On February 4, 2025, the Board of Directors established and authorized the publication of the Consolidated Financial Statements of TotalEnergies SE for the year ended December 31, 2024, which will be submitted for approval to the Shareholders\u2019 Meeting to be held on May 23, 2025.
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, 2024.
The accounting principles applied for the Consolidated Financial Statements at December 31, 2024, were the same as those that were used for the financial statements at December 31, 2023, except for amendments and interpretations of IFRS which were mandatory for the periods beginning after January 1, 2024. Their application did not have a significant impact on the financial statements as of December 31, 2024.
The international tax reform Pillar 2, applicable in France from January 1, 2024, introduces a minimum tax rate of 15% on the profits of companies in each of their operating countries. Given the high tax rates in the Company's operating countries and the increases in countries with lower rates, the application of this minimum tax will not result in the payment of additional tax for 2024.
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, 2024.
1.1Accounting