, is detailed below.
As of December 31, 2022, December 31, 2021, and December 31, 2020, TotalEnergies Executive Officers are the members of the Executive Committee, i.e. eight people and there are three employees members of the Board of Directors.
| \n For the year ended December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Number of people | \n\n 11 | \n\n 11 | \n\n 11 | \n
| \n Direct or indirect compensation | \n\n 12.4 | \n\n 11.9 | \n\n 12.6 | \n
| \n Pension expenses(a) | \n\n 1.9 | \n\n 1.4 | \n\n 1.5 | \n
| \n Share-based payments expense | \n\n 7.7 | \n\n 4.9 | \n\n 7.2 | \n
| \n (a)The benefits provided for Executive Officers of the Company and the members of the Board of Directors, who are employees of the Compagny, include severance to be paid upon retirement, supplementary pension schemes and insurance plans, which represent a commitment of $64.3 million as of December 31, 2022 (against $90.7 million as of December 31, 2021 and $129.0 million as of December 31, 2020). Converted into Euros, this commitment amounts to \u20ac60.3 million as of December 31, 2022 (against \u20ac80.1 million as of December 31, 2021 and \u20ac105.2 million as of December 31, 2020). The decrease is related to the increase in discount rates. (b)Share-based payments expense computed for the Executive Officers and the members of the Board of Directors who are employees of TotalEnergies and based on the principles of IFRS 2 \u201cShare-based payments\u201d described in Note 9. The increase of the expense between 2021 and 2022 is mainly related to the increase in the TotalEnergies share price. | \n
The compensation allocated to members of the Board of Directors as directors\u2019 fees totaled $1.84 million in 2022 ($2.06 million in 2021 and $1.44 million in 2020).
The purpose of the Corporation, directly and indirectly and in all countries, is:
1.All activities relating to production and distribution of all forms of energy, including electricity from renewables;
2.The search for and extraction of mining deposits, particularly all forms of hydrocarbons, and the production, refining, transportation, processing and trading in said materials as well as their derivatives and by-products;
3.All activities relating to the chemicals sector in all its forms and to the rubber sector;
And in general, all financial, commercial, industrial, securities or real estate transactions, and acquisitions of interests or holdings in any form whatsoever, in any business or company existing or to be created that may relate, directly or indirectly, to the above-mentioned purposes or to any similar or related purposes, of such nature as to promote the Company\u2019s expansion or its development.
TotalEnergies
On February 7, 2023, the Board of Directors established and authorized the publication of the Consolidated Financial Statements of TotalEnergies SE for the year ended December 31, 2022, which will be submitted for approval to the Shareholders\u2019 Meeting to be held on May 26, 2023.
Basis of preparation of the consolidated financial statements
The Consolidated Financial Statements of TotalEnergies SE and its subsidiaries (the Company) are presented in U.S. dollars and have been prepared on the basis of IFRS (International Financial Reporting Standards) as adopted by the European Union and IFRS as issued by the IASB (International Accounting Standard Board) as of December 31, 2022.
The accounting principles applied for the consolidated financial statements at December 31, 2022, were the same as those that were used for the financial statements at December 31, 2021, except for amendments and interpretations of IFRS which were mandatory for the periods beginning after January 1, 2022 (and not early adopted by TotalEnergies). Their application did not have a significant impact on the financial statements as of December 31, 2022.
As of January 1, 2020, TotalEnergies early adopted the amendments to IFRS 7 and IFRS 9 relating to the interest rate benchmark reform
phase II. In particular, these amendments allow to maintain the hedge accounting qualification of interest rate derivatives.
As part of this transition, TotalEnergies set up a working group in order to cover all aspects relating to the IBOR reform and its impacts.
As of December 31, 2022, the transition to IBOR indices had no notable impact on the financial instruments managed by TotalEnergies\u2019s treasury, the main USD LIBOR maturities, including the 3-month USD LIBOR, continuing to be published until June 2023. In addition, the EONIA rate was published for the last time on January 3, 2022 and replaced by the ESTR rate. This change had a non-material impact on the remuneration of cash collateral exchanged with clearing houses. Bonds and associated derivatives impacted by the IBOR reform are presented in Note 15.1 \u201cFinancial debt and derivative financial instruments\u201d. In this context, the financing contracts for the Company\u2019s projects continue to be amended in accordance with the recommendations of regulators and according to the required schedule.
The Consolidated Financial Statements of TotalEnergies SE and its subsidiaries (the Company) are presented in U.S. dollars and have been prepared on the basis of IFRS (International Financial Reporting Standards) as adopted by the European Union and IFRS as issued by the IASB (International Accounting Standard Board) as of December 31, 2022.
The accounting principles applied for the consolidated financial statements at December 31, 2022, were the same as those that were used for the financial statements at December 31, 2021, except for amendments and interpretations of IFRS which were mandatory for the periods beginning after January 1, 2022 (and not early adopted by TotalEnergies). Their application did not have a significant impact on the financial statements as of December 31, 2022.
As of January 1, 2020, TotalEnergies early adopted the amendments to IFRS 7 and IFRS 9 relating to the interest rate benchmark reform
phase II. In particular, these amendments allow to maintain the hedge accounting qualification of interest rate derivatives.
As part of this transition, TotalEnergies set up a working group in order to cover all aspects relating to the IBOR reform and its impacts.
The accounting principles applied for the consolidated financial statements at December 31, 2022, were the same as those that were used for the financial statements at December 31, 2021, except for amendments and interpretations of IFRS which were mandatory for the periods beginning after January 1, 2022 (and not early adopted by TotalEnergies). Their application did not have a significant impact on the financial statements as of December 31, 2022.
As of January 1, 2020, TotalEnergies early adopted the amendments to IFRS 7 and IFRS 9 relating to the interest rate benchmark reform
phase II. In particular, these amendments allow to maintain the hedge accounting qualification of interest rate derivatives.
As part of this transition, TotalEnergies set up a working group in order to cover all aspects relating to the IBOR reform and its impacts.
Major judgments and accounting estimates
The preparation of financial statements in accordance with IFRS for the closing as of December 31, 2022 requires the General Management to make estimates, assumptions and judgments that affect the information reported in the Consolidated Financial Statements and the Notes thereto.
These estimates, assumptions and judgments are based on historical experience and other factors believed to be reasonable at the date of preparation of the financial statements. They are reviewed on an on-going basis by General\u00a0 Management and therefore could be revised as circumstances change or as a result of new information.
Different estimates, assumptions and judgments could significantly affect the information reported, and actual results may differ from the amounts included in the Consolidated Financial Statements and the Notes thereto.
The following summary provides further information about the key estimates, assumptions and judgments that are involved in preparing the Consolidated Financial Statements and the Notes thereto. It should be read in conjunction with the sections of the Notes mentioned in the summary.
Estimation of hydrocarbon reserves
The estimation of oil and gas reserves is a key factor in the Successful Efforts method used by TotalEnergies to account for its oil and gas activities.
TotalEnergies\u2019 oil and gas reserves are estimated by TotalEnergies\u2019 petroleum engineers in accordance with industry standards and SEC (U.S. Securities and Exchange Commission) regulations.
Proved oil and gas reserves are those quantities of oil and gas, which, by analysis of geosciences and engineering data, can be determined with reasonable certainty to be recoverable (from a given date forward, from known reservoirs, and under existing economic conditions, operating methods, and government regulations), prior to the time at which contracts providing the rights to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation.
Proved oil and gas reserves are calculated using a 12-month average price determined as the unweighted arithmetic average of the first-day-of-the-month price for each month of the relevant year unless prices are defined by contractual arrangements, excluding escalations based upon future conditions. TotalEnergies reassesses its oil and gas reserves at least once a year on all its properties.
The Successful Efforts method and the mineral interests and property, plant and equipment of exploration and production are presented in Note 7 \u201cIntangible and tangible assets\u201d.
Impairment of property, plant and equipment, intangible assets and goodwill
As part of the determination of the recoverable value of assets for impairment (IAS 36), the estimates, assumptions and judgments mainly concern hydrocarbon prices scenarios, operating costs, production volumes and oil and gas proved and probable reserves, refining margins and product marketing conditions (mainly petroleum, petrochemical and chemical products as well as renewable industry products). The estimates and assumptions used by the executive management are determined in specialized internal departments in light of economic conditions and external expert analysis. The discount rate is reviewed annually.
In 2020, in line with its new Climate Ambition announced on May 5, 2020, which aims at carbon neutrality, TotalEnergies had reviewed its oil assets that could be qualified as \u201cstranded\u201d, and therefore had decided to impair its oil sands assets in Canada.
Impairment of assets and the method applied are described in Note 3 \"Business segment information\".
CLIMATE CHANGE AND ENERGY TRANSITION
Climate change and the energy transition were considered in preparing the Consolidated Financial Statements. They may have significant impacts on the value of TotalEnergies's assets and liabilities mentioned below, and on similar assets and liabilities that may be recognized in the future.
TotalEnergies supports the goals of the 2015 Paris Agreement, which calls for reducing greenhouse gas emissions in the context of sustainable development and the fight against poverty, and which aims to keep the increase in average global temperatures well below 2\u00b0C compared to pre-industrial levels.
TotalEnergies wants to rise to the dual challenge of meeting the energy needs of a growing world population while reducing global warming, and play an active role in the transformation that is underway in the energy industry, by transforming itself and becoming a broad energy company, capable of producing and selling the low-carbon molecules and electrons that the energy transition needs.
TotalEnergies has embedded the changing energy markets into its strategy by investing in renewables and electricity, developing the production of biofuels, biogas and low-carbon hydrogen, favoring the use of natural gas, the transition fuel whose flexibility offers a lower carbon alternative to coal for electricity production and helps to mitigate the intermittency of solar and wind energies, targeting its investments in low-cost and low-emission oil, and developing nature-based carbon storage solutions as well as CO2 capture and sequestration.
TotalEnergies is committed to reducing its carbon footprint caused by the production, processing and supply of energy to its customers. Although the pace of the transition will depend on public policy, consumption patterns and resulting demand, TotalEnergies has set itself the mission to offer its customers energy products that are affordable and generate less CO2 and to support its partners and suppliers in their own low-carbon strategies.
TotalEnergies\u2019 ambition is to get to Net Zero by 2050, together with society. As in 2021, the Board of Directors submitted a Sustainability & Climate - Progress Report 2022 to a consultative vote of the Shareholders of TotalEnergies at the Combined Shareholders\u2019 Meeting of May 25, 2022. This report gives an account of the progress made in the implementation of the Company\u2019s ambition in terms of sustainable development and energy transition towards carbon neutrality, and with regards to its related objectives for 2030, and it also completes this ambition (resolution approved by 89% of votes).
TotalEnergies evaluates the solidity of its portfolio, particularly new material capital expenditure investments, on the basis of relevant scenarios and sensitivity tests. Each material capex investment, including in the exploration, acquisition or development of oil and gas resources, as well as in other energies and technologies, is subject to an evaluation that takes into consideration the objectives of the Paris Agreement, each new investment thus enhancing the resilience of the Company\u2019s portfolio.
Economic criteria are analyzed as part of a price scenario for oil and gas that is compatible with the Paris agreement goals (Brent at 50$/b under the IEA APS scenario and Henry Hub at $3 per Mbtu). Even if CO2 pricing does not currently apply in all of the Company\u2019s host countries, TotalEnergies includes as a base case in its investment criteria a minimum CO2 price of 100$/t (or the applicable price in a given country, if it is higher), and beyond 2028, the CO2 price is inflated by 2% per year. For investments in upstream oil & gas projects, TotalEnergies focuses on value creation and cash generation over volume, and the Company prioritizes projects with low technical costs (less than $20/b for operating costs plus investment costs) or low-breakeven points (less than $30/b, taxes included) and a profitability that exceeds an internally defined threshold. CCS and NBS projects are evaluated on the basis of the actual cost of one ton of CO2 (internal threshold in $/tCO2 ). As for projects in renewable energies, they are evaluated on their ability to generate a return on equity higher than 10%.
All oil and gas projects must help to lower the average intensity of greenhouse gas emissions (Scope 1+2) in their respective category. Currently, that means:
\u2013For new oil and gas projects (greenfield and acquisitions), the intensity of Scope 1+2 greenhouse gas is compared depending on their nature, to the intensity of the average greenhouse gas to the Company\u2019s Upstream production assets or that of various Downstream units (LNG plants, refineries).
\u2013For additional investments in existing assets (brownfield projects), the investment must lower the Scope 1+2 emissions intensity of the asset in question.
\u2013For projects involving other energies and technologies (biofuels, biogas, CCS, etc.), the greenhouse-gas emissions reductions are assessed based on their contribution to reducing the Company's emissions.
Besides, as described in note 3. D \"Impairment of assets\", in order to ensure the resilience of its assets recognized on the balance sheet, the oil price trajectory retained by the Company for the computation of its impairments converges in the long term towards the price retained in 2050 by the IEA\u2019s NZE scenario, i.e. $24.52022/b; the prices retained for gas, the transition fuel, stabilize between now and 2027 and until 2040 at lower levels than current prices and converge towards the IEA's NZE scenario prices in 2050.
The strategy is implemented in the long-term plan of the Company, which is forecasted for a 5-year period, updated every year, and approved by the Board of Directors.
It reflects the economic environment, the ambition of the Company on carbon neutrality (Net Zero emissions) together with society, the related targets by 2030 and the current dynamics of energy transition, knowing that there is still significant uncertainty on the path to energy transition that the various countries will take.
The financial statements of TotalEnergies are prepared in coherence with the main technical and economic assumptions of the long-term plan and the objectives stated above.
They are also sensitive to various environmental considerations, including oil & gas prices and refining margins, as well as technical parameters, such as the estimation of hydrocarbons reserves. In particular, the selected assumptions and estimates have an impact on hydrocarbons reserves, the useful life of assets, the impairment of assets and provisions.
Asset impairments
The energy transition is likely to have an impact on future oil and gas prices and therefore on the recoverable amount of intangible assets and property, plant and equipment in the oil and gas industry.
The principles applied in determining the recoverable amounts are as follows:
\u2013The future cash flows were determined using the assumptions included in the 2023 budget and in the long-term plan of the Company approved by the Executive Committee and the Board of Directors. These assumptions, in particular including operational costs, estimation of oil and gas reserves, future volumes produced and marketed, represent the best estimate from the Company Management of economic and technical conditions over the remaining life of the assets.
\u2013The Company, notably relying on data on global energy demand from the \u201cWorld Energy Outlook\u201d issued by the IEA since 2016, and on its own supply and demand assessments, determines oil & gas prices scenarios based on assumptions about the evolution of core indicators of the Upstream activity (demand for hydrocarbons in different markets, investment forecasts, decline in production fields, changes in oil & gas reserves and supply by area and by nature of oil & gas products), of the Downstream activity (changes in refining capacity and demand for petroleum products) and by integrating \u201cclimate\u201d challenges.
\u2013These price scenarios, first prepared within the Strategy & Markets Division, are also reviewed with the Company segments which bring their own expertise. They also integrate studies issued by international agencies, banks and independent consultants. They are then approved by the Executive Committee and the Board of Directors.
\u2013The IEA 2022 World Energy Outlook anticipates three scenarios that are key references for the Company: the STEPS (Stated Policies Scenario) and APS (Announced Pledges Scenario) for the short/mid-term and the NZE (Net Zero Emissions by 2050) for the long-term.
\u2013The STEPS only includes climate actions already implemented to date around the world and those under development. The APS also takes into account climate ambitions declared to date in the world, including the NDCs (Nationally Determined Contributions) and carbon neutrality ambitions. It is considered by the EIA to be compatible with the Paris Agreement. The IEA's NZE is understood as the set of actions to be taken to be compatible with a 1.5\u00b0C scenario in 2050 (without overshooting). This normative scenario does not predict oil demand in the short and medium term, and therefore the price scenarios it proposes, particularly in the short and medium term, do not include a \"realistic\" evolution of demand. In fact, this scenario predicts that oil demand will fall by 20% between 2020 and 2030, whereas, according to the Company's projections and those of most energy companies and consultants, demand will stabilize between 2025 and 2030, before declining from 2030 onwards.
\u2013Beyond the 2020-2030 decade, the oil price trajectory retained by the Company converges in the long term, to the price retained in 2050 by the IEA's NZE scenario, i.e $24.52022/b. The prices retained for gas, the transition fuel, stabilize between now and 2027 and until 2040 at lower levels than the current prices and converge towards the IEA's NZE scenario prices in 2050.
The oil price trajectories adopted by the Company are based on the following assumptions:
\u2013Oil demand has experienced sustained growth after the Covid crisis as the global economic recovery generated strong tensions on energy prices from mid-2021 onwards, exacerbated in 2022 by the war in Ukraine. Despite the risks of recession in Europe in particular, global liquid demand in 2023 is expected to be higher than in 2019 pre-crisis, notably thanks to the end of lockdown measures in China allowing the restart of industrial activity. It should continue to grow until 2030, in a context of sustained growth in global energy demand. Indeed, population growth and rising living standards, particularly in emerging countries, should sustain oil consumption, despite the gradual electrification of transport and efficiency gains in combustion engines, mainly in developed countries. As for oil supply, it is marked by historic production cuts decided (and implemented) by OPEP+ members and by the difficulties encountered by some non-OPEP+ producers. In the US, while production in 2023 is expected to be slightly higher than in 2019, doubts remain about the capacity for further growth in shale oil in subsequent years. The Company maintains its analysis that the weakness of investment oil upstream since 2015, accentuated by the health and economic crisis of 2020 and the natural decline of fields currently in production, leads to a global supply-demand balance that will remain tight until 2030. Thus the Brent price scenario used to determine the value in use of the CGUs assumes a stable price of $702022/b from 2023 to 2030. The developments observed at the end of 2022, in particular the resurgence of the Covid pandemic in China, could slow down the Chinese economic recovery, and therefore justify this price level from 2023.
\u2013Beyond 2030, given technological developments, particularly in the transport sector, oil demand should have reached its peak and the selected price scenario decreases linearly to reach $502022/b in 2040 and then $24.52022/b in 2050, in line with the NZE scenario.
The average Brent prices over the period 2023-2050 thus stands at $53.92022/b.
For natural gas, the transition fuel, the price trajectory adopted by the Company is based on the following assumptions:
\u2013Natural gas demand in 2021 has exceeded its pre-crisis level with very strong tensions on prices in Europe and, by extension, in Asia through LNG prices, following the cuts in Russian pipe gas imports that began at the end of 2021 and continued in 2022 with the complete shutdown of the Nordstream. Global gas demand in 2022 is estimated to be almost at the level of 2021. The Company anticipates stable demand in 2023 with the recourse to American LNG to replace Russian gas in Europe, still in competition with Asia.
The Company thus anticipates a return in 2023 to higher prices than before the crisis on the Asia, Europe and USA hubs, but not to the same levels as the highs reached in the third quarter of 2022. Thereafter, natural gas demand would be driven by the same fundamentals as oil (decrease in Europe but resistance in Asia-Pacific), plus its substitution for coal in power generation and by its role as a flexible and controllable source to mitigate the intermittent use and seasonality of renewable energies. The abundant global supply and the growth of liquefied natural gas would, however, limit the potential for higher gas prices. Beyond 2040, with the development of renewables including storage and hydrogen, gas demand is expected to stabilize.
In this context, the gas price level used to determine the value in use of the CGUs concerned is as follows:
On the NBP quotation (Europe): $202022/Mbtu in 2023, $172022/Mbtu in 2024, $142022/Mbtu in 2025, $112022/Mbtu in 2026, then $82022/Mbtu between 2027 and 2040.
On the Henry Hub quotation (United States): $32022/Mbtu between 2023 and 2040.
On the DES Japan (Asia) quotation: $212022/Mbtu in 2023, $182022/Mbtu in 2024, $152022/Mbtu in 2025, $122022/Mbtu in 2026, then $92022/Mbtu between 2027 and 2040.
From 2040 onwards, the price trajectory converges towards the price retained in 2050 by the NZE scenario, i.e. $3.92022/Mbtu for NBP,
$1.82022/Mbtu for Henry Hub and $5.22022/Mbtu DES Japan (Asia).
The future operational costs were determined by taking into account the existing technologies, the fluctuation of prices for petroleum services in line with market developments and the internal cost reduction programs effectively implemented.
The determination of value in use also takes into account on all assets a minimum CO2 cost of $100/t or the applicable price in a given country, if it is higher. Beyond 2028, the CO2 price is inflated by 2% per year.
The future cash flows are estimated over a period consistent with the life of the assets of the CGUs. They are prepared post-tax and take into account specific risks related to the CGUs' assets. They are discounted using an 8% post-tax discount rate, this rate being the weighted-average cost of TotalEnergies capital estimated from historical market data. This rate was 7% in 2021 and 2020. The value in use calculated by discounting the above post-tax cash flows using an 8% post-tax discount rate is not materially different from the value in use calculated by discounting pre-tax cash flows using a pre-tax discount rate determined by an iterative computation from the post-tax value in use. These pre-tax discount rates generally range from 7% to 14%.
Asset impairments are subject to sensitivity testing. In particular, upstream assets are tested as follows:
\u2013Decreases of -10% and -20% in the hydrocarbon\u2019s prices, over the duration of the price scenario.
\u2013Consideration of a CO2 cost of $200/t, inflated by 2% per year from 2028 onwards for all assets.
\u2013Increase or decrease of 1% in the discount rate of future cash flows.
Finally, in June 2020, TotalEnergies also reviewed its upstream assets that can be qualified as \u201cstranded\u201d, meaning with reserves beyond 20 years and high production costs, whose overall reserves may therefore not be produced by 2050. The only projects concerned are the Fort Hills and Surmont oil sands projects in Canada. TotalEnergies has decided to take only proved reserves into account for impairment testing on these two assets \u2013 contrary to general practice which considers proved and probable reserves \u2013 and to approve no new projects for increasing the capacity of these Canadian oil sand assets.
The Company's strategy of focusing new oil investments on low carbon intensity projects also led it to exit from extra heavy crude oil assets in Venezuela's Orinoco Belt in 2021.
The characteristics of TotalEnergies' portfolio mitigate the risk of having stranded assets in the future if a structural decline in demand for hydrocarbons occurs due to stricter global environmental regulations and constraints and a resulting change in consumer preferences.
The Company will continue to review price assumptions as the energy transition progresses and this may result in additional impairment charges in the future.
The effect of asset impairments on TotalEnergies' financial statements and the associated sensitivity calculations are detailed in note 3.D \"Asset impairment\".
Exploration assets
The energy transition could affect the future development or economic viability of certain exploration assets.
TotalEnergies applies IFRS 6 \u201cExploration for and Evaluation of Mineral Resources\u201d. Oil and gas exploration and production properties and assets are accounted for in accordance with the Successful Efforts method.
Exploratory wells are capitalized and tested for impairment on an individual basis as follows:
\u2013Costs of exploratory wells which result in proved reserves are capitalized and then depreciated using the unit-of-production method based on proved developed reserves;
\u2013Costs of exploratory wells are capitalized as work in progress until proved reserves have been found, if both of the following conditions are met:
\u2013The well has found a sufficient quantity of reserves to justify, if appropriate, its completion as a producing well, assuming that the required capital expenditures are made;
\u2013TotalEnergies is making sufficient progress assessing the reserves and the economic and operating viability of the project. This progress is evaluated on the basis of indicators such as whether additional exploratory works are under way or firmly planned (wells, seismic or significant studies), whether costs are being incurred for development studies and whether TotalEnergies is waiting for governmental or other third-party authorization on a proposed project, or availability of capacity on an existing transport or processing facility.
Costs of exploratory wells not meeting these conditions are charged to exploration costs.
These assets will continue to be carefully reviewed as the energy transition progresses, in line with the resulting capital expenditure allocation policy.
The effect of exploration activities on the financial statements of TotalEnergies is detailed in note 7.2 \"Property, plant and equipment\".
Intangible and tangible assets - depreciation and useful lives
The energy transition may curtail the useful life of oil and gas assets, thereby increasing the annual depreciation charges related to these assets.
The following accounting principles are applied to the hydrocarbon production assets of exploration and production activities:
\u2013Unproved mineral interests are tested for impairment based on the results of the exploratory activity or as part of the impairment tests of the cash-generating units to which they are allocated.
\u2013Unproved mineral interests are transferred to proved mineral interests at their net book value as soon as proved reserves are booked.
\u2013Proved mineral interests are depreciated using the unit-of-production method based on proved reserves.The corresponding expense is recorded as depreciation of tangible assets and mineral interests.
\u2013Development costs of oil and gas production facilities are capitalized. These costs include borrowing costs incurred during the period of construction and the present value of estimated future costs of asset retirement obligations.
\u2013The depletion rate of development wells and of production assets is equal to the ratio of oil and gas production for the period to proved developed reserves (unit-of-production method).
In the event that, due to the price effect on reserves evaluation, the unit-of-production method does not reflect properly the useful life of the asset, an alternative depreciation method is applied based on the reserves evaluated with the price of the previous year. This was the case for fiscal year 2020 where the method of unit-of-production depreciation was applied to all assets over 2020 based on proved reserves measured with the price used in 2019. As of December 31, 2021, and December 31, 2022, this alternative method is not applied as, given the price used to assess the reserves, the unit-of-production method correctly reflects the useful life of the assets.
With respect to phased development projects or projects subject to progressive well production start-up, the fixed assets\u2019\u00a0depreciable amount, excluding production or service wells, is adjusted to exclude the portion of development costs attributable to the undeveloped reserves of these projects.
With respect to production sharing contracts, the unit-of-production method is based on the portion of production and reserves assigned to TotalEnergies taking into account estimates based on the contractual clauses regarding the reimbursement of exploration, development and production costs (cost oil/gas) as well as the sharing of hydrocarbon rights after deduction of cost oil (profit oil/gas).
Hydrocarbon transportation and processing assets are depreciated using the unit-of-production method based on throughput or by using the straight-line method whichever best reflects the economic life of the asset.
Given the characteristics of the Company\u2019s portfolio of oil & gas assets, its current value on the balance sheet will be almost entirely depreciated by 2040.
In this context, the majority of the oil and gas assets currently on the Company's balance sheet will be depreciated by the end of that period.
Consequently, TotalEnergies does not anticipate significant changes in the useful life of its existing oil and gas assets that would represent an element of significant judgment impacting its consolidated accounts in the future.
The impact of the depreciation of oil and gas assets on the financial statements of TotalEnergies is detailed in notes 7.1 \"Intangible assets\" and 7.2 \"Property, plant and equipment\".
Asset retirement obligations
The energy transition may bring forward asset retirement obligations of certain oil and gas assets, thereby increasing the present value of the associated provisions.
Asset retirement obligations, which result from a legal or constructive obligation, are recognized based on a reasonable estimate in the period in which the obligation arises.
The associated asset retirement costs are capitalized as part of the carrying amount of the underlying asset and depreciated over the useful life of this asset.
An entity is required to measure changes in the liability for an asset retirement obligation due to the passage of time (accretion) by applying a discount rate to the amount of the liability. Given the long-term nature of expenditures related to our asset retirement obligations, the rate is determined by reference to the rates of high quality AA-rated corporate bonds on the USD area for a long-term horizon. The increase of the provision due to the passage of time is recognized as \u201cOther financial expense\u201d.
The discount rate used for the valuation of asset retirement obligation is 4% in 2022 and 3% in 2021 and in 2020 (the expenses are estimated at current currency values with an inflation rate of 2% in 2022 and 1.5% in 2021 and in 2020).
In upstream activities, in application of its internal procedures, TotalEnergies regularly reviews, on an asset-by-asset basis, the estimate of its future asset retirement costs, as well as the date at which work will be performed. The assets and liabilities recognized in respect of retirement obligations under these rules as described in note 12.1 \"Provisions and other non-current liabilities\" are adjusted accordingly.
The Company will continue to review its estimates of both costs and the maturity of commitments on a regular basis and will take into account any significant impact that may result from changes in these parameters in the future.
The effect of the asset retirement obligations on the financial statements of TotalEnergies and the associated sensitivity calculations are detailed in note 12.1 \"Provisions and other non-current liabilities\". A maturity schedule of these obligations is presented in note 13.1 \"Off-balance sheet commitments and contractual obligations\".
Employee benefits
The benefit obligations and plan assets can be subject to significant volatility due in part to changes in market values \u200b\u200band actuarial assumptions. These assumptions vary between different pension plans and thus take into account local conditions. They are determined following a formal process involving expertise and TotalEnergies internal judgments, in financial and actuarial terms, and also in consultation with actuaries and independent experts.
The assumptions for each plan are reviewed annually and adjusted if necessary to reflect changes from the experience and actuarial advice. The discount rate is reviewed quarterly.
Payroll, staff and employee benefits obligations and the method applied are described in Note 10 \u201cPayroll, staff and employee benefits obligations\u201d.
Asset retirement obligations
Asset retirement obligations, which result from a legal or constructive obligation, are recognized based on a reasonable estimate in the period in which the obligation arises.
This estimate is based on information available in terms of costs and work program. It is regularly reviewed to take into account the changes in laws and regulations, the estimates of reserves and production, the analysis of site conditions and technologies.
The discount rate is reviewed annually.
Asset retirement obligations and the method used are described in Note 12 \"Provisions and other non-current liabilities\".
Income Taxes
A tax liability is recognized when in application of a tax regulation, a future payment is considered probable and can be reasonably estimated. The exercise of judgment is required to assess the impact of new events on the amount of the liability.
Deferred tax assets are recognized in the accounts to the extent that their recovery is considered probable. The amount of these assets is determined after taking into account deferred tax liabilities with comparable maturity, arising from the same entities and tax regimes. It takes into account existing taxable profits and future taxable profits which estimation is inherently uncertain and subject to change over time. The exercise of judgment is required to assess the impact of new events on the value of these assets and including changes in estimates of future taxable profits and the deadlines for their use.
In addition, these tax positions may depend on interpretations of tax laws and regulations in the countries where TotalEnergies operates. These interpretations may have uncertain nature. Depending on the circumstances, they are final only after negotiations or resolution of disputes with authorities that can last several years.
Incomes taxes and the accounting methods are described in Note 11 \u201cIncome taxes\u201d.
Russian-UKRAINIAN CONFLICT
The consolidated financial statements as of December 31, 2022 are impacted by the Russian-Ukrainian conflict.
Since February 2022, Russia\u2019s invasion of Ukraine led European and American authorities to adopt several sets of sanctions measures targeting Russian and Belarusian persons and entities, as well as the financial sector.
On March 2022, TotalEnergies announced that, given the uncertainty created by the technological and financial sanctions on the ability to carry out the Arctic LNG 2 project currently under construction and their probable tightening with the worsening conflict, TotalEnergies SE had decided to no longer book proved reserves for the Arctic LNG 2 project.
Early April 2022, new sanctions were effectively adopted by the European authorities, notably prohibiting export from European Union countries of goods and technology for use in the liquefaction of natural gas benefiting a Russian company. It appeared that these new prohibitions constitute additional risks on the execution of the Arctic LNG\u00a02 project.
The potential impact of international sanctions on the value of TotalEnergies' stake in Novatek led the Company to identify indications of impairment. The impairment tests performed in order to determine the value in use based on future cash flows, taking into account assumptions reflecting the impact of the sanctions on future cash flows, led TotalEnergies to record impairment charges in the second quarter and again in the third quarter of 2022.
In addition, on July 18, 2022, TotalEnergies agreed to sell to Novatek TotalEnergies' 49% interest in Terneftegaz, which operates the Termokarstovoye gas and condensates field in Russia. This transfer was finalized on September 15, 2022.
Finally on December 9, 2022, the Board of Directors of TotalEnergies decided to withdraw the representatives of the Company from the Board of Directors of PAO Novatek with immediate effect.
These events had the following impacts on the 2022 consolidated financial statements.
\u2013TotalEnergies recorded, in its accounts as of March 31, 2022, an impairment of $(4,095) million, concerning notably Arctic LNG 2.
\u2013The Company recorded, in its accounts of the second and third quarter, of 2022, impairments of $(3,513) million and $(3,056) million respectively mainly concerning Novatek.
\u2013At the end of the fourth quarter of 2022, the criteria for significant influence no longer being met under IAS 28 \u201cInvestments in associates and joint ventures\u201d, TotalEnergies\u2019 19.4% stake in Novatek is no longer accounted for under the equity method in the Company\u2019s accounts. This led to the recognition of a supplementary impairment loss of $(4,092) million in the fourth quarter of 2022 financial statements.
\u2013In this context, the Company has ensured that there no impairment needed to be recognized on Yamal LNG, by testing the value of its equity accounted investment.
In total, the impact of impairments and provisions recorded in 2022 in relation to the Russian-Ukrainian conflict amounts to $(14,756) million in net income, TotalEnergies share.
The table below presents the contribution of Russian assets to the key income and cash flow indicators:
| \n Russian Upstream Assets (M$) | \n\n 2022 | \n\n 2021 | \n
| \n Net income (share) TotalEnergies | \n\n (11,578) | \n\n 1,995 | \n
| \n Operating cash flow | \n\n 1,480 | \n\n 1,163 | \n
The Capital Employed339 by TotalEnergies in Russia as of December 31, 2022 was $2,874 million.
| \n (M$) | \n\n As of December 31, 2022 | \n\n As of December 31, 2021 | \n
| \n PAO Novatek | \n\n \u2013 | \n\n 6,243 | \n
| \n Yamal LNG | \n\n 4,626 | \n\n 4,333 | \n
| \n Arctic LNG 2 | \n\n \u2013 | \n\n 2,450 | \n
| \n Terneftegas | \n\n \u2013 | \n\n 573 | \n
| \n Kharyaga | \n\n \u2013 | \n\n 53 | \n
| \n Provisions | \n\n (1,752) | \n\n \u2013 | \n
| \n Total | \n\n 2,874 | \n\n 13,652 | \n
Depending on the developments of the Russian-Ukrainian conflict and the measures that the European and American authorities could be required to take, the activities of TotalEnergies in Russia, in particular those relating to the Yamal LNG asset, could be affected in the future.
Judgments in case of transactions not addressed by any accounting standard or interpretation
Furthermore, when the accounting treatment of a specific transaction is not addressed by any accounting standard or interpretation, the management applies its judgment to define and apply accounting policies that provide information consistent with the general IFRS concepts: faithful representation, relevance and materiality.
Impairment of property, plant and equipment, intangible assets and goodwill
As part of the determination of the recoverable value of assets for impairment (IAS 36), the estimates, assumptions and judgments mainly concern hydrocarbon prices scenarios, operating costs, production volumes and oil and gas proved and probable reserves, refining margins and product marketing conditions (mainly petroleum, petrochemical and chemical products as well as renewable industry products). The estimates and assumptions used by the executive management are determined in specialized internal departments in light of economic conditions and external expert analysis. The discount rate is reviewed annually.
In 2020, in line with its new Climate Ambition announced on May 5, 2020, which aims at carbon neutrality, TotalEnergies had reviewed its oil assets that could be qualified as \u201cstranded\u201d, and therefore had decided to impair its oil sands assets in Canada.
Impairment of assets and the method applied are described in Note 3 \"Business segment information\".
Asset impairments
The energy transition is likely to have an impact on future oil and gas prices and therefore on the recoverable amount of intangible assets and property, plant and equipment in the oil and gas industry.
The principles applied in determining the recoverable amounts are as follows:
\u2013The future cash flows were determined using the assumptions included in the 2023 budget and in the long-term plan of the Company approved by the Executive Committee and the Board of Directors. These assumptions, in particular including operational costs, estimation of oil and gas reserves, future volumes produced and marketed, represent the best estimate from the Company Management of economic and technical conditions over the remaining life of the assets.
\u2013The Company, notably relying on data on global energy demand from the \u201cWorld Energy Outlook\u201d issued by the IEA since 2016, and on its own supply and demand assessments, determines oil & gas prices scenarios based on assumptions about the evolution of core indicators of the Upstream activity (demand for hydrocarbons in different markets, investment forecasts, decline in production fields, changes in oil & gas reserves and supply by area and by nature of oil & gas products), of the Downstream activity (changes in refining capacity and demand for petroleum products) and by integrating \u201cclimate\u201d challenges.
\u2013These price scenarios, first prepared within the Strategy & Markets Division, are also reviewed with the Company segments which bring their own expertise. They also integrate studies issued by international agencies, banks and independent consultants. They are then approved by the Executive Committee and the Board of Directors.
\u2013The IEA 2022 World Energy Outlook anticipates three scenarios that are key references for the Company: the STEPS (Stated Policies Scenario) and APS (Announced Pledges Scenario) for the short/mid-term and the NZE (Net Zero Emissions by 2050) for the long-term.
\u2013The STEPS only includes climate actions already implemented to date around the world and those under development. The APS also takes into account climate ambitions declared to date in the world, including the NDCs (Nationally Determined Contributions) and carbon neutrality ambitions. It is considered by the EIA to be compatible with the Paris Agreement. The IEA's NZE is understood as the set of actions to be taken to be compatible with a 1.5\u00b0C scenario in 2050 (without overshooting). This normative scenario does not predict oil demand in the short and medium term, and therefore the price scenarios it proposes, particularly in the short and medium term, do not include a \"realistic\" evolution of demand. In fact, this scenario predicts that oil demand will fall by 20% between 2020 and 2030, whereas, according to the Company's projections and those of most energy companies and consultants, demand will stabilize between 2025 and 2030, before declining from 2030 onwards.
\u2013Beyond the 2020-2030 decade, the oil price trajectory retained by the Company converges in the long term, to the price retained in 2050 by the IEA's NZE scenario, i.e $24.52022/b. The prices retained for gas, the transition fuel, stabilize between now and 2027 and until 2040 at lower levels than the current prices and converge towards the IEA's NZE scenario prices in 2050.
The oil price trajectories adopted by the Company are based on the following assumptions:
\u2013Oil demand has experienced sustained growth after the Covid crisis as the global economic recovery generated strong tensions on energy prices from mid-2021 onwards, exacerbated in 2022 by the war in Ukraine. Despite the risks of recession in Europe in particular, global liquid demand in 2023 is expected to be higher than in 2019 pre-crisis, notably thanks to the end of lockdown measures in China allowing the restart of industrial activity. It should continue to grow until 2030, in a context of sustained growth in global energy demand. Indeed, population growth and rising living standards, particularly in emerging countries, should sustain oil consumption, despite the gradual electrification of transport and efficiency gains in combustion engines, mainly in developed countries. As for oil supply, it is marked by historic production cuts decided (and implemented) by OPEP+ members and by the difficulties encountered by some non-OPEP+ producers. In the US, while production in 2023 is expected to be slightly higher than in 2019, doubts remain about the capacity for further growth in shale oil in subsequent years. The Company maintains its analysis that the weakness of investment oil upstream since 2015, accentuated by the health and economic crisis of 2020 and the natural decline of fields currently in production, leads to a global supply-demand balance that will remain tight until 2030. Thus the Brent price scenario used to determine the value in use of the CGUs assumes a stable price of $702022/b from 2023 to 2030. The developments observed at the end of 2022, in particular the resurgence of the Covid pandemic in China, could slow down the Chinese economic recovery, and therefore justify this price level from 2023.
\u2013Beyond 2030, given technological developments, particularly in the transport sector, oil demand should have reached its peak and the selected price scenario decreases linearly to reach $502022/b in 2040 and then $24.52022/b in 2050, in line with the NZE scenario.
The average Brent prices over the period 2023-2050 thus stands at $53.92022/b.
For natural gas, the transition fuel, the price trajectory adopted by the Company is based on the following assumptions:
\u2013Natural gas demand in 2021 has exceeded its pre-crisis level with very strong tensions on prices in Europe and, by extension, in Asia through LNG prices, following the cuts in Russian pipe gas imports that began at the end of 2021 and continued in 2022 with the complete shutdown of the Nordstream. Global gas demand in 2022 is estimated to be almost at the level of 2021. The Company anticipates stable demand in 2023 with the recourse to American LNG to replace Russian gas in Europe, still in competition with Asia.
The Company thus anticipates a return in 2023 to higher prices than before the crisis on the Asia, Europe and USA hubs, but not to the same levels as the highs reached in the third quarter of 2022. Thereafter, natural gas demand would be driven by the same fundamentals as oil (decrease in Europe but resistance in Asia-Pacific), plus its substitution for coal in power generation and by its role as a flexible and controllable source to mitigate the intermittent use and seasonality of renewable energies. The abundant global supply and the growth of liquefied natural gas would, however, limit the potential for higher gas prices. Beyond 2040, with the development of renewables including storage and hydrogen, gas demand is expected to stabilize.
In this context, the gas price level used to determine the value in use of the CGUs concerned is as follows:
On the NBP quotation (Europe): $202022/Mbtu in 2023, $172022/Mbtu in 2024, $142022/Mbtu in 2025, $112022/Mbtu in 2026, then $82022/Mbtu between 2027 and 2040.
On the Henry Hub quotation (United States): $32022/Mbtu between 2023 and 2040.
On the DES Japan (Asia) quotation: $212022/Mbtu in 2023, $182022/Mbtu in 2024, $152022/Mbtu in 2025, $122022/Mbtu in 2026, then $92022/Mbtu between 2027 and 2040.
From 2040 onwards, the price trajectory converges towards the price retained in 2050 by the NZE scenario, i.e. $3.92022/Mbtu for NBP,
$1.82022/Mbtu for Henry Hub and $5.22022/Mbtu DES Japan (Asia).
The future operational costs were determined by taking into account the existing technologies, the fluctuation of prices for petroleum services in line with market developments and the internal cost reduction programs effectively implemented.
The determination of value in use also takes into account on all assets a minimum CO2 cost of $100/t or the applicable price in a given country, if it is higher. Beyond 2028, the CO2 price is inflated by 2% per year.
The future cash flows are estimated over a period consistent with the life of the assets of the CGUs. They are prepared post-tax and take into account specific risks related to the CGUs' assets. They are discounted using an 8% post-tax discount rate, this rate being the weighted-average cost of TotalEnergies capital estimated from historical market data. This rate was 7% in 2021 and 2020. The value in use calculated by discounting the above post-tax cash flows using an 8% post-tax discount rate is not materially different from the value in use calculated by discounting pre-tax cash flows using a pre-tax discount rate determined by an iterative computation from the post-tax value in use. These pre-tax discount rates generally range from 7% to 14%.
Asset impairments are subject to sensitivity testing. In particular, upstream assets are tested as follows:
\u2013Decreases of -10% and -20% in the hydrocarbon\u2019s prices, over the duration of the price scenario.
\u2013Consideration of a CO2 cost of $200/t, inflated by 2% per year from 2028 onwards for all assets.
\u2013Increase or decrease of 1% in the discount rate of future cash flows.
Finally, in June 2020, TotalEnergies also reviewed its upstream assets that can be qualified as \u201cstranded\u201d, meaning with reserves beyond 20 years and high production costs, whose overall reserves may therefore not be produced by 2050. The only projects concerned are the Fort Hills and Surmont oil sands projects in Canada. TotalEnergies has decided to take only proved reserves into account for impairment testing on these two assets \u2013 contrary to general practice which considers proved and probable reserves \u2013 and to approve no new projects for increasing the capacity of these Canadian oil sand assets.
The Company's strategy of focusing new oil investments on low carbon intensity projects also led it to exit from extra heavy crude oil assets in Venezuela's Orinoco Belt in 2021.
The characteristics of TotalEnergies' portfolio mitigate the risk of having stranded assets in the future if a structural decline in demand for hydrocarbons occurs due to stricter global environmental regulations and constraints and a resulting change in consumer preferences.
The Company will continue to review price assumptions as the energy transition progresses and this may result in additional impairment charges in the future.
The effect of asset impairments on TotalEnergies' financial statements and the associated sensitivity calculations are detailed in note 3.D \"Asset impairment\".
Exploration assets
The energy transition could affect the future development or economic viability of certain exploration assets.
TotalEnergies applies IFRS 6 \u201cExploration for and Evaluation of Mineral Resources\u201d. Oil and gas exploration and production properties and assets are accounted for in accordance with the Successful Efforts method.
Exploratory wells are capitalized and tested for impairment on an individual basis as follows:
\u2013Costs of exploratory wells which result in proved reserves are capitalized and then depreciated using the unit-of-production method based on proved developed reserves;
\u2013Costs of exploratory wells are capitalized as work in progress until proved reserves have been found, if both of the following conditions are met:
\u2013The well has found a sufficient quantity of reserves to justify, if appropriate, its completion as a producing well, assuming that the required capital expenditures are made;
\u2013TotalEnergies is making sufficient progress assessing the reserves and the economic and operating viability of the project. This progress is evaluated on the basis of indicators such as whether additional exploratory works are under way or firmly planned (wells, seismic or significant studies), whether costs are being incurred for development studies and whether TotalEnergies is waiting for governmental or other third-party authorization on a proposed project, or availability of capacity on an existing transport or processing facility.
Costs of exploratory wells not meeting these conditions are charged to exploration costs.
These assets will continue to be carefully reviewed as the energy transition progresses, in line with the resulting capital expenditure allocation policy.
The effect of exploration activities on the financial statements of TotalEnergies is detailed in note 7.2 \"Property, plant and equipment\".
D)Asset impairment
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n The recoverable amounts of intangible assets and property, plant and equipment are tested for impairment as soon as any indication of impairment exists. This test is performed at least annually for goodwill. The recoverable amount is the higher of the fair value (less costs to sell) or the value in use. Assets are grouped into cash-generating units (or CGUs) and tested. A CGU is a homogeneous set of assets that generates cash inflows that are largely independent of the cash inflows from other groups of assets. The value in use of a CGU is determined by reference to the discounted expected future cash flows of these assets, based upon Management\u2019s expectation of future economic and operating conditions. When this value is less than the carrying amount of the CGU, an impairment loss is recorded. | \n\n \n | \n\n This loss is allocated first to goodwill with a corresponding amount in \"Other expenses\". Any further losses are then allocated to property, plant and mineral interests with a corresponding amount in \"Depreciation, depletion and impairment of tangible assets and mineral interests\" and to other intangible assets with a corresponding amount in \"Other expenses\". Impairment losses recognized in prior periods can be reversed up to the original carrying amount, had the impairment loss not been recognized. Impairment losses recognized on goodwill cannot be reversed. Investments in associates or joint ventures are tested for impairment whenever indication of impairment exists. If any objective evidence of impairment exists, the carrying amount of the investment is compared with its recoverable amount, being the higher of its fair value less costs to sell and value in use. If the carrying amount exceeds the recoverable amount, an impairment loss is recorded in \"Net income (loss) from equity affiliates\". | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
For the financial year 2022, asset impairments were recorded for an amount of $(821) million in operating income and $(15,743) million in net income, TotalEnergies share. These impairments were qualified as adjustment items of the operating income and net income, TotalEnergies share.
Impairments relate to certain cash-generating units (CGUs) for which indicators of impairment have been identified, due to changes in operating conditions or the economic environment of the activities concerned.
Principles for determining value in use of a CGU
The principles applied are as follows:
\u2013The future cash flows were determined using the assumptions included in the 2023 budget and in the long-term plan of the Company approved by the Executive Committee and the Board of Directors. These assumptions, in particular including operational costs, estimation of oil and gas reserves, future volumes produced and marketed, represent the best estimate from the Company Management of economic and technical conditions over the remaining life of the assets.
\u2013The Company, notably relying on data on global energy demand from the \u201cWorld Energy Outlook\u201d issued by the IEA since 2016, and on its own supply and demand assessments, determines oil & gas prices scenarios based on assumptions about the evolution of core indicators of the Upstream activity (demand for hydrocarbons in different markets, investment forecasts, decline in production fields, changes in oil & gas reserves and supply by area and by nature of oil & gas products), of the Downstream activity (changes in refining capacity and demand for petroleum products) and by integrating \u201cclimate\u201d challenges.
\u2013These price scenarios, first prepared within the Strategy & Markets Division, are also reviewed with the Company segments which bring their own expertise. They also integrate studies issued by international agencies, banks and independent consultants. They are then approved by the Executive Committee and the Board of Directors.
\u2013The IEA 2022 World Energy Outlook anticipates three scenarios that are key references for the Company: the STEPS (Stated Policies Scenario) and APS (Announced Pledges Scenario) for the short/mid-term, and the NZE (Net Zero Emissions by 2050) for the long-term.
\u2013The STEPS only includes climate actions already implemented to date around the world and those under development. The APS also takes into account climate ambitions declared to date in the world, including the NDCs (Nationally Determined Contributions) and carbon neutrality ambitions. It is compatible with the Paris Agreement. The IEA's NZE is understood as the set of actions to be taken to be compatible with a 1.5\u00b0C scenario in 2050 (without overshooting). This normative scenario does not predict oil demand in the short and medium term, and therefore the price scenarios it proposes, particularly in the short and medium term, do not include a \"realistic\" evolution of demand. In fact, this scenario predicts that oil demand will fall by 20% between 2020 and 2030, whereas, according to the Company's projections and those of most energy companies and consultants, demand will stabilize between 2025 and 2030, before declining from 2030 onwards.
\u2013Beyond the 2020-2030 decade, the oil price trajectory retained by the Company converges in the long term, to the price retained in 2050 by the IEA's NZE scenario, i.e $24.52022/b. The prices retained for gas, the transition fuel, stabilize between now and 2027 and until 2040 at lower levels than the current prices and converge towards the IEA's NZE scenario prices in 2050.
The oil price trajectories adopted by the Company are based on the following assumptions:
\u2013Oil demand has experienced sustained growth after the Covid crisis as the global economic recovery\u00a0 generated strong tensions on energy prices from mid-2021 onwards, exacerbated in 2022 by the war in Ukraine. Despite the risks of recession in Europe in particular, global liquid demand in 2023 is expected to be higher than in 2019 pre-crisis, notably thanks to the end of lockdown measures in China allowing the restart of industrial activity. It should continue to grow until 2030, in a context of sustained growth in global energy demand. Indeed, population growth and rising living standards, particularly in emerging countries, should sustain oil consumption, despite the gradual electrification of transport and efficiency gains in combustion engines, mainly in developed countries. As for oil supply, it is marked by historic production cuts decided (and implemented) by OPEP+ members and by the difficulties encountered by some non-OPEP+ producers.
\u2013Beyond 2030, given technological developments, particularly in the transport sector, oil demand should have reached its peak and the selected price scenario decreases linearly to reach $502022/b in 2040 and then $24.52022/b in 2050, in line with the NZE scenario.
The average Brent prices over the period 2023-2050 thus stands at $53.92022/b.
For natural gas, the transition fuel, the price trajectory adopted by the Company is based on the following assumptions:
\u2013Natural gas demand in 2021 has exceeded its pre-crisis level with very strong tensions on prices\u00a0 in Europe and, by extension, in Asia through LNG prices, following the cuts in Russian pipe gas imports\u00a0 that began at the end of 2021 and continued in 2022 with the complete shutdown of the Nordstream. Global gas demand in 2022 is estimated to be almost at the level of 2021. The Company anticipates stable demand in 2023 with the recourse to American LNG to replace Russian gas in Europe, still in competition with Asia. The Company thus anticipates a return in 2023 to higher prices than before the crisis on the Asia, Europe and USA hubs, but not to the same levels as the highs reached in the third quarter of 2022. Thereafter, natural gas demand would be driven by the same fundamentals as oil (decrease in Europe but resistance in Asia-Pacific), plus its substitution for coal in power generation and by its role as a flexible and controllable source to mitigate the intermittent use and seasonality of renewable energies. The abundant global supply and the growth of liquefied natural gas would, however, limit the potential for higher gas prices. Beyond 2040, with the development of renewables including storage and hydrogen, gas demand is expected to stabilize.
In this context, the gas price level used to determine the value in use of the CGUs concerned is as follows:
\u2013On the NBP quotation (Europe): $202022/Mbtu in 2023, $172022/Mbtu in 2024, $142022/Mbtu in 2025, $112022/Mbtu in 2026, then $82022/Mbtu between 2027 and 2040.
\u2013On the Henry Hub quotation (United States): $32022/Mbtu between 2023 and 2040.
\u2013On the DES Japan (Asia) quotation: $212022/Mbtu in 2023, $182022/Mbtu in 2024, $152022/Mbtu in 2025, $122022/Mbtu in 2026, then $92022/Mbtu between 2027 and 2040.
From 2040 onwards, the price trajectory converges towards the price retained in 2050 by the NZE scenario, i.e. $3.92022/Mbtu for NBP, $1.82022/Mbtu for Henry Hub and $5.22022/Mbtu DES Japan (Asia).
The future operational costs were determined by taking into account the existing technologies, the fluctuation of prices for petroleum services in line with market developments and the internal cost reduction programs effectively implemented.
The determination of value in use also takes into account on all assets a minimum CO2 cost of $100/t or the applicable price in a given country, if it is higher. Beyond 2028, the CO2 price is inflated by 2% per year.
The future cash flows are estimated over a period consistent with the life of the assets of the CGUs. They are prepared post-tax and take into account specific risks related to the CGUs' assets. They are discounted using an 8% post-tax discount rate, this rate being the weighted-average cost of TotalEnergies capital estimated from historical market data. This rate was 7% in 2021 and 2020. The value in use calculated by discounting the above post-tax cash flows using an 8% post-tax discount rate is not materially different from the value in use calculated by discounting pre-tax cash flows using a pre-tax discount rate determined by an iterative computation from the post-tax value in use. These pre-tax discount rates generally range from 7% to 14%.
Impairment losses recognized by segment
Impairments recognized in 2022 have an overall impact of $(15,743) million in net income, TotalEnergies share, and mainly relate to the Company's assets in Russia, for an amount of $(14,756) million.
The CGUs of the Exploration & Production segment are defined as oil and gas fields or groups of oil and gas fields with industrial assets enabling the production, treatment and evacuation of the oil and gas. For the financial year 2022, the Company recorded impairments of assets over CGUs of the Exploration & Production segment for $(588)\u00a0million in operating income and $(11,141) million in net income, TotalEnergies share.
Impairments recognized in 2022 mainly relate to the Company's assets in Russia for an amount of $(10,527) million in net income TotalEnergies share, mainly relating to the investment in Novatek.
They also take into account the impairment of the North Platte project assets for $(957) million in net income, TotalEnergies share, following the Company's decision announced in February not to sanction and so to withdraw from this deepwater project in the Gulf of Mexico.
The impairments recognized also include a reversal of impairment on the Company's assets in Canada. In the context of the project to spin-off the Company's upstream activities in Canada, an impairment test was carried out, and the resulting value in use led to a reversal of impairment of $728 million in net income, TotalEnergies share.
As for sensitivities of the Exploration & Production segment:
\u2013a decrease by 1 point in the discount rate would have a positive impact of $0.3 billion in operating income and $0.2 billion in net income, TotalEnergies share;
\u2013an increase by 1 point in the discount rate would have an additional negative impact of approximately $0.5 billion in operating income and $0.5 billion in net income, TotalEnergies share;
\u2013a decrease of 10% of the oil and gas prices over the duration of the plan (thus an average oil price of around $482022/b) would have an additional negative impact of approximately $1.5 billion in operating income and $1.2 billion in net income, TotalEnergies share.
\u2013a decrease of 20% of the oil and gas prices over the duration of the plan (thus an average oil price of around $432022/b) would have an additional negative impact of approximately $5.3 billion in operating income and $3.9 billion in net income, TotalEnergies share.
\u2013Taking into account a CO2 cost of $200/t, inflated by 2%/year from 2028 onwards for all assets would have an additional negative impact of approximately $1.6 billion on operating income and $1.2 billion on net income, TotalEnergies share.
The CGUs of the Integrated Gas, Renewables & Power segment are subsidiaries or groups of subsidiaries organized by activity or geographical area, and by fields or groups of fields for upstream LNG activities. For the financial year 2022, the Company recorded impairments on CGUs in the Integrated Gas, Renewables & Power segment for $(126) million in operating income and $(4,481) million in net income, TotalEnergies share. Impairments recognized relate to the Company's assets in Russia for an amount of $(4,142) million in net income, TotalEnergies share, notably concerning Arctic LNG 2.
As for sensitivities of the Integrated Gas, Renewables & Power segment:
\u2013a decrease by 1 point in the discount rate would have a positive impact of $0.1 billion in operating income and close to zero in net income, TotalEnergies share;
\u2013an increase by 1 point in the discount rate would have an additional negative impact of approximately $1.3 billion in operating income and $1.1 billion in net income, TotalEnergies share;
\u2013a decrease of 10% of the oil and gas prices over the duration of the plan would have an additional negative impact of approximately $2.0 billion in operating income and $1.6 billion in net income, TotalEnergies share.
\u2013a decrease of 20% of the oil and gas prices over the duration of the plan would have an additional negative impact of approximately $5.0 billion in operating income and $4.2 billion in net income, TotalEnergies share.
\u2013Taking into account a CO2 cost of $200/t inflated by 2%/year from 2028 onwards for all assets would have an additional negative impact of approximately $0.9 billion on operating income and $0.8 billion in net income, TotalEnergies share.
The CGUs of the Refining & Chemicals segment are defined as legal entities with operational activities for refining and petrochemicals activities. Future cash flows are based on the gross contribution margin (calculated on the basis of net sales after purchases of crude oil and refined products, the effect of inventory valuation and variable costs). The other activities of the segment are global divisions, each division gathering a set of businesses or homogeneous products for strategic, commercial and industrial plans. Future cash flows are determined from the specific margins of these activities, unrelated to the price of oil.
For the financial year 2022, the Company has not recorded impairments on CGUs in the Refining & Chemicals segment.
As for sensitivities of the Refining & Chemicals segment:
\u2013an increase by 1 point in the discount rate would have an impact close to zero in operating income and in net income, TotalEnergies share;
\u2013a decrease of 10% of the refining margins would have a negative impact of approximately $0.6 billion in operating income and $0.6 billion in net income, TotalEnergies share.
The most sensitive assets would be the refining assets in France.
The CGUs of the Marketing & Services segment are subsidiaries or groups of subsidiaries organized by geographical area.
For the financial year 2022, the Company recorded impairments on the CGUs of the Marketing & Services segment for $(98) million in operating income and $(112) million in net income, TotalEnergies share. Impairments recognized\u00a0 relate to the Company's assets in Russia for an amount of $(87) million in net income, TotalEnergies share.
Impairments recognized in years 2021 and 2020
For the financial year 2021, the Company recorded impairments in Exploration & Production, Integrated Gas, Renewables & Power, Refining & Chemicals and Marketing & Services segments for an amount of $(759) million in operating income and $(910) million in net income, TotalEnergies share.
These impairments were qualified as adjustments items of the operating income and net income, TotalEnergies share.
For the financial year 2020, asset impairments were recorded in the Exploration & Production, Integrated Gas, Renewables & Power, Refining & Chemicals and Marketing & Services segments with an impact of $(3,492) million in operating income and $(2,991) million in net income, TotalEnergies share.
In addition, in 2020, in line with its new Climate Ambition announced on May 5, 2020, which aims at carbon neutrality, the Company had reviewed its oil assets that could be qualified as stranded, meaning with reserves beyond 20 years and high production costs, whose overall reserves may therefore not be produced by 2050. The only projects identified in this category were the Canadian oil sands projects of Fort Hills and Surmont.
The Company had decided to take into account only proved reserves on these two assets \u2013 unlike general practice which considers so-called proved and probable reserves. This led to an additional exceptional asset impairment of $(5,460) million in operating income and $(5,474) million in net income, TotalEnergies share.
Overall, asset impairments were recorded for the financial year 2020, for an amount of $(8,952) million in operating income and $(8,465) million in net income, TotalEnergies share, including $(6,988) million on Canadian oil sands assets alone.
These impairments were qualified as adjustment items of the operating income and net income, TotalEnergies share.
Exploration assets
The energy transition could affect the future development or economic viability of certain exploration assets.
TotalEnergies applies IFRS 6 \u201cExploration for and Evaluation of Mineral Resources\u201d. Oil and gas exploration and production properties and assets are accounted for in accordance with the Successful Efforts method.
Exploratory wells are capitalized and tested for impairment on an individual basis as follows:
\u2013Costs of exploratory wells which result in proved reserves are capitalized and then depreciated using the unit-of-production method based on proved developed reserves;
\u2013Costs of exploratory wells are capitalized as work in progress until proved reserves have been found, if both of the following conditions are met:
\u2013The well has found a sufficient quantity of reserves to justify, if appropriate, its completion as a producing well, assuming that the required capital expenditures are made;
\u2013TotalEnergies is making sufficient progress assessing the reserves and the economic and operating viability of the project. This progress is evaluated on the basis of indicators such as whether additional exploratory works are under way or firmly planned (wells, seismic or significant studies), whether costs are being incurred for development studies and whether TotalEnergies is waiting for governmental or other third-party authorization on a proposed project, or availability of capacity on an existing transport or processing facility.
Costs of exploratory wells not meeting these conditions are charged to exploration costs.
These assets will continue to be carefully reviewed as the energy transition progresses, in line with the resulting capital expenditure allocation policy.
The effect of exploration activities on the financial statements of TotalEnergies is detailed in note 7.2 \"Property, plant and equipment\".
Intangible and tangible assets - depreciation and useful lives
The energy transition may curtail the useful life of oil and gas assets, thereby increasing the annual depreciation charges related to these assets.
The following accounting principles are applied to the hydrocarbon production assets of exploration and production activities:
With respect to phased development projects or projects subject to progressive well production start-up, the fixed assets\u2019\u00a0depreciable amount, excluding production or service wells, is adjusted to exclude the portion of development costs attributable to the undeveloped reserves of these projects.
With respect to production sharing contracts, the unit-of-production method is based on the portion of production and reserves assigned to TotalEnergies taking into account estimates based on the contractual clauses regarding the reimbursement of exploration, development and production costs (cost oil/gas) as well as the sharing of hydrocarbon rights after deduction of cost oil (profit oil/gas).
Hydrocarbon transportation and processing assets are depreciated using the unit-of-production method based on throughput or by using the straight-line method whichever best reflects the economic life of the asset.
Given the characteristics of the Company\u2019s portfolio of oil & gas assets, its current value on the balance sheet will be almost entirely depreciated by 2040.
In this context, the majority of the oil and gas assets currently on the Company's balance sheet will be depreciated by the end of that period.
Consequently, TotalEnergies does not anticipate significant changes in the useful life of its existing oil and gas assets that would represent an element of significant judgment impacting its consolidated accounts in the future.
The impact of the depreciation of oil and gas assets on the financial statements of TotalEnergies is detailed in notes 7.1 \"Intangible assets\" and 7.2 \"Property, plant and equipment\".
7.2Property, plant and equipment
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n|||||||||
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n|||||||||
| \n \n | \n\n Exploration costs TotalEnergies applies IFRS 6 \u201cExploration for and Evaluation of Mineral Resources\u201d. Oil and gas exploration and production properties and assets are accounted for in accordance with the Successful Efforts method. Exploratory wells are capitalized and tested for impairment on an individual basis as follows: \u2013Costs of exploratory wells which result in proved reserves are capitalized and then depreciated using the unit-of-production method based on proved developed reserves; \u2013Costs of exploratory wells are capitalized as work in progress until proved reserves have been found, if both of the following conditions are met: \u2013The well has found a sufficient quantity of reserves to justify, if appropriate, its completion as a producing well, assuming that the required capital expenditures are made; \u2013TotalEnergies is making sufficient progress assessing the reserves and the economic and operating viability of the project. This progress is evaluated on the basis of indicators such as whether additional exploratory works are under way or firmly planned (wells, seismic or significant studies), whether costs are being incurred for development studies and whether TotalEnergies is waiting for governmental or other third-party authorization on a proposed project, or availability of capacity on an existing transport or processing facility. Costs of exploratory wells not meeting these conditions are charged to exploration costs. Oil and Gas production assets of exploration and production activities Development costs of oil and gas production facilities are capitalized. These costs include borrowing costs incurred during the period of construction and the present value of estimated future costs of asset retirement obligations. The depletion rate of development wells and of production assets is equal to the ratio of oil and gas production for the period to proved developed reserves (unit-of-production method). In the event that, due to the price effect on reserves evaluation, the unit-of-production method does not reflect properly the useful life of the asset, an alternative depreciation method is applied based on the reserves evaluated with the price of the previous year. This was the case for fiscal year 2020 where the method of unit-of-production depreciation was applied to all assets over 2020 based on proved reserves measured with the price used in 2019. As of December 31, 2021, and December 31, 2022, this alternative method is not applied as, given the price used to assess the reserves, the unit-of-production method correctly reflects the useful life of the assets. | \n\n \n | \n\n \n With respect to phased development projects or projects subject to progressive well production start-up, the fixed assets\u2019\u00a0depreciable amount, excluding production or service wells, is adjusted to exclude the portion of development costs attributable to the undeveloped reserves of these projects. With respect to production sharing contracts, the unit-of-production method is based on the portion of production and reserves assigned to TotalEnergies taking into account estimates based on the contractual clauses regarding the reimbursement of exploration, development and production costs (cost oil/gas) as well as the sharing of hydrocarbon rights after deduction of cost oil (profit oil/gas). Hydrocarbon transportation and processing assets are depreciated using the unit-of-production method based on throughput or by using the straight-line method whichever best reflects the economic life of the asset. Other property, plant and equipment Other property, plant and equipment are carried at cost, after deducting any accumulated depreciation and accumulated impairment losses. This cost includes borrowing costs directly attributable to the acquisition or production of a qualifying asset incurred until assets are placed in service. Borrowing costs are capitalized as follows: \u2013if the project benefits from a specific funding, the capitalization of borrowing costs is based on the borrowing rate; \u2013if the project is financed by all TotalEnergies\u2019 debt, the capitalization of borrowing costs is based on the weighted average borrowing cost for the period. Routine maintenance and repairs are charged to expense as incurred. The costs of major turnarounds of refineries and large petrochemical units are capitalized as incurred and depreciated over the period of time between two consecutive major turnarounds. Other property, plant and equipment are depreciated using the straight-line method over their useful lives, which are as follows:
\n | \n\n\n | \n||||||||||
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
| \n As of December 31, 2022 (M$) | \n\n Cost | \n\n Depreciation | \n\n Net | \n
| \n Property, plant and equipment of exploration and production activities | \n\n \n | \n\n \n | \n\n \n | \n
| \n Proved properties | \n\n 210,079 | \n\n \u00a0(146,571) | \n\n 63,508 | \n
| \n Unproved properties | \n\n 1,023 | \n\n \u00a0(268) | \n\n 755 | \n
| \n Work in progress | \n\n 20,294 | \n\n \u00a0(688) | \n\n 19,606 | \n
| \n Subtotal | \n\n 231,396 | \n\n \u00a0(147,527) | \n\n 83,869 | \n
| \n Other property, plant and equipment | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Land | \n\n 3,089 | \n\n \u00a0(1,039) | \n\n 2,050 | \n
| \n Machinery, plant and equipment (including transportation equipment) | \n\n 37,002 | \n\n \u00a0(26,079) | \n\n 10,923 | \n
| \n Buildings | \n\n 10,230 | \n\n \u00a0(6,627) | \n\n 3,603 | \n
| \n Work in progress | \n\n 3,960 | \n\n \u00a0(23) | \n\n 3,937 | \n
| \n Other | \n\n 10,401 | \n\n \u00a0(7,682) | \n\n 2,719 | \n
| \n Subtotal | \n\n 64,682 | \n\n \u00a0(41,450) | \n\n 23,232 | \n
| \n Total property, plant and equipment | \n\n 296,078 | \n\n \u00a0(188,977) | \n\n 107,101 | \n
| \n As of December 31, 2021 (M$) | \n\n Cost | \n\n Depreciation | \n\n Net | \n
| \n Property, plant and equipment of exploration and production activities | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Proved properties | \n\n 212,264 | \n\n \u00a0(149,221) | \n\n 63,043 | \n
| \n Unproved properties | \n\n 1,635 | \n\n \u00a0(268) | \n\n 1,367 | \n
| \n Work in progress | \n\n 18,463 | \n\n \u00a0(831) | \n\n 17,632 | \n
| \n Subtotal | \n\n 232,362 | \n\n \u00a0(150,320) | \n\n 82,042 | \n
| \n Other property, plant and equipment | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Land | \n\n 3,145 | \n\n \u00a0(973) | \n\n 2,172 | \n
| \n Machinery, plant and equipment (including transportation equipment) | \n\n 38,285 | \n\n \u00a0(26,425) | \n\n 11,860 | \n
| \n Buildings | \n\n 10,558 | \n\n \u00a0(6,646) | \n\n 3,912 | \n
| \n Work in progress | \n\n 3,625 | \n\n \u00a0(8) | \n\n 3,617 | \n
| \n Other | \n\n 10,434 | \n\n \u00a0(7,478) | \n\n 2,956 | \n
| \n Subtotal | \n\n 66,047 | \n\n \u00a0(41,530) | \n\n 24,517 | \n
| \n Total property, plant and equipment | \n\n 298,409 | \n\n \u00a0(191,850) | \n\n 106,559 | \n
| \n As of December 31, 2020 (M$) | \n\n Cost | \n\n Depreciation | \n\n Net | \n
| \n Property, plant and equipment of exploration and production activities | \n\n \u00a0 | \n||
| \n Proved properties | \n\n 215,892 | \n\n \u00a0(147,914) | \n\n 67,978 | \n
| \n Unproved properties | \n\n 2,978 | \n\n \u00a0(268) | \n\n 2,710 | \n
| \n Work in progress | \n\n 13,873 | \n\n \u00a0(861) | \n\n 13,012 | \n
| \n Subtotal | \n\n 232,743 | \n\n \u00a0(149,043) | \n\n 83,700 | \n
| \n Other property, plant and equipment | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Land | \n\n 2,999 | \n\n \u00a0(905) | \n\n 2,094 | \n
| \n Machinery, plant and equipment (including transportation equipment) | \n\n 39,506 | \n\n \u00a0(27,381) | \n\n 12,125 | \n
| \n Buildings | \n\n 11,184 | \n\n \u00a0(6,858) | \n\n 4,326 | \n
| \n Work in progress | \n\n 3,063 | \n\n \u00a0(1) | \n\n 3,062 | \n
| \n Other | \n\n 10,983 | \n\n \u00a0(7,955) | \n\n 3,028 | \n
| \n Subtotal | \n\n 67,735 | \n\n \u00a0(43,100) | \n\n 24,635 | \n
| \n Total property, plant and equipment | \n\n 300,478 | \n\n (192,143) | \n\n 108,335 | \n
Change in net property, plant and equipment is analyzed in the following table:
| \n (M$) | \n\n Net amount as of January 1, | \n\n Expenditures | \n\n Disposals | \n\n Depreciation and impairment | \n\n Currency translation adjustment | \n\n Other | \n\n Net amount as of December 31, | \n
| \n 2022 | \n\n 106,559 | \n\n 13,699 | \n\n \u00a0(951) | \n\n \u00a0(12,275) | \n\n \u00a0(2,236) | \n\n 2,305 | \n\n 107,101 | \n
| \n 2021 | \n\n 108,335 | \n\n 11,647 | \n\n (705) | \n\n (13,133) | \n\n (1,739) | \n\n 2,154 | \n\n 106,559 | \n
| \n 2020 | \n\n 116,408 | \n\n 9,980 | \n\n (611) | \n\n (21,544) | \n\n 1,706 | \n\n 2,396 | \n\n 108,335 | \n
In 2022, the heading \u201cDisposals\u201d mainly includes the impact of the transfer of assets from TotalEnergies East Africa Midstream to the equity-accounted company EACOP for $508 million.
In 2022, the heading \u201cDepreciation and impairment\u201d includes the impact of impairments of assets recognized for an amount of $888 million, including the withdrawal from the North Platte project in the deep waters of the Gulf of Mexico, and an impairment reversal of $1,196 million on the Company's assets in Canada (see Note 3 paragraph D to the Consolidated Financial Statements).
In 2022, the heading \u201cOther\u201d includes the impact of changes in the consolidation scope, and the impact of new IFRS 16 contracts during the year (mainly FPSOs and vessels) for an amount of $1,969 million.
In 2021, the heading \u201cDisposals\u201d mainly included the sale of non-operated assets in Gabon for $397 million.
In 2021, the heading \u201cDepreciation and impairment\u201d included the impact of impairments of assets recognized for an amount of $615 million including the Company's assets in Myanmar and unconventional assets in the United States (see Note 3 paragraph D to the Consolidated Financial Statements).
In 2021, the heading \u201cOther\u201d included the impact of changes in the consolidation scope, and the impact of the new IFRS 16 contracts of the period (mainly new chartering contracts) for an amount of $1,786 million.
In 2020, the heading \u201cDisposals\u201d mainly included the sale of non strategic assets in the United Kingdom for $240 million.
In 2020, the heading \u201cDepreciation and impairment\u201d included the impact of impairments of assets recognized for an amount of $8,629 million (see Note 3 paragraph D to the Consolidated Financial Statements).
In 2020, the heading \u201cOther\u201d included the impact of changes in the consolidation scope, the impact of the new IFRS 16 contracts of the period (mainly LNG carriers and FPSO vessels) for an amount of $1,815 million, and the reversal of the reclassification under IFRS 5 as at December 31, 2019 for $434 million corresponding to disposals (mainly non strategic assets in the United Kingdom and Total E&P Deep Offshore Borneo BV).
Following the application of IFRS 16 \"Leases\", property, plant and equipment as at December 31, 2022, 2021 and 2020 presented above include the following amounts for rights of use of assets
| \n As of December 31, 2022 (M$) | \n\n Cost | \n\n Depreciation and impairment | \n\n Net | \n
| \n Property, plant and equipment of exploration and production activities | \n\n 4,497 | \n\n \u00a0(2,121) | \n\n 2,376 | \n
| \n Other property, plant and equipment | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Land | \n\n 1,396 | \n\n \u00a0(397) | \n\n 999 | \n
| \n Machinery, plant and equipment (including transportation equipment) | \n\n 4,691 | \n\n \u00a0(2,100) | \n\n 2,591 | \n
| \n Buildings | \n\n 1,750 | \n\n \u00a0(615) | \n\n 1,135 | \n
| \n Other | \n\n 745 | \n\n \u00a0(483) | \n\n 262 | \n
| \n Subtotal | \n\n 8,582 | \n\n \u00a0(3,595) | \n\n 4,987 | \n
| \n Total property, plant and equipment | \n\n 13,079 | \n\n \u00a0(5,716) | \n\n 7,363 | \n
| \n As of December 31, 2021 (M$) | \n\n Cost | \n\n Depreciation and impairment | \n\n Net | \n
| \n Property, plant and equipment of exploration and production activities | \n\n 3,228 | \n\n (1,683) | \n\n 1,545 | \n
| \n Other property, plant and equipment | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Land | \n\n 1,441 | \n\n (324) | \n\n 1,117 | \n
| \n Machinery, plant and equipment (including transportation equipment) | \n\n 4,910 | \n\n (1,819) | \n\n 3,091 | \n
| \n Buildings | \n\n 1,853 | \n\n (561) | \n\n 1,292 | \n
| \n Other | \n\n 712 | \n\n (404) | \n\n 308 | \n
| \n Subtotal | \n\n 8,916 | \n\n (3,108) | \n\n 5,808 | \n
| \n Total property, plant and equipment | \n\n 12,144 | \n\n (4,791) | \n\n 7,353 | \n
| \n As of December 31, 2020 (M$) | \n\n Cost | \n\n Depreciation and impairment | \n\n Net | \n
| \n Property, plant and equipment of exploration and production activities | \n\n 2,758 | \n\n (1,297) | \n\n 1,461 | \n
| \n Other property, plant and equipment | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Land | \n\n 1,187 | \n\n (222) | \n\n 965 | \n
| \n Machinery, plant and equipment (including transportation equipment) | \n\n 4,606 | \n\n (1,631) | \n\n 2,975 | \n
| \n Buildings | \n\n 1,778 | \n\n (385) | \n\n 1,393 | \n
| \n Other | \n\n 682 | \n\n (286) | \n\n 396 | \n
| \n Subtotal | \n\n 8,253 | \n\n (2,524) | \n\n 5,729 | \n
| \n Total property, plant and equipment | \n\n 11,011 | \n\n (3,821) | \n\n 7,190 | \n
Intangible and tangible assets - depreciation and useful lives
The energy transition may curtail the useful life of oil and gas assets, thereby increasing the annual depreciation charges related to these assets.
The following accounting principles are applied to the hydrocarbon production assets of exploration and production activities:
\u2013Unproved mineral interests are tested for impairment based on the results of the exploratory activity or as part of the impairment tests of the cash-generating units to which they are allocated.
\u2013Unproved mineral interests are transferred to proved mineral interests at their net book value as soon as proved reserves are booked.
\u2013Proved mineral interests are depreciated using the unit-of-production method based on proved reserves.The corresponding expense is recorded as depreciation of tangible assets and mineral interests.
\u2013Development costs of oil and gas production facilities are capitalized. These costs include borrowing costs incurred during the period of construction and the present value of estimated future costs of asset retirement obligations.
\u2013The depletion rate of development wells and of production assets is equal to the ratio of oil and gas production for the period to proved developed reserves (unit-of-production method).
In the event that, due to the price effect on reserves evaluation, the unit-of-production method does not reflect properly the useful life of the asset, an alternative depreciation method is applied based on the reserves evaluated with the price of the previous year. This was the case for fiscal year 2020 where the method of unit-of-production depreciation was applied to all assets over 2020 based on proved reserves measured with the price used in 2019. As of December 31, 2021, and December 31, 2022, this alternative method is not applied as, given the price used to assess the reserves, the unit-of-production method correctly reflects the useful life of the assets.
The impact of the depreciation of oil and gas assets on the financial statements of TotalEnergies is detailed in notes 7.1 \"Intangible assets\" and 7.2 \"Property, plant and equipment\".
Note 7Intangible and tangible assets
7.1Intangible assets
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Goodwill Guidance for measuring goodwill is presented in Note 1.1 paragraph B to the Consolidated Financial Statements. Goodwill is not amortized but is tested for impairment at least annually and as soon as there is any indication of impairment. Mineral interests Unproved mineral interests are tested for impairment based on the results of the exploratory activity or as part of the impairment tests of the cash-generating units to which they are allocated. Unproved mineral interests are transferred to proved mineral interests at their net book value as soon as proved reserves are booked. | \n\n \n | \n\n Proved mineral interests are depreciated using the unit-of-production method based on proved reserves. The corresponding expense is recorded as depreciation of tangible assets and mineral interests. Other intangible assets Other intangible assets include patents, and trademarks. Intangible assets are carried at cost, after deducting any accumulated amortization and accumulated impairment losses. Intangible assets (excluding mineral interests) that have a finite useful life are amortized on a straight-line basis over three to twenty years depending on the useful life of the assets. The corresponding depreciation expense is recorded under other expense. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
| \n As of December 31, 2022 (M$) | \n\n Cost | \n\n Amortization and impairment | \n\n Net | \n
| \n Goodwill | \n\n 9,010 | \n\n (360) | \n\n 8,650 | \n
| \n Proved mineral interests | \n\n 18,025 | \n\n (10,088) | \n\n 7,937 | \n
| \n Unproved mineral interests | \n\n 15,962 | \n\n (2,946) | \n\n 13,016 | \n
| \n Other intangible assets | \n\n 6,795 | \n\n (4,467) | \n\n 2,328 | \n
| \n TOTAL INTANGIBLE ASSETS | \n\n 49,792 | \n\n (17,861) | \n\n 31,931 | \n
| \n As of December 31, 2021 (M$) | \n\n Cost | \n\n Amortization | \n\n Net | \n
| \n Goodwill | \n\n 9,728 | \n\n (899) | \n\n 8,829 | \n
| \n Proved mineral interests | \n\n 17,382 | \n\n (9,730) | \n\n 7,652 | \n
| \n Unproved mineral interests | \n\n 16,637 | \n\n (2,831) | \n\n 13,806 | \n
| \n Other intangible assets | \n\n 7,185 | \n\n (4,988) | \n\n 2,197 | \n
| \n Total intangible assets | \n\n 50,932 | \n\n (18,448) | \n\n 32,484 | \n
| \n As of December 31, 2020 (M$) | \n\n Cost | \n\n Amortization | \n\n Net | \n
| \n Goodwill | \n\n 9,738 | \n\n (931) | \n\n 8,807 | \n
| \n Proved mineral interests | \n\n 16,559 | \n\n (9,595) | \n\n 6,964 | \n
| \n Unproved mineral interests | \n\n 20,300 | \n\n (4,790) | \n\n 15,510 | \n
| \n Other intangible assets | \n\n 7,212 | \n\n (4,965) | \n\n 2,247 | \n
| \n Total intangible assets | \n\n 53,809 | \n\n (20,281) | \n\n 33,528 | \n
Change in net intangible assets is analyzed in the following table:
| \n (M$) | \n\n Net amount as of January 1, | \n\n Expenditures | \n\n Disposals | \n\n Amortization | \n\n Currency translation adjustment | \n\n Other | \n\n Net amount as of December 31, | \n
| \n 2022 | \n\n 32,484 | \n\n 1,991 | \n\n \u00a0(75) | \n\n \u00a0(1,582) | \n\n \u00a0(423) | \n\n \u00a0(464) | \n\n 31,931 | \n
| \n 2021 | \n\n 33,528 | \n\n 696 | \n\n (271) | \n\n (1,322) | \n\n (394) | \n\n 247 | \n\n 32,484 | \n
| \n 2020 | \n\n 33,178 | \n\n 784 | \n\n (277) | \n\n (1,430) | \n\n 305 | \n\n 968 | \n\n 33,528 | \n
In 2022, the heading \u201cAmortization and impairment\" includes the accounting impact of exceptional asset impairments for an amount of $301 million, resulting in particular from the withdrawal from the North Platte project in the deep waters of the Gulf of Mexico (see note 3, paragraph D to the consolidated financial statements).
In 2022, the heading \u201cOther\u201d mainly reflects the effect of changes in the consolidation scope (in particular the removal of SunPower from the scope of consolidation for USD 167 million).
In 2021, the heading \u201cAmortization and impairment\" included the accounting impact of exceptional asset impairments for an amount of $253 million, notably relating to the end of the Qatargas 1 licence agreement and \u00a0unconventional assets in the United States (see note 3 paragraph D to the Consolidated Financial Statements).
In 2021, the heading \u201cOther\u201d mainly reflected changes in the consolidation scope (including the acquisition of Blue Raven Solar for $140 million and Fonroche Biogaz) for $89 million.
In 2020, the heading \u201cAmortization and impairment\" included the accounting impact of exceptional asset impairments for an amount of $323 million (see note 3 paragraph D to the Consolidated Financial Statements).
In 2020, the heading \u201cOther\u201d mainly reflected changes in the consolidation scope (including the acquisition of the residential gas and electricity supply business in Spain) for $898 million.
\u00a0
A summary of changes in the carrying amount of goodwill by business segment for the year ended December\u00a031, 2022 is as follows:
| \n (M$) | \n\n Net goodwill as\u00a0of | \n\n Increases | \n\n Impairments | \n\n Other | \n\n Net goodwill as of December 31, 2022 | \n
| \n Integrated Gas, Renewables & Power | \n\n 5,243 | \n\n 111 | \n\n (58) | \n\n (273) | \n\n 5,023 | \n
| \n Exploration & Production | \n\n 2,612 | \n\n \u2013 | \n\n \u2013 | \n\n (31) | \n\n 2,581 | \n
| \n Refining & Chemicals | \n\n 519 | \n\n \u2013 | \n\n \u2013 | \n\n (17) | \n\n 502 | \n
| \n Marketing & Services | \n\n 426 | \n\n 108 | \n\n \u2013 | \n\n (18) | \n\n 516 | \n
| \n Corporate | \n\n 29 | \n\n \u2013 | \n\n \u2013 | \n\n (1) | \n\n 28 | \n
| \n Total | \n\n 8,829 | \n\n 219 | \n\n (58) | \n\n (340) | \n\n 8,650 | \n
Intangible and tangible assets - depreciation and useful lives
The energy transition may curtail the useful life of oil and gas assets, thereby increasing the annual depreciation charges related to these assets.
The following accounting principles are applied to the hydrocarbon production assets of exploration and production activities:
\u2013Unproved mineral interests are tested for impairment based on the results of the exploratory activity or as part of the impairment tests of the cash-generating units to which they are allocated.
\u2013Unproved mineral interests are transferred to proved mineral interests at their net book value as soon as proved reserves are booked.
\u2013Proved mineral interests are depreciated using the unit-of-production method based on proved reserves.The corresponding expense is recorded as depreciation of tangible assets and mineral interests.
\u2013Development costs of oil and gas production facilities are capitalized. These costs include borrowing costs incurred during the period of construction and the present value of estimated future costs of asset retirement obligations.
\u2013The depletion rate of development wells and of production assets is equal to the ratio of oil and gas production for the period to proved developed reserves (unit-of-production method).
In the event that, due to the price effect on reserves evaluation, the unit-of-production method does not reflect properly the useful life of the asset, an alternative depreciation method is applied based on the reserves evaluated with the price of the previous year. This was the case for fiscal year 2020 where the method of unit-of-production depreciation was applied to all assets over 2020 based on proved reserves measured with the price used in 2019. As of December 31, 2021, and December 31, 2022, this alternative method is not applied as, given the price used to assess the reserves, the unit-of-production method correctly reflects the useful life of the assets.
The impact of the depreciation of oil and gas assets on the financial statements of TotalEnergies is detailed in notes 7.1 \"Intangible assets\" and 7.2 \"Property, plant and equipment\".
The acquirer shall recognize goodwill at the acquisition date, being the excess of:
\u2013The consideration transferred, the amount of non-controlling interests and, in business combinations achieved in stages, the fair value at the acquisition date of the investment previously held in the acquired company;
\u2013Over the fair value at the acquisition date of acquired identifiable assets and assumed liabilities.
If the consideration transferred is lower than the fair value of acquired identifiable assets and assumed liabilities, an additional analysis is performed on the identification and valuation of the identifiable elements of the assets and liabilities. After having completed such additional analysis, any negative goodwill is recorded as income.
Note 7Intangible and tangible assets
7.1Intangible assets
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Goodwill Guidance for measuring goodwill is presented in Note 1.1 paragraph B to the Consolidated Financial Statements. Goodwill is not amortized but is tested for impairment at least annually and as soon as there is any indication of impairment. Mineral interests Unproved mineral interests are tested for impairment based on the results of the exploratory activity or as part of the impairment tests of the cash-generating units to which they are allocated. Unproved mineral interests are transferred to proved mineral interests at their net book value as soon as proved reserves are booked. | \n\n \n | \n\n Proved mineral interests are depreciated using the unit-of-production method based on proved reserves. The corresponding expense is recorded as depreciation of tangible assets and mineral interests. Other intangible assets Other intangible assets include patents, and trademarks. Intangible assets are carried at cost, after deducting any accumulated amortization and accumulated impairment losses. Intangible assets (excluding mineral interests) that have a finite useful life are amortized on a straight-line basis over three to twenty years depending on the useful life of the assets. The corresponding depreciation expense is recorded under other expense. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
| \n As of December 31, 2022 (M$) | \n\n Cost | \n\n Amortization and impairment | \n\n Net | \n
| \n Goodwill | \n\n 9,010 | \n\n (360) | \n\n 8,650 | \n
| \n Proved mineral interests | \n\n 18,025 | \n\n (10,088) | \n\n 7,937 | \n
| \n Unproved mineral interests | \n\n 15,962 | \n\n (2,946) | \n\n 13,016 | \n
| \n Other intangible assets | \n\n 6,795 | \n\n (4,467) | \n\n 2,328 | \n
| \n TOTAL INTANGIBLE ASSETS | \n\n 49,792 | \n\n (17,861) | \n\n 31,931 | \n
| \n As of December 31, 2021 (M$) | \n\n Cost | \n\n Amortization | \n\n Net | \n
| \n Goodwill | \n\n 9,728 | \n\n (899) | \n\n 8,829 | \n
| \n Proved mineral interests | \n\n 17,382 | \n\n (9,730) | \n\n 7,652 | \n
| \n Unproved mineral interests | \n\n 16,637 | \n\n (2,831) | \n\n 13,806 | \n
| \n Other intangible assets | \n\n 7,185 | \n\n (4,988) | \n\n 2,197 | \n
| \n Total intangible assets | \n\n 50,932 | \n\n (18,448) | \n\n 32,484 | \n
| \n As of December 31, 2020 (M$) | \n\n Cost | \n\n Amortization | \n\n Net | \n
| \n Goodwill | \n\n 9,738 | \n\n (931) | \n\n 8,807 | \n
| \n Proved mineral interests | \n\n 16,559 | \n\n (9,595) | \n\n 6,964 | \n
| \n Unproved mineral interests | \n\n 20,300 | \n\n (4,790) | \n\n 15,510 | \n
| \n Other intangible assets | \n\n 7,212 | \n\n (4,965) | \n\n 2,247 | \n
| \n Total intangible assets | \n\n 53,809 | \n\n (20,281) | \n\n 33,528 | \n
Change in net intangible assets is analyzed in the following table:
| \n (M$) | \n\n Net amount as of January 1, | \n\n Expenditures | \n\n Disposals | \n\n Amortization | \n\n Currency translation adjustment | \n\n Other | \n\n Net amount as of December 31, | \n
| \n 2022 | \n\n 32,484 | \n\n 1,991 | \n\n \u00a0(75) | \n\n \u00a0(1,582) | \n\n \u00a0(423) | \n\n \u00a0(464) | \n\n 31,931 | \n
| \n 2021 | \n\n 33,528 | \n\n 696 | \n\n (271) | \n\n (1,322) | \n\n (394) | \n\n 247 | \n\n 32,484 | \n
| \n 2020 | \n\n 33,178 | \n\n 784 | \n\n (277) | \n\n (1,430) | \n\n 305 | \n\n 968 | \n\n 33,528 | \n
In 2022, the heading \u201cAmortization and impairment\" includes the accounting impact of exceptional asset impairments for an amount of $301 million, resulting in particular from the withdrawal from the North Platte project in the deep waters of the Gulf of Mexico (see note 3, paragraph D to the consolidated financial statements).
In 2022, the heading \u201cOther\u201d mainly reflects the effect of changes in the consolidation scope (in particular the removal of SunPower from the scope of consolidation for USD 167 million).
In 2021, the heading \u201cAmortization and impairment\" included the accounting impact of exceptional asset impairments for an amount of $253 million, notably relating to the end of the Qatargas 1 licence agreement and \u00a0unconventional assets in the United States (see note 3 paragraph D to the Consolidated Financial Statements).
In 2021, the heading \u201cOther\u201d mainly reflected changes in the consolidation scope (including the acquisition of Blue Raven Solar for $140 million and Fonroche Biogaz) for $89 million.
In 2020, the heading \u201cAmortization and impairment\" included the accounting impact of exceptional asset impairments for an amount of $323 million (see note 3 paragraph D to the Consolidated Financial Statements).
In 2020, the heading \u201cOther\u201d mainly reflected changes in the consolidation scope (including the acquisition of the residential gas and electricity supply business in Spain) for $898 million.
\u00a0
A summary of changes in the carrying amount of goodwill by business segment for the year ended December\u00a031, 2022 is as follows:
| \n (M$) | \n\n Net goodwill as\u00a0of | \n\n Increases | \n\n Impairments | \n\n Other | \n\n Net goodwill as of December 31, 2022 | \n
| \n Integrated Gas, Renewables & Power | \n\n 5,243 | \n\n 111 | \n\n (58) | \n\n (273) | \n\n 5,023 | \n
| \n Exploration & Production | \n\n 2,612 | \n\n \u2013 | \n\n \u2013 | \n\n (31) | \n\n 2,581 | \n
| \n Refining & Chemicals | \n\n 519 | \n\n \u2013 | \n\n \u2013 | \n\n (17) | \n\n 502 | \n
| \n Marketing & Services | \n\n 426 | \n\n 108 | \n\n \u2013 | \n\n (18) | \n\n 516 | \n
| \n Corporate | \n\n 29 | \n\n \u2013 | \n\n \u2013 | \n\n (1) | \n\n 28 | \n
| \n Total | \n\n 8,829 | \n\n 219 | \n\n (58) | \n\n (340) | \n\n 8,650 | \n
Asset retirement obligations
The energy transition may bring forward asset retirement obligations of certain oil and gas assets, thereby increasing the present value of the associated provisions.
Asset retirement obligations, which result from a legal or constructive obligation, are recognized based on a reasonable estimate in the period in which the obligation arises.
The associated asset retirement costs are capitalized as part of the carrying amount of the underlying asset and depreciated over the useful life of this asset.
An entity is required to measure changes in the liability for an asset retirement obligation due to the passage of time (accretion) by applying a discount rate to the amount of the liability. Given the long-term nature of expenditures related to our asset retirement obligations, the rate is determined by reference to the rates of high quality AA-rated corporate bonds on the USD area for a long-term horizon. The increase of the provision due to the passage of time is recognized as \u201cOther financial expense\u201d.
The discount rate used for the valuation of asset retirement obligation is 4% in 2022 and 3% in 2021 and in 2020 (the expenses are estimated at current currency values with an inflation rate of 2% in 2022 and 1.5% in 2021 and in 2020).
In upstream activities, in application of its internal procedures, TotalEnergies regularly reviews, on an asset-by-asset basis, the estimate of its future asset retirement costs, as well as the date at which work will be performed. The assets and liabilities recognized in respect of retirement obligations under these rules as described in note 12.1 \"Provisions and other non-current liabilities\" are adjusted accordingly.
The Company will continue to review its estimates of both costs and the maturity of commitments on a regular basis and will take into account any significant impact that may result from changes in these parameters in the future.
The effect of the asset retirement obligations on the financial statements of TotalEnergies and the associated sensitivity calculations are detailed in note 12.1 \"Provisions and other non-current liabilities\". A maturity schedule of these obligations is presented in note 13.1 \"Off-balance sheet commitments and contractual obligations\".
Asset retirement obligations
Asset retirement obligations, which result from a legal or constructive obligation, are recognized based on a reasonable estimate in the period in which the obligation arises.
This estimate is based on information available in terms of costs and work program. It is regularly reviewed to take into account the changes in laws and regulations, the estimates of reserves and production, the analysis of site conditions and technologies.
The discount rate is reviewed annually.
Asset retirement obligations and the method used are described in Note 12 \"Provisions and other non-current liabilities\".
Note 12Provisions and other non-current liabilities
12.1Provisions and other non-current liabilities
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n A provision is recognized when TotalEnergies has a present obligation, legal or constructive, as a result of a past event for which it is probable that an outflow of resources will be required and when a reliable estimate can be made regarding the amount of the obligation. The amount of the liability corresponds to the best possible estimate. | \n\n \n | \n\n Provisions and non-current liabilities are comprised of liabilities for which the amount and the timing are uncertain. They arise from environmental risks, legal and tax risks, litigation and other risks. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
| \n As of December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Litigations and accrued penalty claims | \n\n 529 | \n\n 285 | \n\n 320 | \n
| \n Provisions for environmental contingencies | \n\n 751 | \n\n 812 | \n\n 960 | \n
| \n Asset retirement obligations | \n\n 13,110 | \n\n 14,976 | \n\n 15,368 | \n
| \n Other non-current provisions | \n\n 3,633 | \n\n 2,766 | \n\n 2,868 | \n
| \n of which restructuring activities | \n\n 282 | \n\n 506 | \n\n 293 | \n
| \n of which financial risks related to non-consolidated and equity accounted for affiliates | \n\n 1,582 | \n\n 265 | \n\n 134 | \n
| \n of which contingency reserve on solar panels warranties (SunPower) | \n\n \u2013 | \n\n 83 | \n\n 82 | \n
| \n Other non-current liabilities | \n\n 3,379 | \n\n 1,430 | \n\n 1,409 | \n
| \n Total | \n\n 21,402 | \n\n 20,269 | \n\n 20,925 | \n
In 2022, litigation reserves amount to $529 million of which $257 million in the Exploration & Production, notably in Brazil, Bolivia and Angola, and $159 million in Refining-Chemicals.
In 2021, litigation reserves amounted to $285 million of which $192 million in the Exploration & Production, notably in Brazil, Bolivia and Angola.
In 2020, litigation reserves amounted to $320 million of which $208 million in the Exploration & Production, notably in Brazil and Angola.
Other non-current liabilities mainly include debts whose maturity is more than one year related to fixed assets acquisitions.
Changes in provisions and other non-current liabilities
Changes in provisions and other non-current liabilities are as follows:
| \n (M$) | \n\n As of January, 1 | \n\n Allowances | \n\n Reversals | \n\n Currency translation adjustment | \n\n Other | \n\n As of December, 31 | \n
| \n 2022 | \n\n 20,269 | \n\n 2,724 | \n\n (1,397) | \n\n (834) | \n\n 640 | \n\n 21,402 | \n
| \n of which provisions for financial risks | \n\n \n | \n\n 1,363 | \n\n (15) | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n of which asset retirement obligations | \n\n \n | \n\n 430 | \n\n (418) | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n of which provisions for environmental contingencies | \n\n \n | \n\n 97 | \n\n (133) | \n\n \n | \n\n \u00a0 | \n\n \u00a0 | \n
| \n of which provisions for restructuring of activities | \n\n \n | \n\n 31 | \n\n (230) | \n\n \n | \n\n \u00a0 | \n\n \u00a0 | \n
| \n 2021 | \n\n 20,925 | \n\n 1,446 | \n\n (1,560) | \n\n (404) | \n\n (138) | \n\n 20,269 | \n
| \n of which asset retirement obligations | \n\n \n | \n\n 449 | \n\n (527) | \n\n \n | \n\n \u00a0 | \n\n \u00a0 | \n
| \n of which provisions for environmental contingencies | \n\n \n | \n\n 43 | \n\n (178) | \n\n \n | \n\n \u00a0 | \n\n \u00a0 | \n
| \n of which provisions for restructuring of activities | \n\n \n | \n\n 415 | \n\n (178) | \n\n \n | \n\n \u00a0 | \n\n \u00a0 | \n
| \n 2020 | \n\n 20,613 | \n\n 1,756 | \n\n (1,378) | \n\n 452 | \n\n (518) | \n\n 20,925 | \n
| \n of which asset retirement obligations | \n\n \n | \n\n 607 | \n\n (519) | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n of which provisions for environmental contingencies | \n\n \n | \n\n 217 | \n\n (93) | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n of which provisions for restructuring of activities | \n\n \n | \n\n 271 | \n\n (135) | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
Asset retirement obligations
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Asset retirement obligations, which result from a legal or constructive obligation, are recognized based on a reasonable estimate in the period in which the obligation arises. The associated asset retirement costs are capitalized as part of the carrying amount of the underlying asset and depreciated over the useful life of this asset. | \n\n \n | \n\n An entity is required to measure changes in the liability for an asset retirement obligation due to the passage of time (accretion) by applying a discount rate to the amount of the liability. Given the long-term nature of expenditures related to our asset retirement obligations, the rate is determined by reference to the rates of high quality AA-rated corporate bonds on the USD area for a long-term horizon. The increase of the provision due to the passage of time is recognized as \u201cOther financial expense\u201d. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
The discount rate used for the valuation of asset retirement obligation is 4% in 2022 and 3% in 2021 and in 2020 (the expenses are estimated at current currency values with an inflation rate of 2% in 2022 and 1.5% in 2021 and in 2020).
A decrease of 0.5% of this rate would increase the asset retirement obligation by $955 million, with a corresponding impact in tangible assets, and with a negative impact of approximately $76 million on the following years net income. Conversely, an increase of 0.5% would have a nearly symmetrical impact compared to the effect of the decrease of 0.5%.
Changes in the asset retirement obligation are as follows:
| \n (M$) | \n\n As of January 1, | \n\n Accretion | \n\n Revision in estimates | \n\n New obligations | \n\n Spending | \n\n Currency translation adjustment | \n\n Other | \n\n As of December 31, | \n
| \n 2022 | \n\n 14,976 | \n\n 430 | \n\n \u00a0(1,172) | \n\n 198 | \n\n \u00a0(418) | \n\n \u00a0(663) | \n\n \u00a0(241) | \n\n 13,110 | \n
| \n 2021 | \n\n 15,368 | \n\n 449 | \n\n \u00a0(109) | \n\n 228 | \n\n \u00a0(527) | \n\n \u00a0(194) | \n\n (239) | \n\n 14,976 | \n
| \n 2020 | \n\n 14,492 | \n\n 607 | \n\n 526 | \n\n 87 | \n\n \u00a0(519) | \n\n 284 | \n\n (109) | \n\n 15,368 | \n
12.2Other risks and contingent liabilities
There are no governmental, legal or arbitration proceedings, including any proceeding of which the Corporation is aware that are pending or threatened against the Company, that could have, or could have had during the last 12 months, a material impact on TotalEnergies\u2019 financial situation or profitability.
Described below are the main administrative, legal and arbitration proceedings in which the Corporation and the other entities of TotalEnergies are involved.
FERC
The Office of Enforcement of the US Federal Energy Regulatory Commission (FERC) began in 2015 an investigation in connection with the natural gas trading activities in the United States of TotalEnergies Gas & Power North America, Inc. (TGPNA), a US subsidiary of TotalEnergies. The investigation covered transactions made by TGPNA between June 2009 and June 2012 on the natural gas market. TGPNA received a Notice of Alleged Violations from FERC on September 21, 2015. On April 28, 2016, FERC issued an order to show cause to TGPNA and two of its former employees, and to the Corporation and TotalEnergies Gas & Power Ltd., regarding the same facts. The case was remanded on July 15, 2021 to the FERC Administrative Judge for hearing and consideration on the merits. TGPNA contests the claims brought against it.
A class action, launched to seek damages from these three companies, was dismissed by a judgment of the US District court of New York issued on March 15, 2017. The Court of Appeal upheld this judgment on May 4, 2018. In September 2019, a California city initiated another class action against the same parties based on the same legal ground. This class action was dismissed by the US District court of New York on June 8, 2020. This judgment was confirmed on appeal by a ruling issued on December 3, 2021.
Dispute relating to Climate
In France, the Corporation was assigned in January 2020 before Nanterre\u2019s Court of Justice by certain associations and local communities in order to oblige the Company to complete its Vigilance Plan, by identifying in detail risks relating to a global warming above 1.5\u00b0C, as well as indicating the expected amount of future greenhouse gas emissions related to the Company\u2019s activities and its product utilization via third parties. TotalEnergies estimates that it has fulfilled its obligations regarding vigilance duty.
Also in France, several associations have brought a civil action against TotalEnergies and TotalEnergies Gaz et Electricit\u00e9 France to the Paris Court of Justice, seeking a ruling that the company\u2019s corporate communication and the advertising campaign broadcast since May 2021 after the change of name to TotalEnergies contain false or misleading environmental claims. TotalEnergies believes that these accusations are unfounded.
In the United States, two subsidiaries of TotalEnergies were assigned in 2017 by certain communities and associations for their liability in climate change before a California Court. These two subsidiaries, as well as the 34 other companies and professional associations, are contesting the State Court\u2019s competence to rule this request. In September 2020, the Attorney General of the State of Delaware launched an indemnity claim based upon climate change against the Corporation, Total Specialties USA (now known as TotalEnergies Marketing USA, Inc.) and about 30 other oil companies before a court of this State. These companies are contesting the competence of such court to rule this request.
Employee benefits
The benefit obligations and plan assets can be subject to significant volatility due in part to changes in market values \u200b\u200band actuarial assumptions. These assumptions vary between different pension plans and thus take into account local conditions. They are determined following a formal process involving expertise and TotalEnergies internal judgments, in financial and actuarial terms, and also in consultation with actuaries and independent experts.
The assumptions for each plan are reviewed annually and adjusted if necessary to reflect changes from the experience and actuarial advice. The discount rate is reviewed quarterly.
Payroll, staff and employee benefits obligations and the method applied are described in Note 10 \u201cPayroll, staff and employee benefits obligations\u201d.
9.2Share-based payments
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n TotalEnergies SE may grant employees share subscription or purchase options plans, performance shares plans and offer its employees the opportunity to subscribe to reserved capital increases. These employee benefits are recognized as expenses with a corresponding credit to shareholders\u2019 equity. The expense is equal to the fair value of the instruments granted. The expense is recognized on a straight-line basis over the period in which the advantages are acquired. The fair value of the options is calculated using the Black-Scholes model at the grant date. For performance shares plans, the fair value is calculated using the market price at the grant date after deducting the expected distribution rate during the vesting period. | \n\n \n | \n\n The number of allocated equity instruments can be revised during the vesting period in cases of non-compliance with performance conditions, with the exception of those related to the market, or according to the rate of turnover of the beneficiaries. The cost of employee-reserved capital increases is immediately expensed. The cost of the capital increase reserved for employees consists of the cost related to the discount on the shares subscribed using the classic and/or the leveraged schemes, the cost of the free shares and the opportunity gain for the shares subscribed using the leveraged scheme, as applicable. This opportunity gain corresponds to the benefit of subscribing to the leveraged offer, rather than reproducing the same economic profile through the purchase of options in the market for individual investors. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
A)TotalEnergies share subscription or purchase option plans
The Extraordinary Shareholders\u2019 Meeting of May 29, 2020 authorised the Board of Directors, for a period of thirty-eight months to grant share subscription or purchase options. The Board of Directors has not decided any grant of TotalEnergies share subscription or purchase option plan by virtue of this authorisation and all previous option plans have expired.
B)TotalEnergies performance share plans
| \n \n | \n\n 2017 | \n\n 2018 | \n\n 2019 | \n\n 2020 | \n\n 2021 | \n\n 2022 | \n\n Total | \n
| \n Date of the Shareholders' Meeting | \n\n 5/24/2016 | \n\n 5/24/2016 | \n\n 6/1/2018 | \n\n 6/1/2018 | \n\n 6/1/2018 | \n\n 5/28/2021 | \n\n \u00a0 | \n
| \n Award date | \n\n 7/26/2017 | \n\n 3/14/2018 | \n\n 3/13/2019 | \n\n 3/18/2020 | \n\n 5/28/2021 | \n\n 3/16/2022 | \n\n \u00a0 | \n
| \n Date of the final award (end of the vesting period) | \n\n 7/27/2020 | \n\n 3/15/2021 | \n\n 3/14/2022 | \n\n 3/20/2023 | \n\n 5/29/2024 | \n\n 3/17/2025 | \n\n \u00a0 | \n
| \n Transfer authorized as from | \n\n 7/28/2022 | \n\n 3/16/2023 | \n\n 3/15/2024 | \n\n 3/21/2025 | \n\n 5/30/2026 | \n\n 3/17/2025 | \n\n \u00a0 | \n
| \n Grant date IFRS 2 fair value | \n\n 35.57 \u20ac | \n\n 36.22 \u20ac | \n\n 40.11 \u20ac | \n\n 12.40 \u20ac | \n\n 27.40 \u20ac | \n\n 37.22 \u20ac | \n\n \u00a0 | \n
| \n Number of performance shares | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Outstanding as of January 1, 2020 | \n\n 5,607,859 | \n\n 6,028,435 | \n\n 6,407,643 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 18,043,937 | \n
| \n Notified | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 6,727,352 | \n\n \u2013 | \n\n \u2013 | \n\n 6,727,352 | \n
| \n Cancelled | \n\n (1,313,687) | \n\n (55,830) | \n\n (44,289) | \n\n (18,691) | \n\n \u2013 | \n\n \u2013 | \n\n (1,432,497) | \n
| \n Finally granted | \n\n (4,294,172) | \n\n (10,740) | \n\n (10,890) | \n\n (1,773) | \n\n \u2013 | \n\n \u2013 | \n\n (4,317,575) | \n
| \n Outstanding as of January 1, 2021 | \n\n \u2013 | \n\n 5,961,865 | \n\n 6,352,464 | \n\n 6,706,888 | \n\n \u2013 | \n\n \u2013 | \n\n 19,021,217 | \n
| \n Notified | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 6,764,548 | \n\n \u2013 | \n\n 6,764,548 | \n
| \n Cancelled | \n\n \u2013 | \n\n (1,395,555) | \n\n (58,578) | \n\n (52,301) | \n\n (31,118) | \n\n \u2013 | \n\n (1,537,552) | \n
| \n Finally granted | \n\n \u2013 | \n\n (4,566,310) | \n\n (4,810) | \n\n (1,385) | \n\n (690) | \n\n \u2013 | \n\n (4,573,195) | \n
| \n Outstanding as of January 1, 2022 | \n\n \u2013 | \n\n \u2013 | \n\n 6,289,076 | \n\n 6,653,202 | \n\n 6,732,740 | \n\n \u2013 | \n\n 19,675,018 | \n
| \n Notified | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 7,353,271 | \n\n 7,353,271 | \n
| \n Cancelled | \n\n \u2013 | \n\n \u2013 | \n\n (127,852) | \n\n (65,561) | \n\n (57,410) | \n\n (27,690) | \n\n (278,513) | \n
| \n Finally granted | \n\n \u2013 | \n\n \u2013 | \n\n (6,161,224) | \n\n (12,680) | \n\n (13,750) | \n\n (8,000) | \n\n (6,195,654) | \n
| \n Outstanding as of December 31, 2022 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 6,574,961 | \n\n 6,661,580 | \n\n 7,317,581 | \n\n 20,554,122 | \n
The performance shares, which are bought back by TotalEnergies SE on the market, are finally granted to their beneficiaries after a 3-year vesting period, from the date of the grant. The final grant is subject to a continued employment condition as well as:
\u2013two performance conditions for the 2017 and 2018 Plans,
\u2013three performance conditions for the 2019 Plan,
\u2013four performance conditions for the 2020 Plan, and
\u2013five performance conditions for the 2021 and 2022 Plans.
Moreover, the transfer of the performance shares finally granted under the 2017 to 2021 Plans will not be permitted until the end of a 2-year holding period from the date of the final grant.
2022 Plan
On March 16, 2022, the Board of Directors granted performance shares to certain employees and executive directors of TotalEnergies SE or its subsidiaries, subject to the fulfilment of the continued employment condition and five performance conditions.
The presence condition applies to all shares.
The performance conditions apply differently depending on the capacity of the beneficiaries. If all shares granted to senior executives are subject to performance conditions, the grant of the first 150 shares to non-senior executives are not subject to the performance condition abovementioned, which will, nonetheless, apply to any shares granted above this threshold.
The applicable performance conditions are as follows:
\u2013For 25% of the shares, the Corporation will be ranked against its peers (ExxonMobil, Shell, BP and Chevron) based on the Total Shareholder Return (\"TSR\") during the three vesting years (2022, 2023 and 2024) based on the TSR criterion of the last quarter of the year in question, the dividend being considered reinvested based on the closing price on the ex-dividend date.
\u2013For 25% of the shares, the Corporation will be ranked against its peers (ExxonMobil, Shell, BP and Chevron) based on the annual variation in net cash flow per share criterion expressed in dollars during the three vesting years (2022, 2023 and 2024).
\u2013For 20% of the shares, the level reached by the pre-dividend organic cash breakeven in view of the objective set for the three vesting years (2022, 2023 and 2024). The pre-dividend organic cash breakeven is defined as the Brent price for which the operating cash flow before working capital changes (MBA) covers the organic investments340. The ability of the Company to resist to the variations of the Brent barrel price is measured by this parameter.
\u2013For 15% of the shares, the change in the greenhouse gas (GHG) emissions on operated facilities (Scope 1+2) in relation to the achievement of the target to reduce the GHG emissions set for fiscal years 2022, 2023 and 2024.
\u2013For 15% of the shares, the criterion of the change in the indirect GHG emissions related to the use by customers of the energy products (Scope 3341) in Europe in relation to the achievement of the target to reduce these GHG emissions set for fiscal years 2022, 2023 and 2024.
C)Share-based payment expense
Share-based payment expense before tax was broken down as follows:
| \n As of December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n TotalEnergies performance shares plans | \n\n 200 | \n\n 129 | \n\n 176 | \n
| \n SunPower plans(a) | \n\n 23 | \n\n 25 | \n\n 26 | \n
| \n Capital increase reserved for employees | \n\n 28 | \n\n 14 | \n\n 12 | \n
| \n Total | \n\n 251 | \n\n 168 | \n\n 214 | \n
| \n (a)Since September 30, 2022, TotalEnergies' 50.5% subsidiary in SunPower is accounted for using the equity method in the Company's consolidated accounts (see note 2 to the consolidated accounts) | \n
The main assumptions used for the valuation of the cost of the capital increase reserved for employees in 2022 were the following:
| \n For the year ended December 31, | \n\n 2022 | \n
| \n Date of the Board of Directors meeting that decided the issue | \n\n September 15, 2021 | \n
| \n Reference price (\u20ac)(a) | \n\n 46.22 | \n
| \n Subscription price (\u20ac)(b) | \n\n 37.00 | \n
| \n Number of shares issued (in millions)(c) | \n\n 9.36 | \n
| \n (a)Average of the closing prices of the TotalEnergies shares over the twenty trading sessions preceding April 27, 2022, being the date of the Chairman and CEO\u2019s decision setting the opening date of the subscription period and the subscription price. (b)Reference price, reduced by a 20% discount and rounded off to the highest tenth of a euro. (c)Including the free shares issued. | \n
Note 10Payroll, staff and employee benefits obligations
10.1Employee benefits obligations
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n In accordance with the laws and practices of each country, TotalEnergies participates in employee benefit plans offering retirement, death and disability, healthcare and special termination benefits. These plans provide benefits based on various factors such as length of service, salaries, and contributions made to the governmental bodies responsible for the payment of benefits. These plans can be either defined contribution or defined benefit pension plans and may be entirely or partially funded with investments made in various non-consolidated instruments such as mutual funds, insurance contracts, and other instruments. For defined contribution plans, expenses correspond to the contributions paid. | \n\n \n | \n\n Defined benefit obligations are determined according to the Projected Unit Method. Actuarial gains and losses may arise from differences between actuarial valuation and projected commitments (depending on new calculations or assumptions) and between projected and actual return of plan assets. Such gains and losses are recognized in the statement of comprehensive income, with no possibility to subsequently recycle them to the income statement. The past service cost is recorded immediately in the statement of income, whether vested or unvested. The net periodic pension cost is recognized under \u201cOther operating expenses\u201d. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
Liabilities for employee benefits obligations consist of the following:
| \n As of December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Pension benefits liabilities | \n\n 1,308 | \n\n 1,966 | \n\n 3,111 | \n
| \n Other benefits liabilities | \n\n 467 | \n\n 633 | \n\n 700 | \n
| \n Restructuring reserves (early retirement plans) | \n\n 54 | \n\n 73 | \n\n 106 | \n
| \n Total | \n\n 1,829 | \n\n 2,672 | \n\n 3,917 | \n
| \n Net liabilities relating to assets held for sale | \n\n \u2013 | \n\n (1) | \n\n 1 | \n
Description of plans and risk management
TotalEnergies operates, for the benefit of its current and former employees, both defined benefit plans and defined contribution plans.
TotalEnergies recognized a charge of $152 million for defined contribution plans in 2022 ($145 million in 2021 and $135 million in 2020).
TotalEnergies\u2019 main defined benefit pension plans are located in France, the United Kingdom, the United States, Belgium and Germany. Their main characteristics, depending on the country-specific regulatory environment, are the following:
\u2013the benefits are usually based on the final salary and seniority;
\u2013they are usually funded (pension fund or insurer);
\u2013they are usually closed to new employees who benefit from defined contribution pension plans;
\u2013they are paid in annuity or in lump sum.
The pension benefits include also termination indemnities and early retirement benefits. The other benefits are employer contributions to post-employment medical care.
In order to manage the inherent risks, TotalEnergies has implemented a dedicated governance framework to ensure the supervision of the different plans. These governance rules provide for:
\u2013TotalEnergies\u2019 representation in key governance bodies or monitoring committees;
\u2013the principles of the funding policy;
\u2013the general investment policy, including for most plans:
\u2013the establishment of a monitoring committee to define and follow the investment strategy and performance,
\u2013the principles in respect of investment allocation are respected;
\u2013a procedure to approve the establishment of new plans or the amendment of existing plans;
\u2013the principles of administration, communication and reporting.
Change in benefit obligations and plan assets
The fair value of the defined benefit obligation and plan assets in the Consolidated Financial Statements is detailed as follows:
| \n As of December 31, (M$) | \n\n Pension benefits | \n\n \n | \n\n Other benefits | \n||||
| \n 2022 | \n\n 2021 | \n\n 2020 | \n\n \n | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n|
| \n Change in benefit obligation | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \n | \n\n \u00a0 | \n\n \u00a0 | \n
| \n \u2013Benefit obligation at beginning of year | \n\n 11,777 | \n\n 13,591 | \n\n 12,285 | \n\n \u00a0 | \n\n 633 | \n\n 700 | \n\n 742 | \n
| \n \u2013Current service cost | \n\n 202 | \n\n 247 | \n\n 244 | \n\n \u00a0 | \n\n 15 | \n\n 17 | \n\n 19 | \n
| \n \u2013Interest cost | \n\n 195 | \n\n 164 | \n\n 217 | \n\n \u00a0 | \n\n 12 | \n\n 8 | \n\n 11 | \n
| \n \u2013Past service cost | \n\n 27 | \n\n (197) | \n\n \u2013 | \n\n \u00a0 | \n\n 9 | \n\n (1) | \n\n \u2013 | \n
| \n \u2013Settlements | \n\n 5 | \n\n 3 | \n\n (10) | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n (3) | \n
| \n \u2013Plan participants' contributions | \n\n 17 | \n\n 17 | \n\n 10 | \n\n \u00a0 | \n\n 1 | \n\n \u2013 | \n\n \u2013 | \n
| \n \u2013Benefits paid | \n\n \u00a0(661) | \n\n (704) | \n\n (702) | \n\n \u00a0 | \n\n (22) | \n\n (34) | \n\n (27) | \n
| \n \u2013Actuarial losses / (gains) | \n\n \u00a0(2,502) | \n\n (734) | \n\n 818 | \n\n \u00a0 | \n\n (155) | \n\n (11) | \n\n (89) | \n
| \n \u2013Foreign currency translation and other | \n\n \u00a0(793) | \n\n (610) | \n\n 729 | \n\n \u00a0 | \n\n (25) | \n\n (46) | \n\n 47 | \n
| \n Benefit obligation at year-end | \n\n 8,267 | \n\n 11,777 | \n\n 13,591 | \n\n \u00a0 | \n\n 467 | \n\n 633 | \n\n 700 | \n
| \n of which plans entirely or partially funded | \n\n 7,806 | \n\n 11,143 | \n\n 12,830 | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n of which plans not funded | \n\n 461 | \n\n 634 | \n\n 761 | \n\n \u00a0 | \n\n 467 | \n\n 633 | \n\n 700 | \n
| \n Change in fair value of plan assets | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n
| \n\n \u00a0 | \n\n \u00a0 | \n
| \n \u2013Fair value of plan assets at beginning of year | \n\n \u00a0(10,231) | \n\n (10,580) | \n\n (9,769) | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n \u2013Interest income | \n\n \u00a0(190) | \n\n (146) | \n\n (191) | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n \u2013Actuarial losses / (gains) | \n\n 2,083 | \n\n (290) | \n\n (517) | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n \u2013Settlements | \n\n 2 | \n\n \u2013 | \n\n 2 | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n \u2013Plan participants' contributions | \n\n \u00a0(17) | \n\n (17) | \n\n (10) | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n \u2013Employer contributions | \n\n \u00a0(260) | \n\n (303) | \n\n (229) | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n \u2013Benefits paid | \n\n 607 | \n\n 635 | \n\n 622 | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n \u2013Foreign currency translation and other | \n\n 700 | \n\n 470 | \n\n (488) | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Fair value of plan assets at year-end | \n\n \u00a0(7,306) | \n\n (10,231) | \n\n (10,580) | \n\n \u00a0 | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n
| \n Unfunded status | \n\n 961 | \n\n 1,546 | \n\n 3,011 | \n\n \u00a0 | \n\n 467 | \n\n 633 | \n\n 700 | \n
| \n \u2013Asset ceiling | \n\n 46 | \n\n 41 | \n\n 36 | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Net recognized amount | \n\n 1,007 | \n\n 1,587 | \n\n 3,047 | \n\n \u00a0 | \n\n 467 | \n\n 633 | \n\n 700 | \n
| \n \u2013Pension benefits and other benefits liabilities | \n\n 1,308 | \n\n 1,966 | \n\n 3,111 | \n\n \u00a0 | \n\n 467 | \n\n 633 | \n\n 700 | \n
| \n \u2013Other non-current assets | \n\n \u00a0(301) | \n\n (378) | \n\n (65) | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n \u2013Net benefit liabilities relating to assets held for sale | \n\n \u2013 | \n\n (1) | \n\n 1 | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
As of December 31, 2022, the contribution from the main geographical areas for the net pension liability in the balance sheet is: 85% for the Euro area, (10)% for the United Kingdom and 24% for the United States.
The amounts recognized in the consolidated income statement and the consolidated statement of comprehensive income for defined benefit plans are detailed as follows:
| \n \n | \n\n Pension benefits | \n\n \n | \n\n Other benefits | \n||||
| \n For the year ended December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n\n \n | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Current service cost | \n\n 202 | \n\n 247 | \n\n 244 | \n\n \n | \n\n 15 | \n\n 17 | \n\n 19 | \n
| \n Past service cost | \n\n 27 | \n\n \u00a0(197) | \n\n \u2013 | \n\n \n | \n\n 9 | \n\n \u00a0(1) | \n\n \u2013 | \n
| \n Settlements | \n\n 7 | \n\n 3 | \n\n (7) | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n (3) | \n
| \n Net interest cost | \n\n 5 | \n\n 18 | \n\n 25 | \n\n \n | \n\n 12 | \n\n 8 | \n\n 11 | \n
| \n Benefit amounts recognized on Profit & Loss | \n\n 241 | \n\n 71 | \n\n 262 | \n\n \n | \n\n 36 | \n\n 24 | \n\n 27 | \n
| \n Actuarial (Gains) / Losses | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \n | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n \u2013Effect of changes in demographic assumptions | \n\n 1 | \n\n (71) | \n\n (12) | \n\n \n | \n\n \u00a0(9) | \n\n (8) | \n\n (3) | \n
| \n \u2013Effect of changes in financial assumptions | \n\n \u00a0(2,617) | \n\n (450) | \n\n 773 | \n\n \n | \n\n \u00a0(138) | \n\n 2 | \n\n (1) | \n
| \n \u2013Effect of experience adjustments | \n\n 111 | \n\n (214) | \n\n 57 | \n\n \n | \n\n \u00a0(8) | \n\n (5) | \n\n (85) | \n
| \n \u2013Actual return on plan assets | \n\n 2,083 | \n\n (294) | \n\n (517) | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Effect of asset ceiling | \n\n 3 | \n\n 5 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Benefit amounts recognized on Equity | \n\n \u00a0(419) | \n\n (1,024) | \n\n 301 | \n\n \n | \n\n \u00a0(155) | \n\n (11) | \n\n (89) | \n
| \n Total benefit amounts recognized on comprehensive income | \n\n \u00a0(178) | \n\n (953) | \n\n 563 | \n\n \n | \n\n \u00a0(119) | \n\n 13 | \n\n (62) | \n
Expected future cash outflows
The average duration of accrued benefits is approximately 12 years for defined pension benefits and 15 years for other benefits. TotalEnergies expects to pay contributions of $234 million in respect of funded pension plans in 2023.
Estimated future benefits either financed from plan assets or directly paid by the employer are detailed as follows:
| \n Estimated future payments (M$) | \n\n Pension benefits | \n\n Other benefits | \n
| \n 2023 | \n\n 586 | \n\n 25 | \n
| \n 2024 | \n\n 495 | \n\n 25 | \n
| \n 2025 | \n\n 504 | \n\n 25 | \n
| \n 2026 | \n\n 537 | \n\n 25 | \n
| \n 2027 | \n\n 589 | \n\n 25 | \n
| \n 2028-2032 | \n\n 3,059 | \n\n 121 | \n
Type of assets
| \n Asset allocation as of December 31, | \n\n Pension benefits | \n||
| \n 2022 | \n\n 2021 | \n\n 2020 | \n|
| \n Equity securities | \n\n 26% | \n\n 39% | \n\n 25% | \n
| \n Debt securities | \n\n 46% | \n\n 35% | \n\n 45% | \n
| \n Monetary | \n\n 3% | \n\n 1% | \n\n 2% | \n
| \n Annuity contracts | \n\n 17% | \n\n 17% | \n\n 20% | \n
| \n Real estate | \n\n 8% | \n\n 8% | \n\n 8% | \n
Investments on equity and debt markets are quoted on active markets.
Main actuarial assumptions and sensitivity analysis
Assumptions used to determine benefits obligations:
| \n \n | \n\n Pension benefits | \n\n \n | \n\n Other benefits | \n||||
| \n As of December 31, | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n\n \n | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Discount rate (weighted average for all regions) | \n\n 4.39% | \n\n 1.82% | \n\n 1.28% | \n\n \n | \n\n 4.45% | \n\n 1.83% | \n\n 1.41% | \n
| \n of which Euro zone | \n\n 3.70% | \n\n 0.99% | \n\n 0.52% | \n\n \n | \n\n 3.48% | \n\n 1.05% | \n\n 0.68% | \n
| \n of which United States | \n\n 4.50% | \n\n 3.00% | \n\n 2.50% | \n\n \n | \n\n 4.50% | \n\n 3.00% | \n\n 2.50% | \n
| \n of which United Kingdom | \n\n 4.75% | \n\n 2.00% | \n\n 1.50% | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Inflation rate (weighted average for all regions) | \n\n 2.91% | \n\n 2.41% | \n\n 2.06% | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n of which Euro zone | \n\n 2.49% | \n\n 1.71% | \n\n 1.24% | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n of which United States | \n\n 2.50% | \n\n 2.50% | \n\n 2.50% | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n of which United Kingdom | \n\n 3.25% | \n\n 3.25% | \n\n 3.00% | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
The discount rate retained is determined by reference to the high quality rates for AA-rated corporate bonds for a duration equivalent to that of the obligations. It derives from a benchmark per monetary area of different market data at the closing date.
Sensitivity to inflation in respect of defined benefit pension plans is not material in the United States.
A 0.5% increase or decrease in discount rates \u2013 all other things being equal - would have the following approximate impact on the benefit obligation:
| \n (M$) | \n\n 0.5% Increase | \n\n 0.5% Decrease | \n
| \n Benefit obligation as of December 31, 2022 | \n\n \u00a0(510) | \n\n 623 | \n
A 0.5% increase or decrease in inflation rates \u2013 all other things being equal - would have the following approximate impact on the benefit obligation:
| \n (M$) | \n\n 0.5% Increase | \n\n 0.5% Decrease | \n
| \n Benefit obligation as of December 31, 2022 | \n\n 303 | \n\n (284) | \n
10.2Payroll and staff
| \n For the year ended December 31, | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Personnel expenses (M$) | \n\n \u00a0 | \n\n \n | \n\n \n | \n
| \n Wages and salaries (including social charges) | \n\n 9,002 | \n\n 9,207 | \n\n 8,908 | \n
| \n TotalEnergies employees at December 31, | \n\n \u00a0 | \n\n \n | \n\n \n | \n
| \n France (DROM COM includ.) | \n\n \u00a0 | \n\n \n | \n\n \n | \n
| \n \u2013Management | \n\n 14,130 | \n\n 13,903 | \n\n 14,016 | \n
| \n \u2013Other | \n\n 20,829 | \n\n 21,232 | \n\n 21,886 | \n
| \n International | \n\n \u00a0 | \n\n \n | \n\n \n | \n
| \n \u2013Management | \n\n 18,183 | \n\n 17,346 | \n\n 17,102 | \n
| \n \u2013Other | \n\n 48,137 | \n\n 48,828 | \n\n 52,472 | \n
| \n Total | \n\n 101,279 | \n\n 101,309 | \n\n 105,476 | \n
The number of employees includes only employees of fully consolidated subsidiaries.
Employee benefits
The benefit obligations and plan assets can be subject to significant volatility due in part to changes in market values \u200b\u200band actuarial assumptions. These assumptions vary between different pension plans and thus take into account local conditions. They are determined following a formal process involving expertise and TotalEnergies internal judgments, in financial and actuarial terms, and also in consultation with actuaries and independent experts.
The assumptions for each plan are reviewed annually and adjusted if necessary to reflect changes from the experience and actuarial advice. The discount rate is reviewed quarterly.
Payroll, staff and employee benefits obligations and the method applied are described in Note 10 \u201cPayroll, staff and employee benefits obligations\u201d.
10.1Employee benefits obligations
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n In accordance with the laws and practices of each country, TotalEnergies participates in employee benefit plans offering retirement, death and disability, healthcare and special termination benefits. These plans provide benefits based on various factors such as length of service, salaries, and contributions made to the governmental bodies responsible for the payment of benefits. These plans can be either defined contribution or defined benefit pension plans and may be entirely or partially funded with investments made in various non-consolidated instruments such as mutual funds, insurance contracts, and other instruments. For defined contribution plans, expenses correspond to the contributions paid. | \n\n \n | \n\n Defined benefit obligations are determined according to the Projected Unit Method. Actuarial gains and losses may arise from differences between actuarial valuation and projected commitments (depending on new calculations or assumptions) and between projected and actual return of plan assets. Such gains and losses are recognized in the statement of comprehensive income, with no possibility to subsequently recycle them to the income statement. The past service cost is recorded immediately in the statement of income, whether vested or unvested. The net periodic pension cost is recognized under \u201cOther operating expenses\u201d. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
Liabilities for employee benefits obligations consist of the following:
| \n As of December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Pension benefits liabilities | \n\n 1,308 | \n\n 1,966 | \n\n 3,111 | \n
| \n Other benefits liabilities | \n\n 467 | \n\n 633 | \n\n 700 | \n
| \n Restructuring reserves (early retirement plans) | \n\n 54 | \n\n 73 | \n\n 106 | \n
| \n Total | \n\n 1,829 | \n\n 2,672 | \n\n 3,917 | \n
| \n Net liabilities relating to assets held for sale | \n\n \u2013 | \n\n (1) | \n\n 1 | \n
Description of plans and risk management
TotalEnergies operates, for the benefit of its current and former employees, both defined benefit plans and defined contribution plans.
TotalEnergies recognized a charge of $152 million for defined contribution plans in 2022 ($145 million in 2021 and $135 million in 2020).
TotalEnergies\u2019 main defined benefit pension plans are located in France, the United Kingdom, the United States, Belgium and Germany. Their main characteristics, depending on the country-specific regulatory environment, are the following:
\u2013the benefits are usually based on the final salary and seniority;
\u2013they are usually funded (pension fund or insurer);
\u2013they are usually closed to new employees who benefit from defined contribution pension plans;
\u2013they are paid in annuity or in lump sum.
The pension benefits include also termination indemnities and early retirement benefits. The other benefits are employer contributions to post-employment medical care.
In order to manage the inherent risks, TotalEnergies has implemented a dedicated governance framework to ensure the supervision of the different plans. These governance rules provide for:
\u2013TotalEnergies\u2019 representation in key governance bodies or monitoring committees;
\u2013the principles of the funding policy;
\u2013the general investment policy, including for most plans:
\u2013the establishment of a monitoring committee to define and follow the investment strategy and performance,
\u2013the principles in respect of investment allocation are respected;
\u2013a procedure to approve the establishment of new plans or the amendment of existing plans;
\u2013the principles of administration, communication and reporting.
Change in benefit obligations and plan assets
The fair value of the defined benefit obligation and plan assets in the Consolidated Financial Statements is detailed as follows:
| \n As of December 31, (M$) | \n\n Pension benefits | \n\n \n | \n\n Other benefits | \n||||
| \n 2022 | \n\n 2021 | \n\n 2020 | \n\n \n | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n|
| \n Change in benefit obligation | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \n | \n\n \u00a0 | \n\n \u00a0 | \n
| \n \u2013Benefit obligation at beginning of year | \n\n 11,777 | \n\n 13,591 | \n\n 12,285 | \n\n \u00a0 | \n\n 633 | \n\n 700 | \n\n 742 | \n
| \n \u2013Current service cost | \n\n 202 | \n\n 247 | \n\n 244 | \n\n \u00a0 | \n\n 15 | \n\n 17 | \n\n 19 | \n
| \n \u2013Interest cost | \n\n 195 | \n\n 164 | \n\n 217 | \n\n \u00a0 | \n\n 12 | \n\n 8 | \n\n 11 | \n
| \n \u2013Past service cost | \n\n 27 | \n\n (197) | \n\n \u2013 | \n\n \u00a0 | \n\n 9 | \n\n (1) | \n\n \u2013 | \n
| \n \u2013Settlements | \n\n 5 | \n\n 3 | \n\n (10) | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n (3) | \n
| \n \u2013Plan participants' contributions | \n\n 17 | \n\n 17 | \n\n 10 | \n\n \u00a0 | \n\n 1 | \n\n \u2013 | \n\n \u2013 | \n
| \n \u2013Benefits paid | \n\n \u00a0(661) | \n\n (704) | \n\n (702) | \n\n \u00a0 | \n\n (22) | \n\n (34) | \n\n (27) | \n
| \n \u2013Actuarial losses / (gains) | \n\n \u00a0(2,502) | \n\n (734) | \n\n 818 | \n\n \u00a0 | \n\n (155) | \n\n (11) | \n\n (89) | \n
| \n \u2013Foreign currency translation and other | \n\n \u00a0(793) | \n\n (610) | \n\n 729 | \n\n \u00a0 | \n\n (25) | \n\n (46) | \n\n 47 | \n
| \n Benefit obligation at year-end | \n\n 8,267 | \n\n 11,777 | \n\n 13,591 | \n\n \u00a0 | \n\n 467 | \n\n 633 | \n\n 700 | \n
| \n of which plans entirely or partially funded | \n\n 7,806 | \n\n 11,143 | \n\n 12,830 | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n of which plans not funded | \n\n 461 | \n\n 634 | \n\n 761 | \n\n \u00a0 | \n\n 467 | \n\n 633 | \n\n 700 | \n
| \n Change in fair value of plan assets | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n
| \n\n \u00a0 | \n\n \u00a0 | \n
| \n \u2013Fair value of plan assets at beginning of year | \n\n \u00a0(10,231) | \n\n (10,580) | \n\n (9,769) | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n \u2013Interest income | \n\n \u00a0(190) | \n\n (146) | \n\n (191) | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n \u2013Actuarial losses / (gains) | \n\n 2,083 | \n\n (290) | \n\n (517) | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n \u2013Settlements | \n\n 2 | \n\n \u2013 | \n\n 2 | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n \u2013Plan participants' contributions | \n\n \u00a0(17) | \n\n (17) | \n\n (10) | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n \u2013Employer contributions | \n\n \u00a0(260) | \n\n (303) | \n\n (229) | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n \u2013Benefits paid | \n\n 607 | \n\n 635 | \n\n 622 | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n \u2013Foreign currency translation and other | \n\n 700 | \n\n 470 | \n\n (488) | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Fair value of plan assets at year-end | \n\n \u00a0(7,306) | \n\n (10,231) | \n\n (10,580) | \n\n \u00a0 | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n
| \n Unfunded status | \n\n 961 | \n\n 1,546 | \n\n 3,011 | \n\n \u00a0 | \n\n 467 | \n\n 633 | \n\n 700 | \n
| \n \u2013Asset ceiling | \n\n 46 | \n\n 41 | \n\n 36 | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Net recognized amount | \n\n 1,007 | \n\n 1,587 | \n\n 3,047 | \n\n \u00a0 | \n\n 467 | \n\n 633 | \n\n 700 | \n
| \n \u2013Pension benefits and other benefits liabilities | \n\n 1,308 | \n\n 1,966 | \n\n 3,111 | \n\n \u00a0 | \n\n 467 | \n\n 633 | \n\n 700 | \n
| \n \u2013Other non-current assets | \n\n \u00a0(301) | \n\n (378) | \n\n (65) | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n \u2013Net benefit liabilities relating to assets held for sale | \n\n \u2013 | \n\n (1) | \n\n 1 | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
As of December 31, 2022, the contribution from the main geographical areas for the net pension liability in the balance sheet is: 85% for the Euro area, (10)% for the United Kingdom and 24% for the United States.
The amounts recognized in the consolidated income statement and the consolidated statement of comprehensive income for defined benefit plans are detailed as follows:
| \n \n | \n\n Pension benefits | \n\n \n | \n\n Other benefits | \n||||
| \n For the year ended December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n\n \n | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Current service cost | \n\n 202 | \n\n 247 | \n\n 244 | \n\n \n | \n\n 15 | \n\n 17 | \n\n 19 | \n
| \n Past service cost | \n\n 27 | \n\n \u00a0(197) | \n\n \u2013 | \n\n \n | \n\n 9 | \n\n \u00a0(1) | \n\n \u2013 | \n
| \n Settlements | \n\n 7 | \n\n 3 | \n\n (7) | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n (3) | \n
| \n Net interest cost | \n\n 5 | \n\n 18 | \n\n 25 | \n\n \n | \n\n 12 | \n\n 8 | \n\n 11 | \n
| \n Benefit amounts recognized on Profit & Loss | \n\n 241 | \n\n 71 | \n\n 262 | \n\n \n | \n\n 36 | \n\n 24 | \n\n 27 | \n
| \n Actuarial (Gains) / Losses | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \n | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n \u2013Effect of changes in demographic assumptions | \n\n 1 | \n\n (71) | \n\n (12) | \n\n \n | \n\n \u00a0(9) | \n\n (8) | \n\n (3) | \n
| \n \u2013Effect of changes in financial assumptions | \n\n \u00a0(2,617) | \n\n (450) | \n\n 773 | \n\n \n | \n\n \u00a0(138) | \n\n 2 | \n\n (1) | \n
| \n \u2013Effect of experience adjustments | \n\n 111 | \n\n (214) | \n\n 57 | \n\n \n | \n\n \u00a0(8) | \n\n (5) | \n\n (85) | \n
| \n \u2013Actual return on plan assets | \n\n 2,083 | \n\n (294) | \n\n (517) | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Effect of asset ceiling | \n\n 3 | \n\n 5 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Benefit amounts recognized on Equity | \n\n \u00a0(419) | \n\n (1,024) | \n\n 301 | \n\n \n | \n\n \u00a0(155) | \n\n (11) | \n\n (89) | \n
| \n Total benefit amounts recognized on comprehensive income | \n\n \u00a0(178) | \n\n (953) | \n\n 563 | \n\n \n | \n\n \u00a0(119) | \n\n 13 | \n\n (62) | \n
Expected future cash outflows
The average duration of accrued benefits is approximately 12 years for defined pension benefits and 15 years for other benefits. TotalEnergies expects to pay contributions of $234 million in respect of funded pension plans in 2023.
Estimated future benefits either financed from plan assets or directly paid by the employer are detailed as follows:
| \n Estimated future payments (M$) | \n\n Pension benefits | \n\n Other benefits | \n
| \n 2023 | \n\n 586 | \n\n 25 | \n
| \n 2024 | \n\n 495 | \n\n 25 | \n
| \n 2025 | \n\n 504 | \n\n 25 | \n
| \n 2026 | \n\n 537 | \n\n 25 | \n
| \n 2027 | \n\n 589 | \n\n 25 | \n
| \n 2028-2032 | \n\n 3,059 | \n\n 121 | \n
Type of assets
| \n Asset allocation as of December 31, | \n\n Pension benefits | \n||
| \n 2022 | \n\n 2021 | \n\n 2020 | \n|
| \n Equity securities | \n\n 26% | \n\n 39% | \n\n 25% | \n
| \n Debt securities | \n\n 46% | \n\n 35% | \n\n 45% | \n
| \n Monetary | \n\n 3% | \n\n 1% | \n\n 2% | \n
| \n Annuity contracts | \n\n 17% | \n\n 17% | \n\n 20% | \n
| \n Real estate | \n\n 8% | \n\n 8% | \n\n 8% | \n
Investments on equity and debt markets are quoted on active markets.
Main actuarial assumptions and sensitivity analysis
Assumptions used to determine benefits obligations:
| \n \n | \n\n Pension benefits | \n\n \n | \n\n Other benefits | \n||||
| \n As of December 31, | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n\n \n | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Discount rate (weighted average for all regions) | \n\n 4.39% | \n\n 1.82% | \n\n 1.28% | \n\n \n | \n\n 4.45% | \n\n 1.83% | \n\n 1.41% | \n
| \n of which Euro zone | \n\n 3.70% | \n\n 0.99% | \n\n 0.52% | \n\n \n | \n\n 3.48% | \n\n 1.05% | \n\n 0.68% | \n
| \n of which United States | \n\n 4.50% | \n\n 3.00% | \n\n 2.50% | \n\n \n | \n\n 4.50% | \n\n 3.00% | \n\n 2.50% | \n
| \n of which United Kingdom | \n\n 4.75% | \n\n 2.00% | \n\n 1.50% | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Inflation rate (weighted average for all regions) | \n\n 2.91% | \n\n 2.41% | \n\n 2.06% | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n of which Euro zone | \n\n 2.49% | \n\n 1.71% | \n\n 1.24% | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n of which United States | \n\n 2.50% | \n\n 2.50% | \n\n 2.50% | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n of which United Kingdom | \n\n 3.25% | \n\n 3.25% | \n\n 3.00% | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
The discount rate retained is determined by reference to the high quality rates for AA-rated corporate bonds for a duration equivalent to that of the obligations. It derives from a benchmark per monetary area of different market data at the closing date.
Sensitivity to inflation in respect of defined benefit pension plans is not material in the United States.
A 0.5% increase or decrease in discount rates \u2013 all other things being equal - would have the following approximate impact on the benefit obligation:
| \n (M$) | \n\n 0.5% Increase | \n\n 0.5% Decrease | \n
| \n Benefit obligation as of December 31, 2022 | \n\n \u00a0(510) | \n\n 623 | \n
A 0.5% increase or decrease in inflation rates \u2013 all other things being equal - would have the following approximate impact on the benefit obligation:
| \n (M$) | \n\n 0.5% Increase | \n\n 0.5% Decrease | \n
| \n Benefit obligation as of December 31, 2022 | \n\n 303 | \n\n (284) | \n
12.1Provisions and other non-current liabilities
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n A provision is recognized when TotalEnergies has a present obligation, legal or constructive, as a result of a past event for which it is probable that an outflow of resources will be required and when a reliable estimate can be made regarding the amount of the obligation. The amount of the liability corresponds to the best possible estimate. | \n\n \n | \n\n Provisions and non-current liabilities are comprised of liabilities for which the amount and the timing are uncertain. They arise from environmental risks, legal and tax risks, litigation and other risks. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
| \n As of December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Litigations and accrued penalty claims | \n\n 529 | \n\n 285 | \n\n 320 | \n
| \n Provisions for environmental contingencies | \n\n 751 | \n\n 812 | \n\n 960 | \n
| \n Asset retirement obligations | \n\n 13,110 | \n\n 14,976 | \n\n 15,368 | \n
| \n Other non-current provisions | \n\n 3,633 | \n\n 2,766 | \n\n 2,868 | \n
| \n of which restructuring activities | \n\n 282 | \n\n 506 | \n\n 293 | \n
| \n of which financial risks related to non-consolidated and equity accounted for affiliates | \n\n 1,582 | \n\n 265 | \n\n 134 | \n
| \n of which contingency reserve on solar panels warranties (SunPower) | \n\n \u2013 | \n\n 83 | \n\n 82 | \n
| \n Other non-current liabilities | \n\n 3,379 | \n\n 1,430 | \n\n 1,409 | \n
| \n Total | \n\n 21,402 | \n\n 20,269 | \n\n 20,925 | \n
In 2022, litigation reserves amount to $529 million of which $257 million in the Exploration & Production, notably in Brazil, Bolivia and Angola, and $159 million in Refining-Chemicals.
In 2021, litigation reserves amounted to $285 million of which $192 million in the Exploration & Production, notably in Brazil, Bolivia and Angola.
In 2020, litigation reserves amounted to $320 million of which $208 million in the Exploration & Production, notably in Brazil and Angola.
Other non-current liabilities mainly include debts whose maturity is more than one year related to fixed assets acquisitions.
Changes in provisions and other non-current liabilities
Changes in provisions and other non-current liabilities are as follows:
| \n (M$) | \n\n As of January, 1 | \n\n Allowances | \n\n Reversals | \n\n Currency translation adjustment | \n\n Other | \n\n As of December, 31 | \n
| \n 2022 | \n\n 20,269 | \n\n 2,724 | \n\n (1,397) | \n\n (834) | \n\n 640 | \n\n 21,402 | \n
| \n of which provisions for financial risks | \n\n \n | \n\n 1,363 | \n\n (15) | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n of which asset retirement obligations | \n\n \n | \n\n 430 | \n\n (418) | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n of which provisions for environmental contingencies | \n\n \n | \n\n 97 | \n\n (133) | \n\n \n | \n\n \u00a0 | \n\n \u00a0 | \n
| \n of which provisions for restructuring of activities | \n\n \n | \n\n 31 | \n\n (230) | \n\n \n | \n\n \u00a0 | \n\n \u00a0 | \n
| \n 2021 | \n\n 20,925 | \n\n 1,446 | \n\n (1,560) | \n\n (404) | \n\n (138) | \n\n 20,269 | \n
| \n of which asset retirement obligations | \n\n \n | \n\n 449 | \n\n (527) | \n\n \n | \n\n \u00a0 | \n\n \u00a0 | \n
| \n of which provisions for environmental contingencies | \n\n \n | \n\n 43 | \n\n (178) | \n\n \n | \n\n \u00a0 | \n\n \u00a0 | \n
| \n of which provisions for restructuring of activities | \n\n \n | \n\n 415 | \n\n (178) | \n\n \n | \n\n \u00a0 | \n\n \u00a0 | \n
| \n 2020 | \n\n 20,613 | \n\n 1,756 | \n\n (1,378) | \n\n 452 | \n\n (518) | \n\n 20,925 | \n
| \n of which asset retirement obligations | \n\n \n | \n\n 607 | \n\n (519) | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n of which provisions for environmental contingencies | \n\n \n | \n\n 217 | \n\n (93) | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n of which provisions for restructuring of activities | \n\n \n | \n\n 271 | \n\n (135) | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
Asset retirement obligations
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Asset retirement obligations, which result from a legal or constructive obligation, are recognized based on a reasonable estimate in the period in which the obligation arises. The associated asset retirement costs are capitalized as part of the carrying amount of the underlying asset and depreciated over the useful life of this asset. | \n\n \n | \n\n An entity is required to measure changes in the liability for an asset retirement obligation due to the passage of time (accretion) by applying a discount rate to the amount of the liability. Given the long-term nature of expenditures related to our asset retirement obligations, the rate is determined by reference to the rates of high quality AA-rated corporate bonds on the USD area for a long-term horizon. The increase of the provision due to the passage of time is recognized as \u201cOther financial expense\u201d. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
The discount rate used for the valuation of asset retirement obligation is 4% in 2022 and 3% in 2021 and in 2020 (the expenses are estimated at current currency values with an inflation rate of 2% in 2022 and 1.5% in 2021 and in 2020).
A decrease of 0.5% of this rate would increase the asset retirement obligation by $955 million, with a corresponding impact in tangible assets, and with a negative impact of approximately $76 million on the following years net income. Conversely, an increase of 0.5% would have a nearly symmetrical impact compared to the effect of the decrease of 0.5%.
Changes in the asset retirement obligation are as follows:
| \n (M$) | \n\n As of January 1, | \n\n Accretion | \n\n Revision in estimates | \n\n New obligations | \n\n Spending | \n\n Currency translation adjustment | \n\n Other | \n\n As of December 31, | \n
| \n 2022 | \n\n 14,976 | \n\n 430 | \n\n \u00a0(1,172) | \n\n 198 | \n\n \u00a0(418) | \n\n \u00a0(663) | \n\n \u00a0(241) | \n\n 13,110 | \n
| \n 2021 | \n\n 15,368 | \n\n 449 | \n\n \u00a0(109) | \n\n 228 | \n\n \u00a0(527) | \n\n \u00a0(194) | \n\n (239) | \n\n 14,976 | \n
| \n 2020 | \n\n 14,492 | \n\n 607 | \n\n 526 | \n\n 87 | \n\n \u00a0(519) | \n\n 284 | \n\n (109) | \n\n 15,368 | \n
Income Taxes
A tax liability is recognized when in application of a tax regulation, a future payment is considered probable and can be reasonably estimated. The exercise of judgment is required to assess the impact of new events on the amount of the liability.
Deferred tax assets are recognized in the accounts to the extent that their recovery is considered probable. The amount of these assets is determined after taking into account deferred tax liabilities with comparable maturity, arising from the same entities and tax regimes. It takes into account existing taxable profits and future taxable profits which estimation is inherently uncertain and subject to change over time. The exercise of judgment is required to assess the impact of new events on the value of these assets and including changes in estimates of future taxable profits and the deadlines for their use.
In addition, these tax positions may depend on interpretations of tax laws and regulations in the countries where TotalEnergies operates. These interpretations may have uncertain nature. Depending on the circumstances, they are final only after negotiations or resolution of disputes with authorities that can last several years.
Incomes taxes and the accounting methods are described in Note 11 \u201cIncome taxes\u201d.
Note 11Income taxes
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Income taxes disclosed in the statement of income include current tax expenses (or income) and deferred tax expenses (or income). Current tax expenses (or income) are the estimated amount of the tax due for the taxable income of the period. Deferred income taxes are recorded based on the temporary differences between the carrying amounts of assets and liabilities recorded in the balance sheet and their tax bases, and on carry-forwards of unused tax losses and other tax credits. | \n\n \n | \n\n Deferred tax assets and liabilities are measured using the tax rates that have been enacted or substantially enacted at the balance sheet date. The tax rates used depend on the timing of reversals of temporary differences, tax losses and other tax credits. The effect of a change in tax rate is recognized either in the Consolidated Statement of Income or in shareholders\u2019 equity depending on the item it relates to. Deferred tax resulting from temporary differences between the carrying amounts of equity-method investments and their tax bases are recognized. The deferred tax calculation is based on the expected future tax effect (dividend distribution rate or tax rate on capital gains). | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
Income taxes are detailed as follows:
| \n For the year ended December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Current income taxes | \n\n (19,825) | \n\n (8,158) | \n\n (2,450) | \n
| \n Deferred income taxes | \n\n (2,417) | \n\n (1,429) | \n\n 2,132 | \n
| \n Total income taxes | \n\n (22,242) | \n\n (9,587) | \n\n (318) | \n
Before netting deferred tax assets and liabilities by fiscal entity, the components of deferred tax balances are as follows:
| \n As of December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Net operating losses and tax carry forwards | \n\n 3,600 | \n\n 5,129 | \n\n 5,106 | \n
| \n Employee benefits | \n\n 409 | \n\n 586 | \n\n 1,004 | \n
| \n Other temporary non-deductible provisions | \n\n 8,813 | \n\n 8,235 | \n\n 9,068 | \n
| \n Differences in depreciations | \n\n (14,692) | \n\n (15,233) | \n\n (14,641) | \n
| \n Other temporary tax deductions | \n\n (4,102) | \n\n (4,221) | \n\n (3,847) | \n
| \n Net deferred tax liability | \n\n (5,972) | \n\n (5,504) | \n\n (3,310) | \n
The reserves of TotalEnergies subsidiaries that would be taxable if distributed but for which no distribution is planned, and for which no deferred tax liability has therefore been recognized, totaled $1,103 million as of December 31, 2022.
Deferred tax assets not recognized as of December 31, 2022 amount to $3,854 million as their future recovery was not regarded as probable given the expected results of the entities. Particularly in the
Exploration & Production segment, when the affiliate or the field concerned is in its exploration phase, the net operating losses created during this phase will be useable only if a final investment and development decision is made. Accordingly, the time limit for the utilization of those net operating losses is not known.
Deferred tax assets not recognized relate notably to France for an amount of $1,189 million and to Canada for an amount of $998 million.
After netting deferred tax assets and liabilities by fiscal entity, deferred taxes are presented on the balance sheet as follows:
| \n As of December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Deferred tax assets | \n\n 5,049 | \n\n 5,400 | \n\n 7,016 | \n
| \n Deferred tax liabilities | \n\n (11,021) | \n\n (10,904) | \n\n (10,326) | \n
| \n Net amount | \n\n (5,972) | \n\n (5,504) | \n\n (3,310) | \n
The net deferred tax variation in the balance sheet is analyzed as follows:
| \n As of December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Opening balance | \n\n (5,504) | \n\n (3,310) | \n\n (5,642) | \n
| \n Deferred tax on income | \n\n (2,417) | \n\n (1,429) | \n\n 2,132 | \n
| \n Deferred tax on shareholders' equity(a) | \n\n 1,353 | \n\n (546) | \n\n 137 | \n
| \n Changes in scope of consolidation and others | \n\n 218 | \n\n (315) | \n\n 76 | \n
| \n Currency translation adjustment | \n\n 378 | \n\n 96 | \n\n (13) | \n
| \n Closing balance | \n\n (5,972) | \n\n (5,504) | \n\n (3,310) | \n
| \n (a)This amount includes mainly deferred taxes on actuarial gains and losses, current income taxes and deferred taxes for changes in fair value of investments inequity instruments, as well as deferred taxes related to the cash flow hedge (see Note 9 to the Consolidated Financial Statements). | \n
Reconciliation between provision for income taxes and pre-tax income
| \n For the year ended December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Consolidated net income | \n\n 21,044 | \n\n 16,366 | \n\n (7,336) | \n
| \n Income taxes | \n\n 22,242 | \n\n 9,587 | \n\n 318 | \n
| \n Pre-tax income | \n\n 43,286 | \n\n 25,953 | \n\n (7,018) | \n
| \n French statutory tax rate | \n\n 25.83% | \n\n 28.41% | \n\n 32.02% | \n
| \n Theoretical tax charge | \n\n (11,181) | \n\n (7,373) | \n\n 2,247 | \n
| \n Difference between French and foreign income tax rates | \n\n (9,625) | \n\n (3,754) | \n\n (1,109) | \n
| \n Tax effect of equity in income (loss) of affiliates | \n\n (489) | \n\n 977 | \n\n 145 | \n
| \n Permanent differences(a) | \n\n (676) | \n\n 738 | \n\n 665 | \n
| \n Adjustments on prior years income taxes | \n\n 64 | \n\n 109 | \n\n (31) | \n
| \n Adjustments on deferred tax related to changes in tax rates | \n\n (610) | \n\n (119) | \n\n (204) | \n
| \n Variation of deferred tax assets not recognized | \n\n 275 | \n\n (165) | \n\n (2,031) | \n
| \n Income taxes in the statement of income | \n\n (22,242) | \n\n (9,587) | \n\n (318) | \n
| \n (a)Including the European Solidarity Contribution 2022 for a total of \u20ac0.9 billion. The European Solidarity Contribution 2022, including the 2022 contribution on the sub-marginal rent of electricity production, amounts to \u20ac1 billion or $1.1 billion. | \n
The French statutory tax rate includes the standard corporate tax rate (25%), additional and exceptional applicable taxes that bring the overall tax rate to 25.83% in 2022 (versus 28.41% in 2021 and 32.02% in 2020).
Permanent differences are mainly due to impairment of goodwill and to dividends from non-consolidated companies as well as the specific taxation rules applicable to certain activities.
Schedule of losses and tax credits carried forward
TotalEnergies has deferred tax assets related to losses and carried forward tax credit which expire according to the following years:
| \n As of December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n 2021 | \n\n \u00a0 | \n\n \n | \n\n 69 | \n
| \n 2022 | \n\n \u00a0 | \n\n 27 | \n\n 26 | \n
| \n 2023 | \n\n 4 | \n\n 1 | \n\n 7 | \n
| \n 2024 | \n\n 2 | \n\n 5 | \n\n 2 | \n
| \n 2025(a) | \n\n 4 | \n\n 25 | \n\n 1,643 | \n
| \n 2026(b) | \n\n 8 | \n\n 1,652 | \n\n \n | \n
| \n 2027 and after | \n\n 1,220 | \n\n \n | \n\n \n | \n
| \n Unlimited | \n\n 2,362 | \n\n 3,419 | \n\n 3,359 | \n
| \n Total | \n\n 3,600 | \n\n 5,129 | \n\n 5,106 | \n
| \n (a)2025 and after for 2020. (b)2026 and after for 2021. | \n
As of December 31, 2022 the schedule of deferred tax assets related to carried forward tax credits on net operating losses for the main countries is as follows:
| \n As of December 31, 2022 (M$) | \n\n Tax | \n|||
| \n Australia | \n\n United States | \n\n Canada | \n\n France | \n|
| \n 2023 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n 2024 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n 2025 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n 2026 | \n\n \u00a0 | \n\n \u00a0 | \n\n 32 | \n\n \u00a0 | \n
| \n 2027 and after | \n\n \u00a0 | \n\n 326 | \n\n 812 | \n\n \u00a0 | \n
| \n Unlimited | \n\n 820 | \n\n 581 | \n\n \u00a0 | \n\n 487 | \n
| \n Total | \n\n 820 | \n\n 907 | \n\n 843 | \n\n 487 | \n
Note 1General accounting principles
1.1Accounting principles
A)Principles of consolidation
Entities that are directly controlled by the parent company or indirectly controlled by other consolidated entities are fully consolidated.
Investments in joint ventures are consolidated under the equity method. TotalEnergies accounts for joint operations by recognizing its share of assets, liabilities, income and expenses.
Investments in associates, in which TotalEnergies has significant influence, are accounted for by the equity method. Significant influence is presumed when TotalEnergies holds, directly or indirectly (e.g. through subsidiaries), 20% or more of the voting rights. Companies in which ownership interest is less than 20%, but over which TotalEnergies is deemed to exercise significant influence, are also accounted for by the equity method.
All internal balances, transactions and income are eliminated.
B)Business combinations
Business combinations are accounted for using the acquisition method. This method requires the recognition of the acquired identifiable assets and assumed liabilities of the companies acquired by TotalEnergies at their fair value.
The purchase accounting of the acquisition is finalized up to a maximum of one year from the acquisition date.
The acquirer shall recognize goodwill at the acquisition date, being the excess of:
\u2013The consideration transferred, the amount of non-controlling interests and, in business combinations achieved in stages, the fair value at the acquisition date of the investment previously held in the acquired company;
\u2013Over the fair value at the acquisition date of acquired identifiable assets and assumed liabilities.
If the consideration transferred is lower than the fair value of acquired identifiable assets and assumed liabilities, an additional analysis is performed on the identification and valuation of the identifiable elements of the assets and liabilities. After having completed such additional analysis, any negative goodwill is recorded as income.
Non-controlling interests are measured either at their proportionate share in the net assets of the acquired company or at fair value.
In transactions with non-controlling interests, the difference between the price paid (received) and the book value of non-controlling interests acquired (sold) is recognized directly in equity.
C)Foreign currency translation
The presentation currency of TotalEnergies' Consolidated Financial Statements is the US dollar. However, the functional currency of the parent company is the euro. The resulting currency translation adjustments are presented on the line \"currency translation adjustment generated by the parent company\" of the consolidated statement of comprehensive income, within \"items not potentially reclassifiable to profit and loss\". In the balance sheet, they are recorded in \"currency translation adjustment\".
The financial statements of subsidiaries are prepared in the currency that most clearly reflects their business environment. This is referred to as their functional currency.
Since July 1, 2018, Argentina is considered to be hyperinflationary. IAS 29 \u201cFinancial Reporting in Hyperinflationary Economies\u201d is applicable to entities whose functional currency is the Argentine peso. The functional currency of the Argentine Exploration & Production subsidiary is the US dollar, therefore IAS 29 has no incidence on TotalEnergies accounts. Net asset of the other business segments is not significant.
(i)Monetary transactions
Transactions denominated in currencies other than the functional currency of the entity are translated at the exchange rate on the transaction date. At each balance sheet date, monetary assets and liabilities are translated at the closing rate and the resulting exchange differences are recognized in the statement of income.
(ii)Translation of financial statements
Assets and liabilities of entities denominated in currencies other than dollar are translated into dollar on the basis of the exchange rates at the end of the period. The income and cash flow statements are translated using the average exchange rates for the period. Foreign exchange differences resulting from such translations are either recorded in shareholders\u2019 equity under \u201cCurrency translation adjustments\u201d (for TotalEnergies share) or under \u201cNon-controlling interests\u201d (for the share of non-controlling interests) as deemed appropriate.
1.2Significant accounting principles applicable in the future
The expected impact of the standards or interpretations published respectively by the International Accounting Standards Board (IASB) and the International Financial Reporting Standards Interpretations Committee (IFRS IC) which were not yet in effect at December 31, 2022, is not material.
Accounting principles
In accordance with IFRS 3 \u201cBusiness combinations\u201d, TotalEnergies is assessing the fair value of identifiable acquired assets, liabilities and contingent liabilities on the basis of available information. This assessment will be finalised within 12 months following the acquisition date.\u00a0
Accounting principles
Pursuant to IFRS 5 \"Non-current assets held for sale and discontinued operations\u201d, assets and liabilities of affiliates that are held for sale are presented separately on the face of the balance sheet. Depreciation of assets ceases from the date of classification in \u201cNon-current assets held for sale\u201d.
Accounting principles
The recoverable amounts of intangible assets and property, plant and equipment are tested for impairment as soon as any indication of impairment exists. This test is performed at least annually for goodwill.
The recoverable amount is the higher of the fair value (less costs to sell) or the value in use.
Assets are grouped into cash-generating units (or CGUs) and tested. A CGU is a homogeneous set of assets that generates cash inflows that are largely independent of the cash inflows from other groups of assets.
The value in use of a CGU is determined by reference to the discounted expected future cash flows of these assets, based upon Management\u2019s expectation of future economic and operating conditions. When this value is less than the carrying amount of the CGU, an impairment loss is recorded.
This loss is allocated first to goodwill with a corresponding amount in \"Other expenses\". Any further losses are then allocated to property, plant and mineral interests with a corresponding amount in \"Depreciation, depletion and impairment of tangible assets and mineral interests\" and to other intangible assets with a corresponding amount in \"Other expenses\".
Impairment losses recognized in prior periods can be reversed up to the original carrying amount, had the impairment loss not been recognized. Impairment losses recognized on goodwill cannot be reversed.
Investments in associates or joint ventures are tested for impairment whenever indication of impairment exists. If any objective evidence of impairment exists, the carrying amount of the investment is compared with its recoverable amount, being the higher of its fair value less costs to sell and value in use. If the carrying amount exceeds the recoverable amount, an impairment loss is recorded in \"Net income (loss) from equity affiliates\".
Accounting principles
IFRS 15 requires identification of the performance obligations for the transfer of goods and services in each contract with customers. Revenue is recognized upon satisfaction of the performance obligations for the amounts that reflect the consideration to which TotalEnergies expects to be entitled in exchange for those goods and services.
Sales of goods
Revenues from sales are recognized when the control has been transferred to the buyer and the amount can be reasonably measured. Revenues from sales of crude oil and natural gas are recorded upon transfer of title, according to the terms of the sales contracts.
Revenues from the production of crude oil and natural gas properties, in which TotalEnergies has an interest with other producers, are recognized based on actual entitlement volumes sold over the period. Any difference between entitlement volumes and volumes sold, based on TotalEnergies net working interest, are recognized in the \u201cUnder-lifting\u201d and \u201cOver-lifting\u201d accounts in the balance sheet and in operating expenses in the profit and loss.
Oil and gas delivered quantities that represent production royalties and taxes, when paid in cash, are included in revenues, except for the United States and Canada.
Certain transactions within the trading activities (contracts involving quantities that are purchased from third parties then resold to third parties) are shown at their net value in purchases, net of inventory variation. These transactions relate in particular to crude oil, petroleum products, gas, power and LNG.
Exchanges of crude oil and petroleum products realized within trading activities are shown at their net value in both the statement of income and the balance sheet.
Sales of services
Revenues from services are recognized when the services have been rendered.
Revenues from gas transport are recognized when services are rendered. These revenues are based on the quantities transported and measured according to procedures defined in each service contract.
Shipping revenues and expenses from time-charter activities are recognized on a pro rata basis over a period that commences upon the unloading of the previous voyage and terminates upon the unloading of the current voyage. Shipping revenue recognition starts only when a charter has been agreed to by both TotalEnergies and the customer.
Income related to the distribution of electricity and gas is not recognized in revenues in certain countries because TotalEnergies acts as an agent in this transaction. In these countries, TotalEnergies is not responsible for the delivery and does not set the price of the service, because it can only pass on to the customer the amounts invoiced to it by the distributors.
Excise taxes
Excise taxes are rights or taxes which amount is calculated based on the quantity of oil and gas products put on the market. Excise taxes are determined by the states. They are paid directly to the customs and tax authorities and then invoiced to final customers by being included in the sales price.
The analysis of the criteria set by IFRS 15 led TotalEnergies to determine that it was acting as principal in these transactions. . Therefore, sales are presented on a gross basis, including excise taxes collected by TotalEnergies within the course of its oil distribution operations. In addition, the subtotal \u201cRevenue from Sales\u201d is presented as an additional line item in the P&L and is obtained by deducting Excise tax expenses from Sales.
Accounting principles
TotalEnergies applies IFRS 6 \u201cExploration for and Evaluation of Mineral Resources\u201d. Oil and gas exploration and production properties and assets are accounted for in accordance with the Successful Efforts method.
Geological and geophysical costs, including seismic surveys for exploration purposes are expensed as incurred in exploration costs.
Costs of dry wells and wells that have not found proved reserves are charged to expense in exploration costs.
Accounting principles
Research costs are charged to expense as incurred.
Development expenses are capitalized when the criteria of IAS 38 are met.
Accounting principles
Inventories are measured in the Consolidated Financial Statements at the lower of historical cost or market value. Costs for petroleum and petrochemical products are determined according to the FIFO (First-In, First-Out) method or weighted-average cost method and other inventories are measured using the weighted-average cost method.
In addition stocks held for trading are measured at fair value less cost to sell.
Refining & Chemicals
Petroleum product inventories are mainly comprised of crude oil and refined products. Refined products principally consist of gasoline, distillate and fuel produced by TotalEnergies' refineries. The turnover of petroleum products does not exceed two months on average.
Crude oil costs include raw material and receiving costs. Refining costs principally include crude oil costs, production costs (energy, labor, depreciation of producing assets) and an allocation of production overheads (taxes, maintenance, insurance, etc.).
Costs of chemical product inventories consist of raw material costs, direct labor costs and an allocation of production overheads. Start-up costs, general administrative costs and financing costs are excluded from the costs of refined and chemicals products.
Marketing & Services
The costs of products refined by TotalEnergies\u2019 entities include mainly raw materials costs, production costs (energy, labor, depreciation of producing assets), primary costs of transport and an allocation of production overheads (taxes, maintenance, insurance, etc.).
General administrative costs and financing costs are excluded from the cost price of refined products.
Product inventories purchased from entities external to TotalEnergies are valued at their purchase cost plus primary costs of transport.
Carbon dioxide emission rights generated as part of the EU Emission Trading scheme (EU ETS)
In the absence of a current IFRS standard or interpretation on accounting for emission rights of carbon dioxide generated as part of the EU Emission Trading scheme (EU ETS), the following principles are applied:
\u2013Emission rights are managed as a cost of production and as such are recognized in inventories:
\u2013Emission rights allocated for free are booked in inventories with a nil carrying amount;
\u2013Purchased emission rights are booked at acquisition cost;
\u2013Sales or annual surrender of emission rights result in decreases in inventories valued at weighted-average cost;
\u2013If the carrying amount of inventories at closing date is higher than the market value, an impairment loss is recorded.
\u2013If emission rights to be surrendered at the end of the compliance period are higher than emission rights (allocated and purchased), the shortage is accounted for as a liability at market value;
\u2013Forward transactions are recognized at their fair market value in the balance sheet. Changes in the fair value of such forward transactions are recognized in the statement of income.
Energy savings certificates
In the absence of current IFRS standards or interpretations on accounting for energy savings certificates (ESC), the following principles are applied:
\u2013If the obligations linked to the sales of energy are greater than the number of ESC's held then a liability is recorded. These liabilities are valued based on the price of the last transactions;
\u2013In the event that the number of ESC\u2019s held exceeds the obligation at the balance sheet date this is accounted for as inventory. Otherwise a valuation allowance is recorded ;
\u2013ESC inventories are valued at weighted-average cost (acquisition cost for those ESC's acquired or cost incurred for those ESC's generated internally).
If the carrying value of the inventory of certificates at the balance sheet date is higher than the market value, an impairment loss is recorded.
Accounting principles
The Consolidated Statement of Cash Flows prepared in currencies other than dollar has been translated into dollars using the exchange rate on the transaction date or the average exchange rate for the period. Currency translation differences arising from the translation of monetary assets and liabilities denominated in foreign currency into
dollars using the closing exchange rates are shown in the Consolidated Statement of Cash Flows under \u201cEffect of exchange rates\u201d. Therefore, the Consolidated Statement of Cash Flows will not agree with the figures derived from the Consolidated Balance Sheet.
Accounting principles
Goodwill
Guidance for measuring goodwill is presented in Note 1.1 paragraph B to the Consolidated Financial Statements. Goodwill is not amortized but is tested for impairment at least annually and as soon as there is any indication of impairment.
Mineral interests
Unproved mineral interests are tested for impairment based on the results of the exploratory activity or as part of the impairment tests of the cash-generating units to which they are allocated.
Unproved mineral interests are transferred to proved mineral interests at their net book value as soon as proved reserves are booked.
Proved mineral interests are depreciated using the unit-of-production method based on proved reserves. The corresponding expense is recorded as depreciation of tangible assets and mineral interests.
Other intangible assets
Other intangible assets include patents, and trademarks.
Intangible assets are carried at cost, after deducting any accumulated amortization and accumulated impairment losses.
Intangible assets (excluding mineral interests) that have a finite useful life are amortized on a straight-line basis over three to twenty years depending on the useful life of the assets. The corresponding depreciation expense is recorded under other expense.
Accounting principles
Exploration costs
TotalEnergies applies IFRS 6 \u201cExploration for and Evaluation of Mineral Resources\u201d. Oil and gas exploration and production properties and assets are accounted for in accordance with the Successful Efforts method.
Exploratory wells are capitalized and tested for impairment on an individual basis as follows:
\u2013Costs of exploratory wells which result in proved reserves are capitalized and then depreciated using the unit-of-production method based on proved developed reserves;
\u2013Costs of exploratory wells are capitalized as work in progress until proved reserves have been found, if both of the following conditions are met:
\u2013The well has found a sufficient quantity of reserves to justify, if appropriate, its completion as a producing well, assuming that the required capital expenditures are made;
\u2013TotalEnergies is making sufficient progress assessing the reserves and the economic and operating viability of the project. This progress is evaluated on the basis of indicators such as whether additional exploratory works are under way or firmly planned (wells, seismic or significant studies), whether costs are being incurred for development studies and whether TotalEnergies is waiting for governmental or other third-party authorization on a proposed project, or availability of capacity on an existing transport or processing facility.
Costs of exploratory wells not meeting these conditions are charged to exploration costs.
Oil and Gas production assets of exploration and production activities
Development costs of oil and gas production facilities are capitalized. These costs include borrowing costs incurred during the period of construction and the present value of estimated future costs of asset retirement obligations.
The depletion rate of development wells and of production assets is equal to the ratio of oil and gas production for the period to proved developed reserves (unit-of-production method).
In the event that, due to the price effect on reserves evaluation, the unit-of-production method does not reflect properly the useful life of the asset, an alternative depreciation method is applied based on the reserves evaluated with the price of the previous year. This was the case for fiscal year 2020 where the method of unit-of-production depreciation was applied to all assets over 2020 based on proved reserves measured with the price used in 2019. As of December 31, 2021, and December 31, 2022, this alternative method is not applied as, given the price used to assess the reserves, the unit-of-production method correctly reflects the useful life of the assets.
With respect to phased development projects or projects subject to progressive well production start-up, the fixed assets\u2019\u00a0depreciable amount, excluding production or service wells, is adjusted to exclude the portion of development costs attributable to the undeveloped reserves of these projects.
With respect to production sharing contracts, the unit-of-production method is based on the portion of production and reserves assigned to TotalEnergies taking into account estimates based on the contractual clauses regarding the reimbursement of exploration, development and production costs (cost oil/gas) as well as the sharing of hydrocarbon rights after deduction of cost oil (profit oil/gas).
Hydrocarbon transportation and processing assets are depreciated using the unit-of-production method based on throughput or by using the straight-line method whichever best reflects the economic life of the asset.
Other property, plant and equipment
Other property, plant and equipment are carried at cost, after deducting any accumulated depreciation and accumulated impairment losses. This cost includes borrowing costs directly attributable to the acquisition or production of a qualifying asset incurred until assets are placed in service. Borrowing costs are capitalized as follows:
\u2013if the project benefits from a specific funding, the capitalization of borrowing costs is based on the borrowing rate;
\u2013if the project is financed by all TotalEnergies\u2019 debt, the capitalization of borrowing costs is based on the weighted average borrowing cost for the period.
Routine maintenance and repairs are charged to expense as incurred. The costs of major turnarounds of refineries and large petrochemical units are capitalized as incurred and depreciated over the period of time between two consecutive major turnarounds.
Other property, plant and equipment are depreciated using the straight-line method over their useful lives, which are as follows:
| \n Furniture, office equipment, machinery and tools | \n\n 3 \u2013 12 years | \n
| \n Transportation equipment | \n\n 5 \u2013 20 years | \n
| \n Storage tanks and related equipment | \n\n 10 \u2013 15 years | \n
| \n Specialized complex installations and pipelines | \n\n 10 \u2013 30 years | \n
| \n Buildings | \n\n 10 \u2013 50 years | \n
Accounting principles
Under the equity method, the investment in the associate or joint venture is initially recognized at acquisition cost and subsequently adjusted to recognize TotalEnergies\u2019 share of the net income and other comprehensive income of the associate or joint venture.
Unrealized gains on transactions between TotalEnergies and its equity-accounted entities are eliminated to the extent of TotalEnergies\u2019 interest in the equity accounted entity.
In equity affiliates, goodwill is included in investment book value.
In cases where TotalEnergies holds less than 20% of the voting rights in another entity, the determination of whether TotalEnergies exercises significant influence is also based on other facts and circumstances: representation on the Board of Directors or an equivalent governing body of the entity, participation in policy-making processes, including participation in decisions relating to dividends or other distributions, significant transactions between the investor and the entity, exchange of management personnel, or provision of essential technical information.
Accounting principles
Other investments are equity instruments and are measured according to IFRS 9 at fair value through profit and loss (default option). On initial recognition, the standard allows to make an election to record the changes of fair value in other comprehensive income. For these equity instruments, only dividends can be recognized in profit or loss.
TotalEnergies recognizes changes in fair value in equity or in profit or loss according to the option chosen on an instrument by instrument basis.
For quoted shares on active markets, this fair value is based on the market price.
Accounting principles
Treasury shares held by TotalEnergies SE, or by its subsidiaries are deducted from consolidated shareholders' equity. Gains or losses on sales of treasury shares are excluded from the determination of net income and are recognized in shareholders\u2019 equity.
Accounting principles
Earnings per share is calculated by dividing net income (TotalEnergies share) by the weighted-average number of common shares outstanding during the period, excluding TotalEnergies shares held by TotalEnergies SE (Treasury shares) which are deducted from consolidated shareholders\u2019 equity.
Diluted earnings per share is calculated by dividing net income (TotalEnergies share) by the fully-diluted weighted-average number of common shares outstanding during the period. Treasury shares held by the parent company, TotalEnergies SE are deducted from consolidated shareholders\u2019 equity. This calculation also takes into account the dilutive effect of share grants and capital increases with a subscription period closing after the end of the fiscal year.
The weighted-average number of fully-diluted shares is calculated in accordance with the treasury stock method provided for by IAS 33. The proceeds, which would be recovered in the event of an exercise of rights related to dilutive instruments, are presumed to be a share buyback at the average market price over the period. The number of shares thereby obtained leads to a reduction in the total number of shares that would result from the exercise of rights.
In compliance with IAS 33, earnings per share and diluted earnings per share are based on the net income after deduction of the remuneration due to the holders of deeply subordinated notes
Accounting principles
TotalEnergies SE may grant employees share subscription or purchase options plans, performance shares plans and offer its employees the opportunity to subscribe to reserved capital increases. These employee benefits are recognized as expenses with a corresponding credit to shareholders\u2019 equity.
The expense is equal to the fair value of the instruments granted. The expense is recognized on a straight-line basis over the period in which the advantages are acquired.
The fair value of the options is calculated using the Black-Scholes model at the grant date.
For performance shares plans, the fair value is calculated using the market price at the grant date after deducting the expected distribution rate during the vesting period.
The number of allocated equity instruments can be revised during the vesting period in cases of non-compliance with performance conditions, with the exception of those related to the market, or according to the rate of turnover of the beneficiaries.
The cost of employee-reserved capital increases is immediately expensed.
The cost of the capital increase reserved for employees consists of the cost related to the discount on the shares subscribed using the classic and/or the leveraged schemes, the cost of the free shares and the opportunity gain for the shares subscribed using the leveraged scheme, as applicable. This opportunity gain corresponds to the benefit of subscribing to the leveraged offer, rather than reproducing the same economic profile through the purchase of options in the market for individual investors.
Accounting principles
In accordance with the laws and practices of each country, TotalEnergies participates in employee benefit plans offering retirement, death and disability, healthcare and special termination benefits. These plans provide benefits based on various factors such as length of service, salaries, and contributions made to the governmental bodies responsible for the payment of benefits.
These plans can be either defined contribution or defined benefit pension plans and may be entirely or partially funded with investments made in various non-consolidated instruments such as mutual funds, insurance contracts, and other instruments.
For defined contribution plans, expenses correspond to the contributions paid.
Defined benefit obligations are determined according to the Projected Unit Method. Actuarial gains and losses may arise from differences between actuarial valuation and projected commitments (depending on new calculations or assumptions) and between projected and actual return of plan assets. Such gains and losses are recognized in the statement of comprehensive income, with no possibility to subsequently recycle them to the income statement.
The past service cost is recorded immediately in the statement of income, whether vested or unvested.
The net periodic pension cost is recognized under \u201cOther operating expenses\u201d.
Accounting principles
Income taxes disclosed in the statement of income include current tax expenses (or income) and deferred tax expenses (or income).
Current tax expenses (or income) are the estimated amount of the tax due for the taxable income of the period.
Deferred income taxes are recorded based on the temporary differences between the carrying amounts of assets and liabilities recorded in the balance sheet and their tax bases, and on carry-forwards of unused tax losses and other tax credits.
Deferred tax assets and liabilities are measured using the tax rates that have been enacted or substantially enacted at the balance sheet date. The tax rates used depend on the timing of reversals of temporary differences, tax losses and other tax credits. The effect of a change in tax rate is recognized either in the Consolidated Statement of Income or in shareholders\u2019 equity depending on the item it relates to.
Deferred tax resulting from temporary differences between the carrying amounts of equity-method investments and their tax bases are recognized. The deferred tax calculation is based on the expected future tax effect (dividend distribution rate or tax rate on capital gains).
Accounting principles
A provision is recognized when TotalEnergies has a present obligation, legal or constructive, as a result of a past event for which it is probable that an outflow of resources will be required and when a reliable estimate can be made regarding the amount of the obligation. The amount of the liability corresponds to the best possible estimate.
Provisions and non-current liabilities are comprised of liabilities for which the amount and the timing are uncertain. They arise from environmental risks, legal and tax risks, litigation and other risks.
Accounting principles
Asset retirement obligations, which result from a legal or constructive obligation, are recognized based on a reasonable estimate in the period in which the obligation arises.
The associated asset retirement costs are capitalized as part of the carrying amount of the underlying asset and depreciated over the useful life of this asset.
An entity is required to measure changes in the liability for an asset retirement obligation due to the passage of time (accretion) by applying a discount rate to the amount of the liability. Given the long-term nature of expenditures related to our asset retirement obligations, the rate is determined by reference to the rates of high quality AA-rated corporate bonds on the USD area for a long-term horizon. The increase of the provision due to the passage of time is recognized as \u201cOther financial expense\u201d.
Accounting principles
A lease contract is a contract that grants lessee the right to use an identified asset for a specified period of time in exchange for consideration. At lease inception, an asset corresponding to right of use and a debt are recognized in the lessee\u2019s balance sheet. Carrying value of right of use corresponds to present value of future lease payments plus any direct costs incurred for concluding the contract. Lease debt is recorded as a liability in the balance sheet under financial debts. Rights of use are depreciated over the useful lives applied by TotalEnergies.
Leases that are of short duration or that relate to low value assets are not recorded in the balance sheet, in accordance with the exemptions in the standard. They are presented as off-balance sheet commitments.
Accounting principles
Cash and cash equivalents are composed of cash on hand and highly liquid short-term investments that are easily convertible into known amounts of cash and are subject to insignificant risks of changes in value.
Investments with maturity greater than three months and less than twelve months are shown under \u201cCurrent financial assets\u201d.
Changes in current financial assets and liabilities are included in the financing activities section of the Consolidated Statement of Cash Flows.
Accounting principles
TotalEnergies uses derivative instruments to manage its exposure to risks of changes in interest rates, foreign exchange rates and commodity prices. These financial instruments are accounted for in accordance with IFRS 9, changes in fair value of derivative instruments are recognized in the income statement or in other comprehensive income and are recognized in the balance sheet in the accounts corresponding to their nature, according to the risk management strategy. The derivative instruments used by TotalEnergies are the following:
Cash management
Financial instruments used for cash management purposes are part of a hedging strategy of currency and interest rate risks within global limits set by TotalEnergies and are considered to be held for trading. Changes in fair value are systematically recorded in the income statement. The balance sheet value of those instruments is included in \u201cCurrent financial assets\u201d or \u201cOther current financial liabilities\u201d.
Long-term financing
When an external long-term financing is set up, specifically to finance subsidiaries, and when this financing involves currency and interest rate derivatives, these instruments are qualified as:
1.Fair value hedge of the interest rate and currency risks on the external debt financing the loans to subsidiaries. Changes in fair value of derivatives are recognized in the income statement, as are changes in fair value of underlying financial debts and loans to subsidiaries.
The fair value of those hedging instruments of long-term financing is included in assets under \u201cNon-current financial assets\u201d or in liabilities under \u201cNon-current financial debt\u201d for the non-current portion. The current portion (less than one year) is accounted for in \u201cCurrent financial assets\u201d or \u201cOther current financial liabilities\u201d.
In case of the anticipated termination of derivative instruments accounted for as fair value hedges, the amount paid or received is recognized in the income statement and:
\u2013If this termination is due to an early cancellation of the hedged items, the adjustment previously recorded as revaluation of those hedged items is also recognized in the income statement;
\u2013If the hedged items remain in the balance sheet, the adjustment previously recorded as a revaluation of those hedged items is amortized over the remaining life of those items.
In case of a change in the strategy of the hedge (fair value hedge to cash flow hedge), if the components of the initial aggregated exposure had already been designated in a hedging relationship (FVH), TotalEnergies designates the new instrument as a hedging instrument of an aggregated position (CFH) without having to end the initial hedging relationship.
2.Cash flow hedge when TotalEnergies implements a strategy of fixing interest rate and/or currency rate on the external debt. Changes in fair value are recorded in other comprehensive income for the effective portion of the hedging and in the income statement for the ineffective portion of the hedging. When the hedged transaction affects profit or loss, the fair value variations of the hedging instrument recorded in equity are also symmetrically recycled to the income statement.
The fair value of those hedging instruments of long-term financing is included in assets under \u201cNon-current financial assets\u201d or in liabilities under \u201cNon-current financial debt\u201d for the non-current portion. The current portion (less than one year) is accounted for in \u201cCurrent financial assets\u201d or \u201cOther current financial liabilities\u201d.
If the hedging instrument expires, is sold or terminated by anticipation, gains or losses previously recognized in equity remain in equity. Amounts are recycled to the income statement only when the hedged transaction affects profit or loss.
3.In compliance with IFRS 9, TotalEnergies has decided to recognize in a separate component of the comprehensive income the variation of foreign currency basis spread (Cross Currency Swaps) identified in the hedging relationships qualified as fair value hedges and cash flow hedges.
Foreign subsidiaries\u2019 equity hedge
Certain financial instruments hedge against risks related to the equity of foreign subsidiaries whose functional currency is not the euro (mainly the dollar). These instruments qualify as \u201cnet investment hedges\u201d and changes in fair value are recorded in other comprehensive income under \u201cCurrency translation\u201d for the effective portion of the hedging and in the income statement for the ineffective portion of the hedging. Gains or losses on hedging instruments previously recorded in equity, are reclassified to the income statement in the same period as the total or partial disposal of the foreign activity.
The fair value of these instruments is recorded under \u201cCurrent financial assets\u201d and \u201dOther current financial liabilities\u201d
Commitments to purchase shares held by non-controlling interests (put options written on minority interests)
Put options granted to non-controlling-interest shareholders are initially recognized as financial liabilities at the present value of the exercise price of the options with a corresponding reduction in shareholders\u2019 equity \u2013 TotalEnergies share. The financial liability is subsequently measured at fair value at each balance sheet date in accordance with contractual clauses and any variation is recorded in the income statement (cost of debt).
Accounting principles
According to IFRS 13, fair values are estimated for the majority of TotalEnergies\u2019 financial instruments, with the exception of publicly traded equity securities and marketable securities for which the market price is used.
Estimations of fair value, which are based on principles such as discounting future cash flows to present value, must be weighted by the fact that the value of a financial instrument at a given time may be influenced by the market environment (liquidity especially), and also the fact that subsequent changes in interest rates and exchange rates are not taken into account.
As a consequence, the use of different estimates, methodologies and assumptions could have a material effect on the estimated fair value amounts.
The methods used are as follows:
Financial debts, swaps
The market value of swaps and of bonds that are hedged by those swaps has been determined on an individual basis by discounting future cash flows with the market curves existing at year-end.
Other financial instruments
The fair value of interest rate swaps and of FRA's (Forward Rate Agreements) is calculated by discounting future cash flows on the basis of market curves existing at year-end after adjustment for interest accrued but unpaid. Forward exchange contracts and currency swaps are valued on the basis of a comparison of the negotiated forward rates with the rates in effect on the financial markets at year-end for similar maturities.
Exchange options are valued based on models commonly used by the market.
Accounting principles
Financial instruments related to commodity contracts, including crude oil, petroleum products, gas, and power purchase/sales contracts within the trading activities, together with the commodity contract derivative instruments and freight rate swaps, are used to adjust TotalEnergies' exposure to price fluctuations within global trading limits. According to the industry practice, these instruments are considered as held for trading. Changes in fair value are recorded in the income statement. The fair value of these instruments is recorded in \u201cOther current assets\u201d or \u201cOther creditors and accrued liabilities\u201d depending on whether they are assets or liabilities.
The valuation methodology is to mark-to-market all open positions for both physical and paper transactions. The valuations are determined on a daily basis using observable market data based on organized and over the counter (OTC) markets. In specific cases when market data is not directly available, the valuations are derived from observable data such as arbitrages, freight or spreads and market corroboration. For valuation of risks which are the result of a calculation, such as options for example, commonly known models are used to compute the fair value.
A)Principles of consolidation
Entities that are directly controlled by the parent company or indirectly controlled by other consolidated entities are fully consolidated.
Investments in joint ventures are consolidated under the equity method. TotalEnergies accounts for joint operations by recognizing its share of assets, liabilities, income and expenses.
Investments in associates, in which TotalEnergies has significant influence, are accounted for by the equity method. Significant influence is presumed when TotalEnergies holds, directly or indirectly (e.g. through subsidiaries), 20% or more of the voting rights. Companies in which ownership interest is less than 20%, but over which TotalEnergies is deemed to exercise significant influence, are also accounted for by the equity method.
All internal balances, transactions and income are eliminated.
B)Business combinations
Business combinations are accounted for using the acquisition method. This method requires the recognition of the acquired identifiable assets and assumed liabilities of the companies acquired by TotalEnergies at their fair value.
The purchase accounting of the acquisition is finalized up to a maximum of one year from the acquisition date.
The acquirer shall recognize goodwill at the acquisition date, being the excess of:
\u2013The consideration transferred, the amount of non-controlling interests and, in business combinations achieved in stages, the fair value at the acquisition date of the investment previously held in the acquired company;
\u2013Over the fair value at the acquisition date of acquired identifiable assets and assumed liabilities.
If the consideration transferred is lower than the fair value of acquired identifiable assets and assumed liabilities, an additional analysis is performed on the identification and valuation of the identifiable elements of the assets and liabilities. After having completed such additional analysis, any negative goodwill is recorded as income.
Non-controlling interests are measured either at their proportionate share in the net assets of the acquired company or at fair value.
In transactions with non-controlling interests, the difference between the price paid (received) and the book value of non-controlling interests acquired (sold) is recognized directly in equity.
2.2Major business combinations
| \n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Accounting principles In accordance with IFRS 3 \u201cBusiness combinations\u201d, TotalEnergies is assessing the fair value of identifiable acquired assets, liabilities and contingent liabilities on the basis of available information. This assessment will be finalised within 12 months following the acquisition date.\u00a0 | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n
Exploration & Production
Transfer of rights in the Atapu and Sepia fields in Brazil
On April 26, 2022, Petrobras transferred to TotalEnergies 22.5% of the rights of the pre-salt Atapu oil field. Production started in 2020 and has reached a plateau of 160,000 barrels per day with a first Floating, Production, Storage and Offloading unit (FPSO). A second FPSO is planned to be sanctioned, which would increase the overall oil production of the field to around 350,000 b/d.
On April 27, 2022, Petrobras also transferred to TotalEnergies 28% of the rights of the pre-salt Sepia oil field. Production started in 2021 and is targeting a plateau of 180,000 barrels per day with a first Floating, Production, Storage and Offloading unit (FPSO). A second FPSO is planned to be sanctioned, which would increase the overall oil production of the field to around 350,000 b/d.
The preliminary purchase price allocation is shown below:
| \n (M$) | \n\n At the acquisition date | \n
| \n Intangible assets | \n\n 543 | \n
| \n Tangible assets | \n\n 4,512 | \n
| \n Other assets and liabilities | \n\n (437) | \n
| \n Fair value of consideration | \n\n 4,618 | \n
B)Business combinations
Business combinations are accounted for using the acquisition method. This method requires the recognition of the acquired identifiable assets and assumed liabilities of the companies acquired by TotalEnergies at their fair value.
The purchase accounting of the acquisition is finalized up to a maximum of one year from the acquisition date.
The acquirer shall recognize goodwill at the acquisition date, being the excess of:
\u2013The consideration transferred, the amount of non-controlling interests and, in business combinations achieved in stages, the fair value at the acquisition date of the investment previously held in the acquired company;
\u2013Over the fair value at the acquisition date of acquired identifiable assets and assumed liabilities.
If the consideration transferred is lower than the fair value of acquired identifiable assets and assumed liabilities, an additional analysis is performed on the identification and valuation of the identifiable elements of the assets and liabilities. After having completed such additional analysis, any negative goodwill is recorded as income.
Non-controlling interests are measured either at their proportionate share in the net assets of the acquired company or at fair value.
In transactions with non-controlling interests, the difference between the price paid (received) and the book value of non-controlling interests acquired (sold) is recognized directly in equity.
Accounting principles
In accordance with IFRS 3 \u201cBusiness combinations\u201d, TotalEnergies is assessing the fair value of identifiable acquired assets, liabilities and contingent liabilities on the basis of available information. This assessment will be finalised within 12 months following the acquisition date.\u00a0
B)Business combinations
Business combinations are accounted for using the acquisition method. This method requires the recognition of the acquired identifiable assets and assumed liabilities of the companies acquired by TotalEnergies at their fair value.
The purchase accounting of the acquisition is finalized up to a maximum of one year from the acquisition date.
The acquirer shall recognize goodwill at the acquisition date, being the excess of:
\u2013The consideration transferred, the amount of non-controlling interests and, in business combinations achieved in stages, the fair value at the acquisition date of the investment previously held in the acquired company;
\u2013Over the fair value at the acquisition date of acquired identifiable assets and assumed liabilities.
If the consideration transferred is lower than the fair value of acquired identifiable assets and assumed liabilities, an additional analysis is performed on the identification and valuation of the identifiable elements of the assets and liabilities. After having completed such additional analysis, any negative goodwill is recorded as income.
Non-controlling interests are measured either at their proportionate share in the net assets of the acquired company or at fair value.
In transactions with non-controlling interests, the difference between the price paid (received) and the book value of non-controlling interests acquired (sold) is recognized directly in equity.
Accounting principles
The acquirer shall recognize goodwill at the acquisition date, being the excess of:
\u2013The consideration transferred, the amount of non-controlling interests and, in business combinations achieved in stages, the fair value at the acquisition date of the investment previously held in the acquired company;
\u2013Over the fair value at the acquisition date of acquired identifiable assets and assumed liabilities.
If the consideration transferred is lower than the fair value of acquired identifiable assets and assumed liabilities, an additional analysis is performed on the identification and valuation of the identifiable elements of the assets and liabilities. After having completed such additional analysis, any negative goodwill is recorded as income.
Goodwill
Guidance for measuring goodwill is presented in Note 1.1 paragraph B to the Consolidated Financial Statements. Goodwill is not amortized but is tested for impairment at least annually and as soon as there is any indication of impairment.
The acquirer shall recognize goodwill at the acquisition date, being the excess of:
\u2013The consideration transferred, the amount of non-controlling interests and, in business combinations achieved in stages, the fair value at the acquisition date of the investment previously held in the acquired company;
\u2013Over the fair value at the acquisition date of acquired identifiable assets and assumed liabilities.
If the consideration transferred is lower than the fair value of acquired identifiable assets and assumed liabilities, an additional analysis is performed on the identification and valuation of the identifiable elements of the assets and liabilities. After having completed such additional analysis, any negative goodwill is recorded as income.
Accounting principles
Goodwill
Guidance for measuring goodwill is presented in Note 1.1 paragraph B to the Consolidated Financial Statements. Goodwill is not amortized but is tested for impairment at least annually and as soon as there is any indication of impairment.
Mineral interests
Unproved mineral interests are tested for impairment based on the results of the exploratory activity or as part of the impairment tests of the cash-generating units to which they are allocated.
Unproved mineral interests are transferred to proved mineral interests at their net book value as soon as proved reserves are booked.
Proved mineral interests are depreciated using the unit-of-production method based on proved reserves. The corresponding expense is recorded as depreciation of tangible assets and mineral interests.
Other intangible assets
Other intangible assets include patents, and trademarks.
Intangible assets are carried at cost, after deducting any accumulated amortization and accumulated impairment losses.
Intangible assets (excluding mineral interests) that have a finite useful life are amortized on a straight-line basis over three to twenty years depending on the useful life of the assets. The corresponding depreciation expense is recorded under other expense.
The acquirer shall recognize goodwill at the acquisition date, being the excess of:
\u2013The consideration transferred, the amount of non-controlling interests and, in business combinations achieved in stages, the fair value at the acquisition date of the investment previously held in the acquired company;
\u2013Over the fair value at the acquisition date of acquired identifiable assets and assumed liabilities.
If the consideration transferred is lower than the fair value of acquired identifiable assets and assumed liabilities, an additional analysis is performed on the identification and valuation of the identifiable elements of the assets and liabilities. After having completed such additional analysis, any negative goodwill is recorded as income.
Goodwill
Guidance for measuring goodwill is presented in Note 1.1 paragraph B to the Consolidated Financial Statements. Goodwill is not amortized but is tested for impairment at least annually and as soon as there is any indication of impairment.
| \n As of December 31, 2022 (M$) | \n\n Cost | \n\n Amortization and impairment | \n\n Net | \n
| \n Goodwill | \n\n 9,010 | \n\n (360) | \n\n 8,650 | \n
| \n Proved mineral interests | \n\n 18,025 | \n\n (10,088) | \n\n 7,937 | \n
| \n Unproved mineral interests | \n\n 15,962 | \n\n (2,946) | \n\n 13,016 | \n
| \n Other intangible assets | \n\n 6,795 | \n\n (4,467) | \n\n 2,328 | \n
| \n TOTAL INTANGIBLE ASSETS | \n\n 49,792 | \n\n (17,861) | \n\n 31,931 | \n
| \n As of December 31, 2021 (M$) | \n\n Cost | \n\n Amortization | \n\n Net | \n
| \n Goodwill | \n\n 9,728 | \n\n (899) | \n\n 8,829 | \n
| \n Proved mineral interests | \n\n 17,382 | \n\n (9,730) | \n\n 7,652 | \n
| \n Unproved mineral interests | \n\n 16,637 | \n\n (2,831) | \n\n 13,806 | \n
| \n Other intangible assets | \n\n 7,185 | \n\n (4,988) | \n\n 2,197 | \n
| \n Total intangible assets | \n\n 50,932 | \n\n (18,448) | \n\n 32,484 | \n
| \n As of December 31, 2020 (M$) | \n\n Cost | \n\n Amortization | \n\n Net | \n
| \n Goodwill | \n\n 9,738 | \n\n (931) | \n\n 8,807 | \n
| \n Proved mineral interests | \n\n 16,559 | \n\n (9,595) | \n\n 6,964 | \n
| \n Unproved mineral interests | \n\n 20,300 | \n\n (4,790) | \n\n 15,510 | \n
| \n Other intangible assets | \n\n 7,212 | \n\n (4,965) | \n\n 2,247 | \n
| \n Total intangible assets | \n\n 53,809 | \n\n (20,281) | \n\n 33,528 | \n
Change in net intangible assets is analyzed in the following table:
| \n (M$) | \n\n Net amount as of January 1, | \n\n Expenditures | \n\n Disposals | \n\n Amortization | \n\n Currency translation adjustment | \n\n Other | \n\n Net amount as of December 31, | \n
| \n 2022 | \n\n 32,484 | \n\n 1,991 | \n\n \u00a0(75) | \n\n \u00a0(1,582) | \n\n \u00a0(423) | \n\n \u00a0(464) | \n\n 31,931 | \n
| \n 2021 | \n\n 33,528 | \n\n 696 | \n\n (271) | \n\n (1,322) | \n\n (394) | \n\n 247 | \n\n 32,484 | \n
| \n 2020 | \n\n 33,178 | \n\n 784 | \n\n (277) | \n\n (1,430) | \n\n 305 | \n\n 968 | \n\n 33,528 | \n
In 2022, the heading \u201cAmortization and impairment\" includes the accounting impact of exceptional asset impairments for an amount of $301 million, resulting in particular from the withdrawal from the North Platte project in the deep waters of the Gulf of Mexico (see note 3, paragraph D to the consolidated financial statements).
In 2022, the heading \u201cOther\u201d mainly reflects the effect of changes in the consolidation scope (in particular the removal of SunPower from the scope of consolidation for USD 167 million).
In 2021, the heading \u201cAmortization and impairment\" included the accounting impact of exceptional asset impairments for an amount of $253 million, notably relating to the end of the Qatargas 1 licence agreement and \u00a0unconventional assets in the United States (see note 3 paragraph D to the Consolidated Financial Statements).
In 2021, the heading \u201cOther\u201d mainly reflected changes in the consolidation scope (including the acquisition of Blue Raven Solar for $140 million and Fonroche Biogaz) for $89 million.
In 2020, the heading \u201cAmortization and impairment\" included the accounting impact of exceptional asset impairments for an amount of $323 million (see note 3 paragraph D to the Consolidated Financial Statements).
In 2020, the heading \u201cOther\u201d mainly reflected changes in the consolidation scope (including the acquisition of the residential gas and electricity supply business in Spain) for $898 million.
\u00a0
A summary of changes in the carrying amount of goodwill by business segment for the year ended December\u00a031, 2022 is as follows:
| \n (M$) | \n\n Net goodwill as\u00a0of | \n\n Increases | \n\n Impairments | \n\n Other | \n\n Net goodwill as of December 31, 2022 | \n
| \n Integrated Gas, Renewables & Power | \n\n 5,243 | \n\n 111 | \n\n (58) | \n\n (273) | \n\n 5,023 | \n
| \n Exploration & Production | \n\n 2,612 | \n\n \u2013 | \n\n \u2013 | \n\n (31) | \n\n 2,581 | \n
| \n Refining & Chemicals | \n\n 519 | \n\n \u2013 | \n\n \u2013 | \n\n (17) | \n\n 502 | \n
| \n Marketing & Services | \n\n 426 | \n\n 108 | \n\n \u2013 | \n\n (18) | \n\n 516 | \n
| \n Corporate | \n\n 29 | \n\n \u2013 | \n\n \u2013 | \n\n (1) | \n\n 28 | \n
| \n Total | \n\n 8,829 | \n\n 219 | \n\n (58) | \n\n (340) | \n\n 8,650 | \n
C)Foreign currency translation
The presentation currency of TotalEnergies' Consolidated Financial Statements is the US dollar. However, the functional currency of the parent company is the euro. The resulting currency translation adjustments are presented on the line \"currency translation adjustment generated by the parent company\" of the consolidated statement of comprehensive income, within \"items not potentially reclassifiable to profit and loss\". In the balance sheet, they are recorded in \"currency translation adjustment\".
The financial statements of subsidiaries are prepared in the currency that most clearly reflects their business environment. This is referred to as their functional currency.
Since July 1, 2018, Argentina is considered to be hyperinflationary. IAS 29 \u201cFinancial Reporting in Hyperinflationary Economies\u201d is applicable to entities whose functional currency is the Argentine peso. The functional currency of the Argentine Exploration & Production subsidiary is the US dollar, therefore IAS 29 has no incidence on TotalEnergies accounts. Net asset of the other business segments is not significant.
(i)Monetary transactions
Transactions denominated in currencies other than the functional currency of the entity are translated at the exchange rate on the transaction date. At each balance sheet date, monetary assets and liabilities are translated at the closing rate and the resulting exchange differences are recognized in the statement of income.
(ii)Translation of financial statements
Assets and liabilities of entities denominated in currencies other than dollar are translated into dollar on the basis of the exchange rates at the end of the period. The income and cash flow statements are translated using the average exchange rates for the period. Foreign exchange differences resulting from such translations are either recorded in shareholders\u2019 equity under \u201cCurrency translation adjustments\u201d (for TotalEnergies share) or under \u201cNon-controlling interests\u201d (for the share of non-controlling interests) as deemed appropriate.
C)Foreign currency translation
The presentation currency of TotalEnergies' Consolidated Financial Statements is the US dollar. However, the functional currency of the parent company is the euro. The resulting currency translation adjustments are presented on the line \"currency translation adjustment generated by the parent company\" of the consolidated statement of comprehensive income, within \"items not potentially reclassifiable to profit and loss\". In the balance sheet, they are recorded in \"currency translation adjustment\".
The financial statements of subsidiaries are prepared in the currency that most clearly reflects their business environment. This is referred to as their functional currency.
Since July 1, 2018, Argentina is considered to be hyperinflationary. IAS 29 \u201cFinancial Reporting in Hyperinflationary Economies\u201d is applicable to entities whose functional currency is the Argentine peso. The functional currency of the Argentine Exploration & Production subsidiary is the US dollar, therefore IAS 29 has no incidence on TotalEnergies accounts. Net asset of the other business segments is not significant.
(i)Monetary transactions
Transactions denominated in currencies other than the functional currency of the entity are translated at the exchange rate on the transaction date. At each balance sheet date, monetary assets and liabilities are translated at the closing rate and the resulting exchange differences are recognized in the statement of income.
(ii)Translation of financial statements
Assets and liabilities of entities denominated in currencies other than dollar are translated into dollar on the basis of the exchange rates at the end of the period. The income and cash flow statements are translated using the average exchange rates for the period. Foreign exchange differences resulting from such translations are either recorded in shareholders\u2019 equity under \u201cCurrency translation adjustments\u201d (for TotalEnergies share) or under \u201cNon-controlling interests\u201d (for the share of non-controlling interests) as deemed appropriate.
C)Foreign currency translation
The presentation currency of TotalEnergies' Consolidated Financial Statements is the US dollar. However, the functional currency of the parent company is the euro. The resulting currency translation adjustments are presented on the line \"currency translation adjustment generated by the parent company\" of the consolidated statement of comprehensive income, within \"items not potentially reclassifiable to profit and loss\". In the balance sheet, they are recorded in \"currency translation adjustment\".
The financial statements of subsidiaries are prepared in the currency that most clearly reflects their business environment. This is referred to as their functional currency.
Since July 1, 2018, Argentina is considered to be hyperinflationary. IAS 29 \u201cFinancial Reporting in Hyperinflationary Economies\u201d is applicable to entities whose functional currency is the Argentine peso. The functional currency of the Argentine Exploration & Production subsidiary is the US dollar, therefore IAS 29 has no incidence on TotalEnergies accounts. Net asset of the other business segments is not significant.
2.1Main acquisitions and divestments
In 2022, the main changes in TotalEnergies perimeter were as follows:
Integrated Gas, Renewables & Power
\u2013On February 28, 2022, TotalEnergies has successfully been named a winner of maritime lease area OCS-A 0538 by the BOEM (Bureau of Ocean Energy Management) in the New York Bight auction in United States.
This bid for the development of an offshore wind farm off the U.S. East Coast was won for a consideration of $795 million (100%) by both TotalEnergies and EnBW.\u00a0
Located up to 47 nautical miles (87 kilometers) from the coast, the lease covers a 132 square miles (341 square kilometer) area that could accommodate a generation capacity of at least 3 GW, enough to provide power to about one million homes. The project is expected to come online by 2028.
\u2013In September 2022, TotalEnergies finalized the acquisition of 50% of Clearway Energy Group (CEG), the 5th US renewable energy player, with Global Infrastructure Partners (GIP).
In the frame of this transaction, GIP received $1.6 billion in cash and an interest of 50% minus one share in the TotalEnergies subsidiary that holds a 50.5% ownership in SunPower Corporation, leader in residential solar in the U.S.
These transactions had an impact of $1,391 million on TotalEnergies' net income, TotalEnergies\u2019 share, and as of September 30, 2022, TotalEnergies' interests in Clearway Energy Group (CEG) and in TotalEnergies' subsidiary that holds a 50.5% ownership in SunPower are accounted for using the equity method. This impact is treated as an adjustment item.
Exploration & Production
\u2013In January 2022, TotalEnergies has decided to initiate the contractual process of withdrawing from the Yadana field and from MGTC in Myanmar, both as operator and as shareholder, without any financial compensation for TotalEnergies.
As a result, TotalEnergies registered an impairment of assets of $(201) million in operating income and of $(305) million in net income TotalEnergies\u2019 share in the financial statements as of December 31, 2021.
This withdrawal became effective on July 20, 2022.
\u2013In February 2022, TotalEnergies announced its decision not to sanction and so to withdraw from the North Platte deepwater project in the US Gulf of Mexico.
The decision not to continue with the project was taken as TotalEnergies has better opportunities of allocation of its capital within its global portfolio.\u00a0
An impairment of the project\u2019s assets has been recorded in the consolidated financial statements of the first quarter of 2022, for an amount of $(957) million in net income, TotalEnergies\u2019 share.
\u2013In April 2022, TotalEnergies finalized the acquisition of the Atapu and Sepia pre-salt oil fields offered by Brazil\u2019s National Agency of Petroleum, Natural Gas and Biofuels (ANP) in the Transfer of Rights (ToR) Surplus bidding round, that took place in December 2021.
The details of the acquisition are presented in Note 2.2 to the consolidated financial statements.
\u2013TotalEnergies holds a 19.4% stake in the company Novatek, a stake that it cannot sell given the prevailing shareholders\u2019 agreements, as it is forbidden for TotalEnergies to sell any asset to one of Novatek's main shareholders who is under sanction. In view of the European sanctions in force since the beginning of the war, the two directors representing TotalEnergies on the board of directors of Novatek are led to abstain from voting in meetings of the board of directors of this company, in particular on financial matters. They are therefore no longer in a position to fully carry out their duties on the board which might become an issue for the governance of this company.\u00a0
Under these circumstances, on December 9, 2022, the Board of Directors of TotalEnergies has decided to withdraw the representatives of the Company from the Board of PAO Novatek with immediate effect.
As a result, at the end of 2022, the criteria for significant influence no longer being met under IAS 28 \u201cInvestments in Associates and Joint Ventures\u201d, TotalEnergies' 19.4% stake in Novatek is no longer accounted for under the equity method in the Company\u2019s consolidated financial statements.
8.1Equity affiliates: investments and loans
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Under the equity method, the investment in the associate or joint venture is initially recognized at acquisition cost and subsequently adjusted to recognize TotalEnergies\u2019 share of the net income and other comprehensive income of the associate or joint venture. Unrealized gains on transactions between TotalEnergies and its equity-accounted entities are eliminated to the extent of TotalEnergies\u2019 interest in the equity accounted entity. In equity affiliates, goodwill is included in investment book value. | \n\n \n | \n\n In cases where TotalEnergies holds less than 20% of the voting rights in another entity, the determination of whether TotalEnergies exercises significant influence is also based on other facts and circumstances: representation on the Board of Directors or an equivalent governing body of the entity, participation in policy-making processes, including participation in decisions relating to dividends or other distributions, significant transactions between the investor and the entity, exchange of management personnel, or provision of essential technical information. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
The contribution of equity affiliates in the consolidated balance sheet, consolidated statement of income and consolidated statement of comprehensive income is presented below:
| \n Equity value As of December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Total Associates | \n\n 9,533 | \n\n 17,244 | \n\n 15,745 | \n
| \n Total Joint ventures | \n\n 14,623 | \n\n 9,277 | \n\n 7,102 | \n
| \n TOTAL | \n\n 24,156 | \n\n 26,521 | \n\n 22,847 | \n
| \n Loans | \n\n 3,733 | \n\n 4,532 | \n\n 5,129 | \n
| \n Total | \n\n 27,889 | \n\n 31,053 | \n\n 27,976 | \n
| \n Profit/(loss) (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Total Associates | \n\n (4,567) | \n\n 1,186 | \n\n 753 | \n
| \n Total Joint ventures | \n\n 2,675 | \n\n 2,252 | \n\n (301) | \n
| \n Total | \n\n (1,892) | \n\n 3,438 | \n\n 452 | \n
| \n Other comprehensive income (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Total Associates | \n\n 3,368 | \n\n 734 | \n\n (1,704) | \n
| \n Total Joint ventures | \n\n 129 | \n\n (28) | \n\n (127) | \n
| \n Total | \n\n 3,497 | \n\n 706 | \n\n (1,831) | \n
A)Information related to associates
Information (100% gross) related to significant associates is as follows:
| \n Exploration & production activities (M$) | \n\n Novatek(a) | \n\n \n | \n\n Liquefaction entities | \n\n \n | \n\n PetroCede\u00f1o(a) | \n||||
| \n 2022 | \n\n 2021 | \n\n 2020 | \n\n \n | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n\n \n | \n\n 2020 | \n|
| \n Non current assets | \n\n \u2013 | \n\n 26,954 | \n\n 23,748 | \n\n \n | \n\n 40,850 | \n\n 39,348 | \n\n 34,273 | \n\n \n | \n\n 4,008 | \n
| \n Current assets | \n\n \u2013 | \n\n 8,208 | \n\n 4,170 | \n\n \n | \n\n 8,276 | \n\n 11,075 | \n\n 7,537 | \n\n \n | \n\n 6,428 | \n
| \n Total Assets | \n\n \u2013 | \n\n 35,162 | \n\n 27,918 | \n\n \n | \n\n 49,126 | \n\n 50,423 | \n\n 41,810 | \n\n \n | \n\n 10,436 | \n
| \n Shareholder's equity | \n\n \u2013 | \n\n 25,944 | \n\n 22,160 | \n\n \n | \n\n 19,188 | \n\n 23,867 | \n\n 23,403 | \n\n \n | \n\n 4,548 | \n
| \n Non current liabilities | \n\n \u2013 | \n\n 3,246 | \n\n 3,164 | \n\n \n | \n\n 22,312 | \n\n 19,659 | \n\n 13,608 | \n\n \n | \n\n 73 | \n
| \n Current liabilities | \n\n \u2013 | \n\n 5,972 | \n\n 2,594 | \n\n \n | \n\n 7,626 | \n\n 6,897 | \n\n 4,799 | \n\n \n | \n\n 5,815 | \n
| \n Total Liabilities | \n\n \u2013 | \n\n 35,162 | \n\n 27,918 | \n\n \n | \n\n 49,126 | \n\n 50,423 | \n\n 41,810 | \n\n \n | \n\n 10,436 | \n
| \n Revenue from sales | \n\n \u2013 | \n\n 15,876 | \n\n 9,733 | \n\n \n | \n\n 35,888 | \n\n 23,243 | \n\n 15,584 | \n\n \n | \n\n 66 | \n
| \n Net income | \n\n \u2013 | \n\n 5,871 | \n\n 1,759 | \n\n \n | \n\n 10,247 | \n\n 8,056 | \n\n 2,416 | \n\n \n | \n\n \u2013 | \n
| \n Other comprehensive income | \n\n \u2013 | \n\n (82) | \n\n (3,206) | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n
| \n % owned | \n\n 19.40% | \n\n 19.40% | \n\n 19.40% | \n\n \n | \n\n \n | \n\n \u00a0 | \n\n \u00a0 | \n\n \n | \n\n 30.32% | \n
| \n Equity value | \n\n \u2013 | \n\n 6,243 | \n\n 5,596 | \n\n \n | \n\n 3,243 | \n\n 5,582 | \n\n 5,534 | \n\n \n | \n\n 1,379 | \n
| \n including goodwill and identifiable assets | \n\n \u2013 | \n\n 1,210 | \n\n 1,297 | \n\n \n | \n\n 34 | \n\n 1,832 | \n\n 1,837 | \n\n \n | \n\n \u2013 | \n
| \n Profit/(loss) | \n\n (5,747) | \n\n 1,065 | \n\n 264 | \n\n \n | \n\n (340) | \n\n 1,024 | \n\n 237 | \n\n \n | \n\n \u2013 | \n
| \n Share of Other Comprehensive Income, net amount | \n\n 3,118 | \n\n 446 | \n\n (1,409) | \n\n \n | \n\n (71) | \n\n 85 | \n\n (122) | \n\n \n | \n\n \u2013 | \n
| \n Dividends paid to TotalEnergies | \n\n 883 | \n\n 387 | \n\n 229 | \n\n \n | \n\n 1,224 | \n\n 817 | \n\n 406 | \n\n \n | \n\n \u2013 | \n
| \n (a)Information includes the best Company\u2019s estimates of results at the date of TotalEnergies\u2019 financial statements. | \n
As of 31 December 2022, Novatek is no longer an equity accounted affiliate in the Company's consolidated financial statements (see note 2.1 to the consolidated financial statements). This stake is now recognized in \"other investments\" and is measured in accordance with IFRS 9 at fair value through profit or loss. In the context of the Russian-Ukrainian conflict, the Company considers that the market value of Novatek is not representative of its fair value. As of December 31, 2022, the Company retained a zero fair value given the very significant uncertainties on any valuation assumption for the stake in Novatek.
TotalEnergies' interests in associates operating liquefaction plants are combined. The amounts include investments in: Nigeria LNG (15.00%), TotalEnergies LNG Angola (13.60%), Yemen LNG (39.62%), Qatar Liquefied Gas Company Limited (Qatargas) (10.00%), Qatar Liquefied Gas Company Limited II (16.70%), Oman LNG (5.54%), and Abu Dhabi Gas Liquefaction Company Limited (5.00%), Arctic LNG 2 (10.00%).
TotalEnergies\u2019 stake in PetroCede\u00f1o was sold in July 2021.
| \n Renewables and Electricity activities (M$) | \n\n Adani Green Energy Limited(a) | \n|
| \n 2022 | \n\n 2021 | \n|
| \n Non current assets | \n\n 6,961 | \n\n 6,223 | \n
| \n Current assets | \n\n 769 | \n\n 1,042 | \n
| \n Total Assets | \n\n 7,730 | \n\n 7,265 | \n
| \n Shareholder's equity | \n\n 807 | \n\n 316 | \n
| \n Non current liabilities | \n\n 5,805 | \n\n 5,560 | \n
| \n Current liabilities | \n\n 1,118 | \n\n 1,389 | \n
| \n Total Liabilities | \n\n 7,730 | \n\n 7,265 | \n
| \n Revenue from sales | \n\n 1,073 | \n\n 545 | \n
| \n Net income | \n\n 104 | \n\n 35 | \n
| \n Other comprehensive income | \n\n (112) | \n\n (10) | \n
| \n % owned | \n\n 19.74% | \n\n 20.00% | \n
| \n Equity value | \n\n 1,856 | \n\n 2,102 | \n
| \n including goodwill and identifiable assets | \n\n 1,697 | \n\n 2,039 | \n
| \n Profit/(loss) | \n\n 21 | \n\n 7 | \n
| \n Share of Other Comprehensive Income, net amount | \n\n 23 | \n\n 6 | \n
| \n Dividends paid to TotalEnergies | \n\n \u2013 | \n\n \u2013 | \n
| \n (a)Interest acquired in 2021. | \n
| \n Refining & Chemicals activities (M$) | \n\n Saudi Aramco | \n\n \n | \n\n Qatar | \n||||
| \n 2022 | \n\n 2021 | \n\n 2020 | \n\n \n | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n|
| \n Non current assets | \n\n 10,003 | \n\n 10,264 | \n\n 10,698 | \n\n \n | \n\n 3,905 | \n\n 3,909 | \n\n 4,105 | \n
| \n Current assets | \n\n 3,615 | \n\n 2,221 | \n\n 1,211 | \n\n \n | \n\n 2,491 | \n\n 1,908 | \n\n 1,521 | \n
| \n Total Assets | \n\n 13,618 | \n\n 12,485 | \n\n 11,909 | \n\n \n | \n\n 6,396 | \n\n 5,817 | \n\n 5,626 | \n
| \n Shareholder's equity | \n\n 3,858 | \n\n 1,164 | \n\n 1,256 | \n\n \n | \n\n 2,737 | \n\n 2,693 | \n\n 2,717 | \n
| \n Non current liabilities | \n\n 6,365 | \n\n 7,322 | \n\n 7,994 | \n\n \n | \n\n 2,062 | \n\n 1,906 | \n\n 2,171 | \n
| \n Current liabilities | \n\n 3,395 | \n\n 3,999 | \n\n 2,659 | \n\n \n | \n\n 1,597 | \n\n 1,218 | \n\n 738 | \n
| \n Total Liabilities | \n\n 13,618 | \n\n 12,485 | \n\n 11,909 | \n\n \n | \n\n 6,396 | \n\n 5,817 | \n\n 5,626 | \n
| \n Revenue from sales | \n\n 20,492 | \n\n 11,123 | \n\n 6,031 | \n\n \n | \n\n 13,193 | \n\n 9,266 | \n\n 5,222 | \n
| \n Net income | \n\n 2,409 | \n\n (245) | \n\n (686) | \n\n \n | \n\n 629 | \n\n 649 | \n\n 91 | \n
| \n Other comprehensive income | \n\n 284 | \n\n 155 | \n\n (171) | \n\n \n | \n\n (5) | \n\n (5) | \n\n \u2013 | \n
| \n % owned | \n\n 37.50% | \n\n 37.50% | \n\n 37.50% | \n\n \n | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Equity value | \n\n 1,447 | \n\n 437 | \n\n 471 | \n\n \n | \n\n 703 | \n\n 693 | \n\n 716 | \n
| \n including goodwill and identifiable assets | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Profit/(loss) | \n\n 903 | \n\n (92) | \n\n (257) | \n\n \n | \n\n 161 | \n\n 174 | \n\n 57 | \n
| \n Share of Other Comprehensive Income, net amount | \n\n 147 | \n\n 116 | \n\n (128) | \n\n \n | \n\n 10 | \n\n 13 | \n\n (16) | \n
| \n Dividends paid to TotalEnergies | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n 138 | \n\n 199 | \n\n 63 | \n
Saudi Aramco Total Refining & Petrochemicals is an entity including a refinery in Jubail, Saudi Arabia, with a capacity of 460,000 barrels/day with integrated petrochemical units.
The TotalEnergies' interests in associates of the Refining & Chemicals segment, operating steam crackers and polyethylene lines in Qatar have been combined: Qatar Petrochemical Company Ltd. (20.00%), Qatofin (49.08%), Laffan Refinery (10.00%) and Laffan Refinery II (10.00%).
B)Information related to joint ventures
The information (100% gross) related to significant joint ventures is as follows:
| \n (M$) | \n\n Liquefaction entities | \n\n \n | \n\n Hanwha TotalEnergies Petrochemical Co | \n||||
| \n 2022 | \n\n 2021 | \n\n 2020 | \n\n \n | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n|
| \n Non current assets | \n\n 65,293 | \n\n 66,924 | \n\n 70,425 | \n\n \n | \n\n 4,113 | \n\n 4,443 | \n\n 4,664 | \n
| \n Current assets excluding cash and cash equivalents | \n\n 2,630 | \n\n 2,912 | \n\n 1,513 | \n\n \n | \n\n 2,326 | \n\n 2,117 | \n\n 1,575 | \n
| \n Cash and cash equivalents | \n\n 4,375 | \n\n 2,312 | \n\n 1,834 | \n\n \n | \n\n 82 | \n\n 151 | \n\n 303 | \n
| \n Total Assets | \n\n 72,298 | \n\n 72,148 | \n\n 73,772 | \n\n \n | \n\n 6,521 | \n\n 6,711 | \n\n 6,542 | \n
| \n Shareholder's equity | \n\n 17,455 | \n\n 9,956 | \n\n 4,433 | \n\n \n | \n\n 3,146 | \n\n 3,538 | \n\n 3,443 | \n
| \n Other non current liabilities | \n\n 10,785 | \n\n 8,205 | \n\n 8,259 | \n\n \n | \n\n 180 | \n\n 164 | \n\n 167 | \n
| \n Non current financial debts | \n\n 41,452 | \n\n 50,920 | \n\n 58,128 | \n\n \n | \n\n 1,220 | \n\n 1,241 | \n\n 1,703 | \n
| \n Other current liabilities | \n\n 2,606 | \n\n 3,067 | \n\n 2,952 | \n\n \n | \n\n 1,117 | \n\n 1,055 | \n\n 583 | \n
| \n Current financial debts | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n 858 | \n\n 713 | \n\n 646 | \n
| \n Total Liabilities | \n\n 72,298 | \n\n 72,148 | \n\n 73,772 | \n\n \n | \n\n 6,521 | \n\n 6,711 | \n\n 6,542 | \n
| \n Revenue from sales | \n\n 24,701 | \n\n 14,380 | \n\n 8,543 | \n\n \n | \n\n 10,824 | \n\n 8,600 | \n\n 5,734 | \n
| \n Depreciation and depletion of tangible assets and mineral interests | \n\n (2,814) | \n\n (3,058) | \n\n (3,130) | \n\n \n | \n\n (289) | \n\n (312) | \n\n (278) | \n
| \n Interest income | \n\n 17 | \n\n \u2013 | \n\n 2 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Interest expense | \n\n (2,453) | \n\n (2,599) | \n\n (2,972) | \n\n \n | \n\n (47) | \n\n (44) | \n\n (2) | \n
| \n Income taxes | \n\n (2,804) | \n\n (1,448) | \n\n 77 | \n\n \n | \n\n (65) | \n\n (222) | \n\n (69) | \n
| \n Net income | \n\n 12,791 | \n\n 5,600 | \n\n (2,399) | \n\n \n | \n\n 123 | \n\n 620 | \n\n 133 | \n
| \n Other comprehensive income | \n\n 526 | \n\n 323 | \n\n (323) | \n\n \n | \n\n (189) | \n\n (308) | \n\n 194 | \n
| \n % owned | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \n | \n\n 50.00% | \n\n 50.00% | \n\n 50.00% | \n
| \n Equity value | \n\n 4,315 | \n\n 2,725 | \n\n 1,602 | \n\n \n | \n\n 1,573 | \n\n 1,769 | \n\n 1,721 | \n
| \n including goodwill and identifiable assets | \n\n 465 | \n\n 502 | \n\n 546 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Profit/(loss) | \n\n 2,616 | \n\n 1,119 | \n\n (633) | \n\n \n | \n\n 62 | \n\n 310 | \n\n 67 | \n
| \n Share of Other Comprehensive Income, net amount | \n\n 137 | \n\n 84 | \n\n (84) | \n\n \n | \n\n (59) | \n\n (150) | \n\n 87 | \n
| \n Dividends paid to TotalEnergies | \n\n 1,166 | \n\n 81 | \n\n \u2013 | \n\n \n | \n\n 162 | \n\n 109 | \n\n 102 | \n
TotalEnergies' interests in joint ventures operating liquefaction plants have been combined. The amounts include investments in Yamal LNG in Russia (20.02% direct holding) and Ichthys LNG in Australia (26.00%).
Hanwha TotalEnergies Petrochemical Co is a South Korean company that operates a petrochemical complex in Daesan (condensate separator, steam cracker, styrene, paraxylene, polyolefins).
Off balance sheet commitments relating to joint ventures are disclosed in Note 13 of the Consolidated Financial Statements.
C)Other equity affiliates
In TotalEnergies share, the main aggregated financial items in equity affiliates including assets held for sale, which have not been presented individually are as follows:
| \n As of December 31, (M$) | \n\n 2022 | \n\n \n | \n\n 2021 | \n\n \n | \n\n 2020 | \n|||
| \n Associates | \n\n Joint ventures | \n\n \n | \n\n Associates | \n\n Joint ventures | \n\n \n | \n\n Associates | \n\n Joint ventures | \n|
| \n Non Current assets | \n\n 6,014 | \n\n 17,484 | \n\n \u00a0 | \n\n 5,987 | \n\n 9,745 | \n\n \u00a0 | \n\n 5,454 | \n\n 7,002 | \n
| \n Current assets | \n\n 1,591 | \n\n 3,485 | \n\n \u00a0 | \n\n 1,849 | \n\n 1,799 | \n\n \u00a0 | \n\n 1,299 | \n\n 1,671 | \n
| \n Total Assets | \n\n 7,605 | \n\n 20,969 | \n\n \u00a0 | \n\n 7,836 | \n\n 11,544 | \n\n \u00a0 | \n\n 6,753 | \n\n 8,673 | \n
| \n Shareholder's equity - TotalEnergies share | \n\n 1,423 | \n\n 4,042 | \n\n \u00a0 | \n\n 1,366 | \n\n 2,531 | \n\n \u00a0 | \n\n 1,183 | \n\n 1,963 | \n
| \n Shareholder's equity - Non controlling interests | \n\n \u2013 | \n\n 1,414 | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n
| \n Non current liabilities | \n\n 5,296 | \n\n 12,422 | \n\n \n | \n\n 5,455 | \n\n 7,460 | \n\n \n | \n\n 4,881 | \n\n 5,469 | \n
| \n Current liabilities | \n\n 886 | \n\n 3,091 | \n\n \u00a0 | \n\n 1,015 | \n\n 1,553 | \n\n \u00a0 | \n\n 689 | \n\n 1,241 | \n
| \n Total Liabilities | \n\n 7,605 | \n\n 20,969 | \n\n \u00a0 | \n\n 7,836 | \n\n 11,544 | \n\n \u00a0 | \n\n 6,753 | \n\n 8,673 | \n
| \n For the year ended December 31, (M$) | \n\n 2022 | \n\n \n | \n\n 2021 | \n\n \n | \n\n 2020 | \n|||
| \n Associates | \n\n Joint ventures | \n\n \n | \n\n Associates | \n\n Joint ventures | \n\n \n | \n\n Associates | \n\n Joint ventures | \n|
| \n Revenues from sales | \n\n 2,338 | \n\n 7,202 | \n\n \u00a0 | \n\n 2,450 | \n\n 4,850 | \n\n \u00a0 | \n\n 2,154 | \n\n 3,116 | \n
| \n Net income | \n\n 488 | \n\n 436 | \n\n \u00a0 | \n\n 514 | \n\n 381 | \n\n \u00a0 | \n\n 478 | \n\n 202 | \n
| \n Non controlling interests | \n\n \u2013 | \n\n 110 | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n
| \n Share of other comprehensive income items | \n\n 140 | \n\n 52 | \n\n \u00a0 | \n\n 68 | \n\n 38 | \n\n \u00a0 | \n\n (29) | \n\n (130) | \n
| \n Equity value | \n\n 2,285 | \n\n 8,735 | \n\n \u00a0 | \n\n 2,188 | \n\n 4,782 | \n\n \u00a0 | \n\n 2,049 | \n\n 3,779 | \n
| \n Profit/(Loss) | \n\n 436 | \n\n (3) | \n\n \u00a0 | \n\n (992) | \n\n 823 | \n\n \u00a0 | \n\n 452 | \n\n 265 | \n
| \n Dividends paid to TotalEnergies | \n\n 469 | \n\n 109 | \n\n \u00a0 | \n\n 498 | \n\n 96 | \n\n \u00a0 | \n\n 409 | \n\n 59 | \n
8.2Other investments
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Other investments are equity instruments and are measured according to IFRS 9 at fair value through profit and loss (default option). On initial recognition, the standard allows to make an election to record the changes of fair value in other comprehensive income. For these equity instruments, only dividends can be recognized in profit or loss. | \n\n \n | \n\n TotalEnergies recognizes changes in fair value in equity or in profit or loss according to the option chosen on an instrument by instrument basis. For quoted shares on active markets, this fair value is based on the market price. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
| \n As of December 31, 2022 (M$) | \n\n As of | \n\n Increase-Decrease | \n\n Change in fair value | \n\n As of | \n
| \n Enphase Energy Inc | \n\n 457 | \n\n (579) | \n\n 122 | \n\n \u2013 | \n
| \n Other shares through fair value OCI (unit value < $50M) | \n\n 116 | \n\n 13 | \n\n (10) | \n\n 119 | \n
| \n Equity instruments recorded through fair value OCI | \n\n 573 | \n\n (566) | \n\n 112 | \n\n 119 | \n
| \n BTC Limited | \n\n 14 | \n\n \u2013 | \n\n (9) | \n\n 5 | \n
| \n Hubei Cathay Smart Energy Fund | \n\n 36 | \n\n 7 | \n\n 11 | \n\n 54 | \n
| \n Other shares through fair value P&L (unit value < $50M) | \n\n 1,002 | \n\n (54) | \n\n (75) | \n\n 873 | \n
| \n Equity instruments recorded through fair value P&L | \n\n 1,052 | \n\n (47) | \n\n (73) | \n\n 932 | \n
| \n Total equity instruments | \n\n 1,625 | \n\n (613) | \n\n 39 | \n\n 1,051 | \n
| \n As of December 31, 2021 (M$) | \n\n As of | \n\n Increase-Decrease | \n\n Change in fair value | \n\n As of | \n
| \n Enphase Energy Inc. | \n\n 613 | \n\n (177) | \n\n 21 | \n\n 457 | \n
| \n Tellurian Investments Inc. | \n\n 57 | \n\n (111) | \n\n 54 | \n\n \u2013 | \n
| \n Other shares through fair value OCI (unit value < $50M) | \n\n 113 | \n\n 12 | \n\n (9) | \n\n 116 | \n
| \n Equity instruments recorded through fair value OCI | \n\n 783 | \n\n (276) | \n\n 66 | \n\n 573 | \n
| \n BBPP | \n\n 58 | \n\n (58) | \n\n \u2013 | \n\n \u2013 | \n
| \n BTC Limited | \n\n 27 | \n\n \u2013 | \n\n (13) | \n\n 14 | \n
| \n Hubei Cathay Smart Energy Fund | \n\n 36 | \n\n 1 | \n\n (1) | \n\n 36 | \n
| \n Other shares through fair value P&L (unit value < $50M) | \n\n 1,103 | \n\n (107) | \n\n 6 | \n\n 1,002 | \n
| \n Equity instruments recorded through fair value P&L | \n\n 1,224 | \n\n (164) | \n\n (8) | \n\n 1,052 | \n
| \n Total equity instruments | \n\n 2,007 | \n\n (440) | \n\n 58 | \n\n 1,625 | \n
| \n As of December 31, 2020, (M$) | \n\n As of | \n\n Increase-Decrease | \n\n Change in fair value | \n\n As of | \n
| \n Enphase Energy Inc | \n\n 173 | \n\n (251) | \n\n 691 | \n\n 613 | \n
| \n Tellurian Investments Inc. | \n\n 207 | \n\n (1) | \n\n (149) | \n\n 57 | \n
| \n Other shares through fair value OCI (unit value < $50M) | \n\n 126 | \n\n (4) | \n\n (9) | \n\n 113 | \n
| \n Equity instruments recorded through fair value OCI | \n\n 506 | \n\n (256) | \n\n 533 | \n\n 783 | \n
| \n BBPP | \n\n 62 | \n\n (4) | \n\n \u2013 | \n\n 58 | \n
| \n BTC Limited | \n\n 28 | \n\n \u2013 | \n\n (1) | \n\n 27 | \n
| \n Hubei Cathay Smart Energy Fund | \n\n 15 | \n\n 21 | \n\n \u2013 | \n\n 36 | \n
| \n Tas Helat Marketing Company(a) | \n\n 108 | \n\n (108) | \n\n \u2013 | \n\n \u2013 | \n
| \n Other shares through fair value P&L (unit value < $50M) | \n\n 1,059 | \n\n 63 | \n\n (19) | \n\n 1,103 | \n
| \n Equity instruments recorded through fair value P&L | \n\n 1,272 | \n\n (28) | \n\n (20) | \n\n 1,224 | \n
| \n Total equity instruments | \n\n 1,778 | \n\n (284) | \n\n 513 | \n\n 2,007 | \n
| \n (a)Tas Helat Marketing Company is a joint venture with SAUDI ARAMCO to develop the retail business. It was consolidated in 2020 (using the equity method). | \n
Non-controlling interests
As of December 31, 2022, the subsidiaries with the most significant non-controlling interests are TotalEnergies Australia Unit Trust, TotalEnergies Gabon and TotalEnergies E&P Congo.
Note 18Consolidation scope
As of December 31, 2022, 1,149 entities are consolidated of which 169 are accounted for under the equity method (E).
The table below presents a comprehensive list of the consolidated entities:
| \n Business segment | \n\n Statutory corporate name | \n\n % Company interest | \n\n Method | \n\n Country of incorporation | \n\n Country of operations | \n\n Country of operations | \n
| \n Exploration & Production | \n||||||
| \n \n | \n\n Abu Dhabi Gas Industries Limited | \n\n 15.00% | \n\n E | \n\n United Arab Emirates | \n\n United Arab Emirates | \n\n United Arab Emirates | \n
| \n \n | \n\n Angola LNG Supply Services, LLC | \n\n 13.60% | \n\n E | \n\n United States | \n\n United States | \n\n Angola | \n
| \n \n | \n\n Bonny Gas Transport Limited | \n\n 15.00% | \n\n E | \n\n Bermuda | \n\n Nigeria | \n\n United States | \n
| \n \n | \n\n Brass Holdings B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Nigeria | \n\n Nigeria | \n
| \n \n | \n\n Brass LNG Limited | \n\n 20.48% | \n\n E | \n\n Nigeria | \n\n Nigeria | \n\n Nigeria | \n
| \n \n | \n\n Congo Forest Company (CFC)\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n Congo | \n\n Congo | \n\n Nigeria | \n
| \n \n | \n\n Deer Creek Pipelines Limited | \n\n 75.00% | \n\n \u00a0 | \n\n Canada | \n\n Canada | \n\n Congo | \n
| \n \n | \n\n Dolphin Energy Limited | \n\n 24.50% | \n\n E | \n\n United Arab Emirates | \n\n United Arab Emirates | \n\n Canada | \n
| \n \n | \n\n E.F. Oil And Gas Limited | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n United Arab Emirates | \n
| \n \n | \n\n East African Crude Oil Pipeline (EACOP) Ltd | \n\n 62.00% | \n\n E | \n\n United Kingdom | \n\n Uganda | \n\n United Kingdom | \n
| \n \n | \n\n Elf E&P | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Elf Exploration UK Limited | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Elf Petroleum Iran | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Iran | \n\n Iran | \n
| \n \n | \n\n Elf Petroleum UK Limited | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Gas Investment and Services Company Limited | \n\n 10.00% | \n\n E | \n\n Bermuda | \n\n Oman | \n\n Oman | \n
| \n \n | \n\n Global Forestry Development (GFD)\u00a0 | \n\n 49.00% | \n\n E | \n\n Belgium | \n\n Belgium | \n\n Libya | \n
| \n \n | \n\n Mabruk Oil Operations | \n\n 49.02% | \n\n \u00a0 | \n\n France | \n\n Libya | \n\n Myanmar | \n
| \n \n | \n\n Marsa LNG LLC\u00a0 | \n\n 80.00% | \n\n \u00a0 | \n\n Oman | \n\n Oman | \n\n Norway | \n
| \n \n | \n\n Norpipe Oil A/S | \n\n 34.93% | \n\n E | \n\n Norway | \n\n Norway | \n\n Norway | \n
| \n \n | \n\n Norpipe Petroleum UK Limited | \n\n 45.22% | \n\n E | \n\n United Kingdom | \n\n Norway | \n\n Norway | \n
| \n \n | \n\n Norpipe Terminal Holdco Limited | \n\n 45.22% | \n\n E | \n\n United Kingdom | \n\n Norway | \n\n Norway | \n
| \n \n | \n\n Norsea Pipeline Limited | \n\n 45.22% | \n\n E | \n\n United Kingdom | \n\n Norway | \n\n Qatar | \n
| \n \n | \n\n North Oil Company | \n\n 30.00% | \n\n E | \n\n Qatar | \n\n Qatar | \n\n Russia | \n
| \n \n | \n\n Northern Lights JV DA | \n\n 33.33% | \n\n E | \n\n Norway | \n\n Norway | \n\n Iran | \n
| \n \n | \n\n Pars LNG Limited | \n\n 40.00% | \n\n E | \n\n Bermuda | \n\n Iran | \n\n Oman | \n
| \n \n | \n\n Private Oil Holdings Oman Limited | \n\n 10.00% | \n\n E | \n\n United Kingdom | \n\n Oman | \n\n Nigeria | \n
| \n \n | \n\n Stogg Eagle Funding B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Nigeria | \n\n Iraq | \n
| \n \n | \n\n TOQAP Guyana B.V. | \n\n 60.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Guyana | \n\n Russia | \n
| \n Exploration & Production (continued) | \n\n \n | \n|||||
| \n \n | \n\n Total Austral | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Argentina | \n\n Guyana | \n
| \n \n | \n\n Total E&P Al Shaheen A/S | \n\n 100.00% | \n\n \u00a0 | \n\n Denmark | \n\n Qatar | \n\n Azerbaijan | \n
| \n \n | \n\n Total E&P Angola Block 15/06 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Angola | \n\n United Arab Emirates | \n
| \n \n | \n\n Total E&P Angola Block 16 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Angola | \n\n Argentina | \n
| \n \n | \n\n Total E&P Angola Block 16 Holdings | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Angola | \n\n Denmark | \n
| \n \n | \n\n Total E&P Angola Block 33 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Angola | \n\n France | \n
| \n \n | \n\n Total E&P Angola Block 39 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Angola | \n\n Azerbaijan | \n
| \n \n | \n\n Total E&P Chine | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n China | \n\n Qatar | \n
| \n \n | \n\n Total E&P Chissonga | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Angola | \n\n Algeria | \n
| \n \n | \n\n Total E&P Dunga GmbH | \n\n 100.00% | \n\n \u00a0 | \n\n Germany | \n\n Kazakhstan | \n\n United States | \n
| \n \n | \n\n Total E&P East El Burullus Offshore B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Egypt | \n\n United States | \n
| \n \n | \n\n Total E&P Egypt Block 2 B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Egypt | \n\n Angola | \n
| \n \n | \n\n Total E&P Egypt Offshore Western Desert B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Egypt | \n\n Angola | \n
| \n \n | \n\n Total E&P Egypte | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Egypt | \n\n Angola | \n
| \n \n | \n\n Total E&P Guyane Francaise | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Angola | \n
| \n \n | \n\n Total E&P Jutland Denmark B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Denmark | \n\n Angola | \n
| \n \n | \n\n Total E&P Kurdistan Region of Iraq (Harir) B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Iraq | \n\n Angola | \n
| \n \n | \n\n Total E&P Kurdistan Region of Iraq (Safen) B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Iraq | \n\n Azerbaijan | \n
| \n \n | \n\n Total E&P Kurdistan Region of Iraq (Taza) B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Iraq | \n\n Bolivia | \n
| \n \n | \n\n Total E&P Kurdistan Region of Iraq B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Iraq | \n\n Canada | \n
| \n \n | \n\n Total E&P M2 Holdings Limited | \n\n 100.00% | \n\n \u00a0 | \n\n South Africa | \n\n South Africa | \n\n China | \n
| \n \n | \n\n Total E&P Myanmar | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Myanmar | \n\n Angola | \n
| \n \n | \n\n Total E&P Participations Petrolieres Congo | \n\n 100.00% | \n\n \u00a0 | \n\n Congo | \n\n Congo | \n\n Colombia | \n
| \n \n | \n\n Total E&P Philippines B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Philippines | \n\n Congo | \n
| \n \n | \n\n Total E&P RDC | \n\n 100.00% | \n\n \u00a0 | \n\n Democratic Republic of Congo | \n\n Democratic Republic of Congo | \n\n C\u00f4te d'Ivoire | \n
| \n \n | \n\n Total E&P Services China Company Limited | \n\n 100.00% | \n\n \u00a0 | \n\n China | \n\n China | \n\n Cyprus | \n
| \n \n | \n\n Total E&P South Pars | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Iran | \n\n Qatar | \n
| \n \n | \n\n Total E&P South Sudan | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Republic of South Sudan | \n\n Kazakhstan | \n
| \n \n | \n\n Total E&P Syrie | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Syrian Arab Republic | \n\n Egypt | \n
| \n \n | \n\n Total E&P Tajikistan B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Tajikistan | \n\n Egypt | \n
| \n \n | \n\n Total Oil and Gas South America | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Egypt | \n
| \n \n | \n\n Total Pars LNG | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Egypt | \n
| \n \n | \n\n Total South Pars | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Iran | \n\n Qatar | \n
| \n \n | \n\n Total Venezuela | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Anchor USA LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United Arab Emirates | \n
| \n \n | \n\n TotalEnergies BTC B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Azerbaijan | \n\n United States | \n
| \n \n | \n\n TotalEnergies Denmark ASW | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n Denmark | \n\n Denmark | \n
| \n \n | \n\n TotalEnergies Denmark ASW Pipeline ApS | \n\n 100.00% | \n\n \u00a0 | \n\n Denmark | \n\n Denmark | \n\n Iraq | \n
| \n \n | \n\n TotalEnergies E&P Alg\u00e9rie | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Algeria | \n\n Iraq | \n
| \n \n | \n\n TotalEnergies E&P Alg\u00e9rie Berkine A/S | \n\n 100.00% | \n\n \u00a0 | \n\n Denmark | \n\n Algeria | \n\n Iraq | \n
| \n \n | \n\n TotalEnergies E&P Americas LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Iraq | \n
| \n \n | \n\n TotalEnergies E&P Colombie | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Colombia | \n\n Lebanon | \n
| \n \n | \n\n TotalEnergies E&P New Ventures Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Libya | \n
| \n \n | \n\n TotalEnergies E&P North Sea UK Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n United Arab Emirates | \n
| \n \n | \n\n TotalEnergies E&P Research & Technology USA LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n South Africa | \n
| \n Exploration & Production (continued) | \n\n \n | \n|||||
| \n \n | \n\n TotalEnergies E&P UK Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n Mauritania | \n
| \n \n | \n\n TotalEnergies E&P USA Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Mauritania | \n
| \n \n | \n\n TotalEnergies E&P USA Oil Shale LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Mauritania | \n
| \n \n | \n\n TotalEnergies E&P USA Well Containment LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Mauritania | \n
| \n \n | \n\n TotalEnergies East Africa Midstream B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Uganda | \n\n Mozambique | \n
| \n \n | \n\n TotalEnergies EP (Brunei) B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Brunei | \n\n Myanmar | \n
| \n \n | \n\n TotalEnergies EP Absheron B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Azerbaijan | \n\n United States | \n
| \n \n | \n\n TotalEnergies EP Abu Al Bu Khoosh | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n United Arab Emirates | \n\n Congo | \n
| \n \n | \n\n TotalEnergies EP Angola | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Angola | \n\n Philippines | \n
| \n \n | \n\n TotalEnergies EP Angola Block 17.06 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Angola | \n\n Qatar | \n
| \n \n | \n\n TotalEnergies EP Angola Block 25 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Angola | \n\n Democratic Republic | \n
| \n \n | \n\n TotalEnergies EP Angola Block 29 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Angola | \n\n United States | \n
| \n \n | \n\n TotalEnergies EP Angola Block 32 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Angola | \n\n China | \n
| \n \n | \n\n TotalEnergies EP Angola Block 40 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Angola | \n\n Iran | \n
| \n \n | \n\n TotalEnergies EP Angola Block 48 B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Angola | \n\n Republic of South Sudan | \n
| \n \n | \n\n TotalEnergies EP Angola Blocks 20-21 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Angola | \n\n Syrian Arab Republic | \n
| \n \n | \n\n TotalEnergies EP Asia Pacific Pte. Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Singapore | \n\n Singapore | \n\n Tajikistan | \n
| \n \n | \n\n TotalEnergies EP Azerbaijan B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Azerbaijan | \n\n Thailand | \n
| \n \n | \n\n TotalEnergies EP Block 9 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Lebanon | \n\n Russia | \n
| \n \n | \n\n TotalEnergies EP Bolivie | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Bolivia | \n\n United Arab Emirates | \n
| \n \n | \n\n TotalEnergies EP Brasil Ltda | \n\n 100.00% | \n\n \u00a0 | \n\n Brazil | \n\n Brazil | \n\n Uganda | \n
| \n \n | \n\n TotalEnergies EP Bulgaria B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Bulgaria | \n\n United Arab Emirates | \n
| \n \n | \n\n TotalEnergies EP Cambodge\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Cambodia | \n\n United States | \n
| \n \n | \n\n TotalEnergies EP Canada Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Canada | \n\n Canada | \n\n United States | \n
| \n \n | \n\n TotalEnergies EP Company UK Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n United States | \n
| \n \n | \n\n TotalEnergies EP Congo | \n\n 85.00% | \n\n \u00a0 | \n\n Congo | \n\n Congo | \n\n Libya | \n
| \n \n | \n\n TotalEnergies EP C\u00f4te d'Ivoire B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n C\u00f4te d'Ivoire | \n\n Uganda | \n
| \n \n | \n\n TotalEnergies EP Cyprus B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Cyprus | \n\n Gabon | \n
| \n \n | \n\n TotalEnergies EP Danmark A/S\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n Denmark | \n\n Denmark | \n\n Norway | \n
| \n \n | \n\n TotalEnergies EP Danmark A/S - CPH | \n\n 100.00% | \n\n \u00a0 | \n\n Denmark | \n\n Denmark | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Dolphin Holdings | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Dolphin Midstream | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Dolphin Upstream | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Qatar | \n\n Iran | \n
| \n \n | \n\n TotalEnergies EP France | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Gabon | \n\n 58.28% | \n\n \u00a0 | \n\n Gabon | \n\n Gabon | \n\n Denmark | \n
| \n \n | \n\n TotalEnergies EP Gass Handel Norge AS | \n\n 100.00% | \n\n \u00a0 | \n\n Norway | \n\n Norway | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies EP Gastransport Nederland B.V.\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Netherlands | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies EP Golfe | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Qatar | \n\n Brunei | \n
| \n \n | \n\n TotalEnergies EP Greece B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Greece | \n\n Algeria | \n
| \n \n | \n\n TotalEnergies EP Guyana B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Guyana | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP Holding UAE B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n United Arab Emirates | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP Holdings Russia | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP International K1 Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n Kenya | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP International K2 Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n Kenya | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP International K3 Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n Kenya | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP International Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n Kenya | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP Iran B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Iran | \n\n Singapore | \n
| \n Exploration & Production (continued) | \n\n \n | \n|||||
| \n \n | \n\n TotalEnergies EP Iraq | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Iraq | \n\n Brazil | \n
| \n \n | \n\n TotalEnergies EP Italia S.p.A. | \n\n 100.00% | \n\n \u00a0 | \n\n Italy | \n\n Italy | \n\n Bulgaria | \n
| \n \n | \n\n TotalEnergies EP Kazakhstan | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Kazakhstan | \n\n Cambodia | \n
| \n \n | \n\n TotalEnergies EP Kenya B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Kenya | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies EP Liban S.A.L. | \n\n 100.00% | \n\n \u00a0 | \n\n Lebanon | \n\n Lebanon | \n\n C\u00f4te d'Ivoire | \n
| \n \n | \n\n TotalEnergies EP Libye | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Libya | \n\n C\u00f4te d'Ivoire | \n
| \n \n | \n\n TotalEnergies EP Lower Zakum B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n United Arab Emirates | \n\n Denmark | \n
| \n \n | \n\n TotalEnergies EP Malaysia | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Malaysia | \n\n Denmark | \n
| \n \n | \n\n TotalEnergies EP Mauritania Block C18 B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Mauritania | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies EP Mauritania Block C9 B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Mauritania | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Mauritania Blocks DW B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Mauritania | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies EP Mauritanie | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Mauritania | \n\n Greece | \n
| \n \n | \n\n TotalEnergies EP M'Bridge B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Angola | \n\n Guyana | \n
| \n \n | \n\n TotalEnergies EP Mexico S.A. de C.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Mexico | \n\n Mexico | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Namibia B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Namibia | \n\n Kenya | \n
| \n \n | \n\n TotalEnergies EP Nederland B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Netherlands | \n\n Kenya | \n
| \n \n | \n\n TotalEnergies EP Nigeria Deepwater A Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Nigeria | \n\n Nigeria | \n\n Kenya | \n
| \n \n | \n\n TotalEnergies EP Nigeria Deepwater B Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Nigeria | \n\n Nigeria | \n\n Kenya | \n
| \n \n | \n\n TotalEnergies EP Nigeria Deepwater C Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Nigeria | \n\n Nigeria | \n\n Iran | \n
| \n \n | \n\n TotalEnergies EP Nigeria Deepwater D Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Nigeria | \n\n Nigeria | \n\n Iraq | \n
| \n \n | \n\n TotalEnergies EP Nigeria Deepwater E Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Nigeria | \n\n Nigeria | \n\n Italy | \n
| \n \n | \n\n TotalEnergies EP Nigeria Deepwater F Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Nigeria | \n\n Nigeria | \n\n Kazakhstan | \n
| \n \n | \n\n TotalEnergies EP Nigeria Deepwater G Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Nigeria | \n\n Nigeria | \n\n Kenya | \n
| \n \n | \n\n TotalEnergies EP Nigeria Deepwater H Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Nigeria | \n\n Nigeria | \n\n Malaysia | \n
| \n \n | \n\n TotalEnergies EP Nigeria Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Nigeria | \n\n Nigeria | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP Nigeria S.A.S. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Mexico | \n
| \n \n | \n\n TotalEnergies EP Norge AS | \n\n 100.00% | \n\n \u00a0 | \n\n Norway | \n\n Norway | \n\n Namibia | \n
| \n \n | \n\n TotalEnergies EP Oman Block 11 B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Oman | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies EP Oman S.A.S. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Oman | \n\n Nigeria | \n
| \n \n | \n\n TotalEnergies EP Petroleum Angola | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Angola | \n\n Nigeria | \n
| \n \n | \n\n TotalEnergies EP Pipelines Danmark A/S\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n Denmark | \n\n Denmark | \n\n Nigeria | \n
| \n \n | \n\n TotalEnergies EP Profils Petroliers | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Nigeria | \n
| \n \n | \n\n TotalEnergies EP Qatar | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Qatar | \n\n Nigeria | \n
| \n \n | \n\n TotalEnergies EP Qatar 2 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Qatar | \n\n Nigeria | \n
| \n \n | \n\n TotalEnergies EP Ratawi Hub | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Iraq | \n\n Nigeria | \n
| \n \n | \n\n TotalEnergies EP Russie | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Russia | \n\n Nigeria | \n
| \n \n | \n\n TotalEnergies EP Sao Tome and Principe B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Angola | \n\n Nigeria | \n
| \n \n | \n\n TotalEnergies EP Sebuku | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Indonesia | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Senegal | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Senegal | \n\n Norway | \n
| \n \n | \n\n TotalEnergies EP Services Brazil B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Netherlands | \n\n Oman | \n
| \n \n | \n\n TotalEnergies EP South Africa B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n South Africa | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP South Africa Block 567 (Pty) Ltd\u00a0\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n South Africa | \n\n South Africa | \n\n Denmark | \n
| \n \n | \n\n TotalEnergies EP Suriname B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Suriname | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Thailand | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Thailand | \n\n Qatar | \n
| \n \n | \n\n TotalEnergies EP UAE Unconventional Gas B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n United Arab Emirates | \n\n Iraq | \n
| \n \n | \n\n TotalEnergies EP Uganda S.A.S. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Uganda | \n\n Russia | \n
| \n \n | \n\n TotalEnergies EP Umm Shaif Nasr B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n United Arab Emirates | \n\n Angola | \n
| \n Exploration & Production (continued) | \n\n \n | \n|||||
| \n \n | \n\n TotalEnergies EP Venezuela B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Venezuela | \n\n Senegal | \n
| \n \n | \n\n TotalEnergies EP Vostok LLC | \n\n 100.00% | \n\n \u00a0 | \n\n Russia | \n\n Russia | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies EP Waha | \n\n 100.00% | \n\n \u00a0 | \n\n Cayman Islands | \n\n Libya | \n\n South Africa | \n
| \n \n | \n\n TotalEnergies EP Well Response | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n South Africa | \n
| \n \n | \n\n TotalEnergies EP Yemen | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Yemen | \n\n Suriname | \n
| \n \n | \n\n TotalEnergies EP Yemen Block 3 B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Yemen | \n\n Venezuela | \n
| \n \n | \n\n TotalEnergies Holdings EACOP S.A.S. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Uganda | \n\n France | \n
| \n \n | \n\n TotalEnergies Holdings International B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Netherlands | \n\n Yemen | \n
| \n \n | \n\n TotalEnergies Holdings Nederland B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Netherlands | \n\n Yemen | \n
| \n \n | \n\n TotalEnergies Jack USA LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies LNG Supply Services USA | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Nature Based Solutions | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Nature Based Solutions II\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Nederland Facilities Management B.V.\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies Offshore GB Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Offshore UK Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Petr\u00f3leo & G\u00e1s Brasil Ltda | \n\n 100.00% | \n\n \u00a0 | \n\n Brazil | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n TotalEnergies Shipping Brazil B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n TotalEnergies Termokarstovoye S.A.S. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Upstream Danmark A/S | \n\n 100.00% | \n\n \u00a0 | \n\n Denmark | \n\n Denmark | \n\n Denmark | \n
| \n \n | \n\n TotalEnergies Upstream Nigeria | \n\n 100.00% | \n\n \u00a0 | \n\n Nigeria | \n\n Nigeria | \n\n Nigeria | \n
| \n \n | \n\n TotalEnergies Upstream UK Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Uintah Colorado Resources, LLC | \n\n 66.67% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Uintah Colorado Resources II, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n Integrated Gas, Renewables & Power | \n||||||
| \n \n | \n\n Abarloar Solar S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Abu Dhabi Gas Liquefaction Company Limited | \n\n 5.00% | \n\n E | \n\n United Arab Emirates | \n\n United Arab Emirates | \n\n United Arab Emirates | \n
| \n \n | \n\n Adani Gas Limited AGL | \n\n 37.40% | \n\n E | \n\n India | \n\n India | \n\n India | \n
| \n \n | \n\n Adani Green Energy Ltd | \n\n 19.75% | \n\n E | \n\n India | \n\n India | \n\n India | \n
| \n \n | \n\n Adani Green Energy Twenty Three Limited | \n\n 50.00% | \n\n E | \n\n India | \n\n India | \n\n India | \n
| \n \n | \n\n Adani Total Private Limited(d) | \n\n 50.00% | \n\n E | \n\n India | \n\n India | \n\n India | \n
| \n \n | \n\n Advanced Thermal Batteries Inc. | \n\n 50.00% | \n\n E | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Aerospatiale Batteries (ASB) | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Aerowatt Energies | \n\n 65.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Aerowatt Energies 2 | \n\n 51.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Al Kharsaa Solar Holdings B.V.\u00a0 | \n\n 49.00% | \n\n E | \n\n Netherlands | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n Alamo Solarbay S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Alcad AB | \n\n 100.00% | \n\n \u00a0 | \n\n Sweden | \n\n Sweden | \n\n United States | \n
| \n \n | \n\n Alicante | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n\n Sweden | \n
| \n \n | \n\n Alicante 2 | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Altergie Territoires 2 | \n\n 44.58% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Altergie Territoires 3 | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Amber Solar Power Cinco, S.L. | \n\n 65.00% | \n\n E | \n\n Spain | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Amber Solar Power Cuatro, S.L. | \n\n 65.00% | \n\n E | \n\n Spain | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Amber Solar Power Dieciseis, S.L. | \n\n 65.00% | \n\n E | \n\n Spain | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Amber Solar Power Diez, S.L. | \n\n 65.00% | \n\n E | \n\n Spain | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Amber Solar Power Nueve, S.L. | \n\n 65.00% | \n\n E | \n\n Spain | \n\n Spain | \n\n Spain | \n
| \n Integrated Gas, Renewables & Power (continued) | \n\n \n | \n|||||
| \n \n | \n\n Amber Solar Power Quince, S.L. | \n\n 65.00% | \n\n E | \n\n Spain | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Amber Solar Power Tres, S.L. | \n\n 65.00% | \n\n E | \n\n Spain | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Amber Solar Power Uno, S.L. | \n\n 65.00% | \n\n E | \n\n Spain | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Amura Solar, S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Anayet Solar, S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Anclote Solar, S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Ancora Solar, S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Andromeda Solarbay HP S.L. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Angola LNG Ltd | \n\n 13.60% | \n\n E | \n\n Bermuda | \n\n Angola | \n\n Spain | \n
| \n \n | \n\n Arbotante Solar, S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n Russia | \n
| \n \n | \n\n Arctic LNG 2 LLC | \n\n 10.00% | \n\n E | \n\n Russia | \n\n Russia | \n\n Russia | \n
| \n \n | \n\n Armada Solar, S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n ATJV Offshore | \n\n 50.00% | \n\n E | \n\n Singapore | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n Atol\u00f3n Solar, S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Attentive Energy, LLC | \n\n 84.00% | \n\n E | \n\n United States | \n\n United States | \n\n Spain | \n
| \n \n | \n\n Auriga Generacion S.L. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n France | \n
| \n \n | \n\n Automotive Cells Company, S.E. | \n\n 33.33% | \n\n E | \n\n France | \n\n France | \n\n Spain | \n
| \n \n | \n\n Baker Creek Solar, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n Baser Comercializadora de Referencia | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n France | \n
| \n \n | \n\n BioBearn S.A.S. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n BioDeac S.A.S. | \n\n 65.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n BioGasconha S.A.S. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Biogaz Breuil | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Biogaz Chatillon | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Biogaz Corcelles | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Biogaz Epinay | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Biogaz Libron | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Biogaz Milhac | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Biogaz Soignolles | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Biogaz Torcy | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Biogaz Vert Le Grand | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Biogaz Viriat | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n BioLoie S.A.S. | \n\n 55.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n BioPommeria S.A.S. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n BioQuercy S.A.S. | \n\n 66.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Bioroussillon S.A.S. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Biovilleneuvois S.A.S. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Blue Gem Wind Limited | \n\n 80.00% | \n\n E | \n\n United Kingdom | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Brazoria Solar I, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Brazoria Solar II, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Cameron LNG Holdings LLC | \n\n 16.60% | \n\n E | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Castille | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n\n United States | \n
| \n \n | \n\n Cefeo Solar S.L. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n United States | \n
| \n \n | \n\n Centaurus Environment S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n United States | \n
| \n \n | \n\n Central Solaire RENFR 331 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United States | \n
| \n \n | \n\n Centrale Eolienne De La Vallee Gentillesse | \n\n 74.80% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United States | \n
| \n \n | \n\n Centrale Hydrolique Alas | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United States | \n
| \n Integrated Gas, Renewables & Power (continued) | \n\n \n | \n|||||
| \n \n | \n\n Centrale Hydrolique Ardon | \n\n 90.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Hydrolique Arvan | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Spain | \n
| \n \n | \n\n Centrale Hydrolique Barbaira | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Spain | \n
| \n \n | \n\n Centrale Hydrolique Bonnant | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Hydrolique Gavet | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Hydrolique Miage | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Hydrolique Previnquieres | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Photovoltaique De Merle Sud | \n\n 40.58% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire 2 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire 21.09-4 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire APV R&D | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Autoprod | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Beauce Val de Loire | \n\n 60.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Borde Blanche | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Cet d'Al Gouty | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Chemin De Melette | \n\n 51.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire De Cazedarnes | \n\n 75.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Dom | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Du Centre Ouest | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Du Lavoir | \n\n 60.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Estarac | \n\n 35.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Forum Laudun | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Gatilles | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Golbey | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Guinots | \n\n 60.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Heliovale | \n\n 59.63% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire La Potence | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire La Roquette | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire La Tastere | \n\n 60.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Lacoste | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Larampeau | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Les Cordeliers | \n\n 83.98% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Les Cordeliers 2 | \n\n 75.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Lodes | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Lot 1 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Mazeran Lr | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Merle Sud 2 | \n\n 60.00% | \n\n E | \n\n France | \n\n France | \n\n \n | \n
| \n \n | \n\n Centrale Solaire Olinoca | \n\n 10.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Ombrieres Cap Agathois | \n\n 83.98% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Ombrieres De Blyes | \n\n 60.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Plateau De Pouls | \n\n 51.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Pouy Negue 2 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire RENFR 436 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Solarshare Bordeaux | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Terre du Roi | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Toiture Josse | \n\n 60.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Vauvoix | \n\n 60.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n Integrated Gas, Renewables & Power (continued) | \n\n \n | \n|||||
| \n \n | \n\n Centrale Solaire Zabo 2 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Cerezo Solar, S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n France | \n
| \n \n | \n\n Cidra Solar, S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n France | \n
| \n \n | \n\n Circinus Energy S.L. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n France | \n
| \n \n | \n\n Clinton Solar, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n Col\u00f3n LNG Marketing S. de R. L. | \n\n 50.00% | \n\n E | \n\n Panama | \n\n Panama | \n\n France | \n
| \n \n | \n\n Columba Renovables S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n France | \n
| \n \n | \n\n Comanche Solar, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n Core Energy Development, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n Core Fund 1, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n Core Solar Capital, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n Core Solar Data, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Spain | \n
| \n \n | \n\n Core Solar Development, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Spain | \n
| \n \n | \n\n Core Solar DG, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Spain | \n
| \n \n | \n\n Core Solar Holdings I, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Core Solar Land Holdings I, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Panama | \n
| \n \n | \n\n Core Solar SPV X, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Spain | \n
| \n \n | \n\n Core Solar SPV XV, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n C\u00f4te d'Ivoire | \n
| \n \n | \n\n Core Solar SPV XXIV, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Spain | \n
| \n \n | \n\n Core Solar, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n Cote d'Ivoire GNL | \n\n 34.00% | \n\n E | \n\n C\u00f4te d'Ivoire | \n\n C\u00f4te d'Ivoire | \n\n France | \n
| \n \n | \n\n Cottonwood Bayou Solar, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Cowtown Solar, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Netherlands | \n
| \n \n | \n\n Crc Kern Front Tugboat, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Chile | \n
| \n \n | \n\n CS Carrefour de l'Europe | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Spain | \n
| \n \n | \n\n CS Les Comottes | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n CS QUADRAO 2 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n Cygnus Environment S.L. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n France | \n
| \n \n | \n\n Danish Fields Solar, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n Del Rio Funding LLC(a) | \n\n 59.57% | \n\n E | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n ECA LNG Holdings B.V. | \n\n 16.60% | \n\n E | \n\n Netherlands | \n\n Netherlands | \n\n France | \n
| \n \n | \n\n Eclipse Solar SPA | \n\n 100.00% | \n\n \u00a0 | \n\n Chile | \n\n Chile | \n\n France | \n
| \n \n | \n\n Edelweis Solar, S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n France | \n
| \n \n | \n\n Energie Developpement | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Eole Boin | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Eole Champagne Conlinoise | \n\n 66.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Eole Dadoud | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Eole Fonds Caraibes | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United States | \n
| \n \n | \n\n Eole Grand Maison | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Spain | \n
| \n \n | \n\n Eole La Montagne | \n\n 87.60% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Eole La Perriere S.A.R.L. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Sweden | \n
| \n \n | \n\n Eole Morne Carriere | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Eole Yate | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Eolmed | \n\n 20.00% | \n\n E | \n\n France | \n\n France | \n\n Germany | \n
| \n \n | \n\n Evergreen Solar, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Japan | \n
| \n \n | \n\n Falla Solar, S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n France | \n
| \n \n | \n\n Fast Jung KB | \n\n 100.00% | \n\n \u00a0 | \n\n Sweden | \n\n Sweden | \n\n Mexico | \n
| \n Integrated Gas, Renewables & Power (continued) | \n\n \n | \n|||||
| \n \n | \n\n Fleming Solar, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Fluxsol | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Fonroche Energies Renouvelables S.A.S. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Frieman & Wolf Batterietechnick GmbH | \n\n 100.00% | \n\n \u00a0 | \n\n Germany | \n\n Germany | \n\n France | \n
| \n \n | \n\n G.K. Succeed Tsu Haze | \n\n 45.00% | \n\n E | \n\n Japan | \n\n Japan | \n\n United States | \n
| \n \n | \n\n Galibier | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Garonne-et-Canal Energies | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United States | \n
| \n \n | \n\n Gas Del Litoral SRLCV | \n\n 25.00% | \n\n E | \n\n Mexico | \n\n Mexico | \n\n United States | \n
| \n \n | \n\n GIP III Zephyr Holdings, LLC | \n\n 50.00% | \n\n E | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Glaciere De Palisse | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United States | \n
| \n \n | \n\n Global LNG Armateur S.A.S. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n South Korea | \n
| \n \n | \n\n Global LNG Downstream S.A.S. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n South Korea | \n
| \n \n | \n\n Global LNG North America Corporation | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Spain | \n
| \n \n | \n\n Global LNG S.A.S. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Go Electric | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Golden Triangle Solar, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Spain | \n
| \n \n | \n\n Goodfellow Solar III, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United Kingdom | \n
| \n \n | \n\n Gray Whale Offshore Wind Power No.1 Co., Ltd\u00a0 | \n\n 42.50% | \n\n E | \n\n South Korea | \n\n South Korea | \n\n United Arab Emirates | \n
| \n \n | \n\n Gray Whale Offshore Wind Power No.2 Co., Ltd | \n\n 42.50% | \n\n E | \n\n South Korea | \n\n South Korea | \n\n United States | \n
| \n \n | \n\n Gray Whale Offshore Wind Power No.3 Co. Ltd | \n\n 42.50% | \n\n E | \n\n South Korea | \n\n South Korea | \n\n United States | \n
| \n \n | \n\n Greenflex Actirent Group, S.L. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n France | \n
| \n \n | \n\n Greenflex S.A.S. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Grillete Solar, S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n France | \n
| \n \n | \n\n GT R4 Holding Limited | \n\n 50.00% | \n\n E | \n\n United Kingdom | \n\n United Kingdom | \n\n France | \n
| \n \n | \n\n Gulf Total Tractebel Power Company PSJC | \n\n 20.00% | \n\n E | \n\n United Arab Emirates | \n\n United Arab Emirates | \n\n France | \n
| \n \n | \n\n Hanwha Total Solar II, LLC | \n\n 50.00% | \n\n E | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n Hanwha Total Solar, LLC | \n\n 50.00% | \n\n E | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n Helio 100 Kw | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Helio 971 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Helio 974 Sol 1 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Helio 974 Toiture 2 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Helio Fonds Caraibes | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United States | \n
| \n \n | \n\n Helio L'R | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United States | \n
| \n \n | \n\n Helio Saint Benoit | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Helio Wabealo | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Helix Project V, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n HETTY | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Australia | \n
| \n \n | \n\n Hill Solar I, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n Hill Solar I, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Japan | \n
| \n \n | \n\n Hill Solar II, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n HTS Holdings LLC | \n\n 50.00% | \n\n E | \n\n United States | \n\n United States | \n\n China | \n
| \n \n | \n\n Hydro 974 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Hydro Tinee | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n\n United States | \n
| \n \n | \n\n Hydromons | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n South Korea | \n
| \n \n | \n\n Ichthys LNG PTY Limited | \n\n 26.00% | \n\n E | \n\n Australia | \n\n Australia | \n\n United States | \n
| \n \n | \n\n Ise Total Nanao Power Plant G.K. | \n\n 50.00% | \n\n E | \n\n Japan | \n\n Japan | \n\n France | \n
| \n \n | \n\n Jingdan New Energy investment (Shanghai) Co. Ltd | \n\n 50.00% | \n\n E | \n\n China | \n\n China | \n\n France | \n
| \n Integrated Gas, Renewables & Power (continued) | \n\n \n | \n|||||
| \n \n | \n\n Jmcp | \n\n 50.05% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Keith Solar I, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Belgium | \n
| \n \n | \n\n Komundo Offshore Wind Power Co., Ltd | \n\n 42.50% | \n\n E | \n\n South Korea | \n\n South Korea | \n\n Spain | \n
| \n \n | \n\n LA Basin Solar I, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n La Compagnie Electrique de Bretagne | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n La Metairie Neuve | \n\n 25.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n La Seauve | \n\n 40.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Lanuza Solar, S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n France | \n
| \n \n | \n\n Lauderdale Solar, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n Laurens Solar I, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n Lemoore Stratford Land Holdings IV, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Les ailes de Taillard | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Les vents de la Moivre 1 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Chile | \n
| \n \n | \n\n Les Vents de la Moivre 2 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Spain | \n
| \n \n | \n\n Les Vents de la Moivre 3 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Spain | \n
| \n \n | \n\n Les Vents de la Moivre 4 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Spain | \n
| \n \n | \n\n Les Vents de la Moivre 5 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Spain | \n
| \n \n | \n\n Les Vents De Nivillac | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n South Korea | \n
| \n \n | \n\n Leuret | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Lorca | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n\n Spain | \n
| \n \n | \n\n Luce Solar SPA | \n\n 100.00% | \n\n \u00a0 | \n\n Chile | \n\n Chile | \n\n United States | \n
| \n \n | \n\n Luminora Solar 5 | \n\n 65.00% | \n\n E | \n\n Spain | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Luminora Solar cuatro, S.L. | \n\n 65.00% | \n\n E | \n\n Spain | \n\n Spain | \n\n Singapore | \n
| \n \n | \n\n Luminora Solar Dos, S.L. | \n\n 65.00% | \n\n E | \n\n Spain | \n\n Spain | \n\n France | \n
| \n \n | \n\n Luminora Solar Tres, S.L. | \n\n 65.00% | \n\n E | \n\n Spain | \n\n Spain | \n\n United Kingdom | \n
| \n \n | \n\n Maenggoldo Offshore Wind Power Co., Ltd | \n\n 42.50% | \n\n E | \n\n South Korea | \n\n South Korea | \n\n Japan | \n
| \n \n | \n\n Margeriaz Energie | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Japan | \n
| \n \n | \n\n Martianez Solar, S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n Mozambique | \n
| \n \n | \n\n Marysville Unified School District Solar, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United Arab Emirates | \n
| \n \n | \n\n Mauricio Solar, S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n United Arab Emirates | \n
| \n \n | \n\n Maxeon Solar Technologies, Pte. Ltd. | \n\n 26.66% | \n\n E | \n\n Singapore | \n\n Singapore | \n\n Mozambique | \n
| \n \n | \n\n Methanergy | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Mozambique | \n
| \n \n | \n\n Missiles & Space Batteries Limited | \n\n 50.00% | \n\n E | \n\n United Kingdom | \n\n United Kingdom | \n\n South Africa | \n
| \n \n | \n\n Miyagi Osato Solar Park G.K. | \n\n 45.00% | \n\n E | \n\n Japan | \n\n Japan | \n\n United States | \n
| \n \n | \n\n Miyako Kuzakai Solarpark G.K. | \n\n 50.00% | \n\n E | \n\n Japan | \n\n Japan | \n\n United Arab Emirates | \n
| \n \n | \n\n Moz LNG1 Co-Financing Company | \n\n 26.50% | \n\n \u00a0 | \n\n Mozambique | \n\n Mozambique | \n\n United States | \n
| \n \n | \n\n Moz LNG1 Financing Company Ltd | \n\n 26.50% | \n\n \u00a0 | \n\n United Arab Emirates | \n\n United Arab Emirates | \n\n Nigeria | \n
| \n \n | \n\n Moz LNG1 Holding Company Ltd | \n\n 26.50% | \n\n \u00a0 | \n\n United Arab Emirates | \n\n United Arab Emirates | \n\n Norway | \n
| \n \n | \n\n Mozambique LNG Marine Terminal Company S.A. | \n\n 26.50% | \n\n \u00a0 | \n\n Mozambique | \n\n Mozambique | \n\n United States | \n
| \n \n | \n\n Mozambique MOF Company S.A. | \n\n 26.50% | \n\n \u00a0 | \n\n Mozambique | \n\n Mozambique | \n\n United States | \n
| \n \n | \n\n Mulilo Prieska PV (RF) Proprietary Limited | \n\n 27.00% | \n\n E | \n\n South Africa | \n\n South Africa | \n\n France | \n
| \n \n | \n\n Mustang Creek Solar, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Spain | \n
| \n \n | \n\n Myrtle Solar, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n National Gas Shipping Company Limited | \n\n 5.00% | \n\n E | \n\n United Arab Emirates | \n\n United Arab Emirates | \n\n Oman | \n
| \n \n | \n\n Nigeria LNG Limited | \n\n 15.00% | \n\n E | \n\n Nigeria | \n\n Nigeria | \n\n France | \n
| \n \n | \n\n Nouvelle Centrale Eolienne de Lastours | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Nuza Solar, S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n France | \n
| \n Integrated Gas, Renewables & Power (continued) | \n\n \n | \n|||||
| \n \n | \n\n Nyk Armateur S.A.S. | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n\n Chile | \n
| \n \n | \n\n Offshore Wind Power Ltd | \n\n 38.25% | \n\n E | \n\n United Kingdom | \n\n United Kingdom | \n\n Chile | \n
| \n \n | \n\n Oman LNG, LLC | \n\n 5.54% | \n\n E | \n\n Oman | \n\n Oman | \n\n Spain | \n
| \n \n | \n\n Papua LNG Development Pte Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Singapore | \n\n Papua New Guinea | \n\n Spain | \n
| \n \n | \n\n Parc Eolien de Cassini | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n\n Spain | \n
| \n \n | \n\n Parc Eolien Des Monts Jumeaux | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Parc Eolien Du Coupru | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Parc Eolien du Vilpion | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Parque Fotovoltaico Alicahue Solar SPA | \n\n 100.00% | \n\n \u00a0 | \n\n Chile | \n\n Chile | \n\n France | \n
| \n \n | \n\n Parque Fotovoltaico Santa Adriana Solar SPA | \n\n 100.00% | \n\n \u00a0 | \n\n Chile | \n\n Chile | \n\n Spain | \n
| \n \n | \n\n Piedra Solar, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Qatar | \n
| \n \n | \n\n Pilastra Solar, S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n Qatar | \n
| \n \n | \n\n Planta solar OPDE Andaluc\u00eda 3, S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n France | \n
| \n \n | \n\n Portalon Solar, S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Pos Production Ii | \n\n 60.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Spain | \n
| \n \n | \n\n Pos Production Iii | \n\n 70.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Spain | \n
| \n \n | \n\n Pos Production Iv | \n\n 70.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Spain | \n
| \n \n | \n\n Pos Production V | \n\n 70.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Chile | \n
| \n \n | \n\n Poste HTB du Mont de L'Arbre | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United States | \n
| \n \n | \n\n Postigo Solar, S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n China | \n
| \n \n | \n\n PT TATS Indonesia\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n Indonesia | \n\n Indonesia | \n\n China | \n
| \n \n | \n\n Qatar Liquefied Gas Company Limited | \n\n 10.00% | \n\n E | \n\n Qatar | \n\n Qatar | \n\n Sweden | \n
| \n \n | \n\n Qatar Liquefied Gas Company Limited (II) | \n\n 16.70% | \n\n E | \n\n Qatar | \n\n Qatar | \n\n France | \n
| \n \n | \n\n Quadrica | \n\n 51.00% | \n\n E | \n\n France | \n\n France | \n\n United States | \n
| \n \n | \n\n Quilla Solar, S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n Norway | \n
| \n \n | \n\n Rabiza Solar, S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n Australia | \n
| \n \n | \n\n Randolph Solar I, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Spain | \n
| \n \n | \n\n Recova Solar, S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n Italy | \n
| \n \n | \n\n Regata Solar, S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n Germany | \n
| \n \n | \n\n RLA Solar SPA | \n\n 100.00% | \n\n \u00a0 | \n\n Chile | \n\n Chile | \n\n Singapore | \n
| \n \n | \n\n Rolling Plains Solar, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Australia | \n
| \n \n | \n\n Saft (Zhuhai FTZ) Batteries Company Limited | \n\n 100.00% | \n\n \u00a0 | \n\n China | \n\n China | \n\n Netherlands | \n
| \n \n | \n\n Saft (Zhuhai) Energy Storage Co | \n\n 100.00% | \n\n \u00a0 | \n\n China | \n\n China | \n\n Brazil | \n
| \n \n | \n\n Saft AB | \n\n 100.00% | \n\n \u00a0 | \n\n Sweden | \n\n Sweden | \n\n France | \n
| \n \n | \n\n Saft America Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Czech Republic | \n
| \n \n | \n\n Saft AS | \n\n 100.00% | \n\n \u00a0 | \n\n Norway | \n\n Norway | \n\n France | \n
| \n \n | \n\n Saft Australia PTY Limited | \n\n 100.00% | \n\n \u00a0 | \n\n Australia | \n\n Australia | \n\n Hong Kong | \n
| \n \n | \n\n Saft Batterias SL | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n India | \n
| \n \n | \n\n Saft Batterie Italia S.R.L. | \n\n 100.00% | \n\n \u00a0 | \n\n Italy | \n\n Italy | \n\n Japan | \n
| \n \n | \n\n Saft Batterien GmbH | \n\n 100.00% | \n\n \u00a0 | \n\n Germany | \n\n Germany | \n\n United Kingdom | \n
| \n \n | \n\n Saft Batteries Pte Limited | \n\n 100.00% | \n\n \u00a0 | \n\n Singapore | \n\n Singapore | \n\n Russia | \n
| \n \n | \n\n Saft Batteries PTY Limited | \n\n 100.00% | \n\n \u00a0 | \n\n Australia | \n\n Australia | \n\n Cyprus | \n
| \n \n | \n\n Saft Batterijen B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Netherlands | \n\n France | \n
| \n \n | \n\n Saft Do Brasil Ltda | \n\n 100.00% | \n\n \u00a0 | \n\n Brazil | \n\n Brazil | \n\n United Kingdom | \n
| \n \n | \n\n Saft EV S.A.S. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United States | \n
| \n \n | \n\n Saft Ferak AS | \n\n 100.00% | \n\n \u00a0 | \n\n Czech Republic | \n\n Czech Republic | \n\n United Arab Emirates | \n
| \n \n | \n\n Saft Groupe S.A.S. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United States | \n
| \n Integrated Gas, Renewables & Power (continued) | \n\n \n | \n|||||
| \n \n | \n\n Saft Hong Kong Limited | \n\n 100.00% | \n\n \u00a0 | \n\n Hong Kong | \n\n Hong Kong | \n\n France | \n
| \n \n | \n\n Saft India Private Limited | \n\n 100.00% | \n\n \u00a0 | \n\n India | \n\n India | \n\n France | \n
| \n \n | \n\n Saft Japan KK | \n\n 100.00% | \n\n \u00a0 | \n\n Japan | \n\n Japan | \n\n France | \n
| \n \n | \n\n Saft Limited | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n United States | \n
| \n \n | \n\n Saft LLC | \n\n 100.00% | \n\n \u00a0 | \n\n Russia | \n\n Russia | \n\n France | \n
| \n \n | \n\n Saft Nife ME Limited | \n\n 100.00% | \n\n \u00a0 | \n\n Cyprus | \n\n Cyprus | \n\n United States | \n
| \n \n | \n\n Saft S.A.S. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United States | \n
| \n \n | \n\n Sanders Creek Solar, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Seagreen HoldCo 1 Limited | \n\n 51.00% | \n\n E | \n\n United Kingdom | \n\n United Kingdom | \n\n United States | \n
| \n \n | \n\n Shams Power Company PJSC | \n\n 20.00% | \n\n E | \n\n United Arab Emirates | \n\n United Arab Emirates | \n\n United States | \n
| \n \n | \n\n Societe Champenoise d'Energie | \n\n 16.00% | \n\n E | \n\n France | \n\n France | \n\n United States | \n
| \n \n | \n\n Societe Economie Mixte Production Energetique Renouvelable | \n\n 35.92% | \n\n E | \n\n France | \n\n France | \n\n United States | \n
| \n \n | \n\n Sol Holding, LLC | \n\n 50.00% | \n\n E | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Carport NJ, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Energies | \n\n 65.00% | \n\n E | \n\n France | \n\n France | \n\n United States | \n
| \n \n | \n\n Solar Star Academia 1, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Always Low Prices Hi, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Arizona HMR-1, LLC\u00a0\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Baltimore Carney, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Baltimore Roofs, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Bay City 2, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Big Apple BTM, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Big Apple CDG, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Big Apple CDGB,LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Blakeslee 2, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Buchanan 1, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Buchanan 2, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star California LXXV, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star California LXXVI, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star California LXXVIII, LLC\u00a0\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star California XXXV, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star California XXXVI, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star California XXXVIII, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Cambridge 1, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Carbondale 1, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Carlsbad 1, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Charles City 1, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Charles City 2, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Charlotte 1, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Clovis Curry North, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Clovis Curry South, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Co Co 2500, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Colorado II, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star CRC Kern Front, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star CRC Mt. Poso, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star CRC North Shafter, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n Integrated Gas, Renewables & Power (continued) | \n\n \n | \n|||||
| \n \n | \n\n Solar Star CRC Pier A West, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star CRC Yowlumne 1 North, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star CRC Yowlumne 2 South, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Deer Island, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Dornsife 1, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Fort Atkinson South, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star George Gift, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Gloucester 1, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Gloucester 2, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Goochland 1, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Goodwin Storage, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Halifax 1, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Harbor, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Hawley 1, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star HD Maryland, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star HD New Jersey, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star HD New York, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Healthy 1, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Healthy Lake, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Herald Square 1, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Hernwood, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Irondale, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Jal, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Kennedale Storage, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Khsd, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star LA County High Desert, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Lake Mills 1, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star LCR Culver City, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star LCR Irvine, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star LCR Split 2, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Lincoln School, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Lompoc Diatomite 1, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Los Lunas 2 LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Los Lunas, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star MA - Tewksbury, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Massachusetts II, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Massachusetts III, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Maxx 1, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Mayfield 1, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Maynard 1, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Mifflinburg 1, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Millville Rohrsburg, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Millville, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Mount Crawford 1, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star North Herty Storage, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Orangeville 2, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Orangeville Eagle, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n Integrated Gas, Renewables & Power (continued) | \n\n \n | \n|||||
| \n \n | \n\n Solar Star Parent CRC Kern Front, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Parent CRC Mt. Poso, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Parent CRC North Shafter, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Parent CRC Pier A West, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Parent CRC Yowlumne 1 North, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Parent CRC Yowlumne 2 South, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Parkton, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Pennsauken, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Petersburg 1, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Philipsburg 1, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Pleasant Mount 1, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Pleasant Mount 2, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Prime 2, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star PTC 1, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star PTC 2, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Serving Science 2, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Serving Science, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star South Deering, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Storage Texas, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Timberville 1, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United Kingdom | \n
| \n \n | \n\n Solar Star Timberville 2, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Spain | \n
| \n \n | \n\n Solar Star Track Southern Ave 1, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Tranquility, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Unkety Brook, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Urbana Landfill South, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Virginia Holdco, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Ware 1, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Western Hills Storage, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Wholesome Portland, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solarstar Ma I, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solarstar Prime I, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n SolarStorage Fund A, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n SolarStorage Fund B, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n SolarStorage Fund C, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n SolarStorage Fund D, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Chile | \n
| \n \n | \n\n Sombrero Solar, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Canada | \n
| \n \n | \n\n South Hook LNG Terminal Company Limited | \n\n 8.35% | \n\n E | \n\n United Kingdom | \n\n United Kingdom | \n\n United States | \n
| \n \n | \n\n Spinnaker Solar, S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n United States | \n
| \n \n | \n\n SPWR SS 1, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Strongstown Solar, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n SunPower Bobcat Solar, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n SunPower Commercial FTB Construction, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n SunPower Commercial Holding Company FTB SLB Parent, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n SunPower Commercial Holding Company FTB SLB, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Cayman Islands | \n
| \n \n | \n\n SunPower Helix I, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n SunPower NY CDG 1,LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n Integrated Gas, Renewables & Power (continued) | \n\n \n | \n|||||
| \n \n | \n\n SunPower Revolver HoldCo I Parent, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n SunPower Revolver HoldCo I, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Sunzil | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n\n United States | \n
| \n \n | \n\n Swingletree Operations, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Mexico | \n
| \n \n | \n\n Tadiran Batteries GmbH | \n\n 100.00% | \n\n \u00a0 | \n\n Germany | \n\n Germany | \n\n United States | \n
| \n \n | \n\n Tadiran Batteries Limited | \n\n 100.00% | \n\n \u00a0 | \n\n Israel | \n\n Israel | \n\n United States | \n
| \n \n | \n\n Tianneng Saft Energy Joint Stock Company | \n\n 40.00% | \n\n E | \n\n China | \n\n China | \n\n United States | \n
| \n \n | \n\n TNE Holdco 1 Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n France | \n
| \n \n | \n\n Total Direct Energie Belgium | \n\n 100.00% | \n\n \u00a0 | \n\n Belgium | \n\n Belgium | \n\n United States | \n
| \n \n | \n\n Total E&P Indonesie | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Indonesia | \n\n Germany | \n
| \n \n | \n\n TotalEnergies Biogaz France | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Israel | \n
| \n \n | \n\n Total Eren(b) | \n\n 29.60% | \n\n E | \n\n France | \n\n France | \n\n Morocco | \n
| \n \n | \n\n Total Eren Holding | \n\n 33.86% | \n\n E | \n\n France | \n\n France | \n\n China | \n
| \n \n | \n\n Total Shenergy LNG (Shanghai) Co., Ltd. | \n\n 49.00% | \n\n E | \n\n China | \n\n China | \n\n France | \n
| \n \n | \n\n Total Solar Singapore Pte Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Singapore | \n\n Singapore | \n\n Belgium | \n
| \n \n | \n\n Total Strong, LLC | \n\n 50.00% | \n\n E | \n\n United States | \n\n United States | \n\n Indonesia | \n
| \n \n | \n\n Total Tractebel Emirates O & M Company | \n\n 50.00% | \n\n E | \n\n France | \n\n United Arab Emirates | \n\n Indonesia | \n
| \n \n | \n\n Total Tractebel Emirates Power Company | \n\n 50.00% | \n\n E | \n\n France | \n\n United Arab Emirates | \n\n Mauritius Island | \n
| \n \n | \n\n TotalEnergies \u2013 Centrale Electrique Bayet | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Papua New Guinea | \n
| \n \n | \n\n TotalEnergies \u2013 Centrale Electrique Marchienne-au-Pont\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n Belgium | \n\n Belgium | \n\n Indonesia | \n
| \n \n | \n\n TotalEnergies \u2013 Centrale Electrique Pont-sur-Sambre | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies \u2013 Centrale Electrique Saint-Avold | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n China | \n
| \n \n | \n\n TotalEnergies \u2013 Centrale Electrique Toul | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Australia Unit Trust(c) | \n\n 0.00% | \n\n \u00a0 | \n\n Australia | \n\n Australia | \n\n France | \n
| \n \n | \n\n TotalEnergies Biogas Holdings USA, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n TotalEnergies Carbon Solutions | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Carolina Long Bay, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies CCS Australia Pty Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Australia | \n\n Australia | \n\n Mauritius Island | \n
| \n \n | \n\n TotalEnergies Clientes\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n Mauritius Island | \n
| \n \n | \n\n TotalEnergies CW I Solar, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n China | \n
| \n \n | \n\n TotalEnergies DF Solar, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Distributed Generation Assets Usa, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n China | \n
| \n \n | \n\n TotalEnergies Distributed Generation Philippines Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Distributed Generation Usa, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies E&P Yamal | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Chile | \n
| \n \n | \n\n TotalEnergies Electricidad y Gas Espa\u00f1a | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n Indonesia | \n
| \n \n | \n\n TotalEnergies Electricit\u00e9 et Gaz France | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United Arab Emirates | \n
| \n \n | \n\n TotalEnergies EP Angola D\u00e9veloppement Gaz | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Angola | \n\n United Arab Emirates | \n
| \n \n | \n\n TotalEnergies EP Australia | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Australia | \n\n United States | \n
| \n \n | \n\n TotalEnergies EP Australia II | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Australia | \n\n Bermuda | \n
| \n \n | \n\n TotalEnergies EP Australia III | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Australia | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Barnett USA | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies EP Holding Mauritius Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Mauritius Island | \n\n Mauritius Island | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Holdings Australia Pty Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Australia | \n\n Australia | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Ichthys B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Australia | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Ichthys Holdings | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Australia | \n
| \n \n | \n\n TotalEnergies EP Ichthys Pty Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Australia | \n\n Australia | \n\n France | \n
| \n Integrated Gas, Renewables & Power (continued) | \n\n \n | \n|||||
| \n \n | \n\n TotalEnergies EP Indonesia Mentawai B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Indonesia | \n\n Spain | \n
| \n \n | \n\n TotalEnergies EP Mozambique Area1, Ltda | \n\n 100.00% | \n\n \u00a0 | \n\n Mozambique | \n\n Mozambique | \n\n United States | \n
| \n \n | \n\n TotalEnergies EP Oman Block 12 B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Oman | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Oman Development B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Oman | \n\n Spain | \n
| \n \n | \n\n TotalEnergies EP PNG Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Papua New Guinea | \n\n Papua New Guinea | \n\n France | \n
| \n \n | \n\n TotalEnergies EP PNG2 B.V.\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Papua New Guinea | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP Salmanov | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Australia | \n
| \n \n | \n\n TotalEnergies EP Singapore Pte. Ltd. | \n\n 100.00% | \n\n \u00a0 | \n\n Singapore | \n\n Singapore | \n\n Australia | \n
| \n \n | \n\n TotalEnergies EP Tengah | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Indonesia | \n\n Australia | \n
| \n \n | \n\n TotalEnergies EP Transshipment S.A.S. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United States | \n
| \n \n | \n\n TotalEnergies ESS Flandres | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Australia | \n
| \n \n | \n\n TotalEnergies Exploration Australia Pty Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Australia | \n\n Australia | \n\n Australia | \n
| \n \n | \n\n TotalEnergies Gas & Power Asia Private Limited\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n Singapore | \n\n Singapore | \n\n France | \n
| \n \n | \n\n TotalEnergies Gas & Power Brazil | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Mozambique | \n
| \n \n | \n\n TotalEnergies Gas & Power Chartering UK Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n Oman | \n
| \n \n | \n\n TotalEnergies Gas & Power Holdings UK Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n Oman | \n
| \n \n | \n\n TotalEnergies Gas & Power Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n Papua New Guinea | \n
| \n \n | \n\n TotalEnergies Gas & Power Ltd, London, Meyrin - Geneva branch | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n Switzerland | \n\n France | \n
| \n \n | \n\n TotalEnergies Gas & Power North America, Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Gas & Power Services UK Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n Russia | \n
| \n \n | \n\n TotalEnergies Gas Holdings Andes | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Gas Pipeline USA, Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Australia | \n
| \n \n | \n\n TotalEnergies Gas y Electricidad Argentina S.A. | \n\n 100.00% | \n\n \u00a0 | \n\n Argentina | \n\n Argentina | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Gaz & Electricit\u00e9 Holdings | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies GLNG Australia | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Australia | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies GLNG Holdings Australia S.A.S. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Australia | \n\n Switzerland | \n
| \n \n | \n\n TotalEnergies H Solar, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies LNG Angola | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies M Solar, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Mercado Espa\u00f1a | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n Argentina | \n
| \n \n | \n\n TotalEnergies New Ventures USA, Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n TotalEnergies Offshore Wind Korea | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Australia | \n
| \n \n | \n\n TotalEnergies OFW US 1, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Australia | \n
| \n \n | \n\n TotalEnergies OFW US 4, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Power Generation France | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Angola | \n
| \n \n | \n\n TotalEnergies Power & Gas Belgium | \n\n 100.00% | \n\n \u00a0 | \n\n Belgium | \n\n Belgium | \n\n France | \n
| \n \n | \n\n TotalEnergies Renewables | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United States | \n
| \n \n | \n\n TotalEnergies Renewables Asia | \n\n 100.00% | \n\n \u00a0 | \n\n Singapore | \n\n Singapore | \n\n Spain | \n
| \n \n | \n\n TotalEnergies Renewables DG Asia Assets PTE Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Singapore | \n\n Singapore | \n\n United States | \n
| \n \n | \n\n TotalEnergies Renewables DG Development Asia Pte. Ltd. | \n\n 100.00% | \n\n \u00a0 | \n\n Singapore | \n\n Singapore | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Renewables DG Holdings Asia PTE Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Singapore | \n\n Singapore | \n\n France | \n
| \n \n | \n\n TotalEnergies Renewables DG MEA \u2013 Assets 1 FZE | \n\n 100.00% | \n\n \u00a0 | \n\n United Arab Emirates | \n\n United Arab Emirates | \n\n France | \n
| \n \n | \n\n TotalEnergies Renewables DG MEA\u00a0 FZE | \n\n 100.00% | \n\n \u00a0 | \n\n United Arab Emirates | \n\n United Arab Emirates | \n\n France | \n
| \n \n | \n\n TotalEnergies Renewables ESS Carling | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Renewables ESS Mayotte | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Renewables Iberica, S.L.U | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n United Arab Emirates | \n
| \n Integrated Gas, Renewables & Power (continued) | \n\n \n | \n|||||
| \n \n | \n\n TotalEnergies Renewables Indian Ocean Ltd. | \n\n 100.00% | \n\n \u00a0 | \n\n Mauritius Island | \n\n Mauritius Island | \n\n United Arab Emirates | \n
| \n \n | \n\n TotalEnergies Renewables International | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Spain | \n
| \n \n | \n\n TotalEnergies Renewables Latin America | \n\n 100.00% | \n\n \u00a0 | \n\n Chile | \n\n Chile | \n\n France | \n
| \n \n | \n\n TotalEnergies Renewables Projects Philippines Corporation | \n\n 100.00% | \n\n \u00a0 | \n\n Philippines | \n\n Philippines | \n\n Chile | \n
| \n \n | \n\n TotalEnergies Renewables Projects Vietnam | \n\n 100.00% | \n\n \u00a0 | \n\n Singapore | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Renewables R4 Holdco Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Renewables Seagreen Holdco Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Renewables Thailand | \n\n 100.00% | \n\n \u00a0 | \n\n Thailand | \n\n Thailand | \n\n Thailand | \n
| \n \n | \n\n TotalEnergies Renewables UK Limited | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n United States | \n
| \n \n | \n\n TotalEnergies Renewables USA, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n TotalEnergies Renouvelables Danemark ApS | \n\n 100.00% | \n\n \u00a0 | \n\n Denmark | \n\n Denmark | \n\n Denmark | \n
| \n \n | \n\n TotalEnergies Renouvelables France | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Renouvelables Nogara | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Renouvelables Pacific | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Solar DG Nederland B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Netherlands | \n\n France | \n
| \n \n | \n\n TotalEnergies Solar France | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Solar Intl | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Italy | \n
| \n \n | \n\n TotalEnergies Solar Wind Indian Ocean Ltd. | \n\n 100.00% | \n\n \u00a0 | \n\n Mauritius Island | \n\n Mauritius Island | \n\n France | \n
| \n \n | \n\n TotalEnergies Sviluppo Italia S.R.L. | \n\n 100.00% | \n\n \u00a0 | \n\n Italy | \n\n Italy | \n\n France | \n
| \n \n | \n\n TotalEnergies USA International LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n TotalEnergies Ventures Emerging Markets | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United States | \n
| \n \n | \n\n TotalEnergies Ventures Europe | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Ventures International | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Wire 3, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n TotalEnergies Yemen LNG Company Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Bermuda | \n\n Bermuda | \n\n France | \n
| \n \n | \n\n TQN Hydro | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Argentina | \n
| \n \n | \n\n TQN Solar | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Spain | \n
| \n \n | \n\n TQN Solar Nogara | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n\n Singapore | \n
| \n \n | \n\n TQN Wind | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Chile | \n
| \n \n | \n\n Transportadora de Gas del Mercosur S.A. | \n\n 32.68% | \n\n E | \n\n Argentina | \n\n Argentina | \n\n United States | \n
| \n \n | \n\n Trofeo Solar, S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n United States | \n
| \n \n | \n\n TSGF SpA | \n\n 50.00% | \n\n E | \n\n Chile | \n\n Chile | \n\n United States | \n
| \n \n | \n\n Valencia Solar 1, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n South Korea | \n
| \n \n | \n\n Valencia Solar 2, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n Valencia Solar 3, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Mexico | \n
| \n \n | \n\n Valencia Solar 4, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Mexico | \n
| \n \n | \n\n Valorene | \n\n 66.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Vents d'Oc Centrale d'Energie Renouvelable 16 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Vents D'Oc Centrale D'Energie Renouvelable 17 | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Vents D'Oc Centrale D'Energie Renouvelable 18 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Spain | \n
| \n \n | \n\n Vertigo | \n\n 25.00% | \n\n E | \n\n France | \n\n France | \n\n Germany | \n
| \n \n | \n\n Wichita Data, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n Wichita Solar I, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n Winche Solar, S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n France | \n
| \n \n | \n\n Wind 1026 GmbH | \n\n 100.00% | \n\n \u00a0 | \n\n Germany | \n\n France | \n\n France | \n
| \n \n | \n\n Wind 1029 GmbH | \n\n 100.00% | \n\n \u00a0 | \n\n Germany | \n\n Germany | \n\n Russia | \n
| \n Integrated Gas, Renewables & Power (continued) | \n\n \n | \n|||||
| \n \n | \n\n Winergy | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Yemen | \n
| \n \n | \n\n Woodbury Solar, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Germany | \n
| \n \n | \n\n WP France 21 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Netherlands | \n
| \n \n | \n\n Yamal LNG | \n\n 20.02% | \n\n E | \n\n Russia | \n\n Russia | \n\n \n | \n
| \n \n | \n\n Yemen LNG Company Limited | \n\n 39.62% | \n\n E | \n\n Bermuda | \n\n Yemen | \n\n \n | \n
| \n \n | \n\n Yunlin Holding Gmbh | \n\n 23.00% | \n\n E | \n\n Germany | \n\n Germany | \n\n \n | \n
| \n Refining & Chemicals | \n||||||
| \n \n | \n\n Appryl S.N.C | \n\n 50.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Atlantic Trading and Marketing Financial Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Atlantic Trading and Marketing Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Balzatex S.A.S. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Barry Controls Aerospace S.N.C. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n BASF Total Petrochemicals LLC | \n\n 40.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Bay Junction Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Bayport Polymers LLC | \n\n 50.00% | \n\n E | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Borrachas Portalegre Ltda | \n\n 100.00% | \n\n \u00a0 | \n\n Portugal | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n BOU Verwaltungs GmbH | \n\n 100.00% | \n\n \u00a0 | \n\n Germany | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Buckeye Products Pileline LP | \n\n 14.66% | \n\n E | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Catelsa-Caceres S.A.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Cie Tunisienne du Caoutchouc S.A.R.L. | \n\n 100.00% | \n\n \u00a0 | \n\n Tunisia | \n\n Tunisia | \n\n Tunisia | \n
| \n \n | \n\n Composite Industrie Maroc S.A.R.L. | \n\n 100.00% | \n\n \u00a0 | \n\n Morocco | \n\n Morocco | \n\n Morocco | \n
| \n \n | \n\n Composite Industrie S.A. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Cosden, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n COS-MAR Company | \n\n 50.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Cray Valley (Guangzhou) Chemical Company, Limited | \n\n 100.00% | \n\n \u00a0 | \n\n China | \n\n China | \n\n China | \n
| \n \n | \n\n Cray Valley Czech | \n\n 100.00% | \n\n \u00a0 | \n\n Czech Republic | \n\n Czech Republic | \n\n Czech Republic | \n
| \n \n | \n\n Cray Valley HSC Asia Limited | \n\n 100.00% | \n\n \u00a0 | \n\n China | \n\n Hong Kong | \n\n Hong Kong | \n
| \n \n | \n\n Cray Valley Italia S.R.L. | \n\n 100.00% | \n\n \u00a0 | \n\n Italy | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n Cray Valley S.A. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n CSSA - Chartering and Shipping Services S.A. | \n\n 100.00% | \n\n \u00a0 | \n\n Switzerland | \n\n Switzerland | \n\n Switzerland | \n
| \n \n | \n\n Espa S.A.R.L. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Ethylene Est | \n\n 99.98% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Feluy Immobati | \n\n 100.00% | \n\n \u00a0 | \n\n Belgium | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n Fina Pipeline Co | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n FINA Technology, Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Gasket (Suzhou) Valve Components Company, Limited | \n\n 100.00% | \n\n \u00a0 | \n\n China | \n\n China | \n\n China | \n
| \n \n | \n\n Gasket International S.R.L. | \n\n 100.00% | \n\n \u00a0 | \n\n Italy | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n Grande Paroisse S.A. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Gulf Coast Pipeline LP | \n\n 14.66% | \n\n E | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Hanwha TotalEnergies Petrochemical Co. Limited | \n\n 50.00% | \n\n E | \n\n South Korea | \n\n South Korea | \n\n South Korea | \n
| \n \n | \n\n HBA Hutchinson Brasil Automotive Ltda | \n\n 100.00% | \n\n \u00a0 | \n\n Brazil | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n Hutchinson (UK) Limited | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Hutchinson (Wuhan) Automotive Rubber Products Company Limited | \n\n 100.00% | \n\n \u00a0 | \n\n China | \n\n China | \n\n China | \n
| \n \n | \n\n Hutchinson Aeronautique & Industrie Limited | \n\n 100.00% | \n\n \u00a0 | \n\n Canada | \n\n Canada | \n\n Canada | \n
| \n \n | \n\n Hutchinson Aerospace & Industry Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Hutchinson Aerospace GmbH | \n\n 100.00% | \n\n \u00a0 | \n\n Germany | \n\n Germany | \n\n Germany | \n
| \n Refining & Chemicals (continued) | \n\n \n | \n|||||
| \n \n | \n\n Hutchinson Antivibration Systems Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Hutchinson Automotive Systems Company, Limited | \n\n 100.00% | \n\n \u00a0 | \n\n China | \n\n China | \n\n United States | \n
| \n \n | \n\n Hutchinson Autopartes Mexico S.A. de C.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Mexico | \n\n Mexico | \n\n China | \n
| \n \n | \n\n Hutchinson Borrachas de Portugal Ltda | \n\n 100.00% | \n\n \u00a0 | \n\n Portugal | \n\n Portugal | \n\n Mexico | \n
| \n \n | \n\n Hutchinson Corporation | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Portugal | \n
| \n \n | \n\n Hutchinson d.o.o Ruma | \n\n 100.00% | \n\n \u00a0 | \n\n Serbia | \n\n Serbia | \n\n United States | \n
| \n \n | \n\n Hutchinson Do Brasil S.A. | \n\n 100.00% | \n\n \u00a0 | \n\n Brazil | \n\n Brazil | \n\n Serbia | \n
| \n \n | \n\n Hutchinson Fluid Management Systems Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Brazil | \n
| \n \n | \n\n Hutchinson GmbH | \n\n 100.00% | \n\n \u00a0 | \n\n Germany | \n\n Germany | \n\n United States | \n
| \n \n | \n\n Hutchinson Holding GmbH | \n\n 100.00% | \n\n \u00a0 | \n\n Germany | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Hutchinson Holdings UK Limited | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n Germany | \n
| \n \n | \n\n Hutchinson Iberia S.A. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n United Kingdom | \n
| \n \n | \n\n Hutchinson Industrial Rubber Products (Suzhou) Company, Limited | \n\n 100.00% | \n\n \u00a0 | \n\n China | \n\n China | \n\n Spain | \n
| \n \n | \n\n Hutchinson Industrias Del Caucho SAU | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n China | \n
| \n \n | \n\n Hutchinson Industries Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Spain | \n
| \n \n | \n\n Hutchinson Japan Company Limited | \n\n 100.00% | \n\n \u00a0 | \n\n Japan | \n\n Japan | \n\n United States | \n
| \n \n | \n\n Hutchinson Korea Limited | \n\n 100.00% | \n\n \u00a0 | \n\n South Korea | \n\n South Korea | \n\n Japan | \n
| \n \n | \n\n Hutchinson Malta Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Malta | \n\n Malta | \n\n South Korea | \n
| \n \n | \n\n Hutchinson Maroc S.A.R.L. AU | \n\n 100.00% | \n\n \u00a0 | \n\n Morocco | \n\n Morocco | \n\n Morocco | \n
| \n \n | \n\n Hutchinson Poland SP ZO.O. | \n\n 100.00% | \n\n \u00a0 | \n\n Poland | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n Hutchinson Polymers S.N.C. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Hutchinson Porto | \n\n 100.00% | \n\n \u00a0 | \n\n Portugal | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n Hutchinson Precision Sealing Systems Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Hutchinson Research & Innovation Singapore PTE. Limited | \n\n 100.00% | \n\n \u00a0 | \n\n Singapore | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n Hutchinson Rubber Products Private Limited Inde | \n\n 100.00% | \n\n \u00a0 | \n\n India | \n\n India | \n\n India | \n
| \n \n | \n\n Hutchinson S.A. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Hutchinson S.N.C. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Hutchinson S.R.L. (Italie) | \n\n 100.00% | \n\n \u00a0 | \n\n Italy | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n Hutchinson S.R.L. (Roumanie) | \n\n 100.00% | \n\n \u00a0 | \n\n Romania | \n\n Romania | \n\n Romania | \n
| \n \n | \n\n Hutchinson Sales Corporation | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Hutchinson Seal De Mexico S.A. de CV. | \n\n 100.00% | \n\n \u00a0 | \n\n Mexico | \n\n Mexico | \n\n Mexico | \n
| \n \n | \n\n Hutchinson Sealing Systems Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Hutchinson SRO | \n\n 100.00% | \n\n \u00a0 | \n\n Czech Republic | \n\n Czech Republic | \n\n Czech Republic | \n
| \n \n | \n\n Hutchinson Stop - Choc GmbH & CO. KG | \n\n 100.00% | \n\n \u00a0 | \n\n Germany | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Hutchinson Suisse S.A. | \n\n 100.00% | \n\n \u00a0 | \n\n Switzerland | \n\n Switzerland | \n\n Switzerland | \n
| \n \n | \n\n Hutchinson Technologies (Maanshan) Co., Ltd. | \n\n 100.00% | \n\n \u00a0 | \n\n China | \n\n China | \n\n Mexico | \n
| \n \n | \n\n Hutchinson Technologies (Shenyang) Co., Ltd. | \n\n 100.00% | \n\n \u00a0 | \n\n China | \n\n China | \n\n Tunisia | \n
| \n \n | \n\n Hutchinson Transferencia de Fluidos S.A. de C.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Mexico | \n\n Mexico | \n\n Vietnam | \n
| \n \n | \n\n Hutchinson Tunisie S.A.R.L. | \n\n 100.00% | \n\n \u00a0 | \n\n Tunisia | \n\n Tunisia | \n\n Spain | \n
| \n \n | \n\n Hutchinson Vietnam Company Limited | \n\n 100.00% | \n\n \u00a0 | \n\n Vietnam | \n\n Vietnam | \n\n France | \n
| \n \n | \n\n Industrias Tecnicas De La Espuma SL | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n France | \n
| \n \n | \n\n Industrielle Desmarquoy S.N.C. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Jehier S.A.S. | \n\n 99.89% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Germany | \n
| \n \n | \n\n Joint Precision Rubber | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Qatar | \n
| \n \n | \n\n KTN Kunststofftechnik Nobitz GmbH | \n\n 100.00% | \n\n \u00a0 | \n\n Germany | \n\n Germany | \n\n Qatar | \n
| \n \n | \n\n Laffan Refinery Company Limited | \n\n 10.00% | \n\n E | \n\n Qatar | \n\n Qatar | \n\n United States | \n
| \n Refining & Chemicals (continued) | \n\n \n | \n|||||
| \n \n | \n\n Laffan Refinery Company Limited 2 | \n\n 10.00% | \n\n E | \n\n Qatar | \n\n Qatar | \n\n United States | \n
| \n \n | \n\n LaPorte Pipeline Company LP | \n\n 19.96% | \n\n E | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n LaPorte Pipeline GP LLC | \n\n 19.96% | \n\n E | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Le Joint Francais S.N.C. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United States | \n
| \n \n | \n\n Legacy Site Services Funding Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n Legacy Site Services LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Les Stratifies S.A.S. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United Kingdom | \n
| \n \n | \n\n Lone Wolf Land Company | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Machen Land Limited | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n France | \n
| \n \n | \n\n Mide Technology Corporation | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Germany | \n
| \n \n | \n\n Naphtachimie | \n\n 50.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Malta | \n
| \n \n | \n\n Olutex Oberlausitzer Luftfahrttextilien GmbH | \n\n 100.00% | \n\n \u00a0 | \n\n Germany | \n\n Germany | \n\n United Kingdom | \n
| \n \n | \n\n Pamargan Products Limited | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n France | \n
| \n \n | \n\n Paulstra S.N.C. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Germany | \n
| \n \n | \n\n PFW Aerospace GmbH | \n\n 100.00% | \n\n \u00a0 | \n\n Germany | \n\n Germany | \n\n Turkey | \n
| \n \n | \n\n PFW Havacilik Sanayi ve Dis Ticaret Limited Sirtketi | \n\n 100.00% | \n\n \u00a0 | \n\n Turkey | \n\n Turkey | \n\n United Kingdom | \n
| \n \n | \n\n PFW Uk Machining Ltd. | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n Germany | \n
| \n \n | \n\n Polyblend GmbH | \n\n 100.00% | \n\n \u00a0 | \n\n Germany | \n\n Germany | \n\n Qatar | \n
| \n \n | \n\n Qatar Petrochemical Company Q.S.C. (QAPCO) | \n\n 20.00% | \n\n E | \n\n Qatar | \n\n Qatar | \n\n Qatar | \n
| \n \n | \n\n Qatofin Company Limited | \n\n 49.08% | \n\n E | \n\n Qatar | \n\n Qatar | \n\n Belgium | \n
| \n \n | \n\n Resilium | \n\n 100.00% | \n\n \u00a0 | \n\n Belgium | \n\n Belgium | \n\n France | \n
| \n \n | \n\n Retia | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United States | \n
| \n \n | \n\n Retia USA LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n San Jacinto Rail Limited | \n\n 17.00% | \n\n E | \n\n United States | \n\n United States | \n\n Saoudia Arabia | \n
| \n \n | \n\n Saudi Aramco Total Refining & Petrochemical Company | \n\n 37.50% | \n\n E | \n\n Saoudia Arabia | \n\n Saoudia Arabia | \n\n France | \n
| \n \n | \n\n Societe Bearnaise De Gestion Industrielle | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Societe du Pipeline Sud-Europeen | \n\n 35.14% | \n\n E | \n\n France | \n\n France | \n\n United States | \n
| \n \n | \n\n Southeast Texas Pipelines LLC | \n\n 40.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Algeria | \n
| \n \n | \n\n SPA Sonatrach Total Entreprise de Polym\u00e8res | \n\n 49.00% | \n\n E | \n\n Algeria | \n\n Algeria | \n\n United States | \n
| \n \n | \n\n Stillman Seal Corporation | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United Kingdom | \n
| \n \n | \n\n Stop-Choc (UK) Limited | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n France | \n
| \n \n | \n\n Synova | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Techlam S.A.S. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Thermal Control Systems Automotive Sasu | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Total Activites Maritimes | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Mexico | \n
| \n \n | \n\n Total Atlantic Trading Mexico SA De CV | \n\n 100.00% | \n\n \u00a0 | \n\n Mexico | \n\n Mexico | \n\n Netherlands | \n
| \n \n | \n\n Total Corbion PLA B.V. | \n\n 50.00% | \n\n E | \n\n Netherlands | \n\n Netherlands | \n\n Denmark | \n
| \n \n | \n\n Total Energy Marketing A/S | \n\n 100.00% | \n\n \u00a0 | \n\n Denmark | \n\n Denmark | \n\n Netherlands | \n
| \n \n | \n\n Total Opslag En Pijpleiding Nederland NV | \n\n 55.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Netherlands | \n\n China | \n
| \n \n | \n\n Total Petrochemicals (Shangai) Limited | \n\n 100.00% | \n\n \u00a0 | \n\n China | \n\n China | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Belgium Services | \n\n 100.00% | \n\n \u00a0 | \n\n Belgium | \n\n Belgium | \n\n France | \n
| \n \n | \n\n TotalEnergies Fluids | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies Laffan Refinery Holdco | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Germany | \n
| \n \n | \n\n TotalEnergies Laffan Refinery Holdco II B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Netherlands | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Marketing Deutschland GmbH Refining(d) | \n\n 100.00% | \n\n \u00a0 | \n\n Germany | \n\n Germany | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Olefins Antwerp | \n\n 100.00% | \n\n \u00a0 | \n\n Belgium | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Petrochemicals Development Feluy | \n\n 100.00% | \n\n \u00a0 | \n\n Belgium | \n\n Belgium | \n\n Belgium | \n
| \n Refining & Chemicals (continued) | \n\n \n | \n|||||
| \n \n | \n\n TotalEnergies Petrochemicals Ecaussinnes\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n Belgium | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Petrochemicals Feluy | \n\n 100.00% | \n\n \u00a0 | \n\n Belgium | \n\n Belgium | \n\n France | \n
| \n \n | \n\n TotalEnergies Petrochemicals France | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Hong Kong | \n
| \n \n | \n\n TotalEnergies Petrochemicals Hong Kong Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Hong Kong | \n\n Hong Kong | \n\n Spain | \n
| \n \n | \n\n TotalEnergies Petrochemicals Iberica | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Petrochemicals UK Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n United States | \n
| \n \n | \n\n TotalEnergies Pipeline USA, Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Plastic Energy Advanced Recycling S.A.S. | \n\n 60.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Polymers Antwerp | \n\n 100.00% | \n\n \u00a0 | \n\n Belgium | \n\n Belgium | \n\n France | \n
| \n \n | \n\n TotalEnergies Raffinage Chimie | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Germany | \n
| \n \n | \n\n TotalEnergies Raffinage France | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Raffinerie Mitteldeutschland GmbH | \n\n 100.00% | \n\n \u00a0 | \n\n Germany | \n\n Germany | \n\n United States | \n
| \n \n | \n\n TotalEnergies Refinery Antwerp | \n\n 100.00% | \n\n \u00a0 | \n\n Belgium | \n\n Belgium | \n\n France | \n
| \n \n | \n\n TotalEnergies Refinery Port Arthur, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Refining & Chemicals Arabia | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United States | \n
| \n \n | \n\n TotalEnergies Splitter USA, Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Trading Asia Pte. Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Singapore | \n\n Singapore | \n\n Canada | \n
| \n \n | \n\n TotalEnergies Trading Canada LP | \n\n 100.00% | \n\n \u00a0 | \n\n Canada | \n\n Canada | \n\n France | \n
| \n \n | \n\n TotalEnergies Trading Europe | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Canada | \n
| \n \n | \n\n TotalEnergies Trading Holdings Canada Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Canada | \n\n Canada | \n\n Switzerland | \n
| \n \n | \n\n TotalEnergies Trading Products S.A. | \n\n 100.00% | \n\n \u00a0 | \n\n Switzerland | \n\n Switzerland | \n\n Switzerland | \n
| \n \n | \n\n TotalEnergies Trading Storage S.A. | \n\n 100.00% | \n\n \u00a0 | \n\n Switzerland | \n\n Switzerland | \n\n Switzerland | \n
| \n \n | \n\n TOTSA TotalEnergies Trading S.A. | \n\n 100.00% | \n\n \u00a0 | \n\n Switzerland | \n\n Switzerland | \n\n Belgium | \n
| \n \n | \n\n Totseanergy | \n\n 49.00% | \n\n E | \n\n Belgium | \n\n Belgium | \n\n France | \n
| \n \n | \n\n Transalpes S.N.C. | \n\n 67.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Trans-Ethylene | \n\n 99.98% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Spain | \n
| \n \n | \n\n Vibrachoc S.A.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n Netherlands | \n
| \n \n | \n\n Zeeland Refinery NV | \n\n 55.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Netherlands | \n\n \n | \n
| \n Marketing & Services | \n||||||
| \n \n | \n\n Antilles Gaz | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Argedis | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Aristea | \n\n 51.00% | \n\n E | \n\n Belgium | \n\n Belgium | \n\n France | \n
| \n \n | \n\n Arteco | \n\n 49.99% | \n\n E | \n\n Belgium | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n AS 24 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Belgium | \n
| \n \n | \n\n AS24 Belgie N.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Belgium | \n\n Belgium | \n\n France | \n
| \n \n | \n\n AS24 Espanola S.A. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n Belgium | \n
| \n \n | \n\n AS24 Fuel Cards Limited | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n Spain | \n
| \n \n | \n\n AS24 Lithuanie | \n\n 100.00% | \n\n \u00a0 | \n\n Lithunia | \n\n Lithunia | \n\n United Kingdom | \n
| \n \n | \n\n AS24 Polska SP ZO.O. | \n\n 100.00% | \n\n \u00a0 | \n\n Poland | \n\n Poland | \n\n Lithunia | \n
| \n \n | \n\n AS24 Tankservice GmbH | \n\n 100.00% | \n\n \u00a0 | \n\n Germany | \n\n Germany | \n\n Poland | \n
| \n \n | \n\n BlueCharge Pte. Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Singapore | \n\n Singapore | \n\n Germany | \n
| \n \n | \n\n Clean Energy | \n\n 19.15% | \n\n E | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n Cristal Marketing Egypt | \n\n 84.62% | \n\n \u00a0 | \n\n Egypt | \n\n Egypt | \n\n United States | \n
| \n \n | \n\n Elf Oil UK Aviation Limited | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n France | \n
| \n \n | \n\n Elf Oil UK Properties Limited | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n Egypt | \n
| \n \n | \n\n Fioulmarket.fr | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United Kingdom | \n
| \n \n | \n\n Gapco Kenya Limited | \n\n 100.00% | \n\n \u00a0 | \n\n Kenya | \n\n Kenya | \n\n United Kingdom | \n
| \n Marketing & Services (continued) | \n\n \n | \n|||||
| \n \n | \n\n Gapco Tanzania Limited | \n\n 100.00% | \n\n \u00a0 | \n\n Tanzania | \n\n Tanzania | \n\n France | \n
| \n \n | \n\n Guangzhou Elf Lubricants Company Limited | \n\n 77.00% | \n\n \u00a0 | \n\n China | \n\n China | \n\n Kenya | \n
| \n \n | \n\n Gulf Africa Petroleum Corporation | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Tanzania | \n
| \n \n | \n\n Lubricants Vietnam Holding Limited | \n\n 100.00% | \n\n \u00a0 | \n\n Hong Kong | \n\n Hong Kong | \n\n China | \n
| \n \n | \n\n National Petroleum Refiners Of South Africa (PTY) Limited | \n\n 18.22% | \n\n E | \n\n South Africa | \n\n South Africa | \n\n France | \n
| \n \n | \n\n Progeres S.A.S. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Hong Kong | \n
| \n \n | \n\n Quimica Vasca S.A.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n South Africa | \n
| \n \n | \n\n Saudi Total Petroleum Products | \n\n 51.00% | \n\n E | \n\n Saoudia Arabia | \n\n Saudi Arabia | \n\n France | \n
| \n \n | \n\n Servauto Nederland B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Netherlands | \n\n Spain | \n
| \n \n | \n\n Societe d'exploitation de l'usine de Rouen | \n\n 98.98% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Saoudia Arabia | \n
| \n \n | \n\n Societe mahoraise de stockage de produits petroliers | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Netherlands | \n
| \n \n | \n\n Societe Urbaine des Petroles | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n S-OIL TotalEnergies Lubricants Co. Ltd\u00a0 | \n\n 50.00% | \n\n E | \n\n South Korea | \n\n South Korea | \n\n France | \n
| \n \n | \n\n South Asia LPG Private Limited | \n\n 50.00% | \n\n E | \n\n India | \n\n India | \n\n France | \n
| \n \n | \n\n Stedis | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n South Korea | \n
| \n \n | \n\n Tas'Helat Marketing Company | \n\n 50.00% | \n\n E | \n\n Saoudia Arabia | \n\n Saoudia Arabia | \n\n United Kingdom | \n
| \n \n | \n\n TEVGO | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n India | \n
| \n \n | \n\n TotaEnergies Marketing Botswana (Pty) Ltd\u00a0 | \n\n 50.10% | \n\n \u00a0 | \n\n Botswana | \n\n Botswana | \n\n France | \n
| \n \n | \n\n Total Bitumen UK Limited | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n Saoudia Arabia | \n
| \n \n | \n\n Total China Investment Company Limited | \n\n 100.00% | \n\n \u00a0 | \n\n China | \n\n China | \n\n Fiji Islands | \n
| \n \n | \n\n TotalEnergies Charging Solutions UK Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n France | \n
| \n \n | \n\n Total Especialidades Argentina | \n\n 100.00% | \n\n \u00a0 | \n\n Argentina | \n\n Argentina | \n\n United Kingdom | \n
| \n \n | \n\n Total Freeport Corporation | \n\n 51.00% | \n\n E | \n\n Philippines | \n\n Philippines | \n\n Botswana | \n
| \n \n | \n\n Total Jordan PSC | \n\n 100.00% | \n\n \u00a0 | \n\n Jordan | \n\n Jordan | \n\n Brazil | \n
| \n \n | \n\n Total Lubricants (China) Company Limited | \n\n 77.00% | \n\n \u00a0 | \n\n China | \n\n China | \n\n Cambodia | \n
| \n \n | \n\n Total Marketing Tchad | \n\n 100.00% | \n\n \u00a0 | \n\n Chad | \n\n Chad | \n\n Czech Republic | \n
| \n \n | \n\n Total Marketing Uganda | \n\n 100.00% | \n\n \u00a0 | \n\n Uganda | \n\n Uganda | \n\n China | \n
| \n \n | \n\n Total Parco Pakistan Limited | \n\n 50.00% | \n\n E | \n\n Pakistan | \n\n Pakistan | \n\n France | \n
| \n \n | \n\n Total Petroleum (Shanghai) Company Limited | \n\n 100.00% | \n\n \u00a0 | \n\n China | \n\n China | \n\n Egypt | \n
| \n \n | \n\n Total Philippines Corporation | \n\n 51.00% | \n\n E | \n\n Philippines | \n\n Philippines | \n\n Argentina | \n
| \n \n | \n\n Total Sinochem Oil Company Limited | \n\n 49.00% | \n\n E | \n\n China | \n\n China | \n\n France | \n
| \n \n | \n\n Total Tianjin Manufacturing Company Limited | \n\n 77.00% | \n\n \u00a0 | \n\n China | \n\n China | \n\n Philippines | \n
| \n \n | \n\n TotalEnergies Additives and Fuels Solutions | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Germany | \n
| \n \n | \n\n TotalEnergies Aviation | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Jamaica | \n
| \n \n | \n\n TotalEnergies Aviation Suisse S.A. | \n\n 100.00% | \n\n \u00a0 | \n\n Switzerland | \n\n Switzerland | \n\n Jordan | \n
| \n \n | \n\n TotalEnergies Aviation Zambia Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Zambia | \n\n Zambia | \n\n Lebanon | \n
| \n \n | \n\n TotalEnergies Bitumen Deutschland GmbH | \n\n 100.00% | \n\n \u00a0 | \n\n Germany | \n\n Germany | \n\n China | \n
| \n \n | \n\n TotalEnergies Charging Services | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Taiwan | \n
| \n \n | \n\n TotalEnergies Charging Solutions Belgium | \n\n 100.00% | \n\n \u00a0 | \n\n Belgium | \n\n Belgium | \n\n France | \n
| \n \n | \n\n TotalEnergies Charging Solutions Deutschland GmbH | \n\n 100.00% | \n\n \u00a0 | \n\n Germany | \n\n Germany | \n\n France | \n
| \n \n | \n\n TotalEnergies Charging Solutions Nederland B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Netherlands | \n\n Luxembourg | \n
| \n \n | \n\n TotalEnergies Diesel Comercio e Transportes Brasil Ltda | \n\n 100.00% | \n\n \u00a0 | \n\n Brazil | \n\n Brazil | \n\n Egypt | \n
| \n \n | \n\n TotalEnergies Distribuidora Brasil LTDA | \n\n 100.00% | \n\n \u00a0 | \n\n Brazil | \n\n Brazil | \n\n Gabon | \n
| \n \n | \n\n TotalEnergies Distribution Egypt\u00a0 | \n\n 84.62% | \n\n \u00a0 | \n\n Egypt | \n\n Egypt | \n\n United Arab Emirates | \n
| \n \n | \n\n TotalEnergies Glass Lubricants Europe GmbH | \n\n 100.00% | \n\n \u00a0 | \n\n Germany | \n\n Germany | \n\n Chad | \n
| \n \n | \n\n TotalEnergies Holdings Deutschland GmbH | \n\n 100.00% | \n\n \u00a0 | \n\n Germany | \n\n Germany | \n\n Uganda | \n
| \n Marketing & Services (continued) | \n||||||
| \n \n | \n\n TotalEnergies LPG Vietnam Company Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Vietnam | \n\n Vietnam | \n\n Mexico | \n
| \n \n | \n\n TotalEnergies Lubrifiants | \n\n 99.98% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Niger | \n
| \n \n | \n\n TotalEnergies Lubrifiants Alg\u00e9rie SPA | \n\n 78.90% | \n\n \u00a0 | \n\n Algeria | \n\n Algeria | \n\n India | \n
| \n \n | \n\n TotalEnergies Lubrifiants Service Automobiles | \n\n 99.98% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Marine Fuels Pte. Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Singapore | \n\n Singapore | \n\n New Caledonia | \n
| \n \n | \n\n TotalEnergies Marketing & Services | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Pakistan | \n
| \n \n | \n\n TotalEnergies Marketing (Cambodia) Co. Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Cambodia | \n\n Cambodia | \n\n China | \n
| \n \n | \n\n TotalEnergies Marketing (Fiji) Pte Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Fiji Islands | \n\n Fiji Islands | \n\n Ghana | \n
| \n \n | \n\n TotalEnergies Marketing (Hubei) Co., Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n China | \n\n China | \n\n Philippines | \n
| \n \n | \n\n TotalEnergies Marketing African Holdings Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n Poland | \n
| \n \n | \n\n TotalEnergies Marketing Afrique | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n French Polynesia | \n
| \n \n | \n\n TotalEnergies Marketing Angola S.A. | \n\n 50.00% | \n\n E | \n\n Angola | \n\n Angola | \n\n France | \n
| \n \n | \n\n TotalEnergies Marketing Antilles-Guyane | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n China | \n
| \n \n | \n\n TotalEnergies Marketing Asia-Pacific Middle East Pte. Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Singapore | \n\n Singapore | \n\n China | \n
| \n \n | \n\n TotalEnergies Marketing Belgium | \n\n 100.00% | \n\n \u00a0 | \n\n Belgium | \n\n Belgium | \n\n United States | \n
| \n \n | \n\n TotalEnergies Marketing Burkina | \n\n 100.00% | \n\n \u00a0 | \n\n Burkina Faso | \n\n Burkina Faso | \n\n Swaziland | \n
| \n \n | \n\n TotalEnergies Marketing Cameroun S.A. | \n\n 67.01% | \n\n \u00a0 | \n\n Cameroon | \n\n Cameroon | \n\n China | \n
| \n \n | \n\n TotalEnergies Marketing Cesk\u00e1 republika S.R.O. | \n\n 100.00% | \n\n \u00a0 | \n\n Czech Republic | \n\n Czech Republic | \n\n Togo | \n
| \n \n | \n\n TotalEnergies Marketing Congo\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n Congo | \n\n Congo | \n\n Turkey | \n
| \n \n | \n\n TotalEnergies Marketing Corse | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United Arab Emirates | \n
| \n \n | \n\n TotalEnergies Marketing C\u00f4te d'Ivoire | \n\n 72.99% | \n\n \u00a0 | \n\n C\u00f4te d'Ivoire | \n\n C\u00f4te d'Ivoire | \n\n Ukraine | \n
| \n \n | \n\n TotalEnergies Marketing Denmark A/S | \n\n 100.00% | \n\n \u00a0 | \n\n Denmark | \n\n Denmark | \n\n Vietnam | \n
| \n \n | \n\n TotalEnergies Marketing Egypte | \n\n 84.62% | \n\n \u00a0 | \n\n Egypt | \n\n Egypt | \n\n Russia | \n
| \n \n | \n\n TotalEnergies Marketing Espa\u00f1a, S.A.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n France | \n
| \n \n | \n\n TotalEnergies Marketing Eswatini (Pty) Ltd\u00a0 | \n\n 50.10% | \n\n \u00a0 | \n\n Swaziland | \n\n Swaziland | \n\n Switzerland | \n
| \n \n | \n\n TotalEnergies Marketing Ethiopia Share Company | \n\n 100.00% | \n\n \u00a0 | \n\n Ethiopia | \n\n Ethiopia | \n\n Zambia | \n
| \n \n | \n\n TotalEnergies Marketing France | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Germany | \n
| \n \n | \n\n TotalEnergies Marketing Gabon | \n\n 90.00% | \n\n \u00a0 | \n\n Gabon | \n\n Gabon | \n\n Brazil | \n
| \n \n | \n\n TotalEnergies Marketing Ghana PLC | \n\n 76.74% | \n\n \u00a0 | \n\n Ghana | \n\n Ghana | \n\n Germany | \n
| \n \n | \n\n TotalEnergies Marketing Guinea Ecuatorial | \n\n 70.00% | \n\n \u00a0 | \n\n Equatorial Guinea | \n\n Equatorial Guinea | \n\n Algeria | \n
| \n \n | \n\n TotalEnergies Marketing Guin\u00e9e | \n\n 100.00% | \n\n \u00a0 | \n\n Guinea | \n\n Guinea | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Marketing Holdings Africa | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Marketing Holdings Asia | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n China | \n
| \n \n | \n\n TotalEnergies Marketing Holdings India | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Marketing India Private Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n India | \n\n India | \n\n Angola | \n
| \n \n | \n\n TotalEnergies Marketing Italia SpA\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n Italy | \n\n Italy | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Marketing Jamaica Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Jamaica | \n\n Jamaica | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Marketing Kenya PLC | \n\n 93.96% | \n\n \u00a0 | \n\n Kenya | \n\n Kenya | \n\n Burkina Faso | \n
| \n \n | \n\n TotalEnergies Marketing Lebanon | \n\n 100.00% | \n\n \u00a0 | \n\n Lebanon | \n\n Lebanon | \n\n Cameroon | \n
| \n \n | \n\n TotalEnergies Marketing Luxembourg S.A. | \n\n 100.00% | \n\n \u00a0 | \n\n Luxembourg | \n\n Luxembourg | \n\n France | \n
| \n \n | \n\n TotalEnergies Marketing Madagasikara S.A. | \n\n 79.44% | \n\n \u00a0 | \n\n Madagascar | \n\n Madagascar | \n\n Congo | \n
| \n \n | \n\n TotalEnergies Marketing Malawi Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Malawi | \n\n Malawi | \n\n C\u00f4te d'Ivoire | \n
| \n \n | \n\n TotalEnergies Marketing Mali | \n\n 100.00% | \n\n \u00a0 | \n\n Mali | \n\n Mali | \n\n Denmark | \n
| \n \n | \n\n TotalEnergies Marketing Maroc | \n\n 55.00% | \n\n \u00a0 | \n\n Morocco | \n\n Morocco | \n\n Spain | \n
| \n \n | \n\n TotalEnergies Marketing Mauritius Ltd | \n\n 55.00% | \n\n \u00a0 | \n\n Mauritius Island | \n\n Mauritius Island | \n\n Ethiopia | \n
| \n \n | \n\n TotalEnergies Marketing Mayotte | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Mayotte | \n\n France | \n
| \n \n | \n\n TotalEnergies Marketing Mexico S.A. de C.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Mexico | \n\n Mexico | \n\n Guadeloupe | \n
| \n Marketing & Services (continued) | \n||||||
| \n \n | \n\n TotalEnergies Marketing Middle East FZE | \n\n 100.00% | \n\n \u00a0 | \n\n United Arab Emirates | \n\n United Arab Emirates | \n\n Equatorial Guinea | \n
| \n \n | \n\n TotalEnergies Marketing Mo\u00e7ambique S.A. | \n\n 100.00% | \n\n \u00a0 | \n\n Mozambique | \n\n Mozambique | \n\n Guinea | \n
| \n \n | \n\n TotalEnergies Marketing Namibia (Pty) Ltd | \n\n 50.10% | \n\n \u00a0 | \n\n Namibia | \n\n Namibia | \n\n France | \n
| \n \n | \n\n TotalEnergies Marketing Nederland NV | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Netherlands | \n\n France | \n
| \n \n | \n\n TotalEnergies Marketing Nigeria PLC | \n\n 61.72% | \n\n \u00a0 | \n\n Nigeria | \n\n Nigeria | \n\n France | \n
| \n \n | \n\n TotalEnergies Marketing Pacifique | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n New Caledonia | \n\n Italy | \n
| \n \n | \n\n TotalEnergies Marketing Polska | \n\n 100.00% | \n\n \u00a0 | \n\n Poland | \n\n Poland | \n\n Kenya | \n
| \n \n | \n\n TotalEnergies Marketing Polyn\u00e9sie | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n French Polynesia | \n\n Madagascar | \n
| \n \n | \n\n TotalEnergies Marketing Puerto Rico | \n\n 100.00% | \n\n \u00a0 | \n\n Puerto Rico | \n\n Puerto Rico | \n\n Malawi | \n
| \n \n | \n\n TotalEnergies Marketing RDC | \n\n 60.00% | \n\n \u00a0 | \n\n Democratic Republic of Congo | \n\n Democratic Republic of Congo | \n\n Mali | \n
| \n \n | \n\n TotalEnergies Marketing R\u00e9union | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Reunion | \n\n Morocco | \n
| \n \n | \n\n TotalEnergies Marketing Romania S.A. | \n\n 100.00% | \n\n \u00a0 | \n\n Romania | \n\n Romania | \n\n Mauritius Island | \n
| \n \n | \n\n TotalEnergies Marketing Russia | \n\n 100.00% | \n\n \u00a0 | \n\n Russia | \n\n Russia | \n\n Mayotte | \n
| \n \n | \n\n TotalEnergies Marketing S\u00e9n\u00e9gal | \n\n 69.14% | \n\n \u00a0 | \n\n Senegal | \n\n Senegal | \n\n Mozambique | \n
| \n \n | \n\n TotalEnergies Marketing South Africa (Pty) Ltd | \n\n 50.10% | \n\n \u00a0 | \n\n South Africa | \n\n South Africa | \n\n Namibia | \n
| \n \n | \n\n TotalEnergies Marketing Taiwan Ltd | \n\n 63.00% | \n\n \u00a0 | \n\n Taiwan | \n\n Taiwan | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies Marketing Tanzania Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Tanzania | \n\n Tanzania | \n\n Nigeria | \n
| \n \n | \n\n TotalEnergies Marketing Togo\u00a0 | \n\n 76.72% | \n\n \u00a0 | \n\n Togo | \n\n Togo | \n\n Puerto Rico | \n
| \n \n | \n\n TotalEnergies Marketing Tunisie | \n\n 100.00% | \n\n \u00a0 | \n\n Tunisia | \n\n Tunisia | \n\n Democratic Republic of Congo | \n
| \n \n | \n\n TotalEnergies Marketing UAE LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United Arab Emirates | \n\n United Arab Emirates | \n\n Reunion | \n
| \n \n | \n\n TotalEnergies Marketing Uganda Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Uganda | \n\n Uganda | \n\n Romania | \n
| \n \n | \n\n TotalEnergies Marketing UK Limited | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n Senegal | \n
| \n \n | \n\n TotalEnergies Marketing Ukraine | \n\n 100.00% | \n\n \u00a0 | \n\n Ukraine | \n\n Ukraine | \n\n South Africa | \n
| \n \n | \n\n TotalEnergies Marketing USA Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Tanzania | \n
| \n \n | \n\n TotalEnergies Marketing Vietnam Company Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Vietnam | \n\n Vietnam | \n\n Tunisia | \n
| \n \n | \n\n TotalEnergies Marketing Zambia Ltd\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n Zambia | \n\n Zambia | \n\n Uganda | \n
| \n \n | \n\n TotalEnergies Marketing Zimbabwe (Private) Ltd | \n\n 80.00% | \n\n \u00a0 | \n\n Zimbabwe | \n\n Zimbabwe | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Proxi Nord Est | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Zambia | \n
| \n \n | \n\n TotalEnergies Proxi Nord Ouest | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Zimbabwe | \n
| \n \n | \n\n TotalEnergies Proxi Sud Est | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Proxi Sud Ouest | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Switzerland | \n
| \n \n | \n\n TotalEnergies Singapore Services Pte Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Singapore | \n\n Singapore | \n\n China | \n
| \n \n | \n\n TotalEnergies Supply Marketing Services S.A. | \n\n 100.00% | \n\n \u00a0 | \n\n Switzerland | \n\n Switzerland | \n\n Germany | \n
| \n \n | \n\n TotalEnergies Turkey Pazarlama A.S. | \n\n 100.00% | \n\n \u00a0 | \n\n Turkey | \n\n Turkey | \n\n Vietnam | \n
| \n \n | \n\n TotalEnergies W\u00e4rme&Kraftstoff Deutschland GmbH | \n\n 100.00% | \n\n \u00a0 | \n\n Germany | \n\n Germany | \n\n France | \n
| \n \n | \n\n Trapil | \n\n 5.50% | \n\n E | \n\n France | \n\n France | \n\n South Africa | \n
| \n \n | \n\n Upbeatprops 100 PTY Limited | \n\n 50.10% | \n\n \u00a0 | \n\n South Africa | \n\n South Africa | \n\n Dominican Republic | \n
| \n \n | \n\n V Energy S.A. | \n\n 50.00% | \n\n \u00a0 | \n\n Dominican Republic | \n\n Dominican Republic | \n\n \n | \n
| \n \n | \n\n Yangtze Gorges Green Way Charging Technology (Hubei) Co., Ltd. | \n\n 50.00% | \n\n E | \n\n China | \n\n China | \n\n \n | \n
| \n Corporate | \n\n \n | \n\n \n | \n||||
| \n \n | \n\n Albatros | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Elf Aquitaine Fertilisants | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Elf Aquitaine Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Elf Forest Products LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Institut Photovoltaique D'Ile De France (IPVF) | \n\n 43.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Switzerland | \n
| \n Corporate (continued) | \n\n \n | \n|||||
| \n \n | \n\n Omnium Reinsurance Company S.A. | \n\n 100.00% | \n\n \u00a0 | \n\n Switzerland | \n\n Switzerland | \n\n Ireland | \n
| \n \n | \n\n Pan Insurance Limited | \n\n 100.00% | \n\n \u00a0 | \n\n Ireland | \n\n Ireland | \n\n France | \n
| \n \n | \n\n Septentrion Participations | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Socap S.A.S. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Societe Civile Immobiliere CB2 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Sofax Banque | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n China | \n
| \n \n | \n\n Total Energy Investments Tianjin | \n\n 100.00% | \n\n \u00a0 | \n\n China | \n\n China | \n\n France | \n
| \n \n | \n\n Total Global Services Bucharest | \n\n 99.00% | \n\n \u00a0 | \n\n Romania | \n\n Romania | \n\n France | \n
| \n \n | \n\n Total International NV | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Netherlands | \n\n France | \n
| \n \n | \n\n Total Investment Management Tianjin\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n China | \n\n China | \n\n France | \n
| \n \n | \n\n Total Operations Canada Limited | \n\n 100.00% | \n\n \u00a0 | \n\n Canada | \n\n Canada | \n\n Belgium | \n
| \n \n | \n\n Total Resources (Canada) Limited | \n\n 100.00% | \n\n \u00a0 | \n\n Canada | \n\n Canada | \n\n Romania | \n
| \n \n | \n\n TotalEnergies (Beijing) Corporate Management Co., Ltd. | \n\n 100.00% | \n\n \u00a0 | \n\n China | \n\n China | \n\n Philippines | \n
| \n \n | \n\n TotalEnergies American Services, Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies Capital | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Capital Canada Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Canada | \n\n Canada | \n\n Canada | \n
| \n \n | \n\n TotalEnergies Capital International | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies Consulting | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Canada | \n
| \n \n | \n\n TotalEnergies Delaware, Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies D\u00e9veloppement R\u00e9gional S.A.S. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Digital Factory | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Canada | \n
| \n \n | \n\n TotalEnergies EP Gestion Filiales | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Facilities Management Services (TFMS) | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Finance\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United States | \n
| \n \n | \n\n TotalEnergies Finance Corporate Services Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n France | \n
| \n \n | \n\n TotalEnergies Finance International B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Netherlands | \n\n France | \n
| \n \n | \n\n TotalEnergies Finance USA, Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n TotalEnergies Funding Nederland B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Netherlands | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Gestion USA | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies Global Financial Services | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United States | \n
| \n \n | \n\n TotalEnergies Global Human Resources Services | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies Global Information Technology Services Belgium | \n\n 99.98% | \n\n \u00a0 | \n\n Belgium | \n\n Belgium | \n\n France | \n
| \n \n | \n\n TotalEnergies Global IT Services (TGITS) | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Global Procurement (TGP)\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Global Procurement Belgium S.A. (TGPB) | \n\n 100.00% | \n\n \u00a0 | \n\n Belgium | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Global Services Philippines Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n Philippines | \n\n Philippines | \n\n France | \n
| \n \n | \n\n TotalEnergies Holding Allemagne | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Holdings | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Holdings Europe | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies Holdings UK Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Holdings USA, Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Investments | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Learning Solutions (TLS) | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies Marketing Holdings Nederland B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Netherlands | \n\n France | \n
| \n \n | \n\n TotalEnergies Marketing Holdings South Africa ZA (Pty) Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n South Africa | \n\n Netherlands | \n\n France | \n
| \n Corporate (continued) | \n\n \n | \n|||||
| \n \n | \n\n TotalEnergies One Tech Belgium | \n\n 100.00% | \n\n \u00a0 | \n\n Belgium | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies OneTech | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United States | \n
| \n \n | \n\n TotalEnergies Participations\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Petrochemicals & Refining (Holding) | \n\n 100.00% | \n\n \u00a0 | \n\n Belgium | \n\n Belgium | \n\n United States | \n
| \n \n | \n\n TotalEnergies Petrochemicals & Refining USA, Inc.(d) | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n TotalEnergies SE | \n\n \u2013 | \n\n \u00a0 | \n\n France | \n\n France | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Security USA, Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n \n | \n
| \n \n | \n\n TotalEnergies Treasury | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Treasury Belgium\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n Belgium | \n\n Belgium | \n\n \n | \n
| \n \n | \n\n TotalEnergies UK Finance Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n \n | \n
| \n (a)Del Rio Funding LLC, % of control different from % of interest : 50.00%. (b)Total Eren, % of control different from % of interest : 5.80%. (c)TotalEnergies Australia Unit Trust, % of control different from % of interest : 75.16%. (d)Multi-segment entities. | \n
2.2Major business combinations
| \n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Accounting principles In accordance with IFRS 3 \u201cBusiness combinations\u201d, TotalEnergies is assessing the fair value of identifiable acquired assets, liabilities and contingent liabilities on the basis of available information. This assessment will be finalised within 12 months following the acquisition date.\u00a0 | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n
2.3Divestment projects
| \n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Accounting principles Pursuant to IFRS 5 \"Non-current assets held for sale and discontinued operations\u201d, assets and liabilities of affiliates that are held for sale are presented separately on the face of the balance sheet. Depreciation of assets ceases from the date of classification in \u201cNon-current assets held for sale\u201d. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n
As of December 31, 2022, there is no material divestment project recorded in \u201cassets held for sale\u201d.
In line with its low-carbon strategy, TotalEnergies announced in September 2022 its intention to exit the Canadian oil sands through a spin-off of its subsidiary TotalEnergies EP Canada in 2023.\u00a0 The spin-off is expected to be submitted to the vote of the Annual General Meeting of Shareholders in May 2023.
\u00a0As of December 31, 2022, the subsidiary TotalEnergies EP Canada is not presented as an asset held for sale in the consolidated financial statements, as the transaction is notably subject to approval of TotalEnergies' shareholders in May 2023.
2.2Major business combinations
| \n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Accounting principles In accordance with IFRS 3 \u201cBusiness combinations\u201d, TotalEnergies is assessing the fair value of identifiable acquired assets, liabilities and contingent liabilities on the basis of available information. This assessment will be finalised within 12 months following the acquisition date.\u00a0 | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n
2.3Divestment projects
| \n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Accounting principles Pursuant to IFRS 5 \"Non-current assets held for sale and discontinued operations\u201d, assets and liabilities of affiliates that are held for sale are presented separately on the face of the balance sheet. Depreciation of assets ceases from the date of classification in \u201cNon-current assets held for sale\u201d. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n
As of December 31, 2022, there is no material divestment project recorded in \u201cassets held for sale\u201d.
In line with its low-carbon strategy, TotalEnergies announced in September 2022 its intention to exit the Canadian oil sands through a spin-off of its subsidiary TotalEnergies EP Canada in 2023.\u00a0 The spin-off is expected to be submitted to the vote of the Annual General Meeting of Shareholders in May 2023.
\u00a0As of December 31, 2022, the subsidiary TotalEnergies EP Canada is not presented as an asset held for sale in the consolidated financial statements, as the transaction is notably subject to approval of TotalEnergies' shareholders in May 2023.
Accounting principles
Pursuant to IFRS 5 \"Non-current assets held for sale and discontinued operations\u201d, assets and liabilities of affiliates that are held for sale are presented separately on the face of the balance sheet. Depreciation of assets ceases from the date of classification in \u201cNon-current assets held for sale\u201d.
Accounting principles
Pursuant to IFRS 5 \"Non-current assets held for sale and discontinued operations\u201d, assets and liabilities of affiliates that are held for sale are presented separately on the face of the balance sheet. Depreciation of assets ceases from the date of classification in \u201cNon-current assets held for sale\u201d.
Note 3Business segment information
Description of the business segments
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 and which is reviewed by the main operational decision-making body of TotalEnergies, namely the Executive Committee.
The operational profit and assets are broken down by business segment prior to the consolidation and inter-segment adjustments.
Sales prices between business segments approximate market prices.
The organization of TotalEnergies' activities is structured around the four following segments:
\u2013An Integrated Gas, Renewables & Power segment comprising integrated gas (including LNG) and low carbon electricity businesses. It includes the upstream and midstream LNG activity;\u00a0
\u2013An Exploration & Production segment. Starting September 2021, it notably includes the carbon sink activity (carbon storage and nature-based solutions) that was previously reported in the Integrated Gas, Renewables & Power segment. Business segment information relating to fiscal year 2020 has not been restated due to the non-material impact of this change;
\u2013A Refining & Chemicals segment constituting a major industrial hub comprising the activities of refining, petrochemicals and specialty chemicals. This segment also includes the activities of oil Supply, Trading and marine Shipping;
\u2013A Marketing & Services segment including the global activities of supply and marketing in the field of petroleum products;
In addition, the Corporate segment includes holdings operating and financial activities.
Definition of the indicators
(i)Operating income (measure used to evaluate operating performance)
Revenue from sales after deducting cost of goods sold and inventory variations, other operating expenses, exploration expenses and depreciation, depletion, and impairment of tangible assets and mineral interests.
Operating income excludes the amortization of intangible assets other than mineral interests, currency translation adjustments and gains or losses on the disposal of assets.
(ii)Net operating income (measure used to evaluate the return on capital employed)
Operating income after taking into account the amortization of intangible assets other than mineral interests, currency translation adjustments, gains or losses on the disposal of assets, as well as all other income and expenses related to capital employed (dividends from non-consolidated companies, income from equity accounted for affiliates, capitalized interest expenses\u2026), and after income taxes applicable to the above.
The only income and expense not included in net operating income but included in net income TotalEnergies share are interest expenses related to net financial debt, after applicable income taxes (net cost of net debt) and non-controlling interests.
(iii)Adjusted income
Operating income, net operating income, or net income excluding the effect of adjustment items described below.
(iv)Capital employed
Non-current assets and working capital, at replacement cost, net of deferred income taxes and non-current liabilities.
(v)ROACE (Return on Average Capital Employed)
Ratio of adjusted net operating income to average capital employed between the beginning and the end of the period.
Performance indicators excluding the adjustment items, such as adjusted incomes and ROACE are meant to facilitate the analysis of the financial performance and the comparison of income between periods.
Adjustment items
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 assets 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)The 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\u2019 performance and facilitate the comparability of the segments\u2019 performance with those of its main 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 prices differential 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 methods.
(iii)Effect of changes in fair value
The effect of changes in fair value presented as adjustment items reflects for certain transactions differences between the internal measure of performance used by TotalEnergies\u2019 Executive Committee 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\u2019 internal economic performance. IFRS precludes recognition of this fair value effect. \u00a0
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 and the effect of changes in fair value.
A)Information by business segment
| \n For the year ended December 31, 2022 (M$) | \n\n Integrated | \n\n Exploration | \n\n Refining | \n\n Marketing | \n\n Corporate | \n\n Intercompany | \n\n Total | \n
| \n External sales | \n\n 48,753 | \n\n 9,942 | \n\n 121,618 | \n\n 100,661 | \n\n 25 | \n\n \u2013 | \n\n 280,999 | \n
| \n Intersegment sales | \n\n 7,000 | \n\n 55,190 | \n\n 45,857 | \n\n 1,433 | \n\n 248 | \n\n (109,728) | \n\n \u2013 | \n
| \n Excise taxes | \n\n \u2013 | \n\n \u2013 | \n\n (737) | \n\n (16,952) | \n\n \u2013 | \n\n \u2013 | \n\n (17,689) | \n
| \n Revenues from sales | \n\n 55,753 | \n\n 65,132 | \n\n 166,738 | \n\n 85,142 | \n\n 273 | \n\n (109,728) | \n\n 263,310 | \n
| \n Operating expenses | \n\n (45,771) | \n\n (24,521) | \n\n (156,897) | \n\n (81,746) | \n\n (1,329) | \n\n 109,728 | \n\n (200,536) | \n
| \n Depreciation, depletion and impairment of | \n\n (1,402) | \n\n (8,115) | \n\n (1,533) | \n\n (1,033) | \n\n (138) | \n\n \u2013 | \n\n (12,221) | \n
| \n Operating income | \n\n 8,580 | \n\n 32,496 | \n\n 8,308 | \n\n 2,363 | \n\n (1,194) | \n\n \u2013 | \n\n 50,553 | \n
| \n Net income (loss) from equity affiliates and | \n\n 2,766 | \n\n (9,943) | \n\n 885 | \n\n (20) | \n\n 288 | \n\n \u2013 | \n\n (6,024) | \n
| \n Tax on net operating income | \n\n (1,712) | \n\n (17,445) | \n\n (2,544) | \n\n (787) | \n\n 281 | \n\n \u2013 | \n\n (22,207) | \n
| \n Net operating income | \n\n 9,634 | \n\n 5,108 | \n\n 6,649 | \n\n 1,556 | \n\n (625) | \n\n \u2013 | \n\n 22,322 | \n
| \n Net cost of net debt | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (1,278) | \n
| \n Non-controlling interests | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (518) | \n
| \n Net income - TotalEnergies share | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 20,526 | \n
| \n For the year ended December 31, 2022 | \n\n Integrated | \n\n Exploration | \n\n Refining | \n\n Marketing | \n\n Corporate | \n\n Intercompany | \n\n Total | \n
| \n External sales | \n\n 104 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 104 | \n
| \n Intersegment sales | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Excise taxes | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Revenues from sales | \n\n 104 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 104 | \n
| \n Operating expenses | \n\n 1,087 | \n\n (985) | \n\n 130 | \n\n 200 | \n\n (600) | \n\n \u2013 | \n\n (168) | \n
| \n Depreciation, depletion and impairment of tangible assets and mineral interests | \n\n (122) | \n\n 298 | \n\n \u2013 | \n\n (72) | \n\n (9) | \n\n \u2013 | \n\n 95 | \n
| \n Operating income(b) | \n\n 1,069 | \n\n (687) | \n\n 130 | \n\n 128 | \n\n (609) | \n\n \u2013 | \n\n 31 | \n
| \n Net income (loss) from equity affiliates and other items | \n\n (3,490) | \n\n (10,925) | \n\n (32) | \n\n (23) | \n\n 106 | \n\n \u2013 | \n\n (14,364) | \n
| \n Tax on net operating income | \n\n (89) | \n\n (759) | \n\n (751) | \n\n (99) | \n\n 141 | \n\n \u2013 | \n\n (1,557) | \n
| \n Net operating income(b) | \n\n (2,510) | \n\n (12,371) | \n\n (653) | \n\n 6 | \n\n (362) | \n\n \u2013 | \n\n (15,890) | \n
| \n Net cost of net debt | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 277 | \n
| \n Non-controlling interests | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (58) | \n
| \n Net income - TotalEnergies share | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (15,671) | \n
| \n (a)Adjustments include special items, inventory valuation effect and the effect of changes in fair value. (b)Of which inventory valuation effect. | \n|||||||
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
| \n For the year ended December 31, 2022 | \n\n Integrated | \n\n Exploration | \n\n Refining | \n\n Marketing | \n\n Corporate | \n\n Intercompany | \n\n Total | \n
| \n External sales | \n\n 48,649 | \n\n 9,942 | \n\n 121,618 | \n\n 100,661 | \n\n 25 | \n\n \u2013 | \n\n 280,895 | \n
| \n Intersegment sales | \n\n 7,000 | \n\n 55,190 | \n\n 45,857 | \n\n 1,433 | \n\n 248 | \n\n (109,728) | \n\n \u2013 | \n
| \n Excise taxes | \n\n \u2013 | \n\n \u2013 | \n\n (737) | \n\n (16,952) | \n\n \u2013 | \n\n \u2013 | \n\n (17,689) | \n
| \n Revenues from sales | \n\n 55,649 | \n\n 65,132 | \n\n 166,738 | \n\n 85,142 | \n\n 273 | \n\n (109,728) | \n\n 263,206 | \n
| \n Operating expenses | \n\n (46,858) | \n\n (23,536) | \n\n (157,027) | \n\n (81,946) | \n\n (729) | \n\n 109,728 | \n\n (200,368) | \n
| \n Depreciation, depletion and impairment of tangible assets and mineral interests | \n\n (1,280) | \n\n (8,413) | \n\n (1,533) | \n\n (961) | \n\n (129) | \n\n \u2013 | \n\n (12,316) | \n
| \n Adjusted operating income | \n\n 7,511 | \n\n 33,183 | \n\n 8,178 | \n\n 2,235 | \n\n (585) | \n\n \u2013 | \n\n 50,522 | \n
| \n Net income (loss) from equity affiliates and other items | \n\n 6,256 | \n\n 982 | \n\n 917 | \n\n 3 | \n\n 182 | \n\n \u2013 | \n\n 8,340 | \n
| \n Tax on net operating income | \n\n (1,623) | \n\n (16,686) | \n\n (1,793) | \n\n (688) | \n\n 140 | \n\n \u2013 | \n\n (20,650) | \n
| \n Adjusted net operating income | \n\n 12,144 | \n\n 17,479 | \n\n 7,302 | \n\n 1,550 | \n\n (263) | \n\n \u2013 | \n\n 38,212 | \n
| \n Net cost of net debt | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (1,555) | \n
| \n Non-controlling interests | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (460) | \n
| \n Adjusted net income - | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 36,197 | \n
| \n For the year ended December 31, 2022 (M$) | \n\n Integrated | \n\n Exploration | \n\n Refining | \n\n Marketing | \n\n Corporate | \n\n Intercompany | \n\n Total | \n
| \n Total expenditures | \n\n 6,475 | \n\n 10,646 | \n\n 1,391 | \n\n 1,186 | \n\n 104 | \n\n \n | \n\n 19,802 | \n
| \n Total divestments | \n\n 3,427 | \n\n 807 | \n\n 214 | \n\n 222 | \n\n 16 | \n\n \u2013 | \n\n 4,686 | \n
| \n Cash flow from operating activities | \n\n 9,670 | \n\n 27,654 | \n\n 8,663 | \n\n 3,124 | \n\n (1,744) | \n\n \u2013 | \n\n 47,367 | \n
| \n Balance sheet as of December 31, 2022 | \n|||||||
| \n Property, plant and equipment, intangible assets, net | \n\n 30,885 | \n\n 87,833 | \n\n 11,525 | \n\n 8,120 | \n\n 669 | \n\n \u2013 | \n\n 139,032 | \n
| \n Investments & loans in equity affiliates | \n\n 20,869 | \n\n 2,138 | \n\n 4,431 | \n\n 451 | \n\n \u2013 | \n\n \u2013 | \n\n 27,889 | \n
| \n Other non-current assets | \n\n 3,669 | \n\n 3,069 | \n\n 570 | \n\n 1,050 | \n\n 130 | \n\n \u2013 | \n\n 8,488 | \n
| \n Working capital | \n\n (432) | \n\n (2,831) | \n\n (3,293) | \n\n (288) | \n\n (3,393) | \n\n \u2013 | \n\n (10,237) | \n
| \n Provisions and other non-current liabilities | \n\n (5,250) | \n\n (24,633) | \n\n (3,760) | \n\n (1,303) | \n\n 694 | \n\n \u2013 | \n\n (34,252) | \n
| \n Assets and liabilities classified as held for sale | \n\n 155 | \n\n 208 | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n 363 | \n
| \n Capital Employed (Balance sheet) | \n\n 49,896 | \n\n 65,784 | \n\n 9,473 | \n\n 8,030 | \n\n (1,900) | \n\n \u2013 | \n\n 131,283 | \n
| \n Less inventory valuation effect | \n\n \u2013 | \n\n \u2013 | \n\n (2,035) | \n\n (437) | \n\n \u2013 | \n\n \u2013 | \n\n (2,472) | \n
| \n Capital Employed | \n\n 49,896 | \n\n 65,784 | \n\n 7,438 | \n\n 7,593 | \n\n (1,900) | \n\n \u2013 | \n\n 128,811 | \n
| \n ROACE as a percentage | \n\n 23% | \n\n 25% | \n\n 94% | \n\n 19% | \n\n \u00a0 | \n\n \u00a0 | \n\n 28% | \n
| \n For the year ended December 31, 2021 (M$) | \n\n Integrated | \n\n Exploration | \n\n Refining | \n\n Marketing | \n\n Corporate | \n\n Intercompany | \n\n Total | \n
| \n External sales | \n\n 30,704 | \n\n 7,246 | \n\n 87,600 | \n\n 80,288 | \n\n 25 | \n\n \u2013 | \n\n 205,863 | \n
| \n Intersegment sales | \n\n 4,260 | \n\n 34,896 | \n\n 27,637 | \n\n 451 | \n\n 254 | \n\n (67,498) | \n\n \u2013 | \n
| \n Excise taxes | \n\n \u2013 | \n\n \u2013 | \n\n (1,108) | \n\n (20,121) | \n\n \u2013 | \n\n \u2013 | \n\n (21,229) | \n
| \n Revenues from sales | \n\n 34,964 | \n\n 42,142 | \n\n 114,129 | \n\n 60,618 | \n\n 279 | \n\n (67,498) | \n\n 184,634 | \n
| \n Operating expenses | \n\n (29,964) | \n\n (16,722) | \n\n (108,982) | \n\n (57,159) | \n\n (927) | \n\n 67,498 | \n\n (146,256) | \n
| \n Depreciation, depletion and impairment of | \n\n (1,650) | \n\n (9,110) | \n\n (1,583) | \n\n (1,100) | \n\n (113) | \n\n \u2013 | \n\n (13,556) | \n
| \n Operating income | \n\n 3,350 | \n\n 16,310 | \n\n 3,564 | \n\n 2,359 | \n\n (761) | \n\n \u2013 | \n\n 24,822 | \n
| \n Net income (loss) from equity affiliates and | \n\n 2,745 | \n\n (760) | \n\n 518 | \n\n 108 | \n\n 45 | \n\n \u2013 | \n\n 2,656 | \n
| \n Tax on net operating income | \n\n (602) | \n\n (7,506) | \n\n (1,068) | \n\n (738) | \n\n 152 | \n\n \u2013 | \n\n (9,762) | \n
| \n Net operating income | \n\n 5,493 | \n\n 8,044 | \n\n 3,014 | \n\n 1,729 | \n\n (564) | \n\n \u2013 | \n\n 17,716 | \n
| \n Net cost of net debt | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (1,350) | \n
| \n Non-controlling interests | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (334) | \n
| \n Net income - TotalEnergies share | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 16,032 | \n
| \n For the year ended December 31, 2021 | \n\n Integrated | \n\n Exploration | \n\n Refining | \n\n Marketing | \n\n Corporate | \n\n Intercompany | \n\n Total | \n
| \n External sales | \n\n (44) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (44) | \n
| \n Intersegment sales | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Excise taxes | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Revenues from sales | \n\n (44) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (44) | \n
| \n Operating expenses | \n\n (271) | \n\n (187) | \n\n 1,470 | \n\n 278 | \n\n \u2013 | \n\n \u2013 | \n\n 1,290 | \n
| \n Depreciation, depletion and impairment of tangible assets and mineral interests | \n\n (342) | \n\n (418) | \n\n (25) | \n\n (36) | \n\n \u2013 | \n\n \u2013 | \n\n (821) | \n
| \n Operating income(b) | \n\n (657) | \n\n (605) | \n\n 1,445 | \n\n 242 | \n\n \u2013 | \n\n \u2013 | \n\n 425 | \n
| \n Net income (loss) from equity affiliates and other items | \n\n (215) | \n\n (1,839) | \n\n 56 | \n\n (61) | \n\n (54) | \n\n \u2013 | \n\n (2,113) | \n
| \n Tax on net operating income | \n\n 122 | \n\n 49 | \n\n (396) | \n\n (70) | \n\n (67) | \n\n \u2013 | \n\n (362) | \n
| \n Net operating income(b) | \n\n (750) | \n\n (2,395) | \n\n 1,105 | \n\n 111 | \n\n (121) | \n\n \u2013 | \n\n (2,050) | \n
| \n Net cost of net debt | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 25 | \n
| \n Non-controlling interests | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (3) | \n
| \n Net income - TotalEnergies share | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (2,028) | \n
| \n (a)Adjustments include special items, inventory valuation effect and the effect of changes in fair value. (b)Of which inventory valuation effect. | \n|||||||
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
| \n For the year ended December 31, 2021 | \n\n Integrated | \n\n Exploration | \n\n Refining | \n\n Marketing | \n\n Corporate | \n\n Intercompany | \n\n Total | \n
| \n External sales | \n\n 30,748 | \n\n 7,246 | \n\n 87,600 | \n\n 80,288 | \n\n 25 | \n\n \u2013 | \n\n 205,907 | \n
| \n Intersegment sales | \n\n 4,260 | \n\n 34,896 | \n\n 27,637 | \n\n 451 | \n\n 254 | \n\n (67,498) | \n\n \u2013 | \n
| \n Excise taxes | \n\n \u2013 | \n\n \u2013 | \n\n (1,108) | \n\n (20,121) | \n\n \u2013 | \n\n \u2013 | \n\n (21,229) | \n
| \n Revenues from sales | \n\n 35,008 | \n\n 42,142 | \n\n 114,129 | \n\n 60,618 | \n\n 279 | \n\n (67,498) | \n\n 184,678 | \n
| \n Operating expenses | \n\n (29,693) | \n\n (16,535) | \n\n (110,452) | \n\n (57,437) | \n\n (927) | \n\n 67,498 | \n\n (147,546) | \n
| \n Depreciation, depletion and impairment of tangible assets and mineral interests | \n\n (1,308) | \n\n (8,692) | \n\n (1,558) | \n\n (1,064) | \n\n (113) | \n\n \u2013 | \n\n (12,735) | \n
| \n Adjusted operating income | \n\n 4,007 | \n\n 16,915 | \n\n 2,119 | \n\n 2,117 | \n\n (761) | \n\n \u2013 | \n\n 24,397 | \n
| \n Net income (loss) from equity affiliates and other items | \n\n 2,960 | \n\n 1,079 | \n\n 462 | \n\n 169 | \n\n 99 | \n\n \u2013 | \n\n 4,769 | \n
| \n Tax on net operating income | \n\n (724) | \n\n (7,555) | \n\n (672) | \n\n (668) | \n\n 219 | \n\n \u2013 | \n\n (9,400) | \n
| \n Adjusted net operating income | \n\n 6,243 | \n\n 10,439 | \n\n 1,909 | \n\n 1,618 | \n\n (443) | \n\n \u2013 | \n\n 19,766 | \n
| \n Net cost of net debt | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (1,375) | \n
| \n Non-controlling interests | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (331) | \n
| \n Adjusted net income - | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 18,060 | \n
| \n For the year ended December 31, 2021 (M$) | \n\n Integrated | \n\n Exploration | \n\n Refining | \n\n Marketing | \n\n Corporate | \n\n Intercompany | \n\n Total | \n
| \n Total expenditures | \n\n 6,341 | \n\n 7,276 | \n\n 1,638 | \n\n 1,242 | \n\n 92 | \n\n \u2013 | \n\n 16,589 | \n
| \n Total divestments | \n\n 1,350 | \n\n 894 | \n\n 348 | \n\n 319 | \n\n 22 | \n\n \u2013 | \n\n 2,933 | \n
| \n Cash flow from operating activities | \n\n 827 | \n\n 22,009 | \n\n 6,473 | \n\n 2,333 | \n\n (1,232) | \n\n \u2013 | \n\n 30,410 | \n
| \n Balance sheet as of December 31, 2021 | \n|||||||
| \n Property, plant and equipment, intangible assets, net | \n\n 31,525 | \n\n 86,418 | \n\n 11,884 | \n\n 8,578 | \n\n 638 | \n\n \u2013 | \n\n 139,043 | \n
| \n Investments & loans in equity affiliates | \n\n 20,501 | \n\n 6,337 | \n\n 3,729 | \n\n 486 | \n\n \u2013 | \n\n \u2013 | \n\n 31,053 | \n
| \n Other non-current assets | \n\n 3,359 | \n\n 4,441 | \n\n 608 | \n\n 1,105 | \n\n 309 | \n\n \u2013 | \n\n 9,822 | \n
| \n Working capital | \n\n 5,058 | \n\n (1,216) | \n\n (2,558) | \n\n 378 | \n\n (4,220) | \n\n \u2013 | \n\n (2,558) | \n
| \n Provisions and other non-current liabilities | \n\n (4,495) | \n\n (24,613) | \n\n (3,840) | \n\n (1,478) | \n\n 581 | \n\n \u2013 | \n\n (33,845) | \n
| \n Assets and liabilities classified as held for sale | \n\n 30 | \n\n 308 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 338 | \n
| \n Capital Employed (Balance sheet) | \n\n 55,978 | \n\n 71,675 | \n\n 9,823 | \n\n 9,069 | \n\n (2,692) | \n\n \u2013 | \n\n 143,853 | \n
| \n Less inventory valuation effect | \n\n \u2013 | \n\n \u2013 | \n\n (1,754) | \n\n (286) | \n\n \u2013 | \n\n \u2013 | \n\n (2,040) | \n
| \n Capital Employed | \n\n 55,978 | \n\n 71,675 | \n\n 8,069 | \n\n 8,783 | \n\n (2,692) | \n\n \u2013 | \n\n 141,813 | \n
| \n ROACE as a percentage | \n\n 12% | \n\n 14% | \n\n 20% | \n\n 18% | \n\n \u00a0 | \n\n \u00a0 | \n\n 14% | \n
| \n For the year ended December 31, 2020 (M$) | \n\n Integrated | \n\n Exploration | \n\n Refining | \n\n Marketing | \n\n Corporate | \n\n Intercompany | \n\n Total | \n
| \n External sales | \n\n 15,629 | \n\n 4,973 | \n\n 56,615 | \n\n 63,451 | \n\n 17 | \n\n \u2013 | \n\n 140,685 | \n
| \n Intersegment sales | \n\n 2,003 | \n\n 18,483 | \n\n 17,378 | \n\n 357 | \n\n 223 | \n\n (38,444) | \n\n \u2013 | \n
| \n Excise taxes | \n\n \u2013 | \n\n \u2013 | \n\n (2,405) | \n\n (18,576) | \n\n \u2013 | \n\n \u2013 | \n\n (20,981) | \n
| \n REVENUES FROM SALES | \n\n 17,632 | \n\n 23,456 | \n\n 71,588 | \n\n 45,232 | \n\n 240 | \n\n (38,444) | \n\n 119,704 | \n
| \n Operating expenses | \n\n (15,847) | \n\n (11,972) | \n\n (70,524) | \n\n (42,807) | \n\n (1,049) | \n\n 38,444 | \n\n (103,755) | \n
| \n Depreciation, depletion and impairment of tangible assets and mineral interests | \n\n (2,312) | \n\n (16,998) | \n\n (1,878) | \n\n (984) | \n\n (92) | \n\n \u2013 | \n\n (22,264) | \n
| \n OPERATING INCOME | \n\n (527) | \n\n (5,514) | \n\n (814) | \n\n 1,441 | \n\n (901) | \n\n \u2013 | \n\n (6,315) | \n
| \n Net income (loss) from equity affiliates and | \n\n 794 | \n\n 697 | \n\n (393) | \n\n 37 | \n\n 272 | \n\n \u2013 | \n\n 1,407 | \n
| \n Tax on net operating income | \n\n 71 | \n\n (208) | \n\n 59 | \n\n (515) | \n\n (67) | \n\n \u2013 | \n\n (660) | \n
| \n NET OPERATING INCOME | \n\n 338 | \n\n (5,025) | \n\n (1,148) | \n\n 963 | \n\n (696) | \n\n \u2013 | \n\n (5,568) | \n
| \n Net cost of net debt | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n (1,768) | \n
| \n Non-controlling interests | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n 94 | \n
| \n Net income - TotalEnergies share | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n (7,242) | \n
| \n For the year ended December 31, 2020 | \n\n Integrated Gas, Renewables & Power | \n\n Exploration | \n\n Refining | \n\n Marketing | \n\n Corporate | \n\n Intercompany | \n\n Total | \n
| \n External sales | \n\n 20 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 20 | \n
| \n Intersegment sales | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Excise taxes | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n REVENUES FROM SALES | \n\n 20 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 20 | \n
| \n Operating expenses | \n\n (423) | \n\n (137) | \n\n (1,552) | \n\n (330) | \n\n (60) | \n\n \u2013 | \n\n (2,502) | \n
| \n Depreciation, depletion and impairment of tangible assets and mineral interests | \n\n (953) | \n\n (7,693) | \n\n (306) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (8,952) | \n
| \n OPERATING INCOME(b) | \n\n (1,356) | \n\n (7,830) | \n\n (1,858) | \n\n (330) | \n\n (60) | \n\n \u2013 | \n\n (11,434) | \n
| \n Net income (loss) from equity affiliates and other items | \n\n (382) | \n\n 54 | \n\n (677) | \n\n (24) | \n\n 107 | \n\n \u2013 | \n\n (922) | \n
| \n Tax on net operating income | \n\n 298 | \n\n 388 | \n\n 348 | \n\n 93 | \n\n (145) | \n\n \u2013 | \n\n 982 | \n
| \n NET OPERATING INCOME(b) | \n\n (1,440) | \n\n (7,388) | \n\n (2,187) | \n\n (261) | \n\n (98) | \n\n \u2013 | \n\n (11,374) | \n
| \n Net cost of net debt | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (29) | \n
| \n Non-controlling interests | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 102 | \n
| \n Net income - TotalEnergies share | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (11,301) | \n
| \n (a)Adjustments include special items, inventory valuation effect and the effect of changes in fair value. | \n|||||||
| \n (b)Of which inventory valuation effect. | \n|||||||
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
| \n For the year ended December 31, 2020 | \n\n Integrated | \n\n Exploration | \n\n Refining | \n\n Marketing | \n\n Corporate | \n\n Intercompany | \n\n Total | \n
| \n External sales | \n\n 15,609 | \n\n 4,973 | \n\n 56,615 | \n\n 63,451 | \n\n 17 | \n\n \u2013 | \n\n 140,665 | \n
| \n Intersegment sales | \n\n 2,003 | \n\n 18,483 | \n\n 17,378 | \n\n 357 | \n\n 223 | \n\n (38,444) | \n\n \u2013 | \n
| \n Excise taxes | \n\n \u2013 | \n\n \u2013 | \n\n (2,405) | \n\n (18,576) | \n\n \u2013 | \n\n \u2013 | \n\n (20,981) | \n
| \n Revenues from sales | \n\n 17,612 | \n\n 23,456 | \n\n 71,588 | \n\n 45,232 | \n\n 240 | \n\n (38,444) | \n\n 119,684 | \n
| \n Operating expenses | \n\n (15,424) | \n\n (11,835) | \n\n (68,972) | \n\n (42,477) | \n\n (989) | \n\n 38,444 | \n\n (101,253) | \n
| \n Depreciation, depletion and impairment of tangible assets and mineral interests | \n\n (1,359) | \n\n (9,305) | \n\n (1,572) | \n\n (984) | \n\n (92) | \n\n \u2013 | \n\n (13,312) | \n
| \n Adjusted operating income | \n\n 829 | \n\n 2,316 | \n\n 1,044 | \n\n 1,771 | \n\n (841) | \n\n \u2013 | \n\n 5,119 | \n
| \n Net income (loss) from equity affiliates and other items | \n\n 1,176 | \n\n 643 | \n\n 284 | \n\n 61 | \n\n 165 | \n\n \u2013 | \n\n 2,329 | \n
| \n Tax on net operating income | \n\n (227) | \n\n (596) | \n\n (289) | \n\n (608) | \n\n 78 | \n\n \u2013 | \n\n (1,642) | \n
| \n Adjusted net operating income | \n\n 1,778 | \n\n 2,363 | \n\n 1,039 | \n\n 1,224 | \n\n (598) | \n\n \u2013 | \n\n 5,806 | \n
| \n Net cost of net debt | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (1,739) | \n
| \n Non-controlling interests | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (8) | \n
| \n Ajusted net income - | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 4,059 | \n
| \n For the year ended December 31, 2020 (M$) | \n\n Integrated | \n\n Exploration | \n\n Refining | \n\n Marketing | \n\n Corporate | \n\n Intercompany | \n\n Total | \n
| \n Total expenditures | \n\n 6,230 | \n\n 6,782 | \n\n 1,325 | \n\n 1,052 | \n\n 145 | \n\n \u2013 | \n\n 15,534 | \n
| \n Total divestments | \n\n 1,152 | \n\n 819 | \n\n 149 | \n\n 158 | \n\n 177 | \n\n \u2013 | \n\n 2,455 | \n
| \n Cash flow from operating activities | \n\n 2,129 | \n\n 9,922 | \n\n 2,438 | \n\n 2,101 | \n\n (1,787) | \n\n \u2013 | \n\n 14,803 | \n
| \n Balance sheet as of December 31, 2020 | \n|||||||
| \n Property, plant and equipment, intangible assets, net | \n\n 30,704 | \n\n 89,207 | \n\n 12,486 | \n\n 8,734 | \n\n 732 | \n\n \u2013 | \n\n 141,863 | \n
| \n Investments & loans in equity affiliates | \n\n 16,455 | \n\n 7,328 | \n\n 3,638 | \n\n 555 | \n\n \u2013 | \n\n \u2013 | \n\n 27,976 | \n
| \n Other non-current assets | \n\n 3,647 | \n\n 5,093 | \n\n 791 | \n\n 1,260 | \n\n 1,042 | \n\n \u2013 | \n\n 11,833 | \n
| \n Working capital | \n\n (1,004) | \n\n 1,968 | \n\n (264) | \n\n (43) | \n\n (4,470) | \n\n \u2013 | \n\n (3,813) | \n
| \n Provisions and other non-current liabilities | \n\n (4,566) | \n\n (24,909) | \n\n (4,658) | \n\n (1,641) | \n\n 606 | \n\n \u2013 | \n\n (35,168) | \n
| \n Assets and liabilities classified as held for sale | \n\n 375 | \n\n 241 | \n\n (83) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 533 | \n
| \n Capital Employed (Balance sheet) | \n\n 45,611 | \n\n 78,928 | \n\n 11,910 | \n\n 8,865 | \n\n (2,090) | \n\n \u2013 | \n\n 143,224 | \n
| \n Less inventory valuation effect | \n\n \u2013 | \n\n \u2013 | \n\n (535) | \n\n (72) | \n\n \u2013 | \n\n \u2013 | \n\n (607) | \n
| \n Capital Employed | \n\n 45,611 | \n\n 78,928 | \n\n 11,375 | \n\n 8,793 | \n\n (2,090) | \n\n \u2013 | \n\n 142,617 | \n
| \n ROACE as a percentage | \n\n 4% | \n\n 3% | \n\n 9% | \n\n 14% | \n\n \u00a0 | \n\n \u00a0 | \n\n 4% | \n
B)Reconciliation of the information by business segment with Consolidated Financial Statements
The table below presents the impact of adjustment items on the consolidated statement of income:
| \n For the year ended December 31, 2022 (M$) | \n\n Adjusted | \n\n Adjustments(a) | \n\n Consolidated statement of income | \n
| \n Sales | \n\n 280,895 | \n\n 104 | \n\n 280,999 | \n
| \n Excise taxes | \n\n (17,689) | \n\n \u2013 | \n\n (17,689) | \n
| \n Revenues from sales | \n\n 263,206 | \n\n 104 | \n\n 263,310 | \n
| \n Purchases, net of inventory variation | \n\n (171,049) | \n\n 1,601 | \n\n (169,448) | \n
| \n Other operating expenses | \n\n (28,745) | \n\n (1,044) | \n\n (29,789) | \n
| \n Exploration costs | \n\n (574) | \n\n (725) | \n\n (1,299) | \n
| \n Depreciation, depletion and impairment of tangible assets and mineral interests | \n\n (12,316) | \n\n 95 | \n\n (12,221) | \n
| \n Other income | \n\n 1,349 | \n\n 1,500 | \n\n 2,849 | \n
| \n Other expense | \n\n (1,542) | \n\n (5,802) | \n\n (7,344) | \n
| \n Financial interest on debt | \n\n (2,386) | \n\n \u2013 | \n\n (2,386) | \n
| \n Financial income and expense from cash & cash equivalents | \n\n 746 | \n\n 397 | \n\n 1,143 | \n
| \n Cost of net debt | \n\n (1,640) | \n\n 397 | \n\n (1,243) | \n
| \n Other financial income | \n\n 812 | \n\n 84 | \n\n 896 | \n
| \n Other financial expense | \n\n (533) | \n\n \u2013 | \n\n (533) | \n
| \n Net income (loss) from equity affiliates | \n\n 8,254 | \n\n (10,146) | \n\n (1,892) | \n
| \n Income taxes | \n\n (20,565) | \n\n (1,677) | \n\n (22,242) | \n
| \n Consolidated net income | \n\n 36,657 | \n\n (15,613) | \n\n 21,044 | \n
| \n TotalEnergies share | \n\n 36,197 | \n\n (15,671) | \n\n 20,526 | \n
| \n Non-controlling interests | \n\n 460 | \n\n 58 | \n\n 518 | \n
| \n (a)Adjustments include special items, inventory valuation effect and the effect of changes in fair value. | \n
| \n For the year ended December 31, 2021 (M$) | \n\n Adjusted | \n\n Adjustments(a) | \n\n Consolidated statement of income | \n
| \n Sales | \n\n 205,907 | \n\n (44) | \n\n 205,863 | \n
| \n Excise taxes | \n\n (21,229) | \n\n \u2013 | \n\n (21,229) | \n
| \n Revenues from sales | \n\n 184,678 | \n\n (44) | \n\n 184,634 | \n
| \n Purchases, net of inventory variation | \n\n (120,160) | \n\n 1,538 | \n\n (118,622) | \n
| \n Other operating expenses | \n\n (26,754) | \n\n (140) | \n\n (26,894) | \n
| \n Exploration costs | \n\n (632) | \n\n (108) | \n\n (740) | \n
| \n Depreciation, depletion and impairment of tangible assets and mineral interests | \n\n (12,735) | \n\n (821) | \n\n (13,556) | \n
| \n Other income | \n\n 1,300 | \n\n 12 | \n\n 1,312 | \n
| \n Other expense | \n\n (944) | \n\n (1,373) | \n\n (2,317) | \n
| \n Financial interest on debt | \n\n (1,904) | \n\n \u2013 | \n\n (1,904) | \n
| \n Financial income and expense from cash & cash equivalents | \n\n 340 | \n\n 39 | \n\n 379 | \n
| \n Cost of net debt | \n\n (1,564) | \n\n 39 | \n\n (1,525) | \n
| \n Other financial income | \n\n 762 | \n\n \u2013 | \n\n 762 | \n
| \n Other financial expense | \n\n (539) | \n\n \u2013 | \n\n (539) | \n
| \n Net income (loss) from equity affiliates | \n\n 4,190 | \n\n (752) | \n\n 3,438 | \n
| \n Income taxes | \n\n (9,211) | \n\n (376) | \n\n (9,587) | \n
| \n Consolidated net income | \n\n 18,391 | \n\n (2,025) | \n\n 16,366 | \n
| \n TotalEnergies share | \n\n 18,060 | \n\n (2,028) | \n\n 16,032 | \n
| \n Non-controlling interests | \n\n 331 | \n\n 3 | \n\n 334 | \n
| \n (a)Adjustments include special items, inventory valuation effect and the effect of changes in fair value. | \n
| \n For the year ended December 31, 2020 (M$) | \n\n Adjusted | \n\n Adjustments(a) | \n\n Consolidated statement of income | \n
| \n Sales | \n\n 140,665 | \n\n 20 | \n\n 140,685 | \n
| \n Excise taxes | \n\n (20,981) | \n\n \u2013 | \n\n (20,981) | \n
| \n Revenues from sales | \n\n 119,684 | \n\n 20 | \n\n 119,704 | \n
| \n Purchases, net of inventory variation | \n\n (75,672) | \n\n (1,814) | \n\n (77,486) | \n
| \n Other operating expenses | \n\n (24,850) | \n\n (688) | \n\n (25,538) | \n
| \n Exploration costs | \n\n (731) | \n\n \u2013 | \n\n (731) | \n
| \n Depreciation, depletion and impairment of tangible assets and mineral interests | \n\n (13,312) | \n\n (8,952) | \n\n (22,264) | \n
| \n Other income | \n\n 1,405 | \n\n 832 | \n\n 2,237 | \n
| \n Other expense | \n\n (689) | \n\n (817) | \n\n (1,506) | \n
| \n Financial interest on debt | \n\n (2,140) | \n\n (7) | \n\n (2,147) | \n
| \n Financial income and expense from cash & cash equivalents | \n\n 68 | \n\n (31) | \n\n 37 | \n
| \n Cost of net debt | \n\n (2,072) | \n\n (38) | \n\n (2,110) | \n
| \n Other financial income | \n\n 914 | \n\n \u2013 | \n\n 914 | \n
| \n Other financial expense | \n\n (689) | \n\n (1) | \n\n (690) | \n
| \n Net income (loss) from equity affiliates | \n\n 1,388 | \n\n (936) | \n\n 452 | \n
| \n Income taxes | \n\n (1,309) | \n\n 991 | \n\n (318) | \n
| \n Consolidated net income | \n\n 4,067 | \n\n (11,403) | \n\n (7,336) | \n
| \n TotalEnergies share | \n\n 4,059 | \n\n (11,301) | \n\n (7,242) | \n
| \n Non-controlling interests | \n\n 8 | \n\n (102) | \n\n (94) | \n
| \n (a)Adjustments include special items, inventory valuation effect and the effect of changes in fair value. | \n
C)Additional information on adjustment items
The main adjustment items for 2022 are the following:
1.An \u201cInventory valuation effect\u201d amounting to $500 million in operating income and $501 million in net income TotalEnergies\u2019 share for the Refining & Chemicals and Marketing & Services segments;
2.The main adjustment items of the period are the following exceptional impairments and provisions related to Russia:
\u2013In the first quarter, an impairment of $(4,095) million in net income concerning notably Arctic LNG 2.
\u2013In the second quarter, an impairment of $(3,513) million in net income mainly related to the potential impact of international sanctions on the value of the stake in Novatek and in the third quarter, an additional impairment of $(3,056) million in net income.\u00a0
\u2013In the fourth quarter, an impairment of $(4,092) million in net income following discontinuation of equity accounting of Novatek.
In total, the impact of impairments and provisions recorded in 2022 in respect TotalEnergies\u2019s assets in Russia amounts to $(14,756) million in net income, TotalEnergies share.
3.The adjustment items also include a $1,391 million gain on the partial disposal of TotalEnergies' interest in its subsidiary which owns 50.5% of Sunpower and on the revaluation of its retained interest which is accounted for using the equity method.
The detail of the adjustment items is presented in the table below.
Adjustments to operating income
| \n For the year ended December 31, 2022 (M$) | \n\n Integrated | \n\n Exploration | \n\n Refining | \n\n Marketing | \n\n Corporate | \n\n Total | \n
| \n Inventory valuation effect | \n\n \u2013 | \n\n \u2013 | \n\n 239 | \n\n 261 | \n\n \u2013 | \n\n 500 | \n
| \n Effect of changes in fair value | \n\n 1,248 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 1,248 | \n
| \n Restructuring charges | \n\n (25) | \n\n \u2013 | \n\n \u2013 | \n\n (5) | \n\n \u2013 | \n\n (30) | \n
| \n Asset impairment and provisions charges | \n\n (126) | \n\n (588) | \n\n \u2013 | \n\n (98) | \n\n (9) | \n\n (821) | \n
| \n Gains (losses) on disposals of assets | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Other items | \n\n (28) | \n\n (99) | \n\n (109) | \n\n (30) | \n\n (600) | \n\n (866) | \n
| \n Total | \n\n 1,069 | \n\n (687) | \n\n 130 | \n\n 128 | \n\n (609) | \n\n 31 | \n
Adjustments to net income, TotalEnergies share
| \n For the year ended December 31, 2022 (M$) | \n\n Integrated | \n\n Exploration | \n\n Refining | \n\n Marketing | \n\n Corporate | \n\n Total | \n
| \n Inventory valuation effect | \n\n \u2013 | \n\n \u2013 | \n\n 323 | \n\n 178 | \n\n \u2013 | \n\n 501 | \n
| \n Effect of changes in fair value | \n\n 1,138 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 1,138 | \n
| \n Restructuring charges | \n\n (28) | \n\n \u2013 | \n\n \u2013 | \n\n (14) | \n\n \u2013 | \n\n (42) | \n
| \n Asset impairment and provisions charges | \n\n (4,481) | \n\n (11,141) | \n\n \u2013 | \n\n (112) | \n\n (9) | \n\n (15,743) | \n
| \n Gains (losses) on disposals of assets | \n\n 1,391 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 1,391 | \n
| \n Other items | \n\n (576) | \n\n (1,093) | \n\n (990) | \n\n (60) | \n\n (197) | \n\n (2,916) | \n
| \n Total | \n\n (2,556) | \n\n (12,234) | \n\n (667) | \n\n (8) | \n\n (206) | \n\n (15,671) | \n
Adjustments to operating income
| \n For the year ended December 31, 2021 (M$) | \n\n Integrated | \n\n Exploration | \n\n Refining | \n\n Marketing | \n\n Corporate | \n\n Total | \n
| \n Inventory valuation effect | \n\n \u2013 | \n\n \u2013 | \n\n 1,481 | \n\n 315 | \n\n \u2013 | \n\n 1,796 | \n
| \n Effect of changes in fair value | \n\n (217) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (217) | \n
| \n Restructuring charges | \n\n (17) | \n\n (59) | \n\n (10) | \n\n \u2013 | \n\n \u2013 | \n\n (86) | \n
| \n Asset impairment and provisions charges | \n\n (342) | \n\n (356) | \n\n (25) | \n\n (36) | \n\n \u2013 | \n\n (759) | \n
| \n Gains (losses) on disposals of assets | \n\n \u2013 | \n\n (170) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (170) | \n
| \n Other items | \n\n (81) | \n\n (20) | \n\n (1) | \n\n (37) | \n\n \u2013 | \n\n (139) | \n
| \n Total | \n\n (657) | \n\n (605) | \n\n 1,445 | \n\n 242 | \n\n \u2013 | \n\n 425 | \n
Adjustments to net income, TotalEnergies share
| \n For the year ended December 31, 2021 (M$) | \n\n Integrated | \n\n Exploration | \n\n Refining | \n\n Marketing | \n\n Corporate | \n\n Total | \n
| \n Inventory valuation effect | \n\n \u2013 | \n\n \u2013 | \n\n 1,277 | \n\n 218 | \n\n \u2013 | \n\n 1,495 | \n
| \n Effect of changes in fair value | \n\n (194) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (194) | \n
| \n Restructuring charges | \n\n (17) | \n\n (75) | \n\n (118) | \n\n (44) | \n\n (54) | \n\n (308) | \n
| \n Asset impairment and provisions charges | \n\n (332) | \n\n (500) | \n\n (42) | \n\n (36) | \n\n \u2013 | \n\n (910) | \n
| \n Gains (losses) on disposals of assets(a) | \n\n \u2013 | \n\n (1,726) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (1,726) | \n
| \n Other items | \n\n (196) | \n\n (51) | \n\n (31) | \n\n (40) | \n\n (67) | \n\n (385) | \n
| \n Total | \n\n (739) | \n\n (2,352) | \n\n 1,086 | \n\n 98 | \n\n (121) | \n\n (2,028) | \n
| \n (a)Of which $(1,379) million related to the impact of the TotalEnergies' interest sale of Petrocede\u00f1o to PDVSA. | \n
Adjustments to operating income
| \n For the year ended December 31, 2020 (M$) | \n\n Integrated | \n\n Exploration | \n\n Refining | \n\n Marketing | \n\n Corporate | \n\n Total | \n
| \n Inventory valuation effect | \n\n \u2013 | \n\n \u2013 | \n\n (1,244) | \n\n (196) | \n\n \u2013 | \n\n (1,440) | \n
| \n Effect of changes in fair value | \n\n 20 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 20 | \n
| \n Restructuring charges | \n\n (39) | \n\n (35) | \n\n (30) | \n\n \u2013 | \n\n \u2013 | \n\n (104) | \n
| \n Asset impairment and provisions charges | \n\n (953) | \n\n (7,693) | \n\n (306) | \n\n \u2013 | \n\n \u2013 | \n\n (8,952) | \n
| \n Other items | \n\n (384) | \n\n (102) | \n\n (278) | \n\n (134) | \n\n (60) | \n\n (958) | \n
| \n Total | \n\n (1,356) | \n\n (7,830) | \n\n (1,858) | \n\n (330) | \n\n (60) | \n\n (11,434) | \n
Adjustments to net income, TotalEnergies share
| \n For the year ended December 31, 2020 (M$) | \n\n Integrated | \n\n Exploration | \n\n Refining | \n\n Marketing | \n\n Corporate | \n\n Total | \n
| \n Inventory valuation effect | \n\n \u2013 | \n\n \u2013 | \n\n (1,160) | \n\n (120) | \n\n \u2013 | \n\n (1,280) | \n
| \n Effect of changes in fair value | \n\n 23 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 23 | \n
| \n Restructuring charges | \n\n (43) | \n\n (29) | \n\n (292) | \n\n \u2013 | \n\n \u2013 | \n\n (364) | \n
| \n Asset impairment and provision charges | \n\n (829) | \n\n (7,328) | \n\n (306) | \n\n (2) | \n\n \u2013 | \n\n (8,465) | \n
| \n Gains (losses) on disposals of assets | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 104 | \n\n 104 | \n
| \n Other items | \n\n (566) | \n\n \u2013 | \n\n (423) | \n\n (106) | \n\n (224) | \n\n (1,319) | \n
| \n Total | \n\n (1,415) | \n\n (7,357) | \n\n (2,181) | \n\n (228) | \n\n (120) | \n\n (11,301) | \n
D)Asset impairment
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n The recoverable amounts of intangible assets and property, plant and equipment are tested for impairment as soon as any indication of impairment exists. This test is performed at least annually for goodwill. The recoverable amount is the higher of the fair value (less costs to sell) or the value in use. Assets are grouped into cash-generating units (or CGUs) and tested. A CGU is a homogeneous set of assets that generates cash inflows that are largely independent of the cash inflows from other groups of assets. The value in use of a CGU is determined by reference to the discounted expected future cash flows of these assets, based upon Management\u2019s expectation of future economic and operating conditions. When this value is less than the carrying amount of the CGU, an impairment loss is recorded. | \n\n \n | \n\n This loss is allocated first to goodwill with a corresponding amount in \"Other expenses\". Any further losses are then allocated to property, plant and mineral interests with a corresponding amount in \"Depreciation, depletion and impairment of tangible assets and mineral interests\" and to other intangible assets with a corresponding amount in \"Other expenses\". Impairment losses recognized in prior periods can be reversed up to the original carrying amount, had the impairment loss not been recognized. Impairment losses recognized on goodwill cannot be reversed. Investments in associates or joint ventures are tested for impairment whenever indication of impairment exists. If any objective evidence of impairment exists, the carrying amount of the investment is compared with its recoverable amount, being the higher of its fair value less costs to sell and value in use. If the carrying amount exceeds the recoverable amount, an impairment loss is recorded in \"Net income (loss) from equity affiliates\". | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
For the financial year 2022, asset impairments were recorded for an amount of $(821) million in operating income and $(15,743) million in net income, TotalEnergies share. These impairments were qualified as adjustment items of the operating income and net income, TotalEnergies share.
Impairments relate to certain cash-generating units (CGUs) for which indicators of impairment have been identified, due to changes in operating conditions or the economic environment of the activities concerned.
Principles for determining value in use of a CGU
The principles applied are as follows:
\u2013The future cash flows were determined using the assumptions included in the 2023 budget and in the long-term plan of the Company approved by the Executive Committee and the Board of Directors. These assumptions, in particular including operational costs, estimation of oil and gas reserves, future volumes produced and marketed, represent the best estimate from the Company Management of economic and technical conditions over the remaining life of the assets.
\u2013The Company, notably relying on data on global energy demand from the \u201cWorld Energy Outlook\u201d issued by the IEA since 2016, and on its own supply and demand assessments, determines oil & gas prices scenarios based on assumptions about the evolution of core indicators of the Upstream activity (demand for hydrocarbons in different markets, investment forecasts, decline in production fields, changes in oil & gas reserves and supply by area and by nature of oil & gas products), of the Downstream activity (changes in refining capacity and demand for petroleum products) and by integrating \u201cclimate\u201d challenges.
\u2013These price scenarios, first prepared within the Strategy & Markets Division, are also reviewed with the Company segments which bring their own expertise. They also integrate studies issued by international agencies, banks and independent consultants. They are then approved by the Executive Committee and the Board of Directors.
\u2013The IEA 2022 World Energy Outlook anticipates three scenarios that are key references for the Company: the STEPS (Stated Policies Scenario) and APS (Announced Pledges Scenario) for the short/mid-term, and the NZE (Net Zero Emissions by 2050) for the long-term.
\u2013The STEPS only includes climate actions already implemented to date around the world and those under development. The APS also takes into account climate ambitions declared to date in the world, including the NDCs (Nationally Determined Contributions) and carbon neutrality ambitions. It is compatible with the Paris Agreement. The IEA's NZE is understood as the set of actions to be taken to be compatible with a 1.5\u00b0C scenario in 2050 (without overshooting). This normative scenario does not predict oil demand in the short and medium term, and therefore the price scenarios it proposes, particularly in the short and medium term, do not include a \"realistic\" evolution of demand. In fact, this scenario predicts that oil demand will fall by 20% between 2020 and 2030, whereas, according to the Company's projections and those of most energy companies and consultants, demand will stabilize between 2025 and 2030, before declining from 2030 onwards.
\u2013Beyond the 2020-2030 decade, the oil price trajectory retained by the Company converges in the long term, to the price retained in 2050 by the IEA's NZE scenario, i.e $24.52022/b. The prices retained for gas, the transition fuel, stabilize between now and 2027 and until 2040 at lower levels than the current prices and converge towards the IEA's NZE scenario prices in 2050.
The oil price trajectories adopted by the Company are based on the following assumptions:
\u2013Oil demand has experienced sustained growth after the Covid crisis as the global economic recovery\u00a0 generated strong tensions on energy prices from mid-2021 onwards, exacerbated in 2022 by the war in Ukraine. Despite the risks of recession in Europe in particular, global liquid demand in 2023 is expected to be higher than in 2019 pre-crisis, notably thanks to the end of lockdown measures in China allowing the restart of industrial activity. It should continue to grow until 2030, in a context of sustained growth in global energy demand. Indeed, population growth and rising living standards, particularly in emerging countries, should sustain oil consumption, despite the gradual electrification of transport and efficiency gains in combustion engines, mainly in developed countries. As for oil supply, it is marked by historic production cuts decided (and implemented) by OPEP+ members and by the difficulties encountered by some non-OPEP+ producers.
In the US, while production in 2023 is expected to be slightly higher than in 2019, doubts remain about the capacity for further growth in shale oil in subsequent years. The Company maintains its analysis that the weakness of investment oil upstream since 2015, accentuated by the health and economic crisis of 2020 and the natural decline of fields currently in production, leads to a global supply-demand balance that will remain tight until 2030. Thus the Brent price scenario used to determine the value in use of the CGUs assumes a stable price of $702022/b from 2023 to 2030. The developments observed at the end of 2022, in particular the resurgence of the Covid pandemic in China, could slow down the Chinese economic recovery, and therefore justify this price level from 2023.
\u2013Beyond 2030, given technological developments, particularly in the transport sector, oil demand should have reached its peak and the selected price scenario decreases linearly to reach $502022/b in 2040 and then $24.52022/b in 2050, in line with the NZE scenario.
The average Brent prices over the period 2023-2050 thus stands at $53.92022/b.
For natural gas, the transition fuel, the price trajectory adopted by the Company is based on the following assumptions:
\u2013Natural gas demand in 2021 has exceeded its pre-crisis level with very strong tensions on prices\u00a0 in Europe and, by extension, in Asia through LNG prices, following the cuts in Russian pipe gas imports\u00a0 that began at the end of 2021 and continued in 2022 with the complete shutdown of the Nordstream. Global gas demand in 2022 is estimated to be almost at the level of 2021. The Company anticipates stable demand in 2023 with the recourse to American LNG to replace Russian gas in Europe, still in competition with Asia. The Company thus anticipates a return in 2023 to higher prices than before the crisis on the Asia, Europe and USA hubs, but not to the same levels as the highs reached in the third quarter of 2022. Thereafter, natural gas demand would be driven by the same fundamentals as oil (decrease in Europe but resistance in Asia-Pacific), plus its substitution for coal in power generation and by its role as a flexible and controllable source to mitigate the intermittent use and seasonality of renewable energies. The abundant global supply and the growth of liquefied natural gas would, however, limit the potential for higher gas prices. Beyond 2040, with the development of renewables including storage and hydrogen, gas demand is expected to stabilize.
In this context, the gas price level used to determine the value in use of the CGUs concerned is as follows:
\u2013On the NBP quotation (Europe): $202022/Mbtu in 2023, $172022/Mbtu in 2024, $142022/Mbtu in 2025, $112022/Mbtu in 2026, then $82022/Mbtu between 2027 and 2040.
\u2013On the Henry Hub quotation (United States): $32022/Mbtu between 2023 and 2040.
\u2013On the DES Japan (Asia) quotation: $212022/Mbtu in 2023, $182022/Mbtu in 2024, $152022/Mbtu in 2025, $122022/Mbtu in 2026, then $92022/Mbtu between 2027 and 2040.
From 2040 onwards, the price trajectory converges towards the price retained in 2050 by the NZE scenario, i.e. $3.92022/Mbtu for NBP, $1.82022/Mbtu for Henry Hub and $5.22022/Mbtu DES Japan (Asia).
The future operational costs were determined by taking into account the existing technologies, the fluctuation of prices for petroleum services in line with market developments and the internal cost reduction programs effectively implemented.
The determination of value in use also takes into account on all assets a minimum CO2 cost of $100/t or the applicable price in a given country, if it is higher. Beyond 2028, the CO2 price is inflated by 2% per year.
The future cash flows are estimated over a period consistent with the life of the assets of the CGUs. They are prepared post-tax and take into account specific risks related to the CGUs' assets. They are discounted using an 8% post-tax discount rate, this rate being the weighted-average cost of TotalEnergies capital estimated from historical market data. This rate was 7% in 2021 and 2020. The value in use calculated by discounting the above post-tax cash flows using an 8% post-tax discount rate is not materially different from the value in use calculated by discounting pre-tax cash flows using a pre-tax discount rate determined by an iterative computation from the post-tax value in use. These pre-tax discount rates generally range from 7% to 14%.
Impairment losses recognized by segment
Impairments recognized in 2022 have an overall impact of $(15,743) million in net income, TotalEnergies share, and mainly relate to the Company's assets in Russia, for an amount of $(14,756) million.
The CGUs of the Exploration & Production segment are defined as oil and gas fields or groups of oil and gas fields with industrial assets enabling the production, treatment and evacuation of the oil and gas. For the financial year 2022, the Company recorded impairments of assets over CGUs of the Exploration & Production segment for $(588)\u00a0million in operating income and $(11,141) million in net income, TotalEnergies share.
Impairments recognized in 2022 mainly relate to the Company's assets in Russia for an amount of $(10,527) million in net income TotalEnergies share, mainly relating to the investment in Novatek.
They also take into account the impairment of the North Platte project assets for $(957) million in net income, TotalEnergies share, following the Company's decision announced in February not to sanction and so to withdraw from this deepwater project in the Gulf of Mexico.
The impairments recognized also include a reversal of impairment on the Company's assets in Canada. In the context of the project to spin-off the Company's upstream activities in Canada, an impairment test was carried out, and the resulting value in use led to a reversal of impairment of $728 million in net income, TotalEnergies share.
As for sensitivities of the Exploration & Production segment:
\u2013a decrease by 1 point in the discount rate would have a positive impact of $0.3 billion in operating income and $0.2 billion in net income, TotalEnergies share;
\u2013an increase by 1 point in the discount rate would have an additional negative impact of approximately $0.5 billion in operating income and $0.5 billion in net income, TotalEnergies share;
\u2013a decrease of 10% of the oil and gas prices over the duration of the plan (thus an average oil price of around $482022/b) would have an additional negative impact of approximately $1.5 billion in operating income and $1.2 billion in net income, TotalEnergies share.
\u2013a decrease of 20% of the oil and gas prices over the duration of the plan (thus an average oil price of around $432022/b) would have an additional negative impact of approximately $5.3 billion in operating income and $3.9 billion in net income, TotalEnergies share.
\u2013Taking into account a CO2 cost of $200/t, inflated by 2%/year from 2028 onwards for all assets would have an additional negative impact of approximately $1.6 billion on operating income and $1.2 billion on net income, TotalEnergies share.
The CGUs of the Integrated Gas, Renewables & Power segment are subsidiaries or groups of subsidiaries organized by activity or geographical area, and by fields or groups of fields for upstream LNG activities. For the financial year 2022, the Company recorded impairments on CGUs in the Integrated Gas, Renewables & Power segment for $(126) million in operating income and $(4,481) million in net income, TotalEnergies share. Impairments recognized relate to the Company's assets in Russia for an amount of $(4,142) million in net income, TotalEnergies share, notably concerning Arctic LNG 2.
As for sensitivities of the Integrated Gas, Renewables & Power segment:
\u2013a decrease by 1 point in the discount rate would have a positive impact of $0.1 billion in operating income and close to zero in net income, TotalEnergies share;
\u2013an increase by 1 point in the discount rate would have an additional negative impact of approximately $1.3 billion in operating income and $1.1 billion in net income, TotalEnergies share;
\u2013a decrease of 10% of the oil and gas prices over the duration of the plan would have an additional negative impact of approximately $2.0 billion in operating income and $1.6 billion in net income, TotalEnergies share.
\u2013a decrease of 20% of the oil and gas prices over the duration of the plan would have an additional negative impact of approximately $5.0 billion in operating income and $4.2 billion in net income, TotalEnergies share.
\u2013Taking into account a CO2 cost of $200/t inflated by 2%/year from 2028 onwards for all assets would have an additional negative impact of approximately $0.9 billion on operating income and $0.8 billion in net income, TotalEnergies share.
The CGUs of the Refining & Chemicals segment are defined as legal entities with operational activities for refining and petrochemicals activities. Future cash flows are based on the gross contribution margin (calculated on the basis of net sales after purchases of crude oil and refined products, the effect of inventory valuation and variable costs). The other activities of the segment are global divisions, each division gathering a set of businesses or homogeneous products for strategic, commercial and industrial plans. Future cash flows are determined from the specific margins of these activities, unrelated to the price of oil.
For the financial year 2022, the Company has not recorded impairments on CGUs in the Refining & Chemicals segment.
As for sensitivities of the Refining & Chemicals segment:
\u2013an increase by 1 point in the discount rate would have an impact close to zero in operating income and in net income, TotalEnergies share;
\u2013a decrease of 10% of the refining margins would have a negative impact of approximately $0.6 billion in operating income and $0.6 billion in net income, TotalEnergies share.
The most sensitive assets would be the refining assets in France.
The CGUs of the Marketing & Services segment are subsidiaries or groups of subsidiaries organized by geographical area.
For the financial year 2022, the Company recorded impairments on the CGUs of the Marketing & Services segment for $(98) million in operating income and $(112) million in net income, TotalEnergies share. Impairments recognized\u00a0 relate to the Company's assets in Russia for an amount of $(87) million in net income, TotalEnergies share.
Impairments recognized in years 2021 and 2020
For the financial year 2021, the Company recorded impairments in Exploration & Production, Integrated Gas, Renewables & Power, Refining & Chemicals and Marketing & Services segments for an amount of $(759) million in operating income and $(910) million in net income, TotalEnergies share.
These impairments were qualified as adjustments items of the operating income and net income, TotalEnergies share.
For the financial year 2020, asset impairments were recorded in the Exploration & Production, Integrated Gas, Renewables & Power, Refining & Chemicals and Marketing & Services segments with an impact of $(3,492) million in operating income and $(2,991) million in net income, TotalEnergies share.
In addition, in 2020, in line with its new Climate Ambition announced on May 5, 2020, which aims at carbon neutrality, the Company had reviewed its oil assets that could be qualified as stranded, meaning with reserves beyond 20 years and high production costs, whose overall reserves may therefore not be produced by 2050. The only projects identified in this category were the Canadian oil sands projects of Fort Hills and Surmont.
The Company had decided to take into account only proved reserves on these two assets \u2013 unlike general practice which considers so-called proved and probable reserves. This led to an additional exceptional asset impairment of $(5,460) million in operating income and $(5,474) million in net income, TotalEnergies share.
Overall, asset impairments were recorded for the financial year 2020, for an amount of $(8,952) million in operating income and $(8,465) million in net income, TotalEnergies share, including $(6,988) million on Canadian oil sands assets alone.
These impairments were qualified as adjustment items of the operating income and net income, TotalEnergies share.
Note 4Segment Information by geographical area
| \n (M$) | \n\n France | \n\n Rest of Europe | \n\n North America | \n\n Africa | \n\n Rest of the world | \n\n Total | \n
| \n For the year ended December 31, 2022 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n External sales | \n\n 58,411 | \n\n 122,641 | \n\n 33,188 | \n\n 24,582 | \n\n 42,177 | \n\n 280,999 | \n
| \n Property, plant and equipment, intangible assets, net | \n\n 13,080 | \n\n 26,382 | \n\n 13,292 | \n\n 39,410 | \n\n 46,867 | \n\n 139,032 | \n
| \n Capital expenditures | \n\n 1,632 | \n\n 2,743 | \n\n 5,304 | \n\n 3,253 | \n\n 6,870 | \n\n 19,802 | \n
| \n For the year ended December 31, 2021 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n External sales | \n\n 43,316 | \n\n 85,072 | \n\n 22,998 | \n\n 19,520 | \n\n 34,957 | \n\n 205,863 | \n
| \n Property, plant and equipment, intangible assets, net | \n\n 14,204 | \n\n 29,660 | \n\n 12,229 | \n\n 41,593 | \n\n 41,357 | \n\n 139,043 | \n
| \n Capital expenditures | \n\n 2,157 | \n\n 3,027 | \n\n 1,680 | \n\n 3,696 | \n\n 6,029 | \n\n 16,589 | \n
| \n For the year ended December 31, 2020 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n External sales | \n\n 32,748 | \n\n 67,292 | \n\n 13,258 | \n\n 16,011 | \n\n 11,376 | \n\n 140,685 | \n
| \n Property, plant and equipment, intangible assets, net | \n\n 14,555 | \n\n 30,932 | \n\n 11,891 | \n\n 43,087 | \n\n 41,398 | \n\n 141,863 | \n
| \n Capital expenditures | \n\n 2,044 | \n\n 3,165 | \n\n 899 | \n\n 3,816 | \n\n 5,610 | \n\n 15,534 | \n
Note 3Business segment information
Description of the business segments
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 and which is reviewed by the main operational decision-making body of TotalEnergies, namely the Executive Committee.
The operational profit and assets are broken down by business segment prior to the consolidation and inter-segment adjustments.
Sales prices between business segments approximate market prices.
The organization of TotalEnergies' activities is structured around the four following segments:
\u2013An Integrated Gas, Renewables & Power segment comprising integrated gas (including LNG) and low carbon electricity businesses. It includes the upstream and midstream LNG activity;\u00a0
\u2013An Exploration & Production segment. Starting September 2021, it notably includes the carbon sink activity (carbon storage and nature-based solutions) that was previously reported in the Integrated Gas, Renewables & Power segment. Business segment information relating to fiscal year 2020 has not been restated due to the non-material impact of this change;
\u2013A Refining & Chemicals segment constituting a major industrial hub comprising the activities of refining, petrochemicals and specialty chemicals. This segment also includes the activities of oil Supply, Trading and marine Shipping;
\u2013A Marketing & Services segment including the global activities of supply and marketing in the field of petroleum products;
In addition, the Corporate segment includes holdings operating and financial activities.
Definition of the indicators
(i)Operating income (measure used to evaluate operating performance)
Revenue from sales after deducting cost of goods sold and inventory variations, other operating expenses, exploration expenses and depreciation, depletion, and impairment of tangible assets and mineral interests.
Operating income excludes the amortization of intangible assets other than mineral interests, currency translation adjustments and gains or losses on the disposal of assets.
(ii)Net operating income (measure used to evaluate the return on capital employed)
Operating income after taking into account the amortization of intangible assets other than mineral interests, currency translation adjustments, gains or losses on the disposal of assets, as well as all other income and expenses related to capital employed (dividends from non-consolidated companies, income from equity accounted for affiliates, capitalized interest expenses\u2026), and after income taxes applicable to the above.
The only income and expense not included in net operating income but included in net income TotalEnergies share are interest expenses related to net financial debt, after applicable income taxes (net cost of net debt) and non-controlling interests.
(iii)Adjusted income
Operating income, net operating income, or net income excluding the effect of adjustment items described below.
(iv)Capital employed
Non-current assets and working capital, at replacement cost, net of deferred income taxes and non-current liabilities.
(v)ROACE (Return on Average Capital Employed)
Ratio of adjusted net operating income to average capital employed between the beginning and the end of the period.
Performance indicators excluding the adjustment items, such as adjusted incomes and ROACE are meant to facilitate the analysis of the financial performance and the comparison of income between periods.
Adjustment items
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 assets 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)The 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\u2019 performance and facilitate the comparability of the segments\u2019 performance with those of its main 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 prices differential 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 methods.
(iii)Effect of changes in fair value
The effect of changes in fair value presented as adjustment items reflects for certain transactions differences between the internal measure of performance used by TotalEnergies\u2019 Executive Committee 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\u2019 internal economic performance. IFRS precludes recognition of this fair value effect. \u00a0
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 and the effect of changes in fair value.
A)Information by business segment
| \n For the year ended December 31, 2022 (M$) | \n\n Integrated | \n\n Exploration | \n\n Refining | \n\n Marketing | \n\n Corporate | \n\n Intercompany | \n\n Total | \n
| \n External sales | \n\n 48,753 | \n\n 9,942 | \n\n 121,618 | \n\n 100,661 | \n\n 25 | \n\n \u2013 | \n\n 280,999 | \n
| \n Intersegment sales | \n\n 7,000 | \n\n 55,190 | \n\n 45,857 | \n\n 1,433 | \n\n 248 | \n\n (109,728) | \n\n \u2013 | \n
| \n Excise taxes | \n\n \u2013 | \n\n \u2013 | \n\n (737) | \n\n (16,952) | \n\n \u2013 | \n\n \u2013 | \n\n (17,689) | \n
| \n Revenues from sales | \n\n 55,753 | \n\n 65,132 | \n\n 166,738 | \n\n 85,142 | \n\n 273 | \n\n (109,728) | \n\n 263,310 | \n
| \n Operating expenses | \n\n (45,771) | \n\n (24,521) | \n\n (156,897) | \n\n (81,746) | \n\n (1,329) | \n\n 109,728 | \n\n (200,536) | \n
| \n Depreciation, depletion and impairment of | \n\n (1,402) | \n\n (8,115) | \n\n (1,533) | \n\n (1,033) | \n\n (138) | \n\n \u2013 | \n\n (12,221) | \n
| \n Operating income | \n\n 8,580 | \n\n 32,496 | \n\n 8,308 | \n\n 2,363 | \n\n (1,194) | \n\n \u2013 | \n\n 50,553 | \n
| \n Net income (loss) from equity affiliates and | \n\n 2,766 | \n\n (9,943) | \n\n 885 | \n\n (20) | \n\n 288 | \n\n \u2013 | \n\n (6,024) | \n
| \n Tax on net operating income | \n\n (1,712) | \n\n (17,445) | \n\n (2,544) | \n\n (787) | \n\n 281 | \n\n \u2013 | \n\n (22,207) | \n
| \n Net operating income | \n\n 9,634 | \n\n 5,108 | \n\n 6,649 | \n\n 1,556 | \n\n (625) | \n\n \u2013 | \n\n 22,322 | \n
| \n Net cost of net debt | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (1,278) | \n
| \n Non-controlling interests | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (518) | \n
| \n Net income - TotalEnergies share | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 20,526 | \n
| \n For the year ended December 31, 2022 | \n\n Integrated | \n\n Exploration | \n\n Refining | \n\n Marketing | \n\n Corporate | \n\n Intercompany | \n\n Total | \n
| \n External sales | \n\n 104 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 104 | \n
| \n Intersegment sales | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Excise taxes | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Revenues from sales | \n\n 104 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 104 | \n
| \n Operating expenses | \n\n 1,087 | \n\n (985) | \n\n 130 | \n\n 200 | \n\n (600) | \n\n \u2013 | \n\n (168) | \n
| \n Depreciation, depletion and impairment of tangible assets and mineral interests | \n\n (122) | \n\n 298 | \n\n \u2013 | \n\n (72) | \n\n (9) | \n\n \u2013 | \n\n 95 | \n
| \n Operating income(b) | \n\n 1,069 | \n\n (687) | \n\n 130 | \n\n 128 | \n\n (609) | \n\n \u2013 | \n\n 31 | \n
| \n Net income (loss) from equity affiliates and other items | \n\n (3,490) | \n\n (10,925) | \n\n (32) | \n\n (23) | \n\n 106 | \n\n \u2013 | \n\n (14,364) | \n
| \n Tax on net operating income | \n\n (89) | \n\n (759) | \n\n (751) | \n\n (99) | \n\n 141 | \n\n \u2013 | \n\n (1,557) | \n
| \n Net operating income(b) | \n\n (2,510) | \n\n (12,371) | \n\n (653) | \n\n 6 | \n\n (362) | \n\n \u2013 | \n\n (15,890) | \n
| \n Net cost of net debt | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 277 | \n
| \n Non-controlling interests | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (58) | \n
| \n Net income - TotalEnergies share | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (15,671) | \n
| \n (a)Adjustments include special items, inventory valuation effect and the effect of changes in fair value. (b)Of which inventory valuation effect. | \n|||||||
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
| \n For the year ended December 31, 2022 | \n\n Integrated | \n\n Exploration | \n\n Refining | \n\n Marketing | \n\n Corporate | \n\n Intercompany | \n\n Total | \n
| \n External sales | \n\n 48,649 | \n\n 9,942 | \n\n 121,618 | \n\n 100,661 | \n\n 25 | \n\n \u2013 | \n\n 280,895 | \n
| \n Intersegment sales | \n\n 7,000 | \n\n 55,190 | \n\n 45,857 | \n\n 1,433 | \n\n 248 | \n\n (109,728) | \n\n \u2013 | \n
| \n Excise taxes | \n\n \u2013 | \n\n \u2013 | \n\n (737) | \n\n (16,952) | \n\n \u2013 | \n\n \u2013 | \n\n (17,689) | \n
| \n Revenues from sales | \n\n 55,649 | \n\n 65,132 | \n\n 166,738 | \n\n 85,142 | \n\n 273 | \n\n (109,728) | \n\n 263,206 | \n
| \n Operating expenses | \n\n (46,858) | \n\n (23,536) | \n\n (157,027) | \n\n (81,946) | \n\n (729) | \n\n 109,728 | \n\n (200,368) | \n
| \n Depreciation, depletion and impairment of tangible assets and mineral interests | \n\n (1,280) | \n\n (8,413) | \n\n (1,533) | \n\n (961) | \n\n (129) | \n\n \u2013 | \n\n (12,316) | \n
| \n Adjusted operating income | \n\n 7,511 | \n\n 33,183 | \n\n 8,178 | \n\n 2,235 | \n\n (585) | \n\n \u2013 | \n\n 50,522 | \n
| \n Net income (loss) from equity affiliates and other items | \n\n 6,256 | \n\n 982 | \n\n 917 | \n\n 3 | \n\n 182 | \n\n \u2013 | \n\n 8,340 | \n
| \n Tax on net operating income | \n\n (1,623) | \n\n (16,686) | \n\n (1,793) | \n\n (688) | \n\n 140 | \n\n \u2013 | \n\n (20,650) | \n
| \n Adjusted net operating income | \n\n 12,144 | \n\n 17,479 | \n\n 7,302 | \n\n 1,550 | \n\n (263) | \n\n \u2013 | \n\n 38,212 | \n
| \n Net cost of net debt | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (1,555) | \n
| \n Non-controlling interests | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (460) | \n
| \n Adjusted net income - | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 36,197 | \n
| \n For the year ended December 31, 2022 (M$) | \n\n Integrated | \n\n Exploration | \n\n Refining | \n\n Marketing | \n\n Corporate | \n\n Intercompany | \n\n Total | \n
| \n Total expenditures | \n\n 6,475 | \n\n 10,646 | \n\n 1,391 | \n\n 1,186 | \n\n 104 | \n\n \n | \n\n 19,802 | \n
| \n Total divestments | \n\n 3,427 | \n\n 807 | \n\n 214 | \n\n 222 | \n\n 16 | \n\n \u2013 | \n\n 4,686 | \n
| \n Cash flow from operating activities | \n\n 9,670 | \n\n 27,654 | \n\n 8,663 | \n\n 3,124 | \n\n (1,744) | \n\n \u2013 | \n\n 47,367 | \n
| \n Balance sheet as of December 31, 2022 | \n|||||||
| \n Property, plant and equipment, intangible assets, net | \n\n 30,885 | \n\n 87,833 | \n\n 11,525 | \n\n 8,120 | \n\n 669 | \n\n \u2013 | \n\n 139,032 | \n
| \n Investments & loans in equity affiliates | \n\n 20,869 | \n\n 2,138 | \n\n 4,431 | \n\n 451 | \n\n \u2013 | \n\n \u2013 | \n\n 27,889 | \n
| \n Other non-current assets | \n\n 3,669 | \n\n 3,069 | \n\n 570 | \n\n 1,050 | \n\n 130 | \n\n \u2013 | \n\n 8,488 | \n
| \n Working capital | \n\n (432) | \n\n (2,831) | \n\n (3,293) | \n\n (288) | \n\n (3,393) | \n\n \u2013 | \n\n (10,237) | \n
| \n Provisions and other non-current liabilities | \n\n (5,250) | \n\n (24,633) | \n\n (3,760) | \n\n (1,303) | \n\n 694 | \n\n \u2013 | \n\n (34,252) | \n
| \n Assets and liabilities classified as held for sale | \n\n 155 | \n\n 208 | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n 363 | \n
| \n Capital Employed (Balance sheet) | \n\n 49,896 | \n\n 65,784 | \n\n 9,473 | \n\n 8,030 | \n\n (1,900) | \n\n \u2013 | \n\n 131,283 | \n
| \n Less inventory valuation effect | \n\n \u2013 | \n\n \u2013 | \n\n (2,035) | \n\n (437) | \n\n \u2013 | \n\n \u2013 | \n\n (2,472) | \n
| \n Capital Employed | \n\n 49,896 | \n\n 65,784 | \n\n 7,438 | \n\n 7,593 | \n\n (1,900) | \n\n \u2013 | \n\n 128,811 | \n
| \n ROACE as a percentage | \n\n 23% | \n\n 25% | \n\n 94% | \n\n 19% | \n\n \u00a0 | \n\n \u00a0 | \n\n 28% | \n
| \n For the year ended December 31, 2021 (M$) | \n\n Integrated | \n\n Exploration | \n\n Refining | \n\n Marketing | \n\n Corporate | \n\n Intercompany | \n\n Total | \n
| \n External sales | \n\n 30,704 | \n\n 7,246 | \n\n 87,600 | \n\n 80,288 | \n\n 25 | \n\n \u2013 | \n\n 205,863 | \n
| \n Intersegment sales | \n\n 4,260 | \n\n 34,896 | \n\n 27,637 | \n\n 451 | \n\n 254 | \n\n (67,498) | \n\n \u2013 | \n
| \n Excise taxes | \n\n \u2013 | \n\n \u2013 | \n\n (1,108) | \n\n (20,121) | \n\n \u2013 | \n\n \u2013 | \n\n (21,229) | \n
| \n Revenues from sales | \n\n 34,964 | \n\n 42,142 | \n\n 114,129 | \n\n 60,618 | \n\n 279 | \n\n (67,498) | \n\n 184,634 | \n
| \n Operating expenses | \n\n (29,964) | \n\n (16,722) | \n\n (108,982) | \n\n (57,159) | \n\n (927) | \n\n 67,498 | \n\n (146,256) | \n
| \n Depreciation, depletion and impairment of | \n\n (1,650) | \n\n (9,110) | \n\n (1,583) | \n\n (1,100) | \n\n (113) | \n\n \u2013 | \n\n (13,556) | \n
| \n Operating income | \n\n 3,350 | \n\n 16,310 | \n\n 3,564 | \n\n 2,359 | \n\n (761) | \n\n \u2013 | \n\n 24,822 | \n
| \n Net income (loss) from equity affiliates and | \n\n 2,745 | \n\n (760) | \n\n 518 | \n\n 108 | \n\n 45 | \n\n \u2013 | \n\n 2,656 | \n
| \n Tax on net operating income | \n\n (602) | \n\n (7,506) | \n\n (1,068) | \n\n (738) | \n\n 152 | \n\n \u2013 | \n\n (9,762) | \n
| \n Net operating income | \n\n 5,493 | \n\n 8,044 | \n\n 3,014 | \n\n 1,729 | \n\n (564) | \n\n \u2013 | \n\n 17,716 | \n
| \n Net cost of net debt | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (1,350) | \n
| \n Non-controlling interests | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (334) | \n
| \n Net income - TotalEnergies share | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 16,032 | \n
| \n For the year ended December 31, 2021 | \n\n Integrated | \n\n Exploration | \n\n Refining | \n\n Marketing | \n\n Corporate | \n\n Intercompany | \n\n Total | \n
| \n External sales | \n\n (44) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (44) | \n
| \n Intersegment sales | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Excise taxes | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Revenues from sales | \n\n (44) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (44) | \n
| \n Operating expenses | \n\n (271) | \n\n (187) | \n\n 1,470 | \n\n 278 | \n\n \u2013 | \n\n \u2013 | \n\n 1,290 | \n
| \n Depreciation, depletion and impairment of tangible assets and mineral interests | \n\n (342) | \n\n (418) | \n\n (25) | \n\n (36) | \n\n \u2013 | \n\n \u2013 | \n\n (821) | \n
| \n Operating income(b) | \n\n (657) | \n\n (605) | \n\n 1,445 | \n\n 242 | \n\n \u2013 | \n\n \u2013 | \n\n 425 | \n
| \n Net income (loss) from equity affiliates and other items | \n\n (215) | \n\n (1,839) | \n\n 56 | \n\n (61) | \n\n (54) | \n\n \u2013 | \n\n (2,113) | \n
| \n Tax on net operating income | \n\n 122 | \n\n 49 | \n\n (396) | \n\n (70) | \n\n (67) | \n\n \u2013 | \n\n (362) | \n
| \n Net operating income(b) | \n\n (750) | \n\n (2,395) | \n\n 1,105 | \n\n 111 | \n\n (121) | \n\n \u2013 | \n\n (2,050) | \n
| \n Net cost of net debt | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 25 | \n
| \n Non-controlling interests | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (3) | \n
| \n Net income - TotalEnergies share | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (2,028) | \n
| \n (a)Adjustments include special items, inventory valuation effect and the effect of changes in fair value. (b)Of which inventory valuation effect. | \n|||||||
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
| \n For the year ended December 31, 2021 | \n\n Integrated | \n\n Exploration | \n\n Refining | \n\n Marketing | \n\n Corporate | \n\n Intercompany | \n\n Total | \n
| \n External sales | \n\n 30,748 | \n\n 7,246 | \n\n 87,600 | \n\n 80,288 | \n\n 25 | \n\n \u2013 | \n\n 205,907 | \n
| \n Intersegment sales | \n\n 4,260 | \n\n 34,896 | \n\n 27,637 | \n\n 451 | \n\n 254 | \n\n (67,498) | \n\n \u2013 | \n
| \n Excise taxes | \n\n \u2013 | \n\n \u2013 | \n\n (1,108) | \n\n (20,121) | \n\n \u2013 | \n\n \u2013 | \n\n (21,229) | \n
| \n Revenues from sales | \n\n 35,008 | \n\n 42,142 | \n\n 114,129 | \n\n 60,618 | \n\n 279 | \n\n (67,498) | \n\n 184,678 | \n
| \n Operating expenses | \n\n (29,693) | \n\n (16,535) | \n\n (110,452) | \n\n (57,437) | \n\n (927) | \n\n 67,498 | \n\n (147,546) | \n
| \n Depreciation, depletion and impairment of tangible assets and mineral interests | \n\n (1,308) | \n\n (8,692) | \n\n (1,558) | \n\n (1,064) | \n\n (113) | \n\n \u2013 | \n\n (12,735) | \n
| \n Adjusted operating income | \n\n 4,007 | \n\n 16,915 | \n\n 2,119 | \n\n 2,117 | \n\n (761) | \n\n \u2013 | \n\n 24,397 | \n
| \n Net income (loss) from equity affiliates and other items | \n\n 2,960 | \n\n 1,079 | \n\n 462 | \n\n 169 | \n\n 99 | \n\n \u2013 | \n\n 4,769 | \n
| \n Tax on net operating income | \n\n (724) | \n\n (7,555) | \n\n (672) | \n\n (668) | \n\n 219 | \n\n \u2013 | \n\n (9,400) | \n
| \n Adjusted net operating income | \n\n 6,243 | \n\n 10,439 | \n\n 1,909 | \n\n 1,618 | \n\n (443) | \n\n \u2013 | \n\n 19,766 | \n
| \n Net cost of net debt | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (1,375) | \n
| \n Non-controlling interests | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (331) | \n
| \n Adjusted net income - | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 18,060 | \n
| \n For the year ended December 31, 2021 (M$) | \n\n Integrated | \n\n Exploration | \n\n Refining | \n\n Marketing | \n\n Corporate | \n\n Intercompany | \n\n Total | \n
| \n Total expenditures | \n\n 6,341 | \n\n 7,276 | \n\n 1,638 | \n\n 1,242 | \n\n 92 | \n\n \u2013 | \n\n 16,589 | \n
| \n Total divestments | \n\n 1,350 | \n\n 894 | \n\n 348 | \n\n 319 | \n\n 22 | \n\n \u2013 | \n\n 2,933 | \n
| \n Cash flow from operating activities | \n\n 827 | \n\n 22,009 | \n\n 6,473 | \n\n 2,333 | \n\n (1,232) | \n\n \u2013 | \n\n 30,410 | \n
| \n Balance sheet as of December 31, 2021 | \n|||||||
| \n Property, plant and equipment, intangible assets, net | \n\n 31,525 | \n\n 86,418 | \n\n 11,884 | \n\n 8,578 | \n\n 638 | \n\n \u2013 | \n\n 139,043 | \n
| \n Investments & loans in equity affiliates | \n\n 20,501 | \n\n 6,337 | \n\n 3,729 | \n\n 486 | \n\n \u2013 | \n\n \u2013 | \n\n 31,053 | \n
| \n Other non-current assets | \n\n 3,359 | \n\n 4,441 | \n\n 608 | \n\n 1,105 | \n\n 309 | \n\n \u2013 | \n\n 9,822 | \n
| \n Working capital | \n\n 5,058 | \n\n (1,216) | \n\n (2,558) | \n\n 378 | \n\n (4,220) | \n\n \u2013 | \n\n (2,558) | \n
| \n Provisions and other non-current liabilities | \n\n (4,495) | \n\n (24,613) | \n\n (3,840) | \n\n (1,478) | \n\n 581 | \n\n \u2013 | \n\n (33,845) | \n
| \n Assets and liabilities classified as held for sale | \n\n 30 | \n\n 308 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 338 | \n
| \n Capital Employed (Balance sheet) | \n\n 55,978 | \n\n 71,675 | \n\n 9,823 | \n\n 9,069 | \n\n (2,692) | \n\n \u2013 | \n\n 143,853 | \n
| \n Less inventory valuation effect | \n\n \u2013 | \n\n \u2013 | \n\n (1,754) | \n\n (286) | \n\n \u2013 | \n\n \u2013 | \n\n (2,040) | \n
| \n Capital Employed | \n\n 55,978 | \n\n 71,675 | \n\n 8,069 | \n\n 8,783 | \n\n (2,692) | \n\n \u2013 | \n\n 141,813 | \n
| \n ROACE as a percentage | \n\n 12% | \n\n 14% | \n\n 20% | \n\n 18% | \n\n \u00a0 | \n\n \u00a0 | \n\n 14% | \n
| \n For the year ended December 31, 2020 (M$) | \n\n Integrated | \n\n Exploration | \n\n Refining | \n\n Marketing | \n\n Corporate | \n\n Intercompany | \n\n Total | \n
| \n External sales | \n\n 15,629 | \n\n 4,973 | \n\n 56,615 | \n\n 63,451 | \n\n 17 | \n\n \u2013 | \n\n 140,685 | \n
| \n Intersegment sales | \n\n 2,003 | \n\n 18,483 | \n\n 17,378 | \n\n 357 | \n\n 223 | \n\n (38,444) | \n\n \u2013 | \n
| \n Excise taxes | \n\n \u2013 | \n\n \u2013 | \n\n (2,405) | \n\n (18,576) | \n\n \u2013 | \n\n \u2013 | \n\n (20,981) | \n
| \n REVENUES FROM SALES | \n\n 17,632 | \n\n 23,456 | \n\n 71,588 | \n\n 45,232 | \n\n 240 | \n\n (38,444) | \n\n 119,704 | \n
| \n Operating expenses | \n\n (15,847) | \n\n (11,972) | \n\n (70,524) | \n\n (42,807) | \n\n (1,049) | \n\n 38,444 | \n\n (103,755) | \n
| \n Depreciation, depletion and impairment of tangible assets and mineral interests | \n\n (2,312) | \n\n (16,998) | \n\n (1,878) | \n\n (984) | \n\n (92) | \n\n \u2013 | \n\n (22,264) | \n
| \n OPERATING INCOME | \n\n (527) | \n\n (5,514) | \n\n (814) | \n\n 1,441 | \n\n (901) | \n\n \u2013 | \n\n (6,315) | \n
| \n Net income (loss) from equity affiliates and | \n\n 794 | \n\n 697 | \n\n (393) | \n\n 37 | \n\n 272 | \n\n \u2013 | \n\n 1,407 | \n
| \n Tax on net operating income | \n\n 71 | \n\n (208) | \n\n 59 | \n\n (515) | \n\n (67) | \n\n \u2013 | \n\n (660) | \n
| \n NET OPERATING INCOME | \n\n 338 | \n\n (5,025) | \n\n (1,148) | \n\n 963 | \n\n (696) | \n\n \u2013 | \n\n (5,568) | \n
| \n Net cost of net debt | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n (1,768) | \n
| \n Non-controlling interests | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n 94 | \n
| \n Net income - TotalEnergies share | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n (7,242) | \n
| \n For the year ended December 31, 2020 | \n\n Integrated Gas, Renewables & Power | \n\n Exploration | \n\n Refining | \n\n Marketing | \n\n Corporate | \n\n Intercompany | \n\n Total | \n
| \n External sales | \n\n 20 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 20 | \n
| \n Intersegment sales | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Excise taxes | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n REVENUES FROM SALES | \n\n 20 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 20 | \n
| \n Operating expenses | \n\n (423) | \n\n (137) | \n\n (1,552) | \n\n (330) | \n\n (60) | \n\n \u2013 | \n\n (2,502) | \n
| \n Depreciation, depletion and impairment of tangible assets and mineral interests | \n\n (953) | \n\n (7,693) | \n\n (306) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (8,952) | \n
| \n OPERATING INCOME(b) | \n\n (1,356) | \n\n (7,830) | \n\n (1,858) | \n\n (330) | \n\n (60) | \n\n \u2013 | \n\n (11,434) | \n
| \n Net income (loss) from equity affiliates and other items | \n\n (382) | \n\n 54 | \n\n (677) | \n\n (24) | \n\n 107 | \n\n \u2013 | \n\n (922) | \n
| \n Tax on net operating income | \n\n 298 | \n\n 388 | \n\n 348 | \n\n 93 | \n\n (145) | \n\n \u2013 | \n\n 982 | \n
| \n NET OPERATING INCOME(b) | \n\n (1,440) | \n\n (7,388) | \n\n (2,187) | \n\n (261) | \n\n (98) | \n\n \u2013 | \n\n (11,374) | \n
| \n Net cost of net debt | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (29) | \n
| \n Non-controlling interests | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 102 | \n
| \n Net income - TotalEnergies share | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (11,301) | \n
| \n (a)Adjustments include special items, inventory valuation effect and the effect of changes in fair value. | \n|||||||
| \n (b)Of which inventory valuation effect. | \n|||||||
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
| \n For the year ended December 31, 2020 | \n\n Integrated | \n\n Exploration | \n\n Refining | \n\n Marketing | \n\n Corporate | \n\n Intercompany | \n\n Total | \n
| \n External sales | \n\n 15,609 | \n\n 4,973 | \n\n 56,615 | \n\n 63,451 | \n\n 17 | \n\n \u2013 | \n\n 140,665 | \n
| \n Intersegment sales | \n\n 2,003 | \n\n 18,483 | \n\n 17,378 | \n\n 357 | \n\n 223 | \n\n (38,444) | \n\n \u2013 | \n
| \n Excise taxes | \n\n \u2013 | \n\n \u2013 | \n\n (2,405) | \n\n (18,576) | \n\n \u2013 | \n\n \u2013 | \n\n (20,981) | \n
| \n Revenues from sales | \n\n 17,612 | \n\n 23,456 | \n\n 71,588 | \n\n 45,232 | \n\n 240 | \n\n (38,444) | \n\n 119,684 | \n
| \n Operating expenses | \n\n (15,424) | \n\n (11,835) | \n\n (68,972) | \n\n (42,477) | \n\n (989) | \n\n 38,444 | \n\n (101,253) | \n
| \n Depreciation, depletion and impairment of tangible assets and mineral interests | \n\n (1,359) | \n\n (9,305) | \n\n (1,572) | \n\n (984) | \n\n (92) | \n\n \u2013 | \n\n (13,312) | \n
| \n Adjusted operating income | \n\n 829 | \n\n 2,316 | \n\n 1,044 | \n\n 1,771 | \n\n (841) | \n\n \u2013 | \n\n 5,119 | \n
| \n Net income (loss) from equity affiliates and other items | \n\n 1,176 | \n\n 643 | \n\n 284 | \n\n 61 | \n\n 165 | \n\n \u2013 | \n\n 2,329 | \n
| \n Tax on net operating income | \n\n (227) | \n\n (596) | \n\n (289) | \n\n (608) | \n\n 78 | \n\n \u2013 | \n\n (1,642) | \n
| \n Adjusted net operating income | \n\n 1,778 | \n\n 2,363 | \n\n 1,039 | \n\n 1,224 | \n\n (598) | \n\n \u2013 | \n\n 5,806 | \n
| \n Net cost of net debt | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (1,739) | \n
| \n Non-controlling interests | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (8) | \n
| \n Ajusted net income - | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 4,059 | \n
| \n For the year ended December 31, 2020 (M$) | \n\n Integrated | \n\n Exploration | \n\n Refining | \n\n Marketing | \n\n Corporate | \n\n Intercompany | \n\n Total | \n
| \n Total expenditures | \n\n 6,230 | \n\n 6,782 | \n\n 1,325 | \n\n 1,052 | \n\n 145 | \n\n \u2013 | \n\n 15,534 | \n
| \n Total divestments | \n\n 1,152 | \n\n 819 | \n\n 149 | \n\n 158 | \n\n 177 | \n\n \u2013 | \n\n 2,455 | \n
| \n Cash flow from operating activities | \n\n 2,129 | \n\n 9,922 | \n\n 2,438 | \n\n 2,101 | \n\n (1,787) | \n\n \u2013 | \n\n 14,803 | \n
| \n Balance sheet as of December 31, 2020 | \n|||||||
| \n Property, plant and equipment, intangible assets, net | \n\n 30,704 | \n\n 89,207 | \n\n 12,486 | \n\n 8,734 | \n\n 732 | \n\n \u2013 | \n\n 141,863 | \n
| \n Investments & loans in equity affiliates | \n\n 16,455 | \n\n 7,328 | \n\n 3,638 | \n\n 555 | \n\n \u2013 | \n\n \u2013 | \n\n 27,976 | \n
| \n Other non-current assets | \n\n 3,647 | \n\n 5,093 | \n\n 791 | \n\n 1,260 | \n\n 1,042 | \n\n \u2013 | \n\n 11,833 | \n
| \n Working capital | \n\n (1,004) | \n\n 1,968 | \n\n (264) | \n\n (43) | \n\n (4,470) | \n\n \u2013 | \n\n (3,813) | \n
| \n Provisions and other non-current liabilities | \n\n (4,566) | \n\n (24,909) | \n\n (4,658) | \n\n (1,641) | \n\n 606 | \n\n \u2013 | \n\n (35,168) | \n
| \n Assets and liabilities classified as held for sale | \n\n 375 | \n\n 241 | \n\n (83) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 533 | \n
| \n Capital Employed (Balance sheet) | \n\n 45,611 | \n\n 78,928 | \n\n 11,910 | \n\n 8,865 | \n\n (2,090) | \n\n \u2013 | \n\n 143,224 | \n
| \n Less inventory valuation effect | \n\n \u2013 | \n\n \u2013 | \n\n (535) | \n\n (72) | \n\n \u2013 | \n\n \u2013 | \n\n (607) | \n
| \n Capital Employed | \n\n 45,611 | \n\n 78,928 | \n\n 11,375 | \n\n 8,793 | \n\n (2,090) | \n\n \u2013 | \n\n 142,617 | \n
| \n ROACE as a percentage | \n\n 4% | \n\n 3% | \n\n 9% | \n\n 14% | \n\n \u00a0 | \n\n \u00a0 | \n\n 4% | \n
B)Reconciliation of the information by business segment with Consolidated Financial Statements
The table below presents the impact of adjustment items on the consolidated statement of income:
| \n For the year ended December 31, 2022 (M$) | \n\n Adjusted | \n\n Adjustments(a) | \n\n Consolidated statement of income | \n
| \n Sales | \n\n 280,895 | \n\n 104 | \n\n 280,999 | \n
| \n Excise taxes | \n\n (17,689) | \n\n \u2013 | \n\n (17,689) | \n
| \n Revenues from sales | \n\n 263,206 | \n\n 104 | \n\n 263,310 | \n
| \n Purchases, net of inventory variation | \n\n (171,049) | \n\n 1,601 | \n\n (169,448) | \n
| \n Other operating expenses | \n\n (28,745) | \n\n (1,044) | \n\n (29,789) | \n
| \n Exploration costs | \n\n (574) | \n\n (725) | \n\n (1,299) | \n
| \n Depreciation, depletion and impairment of tangible assets and mineral interests | \n\n (12,316) | \n\n 95 | \n\n (12,221) | \n
| \n Other income | \n\n 1,349 | \n\n 1,500 | \n\n 2,849 | \n
| \n Other expense | \n\n (1,542) | \n\n (5,802) | \n\n (7,344) | \n
| \n Financial interest on debt | \n\n (2,386) | \n\n \u2013 | \n\n (2,386) | \n
| \n Financial income and expense from cash & cash equivalents | \n\n 746 | \n\n 397 | \n\n 1,143 | \n
| \n Cost of net debt | \n\n (1,640) | \n\n 397 | \n\n (1,243) | \n
| \n Other financial income | \n\n 812 | \n\n 84 | \n\n 896 | \n
| \n Other financial expense | \n\n (533) | \n\n \u2013 | \n\n (533) | \n
| \n Net income (loss) from equity affiliates | \n\n 8,254 | \n\n (10,146) | \n\n (1,892) | \n
| \n Income taxes | \n\n (20,565) | \n\n (1,677) | \n\n (22,242) | \n
| \n Consolidated net income | \n\n 36,657 | \n\n (15,613) | \n\n 21,044 | \n
| \n TotalEnergies share | \n\n 36,197 | \n\n (15,671) | \n\n 20,526 | \n
| \n Non-controlling interests | \n\n 460 | \n\n 58 | \n\n 518 | \n
| \n (a)Adjustments include special items, inventory valuation effect and the effect of changes in fair value. | \n
| \n For the year ended December 31, 2021 (M$) | \n\n Adjusted | \n\n Adjustments(a) | \n\n Consolidated statement of income | \n
| \n Sales | \n\n 205,907 | \n\n (44) | \n\n 205,863 | \n
| \n Excise taxes | \n\n (21,229) | \n\n \u2013 | \n\n (21,229) | \n
| \n Revenues from sales | \n\n 184,678 | \n\n (44) | \n\n 184,634 | \n
| \n Purchases, net of inventory variation | \n\n (120,160) | \n\n 1,538 | \n\n (118,622) | \n
| \n Other operating expenses | \n\n (26,754) | \n\n (140) | \n\n (26,894) | \n
| \n Exploration costs | \n\n (632) | \n\n (108) | \n\n (740) | \n
| \n Depreciation, depletion and impairment of tangible assets and mineral interests | \n\n (12,735) | \n\n (821) | \n\n (13,556) | \n
| \n Other income | \n\n 1,300 | \n\n 12 | \n\n 1,312 | \n
| \n Other expense | \n\n (944) | \n\n (1,373) | \n\n (2,317) | \n
| \n Financial interest on debt | \n\n (1,904) | \n\n \u2013 | \n\n (1,904) | \n
| \n Financial income and expense from cash & cash equivalents | \n\n 340 | \n\n 39 | \n\n 379 | \n
| \n Cost of net debt | \n\n (1,564) | \n\n 39 | \n\n (1,525) | \n
| \n Other financial income | \n\n 762 | \n\n \u2013 | \n\n 762 | \n
| \n Other financial expense | \n\n (539) | \n\n \u2013 | \n\n (539) | \n
| \n Net income (loss) from equity affiliates | \n\n 4,190 | \n\n (752) | \n\n 3,438 | \n
| \n Income taxes | \n\n (9,211) | \n\n (376) | \n\n (9,587) | \n
| \n Consolidated net income | \n\n 18,391 | \n\n (2,025) | \n\n 16,366 | \n
| \n TotalEnergies share | \n\n 18,060 | \n\n (2,028) | \n\n 16,032 | \n
| \n Non-controlling interests | \n\n 331 | \n\n 3 | \n\n 334 | \n
| \n (a)Adjustments include special items, inventory valuation effect and the effect of changes in fair value. | \n
| \n For the year ended December 31, 2020 (M$) | \n\n Adjusted | \n\n Adjustments(a) | \n\n Consolidated statement of income | \n
| \n Sales | \n\n 140,665 | \n\n 20 | \n\n 140,685 | \n
| \n Excise taxes | \n\n (20,981) | \n\n \u2013 | \n\n (20,981) | \n
| \n Revenues from sales | \n\n 119,684 | \n\n 20 | \n\n 119,704 | \n
| \n Purchases, net of inventory variation | \n\n (75,672) | \n\n (1,814) | \n\n (77,486) | \n
| \n Other operating expenses | \n\n (24,850) | \n\n (688) | \n\n (25,538) | \n
| \n Exploration costs | \n\n (731) | \n\n \u2013 | \n\n (731) | \n
| \n Depreciation, depletion and impairment of tangible assets and mineral interests | \n\n (13,312) | \n\n (8,952) | \n\n (22,264) | \n
| \n Other income | \n\n 1,405 | \n\n 832 | \n\n 2,237 | \n
| \n Other expense | \n\n (689) | \n\n (817) | \n\n (1,506) | \n
| \n Financial interest on debt | \n\n (2,140) | \n\n (7) | \n\n (2,147) | \n
| \n Financial income and expense from cash & cash equivalents | \n\n 68 | \n\n (31) | \n\n 37 | \n
| \n Cost of net debt | \n\n (2,072) | \n\n (38) | \n\n (2,110) | \n
| \n Other financial income | \n\n 914 | \n\n \u2013 | \n\n 914 | \n
| \n Other financial expense | \n\n (689) | \n\n (1) | \n\n (690) | \n
| \n Net income (loss) from equity affiliates | \n\n 1,388 | \n\n (936) | \n\n 452 | \n
| \n Income taxes | \n\n (1,309) | \n\n 991 | \n\n (318) | \n
| \n Consolidated net income | \n\n 4,067 | \n\n (11,403) | \n\n (7,336) | \n
| \n TotalEnergies share | \n\n 4,059 | \n\n (11,301) | \n\n (7,242) | \n
| \n Non-controlling interests | \n\n 8 | \n\n (102) | \n\n (94) | \n
| \n (a)Adjustments include special items, inventory valuation effect and the effect of changes in fair value. | \n
Note 4Segment Information by geographical area
| \n (M$) | \n\n France | \n\n Rest of Europe | \n\n North America | \n\n Africa | \n\n Rest of the world | \n\n Total | \n
| \n For the year ended December 31, 2022 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n External sales | \n\n 58,411 | \n\n 122,641 | \n\n 33,188 | \n\n 24,582 | \n\n 42,177 | \n\n 280,999 | \n
| \n Property, plant and equipment, intangible assets, net | \n\n 13,080 | \n\n 26,382 | \n\n 13,292 | \n\n 39,410 | \n\n 46,867 | \n\n 139,032 | \n
| \n Capital expenditures | \n\n 1,632 | \n\n 2,743 | \n\n 5,304 | \n\n 3,253 | \n\n 6,870 | \n\n 19,802 | \n
| \n For the year ended December 31, 2021 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n External sales | \n\n 43,316 | \n\n 85,072 | \n\n 22,998 | \n\n 19,520 | \n\n 34,957 | \n\n 205,863 | \n
| \n Property, plant and equipment, intangible assets, net | \n\n 14,204 | \n\n 29,660 | \n\n 12,229 | \n\n 41,593 | \n\n 41,357 | \n\n 139,043 | \n
| \n Capital expenditures | \n\n 2,157 | \n\n 3,027 | \n\n 1,680 | \n\n 3,696 | \n\n 6,029 | \n\n 16,589 | \n
| \n For the year ended December 31, 2020 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n External sales | \n\n 32,748 | \n\n 67,292 | \n\n 13,258 | \n\n 16,011 | \n\n 11,376 | \n\n 140,685 | \n
| \n Property, plant and equipment, intangible assets, net | \n\n 14,555 | \n\n 30,932 | \n\n 11,891 | \n\n 43,087 | \n\n 41,398 | \n\n 141,863 | \n
| \n Capital expenditures | \n\n 2,044 | \n\n 3,165 | \n\n 899 | \n\n 3,816 | \n\n 5,610 | \n\n 15,534 | \n
IFRS 15 requires identification of the performance obligations for the transfer of goods and services in each contract with customers. Revenue is recognized upon satisfaction of the performance obligations for the amounts that reflect the consideration to which TotalEnergies expects to be entitled in exchange for those goods and services.
Sales of goods
Revenues from sales are recognized when the control has been transferred to the buyer and the amount can be reasonably measured. Revenues from sales of crude oil and natural gas are recorded upon transfer of title, according to the terms of the sales contracts.
Revenues from the production of crude oil and natural gas properties, in which TotalEnergies has an interest with other producers, are recognized based on actual entitlement volumes sold over the period. Any difference between entitlement volumes and volumes sold, based on TotalEnergies net working interest, are recognized in the \u201cUnder-lifting\u201d and \u201cOver-lifting\u201d accounts in the balance sheet and in operating expenses in the profit and loss.
Oil and gas delivered quantities that represent production royalties and taxes, when paid in cash, are included in revenues, except for the United States and Canada.
Certain transactions within the trading activities (contracts involving quantities that are purchased from third parties then resold to third parties) are shown at their net value in purchases, net of inventory variation. These transactions relate in particular to crude oil, petroleum products, gas, power and LNG.
Exchanges of crude oil and petroleum products realized within trading activities are shown at their net value in both the statement of income and the balance sheet.
Sales of services
Revenues from services are recognized when the services have been rendered.
Revenues from gas transport are recognized when services are rendered. These revenues are based on the quantities transported and measured according to procedures defined in each service contract.
Shipping revenues and expenses from time-charter activities are recognized on a pro rata basis over a period that commences upon the unloading of the previous voyage and terminates upon the unloading of the current voyage. Shipping revenue recognition starts only when a charter has been agreed to by both TotalEnergies and the customer.
Income related to the distribution of electricity and gas is not recognized in revenues in certain countries because TotalEnergies acts as an agent in this transaction. In these countries, TotalEnergies is not responsible for the delivery and does not set the price of the service, because it can only pass on to the customer the amounts invoiced to it by the distributors.
Excise taxes
Excise taxes are rights or taxes which amount is calculated based on the quantity of oil and gas products put on the market. Excise taxes are determined by the states. They are paid directly to the customs and tax authorities and then invoiced to final customers by being included in the sales price.
The analysis of the criteria set by IFRS 15 led TotalEnergies to determine that it was acting as principal in these transactions. . Therefore, sales are presented on a gross basis, including excise taxes collected by TotalEnergies within the course of its oil distribution operations. In addition, the subtotal \u201cRevenue from Sales\u201d is presented as an additional line item in the P&L and is obtained by deducting Excise tax expenses from Sales.
Note 3Business segment information
Description of the business segments
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 and which is reviewed by the main operational decision-making body of TotalEnergies, namely the Executive Committee.
The operational profit and assets are broken down by business segment prior to the consolidation and inter-segment adjustments.
Sales prices between business segments approximate market prices.
The organization of TotalEnergies' activities is structured around the four following segments:
\u2013An Integrated Gas, Renewables & Power segment comprising integrated gas (including LNG) and low carbon electricity businesses. It includes the upstream and midstream LNG activity;\u00a0
\u2013An Exploration & Production segment. Starting September 2021, it notably includes the carbon sink activity (carbon storage and nature-based solutions) that was previously reported in the Integrated Gas, Renewables & Power segment. Business segment information relating to fiscal year 2020 has not been restated due to the non-material impact of this change;
\u2013A Refining & Chemicals segment constituting a major industrial hub comprising the activities of refining, petrochemicals and specialty chemicals. This segment also includes the activities of oil Supply, Trading and marine Shipping;
\u2013A Marketing & Services segment including the global activities of supply and marketing in the field of petroleum products;
In addition, the Corporate segment includes holdings operating and financial activities.
Definition of the indicators
(i)Operating income (measure used to evaluate operating performance)
Revenue from sales after deducting cost of goods sold and inventory variations, other operating expenses, exploration expenses and depreciation, depletion, and impairment of tangible assets and mineral interests.
Operating income excludes the amortization of intangible assets other than mineral interests, currency translation adjustments and gains or losses on the disposal of assets.
(ii)Net operating income (measure used to evaluate the return on capital employed)
Operating income after taking into account the amortization of intangible assets other than mineral interests, currency translation adjustments, gains or losses on the disposal of assets, as well as all other income and expenses related to capital employed (dividends from non-consolidated companies, income from equity accounted for affiliates, capitalized interest expenses\u2026), and after income taxes applicable to the above.
The only income and expense not included in net operating income but included in net income TotalEnergies share are interest expenses related to net financial debt, after applicable income taxes (net cost of net debt) and non-controlling interests.
(iii)Adjusted income
Operating income, net operating income, or net income excluding the effect of adjustment items described below.
(iv)Capital employed
Non-current assets and working capital, at replacement cost, net of deferred income taxes and non-current liabilities.
(v)ROACE (Return on Average Capital Employed)
Ratio of adjusted net operating income to average capital employed between the beginning and the end of the period.
Performance indicators excluding the adjustment items, such as adjusted incomes and ROACE are meant to facilitate the analysis of the financial performance and the comparison of income between periods.
Adjustment items
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 assets 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)The 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\u2019 performance and facilitate the comparability of the segments\u2019 performance with those of its main 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 prices differential 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 methods.
(iii)Effect of changes in fair value
The effect of changes in fair value presented as adjustment items reflects for certain transactions differences between the internal measure of performance used by TotalEnergies\u2019 Executive Committee 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\u2019 internal economic performance. IFRS precludes recognition of this fair value effect. \u00a0
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 and the effect of changes in fair value.
A)Information by business segment
| \n For the year ended December 31, 2022 (M$) | \n\n Integrated | \n\n Exploration | \n\n Refining | \n\n Marketing | \n\n Corporate | \n\n Intercompany | \n\n Total | \n
| \n External sales | \n\n 48,753 | \n\n 9,942 | \n\n 121,618 | \n\n 100,661 | \n\n 25 | \n\n \u2013 | \n\n 280,999 | \n
| \n Intersegment sales | \n\n 7,000 | \n\n 55,190 | \n\n 45,857 | \n\n 1,433 | \n\n 248 | \n\n (109,728) | \n\n \u2013 | \n
| \n Excise taxes | \n\n \u2013 | \n\n \u2013 | \n\n (737) | \n\n (16,952) | \n\n \u2013 | \n\n \u2013 | \n\n (17,689) | \n
| \n Revenues from sales | \n\n 55,753 | \n\n 65,132 | \n\n 166,738 | \n\n 85,142 | \n\n 273 | \n\n (109,728) | \n\n 263,310 | \n
| \n Operating expenses | \n\n (45,771) | \n\n (24,521) | \n\n (156,897) | \n\n (81,746) | \n\n (1,329) | \n\n 109,728 | \n\n (200,536) | \n
| \n Depreciation, depletion and impairment of | \n\n (1,402) | \n\n (8,115) | \n\n (1,533) | \n\n (1,033) | \n\n (138) | \n\n \u2013 | \n\n (12,221) | \n
| \n Operating income | \n\n 8,580 | \n\n 32,496 | \n\n 8,308 | \n\n 2,363 | \n\n (1,194) | \n\n \u2013 | \n\n 50,553 | \n
| \n Net income (loss) from equity affiliates and | \n\n 2,766 | \n\n (9,943) | \n\n 885 | \n\n (20) | \n\n 288 | \n\n \u2013 | \n\n (6,024) | \n
| \n Tax on net operating income | \n\n (1,712) | \n\n (17,445) | \n\n (2,544) | \n\n (787) | \n\n 281 | \n\n \u2013 | \n\n (22,207) | \n
| \n Net operating income | \n\n 9,634 | \n\n 5,108 | \n\n 6,649 | \n\n 1,556 | \n\n (625) | \n\n \u2013 | \n\n 22,322 | \n
| \n Net cost of net debt | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (1,278) | \n
| \n Non-controlling interests | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (518) | \n
| \n Net income - TotalEnergies share | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 20,526 | \n
| \n For the year ended December 31, 2022 | \n\n Integrated | \n\n Exploration | \n\n Refining | \n\n Marketing | \n\n Corporate | \n\n Intercompany | \n\n Total | \n
| \n External sales | \n\n 104 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 104 | \n
| \n Intersegment sales | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Excise taxes | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Revenues from sales | \n\n 104 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 104 | \n
| \n Operating expenses | \n\n 1,087 | \n\n (985) | \n\n 130 | \n\n 200 | \n\n (600) | \n\n \u2013 | \n\n (168) | \n
| \n Depreciation, depletion and impairment of tangible assets and mineral interests | \n\n (122) | \n\n 298 | \n\n \u2013 | \n\n (72) | \n\n (9) | \n\n \u2013 | \n\n 95 | \n
| \n Operating income(b) | \n\n 1,069 | \n\n (687) | \n\n 130 | \n\n 128 | \n\n (609) | \n\n \u2013 | \n\n 31 | \n
| \n Net income (loss) from equity affiliates and other items | \n\n (3,490) | \n\n (10,925) | \n\n (32) | \n\n (23) | \n\n 106 | \n\n \u2013 | \n\n (14,364) | \n
| \n Tax on net operating income | \n\n (89) | \n\n (759) | \n\n (751) | \n\n (99) | \n\n 141 | \n\n \u2013 | \n\n (1,557) | \n
| \n Net operating income(b) | \n\n (2,510) | \n\n (12,371) | \n\n (653) | \n\n 6 | \n\n (362) | \n\n \u2013 | \n\n (15,890) | \n
| \n Net cost of net debt | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 277 | \n
| \n Non-controlling interests | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (58) | \n
| \n Net income - TotalEnergies share | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (15,671) | \n
| \n (a)Adjustments include special items, inventory valuation effect and the effect of changes in fair value. (b)Of which inventory valuation effect. | \n|||||||
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
| \n For the year ended December 31, 2022 | \n\n Integrated | \n\n Exploration | \n\n Refining | \n\n Marketing | \n\n Corporate | \n\n Intercompany | \n\n Total | \n
| \n External sales | \n\n 48,649 | \n\n 9,942 | \n\n 121,618 | \n\n 100,661 | \n\n 25 | \n\n \u2013 | \n\n 280,895 | \n
| \n Intersegment sales | \n\n 7,000 | \n\n 55,190 | \n\n 45,857 | \n\n 1,433 | \n\n 248 | \n\n (109,728) | \n\n \u2013 | \n
| \n Excise taxes | \n\n \u2013 | \n\n \u2013 | \n\n (737) | \n\n (16,952) | \n\n \u2013 | \n\n \u2013 | \n\n (17,689) | \n
| \n Revenues from sales | \n\n 55,649 | \n\n 65,132 | \n\n 166,738 | \n\n 85,142 | \n\n 273 | \n\n (109,728) | \n\n 263,206 | \n
| \n Operating expenses | \n\n (46,858) | \n\n (23,536) | \n\n (157,027) | \n\n (81,946) | \n\n (729) | \n\n 109,728 | \n\n (200,368) | \n
| \n Depreciation, depletion and impairment of tangible assets and mineral interests | \n\n (1,280) | \n\n (8,413) | \n\n (1,533) | \n\n (961) | \n\n (129) | \n\n \u2013 | \n\n (12,316) | \n
| \n Adjusted operating income | \n\n 7,511 | \n\n 33,183 | \n\n 8,178 | \n\n 2,235 | \n\n (585) | \n\n \u2013 | \n\n 50,522 | \n
| \n Net income (loss) from equity affiliates and other items | \n\n 6,256 | \n\n 982 | \n\n 917 | \n\n 3 | \n\n 182 | \n\n \u2013 | \n\n 8,340 | \n
| \n Tax on net operating income | \n\n (1,623) | \n\n (16,686) | \n\n (1,793) | \n\n (688) | \n\n 140 | \n\n \u2013 | \n\n (20,650) | \n
| \n Adjusted net operating income | \n\n 12,144 | \n\n 17,479 | \n\n 7,302 | \n\n 1,550 | \n\n (263) | \n\n \u2013 | \n\n 38,212 | \n
| \n Net cost of net debt | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (1,555) | \n
| \n Non-controlling interests | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (460) | \n
| \n Adjusted net income - | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 36,197 | \n
| \n For the year ended December 31, 2022 (M$) | \n\n Integrated | \n\n Exploration | \n\n Refining | \n\n Marketing | \n\n Corporate | \n\n Intercompany | \n\n Total | \n
| \n Total expenditures | \n\n 6,475 | \n\n 10,646 | \n\n 1,391 | \n\n 1,186 | \n\n 104 | \n\n \n | \n\n 19,802 | \n
| \n Total divestments | \n\n 3,427 | \n\n 807 | \n\n 214 | \n\n 222 | \n\n 16 | \n\n \u2013 | \n\n 4,686 | \n
| \n Cash flow from operating activities | \n\n 9,670 | \n\n 27,654 | \n\n 8,663 | \n\n 3,124 | \n\n (1,744) | \n\n \u2013 | \n\n 47,367 | \n
| \n Balance sheet as of December 31, 2022 | \n|||||||
| \n Property, plant and equipment, intangible assets, net | \n\n 30,885 | \n\n 87,833 | \n\n 11,525 | \n\n 8,120 | \n\n 669 | \n\n \u2013 | \n\n 139,032 | \n
| \n Investments & loans in equity affiliates | \n\n 20,869 | \n\n 2,138 | \n\n 4,431 | \n\n 451 | \n\n \u2013 | \n\n \u2013 | \n\n 27,889 | \n
| \n Other non-current assets | \n\n 3,669 | \n\n 3,069 | \n\n 570 | \n\n 1,050 | \n\n 130 | \n\n \u2013 | \n\n 8,488 | \n
| \n Working capital | \n\n (432) | \n\n (2,831) | \n\n (3,293) | \n\n (288) | \n\n (3,393) | \n\n \u2013 | \n\n (10,237) | \n
| \n Provisions and other non-current liabilities | \n\n (5,250) | \n\n (24,633) | \n\n (3,760) | \n\n (1,303) | \n\n 694 | \n\n \u2013 | \n\n (34,252) | \n
| \n Assets and liabilities classified as held for sale | \n\n 155 | \n\n 208 | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n 363 | \n
| \n Capital Employed (Balance sheet) | \n\n 49,896 | \n\n 65,784 | \n\n 9,473 | \n\n 8,030 | \n\n (1,900) | \n\n \u2013 | \n\n 131,283 | \n
| \n Less inventory valuation effect | \n\n \u2013 | \n\n \u2013 | \n\n (2,035) | \n\n (437) | \n\n \u2013 | \n\n \u2013 | \n\n (2,472) | \n
| \n Capital Employed | \n\n 49,896 | \n\n 65,784 | \n\n 7,438 | \n\n 7,593 | \n\n (1,900) | \n\n \u2013 | \n\n 128,811 | \n
| \n ROACE as a percentage | \n\n 23% | \n\n 25% | \n\n 94% | \n\n 19% | \n\n \u00a0 | \n\n \u00a0 | \n\n 28% | \n
| \n For the year ended December 31, 2021 (M$) | \n\n Integrated | \n\n Exploration | \n\n Refining | \n\n Marketing | \n\n Corporate | \n\n Intercompany | \n\n Total | \n
| \n External sales | \n\n 30,704 | \n\n 7,246 | \n\n 87,600 | \n\n 80,288 | \n\n 25 | \n\n \u2013 | \n\n 205,863 | \n
| \n Intersegment sales | \n\n 4,260 | \n\n 34,896 | \n\n 27,637 | \n\n 451 | \n\n 254 | \n\n (67,498) | \n\n \u2013 | \n
| \n Excise taxes | \n\n \u2013 | \n\n \u2013 | \n\n (1,108) | \n\n (20,121) | \n\n \u2013 | \n\n \u2013 | \n\n (21,229) | \n
| \n Revenues from sales | \n\n 34,964 | \n\n 42,142 | \n\n 114,129 | \n\n 60,618 | \n\n 279 | \n\n (67,498) | \n\n 184,634 | \n
| \n Operating expenses | \n\n (29,964) | \n\n (16,722) | \n\n (108,982) | \n\n (57,159) | \n\n (927) | \n\n 67,498 | \n\n (146,256) | \n
| \n Depreciation, depletion and impairment of | \n\n (1,650) | \n\n (9,110) | \n\n (1,583) | \n\n (1,100) | \n\n (113) | \n\n \u2013 | \n\n (13,556) | \n
| \n Operating income | \n\n 3,350 | \n\n 16,310 | \n\n 3,564 | \n\n 2,359 | \n\n (761) | \n\n \u2013 | \n\n 24,822 | \n
| \n Net income (loss) from equity affiliates and | \n\n 2,745 | \n\n (760) | \n\n 518 | \n\n 108 | \n\n 45 | \n\n \u2013 | \n\n 2,656 | \n
| \n Tax on net operating income | \n\n (602) | \n\n (7,506) | \n\n (1,068) | \n\n (738) | \n\n 152 | \n\n \u2013 | \n\n (9,762) | \n
| \n Net operating income | \n\n 5,493 | \n\n 8,044 | \n\n 3,014 | \n\n 1,729 | \n\n (564) | \n\n \u2013 | \n\n 17,716 | \n
| \n Net cost of net debt | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (1,350) | \n
| \n Non-controlling interests | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (334) | \n
| \n Net income - TotalEnergies share | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 16,032 | \n
| \n For the year ended December 31, 2021 | \n\n Integrated | \n\n Exploration | \n\n Refining | \n\n Marketing | \n\n Corporate | \n\n Intercompany | \n\n Total | \n
| \n External sales | \n\n (44) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (44) | \n
| \n Intersegment sales | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Excise taxes | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Revenues from sales | \n\n (44) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (44) | \n
| \n Operating expenses | \n\n (271) | \n\n (187) | \n\n 1,470 | \n\n 278 | \n\n \u2013 | \n\n \u2013 | \n\n 1,290 | \n
| \n Depreciation, depletion and impairment of tangible assets and mineral interests | \n\n (342) | \n\n (418) | \n\n (25) | \n\n (36) | \n\n \u2013 | \n\n \u2013 | \n\n (821) | \n
| \n Operating income(b) | \n\n (657) | \n\n (605) | \n\n 1,445 | \n\n 242 | \n\n \u2013 | \n\n \u2013 | \n\n 425 | \n
| \n Net income (loss) from equity affiliates and other items | \n\n (215) | \n\n (1,839) | \n\n 56 | \n\n (61) | \n\n (54) | \n\n \u2013 | \n\n (2,113) | \n
| \n Tax on net operating income | \n\n 122 | \n\n 49 | \n\n (396) | \n\n (70) | \n\n (67) | \n\n \u2013 | \n\n (362) | \n
| \n Net operating income(b) | \n\n (750) | \n\n (2,395) | \n\n 1,105 | \n\n 111 | \n\n (121) | \n\n \u2013 | \n\n (2,050) | \n
| \n Net cost of net debt | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 25 | \n
| \n Non-controlling interests | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (3) | \n
| \n Net income - TotalEnergies share | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (2,028) | \n
| \n (a)Adjustments include special items, inventory valuation effect and the effect of changes in fair value. (b)Of which inventory valuation effect. | \n|||||||
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
| \n For the year ended December 31, 2021 | \n\n Integrated | \n\n Exploration | \n\n Refining | \n\n Marketing | \n\n Corporate | \n\n Intercompany | \n\n Total | \n
| \n External sales | \n\n 30,748 | \n\n 7,246 | \n\n 87,600 | \n\n 80,288 | \n\n 25 | \n\n \u2013 | \n\n 205,907 | \n
| \n Intersegment sales | \n\n 4,260 | \n\n 34,896 | \n\n 27,637 | \n\n 451 | \n\n 254 | \n\n (67,498) | \n\n \u2013 | \n
| \n Excise taxes | \n\n \u2013 | \n\n \u2013 | \n\n (1,108) | \n\n (20,121) | \n\n \u2013 | \n\n \u2013 | \n\n (21,229) | \n
| \n Revenues from sales | \n\n 35,008 | \n\n 42,142 | \n\n 114,129 | \n\n 60,618 | \n\n 279 | \n\n (67,498) | \n\n 184,678 | \n
| \n Operating expenses | \n\n (29,693) | \n\n (16,535) | \n\n (110,452) | \n\n (57,437) | \n\n (927) | \n\n 67,498 | \n\n (147,546) | \n
| \n Depreciation, depletion and impairment of tangible assets and mineral interests | \n\n (1,308) | \n\n (8,692) | \n\n (1,558) | \n\n (1,064) | \n\n (113) | \n\n \u2013 | \n\n (12,735) | \n
| \n Adjusted operating income | \n\n 4,007 | \n\n 16,915 | \n\n 2,119 | \n\n 2,117 | \n\n (761) | \n\n \u2013 | \n\n 24,397 | \n
| \n Net income (loss) from equity affiliates and other items | \n\n 2,960 | \n\n 1,079 | \n\n 462 | \n\n 169 | \n\n 99 | \n\n \u2013 | \n\n 4,769 | \n
| \n Tax on net operating income | \n\n (724) | \n\n (7,555) | \n\n (672) | \n\n (668) | \n\n 219 | \n\n \u2013 | \n\n (9,400) | \n
| \n Adjusted net operating income | \n\n 6,243 | \n\n 10,439 | \n\n 1,909 | \n\n 1,618 | \n\n (443) | \n\n \u2013 | \n\n 19,766 | \n
| \n Net cost of net debt | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (1,375) | \n
| \n Non-controlling interests | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (331) | \n
| \n Adjusted net income - | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 18,060 | \n
| \n For the year ended December 31, 2021 (M$) | \n\n Integrated | \n\n Exploration | \n\n Refining | \n\n Marketing | \n\n Corporate | \n\n Intercompany | \n\n Total | \n
| \n Total expenditures | \n\n 6,341 | \n\n 7,276 | \n\n 1,638 | \n\n 1,242 | \n\n 92 | \n\n \u2013 | \n\n 16,589 | \n
| \n Total divestments | \n\n 1,350 | \n\n 894 | \n\n 348 | \n\n 319 | \n\n 22 | \n\n \u2013 | \n\n 2,933 | \n
| \n Cash flow from operating activities | \n\n 827 | \n\n 22,009 | \n\n 6,473 | \n\n 2,333 | \n\n (1,232) | \n\n \u2013 | \n\n 30,410 | \n
| \n Balance sheet as of December 31, 2021 | \n|||||||
| \n Property, plant and equipment, intangible assets, net | \n\n 31,525 | \n\n 86,418 | \n\n 11,884 | \n\n 8,578 | \n\n 638 | \n\n \u2013 | \n\n 139,043 | \n
| \n Investments & loans in equity affiliates | \n\n 20,501 | \n\n 6,337 | \n\n 3,729 | \n\n 486 | \n\n \u2013 | \n\n \u2013 | \n\n 31,053 | \n
| \n Other non-current assets | \n\n 3,359 | \n\n 4,441 | \n\n 608 | \n\n 1,105 | \n\n 309 | \n\n \u2013 | \n\n 9,822 | \n
| \n Working capital | \n\n 5,058 | \n\n (1,216) | \n\n (2,558) | \n\n 378 | \n\n (4,220) | \n\n \u2013 | \n\n (2,558) | \n
| \n Provisions and other non-current liabilities | \n\n (4,495) | \n\n (24,613) | \n\n (3,840) | \n\n (1,478) | \n\n 581 | \n\n \u2013 | \n\n (33,845) | \n
| \n Assets and liabilities classified as held for sale | \n\n 30 | \n\n 308 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 338 | \n
| \n Capital Employed (Balance sheet) | \n\n 55,978 | \n\n 71,675 | \n\n 9,823 | \n\n 9,069 | \n\n (2,692) | \n\n \u2013 | \n\n 143,853 | \n
| \n Less inventory valuation effect | \n\n \u2013 | \n\n \u2013 | \n\n (1,754) | \n\n (286) | \n\n \u2013 | \n\n \u2013 | \n\n (2,040) | \n
| \n Capital Employed | \n\n 55,978 | \n\n 71,675 | \n\n 8,069 | \n\n 8,783 | \n\n (2,692) | \n\n \u2013 | \n\n 141,813 | \n
| \n ROACE as a percentage | \n\n 12% | \n\n 14% | \n\n 20% | \n\n 18% | \n\n \u00a0 | \n\n \u00a0 | \n\n 14% | \n
| \n For the year ended December 31, 2020 (M$) | \n\n Integrated | \n\n Exploration | \n\n Refining | \n\n Marketing | \n\n Corporate | \n\n Intercompany | \n\n Total | \n
| \n External sales | \n\n 15,629 | \n\n 4,973 | \n\n 56,615 | \n\n 63,451 | \n\n 17 | \n\n \u2013 | \n\n 140,685 | \n
| \n Intersegment sales | \n\n 2,003 | \n\n 18,483 | \n\n 17,378 | \n\n 357 | \n\n 223 | \n\n (38,444) | \n\n \u2013 | \n
| \n Excise taxes | \n\n \u2013 | \n\n \u2013 | \n\n (2,405) | \n\n (18,576) | \n\n \u2013 | \n\n \u2013 | \n\n (20,981) | \n
| \n REVENUES FROM SALES | \n\n 17,632 | \n\n 23,456 | \n\n 71,588 | \n\n 45,232 | \n\n 240 | \n\n (38,444) | \n\n 119,704 | \n
| \n Operating expenses | \n\n (15,847) | \n\n (11,972) | \n\n (70,524) | \n\n (42,807) | \n\n (1,049) | \n\n 38,444 | \n\n (103,755) | \n
| \n Depreciation, depletion and impairment of tangible assets and mineral interests | \n\n (2,312) | \n\n (16,998) | \n\n (1,878) | \n\n (984) | \n\n (92) | \n\n \u2013 | \n\n (22,264) | \n
| \n OPERATING INCOME | \n\n (527) | \n\n (5,514) | \n\n (814) | \n\n 1,441 | \n\n (901) | \n\n \u2013 | \n\n (6,315) | \n
| \n Net income (loss) from equity affiliates and | \n\n 794 | \n\n 697 | \n\n (393) | \n\n 37 | \n\n 272 | \n\n \u2013 | \n\n 1,407 | \n
| \n Tax on net operating income | \n\n 71 | \n\n (208) | \n\n 59 | \n\n (515) | \n\n (67) | \n\n \u2013 | \n\n (660) | \n
| \n NET OPERATING INCOME | \n\n 338 | \n\n (5,025) | \n\n (1,148) | \n\n 963 | \n\n (696) | \n\n \u2013 | \n\n (5,568) | \n
| \n Net cost of net debt | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n (1,768) | \n
| \n Non-controlling interests | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n 94 | \n
| \n Net income - TotalEnergies share | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n (7,242) | \n
| \n For the year ended December 31, 2020 | \n\n Integrated Gas, Renewables & Power | \n\n Exploration | \n\n Refining | \n\n Marketing | \n\n Corporate | \n\n Intercompany | \n\n Total | \n
| \n External sales | \n\n 20 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 20 | \n
| \n Intersegment sales | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Excise taxes | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n REVENUES FROM SALES | \n\n 20 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 20 | \n
| \n Operating expenses | \n\n (423) | \n\n (137) | \n\n (1,552) | \n\n (330) | \n\n (60) | \n\n \u2013 | \n\n (2,502) | \n
| \n Depreciation, depletion and impairment of tangible assets and mineral interests | \n\n (953) | \n\n (7,693) | \n\n (306) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (8,952) | \n
| \n OPERATING INCOME(b) | \n\n (1,356) | \n\n (7,830) | \n\n (1,858) | \n\n (330) | \n\n (60) | \n\n \u2013 | \n\n (11,434) | \n
| \n Net income (loss) from equity affiliates and other items | \n\n (382) | \n\n 54 | \n\n (677) | \n\n (24) | \n\n 107 | \n\n \u2013 | \n\n (922) | \n
| \n Tax on net operating income | \n\n 298 | \n\n 388 | \n\n 348 | \n\n 93 | \n\n (145) | \n\n \u2013 | \n\n 982 | \n
| \n NET OPERATING INCOME(b) | \n\n (1,440) | \n\n (7,388) | \n\n (2,187) | \n\n (261) | \n\n (98) | \n\n \u2013 | \n\n (11,374) | \n
| \n Net cost of net debt | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (29) | \n
| \n Non-controlling interests | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 102 | \n
| \n Net income - TotalEnergies share | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (11,301) | \n
| \n (a)Adjustments include special items, inventory valuation effect and the effect of changes in fair value. | \n|||||||
| \n (b)Of which inventory valuation effect. | \n|||||||
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
| \n For the year ended December 31, 2020 | \n\n Integrated | \n\n Exploration | \n\n Refining | \n\n Marketing | \n\n Corporate | \n\n Intercompany | \n\n Total | \n
| \n External sales | \n\n 15,609 | \n\n 4,973 | \n\n 56,615 | \n\n 63,451 | \n\n 17 | \n\n \u2013 | \n\n 140,665 | \n
| \n Intersegment sales | \n\n 2,003 | \n\n 18,483 | \n\n 17,378 | \n\n 357 | \n\n 223 | \n\n (38,444) | \n\n \u2013 | \n
| \n Excise taxes | \n\n \u2013 | \n\n \u2013 | \n\n (2,405) | \n\n (18,576) | \n\n \u2013 | \n\n \u2013 | \n\n (20,981) | \n
| \n Revenues from sales | \n\n 17,612 | \n\n 23,456 | \n\n 71,588 | \n\n 45,232 | \n\n 240 | \n\n (38,444) | \n\n 119,684 | \n
| \n Operating expenses | \n\n (15,424) | \n\n (11,835) | \n\n (68,972) | \n\n (42,477) | \n\n (989) | \n\n 38,444 | \n\n (101,253) | \n
| \n Depreciation, depletion and impairment of tangible assets and mineral interests | \n\n (1,359) | \n\n (9,305) | \n\n (1,572) | \n\n (984) | \n\n (92) | \n\n \u2013 | \n\n (13,312) | \n
| \n Adjusted operating income | \n\n 829 | \n\n 2,316 | \n\n 1,044 | \n\n 1,771 | \n\n (841) | \n\n \u2013 | \n\n 5,119 | \n
| \n Net income (loss) from equity affiliates and other items | \n\n 1,176 | \n\n 643 | \n\n 284 | \n\n 61 | \n\n 165 | \n\n \u2013 | \n\n 2,329 | \n
| \n Tax on net operating income | \n\n (227) | \n\n (596) | \n\n (289) | \n\n (608) | \n\n 78 | \n\n \u2013 | \n\n (1,642) | \n
| \n Adjusted net operating income | \n\n 1,778 | \n\n 2,363 | \n\n 1,039 | \n\n 1,224 | \n\n (598) | \n\n \u2013 | \n\n 5,806 | \n
| \n Net cost of net debt | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (1,739) | \n
| \n Non-controlling interests | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (8) | \n
| \n Ajusted net income - | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 4,059 | \n
| \n For the year ended December 31, 2020 (M$) | \n\n Integrated | \n\n Exploration | \n\n Refining | \n\n Marketing | \n\n Corporate | \n\n Intercompany | \n\n Total | \n
| \n Total expenditures | \n\n 6,230 | \n\n 6,782 | \n\n 1,325 | \n\n 1,052 | \n\n 145 | \n\n \u2013 | \n\n 15,534 | \n
| \n Total divestments | \n\n 1,152 | \n\n 819 | \n\n 149 | \n\n 158 | \n\n 177 | \n\n \u2013 | \n\n 2,455 | \n
| \n Cash flow from operating activities | \n\n 2,129 | \n\n 9,922 | \n\n 2,438 | \n\n 2,101 | \n\n (1,787) | \n\n \u2013 | \n\n 14,803 | \n
| \n Balance sheet as of December 31, 2020 | \n|||||||
| \n Property, plant and equipment, intangible assets, net | \n\n 30,704 | \n\n 89,207 | \n\n 12,486 | \n\n 8,734 | \n\n 732 | \n\n \u2013 | \n\n 141,863 | \n
| \n Investments & loans in equity affiliates | \n\n 16,455 | \n\n 7,328 | \n\n 3,638 | \n\n 555 | \n\n \u2013 | \n\n \u2013 | \n\n 27,976 | \n
| \n Other non-current assets | \n\n 3,647 | \n\n 5,093 | \n\n 791 | \n\n 1,260 | \n\n 1,042 | \n\n \u2013 | \n\n 11,833 | \n
| \n Working capital | \n\n (1,004) | \n\n 1,968 | \n\n (264) | \n\n (43) | \n\n (4,470) | \n\n \u2013 | \n\n (3,813) | \n
| \n Provisions and other non-current liabilities | \n\n (4,566) | \n\n (24,909) | \n\n (4,658) | \n\n (1,641) | \n\n 606 | \n\n \u2013 | \n\n (35,168) | \n
| \n Assets and liabilities classified as held for sale | \n\n 375 | \n\n 241 | \n\n (83) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 533 | \n
| \n Capital Employed (Balance sheet) | \n\n 45,611 | \n\n 78,928 | \n\n 11,910 | \n\n 8,865 | \n\n (2,090) | \n\n \u2013 | \n\n 143,224 | \n
| \n Less inventory valuation effect | \n\n \u2013 | \n\n \u2013 | \n\n (535) | \n\n (72) | \n\n \u2013 | \n\n \u2013 | \n\n (607) | \n
| \n Capital Employed | \n\n 45,611 | \n\n 78,928 | \n\n 11,375 | \n\n 8,793 | \n\n (2,090) | \n\n \u2013 | \n\n 142,617 | \n
| \n ROACE as a percentage | \n\n 4% | \n\n 3% | \n\n 9% | \n\n 14% | \n\n \u00a0 | \n\n \u00a0 | \n\n 4% | \n
B)Reconciliation of the information by business segment with Consolidated Financial Statements
The table below presents the impact of adjustment items on the consolidated statement of income:
| \n For the year ended December 31, 2022 (M$) | \n\n Adjusted | \n\n Adjustments(a) | \n\n Consolidated statement of income | \n
| \n Sales | \n\n 280,895 | \n\n 104 | \n\n 280,999 | \n
| \n Excise taxes | \n\n (17,689) | \n\n \u2013 | \n\n (17,689) | \n
| \n Revenues from sales | \n\n 263,206 | \n\n 104 | \n\n 263,310 | \n
| \n Purchases, net of inventory variation | \n\n (171,049) | \n\n 1,601 | \n\n (169,448) | \n
| \n Other operating expenses | \n\n (28,745) | \n\n (1,044) | \n\n (29,789) | \n
| \n Exploration costs | \n\n (574) | \n\n (725) | \n\n (1,299) | \n
| \n Depreciation, depletion and impairment of tangible assets and mineral interests | \n\n (12,316) | \n\n 95 | \n\n (12,221) | \n
| \n Other income | \n\n 1,349 | \n\n 1,500 | \n\n 2,849 | \n
| \n Other expense | \n\n (1,542) | \n\n (5,802) | \n\n (7,344) | \n
| \n Financial interest on debt | \n\n (2,386) | \n\n \u2013 | \n\n (2,386) | \n
| \n Financial income and expense from cash & cash equivalents | \n\n 746 | \n\n 397 | \n\n 1,143 | \n
| \n Cost of net debt | \n\n (1,640) | \n\n 397 | \n\n (1,243) | \n
| \n Other financial income | \n\n 812 | \n\n 84 | \n\n 896 | \n
| \n Other financial expense | \n\n (533) | \n\n \u2013 | \n\n (533) | \n
| \n Net income (loss) from equity affiliates | \n\n 8,254 | \n\n (10,146) | \n\n (1,892) | \n
| \n Income taxes | \n\n (20,565) | \n\n (1,677) | \n\n (22,242) | \n
| \n Consolidated net income | \n\n 36,657 | \n\n (15,613) | \n\n 21,044 | \n
| \n TotalEnergies share | \n\n 36,197 | \n\n (15,671) | \n\n 20,526 | \n
| \n Non-controlling interests | \n\n 460 | \n\n 58 | \n\n 518 | \n
| \n (a)Adjustments include special items, inventory valuation effect and the effect of changes in fair value. | \n
| \n For the year ended December 31, 2021 (M$) | \n\n Adjusted | \n\n Adjustments(a) | \n\n Consolidated statement of income | \n
| \n Sales | \n\n 205,907 | \n\n (44) | \n\n 205,863 | \n
| \n Excise taxes | \n\n (21,229) | \n\n \u2013 | \n\n (21,229) | \n
| \n Revenues from sales | \n\n 184,678 | \n\n (44) | \n\n 184,634 | \n
| \n Purchases, net of inventory variation | \n\n (120,160) | \n\n 1,538 | \n\n (118,622) | \n
| \n Other operating expenses | \n\n (26,754) | \n\n (140) | \n\n (26,894) | \n
| \n Exploration costs | \n\n (632) | \n\n (108) | \n\n (740) | \n
| \n Depreciation, depletion and impairment of tangible assets and mineral interests | \n\n (12,735) | \n\n (821) | \n\n (13,556) | \n
| \n Other income | \n\n 1,300 | \n\n 12 | \n\n 1,312 | \n
| \n Other expense | \n\n (944) | \n\n (1,373) | \n\n (2,317) | \n
| \n Financial interest on debt | \n\n (1,904) | \n\n \u2013 | \n\n (1,904) | \n
| \n Financial income and expense from cash & cash equivalents | \n\n 340 | \n\n 39 | \n\n 379 | \n
| \n Cost of net debt | \n\n (1,564) | \n\n 39 | \n\n (1,525) | \n
| \n Other financial income | \n\n 762 | \n\n \u2013 | \n\n 762 | \n
| \n Other financial expense | \n\n (539) | \n\n \u2013 | \n\n (539) | \n
| \n Net income (loss) from equity affiliates | \n\n 4,190 | \n\n (752) | \n\n 3,438 | \n
| \n Income taxes | \n\n (9,211) | \n\n (376) | \n\n (9,587) | \n
| \n Consolidated net income | \n\n 18,391 | \n\n (2,025) | \n\n 16,366 | \n
| \n TotalEnergies share | \n\n 18,060 | \n\n (2,028) | \n\n 16,032 | \n
| \n Non-controlling interests | \n\n 331 | \n\n 3 | \n\n 334 | \n
| \n (a)Adjustments include special items, inventory valuation effect and the effect of changes in fair value. | \n
| \n For the year ended December 31, 2020 (M$) | \n\n Adjusted | \n\n Adjustments(a) | \n\n Consolidated statement of income | \n
| \n Sales | \n\n 140,665 | \n\n 20 | \n\n 140,685 | \n
| \n Excise taxes | \n\n (20,981) | \n\n \u2013 | \n\n (20,981) | \n
| \n Revenues from sales | \n\n 119,684 | \n\n 20 | \n\n 119,704 | \n
| \n Purchases, net of inventory variation | \n\n (75,672) | \n\n (1,814) | \n\n (77,486) | \n
| \n Other operating expenses | \n\n (24,850) | \n\n (688) | \n\n (25,538) | \n
| \n Exploration costs | \n\n (731) | \n\n \u2013 | \n\n (731) | \n
| \n Depreciation, depletion and impairment of tangible assets and mineral interests | \n\n (13,312) | \n\n (8,952) | \n\n (22,264) | \n
| \n Other income | \n\n 1,405 | \n\n 832 | \n\n 2,237 | \n
| \n Other expense | \n\n (689) | \n\n (817) | \n\n (1,506) | \n
| \n Financial interest on debt | \n\n (2,140) | \n\n (7) | \n\n (2,147) | \n
| \n Financial income and expense from cash & cash equivalents | \n\n 68 | \n\n (31) | \n\n 37 | \n
| \n Cost of net debt | \n\n (2,072) | \n\n (38) | \n\n (2,110) | \n
| \n Other financial income | \n\n 914 | \n\n \u2013 | \n\n 914 | \n
| \n Other financial expense | \n\n (689) | \n\n (1) | \n\n (690) | \n
| \n Net income (loss) from equity affiliates | \n\n 1,388 | \n\n (936) | \n\n 452 | \n
| \n Income taxes | \n\n (1,309) | \n\n 991 | \n\n (318) | \n
| \n Consolidated net income | \n\n 4,067 | \n\n (11,403) | \n\n (7,336) | \n
| \n TotalEnergies share | \n\n 4,059 | \n\n (11,301) | \n\n (7,242) | \n
| \n Non-controlling interests | \n\n 8 | \n\n (102) | \n\n (94) | \n
| \n (a)Adjustments include special items, inventory valuation effect and the effect of changes in fair value. | \n
Note 4Segment Information by geographical area
| \n (M$) | \n\n France | \n\n Rest of Europe | \n\n North America | \n\n Africa | \n\n Rest of the world | \n\n Total | \n
| \n For the year ended December 31, 2022 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n External sales | \n\n 58,411 | \n\n 122,641 | \n\n 33,188 | \n\n 24,582 | \n\n 42,177 | \n\n 280,999 | \n
| \n Property, plant and equipment, intangible assets, net | \n\n 13,080 | \n\n 26,382 | \n\n 13,292 | \n\n 39,410 | \n\n 46,867 | \n\n 139,032 | \n
| \n Capital expenditures | \n\n 1,632 | \n\n 2,743 | \n\n 5,304 | \n\n 3,253 | \n\n 6,870 | \n\n 19,802 | \n
| \n For the year ended December 31, 2021 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n External sales | \n\n 43,316 | \n\n 85,072 | \n\n 22,998 | \n\n 19,520 | \n\n 34,957 | \n\n 205,863 | \n
| \n Property, plant and equipment, intangible assets, net | \n\n 14,204 | \n\n 29,660 | \n\n 12,229 | \n\n 41,593 | \n\n 41,357 | \n\n 139,043 | \n
| \n Capital expenditures | \n\n 2,157 | \n\n 3,027 | \n\n 1,680 | \n\n 3,696 | \n\n 6,029 | \n\n 16,589 | \n
| \n For the year ended December 31, 2020 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n External sales | \n\n 32,748 | \n\n 67,292 | \n\n 13,258 | \n\n 16,011 | \n\n 11,376 | \n\n 140,685 | \n
| \n Property, plant and equipment, intangible assets, net | \n\n 14,555 | \n\n 30,932 | \n\n 11,891 | \n\n 43,087 | \n\n 41,398 | \n\n 141,863 | \n
| \n Capital expenditures | \n\n 2,044 | \n\n 3,165 | \n\n 899 | \n\n 3,816 | \n\n 5,610 | \n\n 15,534 | \n
Accounting principles
The recoverable amounts of intangible assets and property, plant and equipment are tested for impairment as soon as any indication of impairment exists. This test is performed at least annually for goodwill.
The recoverable amount is the higher of the fair value (less costs to sell) or the value in use.
Assets are grouped into cash-generating units (or CGUs) and tested. A CGU is a homogeneous set of assets that generates cash inflows that are largely independent of the cash inflows from other groups of assets.
The value in use of a CGU is determined by reference to the discounted expected future cash flows of these assets, based upon Management\u2019s expectation of future economic and operating conditions. When this value is less than the carrying amount of the CGU, an impairment loss is recorded.
This loss is allocated first to goodwill with a corresponding amount in \"Other expenses\". Any further losses are then allocated to property, plant and mineral interests with a corresponding amount in \"Depreciation, depletion and impairment of tangible assets and mineral interests\" and to other intangible assets with a corresponding amount in \"Other expenses\".
Impairment losses recognized in prior periods can be reversed up to the original carrying amount, had the impairment loss not been recognized. Impairment losses recognized on goodwill cannot be reversed.
Accounting principles
The recoverable amounts of intangible assets and property, plant and equipment are tested for impairment as soon as any indication of impairment exists. This test is performed at least annually for goodwill.
The recoverable amount is the higher of the fair value (less costs to sell) or the value in use.
Assets are grouped into cash-generating units (or CGUs) and tested. A CGU is a homogeneous set of assets that generates cash inflows that are largely independent of the cash inflows from other groups of assets.
The value in use of a CGU is determined by reference to the discounted expected future cash flows of these assets, based upon Management\u2019s expectation of future economic and operating conditions. When this value is less than the carrying amount of the CGU, an impairment loss is recorded.
This loss is allocated first to goodwill with a corresponding amount in \"Other expenses\". Any further losses are then allocated to property, plant and mineral interests with a corresponding amount in \"Depreciation, depletion and impairment of tangible assets and mineral interests\" and to other intangible assets with a corresponding amount in \"Other expenses\".
Impairment losses recognized in prior periods can be reversed up to the original carrying amount, had the impairment loss not been recognized. Impairment losses recognized on goodwill cannot be reversed.
Investments in associates or joint ventures are tested for impairment whenever indication of impairment exists. If any objective evidence of impairment exists, the carrying amount of the investment is compared with its recoverable amount, being the higher of its fair value less costs to sell and value in use. If the carrying amount exceeds the recoverable amount, an impairment loss is recorded in \"Net income (loss) from equity affiliates\".
Impairment losses recognized in prior periods can be reversed up to the original carrying amount, had the impairment loss not been recognized. Impairment losses recognized on goodwill cannot be reversed.
Investments in associates or joint ventures are tested for impairment whenever indication of impairment exists. If any objective evidence of impairment exists, the carrying amount of the investment is compared with its recoverable amount, being the higher of its fair value less costs to sell and value in use. If the carrying amount exceeds the recoverable amount, an impairment loss is recorded in \"Net income (loss) from equity affiliates\".
Impairment losses recognized in prior periods can be reversed up to the original carrying amount, had the impairment loss not been recognized. Impairment losses recognized on goodwill cannot be reversed.
Investments in associates or joint ventures are tested for impairment whenever indication of impairment exists. If any objective evidence of impairment exists, the carrying amount of the investment is compared with its recoverable amount, being the higher of its fair value less costs to sell and value in use. If the carrying amount exceeds the recoverable amount, an impairment loss is recorded in \"Net income (loss) from equity affiliates\".
Accounting principles
Cash and cash equivalents are composed of cash on hand and highly liquid short-term investments that are easily convertible into known amounts of cash and are subject to insignificant risks of changes in value.
Investments with maturity greater than three months and less than twelve months are shown under \u201cCurrent financial assets\u201d.
Changes in current financial assets and liabilities are included in the financing activities section of the Consolidated Statement of Cash Flows.
Accounting principles
TotalEnergies uses derivative instruments to manage its exposure to risks of changes in interest rates, foreign exchange rates and commodity prices. These financial instruments are accounted for in accordance with IFRS 9, changes in fair value of derivative instruments are recognized in the income statement or in other comprehensive income and are recognized in the balance sheet in the accounts corresponding to their nature, according to the risk management strategy. The derivative instruments used by TotalEnergies are the following:
Cash management
Financial instruments used for cash management purposes are part of a hedging strategy of currency and interest rate risks within global limits set by TotalEnergies and are considered to be held for trading. Changes in fair value are systematically recorded in the income statement. The balance sheet value of those instruments is included in \u201cCurrent financial assets\u201d or \u201cOther current financial liabilities\u201d.
Long-term financing
When an external long-term financing is set up, specifically to finance subsidiaries, and when this financing involves currency and interest rate derivatives, these instruments are qualified as:
1.Fair value hedge of the interest rate and currency risks on the external debt financing the loans to subsidiaries. Changes in fair value of derivatives are recognized in the income statement, as are changes in fair value of underlying financial debts and loans to subsidiaries.
The fair value of those hedging instruments of long-term financing is included in assets under \u201cNon-current financial assets\u201d or in liabilities under \u201cNon-current financial debt\u201d for the non-current portion. The current portion (less than one year) is accounted for in \u201cCurrent financial assets\u201d or \u201cOther current financial liabilities\u201d.
In case of the anticipated termination of derivative instruments accounted for as fair value hedges, the amount paid or received is recognized in the income statement and:
\u2013If this termination is due to an early cancellation of the hedged items, the adjustment previously recorded as revaluation of those hedged items is also recognized in the income statement;
\u2013If the hedged items remain in the balance sheet, the adjustment previously recorded as a revaluation of those hedged items is amortized over the remaining life of those items.
In case of a change in the strategy of the hedge (fair value hedge to cash flow hedge), if the components of the initial aggregated exposure had already been designated in a hedging relationship (FVH), TotalEnergies designates the new instrument as a hedging instrument of an aggregated position (CFH) without having to end the initial hedging relationship.
2.Cash flow hedge when TotalEnergies implements a strategy of fixing interest rate and/or currency rate on the external debt. Changes in fair value are recorded in other comprehensive income for the effective portion of the hedging and in the income statement for the ineffective portion of the hedging. When the hedged transaction affects profit or loss, the fair value variations of the hedging instrument recorded in equity are also symmetrically recycled to the income statement.
The fair value of those hedging instruments of long-term financing is included in assets under \u201cNon-current financial assets\u201d or in liabilities under \u201cNon-current financial debt\u201d for the non-current portion. The current portion (less than one year) is accounted for in \u201cCurrent financial assets\u201d or \u201cOther current financial liabilities\u201d.
If the hedging instrument expires, is sold or terminated by anticipation, gains or losses previously recognized in equity remain in equity. Amounts are recycled to the income statement only when the hedged transaction affects profit or loss.
3.In compliance with IFRS 9, TotalEnergies has decided to recognize in a separate component of the comprehensive income the variation of foreign currency basis spread (Cross Currency Swaps) identified in the hedging relationships qualified as fair value hedges and cash flow hedges.
Foreign subsidiaries\u2019 equity hedge
Certain financial instruments hedge against risks related to the equity of foreign subsidiaries whose functional currency is not the euro (mainly the dollar). These instruments qualify as \u201cnet investment hedges\u201d and changes in fair value are recorded in other comprehensive income under \u201cCurrency translation\u201d for the effective portion of the hedging and in the income statement for the ineffective portion of the hedging. Gains or losses on hedging instruments previously recorded in equity, are reclassified to the income statement in the same period as the total or partial disposal of the foreign activity.
The fair value of these instruments is recorded under \u201cCurrent financial assets\u201d and \u201dOther current financial liabilities\u201d
Commitments to purchase shares held by non-controlling interests (put options written on minority interests)
Put options granted to non-controlling-interest shareholders are initially recognized as financial liabilities at the present value of the exercise price of the options with a corresponding reduction in shareholders\u2019 equity \u2013 TotalEnergies share. The financial liability is subsequently measured at fair value at each balance sheet date in accordance with contractual clauses and any variation is recorded in the income statement (cost of debt).
Accounting principles
According to IFRS 13, fair values are estimated for the majority of TotalEnergies\u2019 financial instruments, with the exception of publicly traded equity securities and marketable securities for which the market price is used.
Estimations of fair value, which are based on principles such as discounting future cash flows to present value, must be weighted by the fact that the value of a financial instrument at a given time may be influenced by the market environment (liquidity especially), and also the fact that subsequent changes in interest rates and exchange rates are not taken into account.
The methods used are as follows:
Financial debts, swaps
The market value of swaps and of bonds that are hedged by those swaps has been determined on an individual basis by discounting future cash flows with the market curves existing at year-end.
Other financial instruments
The fair value of interest rate swaps and of FRA's (Forward Rate Agreements) is calculated by discounting future cash flows on the basis of market curves existing at year-end after adjustment for interest accrued but unpaid. Forward exchange contracts and currency swaps are valued on the basis of a comparison of the negotiated forward rates with the rates in effect on the financial markets at year-end for similar maturities.
Exchange options are valued based on models commonly used by the market.
Accounting principles
Financial instruments related to commodity contracts, including crude oil, petroleum products, gas, and power purchase/sales contracts within the trading activities, together with the commodity contract derivative instruments and freight rate swaps, are used to adjust TotalEnergies' exposure to price fluctuations within global trading limits. According to the industry practice, these instruments are considered as held for trading. Changes in fair value are recorded in the income statement. The fair value of these instruments is recorded in \u201cOther current assets\u201d or \u201cOther creditors and accrued liabilities\u201d depending on whether they are assets or liabilities.
The valuation methodology is to mark-to-market all open positions for both physical and paper transactions. The valuations are determined on a daily basis using observable market data based on organized and over the counter (OTC) markets. In specific cases when market data is not directly available, the valuations are derived from observable data such as arbitrages, freight or spreads and market corroboration. For valuation of risks which are the result of a calculation, such as options for example, commonly known models are used to compute the fair value.
Impairment losses recognized in prior periods can be reversed up to the original carrying amount, had the impairment loss not been recognized. Impairment losses recognized on goodwill cannot be reversed.
Investments in associates or joint ventures are tested for impairment whenever indication of impairment exists. If any objective evidence of impairment exists, the carrying amount of the investment is compared with its recoverable amount, being the higher of its fair value less costs to sell and value in use. If the carrying amount exceeds the recoverable amount, an impairment loss is recorded in \"Net income (loss) from equity affiliates\".
Note 14Financial assets and liabilities analysis per instrument class and strategy
The financial assets and liabilities disclosed in the balance sheet are detailed as follows:
| \n As of December 31, 2022 (M$) ASSETS/(Liabilities) | \n\n Amortized cost | \n\n Fair value through P&L | \n\n Other Comprehensive Income | \n\n Fair value of bonds hedging instruments | \n\n Total | \n\n Fair value | \n
| \n Equity affiliates: loans | \n\n 3,733 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 3,733 | \n\n 3,733 | \n
| \n Other investments | \n\n \u2013 | \n\n 932 | \n\n 119 | \n\n \u2013 | \n\n 1,051 | \n\n 1,051 | \n
| \n Non-current financial assets | \n\n 1,428 | \n\n 490 | \n\n \u2013 | \n\n 813 | \n\n 2,731 | \n\n 2,731 | \n
| \n Other non-current assets | \n\n 2,087 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 2,087 | \n\n 2,087 | \n
| \n Accounts receivable, net(b) | \n\n 24,378 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 24,378 | \n\n 24,378 | \n
| \n Other operating receivables | \n\n 8,069 | \n\n 19,529 | \n\n 691 | \n\n \u2013 | \n\n 28,289 | \n\n 28,289 | \n
| \n Current financial assets | \n\n 7,536 | \n\n 1,071 | \n\n 137 | \n\n 2 | \n\n 8,746 | \n\n 8,746 | \n
| \n Cash and cash equivalents | \n\n 33,026 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 33,026 | \n\n 33,026 | \n
| \n Total financial assets | \n\n 80,257 | \n\n 22,022 | \n\n 947 | \n\n 815 | \n\n 104,041 | \n\n 104,041 | \n
| \n Total non-financial assets | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 199,823 | \n\n \u00a0 | \n
| \n Total assets | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 303,864 | \n\n \u00a0 | \n
| \n Non-current financial debt(a) | \n\n (41,235) | \n\n (283) | \n\n \u2013 | \n\n (3,746) | \n\n (45,264) | \n\n (43,471) | \n
| \n Accounts payable(b) | \n\n (41,346) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (41,346) | \n\n (41,346) | \n
| \n Other operating liabilities | \n\n (16,412) | \n\n (17,994) | \n\n (780) | \n\n \u2013 | \n\n (35,186) | \n\n (35,186) | \n
| \n Current borrowings(a) | \n\n (15,502) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (15,502) | \n\n (15,518) | \n
| \n Other current financial liabilities | \n\n \u2013 | \n\n (226) | \n\n \u2013 | \n\n (262) | \n\n (488) | \n\n (488) | \n
| \n Total financial liabilities | \n\n (114,495) | \n\n (18,503) | \n\n (780) | \n\n (4,008) | \n\n (137,786) | \n\n (136,009) | \n
| \n Total non-financial liabilities | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (166,078) | \n\n \u00a0 | \n
| \n Total liabilities | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (303,864) | \n\n \u00a0 | \n
| \n (a)The financial debt is adjusted to the hedged risks value (currency and interest rate) as part of hedge accounting (see Note 15 to the Consolidated Financial Statements). (b)The impact of offsetting on accounts receivable, net is $(10,156) million and $10,156 million on accounts payable. | \n
| \n As of December 31, 2021 (M$)
| \n\n Amortized cost | \n\n Fair value through P&L | \n\n Other Comprehensive Income | \n\n Fair value of bonds hedging instruments | \n\n Total | \n\n Fair value | \n
| \n Equity affiliates: loans | \n\n 4,532 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 4,532 | \n\n 4,532 | \n
| \n Other investments | \n\n \u2013 | \n\n 1,052 | \n\n 573 | \n\n \u2013 | \n\n 1,625 | \n\n 1,625 | \n
| \n Non-current financial assets | \n\n 847 | \n\n 770 | \n\n \u2013 | \n\n 787 | \n\n 2,404 | \n\n 2,404 | \n
| \n Other non-current assets | \n\n 2,419 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 2,419 | \n\n 2,419 | \n
| \n Accounts receivable, net(b) | \n\n 21,983 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 21,983 | \n\n 21,983 | \n
| \n Other operating receivables | \n\n 7,141 | \n\n 21,067 | \n\n 1,345 | \n\n \u2013 | \n\n 29,553 | \n\n 29,553 | \n
| \n Current financial assets | \n\n 12,001 | \n\n 272 | \n\n \u2013 | \n\n 42 | \n\n 12,315 | \n\n 12,315 | \n
| \n Cash and cash equivalents | \n\n 21,342 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 21,342 | \n\n 21,342 | \n
| \n Total financial assets | \n\n 70,265 | \n\n 23,161 | \n\n 1,918 | \n\n 829 | \n\n 96,173 | \n\n 96,173 | \n
| \n Total non-financial assets | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 197,285 | \n\n \u00a0 | \n
| \n Total assets | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 293,458 | \n\n \u00a0 | \n
| \n Non-current financial debt(a) | \n\n (47,973) | \n\n (41) | \n\n \u2013 | \n\n (1,498) | \n\n (49,512) | \n\n (53,144) | \n
| \n Accounts payable(b) | \n\n (36,837) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (36,837) | \n\n (36,837) | \n
| \n Other operating liabilities | \n\n (11,128) | \n\n (15,266) | \n\n (900) | \n\n \u2013 | \n\n (27,294) | \n\n (27,294) | \n
| \n Current borrowings(a) | \n\n (15,035) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (15,035) | \n\n (15,039) | \n
| \n Other current financial liabilities | \n\n \u2013 | \n\n (56) | \n\n \u2013 | \n\n (316) | \n\n (372) | \n\n (372) | \n
| \n Total financial liabilities | \n\n (110,973) | \n\n (15,363) | \n\n (900) | \n\n (1,814) | \n\n (129,050) | \n\n (132,686) | \n
| \n Total non-financial liabilities | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (164,408) | \n\n \u00a0 | \n
| \n Total liabilities | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (293,458) | \n\n \u00a0 | \n
| \n (a)The financial debt is adjusted to the hedged risks value (currency and interest rate) as part of hedge accounting (see Note 15 to the Consolidated Financial Statements). (b)The impact of offsetting on accounts receivable, net is $(4,584) million and $4,584 million on accounts payable. | \n
| \n As of December 31, 2020 (M$)
| \n\n Amortized cost | \n\n Fair value through P&L | \n\n Other Comprehensive Income | \n\n Fair value of bonds hedging instruments | \n\n Total | \n\n Fair value | \n
| \n Equity affiliates: loans | \n\n 5,129 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 5,129 | \n\n 5,129 | \n
| \n Other investments | \n\n \u2013 | \n\n 1,224 | \n\n 783 | \n\n \u2013 | \n\n 2,007 | \n\n 2,007 | \n
| \n Non-current financial assets | \n\n 1,019 | \n\n 541 | \n\n \u2013 | \n\n 3,221 | \n\n 4,781 | \n\n 4,781 | \n
| \n Other non-current assets | \n\n 2,745 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 2,745 | \n\n 2,745 | \n
| \n Accounts receivable, net(b) | \n\n 14,068 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 14,068 | \n\n 14,068 | \n
| \n Other operating receivables | \n\n 6,615 | \n\n 1,428 | \n\n \u2013 | \n\n \u2013 | \n\n 8,043 | \n\n 8,043 | \n
| \n Current financial assets | \n\n 4,547 | \n\n 65 | \n\n \u2013 | \n\n 18 | \n\n 4,630 | \n\n 4,630 | \n
| \n Cash and cash equivalents | \n\n 31,268 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 31,268 | \n\n 31,268 | \n
| \n Total financial assets | \n\n 65,391 | \n\n 3,258 | \n\n 783 | \n\n 3,239 | \n\n 72,671 | \n\n 72,671 | \n
| \n Total non-financial assets | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 193,461 | \n\n \u00a0 | \n
| \n Total assets | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 266,132 | \n\n \u00a0 | \n
| \n Non-current financial debt(a) | \n\n (58,470) | \n\n (118) | \n\n \u2013 | \n\n (1,615) | \n\n (60,203) | \n\n (66,210) | \n
| \n Accounts payable(b) | \n\n (23,574) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (23,574) | \n\n (23,574) | \n
| \n Other operating liabilities | \n\n (10,635) | \n\n (3,666) | \n\n \u2013 | \n\n (1) | \n\n (14,302) | \n\n (14,302) | \n
| \n Current borrowings(a) | \n\n (17,099) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (17,099) | \n\n (17,121) | \n
| \n Other current financial liabilities | \n\n \u2013 | \n\n (99) | \n\n \u2013 | \n\n (104) | \n\n (203) | \n\n (203) | \n
| \n Total financial liabilities | \n\n (109,778) | \n\n (3,883) | \n\n \u2013 | \n\n (1,720) | \n\n (115,381) | \n\n (121,410) | \n
| \n Total non-financial liabilities | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (150,751) | \n\n \u00a0 | \n
| \n Total liabilities | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (266,132) | \n\n \u00a0 | \n
| \n (a)The financial debt is adjusted to the hedged risks value (currency and interest rate) as part of hedge accounting (see Note 15 to the Consolidated Financial Statements). (b)The impact of offsetting on accounts receivable, net is $(1,844) million and $1,844 million on accounts payable. | \n
Note 15Financial structure and financial costs
15.1Financial debt and derivative financial instruments
A)Non-current financial debt and derivative financial instruments
| \n As of December 31, 2022 (M$) (Assets)/Liabilities | \n\n Secured | \n\n Unsecured | \n\n Total | \n
| \n Non-current financial debt | \n\n 8,329 | \n\n 36,935 | \n\n 45,264 | \n
| \n of which hedging instruments of non-current financial debt (liabilities) | \n\n \u2013 | \n\n 3,746 | \n\n 3,746 | \n
| \n Non-current financial assets | \n\n (1,428) | \n\n (1,303) | \n\n (2,731) | \n
| \n of which hedging instruments of non-current financial debt (assets) | \n\n \u2013 | \n\n (813) | \n\n (813) | \n
| \n Non-current net financial debt and related financial instruments | \n\n 6,901 | \n\n 35,632 | \n\n 42,533 | \n
| \n Variable rate bonds or bonds after fair value hedge | \n\n \u2013 | \n\n 8,958 | \n\n 8,958 | \n
| \n Fixed rate bonds or bonds after cash flow hedge | \n\n \u2013 | \n\n 26,159 | \n\n 26,159 | \n
| \n Other floating rate debt | \n\n 13 | \n\n 227 | \n\n 240 | \n
| \n Other fixed rate debt | \n\n 39 | \n\n 496 | \n\n 535 | \n
| \n Lease obligations | \n\n 8,277 | \n\n \u2013 | \n\n 8,277 | \n
| \n Non-current financial assets excluding derivative financial instruments | \n\n (1,428) | \n\n \u2013 | \n\n (1,428) | \n
| \n Non-current instruments held for trading | \n\n \u2013 | \n\n (208) | \n\n (208) | \n
| \n Non-current net financial debt and related financial instruments | \n\n 6,901 | \n\n 35,632 | \n\n 42,533 | \n
| \n As of December 31, 2021 (M$) (Assets)/Liabilities | \n\n Secured | \n\n Unsecured | \n\n Total | \n
| \n Non-current financial debt | \n\n 7,720 | \n\n 41,792 | \n\n 49,512 | \n
| \n of which hedging instruments of non-current financial debt (liabilities) | \n\n \u2013 | \n\n 1,498 | \n\n 1,498 | \n
| \n Non-current financial assets | \n\n (847) | \n\n (1,557) | \n\n (2,404) | \n
| \n of which hedging instruments of non-current financial debt (assets) | \n\n \u2013 | \n\n (787) | \n\n (787) | \n
| \n Non-current net financial debt and related financial instruments | \n\n 6,873 | \n\n 40,235 | \n\n 47,108 | \n
| \n Variable rate bonds or bonds after fair value hedge | \n\n \u2013 | \n\n 12,820 | \n\n 12,820 | \n
| \n Fixed rate bonds or bonds after cash flow hedge | \n\n \u2013 | \n\n 27,147 | \n\n 27,147 | \n
| \n Other floating rate debt | \n\n 15 | \n\n 634 | \n\n 649 | \n
| \n Other fixed rate debt | \n\n 61 | \n\n 363 | \n\n 424 | \n
| \n Lease obligations | \n\n 7,644 | \n\n \u2013 | \n\n 7,644 | \n
| \n Non-current financial assets excluding derivative financial instruments | \n\n (847) | \n\n (675) | \n\n (1,522) | \n
| \n Non-current instruments held for trading | \n\n \u2013 | \n\n (54) | \n\n (54) | \n
| \n Non-current net financial debt and related financial instruments | \n\n 6,873 | \n\n 40,235 | \n\n 47,108 | \n
| \n As of December 31, 2020 (M$) (Assets)/Liabilities | \n\n Secured | \n\n Unsecured | \n\n Total | \n
| \n Non-current financial debt | \n\n 7,849 | \n\n 52,354 | \n\n 60,203 | \n
| \n of which hedging instruments of non-current financial debt (liabilities) | \n\n \u2013 | \n\n 1,615 | \n\n 1,615 | \n
| \n Non-current financial assets | \n\n (1,019) | \n\n (3,762) | \n\n (4,781) | \n
| \n of which hedging instruments of non-current financial debt (assets) | \n\n \u2013 | \n\n (3,221) | \n\n (3,221) | \n
| \n Non-current net financial debt and related financial instruments | \n\n 6,830 | \n\n 48,592 | \n\n 55,422 | \n
| \n Variable rate bonds or bonds after fair value hedge | \n\n \u2013 | \n\n 16,553 | \n\n 16,553 | \n
| \n Fixed rate bonds or bonds after cash flow hedge | \n\n \u2013 | \n\n 28,080 | \n\n 28,080 | \n
| \n Other floating rate debt | \n\n 40 | \n\n 3,944 | \n\n 3,984 | \n
| \n Other fixed rate debt | \n\n 73 | \n\n 438 | \n\n 511 | \n
| \n Lease obligations | \n\n 7,736 | \n\n \u2013 | \n\n 7,736 | \n
| \n Non-current financial assets excluding derivative financial instruments | \n\n (1,019) | \n\n (432) | \n\n (1,451) | \n
| \n Non-current instruments held for trading | \n\n \u2013 | \n\n 9 | \n\n 9 | \n
| \n Non-current net financial debt and related financial instruments | \n\n 6,830 | \n\n 48,592 | \n\n 55,422 | \n
The bonds, as of December 31, 2022, after taking into account currency and interest rates swaps fair value, are detailed as follows:
| \n Bonds after fair value hedge or | \n\n Currency of issuance | \n\n Amount after December 31, 2022 | \n\n Amount after December 31, 2021 | \n\n Amount after December 31, 2020 | \n\n Range of current maturities | \n\n Range of initial current rate before hedging instruments | \n
| \n Bond | \n\n USD | \n\n 5,042 | \n\n 5,001 | \n\n 6,253 | \n\n 2023 - 2028 | \n\n 2.434% - 3.883% | \n
| \n Bond | \n\n USD | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Bond | \n\n CHF | \n\n 407 | \n\n 409 | \n\n 410 | \n\n 2026 - 2029 | \n\n 0.176% - 0.298% | \n
| \n Bond | \n\n NZD | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Bond | \n\n AUD | \n\n 71 | \n\n 71 | \n\n 377 | \n\n 2025 | \n\n 4.000% | \n
| \n Bond | \n\n EUR | \n\n 5,574 | \n\n 7,528 | \n\n 8,666 | \n\n 2023 - 2044 | \n\n 0.250% - 3.125% | \n
| \n Bond | \n\n EUR | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Bond | \n\n CAD | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Bond | \n\n GBP | \n\n 925 | \n\n 1,524 | \n\n 1,522 | \n\n 2025 - 2031 | \n\n 1.405% - 2.250% | \n
| \n Bond | \n\n HKD | \n\n 129 | \n\n 129 | \n\n 129 | \n\n 2025 | \n\n 2.920% | \n
| \n Current portion (less than one year) | \n\n \n | \n\n (3,890) | \n\n (2,540) | \n\n (2,699) | \n\n \n | \n\n \n | \n
| \n Principal financing entities(b) | \n\n \n | \n\n 8,258 | \n\n 12,122 | \n\n 14,658 | \n\n \n | \n\n \n | \n
| \n TotalEnergies SE | \n\n \n | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \n | \n\n \n | \n
| \n Bond | \n\n \n | \n\n \u2013 | \n\n 1,200 | \n\n 1,200 | \n\n \n | \n\n \n | \n
| \n Current portion (less than one year) | \n\n \n | \n\n \u2013 | \n\n (1,200) | \n\n \u2013 | \n\n \n | \n\n \n | \n
| \n Other consolidated subsidiaries | \n\n \n | \n\n 700 | \n\n 698 | \n\n 695 | \n\n \n | \n\n \n | \n
| \n Total variable rate bonds or bonds after fair value hedge | \n\n \n | \n\n 8,958 | \n\n 12,820 | \n\n 16,553 | \n\n \n | \n\n \n | \n
| \n Bonds after cash flow hedge or fixed (M$) | \n\n Currency of issuance | \n\n Amount after December 31, 2022 | \n\n Amount after December 31, 2021 | \n\n Amount after December 31, 2020 | \n\n Range of current maturities | \n\n Range of initial current rate before hedging instruments | \n
| \n Bond | \n\n EUR | \n\n 15,628 | \n\n 15,487 | \n\n 15,259 | \n\n 2024 - 2044 | \n\n 0.696% - 5.125% | \n
| \n Bond | \n\n USD | \n\n 8,783 | \n\n 9,941 | \n\n 11,524 | \n\n 2023 - 2060 | \n\n 2.829% - 3.461% | \n
| \n Bond | \n\n HKD | \n\n 187 | \n\n 200 | \n\n 208 | \n\n 2026 | \n\n 3.088% | \n
| \n Bond | \n\n CHF | \n\n 1,076 | \n\n 1,113 | \n\n 1,134 | \n\n 2024 - 2027 | \n\n 0.510% - 1.010% | \n
| \n Bond | \n\n GBP | \n\n 985 | \n\n 1,004 | \n\n 998 | \n\n 2024 - 2026 | \n\n 1.250% - 1.660% | \n
| \n Bond | \n\n AUD | \n\n (2) | \n\n 5 | \n\n 9 | \n\n 2025 | \n\n 4.000% | \n
| \n Current portion (less than one year) | \n\n \u00a0 | \n\n (500) | \n\n (1,000) | \n\n (1,500) | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Principal financing entities(b) | \n\n \u00a0 | \n\n 26,157 | \n\n 26,750 | \n\n 27,632 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Other consolidated subsidiaries | \n\n \u00a0 | \n\n 2 | \n\n 397 | \n\n 448 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total fixed rate bonds or bonds after cash flow hedge | \n\n \n | \n\n 26,159 | \n\n 27,147 | \n\n 28,080 | \n\n \n | \n\n \n | \n
| \n (a)The IBOR rate reform will mainly impact the bonds after fair value hedge, on principal financing entities and TotalEnergies SE, indexed on the USLIBOR rate. At December 31, 2022, the amount of the bonds after fair value hedge (both non-current and current portions) on principal financing entities and TotalEnergies SE is $12,148 million. (b)All debt securities issued through the following subsidiaries are fully and unconditionally guaranteed by TotalEnergies SE as to payment of principal, premium, if any, interest and any other amounts due: \u2013TotalEnergies Capital is a wholly and directly owned subsidiary of TotalEnergies SE (except for one share held by each director). It acts as a financing vehicle for TotalEnergies. The repayment of its financial debt (capital, premium and interest) is fully and unconditionally guaranteed by TotalEnergies SE; \u2013TotalEnergies Capital Canada Ltd. is a wholly and directly owned subsidiary of TotalEnergies SE. It acts as a financing vehicle for the activities of TotalEnergies in Canada. The repayment of its financial debt (capital, premium and interest) is fully and unconditionally guaranteed by TotalEnergies SE; \u2013TotalEnergies Capital International is a wholly and directly owned subsidiary of TotalEnergies SE (except for one share held by each director). It acts as a financing vehicle for TotalEnergies. The repayment of its financial debt (capital, premium and interest) is fully and unconditionally guaranteed by TotalEnergies SE. | \n
Loan repayment schedule (excluding current portion)
| \n As of December 31, 2022 | \n\n Non-current financial debt | \n\n of which hedging instruments of non-current financial debt (liabilities) | \n\n Non-current financial assets | \n\n of which hedging instruments of non-current financial debt (assets) | \n\n Non-current net financial debt and related financial instruments | \n\n % | \n
| \n 2024 | \n\n 7,251 | \n\n 399 | \n\n (899) | \n\n (56) | \n\n 6,352 | \n\n 15% | \n
| \n 2025 | \n\n 4,701 | \n\n 552 | \n\n (259) | \n\n (168) | \n\n 4,442 | \n\n 10% | \n
| \n 2026 | \n\n 3,465 | \n\n 467 | \n\n (194) | \n\n (107) | \n\n 3,271 | \n\n 8% | \n
| \n 2027 | \n\n 3,522 | \n\n 217 | \n\n (104) | \n\n (17) | \n\n 3,418 | \n\n 8% | \n
| \n 2028 and beyond | \n\n 26,325 | \n\n 2,111 | \n\n (1,275) | \n\n (465) | \n\n 25,050 | \n\n 59% | \n
| \n Total | \n\n 45,264 | \n\n 3,746 | \n\n (2,731) | \n\n (813) | \n\n 42,533 | \n\n 100% | \n
| \n As of December 31, 2021 | \n\n Non-current financial debt | \n\n of which hedging instruments of non-current financial debt (liabilities) | \n\n Non-current financial assets | \n\n of which hedging instruments of non-current financial debt (assets) | \n\n Non-current net financial debt and related financial instruments | \n\n % | \n
| \n 2023 | \n\n 6,143 | \n\n 115 | \n\n (111) | \n\n (51) | \n\n 6,032 | \n\n 13% | \n
| \n 2024 | \n\n 6,506 | \n\n 190 | \n\n (219) | \n\n (103) | \n\n 6,287 | \n\n 13% | \n
| \n 2025 | \n\n 4,471 | \n\n 194 | \n\n (89) | \n\n (51) | \n\n 4,382 | \n\n 9% | \n
| \n 2026 | \n\n 3,348 | \n\n 238 | \n\n (71) | \n\n (34) | \n\n 3,277 | \n\n 7% | \n
| \n 2027 and beyond | \n\n 29,044 | \n\n 761 | \n\n (1,914) | \n\n (548) | \n\n 27,130 | \n\n 58% | \n
| \n Total | \n\n 49,512 | \n\n 1,498 | \n\n (2,404) | \n\n (787) | \n\n 47,108 | \n\n 100% | \n
| \n As of December 31, 2020 | \n\n Non-current financial debt | \n\n of which hedging instruments of non-current financial debt (liabilities) | \n\n Non-current financial assets | \n\n of which hedging instruments of non-current financial debt (assets) | \n\n Non-current net financial debt and related financial instruments | \n\n % | \n
| \n 2022 | \n\n 9,932 | \n\n 142 | \n\n (142) | \n\n (58) | \n\n 9,790 | \n\n 18% | \n
| \n 2023 | \n\n 5,988 | \n\n 59 | \n\n (268) | \n\n (218) | \n\n 5,720 | \n\n 10% | \n
| \n 2024 | \n\n 6,340 | \n\n 115 | \n\n (395) | \n\n (277) | \n\n 5,945 | \n\n 11% | \n
| \n 2025 | \n\n 4,535 | \n\n 150 | \n\n (260) | \n\n (212) | \n\n 4,275 | \n\n 8% | \n
| \n 2026 and beyond | \n\n 33,408 | \n\n 1,149 | \n\n (3,716) | \n\n (2,456) | \n\n 29,692 | \n\n 53% | \n
| \n Total | \n\n 60,203 | \n\n 1,615 | \n\n (4,781) | \n\n (3,221) | \n\n 55,422 | \n\n 100% | \n
Analysis by currency and interest rate
These analyses take into account interest rate and foreign currency swaps to hedge non-current financial net debt.
| \n As of December 31, | \n\n 2022 | \n\n % | \n\n 2021 | \n\n % | \n\n 2020 | \n\n % | \n
| \n U.S. Dollar | \n\n 38,896 | \n\n 91% | \n\n 44,387 | \n\n 94% | \n\n 48,609 | \n\n 88% | \n
| \n Euro | \n\n 2,083 | \n\n 5% | \n\n 1,708 | \n\n 4% | \n\n 3,144 | \n\n 6% | \n
| \n Norwegian krone | \n\n 47 | \n\n 0% | \n\n 67 | \n\n 0% | \n\n 72 | \n\n 0% | \n
| \n Other currencies | \n\n 1,507 | \n\n 4% | \n\n 946 | \n\n 2% | \n\n 3,597 | \n\n 6% | \n
| \n Total | \n\n 42,533 | \n\n 100% | \n\n 47,108 | \n\n 100% | \n\n 55,422 | \n\n 100% | \n
| \n As of December 31, | \n\n 2022 | \n\n % | \n\n 2021 | \n\n % | \n\n 2020 | \n\n % | \n
| \n Fixed rate | \n\n 33,533 | \n\n 79% | \n\n 34,353 | \n\n 73% | \n\n 34,870 | \n\n 63% | \n
| \n Floating rate | \n\n 9,000 | \n\n 21% | \n\n 12,755 | \n\n 27% | \n\n 20,552 | \n\n 37% | \n
| \n Total | \n\n 42,533 | \n\n 100% | \n\n 47,108 | \n\n 100% | \n\n 55,422 | \n\n 100% | \n
B)Current financial assets and liabilities
Current borrowings consist mainly of drawings on commercial papers or treasury bills and of bank loans. These instruments bear interest at rates that are close to market rates. Current deposits beyond three months include initial margins held as part of the Company\u2019s activities on organized markets.
| \n As of December 31, (M$)
| \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Current financial debt(a) | \n\n 8,997 | \n\n 8,846 | \n\n 11,305 | \n
| \n Current lease obligations | \n\n 1,437 | \n\n 1,390 | \n\n 1,206 | \n
| \n Current portion of non-current financial debt | \n\n 5,068 | \n\n 4,799 | \n\n 4,588 | \n
| \n Current borrowings (note 14) | \n\n 15,502 | \n\n 15,035 | \n\n 17,099 | \n
| \n Current portion of hedging instruments of debt (liabilities) | \n\n 262 | \n\n 316 | \n\n 104 | \n
| \n Other current financial instruments (liabilities) | \n\n 226 | \n\n 56 | \n\n 99 | \n
| \n Other current financial liabilities (note 14) | \n\n 488 | \n\n 372 | \n\n 203 | \n
| \n Current deposits beyond three months | \n\n (8,127) | \n\n (11,868) | \n\n (4,436) | \n
| \n Non-traded marketable securities | \n\n (218) | \n\n (195) | \n\n \u2013 | \n
| \n Financial receivables on sub-lease, current | \n\n (190) | \n\n (132) | \n\n (111) | \n
| \n Current portion of hedging instruments of debt (assets) | \n\n (2) | \n\n (42) | \n\n (18) | \n
| \n Other current financial instruments (assets) | \n\n (209) | \n\n (78) | \n\n (65) | \n
| \n Current financial assets (note 14) | \n\n (8,746) | \n\n (12,315) | \n\n (4,630) | \n
| \n Net current borrowings | \n\n 7,244 | \n\n 3,092 | \n\n 12,672 | \n
| \n (a)As of December 31, 2022, December 31, 2021 and December 31, 2020, current financial debt includes notably short-term negotiable debt security issued through programs fully and unconditionally securred by TotalEnergies SE.\u00a0 | \n
C)Cash flow from (used in) financing activities
The variations of financial debt are detailed as follows:
| \n (M$) | \n\n As of January 1, 2022 | \n\n Cash changes | \n\n Non-cash changes | \n\n As of December | \n||||
| \n Change | \n\n Foreign currency | \n\n Changes in fair value | \n\n Reclassification Non-current/ Current | \n\n Other | \n||||
| \n Non-current financial instruments - assets(a) and non-current financial assets | \n\n (2,404) | \n\n \u2013 | \n\n 24 | \n\n 52 | \n\n (448) | \n\n 198 | \n\n (153) | \n\n (2,731) | \n
| \n Non-current financial debt | \n\n 49,512 | \n\n 1,108 | \n\n (696) | \n\n (225) | \n\n 175 | \n\n (6,981) | \n\n 2,371 | \n\n 45,264 | \n
| \n Non-current financial debt and related financial instruments | \n\n 47,108 | \n\n 1,108 | \n\n (672) | \n\n (173) | \n\n (273) | \n\n (6,783) | \n\n 2,218 | \n\n 42,533 | \n
| \n Current financial instruments - assets(a) | \n\n (252) | \n\n 264 | \n\n \u2013 | \n\n 6 | \n\n (97) | \n\n (198) | \n\n (124) | \n\n (401) | \n
| \n Current borrowings | \n\n 15,035 | \n\n (6,337) | \n\n (316) | \n\n (106) | \n\n (69) | \n\n 6,981 | \n\n 314 | \n\n 15,502 | \n
| \n Current financial instruments - liabilities(a) | \n\n 372 | \n\n \u2013 | \n\n \u2013 | \n\n (9) | \n\n 125 | \n\n \u2013 | \n\n \u2013 | \n\n 488 | \n
| \n Current financial debt and related financial instruments | \n\n 15,155 | \n\n (6,073) | \n\n (316) | \n\n (109) | \n\n (41) | \n\n 6,783 | \n\n 190 | \n\n 15,589 | \n
| \n Financial debt and financial assets classified as held for sale | \n\n (4) | \n\n \u2013 | \n\n (34) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (38) | \n
| \n Net financial debt | \n\n 62,259 | \n\n (4,965) | \n\n (1,022) | \n\n (282) | \n\n (314) | \n\n \u2013 | \n\n 2,408 | \n\n 58,084 | \n
| \n (a)Fair value or cash flow hedge instruments and other non-hedge debt-related derivative instruments. | \n
| \n (M$) | \n\n As of January 1, 2021 | \n\n Cash changes | \n\n Non-cash changes | \n\n As of December | \n||||
| \n Change | \n\n Foreign currency | \n\n Changes in fair value | \n\n Reclassification Non-current/ Current | \n\n Other | \n||||
| \n Non-current financial instruments - assets(a) and non-current financial assets | \n\n (4,781) | \n\n (290) | \n\n 1 | \n\n 64 | \n\n 2,432 | \n\n 188 | \n\n (18) | \n\n (2,404) | \n
| \n Non-current financial debt | \n\n 60,203 | \n\n (359) | \n\n (58) | \n\n (183) | \n\n (2,377) | \n\n (9,254) | \n\n 1,540 | \n\n 49,512 | \n
| \n Non-current financial debt and related financial instruments | \n\n 55,422 | \n\n (649) | \n\n (57) | \n\n (119) | \n\n 55 | \n\n (9,066) | \n\n 1,522 | \n\n 47,108 | \n
| \n Current financial instruments - assets(a) | \n\n (194) | \n\n 191 | \n\n \u2013 | \n\n 8 | \n\n (45) | \n\n (188) | \n\n (24) | \n\n (252) | \n
| \n Current borrowings | \n\n 17,099 | \n\n (11,047) | \n\n 15 | \n\n (283) | \n\n (158) | \n\n 9,254 | \n\n 155 | \n\n 15,035 | \n
| \n Current financial instruments - liabilities(a) | \n\n 203 | \n\n \u2013 | \n\n 1 | \n\n (11) | \n\n 179 | \n\n \u2013 | \n\n \u2013 | \n\n 372 | \n
| \n Current financial debt and related financial instruments | \n\n 17,108 | \n\n (10,856) | \n\n 16 | \n\n (286) | \n\n (24) | \n\n 9,066 | \n\n 131 | \n\n 15,155 | \n
| \n Financial debt and financial assets classified as held for sale | \n\n 313 | \n\n \u2013 | \n\n (306) | \n\n (11) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (4) | \n
| \n Net financial debt | \n\n 72,843 | \n\n (11,505) | \n\n (347) | \n\n (416) | \n\n 31 | \n\n \u2013 | \n\n 1,653 | \n\n 62,259 | \n
| \n (a)Fair value or cash flow hedge instruments and other non-hedge debt-related derivative instruments | \n
| \n \n | \n\n As of January 1, 2020 | \n\n Cash changes | \n\n Non-cash changes | \n\n As of December 31, 2020 | \n||||
| \n (M$) | \n\n Change | \n\n Foreign currency | \n\n Changes in fair value | \n\n Reclassification Non-current / Current | \n\n Other | \n|||
| \n Non-current financial instruments - | \n\n (912) | \n\n (228) | \n\n 3 | \n\n (59) | \n\n (2,729) | \n\n 118 | \n\n (974) | \n\n (4,781) | \n
| \n Non-current financial debt | \n\n 47,773 | \n\n 15,800 | \n\n (456) | \n\n 192 | \n\n 2,973 | \n\n (8,711) | \n\n 2,632 | \n\n 60,203 | \n
| \n Non-current financial debt | \n\n 46,861 | \n\n 15,572 | \n\n (453) | \n\n 133 | \n\n 244 | \n\n (8,593) | \n\n 1,658 | \n\n 55,422 | \n
| \n Current financial instruments - assets(a) | \n\n (268) | \n\n 178 | \n\n \u2013 | \n\n (6) | \n\n 46 | \n\n (118) | \n\n (26) | \n\n (194) | \n
| \n Current borrowings | \n\n 14,819 | \n\n (6,679) | \n\n 6 | \n\n (132) | \n\n 188 | \n\n 8,711 | \n\n 186 | \n\n 17,099 | \n
| \n Current financial instruments - liabilities(a) | \n\n 487 | \n\n \u2013 | \n\n (5) | \n\n 8 | \n\n (287) | \n\n \u2013 | \n\n \u2013 | \n\n 203 | \n
| \n Current financial debt and related financial instruments | \n\n 15,038 | \n\n (6,501) | \n\n 1 | \n\n (130) | \n\n (53) | \n\n 8,593 | \n\n 160 | \n\n 17,108 | \n
| \n Financial debt and financial assets classified as held for sale | \n\n 301 | \n\n \u2013 | \n\n (10) | \n\n 22 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 313 | \n
| \n Net financial debt | \n\n 62,200 | \n\n 9,071 | \n\n (462) | \n\n 25 | \n\n 191 | \n\n \u2013 | \n\n 1,818 | \n\n 72,843 | \n
| \n\n | \n
Monetary changes in non-current financial debt are detailed as follows:
| \n For the year ended December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Issuance of non-current debt | \n\n 1,148 | \n\n 808 | \n\n 16,075 | \n
| \n Repayment of non-current debt | \n\n (40) | \n\n (1,167) | \n\n (275) | \n
| \n Net amount | \n\n 1,108 | \n\n \u00a0(359) | \n\n 15,800 | \n
D)Cash and cash equivalents
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Cash and cash equivalents are composed of cash on hand and highly liquid short-term investments that are easily convertible into known amounts of cash and are subject to insignificant risks of changes in value. | \n\n \n | \n\n Investments with maturity greater than three months and less than twelve months are shown under \u201cCurrent financial assets\u201d. Changes in current financial assets and liabilities are included in the financing activities section of the Consolidated Statement of Cash Flows. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
Cash and cash equivalents are detailed as follows:
| \n For the year ended December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Cash | \n\n 14,873 | \n\n 13,544 | \n\n 14,518 | \n
| \n Cash equivalents | \n\n 18,153 | \n\n 7,798 | \n\n 16,750 | \n
| \n Total | \n\n 33,026 | \n\n 21,342 | \n\n 31,268 | \n
Cash equivalents are mainly composed of deposits with a maturity of less than three months, deposited in government institutions or deposit banks selected in accordance with strict criteria.
As of December 31, 2022, the cash and cash equivalents include $2,352 million subject to restrictions, notably due to regulatory framework or to the fact they are owned by affiliates located in countries with exchange controls.
E)Net-debt-to-capital ratio
For its internal and external communication needs, TotalEnergies calculates a debt ratio by dividing its net financial debt excluding leases by its capital.
The ratio is calculated as follows: Net debt excluding leases / (Equity + Net debt excluding leases)
| \n As of December 31, (M$)
| \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Current borrowings(a) | \n\n 14,065 | \n\n 13,645 | \n\n 15,893 | \n
| \n Other current financial liabilities | \n\n 488 | \n\n 372 | \n\n 203 | \n
| \n Current financial assets(a) | \n\n (8,556) | \n\n (12,183) | \n\n (4,519) | \n
| \n Net financial assets and liabilities held for sale or exchange | \n\n (38) | \n\n (4) | \n\n 313 | \n
| \n Non-current financial debt(a) | \n\n 36,987 | \n\n 41,868 | \n\n 52,467 | \n
| \n Non-current financial assets(a) | \n\n (1,303) | \n\n (1,557) | \n\n (3,762) | \n
| \n Cash and cash equivalents | \n\n (33,026) | \n\n (21,342) | \n\n (31,268) | \n
| \n Net financial debt | \n\n 8,617 | \n\n 20,799 | \n\n 29,327 | \n
| \n Shareholders' equity - TotalEnergies share | \n\n 111,724 | \n\n 111,736 | \n\n 103,702 | \n
| \n Distribution of the income based on existing shares at the closing date | \n\n 2,846 | \n\n 3,263 | \n\n 2,383 | \n
| \n Shareholders' equity | \n\n 114,570 | \n\n 114,999 | \n\n 106,085 | \n
| \n Net-debt-to-capital ratio excluding leases | \n\n 7.0% | \n\n 15.3% | \n\n 21.7% | \n
| \n (a)Excluding lease receivables & lease debts. | \n
15.2Fair value of financial instruments (excluding commodity contracts)
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n TotalEnergies uses derivative instruments to manage its exposure to risks of changes in interest rates, foreign exchange rates and commodity prices. These financial instruments are accounted for in accordance with IFRS 9, changes in fair value of derivative instruments are recognized in the income statement or in other comprehensive income and are recognized in the balance sheet in the accounts corresponding to their nature, according to the risk management strategy. The derivative instruments used by TotalEnergies are the following: Cash management Financial instruments used for cash management purposes are part of a hedging strategy of currency and interest rate risks within global limits set by TotalEnergies and are considered to be held for trading. Changes in fair value are systematically recorded in the income statement. The balance sheet value of those instruments is included in \u201cCurrent financial assets\u201d or \u201cOther current financial liabilities\u201d. Long-term financing When an external long-term financing is set up, specifically to finance subsidiaries, and when this financing involves currency and interest rate derivatives, these instruments are qualified as: 1.Fair value hedge of the interest rate and currency risks on the external debt financing the loans to subsidiaries. Changes in fair value of derivatives are recognized in the income statement, as are changes in fair value of underlying financial debts and loans to subsidiaries. The fair value of those hedging instruments of long-term financing is included in assets under \u201cNon-current financial assets\u201d or in liabilities under \u201cNon-current financial debt\u201d for the non-current portion. The current portion (less than one year) is accounted for in \u201cCurrent financial assets\u201d or \u201cOther current financial liabilities\u201d. In case of the anticipated termination of derivative instruments accounted for as fair value hedges, the amount paid or received is recognized in the income statement and: \u2013If this termination is due to an early cancellation of the hedged items, the adjustment previously recorded as revaluation of those hedged items is also recognized in the income statement; \u2013If the hedged items remain in the balance sheet, the adjustment previously recorded as a revaluation of those hedged items is amortized over the remaining life of those items. In case of a change in the strategy of the hedge (fair value hedge to cash flow hedge), if the components of the initial aggregated exposure had already been designated in a hedging relationship (FVH), TotalEnergies designates the new instrument as a hedging instrument of an aggregated position (CFH) without having to end the initial hedging relationship. | \n\n \n | \n\n 2.Cash flow hedge when TotalEnergies implements a strategy of fixing interest rate and/or currency rate on the external debt. Changes in fair value are recorded in other comprehensive income for the effective portion of the hedging and in the income statement for the ineffective portion of the hedging. When the hedged transaction affects profit or loss, the fair value variations of the hedging instrument recorded in equity are also symmetrically recycled to the income statement. The fair value of those hedging instruments of long-term financing is included in assets under \u201cNon-current financial assets\u201d or in liabilities under \u201cNon-current financial debt\u201d for the non-current portion. The current portion (less than one year) is accounted for in \u201cCurrent financial assets\u201d or \u201cOther current financial liabilities\u201d. If the hedging instrument expires, is sold or terminated by anticipation, gains or losses previously recognized in equity remain in equity. Amounts are recycled to the income statement only when the hedged transaction affects profit or loss. 3.In compliance with IFRS 9, TotalEnergies has decided to recognize in a separate component of the comprehensive income the variation of foreign currency basis spread (Cross Currency Swaps) identified in the hedging relationships qualified as fair value hedges and cash flow hedges. Foreign subsidiaries\u2019 equity hedge Certain financial instruments hedge against risks related to the equity of foreign subsidiaries whose functional currency is not the euro (mainly the dollar). These instruments qualify as \u201cnet investment hedges\u201d and changes in fair value are recorded in other comprehensive income under \u201cCurrency translation\u201d for the effective portion of the hedging and in the income statement for the ineffective portion of the hedging. Gains or losses on hedging instruments previously recorded in equity, are reclassified to the income statement in the same period as the total or partial disposal of the foreign activity. The fair value of these instruments is recorded under \u201cCurrent financial assets\u201d and \u201dOther current financial liabilities\u201d Commitments to purchase shares held by non-controlling interests (put options written on minority interests) Put options granted to non-controlling-interest shareholders are initially recognized as financial liabilities at the present value of the exercise price of the options with a corresponding reduction in shareholders\u2019 equity \u2013 TotalEnergies share. The financial liability is subsequently measured at fair value at each balance sheet date in accordance with contractual clauses and any variation is recorded in the income statement (cost of debt). | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
A)Impact on the income statement per nature of financial instruments
Assets and liabilities from financing activities
The impact on the income statement of financing assets and liabilities mainly includes:
\u2013Financial income on cash, cash equivalents, and current financial assets (notably current deposits beyond three months) classified as \u201cLoans and receivables\u201d;
\u2013Financial expense of long-term subsidiaries financing, associated hedging instruments (excluding ineffective portion of the hedge detailed below) and financial expense of short-term financing classified as \u201cFinancing liabilities and associated hedging instruments\u201d;
\u2013Ineffective portion of bond hedging;
\u2013Financial income and financial expense on lease contracts and;
\u2013Financial income, financial expense and fair value of derivative instruments used for cash management purposes classified as \u201cAssets and liabilities held for trading\u201d.
Financial derivative instruments used for cash management purposes (interest rate and foreign exchange) are considered to be held for trading. Based on practical documentation issues, TotalEnergies did not elect to set up hedge accounting for such instruments. The impact on income statement of the derivatives is offset by the impact of loans and current liabilities they are related to. Therefore these transactions taken as a whole do not have a significant impact on the Consolidated Financial Statements.
| \n For the year ended December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Loans and receivables | \n\n 562 | \n\n 188 | \n\n 154 | \n
| \n Financing liabilities and associated hedging instruments | \n\n (1,812) | \n\n (1,373) | \n\n (1,660) | \n
| \n Fair value hedge (ineffective portion) | \n\n (5) | \n\n (10) | \n\n 12 | \n
| \n Lease assets and obligations | \n\n (458) | \n\n (413) | \n\n (422) | \n
| \n Assets and liabilities held for trading | \n\n 470 | \n\n 83 | \n\n (194) | \n
| \n Impact on the cost of net debt | \n\n (1,243) | \n\n (1,525) | \n\n (2,110) | \n
B)Impact of the hedging strategies
Fair value hedge instruments
The impact on the income statement of the bond hedging instruments which is recorded in the item \u201cFinancial interest on debt\u201d in the Consolidated Statement of Income is detailed as follows:
| \n For the year ended December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Revaluation impact at market value of bonds | \n\n 3,817 | \n\n 3,199 | \n\n (4,004) | \n
| \n Swaps hedging bonds | \n\n (3,822) | \n\n (3,209) | \n\n 4,016 | \n
| \n Ineffective portion of the fair value hedge | \n\n (5) | \n\n (10) | \n\n 12 | \n
The ineffective portion is not representative of TotalEnergies' performance considering its objective to hold swaps to maturity. The current portion of the swaps valuation is not subject to active management.
Net investment hedge
As of December 31, 2022, 2021 and 2020 TotalEnergies had no open forward contracts held in respect of net investment hedge strategies.
Cash flow hedge
The impact on the income statement and other comprehensive income of the bonds hedging instruments qualified as cash flow hedges is detailed as follows:
| \n For the year ended December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Profit (Loss) recorded in other comprehensive income of the period | \n\n 72 | \n\n (167) | \n\n (327) | \n
| \n Recycled amount from other comprehensive income to the income statement of the period | \n\n (55) | \n\n (113) | \n\n 139 | \n
As of December 31, 2022, 2021 and 2020, the ineffective portion of these financial instruments is nil.
Hedging instruments and hedged items by strategy
Fair Value Hedge
The following charts regarding Fair Value Hedge, disclose by nature of hedging instruments (Interest Rate Swaps and Cross Currency Swaps):
\u2013The nominal amounts and carrying amounts of hedging instruments;
\u2013The carrying amounts of hedged items and cumulative FVH adjustments included in the carrying amounts of the hedged items;
\u2013The hedged items that have ceased to be adjusted for hedging gains and losses.
| \n For the year ended | \n\n Hedging instruments | \n\n Nominal amount of hedging instruments | \n\n Carrying amount of hedging instruments | \n\n \n | \n\n Carrying amount of hedged items | \n\n \n | \n\n Cumulative FVH adjustments included | \n\n Line items in the | \n|||
| \n Hedged items | \n\n Assets | \n\n Liabilities | \n\n \n | \n\n Assets | \n\n Liabilities | \n\n \n | \n\n Assets | \n\n Liabilities | \n|||
| \n Bonds | \n\n Interest Rate Swaps | \n\n 5,000 | \n\n \u2013 | \n\n (151) | \n\n \n | \n\n \u2013 | \n\n (4,892) | \n\n \n | \n\n \u2013 | \n\n 108 | \n\n Financial debt / Financial assets | \n
| \n Bonds | \n\n Cross Currency Swaps | \n\n 7,029 | \n\n \u2013 | \n\n (1,124) | \n\n \n | \n\n \u2013 | \n\n (5,982) | \n\n \n | \n\n \u2013 | \n\n 1,047 | \n\n Financial debt / Financial assets | \n
| \n End of hedging | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n (8) | \n\n \n | \n
| \n For the year ended | \n\n Hedging instruments | \n\n Nominal amount of hedging instruments | \n\n Carrying amount of hedging instruments | \n\n \n | \n\n Carrying amount of hedged items | \n\n \n | \n\n Cumulative FVH adjustments included | \n\n Line items in the | \n|||
| \n Hedged items | \n\n Assets | \n\n Liabilities | \n\n \n | \n\n Assets | \n\n Liabilities | \n\n \n | \n\n Assets | \n\n Liabilities | \n|||
| \n Bonds | \n\n Interest Rate Swaps | \n\n 6,767 | \n\n 303 | \n\n (36) | \n\n \n | \n\n \u2013 | \n\n (7,037) | \n\n \n | \n\n \u2013 | \n\n (837) | \n\n Financial debt / Financial assets | \n
| \n Bonds | \n\n Cross Currency Swaps | \n\n 9,566 | \n\n 154 | \n\n (382) | \n\n \n | \n\n \u2013 | \n\n (8,865) | \n\n \n | \n\n \u2013 | \n\n 701 | \n\n Financial debt / Financial assets | \n
| \n End of hedging | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n (27) | \n\n \n | \n
| \n For the year ended | \n\n Hedging instruments | \n\n Nominal amount of hedging instruments | \n\n Carrying amount of hedging instruments | \n\n \n | \n\n Carrying amount of hedged items | \n\n \n | \n\n Cumulative FVH adjustments included | \n\n Line items in the | \n|||
| \n Hedged items | \n\n Assets | \n\n Liabilities | \n\n \n | \n\n Assets | \n\n Liabilities | \n\n \n | \n\n Assets | \n\n Liabilities | \n|||
| \n Bonds | \n\n Interest Rate Swaps | \n\n 8,063 | \n\n 527 | \n\n (15) | \n\n \n | \n\n \u2013 | \n\n (8,586) | \n\n \n | \n\n \u2013 | \n\n (1,136) | \n\n Financial debt / Financial assets | \n
| \n Bonds | \n\n Cross Currency Swaps | \n\n 11,011 | \n\n 836 | \n\n (211) | \n\n \n | \n\n \u2013 | \n\n (11,109) | \n\n \n | \n\n \u2013 | \n\n (98) | \n\n Financial debt / Financial assets | \n
| \n End of hedging | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n (47) | \n\n \n | \n
Cash Flow Hedge
The following charts regarding Cash Flow Hedge disclose the nominal amounts and carrying amounts by nature of hedging instruments (Interest Rate Swaps and Cross Currency Swaps).
According to IFRS 9, there is no accounting entry related to Cash Flow Hedge on hedged items.
| \n For the year ended | \n\n Nature of hedging instruments | \n\n Nominal amount of | \n\n Carrying amount of hedging instruments | \n\n Line items in the statement of financial position | \n|
| \n Assets | \n\n Liabilities | \n||||
| \n Bonds | \n\n Interest Rate Swaps | \n\n 12,782 | \n\n 815 | \n\n (2) | \n\n Financial debt / Financial assets | \n
| \n Bonds | \n\n Cross Currency swaps | \n\n 17,511 | \n\n \u2013 | \n\n (2,731) | \n\n Financial debt / Financial assets | \n
| \n For the year ended | \n\n Nature of hedging instruments | \n\n Nominal amount of | \n\n Carrying amount of hedging instruments | \n\n Line items in the statement of financial position | \n|
| \n Assets | \n\n Liabilities | \n||||
| \n Bonds | \n\n Interest Rate Swaps | \n\n 12,782 | \n\n \u2013 | \n\n (736) | \n\n Financial debt / Financial assets | \n
| \n Bonds | \n\n Cross Currency swaps | \n\n 17,511 | \n\n 372 | \n\n (660) | \n\n Financial debt / Financial assets | \n
| \n For the year ended | \n\n Nature of hedging instruments | \n\n Nominal amount of | \n\n Carrying amount of hedging instruments | \n\n Line items in the statement of financial position | \n|
| \n Assets | \n\n Liabilities | \n||||
| \n Bonds | \n\n Interest Rate Swaps | \n\n 12,781 | \n\n \u2013 | \n\n (1,441) | \n\n Financial debt / Financial assets | \n
| \n Bonds | \n\n Cross Currency swaps | \n\n 17,511 | \n\n 1,856 | \n\n (32) | \n\n Financial debt / Financial assets | \n
C)Maturity of derivative instruments
The maturity of the notional amounts of derivative instruments, excluding the commodity contracts, is detailed in the following table:
| \n For the year ended December 31, 2022 (M$)
| \n\n Fair value | \n\n Notional value 2023 | \n\n Fair value | \n\n Notional value schedule | \n|||||
| \n 2024 | \n\n 2024 | \n\n 2025 | \n\n 2026 | \n\n 2027 | \n\n 2028 | \n||||
| \n Fair value hedge | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (assets) | \n\n \u2013 | \n\n 1,000 | \n\n \u2013 | \n\n \u2013 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (liabilities) | \n\n (260) | \n\n 2,858 | \n\n (1,015) | \n\n 8,171 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total swaps hedging bonds - | \n\n (260) | \n\n 3,858 | \n\n (1,015) | \n\n 8,171 | \n\n 2,087 | \n\n 1,630 | \n\n 202 | \n\n 820 | \n\n 3,432 | \n
| \n Cash flow hedge | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (assets) | \n\n 2 | \n\n 250 | \n\n 813 | \n\n 11,782 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (liabilities) | \n\n (2) | \n\n 750 | \n\n (2,731) | \n\n 17,511 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total swaps hedging bonds - | \n\n \u2013 | \n\n 1,000 | \n\n (1,918) | \n\n 29,293 | \n\n 3,659 | \n\n 4,459 | \n\n 4,069 | \n\n 2,071 | \n\n 15,035 | \n
| \n Forward exchange contracts related to operating activities (assets) | \n\n 4 | \n\n 70 | \n\n 3 | \n\n 91 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Forward exchange contracts related to operating activities (liabilities) | \n\n (19) | \n\n 187 | \n\n (19) | \n\n 433 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total forward exchange contracts related to operating activities | \n\n (15) | \n\n 257 | \n\n (16) | \n\n 524 | \n\n 524 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Held for trading | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Other interest rate swaps (assets) | \n\n 154 | \n\n 14,955 | \n\n 447 | \n\n 7,470 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Other interest rate swaps (liabilities) | \n\n (94) | \n\n 13,236 | \n\n (226) | \n\n 4,128 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total other interest rate swaps | \n\n 60 | \n\n 28,191 | \n\n 221 | \n\n 11,598 | \n\n 5,233 | \n\n 3,716 | \n\n 1,174 | \n\n 1,022 | \n\n 453 | \n
| \n Currency swaps and forward exchange contracts (assets) | \n\n 55 | \n\n 7,076 | \n\n 44 | \n\n 1,289 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Currency swaps and forward exchange contracts (liabilities) | \n\n (110) | \n\n 15,964 | \n\n (57) | \n\n 839 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total currency swaps and forward exchange contracts | \n\n (55) | \n\n 23,040 | \n\n (13) | \n\n 2,128 | \n\n 391 | \n\n 1,737 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
Notional amounts set the levels of commitment and are indicative nor of a contingent gain or loss neither of a related debt.
| \n For the year ended December 31, 2021 (M$)
| \n\n Fair value | \n\n Notional value 2022 | \n\n Fair value | \n\n Notional value schedule | \n|||||
| \n 2023 | \n\n 2023 | \n\n 2024 | \n\n 2025 | \n\n 2026 | \n\n 2027 | \n||||
| \n Fair value hedge | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (assets) | \n\n 42 | \n\n 566 | \n\n 415 | \n\n 9,659 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (liabilities) | \n\n (316) | \n\n 3,737 | \n\n (102) | \n\n 2,371 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total swaps hedging bonds - | \n\n (274) | \n\n 4,303 | \n\n 313 | \n\n 12,030 | \n\n 3,858 | \n\n 2,087 | \n\n 1,630 | \n\n 202 | \n\n 4,253 | \n
| \n Cash flow hedge | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (assets) | \n\n \u2013 | \n\n \u2013 | \n\n 372 | \n\n 7,149 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (liabilities) | \n\n \u2013 | \n\n \u2013 | \n\n (1,396) | \n\n 23,144 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total swaps hedging bonds - | \n\n \u2013 | \n\n \u2013 | \n\n (1,024) | \n\n 30,293 | \n\n 1,000 | \n\n 3,659 | \n\n 4,459 | \n\n 4,068 | \n\n 17,107 | \n
| \n Forward exchange contracts related to operating activities (assets) | \n\n \u2013 | \n\n 36 | \n\n \u2013 | \n\n \u2013 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Forward exchange contracts related to operating activities (liabilities) | \n\n (8) | \n\n 283 | \n\n (14) | \n\n 366 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total forward exchange contracts related to operating activities | \n\n (8) | \n\n 319 | \n\n (14) | \n\n 366 | \n\n 171 | \n\n 195 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Held for trading | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Other interest rate swaps (assets) | \n\n 13 | \n\n 20,876 | \n\n 78 | \n\n 5,170 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Other interest rate swaps (liabilities) | \n\n (19) | \n\n 6,470 | \n\n (41) | \n\n 2,561 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total other interest rate swaps | \n\n (6) | \n\n 27,346 | \n\n 37 | \n\n 7,731 | \n\n 1,708 | \n\n 2,856 | \n\n 2,111 | \n\n 751 | \n\n 305 | \n
| \n Currency swaps and forward exchange contracts (assets) | \n\n 65 | \n\n 9,769 | \n\n 17 | \n\n 367 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Currency swaps and forward exchange contracts (liabilities) | \n\n (37) | \n\n 5,065 | \n\n \u2013 | \n\n (16) | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total currency swaps and forward exchange contracts | \n\n 28 | \n\n 14,834 | \n\n 17 | \n\n 351 | \n\n 265 | \n\n 86 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
Notional amounts set the levels of commitment and are indicative nor of a contingent gain or loss neither of a related debt.
| \n For the year ended December 31, 2020 (M$)
| \n\n Fair value | \n\n Notional value 2021 | \n\n Fair value | \n\n Notional value schedule | \n|||||
| \n 2022 | \n\n 2022 | \n\n 2023 | \n\n 2024 | \n\n 2025 | \n\n 2026 | \n||||
| \n Fair value hedge | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (assets) | \n\n 18 | \n\n 1,250 | \n\n 1,365 | \n\n 12,642 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (liabilities) | \n\n (104) | \n\n 1,445 | \n\n (142) | \n\n 3,737 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total swaps hedging bonds - | \n\n (86) | \n\n 2,695 | \n\n 1,223 | \n\n 16,379 | \n\n 4,350 | \n\n 3,858 | \n\n 2,087 | \n\n 1,630 | \n\n 4,454 | \n
| \n Cash flow hedge | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (assets) | \n\n \u2013 | \n\n \u2013 | \n\n 1,856 | \n\n 16,259 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (liabilities) | \n\n \u2013 | \n\n \u2013 | \n\n (1,473) | \n\n 14,033 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total swaps hedging bonds - | \n\n \u2013 | \n\n \u2013 | \n\n 383 | \n\n 30,292 | \n\n \u2013 | \n\n 1,000 | \n\n 3,659 | \n\n 4,459 | \n\n 21,174 | \n
| \n Forward exchange contracts related to operating activities (assets) | \n\n 16 | \n\n 262 | \n\n 20 | \n\n 394 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Forward exchange contracts related to operating activities (liabilities) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total forward exchange contracts related to operating activities | \n\n 16 | \n\n 262 | \n\n 20 | \n\n 394 | \n\n 276 | \n\n 118 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Held for trading | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Other interest rate swaps (assets) | \n\n 10 | \n\n 22,011 | \n\n 84 | \n\n 3,214 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Other interest rate swaps (liabilities) | \n\n (51) | \n\n 7,693 | \n\n (116) | \n\n 3,695 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total other interest rate swaps | \n\n (41) | \n\n 29,704 | \n\n (32) | \n\n 6,909 | \n\n 2,067 | \n\n 764 | \n\n 2,004 | \n\n 1,937 | \n\n 137 | \n
| \n Currency swaps and forward exchange contracts (assets) | \n\n 39 | \n\n 3,323 | \n\n 5 | \n\n 344 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Currency swaps and forward exchange contracts (liabilities) | \n\n (48) | \n\n 2,580 | \n\n (2) | \n\n 54 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total currency swaps and forward exchange contracts | \n\n (9) | \n\n 5,903 | \n\n 3 | \n\n 398 | \n\n 189 | \n\n 145 | \n\n 64 | \n\n \u2013 | \n\n \u2013 | \n
Notional amounts set the levels of commitment and are indicative nor of a contingent gain or loss neither of a related debt.
D)Fair value hierarchy
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n According to IFRS 13, fair values are estimated for the majority of TotalEnergies\u2019 financial instruments, with the exception of publicly traded equity securities and marketable securities for which the market price is used. Estimations of fair value, which are based on principles such as discounting future cash flows to present value, must be weighted by the fact that the value of a financial instrument at a given time may be influenced by the market environment (liquidity especially), and also the fact that subsequent changes in interest rates and exchange rates are not taken into account. As a consequence, the use of different estimates, methodologies and assumptions could have a material effect on the estimated fair value amounts. | \n\n \n | \n\n The methods used are as follows: Financial debts, swaps The market value of swaps and of bonds that are hedged by those swaps has been determined on an individual basis by discounting future cash flows with the market curves existing at year-end. Other financial instruments The fair value of interest rate swaps and of FRA's (Forward Rate Agreements) is calculated by discounting future cash flows on the basis of market curves existing at year-end after adjustment for interest accrued but unpaid. Forward exchange contracts and currency swaps are valued on the basis of a comparison of the negotiated forward rates with the rates in effect on the financial markets at year-end for similar maturities. Exchange options are valued based on models commonly used by the market. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
The fair value hierarchy for financial instruments, excluding commodity contracts, is as follows:
| \n As of December 31, 2022 (M$) | \n\n Quoted prices | \n\n Prices based on observable data (level 2) | \n\n Prices based on non observable data (level 3) | \n\n Total | \n
| \n Fair value hedge instruments | \n\n \u2013 | \n\n (1,275) | \n\n \u2013 | \n\n (1,275) | \n
| \n Cash flow hedge instruments | \n\n \u2013 | \n\n (1,950) | \n\n \u2013 | \n\n (1,950) | \n
| \n Assets and liabilities held for trading | \n\n \u2013 | \n\n 214 | \n\n \u2013 | \n\n 214 | \n
| \n Equity instruments | \n\n 33 | \n\n \u2013 | \n\n \u2013 | \n\n 33 | \n
| \n Total | \n\n 33 | \n\n (3,011) | \n\n \u2013 | \n\n (2,978) | \n
| \n As of December 31, 2021 (M$) | \n\n Quoted prices | \n\n Prices based on observable data (level 2) | \n\n Prices based on non observable data (level 3) | \n\n Total | \n
| \n Fair value hedge instruments | \n\n \u2013 | \n\n 39 | \n\n \u2013 | \n\n 39 | \n
| \n Cash flow hedge instruments | \n\n \u2013 | \n\n (1,052) | \n\n \u2013 | \n\n (1,052) | \n
| \n Assets and liabilities held for trading | \n\n \u2013 | \n\n 82 | \n\n \u2013 | \n\n 82 | \n
| \n Equity instruments | \n\n 501 | \n\n \u2013 | \n\n \u2013 | \n\n 501 | \n
| \n Total | \n\n 501 | \n\n (931) | \n\n \u2013 | \n\n (430) | \n
| \n As of December 31, 2020 (M$) | \n\n Quoted prices | \n\n Prices based on observable data (level 2) | \n\n Prices based on non observable data (level 3) | \n\n Total | \n
| \n Fair value hedge instruments | \n\n \u2013 | \n\n 1,137 | \n\n \u2013 | \n\n 1,137 | \n
| \n Cash flow hedge instruments | \n\n \u2013 | \n\n 408 | \n\n \u2013 | \n\n 408 | \n
| \n Assets and liabilities held for trading | \n\n \u2013 | \n\n (68) | \n\n \u2013 | \n\n (68) | \n
| \n Equity instruments | \n\n 706 | \n\n \u2013 | \n\n \u2013 | \n\n 706 | \n
| \n Total | \n\n 706 | \n\n 1,477 | \n\n \u2013 | \n\n 2,183 | \n
15.3Financial risks management
Financial markets related risks
As part of its financing and cash management activities, TotalEnergies uses derivative instruments to manage its exposure to changes in interest rates and foreign exchange rates. These instruments are mainly interest rate and currency swaps. TotalEnergies may also occasionally use futures contracts and options. These operations and their accounting treatment are detailed in Notes 14, 15.1 and 15.2 to the Consolidated Financial Statements.
Risks relative to cash management operations and to interest rate and foreign exchange financial instruments are managed according to rules set by TotalEnergies\u2019 General Management, which provide for regular pooling of available cash balances, open positions and management of the financial instruments by the Treasury Department. Excess cash of TotalEnergies is deposited mainly in government institutions, deposit banks, or major companies through deposits, reverse repurchase agreements and purchase of commercial paper. Liquidity positions and the management of financial instruments are centralized by the Treasury Department, where they are managed by a team specialized in foreign exchange and interest rate market transactions.
The Cash Monitoring-Management Unit within the Treasury Department monitors limits and positions per bank on a daily basis and results of the Front Office. This unit also prepares marked-to-market valuations of used financial instruments and, when necessary, performs sensitivity analyses.
Counterparty risk
TotalEnergies has established standards for market transactions under which any banking counterparty must be approved in advance, based on an assessment of the counterparty\u2019s financial solidity (multi-criteria analysis including notably a review of its Credit Default Swap (CDS) level, credit ratings from Standard & Poor\u2019s and Moody\u2019s, which must be of high standing, and general financial situation).
An overall credit limit is set for each authorised financial counterparty and is allocated amongst the affiliates and TotalEnergies\u2019 central treasury entities, according to TotalEnergies\u2019 financial needs.
To reduce the market valuation risk on its commitments, in particular relating to derivative instruments, the Treasury Department has entered into margin call agreements with its counterparties, in compliance with applicable regulations. Moreover, since December 21, 2018 any new interest rate hedging swap (excluding cross currency swaps) entered into by a TotalEnergies\u2019 entity, and falling under the clearing obligation in accordance with EU regulations 648/2012 and 2019/834 on OTC derivatives, central counterparties and trade repositories (EMIR and EMIR Refit respectively), is now subject to central clearing.\u00a0
Since September 1, 2021, TotalEnergies applies the delegated Regulation (EU) No. 2016/2251 (supplementing Regulation (EU) No 648/2012), regarding initial margin calls on certain OTC derivative contracts not cleared by central counterparty.
Reform of benchmarks risk
The transition to IBOR indices did not have a significant impact on the financial instruments managed by the Treasury Department of TotalEnergies. The main LIBOR Dollar maturities such as the 3 month USD LIBOR will continue to be published until the end of June 2023 and will then be replaced by the SOFR. Furthermore, in Europe, the Eonia rate ceased to be published on January 3, 2022 and was replaced by the ESTR rate. TotalEnergies is proactively managing these regulatory changes.
Short-term interest rate exposure and cash
Cash balances, primarily composed of euros and dollars, are managed according to the guidelines established by TotalEnergies\u2019 General Management (to maintain an adequate level of liquidity, optimize revenue from investments considering existing interest rate yield curves, and minimize the cost of borrowing) based on a daily interest rate benchmark, primarily through short-term interest rate swaps and short-term currency swaps.
Interest rate risk on non-current debt
TotalEnergies\u2019 policy consists in incurring long-term debt at a floating or fixed rate, depending on TotalEnergies\u2019 general corporate needs and the interest rate environment at the time of issuance, mainly in dollars or euros. Long-term interest rate and currency swaps may be entered into for the purpose of hedging bonds at the time of issuance, synthetically resulting in the incurrence of variable or fixed rate debt. In order to partially alter the interest rate exposure of its long-term indebtedness, TotalEnergies may also enter into long-term interest rate swaps on an ad-hoc basis.
Currency exposure
TotalEnergies generally seeks to minimize the currency exposure of each entity to its functional currency (primarily the dollar, the euro, the pound sterling and the Norwegian krone).
For currency exposure generated by commercial activity, the hedging of revenues and costs in foreign currencies is typically performed using currency operations on the spot market and, in some cases, on the forward market. TotalEnergies rarely hedges future cash flows, although it may use options to do so.
With respect to currency exposure linked to non-current assets, TotalEnergies has a hedging policy of financing these assets in their functional currency.
Net short-term currency exposure is periodically monitored against limits set by TotalEnergies\u2019 General Management.
The non-current debt described in Note 15.1 to the Consolidated Financial Statements is generally raised by the corporate treasury entities either directly in dollars or in euros, or in other currencies which are then exchanged for dollars or euros through swap issuances to appropriately match general corporate needs. The proceeds from these debt issuances are loaned to affiliates whose accounts are kept in dollars or in euros. Thus, the net sensitivity of these positions to currency exposure is not significant.
TotalEnergies\u2019 short-term currency swaps, the notional value of which appears in Note 15.2 to the Consolidated Financial Statements, are used to attempt to optimize the centralized cash management of TotalEnergies. Thus, the sensitivity to currency fluctuations which may be induced is likewise considered negligible.
Sensitivity analysis on interest rate and foreign exchange risk
The tables below present the potential impact of an increase or decrease of 10 basis points on the interest rate yield curves for each of the currencies on the fair value of the current financial instruments as of December\u00a031, 2022, 2021 and 2020.
| \n Assets/(Liabilities) (M$) | \n\n Carrying | \n\n Estimated | \n\n Change in fair value due to a change in interest rate by | \n|
| \n + 10 basis | \n\n - 10 basis | \n|||
| \n As of December 31, 2022 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Bonds (non-current portion, before swaps) | \n\n (32,184) | \n\n (30,391) | \n\n 210 | \n\n (210) | \n
| \n Swaps hedging bonds (liabilities) | \n\n (3,746) | \n\n (3,746) | \n\n \u2013 | \n\n \u2013 | \n
| \n Swaps hedging bonds (assets) | \n\n 813 | \n\n 813 | \n\n \u2013 | \n\n \u2013 | \n
| \n Total swaps hedging bonds (assets and liabilities) | \n\n (2,933) | \n\n (2,933) | \n\n (9) | \n\n 9 | \n
| \n Current portion of non-current debt after swaps (excluding lease obligations) | \n\n (5,328) | \n\n (5,344) | \n\n 3 | \n\n (3) | \n
| \n Other interest rates swaps | \n\n 281 | \n\n 281 | \n\n 10 | \n\n (10) | \n
| \n Currency swaps and forward exchange contracts | \n\n (68) | \n\n (68) | \n\n \u2013 | \n\n \u2013 | \n
| \n As of December 31, 2021 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Bonds (non-current portion, before swaps) | \n\n (39,256) | \n\n (42,888) | \n\n 349 | \n\n (349) | \n
| \n Swaps hedging bonds (liabilities) | \n\n (1,498) | \n\n (1,498) | \n\n \u2013 | \n\n \u2013 | \n
| \n Swaps hedging bonds (assets) | \n\n 787 | \n\n 787 | \n\n \u2013 | \n\n \u2013 | \n
| \n Total swaps hedging bonds (assets and liabilities) | \n\n (711) | \n\n (711) | \n\n (34) | \n\n 34 | \n
| \n Current portion of non-current debt after swaps (excluding lease obligations) | \n\n (5,073) | \n\n (5,077) | \n\n 5 | \n\n (5) | \n
| \n Other interest rates swaps | \n\n 31 | \n\n 31 | \n\n 16 | \n\n (16) | \n
| \n Currency swaps and forward exchange contracts | \n\n 45 | \n\n 45 | \n\n \u2013 | \n\n \u2013 | \n
| \n As of December 31, 2020 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Bonds (non-current portion, before swaps) | \n\n (46,239) | \n\n (52,246) | \n\n 440 | \n\n (440) | \n
| \n Swaps hedging bonds (liabilities) | \n\n (1,615) | \n\n (1,615) | \n\n \u2013 | \n\n \u2013 | \n
| \n Swaps hedging bonds (assets) | \n\n 3,221 | \n\n 3,221 | \n\n \u2013 | \n\n \u2013 | \n
| \n Total swaps hedging bonds (assets and liabilities) | \n\n 1,606 | \n\n 1,606 | \n\n (70) | \n\n 70 | \n
| \n Current portion of non-current debt after swaps (excluding lease obligations) | \n\n (4,674) | \n\n (4,696) | \n\n 2 | \n\n (2) | \n
| \n Other interest rates swaps | \n\n (73) | \n\n (73) | \n\n 18 | \n\n (18) | \n
| \n Currency swaps and forward exchange contracts | \n\n (6) | \n\n (6) | \n\n \u2013 | \n\n \u2013 | \n
The impact of changes in interest rates on the cost of debt before tax is as follows:
| \n For the year ended December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Cost of net debt | \n\n (1,243) | \n\n (1,525) | \n\n (2,110) | \n
| \n Interest rate translation of : | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n + 10 basis points | \n\n 18 | \n\n 47 | \n\n 29 | \n
| \n - 10 basis points | \n\n (18) | \n\n (47) | \n\n (29) | \n
As a result of the policy for the management of currency exposure previously described, TotalEnergies\u2019 sensitivity to currency exposure is primarily influenced by the net equity of the subsidiaries whose functional currency is the euro and to a lesser extent, the pound sterling and the Norwegian krone.
This sensitivity is reflected in the historical evolution of the currency translation adjustment recorded in the statement of changes in consolidated shareholders\u2019 equity which, over the course of the last three years, is essentially related to the fluctuation of the euro, the ruble and the pound sterling and is set forth in the table below:
| \n \n | \n\n Dollar/Euro | \n\n Dollar/Pound sterling | \n\n Dollar/Ruble | \n
| \n December 31, 2022 | \n\n 0.94 | \n\n 0.83 | \n\n 74.01 | \n
| \n December 31, 2021 | \n\n 0.88 | \n\n 0.74 | \n\n 75.31 | \n
| \n December 31, 2020 | \n\n 0.81 | \n\n 0.73 | \n\n 74.54 | \n
| \n As of December 31, 2022 (M$) | \n\n Total | \n\n Euro | \n\n Dollar | \n\n Pound sterling | \n\n Ruble | \n\n Other currencies | \n
| \n Shareholders' equity at historical exchange rate | \n\n 124,560 | \n\n 15,835 | \n\n 88,902 | \n\n 6,258 | \n\n 45 | \n\n 13,520 | \n
| \n Currency translation adjustment before net investment hedge | \n\n (12,831) | \n\n (7,170) | \n\n \u2013 | \n\n (2,463) | \n\n (30) | \n\n (3,168) | \n
| \n Net investment hedge - open instruments | \n\n (5) | \n\n (5) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Shareholders' equity at exchange rate as of December 31, 2022 | \n\n 111,724 | \n\n 8,660 | \n\n 88,902 | \n\n 3,795 | \n\n 15 | \n\n 10,352 | \n
| \n As of December 31, 2021 (M$) | \n\n Total | \n\n Euro | \n\n Dollar | \n\n Pound sterling | \n\n Ruble | \n\n Other currencies | \n
| \n Shareholders' equity at historical exchange rate | \n\n 124,407 | \n\n 24,617 | \n\n 70,030 | \n\n 6,064 | \n\n 10,596 | \n\n 13,100 | \n
| \n Currency translation adjustment before net investment hedge | \n\n (12,666) | \n\n (4,239) | \n\n \u2013 | \n\n (1,902) | \n\n (4,281) | \n\n (2,244) | \n
| \n Net investment hedge - open instruments | \n\n (5) | \n\n (5) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Shareholders' equity at exchange rate as of December 31, 2021 | \n\n 111,736 | \n\n 20,373 | \n\n 70,030 | \n\n 4,162 | \n\n 6,315 | \n\n 10,856 | \n
| \n As of December 31, 2020 (M$) | \n\n Total | \n\n Euro | \n\n Dollar | \n\n Pound sterling | \n\n Ruble | \n\n Other currencies | \n
| \n Shareholders' equity at historical exchange rate | \n\n 113,958 | \n\n 28,893 | \n\n 60,613 | \n\n 4,494 | \n\n 9,913 | \n\n 10,045 | \n
| \n Currency translation adjustment before net investment hedge | \n\n (10,279) | \n\n (2,448) | \n\n \u2013 | \n\n (1,726) | \n\n (4,253) | \n\n (1,852) | \n
| \n Net investment hedge - open instruments | \n\n 23 | \n\n 23 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Shareholders' equity at exchange rate as of December 31, 2020 | \n\n 103,702 | \n\n 26,468 | \n\n 60,613 | \n\n 2,768 | \n\n 5,660 | \n\n 8,193 | \n
Based on the 2022 financial statements, a conversion using rates different from + or - 10% for each of the currencies below would have the following impact on shareholders equity and net income (TotalEnergies share):
| \n As of December 31, 2022 (M$) | \n\n Euro | \n\n Pound sterling | \n\n Ruble | \n
| \n Impact of an increase of 10% of exchange rates on : | \n\n \n | \n\n \n | \n\n \n | \n
| \n \u2013shareholders equity | \n\n 866 | \n\n 380 | \n\n 2 | \n
| \n \u2013net income (TotalEnergies share) | \n\n (150) | \n\n 275 | \n\n (581) | \n
| \n Impact of a decrease of (10)% of exchange rates on : | \n\n \n | \n\n \n | \n\n \n | \n
| \n \u2013shareholders equity | \n\n (866) | \n\n (380) | \n\n (2) | \n
| \n \u2013net income (TotalEnergies share) | \n\n 150 | \n\n (275) | \n\n 581 | \n
Stock market risk
TotalEnergies holds interests in a number of publicly-traded companies (see Note 8 to the Consolidated Financial Statements). The market value of these holdings fluctuates due to various factors, including stock market trends, valuations of the sectors in which the companies operate, and the economic and financial condition of each individual company.
Liquidity risk
TotalEnergies SE has committed credit facilities granted by international banks allowing it to benefit from significant liquidity reserves.
As of December 31, 2022, these credit facilities amounted to $17,527 million and were entirely unutilized. The agreements underpinning credit facilities granted to TotalEnergies SE do not contain conditions related to TotalEnergies\u2019 financial ratios, to its credit ratings from specialized agencies, or to the occurrence of events that could have a material adverse effect on its financial position.
As of December 31, 2022, the aggregated amount of the main committed credit facilities granted by international banks to the TotalEnergies\u2019 companies, including TotalEnergies SE, was $18,963 million, of which $18,510 million were unutilized. In addition, the $8 billion undrawn credit line as of December, 31, 2022, put in place in March 2022, has not been extended and will therefore end in March 2023.
Credit facilities granted to the TotalEnergies\u2019 companies other than TotalEnergies SE are not intended to fund TotalEnergies\u2019 general corporate purposes; they are intended to fund either general corporate purposes of the borrowing affiliate, or a specific project.
The following tables show the maturity of the financial assets and liabilities of TotalEnergies as of December\u00a031, 2022, 2021 and 2020 (see Note\u00a015.1\u00a0to the Consolidated Financial Statements).
| \n As of December 31, 2022 (M$)
| \n\n Less than one year | \n\n 1-2 years | \n\n 2-3 years | \n\n 3-4 years | \n\n 4-5 years | \n\n More than 5 years | \n\n Total | \n
| \n Non-current financial debt (notional value excluding interests) | \n\n \u2013 | \n\n (6,719) | \n\n (4,527) | \n\n (3,356) | \n\n (3,503) | \n\n (25,856) | \n\n (43,961) | \n
| \n Non-current financial assets excluding derivative financial instruments | \n\n \u2013 | \n\n 367 | \n\n 85 | \n\n 85 | \n\n 85 | \n\n 806 | \n\n 1,428 | \n
| \n Current borrowings | \n\n (15,502) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (15,502) | \n
| \n Other current financial liabilities | \n\n (488) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (488) | \n
| \n Current financial assets | \n\n 8,746 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 8,746 | \n
| \n Assets and liabilities available for sale or exchange | \n\n 38 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 38 | \n
| \n Cash and cash equivalents | \n\n 33,026 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 33,026 | \n
| \n Net amount before financial expense | \n\n 25,820 | \n\n (6,352) | \n\n (4,442) | \n\n (3,271) | \n\n (3,418) | \n\n (25,050) | \n\n (16,713) | \n
| \n Financial expense on non-current financial debt | \n\n (662) | \n\n (583) | \n\n (515) | \n\n (449) | \n\n (416) | \n\n (4,611) | \n\n (7,236) | \n
| \n Interest differential on swaps | \n\n (431) | \n\n (312) | \n\n (264) | \n\n (272) | \n\n (221) | \n\n (761) | \n\n (2,261) | \n
| \n Net amount | \n\n 24,727 | \n\n (7,247) | \n\n (5,221) | \n\n (3,992) | \n\n (4,055) | \n\n (30,422) | \n\n (26,210) | \n
| \n As of December 31, 2021 (M$)
| \n\n Less than one year | \n\n 1-2 years | \n\n 2-3 years | \n\n 3-4 years | \n\n 4-5 years | \n\n More than 5 years | \n\n Total | \n
| \n Non-current financial debt (notional value excluding interests) | \n\n \u2013 | \n\n (6,073) | \n\n (6,328) | \n\n (4,420) | \n\n (3,314) | \n\n (28,495) | \n\n (48,630) | \n
| \n Non-current financial assets excluding derivative financial instruments | \n\n \u2013 | \n\n 41 | \n\n 41 | \n\n 38 | \n\n 37 | \n\n 1,365 | \n\n 1,522 | \n
| \n Current borrowings | \n\n (15,035) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (15,035) | \n
| \n Other current financial liabilities | \n\n (372) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (372) | \n
| \n Current financial assets | \n\n 12,315 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 12,315 | \n
| \n Assets and liabilities available for sale or exchange | \n\n 4 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 4 | \n
| \n Cash and cash equivalents | \n\n 21,342 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 21,342 | \n
| \n Net amount before financial expense | \n\n 18,254 | \n\n (6,032) | \n\n (6,287) | \n\n (4,382) | \n\n (3,277) | \n\n (27,130) | \n\n (28,854) | \n
| \n Financial expense on non-current financial debt | \n\n (821) | \n\n (786) | \n\n (664) | \n\n (576) | \n\n (506) | \n\n (5,197) | \n\n (8,550) | \n
| \n Interest differential on swaps | \n\n (217) | \n\n (235) | \n\n (232) | \n\n (229) | \n\n (221) | \n\n (836) | \n\n (1,970) | \n
| \n Net amount | \n\n 17,216 | \n\n (7,053) | \n\n (7,183) | \n\n (5,187) | \n\n (4,004) | \n\n (33,163) | \n\n (39,374) | \n
| \n As of December 31, 2020 (M$)
| \n\n Less than one year | \n\n 1-2 years | \n\n 2-3 years | \n\n 3-4 years | \n\n 4-5 years | \n\n More than 5 years | \n\n Total | \n
| \n Non-current financial debt (notional value excluding interests) | \n\n \u2013 | \n\n (9,849) | \n\n (5,762) | \n\n (5,990) | \n\n (4,321) | \n\n (30,951) | \n\n (56,873) | \n
| \n Non-current financial assets excluding derivative financial instruments | \n\n \u2013 | \n\n 59 | \n\n 42 | \n\n 45 | \n\n 46 | \n\n 1,259 | \n\n 1,451 | \n
| \n Current borrowings | \n\n (17,099) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (17,099) | \n
| \n Other current financial liabilities | \n\n (203) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (203) | \n
| \n Current financial assets | \n\n 4,630 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 4,630 | \n
| \n Assets and liabilities available for sale or exchange | \n\n (313) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (313) | \n
| \n Cash and cash equivalents | \n\n 31,268 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 31,268 | \n
| \n Net amount before financial expense | \n\n 18,283 | \n\n (9,790) | \n\n (5,720) | \n\n (5,945) | \n\n (4,275) | \n\n (29,692) | \n\n (37,139) | \n
| \n Financial expense on non-current financial debt | \n\n (930) | \n\n (888) | \n\n (825) | \n\n (696) | \n\n (603) | \n\n (5,833) | \n\n (9,775) | \n
| \n Interest differential on swaps | \n\n (163) | \n\n (149) | \n\n (158) | \n\n (173) | \n\n (196) | \n\n (930) | \n\n (1,769) | \n
| \n Net amount | \n\n 17,190 | \n\n (10,827) | \n\n (6,703) | \n\n (6,814) | \n\n (5,074) | \n\n (36,455) | \n\n (48,683) | \n
The following table sets forth financial assets and liabilities related to operating activities as of December 31, 2022, 2021 and 2020 (see Note 14 of the Notes to the Consolidated Financial Statements).
| \n As of December 31, (M$)
| \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Accounts payable | \n\n (41,346) | \n\n (36,837) | \n\n (23,574) | \n
| \n Other operating liabilities | \n\n (35,186) | \n\n (27,294) | \n\n (14,302) | \n
| \n including derivative financial instruments related to commodity contracts (liabilities) | \n\n (18,774) | \n\n (16,166) | \n\n (3,666) | \n
| \n Accounts receivable, net | \n\n 24,378 | \n\n 21,983 | \n\n 14,068 | \n
| \n Other operating receivables | \n\n 28,289 | \n\n 29,553 | \n\n 8,043 | \n
| \n including derivative financial instruments related to commodity contracts (assets) | \n\n 20,220 | \n\n 22,412 | \n\n 1,428 | \n
| \n Total | \n\n (23,865) | \n\n (12,595) | \n\n (15,765) | \n
These financial assets and liabilities mainly have a maturity date below one year.
Credit risk
Credit risk is defined as the risk of the counterparty to a contract failing to perform or pay the amounts due.
TotalEnergies is exposed to credit risks in its operating and financing activities. TotalEnergies' maximum exposure to credit risk is partially related to financial assets recorded on its balance sheet, including energy derivative instruments that have a positive market value.
The following table presents TotalEnergies' maximum credit risk exposure:
| \n As of December 31, (M$)
| \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Loans to equity affiliates (note 8) | \n\n 3,733 | \n\n 4,532 | \n\n 5,129 | \n
| \n Loans and advances (note 6) | \n\n 1,837 | \n\n 2,107 | \n\n 2,458 | \n
| \n Other non-current financial assets related to operational activities (note 6) | \n\n 250 | \n\n 312 | \n\n 287 | \n
| \n Non-current financial assets (note 15.1) | \n\n 2,731 | \n\n 2,404 | \n\n 4,781 | \n
| \n Accounts receivable (note 5) | \n\n 24,378 | \n\n 21,983 | \n\n 14,068 | \n
| \n Other operating receivables (note 5) | \n\n 28,289 | \n\n 29,553 | \n\n 8,043 | \n
| \n Current financial assets (note 15.1) | \n\n 8,746 | \n\n 12,315 | \n\n 4,630 | \n
| \n Cash and cash equivalents (note 15.1) | \n\n 33,026 | \n\n 21,342 | \n\n 31,268 | \n
| \n Total | \n\n 102,990 | \n\n 94,548 | \n\n 70,664 | \n
The valuation allowance on accounts receivable, other operating receivables and on loans and advances is detailed in Notes 5 and 6 to the Consolidated Financial Statements.
As part of its credit risk management related to operating and financing activities, TotalEnergies has developed margining agreements with certain counterparties. As of December 31, 2022, the net margin call paid amounted to $2,857 million (against $7,299 million paid as of December 31, 2021 and $(1,556) million paid as of December 31, 2020).
TotalEnergies has established a number of programs for the sale of receivables, without recourse, with various banks, primarily to reduce its exposure to such receivables. As a result of these programs TotalEnergies retains no risk of payment default after the sale, but may continue to service the customer accounts as part of a service arrangement on behalf of the buyer and is required to pay to the buyer payments it receives from the customers relating to the receivables sold. As of December 31, 2022, the net value of receivables sold amounted to $8,681 million. TotalEnergies has substantially transferred all the risks and rewards related to receivables. No financial asset or liability remains recognized in the consolidated balance sheet after the date of sale.
Furthermore, in 2022, TotalEnergies conducted several operations of reverse factoring. The value of factored payables outstanding at year-end is $491\u00a0million.
Credit risk is managed by TotalEnergies\u2019 business segments as follows:
Integrated Gas, Renewables & Power segment
Gas & Power activities
Trading of gas & power activities deal with counterparties in the energy, industrial and financial sectors throughout the world. Financial institutions providing credit risk coverage are highly rated international banks and insurance groups.
Potential counterparties are subject to credit assessment and approval before concluding transactions and are thereafter subject to regular review, including re-appraisal and approval of the limits previously granted.
The creditworthiness of counterparties is assessed based on an analysis of quantitative and qualitative data regarding financial standing and business risks, together with the review of any relevant third party and market information, such as data published by rating agencies. On this basis, credit limits are defined for each potential counterparty and, where appropriate, transactions are subject to specific authorizations.
Credit exposure, which is essentially an economic exposure or an expected future physical exposure, is permanently monitored and subject to sensitivity measures.
Credit risk is mitigated by the systematic use of industry standard contractual frameworks that permit netting, enable requiring added security in case of adverse change in the counterparty risk, and allow for termination of the contract upon occurrence of certain events of default.
About the professionals and retail gas and power sales activities, credit risk management policy is adapted to the type of customer either through the use of procedures of prepayments and appropriate collection, especially for mass customers or through credit insurances and sureties/guarantees obtaining. For the Professionals segment, the segregation of duties between the commercial and financial teams allows an \u201ca priori\u201d control of risks.
Other activities
Internal procedures include rules on credit risk management. Procedures to monitor customer risk are defined at the local level, especially for Saft Groupe and Greenflex (rules for the approval of credit limits, use of guarantees, monitoring and assessment of the receivables portfolio,...).
Exploration\u00a0& Production segment
Risks arising under contracts with government authorities or other oil companies or under long-term supply contracts necessary for the development of projects are evaluated during the project approval process. The long-term aspect of these contracts and the high-quality of the other parties lead to a low level of credit risk.
Risks related to commercial operations, other than those described above (which are, in practice, directly monitored by subsidiaries), are subject to procedures for establishing credit limits and reviewing outstanding balances.
Refining & Chemicals segment
Refining & Chemicals activities
Credit risk is primarily related to commercial receivables. Internal procedures of Refining & Chemicals include rules for the management of credit describing the fundamentals of internal control in this domain. Each Business Unit implements the procedures of the activity for managing and provisioning credit risk according to the size of the subsidiary and the market in which it operates. The principal elements of these procedures are:
\u2013implementation of credit limits with different authorization schemes;
\u2013use of insurance policies or specific guarantees (letters of credit);
\u2013regular monitoring and assessment of overdue accounts (aging balance), including dunning procedures.
Counterparties are subject to credit assessment and approval prior to any transaction being concluded. Regular reviews are made for all active counterparties including a re-appraisal and renewing of the granted credit limits. The limits of the counterparties are assessed based on quantitative and qualitative data regarding financial standing, together with the review of any relevant third party and market information, such as that provided by rating agencies and insurance companies.
Trading\u00a0& Shipping activities
Trading\u00a0& Shipping deals with commercial counterparties and financial institutions located throughout the world. Counterparties to physical and derivative transactions are primarily entities involved in the oil and gas industry or in the trading of energy commodities, or financial institutions. Credit risk coverage is arranged with financial institutions, international banks and insurance groups selected in accordance with strict criteria.
The Trading\u00a0& Shipping division applies a strict policy of internal delegation of authority in order to set up credit limits by country and counterparty and approval processes for specific transactions. Credit exposures contracted under these limits and approvals are monitored on a daily basis.
Potential counterparties are subject to credit assessment and approval prior to any transaction being concluded and all active counterparties are subject to regular reviews, including re-appraisal and approval of granted limits. The creditworthiness of counterparties is assessed based on an analysis of quantitative and qualitative data regarding financial standing and business risks, together with the review of any relevant third party and market information, such as ratings published by Standard\u00a0& Poor\u2019s, Moody\u2019s Investors Service and other agencies.
Contractual arrangements are structured so as to maximize the risk mitigation benefits of netting between transactions wherever possible and additional protective terms providing for the provision of security in the event of financial deterioration and the termination of transactions on the occurrence of defined default events are used to the greatest permitted extent.
Credit risks in excess of approved levels are secured by means of letters of credit and other guarantees, cash deposits and insurance arrangements. In respect of derivative transactions, risks are secured by margin call contracts wherever possible.
Marketing & Services segment
Internal procedures for the Marketing & Services division include rules on credit risk that describe the basis of internal control in this domain, including the segregation of duties between commercial and financial operations.
Credit policies are defined at the local level and procedures to monitor customer risk are implemented (credit committees at the subsidiary level, the creation of credit limits for corporate customers, etc.). Each entity also implements monitoring of its outstanding receivables. Risks related to credit may be mitigated or limited by subscription of credit insurance and/or requiring security or guarantees.
Note 16Financial instruments related to commodity contracts
16.1Financial instruments related to commodity contracts
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Financial instruments related to commodity contracts, including crude oil, petroleum products, gas, and power purchase/sales contracts within the trading activities, together with the commodity contract derivative instruments and freight rate swaps, are used to adjust TotalEnergies' exposure to price fluctuations within global trading limits. According to the industry practice, these instruments are considered as held for trading. Changes in fair value are recorded in the income statement. The fair value of these instruments is recorded in \u201cOther current assets\u201d or \u201cOther creditors and accrued liabilities\u201d depending on whether they are assets or liabilities. | \n\n \n | \n\n The valuation methodology is to mark-to-market all open positions for both physical and paper transactions. The valuations are determined on a daily basis using observable market data based on organized and over the counter (OTC) markets. In specific cases when market data is not directly available, the valuations are derived from observable data such as arbitrages, freight or spreads and market corroboration. For valuation of risks which are the result of a calculation, such as options for example, commonly known models are used to compute the fair value. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
| \n As of December 31, 2022 Assets/(Liabilities) | \n\n Gross value before offsetting | \n\n \n | \n\n Amounts offset | \n\n \n | \n\n Net balance sheet value presented | \n\n Other amounts | \n\n Net carrying amount | \n\n Fair value(b) | \n|||
| \n Assets | \n\n Liabilities | \n\n \n | \n\n Assets(c) | \n\n Liabilities(cc) | \n\n \n | \n\n Assets | \n\n Liabilities | \n||||
| \n Integrated Gas, Renewables & Power activities | \n|||||||||||
| \n Swaps | \n\n 1,268 | \n\n (449) | \n\n \n | \n\n (18) | \n\n 18 | \n\n \n | \n\n 1,250 | \n\n (431) | \n\n \u2013 | \n\n 819 | \n\n 819 | \n
| \n Forwards(a) | \n\n 18,014 | \n\n (18,638) | \n\n \n | \n\n (1,994) | \n\n 1,994 | \n\n \n | \n\n 16,020 | \n\n (16,644) | \n\n \u2013 | \n\n (624) | \n\n (624) | \n
| \n Options | \n\n 2,143 | \n\n (1) | \n\n \n | \n\n \u00a0(1) | \n\n 1 | \n\n \n | \n\n 2,142 | \n\n \u2013 | \n\n \u2013 | \n\n 2,142 | \n\n 2,142 | \n
| \n Futures | \n\n 13 | \n\n (3) | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n 13 | \n\n \u00a0(3) | \n\n \u2013 | \n\n 10 | \n\n 10 | \n
| \n Other/Collateral | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u00a0(406) | \n\n \u00a0(406) | \n\n \u00a0(406) | \n
| \n Total Integrated | \n\n 21,438 | \n\n (19,091) | \n\n \n | \n\n (2,013) | \n\n 2,013 | \n\n \n | \n\n 19,425 | \n\n (17,078) | \n\n (406) | \n\n 1,941 | \n\n 1,941 | \n
| \n Crude oil, petroleum products and freight rates activities | \n|||||||||||
| \n Petroleum products, | \n\n 122 | \n\n (114) | \n\n \n | \n\n (58) | \n\n 58 | \n\n \n | \n\n 64 | \n\n (56) | \n\n \u2013 | \n\n 8 | \n\n 8 | \n
| \n Forwards(a) | \n\n 631 | \n\n (1,489) | \n\n \n | \n\n (7) | \n\n 7 | \n\n \n | \n\n 624 | \n\n (1,482) | \n\n \u2013 | \n\n (858) | \n\n (858) | \n
| \n Options | \n\n 76 | \n\n (227) | \n\n \n | \n\n (69) | \n\n 69 | \n\n \n | \n\n 7 | \n\n (158) | \n\n \u2013 | \n\n (151) | \n\n (151) | \n
| \n Futures | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Options on futures | \n\n 113 | \n\n (13) | \n\n \n | \n\n \u00a0(13) | \n\n 13 | \n\n \n | \n\n 100 | \n\n \u2013 | \n\n \u2013 | \n\n 100 | \n\n 100 | \n
| \n Other/Collateral | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Total crude oil, petroleum | \n\n 942 | \n\n (1,843) | \n\n \n | \n\n (147) | \n\n 147 | \n\n \n | \n\n 795 | \n\n (1,696) | \n\n \u2013 | \n\n (901) | \n\n (901) | \n
| \n Total | \n\n 22,380 | \n\n (20,934) | \n\n \n | \n\n (2,160) | \n\n 2,160 | \n\n \n | \n\n 20,220 | \n\n (18,774) | \n\n (406) | \n\n 1,040 | \n\n 1,040 | \n
| \n Total of fair value non recognized in the balance sheet | \n\n \u2013 | \n||||||||||
| \n (a)Forwards: contracts resulting in physical delivery are accounted for as derivative commodity contracts and included in the amounts shown. (b)When the fair value of derivatives listed on an organized exchange market (futures, options on futures and swaps) is offset with the margin call received or paid in the balance sheet, this fair value is set to zero. (c)Amounts offset in accordance with IAS 32. | \n
| \n As of December 31, 2021 Assets/(Liabilities) | \n\n Gross value before offsetting | \n\n \n | \n\n Amounts offset | \n\n \n | \n\n Net balance sheet value presented | \n\n Other amounts | \n\n Net carrying amount | \n\n Fair value(b) | \n|||
| \n Assets | \n\n Liabilities | \n\n \n | \n\n Assets(c) | \n\n Liabilities(c) | \n\n \n | \n\n Assets | \n\n Liabilities | \n||||
| \n Integrated Gas, Renewables & Power activities | \n|||||||||||
| \n Swaps | \n\n 92 | \n\n \u00a0(385) | \n\n \n | \n\n \u00a0(35) | \n\n 35 | \n\n \n | \n\n 57 | \n\n (350) | \n\n \u2013 | \n\n (293) | \n\n (293) | \n
| \n Forwards(a) | \n\n 21,752 | \n\n \u00a0(16,954) | \n\n \n | \n\n \u00a0(2,120) | \n\n 2,120 | \n\n \n | \n\n 19,632 | \n\n (14,834) | \n\n \u2013 | \n\n 4,798 | \n\n 4,798 | \n
| \n Options | \n\n 1,953 | \n\n \u00a0(63) | \n\n \n | \n\n \u00a0(3) | \n\n 3 | \n\n \n | \n\n 1,950 | \n\n (60) | \n\n \u2013 | \n\n 1,890 | \n\n 1,890 | \n
| \n Futures | \n\n 418 | \n\n \u00a0(430) | \n\n \n | \n\n \u00a0(183) | \n\n 183 | \n\n \n | \n\n 235 | \n\n (247) | \n\n \u2013 | \n\n \u00a0(12) | \n\n \u00a0(12) | \n
| \n Other/Collateral | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n 382 | \n\n 382 | \n\n 382 | \n
| \n Total Integrated | \n\n 24,215 | \n\n (17,832) | \n\n \n | \n\n (2,341) | \n\n 2,341 | \n\n \n | \n\n 21,874 | \n\n (15,491) | \n\n 382 | \n\n 6,765 | \n\n 6,765 | \n
| \n Crude oil, petroleum products and freight rates activities | \n|||||||||||
| \n Petroleum products, | \n\n 245 | \n\n \u00a0(289) | \n\n \n | \n\n \u00a0(166) | \n\n 166 | \n\n \n | \n\n 79 | \n\n \u00a0(123) | \n\n \u2013 | \n\n \u00a0(44) | \n\n \u00a0(44) | \n
| \n Forwards(a) | \n\n 411 | \n\n \u00a0(444) | \n\n \n | \n\n \u00a0(88) | \n\n 88 | \n\n \n | \n\n 323 | \n\n \u00a0(356) | \n\n \u2013 | \n\n \u00a0(33) | \n\n \u00a0(33) | \n
| \n Options | \n\n 68 | \n\n \u00a0(236) | \n\n \n | \n\n \u00a0(40) | \n\n 40 | \n\n \n | \n\n 28 | \n\n \u00a0(196) | \n\n \u2013 | \n\n \u00a0(168) | \n\n \u00a0(168) | \n
| \n Futures | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Options on futures | \n\n 186 | \n\n \u00a0(78) | \n\n \n | \n\n \u00a0(78) | \n\n 78 | \n\n \n | \n\n 108 | \n\n \u2013 | \n\n \u2013 | \n\n 108 | \n\n 108 | \n
| \n Other/Collateral | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n 344 | \n\n 344 | \n\n 344 | \n
| \n Total crude oil, petroleum | \n\n 910 | \n\n (1,047) | \n\n \n | \n\n (372) | \n\n 372 | \n\n \n | \n\n 538 | \n\n (675) | \n\n 344 | \n\n 207 | \n\n 207 | \n
| \n Total | \n\n 25,125 | \n\n (18,879) | \n\n \n | \n\n (2,713) | \n\n 2,713 | \n\n \n | \n\n 22,412 | \n\n (16,166) | \n\n 726 | \n\n 6,972 | \n\n 6,972 | \n
| \n Total of fair value non recognized in the balance sheet | \n\n \u2013 | \n||||||||||
| \n (a)Forwards: contracts resulting in physical delivery are accounted for as derivative commodity contracts and included in the amounts shown. (b)When the fair value of derivatives listed on an organized exchange market (futures, options on futures and swaps) is offset with the margin call received or paid in the balance sheet, this fair value is set to zero. (c)Amounts offset in accordance with IAS 32. | \n
| \n As of December 31, 2020 Assets/(Liabilities) | \n\n Gross value before offsetting | \n\n \n | \n\n Amounts offset | \n\n \n | \n\n Net balance sheet value presented | \n\n Other amounts | \n\n Net carrying amount | \n\n Fair value(b) | \n|||
| \n Assets | \n\n Liabilities | \n\n \n | \n\n Assets(c) | \n\n Liabilities(c) | \n\n \n | \n\n Assets | \n\n Liabilities | \n||||
| \n Integrated Gas, Renewables & Power activities | \n|||||||||||
| \n Swaps | \n\n 10 | \n\n \u00a0(71) | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n 10 | \n\n \u00a0(71) | \n\n \u2013 | \n\n \u00a0(61) | \n\n \u00a0(61) | \n
| \n Forwards(a) | \n\n 1,372 | \n\n \u00a0(3,113) | \n\n \n | \n\n \u00a0(186) | \n\n 186 | \n\n \n | \n\n 1,186 | \n\n \u00a0(2,927) | \n\n \u2013 | \n\n \u00a0(1,741) | \n\n \u00a0(1,741) | \n
| \n Options | \n\n \u00a0(61) | \n\n \u00a0(75) | \n\n \n | \n\n \u00a0(13) | \n\n 13 | \n\n \n | \n\n \u00a0(74) | \n\n \u00a0(62) | \n\n \u2013 | \n\n \u00a0(136) | \n\n \u00a0(136) | \n
| \n Futures | \n\n 42 | \n\n \u00a0(32) | \n\n \n | \n\n \u00a0(21) | \n\n 21 | \n\n \n | \n\n 21 | \n\n \u00a0(11) | \n\n \u2013 | \n\n 10 | \n\n 10 | \n
| \n Other/Collateral | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n 22 | \n\n 22 | \n\n 22 | \n
| \n Total Integrated | \n\n 1,363 | \n\n (3,291) | \n\n \n | \n\n (220) | \n\n 220 | \n\n \n | \n\n 1,143 | \n\n (3,071) | \n\n 22 | \n\n (1,906) | \n\n (1,906) | \n
| \n Crude oil, petroleum products and freight rates activities | \n|||||||||||
| \n Petroleum products, | \n\n 302 | \n\n \u00a0(443) | \n\n \n | \n\n \u00a0(207) | \n\n 207 | \n\n \n | \n\n 95 | \n\n \u00a0(236) | \n\n \u2013 | \n\n \u00a0(141) | \n\n \u00a0(141) | \n
| \n Forwards(a) | \n\n 158 | \n\n \u00a0(297) | \n\n \n | \n\n \u00a0(13) | \n\n 13 | \n\n \n | \n\n 145 | \n\n \u00a0(284) | \n\n \u2013 | \n\n \u00a0(139) | \n\n \u00a0(139) | \n
| \n Options | \n\n 113 | \n\n \u00a0(125) | \n\n \n | \n\n \u00a0(68) | \n\n 68 | \n\n \n | \n\n 45 | \n\n \u00a0(57) | \n\n \u2013 | \n\n \u00a0(12) | \n\n \u00a0(12) | \n
| \n Futures | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Options on futures | \n\n 117 | \n\n \u00a0(135) | \n\n \n | \n\n \u00a0(117) | \n\n 117 | \n\n \n | \n\n \u2013 | \n\n \u00a0(18) | \n\n \u2013 | \n\n \u00a0(18) | \n\n \u00a0(18) | \n
| \n Other/Collateral | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n 43 | \n\n 43 | \n\n 43 | \n
| \n Total crude oil, petroleum products and freight rates | \n\n 690 | \n\n (1,000) | \n\n \n | \n\n (405) | \n\n 405 | \n\n \n | \n\n 285 | \n\n (595) | \n\n 43 | \n\n (267) | \n\n (267) | \n
| \n Total | \n\n 2,053 | \n\n (4,291) | \n\n \n | \n\n (625) | \n\n 625 | \n\n \n | \n\n 1,428 | \n\n (3,666) | \n\n 65 | \n\n (2,173) | \n\n (2,173) | \n
| \n Total of fair value non recognized in the balance sheet | \n\n \u2013 | \n||||||||||
| \n (a)Forwards: contracts resulting in physical delivery are accounted for as derivative commodity contracts and included in the amounts shown. (b)When the fair value of derivatives listed on an organized exchange market (futures, options on futures and swaps) is offset with the margin call received or paid in the balance sheet, this fair value is set to zero. (c)Amounts offset in accordance with IAS 32. | \n
Commitments on crude oil and refined products have, for the most part, a short-term maturity (less than one year).
The changes in fair value of financial instruments related to commodity contracts are detailed as follows:
| \n For the year ended December 31, (M$) | \n\n Fair value as of January 1, | \n\n Impact on income | \n\n Settled contracts | \n\n Other | \n\n Fair value as of December 31, | \n
| \n Integrated Gas, Renewables & Power activities | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n 2022 | \n\n 6,383 | \n\n 11,406 | \n\n (15,628) | \n\n 186 | \n\n 2,347 | \n
| \n 2021 | \n\n (1,928) | \n\n 6,817 | \n\n 1,408 | \n\n 86 | \n\n 6,383 | \n
| \n 2020 | \n\n (260) | \n\n 676 | \n\n (2,348) | \n\n 4 | \n\n (1,928) | \n
| \n Crude oil, petroleum products and freight rates activities | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n 2022 | \n\n (137) | \n\n 5,891 | \n\n (6,655) | \n\n \u2013 | \n\n (901) | \n
| \n 2021 | \n\n (310) | \n\n 3,950 | \n\n (3,777) | \n\n \u2013 | \n\n (137) | \n
| \n 2020 | \n\n (282) | \n\n 3,813 | \n\n (3,841) | \n\n \u2013 | \n\n (310) | \n
The fair value hierarchy for financial instruments related to commodity contracts is as follows:
| \n As of December 31, 2022 (M$) | \n\n Quoted prices | \n\n Prices based on observable data (level 2) | \n\n Prices based on | \n\n Total | \n
| \n Integrated Gas, Renewables & Power activities | \n\n 1,034 | \n\n 1,678 | \n\n (365) | \n\n 2,347 | \n
| \n Crude oil, petroleum products and freight rates activities | \n\n 98 | \n\n (999) | \n\n \u2013 | \n\n (901) | \n
| \n Total | \n\n 1,132 | \n\n 679 | \n\n (365) | \n\n 1,446 | \n
| \n As of December 31, 2021 (M$) | \n\n Quoted prices | \n\n Prices based on observable data (level 2) | \n\n Prices based on | \n\n Total | \n
| \n Integrated Gas, Renewables & Power activities | \n\n 3,716 | \n\n (3,563) | \n\n 6,230 | \n\n 6,383 | \n
| \n Crude oil, petroleum products and freight rates activities | \n\n 134 | \n\n (271) | \n\n \u2013 | \n\n (137) | \n
| \n Total | \n\n 3,850 | \n\n (3,834) | \n\n 6,230 | \n\n 6,246 | \n
| \n As of December 31, 2020 (M$) | \n\n Quoted prices | \n\n Prices based on observable data (level 2) | \n\n Prices based on | \n\n Total | \n
| \n Integrated Gas, Renewables & Power activities | \n\n (159) | \n\n (361) | \n\n (1,408) | \n\n (1,928) | \n
| \n Crude oil, petroleum products and freight rates activities | \n\n 10 | \n\n (320) | \n\n \u2013 | \n\n (310) | \n
| \n Total | \n\n (149) | \n\n (681) | \n\n (1,408) | \n\n (2,238) | \n
Financial instruments classified as level 3 are mainly composed of long-term liquefied natural gas purchase and sale contracts which relate to the trading activity.
The management of positions is carried out on the basis of a net value of LNG purchase and sale commitments; the valuation of \u00a0contracts is based on observable market data, such as commodity forward prices, but it also takes into account unobservable data on contract performance (assumptions on the variable terms of the contracts, on the availability of infrastructures, on the performance of counterparties...).
The valuation of LNG contracts is sensitive to changes in oil and natural gas prices on North American, Asian and European markets, as well as to these assumptions on contract performance.
TotalEnergies\u2019 management horizon is 12 months in 2022 (as in 2021 and 2020), and includes the full annual delivery program of LNG cargoes for the following year.
The analysis of the fair value of the LNG portfolio over the period beyond 12 months carried out by the Company, allows to verify that there is no material asset or liability to be recognized in its accounts for that period. This analysis, which takes into account the specific characteristics of LNG contracts and of the gas market, including its liquidity, incorporates valuation parameters that are unobservable over this period, in particular Company internal assumptions on the long-term evolution of hydrocarbon prices, the execution of contracts and the performance of counterparties, the renegotiation of price terms in contracts or the exercise of their contractual flexibilities.
The description of each fair value level is presented in Note 15 to the Consolidated Financial Statements.
Cash Flow hedge
The impact on the income statement and other comprehensive income of the hedging instruments related to commodity contracts and qualified as cash flow hedges is detailed as follows:
| \n As of December 31 (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Profit (Loss) recorded in other comprehensive income of the period | \n\n (5,524) | \n\n 445 | \n\n 14 | \n
| \n Recycled amount from other comprehensive income to the income statement of the period | \n\n 1,317 | \n\n (56) | \n\n (1) | \n
These financial instruments are mainly one year term Henry Hub derivatives and European gas, power and CO2 emission rights derivatives.
As of December 31, 2022, the ineffective portion of these financial instruments is $132 million (in 2021 and in 2020 the ineffective portion of the financial instruments was nil).
16.2Oil, Gas and Power markets related risks management
Due to the nature of its business, TotalEnergies has significant oil and gas trading activities as part of its day-to-day operations in order to optimize revenues from its oil and gas production and to obtain favorable pricing to supply its refineries.
In its international oil trading business, TotalEnergies usually follows a policy of not selling its future production. However, in connection with this trading business, TotalEnergies, like most other oil companies, uses energy derivative instruments to adjust its exposure to price fluctuations of crude oil, refined products, natural gas, and power. TotalEnergies also uses freight rate derivative contracts in its shipping business to adjust its exposure to freight-rate fluctuations. To hedge against this risk, TotalEnergies uses various instruments such as futures, forwards, swaps and options on organized markets or over-the-counter markets. The list of the different derivatives held by TotalEnergies in these markets is detailed in Note 16.1 to the Consolidated Financial Statements.
As part of its gas and power trading activity, TotalEnergies also uses derivative instruments such as futures, forwards, swaps and options in both organized and over-the-counter markets. In general, the transactions are settled at maturity date through physical delivery. TotalEnergies measures its market risk exposure, i.e. potential loss in fair values, on its trading business using a \u201cvalue-at-risk\u201d technique. This technique is based on a historical model and makes an assessment of the market risk arising from possible future changes in market values over a one-day period. The calculation of the range of potential changes in fair values takes into account a snapshot of the end-of-day exposures and the set of historical price movements for the past two years for all instruments and maturities in the global trading business.
Integrated Gas, Renewables & Power division trading: \"value-at-risk\" with a 97.5% probability
| \n As of December 31, (M$) | \n\n High | \n\n Low | \n\n Average | \n\n Year end | \n
| \n 2022 | \n\n 119 | \n\n 15 | \n\n 53 | \n\n 92 | \n
| \n 2021 | \n\n 80 | \n\n 9 | \n\n 28 | \n\n 30 | \n
| \n 2020 | \n\n 51 | \n\n 6 | \n\n 21 | \n\n 27 | \n
The Trading & Shipping division measures its market risk exposure, i.e. potential loss in fair values, on its crude oil, refined products and freight rates trading activities using a \u201cvalue-at-risk\u201d technique. This technique is based on a historical model and makes an assessment of the market risk arising from possible future changes in market values over a 24-hour period. The calculation of the range of potential changes in fair values is based on the end-of-day exposures and historical price movements of the last 400 business days for all traded instruments and maturities. Options are systematically re-evaluated using appropriate models.
The \u201cvalue-at-risk\u201d represents the most unfavorable movement in fair value obtained with a 97.5% confidence level. This means that TotalEnergies\u2019 portfolio result is likely to exceed the value-at-risk loss measure once over 40\u00a0business days if the portfolio exposures were left unchanged.
Trading & Shipping: \"value-at-risk with\" a 97.5% probability
| \n As of December 31, (M$) | \n\n High | \n\n Low | \n\n Average | \n\n Year end | \n
| \n 2022 | \n\n 48 | \n\n 9 | \n\n 22 | \n\n 27 | \n
| \n 2021 | \n\n 36 | \n\n 9 | \n\n 18 | \n\n 12 | \n
| \n 2020 | \n\n 30 | \n\n 6 | \n\n 15 | \n\n 19 | \n
TotalEnergies has implemented strict policies and procedures to manage and monitor these market risks. These are based on the separation of control and front-office functions and on an integrated information system that enables real-time monitoring of trading activities.
Limits on trading positions are approved by TotalEnergies\u2019 Executive Committee and are monitored daily. To increase flexibility and encourage liquidity, hedging operations are performed with numerous independent operators, including other oil companies, major energy producers or consumers and financial institutions. TotalEnergies has established counterparty limits and monitors outstanding amounts with each counterparty on an ongoing basis.
Impairment losses recognized in prior periods can be reversed up to the original carrying amount, had the impairment loss not been recognized. Impairment losses recognized on goodwill cannot be reversed.
Investments in associates or joint ventures are tested for impairment whenever indication of impairment exists. If any objective evidence of impairment exists, the carrying amount of the investment is compared with its recoverable amount, being the higher of its fair value less costs to sell and value in use. If the carrying amount exceeds the recoverable amount, an impairment loss is recorded in \"Net income (loss) from equity affiliates\".
Impairment losses recognized in prior periods can be reversed up to the original carrying amount, had the impairment loss not been recognized. Impairment losses recognized on goodwill cannot be reversed.
Investments in associates or joint ventures are tested for impairment whenever indication of impairment exists. If any objective evidence of impairment exists, the carrying amount of the investment is compared with its recoverable amount, being the higher of its fair value less costs to sell and value in use. If the carrying amount exceeds the recoverable amount, an impairment loss is recorded in \"Net income (loss) from equity affiliates\".
Credit risk
Credit risk is defined as the risk of the counterparty to a contract failing to perform or pay the amounts due.
TotalEnergies is exposed to credit risks in its operating and financing activities. TotalEnergies' maximum exposure to credit risk is partially related to financial assets recorded on its balance sheet, including energy derivative instruments that have a positive market value.
The following table presents TotalEnergies' maximum credit risk exposure:
| \n As of December 31, (M$)
| \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Loans to equity affiliates (note 8) | \n\n 3,733 | \n\n 4,532 | \n\n 5,129 | \n
| \n Loans and advances (note 6) | \n\n 1,837 | \n\n 2,107 | \n\n 2,458 | \n
| \n Other non-current financial assets related to operational activities (note 6) | \n\n 250 | \n\n 312 | \n\n 287 | \n
| \n Non-current financial assets (note 15.1) | \n\n 2,731 | \n\n 2,404 | \n\n 4,781 | \n
| \n Accounts receivable (note 5) | \n\n 24,378 | \n\n 21,983 | \n\n 14,068 | \n
| \n Other operating receivables (note 5) | \n\n 28,289 | \n\n 29,553 | \n\n 8,043 | \n
| \n Current financial assets (note 15.1) | \n\n 8,746 | \n\n 12,315 | \n\n 4,630 | \n
| \n Cash and cash equivalents (note 15.1) | \n\n 33,026 | \n\n 21,342 | \n\n 31,268 | \n
| \n Total | \n\n 102,990 | \n\n 94,548 | \n\n 70,664 | \n
The valuation allowance on accounts receivable, other operating receivables and on loans and advances is detailed in Notes 5 and 6 to the Consolidated Financial Statements.
As part of its credit risk management related to operating and financing activities, TotalEnergies has developed margining agreements with certain counterparties. As of December 31, 2022, the net margin call paid amounted to $2,857 million (against $7,299 million paid as of December 31, 2021 and $(1,556) million paid as of December 31, 2020).
TotalEnergies has established a number of programs for the sale of receivables, without recourse, with various banks, primarily to reduce its exposure to such receivables. As a result of these programs TotalEnergies retains no risk of payment default after the sale, but may continue to service the customer accounts as part of a service arrangement on behalf of the buyer and is required to pay to the buyer payments it receives from the customers relating to the receivables sold. As of December 31, 2022, the net value of receivables sold amounted to $8,681 million. TotalEnergies has substantially transferred all the risks and rewards related to receivables. No financial asset or liability remains recognized in the consolidated balance sheet after the date of sale.
Furthermore, in 2022, TotalEnergies conducted several operations of reverse factoring. The value of factored payables outstanding at year-end is $491\u00a0million.
Credit risk is managed by TotalEnergies\u2019 business segments as follows:
Integrated Gas, Renewables & Power segment
Gas & Power activities
Trading of gas & power activities deal with counterparties in the energy, industrial and financial sectors throughout the world. Financial institutions providing credit risk coverage are highly rated international banks and insurance groups.
Potential counterparties are subject to credit assessment and approval before concluding transactions and are thereafter subject to regular review, including re-appraisal and approval of the limits previously granted.
The creditworthiness of counterparties is assessed based on an analysis of quantitative and qualitative data regarding financial standing and business risks, together with the review of any relevant third party and market information, such as data published by rating agencies. On this basis, credit limits are defined for each potential counterparty and, where appropriate, transactions are subject to specific authorizations.
Credit exposure, which is essentially an economic exposure or an expected future physical exposure, is permanently monitored and subject to sensitivity measures.
Credit risk is mitigated by the systematic use of industry standard contractual frameworks that permit netting, enable requiring added security in case of adverse change in the counterparty risk, and allow for termination of the contract upon occurrence of certain events of default.
About the professionals and retail gas and power sales activities, credit risk management policy is adapted to the type of customer either through the use of procedures of prepayments and appropriate collection, especially for mass customers or through credit insurances and sureties/guarantees obtaining. For the Professionals segment, the segregation of duties between the commercial and financial teams allows an \u201ca priori\u201d control of risks.
Other activities
Internal procedures include rules on credit risk management. Procedures to monitor customer risk are defined at the local level, especially for Saft Groupe and Greenflex (rules for the approval of credit limits, use of guarantees, monitoring and assessment of the receivables portfolio,...).
Exploration\u00a0& Production segment
Risks arising under contracts with government authorities or other oil companies or under long-term supply contracts necessary for the development of projects are evaluated during the project approval process. The long-term aspect of these contracts and the high-quality of the other parties lead to a low level of credit risk.
Risks related to commercial operations, other than those described above (which are, in practice, directly monitored by subsidiaries), are subject to procedures for establishing credit limits and reviewing outstanding balances.
Refining & Chemicals segment
Refining & Chemicals activities
Credit risk is primarily related to commercial receivables. Internal procedures of Refining & Chemicals include rules for the management of credit describing the fundamentals of internal control in this domain. Each Business Unit implements the procedures of the activity for managing and provisioning credit risk according to the size of the subsidiary and the market in which it operates. The principal elements of these procedures are:
\u2013implementation of credit limits with different authorization schemes;
\u2013use of insurance policies or specific guarantees (letters of credit);
\u2013regular monitoring and assessment of overdue accounts (aging balance), including dunning procedures.
Counterparties are subject to credit assessment and approval prior to any transaction being concluded. Regular reviews are made for all active counterparties including a re-appraisal and renewing of the granted credit limits. The limits of the counterparties are assessed based on quantitative and qualitative data regarding financial standing, together with the review of any relevant third party and market information, such as that provided by rating agencies and insurance companies.
Trading\u00a0& Shipping activities
Trading\u00a0& Shipping deals with commercial counterparties and financial institutions located throughout the world. Counterparties to physical and derivative transactions are primarily entities involved in the oil and gas industry or in the trading of energy commodities, or financial institutions. Credit risk coverage is arranged with financial institutions, international banks and insurance groups selected in accordance with strict criteria.
The Trading\u00a0& Shipping division applies a strict policy of internal delegation of authority in order to set up credit limits by country and counterparty and approval processes for specific transactions. Credit exposures contracted under these limits and approvals are monitored on a daily basis.
Potential counterparties are subject to credit assessment and approval prior to any transaction being concluded and all active counterparties are subject to regular reviews, including re-appraisal and approval of granted limits. The creditworthiness of counterparties is assessed based on an analysis of quantitative and qualitative data regarding financial standing and business risks, together with the review of any relevant third party and market information, such as ratings published by Standard\u00a0& Poor\u2019s, Moody\u2019s Investors Service and other agencies.
Contractual arrangements are structured so as to maximize the risk mitigation benefits of netting between transactions wherever possible and additional protective terms providing for the provision of security in the event of financial deterioration and the termination of transactions on the occurrence of defined default events are used to the greatest permitted extent.
Credit risks in excess of approved levels are secured by means of letters of credit and other guarantees, cash deposits and insurance arrangements. In respect of derivative transactions, risks are secured by margin call contracts wherever possible.
Marketing & Services segment
Internal procedures for the Marketing & Services division include rules on credit risk that describe the basis of internal control in this domain, including the segregation of duties between commercial and financial operations.
Credit policies are defined at the local level and procedures to monitor customer risk are implemented (credit committees at the subsidiary level, the creation of credit limits for corporate customers, etc.). Each entity also implements monitoring of its outstanding receivables. Risks related to credit may be mitigated or limited by subscription of credit insurance and/or requiring security or guarantees.
Impairment losses recognized in prior periods can be reversed up to the original carrying amount, had the impairment loss not been recognized. Impairment losses recognized on goodwill cannot be reversed.
Investments in associates or joint ventures are tested for impairment whenever indication of impairment exists. If any objective evidence of impairment exists, the carrying amount of the investment is compared with its recoverable amount, being the higher of its fair value less costs to sell and value in use. If the carrying amount exceeds the recoverable amount, an impairment loss is recorded in \"Net income (loss) from equity affiliates\".
IFRS 15 requires identification of the performance obligations for the transfer of goods and services in each contract with customers. Revenue is recognized upon satisfaction of the performance obligations for the amounts that reflect the consideration to which TotalEnergies expects to be entitled in exchange for those goods and services.
Sales of goods
Revenues from sales are recognized when the control has been transferred to the buyer and the amount can be reasonably measured. Revenues from sales of crude oil and natural gas are recorded upon transfer of title, according to the terms of the sales contracts.
Revenues from the production of crude oil and natural gas properties, in which TotalEnergies has an interest with other producers, are recognized based on actual entitlement volumes sold over the period. Any difference between entitlement volumes and volumes sold, based on TotalEnergies net working interest, are recognized in the \u201cUnder-lifting\u201d and \u201cOver-lifting\u201d accounts in the balance sheet and in operating expenses in the profit and loss.
Oil and gas delivered quantities that represent production royalties and taxes, when paid in cash, are included in revenues, except for the United States and Canada.
Certain transactions within the trading activities (contracts involving quantities that are purchased from third parties then resold to third parties) are shown at their net value in purchases, net of inventory variation. These transactions relate in particular to crude oil, petroleum products, gas, power and LNG.
Exchanges of crude oil and petroleum products realized within trading activities are shown at their net value in both the statement of income and the balance sheet.
Sales of services
Revenues from services are recognized when the services have been rendered.
Revenues from gas transport are recognized when services are rendered. These revenues are based on the quantities transported and measured according to procedures defined in each service contract.
Shipping revenues and expenses from time-charter activities are recognized on a pro rata basis over a period that commences upon the unloading of the previous voyage and terminates upon the unloading of the current voyage. Shipping revenue recognition starts only when a charter has been agreed to by both TotalEnergies and the customer.
Income related to the distribution of electricity and gas is not recognized in revenues in certain countries because TotalEnergies acts as an agent in this transaction. In these countries, TotalEnergies is not responsible for the delivery and does not set the price of the service, because it can only pass on to the customer the amounts invoiced to it by the distributors.
Excise taxes
Excise taxes are rights or taxes which amount is calculated based on the quantity of oil and gas products put on the market. Excise taxes are determined by the states. They are paid directly to the customs and tax authorities and then invoiced to final customers by being included in the sales price.
The analysis of the criteria set by IFRS 15 led TotalEnergies to determine that it was acting as principal in these transactions. . Therefore, sales are presented on a gross basis, including excise taxes collected by TotalEnergies within the course of its oil distribution operations. In addition, the subtotal \u201cRevenue from Sales\u201d is presented as an additional line item in the P&L and is obtained by deducting Excise tax expenses from Sales.
5.2Operating expenses and research and development
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n TotalEnergies applies IFRS 6 \u201cExploration for and Evaluation of Mineral Resources\u201d. Oil and gas exploration and production properties and assets are accounted for in accordance with the Successful Efforts method. | \n\n \n | \n\n Geological and geophysical costs, including seismic surveys for exploration purposes are expensed as incurred in exploration costs. Costs of dry wells and wells that have not found proved reserves are charged to expense in exploration costs. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
5.2.1Operating expenses
| \n For the year ended December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Purchases, net of inventory variation(a) (b) | \n\n (169,448) | \n\n (118,622) | \n\n (77,486) | \n
| \n Exploration costs | \n\n (1,299) | \n\n (740) | \n\n (731) | \n
| \n Other operating expenses(c) | \n\n (29,789) | \n\n (26,894) | \n\n (25,538) | \n
| \n of which non-current operating liabilities (allowances) reversals | \n\n 1,086 | \n\n 1,299 | \n\n 778 | \n
| \n of which current operating liabilities (allowances) reversals | \n\n (188) | \n\n (30) | \n\n (77) | \n
| \n Operating expenses | \n\n (200,536) | \n\n (146,256) | \n\n (103,755) | \n
| \n (a)Includes taxes paid on oil and gas production in the Exploration & Production segment, amongst others, royalties. (b)TotalEnergies values under / over lifting at market value. (c)Principally composed of production and administrative costs (refer to in particular the payroll costs as detailed in Note 10 to the Consolidated Financial Statements \u201cPayroll, staff and employee benefits obligations\"). | \n
5.2.2Research and development costs
| \n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Accounting principles | \n\n\n | \n
| \n \n | \n\n Research costs are charged to expense as incurred. Development expenses are capitalized when the criteria of IAS 38 are met. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n
Research and development costs incurred by TotalEnergies in 2022 and booked in operating expenses (excluding depreciations) amount to $762 million ($824 million in 2021 and $895 million in 2020), corresponding to 0.27% of the sales. At constant foreign exchange rates, research and development costs increased by 4% in 2022.
The staff dedicated in 2022 to these research and development activities are estimated at 3,536 people (3,830 in 2021 and 4,088 in 2020).\u00a0
5.2Operating expenses and research and development
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n TotalEnergies applies IFRS 6 \u201cExploration for and Evaluation of Mineral Resources\u201d. Oil and gas exploration and production properties and assets are accounted for in accordance with the Successful Efforts method. | \n\n \n | \n\n Geological and geophysical costs, including seismic surveys for exploration purposes are expensed as incurred in exploration costs. Costs of dry wells and wells that have not found proved reserves are charged to expense in exploration costs. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
5.2.1Operating expenses
| \n For the year ended December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Purchases, net of inventory variation(a) (b) | \n\n (169,448) | \n\n (118,622) | \n\n (77,486) | \n
| \n Exploration costs | \n\n (1,299) | \n\n (740) | \n\n (731) | \n
| \n Other operating expenses(c) | \n\n (29,789) | \n\n (26,894) | \n\n (25,538) | \n
| \n of which non-current operating liabilities (allowances) reversals | \n\n 1,086 | \n\n 1,299 | \n\n 778 | \n
| \n of which current operating liabilities (allowances) reversals | \n\n (188) | \n\n (30) | \n\n (77) | \n
| \n Operating expenses | \n\n (200,536) | \n\n (146,256) | \n\n (103,755) | \n
| \n (a)Includes taxes paid on oil and gas production in the Exploration & Production segment, amongst others, royalties. (b)TotalEnergies values under / over lifting at market value. (c)Principally composed of production and administrative costs (refer to in particular the payroll costs as detailed in Note 10 to the Consolidated Financial Statements \u201cPayroll, staff and employee benefits obligations\"). | \n
5.2.2Research and development costs
| \n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Accounting principles | \n\n\n | \n
| \n \n | \n\n Research costs are charged to expense as incurred. Development expenses are capitalized when the criteria of IAS 38 are met. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n
Research and development costs incurred by TotalEnergies in 2022 and booked in operating expenses (excluding depreciations) amount to $762 million ($824 million in 2021 and $895 million in 2020), corresponding to 0.27% of the sales. At constant foreign exchange rates, research and development costs increased by 4% in 2022.
The staff dedicated in 2022 to these research and development activities are estimated at 3,536 people (3,830 in 2021 and 4,088 in 2020).\u00a0
5.3Amortization, depreciation and impairment of tangible assets and mineral interests
The amortization, depreciation and impairment of tangible assets and mineral interests are detailed as follows:
| \n For the year ended December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Depreciation and impairment of tangible assets | \n\n (11,128) | \n\n (12,683) | \n\n (21,188) | \n
| \n Amortization and impairment of mineral assets | \n\n (1,093) | \n\n (873) | \n\n (1,076) | \n
| \n Total | \n\n (12,221) | \n\n (13,556) | \n\n (22,264) | \n
Accounting principles
TotalEnergies applies IFRS 6 \u201cExploration for and Evaluation of Mineral Resources\u201d. Oil and gas exploration and production properties and assets are accounted for in accordance with the Successful Efforts method.
Geological and geophysical costs, including seismic surveys for exploration purposes are expensed as incurred in exploration costs.
Costs of dry wells and wells that have not found proved reserves are charged to expense in exploration costs.
5.2.2Research and development costs
| \n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Accounting principles | \n\n\n | \n
| \n \n | \n\n Research costs are charged to expense as incurred. Development expenses are capitalized when the criteria of IAS 38 are met. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n
Research and development costs incurred by TotalEnergies in 2022 and booked in operating expenses (excluding depreciations) amount to $762 million ($824 million in 2021 and $895 million in 2020), corresponding to 0.27% of the sales. At constant foreign exchange rates, research and development costs increased by 4% in 2022.
The staff dedicated in 2022 to these research and development activities are estimated at 3,536 people (3,830 in 2021 and 4,088 in 2020).\u00a0
Research costs are charged to expense as incurred.
Development expenses are capitalized when the criteria of IAS 38 are met.
5.3Amortization, depreciation and impairment of tangible assets and mineral interests
The amortization, depreciation and impairment of tangible assets and mineral interests are detailed as follows:
| \n For the year ended December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Depreciation and impairment of tangible assets | \n\n (11,128) | \n\n (12,683) | \n\n (21,188) | \n
| \n Amortization and impairment of mineral assets | \n\n (1,093) | \n\n (873) | \n\n (1,076) | \n
| \n Total | \n\n (12,221) | \n\n (13,556) | \n\n (22,264) | \n
5.4.1Inventories
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Inventories are measured in the Consolidated Financial Statements at the lower of historical cost or market value. Costs for petroleum and petrochemical products are determined according to the FIFO (First-In, First-Out) method or weighted-average cost method and other inventories are measured using the weighted-average cost method. In addition stocks held for trading are measured at fair value less cost to sell. Refining & Chemicals Petroleum product inventories are mainly comprised of crude oil and refined products. Refined products principally consist of gasoline, distillate and fuel produced by TotalEnergies' refineries. The turnover of petroleum products does not exceed two months on average. Crude oil costs include raw material and receiving costs. Refining costs principally include crude oil costs, production costs (energy, labor, depreciation of producing assets) and an allocation of production overheads (taxes, maintenance, insurance, etc.). Costs of chemical product inventories consist of raw material costs, direct labor costs and an allocation of production overheads. Start-up costs, general administrative costs and financing costs are excluded from the costs of refined and chemicals products. Marketing & Services The costs of products refined by TotalEnergies\u2019 entities include mainly raw materials costs, production costs (energy, labor, depreciation of producing assets), primary costs of transport and an allocation of production overheads (taxes, maintenance, insurance, etc.). General administrative costs and financing costs are excluded from the cost price of refined products. Product inventories purchased from entities external to TotalEnergies are valued at their purchase cost plus primary costs of transport. | \n\n \n | \n\n Carbon dioxide emission rights generated as part of the EU Emission Trading scheme (EU ETS) In the absence of a current IFRS standard or interpretation on accounting for emission rights of carbon dioxide generated as part of the EU Emission Trading scheme (EU ETS), the following principles are applied: \u2013Emission rights are managed as a cost of production and as such are recognized in inventories: \u2013Emission rights allocated for free are booked in inventories with a nil carrying amount; \u2013Purchased emission rights are booked at acquisition cost; \u2013Sales or annual surrender of emission rights result in decreases in inventories valued at weighted-average cost; \u2013If the carrying amount of inventories at closing date is higher than the market value, an impairment loss is recorded. \u2013If emission rights to be surrendered at the end of the compliance period are higher than emission rights (allocated and purchased), the shortage is accounted for as a liability at market value; \u2013Forward transactions are recognized at their fair market value in the balance sheet. Changes in the fair value of such forward transactions are recognized in the statement of income. Energy savings certificates In the absence of current IFRS standards or interpretations on accounting for energy savings certificates (ESC), the following principles are applied: \u2013If the obligations linked to the sales of energy are greater than the number of ESC's held then a liability is recorded. These liabilities are valued based on the price of the last transactions; \u2013In the event that the number of ESC\u2019s held exceeds the obligation at the balance sheet date this is accounted for as inventory. Otherwise a valuation allowance is recorded ; \u2013ESC inventories are valued at weighted-average cost (acquisition cost for those ESC's acquired or cost incurred for those ESC's generated internally). If the carrying value of the inventory of certificates at the balance sheet date is higher than the market value, an impairment loss is recorded. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
| \n As of December 31, 2022 (M$) | \n\n Gross value | \n\n Valuation allowance | \n\n Net value | \n
| \n Crude oil and natural gas | \n\n 4,758 | \n\n (47) | \n\n 4,711 | \n
| \n Refined products | \n\n 6,386 | \n\n (162) | \n\n 6,224 | \n
| \n Chemicals products | \n\n 1,635 | \n\n (93) | \n\n 1,542 | \n
| \n Trading inventories | \n\n 6,672 | \n\n \u2013 | \n\n 6,672 | \n
| \n Other inventories | \n\n 4,797 | \n\n (1,010) | \n\n 3,787 | \n
| \n Total | \n\n 24,248 | \n\n (1,312) | \n\n 22,936 | \n
| \n As of December 31, 2021 (M$) | \n\n Gross value | \n\n Valuation allowance | \n\n Net value | \n
| \n Crude oil and natural gas | \n\n 3,221 | \n\n (7) | \n\n 3,214 | \n
| \n Refined products | \n\n 5,411 | \n\n (50) | \n\n 5,361 | \n
| \n Chemicals products | \n\n 1,519 | \n\n (98) | \n\n 1,421 | \n
| \n Trading inventories | \n\n 6,501 | \n\n \u2013 | \n\n 6,501 | \n
| \n Other inventories | \n\n 4,538 | \n\n (1,083) | \n\n 3,455 | \n
| \n Total | \n\n 21,190 | \n\n (1,238) | \n\n 19,952 | \n
| \n As of December 31, 2020 (M$) | \n\n Gross value | \n\n Valuation allowance | \n\n Net value | \n
| \n Crude oil and natural gas | \n\n 1,818 | \n\n (1) | \n\n 1,817 | \n
| \n Refined products | \n\n 3,913 | \n\n (68) | \n\n 3,845 | \n
| \n Chemicals products | \n\n 1,330 | \n\n (102) | \n\n 1,228 | \n
| \n Trading inventories | \n\n 5,130 | \n\n \u2013 | \n\n 5,130 | \n
| \n Other inventories | \n\n 3,824 | \n\n (1,114) | \n\n 2,710 | \n
| \n Total | \n\n 16,015 | \n\n (1,285) | \n\n 14,730 | \n
Changes in the valuation allowance on inventories are as follows:
| \n For the year ended December 31, (M$) | \n\n Valuation allowance as of | \n\n Increase (net) | \n\n Currency translation adjustment and | \n\n Valuation allowance as of | \n
| \n 2022 | \n\n (1,238) | \n\n (121) | \n\n 47 | \n\n (1,312) | \n
| \n 2021 | \n\n (1,285) | \n\n (36) | \n\n 83 | \n\n (1,238) | \n
| \n 2020 | \n\n (1,174) | \n\n (85) | \n\n (26) | \n\n (1,285) | \n
Accounting principles
Inventories are measured in the Consolidated Financial Statements at the lower of historical cost or market value. Costs for petroleum and petrochemical products are determined according to the FIFO (First-In, First-Out) method or weighted-average cost method and other inventories are measured using the weighted-average cost method.
In addition stocks held for trading are measured at fair value less cost to sell.
Refining & Chemicals
Petroleum product inventories are mainly comprised of crude oil and refined products. Refined products principally consist of gasoline, distillate and fuel produced by TotalEnergies' refineries. The turnover of petroleum products does not exceed two months on average.
Crude oil costs include raw material and receiving costs. Refining costs principally include crude oil costs, production costs (energy, labor, depreciation of producing assets) and an allocation of production overheads (taxes, maintenance, insurance, etc.).
Costs of chemical product inventories consist of raw material costs, direct labor costs and an allocation of production overheads. Start-up costs, general administrative costs and financing costs are excluded from the costs of refined and chemicals products.
Marketing & Services
The costs of products refined by TotalEnergies\u2019 entities include mainly raw materials costs, production costs (energy, labor, depreciation of producing assets), primary costs of transport and an allocation of production overheads (taxes, maintenance, insurance, etc.).
General administrative costs and financing costs are excluded from the cost price of refined products.
Product inventories purchased from entities external to TotalEnergies are valued at their purchase cost plus primary costs of transport.
Carbon dioxide emission rights generated as part of the EU Emission Trading scheme (EU ETS)
In the absence of a current IFRS standard or interpretation on accounting for emission rights of carbon dioxide generated as part of the EU Emission Trading scheme (EU ETS), the following principles are applied:
\u2013Emission rights are managed as a cost of production and as such are recognized in inventories:
\u2013Emission rights allocated for free are booked in inventories with a nil carrying amount;
\u2013Purchased emission rights are booked at acquisition cost;
\u2013Sales or annual surrender of emission rights result in decreases in inventories valued at weighted-average cost;
\u2013If the carrying amount of inventories at closing date is higher than the market value, an impairment loss is recorded.
\u2013If emission rights to be surrendered at the end of the compliance period are higher than emission rights (allocated and purchased), the shortage is accounted for as a liability at market value;
\u2013Forward transactions are recognized at their fair market value in the balance sheet. Changes in the fair value of such forward transactions are recognized in the statement of income.
Energy savings certificates
In the absence of current IFRS standards or interpretations on accounting for energy savings certificates (ESC), the following principles are applied:
\u2013If the obligations linked to the sales of energy are greater than the number of ESC's held then a liability is recorded. These liabilities are valued based on the price of the last transactions;
\u2013In the event that the number of ESC\u2019s held exceeds the obligation at the balance sheet date this is accounted for as inventory. Otherwise a valuation allowance is recorded ;
\u2013ESC inventories are valued at weighted-average cost (acquisition cost for those ESC's acquired or cost incurred for those ESC's generated internally).
If the carrying value of the inventory of certificates at the balance sheet date is higher than the market value, an impairment loss is recorded.
Carbon dioxide emission rights generated as part of the EU Emission Trading scheme (EU ETS)
In the absence of a current IFRS standard or interpretation on accounting for emission rights of carbon dioxide generated as part of the EU Emission Trading scheme (EU ETS), the following principles are applied:
\u2013Emission rights are managed as a cost of production and as such are recognized in inventories:
\u2013Emission rights allocated for free are booked in inventories with a nil carrying amount;
\u2013Purchased emission rights are booked at acquisition cost;
\u2013Sales or annual surrender of emission rights result in decreases in inventories valued at weighted-average cost;
\u2013If the carrying amount of inventories at closing date is higher than the market value, an impairment loss is recorded.
\u2013If emission rights to be surrendered at the end of the compliance period are higher than emission rights (allocated and purchased), the shortage is accounted for as a liability at market value;
\u2013Forward transactions are recognized at their fair market value in the balance sheet. Changes in the fair value of such forward transactions are recognized in the statement of income.
5.4.2Accounts receivable and other current assets
| \n As of December 31, 2022 (M$) | \n\n Gross value | \n\n Valuation allowance | \n\n Net value | \n
| \n Accounts receivable | \n\n 25,204 | \n\n (826) | \n\n 24,378 | \n
| \n Recoverable taxes | \n\n 6,295 | \n\n (32) | \n\n 6,263 | \n
| \n Other operating receivables | \n\n 28,582 | \n\n (293) | \n\n 28,289 | \n
| \n Prepaid expenses | \n\n 1,455 | \n\n \u2013 | \n\n 1,455 | \n
| \n Other current assets | \n\n 63 | \n\n \u2013 | \n\n 63 | \n
| \n Other current assets | \n\n 36,395 | \n\n (325) | \n\n 36,070 | \n
| \n As of December 31, 2021 (M$) | \n\n Gross value | \n\n Valuation allowance | \n\n Net value | \n
| \n Accounts receivable | \n\n 22,776 | \n\n (793) | \n\n 21,983 | \n
| \n Recoverable taxes | \n\n 3,713 | \n\n (54) | \n\n 3,659 | \n
| \n Other operating receivables | \n\n 29,767 | \n\n (214) | \n\n 29,553 | \n
| \n Prepaid expenses | \n\n 1,879 | \n\n \u2013 | \n\n 1,879 | \n
| \n Other current assets | \n\n 53 | \n\n \u2013 | \n\n 53 | \n
| \n Other current assets | \n\n 35,412 | \n\n (268) | \n\n 35,144 | \n
| \n As of December 31, 2020 (M$) | \n\n Gross value | \n\n Valuation allowance | \n\n Net value | \n
| \n Accounts receivable | \n\n 14,899 | \n\n (831) | \n\n 14,068 | \n
| \n Recoverable taxes | \n\n 3,598 | \n\n (67) | \n\n 3,531 | \n
| \n Other operating receivables | \n\n 8,251 | \n\n (208) | \n\n 8,043 | \n
| \n Prepaid expenses | \n\n 1,801 | \n\n \u2013 | \n\n 1,801 | \n
| \n Other current assets | \n\n 53 | \n\n \u2013 | \n\n 53 | \n
| \n Other current assets | \n\n 13,703 | \n\n (275) | \n\n 13,428 | \n
Changes in the valuation allowance on \u201cAccounts receivable\u201d and \u201cOther current assets\u201d are as follows:
| \n For the year ended December 31, (M$) | \n\n Valuation allowance as of January 1, | \n\n Increase (net) | \n\n Currency translation adjustments and other variations | \n\n Valuation allowance as of December 31, | \n
| \n Accounts receivable | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n 2022 | \n\n (793) | \n\n (98) | \n\n 65 | \n\n (826) | \n
| \n 2021 | \n\n (831) | \n\n (24) | \n\n 62 | \n\n (793) | \n
| \n 2020 | \n\n (674) | \n\n (107) | \n\n (50) | \n\n \u00a0(831) | \n
| \n Other current assets | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n 2022 | \n\n (268) | \n\n (83) | \n\n 26 | \n\n (325) | \n
| \n 2021 | \n\n (275) | \n\n (10) | \n\n 17 | \n\n (268) | \n
| \n 2020 | \n\n (335) | \n\n 37 | \n\n 23 | \n\n \u00a0(275) | \n
As of December 31, 2022, the net portion of the overdue receivables included in \u201cAccounts receivable\u201d and \u201cOther current assets\u201d was $5,481 million, of which $3,328 million was due less than 90 days, $672 million was due between 90 days and 6 months, $571 million was due between 6 and 12 months and $910 million was due after 12 months.
As of December 31, 2021, the net portion of the overdue receivables included in \u201cAccounts receivable\u201d and \u201cOther current assets\u201d was $4,482 million, of which $2,844 million was due less than 90 days, $260 million was due between 90 days and 6 months, $556 million was due between 6 and 12 months and $823 million was due after 12 months.
As of December 31, 2020, the net portion of the overdue receivables included in \u201cAccounts receivable\u201d and \u201cOther current assets\u201d was $4,197 million, of which $2,140 million was due less than 90 days, $239 million was due between 90 days and 6 months, $553 million was due between 6 and 12 months and $1,265 million was due after 12 months.
6.3Other non-current assets
| \n As of December 31, 2022 (M$) | \n\n Gross value | \n\n Valuation allowance | \n\n Net value | \n
| \n Loans and advances(a) | \n\n 2,092 | \n\n (255) | \n\n 1,837 | \n
| \n Other non-current financial assets related to operational activities | \n\n 250 | \n\n \u2013 | \n\n 250 | \n
| \n Other | \n\n 301 | \n\n \u2013 | \n\n 301 | \n
| \n Total | \n\n 2,643 | \n\n (255) | \n\n 2,388 | \n
| \n As of December 31, 2021 (M$) | \n\n Gross value | \n\n Valuation allowance | \n\n Net value | \n
| \n Loans and advances(a) | \n\n 2,364 | \n\n (257) | \n\n 2,107 | \n
| \n Other non-current financial assets related to operational activities | \n\n 312 | \n\n \u2013 | \n\n 312 | \n
| \n Other | \n\n 378 | \n\n \u2013 | \n\n 378 | \n
| \n Total | \n\n 3,054 | \n\n (257) | \n\n 2,797 | \n
| \n As of December 31, 2020 (M$) | \n\n Gross value | \n\n Valuation allowance | \n\n Net value | \n
| \n Loans and advances(a) | \n\n 2,731 | \n\n (273) | \n\n 2,458 | \n
| \n Other non-current financial assets related to operational activities | \n\n 287 | \n\n \u2013 | \n\n 287 | \n
| \n Other | \n\n 65 | \n\n \u2013 | \n\n 65 | \n
| \n Total | \n\n 3,083 | \n\n (273) | \n\n 2,810 | \n
| \n (a)Excluding loans to equity affiliates. | \n\n\n | \n\n\n | \n\n\n | \n
Changes in the valuation allowance on loans and advances are detailed as follows:
| \n For the year ended December 31, (M$) | \n\n Valuation allowance as of January 1, | \n\n Increases | \n\n Decreases | \n\n Currency translation adjustment and | \n\n Valuation allowance as of December 31, | \n
| \n 2022 | \n\n (257) | \n\n (27) | \n\n 11 | \n\n 18 | \n\n (255) | \n
| \n 2021 | \n\n (273) | \n\n (6) | \n\n 14 | \n\n 8 | \n\n (257) | \n
| \n 2020 | \n\n (266) | \n\n (30) | \n\n 15 | \n\n 8 | \n\n (273) | \n
5.4.2Accounts receivable and other current assets
| \n As of December 31, 2022 (M$) | \n\n Gross value | \n\n Valuation allowance | \n\n Net value | \n
| \n Accounts receivable | \n\n 25,204 | \n\n (826) | \n\n 24,378 | \n
| \n Recoverable taxes | \n\n 6,295 | \n\n (32) | \n\n 6,263 | \n
| \n Other operating receivables | \n\n 28,582 | \n\n (293) | \n\n 28,289 | \n
| \n Prepaid expenses | \n\n 1,455 | \n\n \u2013 | \n\n 1,455 | \n
| \n Other current assets | \n\n 63 | \n\n \u2013 | \n\n 63 | \n
| \n Other current assets | \n\n 36,395 | \n\n (325) | \n\n 36,070 | \n
| \n As of December 31, 2021 (M$) | \n\n Gross value | \n\n Valuation allowance | \n\n Net value | \n
| \n Accounts receivable | \n\n 22,776 | \n\n (793) | \n\n 21,983 | \n
| \n Recoverable taxes | \n\n 3,713 | \n\n (54) | \n\n 3,659 | \n
| \n Other operating receivables | \n\n 29,767 | \n\n (214) | \n\n 29,553 | \n
| \n Prepaid expenses | \n\n 1,879 | \n\n \u2013 | \n\n 1,879 | \n
| \n Other current assets | \n\n 53 | \n\n \u2013 | \n\n 53 | \n
| \n Other current assets | \n\n 35,412 | \n\n (268) | \n\n 35,144 | \n
| \n As of December 31, 2020 (M$) | \n\n Gross value | \n\n Valuation allowance | \n\n Net value | \n
| \n Accounts receivable | \n\n 14,899 | \n\n (831) | \n\n 14,068 | \n
| \n Recoverable taxes | \n\n 3,598 | \n\n (67) | \n\n 3,531 | \n
| \n Other operating receivables | \n\n 8,251 | \n\n (208) | \n\n 8,043 | \n
| \n Prepaid expenses | \n\n 1,801 | \n\n \u2013 | \n\n 1,801 | \n
| \n Other current assets | \n\n 53 | \n\n \u2013 | \n\n 53 | \n
| \n Other current assets | \n\n 13,703 | \n\n (275) | \n\n 13,428 | \n
Changes in the valuation allowance on \u201cAccounts receivable\u201d and \u201cOther current assets\u201d are as follows:
| \n For the year ended December 31, (M$) | \n\n Valuation allowance as of January 1, | \n\n Increase (net) | \n\n Currency translation adjustments and other variations | \n\n Valuation allowance as of December 31, | \n
| \n Accounts receivable | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n 2022 | \n\n (793) | \n\n (98) | \n\n 65 | \n\n (826) | \n
| \n 2021 | \n\n (831) | \n\n (24) | \n\n 62 | \n\n (793) | \n
| \n 2020 | \n\n (674) | \n\n (107) | \n\n (50) | \n\n \u00a0(831) | \n
| \n Other current assets | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n 2022 | \n\n (268) | \n\n (83) | \n\n 26 | \n\n (325) | \n
| \n 2021 | \n\n (275) | \n\n (10) | \n\n 17 | \n\n (268) | \n
| \n 2020 | \n\n (335) | \n\n 37 | \n\n 23 | \n\n \u00a0(275) | \n
As of December 31, 2022, the net portion of the overdue receivables included in \u201cAccounts receivable\u201d and \u201cOther current assets\u201d was $5,481 million, of which $3,328 million was due less than 90 days, $672 million was due between 90 days and 6 months, $571 million was due between 6 and 12 months and $910 million was due after 12 months.
As of December 31, 2021, the net portion of the overdue receivables included in \u201cAccounts receivable\u201d and \u201cOther current assets\u201d was $4,482 million, of which $2,844 million was due less than 90 days, $260 million was due between 90 days and 6 months, $556 million was due between 6 and 12 months and $823 million was due after 12 months.
As of December 31, 2020, the net portion of the overdue receivables included in \u201cAccounts receivable\u201d and \u201cOther current assets\u201d was $4,197 million, of which $2,140 million was due less than 90 days, $239 million was due between 90 days and 6 months, $553 million was due between 6 and 12 months and $1,265 million was due after 12 months.
5.4.2Accounts receivable and other current assets
| \n As of December 31, 2022 (M$) | \n\n Gross value | \n\n Valuation allowance | \n\n Net value | \n
| \n Accounts receivable | \n\n 25,204 | \n\n (826) | \n\n 24,378 | \n
| \n Recoverable taxes | \n\n 6,295 | \n\n (32) | \n\n 6,263 | \n
| \n Other operating receivables | \n\n 28,582 | \n\n (293) | \n\n 28,289 | \n
| \n Prepaid expenses | \n\n 1,455 | \n\n \u2013 | \n\n 1,455 | \n
| \n Other current assets | \n\n 63 | \n\n \u2013 | \n\n 63 | \n
| \n Other current assets | \n\n 36,395 | \n\n (325) | \n\n 36,070 | \n
| \n As of December 31, 2021 (M$) | \n\n Gross value | \n\n Valuation allowance | \n\n Net value | \n
| \n Accounts receivable | \n\n 22,776 | \n\n (793) | \n\n 21,983 | \n
| \n Recoverable taxes | \n\n 3,713 | \n\n (54) | \n\n 3,659 | \n
| \n Other operating receivables | \n\n 29,767 | \n\n (214) | \n\n 29,553 | \n
| \n Prepaid expenses | \n\n 1,879 | \n\n \u2013 | \n\n 1,879 | \n
| \n Other current assets | \n\n 53 | \n\n \u2013 | \n\n 53 | \n
| \n Other current assets | \n\n 35,412 | \n\n (268) | \n\n 35,144 | \n
| \n As of December 31, 2020 (M$) | \n\n Gross value | \n\n Valuation allowance | \n\n Net value | \n
| \n Accounts receivable | \n\n 14,899 | \n\n (831) | \n\n 14,068 | \n
| \n Recoverable taxes | \n\n 3,598 | \n\n (67) | \n\n 3,531 | \n
| \n Other operating receivables | \n\n 8,251 | \n\n (208) | \n\n 8,043 | \n
| \n Prepaid expenses | \n\n 1,801 | \n\n \u2013 | \n\n 1,801 | \n
| \n Other current assets | \n\n 53 | \n\n \u2013 | \n\n 53 | \n
| \n Other current assets | \n\n 13,703 | \n\n (275) | \n\n 13,428 | \n
Changes in the valuation allowance on \u201cAccounts receivable\u201d and \u201cOther current assets\u201d are as follows:
| \n For the year ended December 31, (M$) | \n\n Valuation allowance as of January 1, | \n\n Increase (net) | \n\n Currency translation adjustments and other variations | \n\n Valuation allowance as of December 31, | \n
| \n Accounts receivable | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n 2022 | \n\n (793) | \n\n (98) | \n\n 65 | \n\n (826) | \n
| \n 2021 | \n\n (831) | \n\n (24) | \n\n 62 | \n\n (793) | \n
| \n 2020 | \n\n (674) | \n\n (107) | \n\n (50) | \n\n \u00a0(831) | \n
| \n Other current assets | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n 2022 | \n\n (268) | \n\n (83) | \n\n 26 | \n\n (325) | \n
| \n 2021 | \n\n (275) | \n\n (10) | \n\n 17 | \n\n (268) | \n
| \n 2020 | \n\n (335) | \n\n 37 | \n\n 23 | \n\n \u00a0(275) | \n
As of December 31, 2022, the net portion of the overdue receivables included in \u201cAccounts receivable\u201d and \u201cOther current assets\u201d was $5,481 million, of which $3,328 million was due less than 90 days, $672 million was due between 90 days and 6 months, $571 million was due between 6 and 12 months and $910 million was due after 12 months.
As of December 31, 2021, the net portion of the overdue receivables included in \u201cAccounts receivable\u201d and \u201cOther current assets\u201d was $4,482 million, of which $2,844 million was due less than 90 days, $260 million was due between 90 days and 6 months, $556 million was due between 6 and 12 months and $823 million was due after 12 months.
As of December 31, 2020, the net portion of the overdue receivables included in \u201cAccounts receivable\u201d and \u201cOther current assets\u201d was $4,197 million, of which $2,140 million was due less than 90 days, $239 million was due between 90 days and 6 months, $553 million was due between 6 and 12 months and $1,265 million was due after 12 months.
5.4.3Other creditors and accrued liabilities
| \n As of December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Accruals and deferred income | \n\n 737 | \n\n 3,744 | \n\n 842 | \n
| \n Payable to States (including taxes and duties) | \n\n 14,780 | \n\n 10,281 | \n\n 5,734 | \n
| \n Payroll | \n\n 1,572 | \n\n 1,481 | \n\n 1,587 | \n
| \n Other operating liabilities | \n\n 35,186 | \n\n 27,294 | \n\n 14,302 | \n
| \n Total | \n\n 52,275 | \n\n 42,800 | \n\n 22,465 | \n
As of December 31, 2022, the heading \u201cOther operating liabilities\u201d notably includes the second quarterly interim dividend for the fiscal year 2022 for $1,857 million, which was paid in January 2023 and the third quarterly interim dividend for the fiscal year 2022 for $1,827 million, which will be paid in April 2023.
As of December 31, 2021, the heading \u201cOther operating liabilities\u201d notably included the second quarterly interim dividend for the fiscal year 2021 for $1,974 million, which was paid in January 2022 and the third quarterly interim dividend for the fiscal year 2021 for $1,948 million, which was paid in April 2022.
As of December 31, 2020, the heading \u201cOther operating liabilities\u201d notably included the second quarterly interim dividend for the fiscal year 2020 for $2,129 million, which was paid in January 2021 and the third quarterly interim dividend for the fiscal year 2020 for $2,149 million, which was paid in April 2021.
5.4.3Other creditors and accrued liabilities
| \n As of December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Accruals and deferred income | \n\n 737 | \n\n 3,744 | \n\n 842 | \n
| \n Payable to States (including taxes and duties) | \n\n 14,780 | \n\n 10,281 | \n\n 5,734 | \n
| \n Payroll | \n\n 1,572 | \n\n 1,481 | \n\n 1,587 | \n
| \n Other operating liabilities | \n\n 35,186 | \n\n 27,294 | \n\n 14,302 | \n
| \n Total | \n\n 52,275 | \n\n 42,800 | \n\n 22,465 | \n
As of December 31, 2022, the heading \u201cOther operating liabilities\u201d notably includes the second quarterly interim dividend for the fiscal year 2022 for $1,857 million, which was paid in January 2023 and the third quarterly interim dividend for the fiscal year 2022 for $1,827 million, which will be paid in April 2023.
As of December 31, 2021, the heading \u201cOther operating liabilities\u201d notably included the second quarterly interim dividend for the fiscal year 2021 for $1,974 million, which was paid in January 2022 and the third quarterly interim dividend for the fiscal year 2021 for $1,948 million, which was paid in April 2022.
As of December 31, 2020, the heading \u201cOther operating liabilities\u201d notably included the second quarterly interim dividend for the fiscal year 2020 for $2,129 million, which was paid in January 2021 and the third quarterly interim dividend for the fiscal year 2020 for $2,149 million, which was paid in April 2021.
5.4.3Other creditors and accrued liabilities
| \n As of December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Accruals and deferred income | \n\n 737 | \n\n 3,744 | \n\n 842 | \n
| \n Payable to States (including taxes and duties) | \n\n 14,780 | \n\n 10,281 | \n\n 5,734 | \n
| \n Payroll | \n\n 1,572 | \n\n 1,481 | \n\n 1,587 | \n
| \n Other operating liabilities | \n\n 35,186 | \n\n 27,294 | \n\n 14,302 | \n
| \n Total | \n\n 52,275 | \n\n 42,800 | \n\n 22,465 | \n
As of December 31, 2022, the heading \u201cOther operating liabilities\u201d notably includes the second quarterly interim dividend for the fiscal year 2022 for $1,857 million, which was paid in January 2023 and the third quarterly interim dividend for the fiscal year 2022 for $1,827 million, which will be paid in April 2023.
As of December 31, 2021, the heading \u201cOther operating liabilities\u201d notably included the second quarterly interim dividend for the fiscal year 2021 for $1,974 million, which was paid in January 2022 and the third quarterly interim dividend for the fiscal year 2021 for $1,948 million, which was paid in April 2022.
As of December 31, 2020, the heading \u201cOther operating liabilities\u201d notably included the second quarterly interim dividend for the fiscal year 2020 for $2,129 million, which was paid in January 2021 and the third quarterly interim dividend for the fiscal year 2020 for $2,149 million, which was paid in April 2021.
5.5Cash flow from operating activities
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n The Consolidated Statement of Cash Flows prepared in currencies other than dollar has been translated into dollars using the exchange rate on the transaction date or the average exchange rate for the period. Currency translation differences arising from the translation of monetary assets and liabilities denominated in foreign currency into | \n\n \n | \n\n dollars using the closing exchange rates are shown in the Consolidated Statement of Cash Flows under \u201cEffect of exchange rates\u201d. Therefore, the Consolidated Statement of Cash Flows will not agree with the figures derived from the Consolidated Balance Sheet. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
The following table gives additional information on cash paid or received in the cash flow from operating activities.
Detail of interest, taxes and dividends
| \n For the year ended December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Interests paid | \n\n (2,292) | \n\n (1,886) | \n\n (2,145) | \n
| \n Interests received | \n\n 655 | \n\n 284 | \n\n 197 | \n
| \n Income tax paid(a) | \n\n (14,486) | \n\n (4,508) | \n\n (2,858) | \n
| \n Dividends received | \n\n 3,955 | \n\n 2,346 | \n\n 1,444 | \n
| \n (a)These amounts include taxes paid in kind under production-sharing contracts in exploration and production activities. | \n
Detail of changes in working capital
| \n For the year ended December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Inventories | \n\n (3,805) | \n\n (5,903) | \n\n 2,274 | \n
| \n Accounts receivable | \n\n (3,272) | \n\n (6,788) | \n\n 4,818 | \n
| \n Other current assets | \n\n (3,523) | \n\n (21,026) | \n\n 3,374 | \n
| \n Accounts payable | \n\n 5,313 | \n\n 12,073 | \n\n (5,355) | \n
| \n Other creditors and accrued liabilities | \n\n 6,478 | \n\n 21,028 | \n\n (3,242) | \n
| \n Net amount, Decrease (Increase) | \n\n 1,191 | \n\n (616) | \n\n 1,869 | \n
Detail of changes in provisions and deferred taxes
| \n As of December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Accruals | \n\n 2,177 | \n\n (467) | \n\n 350 | \n
| \n Deferred taxes | \n\n 2,417 | \n\n 1,429 | \n\n (2,132) | \n
| \n Total | \n\n 4,594 | \n\n 962 | \n\n (1,782) | \n
C)Cash flow from (used in) financing activities
The variations of financial debt are detailed as follows:
| \n (M$) | \n\n As of January 1, 2022 | \n\n Cash changes | \n\n Non-cash changes | \n\n As of December | \n||||
| \n Change | \n\n Foreign currency | \n\n Changes in fair value | \n\n Reclassification Non-current/ Current | \n\n Other | \n||||
| \n Non-current financial instruments - assets(a) and non-current financial assets | \n\n (2,404) | \n\n \u2013 | \n\n 24 | \n\n 52 | \n\n (448) | \n\n 198 | \n\n (153) | \n\n (2,731) | \n
| \n Non-current financial debt | \n\n 49,512 | \n\n 1,108 | \n\n (696) | \n\n (225) | \n\n 175 | \n\n (6,981) | \n\n 2,371 | \n\n 45,264 | \n
| \n Non-current financial debt and related financial instruments | \n\n 47,108 | \n\n 1,108 | \n\n (672) | \n\n (173) | \n\n (273) | \n\n (6,783) | \n\n 2,218 | \n\n 42,533 | \n
| \n Current financial instruments - assets(a) | \n\n (252) | \n\n 264 | \n\n \u2013 | \n\n 6 | \n\n (97) | \n\n (198) | \n\n (124) | \n\n (401) | \n
| \n Current borrowings | \n\n 15,035 | \n\n (6,337) | \n\n (316) | \n\n (106) | \n\n (69) | \n\n 6,981 | \n\n 314 | \n\n 15,502 | \n
| \n Current financial instruments - liabilities(a) | \n\n 372 | \n\n \u2013 | \n\n \u2013 | \n\n (9) | \n\n 125 | \n\n \u2013 | \n\n \u2013 | \n\n 488 | \n
| \n Current financial debt and related financial instruments | \n\n 15,155 | \n\n (6,073) | \n\n (316) | \n\n (109) | \n\n (41) | \n\n 6,783 | \n\n 190 | \n\n 15,589 | \n
| \n Financial debt and financial assets classified as held for sale | \n\n (4) | \n\n \u2013 | \n\n (34) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (38) | \n
| \n Net financial debt | \n\n 62,259 | \n\n (4,965) | \n\n (1,022) | \n\n (282) | \n\n (314) | \n\n \u2013 | \n\n 2,408 | \n\n 58,084 | \n
| \n (a)Fair value or cash flow hedge instruments and other non-hedge debt-related derivative instruments. | \n
| \n (M$) | \n\n As of January 1, 2021 | \n\n Cash changes | \n\n Non-cash changes | \n\n As of December | \n||||
| \n Change | \n\n Foreign currency | \n\n Changes in fair value | \n\n Reclassification Non-current/ Current | \n\n Other | \n||||
| \n Non-current financial instruments - assets(a) and non-current financial assets | \n\n (4,781) | \n\n (290) | \n\n 1 | \n\n 64 | \n\n 2,432 | \n\n 188 | \n\n (18) | \n\n (2,404) | \n
| \n Non-current financial debt | \n\n 60,203 | \n\n (359) | \n\n (58) | \n\n (183) | \n\n (2,377) | \n\n (9,254) | \n\n 1,540 | \n\n 49,512 | \n
| \n Non-current financial debt and related financial instruments | \n\n 55,422 | \n\n (649) | \n\n (57) | \n\n (119) | \n\n 55 | \n\n (9,066) | \n\n 1,522 | \n\n 47,108 | \n
| \n Current financial instruments - assets(a) | \n\n (194) | \n\n 191 | \n\n \u2013 | \n\n 8 | \n\n (45) | \n\n (188) | \n\n (24) | \n\n (252) | \n
| \n Current borrowings | \n\n 17,099 | \n\n (11,047) | \n\n 15 | \n\n (283) | \n\n (158) | \n\n 9,254 | \n\n 155 | \n\n 15,035 | \n
| \n Current financial instruments - liabilities(a) | \n\n 203 | \n\n \u2013 | \n\n 1 | \n\n (11) | \n\n 179 | \n\n \u2013 | \n\n \u2013 | \n\n 372 | \n
| \n Current financial debt and related financial instruments | \n\n 17,108 | \n\n (10,856) | \n\n 16 | \n\n (286) | \n\n (24) | \n\n 9,066 | \n\n 131 | \n\n 15,155 | \n
| \n Financial debt and financial assets classified as held for sale | \n\n 313 | \n\n \u2013 | \n\n (306) | \n\n (11) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (4) | \n
| \n Net financial debt | \n\n 72,843 | \n\n (11,505) | \n\n (347) | \n\n (416) | \n\n 31 | \n\n \u2013 | \n\n 1,653 | \n\n 62,259 | \n
| \n (a)Fair value or cash flow hedge instruments and other non-hedge debt-related derivative instruments | \n
| \n \n | \n\n As of January 1, 2020 | \n\n Cash changes | \n\n Non-cash changes | \n\n As of December 31, 2020 | \n||||
| \n (M$) | \n\n Change | \n\n Foreign currency | \n\n Changes in fair value | \n\n Reclassification Non-current / Current | \n\n Other | \n|||
| \n Non-current financial instruments - | \n\n (912) | \n\n (228) | \n\n 3 | \n\n (59) | \n\n (2,729) | \n\n 118 | \n\n (974) | \n\n (4,781) | \n
| \n Non-current financial debt | \n\n 47,773 | \n\n 15,800 | \n\n (456) | \n\n 192 | \n\n 2,973 | \n\n (8,711) | \n\n 2,632 | \n\n 60,203 | \n
| \n Non-current financial debt | \n\n 46,861 | \n\n 15,572 | \n\n (453) | \n\n 133 | \n\n 244 | \n\n (8,593) | \n\n 1,658 | \n\n 55,422 | \n
| \n Current financial instruments - assets(a) | \n\n (268) | \n\n 178 | \n\n \u2013 | \n\n (6) | \n\n 46 | \n\n (118) | \n\n (26) | \n\n (194) | \n
| \n Current borrowings | \n\n 14,819 | \n\n (6,679) | \n\n 6 | \n\n (132) | \n\n 188 | \n\n 8,711 | \n\n 186 | \n\n 17,099 | \n
| \n Current financial instruments - liabilities(a) | \n\n 487 | \n\n \u2013 | \n\n (5) | \n\n 8 | \n\n (287) | \n\n \u2013 | \n\n \u2013 | \n\n 203 | \n
| \n Current financial debt and related financial instruments | \n\n 15,038 | \n\n (6,501) | \n\n 1 | \n\n (130) | \n\n (53) | \n\n 8,593 | \n\n 160 | \n\n 17,108 | \n
| \n Financial debt and financial assets classified as held for sale | \n\n 301 | \n\n \u2013 | \n\n (10) | \n\n 22 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 313 | \n
| \n Net financial debt | \n\n 62,200 | \n\n 9,071 | \n\n (462) | \n\n 25 | \n\n 191 | \n\n \u2013 | \n\n 1,818 | \n\n 72,843 | \n
| \n\n | \n
Monetary changes in non-current financial debt are detailed as follows:
| \n For the year ended December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Issuance of non-current debt | \n\n 1,148 | \n\n 808 | \n\n 16,075 | \n
| \n Repayment of non-current debt | \n\n (40) | \n\n (1,167) | \n\n (275) | \n
| \n Net amount | \n\n 1,108 | \n\n \u00a0(359) | \n\n 15,800 | \n
Accounting principles
The Consolidated Statement of Cash Flows prepared in currencies other than dollar has been translated into dollars using the exchange rate on the transaction date or the average exchange rate for the period. Currency translation differences arising from the translation of monetary assets and liabilities denominated in foreign currency into
dollars using the closing exchange rates are shown in the Consolidated Statement of Cash Flows under \u201cEffect of exchange rates\u201d. Therefore, the Consolidated Statement of Cash Flows will not agree with the figures derived from the Consolidated Balance Sheet.
6.1Other income and other expense
| \n For the year ended December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Gains on disposal of assets | \n\n 2,244 | \n\n 890 | \n\n 961 | \n
| \n Foreign exchange gains | \n\n 379 | \n\n 227 | \n\n 746 | \n
| \n Other | \n\n 226 | \n\n 195 | \n\n 530 | \n
| \n Other income | \n\n 2,849 | \n\n 1,312 | \n\n 2,237 | \n
| \n Losses on disposal of assets | \n\n (2,613) | \n\n (436) | \n\n (52) | \n
| \n Foreign exchange losses | \n\n (1,023) | \n\n (702) | \n\n (320) | \n
| \n Amortization of other intangible assets (excl. mineral interests) | \n\n (430) | \n\n (448) | \n\n (343) | \n
| \n Other | \n\n (3,278) | \n\n (731) | \n\n (791) | \n
| \n Other expense | \n\n (7,344) | \n\n (2,317) | \n\n (1,506) | \n
Other income
In 2022, gains on disposal of assets are mainly related to the partial disposal of TotalEnergies' interest in its subsidiary which owns 50.5% of SunPower and the revaluation of its retained interest which is accounted for using the equity method for $1,461 million in the segment Integrated Gas, renewables & Power.
In 2021, gains on disposal of assets included the sale of interests in onshore Oil Mining Lease 17 in Nigeria in the Exploration & Production segment, the sale of interests in two portfolios of renewable assets in the Gas Renewables & Power segment, and the sale of a part of TotalEnergies\u2019 investment in Trapil in the Refining & Chemicals and Marketing & Services segments.
In 2020, gains on disposal of assets mainly related to the sale of non-strategic assets in the British North Sea in the Exploration & Production segment, to the sale of TotalEnergies\u2019 interest in the Fos Cavaou regasification terminal in France and the sale of infrastructure assets in the Integrated Gas Renewables & Power segment, as well as to the sale of real estate in Belgium in the Holding segment.
6.1Other income and other expense
| \n For the year ended December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Gains on disposal of assets | \n\n 2,244 | \n\n 890 | \n\n 961 | \n
| \n Foreign exchange gains | \n\n 379 | \n\n 227 | \n\n 746 | \n
| \n Other | \n\n 226 | \n\n 195 | \n\n 530 | \n
| \n Other income | \n\n 2,849 | \n\n 1,312 | \n\n 2,237 | \n
| \n Losses on disposal of assets | \n\n (2,613) | \n\n (436) | \n\n (52) | \n
| \n Foreign exchange losses | \n\n (1,023) | \n\n (702) | \n\n (320) | \n
| \n Amortization of other intangible assets (excl. mineral interests) | \n\n (430) | \n\n (448) | \n\n (343) | \n
| \n Other | \n\n (3,278) | \n\n (731) | \n\n (791) | \n
| \n Other expense | \n\n (7,344) | \n\n (2,317) | \n\n (1,506) | \n
Other expense
In 2022, losses on disposal of assets are mainly related to the recycling in expenses of Exploration & Production, of an amount of $2,384 million representing the accumulated foreign exchange losses accumulated in equity since the acquisition of the Novatek stake and until its deconsolidation date. The heading \u201cOther\u201d notably includes provisions relating to assets in Russia in the Integrated Gas, Renewables & Power and Exploration & Production segments.
In 2021, the losses on disposal were mainly related to the sale of the Utica asset in the United States as well as the sale of interests in non-operated assets and the Cap Lopez oil terminal in Gabon in the Exploration & Production segment. The heading \u201cOther\u201d mainly consists of the restructuring charges in the Exploration & Production, Refining & Chemicals, Marketing & Services and Holding segments for an amount of $288 million, and of the impairment of non-consolidated shares and provision for financial risks for $238 million.
In 2020, the heading \u201cOther\u201d notably consisted of restructuring charges in the Exploration & Production, Integrated Gas Renewables & Power and Refining & Chemicals segments for an amount of $312 million, and of the impairment of non-consolidated shares and loans granted to non-consolidated subsidiaries for an amount of $64 million.
6.1Other income and other expense
| \n For the year ended December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Gains on disposal of assets | \n\n 2,244 | \n\n 890 | \n\n 961 | \n
| \n Foreign exchange gains | \n\n 379 | \n\n 227 | \n\n 746 | \n
| \n Other | \n\n 226 | \n\n 195 | \n\n 530 | \n
| \n Other income | \n\n 2,849 | \n\n 1,312 | \n\n 2,237 | \n
| \n Losses on disposal of assets | \n\n (2,613) | \n\n (436) | \n\n (52) | \n
| \n Foreign exchange losses | \n\n (1,023) | \n\n (702) | \n\n (320) | \n
| \n Amortization of other intangible assets (excl. mineral interests) | \n\n (430) | \n\n (448) | \n\n (343) | \n
| \n Other | \n\n (3,278) | \n\n (731) | \n\n (791) | \n
| \n Other expense | \n\n (7,344) | \n\n (2,317) | \n\n (1,506) | \n
Other income
In 2022, gains on disposal of assets are mainly related to the partial disposal of TotalEnergies' interest in its subsidiary which owns 50.5% of SunPower and the revaluation of its retained interest which is accounted for using the equity method for $1,461 million in the segment Integrated Gas, renewables & Power.
In 2021, gains on disposal of assets included the sale of interests in onshore Oil Mining Lease 17 in Nigeria in the Exploration & Production segment, the sale of interests in two portfolios of renewable assets in the Gas Renewables & Power segment, and the sale of a part of TotalEnergies\u2019 investment in Trapil in the Refining & Chemicals and Marketing & Services segments.
In 2020, gains on disposal of assets mainly related to the sale of non-strategic assets in the British North Sea in the Exploration & Production segment, to the sale of TotalEnergies\u2019 interest in the Fos Cavaou regasification terminal in France and the sale of infrastructure assets in the Integrated Gas Renewables & Power segment, as well as to the sale of real estate in Belgium in the Holding segment.
Other expense
In 2022, losses on disposal of assets are mainly related to the recycling in expenses of Exploration & Production, of an amount of $2,384 million representing the accumulated foreign exchange losses accumulated in equity since the acquisition of the Novatek stake and until its deconsolidation date. The heading \u201cOther\u201d notably includes provisions relating to assets in Russia in the Integrated Gas, Renewables & Power and Exploration & Production segments.
In 2021, the losses on disposal were mainly related to the sale of the Utica asset in the United States as well as the sale of interests in non-operated assets and the Cap Lopez oil terminal in Gabon in the Exploration & Production segment. The heading \u201cOther\u201d mainly consists of the restructuring charges in the Exploration & Production, Refining & Chemicals, Marketing & Services and Holding segments for an amount of $288 million, and of the impairment of non-consolidated shares and provision for financial risks for $238 million.
In 2020, the heading \u201cOther\u201d notably consisted of restructuring charges in the Exploration & Production, Integrated Gas Renewables & Power and Refining & Chemicals segments for an amount of $312 million, and of the impairment of non-consolidated shares and loans granted to non-consolidated subsidiaries for an amount of $64 million.
6.2Other financial income and expense
| \n As of December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Dividend income on non-consolidated subsidiaries | \n\n 159 | \n\n 203 | \n\n 160 | \n
| \n Capitalized financial expenses | \n\n 310 | \n\n 134 | \n\n 110 | \n
| \n Other | \n\n 427 | \n\n 425 | \n\n 644 | \n
| \n Other financial income | \n\n 896 | \n\n 762 | \n\n 914 | \n
| \n Accretion of asset retirement obligations | \n\n (430) | \n\n (449) | \n\n (607) | \n
| \n Other | \n\n (103) | \n\n (90) | \n\n (83) | \n
| \n Other financial expense | \n\n (533) | \n\n (539) | \n\n (690) | \n
A)Impact on the income statement per nature of financial instruments
Assets and liabilities from financing activities
The impact on the income statement of financing assets and liabilities mainly includes:
\u2013Financial income on cash, cash equivalents, and current financial assets (notably current deposits beyond three months) classified as \u201cLoans and receivables\u201d;
\u2013Financial expense of long-term subsidiaries financing, associated hedging instruments (excluding ineffective portion of the hedge detailed below) and financial expense of short-term financing classified as \u201cFinancing liabilities and associated hedging instruments\u201d;
\u2013Ineffective portion of bond hedging;
\u2013Financial income and financial expense on lease contracts and;
\u2013Financial income, financial expense and fair value of derivative instruments used for cash management purposes classified as \u201cAssets and liabilities held for trading\u201d.
Financial derivative instruments used for cash management purposes (interest rate and foreign exchange) are considered to be held for trading. Based on practical documentation issues, TotalEnergies did not elect to set up hedge accounting for such instruments. The impact on income statement of the derivatives is offset by the impact of loans and current liabilities they are related to. Therefore these transactions taken as a whole do not have a significant impact on the Consolidated Financial Statements.
| \n For the year ended December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Loans and receivables | \n\n 562 | \n\n 188 | \n\n 154 | \n
| \n Financing liabilities and associated hedging instruments | \n\n (1,812) | \n\n (1,373) | \n\n (1,660) | \n
| \n Fair value hedge (ineffective portion) | \n\n (5) | \n\n (10) | \n\n 12 | \n
| \n Lease assets and obligations | \n\n (458) | \n\n (413) | \n\n (422) | \n
| \n Assets and liabilities held for trading | \n\n 470 | \n\n 83 | \n\n (194) | \n
| \n Impact on the cost of net debt | \n\n (1,243) | \n\n (1,525) | \n\n (2,110) | \n
6.2Other financial income and expense
| \n As of December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Dividend income on non-consolidated subsidiaries | \n\n 159 | \n\n 203 | \n\n 160 | \n
| \n Capitalized financial expenses | \n\n 310 | \n\n 134 | \n\n 110 | \n
| \n Other | \n\n 427 | \n\n 425 | \n\n 644 | \n
| \n Other financial income | \n\n 896 | \n\n 762 | \n\n 914 | \n
| \n Accretion of asset retirement obligations | \n\n (430) | \n\n (449) | \n\n (607) | \n
| \n Other | \n\n (103) | \n\n (90) | \n\n (83) | \n
| \n Other financial expense | \n\n (533) | \n\n (539) | \n\n (690) | \n
A)Impact on the income statement per nature of financial instruments
Assets and liabilities from financing activities
The impact on the income statement of financing assets and liabilities mainly includes:
\u2013Financial income on cash, cash equivalents, and current financial assets (notably current deposits beyond three months) classified as \u201cLoans and receivables\u201d;
\u2013Financial expense of long-term subsidiaries financing, associated hedging instruments (excluding ineffective portion of the hedge detailed below) and financial expense of short-term financing classified as \u201cFinancing liabilities and associated hedging instruments\u201d;
\u2013Ineffective portion of bond hedging;
\u2013Financial income and financial expense on lease contracts and;
\u2013Financial income, financial expense and fair value of derivative instruments used for cash management purposes classified as \u201cAssets and liabilities held for trading\u201d.
Financial derivative instruments used for cash management purposes (interest rate and foreign exchange) are considered to be held for trading. Based on practical documentation issues, TotalEnergies did not elect to set up hedge accounting for such instruments. The impact on income statement of the derivatives is offset by the impact of loans and current liabilities they are related to. Therefore these transactions taken as a whole do not have a significant impact on the Consolidated Financial Statements.
| \n For the year ended December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Loans and receivables | \n\n 562 | \n\n 188 | \n\n 154 | \n
| \n Financing liabilities and associated hedging instruments | \n\n (1,812) | \n\n (1,373) | \n\n (1,660) | \n
| \n Fair value hedge (ineffective portion) | \n\n (5) | \n\n (10) | \n\n 12 | \n
| \n Lease assets and obligations | \n\n (458) | \n\n (413) | \n\n (422) | \n
| \n Assets and liabilities held for trading | \n\n 470 | \n\n 83 | \n\n (194) | \n
| \n Impact on the cost of net debt | \n\n (1,243) | \n\n (1,525) | \n\n (2,110) | \n
6.2Other financial income and expense
| \n As of December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Dividend income on non-consolidated subsidiaries | \n\n 159 | \n\n 203 | \n\n 160 | \n
| \n Capitalized financial expenses | \n\n 310 | \n\n 134 | \n\n 110 | \n
| \n Other | \n\n 427 | \n\n 425 | \n\n 644 | \n
| \n Other financial income | \n\n 896 | \n\n 762 | \n\n 914 | \n
| \n Accretion of asset retirement obligations | \n\n (430) | \n\n (449) | \n\n (607) | \n
| \n Other | \n\n (103) | \n\n (90) | \n\n (83) | \n
| \n Other financial expense | \n\n (533) | \n\n (539) | \n\n (690) | \n
A)Impact on the income statement per nature of financial instruments
Assets and liabilities from financing activities
The impact on the income statement of financing assets and liabilities mainly includes:
\u2013Financial income on cash, cash equivalents, and current financial assets (notably current deposits beyond three months) classified as \u201cLoans and receivables\u201d;
\u2013Financial expense of long-term subsidiaries financing, associated hedging instruments (excluding ineffective portion of the hedge detailed below) and financial expense of short-term financing classified as \u201cFinancing liabilities and associated hedging instruments\u201d;
\u2013Ineffective portion of bond hedging;
\u2013Financial income and financial expense on lease contracts and;
\u2013Financial income, financial expense and fair value of derivative instruments used for cash management purposes classified as \u201cAssets and liabilities held for trading\u201d.
Financial derivative instruments used for cash management purposes (interest rate and foreign exchange) are considered to be held for trading. Based on practical documentation issues, TotalEnergies did not elect to set up hedge accounting for such instruments. The impact on income statement of the derivatives is offset by the impact of loans and current liabilities they are related to. Therefore these transactions taken as a whole do not have a significant impact on the Consolidated Financial Statements.
| \n For the year ended December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Loans and receivables | \n\n 562 | \n\n 188 | \n\n 154 | \n
| \n Financing liabilities and associated hedging instruments | \n\n (1,812) | \n\n (1,373) | \n\n (1,660) | \n
| \n Fair value hedge (ineffective portion) | \n\n (5) | \n\n (10) | \n\n 12 | \n
| \n Lease assets and obligations | \n\n (458) | \n\n (413) | \n\n (422) | \n
| \n Assets and liabilities held for trading | \n\n 470 | \n\n 83 | \n\n (194) | \n
| \n Impact on the cost of net debt | \n\n (1,243) | \n\n (1,525) | \n\n (2,110) | \n
6.3Other non-current assets
| \n As of December 31, 2022 (M$) | \n\n Gross value | \n\n Valuation allowance | \n\n Net value | \n
| \n Loans and advances(a) | \n\n 2,092 | \n\n (255) | \n\n 1,837 | \n
| \n Other non-current financial assets related to operational activities | \n\n 250 | \n\n \u2013 | \n\n 250 | \n
| \n Other | \n\n 301 | \n\n \u2013 | \n\n 301 | \n
| \n Total | \n\n 2,643 | \n\n (255) | \n\n 2,388 | \n
| \n As of December 31, 2021 (M$) | \n\n Gross value | \n\n Valuation allowance | \n\n Net value | \n
| \n Loans and advances(a) | \n\n 2,364 | \n\n (257) | \n\n 2,107 | \n
| \n Other non-current financial assets related to operational activities | \n\n 312 | \n\n \u2013 | \n\n 312 | \n
| \n Other | \n\n 378 | \n\n \u2013 | \n\n 378 | \n
| \n Total | \n\n 3,054 | \n\n (257) | \n\n 2,797 | \n
| \n As of December 31, 2020 (M$) | \n\n Gross value | \n\n Valuation allowance | \n\n Net value | \n
| \n Loans and advances(a) | \n\n 2,731 | \n\n (273) | \n\n 2,458 | \n
| \n Other non-current financial assets related to operational activities | \n\n 287 | \n\n \u2013 | \n\n 287 | \n
| \n Other | \n\n 65 | \n\n \u2013 | \n\n 65 | \n
| \n Total | \n\n 3,083 | \n\n (273) | \n\n 2,810 | \n
| \n (a)Excluding loans to equity affiliates. | \n\n\n | \n\n\n | \n\n\n | \n
Changes in the valuation allowance on loans and advances are detailed as follows:
| \n For the year ended December 31, (M$) | \n\n Valuation allowance as of January 1, | \n\n Increases | \n\n Decreases | \n\n Currency translation adjustment and | \n\n Valuation allowance as of December 31, | \n
| \n 2022 | \n\n (257) | \n\n (27) | \n\n 11 | \n\n 18 | \n\n (255) | \n
| \n 2021 | \n\n (273) | \n\n (6) | \n\n 14 | \n\n 8 | \n\n (257) | \n
| \n 2020 | \n\n (266) | \n\n (30) | \n\n 15 | \n\n 8 | \n\n (273) | \n
Mineral interests
Unproved mineral interests are tested for impairment based on the results of the exploratory activity or as part of the impairment tests of the cash-generating units to which they are allocated.
Unproved mineral interests are transferred to proved mineral interests at their net book value as soon as proved reserves are booked.
Proved mineral interests are depreciated using the unit-of-production method based on proved reserves. The corresponding expense is recorded as depreciation of tangible assets and mineral interests.
Other intangible assets
Other intangible assets include patents, and trademarks.
Intangible assets are carried at cost, after deducting any accumulated amortization and accumulated impairment losses.
Intangible assets (excluding mineral interests) that have a finite useful life are amortized on a straight-line basis over three to twenty years depending on the useful life of the assets. The corresponding depreciation expense is recorded under other expense.
Accounting principles
Exploration costs
TotalEnergies applies IFRS 6 \u201cExploration for and Evaluation of Mineral Resources\u201d. Oil and gas exploration and production properties and assets are accounted for in accordance with the Successful Efforts method.
Exploratory wells are capitalized and tested for impairment on an individual basis as follows:
\u2013Costs of exploratory wells which result in proved reserves are capitalized and then depreciated using the unit-of-production method based on proved developed reserves;
\u2013Costs of exploratory wells are capitalized as work in progress until proved reserves have been found, if both of the following conditions are met:
\u2013The well has found a sufficient quantity of reserves to justify, if appropriate, its completion as a producing well, assuming that the required capital expenditures are made;
\u2013TotalEnergies is making sufficient progress assessing the reserves and the economic and operating viability of the project. This progress is evaluated on the basis of indicators such as whether additional exploratory works are under way or firmly planned (wells, seismic or significant studies), whether costs are being incurred for development studies and whether TotalEnergies is waiting for governmental or other third-party authorization on a proposed project, or availability of capacity on an existing transport or processing facility.
Costs of exploratory wells not meeting these conditions are charged to exploration costs.
Oil and Gas production assets of exploration and production activities
Development costs of oil and gas production facilities are capitalized. These costs include borrowing costs incurred during the period of construction and the present value of estimated future costs of asset retirement obligations.
The depletion rate of development wells and of production assets is equal to the ratio of oil and gas production for the period to proved developed reserves (unit-of-production method).
In the event that, due to the price effect on reserves evaluation, the unit-of-production method does not reflect properly the useful life of the asset, an alternative depreciation method is applied based on the reserves evaluated with the price of the previous year. This was the case for fiscal year 2020 where the method of unit-of-production depreciation was applied to all assets over 2020 based on proved reserves measured with the price used in 2019. As of December 31, 2021, and December 31, 2022, this alternative method is not applied as, given the price used to assess the reserves, the unit-of-production method correctly reflects the useful life of the assets.
With respect to phased development projects or projects subject to progressive well production start-up, the fixed assets\u2019\u00a0depreciable amount, excluding production or service wells, is adjusted to exclude the portion of development costs attributable to the undeveloped reserves of these projects.
With respect to production sharing contracts, the unit-of-production method is based on the portion of production and reserves assigned to TotalEnergies taking into account estimates based on the contractual clauses regarding the reimbursement of exploration, development and production costs (cost oil/gas) as well as the sharing of hydrocarbon rights after deduction of cost oil (profit oil/gas).
Hydrocarbon transportation and processing assets are depreciated using the unit-of-production method based on throughput or by using the straight-line method whichever best reflects the economic life of the asset.
Other property, plant and equipment
Other property, plant and equipment are carried at cost, after deducting any accumulated depreciation and accumulated impairment losses. This cost includes borrowing costs directly attributable to the acquisition or production of a qualifying asset incurred until assets are placed in service. Borrowing costs are capitalized as follows:
\u2013if the project benefits from a specific funding, the capitalization of borrowing costs is based on the borrowing rate;
\u2013if the project is financed by all TotalEnergies\u2019 debt, the capitalization of borrowing costs is based on the weighted average borrowing cost for the period.
Routine maintenance and repairs are charged to expense as incurred. The costs of major turnarounds of refineries and large petrochemical units are capitalized as incurred and depreciated over the period of time between two consecutive major turnarounds.
Other property, plant and equipment are depreciated using the straight-line method over their useful lives, which are as follows:
| \n Furniture, office equipment, machinery and tools | \n\n 3 \u2013 12 years | \n
| \n Transportation equipment | \n\n 5 \u2013 20 years | \n
| \n Storage tanks and related equipment | \n\n 10 \u2013 15 years | \n
| \n Specialized complex installations and pipelines | \n\n 10 \u2013 30 years | \n
| \n Buildings | \n\n 10 \u2013 50 years | \n
Oil and Gas production assets of exploration and production activities
Development costs of oil and gas production facilities are capitalized. These costs include borrowing costs incurred during the period of construction and the present value of estimated future costs of asset retirement obligations.
The depletion rate of development wells and of production assets is equal to the ratio of oil and gas production for the period to proved developed reserves (unit-of-production method).
In the event that, due to the price effect on reserves evaluation, the unit-of-production method does not reflect properly the useful life of the asset, an alternative depreciation method is applied based on the reserves evaluated with the price of the previous year. This was the case for fiscal year 2020 where the method of unit-of-production depreciation was applied to all assets over 2020 based on proved reserves measured with the price used in 2019. As of December 31, 2021, and December 31, 2022, this alternative method is not applied as, given the price used to assess the reserves, the unit-of-production method correctly reflects the useful life of the assets.
\u2013if the project benefits from a specific funding, the capitalization of borrowing costs is based on the borrowing rate;
\u2013if the project is financed by all TotalEnergies\u2019 debt, the capitalization of borrowing costs is based on the weighted average borrowing cost for the period.
\u2013if the project benefits from a specific funding, the capitalization of borrowing costs is based on the borrowing rate;
\u2013if the project is financed by all TotalEnergies\u2019 debt, the capitalization of borrowing costs is based on the weighted average borrowing cost for the period.
Following the application of IFRS 16 \"Leases\", property, plant and equipment as at December 31, 2022, 2021 and 2020 presented above include the following amounts for rights of use of assets
| \n As of December 31, 2022 (M$) | \n\n Cost | \n\n Depreciation and impairment | \n\n Net | \n
| \n Property, plant and equipment of exploration and production activities | \n\n 4,497 | \n\n \u00a0(2,121) | \n\n 2,376 | \n
| \n Other property, plant and equipment | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Land | \n\n 1,396 | \n\n \u00a0(397) | \n\n 999 | \n
| \n Machinery, plant and equipment (including transportation equipment) | \n\n 4,691 | \n\n \u00a0(2,100) | \n\n 2,591 | \n
| \n Buildings | \n\n 1,750 | \n\n \u00a0(615) | \n\n 1,135 | \n
| \n Other | \n\n 745 | \n\n \u00a0(483) | \n\n 262 | \n
| \n Subtotal | \n\n 8,582 | \n\n \u00a0(3,595) | \n\n 4,987 | \n
| \n Total property, plant and equipment | \n\n 13,079 | \n\n \u00a0(5,716) | \n\n 7,363 | \n
| \n As of December 31, 2021 (M$) | \n\n Cost | \n\n Depreciation and impairment | \n\n Net | \n
| \n Property, plant and equipment of exploration and production activities | \n\n 3,228 | \n\n (1,683) | \n\n 1,545 | \n
| \n Other property, plant and equipment | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Land | \n\n 1,441 | \n\n (324) | \n\n 1,117 | \n
| \n Machinery, plant and equipment (including transportation equipment) | \n\n 4,910 | \n\n (1,819) | \n\n 3,091 | \n
| \n Buildings | \n\n 1,853 | \n\n (561) | \n\n 1,292 | \n
| \n Other | \n\n 712 | \n\n (404) | \n\n 308 | \n
| \n Subtotal | \n\n 8,916 | \n\n (3,108) | \n\n 5,808 | \n
| \n Total property, plant and equipment | \n\n 12,144 | \n\n (4,791) | \n\n 7,353 | \n
| \n As of December 31, 2020 (M$) | \n\n Cost | \n\n Depreciation and impairment | \n\n Net | \n
| \n Property, plant and equipment of exploration and production activities | \n\n 2,758 | \n\n (1,297) | \n\n 1,461 | \n
| \n Other property, plant and equipment | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Land | \n\n 1,187 | \n\n (222) | \n\n 965 | \n
| \n Machinery, plant and equipment (including transportation equipment) | \n\n 4,606 | \n\n (1,631) | \n\n 2,975 | \n
| \n Buildings | \n\n 1,778 | \n\n (385) | \n\n 1,393 | \n
| \n Other | \n\n 682 | \n\n (286) | \n\n 396 | \n
| \n Subtotal | \n\n 8,253 | \n\n (2,524) | \n\n 5,729 | \n
| \n Total property, plant and equipment | \n\n 11,011 | \n\n (3,821) | \n\n 7,190 | \n
13.2Lease contracts
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n A lease contract is a contract that grants lessee the right to use an identified asset for a specified period of time in exchange for consideration. At lease inception, an asset corresponding to right of use and a debt are recognized in the lessee\u2019s balance sheet. Carrying value of right of use corresponds to present value of future lease payments plus any direct costs incurred for concluding the contract. Lease debt is recorded as a liability in the balance sheet under financial debts. Rights of use are depreciated over the useful lives applied by TotalEnergies. | \n\n \n | \n\n Leases that are of short duration or that relate to low value assets are not recorded in the balance sheet, in accordance with the exemptions in the standard. They are presented as off-balance sheet commitments. | \n\n\n | \n|
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
TotalEnergies mainly leases real estate, retail stations, ships, and other equipment (see Note 7 to the Consolidated Financial Statements).
The future minimum lease payments on leases to which TotalEnergies is committed are as follows:
| \n For the year ended December 31, 2022 (M$) | \n\n Exempted contracts | \n\n Leases recorded in balance sheet | \n
| \n 2023 | \n\n 783 | \n\n 2,189 | \n
| \n 2024 | \n\n 190 | \n\n 1,646 | \n
| \n 2025 | \n\n 154 | \n\n 1,255 | \n
| \n 2026 | \n\n 137 | \n\n 1,140 | \n
| \n 2027 | \n\n 129 | \n\n 993 | \n
| \n 2028 and beyond | \n\n 437 | \n\n 6,053 | \n
| \n Total minimum payments | \n\n 1,830 | \n\n 13,276 | \n
| \n Less financial expenses | \n\n \u2013 | \n\n (3,562) | \n
| \n Nominal value of contracts | \n\n \u2013 | \n\n 9,714 | \n
| \n Less current portion of lease contracts (note 15) | \n\n \u2013 | \n\n (1,437) | \n
| \n Non-current lease liabilities | \n\n \u2013 | \n\n 8,277 | \n
| \n For the year ended December 31, 2021 (M$) | \n\n Exempted contracts | \n\n Leases recorded in balance sheet | \n
| \n 2022 | \n\n 689 | \n\n 1,835 | \n
| \n 2023 | \n\n 194 | \n\n 1,347 | \n
| \n 2024 | \n\n 136 | \n\n 1,199 | \n
| \n 2025 | \n\n 111 | \n\n 1,097 | \n
| \n 2026 | \n\n 102 | \n\n 1,021 | \n
| \n 2027 and beyond | \n\n 447 | \n\n 6,017 | \n
| \n Total minimum payments | \n\n 1,679 | \n\n 12,516 | \n
| \n Less financial expenses | \n\n \u2013 | \n\n (3,482) | \n
| \n Nominal value of contracts | \n\n \u2013 | \n\n 9,034 | \n
| \n Less current portion of lease contracts (note 15) | \n\n \u2013 | \n\n (1,390) | \n
| \n Non-current lease liabilities | \n\n \u2013 | \n\n 7,644 | \n
| \n For the year ended December 31, 2020 (M$) | \n\n Exempted contracts | \n\n Leases recorded in balance sheet | \n
| \n 2021 | \n\n 704 | \n\n 1,659 | \n
| \n 2022 | \n\n 252 | \n\n 1,366 | \n
| \n 2023 | \n\n 159 | \n\n 1,117 | \n
| \n 2024 | \n\n 118 | \n\n 1,022 | \n
| \n 2025 | \n\n 97 | \n\n 964 | \n
| \n 2026 and beyond | \n\n 415 | \n\n 6,325 | \n
| \n Total minimum payments | \n\n 1,745 | \n\n 12,453 | \n
| \n Less financial expenses | \n\n \u2013 | \n\n \u00a0(3,510) | \n
| \n Nominal value of contracts | \n\n \u2013 | \n\n 8,943 | \n
| \n Less current portion of lease contracts (note 15) | \n\n \u2013 | \n\n \u00a0(1,207) | \n
| \n Non-current lease liabilities | \n\n \u2013 | \n\n 7,736 | \n
For the year ended December 31, 2022, rental expense recorded in the income statement and incurred under short term leases or low value assets leases and under variable lease payments is $701 million and $151 million, respectively.
For the year ended December 31, 2021, rental expense recorded in the income statement and incurred under short term leases or low value assets leases and under variable lease payments was $487 million and $242 million, respectively.
For the year ended December 31, 2020, rental expense recorded in the income statement and incurred under short team leases or low value assets leases and under variable lease payments was $600 million and $162 million, respectively.
Other information required on lease debts, notably their maturity, is presented in Note 15 to the consolidated financial statements.
8.1Equity affiliates: investments and loans
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Under the equity method, the investment in the associate or joint venture is initially recognized at acquisition cost and subsequently adjusted to recognize TotalEnergies\u2019 share of the net income and other comprehensive income of the associate or joint venture. Unrealized gains on transactions between TotalEnergies and its equity-accounted entities are eliminated to the extent of TotalEnergies\u2019 interest in the equity accounted entity. In equity affiliates, goodwill is included in investment book value. | \n\n \n | \n\n In cases where TotalEnergies holds less than 20% of the voting rights in another entity, the determination of whether TotalEnergies exercises significant influence is also based on other facts and circumstances: representation on the Board of Directors or an equivalent governing body of the entity, participation in policy-making processes, including participation in decisions relating to dividends or other distributions, significant transactions between the investor and the entity, exchange of management personnel, or provision of essential technical information. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
The contribution of equity affiliates in the consolidated balance sheet, consolidated statement of income and consolidated statement of comprehensive income is presented below:
| \n Equity value As of December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Total Associates | \n\n 9,533 | \n\n 17,244 | \n\n 15,745 | \n
| \n Total Joint ventures | \n\n 14,623 | \n\n 9,277 | \n\n 7,102 | \n
| \n TOTAL | \n\n 24,156 | \n\n 26,521 | \n\n 22,847 | \n
| \n Loans | \n\n 3,733 | \n\n 4,532 | \n\n 5,129 | \n
| \n Total | \n\n 27,889 | \n\n 31,053 | \n\n 27,976 | \n
| \n Profit/(loss) (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Total Associates | \n\n (4,567) | \n\n 1,186 | \n\n 753 | \n
| \n Total Joint ventures | \n\n 2,675 | \n\n 2,252 | \n\n (301) | \n
| \n Total | \n\n (1,892) | \n\n 3,438 | \n\n 452 | \n
| \n Other comprehensive income (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Total Associates | \n\n 3,368 | \n\n 734 | \n\n (1,704) | \n
| \n Total Joint ventures | \n\n 129 | \n\n (28) | \n\n (127) | \n
| \n Total | \n\n 3,497 | \n\n 706 | \n\n (1,831) | \n
A)Information related to associates
Information (100% gross) related to significant associates is as follows:
| \n Exploration & production activities (M$) | \n\n Novatek(a) | \n\n \n | \n\n Liquefaction entities | \n\n \n | \n\n PetroCede\u00f1o(a) | \n||||
| \n 2022 | \n\n 2021 | \n\n 2020 | \n\n \n | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n\n \n | \n\n 2020 | \n|
| \n Non current assets | \n\n \u2013 | \n\n 26,954 | \n\n 23,748 | \n\n \n | \n\n 40,850 | \n\n 39,348 | \n\n 34,273 | \n\n \n | \n\n 4,008 | \n
| \n Current assets | \n\n \u2013 | \n\n 8,208 | \n\n 4,170 | \n\n \n | \n\n 8,276 | \n\n 11,075 | \n\n 7,537 | \n\n \n | \n\n 6,428 | \n
| \n Total Assets | \n\n \u2013 | \n\n 35,162 | \n\n 27,918 | \n\n \n | \n\n 49,126 | \n\n 50,423 | \n\n 41,810 | \n\n \n | \n\n 10,436 | \n
| \n Shareholder's equity | \n\n \u2013 | \n\n 25,944 | \n\n 22,160 | \n\n \n | \n\n 19,188 | \n\n 23,867 | \n\n 23,403 | \n\n \n | \n\n 4,548 | \n
| \n Non current liabilities | \n\n \u2013 | \n\n 3,246 | \n\n 3,164 | \n\n \n | \n\n 22,312 | \n\n 19,659 | \n\n 13,608 | \n\n \n | \n\n 73 | \n
| \n Current liabilities | \n\n \u2013 | \n\n 5,972 | \n\n 2,594 | \n\n \n | \n\n 7,626 | \n\n 6,897 | \n\n 4,799 | \n\n \n | \n\n 5,815 | \n
| \n Total Liabilities | \n\n \u2013 | \n\n 35,162 | \n\n 27,918 | \n\n \n | \n\n 49,126 | \n\n 50,423 | \n\n 41,810 | \n\n \n | \n\n 10,436 | \n
| \n Revenue from sales | \n\n \u2013 | \n\n 15,876 | \n\n 9,733 | \n\n \n | \n\n 35,888 | \n\n 23,243 | \n\n 15,584 | \n\n \n | \n\n 66 | \n
| \n Net income | \n\n \u2013 | \n\n 5,871 | \n\n 1,759 | \n\n \n | \n\n 10,247 | \n\n 8,056 | \n\n 2,416 | \n\n \n | \n\n \u2013 | \n
| \n Other comprehensive income | \n\n \u2013 | \n\n (82) | \n\n (3,206) | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n
| \n % owned | \n\n 19.40% | \n\n 19.40% | \n\n 19.40% | \n\n \n | \n\n \n | \n\n \u00a0 | \n\n \u00a0 | \n\n \n | \n\n 30.32% | \n
| \n Equity value | \n\n \u2013 | \n\n 6,243 | \n\n 5,596 | \n\n \n | \n\n 3,243 | \n\n 5,582 | \n\n 5,534 | \n\n \n | \n\n 1,379 | \n
| \n including goodwill and identifiable assets | \n\n \u2013 | \n\n 1,210 | \n\n 1,297 | \n\n \n | \n\n 34 | \n\n 1,832 | \n\n 1,837 | \n\n \n | \n\n \u2013 | \n
| \n Profit/(loss) | \n\n (5,747) | \n\n 1,065 | \n\n 264 | \n\n \n | \n\n (340) | \n\n 1,024 | \n\n 237 | \n\n \n | \n\n \u2013 | \n
| \n Share of Other Comprehensive Income, net amount | \n\n 3,118 | \n\n 446 | \n\n (1,409) | \n\n \n | \n\n (71) | \n\n 85 | \n\n (122) | \n\n \n | \n\n \u2013 | \n
| \n Dividends paid to TotalEnergies | \n\n 883 | \n\n 387 | \n\n 229 | \n\n \n | \n\n 1,224 | \n\n 817 | \n\n 406 | \n\n \n | \n\n \u2013 | \n
| \n (a)Information includes the best Company\u2019s estimates of results at the date of TotalEnergies\u2019 financial statements. | \n
As of 31 December 2022, Novatek is no longer an equity accounted affiliate in the Company's consolidated financial statements (see note 2.1 to the consolidated financial statements). This stake is now recognized in \"other investments\" and is measured in accordance with IFRS 9 at fair value through profit or loss. In the context of the Russian-Ukrainian conflict, the Company considers that the market value of Novatek is not representative of its fair value. As of December 31, 2022, the Company retained a zero fair value given the very significant uncertainties on any valuation assumption for the stake in Novatek.
TotalEnergies' interests in associates operating liquefaction plants are combined. The amounts include investments in: Nigeria LNG (15.00%), TotalEnergies LNG Angola (13.60%), Yemen LNG (39.62%), Qatar Liquefied Gas Company Limited (Qatargas) (10.00%), Qatar Liquefied Gas Company Limited II (16.70%), Oman LNG (5.54%), and Abu Dhabi Gas Liquefaction Company Limited (5.00%), Arctic LNG 2 (10.00%).
TotalEnergies\u2019 stake in PetroCede\u00f1o was sold in July 2021.
| \n Renewables and Electricity activities (M$) | \n\n Adani Green Energy Limited(a) | \n|
| \n 2022 | \n\n 2021 | \n|
| \n Non current assets | \n\n 6,961 | \n\n 6,223 | \n
| \n Current assets | \n\n 769 | \n\n 1,042 | \n
| \n Total Assets | \n\n 7,730 | \n\n 7,265 | \n
| \n Shareholder's equity | \n\n 807 | \n\n 316 | \n
| \n Non current liabilities | \n\n 5,805 | \n\n 5,560 | \n
| \n Current liabilities | \n\n 1,118 | \n\n 1,389 | \n
| \n Total Liabilities | \n\n 7,730 | \n\n 7,265 | \n
| \n Revenue from sales | \n\n 1,073 | \n\n 545 | \n
| \n Net income | \n\n 104 | \n\n 35 | \n
| \n Other comprehensive income | \n\n (112) | \n\n (10) | \n
| \n % owned | \n\n 19.74% | \n\n 20.00% | \n
| \n Equity value | \n\n 1,856 | \n\n 2,102 | \n
| \n including goodwill and identifiable assets | \n\n 1,697 | \n\n 2,039 | \n
| \n Profit/(loss) | \n\n 21 | \n\n 7 | \n
| \n Share of Other Comprehensive Income, net amount | \n\n 23 | \n\n 6 | \n
| \n Dividends paid to TotalEnergies | \n\n \u2013 | \n\n \u2013 | \n
| \n (a)Interest acquired in 2021. | \n
| \n Refining & Chemicals activities (M$) | \n\n Saudi Aramco | \n\n \n | \n\n Qatar | \n||||
| \n 2022 | \n\n 2021 | \n\n 2020 | \n\n \n | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n|
| \n Non current assets | \n\n 10,003 | \n\n 10,264 | \n\n 10,698 | \n\n \n | \n\n 3,905 | \n\n 3,909 | \n\n 4,105 | \n
| \n Current assets | \n\n 3,615 | \n\n 2,221 | \n\n 1,211 | \n\n \n | \n\n 2,491 | \n\n 1,908 | \n\n 1,521 | \n
| \n Total Assets | \n\n 13,618 | \n\n 12,485 | \n\n 11,909 | \n\n \n | \n\n 6,396 | \n\n 5,817 | \n\n 5,626 | \n
| \n Shareholder's equity | \n\n 3,858 | \n\n 1,164 | \n\n 1,256 | \n\n \n | \n\n 2,737 | \n\n 2,693 | \n\n 2,717 | \n
| \n Non current liabilities | \n\n 6,365 | \n\n 7,322 | \n\n 7,994 | \n\n \n | \n\n 2,062 | \n\n 1,906 | \n\n 2,171 | \n
| \n Current liabilities | \n\n 3,395 | \n\n 3,999 | \n\n 2,659 | \n\n \n | \n\n 1,597 | \n\n 1,218 | \n\n 738 | \n
| \n Total Liabilities | \n\n 13,618 | \n\n 12,485 | \n\n 11,909 | \n\n \n | \n\n 6,396 | \n\n 5,817 | \n\n 5,626 | \n
| \n Revenue from sales | \n\n 20,492 | \n\n 11,123 | \n\n 6,031 | \n\n \n | \n\n 13,193 | \n\n 9,266 | \n\n 5,222 | \n
| \n Net income | \n\n 2,409 | \n\n (245) | \n\n (686) | \n\n \n | \n\n 629 | \n\n 649 | \n\n 91 | \n
| \n Other comprehensive income | \n\n 284 | \n\n 155 | \n\n (171) | \n\n \n | \n\n (5) | \n\n (5) | \n\n \u2013 | \n
| \n % owned | \n\n 37.50% | \n\n 37.50% | \n\n 37.50% | \n\n \n | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Equity value | \n\n 1,447 | \n\n 437 | \n\n 471 | \n\n \n | \n\n 703 | \n\n 693 | \n\n 716 | \n
| \n including goodwill and identifiable assets | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Profit/(loss) | \n\n 903 | \n\n (92) | \n\n (257) | \n\n \n | \n\n 161 | \n\n 174 | \n\n 57 | \n
| \n Share of Other Comprehensive Income, net amount | \n\n 147 | \n\n 116 | \n\n (128) | \n\n \n | \n\n 10 | \n\n 13 | \n\n (16) | \n
| \n Dividends paid to TotalEnergies | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n 138 | \n\n 199 | \n\n 63 | \n
Saudi Aramco Total Refining & Petrochemicals is an entity including a refinery in Jubail, Saudi Arabia, with a capacity of 460,000 barrels/day with integrated petrochemical units.
The TotalEnergies' interests in associates of the Refining & Chemicals segment, operating steam crackers and polyethylene lines in Qatar have been combined: Qatar Petrochemical Company Ltd. (20.00%), Qatofin (49.08%), Laffan Refinery (10.00%) and Laffan Refinery II (10.00%).
B)Information related to joint ventures
The information (100% gross) related to significant joint ventures is as follows:
| \n (M$) | \n\n Liquefaction entities | \n\n \n | \n\n Hanwha TotalEnergies Petrochemical Co | \n||||
| \n 2022 | \n\n 2021 | \n\n 2020 | \n\n \n | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n|
| \n Non current assets | \n\n 65,293 | \n\n 66,924 | \n\n 70,425 | \n\n \n | \n\n 4,113 | \n\n 4,443 | \n\n 4,664 | \n
| \n Current assets excluding cash and cash equivalents | \n\n 2,630 | \n\n 2,912 | \n\n 1,513 | \n\n \n | \n\n 2,326 | \n\n 2,117 | \n\n 1,575 | \n
| \n Cash and cash equivalents | \n\n 4,375 | \n\n 2,312 | \n\n 1,834 | \n\n \n | \n\n 82 | \n\n 151 | \n\n 303 | \n
| \n Total Assets | \n\n 72,298 | \n\n 72,148 | \n\n 73,772 | \n\n \n | \n\n 6,521 | \n\n 6,711 | \n\n 6,542 | \n
| \n Shareholder's equity | \n\n 17,455 | \n\n 9,956 | \n\n 4,433 | \n\n \n | \n\n 3,146 | \n\n 3,538 | \n\n 3,443 | \n
| \n Other non current liabilities | \n\n 10,785 | \n\n 8,205 | \n\n 8,259 | \n\n \n | \n\n 180 | \n\n 164 | \n\n 167 | \n
| \n Non current financial debts | \n\n 41,452 | \n\n 50,920 | \n\n 58,128 | \n\n \n | \n\n 1,220 | \n\n 1,241 | \n\n 1,703 | \n
| \n Other current liabilities | \n\n 2,606 | \n\n 3,067 | \n\n 2,952 | \n\n \n | \n\n 1,117 | \n\n 1,055 | \n\n 583 | \n
| \n Current financial debts | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n 858 | \n\n 713 | \n\n 646 | \n
| \n Total Liabilities | \n\n 72,298 | \n\n 72,148 | \n\n 73,772 | \n\n \n | \n\n 6,521 | \n\n 6,711 | \n\n 6,542 | \n
| \n Revenue from sales | \n\n 24,701 | \n\n 14,380 | \n\n 8,543 | \n\n \n | \n\n 10,824 | \n\n 8,600 | \n\n 5,734 | \n
| \n Depreciation and depletion of tangible assets and mineral interests | \n\n (2,814) | \n\n (3,058) | \n\n (3,130) | \n\n \n | \n\n (289) | \n\n (312) | \n\n (278) | \n
| \n Interest income | \n\n 17 | \n\n \u2013 | \n\n 2 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Interest expense | \n\n (2,453) | \n\n (2,599) | \n\n (2,972) | \n\n \n | \n\n (47) | \n\n (44) | \n\n (2) | \n
| \n Income taxes | \n\n (2,804) | \n\n (1,448) | \n\n 77 | \n\n \n | \n\n (65) | \n\n (222) | \n\n (69) | \n
| \n Net income | \n\n 12,791 | \n\n 5,600 | \n\n (2,399) | \n\n \n | \n\n 123 | \n\n 620 | \n\n 133 | \n
| \n Other comprehensive income | \n\n 526 | \n\n 323 | \n\n (323) | \n\n \n | \n\n (189) | \n\n (308) | \n\n 194 | \n
| \n % owned | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \n | \n\n 50.00% | \n\n 50.00% | \n\n 50.00% | \n
| \n Equity value | \n\n 4,315 | \n\n 2,725 | \n\n 1,602 | \n\n \n | \n\n 1,573 | \n\n 1,769 | \n\n 1,721 | \n
| \n including goodwill and identifiable assets | \n\n 465 | \n\n 502 | \n\n 546 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Profit/(loss) | \n\n 2,616 | \n\n 1,119 | \n\n (633) | \n\n \n | \n\n 62 | \n\n 310 | \n\n 67 | \n
| \n Share of Other Comprehensive Income, net amount | \n\n 137 | \n\n 84 | \n\n (84) | \n\n \n | \n\n (59) | \n\n (150) | \n\n 87 | \n
| \n Dividends paid to TotalEnergies | \n\n 1,166 | \n\n 81 | \n\n \u2013 | \n\n \n | \n\n 162 | \n\n 109 | \n\n 102 | \n
TotalEnergies' interests in joint ventures operating liquefaction plants have been combined. The amounts include investments in Yamal LNG in Russia (20.02% direct holding) and Ichthys LNG in Australia (26.00%).
Hanwha TotalEnergies Petrochemical Co is a South Korean company that operates a petrochemical complex in Daesan (condensate separator, steam cracker, styrene, paraxylene, polyolefins).
Off balance sheet commitments relating to joint ventures are disclosed in Note 13 of the Consolidated Financial Statements.
C)Other equity affiliates
In TotalEnergies share, the main aggregated financial items in equity affiliates including assets held for sale, which have not been presented individually are as follows:
| \n As of December 31, (M$) | \n\n 2022 | \n\n \n | \n\n 2021 | \n\n \n | \n\n 2020 | \n|||
| \n Associates | \n\n Joint ventures | \n\n \n | \n\n Associates | \n\n Joint ventures | \n\n \n | \n\n Associates | \n\n Joint ventures | \n|
| \n Non Current assets | \n\n 6,014 | \n\n 17,484 | \n\n \u00a0 | \n\n 5,987 | \n\n 9,745 | \n\n \u00a0 | \n\n 5,454 | \n\n 7,002 | \n
| \n Current assets | \n\n 1,591 | \n\n 3,485 | \n\n \u00a0 | \n\n 1,849 | \n\n 1,799 | \n\n \u00a0 | \n\n 1,299 | \n\n 1,671 | \n
| \n Total Assets | \n\n 7,605 | \n\n 20,969 | \n\n \u00a0 | \n\n 7,836 | \n\n 11,544 | \n\n \u00a0 | \n\n 6,753 | \n\n 8,673 | \n
| \n Shareholder's equity - TotalEnergies share | \n\n 1,423 | \n\n 4,042 | \n\n \u00a0 | \n\n 1,366 | \n\n 2,531 | \n\n \u00a0 | \n\n 1,183 | \n\n 1,963 | \n
| \n Shareholder's equity - Non controlling interests | \n\n \u2013 | \n\n 1,414 | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n
| \n Non current liabilities | \n\n 5,296 | \n\n 12,422 | \n\n \n | \n\n 5,455 | \n\n 7,460 | \n\n \n | \n\n 4,881 | \n\n 5,469 | \n
| \n Current liabilities | \n\n 886 | \n\n 3,091 | \n\n \u00a0 | \n\n 1,015 | \n\n 1,553 | \n\n \u00a0 | \n\n 689 | \n\n 1,241 | \n
| \n Total Liabilities | \n\n 7,605 | \n\n 20,969 | \n\n \u00a0 | \n\n 7,836 | \n\n 11,544 | \n\n \u00a0 | \n\n 6,753 | \n\n 8,673 | \n
| \n For the year ended December 31, (M$) | \n\n 2022 | \n\n \n | \n\n 2021 | \n\n \n | \n\n 2020 | \n|||
| \n Associates | \n\n Joint ventures | \n\n \n | \n\n Associates | \n\n Joint ventures | \n\n \n | \n\n Associates | \n\n Joint ventures | \n|
| \n Revenues from sales | \n\n 2,338 | \n\n 7,202 | \n\n \u00a0 | \n\n 2,450 | \n\n 4,850 | \n\n \u00a0 | \n\n 2,154 | \n\n 3,116 | \n
| \n Net income | \n\n 488 | \n\n 436 | \n\n \u00a0 | \n\n 514 | \n\n 381 | \n\n \u00a0 | \n\n 478 | \n\n 202 | \n
| \n Non controlling interests | \n\n \u2013 | \n\n 110 | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n
| \n Share of other comprehensive income items | \n\n 140 | \n\n 52 | \n\n \u00a0 | \n\n 68 | \n\n 38 | \n\n \u00a0 | \n\n (29) | \n\n (130) | \n
| \n Equity value | \n\n 2,285 | \n\n 8,735 | \n\n \u00a0 | \n\n 2,188 | \n\n 4,782 | \n\n \u00a0 | \n\n 2,049 | \n\n 3,779 | \n
| \n Profit/(Loss) | \n\n 436 | \n\n (3) | \n\n \u00a0 | \n\n (992) | \n\n 823 | \n\n \u00a0 | \n\n 452 | \n\n 265 | \n
| \n Dividends paid to TotalEnergies | \n\n 469 | \n\n 109 | \n\n \u00a0 | \n\n 498 | \n\n 96 | \n\n \u00a0 | \n\n 409 | \n\n 59 | \n
Accounting principles
Under the equity method, the investment in the associate or joint venture is initially recognized at acquisition cost and subsequently adjusted to recognize TotalEnergies\u2019 share of the net income and other comprehensive income of the associate or joint venture.
Unrealized gains on transactions between TotalEnergies and its equity-accounted entities are eliminated to the extent of TotalEnergies\u2019 interest in the equity accounted entity.
In cases where TotalEnergies holds less than 20% of the voting rights in another entity, the determination of whether TotalEnergies exercises significant influence is also based on other facts and circumstances: representation on the Board of Directors or an equivalent governing body of the entity, participation in policy-making processes, including participation in decisions relating to dividends or other distributions, significant transactions between the investor and the entity, exchange of management personnel, or provision of essential technical information.
Accounting principles
Under the equity method, the investment in the associate or joint venture is initially recognized at acquisition cost and subsequently adjusted to recognize TotalEnergies\u2019 share of the net income and other comprehensive income of the associate or joint venture.
Unrealized gains on transactions between TotalEnergies and its equity-accounted entities are eliminated to the extent of TotalEnergies\u2019 interest in the equity accounted entity.
In cases where TotalEnergies holds less than 20% of the voting rights in another entity, the determination of whether TotalEnergies exercises significant influence is also based on other facts and circumstances: representation on the Board of Directors or an equivalent governing body of the entity, participation in policy-making processes, including participation in decisions relating to dividends or other distributions, significant transactions between the investor and the entity, exchange of management personnel, or provision of essential technical information.
B)Information related to joint ventures
The information (100% gross) related to significant joint ventures is as follows:
| \n (M$) | \n\n Liquefaction entities | \n\n \n | \n\n Hanwha TotalEnergies Petrochemical Co | \n||||
| \n 2022 | \n\n 2021 | \n\n 2020 | \n\n \n | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n|
| \n Non current assets | \n\n 65,293 | \n\n 66,924 | \n\n 70,425 | \n\n \n | \n\n 4,113 | \n\n 4,443 | \n\n 4,664 | \n
| \n Current assets excluding cash and cash equivalents | \n\n 2,630 | \n\n 2,912 | \n\n 1,513 | \n\n \n | \n\n 2,326 | \n\n 2,117 | \n\n 1,575 | \n
| \n Cash and cash equivalents | \n\n 4,375 | \n\n 2,312 | \n\n 1,834 | \n\n \n | \n\n 82 | \n\n 151 | \n\n 303 | \n
| \n Total Assets | \n\n 72,298 | \n\n 72,148 | \n\n 73,772 | \n\n \n | \n\n 6,521 | \n\n 6,711 | \n\n 6,542 | \n
| \n Shareholder's equity | \n\n 17,455 | \n\n 9,956 | \n\n 4,433 | \n\n \n | \n\n 3,146 | \n\n 3,538 | \n\n 3,443 | \n
| \n Other non current liabilities | \n\n 10,785 | \n\n 8,205 | \n\n 8,259 | \n\n \n | \n\n 180 | \n\n 164 | \n\n 167 | \n
| \n Non current financial debts | \n\n 41,452 | \n\n 50,920 | \n\n 58,128 | \n\n \n | \n\n 1,220 | \n\n 1,241 | \n\n 1,703 | \n
| \n Other current liabilities | \n\n 2,606 | \n\n 3,067 | \n\n 2,952 | \n\n \n | \n\n 1,117 | \n\n 1,055 | \n\n 583 | \n
| \n Current financial debts | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n 858 | \n\n 713 | \n\n 646 | \n
| \n Total Liabilities | \n\n 72,298 | \n\n 72,148 | \n\n 73,772 | \n\n \n | \n\n 6,521 | \n\n 6,711 | \n\n 6,542 | \n
| \n Revenue from sales | \n\n 24,701 | \n\n 14,380 | \n\n 8,543 | \n\n \n | \n\n 10,824 | \n\n 8,600 | \n\n 5,734 | \n
| \n Depreciation and depletion of tangible assets and mineral interests | \n\n (2,814) | \n\n (3,058) | \n\n (3,130) | \n\n \n | \n\n (289) | \n\n (312) | \n\n (278) | \n
| \n Interest income | \n\n 17 | \n\n \u2013 | \n\n 2 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Interest expense | \n\n (2,453) | \n\n (2,599) | \n\n (2,972) | \n\n \n | \n\n (47) | \n\n (44) | \n\n (2) | \n
| \n Income taxes | \n\n (2,804) | \n\n (1,448) | \n\n 77 | \n\n \n | \n\n (65) | \n\n (222) | \n\n (69) | \n
| \n Net income | \n\n 12,791 | \n\n 5,600 | \n\n (2,399) | \n\n \n | \n\n 123 | \n\n 620 | \n\n 133 | \n
| \n Other comprehensive income | \n\n 526 | \n\n 323 | \n\n (323) | \n\n \n | \n\n (189) | \n\n (308) | \n\n 194 | \n
| \n % owned | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \n | \n\n 50.00% | \n\n 50.00% | \n\n 50.00% | \n
| \n Equity value | \n\n 4,315 | \n\n 2,725 | \n\n 1,602 | \n\n \n | \n\n 1,573 | \n\n 1,769 | \n\n 1,721 | \n
| \n including goodwill and identifiable assets | \n\n 465 | \n\n 502 | \n\n 546 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Profit/(loss) | \n\n 2,616 | \n\n 1,119 | \n\n (633) | \n\n \n | \n\n 62 | \n\n 310 | \n\n 67 | \n
| \n Share of Other Comprehensive Income, net amount | \n\n 137 | \n\n 84 | \n\n (84) | \n\n \n | \n\n (59) | \n\n (150) | \n\n 87 | \n
| \n Dividends paid to TotalEnergies | \n\n 1,166 | \n\n 81 | \n\n \u2013 | \n\n \n | \n\n 162 | \n\n 109 | \n\n 102 | \n
TotalEnergies' interests in joint ventures operating liquefaction plants have been combined. The amounts include investments in Yamal LNG in Russia (20.02% direct holding) and Ichthys LNG in Australia (26.00%).
Hanwha TotalEnergies Petrochemical Co is a South Korean company that operates a petrochemical complex in Daesan (condensate separator, steam cracker, styrene, paraxylene, polyolefins).
Off balance sheet commitments relating to joint ventures are disclosed in Note 13 of the Consolidated Financial Statements.
Accounting principles
Under the equity method, the investment in the associate or joint venture is initially recognized at acquisition cost and subsequently adjusted to recognize TotalEnergies\u2019 share of the net income and other comprehensive income of the associate or joint venture.
Unrealized gains on transactions between TotalEnergies and its equity-accounted entities are eliminated to the extent of TotalEnergies\u2019 interest in the equity accounted entity.
In cases where TotalEnergies holds less than 20% of the voting rights in another entity, the determination of whether TotalEnergies exercises significant influence is also based on other facts and circumstances: representation on the Board of Directors or an equivalent governing body of the entity, participation in policy-making processes, including participation in decisions relating to dividends or other distributions, significant transactions between the investor and the entity, exchange of management personnel, or provision of essential technical information.
Accounting principles
Under the equity method, the investment in the associate or joint venture is initially recognized at acquisition cost and subsequently adjusted to recognize TotalEnergies\u2019 share of the net income and other comprehensive income of the associate or joint venture.
Unrealized gains on transactions between TotalEnergies and its equity-accounted entities are eliminated to the extent of TotalEnergies\u2019 interest in the equity accounted entity.
In cases where TotalEnergies holds less than 20% of the voting rights in another entity, the determination of whether TotalEnergies exercises significant influence is also based on other facts and circumstances: representation on the Board of Directors or an equivalent governing body of the entity, participation in policy-making processes, including participation in decisions relating to dividends or other distributions, significant transactions between the investor and the entity, exchange of management personnel, or provision of essential technical information.
Accounting principles
Under the equity method, the investment in the associate or joint venture is initially recognized at acquisition cost and subsequently adjusted to recognize TotalEnergies\u2019 share of the net income and other comprehensive income of the associate or joint venture.
Unrealized gains on transactions between TotalEnergies and its equity-accounted entities are eliminated to the extent of TotalEnergies\u2019 interest in the equity accounted entity.
In cases where TotalEnergies holds less than 20% of the voting rights in another entity, the determination of whether TotalEnergies exercises significant influence is also based on other facts and circumstances: representation on the Board of Directors or an equivalent governing body of the entity, participation in policy-making processes, including participation in decisions relating to dividends or other distributions, significant transactions between the investor and the entity, exchange of management personnel, or provision of essential technical information.
A)Information related to associates
Information (100% gross) related to significant associates is as follows:
| \n Exploration & production activities (M$) | \n\n Novatek(a) | \n\n \n | \n\n Liquefaction entities | \n\n \n | \n\n PetroCede\u00f1o(a) | \n||||
| \n 2022 | \n\n 2021 | \n\n 2020 | \n\n \n | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n\n \n | \n\n 2020 | \n|
| \n Non current assets | \n\n \u2013 | \n\n 26,954 | \n\n 23,748 | \n\n \n | \n\n 40,850 | \n\n 39,348 | \n\n 34,273 | \n\n \n | \n\n 4,008 | \n
| \n Current assets | \n\n \u2013 | \n\n 8,208 | \n\n 4,170 | \n\n \n | \n\n 8,276 | \n\n 11,075 | \n\n 7,537 | \n\n \n | \n\n 6,428 | \n
| \n Total Assets | \n\n \u2013 | \n\n 35,162 | \n\n 27,918 | \n\n \n | \n\n 49,126 | \n\n 50,423 | \n\n 41,810 | \n\n \n | \n\n 10,436 | \n
| \n Shareholder's equity | \n\n \u2013 | \n\n 25,944 | \n\n 22,160 | \n\n \n | \n\n 19,188 | \n\n 23,867 | \n\n 23,403 | \n\n \n | \n\n 4,548 | \n
| \n Non current liabilities | \n\n \u2013 | \n\n 3,246 | \n\n 3,164 | \n\n \n | \n\n 22,312 | \n\n 19,659 | \n\n 13,608 | \n\n \n | \n\n 73 | \n
| \n Current liabilities | \n\n \u2013 | \n\n 5,972 | \n\n 2,594 | \n\n \n | \n\n 7,626 | \n\n 6,897 | \n\n 4,799 | \n\n \n | \n\n 5,815 | \n
| \n Total Liabilities | \n\n \u2013 | \n\n 35,162 | \n\n 27,918 | \n\n \n | \n\n 49,126 | \n\n 50,423 | \n\n 41,810 | \n\n \n | \n\n 10,436 | \n
| \n Revenue from sales | \n\n \u2013 | \n\n 15,876 | \n\n 9,733 | \n\n \n | \n\n 35,888 | \n\n 23,243 | \n\n 15,584 | \n\n \n | \n\n 66 | \n
| \n Net income | \n\n \u2013 | \n\n 5,871 | \n\n 1,759 | \n\n \n | \n\n 10,247 | \n\n 8,056 | \n\n 2,416 | \n\n \n | \n\n \u2013 | \n
| \n Other comprehensive income | \n\n \u2013 | \n\n (82) | \n\n (3,206) | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n
| \n % owned | \n\n 19.40% | \n\n 19.40% | \n\n 19.40% | \n\n \n | \n\n \n | \n\n \u00a0 | \n\n \u00a0 | \n\n \n | \n\n 30.32% | \n
| \n Equity value | \n\n \u2013 | \n\n 6,243 | \n\n 5,596 | \n\n \n | \n\n 3,243 | \n\n 5,582 | \n\n 5,534 | \n\n \n | \n\n 1,379 | \n
| \n including goodwill and identifiable assets | \n\n \u2013 | \n\n 1,210 | \n\n 1,297 | \n\n \n | \n\n 34 | \n\n 1,832 | \n\n 1,837 | \n\n \n | \n\n \u2013 | \n
| \n Profit/(loss) | \n\n (5,747) | \n\n 1,065 | \n\n 264 | \n\n \n | \n\n (340) | \n\n 1,024 | \n\n 237 | \n\n \n | \n\n \u2013 | \n
| \n Share of Other Comprehensive Income, net amount | \n\n 3,118 | \n\n 446 | \n\n (1,409) | \n\n \n | \n\n (71) | \n\n 85 | \n\n (122) | \n\n \n | \n\n \u2013 | \n
| \n Dividends paid to TotalEnergies | \n\n 883 | \n\n 387 | \n\n 229 | \n\n \n | \n\n 1,224 | \n\n 817 | \n\n 406 | \n\n \n | \n\n \u2013 | \n
| \n (a)Information includes the best Company\u2019s estimates of results at the date of TotalEnergies\u2019 financial statements. | \n
As of 31 December 2022, Novatek is no longer an equity accounted affiliate in the Company's consolidated financial statements (see note 2.1 to the consolidated financial statements). This stake is now recognized in \"other investments\" and is measured in accordance with IFRS 9 at fair value through profit or loss. In the context of the Russian-Ukrainian conflict, the Company considers that the market value of Novatek is not representative of its fair value. As of December 31, 2022, the Company retained a zero fair value given the very significant uncertainties on any valuation assumption for the stake in Novatek.
TotalEnergies' interests in associates operating liquefaction plants are combined. The amounts include investments in: Nigeria LNG (15.00%), TotalEnergies LNG Angola (13.60%), Yemen LNG (39.62%), Qatar Liquefied Gas Company Limited (Qatargas) (10.00%), Qatar Liquefied Gas Company Limited II (16.70%), Oman LNG (5.54%), and Abu Dhabi Gas Liquefaction Company Limited (5.00%), Arctic LNG 2 (10.00%).
TotalEnergies\u2019 stake in PetroCede\u00f1o was sold in July 2021.
| \n Renewables and Electricity activities (M$) | \n\n Adani Green Energy Limited(a) | \n|
| \n 2022 | \n\n 2021 | \n|
| \n Non current assets | \n\n 6,961 | \n\n 6,223 | \n
| \n Current assets | \n\n 769 | \n\n 1,042 | \n
| \n Total Assets | \n\n 7,730 | \n\n 7,265 | \n
| \n Shareholder's equity | \n\n 807 | \n\n 316 | \n
| \n Non current liabilities | \n\n 5,805 | \n\n 5,560 | \n
| \n Current liabilities | \n\n 1,118 | \n\n 1,389 | \n
| \n Total Liabilities | \n\n 7,730 | \n\n 7,265 | \n
| \n Revenue from sales | \n\n 1,073 | \n\n 545 | \n
| \n Net income | \n\n 104 | \n\n 35 | \n
| \n Other comprehensive income | \n\n (112) | \n\n (10) | \n
| \n % owned | \n\n 19.74% | \n\n 20.00% | \n
| \n Equity value | \n\n 1,856 | \n\n 2,102 | \n
| \n including goodwill and identifiable assets | \n\n 1,697 | \n\n 2,039 | \n
| \n Profit/(loss) | \n\n 21 | \n\n 7 | \n
| \n Share of Other Comprehensive Income, net amount | \n\n 23 | \n\n 6 | \n
| \n Dividends paid to TotalEnergies | \n\n \u2013 | \n\n \u2013 | \n
| \n (a)Interest acquired in 2021. | \n
| \n Refining & Chemicals activities (M$) | \n\n Saudi Aramco | \n\n \n | \n\n Qatar | \n||||
| \n 2022 | \n\n 2021 | \n\n 2020 | \n\n \n | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n|
| \n Non current assets | \n\n 10,003 | \n\n 10,264 | \n\n 10,698 | \n\n \n | \n\n 3,905 | \n\n 3,909 | \n\n 4,105 | \n
| \n Current assets | \n\n 3,615 | \n\n 2,221 | \n\n 1,211 | \n\n \n | \n\n 2,491 | \n\n 1,908 | \n\n 1,521 | \n
| \n Total Assets | \n\n 13,618 | \n\n 12,485 | \n\n 11,909 | \n\n \n | \n\n 6,396 | \n\n 5,817 | \n\n 5,626 | \n
| \n Shareholder's equity | \n\n 3,858 | \n\n 1,164 | \n\n 1,256 | \n\n \n | \n\n 2,737 | \n\n 2,693 | \n\n 2,717 | \n
| \n Non current liabilities | \n\n 6,365 | \n\n 7,322 | \n\n 7,994 | \n\n \n | \n\n 2,062 | \n\n 1,906 | \n\n 2,171 | \n
| \n Current liabilities | \n\n 3,395 | \n\n 3,999 | \n\n 2,659 | \n\n \n | \n\n 1,597 | \n\n 1,218 | \n\n 738 | \n
| \n Total Liabilities | \n\n 13,618 | \n\n 12,485 | \n\n 11,909 | \n\n \n | \n\n 6,396 | \n\n 5,817 | \n\n 5,626 | \n
| \n Revenue from sales | \n\n 20,492 | \n\n 11,123 | \n\n 6,031 | \n\n \n | \n\n 13,193 | \n\n 9,266 | \n\n 5,222 | \n
| \n Net income | \n\n 2,409 | \n\n (245) | \n\n (686) | \n\n \n | \n\n 629 | \n\n 649 | \n\n 91 | \n
| \n Other comprehensive income | \n\n 284 | \n\n 155 | \n\n (171) | \n\n \n | \n\n (5) | \n\n (5) | \n\n \u2013 | \n
| \n % owned | \n\n 37.50% | \n\n 37.50% | \n\n 37.50% | \n\n \n | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Equity value | \n\n 1,447 | \n\n 437 | \n\n 471 | \n\n \n | \n\n 703 | \n\n 693 | \n\n 716 | \n
| \n including goodwill and identifiable assets | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Profit/(loss) | \n\n 903 | \n\n (92) | \n\n (257) | \n\n \n | \n\n 161 | \n\n 174 | \n\n 57 | \n
| \n Share of Other Comprehensive Income, net amount | \n\n 147 | \n\n 116 | \n\n (128) | \n\n \n | \n\n 10 | \n\n 13 | \n\n (16) | \n
| \n Dividends paid to TotalEnergies | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n 138 | \n\n 199 | \n\n 63 | \n
Saudi Aramco Total Refining & Petrochemicals is an entity including a refinery in Jubail, Saudi Arabia, with a capacity of 460,000 barrels/day with integrated petrochemical units.
The TotalEnergies' interests in associates of the Refining & Chemicals segment, operating steam crackers and polyethylene lines in Qatar have been combined: Qatar Petrochemical Company Ltd. (20.00%), Qatofin (49.08%), Laffan Refinery (10.00%) and Laffan Refinery II (10.00%).
C)Other equity affiliates
In TotalEnergies share, the main aggregated financial items in equity affiliates including assets held for sale, which have not been presented individually are as follows:
| \n As of December 31, (M$) | \n\n 2022 | \n\n \n | \n\n 2021 | \n\n \n | \n\n 2020 | \n|||
| \n Associates | \n\n Joint ventures | \n\n \n | \n\n Associates | \n\n Joint ventures | \n\n \n | \n\n Associates | \n\n Joint ventures | \n|
| \n Non Current assets | \n\n 6,014 | \n\n 17,484 | \n\n \u00a0 | \n\n 5,987 | \n\n 9,745 | \n\n \u00a0 | \n\n 5,454 | \n\n 7,002 | \n
| \n Current assets | \n\n 1,591 | \n\n 3,485 | \n\n \u00a0 | \n\n 1,849 | \n\n 1,799 | \n\n \u00a0 | \n\n 1,299 | \n\n 1,671 | \n
| \n Total Assets | \n\n 7,605 | \n\n 20,969 | \n\n \u00a0 | \n\n 7,836 | \n\n 11,544 | \n\n \u00a0 | \n\n 6,753 | \n\n 8,673 | \n
| \n Shareholder's equity - TotalEnergies share | \n\n 1,423 | \n\n 4,042 | \n\n \u00a0 | \n\n 1,366 | \n\n 2,531 | \n\n \u00a0 | \n\n 1,183 | \n\n 1,963 | \n
| \n Shareholder's equity - Non controlling interests | \n\n \u2013 | \n\n 1,414 | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n
| \n Non current liabilities | \n\n 5,296 | \n\n 12,422 | \n\n \n | \n\n 5,455 | \n\n 7,460 | \n\n \n | \n\n 4,881 | \n\n 5,469 | \n
| \n Current liabilities | \n\n 886 | \n\n 3,091 | \n\n \u00a0 | \n\n 1,015 | \n\n 1,553 | \n\n \u00a0 | \n\n 689 | \n\n 1,241 | \n
| \n Total Liabilities | \n\n 7,605 | \n\n 20,969 | \n\n \u00a0 | \n\n 7,836 | \n\n 11,544 | \n\n \u00a0 | \n\n 6,753 | \n\n 8,673 | \n
| \n For the year ended December 31, (M$) | \n\n 2022 | \n\n \n | \n\n 2021 | \n\n \n | \n\n 2020 | \n|||
| \n Associates | \n\n Joint ventures | \n\n \n | \n\n Associates | \n\n Joint ventures | \n\n \n | \n\n Associates | \n\n Joint ventures | \n|
| \n Revenues from sales | \n\n 2,338 | \n\n 7,202 | \n\n \u00a0 | \n\n 2,450 | \n\n 4,850 | \n\n \u00a0 | \n\n 2,154 | \n\n 3,116 | \n
| \n Net income | \n\n 488 | \n\n 436 | \n\n \u00a0 | \n\n 514 | \n\n 381 | \n\n \u00a0 | \n\n 478 | \n\n 202 | \n
| \n Non controlling interests | \n\n \u2013 | \n\n 110 | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n
| \n Share of other comprehensive income items | \n\n 140 | \n\n 52 | \n\n \u00a0 | \n\n 68 | \n\n 38 | \n\n \u00a0 | \n\n (29) | \n\n (130) | \n
| \n Equity value | \n\n 2,285 | \n\n 8,735 | \n\n \u00a0 | \n\n 2,188 | \n\n 4,782 | \n\n \u00a0 | \n\n 2,049 | \n\n 3,779 | \n
| \n Profit/(Loss) | \n\n 436 | \n\n (3) | \n\n \u00a0 | \n\n (992) | \n\n 823 | \n\n \u00a0 | \n\n 452 | \n\n 265 | \n
| \n Dividends paid to TotalEnergies | \n\n 469 | \n\n 109 | \n\n \u00a0 | \n\n 498 | \n\n 96 | \n\n \u00a0 | \n\n 409 | \n\n 59 | \n
8.2Other investments
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Other investments are equity instruments and are measured according to IFRS 9 at fair value through profit and loss (default option). On initial recognition, the standard allows to make an election to record the changes of fair value in other comprehensive income. For these equity instruments, only dividends can be recognized in profit or loss. | \n\n \n | \n\n TotalEnergies recognizes changes in fair value in equity or in profit or loss according to the option chosen on an instrument by instrument basis. For quoted shares on active markets, this fair value is based on the market price. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
| \n As of December 31, 2022 (M$) | \n\n As of | \n\n Increase-Decrease | \n\n Change in fair value | \n\n As of | \n
| \n Enphase Energy Inc | \n\n 457 | \n\n (579) | \n\n 122 | \n\n \u2013 | \n
| \n Other shares through fair value OCI (unit value < $50M) | \n\n 116 | \n\n 13 | \n\n (10) | \n\n 119 | \n
| \n Equity instruments recorded through fair value OCI | \n\n 573 | \n\n (566) | \n\n 112 | \n\n 119 | \n
| \n BTC Limited | \n\n 14 | \n\n \u2013 | \n\n (9) | \n\n 5 | \n
| \n Hubei Cathay Smart Energy Fund | \n\n 36 | \n\n 7 | \n\n 11 | \n\n 54 | \n
| \n Other shares through fair value P&L (unit value < $50M) | \n\n 1,002 | \n\n (54) | \n\n (75) | \n\n 873 | \n
| \n Equity instruments recorded through fair value P&L | \n\n 1,052 | \n\n (47) | \n\n (73) | \n\n 932 | \n
| \n Total equity instruments | \n\n 1,625 | \n\n (613) | \n\n 39 | \n\n 1,051 | \n
| \n As of December 31, 2021 (M$) | \n\n As of | \n\n Increase-Decrease | \n\n Change in fair value | \n\n As of | \n
| \n Enphase Energy Inc. | \n\n 613 | \n\n (177) | \n\n 21 | \n\n 457 | \n
| \n Tellurian Investments Inc. | \n\n 57 | \n\n (111) | \n\n 54 | \n\n \u2013 | \n
| \n Other shares through fair value OCI (unit value < $50M) | \n\n 113 | \n\n 12 | \n\n (9) | \n\n 116 | \n
| \n Equity instruments recorded through fair value OCI | \n\n 783 | \n\n (276) | \n\n 66 | \n\n 573 | \n
| \n BBPP | \n\n 58 | \n\n (58) | \n\n \u2013 | \n\n \u2013 | \n
| \n BTC Limited | \n\n 27 | \n\n \u2013 | \n\n (13) | \n\n 14 | \n
| \n Hubei Cathay Smart Energy Fund | \n\n 36 | \n\n 1 | \n\n (1) | \n\n 36 | \n
| \n Other shares through fair value P&L (unit value < $50M) | \n\n 1,103 | \n\n (107) | \n\n 6 | \n\n 1,002 | \n
| \n Equity instruments recorded through fair value P&L | \n\n 1,224 | \n\n (164) | \n\n (8) | \n\n 1,052 | \n
| \n Total equity instruments | \n\n 2,007 | \n\n (440) | \n\n 58 | \n\n 1,625 | \n
| \n As of December 31, 2020, (M$) | \n\n As of | \n\n Increase-Decrease | \n\n Change in fair value | \n\n As of | \n
| \n Enphase Energy Inc | \n\n 173 | \n\n (251) | \n\n 691 | \n\n 613 | \n
| \n Tellurian Investments Inc. | \n\n 207 | \n\n (1) | \n\n (149) | \n\n 57 | \n
| \n Other shares through fair value OCI (unit value < $50M) | \n\n 126 | \n\n (4) | \n\n (9) | \n\n 113 | \n
| \n Equity instruments recorded through fair value OCI | \n\n 506 | \n\n (256) | \n\n 533 | \n\n 783 | \n
| \n BBPP | \n\n 62 | \n\n (4) | \n\n \u2013 | \n\n 58 | \n
| \n BTC Limited | \n\n 28 | \n\n \u2013 | \n\n (1) | \n\n 27 | \n
| \n Hubei Cathay Smart Energy Fund | \n\n 15 | \n\n 21 | \n\n \u2013 | \n\n 36 | \n
| \n Tas Helat Marketing Company(a) | \n\n 108 | \n\n (108) | \n\n \u2013 | \n\n \u2013 | \n
| \n Other shares through fair value P&L (unit value < $50M) | \n\n 1,059 | \n\n 63 | \n\n (19) | \n\n 1,103 | \n
| \n Equity instruments recorded through fair value P&L | \n\n 1,272 | \n\n (28) | \n\n (20) | \n\n 1,224 | \n
| \n Total equity instruments | \n\n 1,778 | \n\n (284) | \n\n 513 | \n\n 2,007 | \n
| \n (a)Tas Helat Marketing Company is a joint venture with SAUDI ARAMCO to develop the retail business. It was consolidated in 2020 (using the equity method). | \n
Accounting principles
TotalEnergies recognizes changes in fair value in equity or in profit or loss according to the option chosen on an instrument by instrument basis.
For quoted shares on active markets, this fair value is based on the market price.
8.4Compensation for the administration and management bodies
The aggregated amount of direct and indirect compensation accounted by the French and foreign affiliates of the Company, for all executive officers of TotalEnergies as of December 31 and for the members of the Board of Directors who are employees of TotalEnergies, is detailed below.
As of December 31, 2022, December 31, 2021, and December 31, 2020, TotalEnergies Executive Officers are the members of the Executive Committee, i.e. eight people and there are three employees members of the Board of Directors.
| \n For the year ended December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Number of people | \n\n 11 | \n\n 11 | \n\n 11 | \n
| \n Direct or indirect compensation | \n\n 12.4 | \n\n 11.9 | \n\n 12.6 | \n
| \n Pension expenses(a) | \n\n 1.9 | \n\n 1.4 | \n\n 1.5 | \n
| \n Share-based payments expense | \n\n 7.7 | \n\n 4.9 | \n\n 7.2 | \n
| \n (a)The benefits provided for Executive Officers of the Company and the members of the Board of Directors, who are employees of the Compagny, include severance to be paid upon retirement, supplementary pension schemes and insurance plans, which represent a commitment of $64.3 million as of December 31, 2022 (against $90.7 million as of December 31, 2021 and $129.0 million as of December 31, 2020). Converted into Euros, this commitment amounts to \u20ac60.3 million as of December 31, 2022 (against \u20ac80.1 million as of December 31, 2021 and \u20ac105.2 million as of December 31, 2020). The decrease is related to the increase in discount rates. (b)Share-based payments expense computed for the Executive Officers and the members of the Board of Directors who are employees of TotalEnergies and based on the principles of IFRS 2 \u201cShare-based payments\u201d described in Note 9. The increase of the expense between 2021 and 2022 is mainly related to the increase in the TotalEnergies share price. | \n
The compensation allocated to members of the Board of Directors as directors\u2019 fees totaled $1.84 million in 2022 ($2.06 million in 2021 and $1.44 million in 2020).
9.1Shareholders\u2019 equity
Number of TotalEnergies shares and rights attached
As of December\u00a031,\u00a02022, the share capital of TotalEnergies SE amounts to \u20ac6,547,828,212.50, divided into 2,619,131,285 shares, with a par value of \u20ac2.50. There is only one category of shares. The shares may be held in either registered or bearer form.
The authorized share capital amounts to 3,664,966,081 shares as of December 31, 2022, compared to 3,686,636,841 shares as of December 31, 2021 and 3,668,371,962 shares as of December 31, 2020.
A double voting right is assigned to shares that are fully-paid and held in registered form in the name of the same shareholder for at least two years, with due consideration for the total portion of the share capital represented. A double voting right is also assigned, in the event of an increase in share capital by incorporation of reserves, profits or premiums, to registered shares granted without charge to a shareholder due to shares already held that are entitled to this right.
Pursuant to the Corporation's bylaws (Statutes), no shareholder may cast a vote at a Shareholders' Meeting, either by himself or through an agent, representing more than 10% of the total voting rights for the Corporation's shares. This limit applies to the aggregated amount of voting rights held directly, indirectly or through voting proxies. However, in the case of double voting rights, this limit may be extended up to 20% of the total voting rights for the Corporation's shares.
These restrictions no longer apply if any individual or entity, acting alone or in concert, acquires at least two-thirds of the total share capital of the Corporation, directly or indirectly, following a public tender offer for all of the Corporation\u2019s shares.
Share cancellation
The Board of Directors, pursuant to the authorization granted by the Extraordinary Shareholders\u2019 Meeting on May 26, 2017, in the thirteenth resolution to reduce, on one or more occasions, the Corporation\u2019s share capital by cancelling shares, in accordance with the provisions of Articles L. 225-209 (became L. 22-10-62) and L. 225-213 of the French Commercial Code, has proceeded with the following cancellation of TotalEnergies shares:
| \n Fiscal year | \n\n Board of Directors\u2019 decision date | \n\n Number of shares bought back and cancelled | \n\n Percentage of | \n||
| \n 2022 | \n\n February 9, 2022 | \n\n 30,665,526 shares bought back between November 8 and December 22, 2021 | \n\n 1.16% | \n||
| \n 2021 | \n\n February 8, 2021 | \n\n 23,284,409 shares bought back between October 31, 2019 and March 9,\u00a02020 | \n\n 0.88% | \n||
| \n 2020 | \n\n \u00a0 | \n\n n/a(b) | \n\n \n | \n\n \u00a0 | \n\n \u00a0 | \n
| \n (a)Percentage of the share capital that the cancelled shares represented on the operations\u2019 date. (b)TotalEnergies SE did not cancel any shares in the fiscal year 2020. | \n
Under the terms of the twenty-third resolution of the General Meeting of Shareholders of May 25, 2022, the Board of Directors is authorized to cancel the shares of the Company within the limit of 10% of the capital of the Company existing on the date of the operation per period of 24 months.
Variation of the number of shares composing the share capital
| \n As of December 31, 2019(a) | \n\n \u00a0 | \n\n 2,601,881,075 | \n
| \n \u00a0 | \n\n Deferred contribution pursuant to the 2015 capital increase reserved for employees | \n\n 18,879 | \n
| \n \u00a0 | \n\n 2020 Capital increase reserved for employees | \n\n 13,160,383 | \n
| \n \u00a0 | \n\n Capital increase as payment of the scrip dividend (final 2019 dividend) | \n\n 38,063,688 | \n
| \n As of December 31, 2020(b) | \n\n \u00a0 | \n\n 2,653,124,025 | \n
| \n \u00a0 | \n\n Capital reduction by cancellation of treasury shares | \n\n (23,284,409) | \n
| \n \u00a0 | \n\n 2021 Capital increase reserved for employees | \n\n 10,589,713 | \n
| \n As of December 31, 2021(c) | \n\n \u00a0 | \n\n 2,640,429,329 | \n
| \n \u00a0 | \n\n Capital reduction by cancellation of treasury shares | \n\n (30,665,526) | \n
| \n \u00a0 | \n\n Deferred contribution pursuant to the 2017 capital increase reserved for employees | \n\n 9,471 | \n
| \n \u00a0 | \n\n 2022 Capital increase reserved for employees | \n\n 9,358,011 | \n
| \n As of December 31, 2022(d) | \n\n \n | \n\n 2,619,131,285 | \n
| \n (a)Including 15,474,234 treasury shares deducted from consolidated shareholders\u2019 equity. (b)Including 24,392,703 treasury shares deducted from consolidated shareholders\u2019 equity. (c)Including 33,841,104 treasury shares deducted from consolidated shareholders\u2019 equity. (d)Including 137,187,667 treasury shares deducted from consolidated shareholders\u2019 equity. | \n
Capital increase reserved for employees
The Extraordinary Shareholders\u2019 Meeting (\u201cESM\u201d) of May 25, 2022, in its twenty-second resolution, granted the authority to the Board of Directors to carry out, a capital increase, in one or more occasions within a maximum period of twenty-six months, reserved to members (employees and retirees) of a company or group savings plan (\u201cESOP\u201d).
In fiscal year 2022, the Board of Directors of September 22, 2022, by virtue of the twenty-second resolution above-mentioned, decided to proceed with a capital increase reserved for employees and retirees within the limit of 18 million shares and has granted all powers to the Chairman and Chief Executive Officer to determine, in particular, the terms and conditions of subscription, the opening and closing dates of the subscription period and the subscription price to be issued. This capital increase is expected to be completed after the Shareholders\u2019 Meeting of May 26, 2023.
During the fiscal years 2022, 2021 and 2020, the Corporation completed the following ESOP, which terms are set out below:
| \n Fiscal year | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Date of the ESOP | \n\n June 8, 2022 | \n\n June 9, 2021 | \n\n June 11, 2020 | \n
| \n By virtue of | \n\n 17th resolution of the ESM of May 28, 2021 | \n\n 20th resolution of the ESM of May 29, 2020 | \n\n 18th resolution of the ESM of June 1, 2018 | \n
| \n Subscriptions | \n\n \n | \n\n \n | \n\n \n | \n
| \n Number of shares subscribed | \n\n 9,130,380 | \n\n 10,376,190 | \n\n 12,952,925 | \n
| \n Subscription price | \n\n 37.00 euros | \n\n 30.50 euros | \n\n 26.20 euros | \n
| \n Free shares | \n\n \n | \n\n \n | \n\n \n | \n
| \n Number of shares granted | \n\n 227,631 | \n\n 213,523 | \n\n 207,458 | \n
| \n By virtue of | \n\n \n | \n\n \n | \n\n 19th resolution of the ESM of June 1, 2018 | \n
| \n Deferred contribution | \n\n \n | \n\n \n | \n\n \n | \n
| \n Number of shares granted | \n\n \u2013 | \n\n \u2013 | \n\n 1,380 | \n
| \n Number of beneficiaries | \n\n \u2013 | \n\n \u2013 | \n\n 276 | \n
| \n End of the acquisition period | \n\n \u2013 | \n\n \u2013 | \n\n June 11, 2025 | \n
9.1Shareholders\u2019 equity
Number of TotalEnergies shares and rights attached
As of December\u00a031,\u00a02022, the share capital of TotalEnergies SE amounts to \u20ac6,547,828,212.50, divided into 2,619,131,285 shares, with a par value of \u20ac2.50. There is only one category of shares. The shares may be held in either registered or bearer form.
The authorized share capital amounts to 3,664,966,081 shares as of December 31, 2022, compared to 3,686,636,841 shares as of December 31, 2021 and 3,668,371,962 shares as of December 31, 2020.
A double voting right is assigned to shares that are fully-paid and held in registered form in the name of the same shareholder for at least two years, with due consideration for the total portion of the share capital represented. A double voting right is also assigned, in the event of an increase in share capital by incorporation of reserves, profits or premiums, to registered shares granted without charge to a shareholder due to shares already held that are entitled to this right.
Pursuant to the Corporation's bylaws (Statutes), no shareholder may cast a vote at a Shareholders' Meeting, either by himself or through an agent, representing more than 10% of the total voting rights for the Corporation's shares. This limit applies to the aggregated amount of voting rights held directly, indirectly or through voting proxies. However, in the case of double voting rights, this limit may be extended up to 20% of the total voting rights for the Corporation's shares.
These restrictions no longer apply if any individual or entity, acting alone or in concert, acquires at least two-thirds of the total share capital of the Corporation, directly or indirectly, following a public tender offer for all of the Corporation\u2019s shares.
Share cancellation
The Board of Directors, pursuant to the authorization granted by the Extraordinary Shareholders\u2019 Meeting on May 26, 2017, in the thirteenth resolution to reduce, on one or more occasions, the Corporation\u2019s share capital by cancelling shares, in accordance with the provisions of Articles L. 225-209 (became L. 22-10-62) and L. 225-213 of the French Commercial Code, has proceeded with the following cancellation of TotalEnergies shares:
| \n Fiscal year | \n\n Board of Directors\u2019 decision date | \n\n Number of shares bought back and cancelled | \n\n Percentage of | \n||
| \n 2022 | \n\n February 9, 2022 | \n\n 30,665,526 shares bought back between November 8 and December 22, 2021 | \n\n 1.16% | \n||
| \n 2021 | \n\n February 8, 2021 | \n\n 23,284,409 shares bought back between October 31, 2019 and March 9,\u00a02020 | \n\n 0.88% | \n||
| \n 2020 | \n\n \u00a0 | \n\n n/a(b) | \n\n \n | \n\n \u00a0 | \n\n \u00a0 | \n
| \n (a)Percentage of the share capital that the cancelled shares represented on the operations\u2019 date. (b)TotalEnergies SE did not cancel any shares in the fiscal year 2020. | \n
Under the terms of the twenty-third resolution of the General Meeting of Shareholders of May 25, 2022, the Board of Directors is authorized to cancel the shares of the Company within the limit of 10% of the capital of the Company existing on the date of the operation per period of 24 months.
Variation of the number of shares composing the share capital
| \n As of December 31, 2019(a) | \n\n \u00a0 | \n\n 2,601,881,075 | \n
| \n \u00a0 | \n\n Deferred contribution pursuant to the 2015 capital increase reserved for employees | \n\n 18,879 | \n
| \n \u00a0 | \n\n 2020 Capital increase reserved for employees | \n\n 13,160,383 | \n
| \n \u00a0 | \n\n Capital increase as payment of the scrip dividend (final 2019 dividend) | \n\n 38,063,688 | \n
| \n As of December 31, 2020(b) | \n\n \u00a0 | \n\n 2,653,124,025 | \n
| \n \u00a0 | \n\n Capital reduction by cancellation of treasury shares | \n\n (23,284,409) | \n
| \n \u00a0 | \n\n 2021 Capital increase reserved for employees | \n\n 10,589,713 | \n
| \n As of December 31, 2021(c) | \n\n \u00a0 | \n\n 2,640,429,329 | \n
| \n \u00a0 | \n\n Capital reduction by cancellation of treasury shares | \n\n (30,665,526) | \n
| \n \u00a0 | \n\n Deferred contribution pursuant to the 2017 capital increase reserved for employees | \n\n 9,471 | \n
| \n \u00a0 | \n\n 2022 Capital increase reserved for employees | \n\n 9,358,011 | \n
| \n As of December 31, 2022(d) | \n\n \n | \n\n 2,619,131,285 | \n
| \n (a)Including 15,474,234 treasury shares deducted from consolidated shareholders\u2019 equity. (b)Including 24,392,703 treasury shares deducted from consolidated shareholders\u2019 equity. (c)Including 33,841,104 treasury shares deducted from consolidated shareholders\u2019 equity. (d)Including 137,187,667 treasury shares deducted from consolidated shareholders\u2019 equity. | \n
Capital increase reserved for employees
The Extraordinary Shareholders\u2019 Meeting (\u201cESM\u201d) of May 25, 2022, in its twenty-second resolution, granted the authority to the Board of Directors to carry out, a capital increase, in one or more occasions within a maximum period of twenty-six months, reserved to members (employees and retirees) of a company or group savings plan (\u201cESOP\u201d).
In fiscal year 2022, the Board of Directors of September 22, 2022, by virtue of the twenty-second resolution above-mentioned, decided to proceed with a capital increase reserved for employees and retirees within the limit of 18 million shares and has granted all powers to the Chairman and Chief Executive Officer to determine, in particular, the terms and conditions of subscription, the opening and closing dates of the subscription period and the subscription price to be issued. This capital increase is expected to be completed after the Shareholders\u2019 Meeting of May 26, 2023.
During the fiscal years 2022, 2021 and 2020, the Corporation completed the following ESOP, which terms are set out below:
| \n Fiscal year | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Date of the ESOP | \n\n June 8, 2022 | \n\n June 9, 2021 | \n\n June 11, 2020 | \n
| \n By virtue of | \n\n 17th resolution of the ESM of May 28, 2021 | \n\n 20th resolution of the ESM of May 29, 2020 | \n\n 18th resolution of the ESM of June 1, 2018 | \n
| \n Subscriptions | \n\n \n | \n\n \n | \n\n \n | \n
| \n Number of shares subscribed | \n\n 9,130,380 | \n\n 10,376,190 | \n\n 12,952,925 | \n
| \n Subscription price | \n\n 37.00 euros | \n\n 30.50 euros | \n\n 26.20 euros | \n
| \n Free shares | \n\n \n | \n\n \n | \n\n \n | \n
| \n Number of shares granted | \n\n 227,631 | \n\n 213,523 | \n\n 207,458 | \n
| \n By virtue of | \n\n \n | \n\n \n | \n\n 19th resolution of the ESM of June 1, 2018 | \n
| \n Deferred contribution | \n\n \n | \n\n \n | \n\n \n | \n
| \n Number of shares granted | \n\n \u2013 | \n\n \u2013 | \n\n 1,380 | \n
| \n Number of beneficiaries | \n\n \u2013 | \n\n \u2013 | \n\n 276 | \n
| \n End of the acquisition period | \n\n \u2013 | \n\n \u2013 | \n\n June 11, 2025 | \n
Treasury shares
| \n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Accounting principles Treasury shares held by TotalEnergies SE, or by its subsidiaries are deducted from consolidated shareholders' equity. Gains or losses on sales of treasury shares are excluded from the determination of net income and are recognized in shareholders\u2019 equity. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n
Number of treasury shares held by TotalEnergies SE
| \n As of December 31, | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Number of treasury shares held by TotalEnergies SE | \n\n 137,187,667 | \n\n 33,841,104 | \n\n 24,392,703 | \n
| \n Percentage of share capital | \n\n 5.24% | \n\n 1.28% | \n\n 0.92% | \n
| \n of which shares acquired with the intention to cancel them | \n\n 128,869,261 | \n\n 30,665,526 | \n\n 23,284,409 | \n
| \n of which shares allocated to TotalEnergies share performance plans | \n\n 8,231,365 | \n\n 3,103,018 | \n\n 1,055,446 | \n
| \n of which shares intended to be allocated to new share performance or purchase options plans | \n\n 87,041 | \n\n 72,560 | \n\n 52,848 | \n
Paid-in surplus
In accordance with French law, the paid-in surplus corresponds to premiums related to shares issuances, contributions or mergers of the parent company which can be capitalized or used to offset losses if the legal reserve has reached its minimum required level. The amount of the paid-in surplus may also be distributed subject to taxation except when it qualifies as a refund of shareholder contributions.
As of December 31, 2022, paid-in surplus relating to TotalEnergies SE amounted to \u20ac35,099 million (\u20ac36,030 million as of December 31, 2021 and \u20ac36,722 million as of December 31, 2020).
Reserves
Under French law, 5% of net income must be transferred to the legal reserve until the legal reserve reaches 10% of the nominal value of the share capital. This reserve cannot be distributed to the shareholders other than upon liquidation but can be used to offset losses.
If wholly distributed, the unrestricted reserves of TotalEnergies SE would be taxed for an approximate amount of $227 million as of December 31, 2022 ($362 million as of December 31, 2021 and $492 million as of December 31, 2020) due to additional corporation tax applied on regulatory reserves so that they become distributable
Earnings per share
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Earnings per share is calculated by dividing net income (TotalEnergies share) by the weighted-average number of common shares outstanding during the period, excluding TotalEnergies shares held by TotalEnergies SE (Treasury shares) which are deducted from consolidated shareholders\u2019 equity. Diluted earnings per share is calculated by dividing net income (TotalEnergies share) by the fully-diluted weighted-average number of common shares outstanding during the period. Treasury shares held by the parent company, TotalEnergies SE are deducted from consolidated shareholders\u2019 equity. This calculation also takes into account the dilutive effect of share grants and capital increases with a subscription period closing after the end of the fiscal year. | \n\n \n | \n\n The weighted-average number of fully-diluted shares is calculated in accordance with the treasury stock method provided for by IAS 33. The proceeds, which would be recovered in the event of an exercise of rights related to dilutive instruments, are presumed to be a share buyback at the average market price over the period. The number of shares thereby obtained leads to a reduction in the total number of shares that would result from the exercise of rights. In compliance with IAS 33, earnings per share and diluted earnings per share are based on the net income after deduction of the remuneration due to the holders of deeply subordinated notes | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
The variation of both weighted-average number of shares and weighted-average number of diluted shares, as of December 31, respectively used in the calculation of earnings per share and fully-diluted earnings per share is detailed as follows:
| \n \n | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Number of shares as of January 1, | \n\n 2,640,429,329 | \n\n 2,653,124,025 | \n\n 2,601,881,075 | \n
| \n TotalEnergies shares held by TotalEnergies SE or by its subsidiaries and deducted from shareholders' equity | \n\n (33,841,104) | \n\n (24,392,703) | \n\n (15,474,234) | \n
| \n Evolution of the number of shares during the financial year pro-rated | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Final grant of TotalEnergies performance shares | \n\n 5,152,336 | \n\n 3,810,430 | \n\n 2,154,064 | \n
| \n Capital increase reserved for employees(a) | \n\n 5,465,154 | \n\n 6,177,333 | \n\n 7,689,476 | \n
| \n Capital increase as payment of the scrip dividend | \n\n \u2013 | \n\n \u2013 | \n\n 17,445,857 | \n
| \n Buyback of TotalEnergies treasury shares including: | \n\n (62,498,318) | \n\n (7,296,460) | \n\n (11,669,489) | \n
| \n Shares repurchased during the fiscal year to cancel the dilution caused by the scrip dividend payment and within the framework of the share buyback program | \n\n (58,621,530) | \n\n (3,762,794) | \n\n (10,666,710) | \n
| \n Shares repurchased during the fiscal year to cover for the performance share plans\u00a0 | \n\n (3,876,788) | \n\n (3,533,666) | \n\n (1,002,779) | \n
| \n Weighted-average number of shares | \n\n 2,554,707,397 | \n\n 2,631,422,625 | \n\n 2,602,026,749 | \n
| \n Dilutive effect | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Grant of TotalEnergies performance shares | \n\n 15,890,560 | \n\n 14,492,673 | \n\n \u2013 | \n
| \n Capital increase reserved for employees(a) | \n\n 1,584,068 | \n\n 1,552,947 | \n\n \u2013 | \n
| \n Weighted-average number of diluted shares as of December 31,(b) | \n\n 2,572,182,025 | \n\n 2,647,468,245 | \n\n 2,602,026,749 | \n
| \n (a)Including the shares granted in consideration to the deferred contribution pursuant to the capital increase reserved for employees. (b)In 2020, the effect generated by the grant of TotalEnergies performance shares and by the capital increase reserved for employees (19,007,836 shares) is anti-dilutive. In accordance with IAS 33, the weighted-average number of diluted shares is therefore equal to the weighted-average number of shares. | \n
Earnings per share in euros
The earnings per share in euros, converted from the earnings per share in dollars, by using the average exchange rate euro/dollar, is \u20ac7.51 per share for 2022 closing (\u20ac5.03 for 2021 closing). The fully-diluted earnings per share calculated by using the same method is \u20ac7.45 per share for 2022 closing (\u20ac5.01 for 2021 closing).
Dividend
On February 7, 2023, the Board of Directors after approving the financial statements for fiscal year 2022, decided to propose to the Shareholders\u2019 Meeting on May 26, 2023, the distribution of an ordinary \u20ac2.81 dividend per share for fiscal year 2022. Subject to the Shareholders\u2019 decision on May 26, 2023, considering the first three interim dividends already decided by the Board of Directors, the final ordinary dividend for the fiscal year 2022 will be \u20ac0.74 per share.
| \n 2022 Dividend | \n\n First interim | \n\n Second interim | \n\n Third interim | \n\n Final | \n
| \n Amount | \n\n \u20ac0.69 | \n\n \u20ac0.69 | \n\n \u20ac0.69 | \n\n \u20ac0.74 | \n
| \n Set date | \n\n April 27, 2022 | \n\n July 27, 2022 | \n\n October 26, 2022 | \n\n February 7, 2023 | \n
| \n Ex-dividend date | \n\n September 21, 2022 | \n\n January 2, 2023 | \n\n March 22, 2023 | \n\n June 21, 2023 | \n
| \n Payment date | \n\n October 3, 2022 | \n\n January 12, 2023 | \n\n April 3, 2023 | \n\n July 3, 2023 | \n
Following its decisions of September 28, 2022, the Board of Directors of October 26, 2022 confirmed the distribution of a special interim dividend of \u20ac1 per share. This interim dividend has been detached on December 6, 2022, and paid in cash on December 16, 2022.
Subject to the Shareholders\u2019 decision on May 26, 2023, given the special interim dividend for the 2022 financial year already paid, this special dividend of \u20ac1 per share would not give rise to the payment of a balance.
| \n Special interim dividend | \n|
| \n Amount per share | \n\n \u20ac1.00 | \n
| \n Ex-dividend date | \n\n December 6, 2022 | \n
| \n Payment date | \n\n December 16, 2022 | \n
Subject to the Shareholder's decision on May 26, 2023, dividend for fiscal year 2022 (ordinary plus special) will amount to \u20ac3.81 per share.
Issuances of perpetual subordinated notes
As of December 31, 2022, the amount of perpetual subordinated notes booked in TotalEnergies shareholders' equity is $13,882 million. The coupons attributable to the holders of these securities are recognized as a deduction from TotalEnergies shareholders' equity for an amount of $331 million for fiscal year 2022. The tax deduction due to these coupons is booked in the statement of income.
Based on their characteristics (mainly no mandatory repayment and no obligation to pay a coupon except under certain circumstances specified into the documentation of the notes) and in compliance with IAS 32 standard \u2013 Financial instruments - Presentation, these notes were recorded in equity.
On 17 January 2022, TotalEnergies SE issued two tranches of perpetual subordinated notes in euro:
\u2013Deeply subordinated notes 2.000% perpetual maturity callable after 5.25 years (\u20ac1,000 million); and
\u2013Deeply subordinated notes 3.250% perpetual maturity callable after 15 years (\u20ac750 million).
These two tranches were issued to refinance the \u20ac1,750 million perpetual subordinated notes carrying a coupon of 3.875% and whose redemption option was exercised on its first call date on May 18, 2022.
Summary of the perpetual deeply subordinated notes of TotalEnergies SE:
| \n Perpetual deeply subordinated notes issues by TotalEnergies SE | \n\n \n | \n\n Outstanding amount in M\u20ac as of | \n||||
| \n Date | \n\n Amount issued (M\u20ac) | \n\n Coupon (%) | \n\n First call date | \n\n December 31, 2022 | \n\n December 31, 2021 | \n\n December 31, 2020 | \n
| \n January 17, 2022 | \n\n 1,000 | \n\n 2.000% | \n\n April 17, 2027 | \n\n 1,000 | \n\n \u2013 | \n\n \u2013 | \n
| \n 750 | \n\n 3.250% | \n\n January 17, 2037 | \n\n 750 | \n\n \u2013 | \n\n \u2013 | \n|
| \n January 25, 2021 | \n\n 1,500 | \n\n 2.125% | \n\n January 25, 2033 | \n\n 1,500 | \n\n 1,500 | \n\n \u2013 | \n
| \n 1,500 | \n\n 1.625% | \n\n January 25, 2028 | \n\n 1,500 | \n\n 1,500 | \n\n \u2013 | \n|
| \n September 4, 2020 | \n\n 1,000 | \n\n 2.000% | \n\n September 4, 2030 | \n\n 1,000 | \n\n 1,000 | \n\n 1,000 | \n
| \n April 4, 2019 | \n\n 1,500 | \n\n 1.750% | \n\n April 4, 2024 | \n\n 1,500 | \n\n 1,500 | \n\n 1,500 | \n
| \n October 6, 2016 | \n\n 1,500 | \n\n 3.369% | \n\n October 6, 2026 | \n\n 1,500 | \n\n 1,500 | \n\n 1,500 | \n
| \n 1,000 | \n\n 2.708% | \n\n May 5, 2023 | \n\n 1,000 | \n\n 1,000 | \n\n 1,000 | \n|
| \n May 18, 2016 | \n\n 1,750 | \n\n 3.875% | \n\n May 18, 2022 | \n\n \u2013 | \n\n 1,750 | \n\n 1,750 | \n
| \n February 26, 2015 | \n\n 2,500 | \n\n 2.250% | \n\n February 26, 2021 | \n\n \u2013 | \n\n \u2013 | \n\n 297 | \n
| \n 2,500 | \n\n 2.625% | \n\n February 26, 2025 | \n\n 2,500 | \n\n 2,500 | \n\n 2,500 | \n|
| \n TOTAL | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 12,250 | \n\n 12,250 | \n\n 9,547 | \n
Other comprehensive income
Detail of other comprehensive income showing both items potentially reclassifiable and those not potentially reclassifiable from equity to net income is presented in the table below:
| \n For the year ended December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Actuarial gains and losses | \n\n 574 | \n\n 1,035 | \n\n (212) | \n
| \n Change in fair value of investments in equity instruments | \n\n 112 | \n\n 66 | \n\n 533 | \n
| \n Tax effect | \n\n (96) | \n\n (411) | \n\n 65 | \n
| \n Currency translation adjustment generated by the parent company | \n\n (4,976) | \n\n (7,202) | \n\n 7,541 | \n
| \n Sub-total items not potentially reclassifiable to profit & loss | \n\n (4,386) | \n\n (6,512) | \n\n 7,927 | \n
| \n Currency translation adjustment | \n\n 1,734 | \n\n 4,216 | \n\n (4,645) | \n
| \n \u2013Unrealized gain/(loss) of the period | \n\n 1,974 | \n\n 4,380 | \n\n (4,607) | \n
| \n \u2013Less gain/(loss) included in net income | \n\n 240 | \n\n 164 | \n\n 38 | \n
| \n Cash flow hedge | \n\n (5,452) | \n\n 278 | \n\n (313) | \n
| \n \u2013Unrealized gain/(loss) of the period | \n\n (4,190) | \n\n 109 | \n\n (175) | \n
| \n \u2013Less gain/(loss) included in net income | \n\n 1,262 | \n\n (169) | \n\n 138 | \n
| \n Variation of foreign currency basis spread | \n\n 65 | \n\n 2 | \n\n 28 | \n
| \n \u2013Unrealized gain/(loss) of the period | \n\n 26 | \n\n (47) | \n\n (22) | \n
| \n \u2013Less gain/(loss) included in net income | \n\n (39) | \n\n (49) | \n\n (50) | \n
| \n Share of other comprehensive income of equity affiliates, net amount | \n\n 3,497 | \n\n 706 | \n\n (1,831) | \n
| \n \u2013Unrealized gain/(loss) of the period | \n\n 1,071 | \n\n 626 | \n\n (1,841) | \n
| \n \u2013Less gain/(loss) included in net income | \n\n (2,426) | \n\n (80) | \n\n (10) | \n
| \n Other | \n\n (16) | \n\n (1) | \n\n (8) | \n
| \n Tax effect | \n\n 1,449 | \n\n (135) | \n\n 72 | \n
| \n Sub-total items potentially reclassifiable to profit & loss | \n\n 1,277 | \n\n 5,066 | \n\n (6,697) | \n
| \n Total other comprehensive income, net amount | \n\n (3,109) | \n\n (1,446) | \n\n 1,230 | \n
The currency translation adjustment by currency is detailed in the following table:
| \n As of December 31, 2022 (M$) | \n\n Total | \n\n Euro | \n\n Pound sterling | \n\n Ruble | \n\n Other currencies | \n
| \n Currency translation adjustment generated by the parent company | \n\n (4,976) | \n\n (4,976) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Currency translation adjustment | \n\n 1,734 | \n\n 3,120 | \n\n (592) | \n\n 4 | \n\n (798) | \n
| \n Currency translation adjustment of equity affiliates | \n\n 3,002 | \n\n (1,076) | \n\n 31 | \n\n 4,247 | \n\n (200) | \n
| \n Total currency translation adjustment | \n\n (240) | \n\n (2,932) | \n\n (561) | \n\n 4,251 | \n\n (998) | \n
| \n As of December 31, 2021 (M$) | \n\n Total | \n\n Euro | \n\n Pound sterling | \n\n Ruble | \n\n Other currencies | \n
| \n Currency translation adjustment generated by the parent company | \n\n (7,202) | \n\n (7,202) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Currency translation adjustment | \n\n 4,216 | \n\n 4,654 | \n\n (180) | \n\n (1) | \n\n (257) | \n
| \n Currency translation adjustment of equity affiliates | \n\n 536 | \n\n 730 | \n\n 4 | \n\n (27) | \n\n (171) | \n
| \n Total currency translation adjustment | \n\n (2,450) | \n\n (1,818) | \n\n (176) | \n\n (28) | \n\n (428) | \n
| \n As of December 31, 2020 (M$) | \n\n Total | \n\n Euro | \n\n Pound sterling | \n\n Ruble | \n\n Other currencies | \n
| \n Currency translation adjustment generated by the parent company | \n\n 7,541 | \n\n 7,541 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Currency translation adjustment | \n\n (4,645) | \n\n (4,668) | \n\n 115 | \n\n (12) | \n\n (80) | \n
| \n Currency translation adjustment of equity affiliates | \n\n (1,657) | \n\n (851) | \n\n (11) | \n\n (886) | \n\n 91 | \n
| \n Total currency translation adjustment | \n\n 1,239 | \n\n 2,022 | \n\n 104 | \n\n (898) | \n\n 11 | \n
Tax effects relating to each component of other comprehensive income are as follows:
| \n For the year ended December 31, (M$) | \n\n 2022 | \n\n \n | \n\n 2021 | \n\n \n | \n\n 2020 | \n||||||
| \n Pre-tax amount | \n\n Tax | \n\n Net amount | \n\n \n | \n\n Pre-tax amount | \n\n Tax | \n\n Net amount | \n\n \n | \n\n Pre-tax amount | \n\n Tax | \n\n Net amount | \n|
| \n Actuarial gains and losses | \n\n 574 | \n\n (106) | \n\n 468 | \n\n \n | \n\n 1,035 | \n\n (372) | \n\n 663 | \n\n \n | \n\n (212) | \n\n 47 | \n\n (165) | \n
| \n Change in fair value of investments in equity instruments | \n\n 112 | \n\n 10 | \n\n 122 | \n\n \n | \n\n 66 | \n\n (39) | \n\n 27 | \n\n \n | \n\n 533 | \n\n 18 | \n\n 551 | \n
| \n Currency translation adjustment | \n\n (4,976) | \n\n \u2013 | \n\n (4,976) | \n\n \n | \n\n (7,202) | \n\n \u2013 | \n\n (7,202) | \n\n \n | \n\n 7,541 | \n\n \u2013 | \n\n 7,541 | \n
| \n Sub-total items | \n\n (4,290) | \n\n (96) | \n\n (4,386) | \n\n \n | \n\n (6,101) | \n\n (411) | \n\n (6,512) | \n\n \n | \n\n 7,862 | \n\n 65 | \n\n 7,927 | \n
| \n Currency translation adjustment | \n\n 1,734 | \n\n \u2013 | \n\n 1,734 | \n\n \n | \n\n 4,216 | \n\n \u2013 | \n\n 4,216 | \n\n \n | \n\n (4,645) | \n\n \u2013 | \n\n (4,645) | \n
| \n Cash flow hedge | \n\n (5,452) | \n\n 1,466 | \n\n (3,986) | \n\n \n | \n\n 278 | \n\n (130) | \n\n 148 | \n\n \n | \n\n (313) | \n\n 79 | \n\n (234) | \n
| \n Variation of foreign currency basis spread | \n\n 65 | \n\n (17) | \n\n 48 | \n\n \n | \n\n 2 | \n\n (5) | \n\n (3) | \n\n \n | \n\n 28 | \n\n (7) | \n\n 21 | \n
| \n Share of other comprehensive income of equity affiliates, net amount | \n\n 3,497 | \n\n \u2013 | \n\n 3,497 | \n\n \n | \n\n 706 | \n\n \u2013 | \n\n 706 | \n\n \n | \n\n (1,831) | \n\n \u2013 | \n\n (1,831) | \n
| \n Other | \n\n (16) | \n\n \u2013 | \n\n (16) | \n\n \n | \n\n (1) | \n\n \u2013 | \n\n (1) | \n\n \n | \n\n (8) | \n\n \u2013 | \n\n (8) | \n
| \n Sub-total items | \n\n (172) | \n\n 1,449 | \n\n 1,277 | \n\n \n | \n\n 5,201 | \n\n (135) | \n\n 5,066 | \n\n \n | \n\n (6,769) | \n\n 72 | \n\n (6,697) | \n
| \n Total other comprehensive income | \n\n (4,462) | \n\n 1,353 | \n\n (3,109) | \n\n \n | \n\n (900) | \n\n (546) | \n\n (1,446) | \n\n \n | \n\n 1,093 | \n\n 137 | \n\n 1,230 | \n
Non-controlling interests
As of December 31, 2022, the subsidiaries with the most significant non-controlling interests are TotalEnergies Australia Unit Trust, TotalEnergies Gabon and TotalEnergies E&P Congo.
The Board of Directors, pursuant to the authorization granted by the Extraordinary Shareholders\u2019 Meeting on May 26, 2017, in the thirteenth resolution to reduce, on one or more occasions, the Corporation\u2019s share capital by cancelling shares, in accordance with the provisions of Articles L. 225-209 (became L. 22-10-62) and L. 225-213 of the French Commercial Code, has proceeded with the following cancellation of TotalEnergies shares:
| \n Fiscal year | \n\n Board of Directors\u2019 decision date | \n\n Number of shares bought back and cancelled | \n\n Percentage of | \n||
| \n 2022 | \n\n February 9, 2022 | \n\n 30,665,526 shares bought back between November 8 and December 22, 2021 | \n\n 1.16% | \n||
| \n 2021 | \n\n February 8, 2021 | \n\n 23,284,409 shares bought back between October 31, 2019 and March 9,\u00a02020 | \n\n 0.88% | \n||
| \n 2020 | \n\n \u00a0 | \n\n n/a(b) | \n\n \n | \n\n \u00a0 | \n\n \u00a0 | \n
| \n (a)Percentage of the share capital that the cancelled shares represented on the operations\u2019 date. (b)TotalEnergies SE did not cancel any shares in the fiscal year 2020. | \n
Under the terms of the twenty-third resolution of the General Meeting of Shareholders of May 25, 2022, the Board of Directors is authorized to cancel the shares of the Company within the limit of 10% of the capital of the Company existing on the date of the operation per period of 24 months.
Dividend
On February 7, 2023, the Board of Directors after approving the financial statements for fiscal year 2022, decided to propose to the Shareholders\u2019 Meeting on May 26, 2023, the distribution of an ordinary \u20ac2.81 dividend per share for fiscal year 2022. Subject to the Shareholders\u2019 decision on May 26, 2023, considering the first three interim dividends already decided by the Board of Directors, the final ordinary dividend for the fiscal year 2022 will be \u20ac0.74 per share.
| \n 2022 Dividend | \n\n First interim | \n\n Second interim | \n\n Third interim | \n\n Final | \n
| \n Amount | \n\n \u20ac0.69 | \n\n \u20ac0.69 | \n\n \u20ac0.69 | \n\n \u20ac0.74 | \n
| \n Set date | \n\n April 27, 2022 | \n\n July 27, 2022 | \n\n October 26, 2022 | \n\n February 7, 2023 | \n
| \n Ex-dividend date | \n\n September 21, 2022 | \n\n January 2, 2023 | \n\n March 22, 2023 | \n\n June 21, 2023 | \n
| \n Payment date | \n\n October 3, 2022 | \n\n January 12, 2023 | \n\n April 3, 2023 | \n\n July 3, 2023 | \n
Following its decisions of September 28, 2022, the Board of Directors of October 26, 2022 confirmed the distribution of a special interim dividend of \u20ac1 per share. This interim dividend has been detached on December 6, 2022, and paid in cash on December 16, 2022.
Subject to the Shareholders\u2019 decision on May 26, 2023, given the special interim dividend for the 2022 financial year already paid, this special dividend of \u20ac1 per share would not give rise to the payment of a balance.
| \n Special interim dividend | \n|
| \n Amount per share | \n\n \u20ac1.00 | \n
| \n Ex-dividend date | \n\n December 6, 2022 | \n
| \n Payment date | \n\n December 16, 2022 | \n
Subject to the Shareholder's decision on May 26, 2023, dividend for fiscal year 2022 (ordinary plus special) will amount to \u20ac3.81 per share.
Treasury shares
| \n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Accounting principles Treasury shares held by TotalEnergies SE, or by its subsidiaries are deducted from consolidated shareholders' equity. Gains or losses on sales of treasury shares are excluded from the determination of net income and are recognized in shareholders\u2019 equity. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n
Number of treasury shares held by TotalEnergies SE
| \n As of December 31, | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Number of treasury shares held by TotalEnergies SE | \n\n 137,187,667 | \n\n 33,841,104 | \n\n 24,392,703 | \n
| \n Percentage of share capital | \n\n 5.24% | \n\n 1.28% | \n\n 0.92% | \n
| \n of which shares acquired with the intention to cancel them | \n\n 128,869,261 | \n\n 30,665,526 | \n\n 23,284,409 | \n
| \n of which shares allocated to TotalEnergies share performance plans | \n\n 8,231,365 | \n\n 3,103,018 | \n\n 1,055,446 | \n
| \n of which shares intended to be allocated to new share performance or purchase options plans | \n\n 87,041 | \n\n 72,560 | \n\n 52,848 | \n
Accounting principles
Treasury shares held by TotalEnergies SE, or by its subsidiaries are deducted from consolidated shareholders' equity. Gains or losses on sales of treasury shares are excluded from the determination of net income and are recognized in shareholders\u2019 equity.
Reserves
Under French law, 5% of net income must be transferred to the legal reserve until the legal reserve reaches 10% of the nominal value of the share capital. This reserve cannot be distributed to the shareholders other than upon liquidation but can be used to offset losses.
If wholly distributed, the unrestricted reserves of TotalEnergies SE would be taxed for an approximate amount of $227 million as of December 31, 2022 ($362 million as of December 31, 2021 and $492 million as of December 31, 2020) due to additional corporation tax applied on regulatory reserves so that they become distributable
Earnings per share
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Earnings per share is calculated by dividing net income (TotalEnergies share) by the weighted-average number of common shares outstanding during the period, excluding TotalEnergies shares held by TotalEnergies SE (Treasury shares) which are deducted from consolidated shareholders\u2019 equity. Diluted earnings per share is calculated by dividing net income (TotalEnergies share) by the fully-diluted weighted-average number of common shares outstanding during the period. Treasury shares held by the parent company, TotalEnergies SE are deducted from consolidated shareholders\u2019 equity. This calculation also takes into account the dilutive effect of share grants and capital increases with a subscription period closing after the end of the fiscal year. | \n\n \n | \n\n The weighted-average number of fully-diluted shares is calculated in accordance with the treasury stock method provided for by IAS 33. The proceeds, which would be recovered in the event of an exercise of rights related to dilutive instruments, are presumed to be a share buyback at the average market price over the period. The number of shares thereby obtained leads to a reduction in the total number of shares that would result from the exercise of rights. In compliance with IAS 33, earnings per share and diluted earnings per share are based on the net income after deduction of the remuneration due to the holders of deeply subordinated notes | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
The variation of both weighted-average number of shares and weighted-average number of diluted shares, as of December 31, respectively used in the calculation of earnings per share and fully-diluted earnings per share is detailed as follows:
| \n \n | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Number of shares as of January 1, | \n\n 2,640,429,329 | \n\n 2,653,124,025 | \n\n 2,601,881,075 | \n
| \n TotalEnergies shares held by TotalEnergies SE or by its subsidiaries and deducted from shareholders' equity | \n\n (33,841,104) | \n\n (24,392,703) | \n\n (15,474,234) | \n
| \n Evolution of the number of shares during the financial year pro-rated | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Final grant of TotalEnergies performance shares | \n\n 5,152,336 | \n\n 3,810,430 | \n\n 2,154,064 | \n
| \n Capital increase reserved for employees(a) | \n\n 5,465,154 | \n\n 6,177,333 | \n\n 7,689,476 | \n
| \n Capital increase as payment of the scrip dividend | \n\n \u2013 | \n\n \u2013 | \n\n 17,445,857 | \n
| \n Buyback of TotalEnergies treasury shares including: | \n\n (62,498,318) | \n\n (7,296,460) | \n\n (11,669,489) | \n
| \n Shares repurchased during the fiscal year to cancel the dilution caused by the scrip dividend payment and within the framework of the share buyback program | \n\n (58,621,530) | \n\n (3,762,794) | \n\n (10,666,710) | \n
| \n Shares repurchased during the fiscal year to cover for the performance share plans\u00a0 | \n\n (3,876,788) | \n\n (3,533,666) | \n\n (1,002,779) | \n
| \n Weighted-average number of shares | \n\n 2,554,707,397 | \n\n 2,631,422,625 | \n\n 2,602,026,749 | \n
| \n Dilutive effect | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Grant of TotalEnergies performance shares | \n\n 15,890,560 | \n\n 14,492,673 | \n\n \u2013 | \n
| \n Capital increase reserved for employees(a) | \n\n 1,584,068 | \n\n 1,552,947 | \n\n \u2013 | \n
| \n Weighted-average number of diluted shares as of December 31,(b) | \n\n 2,572,182,025 | \n\n 2,647,468,245 | \n\n 2,602,026,749 | \n
| \n (a)Including the shares granted in consideration to the deferred contribution pursuant to the capital increase reserved for employees. (b)In 2020, the effect generated by the grant of TotalEnergies performance shares and by the capital increase reserved for employees (19,007,836 shares) is anti-dilutive. In accordance with IAS 33, the weighted-average number of diluted shares is therefore equal to the weighted-average number of shares. | \n
Earnings per share in euros
The earnings per share in euros, converted from the earnings per share in dollars, by using the average exchange rate euro/dollar, is \u20ac7.51 per share for 2022 closing (\u20ac5.03 for 2021 closing). The fully-diluted earnings per share calculated by using the same method is \u20ac7.45 per share for 2022 closing (\u20ac5.01 for 2021 closing).
Accounting principles
Earnings per share is calculated by dividing net income (TotalEnergies share) by the weighted-average number of common shares outstanding during the period, excluding TotalEnergies shares held by TotalEnergies SE (Treasury shares) which are deducted from consolidated shareholders\u2019 equity.
Diluted earnings per share is calculated by dividing net income (TotalEnergies share) by the fully-diluted weighted-average number of common shares outstanding during the period. Treasury shares held by the parent company, TotalEnergies SE are deducted from consolidated shareholders\u2019 equity. This calculation also takes into account the dilutive effect of share grants and capital increases with a subscription period closing after the end of the fiscal year.
The weighted-average number of fully-diluted shares is calculated in accordance with the treasury stock method provided for by IAS 33. The proceeds, which would be recovered in the event of an exercise of rights related to dilutive instruments, are presumed to be a share buyback at the average market price over the period. The number of shares thereby obtained leads to a reduction in the total number of shares that would result from the exercise of rights.
In compliance with IAS 33, earnings per share and diluted earnings per share are based on the net income after deduction of the remuneration due to the holders of deeply subordinated notes
Issuances of perpetual subordinated notes
As of December 31, 2022, the amount of perpetual subordinated notes booked in TotalEnergies shareholders' equity is $13,882 million. The coupons attributable to the holders of these securities are recognized as a deduction from TotalEnergies shareholders' equity for an amount of $331 million for fiscal year 2022. The tax deduction due to these coupons is booked in the statement of income.
Based on their characteristics (mainly no mandatory repayment and no obligation to pay a coupon except under certain circumstances specified into the documentation of the notes) and in compliance with IAS 32 standard \u2013 Financial instruments - Presentation, these notes were recorded in equity.
On 17 January 2022, TotalEnergies SE issued two tranches of perpetual subordinated notes in euro:
\u2013Deeply subordinated notes 2.000% perpetual maturity callable after 5.25 years (\u20ac1,000 million); and
\u2013Deeply subordinated notes 3.250% perpetual maturity callable after 15 years (\u20ac750 million).
These two tranches were issued to refinance the \u20ac1,750 million perpetual subordinated notes carrying a coupon of 3.875% and whose redemption option was exercised on its first call date on May 18, 2022.
Summary of the perpetual deeply subordinated notes of TotalEnergies SE:
Non-controlling interests
As of December 31, 2022, the subsidiaries with the most significant non-controlling interests are TotalEnergies Australia Unit Trust, TotalEnergies Gabon and TotalEnergies E&P Congo.
Note 18Consolidation scope
As of December 31, 2022, 1,149 entities are consolidated of which 169 are accounted for under the equity method (E).
The table below presents a comprehensive list of the consolidated entities:
| \n Business segment | \n\n Statutory corporate name | \n\n % Company interest | \n\n Method | \n\n Country of incorporation | \n\n Country of operations | \n\n Country of operations | \n
| \n Exploration & Production | \n||||||
| \n \n | \n\n Abu Dhabi Gas Industries Limited | \n\n 15.00% | \n\n E | \n\n United Arab Emirates | \n\n United Arab Emirates | \n\n United Arab Emirates | \n
| \n \n | \n\n Angola LNG Supply Services, LLC | \n\n 13.60% | \n\n E | \n\n United States | \n\n United States | \n\n Angola | \n
| \n \n | \n\n Bonny Gas Transport Limited | \n\n 15.00% | \n\n E | \n\n Bermuda | \n\n Nigeria | \n\n United States | \n
| \n \n | \n\n Brass Holdings B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Nigeria | \n\n Nigeria | \n
| \n \n | \n\n Brass LNG Limited | \n\n 20.48% | \n\n E | \n\n Nigeria | \n\n Nigeria | \n\n Nigeria | \n
| \n \n | \n\n Congo Forest Company (CFC)\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n Congo | \n\n Congo | \n\n Nigeria | \n
| \n \n | \n\n Deer Creek Pipelines Limited | \n\n 75.00% | \n\n \u00a0 | \n\n Canada | \n\n Canada | \n\n Congo | \n
| \n \n | \n\n Dolphin Energy Limited | \n\n 24.50% | \n\n E | \n\n United Arab Emirates | \n\n United Arab Emirates | \n\n Canada | \n
| \n \n | \n\n E.F. Oil And Gas Limited | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n United Arab Emirates | \n
| \n \n | \n\n East African Crude Oil Pipeline (EACOP) Ltd | \n\n 62.00% | \n\n E | \n\n United Kingdom | \n\n Uganda | \n\n United Kingdom | \n
| \n \n | \n\n Elf E&P | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Elf Exploration UK Limited | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Elf Petroleum Iran | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Iran | \n\n Iran | \n
| \n \n | \n\n Elf Petroleum UK Limited | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Gas Investment and Services Company Limited | \n\n 10.00% | \n\n E | \n\n Bermuda | \n\n Oman | \n\n Oman | \n
| \n \n | \n\n Global Forestry Development (GFD)\u00a0 | \n\n 49.00% | \n\n E | \n\n Belgium | \n\n Belgium | \n\n Libya | \n
| \n \n | \n\n Mabruk Oil Operations | \n\n 49.02% | \n\n \u00a0 | \n\n France | \n\n Libya | \n\n Myanmar | \n
| \n \n | \n\n Marsa LNG LLC\u00a0 | \n\n 80.00% | \n\n \u00a0 | \n\n Oman | \n\n Oman | \n\n Norway | \n
| \n \n | \n\n Norpipe Oil A/S | \n\n 34.93% | \n\n E | \n\n Norway | \n\n Norway | \n\n Norway | \n
| \n \n | \n\n Norpipe Petroleum UK Limited | \n\n 45.22% | \n\n E | \n\n United Kingdom | \n\n Norway | \n\n Norway | \n
| \n \n | \n\n Norpipe Terminal Holdco Limited | \n\n 45.22% | \n\n E | \n\n United Kingdom | \n\n Norway | \n\n Norway | \n
| \n \n | \n\n Norsea Pipeline Limited | \n\n 45.22% | \n\n E | \n\n United Kingdom | \n\n Norway | \n\n Qatar | \n
| \n \n | \n\n North Oil Company | \n\n 30.00% | \n\n E | \n\n Qatar | \n\n Qatar | \n\n Russia | \n
| \n \n | \n\n Northern Lights JV DA | \n\n 33.33% | \n\n E | \n\n Norway | \n\n Norway | \n\n Iran | \n
| \n \n | \n\n Pars LNG Limited | \n\n 40.00% | \n\n E | \n\n Bermuda | \n\n Iran | \n\n Oman | \n
| \n \n | \n\n Private Oil Holdings Oman Limited | \n\n 10.00% | \n\n E | \n\n United Kingdom | \n\n Oman | \n\n Nigeria | \n
| \n \n | \n\n Stogg Eagle Funding B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Nigeria | \n\n Iraq | \n
| \n \n | \n\n TOQAP Guyana B.V. | \n\n 60.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Guyana | \n\n Russia | \n
| \n Exploration & Production (continued) | \n\n \n | \n|||||
| \n \n | \n\n Total Austral | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Argentina | \n\n Guyana | \n
| \n \n | \n\n Total E&P Al Shaheen A/S | \n\n 100.00% | \n\n \u00a0 | \n\n Denmark | \n\n Qatar | \n\n Azerbaijan | \n
| \n \n | \n\n Total E&P Angola Block 15/06 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Angola | \n\n United Arab Emirates | \n
| \n \n | \n\n Total E&P Angola Block 16 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Angola | \n\n Argentina | \n
| \n \n | \n\n Total E&P Angola Block 16 Holdings | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Angola | \n\n Denmark | \n
| \n \n | \n\n Total E&P Angola Block 33 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Angola | \n\n France | \n
| \n \n | \n\n Total E&P Angola Block 39 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Angola | \n\n Azerbaijan | \n
| \n \n | \n\n Total E&P Chine | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n China | \n\n Qatar | \n
| \n \n | \n\n Total E&P Chissonga | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Angola | \n\n Algeria | \n
| \n \n | \n\n Total E&P Dunga GmbH | \n\n 100.00% | \n\n \u00a0 | \n\n Germany | \n\n Kazakhstan | \n\n United States | \n
| \n \n | \n\n Total E&P East El Burullus Offshore B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Egypt | \n\n United States | \n
| \n \n | \n\n Total E&P Egypt Block 2 B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Egypt | \n\n Angola | \n
| \n \n | \n\n Total E&P Egypt Offshore Western Desert B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Egypt | \n\n Angola | \n
| \n \n | \n\n Total E&P Egypte | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Egypt | \n\n Angola | \n
| \n \n | \n\n Total E&P Guyane Francaise | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Angola | \n
| \n \n | \n\n Total E&P Jutland Denmark B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Denmark | \n\n Angola | \n
| \n \n | \n\n Total E&P Kurdistan Region of Iraq (Harir) B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Iraq | \n\n Angola | \n
| \n \n | \n\n Total E&P Kurdistan Region of Iraq (Safen) B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Iraq | \n\n Azerbaijan | \n
| \n \n | \n\n Total E&P Kurdistan Region of Iraq (Taza) B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Iraq | \n\n Bolivia | \n
| \n \n | \n\n Total E&P Kurdistan Region of Iraq B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Iraq | \n\n Canada | \n
| \n \n | \n\n Total E&P M2 Holdings Limited | \n\n 100.00% | \n\n \u00a0 | \n\n South Africa | \n\n South Africa | \n\n China | \n
| \n \n | \n\n Total E&P Myanmar | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Myanmar | \n\n Angola | \n
| \n \n | \n\n Total E&P Participations Petrolieres Congo | \n\n 100.00% | \n\n \u00a0 | \n\n Congo | \n\n Congo | \n\n Colombia | \n
| \n \n | \n\n Total E&P Philippines B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Philippines | \n\n Congo | \n
| \n \n | \n\n Total E&P RDC | \n\n 100.00% | \n\n \u00a0 | \n\n Democratic Republic of Congo | \n\n Democratic Republic of Congo | \n\n C\u00f4te d'Ivoire | \n
| \n \n | \n\n Total E&P Services China Company Limited | \n\n 100.00% | \n\n \u00a0 | \n\n China | \n\n China | \n\n Cyprus | \n
| \n \n | \n\n Total E&P South Pars | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Iran | \n\n Qatar | \n
| \n \n | \n\n Total E&P South Sudan | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Republic of South Sudan | \n\n Kazakhstan | \n
| \n \n | \n\n Total E&P Syrie | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Syrian Arab Republic | \n\n Egypt | \n
| \n \n | \n\n Total E&P Tajikistan B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Tajikistan | \n\n Egypt | \n
| \n \n | \n\n Total Oil and Gas South America | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Egypt | \n
| \n \n | \n\n Total Pars LNG | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Egypt | \n
| \n \n | \n\n Total South Pars | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Iran | \n\n Qatar | \n
| \n \n | \n\n Total Venezuela | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Anchor USA LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United Arab Emirates | \n
| \n \n | \n\n TotalEnergies BTC B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Azerbaijan | \n\n United States | \n
| \n \n | \n\n TotalEnergies Denmark ASW | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n Denmark | \n\n Denmark | \n
| \n \n | \n\n TotalEnergies Denmark ASW Pipeline ApS | \n\n 100.00% | \n\n \u00a0 | \n\n Denmark | \n\n Denmark | \n\n Iraq | \n
| \n \n | \n\n TotalEnergies E&P Alg\u00e9rie | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Algeria | \n\n Iraq | \n
| \n \n | \n\n TotalEnergies E&P Alg\u00e9rie Berkine A/S | \n\n 100.00% | \n\n \u00a0 | \n\n Denmark | \n\n Algeria | \n\n Iraq | \n
| \n \n | \n\n TotalEnergies E&P Americas LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Iraq | \n
| \n \n | \n\n TotalEnergies E&P Colombie | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Colombia | \n\n Lebanon | \n
| \n \n | \n\n TotalEnergies E&P New Ventures Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Libya | \n
| \n \n | \n\n TotalEnergies E&P North Sea UK Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n United Arab Emirates | \n
| \n \n | \n\n TotalEnergies E&P Research & Technology USA LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n South Africa | \n
| \n Exploration & Production (continued) | \n\n \n | \n|||||
| \n \n | \n\n TotalEnergies E&P UK Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n Mauritania | \n
| \n \n | \n\n TotalEnergies E&P USA Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Mauritania | \n
| \n \n | \n\n TotalEnergies E&P USA Oil Shale LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Mauritania | \n
| \n \n | \n\n TotalEnergies E&P USA Well Containment LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Mauritania | \n
| \n \n | \n\n TotalEnergies East Africa Midstream B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Uganda | \n\n Mozambique | \n
| \n \n | \n\n TotalEnergies EP (Brunei) B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Brunei | \n\n Myanmar | \n
| \n \n | \n\n TotalEnergies EP Absheron B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Azerbaijan | \n\n United States | \n
| \n \n | \n\n TotalEnergies EP Abu Al Bu Khoosh | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n United Arab Emirates | \n\n Congo | \n
| \n \n | \n\n TotalEnergies EP Angola | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Angola | \n\n Philippines | \n
| \n \n | \n\n TotalEnergies EP Angola Block 17.06 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Angola | \n\n Qatar | \n
| \n \n | \n\n TotalEnergies EP Angola Block 25 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Angola | \n\n Democratic Republic | \n
| \n \n | \n\n TotalEnergies EP Angola Block 29 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Angola | \n\n United States | \n
| \n \n | \n\n TotalEnergies EP Angola Block 32 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Angola | \n\n China | \n
| \n \n | \n\n TotalEnergies EP Angola Block 40 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Angola | \n\n Iran | \n
| \n \n | \n\n TotalEnergies EP Angola Block 48 B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Angola | \n\n Republic of South Sudan | \n
| \n \n | \n\n TotalEnergies EP Angola Blocks 20-21 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Angola | \n\n Syrian Arab Republic | \n
| \n \n | \n\n TotalEnergies EP Asia Pacific Pte. Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Singapore | \n\n Singapore | \n\n Tajikistan | \n
| \n \n | \n\n TotalEnergies EP Azerbaijan B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Azerbaijan | \n\n Thailand | \n
| \n \n | \n\n TotalEnergies EP Block 9 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Lebanon | \n\n Russia | \n
| \n \n | \n\n TotalEnergies EP Bolivie | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Bolivia | \n\n United Arab Emirates | \n
| \n \n | \n\n TotalEnergies EP Brasil Ltda | \n\n 100.00% | \n\n \u00a0 | \n\n Brazil | \n\n Brazil | \n\n Uganda | \n
| \n \n | \n\n TotalEnergies EP Bulgaria B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Bulgaria | \n\n United Arab Emirates | \n
| \n \n | \n\n TotalEnergies EP Cambodge\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Cambodia | \n\n United States | \n
| \n \n | \n\n TotalEnergies EP Canada Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Canada | \n\n Canada | \n\n United States | \n
| \n \n | \n\n TotalEnergies EP Company UK Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n United States | \n
| \n \n | \n\n TotalEnergies EP Congo | \n\n 85.00% | \n\n \u00a0 | \n\n Congo | \n\n Congo | \n\n Libya | \n
| \n \n | \n\n TotalEnergies EP C\u00f4te d'Ivoire B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n C\u00f4te d'Ivoire | \n\n Uganda | \n
| \n \n | \n\n TotalEnergies EP Cyprus B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Cyprus | \n\n Gabon | \n
| \n \n | \n\n TotalEnergies EP Danmark A/S\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n Denmark | \n\n Denmark | \n\n Norway | \n
| \n \n | \n\n TotalEnergies EP Danmark A/S - CPH | \n\n 100.00% | \n\n \u00a0 | \n\n Denmark | \n\n Denmark | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Dolphin Holdings | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Dolphin Midstream | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Dolphin Upstream | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Qatar | \n\n Iran | \n
| \n \n | \n\n TotalEnergies EP France | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Gabon | \n\n 58.28% | \n\n \u00a0 | \n\n Gabon | \n\n Gabon | \n\n Denmark | \n
| \n \n | \n\n TotalEnergies EP Gass Handel Norge AS | \n\n 100.00% | \n\n \u00a0 | \n\n Norway | \n\n Norway | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies EP Gastransport Nederland B.V.\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Netherlands | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies EP Golfe | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Qatar | \n\n Brunei | \n
| \n \n | \n\n TotalEnergies EP Greece B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Greece | \n\n Algeria | \n
| \n \n | \n\n TotalEnergies EP Guyana B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Guyana | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP Holding UAE B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n United Arab Emirates | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP Holdings Russia | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP International K1 Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n Kenya | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP International K2 Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n Kenya | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP International K3 Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n Kenya | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP International Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n Kenya | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP Iran B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Iran | \n\n Singapore | \n
| \n Exploration & Production (continued) | \n\n \n | \n|||||
| \n \n | \n\n TotalEnergies EP Iraq | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Iraq | \n\n Brazil | \n
| \n \n | \n\n TotalEnergies EP Italia S.p.A. | \n\n 100.00% | \n\n \u00a0 | \n\n Italy | \n\n Italy | \n\n Bulgaria | \n
| \n \n | \n\n TotalEnergies EP Kazakhstan | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Kazakhstan | \n\n Cambodia | \n
| \n \n | \n\n TotalEnergies EP Kenya B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Kenya | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies EP Liban S.A.L. | \n\n 100.00% | \n\n \u00a0 | \n\n Lebanon | \n\n Lebanon | \n\n C\u00f4te d'Ivoire | \n
| \n \n | \n\n TotalEnergies EP Libye | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Libya | \n\n C\u00f4te d'Ivoire | \n
| \n \n | \n\n TotalEnergies EP Lower Zakum B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n United Arab Emirates | \n\n Denmark | \n
| \n \n | \n\n TotalEnergies EP Malaysia | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Malaysia | \n\n Denmark | \n
| \n \n | \n\n TotalEnergies EP Mauritania Block C18 B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Mauritania | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies EP Mauritania Block C9 B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Mauritania | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Mauritania Blocks DW B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Mauritania | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies EP Mauritanie | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Mauritania | \n\n Greece | \n
| \n \n | \n\n TotalEnergies EP M'Bridge B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Angola | \n\n Guyana | \n
| \n \n | \n\n TotalEnergies EP Mexico S.A. de C.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Mexico | \n\n Mexico | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Namibia B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Namibia | \n\n Kenya | \n
| \n \n | \n\n TotalEnergies EP Nederland B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Netherlands | \n\n Kenya | \n
| \n \n | \n\n TotalEnergies EP Nigeria Deepwater A Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Nigeria | \n\n Nigeria | \n\n Kenya | \n
| \n \n | \n\n TotalEnergies EP Nigeria Deepwater B Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Nigeria | \n\n Nigeria | \n\n Kenya | \n
| \n \n | \n\n TotalEnergies EP Nigeria Deepwater C Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Nigeria | \n\n Nigeria | \n\n Iran | \n
| \n \n | \n\n TotalEnergies EP Nigeria Deepwater D Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Nigeria | \n\n Nigeria | \n\n Iraq | \n
| \n \n | \n\n TotalEnergies EP Nigeria Deepwater E Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Nigeria | \n\n Nigeria | \n\n Italy | \n
| \n \n | \n\n TotalEnergies EP Nigeria Deepwater F Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Nigeria | \n\n Nigeria | \n\n Kazakhstan | \n
| \n \n | \n\n TotalEnergies EP Nigeria Deepwater G Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Nigeria | \n\n Nigeria | \n\n Kenya | \n
| \n \n | \n\n TotalEnergies EP Nigeria Deepwater H Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Nigeria | \n\n Nigeria | \n\n Malaysia | \n
| \n \n | \n\n TotalEnergies EP Nigeria Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Nigeria | \n\n Nigeria | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP Nigeria S.A.S. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Mexico | \n
| \n \n | \n\n TotalEnergies EP Norge AS | \n\n 100.00% | \n\n \u00a0 | \n\n Norway | \n\n Norway | \n\n Namibia | \n
| \n \n | \n\n TotalEnergies EP Oman Block 11 B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Oman | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies EP Oman S.A.S. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Oman | \n\n Nigeria | \n
| \n \n | \n\n TotalEnergies EP Petroleum Angola | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Angola | \n\n Nigeria | \n
| \n \n | \n\n TotalEnergies EP Pipelines Danmark A/S\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n Denmark | \n\n Denmark | \n\n Nigeria | \n
| \n \n | \n\n TotalEnergies EP Profils Petroliers | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Nigeria | \n
| \n \n | \n\n TotalEnergies EP Qatar | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Qatar | \n\n Nigeria | \n
| \n \n | \n\n TotalEnergies EP Qatar 2 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Qatar | \n\n Nigeria | \n
| \n \n | \n\n TotalEnergies EP Ratawi Hub | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Iraq | \n\n Nigeria | \n
| \n \n | \n\n TotalEnergies EP Russie | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Russia | \n\n Nigeria | \n
| \n \n | \n\n TotalEnergies EP Sao Tome and Principe B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Angola | \n\n Nigeria | \n
| \n \n | \n\n TotalEnergies EP Sebuku | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Indonesia | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Senegal | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Senegal | \n\n Norway | \n
| \n \n | \n\n TotalEnergies EP Services Brazil B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Netherlands | \n\n Oman | \n
| \n \n | \n\n TotalEnergies EP South Africa B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n South Africa | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP South Africa Block 567 (Pty) Ltd\u00a0\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n South Africa | \n\n South Africa | \n\n Denmark | \n
| \n \n | \n\n TotalEnergies EP Suriname B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Suriname | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Thailand | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Thailand | \n\n Qatar | \n
| \n \n | \n\n TotalEnergies EP UAE Unconventional Gas B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n United Arab Emirates | \n\n Iraq | \n
| \n \n | \n\n TotalEnergies EP Uganda S.A.S. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Uganda | \n\n Russia | \n
| \n \n | \n\n TotalEnergies EP Umm Shaif Nasr B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n United Arab Emirates | \n\n Angola | \n
| \n Exploration & Production (continued) | \n\n \n | \n|||||
| \n \n | \n\n TotalEnergies EP Venezuela B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Venezuela | \n\n Senegal | \n
| \n \n | \n\n TotalEnergies EP Vostok LLC | \n\n 100.00% | \n\n \u00a0 | \n\n Russia | \n\n Russia | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies EP Waha | \n\n 100.00% | \n\n \u00a0 | \n\n Cayman Islands | \n\n Libya | \n\n South Africa | \n
| \n \n | \n\n TotalEnergies EP Well Response | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n South Africa | \n
| \n \n | \n\n TotalEnergies EP Yemen | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Yemen | \n\n Suriname | \n
| \n \n | \n\n TotalEnergies EP Yemen Block 3 B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Yemen | \n\n Venezuela | \n
| \n \n | \n\n TotalEnergies Holdings EACOP S.A.S. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Uganda | \n\n France | \n
| \n \n | \n\n TotalEnergies Holdings International B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Netherlands | \n\n Yemen | \n
| \n \n | \n\n TotalEnergies Holdings Nederland B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Netherlands | \n\n Yemen | \n
| \n \n | \n\n TotalEnergies Jack USA LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies LNG Supply Services USA | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Nature Based Solutions | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Nature Based Solutions II\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Nederland Facilities Management B.V.\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies Offshore GB Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Offshore UK Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Petr\u00f3leo & G\u00e1s Brasil Ltda | \n\n 100.00% | \n\n \u00a0 | \n\n Brazil | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n TotalEnergies Shipping Brazil B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n TotalEnergies Termokarstovoye S.A.S. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Upstream Danmark A/S | \n\n 100.00% | \n\n \u00a0 | \n\n Denmark | \n\n Denmark | \n\n Denmark | \n
| \n \n | \n\n TotalEnergies Upstream Nigeria | \n\n 100.00% | \n\n \u00a0 | \n\n Nigeria | \n\n Nigeria | \n\n Nigeria | \n
| \n \n | \n\n TotalEnergies Upstream UK Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Uintah Colorado Resources, LLC | \n\n 66.67% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Uintah Colorado Resources II, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n Integrated Gas, Renewables & Power | \n||||||
| \n \n | \n\n Abarloar Solar S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Abu Dhabi Gas Liquefaction Company Limited | \n\n 5.00% | \n\n E | \n\n United Arab Emirates | \n\n United Arab Emirates | \n\n United Arab Emirates | \n
| \n \n | \n\n Adani Gas Limited AGL | \n\n 37.40% | \n\n E | \n\n India | \n\n India | \n\n India | \n
| \n \n | \n\n Adani Green Energy Ltd | \n\n 19.75% | \n\n E | \n\n India | \n\n India | \n\n India | \n
| \n \n | \n\n Adani Green Energy Twenty Three Limited | \n\n 50.00% | \n\n E | \n\n India | \n\n India | \n\n India | \n
| \n \n | \n\n Adani Total Private Limited(d) | \n\n 50.00% | \n\n E | \n\n India | \n\n India | \n\n India | \n
| \n \n | \n\n Advanced Thermal Batteries Inc. | \n\n 50.00% | \n\n E | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Aerospatiale Batteries (ASB) | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Aerowatt Energies | \n\n 65.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Aerowatt Energies 2 | \n\n 51.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Al Kharsaa Solar Holdings B.V.\u00a0 | \n\n 49.00% | \n\n E | \n\n Netherlands | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n Alamo Solarbay S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Alcad AB | \n\n 100.00% | \n\n \u00a0 | \n\n Sweden | \n\n Sweden | \n\n United States | \n
| \n \n | \n\n Alicante | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n\n Sweden | \n
| \n \n | \n\n Alicante 2 | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Altergie Territoires 2 | \n\n 44.58% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Altergie Territoires 3 | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Amber Solar Power Cinco, S.L. | \n\n 65.00% | \n\n E | \n\n Spain | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Amber Solar Power Cuatro, S.L. | \n\n 65.00% | \n\n E | \n\n Spain | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Amber Solar Power Dieciseis, S.L. | \n\n 65.00% | \n\n E | \n\n Spain | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Amber Solar Power Diez, S.L. | \n\n 65.00% | \n\n E | \n\n Spain | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Amber Solar Power Nueve, S.L. | \n\n 65.00% | \n\n E | \n\n Spain | \n\n Spain | \n\n Spain | \n
| \n Integrated Gas, Renewables & Power (continued) | \n\n \n | \n|||||
| \n \n | \n\n Amber Solar Power Quince, S.L. | \n\n 65.00% | \n\n E | \n\n Spain | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Amber Solar Power Tres, S.L. | \n\n 65.00% | \n\n E | \n\n Spain | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Amber Solar Power Uno, S.L. | \n\n 65.00% | \n\n E | \n\n Spain | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Amura Solar, S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Anayet Solar, S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Anclote Solar, S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Ancora Solar, S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Andromeda Solarbay HP S.L. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Angola LNG Ltd | \n\n 13.60% | \n\n E | \n\n Bermuda | \n\n Angola | \n\n Spain | \n
| \n \n | \n\n Arbotante Solar, S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n Russia | \n
| \n \n | \n\n Arctic LNG 2 LLC | \n\n 10.00% | \n\n E | \n\n Russia | \n\n Russia | \n\n Russia | \n
| \n \n | \n\n Armada Solar, S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n ATJV Offshore | \n\n 50.00% | \n\n E | \n\n Singapore | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n Atol\u00f3n Solar, S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Attentive Energy, LLC | \n\n 84.00% | \n\n E | \n\n United States | \n\n United States | \n\n Spain | \n
| \n \n | \n\n Auriga Generacion S.L. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n France | \n
| \n \n | \n\n Automotive Cells Company, S.E. | \n\n 33.33% | \n\n E | \n\n France | \n\n France | \n\n Spain | \n
| \n \n | \n\n Baker Creek Solar, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n Baser Comercializadora de Referencia | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n France | \n
| \n \n | \n\n BioBearn S.A.S. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n BioDeac S.A.S. | \n\n 65.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n BioGasconha S.A.S. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Biogaz Breuil | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Biogaz Chatillon | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Biogaz Corcelles | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Biogaz Epinay | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Biogaz Libron | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Biogaz Milhac | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Biogaz Soignolles | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Biogaz Torcy | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Biogaz Vert Le Grand | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Biogaz Viriat | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n BioLoie S.A.S. | \n\n 55.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n BioPommeria S.A.S. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n BioQuercy S.A.S. | \n\n 66.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Bioroussillon S.A.S. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Biovilleneuvois S.A.S. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Blue Gem Wind Limited | \n\n 80.00% | \n\n E | \n\n United Kingdom | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Brazoria Solar I, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Brazoria Solar II, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Cameron LNG Holdings LLC | \n\n 16.60% | \n\n E | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Castille | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n\n United States | \n
| \n \n | \n\n Cefeo Solar S.L. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n United States | \n
| \n \n | \n\n Centaurus Environment S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n United States | \n
| \n \n | \n\n Central Solaire RENFR 331 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United States | \n
| \n \n | \n\n Centrale Eolienne De La Vallee Gentillesse | \n\n 74.80% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United States | \n
| \n \n | \n\n Centrale Hydrolique Alas | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United States | \n
| \n Integrated Gas, Renewables & Power (continued) | \n\n \n | \n|||||
| \n \n | \n\n Centrale Hydrolique Ardon | \n\n 90.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Hydrolique Arvan | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Spain | \n
| \n \n | \n\n Centrale Hydrolique Barbaira | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Spain | \n
| \n \n | \n\n Centrale Hydrolique Bonnant | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Hydrolique Gavet | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Hydrolique Miage | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Hydrolique Previnquieres | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Photovoltaique De Merle Sud | \n\n 40.58% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire 2 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire 21.09-4 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire APV R&D | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Autoprod | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Beauce Val de Loire | \n\n 60.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Borde Blanche | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Cet d'Al Gouty | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Chemin De Melette | \n\n 51.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire De Cazedarnes | \n\n 75.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Dom | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Du Centre Ouest | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Du Lavoir | \n\n 60.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Estarac | \n\n 35.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Forum Laudun | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Gatilles | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Golbey | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Guinots | \n\n 60.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Heliovale | \n\n 59.63% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire La Potence | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire La Roquette | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire La Tastere | \n\n 60.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Lacoste | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Larampeau | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Les Cordeliers | \n\n 83.98% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Les Cordeliers 2 | \n\n 75.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Lodes | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Lot 1 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Mazeran Lr | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Merle Sud 2 | \n\n 60.00% | \n\n E | \n\n France | \n\n France | \n\n \n | \n
| \n \n | \n\n Centrale Solaire Olinoca | \n\n 10.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Ombrieres Cap Agathois | \n\n 83.98% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Ombrieres De Blyes | \n\n 60.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Plateau De Pouls | \n\n 51.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Pouy Negue 2 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire RENFR 436 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Solarshare Bordeaux | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Terre du Roi | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Toiture Josse | \n\n 60.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Vauvoix | \n\n 60.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n Integrated Gas, Renewables & Power (continued) | \n\n \n | \n|||||
| \n \n | \n\n Centrale Solaire Zabo 2 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Cerezo Solar, S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n France | \n
| \n \n | \n\n Cidra Solar, S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n France | \n
| \n \n | \n\n Circinus Energy S.L. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n France | \n
| \n \n | \n\n Clinton Solar, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n Col\u00f3n LNG Marketing S. de R. L. | \n\n 50.00% | \n\n E | \n\n Panama | \n\n Panama | \n\n France | \n
| \n \n | \n\n Columba Renovables S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n France | \n
| \n \n | \n\n Comanche Solar, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n Core Energy Development, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n Core Fund 1, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n Core Solar Capital, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n Core Solar Data, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Spain | \n
| \n \n | \n\n Core Solar Development, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Spain | \n
| \n \n | \n\n Core Solar DG, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Spain | \n
| \n \n | \n\n Core Solar Holdings I, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Core Solar Land Holdings I, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Panama | \n
| \n \n | \n\n Core Solar SPV X, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Spain | \n
| \n \n | \n\n Core Solar SPV XV, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n C\u00f4te d'Ivoire | \n
| \n \n | \n\n Core Solar SPV XXIV, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Spain | \n
| \n \n | \n\n Core Solar, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n Cote d'Ivoire GNL | \n\n 34.00% | \n\n E | \n\n C\u00f4te d'Ivoire | \n\n C\u00f4te d'Ivoire | \n\n France | \n
| \n \n | \n\n Cottonwood Bayou Solar, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Cowtown Solar, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Netherlands | \n
| \n \n | \n\n Crc Kern Front Tugboat, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Chile | \n
| \n \n | \n\n CS Carrefour de l'Europe | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Spain | \n
| \n \n | \n\n CS Les Comottes | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n CS QUADRAO 2 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n Cygnus Environment S.L. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n France | \n
| \n \n | \n\n Danish Fields Solar, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n Del Rio Funding LLC(a) | \n\n 59.57% | \n\n E | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n ECA LNG Holdings B.V. | \n\n 16.60% | \n\n E | \n\n Netherlands | \n\n Netherlands | \n\n France | \n
| \n \n | \n\n Eclipse Solar SPA | \n\n 100.00% | \n\n \u00a0 | \n\n Chile | \n\n Chile | \n\n France | \n
| \n \n | \n\n Edelweis Solar, S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n France | \n
| \n \n | \n\n Energie Developpement | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Eole Boin | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Eole Champagne Conlinoise | \n\n 66.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Eole Dadoud | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Eole Fonds Caraibes | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United States | \n
| \n \n | \n\n Eole Grand Maison | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Spain | \n
| \n \n | \n\n Eole La Montagne | \n\n 87.60% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Eole La Perriere S.A.R.L. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Sweden | \n
| \n \n | \n\n Eole Morne Carriere | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Eole Yate | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Eolmed | \n\n 20.00% | \n\n E | \n\n France | \n\n France | \n\n Germany | \n
| \n \n | \n\n Evergreen Solar, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Japan | \n
| \n \n | \n\n Falla Solar, S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n France | \n
| \n \n | \n\n Fast Jung KB | \n\n 100.00% | \n\n \u00a0 | \n\n Sweden | \n\n Sweden | \n\n Mexico | \n
| \n Integrated Gas, Renewables & Power (continued) | \n\n \n | \n|||||
| \n \n | \n\n Fleming Solar, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Fluxsol | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Fonroche Energies Renouvelables S.A.S. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Frieman & Wolf Batterietechnick GmbH | \n\n 100.00% | \n\n \u00a0 | \n\n Germany | \n\n Germany | \n\n France | \n
| \n \n | \n\n G.K. Succeed Tsu Haze | \n\n 45.00% | \n\n E | \n\n Japan | \n\n Japan | \n\n United States | \n
| \n \n | \n\n Galibier | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Garonne-et-Canal Energies | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United States | \n
| \n \n | \n\n Gas Del Litoral SRLCV | \n\n 25.00% | \n\n E | \n\n Mexico | \n\n Mexico | \n\n United States | \n
| \n \n | \n\n GIP III Zephyr Holdings, LLC | \n\n 50.00% | \n\n E | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Glaciere De Palisse | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United States | \n
| \n \n | \n\n Global LNG Armateur S.A.S. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n South Korea | \n
| \n \n | \n\n Global LNG Downstream S.A.S. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n South Korea | \n
| \n \n | \n\n Global LNG North America Corporation | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Spain | \n
| \n \n | \n\n Global LNG S.A.S. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Go Electric | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Golden Triangle Solar, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Spain | \n
| \n \n | \n\n Goodfellow Solar III, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United Kingdom | \n
| \n \n | \n\n Gray Whale Offshore Wind Power No.1 Co., Ltd\u00a0 | \n\n 42.50% | \n\n E | \n\n South Korea | \n\n South Korea | \n\n United Arab Emirates | \n
| \n \n | \n\n Gray Whale Offshore Wind Power No.2 Co., Ltd | \n\n 42.50% | \n\n E | \n\n South Korea | \n\n South Korea | \n\n United States | \n
| \n \n | \n\n Gray Whale Offshore Wind Power No.3 Co. Ltd | \n\n 42.50% | \n\n E | \n\n South Korea | \n\n South Korea | \n\n United States | \n
| \n \n | \n\n Greenflex Actirent Group, S.L. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n France | \n
| \n \n | \n\n Greenflex S.A.S. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Grillete Solar, S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n France | \n
| \n \n | \n\n GT R4 Holding Limited | \n\n 50.00% | \n\n E | \n\n United Kingdom | \n\n United Kingdom | \n\n France | \n
| \n \n | \n\n Gulf Total Tractebel Power Company PSJC | \n\n 20.00% | \n\n E | \n\n United Arab Emirates | \n\n United Arab Emirates | \n\n France | \n
| \n \n | \n\n Hanwha Total Solar II, LLC | \n\n 50.00% | \n\n E | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n Hanwha Total Solar, LLC | \n\n 50.00% | \n\n E | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n Helio 100 Kw | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Helio 971 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Helio 974 Sol 1 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Helio 974 Toiture 2 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Helio Fonds Caraibes | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United States | \n
| \n \n | \n\n Helio L'R | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United States | \n
| \n \n | \n\n Helio Saint Benoit | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Helio Wabealo | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Helix Project V, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n HETTY | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Australia | \n
| \n \n | \n\n Hill Solar I, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n Hill Solar I, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Japan | \n
| \n \n | \n\n Hill Solar II, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n HTS Holdings LLC | \n\n 50.00% | \n\n E | \n\n United States | \n\n United States | \n\n China | \n
| \n \n | \n\n Hydro 974 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Hydro Tinee | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n\n United States | \n
| \n \n | \n\n Hydromons | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n South Korea | \n
| \n \n | \n\n Ichthys LNG PTY Limited | \n\n 26.00% | \n\n E | \n\n Australia | \n\n Australia | \n\n United States | \n
| \n \n | \n\n Ise Total Nanao Power Plant G.K. | \n\n 50.00% | \n\n E | \n\n Japan | \n\n Japan | \n\n France | \n
| \n \n | \n\n Jingdan New Energy investment (Shanghai) Co. Ltd | \n\n 50.00% | \n\n E | \n\n China | \n\n China | \n\n France | \n
| \n Integrated Gas, Renewables & Power (continued) | \n\n \n | \n|||||
| \n \n | \n\n Jmcp | \n\n 50.05% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Keith Solar I, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Belgium | \n
| \n \n | \n\n Komundo Offshore Wind Power Co., Ltd | \n\n 42.50% | \n\n E | \n\n South Korea | \n\n South Korea | \n\n Spain | \n
| \n \n | \n\n LA Basin Solar I, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n La Compagnie Electrique de Bretagne | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n La Metairie Neuve | \n\n 25.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n La Seauve | \n\n 40.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Lanuza Solar, S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n France | \n
| \n \n | \n\n Lauderdale Solar, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n Laurens Solar I, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n Lemoore Stratford Land Holdings IV, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Les ailes de Taillard | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Les vents de la Moivre 1 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Chile | \n
| \n \n | \n\n Les Vents de la Moivre 2 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Spain | \n
| \n \n | \n\n Les Vents de la Moivre 3 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Spain | \n
| \n \n | \n\n Les Vents de la Moivre 4 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Spain | \n
| \n \n | \n\n Les Vents de la Moivre 5 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Spain | \n
| \n \n | \n\n Les Vents De Nivillac | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n South Korea | \n
| \n \n | \n\n Leuret | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Lorca | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n\n Spain | \n
| \n \n | \n\n Luce Solar SPA | \n\n 100.00% | \n\n \u00a0 | \n\n Chile | \n\n Chile | \n\n United States | \n
| \n \n | \n\n Luminora Solar 5 | \n\n 65.00% | \n\n E | \n\n Spain | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Luminora Solar cuatro, S.L. | \n\n 65.00% | \n\n E | \n\n Spain | \n\n Spain | \n\n Singapore | \n
| \n \n | \n\n Luminora Solar Dos, S.L. | \n\n 65.00% | \n\n E | \n\n Spain | \n\n Spain | \n\n France | \n
| \n \n | \n\n Luminora Solar Tres, S.L. | \n\n 65.00% | \n\n E | \n\n Spain | \n\n Spain | \n\n United Kingdom | \n
| \n \n | \n\n Maenggoldo Offshore Wind Power Co., Ltd | \n\n 42.50% | \n\n E | \n\n South Korea | \n\n South Korea | \n\n Japan | \n
| \n \n | \n\n Margeriaz Energie | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Japan | \n
| \n \n | \n\n Martianez Solar, S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n Mozambique | \n
| \n \n | \n\n Marysville Unified School District Solar, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United Arab Emirates | \n
| \n \n | \n\n Mauricio Solar, S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n United Arab Emirates | \n
| \n \n | \n\n Maxeon Solar Technologies, Pte. Ltd. | \n\n 26.66% | \n\n E | \n\n Singapore | \n\n Singapore | \n\n Mozambique | \n
| \n \n | \n\n Methanergy | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Mozambique | \n
| \n \n | \n\n Missiles & Space Batteries Limited | \n\n 50.00% | \n\n E | \n\n United Kingdom | \n\n United Kingdom | \n\n South Africa | \n
| \n \n | \n\n Miyagi Osato Solar Park G.K. | \n\n 45.00% | \n\n E | \n\n Japan | \n\n Japan | \n\n United States | \n
| \n \n | \n\n Miyako Kuzakai Solarpark G.K. | \n\n 50.00% | \n\n E | \n\n Japan | \n\n Japan | \n\n United Arab Emirates | \n
| \n \n | \n\n Moz LNG1 Co-Financing Company | \n\n 26.50% | \n\n \u00a0 | \n\n Mozambique | \n\n Mozambique | \n\n United States | \n
| \n \n | \n\n Moz LNG1 Financing Company Ltd | \n\n 26.50% | \n\n \u00a0 | \n\n United Arab Emirates | \n\n United Arab Emirates | \n\n Nigeria | \n
| \n \n | \n\n Moz LNG1 Holding Company Ltd | \n\n 26.50% | \n\n \u00a0 | \n\n United Arab Emirates | \n\n United Arab Emirates | \n\n Norway | \n
| \n \n | \n\n Mozambique LNG Marine Terminal Company S.A. | \n\n 26.50% | \n\n \u00a0 | \n\n Mozambique | \n\n Mozambique | \n\n United States | \n
| \n \n | \n\n Mozambique MOF Company S.A. | \n\n 26.50% | \n\n \u00a0 | \n\n Mozambique | \n\n Mozambique | \n\n United States | \n
| \n \n | \n\n Mulilo Prieska PV (RF) Proprietary Limited | \n\n 27.00% | \n\n E | \n\n South Africa | \n\n South Africa | \n\n France | \n
| \n \n | \n\n Mustang Creek Solar, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Spain | \n
| \n \n | \n\n Myrtle Solar, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n National Gas Shipping Company Limited | \n\n 5.00% | \n\n E | \n\n United Arab Emirates | \n\n United Arab Emirates | \n\n Oman | \n
| \n \n | \n\n Nigeria LNG Limited | \n\n 15.00% | \n\n E | \n\n Nigeria | \n\n Nigeria | \n\n France | \n
| \n \n | \n\n Nouvelle Centrale Eolienne de Lastours | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Nuza Solar, S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n France | \n
| \n Integrated Gas, Renewables & Power (continued) | \n\n \n | \n|||||
| \n \n | \n\n Nyk Armateur S.A.S. | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n\n Chile | \n
| \n \n | \n\n Offshore Wind Power Ltd | \n\n 38.25% | \n\n E | \n\n United Kingdom | \n\n United Kingdom | \n\n Chile | \n
| \n \n | \n\n Oman LNG, LLC | \n\n 5.54% | \n\n E | \n\n Oman | \n\n Oman | \n\n Spain | \n
| \n \n | \n\n Papua LNG Development Pte Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Singapore | \n\n Papua New Guinea | \n\n Spain | \n
| \n \n | \n\n Parc Eolien de Cassini | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n\n Spain | \n
| \n \n | \n\n Parc Eolien Des Monts Jumeaux | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Parc Eolien Du Coupru | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Parc Eolien du Vilpion | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Parque Fotovoltaico Alicahue Solar SPA | \n\n 100.00% | \n\n \u00a0 | \n\n Chile | \n\n Chile | \n\n France | \n
| \n \n | \n\n Parque Fotovoltaico Santa Adriana Solar SPA | \n\n 100.00% | \n\n \u00a0 | \n\n Chile | \n\n Chile | \n\n Spain | \n
| \n \n | \n\n Piedra Solar, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Qatar | \n
| \n \n | \n\n Pilastra Solar, S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n Qatar | \n
| \n \n | \n\n Planta solar OPDE Andaluc\u00eda 3, S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n France | \n
| \n \n | \n\n Portalon Solar, S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Pos Production Ii | \n\n 60.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Spain | \n
| \n \n | \n\n Pos Production Iii | \n\n 70.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Spain | \n
| \n \n | \n\n Pos Production Iv | \n\n 70.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Spain | \n
| \n \n | \n\n Pos Production V | \n\n 70.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Chile | \n
| \n \n | \n\n Poste HTB du Mont de L'Arbre | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United States | \n
| \n \n | \n\n Postigo Solar, S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n China | \n
| \n \n | \n\n PT TATS Indonesia\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n Indonesia | \n\n Indonesia | \n\n China | \n
| \n \n | \n\n Qatar Liquefied Gas Company Limited | \n\n 10.00% | \n\n E | \n\n Qatar | \n\n Qatar | \n\n Sweden | \n
| \n \n | \n\n Qatar Liquefied Gas Company Limited (II) | \n\n 16.70% | \n\n E | \n\n Qatar | \n\n Qatar | \n\n France | \n
| \n \n | \n\n Quadrica | \n\n 51.00% | \n\n E | \n\n France | \n\n France | \n\n United States | \n
| \n \n | \n\n Quilla Solar, S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n Norway | \n
| \n \n | \n\n Rabiza Solar, S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n Australia | \n
| \n \n | \n\n Randolph Solar I, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Spain | \n
| \n \n | \n\n Recova Solar, S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n Italy | \n
| \n \n | \n\n Regata Solar, S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n Germany | \n
| \n \n | \n\n RLA Solar SPA | \n\n 100.00% | \n\n \u00a0 | \n\n Chile | \n\n Chile | \n\n Singapore | \n
| \n \n | \n\n Rolling Plains Solar, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Australia | \n
| \n \n | \n\n Saft (Zhuhai FTZ) Batteries Company Limited | \n\n 100.00% | \n\n \u00a0 | \n\n China | \n\n China | \n\n Netherlands | \n
| \n \n | \n\n Saft (Zhuhai) Energy Storage Co | \n\n 100.00% | \n\n \u00a0 | \n\n China | \n\n China | \n\n Brazil | \n
| \n \n | \n\n Saft AB | \n\n 100.00% | \n\n \u00a0 | \n\n Sweden | \n\n Sweden | \n\n France | \n
| \n \n | \n\n Saft America Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Czech Republic | \n
| \n \n | \n\n Saft AS | \n\n 100.00% | \n\n \u00a0 | \n\n Norway | \n\n Norway | \n\n France | \n
| \n \n | \n\n Saft Australia PTY Limited | \n\n 100.00% | \n\n \u00a0 | \n\n Australia | \n\n Australia | \n\n Hong Kong | \n
| \n \n | \n\n Saft Batterias SL | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n India | \n
| \n \n | \n\n Saft Batterie Italia S.R.L. | \n\n 100.00% | \n\n \u00a0 | \n\n Italy | \n\n Italy | \n\n Japan | \n
| \n \n | \n\n Saft Batterien GmbH | \n\n 100.00% | \n\n \u00a0 | \n\n Germany | \n\n Germany | \n\n United Kingdom | \n
| \n \n | \n\n Saft Batteries Pte Limited | \n\n 100.00% | \n\n \u00a0 | \n\n Singapore | \n\n Singapore | \n\n Russia | \n
| \n \n | \n\n Saft Batteries PTY Limited | \n\n 100.00% | \n\n \u00a0 | \n\n Australia | \n\n Australia | \n\n Cyprus | \n
| \n \n | \n\n Saft Batterijen B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Netherlands | \n\n France | \n
| \n \n | \n\n Saft Do Brasil Ltda | \n\n 100.00% | \n\n \u00a0 | \n\n Brazil | \n\n Brazil | \n\n United Kingdom | \n
| \n \n | \n\n Saft EV S.A.S. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United States | \n
| \n \n | \n\n Saft Ferak AS | \n\n 100.00% | \n\n \u00a0 | \n\n Czech Republic | \n\n Czech Republic | \n\n United Arab Emirates | \n
| \n \n | \n\n Saft Groupe S.A.S. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United States | \n
| \n Integrated Gas, Renewables & Power (continued) | \n\n \n | \n|||||
| \n \n | \n\n Saft Hong Kong Limited | \n\n 100.00% | \n\n \u00a0 | \n\n Hong Kong | \n\n Hong Kong | \n\n France | \n
| \n \n | \n\n Saft India Private Limited | \n\n 100.00% | \n\n \u00a0 | \n\n India | \n\n India | \n\n France | \n
| \n \n | \n\n Saft Japan KK | \n\n 100.00% | \n\n \u00a0 | \n\n Japan | \n\n Japan | \n\n France | \n
| \n \n | \n\n Saft Limited | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n United States | \n
| \n \n | \n\n Saft LLC | \n\n 100.00% | \n\n \u00a0 | \n\n Russia | \n\n Russia | \n\n France | \n
| \n \n | \n\n Saft Nife ME Limited | \n\n 100.00% | \n\n \u00a0 | \n\n Cyprus | \n\n Cyprus | \n\n United States | \n
| \n \n | \n\n Saft S.A.S. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United States | \n
| \n \n | \n\n Sanders Creek Solar, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Seagreen HoldCo 1 Limited | \n\n 51.00% | \n\n E | \n\n United Kingdom | \n\n United Kingdom | \n\n United States | \n
| \n \n | \n\n Shams Power Company PJSC | \n\n 20.00% | \n\n E | \n\n United Arab Emirates | \n\n United Arab Emirates | \n\n United States | \n
| \n \n | \n\n Societe Champenoise d'Energie | \n\n 16.00% | \n\n E | \n\n France | \n\n France | \n\n United States | \n
| \n \n | \n\n Societe Economie Mixte Production Energetique Renouvelable | \n\n 35.92% | \n\n E | \n\n France | \n\n France | \n\n United States | \n
| \n \n | \n\n Sol Holding, LLC | \n\n 50.00% | \n\n E | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Carport NJ, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Energies | \n\n 65.00% | \n\n E | \n\n France | \n\n France | \n\n United States | \n
| \n \n | \n\n Solar Star Academia 1, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Always Low Prices Hi, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Arizona HMR-1, LLC\u00a0\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Baltimore Carney, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Baltimore Roofs, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Bay City 2, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Big Apple BTM, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Big Apple CDG, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Big Apple CDGB,LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Blakeslee 2, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Buchanan 1, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Buchanan 2, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star California LXXV, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star California LXXVI, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star California LXXVIII, LLC\u00a0\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star California XXXV, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star California XXXVI, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star California XXXVIII, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Cambridge 1, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Carbondale 1, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Carlsbad 1, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Charles City 1, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Charles City 2, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Charlotte 1, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Clovis Curry North, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Clovis Curry South, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Co Co 2500, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Colorado II, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star CRC Kern Front, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star CRC Mt. Poso, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star CRC North Shafter, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n Integrated Gas, Renewables & Power (continued) | \n\n \n | \n|||||
| \n \n | \n\n Solar Star CRC Pier A West, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star CRC Yowlumne 1 North, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star CRC Yowlumne 2 South, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Deer Island, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Dornsife 1, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Fort Atkinson South, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star George Gift, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Gloucester 1, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Gloucester 2, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Goochland 1, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Goodwin Storage, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Halifax 1, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Harbor, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Hawley 1, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star HD Maryland, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star HD New Jersey, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star HD New York, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Healthy 1, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Healthy Lake, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Herald Square 1, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Hernwood, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Irondale, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Jal, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Kennedale Storage, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Khsd, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star LA County High Desert, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Lake Mills 1, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star LCR Culver City, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star LCR Irvine, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star LCR Split 2, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Lincoln School, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Lompoc Diatomite 1, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Los Lunas 2 LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Los Lunas, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star MA - Tewksbury, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Massachusetts II, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Massachusetts III, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Maxx 1, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Mayfield 1, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Maynard 1, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Mifflinburg 1, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Millville Rohrsburg, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Millville, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Mount Crawford 1, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star North Herty Storage, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Orangeville 2, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Orangeville Eagle, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n Integrated Gas, Renewables & Power (continued) | \n\n \n | \n|||||
| \n \n | \n\n Solar Star Parent CRC Kern Front, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Parent CRC Mt. Poso, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Parent CRC North Shafter, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Parent CRC Pier A West, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Parent CRC Yowlumne 1 North, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Parent CRC Yowlumne 2 South, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Parkton, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Pennsauken, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Petersburg 1, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Philipsburg 1, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Pleasant Mount 1, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Pleasant Mount 2, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Prime 2, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star PTC 1, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star PTC 2, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Serving Science 2, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Serving Science, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star South Deering, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Storage Texas, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Timberville 1, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United Kingdom | \n
| \n \n | \n\n Solar Star Timberville 2, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Spain | \n
| \n \n | \n\n Solar Star Track Southern Ave 1, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Tranquility, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Unkety Brook, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Urbana Landfill South, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Virginia Holdco, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Ware 1, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Western Hills Storage, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Wholesome Portland, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solarstar Ma I, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solarstar Prime I, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n SolarStorage Fund A, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n SolarStorage Fund B, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n SolarStorage Fund C, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n SolarStorage Fund D, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Chile | \n
| \n \n | \n\n Sombrero Solar, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Canada | \n
| \n \n | \n\n South Hook LNG Terminal Company Limited | \n\n 8.35% | \n\n E | \n\n United Kingdom | \n\n United Kingdom | \n\n United States | \n
| \n \n | \n\n Spinnaker Solar, S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n United States | \n
| \n \n | \n\n SPWR SS 1, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Strongstown Solar, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n SunPower Bobcat Solar, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n SunPower Commercial FTB Construction, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n SunPower Commercial Holding Company FTB SLB Parent, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n SunPower Commercial Holding Company FTB SLB, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Cayman Islands | \n
| \n \n | \n\n SunPower Helix I, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n SunPower NY CDG 1,LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n Integrated Gas, Renewables & Power (continued) | \n\n \n | \n|||||
| \n \n | \n\n SunPower Revolver HoldCo I Parent, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n SunPower Revolver HoldCo I, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Sunzil | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n\n United States | \n
| \n \n | \n\n Swingletree Operations, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Mexico | \n
| \n \n | \n\n Tadiran Batteries GmbH | \n\n 100.00% | \n\n \u00a0 | \n\n Germany | \n\n Germany | \n\n United States | \n
| \n \n | \n\n Tadiran Batteries Limited | \n\n 100.00% | \n\n \u00a0 | \n\n Israel | \n\n Israel | \n\n United States | \n
| \n \n | \n\n Tianneng Saft Energy Joint Stock Company | \n\n 40.00% | \n\n E | \n\n China | \n\n China | \n\n United States | \n
| \n \n | \n\n TNE Holdco 1 Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n France | \n
| \n \n | \n\n Total Direct Energie Belgium | \n\n 100.00% | \n\n \u00a0 | \n\n Belgium | \n\n Belgium | \n\n United States | \n
| \n \n | \n\n Total E&P Indonesie | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Indonesia | \n\n Germany | \n
| \n \n | \n\n TotalEnergies Biogaz France | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Israel | \n
| \n \n | \n\n Total Eren(b) | \n\n 29.60% | \n\n E | \n\n France | \n\n France | \n\n Morocco | \n
| \n \n | \n\n Total Eren Holding | \n\n 33.86% | \n\n E | \n\n France | \n\n France | \n\n China | \n
| \n \n | \n\n Total Shenergy LNG (Shanghai) Co., Ltd. | \n\n 49.00% | \n\n E | \n\n China | \n\n China | \n\n France | \n
| \n \n | \n\n Total Solar Singapore Pte Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Singapore | \n\n Singapore | \n\n Belgium | \n
| \n \n | \n\n Total Strong, LLC | \n\n 50.00% | \n\n E | \n\n United States | \n\n United States | \n\n Indonesia | \n
| \n \n | \n\n Total Tractebel Emirates O & M Company | \n\n 50.00% | \n\n E | \n\n France | \n\n United Arab Emirates | \n\n Indonesia | \n
| \n \n | \n\n Total Tractebel Emirates Power Company | \n\n 50.00% | \n\n E | \n\n France | \n\n United Arab Emirates | \n\n Mauritius Island | \n
| \n \n | \n\n TotalEnergies \u2013 Centrale Electrique Bayet | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Papua New Guinea | \n
| \n \n | \n\n TotalEnergies \u2013 Centrale Electrique Marchienne-au-Pont\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n Belgium | \n\n Belgium | \n\n Indonesia | \n
| \n \n | \n\n TotalEnergies \u2013 Centrale Electrique Pont-sur-Sambre | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies \u2013 Centrale Electrique Saint-Avold | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n China | \n
| \n \n | \n\n TotalEnergies \u2013 Centrale Electrique Toul | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Australia Unit Trust(c) | \n\n 0.00% | \n\n \u00a0 | \n\n Australia | \n\n Australia | \n\n France | \n
| \n \n | \n\n TotalEnergies Biogas Holdings USA, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n TotalEnergies Carbon Solutions | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Carolina Long Bay, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies CCS Australia Pty Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Australia | \n\n Australia | \n\n Mauritius Island | \n
| \n \n | \n\n TotalEnergies Clientes\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n Mauritius Island | \n
| \n \n | \n\n TotalEnergies CW I Solar, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n China | \n
| \n \n | \n\n TotalEnergies DF Solar, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Distributed Generation Assets Usa, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n China | \n
| \n \n | \n\n TotalEnergies Distributed Generation Philippines Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Distributed Generation Usa, LLC\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies E&P Yamal | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Chile | \n
| \n \n | \n\n TotalEnergies Electricidad y Gas Espa\u00f1a | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n Indonesia | \n
| \n \n | \n\n TotalEnergies Electricit\u00e9 et Gaz France | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United Arab Emirates | \n
| \n \n | \n\n TotalEnergies EP Angola D\u00e9veloppement Gaz | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Angola | \n\n United Arab Emirates | \n
| \n \n | \n\n TotalEnergies EP Australia | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Australia | \n\n United States | \n
| \n \n | \n\n TotalEnergies EP Australia II | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Australia | \n\n Bermuda | \n
| \n \n | \n\n TotalEnergies EP Australia III | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Australia | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Barnett USA | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies EP Holding Mauritius Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Mauritius Island | \n\n Mauritius Island | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Holdings Australia Pty Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Australia | \n\n Australia | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Ichthys B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Australia | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Ichthys Holdings | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Australia | \n
| \n \n | \n\n TotalEnergies EP Ichthys Pty Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Australia | \n\n Australia | \n\n France | \n
| \n Integrated Gas, Renewables & Power (continued) | \n\n \n | \n|||||
| \n \n | \n\n TotalEnergies EP Indonesia Mentawai B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Indonesia | \n\n Spain | \n
| \n \n | \n\n TotalEnergies EP Mozambique Area1, Ltda | \n\n 100.00% | \n\n \u00a0 | \n\n Mozambique | \n\n Mozambique | \n\n United States | \n
| \n \n | \n\n TotalEnergies EP Oman Block 12 B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Oman | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Oman Development B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Oman | \n\n Spain | \n
| \n \n | \n\n TotalEnergies EP PNG Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Papua New Guinea | \n\n Papua New Guinea | \n\n France | \n
| \n \n | \n\n TotalEnergies EP PNG2 B.V.\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Papua New Guinea | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP Salmanov | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Australia | \n
| \n \n | \n\n TotalEnergies EP Singapore Pte. Ltd. | \n\n 100.00% | \n\n \u00a0 | \n\n Singapore | \n\n Singapore | \n\n Australia | \n
| \n \n | \n\n TotalEnergies EP Tengah | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Indonesia | \n\n Australia | \n
| \n \n | \n\n TotalEnergies EP Transshipment S.A.S. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United States | \n
| \n \n | \n\n TotalEnergies ESS Flandres | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Australia | \n
| \n \n | \n\n TotalEnergies Exploration Australia Pty Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Australia | \n\n Australia | \n\n Australia | \n
| \n \n | \n\n TotalEnergies Gas & Power Asia Private Limited\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n Singapore | \n\n Singapore | \n\n France | \n
| \n \n | \n\n TotalEnergies Gas & Power Brazil | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Mozambique | \n
| \n \n | \n\n TotalEnergies Gas & Power Chartering UK Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n Oman | \n
| \n \n | \n\n TotalEnergies Gas & Power Holdings UK Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n Oman | \n
| \n \n | \n\n TotalEnergies Gas & Power Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n Papua New Guinea | \n
| \n \n | \n\n TotalEnergies Gas & Power Ltd, London, Meyrin - Geneva branch | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n Switzerland | \n\n France | \n
| \n \n | \n\n TotalEnergies Gas & Power North America, Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Gas & Power Services UK Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n Russia | \n
| \n \n | \n\n TotalEnergies Gas Holdings Andes | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Gas Pipeline USA, Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Australia | \n
| \n \n | \n\n TotalEnergies Gas y Electricidad Argentina S.A. | \n\n 100.00% | \n\n \u00a0 | \n\n Argentina | \n\n Argentina | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Gaz & Electricit\u00e9 Holdings | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies GLNG Australia | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Australia | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies GLNG Holdings Australia S.A.S. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Australia | \n\n Switzerland | \n
| \n \n | \n\n TotalEnergies H Solar, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies LNG Angola | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies M Solar, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Mercado Espa\u00f1a | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n Argentina | \n
| \n \n | \n\n TotalEnergies New Ventures USA, Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n TotalEnergies Offshore Wind Korea | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Australia | \n
| \n \n | \n\n TotalEnergies OFW US 1, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Australia | \n
| \n \n | \n\n TotalEnergies OFW US 4, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Power Generation France | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Angola | \n
| \n \n | \n\n TotalEnergies Power & Gas Belgium | \n\n 100.00% | \n\n \u00a0 | \n\n Belgium | \n\n Belgium | \n\n France | \n
| \n \n | \n\n TotalEnergies Renewables | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United States | \n
| \n \n | \n\n TotalEnergies Renewables Asia | \n\n 100.00% | \n\n \u00a0 | \n\n Singapore | \n\n Singapore | \n\n Spain | \n
| \n \n | \n\n TotalEnergies Renewables DG Asia Assets PTE Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Singapore | \n\n Singapore | \n\n United States | \n
| \n \n | \n\n TotalEnergies Renewables DG Development Asia Pte. Ltd. | \n\n 100.00% | \n\n \u00a0 | \n\n Singapore | \n\n Singapore | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Renewables DG Holdings Asia PTE Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Singapore | \n\n Singapore | \n\n France | \n
| \n \n | \n\n TotalEnergies Renewables DG MEA \u2013 Assets 1 FZE | \n\n 100.00% | \n\n \u00a0 | \n\n United Arab Emirates | \n\n United Arab Emirates | \n\n France | \n
| \n \n | \n\n TotalEnergies Renewables DG MEA\u00a0 FZE | \n\n 100.00% | \n\n \u00a0 | \n\n United Arab Emirates | \n\n United Arab Emirates | \n\n France | \n
| \n \n | \n\n TotalEnergies Renewables ESS Carling | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Renewables ESS Mayotte | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Renewables Iberica, S.L.U | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n United Arab Emirates | \n
| \n Integrated Gas, Renewables & Power (continued) | \n\n \n | \n|||||
| \n \n | \n\n TotalEnergies Renewables Indian Ocean Ltd. | \n\n 100.00% | \n\n \u00a0 | \n\n Mauritius Island | \n\n Mauritius Island | \n\n United Arab Emirates | \n
| \n \n | \n\n TotalEnergies Renewables International | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Spain | \n
| \n \n | \n\n TotalEnergies Renewables Latin America | \n\n 100.00% | \n\n \u00a0 | \n\n Chile | \n\n Chile | \n\n France | \n
| \n \n | \n\n TotalEnergies Renewables Projects Philippines Corporation | \n\n 100.00% | \n\n \u00a0 | \n\n Philippines | \n\n Philippines | \n\n Chile | \n
| \n \n | \n\n TotalEnergies Renewables Projects Vietnam | \n\n 100.00% | \n\n \u00a0 | \n\n Singapore | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Renewables R4 Holdco Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Renewables Seagreen Holdco Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Renewables Thailand | \n\n 100.00% | \n\n \u00a0 | \n\n Thailand | \n\n Thailand | \n\n Thailand | \n
| \n \n | \n\n TotalEnergies Renewables UK Limited | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n United States | \n
| \n \n | \n\n TotalEnergies Renewables USA, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n TotalEnergies Renouvelables Danemark ApS | \n\n 100.00% | \n\n \u00a0 | \n\n Denmark | \n\n Denmark | \n\n Denmark | \n
| \n \n | \n\n TotalEnergies Renouvelables France | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Renouvelables Nogara | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Renouvelables Pacific | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Solar DG Nederland B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Netherlands | \n\n France | \n
| \n \n | \n\n TotalEnergies Solar France | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Solar Intl | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Italy | \n
| \n \n | \n\n TotalEnergies Solar Wind Indian Ocean Ltd. | \n\n 100.00% | \n\n \u00a0 | \n\n Mauritius Island | \n\n Mauritius Island | \n\n France | \n
| \n \n | \n\n TotalEnergies Sviluppo Italia S.R.L. | \n\n 100.00% | \n\n \u00a0 | \n\n Italy | \n\n Italy | \n\n France | \n
| \n \n | \n\n TotalEnergies USA International LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n TotalEnergies Ventures Emerging Markets | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United States | \n
| \n \n | \n\n TotalEnergies Ventures Europe | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Ventures International | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Wire 3, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n TotalEnergies Yemen LNG Company Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Bermuda | \n\n Bermuda | \n\n France | \n
| \n \n | \n\n TQN Hydro | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Argentina | \n
| \n \n | \n\n TQN Solar | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Spain | \n
| \n \n | \n\n TQN Solar Nogara | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n\n Singapore | \n
| \n \n | \n\n TQN Wind | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Chile | \n
| \n \n | \n\n Transportadora de Gas del Mercosur S.A. | \n\n 32.68% | \n\n E | \n\n Argentina | \n\n Argentina | \n\n United States | \n
| \n \n | \n\n Trofeo Solar, S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n United States | \n
| \n \n | \n\n TSGF SpA | \n\n 50.00% | \n\n E | \n\n Chile | \n\n Chile | \n\n United States | \n
| \n \n | \n\n Valencia Solar 1, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n South Korea | \n
| \n \n | \n\n Valencia Solar 2, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n Valencia Solar 3, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Mexico | \n
| \n \n | \n\n Valencia Solar 4, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Mexico | \n
| \n \n | \n\n Valorene | \n\n 66.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Vents d'Oc Centrale d'Energie Renouvelable 16 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Vents D'Oc Centrale D'Energie Renouvelable 17 | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Vents D'Oc Centrale D'Energie Renouvelable 18 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Spain | \n
| \n \n | \n\n Vertigo | \n\n 25.00% | \n\n E | \n\n France | \n\n France | \n\n Germany | \n
| \n \n | \n\n Wichita Data, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n Wichita Solar I, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n Winche Solar, S.L.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n France | \n
| \n \n | \n\n Wind 1026 GmbH | \n\n 100.00% | \n\n \u00a0 | \n\n Germany | \n\n France | \n\n France | \n
| \n \n | \n\n Wind 1029 GmbH | \n\n 100.00% | \n\n \u00a0 | \n\n Germany | \n\n Germany | \n\n Russia | \n
| \n Integrated Gas, Renewables & Power (continued) | \n\n \n | \n|||||
| \n \n | \n\n Winergy | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Yemen | \n
| \n \n | \n\n Woodbury Solar, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Germany | \n
| \n \n | \n\n WP France 21 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Netherlands | \n
| \n \n | \n\n Yamal LNG | \n\n 20.02% | \n\n E | \n\n Russia | \n\n Russia | \n\n \n | \n
| \n \n | \n\n Yemen LNG Company Limited | \n\n 39.62% | \n\n E | \n\n Bermuda | \n\n Yemen | \n\n \n | \n
| \n \n | \n\n Yunlin Holding Gmbh | \n\n 23.00% | \n\n E | \n\n Germany | \n\n Germany | \n\n \n | \n
| \n Refining & Chemicals | \n||||||
| \n \n | \n\n Appryl S.N.C | \n\n 50.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Atlantic Trading and Marketing Financial Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Atlantic Trading and Marketing Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Balzatex S.A.S. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Barry Controls Aerospace S.N.C. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n BASF Total Petrochemicals LLC | \n\n 40.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Bay Junction Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Bayport Polymers LLC | \n\n 50.00% | \n\n E | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Borrachas Portalegre Ltda | \n\n 100.00% | \n\n \u00a0 | \n\n Portugal | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n BOU Verwaltungs GmbH | \n\n 100.00% | \n\n \u00a0 | \n\n Germany | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Buckeye Products Pileline LP | \n\n 14.66% | \n\n E | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Catelsa-Caceres S.A.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Cie Tunisienne du Caoutchouc S.A.R.L. | \n\n 100.00% | \n\n \u00a0 | \n\n Tunisia | \n\n Tunisia | \n\n Tunisia | \n
| \n \n | \n\n Composite Industrie Maroc S.A.R.L. | \n\n 100.00% | \n\n \u00a0 | \n\n Morocco | \n\n Morocco | \n\n Morocco | \n
| \n \n | \n\n Composite Industrie S.A. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Cosden, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n COS-MAR Company | \n\n 50.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Cray Valley (Guangzhou) Chemical Company, Limited | \n\n 100.00% | \n\n \u00a0 | \n\n China | \n\n China | \n\n China | \n
| \n \n | \n\n Cray Valley Czech | \n\n 100.00% | \n\n \u00a0 | \n\n Czech Republic | \n\n Czech Republic | \n\n Czech Republic | \n
| \n \n | \n\n Cray Valley HSC Asia Limited | \n\n 100.00% | \n\n \u00a0 | \n\n China | \n\n Hong Kong | \n\n Hong Kong | \n
| \n \n | \n\n Cray Valley Italia S.R.L. | \n\n 100.00% | \n\n \u00a0 | \n\n Italy | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n Cray Valley S.A. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n CSSA - Chartering and Shipping Services S.A. | \n\n 100.00% | \n\n \u00a0 | \n\n Switzerland | \n\n Switzerland | \n\n Switzerland | \n
| \n \n | \n\n Espa S.A.R.L. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Ethylene Est | \n\n 99.98% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Feluy Immobati | \n\n 100.00% | \n\n \u00a0 | \n\n Belgium | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n Fina Pipeline Co | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n FINA Technology, Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Gasket (Suzhou) Valve Components Company, Limited | \n\n 100.00% | \n\n \u00a0 | \n\n China | \n\n China | \n\n China | \n
| \n \n | \n\n Gasket International S.R.L. | \n\n 100.00% | \n\n \u00a0 | \n\n Italy | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n Grande Paroisse S.A. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Gulf Coast Pipeline LP | \n\n 14.66% | \n\n E | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Hanwha TotalEnergies Petrochemical Co. Limited | \n\n 50.00% | \n\n E | \n\n South Korea | \n\n South Korea | \n\n South Korea | \n
| \n \n | \n\n HBA Hutchinson Brasil Automotive Ltda | \n\n 100.00% | \n\n \u00a0 | \n\n Brazil | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n Hutchinson (UK) Limited | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Hutchinson (Wuhan) Automotive Rubber Products Company Limited | \n\n 100.00% | \n\n \u00a0 | \n\n China | \n\n China | \n\n China | \n
| \n \n | \n\n Hutchinson Aeronautique & Industrie Limited | \n\n 100.00% | \n\n \u00a0 | \n\n Canada | \n\n Canada | \n\n Canada | \n
| \n \n | \n\n Hutchinson Aerospace & Industry Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Hutchinson Aerospace GmbH | \n\n 100.00% | \n\n \u00a0 | \n\n Germany | \n\n Germany | \n\n Germany | \n
| \n Refining & Chemicals (continued) | \n\n \n | \n|||||
| \n \n | \n\n Hutchinson Antivibration Systems Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Hutchinson Automotive Systems Company, Limited | \n\n 100.00% | \n\n \u00a0 | \n\n China | \n\n China | \n\n United States | \n
| \n \n | \n\n Hutchinson Autopartes Mexico S.A. de C.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Mexico | \n\n Mexico | \n\n China | \n
| \n \n | \n\n Hutchinson Borrachas de Portugal Ltda | \n\n 100.00% | \n\n \u00a0 | \n\n Portugal | \n\n Portugal | \n\n Mexico | \n
| \n \n | \n\n Hutchinson Corporation | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Portugal | \n
| \n \n | \n\n Hutchinson d.o.o Ruma | \n\n 100.00% | \n\n \u00a0 | \n\n Serbia | \n\n Serbia | \n\n United States | \n
| \n \n | \n\n Hutchinson Do Brasil S.A. | \n\n 100.00% | \n\n \u00a0 | \n\n Brazil | \n\n Brazil | \n\n Serbia | \n
| \n \n | \n\n Hutchinson Fluid Management Systems Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Brazil | \n
| \n \n | \n\n Hutchinson GmbH | \n\n 100.00% | \n\n \u00a0 | \n\n Germany | \n\n Germany | \n\n United States | \n
| \n \n | \n\n Hutchinson Holding GmbH | \n\n 100.00% | \n\n \u00a0 | \n\n Germany | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Hutchinson Holdings UK Limited | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n Germany | \n
| \n \n | \n\n Hutchinson Iberia S.A. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n United Kingdom | \n
| \n \n | \n\n Hutchinson Industrial Rubber Products (Suzhou) Company, Limited | \n\n 100.00% | \n\n \u00a0 | \n\n China | \n\n China | \n\n Spain | \n
| \n \n | \n\n Hutchinson Industrias Del Caucho SAU | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n China | \n
| \n \n | \n\n Hutchinson Industries Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Spain | \n
| \n \n | \n\n Hutchinson Japan Company Limited | \n\n 100.00% | \n\n \u00a0 | \n\n Japan | \n\n Japan | \n\n United States | \n
| \n \n | \n\n Hutchinson Korea Limited | \n\n 100.00% | \n\n \u00a0 | \n\n South Korea | \n\n South Korea | \n\n Japan | \n
| \n \n | \n\n Hutchinson Malta Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Malta | \n\n Malta | \n\n South Korea | \n
| \n \n | \n\n Hutchinson Maroc S.A.R.L. AU | \n\n 100.00% | \n\n \u00a0 | \n\n Morocco | \n\n Morocco | \n\n Morocco | \n
| \n \n | \n\n Hutchinson Poland SP ZO.O. | \n\n 100.00% | \n\n \u00a0 | \n\n Poland | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n Hutchinson Polymers S.N.C. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Hutchinson Porto | \n\n 100.00% | \n\n \u00a0 | \n\n Portugal | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n Hutchinson Precision Sealing Systems Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Hutchinson Research & Innovation Singapore PTE. Limited | \n\n 100.00% | \n\n \u00a0 | \n\n Singapore | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n Hutchinson Rubber Products Private Limited Inde | \n\n 100.00% | \n\n \u00a0 | \n\n India | \n\n India | \n\n India | \n
| \n \n | \n\n Hutchinson S.A. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Hutchinson S.N.C. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Hutchinson S.R.L. (Italie) | \n\n 100.00% | \n\n \u00a0 | \n\n Italy | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n Hutchinson S.R.L. (Roumanie) | \n\n 100.00% | \n\n \u00a0 | \n\n Romania | \n\n Romania | \n\n Romania | \n
| \n \n | \n\n Hutchinson Sales Corporation | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Hutchinson Seal De Mexico S.A. de CV. | \n\n 100.00% | \n\n \u00a0 | \n\n Mexico | \n\n Mexico | \n\n Mexico | \n
| \n \n | \n\n Hutchinson Sealing Systems Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Hutchinson SRO | \n\n 100.00% | \n\n \u00a0 | \n\n Czech Republic | \n\n Czech Republic | \n\n Czech Republic | \n
| \n \n | \n\n Hutchinson Stop - Choc GmbH & CO. KG | \n\n 100.00% | \n\n \u00a0 | \n\n Germany | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Hutchinson Suisse S.A. | \n\n 100.00% | \n\n \u00a0 | \n\n Switzerland | \n\n Switzerland | \n\n Switzerland | \n
| \n \n | \n\n Hutchinson Technologies (Maanshan) Co., Ltd. | \n\n 100.00% | \n\n \u00a0 | \n\n China | \n\n China | \n\n Mexico | \n
| \n \n | \n\n Hutchinson Technologies (Shenyang) Co., Ltd. | \n\n 100.00% | \n\n \u00a0 | \n\n China | \n\n China | \n\n Tunisia | \n
| \n \n | \n\n Hutchinson Transferencia de Fluidos S.A. de C.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Mexico | \n\n Mexico | \n\n Vietnam | \n
| \n \n | \n\n Hutchinson Tunisie S.A.R.L. | \n\n 100.00% | \n\n \u00a0 | \n\n Tunisia | \n\n Tunisia | \n\n Spain | \n
| \n \n | \n\n Hutchinson Vietnam Company Limited | \n\n 100.00% | \n\n \u00a0 | \n\n Vietnam | \n\n Vietnam | \n\n France | \n
| \n \n | \n\n Industrias Tecnicas De La Espuma SL | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n France | \n
| \n \n | \n\n Industrielle Desmarquoy S.N.C. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Jehier S.A.S. | \n\n 99.89% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Germany | \n
| \n \n | \n\n Joint Precision Rubber | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Qatar | \n
| \n \n | \n\n KTN Kunststofftechnik Nobitz GmbH | \n\n 100.00% | \n\n \u00a0 | \n\n Germany | \n\n Germany | \n\n Qatar | \n
| \n \n | \n\n Laffan Refinery Company Limited | \n\n 10.00% | \n\n E | \n\n Qatar | \n\n Qatar | \n\n United States | \n
| \n Refining & Chemicals (continued) | \n\n \n | \n|||||
| \n \n | \n\n Laffan Refinery Company Limited 2 | \n\n 10.00% | \n\n E | \n\n Qatar | \n\n Qatar | \n\n United States | \n
| \n \n | \n\n LaPorte Pipeline Company LP | \n\n 19.96% | \n\n E | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n LaPorte Pipeline GP LLC | \n\n 19.96% | \n\n E | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Le Joint Francais S.N.C. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United States | \n
| \n \n | \n\n Legacy Site Services Funding Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n Legacy Site Services LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Les Stratifies S.A.S. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United Kingdom | \n
| \n \n | \n\n Lone Wolf Land Company | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Machen Land Limited | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n France | \n
| \n \n | \n\n Mide Technology Corporation | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Germany | \n
| \n \n | \n\n Naphtachimie | \n\n 50.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Malta | \n
| \n \n | \n\n Olutex Oberlausitzer Luftfahrttextilien GmbH | \n\n 100.00% | \n\n \u00a0 | \n\n Germany | \n\n Germany | \n\n United Kingdom | \n
| \n \n | \n\n Pamargan Products Limited | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n France | \n
| \n \n | \n\n Paulstra S.N.C. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Germany | \n
| \n \n | \n\n PFW Aerospace GmbH | \n\n 100.00% | \n\n \u00a0 | \n\n Germany | \n\n Germany | \n\n Turkey | \n
| \n \n | \n\n PFW Havacilik Sanayi ve Dis Ticaret Limited Sirtketi | \n\n 100.00% | \n\n \u00a0 | \n\n Turkey | \n\n Turkey | \n\n United Kingdom | \n
| \n \n | \n\n PFW Uk Machining Ltd. | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n Germany | \n
| \n \n | \n\n Polyblend GmbH | \n\n 100.00% | \n\n \u00a0 | \n\n Germany | \n\n Germany | \n\n Qatar | \n
| \n \n | \n\n Qatar Petrochemical Company Q.S.C. (QAPCO) | \n\n 20.00% | \n\n E | \n\n Qatar | \n\n Qatar | \n\n Qatar | \n
| \n \n | \n\n Qatofin Company Limited | \n\n 49.08% | \n\n E | \n\n Qatar | \n\n Qatar | \n\n Belgium | \n
| \n \n | \n\n Resilium | \n\n 100.00% | \n\n \u00a0 | \n\n Belgium | \n\n Belgium | \n\n France | \n
| \n \n | \n\n Retia | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United States | \n
| \n \n | \n\n Retia USA LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n San Jacinto Rail Limited | \n\n 17.00% | \n\n E | \n\n United States | \n\n United States | \n\n Saoudia Arabia | \n
| \n \n | \n\n Saudi Aramco Total Refining & Petrochemical Company | \n\n 37.50% | \n\n E | \n\n Saoudia Arabia | \n\n Saoudia Arabia | \n\n France | \n
| \n \n | \n\n Societe Bearnaise De Gestion Industrielle | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Societe du Pipeline Sud-Europeen | \n\n 35.14% | \n\n E | \n\n France | \n\n France | \n\n United States | \n
| \n \n | \n\n Southeast Texas Pipelines LLC | \n\n 40.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Algeria | \n
| \n \n | \n\n SPA Sonatrach Total Entreprise de Polym\u00e8res | \n\n 49.00% | \n\n E | \n\n Algeria | \n\n Algeria | \n\n United States | \n
| \n \n | \n\n Stillman Seal Corporation | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United Kingdom | \n
| \n \n | \n\n Stop-Choc (UK) Limited | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n France | \n
| \n \n | \n\n Synova | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Techlam S.A.S. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Thermal Control Systems Automotive Sasu | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Total Activites Maritimes | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Mexico | \n
| \n \n | \n\n Total Atlantic Trading Mexico SA De CV | \n\n 100.00% | \n\n \u00a0 | \n\n Mexico | \n\n Mexico | \n\n Netherlands | \n
| \n \n | \n\n Total Corbion PLA B.V. | \n\n 50.00% | \n\n E | \n\n Netherlands | \n\n Netherlands | \n\n Denmark | \n
| \n \n | \n\n Total Energy Marketing A/S | \n\n 100.00% | \n\n \u00a0 | \n\n Denmark | \n\n Denmark | \n\n Netherlands | \n
| \n \n | \n\n Total Opslag En Pijpleiding Nederland NV | \n\n 55.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Netherlands | \n\n China | \n
| \n \n | \n\n Total Petrochemicals (Shangai) Limited | \n\n 100.00% | \n\n \u00a0 | \n\n China | \n\n China | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Belgium Services | \n\n 100.00% | \n\n \u00a0 | \n\n Belgium | \n\n Belgium | \n\n France | \n
| \n \n | \n\n TotalEnergies Fluids | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies Laffan Refinery Holdco | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Germany | \n
| \n \n | \n\n TotalEnergies Laffan Refinery Holdco II B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Netherlands | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Marketing Deutschland GmbH Refining(d) | \n\n 100.00% | \n\n \u00a0 | \n\n Germany | \n\n Germany | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Olefins Antwerp | \n\n 100.00% | \n\n \u00a0 | \n\n Belgium | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Petrochemicals Development Feluy | \n\n 100.00% | \n\n \u00a0 | \n\n Belgium | \n\n Belgium | \n\n Belgium | \n
| \n Refining & Chemicals (continued) | \n\n \n | \n|||||
| \n \n | \n\n TotalEnergies Petrochemicals Ecaussinnes\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n Belgium | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Petrochemicals Feluy | \n\n 100.00% | \n\n \u00a0 | \n\n Belgium | \n\n Belgium | \n\n France | \n
| \n \n | \n\n TotalEnergies Petrochemicals France | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Hong Kong | \n
| \n \n | \n\n TotalEnergies Petrochemicals Hong Kong Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Hong Kong | \n\n Hong Kong | \n\n Spain | \n
| \n \n | \n\n TotalEnergies Petrochemicals Iberica | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Petrochemicals UK Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n United States | \n
| \n \n | \n\n TotalEnergies Pipeline USA, Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Plastic Energy Advanced Recycling S.A.S. | \n\n 60.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Polymers Antwerp | \n\n 100.00% | \n\n \u00a0 | \n\n Belgium | \n\n Belgium | \n\n France | \n
| \n \n | \n\n TotalEnergies Raffinage Chimie | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Germany | \n
| \n \n | \n\n TotalEnergies Raffinage France | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Raffinerie Mitteldeutschland GmbH | \n\n 100.00% | \n\n \u00a0 | \n\n Germany | \n\n Germany | \n\n United States | \n
| \n \n | \n\n TotalEnergies Refinery Antwerp | \n\n 100.00% | \n\n \u00a0 | \n\n Belgium | \n\n Belgium | \n\n France | \n
| \n \n | \n\n TotalEnergies Refinery Port Arthur, LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Refining & Chemicals Arabia | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United States | \n
| \n \n | \n\n TotalEnergies Splitter USA, Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Trading Asia Pte. Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Singapore | \n\n Singapore | \n\n Canada | \n
| \n \n | \n\n TotalEnergies Trading Canada LP | \n\n 100.00% | \n\n \u00a0 | \n\n Canada | \n\n Canada | \n\n France | \n
| \n \n | \n\n TotalEnergies Trading Europe | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Canada | \n
| \n \n | \n\n TotalEnergies Trading Holdings Canada Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Canada | \n\n Canada | \n\n Switzerland | \n
| \n \n | \n\n TotalEnergies Trading Products S.A. | \n\n 100.00% | \n\n \u00a0 | \n\n Switzerland | \n\n Switzerland | \n\n Switzerland | \n
| \n \n | \n\n TotalEnergies Trading Storage S.A. | \n\n 100.00% | \n\n \u00a0 | \n\n Switzerland | \n\n Switzerland | \n\n Switzerland | \n
| \n \n | \n\n TOTSA TotalEnergies Trading S.A. | \n\n 100.00% | \n\n \u00a0 | \n\n Switzerland | \n\n Switzerland | \n\n Belgium | \n
| \n \n | \n\n Totseanergy | \n\n 49.00% | \n\n E | \n\n Belgium | \n\n Belgium | \n\n France | \n
| \n \n | \n\n Transalpes S.N.C. | \n\n 67.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Trans-Ethylene | \n\n 99.98% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Spain | \n
| \n \n | \n\n Vibrachoc S.A.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n Netherlands | \n
| \n \n | \n\n Zeeland Refinery NV | \n\n 55.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Netherlands | \n\n \n | \n
| \n Marketing & Services | \n||||||
| \n \n | \n\n Antilles Gaz | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Argedis | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Aristea | \n\n 51.00% | \n\n E | \n\n Belgium | \n\n Belgium | \n\n France | \n
| \n \n | \n\n Arteco | \n\n 49.99% | \n\n E | \n\n Belgium | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n AS 24 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Belgium | \n
| \n \n | \n\n AS24 Belgie N.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Belgium | \n\n Belgium | \n\n France | \n
| \n \n | \n\n AS24 Espanola S.A. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n Belgium | \n
| \n \n | \n\n AS24 Fuel Cards Limited | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n Spain | \n
| \n \n | \n\n AS24 Lithuanie | \n\n 100.00% | \n\n \u00a0 | \n\n Lithunia | \n\n Lithunia | \n\n United Kingdom | \n
| \n \n | \n\n AS24 Polska SP ZO.O. | \n\n 100.00% | \n\n \u00a0 | \n\n Poland | \n\n Poland | \n\n Lithunia | \n
| \n \n | \n\n AS24 Tankservice GmbH | \n\n 100.00% | \n\n \u00a0 | \n\n Germany | \n\n Germany | \n\n Poland | \n
| \n \n | \n\n BlueCharge Pte. Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Singapore | \n\n Singapore | \n\n Germany | \n
| \n \n | \n\n Clean Energy | \n\n 19.15% | \n\n E | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n Cristal Marketing Egypt | \n\n 84.62% | \n\n \u00a0 | \n\n Egypt | \n\n Egypt | \n\n United States | \n
| \n \n | \n\n Elf Oil UK Aviation Limited | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n France | \n
| \n \n | \n\n Elf Oil UK Properties Limited | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n Egypt | \n
| \n \n | \n\n Fioulmarket.fr | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United Kingdom | \n
| \n \n | \n\n Gapco Kenya Limited | \n\n 100.00% | \n\n \u00a0 | \n\n Kenya | \n\n Kenya | \n\n United Kingdom | \n
| \n Marketing & Services (continued) | \n\n \n | \n|||||
| \n \n | \n\n Gapco Tanzania Limited | \n\n 100.00% | \n\n \u00a0 | \n\n Tanzania | \n\n Tanzania | \n\n France | \n
| \n \n | \n\n Guangzhou Elf Lubricants Company Limited | \n\n 77.00% | \n\n \u00a0 | \n\n China | \n\n China | \n\n Kenya | \n
| \n \n | \n\n Gulf Africa Petroleum Corporation | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Tanzania | \n
| \n \n | \n\n Lubricants Vietnam Holding Limited | \n\n 100.00% | \n\n \u00a0 | \n\n Hong Kong | \n\n Hong Kong | \n\n China | \n
| \n \n | \n\n National Petroleum Refiners Of South Africa (PTY) Limited | \n\n 18.22% | \n\n E | \n\n South Africa | \n\n South Africa | \n\n France | \n
| \n \n | \n\n Progeres S.A.S. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Hong Kong | \n
| \n \n | \n\n Quimica Vasca S.A.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n South Africa | \n
| \n \n | \n\n Saudi Total Petroleum Products | \n\n 51.00% | \n\n E | \n\n Saoudia Arabia | \n\n Saudi Arabia | \n\n France | \n
| \n \n | \n\n Servauto Nederland B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Netherlands | \n\n Spain | \n
| \n \n | \n\n Societe d'exploitation de l'usine de Rouen | \n\n 98.98% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Saoudia Arabia | \n
| \n \n | \n\n Societe mahoraise de stockage de produits petroliers | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Netherlands | \n
| \n \n | \n\n Societe Urbaine des Petroles | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n S-OIL TotalEnergies Lubricants Co. Ltd\u00a0 | \n\n 50.00% | \n\n E | \n\n South Korea | \n\n South Korea | \n\n France | \n
| \n \n | \n\n South Asia LPG Private Limited | \n\n 50.00% | \n\n E | \n\n India | \n\n India | \n\n France | \n
| \n \n | \n\n Stedis | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n South Korea | \n
| \n \n | \n\n Tas'Helat Marketing Company | \n\n 50.00% | \n\n E | \n\n Saoudia Arabia | \n\n Saoudia Arabia | \n\n United Kingdom | \n
| \n \n | \n\n TEVGO | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n India | \n
| \n \n | \n\n TotaEnergies Marketing Botswana (Pty) Ltd\u00a0 | \n\n 50.10% | \n\n \u00a0 | \n\n Botswana | \n\n Botswana | \n\n France | \n
| \n \n | \n\n Total Bitumen UK Limited | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n Saoudia Arabia | \n
| \n \n | \n\n Total China Investment Company Limited | \n\n 100.00% | \n\n \u00a0 | \n\n China | \n\n China | \n\n Fiji Islands | \n
| \n \n | \n\n TotalEnergies Charging Solutions UK Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n France | \n
| \n \n | \n\n Total Especialidades Argentina | \n\n 100.00% | \n\n \u00a0 | \n\n Argentina | \n\n Argentina | \n\n United Kingdom | \n
| \n \n | \n\n Total Freeport Corporation | \n\n 51.00% | \n\n E | \n\n Philippines | \n\n Philippines | \n\n Botswana | \n
| \n \n | \n\n Total Jordan PSC | \n\n 100.00% | \n\n \u00a0 | \n\n Jordan | \n\n Jordan | \n\n Brazil | \n
| \n \n | \n\n Total Lubricants (China) Company Limited | \n\n 77.00% | \n\n \u00a0 | \n\n China | \n\n China | \n\n Cambodia | \n
| \n \n | \n\n Total Marketing Tchad | \n\n 100.00% | \n\n \u00a0 | \n\n Chad | \n\n Chad | \n\n Czech Republic | \n
| \n \n | \n\n Total Marketing Uganda | \n\n 100.00% | \n\n \u00a0 | \n\n Uganda | \n\n Uganda | \n\n China | \n
| \n \n | \n\n Total Parco Pakistan Limited | \n\n 50.00% | \n\n E | \n\n Pakistan | \n\n Pakistan | \n\n France | \n
| \n \n | \n\n Total Petroleum (Shanghai) Company Limited | \n\n 100.00% | \n\n \u00a0 | \n\n China | \n\n China | \n\n Egypt | \n
| \n \n | \n\n Total Philippines Corporation | \n\n 51.00% | \n\n E | \n\n Philippines | \n\n Philippines | \n\n Argentina | \n
| \n \n | \n\n Total Sinochem Oil Company Limited | \n\n 49.00% | \n\n E | \n\n China | \n\n China | \n\n France | \n
| \n \n | \n\n Total Tianjin Manufacturing Company Limited | \n\n 77.00% | \n\n \u00a0 | \n\n China | \n\n China | \n\n Philippines | \n
| \n \n | \n\n TotalEnergies Additives and Fuels Solutions | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Germany | \n
| \n \n | \n\n TotalEnergies Aviation | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Jamaica | \n
| \n \n | \n\n TotalEnergies Aviation Suisse S.A. | \n\n 100.00% | \n\n \u00a0 | \n\n Switzerland | \n\n Switzerland | \n\n Jordan | \n
| \n \n | \n\n TotalEnergies Aviation Zambia Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Zambia | \n\n Zambia | \n\n Lebanon | \n
| \n \n | \n\n TotalEnergies Bitumen Deutschland GmbH | \n\n 100.00% | \n\n \u00a0 | \n\n Germany | \n\n Germany | \n\n China | \n
| \n \n | \n\n TotalEnergies Charging Services | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Taiwan | \n
| \n \n | \n\n TotalEnergies Charging Solutions Belgium | \n\n 100.00% | \n\n \u00a0 | \n\n Belgium | \n\n Belgium | \n\n France | \n
| \n \n | \n\n TotalEnergies Charging Solutions Deutschland GmbH | \n\n 100.00% | \n\n \u00a0 | \n\n Germany | \n\n Germany | \n\n France | \n
| \n \n | \n\n TotalEnergies Charging Solutions Nederland B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Netherlands | \n\n Luxembourg | \n
| \n \n | \n\n TotalEnergies Diesel Comercio e Transportes Brasil Ltda | \n\n 100.00% | \n\n \u00a0 | \n\n Brazil | \n\n Brazil | \n\n Egypt | \n
| \n \n | \n\n TotalEnergies Distribuidora Brasil LTDA | \n\n 100.00% | \n\n \u00a0 | \n\n Brazil | \n\n Brazil | \n\n Gabon | \n
| \n \n | \n\n TotalEnergies Distribution Egypt\u00a0 | \n\n 84.62% | \n\n \u00a0 | \n\n Egypt | \n\n Egypt | \n\n United Arab Emirates | \n
| \n \n | \n\n TotalEnergies Glass Lubricants Europe GmbH | \n\n 100.00% | \n\n \u00a0 | \n\n Germany | \n\n Germany | \n\n Chad | \n
| \n \n | \n\n TotalEnergies Holdings Deutschland GmbH | \n\n 100.00% | \n\n \u00a0 | \n\n Germany | \n\n Germany | \n\n Uganda | \n
| \n Marketing & Services (continued) | \n||||||
| \n \n | \n\n TotalEnergies LPG Vietnam Company Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Vietnam | \n\n Vietnam | \n\n Mexico | \n
| \n \n | \n\n TotalEnergies Lubrifiants | \n\n 99.98% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Niger | \n
| \n \n | \n\n TotalEnergies Lubrifiants Alg\u00e9rie SPA | \n\n 78.90% | \n\n \u00a0 | \n\n Algeria | \n\n Algeria | \n\n India | \n
| \n \n | \n\n TotalEnergies Lubrifiants Service Automobiles | \n\n 99.98% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Marine Fuels Pte. Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Singapore | \n\n Singapore | \n\n New Caledonia | \n
| \n \n | \n\n TotalEnergies Marketing & Services | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Pakistan | \n
| \n \n | \n\n TotalEnergies Marketing (Cambodia) Co. Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Cambodia | \n\n Cambodia | \n\n China | \n
| \n \n | \n\n TotalEnergies Marketing (Fiji) Pte Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Fiji Islands | \n\n Fiji Islands | \n\n Ghana | \n
| \n \n | \n\n TotalEnergies Marketing (Hubei) Co., Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n China | \n\n China | \n\n Philippines | \n
| \n \n | \n\n TotalEnergies Marketing African Holdings Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n Poland | \n
| \n \n | \n\n TotalEnergies Marketing Afrique | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n French Polynesia | \n
| \n \n | \n\n TotalEnergies Marketing Angola S.A. | \n\n 50.00% | \n\n E | \n\n Angola | \n\n Angola | \n\n France | \n
| \n \n | \n\n TotalEnergies Marketing Antilles-Guyane | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n China | \n
| \n \n | \n\n TotalEnergies Marketing Asia-Pacific Middle East Pte. Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Singapore | \n\n Singapore | \n\n China | \n
| \n \n | \n\n TotalEnergies Marketing Belgium | \n\n 100.00% | \n\n \u00a0 | \n\n Belgium | \n\n Belgium | \n\n United States | \n
| \n \n | \n\n TotalEnergies Marketing Burkina | \n\n 100.00% | \n\n \u00a0 | \n\n Burkina Faso | \n\n Burkina Faso | \n\n Swaziland | \n
| \n \n | \n\n TotalEnergies Marketing Cameroun S.A. | \n\n 67.01% | \n\n \u00a0 | \n\n Cameroon | \n\n Cameroon | \n\n China | \n
| \n \n | \n\n TotalEnergies Marketing Cesk\u00e1 republika S.R.O. | \n\n 100.00% | \n\n \u00a0 | \n\n Czech Republic | \n\n Czech Republic | \n\n Togo | \n
| \n \n | \n\n TotalEnergies Marketing Congo\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n Congo | \n\n Congo | \n\n Turkey | \n
| \n \n | \n\n TotalEnergies Marketing Corse | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United Arab Emirates | \n
| \n \n | \n\n TotalEnergies Marketing C\u00f4te d'Ivoire | \n\n 72.99% | \n\n \u00a0 | \n\n C\u00f4te d'Ivoire | \n\n C\u00f4te d'Ivoire | \n\n Ukraine | \n
| \n \n | \n\n TotalEnergies Marketing Denmark A/S | \n\n 100.00% | \n\n \u00a0 | \n\n Denmark | \n\n Denmark | \n\n Vietnam | \n
| \n \n | \n\n TotalEnergies Marketing Egypte | \n\n 84.62% | \n\n \u00a0 | \n\n Egypt | \n\n Egypt | \n\n Russia | \n
| \n \n | \n\n TotalEnergies Marketing Espa\u00f1a, S.A.U. | \n\n 100.00% | \n\n \u00a0 | \n\n Spain | \n\n Spain | \n\n France | \n
| \n \n | \n\n TotalEnergies Marketing Eswatini (Pty) Ltd\u00a0 | \n\n 50.10% | \n\n \u00a0 | \n\n Swaziland | \n\n Swaziland | \n\n Switzerland | \n
| \n \n | \n\n TotalEnergies Marketing Ethiopia Share Company | \n\n 100.00% | \n\n \u00a0 | \n\n Ethiopia | \n\n Ethiopia | \n\n Zambia | \n
| \n \n | \n\n TotalEnergies Marketing France | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Germany | \n
| \n \n | \n\n TotalEnergies Marketing Gabon | \n\n 90.00% | \n\n \u00a0 | \n\n Gabon | \n\n Gabon | \n\n Brazil | \n
| \n \n | \n\n TotalEnergies Marketing Ghana PLC | \n\n 76.74% | \n\n \u00a0 | \n\n Ghana | \n\n Ghana | \n\n Germany | \n
| \n \n | \n\n TotalEnergies Marketing Guinea Ecuatorial | \n\n 70.00% | \n\n \u00a0 | \n\n Equatorial Guinea | \n\n Equatorial Guinea | \n\n Algeria | \n
| \n \n | \n\n TotalEnergies Marketing Guin\u00e9e | \n\n 100.00% | \n\n \u00a0 | \n\n Guinea | \n\n Guinea | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Marketing Holdings Africa | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Marketing Holdings Asia | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n China | \n
| \n \n | \n\n TotalEnergies Marketing Holdings India | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Marketing India Private Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n India | \n\n India | \n\n Angola | \n
| \n \n | \n\n TotalEnergies Marketing Italia SpA\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n Italy | \n\n Italy | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Marketing Jamaica Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Jamaica | \n\n Jamaica | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Marketing Kenya PLC | \n\n 93.96% | \n\n \u00a0 | \n\n Kenya | \n\n Kenya | \n\n Burkina Faso | \n
| \n \n | \n\n TotalEnergies Marketing Lebanon | \n\n 100.00% | \n\n \u00a0 | \n\n Lebanon | \n\n Lebanon | \n\n Cameroon | \n
| \n \n | \n\n TotalEnergies Marketing Luxembourg S.A. | \n\n 100.00% | \n\n \u00a0 | \n\n Luxembourg | \n\n Luxembourg | \n\n France | \n
| \n \n | \n\n TotalEnergies Marketing Madagasikara S.A. | \n\n 79.44% | \n\n \u00a0 | \n\n Madagascar | \n\n Madagascar | \n\n Congo | \n
| \n \n | \n\n TotalEnergies Marketing Malawi Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Malawi | \n\n Malawi | \n\n C\u00f4te d'Ivoire | \n
| \n \n | \n\n TotalEnergies Marketing Mali | \n\n 100.00% | \n\n \u00a0 | \n\n Mali | \n\n Mali | \n\n Denmark | \n
| \n \n | \n\n TotalEnergies Marketing Maroc | \n\n 55.00% | \n\n \u00a0 | \n\n Morocco | \n\n Morocco | \n\n Spain | \n
| \n \n | \n\n TotalEnergies Marketing Mauritius Ltd | \n\n 55.00% | \n\n \u00a0 | \n\n Mauritius Island | \n\n Mauritius Island | \n\n Ethiopia | \n
| \n \n | \n\n TotalEnergies Marketing Mayotte | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Mayotte | \n\n France | \n
| \n \n | \n\n TotalEnergies Marketing Mexico S.A. de C.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Mexico | \n\n Mexico | \n\n Guadeloupe | \n
| \n Marketing & Services (continued) | \n||||||
| \n \n | \n\n TotalEnergies Marketing Middle East FZE | \n\n 100.00% | \n\n \u00a0 | \n\n United Arab Emirates | \n\n United Arab Emirates | \n\n Equatorial Guinea | \n
| \n \n | \n\n TotalEnergies Marketing Mo\u00e7ambique S.A. | \n\n 100.00% | \n\n \u00a0 | \n\n Mozambique | \n\n Mozambique | \n\n Guinea | \n
| \n \n | \n\n TotalEnergies Marketing Namibia (Pty) Ltd | \n\n 50.10% | \n\n \u00a0 | \n\n Namibia | \n\n Namibia | \n\n France | \n
| \n \n | \n\n TotalEnergies Marketing Nederland NV | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Netherlands | \n\n France | \n
| \n \n | \n\n TotalEnergies Marketing Nigeria PLC | \n\n 61.72% | \n\n \u00a0 | \n\n Nigeria | \n\n Nigeria | \n\n France | \n
| \n \n | \n\n TotalEnergies Marketing Pacifique | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n New Caledonia | \n\n Italy | \n
| \n \n | \n\n TotalEnergies Marketing Polska | \n\n 100.00% | \n\n \u00a0 | \n\n Poland | \n\n Poland | \n\n Kenya | \n
| \n \n | \n\n TotalEnergies Marketing Polyn\u00e9sie | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n French Polynesia | \n\n Madagascar | \n
| \n \n | \n\n TotalEnergies Marketing Puerto Rico | \n\n 100.00% | \n\n \u00a0 | \n\n Puerto Rico | \n\n Puerto Rico | \n\n Malawi | \n
| \n \n | \n\n TotalEnergies Marketing RDC | \n\n 60.00% | \n\n \u00a0 | \n\n Democratic Republic of Congo | \n\n Democratic Republic of Congo | \n\n Mali | \n
| \n \n | \n\n TotalEnergies Marketing R\u00e9union | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n Reunion | \n\n Morocco | \n
| \n \n | \n\n TotalEnergies Marketing Romania S.A. | \n\n 100.00% | \n\n \u00a0 | \n\n Romania | \n\n Romania | \n\n Mauritius Island | \n
| \n \n | \n\n TotalEnergies Marketing Russia | \n\n 100.00% | \n\n \u00a0 | \n\n Russia | \n\n Russia | \n\n Mayotte | \n
| \n \n | \n\n TotalEnergies Marketing S\u00e9n\u00e9gal | \n\n 69.14% | \n\n \u00a0 | \n\n Senegal | \n\n Senegal | \n\n Mozambique | \n
| \n \n | \n\n TotalEnergies Marketing South Africa (Pty) Ltd | \n\n 50.10% | \n\n \u00a0 | \n\n South Africa | \n\n South Africa | \n\n Namibia | \n
| \n \n | \n\n TotalEnergies Marketing Taiwan Ltd | \n\n 63.00% | \n\n \u00a0 | \n\n Taiwan | \n\n Taiwan | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies Marketing Tanzania Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Tanzania | \n\n Tanzania | \n\n Nigeria | \n
| \n \n | \n\n TotalEnergies Marketing Togo\u00a0 | \n\n 76.72% | \n\n \u00a0 | \n\n Togo | \n\n Togo | \n\n Puerto Rico | \n
| \n \n | \n\n TotalEnergies Marketing Tunisie | \n\n 100.00% | \n\n \u00a0 | \n\n Tunisia | \n\n Tunisia | \n\n Democratic Republic of Congo | \n
| \n \n | \n\n TotalEnergies Marketing UAE LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United Arab Emirates | \n\n United Arab Emirates | \n\n Reunion | \n
| \n \n | \n\n TotalEnergies Marketing Uganda Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Uganda | \n\n Uganda | \n\n Romania | \n
| \n \n | \n\n TotalEnergies Marketing UK Limited | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n Senegal | \n
| \n \n | \n\n TotalEnergies Marketing Ukraine | \n\n 100.00% | \n\n \u00a0 | \n\n Ukraine | \n\n Ukraine | \n\n South Africa | \n
| \n \n | \n\n TotalEnergies Marketing USA Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Tanzania | \n
| \n \n | \n\n TotalEnergies Marketing Vietnam Company Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Vietnam | \n\n Vietnam | \n\n Tunisia | \n
| \n \n | \n\n TotalEnergies Marketing Zambia Ltd\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n Zambia | \n\n Zambia | \n\n Uganda | \n
| \n \n | \n\n TotalEnergies Marketing Zimbabwe (Private) Ltd | \n\n 80.00% | \n\n \u00a0 | \n\n Zimbabwe | \n\n Zimbabwe | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Proxi Nord Est | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Zambia | \n
| \n \n | \n\n TotalEnergies Proxi Nord Ouest | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Zimbabwe | \n
| \n \n | \n\n TotalEnergies Proxi Sud Est | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Proxi Sud Ouest | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Switzerland | \n
| \n \n | \n\n TotalEnergies Singapore Services Pte Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Singapore | \n\n Singapore | \n\n China | \n
| \n \n | \n\n TotalEnergies Supply Marketing Services S.A. | \n\n 100.00% | \n\n \u00a0 | \n\n Switzerland | \n\n Switzerland | \n\n Germany | \n
| \n \n | \n\n TotalEnergies Turkey Pazarlama A.S. | \n\n 100.00% | \n\n \u00a0 | \n\n Turkey | \n\n Turkey | \n\n Vietnam | \n
| \n \n | \n\n TotalEnergies W\u00e4rme&Kraftstoff Deutschland GmbH | \n\n 100.00% | \n\n \u00a0 | \n\n Germany | \n\n Germany | \n\n France | \n
| \n \n | \n\n Trapil | \n\n 5.50% | \n\n E | \n\n France | \n\n France | \n\n South Africa | \n
| \n \n | \n\n Upbeatprops 100 PTY Limited | \n\n 50.10% | \n\n \u00a0 | \n\n South Africa | \n\n South Africa | \n\n Dominican Republic | \n
| \n \n | \n\n V Energy S.A. | \n\n 50.00% | \n\n \u00a0 | \n\n Dominican Republic | \n\n Dominican Republic | \n\n \n | \n
| \n \n | \n\n Yangtze Gorges Green Way Charging Technology (Hubei) Co., Ltd. | \n\n 50.00% | \n\n E | \n\n China | \n\n China | \n\n \n | \n
| \n Corporate | \n\n \n | \n\n \n | \n||||
| \n \n | \n\n Albatros | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Elf Aquitaine Fertilisants | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Elf Aquitaine Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Elf Forest Products LLC | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n Institut Photovoltaique D'Ile De France (IPVF) | \n\n 43.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Switzerland | \n
| \n Corporate (continued) | \n\n \n | \n|||||
| \n \n | \n\n Omnium Reinsurance Company S.A. | \n\n 100.00% | \n\n \u00a0 | \n\n Switzerland | \n\n Switzerland | \n\n Ireland | \n
| \n \n | \n\n Pan Insurance Limited | \n\n 100.00% | \n\n \u00a0 | \n\n Ireland | \n\n Ireland | \n\n France | \n
| \n \n | \n\n Septentrion Participations | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Socap S.A.S. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Societe Civile Immobiliere CB2 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n Sofax Banque | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n China | \n
| \n \n | \n\n Total Energy Investments Tianjin | \n\n 100.00% | \n\n \u00a0 | \n\n China | \n\n China | \n\n France | \n
| \n \n | \n\n Total Global Services Bucharest | \n\n 99.00% | \n\n \u00a0 | \n\n Romania | \n\n Romania | \n\n France | \n
| \n \n | \n\n Total International NV | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Netherlands | \n\n France | \n
| \n \n | \n\n Total Investment Management Tianjin\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n China | \n\n China | \n\n France | \n
| \n \n | \n\n Total Operations Canada Limited | \n\n 100.00% | \n\n \u00a0 | \n\n Canada | \n\n Canada | \n\n Belgium | \n
| \n \n | \n\n Total Resources (Canada) Limited | \n\n 100.00% | \n\n \u00a0 | \n\n Canada | \n\n Canada | \n\n Romania | \n
| \n \n | \n\n TotalEnergies (Beijing) Corporate Management Co., Ltd. | \n\n 100.00% | \n\n \u00a0 | \n\n China | \n\n China | \n\n Philippines | \n
| \n \n | \n\n TotalEnergies American Services, Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies Capital | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Capital Canada Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n Canada | \n\n Canada | \n\n Canada | \n
| \n \n | \n\n TotalEnergies Capital International | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies Consulting | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Canada | \n
| \n \n | \n\n TotalEnergies Delaware, Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies D\u00e9veloppement R\u00e9gional S.A.S. | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Digital Factory | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Canada | \n
| \n \n | \n\n TotalEnergies EP Gestion Filiales | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Facilities Management Services (TFMS) | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Finance\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United States | \n
| \n \n | \n\n TotalEnergies Finance Corporate Services Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n France | \n
| \n \n | \n\n TotalEnergies Finance International B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Netherlands | \n\n France | \n
| \n \n | \n\n TotalEnergies Finance USA, Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n TotalEnergies Funding Nederland B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Netherlands | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Gestion USA | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies Global Financial Services | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United States | \n
| \n \n | \n\n TotalEnergies Global Human Resources Services | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies Global Information Technology Services Belgium | \n\n 99.98% | \n\n \u00a0 | \n\n Belgium | \n\n Belgium | \n\n France | \n
| \n \n | \n\n TotalEnergies Global IT Services (TGITS) | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Global Procurement (TGP)\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Global Procurement Belgium S.A. (TGPB) | \n\n 100.00% | \n\n \u00a0 | \n\n Belgium | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Global Services Philippines Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n Philippines | \n\n Philippines | \n\n France | \n
| \n \n | \n\n TotalEnergies Holding Allemagne | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Holdings | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Holdings Europe | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies Holdings UK Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Holdings USA, Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Investments | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Learning Solutions (TLS) | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies Marketing Holdings Nederland B.V. | \n\n 100.00% | \n\n \u00a0 | \n\n Netherlands | \n\n Netherlands | \n\n France | \n
| \n \n | \n\n TotalEnergies Marketing Holdings South Africa ZA (Pty) Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n South Africa | \n\n Netherlands | \n\n France | \n
| \n Corporate (continued) | \n\n \n | \n|||||
| \n \n | \n\n TotalEnergies One Tech Belgium | \n\n 100.00% | \n\n \u00a0 | \n\n Belgium | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies OneTech | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United States | \n
| \n \n | \n\n TotalEnergies Participations\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Petrochemicals & Refining (Holding) | \n\n 100.00% | \n\n \u00a0 | \n\n Belgium | \n\n Belgium | \n\n United States | \n
| \n \n | \n\n TotalEnergies Petrochemicals & Refining USA, Inc.(d) | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n France | \n
| \n \n | \n\n TotalEnergies SE | \n\n \u2013 | \n\n \u00a0 | \n\n France | \n\n France | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Security USA, Inc. | \n\n 100.00% | \n\n \u00a0 | \n\n United States | \n\n United States | \n\n \n | \n
| \n \n | \n\n TotalEnergies Treasury | \n\n 100.00% | \n\n \u00a0 | \n\n France | \n\n France | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Treasury Belgium\u00a0 | \n\n 100.00% | \n\n \u00a0 | \n\n Belgium | \n\n Belgium | \n\n \n | \n
| \n \n | \n\n TotalEnergies UK Finance Ltd | \n\n 100.00% | \n\n \u00a0 | \n\n United Kingdom | \n\n United Kingdom | \n\n \n | \n
| \n (a)Del Rio Funding LLC, % of control different from % of interest : 50.00%. (b)Total Eren, % of control different from % of interest : 5.80%. (c)TotalEnergies Australia Unit Trust, % of control different from % of interest : 75.16%. (d)Multi-segment entities. | \n
Non-controlling interests
As of December 31, 2022, the subsidiaries with the most significant non-controlling interests are TotalEnergies Australia Unit Trust, TotalEnergies Gabon and TotalEnergies E&P Congo.
9.2Share-based payments
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n TotalEnergies SE may grant employees share subscription or purchase options plans, performance shares plans and offer its employees the opportunity to subscribe to reserved capital increases. These employee benefits are recognized as expenses with a corresponding credit to shareholders\u2019 equity. The expense is equal to the fair value of the instruments granted. The expense is recognized on a straight-line basis over the period in which the advantages are acquired. The fair value of the options is calculated using the Black-Scholes model at the grant date. For performance shares plans, the fair value is calculated using the market price at the grant date after deducting the expected distribution rate during the vesting period. | \n\n \n | \n\n The number of allocated equity instruments can be revised during the vesting period in cases of non-compliance with performance conditions, with the exception of those related to the market, or according to the rate of turnover of the beneficiaries. The cost of employee-reserved capital increases is immediately expensed. The cost of the capital increase reserved for employees consists of the cost related to the discount on the shares subscribed using the classic and/or the leveraged schemes, the cost of the free shares and the opportunity gain for the shares subscribed using the leveraged scheme, as applicable. This opportunity gain corresponds to the benefit of subscribing to the leveraged offer, rather than reproducing the same economic profile through the purchase of options in the market for individual investors. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
A)TotalEnergies share subscription or purchase option plans
The Extraordinary Shareholders\u2019 Meeting of May 29, 2020 authorised the Board of Directors, for a period of thirty-eight months to grant share subscription or purchase options. The Board of Directors has not decided any grant of TotalEnergies share subscription or purchase option plan by virtue of this authorisation and all previous option plans have expired.
B)TotalEnergies performance share plans
| \n \n | \n\n 2017 | \n\n 2018 | \n\n 2019 | \n\n 2020 | \n\n 2021 | \n\n 2022 | \n\n Total | \n
| \n Date of the Shareholders' Meeting | \n\n 5/24/2016 | \n\n 5/24/2016 | \n\n 6/1/2018 | \n\n 6/1/2018 | \n\n 6/1/2018 | \n\n 5/28/2021 | \n\n \u00a0 | \n
| \n Award date | \n\n 7/26/2017 | \n\n 3/14/2018 | \n\n 3/13/2019 | \n\n 3/18/2020 | \n\n 5/28/2021 | \n\n 3/16/2022 | \n\n \u00a0 | \n
| \n Date of the final award (end of the vesting period) | \n\n 7/27/2020 | \n\n 3/15/2021 | \n\n 3/14/2022 | \n\n 3/20/2023 | \n\n 5/29/2024 | \n\n 3/17/2025 | \n\n \u00a0 | \n
| \n Transfer authorized as from | \n\n 7/28/2022 | \n\n 3/16/2023 | \n\n 3/15/2024 | \n\n 3/21/2025 | \n\n 5/30/2026 | \n\n 3/17/2025 | \n\n \u00a0 | \n
| \n Grant date IFRS 2 fair value | \n\n 35.57 \u20ac | \n\n 36.22 \u20ac | \n\n 40.11 \u20ac | \n\n 12.40 \u20ac | \n\n 27.40 \u20ac | \n\n 37.22 \u20ac | \n\n \u00a0 | \n
| \n Number of performance shares | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Outstanding as of January 1, 2020 | \n\n 5,607,859 | \n\n 6,028,435 | \n\n 6,407,643 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 18,043,937 | \n
| \n Notified | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 6,727,352 | \n\n \u2013 | \n\n \u2013 | \n\n 6,727,352 | \n
| \n Cancelled | \n\n (1,313,687) | \n\n (55,830) | \n\n (44,289) | \n\n (18,691) | \n\n \u2013 | \n\n \u2013 | \n\n (1,432,497) | \n
| \n Finally granted | \n\n (4,294,172) | \n\n (10,740) | \n\n (10,890) | \n\n (1,773) | \n\n \u2013 | \n\n \u2013 | \n\n (4,317,575) | \n
| \n Outstanding as of January 1, 2021 | \n\n \u2013 | \n\n 5,961,865 | \n\n 6,352,464 | \n\n 6,706,888 | \n\n \u2013 | \n\n \u2013 | \n\n 19,021,217 | \n
| \n Notified | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 6,764,548 | \n\n \u2013 | \n\n 6,764,548 | \n
| \n Cancelled | \n\n \u2013 | \n\n (1,395,555) | \n\n (58,578) | \n\n (52,301) | \n\n (31,118) | \n\n \u2013 | \n\n (1,537,552) | \n
| \n Finally granted | \n\n \u2013 | \n\n (4,566,310) | \n\n (4,810) | \n\n (1,385) | \n\n (690) | \n\n \u2013 | \n\n (4,573,195) | \n
| \n Outstanding as of January 1, 2022 | \n\n \u2013 | \n\n \u2013 | \n\n 6,289,076 | \n\n 6,653,202 | \n\n 6,732,740 | \n\n \u2013 | \n\n 19,675,018 | \n
| \n Notified | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 7,353,271 | \n\n 7,353,271 | \n
| \n Cancelled | \n\n \u2013 | \n\n \u2013 | \n\n (127,852) | \n\n (65,561) | \n\n (57,410) | \n\n (27,690) | \n\n (278,513) | \n
| \n Finally granted | \n\n \u2013 | \n\n \u2013 | \n\n (6,161,224) | \n\n (12,680) | \n\n (13,750) | \n\n (8,000) | \n\n (6,195,654) | \n
| \n Outstanding as of December 31, 2022 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 6,574,961 | \n\n 6,661,580 | \n\n 7,317,581 | \n\n 20,554,122 | \n
The performance shares, which are bought back by TotalEnergies SE on the market, are finally granted to their beneficiaries after a 3-year vesting period, from the date of the grant. The final grant is subject to a continued employment condition as well as:
\u2013two performance conditions for the 2017 and 2018 Plans,
\u2013three performance conditions for the 2019 Plan,
\u2013four performance conditions for the 2020 Plan, and
\u2013five performance conditions for the 2021 and 2022 Plans.
Moreover, the transfer of the performance shares finally granted under the 2017 to 2021 Plans will not be permitted until the end of a 2-year holding period from the date of the final grant.
2022 Plan
On March 16, 2022, the Board of Directors granted performance shares to certain employees and executive directors of TotalEnergies SE or its subsidiaries, subject to the fulfilment of the continued employment condition and five performance conditions.
The presence condition applies to all shares.
The performance conditions apply differently depending on the capacity of the beneficiaries. If all shares granted to senior executives are subject to performance conditions, the grant of the first 150 shares to non-senior executives are not subject to the performance condition abovementioned, which will, nonetheless, apply to any shares granted above this threshold.
The applicable performance conditions are as follows:
\u2013For 25% of the shares, the Corporation will be ranked against its peers (ExxonMobil, Shell, BP and Chevron) based on the Total Shareholder Return (\"TSR\") during the three vesting years (2022, 2023 and 2024) based on the TSR criterion of the last quarter of the year in question, the dividend being considered reinvested based on the closing price on the ex-dividend date.
\u2013For 25% of the shares, the Corporation will be ranked against its peers (ExxonMobil, Shell, BP and Chevron) based on the annual variation in net cash flow per share criterion expressed in dollars during the three vesting years (2022, 2023 and 2024).
\u2013For 20% of the shares, the level reached by the pre-dividend organic cash breakeven in view of the objective set for the three vesting years (2022, 2023 and 2024). The pre-dividend organic cash breakeven is defined as the Brent price for which the operating cash flow before working capital changes (MBA) covers the organic investments340. The ability of the Company to resist to the variations of the Brent barrel price is measured by this parameter.
\u2013For 15% of the shares, the change in the greenhouse gas (GHG) emissions on operated facilities (Scope 1+2) in relation to the achievement of the target to reduce the GHG emissions set for fiscal years 2022, 2023 and 2024.
\u2013For 15% of the shares, the criterion of the change in the indirect GHG emissions related to the use by customers of the energy products (Scope 3341) in Europe in relation to the achievement of the target to reduce these GHG emissions set for fiscal years 2022, 2023 and 2024.
C)Share-based payment expense
Share-based payment expense before tax was broken down as follows:
| \n As of December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n TotalEnergies performance shares plans | \n\n 200 | \n\n 129 | \n\n 176 | \n
| \n SunPower plans(a) | \n\n 23 | \n\n 25 | \n\n 26 | \n
| \n Capital increase reserved for employees | \n\n 28 | \n\n 14 | \n\n 12 | \n
| \n Total | \n\n 251 | \n\n 168 | \n\n 214 | \n
| \n (a)Since September 30, 2022, TotalEnergies' 50.5% subsidiary in SunPower is accounted for using the equity method in the Company's consolidated accounts (see note 2 to the consolidated accounts) | \n
The main assumptions used for the valuation of the cost of the capital increase reserved for employees in 2022 were the following:
| \n For the year ended December 31, | \n\n 2022 | \n
| \n Date of the Board of Directors meeting that decided the issue | \n\n September 15, 2021 | \n
| \n Reference price (\u20ac)(a) | \n\n 46.22 | \n
| \n Subscription price (\u20ac)(b) | \n\n 37.00 | \n
| \n Number of shares issued (in millions)(c) | \n\n 9.36 | \n
| \n (a)Average of the closing prices of the TotalEnergies shares over the twenty trading sessions preceding April 27, 2022, being the date of the Chairman and CEO\u2019s decision setting the opening date of the subscription period and the subscription price. (b)Reference price, reduced by a 20% discount and rounded off to the highest tenth of a euro. (c)Including the free shares issued. | \n
Accounting principles
TotalEnergies SE may grant employees share subscription or purchase options plans, performance shares plans and offer its employees the opportunity to subscribe to reserved capital increases. These employee benefits are recognized as expenses with a corresponding credit to shareholders\u2019 equity.
The expense is equal to the fair value of the instruments granted. The expense is recognized on a straight-line basis over the period in which the advantages are acquired.
The fair value of the options is calculated using the Black-Scholes model at the grant date.
For performance shares plans, the fair value is calculated using the market price at the grant date after deducting the expected distribution rate during the vesting period.
The cost of employee-reserved capital increases is immediately expensed.
The cost of the capital increase reserved for employees consists of the cost related to the discount on the shares subscribed using the classic and/or the leveraged schemes, the cost of the free shares and the opportunity gain for the shares subscribed using the leveraged scheme, as applicable. This opportunity gain corresponds to the benefit of subscribing to the leveraged offer, rather than reproducing the same economic profile through the purchase of options in the market for individual investors.
Accounting principles
In accordance with the laws and practices of each country, TotalEnergies participates in employee benefit plans offering retirement, death and disability, healthcare and special termination benefits. These plans provide benefits based on various factors such as length of service, salaries, and contributions made to the governmental bodies responsible for the payment of benefits.
These plans can be either defined contribution or defined benefit pension plans and may be entirely or partially funded with investments made in various non-consolidated instruments such as mutual funds, insurance contracts, and other instruments.
For defined contribution plans, expenses correspond to the contributions paid.
Defined benefit obligations are determined according to the Projected Unit Method. Actuarial gains and losses may arise from differences between actuarial valuation and projected commitments (depending on new calculations or assumptions) and between projected and actual return of plan assets. Such gains and losses are recognized in the statement of comprehensive income, with no possibility to subsequently recycle them to the income statement.
The past service cost is recorded immediately in the statement of income, whether vested or unvested.
The net periodic pension cost is recognized under \u201cOther operating expenses\u201d.
10.2Payroll and staff
| \n For the year ended December 31, | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Personnel expenses (M$) | \n\n \u00a0 | \n\n \n | \n\n \n | \n
| \n Wages and salaries (including social charges) | \n\n 9,002 | \n\n 9,207 | \n\n 8,908 | \n
| \n TotalEnergies employees at December 31, | \n\n \u00a0 | \n\n \n | \n\n \n | \n
| \n France (DROM COM includ.) | \n\n \u00a0 | \n\n \n | \n\n \n | \n
| \n \u2013Management | \n\n 14,130 | \n\n 13,903 | \n\n 14,016 | \n
| \n \u2013Other | \n\n 20,829 | \n\n 21,232 | \n\n 21,886 | \n
| \n International | \n\n \u00a0 | \n\n \n | \n\n \n | \n
| \n \u2013Management | \n\n 18,183 | \n\n 17,346 | \n\n 17,102 | \n
| \n \u2013Other | \n\n 48,137 | \n\n 48,828 | \n\n 52,472 | \n
| \n Total | \n\n 101,279 | \n\n 101,309 | \n\n 105,476 | \n
The number of employees includes only employees of fully consolidated subsidiaries.
Income taxes disclosed in the statement of income include current tax expenses (or income) and deferred tax expenses (or income).
Current tax expenses (or income) are the estimated amount of the tax due for the taxable income of the period.
Deferred tax assets and liabilities are measured using the tax rates that have been enacted or substantially enacted at the balance sheet date. The tax rates used depend on the timing of reversals of temporary differences, tax losses and other tax credits. The effect of a change in tax rate is recognized either in the Consolidated Statement of Income or in shareholders\u2019 equity depending on the item it relates to.
Deferred tax resulting from temporary differences between the carrying amounts of equity-method investments and their tax bases are recognized. The deferred tax calculation is based on the expected future tax effect (dividend distribution rate or tax rate on capital gains).
Income taxes disclosed in the statement of income include current tax expenses (or income) and deferred tax expenses (or income).
Deferred tax assets and liabilities are measured using the tax rates that have been enacted or substantially enacted at the balance sheet date. The tax rates used depend on the timing of reversals of temporary differences, tax losses and other tax credits. The effect of a change in tax rate is recognized either in the Consolidated Statement of Income or in shareholders\u2019 equity depending on the item it relates to.
Deferred tax resulting from temporary differences between the carrying amounts of equity-method investments and their tax bases are recognized. The deferred tax calculation is based on the expected future tax effect (dividend distribution rate or tax rate on capital gains).
Income taxes disclosed in the statement of income include current tax expenses (or income) and deferred tax expenses (or income).
Deferred tax assets and liabilities are measured using the tax rates that have been enacted or substantially enacted at the balance sheet date. The tax rates used depend on the timing of reversals of temporary differences, tax losses and other tax credits. The effect of a change in tax rate is recognized either in the Consolidated Statement of Income or in shareholders\u2019 equity depending on the item it relates to.
Deferred tax resulting from temporary differences between the carrying amounts of equity-method investments and their tax bases are recognized. The deferred tax calculation is based on the expected future tax effect (dividend distribution rate or tax rate on capital gains).
Income taxes are detailed as follows:
| \n For the year ended December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Current income taxes | \n\n (19,825) | \n\n (8,158) | \n\n (2,450) | \n
| \n Deferred income taxes | \n\n (2,417) | \n\n (1,429) | \n\n 2,132 | \n
| \n Total income taxes | \n\n (22,242) | \n\n (9,587) | \n\n (318) | \n
Before netting deferred tax assets and liabilities by fiscal entity, the components of deferred tax balances are as follows:
| \n As of December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Net operating losses and tax carry forwards | \n\n 3,600 | \n\n 5,129 | \n\n 5,106 | \n
| \n Employee benefits | \n\n 409 | \n\n 586 | \n\n 1,004 | \n
| \n Other temporary non-deductible provisions | \n\n 8,813 | \n\n 8,235 | \n\n 9,068 | \n
| \n Differences in depreciations | \n\n (14,692) | \n\n (15,233) | \n\n (14,641) | \n
| \n Other temporary tax deductions | \n\n (4,102) | \n\n (4,221) | \n\n (3,847) | \n
| \n Net deferred tax liability | \n\n (5,972) | \n\n (5,504) | \n\n (3,310) | \n
The reserves of TotalEnergies subsidiaries that would be taxable if distributed but for which no distribution is planned, and for which no deferred tax liability has therefore been recognized, totaled $1,103 million as of December 31, 2022.
Deferred tax assets not recognized as of December 31, 2022 amount to $3,854 million as their future recovery was not regarded as probable given the expected results of the entities. Particularly in the
Exploration & Production segment, when the affiliate or the field concerned is in its exploration phase, the net operating losses created during this phase will be useable only if a final investment and development decision is made. Accordingly, the time limit for the utilization of those net operating losses is not known.
Deferred tax assets not recognized relate notably to France for an amount of $1,189 million and to Canada for an amount of $998 million.
After netting deferred tax assets and liabilities by fiscal entity, deferred taxes are presented on the balance sheet as follows:
| \n As of December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Deferred tax assets | \n\n 5,049 | \n\n 5,400 | \n\n 7,016 | \n
| \n Deferred tax liabilities | \n\n (11,021) | \n\n (10,904) | \n\n (10,326) | \n
| \n Net amount | \n\n (5,972) | \n\n (5,504) | \n\n (3,310) | \n
The net deferred tax variation in the balance sheet is analyzed as follows:
| \n As of December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Opening balance | \n\n (5,504) | \n\n (3,310) | \n\n (5,642) | \n
| \n Deferred tax on income | \n\n (2,417) | \n\n (1,429) | \n\n 2,132 | \n
| \n Deferred tax on shareholders' equity(a) | \n\n 1,353 | \n\n (546) | \n\n 137 | \n
| \n Changes in scope of consolidation and others | \n\n 218 | \n\n (315) | \n\n 76 | \n
| \n Currency translation adjustment | \n\n 378 | \n\n 96 | \n\n (13) | \n
| \n Closing balance | \n\n (5,972) | \n\n (5,504) | \n\n (3,310) | \n
| \n (a)This amount includes mainly deferred taxes on actuarial gains and losses, current income taxes and deferred taxes for changes in fair value of investments inequity instruments, as well as deferred taxes related to the cash flow hedge (see Note 9 to the Consolidated Financial Statements). | \n
Reconciliation between provision for income taxes and pre-tax income
| \n For the year ended December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Consolidated net income | \n\n 21,044 | \n\n 16,366 | \n\n (7,336) | \n
| \n Income taxes | \n\n 22,242 | \n\n 9,587 | \n\n 318 | \n
| \n Pre-tax income | \n\n 43,286 | \n\n 25,953 | \n\n (7,018) | \n
| \n French statutory tax rate | \n\n 25.83% | \n\n 28.41% | \n\n 32.02% | \n
| \n Theoretical tax charge | \n\n (11,181) | \n\n (7,373) | \n\n 2,247 | \n
| \n Difference between French and foreign income tax rates | \n\n (9,625) | \n\n (3,754) | \n\n (1,109) | \n
| \n Tax effect of equity in income (loss) of affiliates | \n\n (489) | \n\n 977 | \n\n 145 | \n
| \n Permanent differences(a) | \n\n (676) | \n\n 738 | \n\n 665 | \n
| \n Adjustments on prior years income taxes | \n\n 64 | \n\n 109 | \n\n (31) | \n
| \n Adjustments on deferred tax related to changes in tax rates | \n\n (610) | \n\n (119) | \n\n (204) | \n
| \n Variation of deferred tax assets not recognized | \n\n 275 | \n\n (165) | \n\n (2,031) | \n
| \n Income taxes in the statement of income | \n\n (22,242) | \n\n (9,587) | \n\n (318) | \n
| \n (a)Including the European Solidarity Contribution 2022 for a total of \u20ac0.9 billion. The European Solidarity Contribution 2022, including the 2022 contribution on the sub-marginal rent of electricity production, amounts to \u20ac1 billion or $1.1 billion. | \n
The French statutory tax rate includes the standard corporate tax rate (25%), additional and exceptional applicable taxes that bring the overall tax rate to 25.83% in 2022 (versus 28.41% in 2021 and 32.02% in 2020).
Permanent differences are mainly due to impairment of goodwill and to dividends from non-consolidated companies as well as the specific taxation rules applicable to certain activities.
Schedule of losses and tax credits carried forward
TotalEnergies has deferred tax assets related to losses and carried forward tax credit which expire according to the following years:
| \n As of December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n 2021 | \n\n \u00a0 | \n\n \n | \n\n 69 | \n
| \n 2022 | \n\n \u00a0 | \n\n 27 | \n\n 26 | \n
| \n 2023 | \n\n 4 | \n\n 1 | \n\n 7 | \n
| \n 2024 | \n\n 2 | \n\n 5 | \n\n 2 | \n
| \n 2025(a) | \n\n 4 | \n\n 25 | \n\n 1,643 | \n
| \n 2026(b) | \n\n 8 | \n\n 1,652 | \n\n \n | \n
| \n 2027 and after | \n\n 1,220 | \n\n \n | \n\n \n | \n
| \n Unlimited | \n\n 2,362 | \n\n 3,419 | \n\n 3,359 | \n
| \n Total | \n\n 3,600 | \n\n 5,129 | \n\n 5,106 | \n
| \n (a)2025 and after for 2020. (b)2026 and after for 2021. | \n
As of December 31, 2022 the schedule of deferred tax assets related to carried forward tax credits on net operating losses for the main countries is as follows:
| \n As of December 31, 2022 (M$) | \n\n Tax | \n|||
| \n Australia | \n\n United States | \n\n Canada | \n\n France | \n|
| \n 2023 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n 2024 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n 2025 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n 2026 | \n\n \u00a0 | \n\n \u00a0 | \n\n 32 | \n\n \u00a0 | \n
| \n 2027 and after | \n\n \u00a0 | \n\n 326 | \n\n 812 | \n\n \u00a0 | \n
| \n Unlimited | \n\n 820 | \n\n 581 | \n\n \u00a0 | \n\n 487 | \n
| \n Total | \n\n 820 | \n\n 907 | \n\n 843 | \n\n 487 | \n
A provision is recognized when TotalEnergies has a present obligation, legal or constructive, as a result of a past event for which it is probable that an outflow of resources will be required and when a reliable estimate can be made regarding the amount of the obligation. The amount of the liability corresponds to the best possible estimate.
Provisions and non-current liabilities are comprised of liabilities for which the amount and the timing are uncertain. They arise from environmental risks, legal and tax risks, litigation and other risks.
Accounting principles
Asset retirement obligations, which result from a legal or constructive obligation, are recognized based on a reasonable estimate in the period in which the obligation arises.
The associated asset retirement costs are capitalized as part of the carrying amount of the underlying asset and depreciated over the useful life of this asset.
An entity is required to measure changes in the liability for an asset retirement obligation due to the passage of time (accretion) by applying a discount rate to the amount of the liability. Given the long-term nature of expenditures related to our asset retirement obligations, the rate is determined by reference to the rates of high quality AA-rated corporate bonds on the USD area for a long-term horizon. The increase of the provision due to the passage of time is recognized as \u201cOther financial expense\u201d.
Provisions and non-current liabilities are comprised of liabilities for which the amount and the timing are uncertain. They arise from environmental risks, legal and tax risks, litigation and other risks.
12.2Other risks and contingent liabilities
There are no governmental, legal or arbitration proceedings, including any proceeding of which the Corporation is aware that are pending or threatened against the Company, that could have, or could have had during the last 12 months, a material impact on TotalEnergies\u2019 financial situation or profitability.
Described below are the main administrative, legal and arbitration proceedings in which the Corporation and the other entities of TotalEnergies are involved.
FERC
The Office of Enforcement of the US Federal Energy Regulatory Commission (FERC) began in 2015 an investigation in connection with the natural gas trading activities in the United States of TotalEnergies Gas & Power North America, Inc. (TGPNA), a US subsidiary of TotalEnergies. The investigation covered transactions made by TGPNA between June 2009 and June 2012 on the natural gas market. TGPNA received a Notice of Alleged Violations from FERC on September 21, 2015. On April 28, 2016, FERC issued an order to show cause to TGPNA and two of its former employees, and to the Corporation and TotalEnergies Gas & Power Ltd., regarding the same facts. The case was remanded on July 15, 2021 to the FERC Administrative Judge for hearing and consideration on the merits. TGPNA contests the claims brought against it.
A class action, launched to seek damages from these three companies, was dismissed by a judgment of the US District court of New York issued on March 15, 2017. The Court of Appeal upheld this judgment on May 4, 2018. In September 2019, a California city initiated another class action against the same parties based on the same legal ground. This class action was dismissed by the US District court of New York on June 8, 2020. This judgment was confirmed on appeal by a ruling issued on December 3, 2021.
Dispute relating to Climate
In France, the Corporation was assigned in January 2020 before Nanterre\u2019s Court of Justice by certain associations and local communities in order to oblige the Company to complete its Vigilance Plan, by identifying in detail risks relating to a global warming above 1.5\u00b0C, as well as indicating the expected amount of future greenhouse gas emissions related to the Company\u2019s activities and its product utilization via third parties. TotalEnergies estimates that it has fulfilled its obligations regarding vigilance duty.
Also in France, several associations have brought a civil action against TotalEnergies and TotalEnergies Gaz et Electricit\u00e9 France to the Paris Court of Justice, seeking a ruling that the company\u2019s corporate communication and the advertising campaign broadcast since May 2021 after the change of name to TotalEnergies contain false or misleading environmental claims. TotalEnergies believes that these accusations are unfounded.
In the United States, two subsidiaries of TotalEnergies were assigned in 2017 by certain communities and associations for their liability in climate change before a California Court. These two subsidiaries, as well as the 34 other companies and professional associations, are contesting the State Court\u2019s competence to rule this request. In September 2020, the Attorney General of the State of Delaware launched an indemnity claim based upon climate change against the Corporation, Total Specialties USA (now known as TotalEnergies Marketing USA, Inc.) and about 30 other oil companies before a court of this State. These companies are contesting the competence of such court to rule this request.
Note 13Off balance sheet commitments and lease contracts
13.1Off balance sheet commitments and contractual obligations
| \n As of December 31, 2022 (M$) | \n\n Maturity and installments | \n|||
| \n Total | \n\n Less than | \n\n Between | \n\n More than | \n|
| \n Non-current debt obligations net of hedging instruments (Note 15) | \n\n 35,684 | \n\n \u2013 | \n\n 14,229 | \n\n 21,455 | \n
| \n Current portion of non-current debt obligations net of hedging instruments (Note 15) | \n\n 5,328 | \n\n 5,328 | \n\n \u2013 | \n\n \u2013 | \n
| \n Lease obligations (Note 13.2) | \n\n 9,714 | \n\n 1,437 | \n\n 3,872 | \n\n 4,405 | \n
| \n Asset retirement obligations (Note 12) | \n\n 13,110 | \n\n 521 | \n\n 1,497 | \n\n 11,092 | \n
| \n Contractual obligations recorded in the balance sheet | \n\n 63,836 | \n\n 7,286 | \n\n 19,598 | \n\n 36,952 | \n
| \n Lease obligations for low value assets, short term contracts or not yet commenced (Note 13.2) | \n\n 1,830 | \n\n 783 | \n\n 610 | \n\n 437 | \n
| \n Purchase obligations | \n\n 139,050 | \n\n 11,286 | \n\n 40,516 | \n\n 87,248 | \n
| \n Contractual obligations not recorded in the balance sheet | \n\n 140,880 | \n\n 12,069 | \n\n 41,126 | \n\n 87,685 | \n
| \n Total of contractual obligations | \n\n 204,716 | \n\n 19,355 | \n\n 60,724 | \n\n 124,637 | \n
| \n Guarantees given to customs authorities | \n\n 2,003 | \n\n 1,904 | \n\n 53 | \n\n 46 | \n
| \n Guarantees given on borrowings | \n\n 20,218 | \n\n 2,519 | \n\n 5,814 | \n\n 11,885 | \n
| \n Guarantees related to sales of businesses | \n\n 310 | \n\n 157 | \n\n \u2013 | \n\n 153 | \n
| \n Guarantees of current liabilities | \n\n 62 | \n\n 61 | \n\n 1 | \n\n \u2013 | \n
| \n Guarantees to customers / suppliers | \n\n 23,757 | \n\n 3,539 | \n\n 2,275 | \n\n 17,943 | \n
| \n Letters of credit | \n\n 2,430 | \n\n 2,241 | \n\n 172 | \n\n 17 | \n
| \n Other operating commitments | \n\n 23,039 | \n\n 5,198 | \n\n 900 | \n\n 16,941 | \n
| \n Total of other commitments given | \n\n 71,819 | \n\n 15,619 | \n\n 9,215 | \n\n 46,985 | \n
| \n Assets received as collateral (security interests) | \n\n 45 | \n\n 14 | \n\n 10 | \n\n 21 | \n
| \n Sales obligations | \n\n 94,977 | \n\n 6,267 | \n\n 36,341 | \n\n 52,369 | \n
| \n Other commitments received | \n\n 25,650 | \n\n 19,261 | \n\n 2,817 | \n\n 3,572 | \n
| \n Total of commitments received | \n\n 120,672 | \n\n 25,542 | \n\n 39,168 | \n\n 55,962 | \n
| \n of which commitments given relating to joint ventures | \n\n 32,054 | \n\n 2,006 | \n\n 5,666 | \n\n 24,382 | \n
| \n of which commitments given relating to associates | \n\n 52,270 | \n\n 839 | \n\n 11,638 | \n\n 39,793 | \n
| \n As of December 31, 2021 (M$) | \n\n Maturity and installments | \n|||
| \n Total | \n\n Less than | \n\n Between | \n\n More than | \n|
| \n Non-current debt obligations net of hedging instruments (Note 15) | \n\n 40,311 | \n\n \u2013 | \n\n 16,811 | \n\n 23,500 | \n
| \n Current portion of non-current debt obligations net of hedging instruments (Note 15) | \n\n 5,073 | \n\n 5,073 | \n\n \u2013 | \n\n \u2013 | \n
| \n Lease obligations (Note 13.2) | \n\n 9,034 | \n\n 1,390 | \n\n 3,321 | \n\n 4,323 | \n
| \n Asset retirement obligations (Note 12) | \n\n 14,976 | \n\n 610 | \n\n 1,751 | \n\n 12,615 | \n
| \n Contractual obligations recorded in the balance sheet | \n\n 69,394 | \n\n 7,073 | \n\n 21,883 | \n\n 40,438 | \n
| \n Lease obligations for low value assets, short term contracts or not yet commenced (Note 13.2) | \n\n 1,679 | \n\n 689 | \n\n 543 | \n\n 447 | \n
| \n Purchase obligations | \n\n 136,032 | \n\n 13,333 | \n\n 36,174 | \n\n 86,525 | \n
| \n Contractual obligations not recorded in the balance sheet | \n\n 137,711 | \n\n 14,022 | \n\n 36,717 | \n\n 86,972 | \n
| \n Total of contractual obligations | \n\n 207,105 | \n\n 21,095 | \n\n 58,600 | \n\n 127,410 | \n
| \n Guarantees given to customs authorities | \n\n 2,236 | \n\n 2,122 | \n\n 50 | \n\n 64 | \n
| \n Guarantees given on borrowings | \n\n 20,428 | \n\n 595 | \n\n 3,734 | \n\n 16,099 | \n
| \n Guarantees related to sales of businesses | \n\n 316 | \n\n 163 | \n\n \u2013 | \n\n 153 | \n
| \n Guarantees of current liabilities | \n\n 70 | \n\n 69 | \n\n 1 | \n\n \u2013 | \n
| \n Guarantees to customers / suppliers | \n\n 23,494 | \n\n 3,093 | \n\n 4,376 | \n\n 16,025 | \n
| \n Letters of credit | \n\n 2,993 | \n\n 2,869 | \n\n 122 | \n\n 2 | \n
| \n Other operating commitments | \n\n 21,138 | \n\n 3,058 | \n\n 1,594 | \n\n 16,486 | \n
| \n Total of other commitments given | \n\n 70,675 | \n\n 11,969 | \n\n 9,877 | \n\n 48,829 | \n
| \n Assets received as collateral (security interests) | \n\n 62 | \n\n 37 | \n\n 16 | \n\n 9 | \n
| \n Sales obligations | \n\n 92,555 | \n\n 7,565 | \n\n 33,271 | \n\n 51,719 | \n
| \n Other commitments received | \n\n 22,326 | \n\n 17,285 | \n\n 1,755 | \n\n 3,286 | \n
| \n Total of commitments received | \n\n 114,943 | \n\n 24,887 | \n\n 35,042 | \n\n 55,014 | \n
| \n of which commitments given relating to joint ventures | \n\n 33,373 | \n\n 253 | \n\n 7,353 | \n\n 25,767 | \n
| \n of which commitments given relating to associates | \n\n 34,491 | \n\n 727 | \n\n 9,110 | \n\n 24,654 | \n
| \n As of December 31, 2020 (M$) | \n\n Maturity and installments | \n|||
| \n Total | \n\n Less than | \n\n Between | \n\n More than | \n|
| \n Non-current debt obligations net of hedging instruments (Note 15) | \n\n 48,705 | \n\n \u2013 | \n\n 22,745 | \n\n 25,960 | \n
| \n Current portion of non-current debt obligations net of hedging instruments (Note 15) | \n\n 4,674 | \n\n 4,674 | \n\n \u2013 | \n\n \u2013 | \n
| \n Lease obligations (Note 13.2) | \n\n 8,943 | \n\n 1,207 | \n\n 3,178 | \n\n 4,558 | \n
| \n Asset retirement obligations (Note 12) | \n\n 15,368 | \n\n 463 | \n\n 1,840 | \n\n 13,065 | \n
| \n Contractual obligations recorded in the balance sheet | \n\n 77,690 | \n\n 6,344 | \n\n 27,763 | \n\n 43,583 | \n
| \n Lease obligations for low value assets, short term contracts or not yet commenced (Note 13.2) | \n\n 1,745 | \n\n 704 | \n\n 626 | \n\n 415 | \n
| \n Purchase obligations | \n\n 143,177 | \n\n 11,719 | \n\n 39,126 | \n\n 92,332 | \n
| \n Contractual obligations not recorded in the balance sheet | \n\n 144,922 | \n\n 12,423 | \n\n 39,752 | \n\n 92,747 | \n
| \n Total of contractual obligations | \n\n 222,612 | \n\n 18,767 | \n\n 67,515 | \n\n 136,330 | \n
| \n Guarantees given to customs authorities | \n\n 2,312 | \n\n 2,189 | \n\n 60 | \n\n 63 | \n
| \n Guarantees given on borrowings | \n\n 14,164 | \n\n 746 | \n\n 3,660 | \n\n 9,758 | \n
| \n Guarantees related to sales of businesses | \n\n 333 | \n\n 179 | \n\n \u2013 | \n\n 154 | \n
| \n Guarantees of current liabilities | \n\n 147 | \n\n 68 | \n\n 56 | \n\n 23 | \n
| \n Guarantees to customers / suppliers | \n\n 19,182 | \n\n 2,603 | \n\n 1,853 | \n\n 14,726 | \n
| \n Letters of credit | \n\n 2,432 | \n\n 2,297 | \n\n 135 | \n\n \u2013 | \n
| \n Other operating commitments | \n\n 23,879 | \n\n 3,224 | \n\n 3,002 | \n\n 17,653 | \n
| \n Total of other commitments given | \n\n 62,449 | \n\n 11,306 | \n\n 8,766 | \n\n 42,377 | \n
| \n Assets received as collateral (security interests) | \n\n 77 | \n\n 28 | \n\n 24 | \n\n 25 | \n
| \n Sales obligations | \n\n 80,521 | \n\n 7,001 | \n\n 29,362 | \n\n 44,158 | \n
| \n Other commitments received | \n\n 20,401 | \n\n 15,270 | \n\n 1,474 | \n\n 3,657 | \n
| \n Total of commitments received | \n\n 100,999 | \n\n 22,299 | \n\n 30,860 | \n\n 47,840 | \n
| \n of which commitments given relating to joint ventures | \n\n 34,920 | \n\n 644 | \n\n 7,288 | \n\n 26,988 | \n
| \n of which commitments given relating to associates | \n\n 51,795 | \n\n 999 | \n\n 8,664 | \n\n 42,132 | \n
A)Contractual obligations
Debt obligations
\u201cNon-current debt obligations\u201d are included in the items \u201cNon-current financial debt\u201d and \u201cNon-current financial assets\u201d of the Consolidated Balance Sheet. It includes the non-current portion of swaps hedging bonds and excludes non-current lease obligations of $8,277 million.
The current portion of non-current debt is included in the items \u201cCurrent borrowings\u201d, \u201cCurrent financial assets\u201d and \u201cOther current financial liabilities\u201d of the Consolidated Balance Sheet. It includes the current portion of swaps hedging bonds and excludes the current portion of lease obligations of $1,437 million.
The information regarding contractual obligations linked to indebtedness is presented in Note 15 to the Consolidated Financial Statements.
Lease contracts
The information regarding leases is presented in Note 13.2 to the Consolidated Financial Statements.
Asset retirement obligations
This item represents the discounted present value of Exploration & Production and Integrated Gas, Renewables & Power asset retirement obligations, primarily asset removal costs at the completion date. The information regarding contractual obligations linked to asset retirement obligations is presented in Note 12 to the Consolidated Financial Statements.
Purchase obligations
Purchase obligations are obligations under contractual agreements to purchase goods or services, including capital projects. These obligations are enforceable and legally binding on the company and specify all significant terms, including the amount and the timing of the payments.
These obligations mainly include: unconditional hydrocarbon purchase contracts (except where an active, highly-liquid market exists and when the hydrocarbons are expected to be re-sold shortly after purchase) in the Integrated Gas, Renewables & Power segment, reservation of transport capacities in pipelines, unconditional exploration works and development works in the Exploration & Production segment, and contracts for capital investment projects in the Refining & Chemicals segment.
B)Other commitments given
Guarantees given to customs authorities
These consist of guarantees given by TotalEnergies to customs authorities in order to guarantee the payments of taxes and excise duties on the importation of oil and gas products, mostly in France.
Guarantees given on borrowings
TotalEnergies guarantees bank debt and lease obligations of certain non-consolidated subsidiaries and equity affiliates. Maturity dates vary, and guarantees will terminate on payment and/or cancellation of the obligation. A payment would be triggered by failure of the guaranteed party to fulfill its obligation covered by the guarantee, and no assets are held as collateral for these guarantees. As of December 31, 2022, the maturities of these guarantees are up to 2047.
As of December\u00a031, 2022, the guarantees provided by TotalEnergies SE in connection with the financing of the Ichthys LNG project amount to $4,659 million. As of December 31, 2021, the guarantees amounted to $4,860 million.
As of December\u00a031, 2022, the guarantees provided by TotalEnergies SE in connection with the financing of the Mozambique LNG project amount to $4,600 million as in 2021.
As of December\u00a031, 2022, the guarantees provided by TotalEnergies SE in connection with the financing of the Yamal LNG project amount to $3,483 million. As of December 31, 2021, the guarantees amounted to $3,469 million.
As of December\u00a031, 2022, guarantees provided by TotalEnergies SE in connection with the financing of the Bayport Polymers LLC project, amount to $1,820 million as in 2021.
As of December\u00a031, 2022, guarantees provided by TotalEnergies Holdings in connection with the financing of the Seagreen project, amount to $1,204 million. As of December 31, 2021, the guarantees amounted to $481 million.
As of December 31, 2022, TotalEnergies SE has confirmed guarantees for TotalEnergies Refining Saudi Arabia SAS shareholders' advances for an amount of $1,025 million. As of December 31, 2021, the guarantees amounted to $1,120 million.
As of December\u00a031, 2022, the guarantees provided by TotalEnergies SE in connection with the financing of the Arctic LNG2 project amount to $1,013 million. As of December 31, 2021, the guarantees amounted to $1,076 million.
Indemnities related to sales of businesses
In the ordinary course of business, TotalEnergies executes contracts involving standard indemnities for the oil industry and indemnities specific to transactions such as sales of businesses. These indemnities might include claims against any of the following: environmental, tax and shareholder matters, intellectual property rights, governmental regulations and employment-related matters, and commercial contractual relationships. Performance under these indemnities would generally be triggered by a breach of terms of the contract or by a third party claim. TotalEnergies regularly evaluates the probability of having to incur costs associated with these indemnities.
Other guarantees given
Non-consolidated subsidiaries
TotalEnergies also guarantees the current liabilities of certain non-consolidated subsidiaries. Performance under these guarantees would be triggered by a financial default of the entity.
Operating agreements
As part of normal ongoing business operations and consistent with generally accepted industry practices, TotalEnergies enters into numerous agreements with other parties. These commitments are often entered into for commercial purposes, for regulatory purposes or for other operating agreements.
C)Commitments received
Sales obligations
These amounts represent binding obligations to sell goods, including in particular hydrocarbon sales contracts (except where an active, highly-liquid market exists and when the volumes are expected to be re-sold shortly after purchase).
13.2Lease contracts
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n A lease contract is a contract that grants lessee the right to use an identified asset for a specified period of time in exchange for consideration. At lease inception, an asset corresponding to right of use and a debt are recognized in the lessee\u2019s balance sheet. Carrying value of right of use corresponds to present value of future lease payments plus any direct costs incurred for concluding the contract. Lease debt is recorded as a liability in the balance sheet under financial debts. Rights of use are depreciated over the useful lives applied by TotalEnergies. | \n\n \n | \n\n Leases that are of short duration or that relate to low value assets are not recorded in the balance sheet, in accordance with the exemptions in the standard. They are presented as off-balance sheet commitments. | \n\n\n | \n|
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
TotalEnergies mainly leases real estate, retail stations, ships, and other equipment (see Note 7 to the Consolidated Financial Statements).
The future minimum lease payments on leases to which TotalEnergies is committed are as follows:
| \n For the year ended December 31, 2022 (M$) | \n\n Exempted contracts | \n\n Leases recorded in balance sheet | \n
| \n 2023 | \n\n 783 | \n\n 2,189 | \n
| \n 2024 | \n\n 190 | \n\n 1,646 | \n
| \n 2025 | \n\n 154 | \n\n 1,255 | \n
| \n 2026 | \n\n 137 | \n\n 1,140 | \n
| \n 2027 | \n\n 129 | \n\n 993 | \n
| \n 2028 and beyond | \n\n 437 | \n\n 6,053 | \n
| \n Total minimum payments | \n\n 1,830 | \n\n 13,276 | \n
| \n Less financial expenses | \n\n \u2013 | \n\n (3,562) | \n
| \n Nominal value of contracts | \n\n \u2013 | \n\n 9,714 | \n
| \n Less current portion of lease contracts (note 15) | \n\n \u2013 | \n\n (1,437) | \n
| \n Non-current lease liabilities | \n\n \u2013 | \n\n 8,277 | \n
| \n For the year ended December 31, 2021 (M$) | \n\n Exempted contracts | \n\n Leases recorded in balance sheet | \n
| \n 2022 | \n\n 689 | \n\n 1,835 | \n
| \n 2023 | \n\n 194 | \n\n 1,347 | \n
| \n 2024 | \n\n 136 | \n\n 1,199 | \n
| \n 2025 | \n\n 111 | \n\n 1,097 | \n
| \n 2026 | \n\n 102 | \n\n 1,021 | \n
| \n 2027 and beyond | \n\n 447 | \n\n 6,017 | \n
| \n Total minimum payments | \n\n 1,679 | \n\n 12,516 | \n
| \n Less financial expenses | \n\n \u2013 | \n\n (3,482) | \n
| \n Nominal value of contracts | \n\n \u2013 | \n\n 9,034 | \n
| \n Less current portion of lease contracts (note 15) | \n\n \u2013 | \n\n (1,390) | \n
| \n Non-current lease liabilities | \n\n \u2013 | \n\n 7,644 | \n
| \n For the year ended December 31, 2020 (M$) | \n\n Exempted contracts | \n\n Leases recorded in balance sheet | \n
| \n 2021 | \n\n 704 | \n\n 1,659 | \n
| \n 2022 | \n\n 252 | \n\n 1,366 | \n
| \n 2023 | \n\n 159 | \n\n 1,117 | \n
| \n 2024 | \n\n 118 | \n\n 1,022 | \n
| \n 2025 | \n\n 97 | \n\n 964 | \n
| \n 2026 and beyond | \n\n 415 | \n\n 6,325 | \n
| \n Total minimum payments | \n\n 1,745 | \n\n 12,453 | \n
| \n Less financial expenses | \n\n \u2013 | \n\n \u00a0(3,510) | \n
| \n Nominal value of contracts | \n\n \u2013 | \n\n 8,943 | \n
| \n Less current portion of lease contracts (note 15) | \n\n \u2013 | \n\n \u00a0(1,207) | \n
| \n Non-current lease liabilities | \n\n \u2013 | \n\n 7,736 | \n
For the year ended December 31, 2022, rental expense recorded in the income statement and incurred under short term leases or low value assets leases and under variable lease payments is $701 million and $151 million, respectively.
For the year ended December 31, 2021, rental expense recorded in the income statement and incurred under short term leases or low value assets leases and under variable lease payments was $487 million and $242 million, respectively.
For the year ended December 31, 2020, rental expense recorded in the income statement and incurred under short team leases or low value assets leases and under variable lease payments was $600 million and $162 million, respectively.
Other information required on lease debts, notably their maturity, is presented in Note 15 to the consolidated financial statements.
Accounting principles
Asset retirement obligations, which result from a legal or constructive obligation, are recognized based on a reasonable estimate in the period in which the obligation arises.
The associated asset retirement costs are capitalized as part of the carrying amount of the underlying asset and depreciated over the useful life of this asset.
An entity is required to measure changes in the liability for an asset retirement obligation due to the passage of time (accretion) by applying a discount rate to the amount of the liability. Given the long-term nature of expenditures related to our asset retirement obligations, the rate is determined by reference to the rates of high quality AA-rated corporate bonds on the USD area for a long-term horizon. The increase of the provision due to the passage of time is recognized as \u201cOther financial expense\u201d.
12.2Other risks and contingent liabilities
There are no governmental, legal or arbitration proceedings, including any proceeding of which the Corporation is aware that are pending or threatened against the Company, that could have, or could have had during the last 12 months, a material impact on TotalEnergies\u2019 financial situation or profitability.
Described below are the main administrative, legal and arbitration proceedings in which the Corporation and the other entities of TotalEnergies are involved.
FERC
The Office of Enforcement of the US Federal Energy Regulatory Commission (FERC) began in 2015 an investigation in connection with the natural gas trading activities in the United States of TotalEnergies Gas & Power North America, Inc. (TGPNA), a US subsidiary of TotalEnergies. The investigation covered transactions made by TGPNA between June 2009 and June 2012 on the natural gas market. TGPNA received a Notice of Alleged Violations from FERC on September 21, 2015. On April 28, 2016, FERC issued an order to show cause to TGPNA and two of its former employees, and to the Corporation and TotalEnergies Gas & Power Ltd., regarding the same facts. The case was remanded on July 15, 2021 to the FERC Administrative Judge for hearing and consideration on the merits. TGPNA contests the claims brought against it.
A class action, launched to seek damages from these three companies, was dismissed by a judgment of the US District court of New York issued on March 15, 2017. The Court of Appeal upheld this judgment on May 4, 2018. In September 2019, a California city initiated another class action against the same parties based on the same legal ground. This class action was dismissed by the US District court of New York on June 8, 2020. This judgment was confirmed on appeal by a ruling issued on December 3, 2021.
Dispute relating to Climate
In France, the Corporation was assigned in January 2020 before Nanterre\u2019s Court of Justice by certain associations and local communities in order to oblige the Company to complete its Vigilance Plan, by identifying in detail risks relating to a global warming above 1.5\u00b0C, as well as indicating the expected amount of future greenhouse gas emissions related to the Company\u2019s activities and its product utilization via third parties. TotalEnergies estimates that it has fulfilled its obligations regarding vigilance duty.
Also in France, several associations have brought a civil action against TotalEnergies and TotalEnergies Gaz et Electricit\u00e9 France to the Paris Court of Justice, seeking a ruling that the company\u2019s corporate communication and the advertising campaign broadcast since May 2021 after the change of name to TotalEnergies contain false or misleading environmental claims. TotalEnergies believes that these accusations are unfounded.
In the United States, two subsidiaries of TotalEnergies were assigned in 2017 by certain communities and associations for their liability in climate change before a California Court. These two subsidiaries, as well as the 34 other companies and professional associations, are contesting the State Court\u2019s competence to rule this request. In September 2020, the Attorney General of the State of Delaware launched an indemnity claim based upon climate change against the Corporation, Total Specialties USA (now known as TotalEnergies Marketing USA, Inc.) and about 30 other oil companies before a court of this State. These companies are contesting the competence of such court to rule this request.
Note 13Off balance sheet commitments and lease contracts
13.1Off balance sheet commitments and contractual obligations
| \n As of December 31, 2022 (M$) | \n\n Maturity and installments | \n|||
| \n Total | \n\n Less than | \n\n Between | \n\n More than | \n|
| \n Non-current debt obligations net of hedging instruments (Note 15) | \n\n 35,684 | \n\n \u2013 | \n\n 14,229 | \n\n 21,455 | \n
| \n Current portion of non-current debt obligations net of hedging instruments (Note 15) | \n\n 5,328 | \n\n 5,328 | \n\n \u2013 | \n\n \u2013 | \n
| \n Lease obligations (Note 13.2) | \n\n 9,714 | \n\n 1,437 | \n\n 3,872 | \n\n 4,405 | \n
| \n Asset retirement obligations (Note 12) | \n\n 13,110 | \n\n 521 | \n\n 1,497 | \n\n 11,092 | \n
| \n Contractual obligations recorded in the balance sheet | \n\n 63,836 | \n\n 7,286 | \n\n 19,598 | \n\n 36,952 | \n
| \n Lease obligations for low value assets, short term contracts or not yet commenced (Note 13.2) | \n\n 1,830 | \n\n 783 | \n\n 610 | \n\n 437 | \n
| \n Purchase obligations | \n\n 139,050 | \n\n 11,286 | \n\n 40,516 | \n\n 87,248 | \n
| \n Contractual obligations not recorded in the balance sheet | \n\n 140,880 | \n\n 12,069 | \n\n 41,126 | \n\n 87,685 | \n
| \n Total of contractual obligations | \n\n 204,716 | \n\n 19,355 | \n\n 60,724 | \n\n 124,637 | \n
| \n Guarantees given to customs authorities | \n\n 2,003 | \n\n 1,904 | \n\n 53 | \n\n 46 | \n
| \n Guarantees given on borrowings | \n\n 20,218 | \n\n 2,519 | \n\n 5,814 | \n\n 11,885 | \n
| \n Guarantees related to sales of businesses | \n\n 310 | \n\n 157 | \n\n \u2013 | \n\n 153 | \n
| \n Guarantees of current liabilities | \n\n 62 | \n\n 61 | \n\n 1 | \n\n \u2013 | \n
| \n Guarantees to customers / suppliers | \n\n 23,757 | \n\n 3,539 | \n\n 2,275 | \n\n 17,943 | \n
| \n Letters of credit | \n\n 2,430 | \n\n 2,241 | \n\n 172 | \n\n 17 | \n
| \n Other operating commitments | \n\n 23,039 | \n\n 5,198 | \n\n 900 | \n\n 16,941 | \n
| \n Total of other commitments given | \n\n 71,819 | \n\n 15,619 | \n\n 9,215 | \n\n 46,985 | \n
| \n Assets received as collateral (security interests) | \n\n 45 | \n\n 14 | \n\n 10 | \n\n 21 | \n
| \n Sales obligations | \n\n 94,977 | \n\n 6,267 | \n\n 36,341 | \n\n 52,369 | \n
| \n Other commitments received | \n\n 25,650 | \n\n 19,261 | \n\n 2,817 | \n\n 3,572 | \n
| \n Total of commitments received | \n\n 120,672 | \n\n 25,542 | \n\n 39,168 | \n\n 55,962 | \n
| \n of which commitments given relating to joint ventures | \n\n 32,054 | \n\n 2,006 | \n\n 5,666 | \n\n 24,382 | \n
| \n of which commitments given relating to associates | \n\n 52,270 | \n\n 839 | \n\n 11,638 | \n\n 39,793 | \n
| \n As of December 31, 2021 (M$) | \n\n Maturity and installments | \n|||
| \n Total | \n\n Less than | \n\n Between | \n\n More than | \n|
| \n Non-current debt obligations net of hedging instruments (Note 15) | \n\n 40,311 | \n\n \u2013 | \n\n 16,811 | \n\n 23,500 | \n
| \n Current portion of non-current debt obligations net of hedging instruments (Note 15) | \n\n 5,073 | \n\n 5,073 | \n\n \u2013 | \n\n \u2013 | \n
| \n Lease obligations (Note 13.2) | \n\n 9,034 | \n\n 1,390 | \n\n 3,321 | \n\n 4,323 | \n
| \n Asset retirement obligations (Note 12) | \n\n 14,976 | \n\n 610 | \n\n 1,751 | \n\n 12,615 | \n
| \n Contractual obligations recorded in the balance sheet | \n\n 69,394 | \n\n 7,073 | \n\n 21,883 | \n\n 40,438 | \n
| \n Lease obligations for low value assets, short term contracts or not yet commenced (Note 13.2) | \n\n 1,679 | \n\n 689 | \n\n 543 | \n\n 447 | \n
| \n Purchase obligations | \n\n 136,032 | \n\n 13,333 | \n\n 36,174 | \n\n 86,525 | \n
| \n Contractual obligations not recorded in the balance sheet | \n\n 137,711 | \n\n 14,022 | \n\n 36,717 | \n\n 86,972 | \n
| \n Total of contractual obligations | \n\n 207,105 | \n\n 21,095 | \n\n 58,600 | \n\n 127,410 | \n
| \n Guarantees given to customs authorities | \n\n 2,236 | \n\n 2,122 | \n\n 50 | \n\n 64 | \n
| \n Guarantees given on borrowings | \n\n 20,428 | \n\n 595 | \n\n 3,734 | \n\n 16,099 | \n
| \n Guarantees related to sales of businesses | \n\n 316 | \n\n 163 | \n\n \u2013 | \n\n 153 | \n
| \n Guarantees of current liabilities | \n\n 70 | \n\n 69 | \n\n 1 | \n\n \u2013 | \n
| \n Guarantees to customers / suppliers | \n\n 23,494 | \n\n 3,093 | \n\n 4,376 | \n\n 16,025 | \n
| \n Letters of credit | \n\n 2,993 | \n\n 2,869 | \n\n 122 | \n\n 2 | \n
| \n Other operating commitments | \n\n 21,138 | \n\n 3,058 | \n\n 1,594 | \n\n 16,486 | \n
| \n Total of other commitments given | \n\n 70,675 | \n\n 11,969 | \n\n 9,877 | \n\n 48,829 | \n
| \n Assets received as collateral (security interests) | \n\n 62 | \n\n 37 | \n\n 16 | \n\n 9 | \n
| \n Sales obligations | \n\n 92,555 | \n\n 7,565 | \n\n 33,271 | \n\n 51,719 | \n
| \n Other commitments received | \n\n 22,326 | \n\n 17,285 | \n\n 1,755 | \n\n 3,286 | \n
| \n Total of commitments received | \n\n 114,943 | \n\n 24,887 | \n\n 35,042 | \n\n 55,014 | \n
| \n of which commitments given relating to joint ventures | \n\n 33,373 | \n\n 253 | \n\n 7,353 | \n\n 25,767 | \n
| \n of which commitments given relating to associates | \n\n 34,491 | \n\n 727 | \n\n 9,110 | \n\n 24,654 | \n
| \n As of December 31, 2020 (M$) | \n\n Maturity and installments | \n|||
| \n Total | \n\n Less than | \n\n Between | \n\n More than | \n|
| \n Non-current debt obligations net of hedging instruments (Note 15) | \n\n 48,705 | \n\n \u2013 | \n\n 22,745 | \n\n 25,960 | \n
| \n Current portion of non-current debt obligations net of hedging instruments (Note 15) | \n\n 4,674 | \n\n 4,674 | \n\n \u2013 | \n\n \u2013 | \n
| \n Lease obligations (Note 13.2) | \n\n 8,943 | \n\n 1,207 | \n\n 3,178 | \n\n 4,558 | \n
| \n Asset retirement obligations (Note 12) | \n\n 15,368 | \n\n 463 | \n\n 1,840 | \n\n 13,065 | \n
| \n Contractual obligations recorded in the balance sheet | \n\n 77,690 | \n\n 6,344 | \n\n 27,763 | \n\n 43,583 | \n
| \n Lease obligations for low value assets, short term contracts or not yet commenced (Note 13.2) | \n\n 1,745 | \n\n 704 | \n\n 626 | \n\n 415 | \n
| \n Purchase obligations | \n\n 143,177 | \n\n 11,719 | \n\n 39,126 | \n\n 92,332 | \n
| \n Contractual obligations not recorded in the balance sheet | \n\n 144,922 | \n\n 12,423 | \n\n 39,752 | \n\n 92,747 | \n
| \n Total of contractual obligations | \n\n 222,612 | \n\n 18,767 | \n\n 67,515 | \n\n 136,330 | \n
| \n Guarantees given to customs authorities | \n\n 2,312 | \n\n 2,189 | \n\n 60 | \n\n 63 | \n
| \n Guarantees given on borrowings | \n\n 14,164 | \n\n 746 | \n\n 3,660 | \n\n 9,758 | \n
| \n Guarantees related to sales of businesses | \n\n 333 | \n\n 179 | \n\n \u2013 | \n\n 154 | \n
| \n Guarantees of current liabilities | \n\n 147 | \n\n 68 | \n\n 56 | \n\n 23 | \n
| \n Guarantees to customers / suppliers | \n\n 19,182 | \n\n 2,603 | \n\n 1,853 | \n\n 14,726 | \n
| \n Letters of credit | \n\n 2,432 | \n\n 2,297 | \n\n 135 | \n\n \u2013 | \n
| \n Other operating commitments | \n\n 23,879 | \n\n 3,224 | \n\n 3,002 | \n\n 17,653 | \n
| \n Total of other commitments given | \n\n 62,449 | \n\n 11,306 | \n\n 8,766 | \n\n 42,377 | \n
| \n Assets received as collateral (security interests) | \n\n 77 | \n\n 28 | \n\n 24 | \n\n 25 | \n
| \n Sales obligations | \n\n 80,521 | \n\n 7,001 | \n\n 29,362 | \n\n 44,158 | \n
| \n Other commitments received | \n\n 20,401 | \n\n 15,270 | \n\n 1,474 | \n\n 3,657 | \n
| \n Total of commitments received | \n\n 100,999 | \n\n 22,299 | \n\n 30,860 | \n\n 47,840 | \n
| \n of which commitments given relating to joint ventures | \n\n 34,920 | \n\n 644 | \n\n 7,288 | \n\n 26,988 | \n
| \n of which commitments given relating to associates | \n\n 51,795 | \n\n 999 | \n\n 8,664 | \n\n 42,132 | \n
A)Contractual obligations
Debt obligations
\u201cNon-current debt obligations\u201d are included in the items \u201cNon-current financial debt\u201d and \u201cNon-current financial assets\u201d of the Consolidated Balance Sheet. It includes the non-current portion of swaps hedging bonds and excludes non-current lease obligations of $8,277 million.
The current portion of non-current debt is included in the items \u201cCurrent borrowings\u201d, \u201cCurrent financial assets\u201d and \u201cOther current financial liabilities\u201d of the Consolidated Balance Sheet. It includes the current portion of swaps hedging bonds and excludes the current portion of lease obligations of $1,437 million.
The information regarding contractual obligations linked to indebtedness is presented in Note 15 to the Consolidated Financial Statements.
Lease contracts
The information regarding leases is presented in Note 13.2 to the Consolidated Financial Statements.
Asset retirement obligations
This item represents the discounted present value of Exploration & Production and Integrated Gas, Renewables & Power asset retirement obligations, primarily asset removal costs at the completion date. The information regarding contractual obligations linked to asset retirement obligations is presented in Note 12 to the Consolidated Financial Statements.
Purchase obligations
Purchase obligations are obligations under contractual agreements to purchase goods or services, including capital projects. These obligations are enforceable and legally binding on the company and specify all significant terms, including the amount and the timing of the payments.
These obligations mainly include: unconditional hydrocarbon purchase contracts (except where an active, highly-liquid market exists and when the hydrocarbons are expected to be re-sold shortly after purchase) in the Integrated Gas, Renewables & Power segment, reservation of transport capacities in pipelines, unconditional exploration works and development works in the Exploration & Production segment, and contracts for capital investment projects in the Refining & Chemicals segment.
B)Other commitments given
Guarantees given to customs authorities
These consist of guarantees given by TotalEnergies to customs authorities in order to guarantee the payments of taxes and excise duties on the importation of oil and gas products, mostly in France.
Guarantees given on borrowings
TotalEnergies guarantees bank debt and lease obligations of certain non-consolidated subsidiaries and equity affiliates. Maturity dates vary, and guarantees will terminate on payment and/or cancellation of the obligation. A payment would be triggered by failure of the guaranteed party to fulfill its obligation covered by the guarantee, and no assets are held as collateral for these guarantees. As of December 31, 2022, the maturities of these guarantees are up to 2047.
As of December\u00a031, 2022, the guarantees provided by TotalEnergies SE in connection with the financing of the Ichthys LNG project amount to $4,659 million. As of December 31, 2021, the guarantees amounted to $4,860 million.
As of December\u00a031, 2022, the guarantees provided by TotalEnergies SE in connection with the financing of the Mozambique LNG project amount to $4,600 million as in 2021.
As of December\u00a031, 2022, the guarantees provided by TotalEnergies SE in connection with the financing of the Yamal LNG project amount to $3,483 million. As of December 31, 2021, the guarantees amounted to $3,469 million.
As of December\u00a031, 2022, guarantees provided by TotalEnergies SE in connection with the financing of the Bayport Polymers LLC project, amount to $1,820 million as in 2021.
As of December\u00a031, 2022, guarantees provided by TotalEnergies Holdings in connection with the financing of the Seagreen project, amount to $1,204 million. As of December 31, 2021, the guarantees amounted to $481 million.
As of December 31, 2022, TotalEnergies SE has confirmed guarantees for TotalEnergies Refining Saudi Arabia SAS shareholders' advances for an amount of $1,025 million. As of December 31, 2021, the guarantees amounted to $1,120 million.
As of December\u00a031, 2022, the guarantees provided by TotalEnergies SE in connection with the financing of the Arctic LNG2 project amount to $1,013 million. As of December 31, 2021, the guarantees amounted to $1,076 million.
Indemnities related to sales of businesses
In the ordinary course of business, TotalEnergies executes contracts involving standard indemnities for the oil industry and indemnities specific to transactions such as sales of businesses. These indemnities might include claims against any of the following: environmental, tax and shareholder matters, intellectual property rights, governmental regulations and employment-related matters, and commercial contractual relationships. Performance under these indemnities would generally be triggered by a breach of terms of the contract or by a third party claim. TotalEnergies regularly evaluates the probability of having to incur costs associated with these indemnities.
Other guarantees given
Non-consolidated subsidiaries
TotalEnergies also guarantees the current liabilities of certain non-consolidated subsidiaries. Performance under these guarantees would be triggered by a financial default of the entity.
Operating agreements
As part of normal ongoing business operations and consistent with generally accepted industry practices, TotalEnergies enters into numerous agreements with other parties. These commitments are often entered into for commercial purposes, for regulatory purposes or for other operating agreements.
C)Commitments received
Sales obligations
These amounts represent binding obligations to sell goods, including in particular hydrocarbon sales contracts (except where an active, highly-liquid market exists and when the volumes are expected to be re-sold shortly after purchase).
13.2Lease contracts
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n A lease contract is a contract that grants lessee the right to use an identified asset for a specified period of time in exchange for consideration. At lease inception, an asset corresponding to right of use and a debt are recognized in the lessee\u2019s balance sheet. Carrying value of right of use corresponds to present value of future lease payments plus any direct costs incurred for concluding the contract. Lease debt is recorded as a liability in the balance sheet under financial debts. Rights of use are depreciated over the useful lives applied by TotalEnergies. | \n\n \n | \n\n Leases that are of short duration or that relate to low value assets are not recorded in the balance sheet, in accordance with the exemptions in the standard. They are presented as off-balance sheet commitments. | \n\n\n | \n|
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
TotalEnergies mainly leases real estate, retail stations, ships, and other equipment (see Note 7 to the Consolidated Financial Statements).
The future minimum lease payments on leases to which TotalEnergies is committed are as follows:
| \n For the year ended December 31, 2022 (M$) | \n\n Exempted contracts | \n\n Leases recorded in balance sheet | \n
| \n 2023 | \n\n 783 | \n\n 2,189 | \n
| \n 2024 | \n\n 190 | \n\n 1,646 | \n
| \n 2025 | \n\n 154 | \n\n 1,255 | \n
| \n 2026 | \n\n 137 | \n\n 1,140 | \n
| \n 2027 | \n\n 129 | \n\n 993 | \n
| \n 2028 and beyond | \n\n 437 | \n\n 6,053 | \n
| \n Total minimum payments | \n\n 1,830 | \n\n 13,276 | \n
| \n Less financial expenses | \n\n \u2013 | \n\n (3,562) | \n
| \n Nominal value of contracts | \n\n \u2013 | \n\n 9,714 | \n
| \n Less current portion of lease contracts (note 15) | \n\n \u2013 | \n\n (1,437) | \n
| \n Non-current lease liabilities | \n\n \u2013 | \n\n 8,277 | \n
| \n For the year ended December 31, 2021 (M$) | \n\n Exempted contracts | \n\n Leases recorded in balance sheet | \n
| \n 2022 | \n\n 689 | \n\n 1,835 | \n
| \n 2023 | \n\n 194 | \n\n 1,347 | \n
| \n 2024 | \n\n 136 | \n\n 1,199 | \n
| \n 2025 | \n\n 111 | \n\n 1,097 | \n
| \n 2026 | \n\n 102 | \n\n 1,021 | \n
| \n 2027 and beyond | \n\n 447 | \n\n 6,017 | \n
| \n Total minimum payments | \n\n 1,679 | \n\n 12,516 | \n
| \n Less financial expenses | \n\n \u2013 | \n\n (3,482) | \n
| \n Nominal value of contracts | \n\n \u2013 | \n\n 9,034 | \n
| \n Less current portion of lease contracts (note 15) | \n\n \u2013 | \n\n (1,390) | \n
| \n Non-current lease liabilities | \n\n \u2013 | \n\n 7,644 | \n
| \n For the year ended December 31, 2020 (M$) | \n\n Exempted contracts | \n\n Leases recorded in balance sheet | \n
| \n 2021 | \n\n 704 | \n\n 1,659 | \n
| \n 2022 | \n\n 252 | \n\n 1,366 | \n
| \n 2023 | \n\n 159 | \n\n 1,117 | \n
| \n 2024 | \n\n 118 | \n\n 1,022 | \n
| \n 2025 | \n\n 97 | \n\n 964 | \n
| \n 2026 and beyond | \n\n 415 | \n\n 6,325 | \n
| \n Total minimum payments | \n\n 1,745 | \n\n 12,453 | \n
| \n Less financial expenses | \n\n \u2013 | \n\n \u00a0(3,510) | \n
| \n Nominal value of contracts | \n\n \u2013 | \n\n 8,943 | \n
| \n Less current portion of lease contracts (note 15) | \n\n \u2013 | \n\n \u00a0(1,207) | \n
| \n Non-current lease liabilities | \n\n \u2013 | \n\n 7,736 | \n
For the year ended December 31, 2022, rental expense recorded in the income statement and incurred under short term leases or low value assets leases and under variable lease payments is $701 million and $151 million, respectively.
For the year ended December 31, 2021, rental expense recorded in the income statement and incurred under short term leases or low value assets leases and under variable lease payments was $487 million and $242 million, respectively.
For the year ended December 31, 2020, rental expense recorded in the income statement and incurred under short team leases or low value assets leases and under variable lease payments was $600 million and $162 million, respectively.
Other information required on lease debts, notably their maturity, is presented in Note 15 to the consolidated financial statements.
Accounting principles
A lease contract is a contract that grants lessee the right to use an identified asset for a specified period of time in exchange for consideration. At lease inception, an asset corresponding to right of use and a debt are recognized in the lessee\u2019s balance sheet. Carrying value of right of use corresponds to present value of future lease payments plus any direct costs incurred for concluding the contract. Lease debt is recorded as a liability in the balance sheet under financial debts. Rights of use are depreciated over the useful lives applied by TotalEnergies.
Leases that are of short duration or that relate to low value assets are not recorded in the balance sheet, in accordance with the exemptions in the standard. They are presented as off-balance sheet commitments.
Note 14Financial assets and liabilities analysis per instrument class and strategy
The financial assets and liabilities disclosed in the balance sheet are detailed as follows:
| \n As of December 31, 2022 (M$) ASSETS/(Liabilities) | \n\n Amortized cost | \n\n Fair value through P&L | \n\n Other Comprehensive Income | \n\n Fair value of bonds hedging instruments | \n\n Total | \n\n Fair value | \n
| \n Equity affiliates: loans | \n\n 3,733 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 3,733 | \n\n 3,733 | \n
| \n Other investments | \n\n \u2013 | \n\n 932 | \n\n 119 | \n\n \u2013 | \n\n 1,051 | \n\n 1,051 | \n
| \n Non-current financial assets | \n\n 1,428 | \n\n 490 | \n\n \u2013 | \n\n 813 | \n\n 2,731 | \n\n 2,731 | \n
| \n Other non-current assets | \n\n 2,087 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 2,087 | \n\n 2,087 | \n
| \n Accounts receivable, net(b) | \n\n 24,378 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 24,378 | \n\n 24,378 | \n
| \n Other operating receivables | \n\n 8,069 | \n\n 19,529 | \n\n 691 | \n\n \u2013 | \n\n 28,289 | \n\n 28,289 | \n
| \n Current financial assets | \n\n 7,536 | \n\n 1,071 | \n\n 137 | \n\n 2 | \n\n 8,746 | \n\n 8,746 | \n
| \n Cash and cash equivalents | \n\n 33,026 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 33,026 | \n\n 33,026 | \n
| \n Total financial assets | \n\n 80,257 | \n\n 22,022 | \n\n 947 | \n\n 815 | \n\n 104,041 | \n\n 104,041 | \n
| \n Total non-financial assets | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 199,823 | \n\n \u00a0 | \n
| \n Total assets | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 303,864 | \n\n \u00a0 | \n
| \n Non-current financial debt(a) | \n\n (41,235) | \n\n (283) | \n\n \u2013 | \n\n (3,746) | \n\n (45,264) | \n\n (43,471) | \n
| \n Accounts payable(b) | \n\n (41,346) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (41,346) | \n\n (41,346) | \n
| \n Other operating liabilities | \n\n (16,412) | \n\n (17,994) | \n\n (780) | \n\n \u2013 | \n\n (35,186) | \n\n (35,186) | \n
| \n Current borrowings(a) | \n\n (15,502) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (15,502) | \n\n (15,518) | \n
| \n Other current financial liabilities | \n\n \u2013 | \n\n (226) | \n\n \u2013 | \n\n (262) | \n\n (488) | \n\n (488) | \n
| \n Total financial liabilities | \n\n (114,495) | \n\n (18,503) | \n\n (780) | \n\n (4,008) | \n\n (137,786) | \n\n (136,009) | \n
| \n Total non-financial liabilities | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (166,078) | \n\n \u00a0 | \n
| \n Total liabilities | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (303,864) | \n\n \u00a0 | \n
| \n (a)The financial debt is adjusted to the hedged risks value (currency and interest rate) as part of hedge accounting (see Note 15 to the Consolidated Financial Statements). (b)The impact of offsetting on accounts receivable, net is $(10,156) million and $10,156 million on accounts payable. | \n
| \n As of December 31, 2021 (M$)
| \n\n Amortized cost | \n\n Fair value through P&L | \n\n Other Comprehensive Income | \n\n Fair value of bonds hedging instruments | \n\n Total | \n\n Fair value | \n
| \n Equity affiliates: loans | \n\n 4,532 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 4,532 | \n\n 4,532 | \n
| \n Other investments | \n\n \u2013 | \n\n 1,052 | \n\n 573 | \n\n \u2013 | \n\n 1,625 | \n\n 1,625 | \n
| \n Non-current financial assets | \n\n 847 | \n\n 770 | \n\n \u2013 | \n\n 787 | \n\n 2,404 | \n\n 2,404 | \n
| \n Other non-current assets | \n\n 2,419 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 2,419 | \n\n 2,419 | \n
| \n Accounts receivable, net(b) | \n\n 21,983 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 21,983 | \n\n 21,983 | \n
| \n Other operating receivables | \n\n 7,141 | \n\n 21,067 | \n\n 1,345 | \n\n \u2013 | \n\n 29,553 | \n\n 29,553 | \n
| \n Current financial assets | \n\n 12,001 | \n\n 272 | \n\n \u2013 | \n\n 42 | \n\n 12,315 | \n\n 12,315 | \n
| \n Cash and cash equivalents | \n\n 21,342 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 21,342 | \n\n 21,342 | \n
| \n Total financial assets | \n\n 70,265 | \n\n 23,161 | \n\n 1,918 | \n\n 829 | \n\n 96,173 | \n\n 96,173 | \n
| \n Total non-financial assets | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 197,285 | \n\n \u00a0 | \n
| \n Total assets | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 293,458 | \n\n \u00a0 | \n
| \n Non-current financial debt(a) | \n\n (47,973) | \n\n (41) | \n\n \u2013 | \n\n (1,498) | \n\n (49,512) | \n\n (53,144) | \n
| \n Accounts payable(b) | \n\n (36,837) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (36,837) | \n\n (36,837) | \n
| \n Other operating liabilities | \n\n (11,128) | \n\n (15,266) | \n\n (900) | \n\n \u2013 | \n\n (27,294) | \n\n (27,294) | \n
| \n Current borrowings(a) | \n\n (15,035) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (15,035) | \n\n (15,039) | \n
| \n Other current financial liabilities | \n\n \u2013 | \n\n (56) | \n\n \u2013 | \n\n (316) | \n\n (372) | \n\n (372) | \n
| \n Total financial liabilities | \n\n (110,973) | \n\n (15,363) | \n\n (900) | \n\n (1,814) | \n\n (129,050) | \n\n (132,686) | \n
| \n Total non-financial liabilities | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (164,408) | \n\n \u00a0 | \n
| \n Total liabilities | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (293,458) | \n\n \u00a0 | \n
| \n (a)The financial debt is adjusted to the hedged risks value (currency and interest rate) as part of hedge accounting (see Note 15 to the Consolidated Financial Statements). (b)The impact of offsetting on accounts receivable, net is $(4,584) million and $4,584 million on accounts payable. | \n
| \n As of December 31, 2020 (M$)
| \n\n Amortized cost | \n\n Fair value through P&L | \n\n Other Comprehensive Income | \n\n Fair value of bonds hedging instruments | \n\n Total | \n\n Fair value | \n
| \n Equity affiliates: loans | \n\n 5,129 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 5,129 | \n\n 5,129 | \n
| \n Other investments | \n\n \u2013 | \n\n 1,224 | \n\n 783 | \n\n \u2013 | \n\n 2,007 | \n\n 2,007 | \n
| \n Non-current financial assets | \n\n 1,019 | \n\n 541 | \n\n \u2013 | \n\n 3,221 | \n\n 4,781 | \n\n 4,781 | \n
| \n Other non-current assets | \n\n 2,745 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 2,745 | \n\n 2,745 | \n
| \n Accounts receivable, net(b) | \n\n 14,068 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 14,068 | \n\n 14,068 | \n
| \n Other operating receivables | \n\n 6,615 | \n\n 1,428 | \n\n \u2013 | \n\n \u2013 | \n\n 8,043 | \n\n 8,043 | \n
| \n Current financial assets | \n\n 4,547 | \n\n 65 | \n\n \u2013 | \n\n 18 | \n\n 4,630 | \n\n 4,630 | \n
| \n Cash and cash equivalents | \n\n 31,268 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 31,268 | \n\n 31,268 | \n
| \n Total financial assets | \n\n 65,391 | \n\n 3,258 | \n\n 783 | \n\n 3,239 | \n\n 72,671 | \n\n 72,671 | \n
| \n Total non-financial assets | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 193,461 | \n\n \u00a0 | \n
| \n Total assets | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 266,132 | \n\n \u00a0 | \n
| \n Non-current financial debt(a) | \n\n (58,470) | \n\n (118) | \n\n \u2013 | \n\n (1,615) | \n\n (60,203) | \n\n (66,210) | \n
| \n Accounts payable(b) | \n\n (23,574) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (23,574) | \n\n (23,574) | \n
| \n Other operating liabilities | \n\n (10,635) | \n\n (3,666) | \n\n \u2013 | \n\n (1) | \n\n (14,302) | \n\n (14,302) | \n
| \n Current borrowings(a) | \n\n (17,099) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (17,099) | \n\n (17,121) | \n
| \n Other current financial liabilities | \n\n \u2013 | \n\n (99) | \n\n \u2013 | \n\n (104) | \n\n (203) | \n\n (203) | \n
| \n Total financial liabilities | \n\n (109,778) | \n\n (3,883) | \n\n \u2013 | \n\n (1,720) | \n\n (115,381) | \n\n (121,410) | \n
| \n Total non-financial liabilities | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (150,751) | \n\n \u00a0 | \n
| \n Total liabilities | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (266,132) | \n\n \u00a0 | \n
| \n (a)The financial debt is adjusted to the hedged risks value (currency and interest rate) as part of hedge accounting (see Note 15 to the Consolidated Financial Statements). (b)The impact of offsetting on accounts receivable, net is $(1,844) million and $1,844 million on accounts payable. | \n
15.1Financial debt and derivative financial instruments
A)Non-current financial debt and derivative financial instruments
| \n As of December 31, 2022 (M$) (Assets)/Liabilities | \n\n Secured | \n\n Unsecured | \n\n Total | \n
| \n Non-current financial debt | \n\n 8,329 | \n\n 36,935 | \n\n 45,264 | \n
| \n of which hedging instruments of non-current financial debt (liabilities) | \n\n \u2013 | \n\n 3,746 | \n\n 3,746 | \n
| \n Non-current financial assets | \n\n (1,428) | \n\n (1,303) | \n\n (2,731) | \n
| \n of which hedging instruments of non-current financial debt (assets) | \n\n \u2013 | \n\n (813) | \n\n (813) | \n
| \n Non-current net financial debt and related financial instruments | \n\n 6,901 | \n\n 35,632 | \n\n 42,533 | \n
| \n Variable rate bonds or bonds after fair value hedge | \n\n \u2013 | \n\n 8,958 | \n\n 8,958 | \n
| \n Fixed rate bonds or bonds after cash flow hedge | \n\n \u2013 | \n\n 26,159 | \n\n 26,159 | \n
| \n Other floating rate debt | \n\n 13 | \n\n 227 | \n\n 240 | \n
| \n Other fixed rate debt | \n\n 39 | \n\n 496 | \n\n 535 | \n
| \n Lease obligations | \n\n 8,277 | \n\n \u2013 | \n\n 8,277 | \n
| \n Non-current financial assets excluding derivative financial instruments | \n\n (1,428) | \n\n \u2013 | \n\n (1,428) | \n
| \n Non-current instruments held for trading | \n\n \u2013 | \n\n (208) | \n\n (208) | \n
| \n Non-current net financial debt and related financial instruments | \n\n 6,901 | \n\n 35,632 | \n\n 42,533 | \n
| \n As of December 31, 2021 (M$) (Assets)/Liabilities | \n\n Secured | \n\n Unsecured | \n\n Total | \n
| \n Non-current financial debt | \n\n 7,720 | \n\n 41,792 | \n\n 49,512 | \n
| \n of which hedging instruments of non-current financial debt (liabilities) | \n\n \u2013 | \n\n 1,498 | \n\n 1,498 | \n
| \n Non-current financial assets | \n\n (847) | \n\n (1,557) | \n\n (2,404) | \n
| \n of which hedging instruments of non-current financial debt (assets) | \n\n \u2013 | \n\n (787) | \n\n (787) | \n
| \n Non-current net financial debt and related financial instruments | \n\n 6,873 | \n\n 40,235 | \n\n 47,108 | \n
| \n Variable rate bonds or bonds after fair value hedge | \n\n \u2013 | \n\n 12,820 | \n\n 12,820 | \n
| \n Fixed rate bonds or bonds after cash flow hedge | \n\n \u2013 | \n\n 27,147 | \n\n 27,147 | \n
| \n Other floating rate debt | \n\n 15 | \n\n 634 | \n\n 649 | \n
| \n Other fixed rate debt | \n\n 61 | \n\n 363 | \n\n 424 | \n
| \n Lease obligations | \n\n 7,644 | \n\n \u2013 | \n\n 7,644 | \n
| \n Non-current financial assets excluding derivative financial instruments | \n\n (847) | \n\n (675) | \n\n (1,522) | \n
| \n Non-current instruments held for trading | \n\n \u2013 | \n\n (54) | \n\n (54) | \n
| \n Non-current net financial debt and related financial instruments | \n\n 6,873 | \n\n 40,235 | \n\n 47,108 | \n
| \n As of December 31, 2020 (M$) (Assets)/Liabilities | \n\n Secured | \n\n Unsecured | \n\n Total | \n
| \n Non-current financial debt | \n\n 7,849 | \n\n 52,354 | \n\n 60,203 | \n
| \n of which hedging instruments of non-current financial debt (liabilities) | \n\n \u2013 | \n\n 1,615 | \n\n 1,615 | \n
| \n Non-current financial assets | \n\n (1,019) | \n\n (3,762) | \n\n (4,781) | \n
| \n of which hedging instruments of non-current financial debt (assets) | \n\n \u2013 | \n\n (3,221) | \n\n (3,221) | \n
| \n Non-current net financial debt and related financial instruments | \n\n 6,830 | \n\n 48,592 | \n\n 55,422 | \n
| \n Variable rate bonds or bonds after fair value hedge | \n\n \u2013 | \n\n 16,553 | \n\n 16,553 | \n
| \n Fixed rate bonds or bonds after cash flow hedge | \n\n \u2013 | \n\n 28,080 | \n\n 28,080 | \n
| \n Other floating rate debt | \n\n 40 | \n\n 3,944 | \n\n 3,984 | \n
| \n Other fixed rate debt | \n\n 73 | \n\n 438 | \n\n 511 | \n
| \n Lease obligations | \n\n 7,736 | \n\n \u2013 | \n\n 7,736 | \n
| \n Non-current financial assets excluding derivative financial instruments | \n\n (1,019) | \n\n (432) | \n\n (1,451) | \n
| \n Non-current instruments held for trading | \n\n \u2013 | \n\n 9 | \n\n 9 | \n
| \n Non-current net financial debt and related financial instruments | \n\n 6,830 | \n\n 48,592 | \n\n 55,422 | \n
The bonds, as of December 31, 2022, after taking into account currency and interest rates swaps fair value, are detailed as follows:
| \n Bonds after fair value hedge or | \n\n Currency of issuance | \n\n Amount after December 31, 2022 | \n\n Amount after December 31, 2021 | \n\n Amount after December 31, 2020 | \n\n Range of current maturities | \n\n Range of initial current rate before hedging instruments | \n
| \n Bond | \n\n USD | \n\n 5,042 | \n\n 5,001 | \n\n 6,253 | \n\n 2023 - 2028 | \n\n 2.434% - 3.883% | \n
| \n Bond | \n\n USD | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Bond | \n\n CHF | \n\n 407 | \n\n 409 | \n\n 410 | \n\n 2026 - 2029 | \n\n 0.176% - 0.298% | \n
| \n Bond | \n\n NZD | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Bond | \n\n AUD | \n\n 71 | \n\n 71 | \n\n 377 | \n\n 2025 | \n\n 4.000% | \n
| \n Bond | \n\n EUR | \n\n 5,574 | \n\n 7,528 | \n\n 8,666 | \n\n 2023 - 2044 | \n\n 0.250% - 3.125% | \n
| \n Bond | \n\n EUR | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Bond | \n\n CAD | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Bond | \n\n GBP | \n\n 925 | \n\n 1,524 | \n\n 1,522 | \n\n 2025 - 2031 | \n\n 1.405% - 2.250% | \n
| \n Bond | \n\n HKD | \n\n 129 | \n\n 129 | \n\n 129 | \n\n 2025 | \n\n 2.920% | \n
| \n Current portion (less than one year) | \n\n \n | \n\n (3,890) | \n\n (2,540) | \n\n (2,699) | \n\n \n | \n\n \n | \n
| \n Principal financing entities(b) | \n\n \n | \n\n 8,258 | \n\n 12,122 | \n\n 14,658 | \n\n \n | \n\n \n | \n
| \n TotalEnergies SE | \n\n \n | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \n | \n\n \n | \n
| \n Bond | \n\n \n | \n\n \u2013 | \n\n 1,200 | \n\n 1,200 | \n\n \n | \n\n \n | \n
| \n Current portion (less than one year) | \n\n \n | \n\n \u2013 | \n\n (1,200) | \n\n \u2013 | \n\n \n | \n\n \n | \n
| \n Other consolidated subsidiaries | \n\n \n | \n\n 700 | \n\n 698 | \n\n 695 | \n\n \n | \n\n \n | \n
| \n Total variable rate bonds or bonds after fair value hedge | \n\n \n | \n\n 8,958 | \n\n 12,820 | \n\n 16,553 | \n\n \n | \n\n \n | \n
| \n Bonds after cash flow hedge or fixed (M$) | \n\n Currency of issuance | \n\n Amount after December 31, 2022 | \n\n Amount after December 31, 2021 | \n\n Amount after December 31, 2020 | \n\n Range of current maturities | \n\n Range of initial current rate before hedging instruments | \n
| \n Bond | \n\n EUR | \n\n 15,628 | \n\n 15,487 | \n\n 15,259 | \n\n 2024 - 2044 | \n\n 0.696% - 5.125% | \n
| \n Bond | \n\n USD | \n\n 8,783 | \n\n 9,941 | \n\n 11,524 | \n\n 2023 - 2060 | \n\n 2.829% - 3.461% | \n
| \n Bond | \n\n HKD | \n\n 187 | \n\n 200 | \n\n 208 | \n\n 2026 | \n\n 3.088% | \n
| \n Bond | \n\n CHF | \n\n 1,076 | \n\n 1,113 | \n\n 1,134 | \n\n 2024 - 2027 | \n\n 0.510% - 1.010% | \n
| \n Bond | \n\n GBP | \n\n 985 | \n\n 1,004 | \n\n 998 | \n\n 2024 - 2026 | \n\n 1.250% - 1.660% | \n
| \n Bond | \n\n AUD | \n\n (2) | \n\n 5 | \n\n 9 | \n\n 2025 | \n\n 4.000% | \n
| \n Current portion (less than one year) | \n\n \u00a0 | \n\n (500) | \n\n (1,000) | \n\n (1,500) | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Principal financing entities(b) | \n\n \u00a0 | \n\n 26,157 | \n\n 26,750 | \n\n 27,632 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Other consolidated subsidiaries | \n\n \u00a0 | \n\n 2 | \n\n 397 | \n\n 448 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total fixed rate bonds or bonds after cash flow hedge | \n\n \n | \n\n 26,159 | \n\n 27,147 | \n\n 28,080 | \n\n \n | \n\n \n | \n
| \n (a)The IBOR rate reform will mainly impact the bonds after fair value hedge, on principal financing entities and TotalEnergies SE, indexed on the USLIBOR rate. At December 31, 2022, the amount of the bonds after fair value hedge (both non-current and current portions) on principal financing entities and TotalEnergies SE is $12,148 million. (b)All debt securities issued through the following subsidiaries are fully and unconditionally guaranteed by TotalEnergies SE as to payment of principal, premium, if any, interest and any other amounts due: \u2013TotalEnergies Capital is a wholly and directly owned subsidiary of TotalEnergies SE (except for one share held by each director). It acts as a financing vehicle for TotalEnergies. The repayment of its financial debt (capital, premium and interest) is fully and unconditionally guaranteed by TotalEnergies SE; \u2013TotalEnergies Capital Canada Ltd. is a wholly and directly owned subsidiary of TotalEnergies SE. It acts as a financing vehicle for the activities of TotalEnergies in Canada. The repayment of its financial debt (capital, premium and interest) is fully and unconditionally guaranteed by TotalEnergies SE; \u2013TotalEnergies Capital International is a wholly and directly owned subsidiary of TotalEnergies SE (except for one share held by each director). It acts as a financing vehicle for TotalEnergies. The repayment of its financial debt (capital, premium and interest) is fully and unconditionally guaranteed by TotalEnergies SE. | \n
Loan repayment schedule (excluding current portion)
| \n As of December 31, 2022 | \n\n Non-current financial debt | \n\n of which hedging instruments of non-current financial debt (liabilities) | \n\n Non-current financial assets | \n\n of which hedging instruments of non-current financial debt (assets) | \n\n Non-current net financial debt and related financial instruments | \n\n % | \n
| \n 2024 | \n\n 7,251 | \n\n 399 | \n\n (899) | \n\n (56) | \n\n 6,352 | \n\n 15% | \n
| \n 2025 | \n\n 4,701 | \n\n 552 | \n\n (259) | \n\n (168) | \n\n 4,442 | \n\n 10% | \n
| \n 2026 | \n\n 3,465 | \n\n 467 | \n\n (194) | \n\n (107) | \n\n 3,271 | \n\n 8% | \n
| \n 2027 | \n\n 3,522 | \n\n 217 | \n\n (104) | \n\n (17) | \n\n 3,418 | \n\n 8% | \n
| \n 2028 and beyond | \n\n 26,325 | \n\n 2,111 | \n\n (1,275) | \n\n (465) | \n\n 25,050 | \n\n 59% | \n
| \n Total | \n\n 45,264 | \n\n 3,746 | \n\n (2,731) | \n\n (813) | \n\n 42,533 | \n\n 100% | \n
| \n As of December 31, 2021 | \n\n Non-current financial debt | \n\n of which hedging instruments of non-current financial debt (liabilities) | \n\n Non-current financial assets | \n\n of which hedging instruments of non-current financial debt (assets) | \n\n Non-current net financial debt and related financial instruments | \n\n % | \n
| \n 2023 | \n\n 6,143 | \n\n 115 | \n\n (111) | \n\n (51) | \n\n 6,032 | \n\n 13% | \n
| \n 2024 | \n\n 6,506 | \n\n 190 | \n\n (219) | \n\n (103) | \n\n 6,287 | \n\n 13% | \n
| \n 2025 | \n\n 4,471 | \n\n 194 | \n\n (89) | \n\n (51) | \n\n 4,382 | \n\n 9% | \n
| \n 2026 | \n\n 3,348 | \n\n 238 | \n\n (71) | \n\n (34) | \n\n 3,277 | \n\n 7% | \n
| \n 2027 and beyond | \n\n 29,044 | \n\n 761 | \n\n (1,914) | \n\n (548) | \n\n 27,130 | \n\n 58% | \n
| \n Total | \n\n 49,512 | \n\n 1,498 | \n\n (2,404) | \n\n (787) | \n\n 47,108 | \n\n 100% | \n
| \n As of December 31, 2020 | \n\n Non-current financial debt | \n\n of which hedging instruments of non-current financial debt (liabilities) | \n\n Non-current financial assets | \n\n of which hedging instruments of non-current financial debt (assets) | \n\n Non-current net financial debt and related financial instruments | \n\n % | \n
| \n 2022 | \n\n 9,932 | \n\n 142 | \n\n (142) | \n\n (58) | \n\n 9,790 | \n\n 18% | \n
| \n 2023 | \n\n 5,988 | \n\n 59 | \n\n (268) | \n\n (218) | \n\n 5,720 | \n\n 10% | \n
| \n 2024 | \n\n 6,340 | \n\n 115 | \n\n (395) | \n\n (277) | \n\n 5,945 | \n\n 11% | \n
| \n 2025 | \n\n 4,535 | \n\n 150 | \n\n (260) | \n\n (212) | \n\n 4,275 | \n\n 8% | \n
| \n 2026 and beyond | \n\n 33,408 | \n\n 1,149 | \n\n (3,716) | \n\n (2,456) | \n\n 29,692 | \n\n 53% | \n
| \n Total | \n\n 60,203 | \n\n 1,615 | \n\n (4,781) | \n\n (3,221) | \n\n 55,422 | \n\n 100% | \n
Analysis by currency and interest rate
These analyses take into account interest rate and foreign currency swaps to hedge non-current financial net debt.
| \n As of December 31, | \n\n 2022 | \n\n % | \n\n 2021 | \n\n % | \n\n 2020 | \n\n % | \n
| \n U.S. Dollar | \n\n 38,896 | \n\n 91% | \n\n 44,387 | \n\n 94% | \n\n 48,609 | \n\n 88% | \n
| \n Euro | \n\n 2,083 | \n\n 5% | \n\n 1,708 | \n\n 4% | \n\n 3,144 | \n\n 6% | \n
| \n Norwegian krone | \n\n 47 | \n\n 0% | \n\n 67 | \n\n 0% | \n\n 72 | \n\n 0% | \n
| \n Other currencies | \n\n 1,507 | \n\n 4% | \n\n 946 | \n\n 2% | \n\n 3,597 | \n\n 6% | \n
| \n Total | \n\n 42,533 | \n\n 100% | \n\n 47,108 | \n\n 100% | \n\n 55,422 | \n\n 100% | \n
| \n As of December 31, | \n\n 2022 | \n\n % | \n\n 2021 | \n\n % | \n\n 2020 | \n\n % | \n
| \n Fixed rate | \n\n 33,533 | \n\n 79% | \n\n 34,353 | \n\n 73% | \n\n 34,870 | \n\n 63% | \n
| \n Floating rate | \n\n 9,000 | \n\n 21% | \n\n 12,755 | \n\n 27% | \n\n 20,552 | \n\n 37% | \n
| \n Total | \n\n 42,533 | \n\n 100% | \n\n 47,108 | \n\n 100% | \n\n 55,422 | \n\n 100% | \n
Accounting principles
TotalEnergies uses derivative instruments to manage its exposure to risks of changes in interest rates, foreign exchange rates and commodity prices. These financial instruments are accounted for in accordance with IFRS 9, changes in fair value of derivative instruments are recognized in the income statement or in other comprehensive income and are recognized in the balance sheet in the accounts corresponding to their nature, according to the risk management strategy. The derivative instruments used by TotalEnergies are the following:
Cash management
Financial instruments used for cash management purposes are part of a hedging strategy of currency and interest rate risks within global limits set by TotalEnergies and are considered to be held for trading. Changes in fair value are systematically recorded in the income statement. The balance sheet value of those instruments is included in \u201cCurrent financial assets\u201d or \u201cOther current financial liabilities\u201d.
Long-term financing
When an external long-term financing is set up, specifically to finance subsidiaries, and when this financing involves currency and interest rate derivatives, these instruments are qualified as:
1.Fair value hedge of the interest rate and currency risks on the external debt financing the loans to subsidiaries. Changes in fair value of derivatives are recognized in the income statement, as are changes in fair value of underlying financial debts and loans to subsidiaries.
The fair value of those hedging instruments of long-term financing is included in assets under \u201cNon-current financial assets\u201d or in liabilities under \u201cNon-current financial debt\u201d for the non-current portion. The current portion (less than one year) is accounted for in \u201cCurrent financial assets\u201d or \u201cOther current financial liabilities\u201d.
In case of the anticipated termination of derivative instruments accounted for as fair value hedges, the amount paid or received is recognized in the income statement and:
\u2013If this termination is due to an early cancellation of the hedged items, the adjustment previously recorded as revaluation of those hedged items is also recognized in the income statement;
\u2013If the hedged items remain in the balance sheet, the adjustment previously recorded as a revaluation of those hedged items is amortized over the remaining life of those items.
In case of a change in the strategy of the hedge (fair value hedge to cash flow hedge), if the components of the initial aggregated exposure had already been designated in a hedging relationship (FVH), TotalEnergies designates the new instrument as a hedging instrument of an aggregated position (CFH) without having to end the initial hedging relationship.
2.Cash flow hedge when TotalEnergies implements a strategy of fixing interest rate and/or currency rate on the external debt. Changes in fair value are recorded in other comprehensive income for the effective portion of the hedging and in the income statement for the ineffective portion of the hedging. When the hedged transaction affects profit or loss, the fair value variations of the hedging instrument recorded in equity are also symmetrically recycled to the income statement.
The fair value of those hedging instruments of long-term financing is included in assets under \u201cNon-current financial assets\u201d or in liabilities under \u201cNon-current financial debt\u201d for the non-current portion. The current portion (less than one year) is accounted for in \u201cCurrent financial assets\u201d or \u201cOther current financial liabilities\u201d.
If the hedging instrument expires, is sold or terminated by anticipation, gains or losses previously recognized in equity remain in equity. Amounts are recycled to the income statement only when the hedged transaction affects profit or loss.
3.In compliance with IFRS 9, TotalEnergies has decided to recognize in a separate component of the comprehensive income the variation of foreign currency basis spread (Cross Currency Swaps) identified in the hedging relationships qualified as fair value hedges and cash flow hedges.
Foreign subsidiaries\u2019 equity hedge
Certain financial instruments hedge against risks related to the equity of foreign subsidiaries whose functional currency is not the euro (mainly the dollar). These instruments qualify as \u201cnet investment hedges\u201d and changes in fair value are recorded in other comprehensive income under \u201cCurrency translation\u201d for the effective portion of the hedging and in the income statement for the ineffective portion of the hedging. Gains or losses on hedging instruments previously recorded in equity, are reclassified to the income statement in the same period as the total or partial disposal of the foreign activity.
The fair value of these instruments is recorded under \u201cCurrent financial assets\u201d and \u201dOther current financial liabilities\u201d
Commitments to purchase shares held by non-controlling interests (put options written on minority interests)
Put options granted to non-controlling-interest shareholders are initially recognized as financial liabilities at the present value of the exercise price of the options with a corresponding reduction in shareholders\u2019 equity \u2013 TotalEnergies share. The financial liability is subsequently measured at fair value at each balance sheet date in accordance with contractual clauses and any variation is recorded in the income statement (cost of debt).
15.1Financial debt and derivative financial instruments
A)Non-current financial debt and derivative financial instruments
| \n As of December 31, 2022 (M$) (Assets)/Liabilities | \n\n Secured | \n\n Unsecured | \n\n Total | \n
| \n Non-current financial debt | \n\n 8,329 | \n\n 36,935 | \n\n 45,264 | \n
| \n of which hedging instruments of non-current financial debt (liabilities) | \n\n \u2013 | \n\n 3,746 | \n\n 3,746 | \n
| \n Non-current financial assets | \n\n (1,428) | \n\n (1,303) | \n\n (2,731) | \n
| \n of which hedging instruments of non-current financial debt (assets) | \n\n \u2013 | \n\n (813) | \n\n (813) | \n
| \n Non-current net financial debt and related financial instruments | \n\n 6,901 | \n\n 35,632 | \n\n 42,533 | \n
| \n Variable rate bonds or bonds after fair value hedge | \n\n \u2013 | \n\n 8,958 | \n\n 8,958 | \n
| \n Fixed rate bonds or bonds after cash flow hedge | \n\n \u2013 | \n\n 26,159 | \n\n 26,159 | \n
| \n Other floating rate debt | \n\n 13 | \n\n 227 | \n\n 240 | \n
| \n Other fixed rate debt | \n\n 39 | \n\n 496 | \n\n 535 | \n
| \n Lease obligations | \n\n 8,277 | \n\n \u2013 | \n\n 8,277 | \n
| \n Non-current financial assets excluding derivative financial instruments | \n\n (1,428) | \n\n \u2013 | \n\n (1,428) | \n
| \n Non-current instruments held for trading | \n\n \u2013 | \n\n (208) | \n\n (208) | \n
| \n Non-current net financial debt and related financial instruments | \n\n 6,901 | \n\n 35,632 | \n\n 42,533 | \n
| \n As of December 31, 2021 (M$) (Assets)/Liabilities | \n\n Secured | \n\n Unsecured | \n\n Total | \n
| \n Non-current financial debt | \n\n 7,720 | \n\n 41,792 | \n\n 49,512 | \n
| \n of which hedging instruments of non-current financial debt (liabilities) | \n\n \u2013 | \n\n 1,498 | \n\n 1,498 | \n
| \n Non-current financial assets | \n\n (847) | \n\n (1,557) | \n\n (2,404) | \n
| \n of which hedging instruments of non-current financial debt (assets) | \n\n \u2013 | \n\n (787) | \n\n (787) | \n
| \n Non-current net financial debt and related financial instruments | \n\n 6,873 | \n\n 40,235 | \n\n 47,108 | \n
| \n Variable rate bonds or bonds after fair value hedge | \n\n \u2013 | \n\n 12,820 | \n\n 12,820 | \n
| \n Fixed rate bonds or bonds after cash flow hedge | \n\n \u2013 | \n\n 27,147 | \n\n 27,147 | \n
| \n Other floating rate debt | \n\n 15 | \n\n 634 | \n\n 649 | \n
| \n Other fixed rate debt | \n\n 61 | \n\n 363 | \n\n 424 | \n
| \n Lease obligations | \n\n 7,644 | \n\n \u2013 | \n\n 7,644 | \n
| \n Non-current financial assets excluding derivative financial instruments | \n\n (847) | \n\n (675) | \n\n (1,522) | \n
| \n Non-current instruments held for trading | \n\n \u2013 | \n\n (54) | \n\n (54) | \n
| \n Non-current net financial debt and related financial instruments | \n\n 6,873 | \n\n 40,235 | \n\n 47,108 | \n
| \n As of December 31, 2020 (M$) (Assets)/Liabilities | \n\n Secured | \n\n Unsecured | \n\n Total | \n
| \n Non-current financial debt | \n\n 7,849 | \n\n 52,354 | \n\n 60,203 | \n
| \n of which hedging instruments of non-current financial debt (liabilities) | \n\n \u2013 | \n\n 1,615 | \n\n 1,615 | \n
| \n Non-current financial assets | \n\n (1,019) | \n\n (3,762) | \n\n (4,781) | \n
| \n of which hedging instruments of non-current financial debt (assets) | \n\n \u2013 | \n\n (3,221) | \n\n (3,221) | \n
| \n Non-current net financial debt and related financial instruments | \n\n 6,830 | \n\n 48,592 | \n\n 55,422 | \n
| \n Variable rate bonds or bonds after fair value hedge | \n\n \u2013 | \n\n 16,553 | \n\n 16,553 | \n
| \n Fixed rate bonds or bonds after cash flow hedge | \n\n \u2013 | \n\n 28,080 | \n\n 28,080 | \n
| \n Other floating rate debt | \n\n 40 | \n\n 3,944 | \n\n 3,984 | \n
| \n Other fixed rate debt | \n\n 73 | \n\n 438 | \n\n 511 | \n
| \n Lease obligations | \n\n 7,736 | \n\n \u2013 | \n\n 7,736 | \n
| \n Non-current financial assets excluding derivative financial instruments | \n\n (1,019) | \n\n (432) | \n\n (1,451) | \n
| \n Non-current instruments held for trading | \n\n \u2013 | \n\n 9 | \n\n 9 | \n
| \n Non-current net financial debt and related financial instruments | \n\n 6,830 | \n\n 48,592 | \n\n 55,422 | \n
The bonds, as of December 31, 2022, after taking into account currency and interest rates swaps fair value, are detailed as follows:
| \n Bonds after fair value hedge or | \n\n Currency of issuance | \n\n Amount after December 31, 2022 | \n\n Amount after December 31, 2021 | \n\n Amount after December 31, 2020 | \n\n Range of current maturities | \n\n Range of initial current rate before hedging instruments | \n
| \n Bond | \n\n USD | \n\n 5,042 | \n\n 5,001 | \n\n 6,253 | \n\n 2023 - 2028 | \n\n 2.434% - 3.883% | \n
| \n Bond | \n\n USD | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Bond | \n\n CHF | \n\n 407 | \n\n 409 | \n\n 410 | \n\n 2026 - 2029 | \n\n 0.176% - 0.298% | \n
| \n Bond | \n\n NZD | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Bond | \n\n AUD | \n\n 71 | \n\n 71 | \n\n 377 | \n\n 2025 | \n\n 4.000% | \n
| \n Bond | \n\n EUR | \n\n 5,574 | \n\n 7,528 | \n\n 8,666 | \n\n 2023 - 2044 | \n\n 0.250% - 3.125% | \n
| \n Bond | \n\n EUR | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Bond | \n\n CAD | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Bond | \n\n GBP | \n\n 925 | \n\n 1,524 | \n\n 1,522 | \n\n 2025 - 2031 | \n\n 1.405% - 2.250% | \n
| \n Bond | \n\n HKD | \n\n 129 | \n\n 129 | \n\n 129 | \n\n 2025 | \n\n 2.920% | \n
| \n Current portion (less than one year) | \n\n \n | \n\n (3,890) | \n\n (2,540) | \n\n (2,699) | \n\n \n | \n\n \n | \n
| \n Principal financing entities(b) | \n\n \n | \n\n 8,258 | \n\n 12,122 | \n\n 14,658 | \n\n \n | \n\n \n | \n
| \n TotalEnergies SE | \n\n \n | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \n | \n\n \n | \n
| \n Bond | \n\n \n | \n\n \u2013 | \n\n 1,200 | \n\n 1,200 | \n\n \n | \n\n \n | \n
| \n Current portion (less than one year) | \n\n \n | \n\n \u2013 | \n\n (1,200) | \n\n \u2013 | \n\n \n | \n\n \n | \n
| \n Other consolidated subsidiaries | \n\n \n | \n\n 700 | \n\n 698 | \n\n 695 | \n\n \n | \n\n \n | \n
| \n Total variable rate bonds or bonds after fair value hedge | \n\n \n | \n\n 8,958 | \n\n 12,820 | \n\n 16,553 | \n\n \n | \n\n \n | \n
| \n Bonds after cash flow hedge or fixed (M$) | \n\n Currency of issuance | \n\n Amount after December 31, 2022 | \n\n Amount after December 31, 2021 | \n\n Amount after December 31, 2020 | \n\n Range of current maturities | \n\n Range of initial current rate before hedging instruments | \n
| \n Bond | \n\n EUR | \n\n 15,628 | \n\n 15,487 | \n\n 15,259 | \n\n 2024 - 2044 | \n\n 0.696% - 5.125% | \n
| \n Bond | \n\n USD | \n\n 8,783 | \n\n 9,941 | \n\n 11,524 | \n\n 2023 - 2060 | \n\n 2.829% - 3.461% | \n
| \n Bond | \n\n HKD | \n\n 187 | \n\n 200 | \n\n 208 | \n\n 2026 | \n\n 3.088% | \n
| \n Bond | \n\n CHF | \n\n 1,076 | \n\n 1,113 | \n\n 1,134 | \n\n 2024 - 2027 | \n\n 0.510% - 1.010% | \n
| \n Bond | \n\n GBP | \n\n 985 | \n\n 1,004 | \n\n 998 | \n\n 2024 - 2026 | \n\n 1.250% - 1.660% | \n
| \n Bond | \n\n AUD | \n\n (2) | \n\n 5 | \n\n 9 | \n\n 2025 | \n\n 4.000% | \n
| \n Current portion (less than one year) | \n\n \u00a0 | \n\n (500) | \n\n (1,000) | \n\n (1,500) | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Principal financing entities(b) | \n\n \u00a0 | \n\n 26,157 | \n\n 26,750 | \n\n 27,632 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Other consolidated subsidiaries | \n\n \u00a0 | \n\n 2 | \n\n 397 | \n\n 448 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total fixed rate bonds or bonds after cash flow hedge | \n\n \n | \n\n 26,159 | \n\n 27,147 | \n\n 28,080 | \n\n \n | \n\n \n | \n
| \n (a)The IBOR rate reform will mainly impact the bonds after fair value hedge, on principal financing entities and TotalEnergies SE, indexed on the USLIBOR rate. At December 31, 2022, the amount of the bonds after fair value hedge (both non-current and current portions) on principal financing entities and TotalEnergies SE is $12,148 million. (b)All debt securities issued through the following subsidiaries are fully and unconditionally guaranteed by TotalEnergies SE as to payment of principal, premium, if any, interest and any other amounts due: \u2013TotalEnergies Capital is a wholly and directly owned subsidiary of TotalEnergies SE (except for one share held by each director). It acts as a financing vehicle for TotalEnergies. The repayment of its financial debt (capital, premium and interest) is fully and unconditionally guaranteed by TotalEnergies SE; \u2013TotalEnergies Capital Canada Ltd. is a wholly and directly owned subsidiary of TotalEnergies SE. It acts as a financing vehicle for the activities of TotalEnergies in Canada. The repayment of its financial debt (capital, premium and interest) is fully and unconditionally guaranteed by TotalEnergies SE; \u2013TotalEnergies Capital International is a wholly and directly owned subsidiary of TotalEnergies SE (except for one share held by each director). It acts as a financing vehicle for TotalEnergies. The repayment of its financial debt (capital, premium and interest) is fully and unconditionally guaranteed by TotalEnergies SE. | \n
Loan repayment schedule (excluding current portion)
| \n As of December 31, 2022 | \n\n Non-current financial debt | \n\n of which hedging instruments of non-current financial debt (liabilities) | \n\n Non-current financial assets | \n\n of which hedging instruments of non-current financial debt (assets) | \n\n Non-current net financial debt and related financial instruments | \n\n % | \n
| \n 2024 | \n\n 7,251 | \n\n 399 | \n\n (899) | \n\n (56) | \n\n 6,352 | \n\n 15% | \n
| \n 2025 | \n\n 4,701 | \n\n 552 | \n\n (259) | \n\n (168) | \n\n 4,442 | \n\n 10% | \n
| \n 2026 | \n\n 3,465 | \n\n 467 | \n\n (194) | \n\n (107) | \n\n 3,271 | \n\n 8% | \n
| \n 2027 | \n\n 3,522 | \n\n 217 | \n\n (104) | \n\n (17) | \n\n 3,418 | \n\n 8% | \n
| \n 2028 and beyond | \n\n 26,325 | \n\n 2,111 | \n\n (1,275) | \n\n (465) | \n\n 25,050 | \n\n 59% | \n
| \n Total | \n\n 45,264 | \n\n 3,746 | \n\n (2,731) | \n\n (813) | \n\n 42,533 | \n\n 100% | \n
| \n As of December 31, 2021 | \n\n Non-current financial debt | \n\n of which hedging instruments of non-current financial debt (liabilities) | \n\n Non-current financial assets | \n\n of which hedging instruments of non-current financial debt (assets) | \n\n Non-current net financial debt and related financial instruments | \n\n % | \n
| \n 2023 | \n\n 6,143 | \n\n 115 | \n\n (111) | \n\n (51) | \n\n 6,032 | \n\n 13% | \n
| \n 2024 | \n\n 6,506 | \n\n 190 | \n\n (219) | \n\n (103) | \n\n 6,287 | \n\n 13% | \n
| \n 2025 | \n\n 4,471 | \n\n 194 | \n\n (89) | \n\n (51) | \n\n 4,382 | \n\n 9% | \n
| \n 2026 | \n\n 3,348 | \n\n 238 | \n\n (71) | \n\n (34) | \n\n 3,277 | \n\n 7% | \n
| \n 2027 and beyond | \n\n 29,044 | \n\n 761 | \n\n (1,914) | \n\n (548) | \n\n 27,130 | \n\n 58% | \n
| \n Total | \n\n 49,512 | \n\n 1,498 | \n\n (2,404) | \n\n (787) | \n\n 47,108 | \n\n 100% | \n
| \n As of December 31, 2020 | \n\n Non-current financial debt | \n\n of which hedging instruments of non-current financial debt (liabilities) | \n\n Non-current financial assets | \n\n of which hedging instruments of non-current financial debt (assets) | \n\n Non-current net financial debt and related financial instruments | \n\n % | \n
| \n 2022 | \n\n 9,932 | \n\n 142 | \n\n (142) | \n\n (58) | \n\n 9,790 | \n\n 18% | \n
| \n 2023 | \n\n 5,988 | \n\n 59 | \n\n (268) | \n\n (218) | \n\n 5,720 | \n\n 10% | \n
| \n 2024 | \n\n 6,340 | \n\n 115 | \n\n (395) | \n\n (277) | \n\n 5,945 | \n\n 11% | \n
| \n 2025 | \n\n 4,535 | \n\n 150 | \n\n (260) | \n\n (212) | \n\n 4,275 | \n\n 8% | \n
| \n 2026 and beyond | \n\n 33,408 | \n\n 1,149 | \n\n (3,716) | \n\n (2,456) | \n\n 29,692 | \n\n 53% | \n
| \n Total | \n\n 60,203 | \n\n 1,615 | \n\n (4,781) | \n\n (3,221) | \n\n 55,422 | \n\n 100% | \n
Analysis by currency and interest rate
These analyses take into account interest rate and foreign currency swaps to hedge non-current financial net debt.
| \n As of December 31, | \n\n 2022 | \n\n % | \n\n 2021 | \n\n % | \n\n 2020 | \n\n % | \n
| \n U.S. Dollar | \n\n 38,896 | \n\n 91% | \n\n 44,387 | \n\n 94% | \n\n 48,609 | \n\n 88% | \n
| \n Euro | \n\n 2,083 | \n\n 5% | \n\n 1,708 | \n\n 4% | \n\n 3,144 | \n\n 6% | \n
| \n Norwegian krone | \n\n 47 | \n\n 0% | \n\n 67 | \n\n 0% | \n\n 72 | \n\n 0% | \n
| \n Other currencies | \n\n 1,507 | \n\n 4% | \n\n 946 | \n\n 2% | \n\n 3,597 | \n\n 6% | \n
| \n Total | \n\n 42,533 | \n\n 100% | \n\n 47,108 | \n\n 100% | \n\n 55,422 | \n\n 100% | \n
| \n As of December 31, | \n\n 2022 | \n\n % | \n\n 2021 | \n\n % | \n\n 2020 | \n\n % | \n
| \n Fixed rate | \n\n 33,533 | \n\n 79% | \n\n 34,353 | \n\n 73% | \n\n 34,870 | \n\n 63% | \n
| \n Floating rate | \n\n 9,000 | \n\n 21% | \n\n 12,755 | \n\n 27% | \n\n 20,552 | \n\n 37% | \n
| \n Total | \n\n 42,533 | \n\n 100% | \n\n 47,108 | \n\n 100% | \n\n 55,422 | \n\n 100% | \n
B)Current financial assets and liabilities
Current borrowings consist mainly of drawings on commercial papers or treasury bills and of bank loans. These instruments bear interest at rates that are close to market rates. Current deposits beyond three months include initial margins held as part of the Company\u2019s activities on organized markets.
| \n As of December 31, (M$)
| \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Current financial debt(a) | \n\n 8,997 | \n\n 8,846 | \n\n 11,305 | \n
| \n Current lease obligations | \n\n 1,437 | \n\n 1,390 | \n\n 1,206 | \n
| \n Current portion of non-current financial debt | \n\n 5,068 | \n\n 4,799 | \n\n 4,588 | \n
| \n Current borrowings (note 14) | \n\n 15,502 | \n\n 15,035 | \n\n 17,099 | \n
| \n Current portion of hedging instruments of debt (liabilities) | \n\n 262 | \n\n 316 | \n\n 104 | \n
| \n Other current financial instruments (liabilities) | \n\n 226 | \n\n 56 | \n\n 99 | \n
| \n Other current financial liabilities (note 14) | \n\n 488 | \n\n 372 | \n\n 203 | \n
| \n Current deposits beyond three months | \n\n (8,127) | \n\n (11,868) | \n\n (4,436) | \n
| \n Non-traded marketable securities | \n\n (218) | \n\n (195) | \n\n \u2013 | \n
| \n Financial receivables on sub-lease, current | \n\n (190) | \n\n (132) | \n\n (111) | \n
| \n Current portion of hedging instruments of debt (assets) | \n\n (2) | \n\n (42) | \n\n (18) | \n
| \n Other current financial instruments (assets) | \n\n (209) | \n\n (78) | \n\n (65) | \n
| \n Current financial assets (note 14) | \n\n (8,746) | \n\n (12,315) | \n\n (4,630) | \n
| \n Net current borrowings | \n\n 7,244 | \n\n 3,092 | \n\n 12,672 | \n
| \n (a)As of December 31, 2022, December 31, 2021 and December 31, 2020, current financial debt includes notably short-term negotiable debt security issued through programs fully and unconditionally securred by TotalEnergies SE.\u00a0 | \n
D)Cash and cash equivalents
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Cash and cash equivalents are composed of cash on hand and highly liquid short-term investments that are easily convertible into known amounts of cash and are subject to insignificant risks of changes in value. | \n\n \n | \n\n Investments with maturity greater than three months and less than twelve months are shown under \u201cCurrent financial assets\u201d. Changes in current financial assets and liabilities are included in the financing activities section of the Consolidated Statement of Cash Flows. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
Cash and cash equivalents are detailed as follows:
| \n For the year ended December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Cash | \n\n 14,873 | \n\n 13,544 | \n\n 14,518 | \n
| \n Cash equivalents | \n\n 18,153 | \n\n 7,798 | \n\n 16,750 | \n
| \n Total | \n\n 33,026 | \n\n 21,342 | \n\n 31,268 | \n
Cash equivalents are mainly composed of deposits with a maturity of less than three months, deposited in government institutions or deposit banks selected in accordance with strict criteria.
As of December 31, 2022, the cash and cash equivalents include $2,352 million subject to restrictions, notably due to regulatory framework or to the fact they are owned by affiliates located in countries with exchange controls.
Accounting principles
Cash and cash equivalents are composed of cash on hand and highly liquid short-term investments that are easily convertible into known amounts of cash and are subject to insignificant risks of changes in value.
Investments with maturity greater than three months and less than twelve months are shown under \u201cCurrent financial assets\u201d.
Changes in current financial assets and liabilities are included in the financing activities section of the Consolidated Statement of Cash Flows.
As of December 31, 2022, the cash and cash equivalents include $2,352 million subject to restrictions, notably due to regulatory framework or to the fact they are owned by affiliates located in countries with exchange controls.
15.2Fair value of financial instruments (excluding commodity contracts)
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n TotalEnergies uses derivative instruments to manage its exposure to risks of changes in interest rates, foreign exchange rates and commodity prices. These financial instruments are accounted for in accordance with IFRS 9, changes in fair value of derivative instruments are recognized in the income statement or in other comprehensive income and are recognized in the balance sheet in the accounts corresponding to their nature, according to the risk management strategy. The derivative instruments used by TotalEnergies are the following: Cash management Financial instruments used for cash management purposes are part of a hedging strategy of currency and interest rate risks within global limits set by TotalEnergies and are considered to be held for trading. Changes in fair value are systematically recorded in the income statement. The balance sheet value of those instruments is included in \u201cCurrent financial assets\u201d or \u201cOther current financial liabilities\u201d. Long-term financing When an external long-term financing is set up, specifically to finance subsidiaries, and when this financing involves currency and interest rate derivatives, these instruments are qualified as: 1.Fair value hedge of the interest rate and currency risks on the external debt financing the loans to subsidiaries. Changes in fair value of derivatives are recognized in the income statement, as are changes in fair value of underlying financial debts and loans to subsidiaries. The fair value of those hedging instruments of long-term financing is included in assets under \u201cNon-current financial assets\u201d or in liabilities under \u201cNon-current financial debt\u201d for the non-current portion. The current portion (less than one year) is accounted for in \u201cCurrent financial assets\u201d or \u201cOther current financial liabilities\u201d. In case of the anticipated termination of derivative instruments accounted for as fair value hedges, the amount paid or received is recognized in the income statement and: \u2013If this termination is due to an early cancellation of the hedged items, the adjustment previously recorded as revaluation of those hedged items is also recognized in the income statement; \u2013If the hedged items remain in the balance sheet, the adjustment previously recorded as a revaluation of those hedged items is amortized over the remaining life of those items. In case of a change in the strategy of the hedge (fair value hedge to cash flow hedge), if the components of the initial aggregated exposure had already been designated in a hedging relationship (FVH), TotalEnergies designates the new instrument as a hedging instrument of an aggregated position (CFH) without having to end the initial hedging relationship. | \n\n \n | \n\n 2.Cash flow hedge when TotalEnergies implements a strategy of fixing interest rate and/or currency rate on the external debt. Changes in fair value are recorded in other comprehensive income for the effective portion of the hedging and in the income statement for the ineffective portion of the hedging. When the hedged transaction affects profit or loss, the fair value variations of the hedging instrument recorded in equity are also symmetrically recycled to the income statement. The fair value of those hedging instruments of long-term financing is included in assets under \u201cNon-current financial assets\u201d or in liabilities under \u201cNon-current financial debt\u201d for the non-current portion. The current portion (less than one year) is accounted for in \u201cCurrent financial assets\u201d or \u201cOther current financial liabilities\u201d. If the hedging instrument expires, is sold or terminated by anticipation, gains or losses previously recognized in equity remain in equity. Amounts are recycled to the income statement only when the hedged transaction affects profit or loss. 3.In compliance with IFRS 9, TotalEnergies has decided to recognize in a separate component of the comprehensive income the variation of foreign currency basis spread (Cross Currency Swaps) identified in the hedging relationships qualified as fair value hedges and cash flow hedges. Foreign subsidiaries\u2019 equity hedge Certain financial instruments hedge against risks related to the equity of foreign subsidiaries whose functional currency is not the euro (mainly the dollar). These instruments qualify as \u201cnet investment hedges\u201d and changes in fair value are recorded in other comprehensive income under \u201cCurrency translation\u201d for the effective portion of the hedging and in the income statement for the ineffective portion of the hedging. Gains or losses on hedging instruments previously recorded in equity, are reclassified to the income statement in the same period as the total or partial disposal of the foreign activity. The fair value of these instruments is recorded under \u201cCurrent financial assets\u201d and \u201dOther current financial liabilities\u201d Commitments to purchase shares held by non-controlling interests (put options written on minority interests) Put options granted to non-controlling-interest shareholders are initially recognized as financial liabilities at the present value of the exercise price of the options with a corresponding reduction in shareholders\u2019 equity \u2013 TotalEnergies share. The financial liability is subsequently measured at fair value at each balance sheet date in accordance with contractual clauses and any variation is recorded in the income statement (cost of debt). | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
A)Impact on the income statement per nature of financial instruments
Assets and liabilities from financing activities
The impact on the income statement of financing assets and liabilities mainly includes:
\u2013Financial income on cash, cash equivalents, and current financial assets (notably current deposits beyond three months) classified as \u201cLoans and receivables\u201d;
\u2013Financial expense of long-term subsidiaries financing, associated hedging instruments (excluding ineffective portion of the hedge detailed below) and financial expense of short-term financing classified as \u201cFinancing liabilities and associated hedging instruments\u201d;
\u2013Ineffective portion of bond hedging;
\u2013Financial income and financial expense on lease contracts and;
\u2013Financial income, financial expense and fair value of derivative instruments used for cash management purposes classified as \u201cAssets and liabilities held for trading\u201d.
Financial derivative instruments used for cash management purposes (interest rate and foreign exchange) are considered to be held for trading. Based on practical documentation issues, TotalEnergies did not elect to set up hedge accounting for such instruments. The impact on income statement of the derivatives is offset by the impact of loans and current liabilities they are related to. Therefore these transactions taken as a whole do not have a significant impact on the Consolidated Financial Statements.
| \n For the year ended December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Loans and receivables | \n\n 562 | \n\n 188 | \n\n 154 | \n
| \n Financing liabilities and associated hedging instruments | \n\n (1,812) | \n\n (1,373) | \n\n (1,660) | \n
| \n Fair value hedge (ineffective portion) | \n\n (5) | \n\n (10) | \n\n 12 | \n
| \n Lease assets and obligations | \n\n (458) | \n\n (413) | \n\n (422) | \n
| \n Assets and liabilities held for trading | \n\n 470 | \n\n 83 | \n\n (194) | \n
| \n Impact on the cost of net debt | \n\n (1,243) | \n\n (1,525) | \n\n (2,110) | \n
B)Impact of the hedging strategies
Fair value hedge instruments
The impact on the income statement of the bond hedging instruments which is recorded in the item \u201cFinancial interest on debt\u201d in the Consolidated Statement of Income is detailed as follows:
| \n For the year ended December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Revaluation impact at market value of bonds | \n\n 3,817 | \n\n 3,199 | \n\n (4,004) | \n
| \n Swaps hedging bonds | \n\n (3,822) | \n\n (3,209) | \n\n 4,016 | \n
| \n Ineffective portion of the fair value hedge | \n\n (5) | \n\n (10) | \n\n 12 | \n
The ineffective portion is not representative of TotalEnergies' performance considering its objective to hold swaps to maturity. The current portion of the swaps valuation is not subject to active management.
Net investment hedge
As of December 31, 2022, 2021 and 2020 TotalEnergies had no open forward contracts held in respect of net investment hedge strategies.
Cash flow hedge
The impact on the income statement and other comprehensive income of the bonds hedging instruments qualified as cash flow hedges is detailed as follows:
| \n For the year ended December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Profit (Loss) recorded in other comprehensive income of the period | \n\n 72 | \n\n (167) | \n\n (327) | \n
| \n Recycled amount from other comprehensive income to the income statement of the period | \n\n (55) | \n\n (113) | \n\n 139 | \n
As of December 31, 2022, 2021 and 2020, the ineffective portion of these financial instruments is nil.
Hedging instruments and hedged items by strategy
Fair Value Hedge
The following charts regarding Fair Value Hedge, disclose by nature of hedging instruments (Interest Rate Swaps and Cross Currency Swaps):
\u2013The nominal amounts and carrying amounts of hedging instruments;
\u2013The carrying amounts of hedged items and cumulative FVH adjustments included in the carrying amounts of the hedged items;
\u2013The hedged items that have ceased to be adjusted for hedging gains and losses.
| \n For the year ended | \n\n Hedging instruments | \n\n Nominal amount of hedging instruments | \n\n Carrying amount of hedging instruments | \n\n \n | \n\n Carrying amount of hedged items | \n\n \n | \n\n Cumulative FVH adjustments included | \n\n Line items in the | \n|||
| \n Hedged items | \n\n Assets | \n\n Liabilities | \n\n \n | \n\n Assets | \n\n Liabilities | \n\n \n | \n\n Assets | \n\n Liabilities | \n|||
| \n Bonds | \n\n Interest Rate Swaps | \n\n 5,000 | \n\n \u2013 | \n\n (151) | \n\n \n | \n\n \u2013 | \n\n (4,892) | \n\n \n | \n\n \u2013 | \n\n 108 | \n\n Financial debt / Financial assets | \n
| \n Bonds | \n\n Cross Currency Swaps | \n\n 7,029 | \n\n \u2013 | \n\n (1,124) | \n\n \n | \n\n \u2013 | \n\n (5,982) | \n\n \n | \n\n \u2013 | \n\n 1,047 | \n\n Financial debt / Financial assets | \n
| \n End of hedging | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n (8) | \n\n \n | \n
| \n For the year ended | \n\n Hedging instruments | \n\n Nominal amount of hedging instruments | \n\n Carrying amount of hedging instruments | \n\n \n | \n\n Carrying amount of hedged items | \n\n \n | \n\n Cumulative FVH adjustments included | \n\n Line items in the | \n|||
| \n Hedged items | \n\n Assets | \n\n Liabilities | \n\n \n | \n\n Assets | \n\n Liabilities | \n\n \n | \n\n Assets | \n\n Liabilities | \n|||
| \n Bonds | \n\n Interest Rate Swaps | \n\n 6,767 | \n\n 303 | \n\n (36) | \n\n \n | \n\n \u2013 | \n\n (7,037) | \n\n \n | \n\n \u2013 | \n\n (837) | \n\n Financial debt / Financial assets | \n
| \n Bonds | \n\n Cross Currency Swaps | \n\n 9,566 | \n\n 154 | \n\n (382) | \n\n \n | \n\n \u2013 | \n\n (8,865) | \n\n \n | \n\n \u2013 | \n\n 701 | \n\n Financial debt / Financial assets | \n
| \n End of hedging | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n (27) | \n\n \n | \n
| \n For the year ended | \n\n Hedging instruments | \n\n Nominal amount of hedging instruments | \n\n Carrying amount of hedging instruments | \n\n \n | \n\n Carrying amount of hedged items | \n\n \n | \n\n Cumulative FVH adjustments included | \n\n Line items in the | \n|||
| \n Hedged items | \n\n Assets | \n\n Liabilities | \n\n \n | \n\n Assets | \n\n Liabilities | \n\n \n | \n\n Assets | \n\n Liabilities | \n|||
| \n Bonds | \n\n Interest Rate Swaps | \n\n 8,063 | \n\n 527 | \n\n (15) | \n\n \n | \n\n \u2013 | \n\n (8,586) | \n\n \n | \n\n \u2013 | \n\n (1,136) | \n\n Financial debt / Financial assets | \n
| \n Bonds | \n\n Cross Currency Swaps | \n\n 11,011 | \n\n 836 | \n\n (211) | \n\n \n | \n\n \u2013 | \n\n (11,109) | \n\n \n | \n\n \u2013 | \n\n (98) | \n\n Financial debt / Financial assets | \n
| \n End of hedging | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n (47) | \n\n \n | \n
Cash Flow Hedge
The following charts regarding Cash Flow Hedge disclose the nominal amounts and carrying amounts by nature of hedging instruments (Interest Rate Swaps and Cross Currency Swaps).
According to IFRS 9, there is no accounting entry related to Cash Flow Hedge on hedged items.
| \n For the year ended | \n\n Nature of hedging instruments | \n\n Nominal amount of | \n\n Carrying amount of hedging instruments | \n\n Line items in the statement of financial position | \n|
| \n Assets | \n\n Liabilities | \n||||
| \n Bonds | \n\n Interest Rate Swaps | \n\n 12,782 | \n\n 815 | \n\n (2) | \n\n Financial debt / Financial assets | \n
| \n Bonds | \n\n Cross Currency swaps | \n\n 17,511 | \n\n \u2013 | \n\n (2,731) | \n\n Financial debt / Financial assets | \n
| \n For the year ended | \n\n Nature of hedging instruments | \n\n Nominal amount of | \n\n Carrying amount of hedging instruments | \n\n Line items in the statement of financial position | \n|
| \n Assets | \n\n Liabilities | \n||||
| \n Bonds | \n\n Interest Rate Swaps | \n\n 12,782 | \n\n \u2013 | \n\n (736) | \n\n Financial debt / Financial assets | \n
| \n Bonds | \n\n Cross Currency swaps | \n\n 17,511 | \n\n 372 | \n\n (660) | \n\n Financial debt / Financial assets | \n
| \n For the year ended | \n\n Nature of hedging instruments | \n\n Nominal amount of | \n\n Carrying amount of hedging instruments | \n\n Line items in the statement of financial position | \n|
| \n Assets | \n\n Liabilities | \n||||
| \n Bonds | \n\n Interest Rate Swaps | \n\n 12,781 | \n\n \u2013 | \n\n (1,441) | \n\n Financial debt / Financial assets | \n
| \n Bonds | \n\n Cross Currency swaps | \n\n 17,511 | \n\n 1,856 | \n\n (32) | \n\n Financial debt / Financial assets | \n
C)Maturity of derivative instruments
The maturity of the notional amounts of derivative instruments, excluding the commodity contracts, is detailed in the following table:
| \n For the year ended December 31, 2022 (M$)
| \n\n Fair value | \n\n Notional value 2023 | \n\n Fair value | \n\n Notional value schedule | \n|||||
| \n 2024 | \n\n 2024 | \n\n 2025 | \n\n 2026 | \n\n 2027 | \n\n 2028 | \n||||
| \n Fair value hedge | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (assets) | \n\n \u2013 | \n\n 1,000 | \n\n \u2013 | \n\n \u2013 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (liabilities) | \n\n (260) | \n\n 2,858 | \n\n (1,015) | \n\n 8,171 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total swaps hedging bonds - | \n\n (260) | \n\n 3,858 | \n\n (1,015) | \n\n 8,171 | \n\n 2,087 | \n\n 1,630 | \n\n 202 | \n\n 820 | \n\n 3,432 | \n
| \n Cash flow hedge | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (assets) | \n\n 2 | \n\n 250 | \n\n 813 | \n\n 11,782 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (liabilities) | \n\n (2) | \n\n 750 | \n\n (2,731) | \n\n 17,511 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total swaps hedging bonds - | \n\n \u2013 | \n\n 1,000 | \n\n (1,918) | \n\n 29,293 | \n\n 3,659 | \n\n 4,459 | \n\n 4,069 | \n\n 2,071 | \n\n 15,035 | \n
| \n Forward exchange contracts related to operating activities (assets) | \n\n 4 | \n\n 70 | \n\n 3 | \n\n 91 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Forward exchange contracts related to operating activities (liabilities) | \n\n (19) | \n\n 187 | \n\n (19) | \n\n 433 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total forward exchange contracts related to operating activities | \n\n (15) | \n\n 257 | \n\n (16) | \n\n 524 | \n\n 524 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Held for trading | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Other interest rate swaps (assets) | \n\n 154 | \n\n 14,955 | \n\n 447 | \n\n 7,470 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Other interest rate swaps (liabilities) | \n\n (94) | \n\n 13,236 | \n\n (226) | \n\n 4,128 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total other interest rate swaps | \n\n 60 | \n\n 28,191 | \n\n 221 | \n\n 11,598 | \n\n 5,233 | \n\n 3,716 | \n\n 1,174 | \n\n 1,022 | \n\n 453 | \n
| \n Currency swaps and forward exchange contracts (assets) | \n\n 55 | \n\n 7,076 | \n\n 44 | \n\n 1,289 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Currency swaps and forward exchange contracts (liabilities) | \n\n (110) | \n\n 15,964 | \n\n (57) | \n\n 839 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total currency swaps and forward exchange contracts | \n\n (55) | \n\n 23,040 | \n\n (13) | \n\n 2,128 | \n\n 391 | \n\n 1,737 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
Notional amounts set the levels of commitment and are indicative nor of a contingent gain or loss neither of a related debt.
| \n For the year ended December 31, 2021 (M$)
| \n\n Fair value | \n\n Notional value 2022 | \n\n Fair value | \n\n Notional value schedule | \n|||||
| \n 2023 | \n\n 2023 | \n\n 2024 | \n\n 2025 | \n\n 2026 | \n\n 2027 | \n||||
| \n Fair value hedge | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (assets) | \n\n 42 | \n\n 566 | \n\n 415 | \n\n 9,659 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (liabilities) | \n\n (316) | \n\n 3,737 | \n\n (102) | \n\n 2,371 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total swaps hedging bonds - | \n\n (274) | \n\n 4,303 | \n\n 313 | \n\n 12,030 | \n\n 3,858 | \n\n 2,087 | \n\n 1,630 | \n\n 202 | \n\n 4,253 | \n
| \n Cash flow hedge | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (assets) | \n\n \u2013 | \n\n \u2013 | \n\n 372 | \n\n 7,149 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (liabilities) | \n\n \u2013 | \n\n \u2013 | \n\n (1,396) | \n\n 23,144 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total swaps hedging bonds - | \n\n \u2013 | \n\n \u2013 | \n\n (1,024) | \n\n 30,293 | \n\n 1,000 | \n\n 3,659 | \n\n 4,459 | \n\n 4,068 | \n\n 17,107 | \n
| \n Forward exchange contracts related to operating activities (assets) | \n\n \u2013 | \n\n 36 | \n\n \u2013 | \n\n \u2013 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Forward exchange contracts related to operating activities (liabilities) | \n\n (8) | \n\n 283 | \n\n (14) | \n\n 366 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total forward exchange contracts related to operating activities | \n\n (8) | \n\n 319 | \n\n (14) | \n\n 366 | \n\n 171 | \n\n 195 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Held for trading | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Other interest rate swaps (assets) | \n\n 13 | \n\n 20,876 | \n\n 78 | \n\n 5,170 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Other interest rate swaps (liabilities) | \n\n (19) | \n\n 6,470 | \n\n (41) | \n\n 2,561 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total other interest rate swaps | \n\n (6) | \n\n 27,346 | \n\n 37 | \n\n 7,731 | \n\n 1,708 | \n\n 2,856 | \n\n 2,111 | \n\n 751 | \n\n 305 | \n
| \n Currency swaps and forward exchange contracts (assets) | \n\n 65 | \n\n 9,769 | \n\n 17 | \n\n 367 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Currency swaps and forward exchange contracts (liabilities) | \n\n (37) | \n\n 5,065 | \n\n \u2013 | \n\n (16) | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total currency swaps and forward exchange contracts | \n\n 28 | \n\n 14,834 | \n\n 17 | \n\n 351 | \n\n 265 | \n\n 86 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
Notional amounts set the levels of commitment and are indicative nor of a contingent gain or loss neither of a related debt.
| \n For the year ended December 31, 2020 (M$)
| \n\n Fair value | \n\n Notional value 2021 | \n\n Fair value | \n\n Notional value schedule | \n|||||
| \n 2022 | \n\n 2022 | \n\n 2023 | \n\n 2024 | \n\n 2025 | \n\n 2026 | \n||||
| \n Fair value hedge | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (assets) | \n\n 18 | \n\n 1,250 | \n\n 1,365 | \n\n 12,642 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (liabilities) | \n\n (104) | \n\n 1,445 | \n\n (142) | \n\n 3,737 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total swaps hedging bonds - | \n\n (86) | \n\n 2,695 | \n\n 1,223 | \n\n 16,379 | \n\n 4,350 | \n\n 3,858 | \n\n 2,087 | \n\n 1,630 | \n\n 4,454 | \n
| \n Cash flow hedge | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (assets) | \n\n \u2013 | \n\n \u2013 | \n\n 1,856 | \n\n 16,259 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (liabilities) | \n\n \u2013 | \n\n \u2013 | \n\n (1,473) | \n\n 14,033 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total swaps hedging bonds - | \n\n \u2013 | \n\n \u2013 | \n\n 383 | \n\n 30,292 | \n\n \u2013 | \n\n 1,000 | \n\n 3,659 | \n\n 4,459 | \n\n 21,174 | \n
| \n Forward exchange contracts related to operating activities (assets) | \n\n 16 | \n\n 262 | \n\n 20 | \n\n 394 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Forward exchange contracts related to operating activities (liabilities) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total forward exchange contracts related to operating activities | \n\n 16 | \n\n 262 | \n\n 20 | \n\n 394 | \n\n 276 | \n\n 118 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Held for trading | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Other interest rate swaps (assets) | \n\n 10 | \n\n 22,011 | \n\n 84 | \n\n 3,214 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Other interest rate swaps (liabilities) | \n\n (51) | \n\n 7,693 | \n\n (116) | \n\n 3,695 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total other interest rate swaps | \n\n (41) | \n\n 29,704 | \n\n (32) | \n\n 6,909 | \n\n 2,067 | \n\n 764 | \n\n 2,004 | \n\n 1,937 | \n\n 137 | \n
| \n Currency swaps and forward exchange contracts (assets) | \n\n 39 | \n\n 3,323 | \n\n 5 | \n\n 344 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Currency swaps and forward exchange contracts (liabilities) | \n\n (48) | \n\n 2,580 | \n\n (2) | \n\n 54 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total currency swaps and forward exchange contracts | \n\n (9) | \n\n 5,903 | \n\n 3 | \n\n 398 | \n\n 189 | \n\n 145 | \n\n 64 | \n\n \u2013 | \n\n \u2013 | \n
Notional amounts set the levels of commitment and are indicative nor of a contingent gain or loss neither of a related debt.
D)Fair value hierarchy
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n According to IFRS 13, fair values are estimated for the majority of TotalEnergies\u2019 financial instruments, with the exception of publicly traded equity securities and marketable securities for which the market price is used. Estimations of fair value, which are based on principles such as discounting future cash flows to present value, must be weighted by the fact that the value of a financial instrument at a given time may be influenced by the market environment (liquidity especially), and also the fact that subsequent changes in interest rates and exchange rates are not taken into account. As a consequence, the use of different estimates, methodologies and assumptions could have a material effect on the estimated fair value amounts. | \n\n \n | \n\n The methods used are as follows: Financial debts, swaps The market value of swaps and of bonds that are hedged by those swaps has been determined on an individual basis by discounting future cash flows with the market curves existing at year-end. Other financial instruments The fair value of interest rate swaps and of FRA's (Forward Rate Agreements) is calculated by discounting future cash flows on the basis of market curves existing at year-end after adjustment for interest accrued but unpaid. Forward exchange contracts and currency swaps are valued on the basis of a comparison of the negotiated forward rates with the rates in effect on the financial markets at year-end for similar maturities. Exchange options are valued based on models commonly used by the market. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
The fair value hierarchy for financial instruments, excluding commodity contracts, is as follows:
| \n As of December 31, 2022 (M$) | \n\n Quoted prices | \n\n Prices based on observable data (level 2) | \n\n Prices based on non observable data (level 3) | \n\n Total | \n
| \n Fair value hedge instruments | \n\n \u2013 | \n\n (1,275) | \n\n \u2013 | \n\n (1,275) | \n
| \n Cash flow hedge instruments | \n\n \u2013 | \n\n (1,950) | \n\n \u2013 | \n\n (1,950) | \n
| \n Assets and liabilities held for trading | \n\n \u2013 | \n\n 214 | \n\n \u2013 | \n\n 214 | \n
| \n Equity instruments | \n\n 33 | \n\n \u2013 | \n\n \u2013 | \n\n 33 | \n
| \n Total | \n\n 33 | \n\n (3,011) | \n\n \u2013 | \n\n (2,978) | \n
| \n As of December 31, 2021 (M$) | \n\n Quoted prices | \n\n Prices based on observable data (level 2) | \n\n Prices based on non observable data (level 3) | \n\n Total | \n
| \n Fair value hedge instruments | \n\n \u2013 | \n\n 39 | \n\n \u2013 | \n\n 39 | \n
| \n Cash flow hedge instruments | \n\n \u2013 | \n\n (1,052) | \n\n \u2013 | \n\n (1,052) | \n
| \n Assets and liabilities held for trading | \n\n \u2013 | \n\n 82 | \n\n \u2013 | \n\n 82 | \n
| \n Equity instruments | \n\n 501 | \n\n \u2013 | \n\n \u2013 | \n\n 501 | \n
| \n Total | \n\n 501 | \n\n (931) | \n\n \u2013 | \n\n (430) | \n
| \n As of December 31, 2020 (M$) | \n\n Quoted prices | \n\n Prices based on observable data (level 2) | \n\n Prices based on non observable data (level 3) | \n\n Total | \n
| \n Fair value hedge instruments | \n\n \u2013 | \n\n 1,137 | \n\n \u2013 | \n\n 1,137 | \n
| \n Cash flow hedge instruments | \n\n \u2013 | \n\n 408 | \n\n \u2013 | \n\n 408 | \n
| \n Assets and liabilities held for trading | \n\n \u2013 | \n\n (68) | \n\n \u2013 | \n\n (68) | \n
| \n Equity instruments | \n\n 706 | \n\n \u2013 | \n\n \u2013 | \n\n 706 | \n
| \n Total | \n\n 706 | \n\n 1,477 | \n\n \u2013 | \n\n 2,183 | \n
15.2Fair value of financial instruments (excluding commodity contracts)
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n TotalEnergies uses derivative instruments to manage its exposure to risks of changes in interest rates, foreign exchange rates and commodity prices. These financial instruments are accounted for in accordance with IFRS 9, changes in fair value of derivative instruments are recognized in the income statement or in other comprehensive income and are recognized in the balance sheet in the accounts corresponding to their nature, according to the risk management strategy. The derivative instruments used by TotalEnergies are the following: Cash management Financial instruments used for cash management purposes are part of a hedging strategy of currency and interest rate risks within global limits set by TotalEnergies and are considered to be held for trading. Changes in fair value are systematically recorded in the income statement. The balance sheet value of those instruments is included in \u201cCurrent financial assets\u201d or \u201cOther current financial liabilities\u201d. Long-term financing When an external long-term financing is set up, specifically to finance subsidiaries, and when this financing involves currency and interest rate derivatives, these instruments are qualified as: 1.Fair value hedge of the interest rate and currency risks on the external debt financing the loans to subsidiaries. Changes in fair value of derivatives are recognized in the income statement, as are changes in fair value of underlying financial debts and loans to subsidiaries. The fair value of those hedging instruments of long-term financing is included in assets under \u201cNon-current financial assets\u201d or in liabilities under \u201cNon-current financial debt\u201d for the non-current portion. The current portion (less than one year) is accounted for in \u201cCurrent financial assets\u201d or \u201cOther current financial liabilities\u201d. In case of the anticipated termination of derivative instruments accounted for as fair value hedges, the amount paid or received is recognized in the income statement and: \u2013If this termination is due to an early cancellation of the hedged items, the adjustment previously recorded as revaluation of those hedged items is also recognized in the income statement; \u2013If the hedged items remain in the balance sheet, the adjustment previously recorded as a revaluation of those hedged items is amortized over the remaining life of those items. In case of a change in the strategy of the hedge (fair value hedge to cash flow hedge), if the components of the initial aggregated exposure had already been designated in a hedging relationship (FVH), TotalEnergies designates the new instrument as a hedging instrument of an aggregated position (CFH) without having to end the initial hedging relationship. | \n\n \n | \n\n 2.Cash flow hedge when TotalEnergies implements a strategy of fixing interest rate and/or currency rate on the external debt. Changes in fair value are recorded in other comprehensive income for the effective portion of the hedging and in the income statement for the ineffective portion of the hedging. When the hedged transaction affects profit or loss, the fair value variations of the hedging instrument recorded in equity are also symmetrically recycled to the income statement. The fair value of those hedging instruments of long-term financing is included in assets under \u201cNon-current financial assets\u201d or in liabilities under \u201cNon-current financial debt\u201d for the non-current portion. The current portion (less than one year) is accounted for in \u201cCurrent financial assets\u201d or \u201cOther current financial liabilities\u201d. If the hedging instrument expires, is sold or terminated by anticipation, gains or losses previously recognized in equity remain in equity. Amounts are recycled to the income statement only when the hedged transaction affects profit or loss. 3.In compliance with IFRS 9, TotalEnergies has decided to recognize in a separate component of the comprehensive income the variation of foreign currency basis spread (Cross Currency Swaps) identified in the hedging relationships qualified as fair value hedges and cash flow hedges. Foreign subsidiaries\u2019 equity hedge Certain financial instruments hedge against risks related to the equity of foreign subsidiaries whose functional currency is not the euro (mainly the dollar). These instruments qualify as \u201cnet investment hedges\u201d and changes in fair value are recorded in other comprehensive income under \u201cCurrency translation\u201d for the effective portion of the hedging and in the income statement for the ineffective portion of the hedging. Gains or losses on hedging instruments previously recorded in equity, are reclassified to the income statement in the same period as the total or partial disposal of the foreign activity. The fair value of these instruments is recorded under \u201cCurrent financial assets\u201d and \u201dOther current financial liabilities\u201d Commitments to purchase shares held by non-controlling interests (put options written on minority interests) Put options granted to non-controlling-interest shareholders are initially recognized as financial liabilities at the present value of the exercise price of the options with a corresponding reduction in shareholders\u2019 equity \u2013 TotalEnergies share. The financial liability is subsequently measured at fair value at each balance sheet date in accordance with contractual clauses and any variation is recorded in the income statement (cost of debt). | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
A)Impact on the income statement per nature of financial instruments
Assets and liabilities from financing activities
The impact on the income statement of financing assets and liabilities mainly includes:
\u2013Financial income on cash, cash equivalents, and current financial assets (notably current deposits beyond three months) classified as \u201cLoans and receivables\u201d;
\u2013Financial expense of long-term subsidiaries financing, associated hedging instruments (excluding ineffective portion of the hedge detailed below) and financial expense of short-term financing classified as \u201cFinancing liabilities and associated hedging instruments\u201d;
\u2013Ineffective portion of bond hedging;
\u2013Financial income and financial expense on lease contracts and;
\u2013Financial income, financial expense and fair value of derivative instruments used for cash management purposes classified as \u201cAssets and liabilities held for trading\u201d.
Financial derivative instruments used for cash management purposes (interest rate and foreign exchange) are considered to be held for trading. Based on practical documentation issues, TotalEnergies did not elect to set up hedge accounting for such instruments. The impact on income statement of the derivatives is offset by the impact of loans and current liabilities they are related to. Therefore these transactions taken as a whole do not have a significant impact on the Consolidated Financial Statements.
| \n For the year ended December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Loans and receivables | \n\n 562 | \n\n 188 | \n\n 154 | \n
| \n Financing liabilities and associated hedging instruments | \n\n (1,812) | \n\n (1,373) | \n\n (1,660) | \n
| \n Fair value hedge (ineffective portion) | \n\n (5) | \n\n (10) | \n\n 12 | \n
| \n Lease assets and obligations | \n\n (458) | \n\n (413) | \n\n (422) | \n
| \n Assets and liabilities held for trading | \n\n 470 | \n\n 83 | \n\n (194) | \n
| \n Impact on the cost of net debt | \n\n (1,243) | \n\n (1,525) | \n\n (2,110) | \n
B)Impact of the hedging strategies
Fair value hedge instruments
The impact on the income statement of the bond hedging instruments which is recorded in the item \u201cFinancial interest on debt\u201d in the Consolidated Statement of Income is detailed as follows:
| \n For the year ended December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Revaluation impact at market value of bonds | \n\n 3,817 | \n\n 3,199 | \n\n (4,004) | \n
| \n Swaps hedging bonds | \n\n (3,822) | \n\n (3,209) | \n\n 4,016 | \n
| \n Ineffective portion of the fair value hedge | \n\n (5) | \n\n (10) | \n\n 12 | \n
The ineffective portion is not representative of TotalEnergies' performance considering its objective to hold swaps to maturity. The current portion of the swaps valuation is not subject to active management.
Net investment hedge
As of December 31, 2022, 2021 and 2020 TotalEnergies had no open forward contracts held in respect of net investment hedge strategies.
Cash flow hedge
The impact on the income statement and other comprehensive income of the bonds hedging instruments qualified as cash flow hedges is detailed as follows:
| \n For the year ended December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Profit (Loss) recorded in other comprehensive income of the period | \n\n 72 | \n\n (167) | \n\n (327) | \n
| \n Recycled amount from other comprehensive income to the income statement of the period | \n\n (55) | \n\n (113) | \n\n 139 | \n
As of December 31, 2022, 2021 and 2020, the ineffective portion of these financial instruments is nil.
Hedging instruments and hedged items by strategy
Fair Value Hedge
The following charts regarding Fair Value Hedge, disclose by nature of hedging instruments (Interest Rate Swaps and Cross Currency Swaps):
\u2013The nominal amounts and carrying amounts of hedging instruments;
\u2013The carrying amounts of hedged items and cumulative FVH adjustments included in the carrying amounts of the hedged items;
\u2013The hedged items that have ceased to be adjusted for hedging gains and losses.
| \n For the year ended | \n\n Hedging instruments | \n\n Nominal amount of hedging instruments | \n\n Carrying amount of hedging instruments | \n\n \n | \n\n Carrying amount of hedged items | \n\n \n | \n\n Cumulative FVH adjustments included | \n\n Line items in the | \n|||
| \n Hedged items | \n\n Assets | \n\n Liabilities | \n\n \n | \n\n Assets | \n\n Liabilities | \n\n \n | \n\n Assets | \n\n Liabilities | \n|||
| \n Bonds | \n\n Interest Rate Swaps | \n\n 5,000 | \n\n \u2013 | \n\n (151) | \n\n \n | \n\n \u2013 | \n\n (4,892) | \n\n \n | \n\n \u2013 | \n\n 108 | \n\n Financial debt / Financial assets | \n
| \n Bonds | \n\n Cross Currency Swaps | \n\n 7,029 | \n\n \u2013 | \n\n (1,124) | \n\n \n | \n\n \u2013 | \n\n (5,982) | \n\n \n | \n\n \u2013 | \n\n 1,047 | \n\n Financial debt / Financial assets | \n
| \n End of hedging | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n (8) | \n\n \n | \n
| \n For the year ended | \n\n Hedging instruments | \n\n Nominal amount of hedging instruments | \n\n Carrying amount of hedging instruments | \n\n \n | \n\n Carrying amount of hedged items | \n\n \n | \n\n Cumulative FVH adjustments included | \n\n Line items in the | \n|||
| \n Hedged items | \n\n Assets | \n\n Liabilities | \n\n \n | \n\n Assets | \n\n Liabilities | \n\n \n | \n\n Assets | \n\n Liabilities | \n|||
| \n Bonds | \n\n Interest Rate Swaps | \n\n 6,767 | \n\n 303 | \n\n (36) | \n\n \n | \n\n \u2013 | \n\n (7,037) | \n\n \n | \n\n \u2013 | \n\n (837) | \n\n Financial debt / Financial assets | \n
| \n Bonds | \n\n Cross Currency Swaps | \n\n 9,566 | \n\n 154 | \n\n (382) | \n\n \n | \n\n \u2013 | \n\n (8,865) | \n\n \n | \n\n \u2013 | \n\n 701 | \n\n Financial debt / Financial assets | \n
| \n End of hedging | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n (27) | \n\n \n | \n
| \n For the year ended | \n\n Hedging instruments | \n\n Nominal amount of hedging instruments | \n\n Carrying amount of hedging instruments | \n\n \n | \n\n Carrying amount of hedged items | \n\n \n | \n\n Cumulative FVH adjustments included | \n\n Line items in the | \n|||
| \n Hedged items | \n\n Assets | \n\n Liabilities | \n\n \n | \n\n Assets | \n\n Liabilities | \n\n \n | \n\n Assets | \n\n Liabilities | \n|||
| \n Bonds | \n\n Interest Rate Swaps | \n\n 8,063 | \n\n 527 | \n\n (15) | \n\n \n | \n\n \u2013 | \n\n (8,586) | \n\n \n | \n\n \u2013 | \n\n (1,136) | \n\n Financial debt / Financial assets | \n
| \n Bonds | \n\n Cross Currency Swaps | \n\n 11,011 | \n\n 836 | \n\n (211) | \n\n \n | \n\n \u2013 | \n\n (11,109) | \n\n \n | \n\n \u2013 | \n\n (98) | \n\n Financial debt / Financial assets | \n
| \n End of hedging | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n (47) | \n\n \n | \n
Cash Flow Hedge
The following charts regarding Cash Flow Hedge disclose the nominal amounts and carrying amounts by nature of hedging instruments (Interest Rate Swaps and Cross Currency Swaps).
According to IFRS 9, there is no accounting entry related to Cash Flow Hedge on hedged items.
| \n For the year ended | \n\n Nature of hedging instruments | \n\n Nominal amount of | \n\n Carrying amount of hedging instruments | \n\n Line items in the statement of financial position | \n|
| \n Assets | \n\n Liabilities | \n||||
| \n Bonds | \n\n Interest Rate Swaps | \n\n 12,782 | \n\n 815 | \n\n (2) | \n\n Financial debt / Financial assets | \n
| \n Bonds | \n\n Cross Currency swaps | \n\n 17,511 | \n\n \u2013 | \n\n (2,731) | \n\n Financial debt / Financial assets | \n
| \n For the year ended | \n\n Nature of hedging instruments | \n\n Nominal amount of | \n\n Carrying amount of hedging instruments | \n\n Line items in the statement of financial position | \n|
| \n Assets | \n\n Liabilities | \n||||
| \n Bonds | \n\n Interest Rate Swaps | \n\n 12,782 | \n\n \u2013 | \n\n (736) | \n\n Financial debt / Financial assets | \n
| \n Bonds | \n\n Cross Currency swaps | \n\n 17,511 | \n\n 372 | \n\n (660) | \n\n Financial debt / Financial assets | \n
| \n For the year ended | \n\n Nature of hedging instruments | \n\n Nominal amount of | \n\n Carrying amount of hedging instruments | \n\n Line items in the statement of financial position | \n|
| \n Assets | \n\n Liabilities | \n||||
| \n Bonds | \n\n Interest Rate Swaps | \n\n 12,781 | \n\n \u2013 | \n\n (1,441) | \n\n Financial debt / Financial assets | \n
| \n Bonds | \n\n Cross Currency swaps | \n\n 17,511 | \n\n 1,856 | \n\n (32) | \n\n Financial debt / Financial assets | \n
C)Maturity of derivative instruments
The maturity of the notional amounts of derivative instruments, excluding the commodity contracts, is detailed in the following table:
| \n For the year ended December 31, 2022 (M$)
| \n\n Fair value | \n\n Notional value 2023 | \n\n Fair value | \n\n Notional value schedule | \n|||||
| \n 2024 | \n\n 2024 | \n\n 2025 | \n\n 2026 | \n\n 2027 | \n\n 2028 | \n||||
| \n Fair value hedge | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (assets) | \n\n \u2013 | \n\n 1,000 | \n\n \u2013 | \n\n \u2013 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (liabilities) | \n\n (260) | \n\n 2,858 | \n\n (1,015) | \n\n 8,171 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total swaps hedging bonds - | \n\n (260) | \n\n 3,858 | \n\n (1,015) | \n\n 8,171 | \n\n 2,087 | \n\n 1,630 | \n\n 202 | \n\n 820 | \n\n 3,432 | \n
| \n Cash flow hedge | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (assets) | \n\n 2 | \n\n 250 | \n\n 813 | \n\n 11,782 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (liabilities) | \n\n (2) | \n\n 750 | \n\n (2,731) | \n\n 17,511 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total swaps hedging bonds - | \n\n \u2013 | \n\n 1,000 | \n\n (1,918) | \n\n 29,293 | \n\n 3,659 | \n\n 4,459 | \n\n 4,069 | \n\n 2,071 | \n\n 15,035 | \n
| \n Forward exchange contracts related to operating activities (assets) | \n\n 4 | \n\n 70 | \n\n 3 | \n\n 91 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Forward exchange contracts related to operating activities (liabilities) | \n\n (19) | \n\n 187 | \n\n (19) | \n\n 433 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total forward exchange contracts related to operating activities | \n\n (15) | \n\n 257 | \n\n (16) | \n\n 524 | \n\n 524 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Held for trading | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Other interest rate swaps (assets) | \n\n 154 | \n\n 14,955 | \n\n 447 | \n\n 7,470 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Other interest rate swaps (liabilities) | \n\n (94) | \n\n 13,236 | \n\n (226) | \n\n 4,128 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total other interest rate swaps | \n\n 60 | \n\n 28,191 | \n\n 221 | \n\n 11,598 | \n\n 5,233 | \n\n 3,716 | \n\n 1,174 | \n\n 1,022 | \n\n 453 | \n
| \n Currency swaps and forward exchange contracts (assets) | \n\n 55 | \n\n 7,076 | \n\n 44 | \n\n 1,289 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Currency swaps and forward exchange contracts (liabilities) | \n\n (110) | \n\n 15,964 | \n\n (57) | \n\n 839 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total currency swaps and forward exchange contracts | \n\n (55) | \n\n 23,040 | \n\n (13) | \n\n 2,128 | \n\n 391 | \n\n 1,737 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
Notional amounts set the levels of commitment and are indicative nor of a contingent gain or loss neither of a related debt.
| \n For the year ended December 31, 2021 (M$)
| \n\n Fair value | \n\n Notional value 2022 | \n\n Fair value | \n\n Notional value schedule | \n|||||
| \n 2023 | \n\n 2023 | \n\n 2024 | \n\n 2025 | \n\n 2026 | \n\n 2027 | \n||||
| \n Fair value hedge | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (assets) | \n\n 42 | \n\n 566 | \n\n 415 | \n\n 9,659 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (liabilities) | \n\n (316) | \n\n 3,737 | \n\n (102) | \n\n 2,371 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total swaps hedging bonds - | \n\n (274) | \n\n 4,303 | \n\n 313 | \n\n 12,030 | \n\n 3,858 | \n\n 2,087 | \n\n 1,630 | \n\n 202 | \n\n 4,253 | \n
| \n Cash flow hedge | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (assets) | \n\n \u2013 | \n\n \u2013 | \n\n 372 | \n\n 7,149 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (liabilities) | \n\n \u2013 | \n\n \u2013 | \n\n (1,396) | \n\n 23,144 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total swaps hedging bonds - | \n\n \u2013 | \n\n \u2013 | \n\n (1,024) | \n\n 30,293 | \n\n 1,000 | \n\n 3,659 | \n\n 4,459 | \n\n 4,068 | \n\n 17,107 | \n
| \n Forward exchange contracts related to operating activities (assets) | \n\n \u2013 | \n\n 36 | \n\n \u2013 | \n\n \u2013 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Forward exchange contracts related to operating activities (liabilities) | \n\n (8) | \n\n 283 | \n\n (14) | \n\n 366 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total forward exchange contracts related to operating activities | \n\n (8) | \n\n 319 | \n\n (14) | \n\n 366 | \n\n 171 | \n\n 195 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Held for trading | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Other interest rate swaps (assets) | \n\n 13 | \n\n 20,876 | \n\n 78 | \n\n 5,170 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Other interest rate swaps (liabilities) | \n\n (19) | \n\n 6,470 | \n\n (41) | \n\n 2,561 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total other interest rate swaps | \n\n (6) | \n\n 27,346 | \n\n 37 | \n\n 7,731 | \n\n 1,708 | \n\n 2,856 | \n\n 2,111 | \n\n 751 | \n\n 305 | \n
| \n Currency swaps and forward exchange contracts (assets) | \n\n 65 | \n\n 9,769 | \n\n 17 | \n\n 367 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Currency swaps and forward exchange contracts (liabilities) | \n\n (37) | \n\n 5,065 | \n\n \u2013 | \n\n (16) | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total currency swaps and forward exchange contracts | \n\n 28 | \n\n 14,834 | \n\n 17 | \n\n 351 | \n\n 265 | \n\n 86 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
Notional amounts set the levels of commitment and are indicative nor of a contingent gain or loss neither of a related debt.
| \n For the year ended December 31, 2020 (M$)
| \n\n Fair value | \n\n Notional value 2021 | \n\n Fair value | \n\n Notional value schedule | \n|||||
| \n 2022 | \n\n 2022 | \n\n 2023 | \n\n 2024 | \n\n 2025 | \n\n 2026 | \n||||
| \n Fair value hedge | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (assets) | \n\n 18 | \n\n 1,250 | \n\n 1,365 | \n\n 12,642 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (liabilities) | \n\n (104) | \n\n 1,445 | \n\n (142) | \n\n 3,737 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total swaps hedging bonds - | \n\n (86) | \n\n 2,695 | \n\n 1,223 | \n\n 16,379 | \n\n 4,350 | \n\n 3,858 | \n\n 2,087 | \n\n 1,630 | \n\n 4,454 | \n
| \n Cash flow hedge | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (assets) | \n\n \u2013 | \n\n \u2013 | \n\n 1,856 | \n\n 16,259 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (liabilities) | \n\n \u2013 | \n\n \u2013 | \n\n (1,473) | \n\n 14,033 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total swaps hedging bonds - | \n\n \u2013 | \n\n \u2013 | \n\n 383 | \n\n 30,292 | \n\n \u2013 | \n\n 1,000 | \n\n 3,659 | \n\n 4,459 | \n\n 21,174 | \n
| \n Forward exchange contracts related to operating activities (assets) | \n\n 16 | \n\n 262 | \n\n 20 | \n\n 394 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Forward exchange contracts related to operating activities (liabilities) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total forward exchange contracts related to operating activities | \n\n 16 | \n\n 262 | \n\n 20 | \n\n 394 | \n\n 276 | \n\n 118 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Held for trading | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Other interest rate swaps (assets) | \n\n 10 | \n\n 22,011 | \n\n 84 | \n\n 3,214 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Other interest rate swaps (liabilities) | \n\n (51) | \n\n 7,693 | \n\n (116) | \n\n 3,695 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total other interest rate swaps | \n\n (41) | \n\n 29,704 | \n\n (32) | \n\n 6,909 | \n\n 2,067 | \n\n 764 | \n\n 2,004 | \n\n 1,937 | \n\n 137 | \n
| \n Currency swaps and forward exchange contracts (assets) | \n\n 39 | \n\n 3,323 | \n\n 5 | \n\n 344 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Currency swaps and forward exchange contracts (liabilities) | \n\n (48) | \n\n 2,580 | \n\n (2) | \n\n 54 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total currency swaps and forward exchange contracts | \n\n (9) | \n\n 5,903 | \n\n 3 | \n\n 398 | \n\n 189 | \n\n 145 | \n\n 64 | \n\n \u2013 | \n\n \u2013 | \n
Notional amounts set the levels of commitment and are indicative nor of a contingent gain or loss neither of a related debt.
D)Fair value hierarchy
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n According to IFRS 13, fair values are estimated for the majority of TotalEnergies\u2019 financial instruments, with the exception of publicly traded equity securities and marketable securities for which the market price is used. Estimations of fair value, which are based on principles such as discounting future cash flows to present value, must be weighted by the fact that the value of a financial instrument at a given time may be influenced by the market environment (liquidity especially), and also the fact that subsequent changes in interest rates and exchange rates are not taken into account. As a consequence, the use of different estimates, methodologies and assumptions could have a material effect on the estimated fair value amounts. | \n\n \n | \n\n The methods used are as follows: Financial debts, swaps The market value of swaps and of bonds that are hedged by those swaps has been determined on an individual basis by discounting future cash flows with the market curves existing at year-end. Other financial instruments The fair value of interest rate swaps and of FRA's (Forward Rate Agreements) is calculated by discounting future cash flows on the basis of market curves existing at year-end after adjustment for interest accrued but unpaid. Forward exchange contracts and currency swaps are valued on the basis of a comparison of the negotiated forward rates with the rates in effect on the financial markets at year-end for similar maturities. Exchange options are valued based on models commonly used by the market. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
The fair value hierarchy for financial instruments, excluding commodity contracts, is as follows:
| \n As of December 31, 2022 (M$) | \n\n Quoted prices | \n\n Prices based on observable data (level 2) | \n\n Prices based on non observable data (level 3) | \n\n Total | \n
| \n Fair value hedge instruments | \n\n \u2013 | \n\n (1,275) | \n\n \u2013 | \n\n (1,275) | \n
| \n Cash flow hedge instruments | \n\n \u2013 | \n\n (1,950) | \n\n \u2013 | \n\n (1,950) | \n
| \n Assets and liabilities held for trading | \n\n \u2013 | \n\n 214 | \n\n \u2013 | \n\n 214 | \n
| \n Equity instruments | \n\n 33 | \n\n \u2013 | \n\n \u2013 | \n\n 33 | \n
| \n Total | \n\n 33 | \n\n (3,011) | \n\n \u2013 | \n\n (2,978) | \n
| \n As of December 31, 2021 (M$) | \n\n Quoted prices | \n\n Prices based on observable data (level 2) | \n\n Prices based on non observable data (level 3) | \n\n Total | \n
| \n Fair value hedge instruments | \n\n \u2013 | \n\n 39 | \n\n \u2013 | \n\n 39 | \n
| \n Cash flow hedge instruments | \n\n \u2013 | \n\n (1,052) | \n\n \u2013 | \n\n (1,052) | \n
| \n Assets and liabilities held for trading | \n\n \u2013 | \n\n 82 | \n\n \u2013 | \n\n 82 | \n
| \n Equity instruments | \n\n 501 | \n\n \u2013 | \n\n \u2013 | \n\n 501 | \n
| \n Total | \n\n 501 | \n\n (931) | \n\n \u2013 | \n\n (430) | \n
| \n As of December 31, 2020 (M$) | \n\n Quoted prices | \n\n Prices based on observable data (level 2) | \n\n Prices based on non observable data (level 3) | \n\n Total | \n
| \n Fair value hedge instruments | \n\n \u2013 | \n\n 1,137 | \n\n \u2013 | \n\n 1,137 | \n
| \n Cash flow hedge instruments | \n\n \u2013 | \n\n 408 | \n\n \u2013 | \n\n 408 | \n
| \n Assets and liabilities held for trading | \n\n \u2013 | \n\n (68) | \n\n \u2013 | \n\n (68) | \n
| \n Equity instruments | \n\n 706 | \n\n \u2013 | \n\n \u2013 | \n\n 706 | \n
| \n Total | \n\n 706 | \n\n 1,477 | \n\n \u2013 | \n\n 2,183 | \n
Accounting principles
TotalEnergies uses derivative instruments to manage its exposure to risks of changes in interest rates, foreign exchange rates and commodity prices. These financial instruments are accounted for in accordance with IFRS 9, changes in fair value of derivative instruments are recognized in the income statement or in other comprehensive income and are recognized in the balance sheet in the accounts corresponding to their nature, according to the risk management strategy. The derivative instruments used by TotalEnergies are the following:
Cash management
Financial instruments used for cash management purposes are part of a hedging strategy of currency and interest rate risks within global limits set by TotalEnergies and are considered to be held for trading. Changes in fair value are systematically recorded in the income statement. The balance sheet value of those instruments is included in \u201cCurrent financial assets\u201d or \u201cOther current financial liabilities\u201d.
Long-term financing
When an external long-term financing is set up, specifically to finance subsidiaries, and when this financing involves currency and interest rate derivatives, these instruments are qualified as:
1.Fair value hedge of the interest rate and currency risks on the external debt financing the loans to subsidiaries. Changes in fair value of derivatives are recognized in the income statement, as are changes in fair value of underlying financial debts and loans to subsidiaries.
The fair value of those hedging instruments of long-term financing is included in assets under \u201cNon-current financial assets\u201d or in liabilities under \u201cNon-current financial debt\u201d for the non-current portion. The current portion (less than one year) is accounted for in \u201cCurrent financial assets\u201d or \u201cOther current financial liabilities\u201d.
In case of the anticipated termination of derivative instruments accounted for as fair value hedges, the amount paid or received is recognized in the income statement and:
\u2013If this termination is due to an early cancellation of the hedged items, the adjustment previously recorded as revaluation of those hedged items is also recognized in the income statement;
\u2013If the hedged items remain in the balance sheet, the adjustment previously recorded as a revaluation of those hedged items is amortized over the remaining life of those items.
In case of a change in the strategy of the hedge (fair value hedge to cash flow hedge), if the components of the initial aggregated exposure had already been designated in a hedging relationship (FVH), TotalEnergies designates the new instrument as a hedging instrument of an aggregated position (CFH) without having to end the initial hedging relationship.
2.Cash flow hedge when TotalEnergies implements a strategy of fixing interest rate and/or currency rate on the external debt. Changes in fair value are recorded in other comprehensive income for the effective portion of the hedging and in the income statement for the ineffective portion of the hedging. When the hedged transaction affects profit or loss, the fair value variations of the hedging instrument recorded in equity are also symmetrically recycled to the income statement.
The fair value of those hedging instruments of long-term financing is included in assets under \u201cNon-current financial assets\u201d or in liabilities under \u201cNon-current financial debt\u201d for the non-current portion. The current portion (less than one year) is accounted for in \u201cCurrent financial assets\u201d or \u201cOther current financial liabilities\u201d.
If the hedging instrument expires, is sold or terminated by anticipation, gains or losses previously recognized in equity remain in equity. Amounts are recycled to the income statement only when the hedged transaction affects profit or loss.
3.In compliance with IFRS 9, TotalEnergies has decided to recognize in a separate component of the comprehensive income the variation of foreign currency basis spread (Cross Currency Swaps) identified in the hedging relationships qualified as fair value hedges and cash flow hedges.
Foreign subsidiaries\u2019 equity hedge
Certain financial instruments hedge against risks related to the equity of foreign subsidiaries whose functional currency is not the euro (mainly the dollar). These instruments qualify as \u201cnet investment hedges\u201d and changes in fair value are recorded in other comprehensive income under \u201cCurrency translation\u201d for the effective portion of the hedging and in the income statement for the ineffective portion of the hedging. Gains or losses on hedging instruments previously recorded in equity, are reclassified to the income statement in the same period as the total or partial disposal of the foreign activity.
The fair value of these instruments is recorded under \u201cCurrent financial assets\u201d and \u201dOther current financial liabilities\u201d
Commitments to purchase shares held by non-controlling interests (put options written on minority interests)
Put options granted to non-controlling-interest shareholders are initially recognized as financial liabilities at the present value of the exercise price of the options with a corresponding reduction in shareholders\u2019 equity \u2013 TotalEnergies share. The financial liability is subsequently measured at fair value at each balance sheet date in accordance with contractual clauses and any variation is recorded in the income statement (cost of debt).
Accounting principles
TotalEnergies uses derivative instruments to manage its exposure to risks of changes in interest rates, foreign exchange rates and commodity prices. These financial instruments are accounted for in accordance with IFRS 9, changes in fair value of derivative instruments are recognized in the income statement or in other comprehensive income and are recognized in the balance sheet in the accounts corresponding to their nature, according to the risk management strategy. The derivative instruments used by TotalEnergies are the following:
Cash management
Financial instruments used for cash management purposes are part of a hedging strategy of currency and interest rate risks within global limits set by TotalEnergies and are considered to be held for trading. Changes in fair value are systematically recorded in the income statement. The balance sheet value of those instruments is included in \u201cCurrent financial assets\u201d or \u201cOther current financial liabilities\u201d.
Long-term financing
When an external long-term financing is set up, specifically to finance subsidiaries, and when this financing involves currency and interest rate derivatives, these instruments are qualified as:
1.Fair value hedge of the interest rate and currency risks on the external debt financing the loans to subsidiaries. Changes in fair value of derivatives are recognized in the income statement, as are changes in fair value of underlying financial debts and loans to subsidiaries.
The fair value of those hedging instruments of long-term financing is included in assets under \u201cNon-current financial assets\u201d or in liabilities under \u201cNon-current financial debt\u201d for the non-current portion. The current portion (less than one year) is accounted for in \u201cCurrent financial assets\u201d or \u201cOther current financial liabilities\u201d.
In case of the anticipated termination of derivative instruments accounted for as fair value hedges, the amount paid or received is recognized in the income statement and:
\u2013If this termination is due to an early cancellation of the hedged items, the adjustment previously recorded as revaluation of those hedged items is also recognized in the income statement;
\u2013If the hedged items remain in the balance sheet, the adjustment previously recorded as a revaluation of those hedged items is amortized over the remaining life of those items.
In case of a change in the strategy of the hedge (fair value hedge to cash flow hedge), if the components of the initial aggregated exposure had already been designated in a hedging relationship (FVH), TotalEnergies designates the new instrument as a hedging instrument of an aggregated position (CFH) without having to end the initial hedging relationship.
2.Cash flow hedge when TotalEnergies implements a strategy of fixing interest rate and/or currency rate on the external debt. Changes in fair value are recorded in other comprehensive income for the effective portion of the hedging and in the income statement for the ineffective portion of the hedging. When the hedged transaction affects profit or loss, the fair value variations of the hedging instrument recorded in equity are also symmetrically recycled to the income statement.
The fair value of those hedging instruments of long-term financing is included in assets under \u201cNon-current financial assets\u201d or in liabilities under \u201cNon-current financial debt\u201d for the non-current portion. The current portion (less than one year) is accounted for in \u201cCurrent financial assets\u201d or \u201cOther current financial liabilities\u201d.
If the hedging instrument expires, is sold or terminated by anticipation, gains or losses previously recognized in equity remain in equity. Amounts are recycled to the income statement only when the hedged transaction affects profit or loss.
3.In compliance with IFRS 9, TotalEnergies has decided to recognize in a separate component of the comprehensive income the variation of foreign currency basis spread (Cross Currency Swaps) identified in the hedging relationships qualified as fair value hedges and cash flow hedges.
Foreign subsidiaries\u2019 equity hedge
Certain financial instruments hedge against risks related to the equity of foreign subsidiaries whose functional currency is not the euro (mainly the dollar). These instruments qualify as \u201cnet investment hedges\u201d and changes in fair value are recorded in other comprehensive income under \u201cCurrency translation\u201d for the effective portion of the hedging and in the income statement for the ineffective portion of the hedging. Gains or losses on hedging instruments previously recorded in equity, are reclassified to the income statement in the same period as the total or partial disposal of the foreign activity.
The fair value of these instruments is recorded under \u201cCurrent financial assets\u201d and \u201dOther current financial liabilities\u201d
Commitments to purchase shares held by non-controlling interests (put options written on minority interests)
Put options granted to non-controlling-interest shareholders are initially recognized as financial liabilities at the present value of the exercise price of the options with a corresponding reduction in shareholders\u2019 equity \u2013 TotalEnergies share. The financial liability is subsequently measured at fair value at each balance sheet date in accordance with contractual clauses and any variation is recorded in the income statement (cost of debt).
Accounting principles
TotalEnergies uses derivative instruments to manage its exposure to risks of changes in interest rates, foreign exchange rates and commodity prices. These financial instruments are accounted for in accordance with IFRS 9, changes in fair value of derivative instruments are recognized in the income statement or in other comprehensive income and are recognized in the balance sheet in the accounts corresponding to their nature, according to the risk management strategy. The derivative instruments used by TotalEnergies are the following:
Cash management
Financial instruments used for cash management purposes are part of a hedging strategy of currency and interest rate risks within global limits set by TotalEnergies and are considered to be held for trading. Changes in fair value are systematically recorded in the income statement. The balance sheet value of those instruments is included in \u201cCurrent financial assets\u201d or \u201cOther current financial liabilities\u201d.
Long-term financing
When an external long-term financing is set up, specifically to finance subsidiaries, and when this financing involves currency and interest rate derivatives, these instruments are qualified as:
1.Fair value hedge of the interest rate and currency risks on the external debt financing the loans to subsidiaries. Changes in fair value of derivatives are recognized in the income statement, as are changes in fair value of underlying financial debts and loans to subsidiaries.
The fair value of those hedging instruments of long-term financing is included in assets under \u201cNon-current financial assets\u201d or in liabilities under \u201cNon-current financial debt\u201d for the non-current portion. The current portion (less than one year) is accounted for in \u201cCurrent financial assets\u201d or \u201cOther current financial liabilities\u201d.
In case of the anticipated termination of derivative instruments accounted for as fair value hedges, the amount paid or received is recognized in the income statement and:
\u2013If this termination is due to an early cancellation of the hedged items, the adjustment previously recorded as revaluation of those hedged items is also recognized in the income statement;
\u2013If the hedged items remain in the balance sheet, the adjustment previously recorded as a revaluation of those hedged items is amortized over the remaining life of those items.
In case of a change in the strategy of the hedge (fair value hedge to cash flow hedge), if the components of the initial aggregated exposure had already been designated in a hedging relationship (FVH), TotalEnergies designates the new instrument as a hedging instrument of an aggregated position (CFH) without having to end the initial hedging relationship.
2.Cash flow hedge when TotalEnergies implements a strategy of fixing interest rate and/or currency rate on the external debt. Changes in fair value are recorded in other comprehensive income for the effective portion of the hedging and in the income statement for the ineffective portion of the hedging. When the hedged transaction affects profit or loss, the fair value variations of the hedging instrument recorded in equity are also symmetrically recycled to the income statement.
The fair value of those hedging instruments of long-term financing is included in assets under \u201cNon-current financial assets\u201d or in liabilities under \u201cNon-current financial debt\u201d for the non-current portion. The current portion (less than one year) is accounted for in \u201cCurrent financial assets\u201d or \u201cOther current financial liabilities\u201d.
If the hedging instrument expires, is sold or terminated by anticipation, gains or losses previously recognized in equity remain in equity. Amounts are recycled to the income statement only when the hedged transaction affects profit or loss.
3.In compliance with IFRS 9, TotalEnergies has decided to recognize in a separate component of the comprehensive income the variation of foreign currency basis spread (Cross Currency Swaps) identified in the hedging relationships qualified as fair value hedges and cash flow hedges.
Foreign subsidiaries\u2019 equity hedge
Certain financial instruments hedge against risks related to the equity of foreign subsidiaries whose functional currency is not the euro (mainly the dollar). These instruments qualify as \u201cnet investment hedges\u201d and changes in fair value are recorded in other comprehensive income under \u201cCurrency translation\u201d for the effective portion of the hedging and in the income statement for the ineffective portion of the hedging. Gains or losses on hedging instruments previously recorded in equity, are reclassified to the income statement in the same period as the total or partial disposal of the foreign activity.
The fair value of these instruments is recorded under \u201cCurrent financial assets\u201d and \u201dOther current financial liabilities\u201d
Commitments to purchase shares held by non-controlling interests (put options written on minority interests)
Put options granted to non-controlling-interest shareholders are initially recognized as financial liabilities at the present value of the exercise price of the options with a corresponding reduction in shareholders\u2019 equity \u2013 TotalEnergies share. The financial liability is subsequently measured at fair value at each balance sheet date in accordance with contractual clauses and any variation is recorded in the income statement (cost of debt).
Accounting principles
According to IFRS 13, fair values are estimated for the majority of TotalEnergies\u2019 financial instruments, with the exception of publicly traded equity securities and marketable securities for which the market price is used.
Estimations of fair value, which are based on principles such as discounting future cash flows to present value, must be weighted by the fact that the value of a financial instrument at a given time may be influenced by the market environment (liquidity especially), and also the fact that subsequent changes in interest rates and exchange rates are not taken into account.
The methods used are as follows:
Financial debts, swaps
The market value of swaps and of bonds that are hedged by those swaps has been determined on an individual basis by discounting future cash flows with the market curves existing at year-end.
Other financial instruments
The fair value of interest rate swaps and of FRA's (Forward Rate Agreements) is calculated by discounting future cash flows on the basis of market curves existing at year-end after adjustment for interest accrued but unpaid. Forward exchange contracts and currency swaps are valued on the basis of a comparison of the negotiated forward rates with the rates in effect on the financial markets at year-end for similar maturities.
Exchange options are valued based on models commonly used by the market.
15.3Financial risks management
Financial markets related risks
As part of its financing and cash management activities, TotalEnergies uses derivative instruments to manage its exposure to changes in interest rates and foreign exchange rates. These instruments are mainly interest rate and currency swaps. TotalEnergies may also occasionally use futures contracts and options. These operations and their accounting treatment are detailed in Notes 14, 15.1 and 15.2 to the Consolidated Financial Statements.
Risks relative to cash management operations and to interest rate and foreign exchange financial instruments are managed according to rules set by TotalEnergies\u2019 General Management, which provide for regular pooling of available cash balances, open positions and management of the financial instruments by the Treasury Department. Excess cash of TotalEnergies is deposited mainly in government institutions, deposit banks, or major companies through deposits, reverse repurchase agreements and purchase of commercial paper. Liquidity positions and the management of financial instruments are centralized by the Treasury Department, where they are managed by a team specialized in foreign exchange and interest rate market transactions.
The Cash Monitoring-Management Unit within the Treasury Department monitors limits and positions per bank on a daily basis and results of the Front Office. This unit also prepares marked-to-market valuations of used financial instruments and, when necessary, performs sensitivity analyses.
Counterparty risk
TotalEnergies has established standards for market transactions under which any banking counterparty must be approved in advance, based on an assessment of the counterparty\u2019s financial solidity (multi-criteria analysis including notably a review of its Credit Default Swap (CDS) level, credit ratings from Standard & Poor\u2019s and Moody\u2019s, which must be of high standing, and general financial situation).
An overall credit limit is set for each authorised financial counterparty and is allocated amongst the affiliates and TotalEnergies\u2019 central treasury entities, according to TotalEnergies\u2019 financial needs.
To reduce the market valuation risk on its commitments, in particular relating to derivative instruments, the Treasury Department has entered into margin call agreements with its counterparties, in compliance with applicable regulations. Moreover, since December 21, 2018 any new interest rate hedging swap (excluding cross currency swaps) entered into by a TotalEnergies\u2019 entity, and falling under the clearing obligation in accordance with EU regulations 648/2012 and 2019/834 on OTC derivatives, central counterparties and trade repositories (EMIR and EMIR Refit respectively), is now subject to central clearing.\u00a0
Since September 1, 2021, TotalEnergies applies the delegated Regulation (EU) No. 2016/2251 (supplementing Regulation (EU) No 648/2012), regarding initial margin calls on certain OTC derivative contracts not cleared by central counterparty.
Reform of benchmarks risk
The transition to IBOR indices did not have a significant impact on the financial instruments managed by the Treasury Department of TotalEnergies. The main LIBOR Dollar maturities such as the 3 month USD LIBOR will continue to be published until the end of June 2023 and will then be replaced by the SOFR. Furthermore, in Europe, the Eonia rate ceased to be published on January 3, 2022 and was replaced by the ESTR rate. TotalEnergies is proactively managing these regulatory changes.
Short-term interest rate exposure and cash
Cash balances, primarily composed of euros and dollars, are managed according to the guidelines established by TotalEnergies\u2019 General Management (to maintain an adequate level of liquidity, optimize revenue from investments considering existing interest rate yield curves, and minimize the cost of borrowing) based on a daily interest rate benchmark, primarily through short-term interest rate swaps and short-term currency swaps.
Interest rate risk on non-current debt
TotalEnergies\u2019 policy consists in incurring long-term debt at a floating or fixed rate, depending on TotalEnergies\u2019 general corporate needs and the interest rate environment at the time of issuance, mainly in dollars or euros. Long-term interest rate and currency swaps may be entered into for the purpose of hedging bonds at the time of issuance, synthetically resulting in the incurrence of variable or fixed rate debt. In order to partially alter the interest rate exposure of its long-term indebtedness, TotalEnergies may also enter into long-term interest rate swaps on an ad-hoc basis.
Currency exposure
TotalEnergies generally seeks to minimize the currency exposure of each entity to its functional currency (primarily the dollar, the euro, the pound sterling and the Norwegian krone).
For currency exposure generated by commercial activity, the hedging of revenues and costs in foreign currencies is typically performed using currency operations on the spot market and, in some cases, on the forward market. TotalEnergies rarely hedges future cash flows, although it may use options to do so.
With respect to currency exposure linked to non-current assets, TotalEnergies has a hedging policy of financing these assets in their functional currency.
Net short-term currency exposure is periodically monitored against limits set by TotalEnergies\u2019 General Management.
The non-current debt described in Note 15.1 to the Consolidated Financial Statements is generally raised by the corporate treasury entities either directly in dollars or in euros, or in other currencies which are then exchanged for dollars or euros through swap issuances to appropriately match general corporate needs. The proceeds from these debt issuances are loaned to affiliates whose accounts are kept in dollars or in euros. Thus, the net sensitivity of these positions to currency exposure is not significant.
TotalEnergies\u2019 short-term currency swaps, the notional value of which appears in Note 15.2 to the Consolidated Financial Statements, are used to attempt to optimize the centralized cash management of TotalEnergies. Thus, the sensitivity to currency fluctuations which may be induced is likewise considered negligible.
Sensitivity analysis on interest rate and foreign exchange risk
The tables below present the potential impact of an increase or decrease of 10 basis points on the interest rate yield curves for each of the currencies on the fair value of the current financial instruments as of December\u00a031, 2022, 2021 and 2020.
| \n Assets/(Liabilities) (M$) | \n\n Carrying | \n\n Estimated | \n\n Change in fair value due to a change in interest rate by | \n|
| \n + 10 basis | \n\n - 10 basis | \n|||
| \n As of December 31, 2022 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Bonds (non-current portion, before swaps) | \n\n (32,184) | \n\n (30,391) | \n\n 210 | \n\n (210) | \n
| \n Swaps hedging bonds (liabilities) | \n\n (3,746) | \n\n (3,746) | \n\n \u2013 | \n\n \u2013 | \n
| \n Swaps hedging bonds (assets) | \n\n 813 | \n\n 813 | \n\n \u2013 | \n\n \u2013 | \n
| \n Total swaps hedging bonds (assets and liabilities) | \n\n (2,933) | \n\n (2,933) | \n\n (9) | \n\n 9 | \n
| \n Current portion of non-current debt after swaps (excluding lease obligations) | \n\n (5,328) | \n\n (5,344) | \n\n 3 | \n\n (3) | \n
| \n Other interest rates swaps | \n\n 281 | \n\n 281 | \n\n 10 | \n\n (10) | \n
| \n Currency swaps and forward exchange contracts | \n\n (68) | \n\n (68) | \n\n \u2013 | \n\n \u2013 | \n
| \n As of December 31, 2021 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Bonds (non-current portion, before swaps) | \n\n (39,256) | \n\n (42,888) | \n\n 349 | \n\n (349) | \n
| \n Swaps hedging bonds (liabilities) | \n\n (1,498) | \n\n (1,498) | \n\n \u2013 | \n\n \u2013 | \n
| \n Swaps hedging bonds (assets) | \n\n 787 | \n\n 787 | \n\n \u2013 | \n\n \u2013 | \n
| \n Total swaps hedging bonds (assets and liabilities) | \n\n (711) | \n\n (711) | \n\n (34) | \n\n 34 | \n
| \n Current portion of non-current debt after swaps (excluding lease obligations) | \n\n (5,073) | \n\n (5,077) | \n\n 5 | \n\n (5) | \n
| \n Other interest rates swaps | \n\n 31 | \n\n 31 | \n\n 16 | \n\n (16) | \n
| \n Currency swaps and forward exchange contracts | \n\n 45 | \n\n 45 | \n\n \u2013 | \n\n \u2013 | \n
| \n As of December 31, 2020 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Bonds (non-current portion, before swaps) | \n\n (46,239) | \n\n (52,246) | \n\n 440 | \n\n (440) | \n
| \n Swaps hedging bonds (liabilities) | \n\n (1,615) | \n\n (1,615) | \n\n \u2013 | \n\n \u2013 | \n
| \n Swaps hedging bonds (assets) | \n\n 3,221 | \n\n 3,221 | \n\n \u2013 | \n\n \u2013 | \n
| \n Total swaps hedging bonds (assets and liabilities) | \n\n 1,606 | \n\n 1,606 | \n\n (70) | \n\n 70 | \n
| \n Current portion of non-current debt after swaps (excluding lease obligations) | \n\n (4,674) | \n\n (4,696) | \n\n 2 | \n\n (2) | \n
| \n Other interest rates swaps | \n\n (73) | \n\n (73) | \n\n 18 | \n\n (18) | \n
| \n Currency swaps and forward exchange contracts | \n\n (6) | \n\n (6) | \n\n \u2013 | \n\n \u2013 | \n
The impact of changes in interest rates on the cost of debt before tax is as follows:
| \n For the year ended December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Cost of net debt | \n\n (1,243) | \n\n (1,525) | \n\n (2,110) | \n
| \n Interest rate translation of : | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n + 10 basis points | \n\n 18 | \n\n 47 | \n\n 29 | \n
| \n - 10 basis points | \n\n (18) | \n\n (47) | \n\n (29) | \n
As a result of the policy for the management of currency exposure previously described, TotalEnergies\u2019 sensitivity to currency exposure is primarily influenced by the net equity of the subsidiaries whose functional currency is the euro and to a lesser extent, the pound sterling and the Norwegian krone.
This sensitivity is reflected in the historical evolution of the currency translation adjustment recorded in the statement of changes in consolidated shareholders\u2019 equity which, over the course of the last three years, is essentially related to the fluctuation of the euro, the ruble and the pound sterling and is set forth in the table below:
| \n \n | \n\n Dollar/Euro | \n\n Dollar/Pound sterling | \n\n Dollar/Ruble | \n
| \n December 31, 2022 | \n\n 0.94 | \n\n 0.83 | \n\n 74.01 | \n
| \n December 31, 2021 | \n\n 0.88 | \n\n 0.74 | \n\n 75.31 | \n
| \n December 31, 2020 | \n\n 0.81 | \n\n 0.73 | \n\n 74.54 | \n
| \n As of December 31, 2022 (M$) | \n\n Total | \n\n Euro | \n\n Dollar | \n\n Pound sterling | \n\n Ruble | \n\n Other currencies | \n
| \n Shareholders' equity at historical exchange rate | \n\n 124,560 | \n\n 15,835 | \n\n 88,902 | \n\n 6,258 | \n\n 45 | \n\n 13,520 | \n
| \n Currency translation adjustment before net investment hedge | \n\n (12,831) | \n\n (7,170) | \n\n \u2013 | \n\n (2,463) | \n\n (30) | \n\n (3,168) | \n
| \n Net investment hedge - open instruments | \n\n (5) | \n\n (5) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Shareholders' equity at exchange rate as of December 31, 2022 | \n\n 111,724 | \n\n 8,660 | \n\n 88,902 | \n\n 3,795 | \n\n 15 | \n\n 10,352 | \n
| \n As of December 31, 2021 (M$) | \n\n Total | \n\n Euro | \n\n Dollar | \n\n Pound sterling | \n\n Ruble | \n\n Other currencies | \n
| \n Shareholders' equity at historical exchange rate | \n\n 124,407 | \n\n 24,617 | \n\n 70,030 | \n\n 6,064 | \n\n 10,596 | \n\n 13,100 | \n
| \n Currency translation adjustment before net investment hedge | \n\n (12,666) | \n\n (4,239) | \n\n \u2013 | \n\n (1,902) | \n\n (4,281) | \n\n (2,244) | \n
| \n Net investment hedge - open instruments | \n\n (5) | \n\n (5) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Shareholders' equity at exchange rate as of December 31, 2021 | \n\n 111,736 | \n\n 20,373 | \n\n 70,030 | \n\n 4,162 | \n\n 6,315 | \n\n 10,856 | \n
| \n As of December 31, 2020 (M$) | \n\n Total | \n\n Euro | \n\n Dollar | \n\n Pound sterling | \n\n Ruble | \n\n Other currencies | \n
| \n Shareholders' equity at historical exchange rate | \n\n 113,958 | \n\n 28,893 | \n\n 60,613 | \n\n 4,494 | \n\n 9,913 | \n\n 10,045 | \n
| \n Currency translation adjustment before net investment hedge | \n\n (10,279) | \n\n (2,448) | \n\n \u2013 | \n\n (1,726) | \n\n (4,253) | \n\n (1,852) | \n
| \n Net investment hedge - open instruments | \n\n 23 | \n\n 23 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Shareholders' equity at exchange rate as of December 31, 2020 | \n\n 103,702 | \n\n 26,468 | \n\n 60,613 | \n\n 2,768 | \n\n 5,660 | \n\n 8,193 | \n
Based on the 2022 financial statements, a conversion using rates different from + or - 10% for each of the currencies below would have the following impact on shareholders equity and net income (TotalEnergies share):
| \n As of December 31, 2022 (M$) | \n\n Euro | \n\n Pound sterling | \n\n Ruble | \n
| \n Impact of an increase of 10% of exchange rates on : | \n\n \n | \n\n \n | \n\n \n | \n
| \n \u2013shareholders equity | \n\n 866 | \n\n 380 | \n\n 2 | \n
| \n \u2013net income (TotalEnergies share) | \n\n (150) | \n\n 275 | \n\n (581) | \n
| \n Impact of a decrease of (10)% of exchange rates on : | \n\n \n | \n\n \n | \n\n \n | \n
| \n \u2013shareholders equity | \n\n (866) | \n\n (380) | \n\n (2) | \n
| \n \u2013net income (TotalEnergies share) | \n\n 150 | \n\n (275) | \n\n 581 | \n
Stock market risk
TotalEnergies holds interests in a number of publicly-traded companies (see Note 8 to the Consolidated Financial Statements). The market value of these holdings fluctuates due to various factors, including stock market trends, valuations of the sectors in which the companies operate, and the economic and financial condition of each individual company.
Liquidity risk
TotalEnergies SE has committed credit facilities granted by international banks allowing it to benefit from significant liquidity reserves.
As of December 31, 2022, these credit facilities amounted to $17,527 million and were entirely unutilized. The agreements underpinning credit facilities granted to TotalEnergies SE do not contain conditions related to TotalEnergies\u2019 financial ratios, to its credit ratings from specialized agencies, or to the occurrence of events that could have a material adverse effect on its financial position.
As of December 31, 2022, the aggregated amount of the main committed credit facilities granted by international banks to the TotalEnergies\u2019 companies, including TotalEnergies SE, was $18,963 million, of which $18,510 million were unutilized. In addition, the $8 billion undrawn credit line as of December, 31, 2022, put in place in March 2022, has not been extended and will therefore end in March 2023.
Credit facilities granted to the TotalEnergies\u2019 companies other than TotalEnergies SE are not intended to fund TotalEnergies\u2019 general corporate purposes; they are intended to fund either general corporate purposes of the borrowing affiliate, or a specific project.
The following tables show the maturity of the financial assets and liabilities of TotalEnergies as of December\u00a031, 2022, 2021 and 2020 (see Note\u00a015.1\u00a0to the Consolidated Financial Statements).
| \n As of December 31, 2022 (M$)
| \n\n Less than one year | \n\n 1-2 years | \n\n 2-3 years | \n\n 3-4 years | \n\n 4-5 years | \n\n More than 5 years | \n\n Total | \n
| \n Non-current financial debt (notional value excluding interests) | \n\n \u2013 | \n\n (6,719) | \n\n (4,527) | \n\n (3,356) | \n\n (3,503) | \n\n (25,856) | \n\n (43,961) | \n
| \n Non-current financial assets excluding derivative financial instruments | \n\n \u2013 | \n\n 367 | \n\n 85 | \n\n 85 | \n\n 85 | \n\n 806 | \n\n 1,428 | \n
| \n Current borrowings | \n\n (15,502) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (15,502) | \n
| \n Other current financial liabilities | \n\n (488) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (488) | \n
| \n Current financial assets | \n\n 8,746 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 8,746 | \n
| \n Assets and liabilities available for sale or exchange | \n\n 38 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 38 | \n
| \n Cash and cash equivalents | \n\n 33,026 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 33,026 | \n
| \n Net amount before financial expense | \n\n 25,820 | \n\n (6,352) | \n\n (4,442) | \n\n (3,271) | \n\n (3,418) | \n\n (25,050) | \n\n (16,713) | \n
| \n Financial expense on non-current financial debt | \n\n (662) | \n\n (583) | \n\n (515) | \n\n (449) | \n\n (416) | \n\n (4,611) | \n\n (7,236) | \n
| \n Interest differential on swaps | \n\n (431) | \n\n (312) | \n\n (264) | \n\n (272) | \n\n (221) | \n\n (761) | \n\n (2,261) | \n
| \n Net amount | \n\n 24,727 | \n\n (7,247) | \n\n (5,221) | \n\n (3,992) | \n\n (4,055) | \n\n (30,422) | \n\n (26,210) | \n
| \n As of December 31, 2021 (M$)
| \n\n Less than one year | \n\n 1-2 years | \n\n 2-3 years | \n\n 3-4 years | \n\n 4-5 years | \n\n More than 5 years | \n\n Total | \n
| \n Non-current financial debt (notional value excluding interests) | \n\n \u2013 | \n\n (6,073) | \n\n (6,328) | \n\n (4,420) | \n\n (3,314) | \n\n (28,495) | \n\n (48,630) | \n
| \n Non-current financial assets excluding derivative financial instruments | \n\n \u2013 | \n\n 41 | \n\n 41 | \n\n 38 | \n\n 37 | \n\n 1,365 | \n\n 1,522 | \n
| \n Current borrowings | \n\n (15,035) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (15,035) | \n
| \n Other current financial liabilities | \n\n (372) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (372) | \n
| \n Current financial assets | \n\n 12,315 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 12,315 | \n
| \n Assets and liabilities available for sale or exchange | \n\n 4 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 4 | \n
| \n Cash and cash equivalents | \n\n 21,342 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 21,342 | \n
| \n Net amount before financial expense | \n\n 18,254 | \n\n (6,032) | \n\n (6,287) | \n\n (4,382) | \n\n (3,277) | \n\n (27,130) | \n\n (28,854) | \n
| \n Financial expense on non-current financial debt | \n\n (821) | \n\n (786) | \n\n (664) | \n\n (576) | \n\n (506) | \n\n (5,197) | \n\n (8,550) | \n
| \n Interest differential on swaps | \n\n (217) | \n\n (235) | \n\n (232) | \n\n (229) | \n\n (221) | \n\n (836) | \n\n (1,970) | \n
| \n Net amount | \n\n 17,216 | \n\n (7,053) | \n\n (7,183) | \n\n (5,187) | \n\n (4,004) | \n\n (33,163) | \n\n (39,374) | \n
| \n As of December 31, 2020 (M$)
| \n\n Less than one year | \n\n 1-2 years | \n\n 2-3 years | \n\n 3-4 years | \n\n 4-5 years | \n\n More than 5 years | \n\n Total | \n
| \n Non-current financial debt (notional value excluding interests) | \n\n \u2013 | \n\n (9,849) | \n\n (5,762) | \n\n (5,990) | \n\n (4,321) | \n\n (30,951) | \n\n (56,873) | \n
| \n Non-current financial assets excluding derivative financial instruments | \n\n \u2013 | \n\n 59 | \n\n 42 | \n\n 45 | \n\n 46 | \n\n 1,259 | \n\n 1,451 | \n
| \n Current borrowings | \n\n (17,099) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (17,099) | \n
| \n Other current financial liabilities | \n\n (203) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (203) | \n
| \n Current financial assets | \n\n 4,630 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 4,630 | \n
| \n Assets and liabilities available for sale or exchange | \n\n (313) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (313) | \n
| \n Cash and cash equivalents | \n\n 31,268 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 31,268 | \n
| \n Net amount before financial expense | \n\n 18,283 | \n\n (9,790) | \n\n (5,720) | \n\n (5,945) | \n\n (4,275) | \n\n (29,692) | \n\n (37,139) | \n
| \n Financial expense on non-current financial debt | \n\n (930) | \n\n (888) | \n\n (825) | \n\n (696) | \n\n (603) | \n\n (5,833) | \n\n (9,775) | \n
| \n Interest differential on swaps | \n\n (163) | \n\n (149) | \n\n (158) | \n\n (173) | \n\n (196) | \n\n (930) | \n\n (1,769) | \n
| \n Net amount | \n\n 17,190 | \n\n (10,827) | \n\n (6,703) | \n\n (6,814) | \n\n (5,074) | \n\n (36,455) | \n\n (48,683) | \n
The following table sets forth financial assets and liabilities related to operating activities as of December 31, 2022, 2021 and 2020 (see Note 14 of the Notes to the Consolidated Financial Statements).
| \n As of December 31, (M$)
| \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Accounts payable | \n\n (41,346) | \n\n (36,837) | \n\n (23,574) | \n
| \n Other operating liabilities | \n\n (35,186) | \n\n (27,294) | \n\n (14,302) | \n
| \n including derivative financial instruments related to commodity contracts (liabilities) | \n\n (18,774) | \n\n (16,166) | \n\n (3,666) | \n
| \n Accounts receivable, net | \n\n 24,378 | \n\n 21,983 | \n\n 14,068 | \n
| \n Other operating receivables | \n\n 28,289 | \n\n 29,553 | \n\n 8,043 | \n
| \n including derivative financial instruments related to commodity contracts (assets) | \n\n 20,220 | \n\n 22,412 | \n\n 1,428 | \n
| \n Total | \n\n (23,865) | \n\n (12,595) | \n\n (15,765) | \n
These financial assets and liabilities mainly have a maturity date below one year.
Credit risk
Credit risk is defined as the risk of the counterparty to a contract failing to perform or pay the amounts due.
TotalEnergies is exposed to credit risks in its operating and financing activities. TotalEnergies' maximum exposure to credit risk is partially related to financial assets recorded on its balance sheet, including energy derivative instruments that have a positive market value.
The following table presents TotalEnergies' maximum credit risk exposure:
| \n As of December 31, (M$)
| \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Loans to equity affiliates (note 8) | \n\n 3,733 | \n\n 4,532 | \n\n 5,129 | \n
| \n Loans and advances (note 6) | \n\n 1,837 | \n\n 2,107 | \n\n 2,458 | \n
| \n Other non-current financial assets related to operational activities (note 6) | \n\n 250 | \n\n 312 | \n\n 287 | \n
| \n Non-current financial assets (note 15.1) | \n\n 2,731 | \n\n 2,404 | \n\n 4,781 | \n
| \n Accounts receivable (note 5) | \n\n 24,378 | \n\n 21,983 | \n\n 14,068 | \n
| \n Other operating receivables (note 5) | \n\n 28,289 | \n\n 29,553 | \n\n 8,043 | \n
| \n Current financial assets (note 15.1) | \n\n 8,746 | \n\n 12,315 | \n\n 4,630 | \n
| \n Cash and cash equivalents (note 15.1) | \n\n 33,026 | \n\n 21,342 | \n\n 31,268 | \n
| \n Total | \n\n 102,990 | \n\n 94,548 | \n\n 70,664 | \n
The valuation allowance on accounts receivable, other operating receivables and on loans and advances is detailed in Notes 5 and 6 to the Consolidated Financial Statements.
As part of its credit risk management related to operating and financing activities, TotalEnergies has developed margining agreements with certain counterparties. As of December 31, 2022, the net margin call paid amounted to $2,857 million (against $7,299 million paid as of December 31, 2021 and $(1,556) million paid as of December 31, 2020).
TotalEnergies has established a number of programs for the sale of receivables, without recourse, with various banks, primarily to reduce its exposure to such receivables. As a result of these programs TotalEnergies retains no risk of payment default after the sale, but may continue to service the customer accounts as part of a service arrangement on behalf of the buyer and is required to pay to the buyer payments it receives from the customers relating to the receivables sold. As of December 31, 2022, the net value of receivables sold amounted to $8,681 million. TotalEnergies has substantially transferred all the risks and rewards related to receivables. No financial asset or liability remains recognized in the consolidated balance sheet after the date of sale.
Furthermore, in 2022, TotalEnergies conducted several operations of reverse factoring. The value of factored payables outstanding at year-end is $491\u00a0million.
Credit risk is managed by TotalEnergies\u2019 business segments as follows:
Integrated Gas, Renewables & Power segment
Gas & Power activities
Trading of gas & power activities deal with counterparties in the energy, industrial and financial sectors throughout the world. Financial institutions providing credit risk coverage are highly rated international banks and insurance groups.
Potential counterparties are subject to credit assessment and approval before concluding transactions and are thereafter subject to regular review, including re-appraisal and approval of the limits previously granted.
The creditworthiness of counterparties is assessed based on an analysis of quantitative and qualitative data regarding financial standing and business risks, together with the review of any relevant third party and market information, such as data published by rating agencies. On this basis, credit limits are defined for each potential counterparty and, where appropriate, transactions are subject to specific authorizations.
Credit exposure, which is essentially an economic exposure or an expected future physical exposure, is permanently monitored and subject to sensitivity measures.
Credit risk is mitigated by the systematic use of industry standard contractual frameworks that permit netting, enable requiring added security in case of adverse change in the counterparty risk, and allow for termination of the contract upon occurrence of certain events of default.
About the professionals and retail gas and power sales activities, credit risk management policy is adapted to the type of customer either through the use of procedures of prepayments and appropriate collection, especially for mass customers or through credit insurances and sureties/guarantees obtaining. For the Professionals segment, the segregation of duties between the commercial and financial teams allows an \u201ca priori\u201d control of risks.
Other activities
Internal procedures include rules on credit risk management. Procedures to monitor customer risk are defined at the local level, especially for Saft Groupe and Greenflex (rules for the approval of credit limits, use of guarantees, monitoring and assessment of the receivables portfolio,...).
Exploration\u00a0& Production segment
Risks arising under contracts with government authorities or other oil companies or under long-term supply contracts necessary for the development of projects are evaluated during the project approval process. The long-term aspect of these contracts and the high-quality of the other parties lead to a low level of credit risk.
Risks related to commercial operations, other than those described above (which are, in practice, directly monitored by subsidiaries), are subject to procedures for establishing credit limits and reviewing outstanding balances.
Refining & Chemicals segment
Refining & Chemicals activities
Credit risk is primarily related to commercial receivables. Internal procedures of Refining & Chemicals include rules for the management of credit describing the fundamentals of internal control in this domain. Each Business Unit implements the procedures of the activity for managing and provisioning credit risk according to the size of the subsidiary and the market in which it operates. The principal elements of these procedures are:
\u2013implementation of credit limits with different authorization schemes;
\u2013use of insurance policies or specific guarantees (letters of credit);
\u2013regular monitoring and assessment of overdue accounts (aging balance), including dunning procedures.
Counterparties are subject to credit assessment and approval prior to any transaction being concluded. Regular reviews are made for all active counterparties including a re-appraisal and renewing of the granted credit limits. The limits of the counterparties are assessed based on quantitative and qualitative data regarding financial standing, together with the review of any relevant third party and market information, such as that provided by rating agencies and insurance companies.
Trading\u00a0& Shipping activities
Trading\u00a0& Shipping deals with commercial counterparties and financial institutions located throughout the world. Counterparties to physical and derivative transactions are primarily entities involved in the oil and gas industry or in the trading of energy commodities, or financial institutions. Credit risk coverage is arranged with financial institutions, international banks and insurance groups selected in accordance with strict criteria.
The Trading\u00a0& Shipping division applies a strict policy of internal delegation of authority in order to set up credit limits by country and counterparty and approval processes for specific transactions. Credit exposures contracted under these limits and approvals are monitored on a daily basis.
Potential counterparties are subject to credit assessment and approval prior to any transaction being concluded and all active counterparties are subject to regular reviews, including re-appraisal and approval of granted limits. The creditworthiness of counterparties is assessed based on an analysis of quantitative and qualitative data regarding financial standing and business risks, together with the review of any relevant third party and market information, such as ratings published by Standard\u00a0& Poor\u2019s, Moody\u2019s Investors Service and other agencies.
Contractual arrangements are structured so as to maximize the risk mitigation benefits of netting between transactions wherever possible and additional protective terms providing for the provision of security in the event of financial deterioration and the termination of transactions on the occurrence of defined default events are used to the greatest permitted extent.
Credit risks in excess of approved levels are secured by means of letters of credit and other guarantees, cash deposits and insurance arrangements. In respect of derivative transactions, risks are secured by margin call contracts wherever possible.
Marketing & Services segment
Internal procedures for the Marketing & Services division include rules on credit risk that describe the basis of internal control in this domain, including the segregation of duties between commercial and financial operations.
Credit policies are defined at the local level and procedures to monitor customer risk are implemented (credit committees at the subsidiary level, the creation of credit limits for corporate customers, etc.). Each entity also implements monitoring of its outstanding receivables. Risks related to credit may be mitigated or limited by subscription of credit insurance and/or requiring security or guarantees.
Financial markets related risks
As part of its financing and cash management activities, TotalEnergies uses derivative instruments to manage its exposure to changes in interest rates and foreign exchange rates. These instruments are mainly interest rate and currency swaps. TotalEnergies may also occasionally use futures contracts and options. These operations and their accounting treatment are detailed in Notes 14, 15.1 and 15.2 to the Consolidated Financial Statements.
Risks relative to cash management operations and to interest rate and foreign exchange financial instruments are managed according to rules set by TotalEnergies\u2019 General Management, which provide for regular pooling of available cash balances, open positions and management of the financial instruments by the Treasury Department. Excess cash of TotalEnergies is deposited mainly in government institutions, deposit banks, or major companies through deposits, reverse repurchase agreements and purchase of commercial paper. Liquidity positions and the management of financial instruments are centralized by the Treasury Department, where they are managed by a team specialized in foreign exchange and interest rate market transactions.
The Cash Monitoring-Management Unit within the Treasury Department monitors limits and positions per bank on a daily basis and results of the Front Office. This unit also prepares marked-to-market valuations of used financial instruments and, when necessary, performs sensitivity analyses.
Counterparty risk
TotalEnergies has established standards for market transactions under which any banking counterparty must be approved in advance, based on an assessment of the counterparty\u2019s financial solidity (multi-criteria analysis including notably a review of its Credit Default Swap (CDS) level, credit ratings from Standard & Poor\u2019s and Moody\u2019s, which must be of high standing, and general financial situation).
An overall credit limit is set for each authorised financial counterparty and is allocated amongst the affiliates and TotalEnergies\u2019 central treasury entities, according to TotalEnergies\u2019 financial needs.
To reduce the market valuation risk on its commitments, in particular relating to derivative instruments, the Treasury Department has entered into margin call agreements with its counterparties, in compliance with applicable regulations. Moreover, since December 21, 2018 any new interest rate hedging swap (excluding cross currency swaps) entered into by a TotalEnergies\u2019 entity, and falling under the clearing obligation in accordance with EU regulations 648/2012 and 2019/834 on OTC derivatives, central counterparties and trade repositories (EMIR and EMIR Refit respectively), is now subject to central clearing.\u00a0
Since September 1, 2021, TotalEnergies applies the delegated Regulation (EU) No. 2016/2251 (supplementing Regulation (EU) No 648/2012), regarding initial margin calls on certain OTC derivative contracts not cleared by central counterparty.
Reform of benchmarks risk
The transition to IBOR indices did not have a significant impact on the financial instruments managed by the Treasury Department of TotalEnergies. The main LIBOR Dollar maturities such as the 3 month USD LIBOR will continue to be published until the end of June 2023 and will then be replaced by the SOFR. Furthermore, in Europe, the Eonia rate ceased to be published on January 3, 2022 and was replaced by the ESTR rate. TotalEnergies is proactively managing these regulatory changes.
Short-term interest rate exposure and cash
Cash balances, primarily composed of euros and dollars, are managed according to the guidelines established by TotalEnergies\u2019 General Management (to maintain an adequate level of liquidity, optimize revenue from investments considering existing interest rate yield curves, and minimize the cost of borrowing) based on a daily interest rate benchmark, primarily through short-term interest rate swaps and short-term currency swaps.
Interest rate risk on non-current debt
TotalEnergies\u2019 policy consists in incurring long-term debt at a floating or fixed rate, depending on TotalEnergies\u2019 general corporate needs and the interest rate environment at the time of issuance, mainly in dollars or euros. Long-term interest rate and currency swaps may be entered into for the purpose of hedging bonds at the time of issuance, synthetically resulting in the incurrence of variable or fixed rate debt. In order to partially alter the interest rate exposure of its long-term indebtedness, TotalEnergies may also enter into long-term interest rate swaps on an ad-hoc basis.
Currency exposure
TotalEnergies generally seeks to minimize the currency exposure of each entity to its functional currency (primarily the dollar, the euro, the pound sterling and the Norwegian krone).
For currency exposure generated by commercial activity, the hedging of revenues and costs in foreign currencies is typically performed using currency operations on the spot market and, in some cases, on the forward market. TotalEnergies rarely hedges future cash flows, although it may use options to do so.
With respect to currency exposure linked to non-current assets, TotalEnergies has a hedging policy of financing these assets in their functional currency.
Net short-term currency exposure is periodically monitored against limits set by TotalEnergies\u2019 General Management.
The non-current debt described in Note 15.1 to the Consolidated Financial Statements is generally raised by the corporate treasury entities either directly in dollars or in euros, or in other currencies which are then exchanged for dollars or euros through swap issuances to appropriately match general corporate needs. The proceeds from these debt issuances are loaned to affiliates whose accounts are kept in dollars or in euros. Thus, the net sensitivity of these positions to currency exposure is not significant.
TotalEnergies\u2019 short-term currency swaps, the notional value of which appears in Note 15.2 to the Consolidated Financial Statements, are used to attempt to optimize the centralized cash management of TotalEnergies. Thus, the sensitivity to currency fluctuations which may be induced is likewise considered negligible.
Sensitivity analysis on interest rate and foreign exchange risk
The tables below present the potential impact of an increase or decrease of 10 basis points on the interest rate yield curves for each of the currencies on the fair value of the current financial instruments as of December\u00a031, 2022, 2021 and 2020.
| \n Assets/(Liabilities) (M$) | \n\n Carrying | \n\n Estimated | \n\n Change in fair value due to a change in interest rate by | \n|
| \n + 10 basis | \n\n - 10 basis | \n|||
| \n As of December 31, 2022 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Bonds (non-current portion, before swaps) | \n\n (32,184) | \n\n (30,391) | \n\n 210 | \n\n (210) | \n
| \n Swaps hedging bonds (liabilities) | \n\n (3,746) | \n\n (3,746) | \n\n \u2013 | \n\n \u2013 | \n
| \n Swaps hedging bonds (assets) | \n\n 813 | \n\n 813 | \n\n \u2013 | \n\n \u2013 | \n
| \n Total swaps hedging bonds (assets and liabilities) | \n\n (2,933) | \n\n (2,933) | \n\n (9) | \n\n 9 | \n
| \n Current portion of non-current debt after swaps (excluding lease obligations) | \n\n (5,328) | \n\n (5,344) | \n\n 3 | \n\n (3) | \n
| \n Other interest rates swaps | \n\n 281 | \n\n 281 | \n\n 10 | \n\n (10) | \n
| \n Currency swaps and forward exchange contracts | \n\n (68) | \n\n (68) | \n\n \u2013 | \n\n \u2013 | \n
| \n As of December 31, 2021 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Bonds (non-current portion, before swaps) | \n\n (39,256) | \n\n (42,888) | \n\n 349 | \n\n (349) | \n
| \n Swaps hedging bonds (liabilities) | \n\n (1,498) | \n\n (1,498) | \n\n \u2013 | \n\n \u2013 | \n
| \n Swaps hedging bonds (assets) | \n\n 787 | \n\n 787 | \n\n \u2013 | \n\n \u2013 | \n
| \n Total swaps hedging bonds (assets and liabilities) | \n\n (711) | \n\n (711) | \n\n (34) | \n\n 34 | \n
| \n Current portion of non-current debt after swaps (excluding lease obligations) | \n\n (5,073) | \n\n (5,077) | \n\n 5 | \n\n (5) | \n
| \n Other interest rates swaps | \n\n 31 | \n\n 31 | \n\n 16 | \n\n (16) | \n
| \n Currency swaps and forward exchange contracts | \n\n 45 | \n\n 45 | \n\n \u2013 | \n\n \u2013 | \n
| \n As of December 31, 2020 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Bonds (non-current portion, before swaps) | \n\n (46,239) | \n\n (52,246) | \n\n 440 | \n\n (440) | \n
| \n Swaps hedging bonds (liabilities) | \n\n (1,615) | \n\n (1,615) | \n\n \u2013 | \n\n \u2013 | \n
| \n Swaps hedging bonds (assets) | \n\n 3,221 | \n\n 3,221 | \n\n \u2013 | \n\n \u2013 | \n
| \n Total swaps hedging bonds (assets and liabilities) | \n\n 1,606 | \n\n 1,606 | \n\n (70) | \n\n 70 | \n
| \n Current portion of non-current debt after swaps (excluding lease obligations) | \n\n (4,674) | \n\n (4,696) | \n\n 2 | \n\n (2) | \n
| \n Other interest rates swaps | \n\n (73) | \n\n (73) | \n\n 18 | \n\n (18) | \n
| \n Currency swaps and forward exchange contracts | \n\n (6) | \n\n (6) | \n\n \u2013 | \n\n \u2013 | \n
The impact of changes in interest rates on the cost of debt before tax is as follows:
| \n For the year ended December 31, (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Cost of net debt | \n\n (1,243) | \n\n (1,525) | \n\n (2,110) | \n
| \n Interest rate translation of : | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n + 10 basis points | \n\n 18 | \n\n 47 | \n\n 29 | \n
| \n - 10 basis points | \n\n (18) | \n\n (47) | \n\n (29) | \n
As a result of the policy for the management of currency exposure previously described, TotalEnergies\u2019 sensitivity to currency exposure is primarily influenced by the net equity of the subsidiaries whose functional currency is the euro and to a lesser extent, the pound sterling and the Norwegian krone.
This sensitivity is reflected in the historical evolution of the currency translation adjustment recorded in the statement of changes in consolidated shareholders\u2019 equity which, over the course of the last three years, is essentially related to the fluctuation of the euro, the ruble and the pound sterling and is set forth in the table below:
| \n \n | \n\n Dollar/Euro | \n\n Dollar/Pound sterling | \n\n Dollar/Ruble | \n
| \n December 31, 2022 | \n\n 0.94 | \n\n 0.83 | \n\n 74.01 | \n
| \n December 31, 2021 | \n\n 0.88 | \n\n 0.74 | \n\n 75.31 | \n
| \n December 31, 2020 | \n\n 0.81 | \n\n 0.73 | \n\n 74.54 | \n
| \n As of December 31, 2022 (M$) | \n\n Total | \n\n Euro | \n\n Dollar | \n\n Pound sterling | \n\n Ruble | \n\n Other currencies | \n
| \n Shareholders' equity at historical exchange rate | \n\n 124,560 | \n\n 15,835 | \n\n 88,902 | \n\n 6,258 | \n\n 45 | \n\n 13,520 | \n
| \n Currency translation adjustment before net investment hedge | \n\n (12,831) | \n\n (7,170) | \n\n \u2013 | \n\n (2,463) | \n\n (30) | \n\n (3,168) | \n
| \n Net investment hedge - open instruments | \n\n (5) | \n\n (5) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Shareholders' equity at exchange rate as of December 31, 2022 | \n\n 111,724 | \n\n 8,660 | \n\n 88,902 | \n\n 3,795 | \n\n 15 | \n\n 10,352 | \n
| \n As of December 31, 2021 (M$) | \n\n Total | \n\n Euro | \n\n Dollar | \n\n Pound sterling | \n\n Ruble | \n\n Other currencies | \n
| \n Shareholders' equity at historical exchange rate | \n\n 124,407 | \n\n 24,617 | \n\n 70,030 | \n\n 6,064 | \n\n 10,596 | \n\n 13,100 | \n
| \n Currency translation adjustment before net investment hedge | \n\n (12,666) | \n\n (4,239) | \n\n \u2013 | \n\n (1,902) | \n\n (4,281) | \n\n (2,244) | \n
| \n Net investment hedge - open instruments | \n\n (5) | \n\n (5) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Shareholders' equity at exchange rate as of December 31, 2021 | \n\n 111,736 | \n\n 20,373 | \n\n 70,030 | \n\n 4,162 | \n\n 6,315 | \n\n 10,856 | \n
| \n As of December 31, 2020 (M$) | \n\n Total | \n\n Euro | \n\n Dollar | \n\n Pound sterling | \n\n Ruble | \n\n Other currencies | \n
| \n Shareholders' equity at historical exchange rate | \n\n 113,958 | \n\n 28,893 | \n\n 60,613 | \n\n 4,494 | \n\n 9,913 | \n\n 10,045 | \n
| \n Currency translation adjustment before net investment hedge | \n\n (10,279) | \n\n (2,448) | \n\n \u2013 | \n\n (1,726) | \n\n (4,253) | \n\n (1,852) | \n
| \n Net investment hedge - open instruments | \n\n 23 | \n\n 23 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Shareholders' equity at exchange rate as of December 31, 2020 | \n\n 103,702 | \n\n 26,468 | \n\n 60,613 | \n\n 2,768 | \n\n 5,660 | \n\n 8,193 | \n
Based on the 2022 financial statements, a conversion using rates different from + or - 10% for each of the currencies below would have the following impact on shareholders equity and net income (TotalEnergies share):
| \n As of December 31, 2022 (M$) | \n\n Euro | \n\n Pound sterling | \n\n Ruble | \n
| \n Impact of an increase of 10% of exchange rates on : | \n\n \n | \n\n \n | \n\n \n | \n
| \n \u2013shareholders equity | \n\n 866 | \n\n 380 | \n\n 2 | \n
| \n \u2013net income (TotalEnergies share) | \n\n (150) | \n\n 275 | \n\n (581) | \n
| \n Impact of a decrease of (10)% of exchange rates on : | \n\n \n | \n\n \n | \n\n \n | \n
| \n \u2013shareholders equity | \n\n (866) | \n\n (380) | \n\n (2) | \n
| \n \u2013net income (TotalEnergies share) | \n\n 150 | \n\n (275) | \n\n 581 | \n
Stock market risk
TotalEnergies holds interests in a number of publicly-traded companies (see Note 8 to the Consolidated Financial Statements). The market value of these holdings fluctuates due to various factors, including stock market trends, valuations of the sectors in which the companies operate, and the economic and financial condition of each individual company.
Liquidity risk
TotalEnergies SE has committed credit facilities granted by international banks allowing it to benefit from significant liquidity reserves.
As of December 31, 2022, these credit facilities amounted to $17,527 million and were entirely unutilized. The agreements underpinning credit facilities granted to TotalEnergies SE do not contain conditions related to TotalEnergies\u2019 financial ratios, to its credit ratings from specialized agencies, or to the occurrence of events that could have a material adverse effect on its financial position.
As of December 31, 2022, the aggregated amount of the main committed credit facilities granted by international banks to the TotalEnergies\u2019 companies, including TotalEnergies SE, was $18,963 million, of which $18,510 million were unutilized. In addition, the $8 billion undrawn credit line as of December, 31, 2022, put in place in March 2022, has not been extended and will therefore end in March 2023.
Credit facilities granted to the TotalEnergies\u2019 companies other than TotalEnergies SE are not intended to fund TotalEnergies\u2019 general corporate purposes; they are intended to fund either general corporate purposes of the borrowing affiliate, or a specific project.
The following tables show the maturity of the financial assets and liabilities of TotalEnergies as of December\u00a031, 2022, 2021 and 2020 (see Note\u00a015.1\u00a0to the Consolidated Financial Statements).
| \n As of December 31, 2022 (M$)
| \n\n Less than one year | \n\n 1-2 years | \n\n 2-3 years | \n\n 3-4 years | \n\n 4-5 years | \n\n More than 5 years | \n\n Total | \n
| \n Non-current financial debt (notional value excluding interests) | \n\n \u2013 | \n\n (6,719) | \n\n (4,527) | \n\n (3,356) | \n\n (3,503) | \n\n (25,856) | \n\n (43,961) | \n
| \n Non-current financial assets excluding derivative financial instruments | \n\n \u2013 | \n\n 367 | \n\n 85 | \n\n 85 | \n\n 85 | \n\n 806 | \n\n 1,428 | \n
| \n Current borrowings | \n\n (15,502) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (15,502) | \n
| \n Other current financial liabilities | \n\n (488) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (488) | \n
| \n Current financial assets | \n\n 8,746 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 8,746 | \n
| \n Assets and liabilities available for sale or exchange | \n\n 38 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 38 | \n
| \n Cash and cash equivalents | \n\n 33,026 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 33,026 | \n
| \n Net amount before financial expense | \n\n 25,820 | \n\n (6,352) | \n\n (4,442) | \n\n (3,271) | \n\n (3,418) | \n\n (25,050) | \n\n (16,713) | \n
| \n Financial expense on non-current financial debt | \n\n (662) | \n\n (583) | \n\n (515) | \n\n (449) | \n\n (416) | \n\n (4,611) | \n\n (7,236) | \n
| \n Interest differential on swaps | \n\n (431) | \n\n (312) | \n\n (264) | \n\n (272) | \n\n (221) | \n\n (761) | \n\n (2,261) | \n
| \n Net amount | \n\n 24,727 | \n\n (7,247) | \n\n (5,221) | \n\n (3,992) | \n\n (4,055) | \n\n (30,422) | \n\n (26,210) | \n
| \n As of December 31, 2021 (M$)
| \n\n Less than one year | \n\n 1-2 years | \n\n 2-3 years | \n\n 3-4 years | \n\n 4-5 years | \n\n More than 5 years | \n\n Total | \n
| \n Non-current financial debt (notional value excluding interests) | \n\n \u2013 | \n\n (6,073) | \n\n (6,328) | \n\n (4,420) | \n\n (3,314) | \n\n (28,495) | \n\n (48,630) | \n
| \n Non-current financial assets excluding derivative financial instruments | \n\n \u2013 | \n\n 41 | \n\n 41 | \n\n 38 | \n\n 37 | \n\n 1,365 | \n\n 1,522 | \n
| \n Current borrowings | \n\n (15,035) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (15,035) | \n
| \n Other current financial liabilities | \n\n (372) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (372) | \n
| \n Current financial assets | \n\n 12,315 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 12,315 | \n
| \n Assets and liabilities available for sale or exchange | \n\n 4 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 4 | \n
| \n Cash and cash equivalents | \n\n 21,342 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 21,342 | \n
| \n Net amount before financial expense | \n\n 18,254 | \n\n (6,032) | \n\n (6,287) | \n\n (4,382) | \n\n (3,277) | \n\n (27,130) | \n\n (28,854) | \n
| \n Financial expense on non-current financial debt | \n\n (821) | \n\n (786) | \n\n (664) | \n\n (576) | \n\n (506) | \n\n (5,197) | \n\n (8,550) | \n
| \n Interest differential on swaps | \n\n (217) | \n\n (235) | \n\n (232) | \n\n (229) | \n\n (221) | \n\n (836) | \n\n (1,970) | \n
| \n Net amount | \n\n 17,216 | \n\n (7,053) | \n\n (7,183) | \n\n (5,187) | \n\n (4,004) | \n\n (33,163) | \n\n (39,374) | \n
| \n As of December 31, 2020 (M$)
| \n\n Less than one year | \n\n 1-2 years | \n\n 2-3 years | \n\n 3-4 years | \n\n 4-5 years | \n\n More than 5 years | \n\n Total | \n
| \n Non-current financial debt (notional value excluding interests) | \n\n \u2013 | \n\n (9,849) | \n\n (5,762) | \n\n (5,990) | \n\n (4,321) | \n\n (30,951) | \n\n (56,873) | \n
| \n Non-current financial assets excluding derivative financial instruments | \n\n \u2013 | \n\n 59 | \n\n 42 | \n\n 45 | \n\n 46 | \n\n 1,259 | \n\n 1,451 | \n
| \n Current borrowings | \n\n (17,099) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (17,099) | \n
| \n Other current financial liabilities | \n\n (203) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (203) | \n
| \n Current financial assets | \n\n 4,630 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 4,630 | \n
| \n Assets and liabilities available for sale or exchange | \n\n (313) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (313) | \n
| \n Cash and cash equivalents | \n\n 31,268 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 31,268 | \n
| \n Net amount before financial expense | \n\n 18,283 | \n\n (9,790) | \n\n (5,720) | \n\n (5,945) | \n\n (4,275) | \n\n (29,692) | \n\n (37,139) | \n
| \n Financial expense on non-current financial debt | \n\n (930) | \n\n (888) | \n\n (825) | \n\n (696) | \n\n (603) | \n\n (5,833) | \n\n (9,775) | \n
| \n Interest differential on swaps | \n\n (163) | \n\n (149) | \n\n (158) | \n\n (173) | \n\n (196) | \n\n (930) | \n\n (1,769) | \n
| \n Net amount | \n\n 17,190 | \n\n (10,827) | \n\n (6,703) | \n\n (6,814) | \n\n (5,074) | \n\n (36,455) | \n\n (48,683) | \n
The following table sets forth financial assets and liabilities related to operating activities as of December 31, 2022, 2021 and 2020 (see Note 14 of the Notes to the Consolidated Financial Statements).
| \n As of December 31, (M$)
| \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Accounts payable | \n\n (41,346) | \n\n (36,837) | \n\n (23,574) | \n
| \n Other operating liabilities | \n\n (35,186) | \n\n (27,294) | \n\n (14,302) | \n
| \n including derivative financial instruments related to commodity contracts (liabilities) | \n\n (18,774) | \n\n (16,166) | \n\n (3,666) | \n
| \n Accounts receivable, net | \n\n 24,378 | \n\n 21,983 | \n\n 14,068 | \n
| \n Other operating receivables | \n\n 28,289 | \n\n 29,553 | \n\n 8,043 | \n
| \n including derivative financial instruments related to commodity contracts (assets) | \n\n 20,220 | \n\n 22,412 | \n\n 1,428 | \n
| \n Total | \n\n (23,865) | \n\n (12,595) | \n\n (15,765) | \n
These financial assets and liabilities mainly have a maturity date below one year.
16.1Financial instruments related to commodity contracts
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Financial instruments related to commodity contracts, including crude oil, petroleum products, gas, and power purchase/sales contracts within the trading activities, together with the commodity contract derivative instruments and freight rate swaps, are used to adjust TotalEnergies' exposure to price fluctuations within global trading limits. According to the industry practice, these instruments are considered as held for trading. Changes in fair value are recorded in the income statement. The fair value of these instruments is recorded in \u201cOther current assets\u201d or \u201cOther creditors and accrued liabilities\u201d depending on whether they are assets or liabilities. | \n\n \n | \n\n The valuation methodology is to mark-to-market all open positions for both physical and paper transactions. The valuations are determined on a daily basis using observable market data based on organized and over the counter (OTC) markets. In specific cases when market data is not directly available, the valuations are derived from observable data such as arbitrages, freight or spreads and market corroboration. For valuation of risks which are the result of a calculation, such as options for example, commonly known models are used to compute the fair value. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
| \n As of December 31, 2022 Assets/(Liabilities) | \n\n Gross value before offsetting | \n\n \n | \n\n Amounts offset | \n\n \n | \n\n Net balance sheet value presented | \n\n Other amounts | \n\n Net carrying amount | \n\n Fair value(b) | \n|||
| \n Assets | \n\n Liabilities | \n\n \n | \n\n Assets(c) | \n\n Liabilities(cc) | \n\n \n | \n\n Assets | \n\n Liabilities | \n||||
| \n Integrated Gas, Renewables & Power activities | \n|||||||||||
| \n Swaps | \n\n 1,268 | \n\n (449) | \n\n \n | \n\n (18) | \n\n 18 | \n\n \n | \n\n 1,250 | \n\n (431) | \n\n \u2013 | \n\n 819 | \n\n 819 | \n
| \n Forwards(a) | \n\n 18,014 | \n\n (18,638) | \n\n \n | \n\n (1,994) | \n\n 1,994 | \n\n \n | \n\n 16,020 | \n\n (16,644) | \n\n \u2013 | \n\n (624) | \n\n (624) | \n
| \n Options | \n\n 2,143 | \n\n (1) | \n\n \n | \n\n \u00a0(1) | \n\n 1 | \n\n \n | \n\n 2,142 | \n\n \u2013 | \n\n \u2013 | \n\n 2,142 | \n\n 2,142 | \n
| \n Futures | \n\n 13 | \n\n (3) | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n 13 | \n\n \u00a0(3) | \n\n \u2013 | \n\n 10 | \n\n 10 | \n
| \n Other/Collateral | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u00a0(406) | \n\n \u00a0(406) | \n\n \u00a0(406) | \n
| \n Total Integrated | \n\n 21,438 | \n\n (19,091) | \n\n \n | \n\n (2,013) | \n\n 2,013 | \n\n \n | \n\n 19,425 | \n\n (17,078) | \n\n (406) | \n\n 1,941 | \n\n 1,941 | \n
| \n Crude oil, petroleum products and freight rates activities | \n|||||||||||
| \n Petroleum products, | \n\n 122 | \n\n (114) | \n\n \n | \n\n (58) | \n\n 58 | \n\n \n | \n\n 64 | \n\n (56) | \n\n \u2013 | \n\n 8 | \n\n 8 | \n
| \n Forwards(a) | \n\n 631 | \n\n (1,489) | \n\n \n | \n\n (7) | \n\n 7 | \n\n \n | \n\n 624 | \n\n (1,482) | \n\n \u2013 | \n\n (858) | \n\n (858) | \n
| \n Options | \n\n 76 | \n\n (227) | \n\n \n | \n\n (69) | \n\n 69 | \n\n \n | \n\n 7 | \n\n (158) | \n\n \u2013 | \n\n (151) | \n\n (151) | \n
| \n Futures | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Options on futures | \n\n 113 | \n\n (13) | \n\n \n | \n\n \u00a0(13) | \n\n 13 | \n\n \n | \n\n 100 | \n\n \u2013 | \n\n \u2013 | \n\n 100 | \n\n 100 | \n
| \n Other/Collateral | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Total crude oil, petroleum | \n\n 942 | \n\n (1,843) | \n\n \n | \n\n (147) | \n\n 147 | \n\n \n | \n\n 795 | \n\n (1,696) | \n\n \u2013 | \n\n (901) | \n\n (901) | \n
| \n Total | \n\n 22,380 | \n\n (20,934) | \n\n \n | \n\n (2,160) | \n\n 2,160 | \n\n \n | \n\n 20,220 | \n\n (18,774) | \n\n (406) | \n\n 1,040 | \n\n 1,040 | \n
| \n Total of fair value non recognized in the balance sheet | \n\n \u2013 | \n||||||||||
| \n (a)Forwards: contracts resulting in physical delivery are accounted for as derivative commodity contracts and included in the amounts shown. (b)When the fair value of derivatives listed on an organized exchange market (futures, options on futures and swaps) is offset with the margin call received or paid in the balance sheet, this fair value is set to zero. (c)Amounts offset in accordance with IAS 32. | \n
| \n As of December 31, 2021 Assets/(Liabilities) | \n\n Gross value before offsetting | \n\n \n | \n\n Amounts offset | \n\n \n | \n\n Net balance sheet value presented | \n\n Other amounts | \n\n Net carrying amount | \n\n Fair value(b) | \n|||
| \n Assets | \n\n Liabilities | \n\n \n | \n\n Assets(c) | \n\n Liabilities(c) | \n\n \n | \n\n Assets | \n\n Liabilities | \n||||
| \n Integrated Gas, Renewables & Power activities | \n|||||||||||
| \n Swaps | \n\n 92 | \n\n \u00a0(385) | \n\n \n | \n\n \u00a0(35) | \n\n 35 | \n\n \n | \n\n 57 | \n\n (350) | \n\n \u2013 | \n\n (293) | \n\n (293) | \n
| \n Forwards(a) | \n\n 21,752 | \n\n \u00a0(16,954) | \n\n \n | \n\n \u00a0(2,120) | \n\n 2,120 | \n\n \n | \n\n 19,632 | \n\n (14,834) | \n\n \u2013 | \n\n 4,798 | \n\n 4,798 | \n
| \n Options | \n\n 1,953 | \n\n \u00a0(63) | \n\n \n | \n\n \u00a0(3) | \n\n 3 | \n\n \n | \n\n 1,950 | \n\n (60) | \n\n \u2013 | \n\n 1,890 | \n\n 1,890 | \n
| \n Futures | \n\n 418 | \n\n \u00a0(430) | \n\n \n | \n\n \u00a0(183) | \n\n 183 | \n\n \n | \n\n 235 | \n\n (247) | \n\n \u2013 | \n\n \u00a0(12) | \n\n \u00a0(12) | \n
| \n Other/Collateral | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n 382 | \n\n 382 | \n\n 382 | \n
| \n Total Integrated | \n\n 24,215 | \n\n (17,832) | \n\n \n | \n\n (2,341) | \n\n 2,341 | \n\n \n | \n\n 21,874 | \n\n (15,491) | \n\n 382 | \n\n 6,765 | \n\n 6,765 | \n
| \n Crude oil, petroleum products and freight rates activities | \n|||||||||||
| \n Petroleum products, | \n\n 245 | \n\n \u00a0(289) | \n\n \n | \n\n \u00a0(166) | \n\n 166 | \n\n \n | \n\n 79 | \n\n \u00a0(123) | \n\n \u2013 | \n\n \u00a0(44) | \n\n \u00a0(44) | \n
| \n Forwards(a) | \n\n 411 | \n\n \u00a0(444) | \n\n \n | \n\n \u00a0(88) | \n\n 88 | \n\n \n | \n\n 323 | \n\n \u00a0(356) | \n\n \u2013 | \n\n \u00a0(33) | \n\n \u00a0(33) | \n
| \n Options | \n\n 68 | \n\n \u00a0(236) | \n\n \n | \n\n \u00a0(40) | \n\n 40 | \n\n \n | \n\n 28 | \n\n \u00a0(196) | \n\n \u2013 | \n\n \u00a0(168) | \n\n \u00a0(168) | \n
| \n Futures | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Options on futures | \n\n 186 | \n\n \u00a0(78) | \n\n \n | \n\n \u00a0(78) | \n\n 78 | \n\n \n | \n\n 108 | \n\n \u2013 | \n\n \u2013 | \n\n 108 | \n\n 108 | \n
| \n Other/Collateral | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n 344 | \n\n 344 | \n\n 344 | \n
| \n Total crude oil, petroleum | \n\n 910 | \n\n (1,047) | \n\n \n | \n\n (372) | \n\n 372 | \n\n \n | \n\n 538 | \n\n (675) | \n\n 344 | \n\n 207 | \n\n 207 | \n
| \n Total | \n\n 25,125 | \n\n (18,879) | \n\n \n | \n\n (2,713) | \n\n 2,713 | \n\n \n | \n\n 22,412 | \n\n (16,166) | \n\n 726 | \n\n 6,972 | \n\n 6,972 | \n
| \n Total of fair value non recognized in the balance sheet | \n\n \u2013 | \n||||||||||
| \n (a)Forwards: contracts resulting in physical delivery are accounted for as derivative commodity contracts and included in the amounts shown. (b)When the fair value of derivatives listed on an organized exchange market (futures, options on futures and swaps) is offset with the margin call received or paid in the balance sheet, this fair value is set to zero. (c)Amounts offset in accordance with IAS 32. | \n
| \n As of December 31, 2020 Assets/(Liabilities) | \n\n Gross value before offsetting | \n\n \n | \n\n Amounts offset | \n\n \n | \n\n Net balance sheet value presented | \n\n Other amounts | \n\n Net carrying amount | \n\n Fair value(b) | \n|||
| \n Assets | \n\n Liabilities | \n\n \n | \n\n Assets(c) | \n\n Liabilities(c) | \n\n \n | \n\n Assets | \n\n Liabilities | \n||||
| \n Integrated Gas, Renewables & Power activities | \n|||||||||||
| \n Swaps | \n\n 10 | \n\n \u00a0(71) | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n 10 | \n\n \u00a0(71) | \n\n \u2013 | \n\n \u00a0(61) | \n\n \u00a0(61) | \n
| \n Forwards(a) | \n\n 1,372 | \n\n \u00a0(3,113) | \n\n \n | \n\n \u00a0(186) | \n\n 186 | \n\n \n | \n\n 1,186 | \n\n \u00a0(2,927) | \n\n \u2013 | \n\n \u00a0(1,741) | \n\n \u00a0(1,741) | \n
| \n Options | \n\n \u00a0(61) | \n\n \u00a0(75) | \n\n \n | \n\n \u00a0(13) | \n\n 13 | \n\n \n | \n\n \u00a0(74) | \n\n \u00a0(62) | \n\n \u2013 | \n\n \u00a0(136) | \n\n \u00a0(136) | \n
| \n Futures | \n\n 42 | \n\n \u00a0(32) | \n\n \n | \n\n \u00a0(21) | \n\n 21 | \n\n \n | \n\n 21 | \n\n \u00a0(11) | \n\n \u2013 | \n\n 10 | \n\n 10 | \n
| \n Other/Collateral | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n 22 | \n\n 22 | \n\n 22 | \n
| \n Total Integrated | \n\n 1,363 | \n\n (3,291) | \n\n \n | \n\n (220) | \n\n 220 | \n\n \n | \n\n 1,143 | \n\n (3,071) | \n\n 22 | \n\n (1,906) | \n\n (1,906) | \n
| \n Crude oil, petroleum products and freight rates activities | \n|||||||||||
| \n Petroleum products, | \n\n 302 | \n\n \u00a0(443) | \n\n \n | \n\n \u00a0(207) | \n\n 207 | \n\n \n | \n\n 95 | \n\n \u00a0(236) | \n\n \u2013 | \n\n \u00a0(141) | \n\n \u00a0(141) | \n
| \n Forwards(a) | \n\n 158 | \n\n \u00a0(297) | \n\n \n | \n\n \u00a0(13) | \n\n 13 | \n\n \n | \n\n 145 | \n\n \u00a0(284) | \n\n \u2013 | \n\n \u00a0(139) | \n\n \u00a0(139) | \n
| \n Options | \n\n 113 | \n\n \u00a0(125) | \n\n \n | \n\n \u00a0(68) | \n\n 68 | \n\n \n | \n\n 45 | \n\n \u00a0(57) | \n\n \u2013 | \n\n \u00a0(12) | \n\n \u00a0(12) | \n
| \n Futures | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Options on futures | \n\n 117 | \n\n \u00a0(135) | \n\n \n | \n\n \u00a0(117) | \n\n 117 | \n\n \n | \n\n \u2013 | \n\n \u00a0(18) | \n\n \u2013 | \n\n \u00a0(18) | \n\n \u00a0(18) | \n
| \n Other/Collateral | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n 43 | \n\n 43 | \n\n 43 | \n
| \n Total crude oil, petroleum products and freight rates | \n\n 690 | \n\n (1,000) | \n\n \n | \n\n (405) | \n\n 405 | \n\n \n | \n\n 285 | \n\n (595) | \n\n 43 | \n\n (267) | \n\n (267) | \n
| \n Total | \n\n 2,053 | \n\n (4,291) | \n\n \n | \n\n (625) | \n\n 625 | \n\n \n | \n\n 1,428 | \n\n (3,666) | \n\n 65 | \n\n (2,173) | \n\n (2,173) | \n
| \n Total of fair value non recognized in the balance sheet | \n\n \u2013 | \n||||||||||
| \n (a)Forwards: contracts resulting in physical delivery are accounted for as derivative commodity contracts and included in the amounts shown. (b)When the fair value of derivatives listed on an organized exchange market (futures, options on futures and swaps) is offset with the margin call received or paid in the balance sheet, this fair value is set to zero. (c)Amounts offset in accordance with IAS 32. | \n
Commitments on crude oil and refined products have, for the most part, a short-term maturity (less than one year).
The changes in fair value of financial instruments related to commodity contracts are detailed as follows:
| \n For the year ended December 31, (M$) | \n\n Fair value as of January 1, | \n\n Impact on income | \n\n Settled contracts | \n\n Other | \n\n Fair value as of December 31, | \n
| \n Integrated Gas, Renewables & Power activities | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n 2022 | \n\n 6,383 | \n\n 11,406 | \n\n (15,628) | \n\n 186 | \n\n 2,347 | \n
| \n 2021 | \n\n (1,928) | \n\n 6,817 | \n\n 1,408 | \n\n 86 | \n\n 6,383 | \n
| \n 2020 | \n\n (260) | \n\n 676 | \n\n (2,348) | \n\n 4 | \n\n (1,928) | \n
| \n Crude oil, petroleum products and freight rates activities | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n 2022 | \n\n (137) | \n\n 5,891 | \n\n (6,655) | \n\n \u2013 | \n\n (901) | \n
| \n 2021 | \n\n (310) | \n\n 3,950 | \n\n (3,777) | \n\n \u2013 | \n\n (137) | \n
| \n 2020 | \n\n (282) | \n\n 3,813 | \n\n (3,841) | \n\n \u2013 | \n\n (310) | \n
The fair value hierarchy for financial instruments related to commodity contracts is as follows:
| \n As of December 31, 2022 (M$) | \n\n Quoted prices | \n\n Prices based on observable data (level 2) | \n\n Prices based on | \n\n Total | \n
| \n Integrated Gas, Renewables & Power activities | \n\n 1,034 | \n\n 1,678 | \n\n (365) | \n\n 2,347 | \n
| \n Crude oil, petroleum products and freight rates activities | \n\n 98 | \n\n (999) | \n\n \u2013 | \n\n (901) | \n
| \n Total | \n\n 1,132 | \n\n 679 | \n\n (365) | \n\n 1,446 | \n
| \n As of December 31, 2021 (M$) | \n\n Quoted prices | \n\n Prices based on observable data (level 2) | \n\n Prices based on | \n\n Total | \n
| \n Integrated Gas, Renewables & Power activities | \n\n 3,716 | \n\n (3,563) | \n\n 6,230 | \n\n 6,383 | \n
| \n Crude oil, petroleum products and freight rates activities | \n\n 134 | \n\n (271) | \n\n \u2013 | \n\n (137) | \n
| \n Total | \n\n 3,850 | \n\n (3,834) | \n\n 6,230 | \n\n 6,246 | \n
| \n As of December 31, 2020 (M$) | \n\n Quoted prices | \n\n Prices based on observable data (level 2) | \n\n Prices based on | \n\n Total | \n
| \n Integrated Gas, Renewables & Power activities | \n\n (159) | \n\n (361) | \n\n (1,408) | \n\n (1,928) | \n
| \n Crude oil, petroleum products and freight rates activities | \n\n 10 | \n\n (320) | \n\n \u2013 | \n\n (310) | \n
| \n Total | \n\n (149) | \n\n (681) | \n\n (1,408) | \n\n (2,238) | \n
Financial instruments classified as level 3 are mainly composed of long-term liquefied natural gas purchase and sale contracts which relate to the trading activity.
The management of positions is carried out on the basis of a net value of LNG purchase and sale commitments; the valuation of \u00a0contracts is based on observable market data, such as commodity forward prices, but it also takes into account unobservable data on contract performance (assumptions on the variable terms of the contracts, on the availability of infrastructures, on the performance of counterparties...).
The valuation of LNG contracts is sensitive to changes in oil and natural gas prices on North American, Asian and European markets, as well as to these assumptions on contract performance.
TotalEnergies\u2019 management horizon is 12 months in 2022 (as in 2021 and 2020), and includes the full annual delivery program of LNG cargoes for the following year.
The analysis of the fair value of the LNG portfolio over the period beyond 12 months carried out by the Company, allows to verify that there is no material asset or liability to be recognized in its accounts for that period. This analysis, which takes into account the specific characteristics of LNG contracts and of the gas market, including its liquidity, incorporates valuation parameters that are unobservable over this period, in particular Company internal assumptions on the long-term evolution of hydrocarbon prices, the execution of contracts and the performance of counterparties, the renegotiation of price terms in contracts or the exercise of their contractual flexibilities.
The description of each fair value level is presented in Note 15 to the Consolidated Financial Statements.
Cash Flow hedge
The impact on the income statement and other comprehensive income of the hedging instruments related to commodity contracts and qualified as cash flow hedges is detailed as follows:
| \n As of December 31 (M$) | \n\n 2022 | \n\n 2021 | \n\n 2020 | \n
| \n Profit (Loss) recorded in other comprehensive income of the period | \n\n (5,524) | \n\n 445 | \n\n 14 | \n
| \n Recycled amount from other comprehensive income to the income statement of the period | \n\n 1,317 | \n\n (56) | \n\n (1) | \n
These financial instruments are mainly one year term Henry Hub derivatives and European gas, power and CO2 emission rights derivatives.
As of December 31, 2022, the ineffective portion of these financial instruments is $132 million (in 2021 and in 2020 the ineffective portion of the financial instruments was nil).
Accounting principles
Financial instruments related to commodity contracts, including crude oil, petroleum products, gas, and power purchase/sales contracts within the trading activities, together with the commodity contract derivative instruments and freight rate swaps, are used to adjust TotalEnergies' exposure to price fluctuations within global trading limits. According to the industry practice, these instruments are considered as held for trading. Changes in fair value are recorded in the income statement. The fair value of these instruments is recorded in \u201cOther current assets\u201d or \u201cOther creditors and accrued liabilities\u201d depending on whether they are assets or liabilities.
The valuation methodology is to mark-to-market all open positions for both physical and paper transactions. The valuations are determined on a daily basis using observable market data based on organized and over the counter (OTC) markets. In specific cases when market data is not directly available, the valuations are derived from observable data such as arbitrages, freight or spreads and market corroboration. For valuation of risks which are the result of a calculation, such as options for example, commonly known models are used to compute the fair value.
Accounting principles
Financial instruments related to commodity contracts, including crude oil, petroleum products, gas, and power purchase/sales contracts within the trading activities, together with the commodity contract derivative instruments and freight rate swaps, are used to adjust TotalEnergies' exposure to price fluctuations within global trading limits. According to the industry practice, these instruments are considered as held for trading. Changes in fair value are recorded in the income statement. The fair value of these instruments is recorded in \u201cOther current assets\u201d or \u201cOther creditors and accrued liabilities\u201d depending on whether they are assets or liabilities.
The valuation methodology is to mark-to-market all open positions for both physical and paper transactions. The valuations are determined on a daily basis using observable market data based on organized and over the counter (OTC) markets. In specific cases when market data is not directly available, the valuations are derived from observable data such as arbitrages, freight or spreads and market corroboration. For valuation of risks which are the result of a calculation, such as options for example, commonly known models are used to compute the fair value.
Note 17Post closing events
TotalEnergies' investments in India
Following the allegations against Adani Group published on January 24, 2023 by Hindenburg Research, TotalEnergies issued a statement on February 3, 2023 providing the following clarifications on its joint investments in India, in partnership with Adani since 2018.
The following table lists TotalEnergies\u2019 current stakes in partnerships with Adani:
| \n Adani Total Private Limited | \n\n 50% | \n
| \n Adani Total Gas Limited (quoted) | \n\n 37.4% | \n
| \n Adani Green Energy Limited (quoted) | \n\n 19.75% | \n
| \n AGEL23 | \n\n 50% | \n
| \n \n | \n\n \n | \n
TotalEnergies\u2019 exposure resulting from these stakes represents 2.4% ($3.1 billion at December 31, 2022) of the Company\u2019s capital employed and $180 million of net operating income in 2022. These investments being accounted for under the equity method, TotalEnergies has not performed any re-evaluation in its accounts of its stakes in the listed entities ATGL and AGEL in relation to the increase in their stock values.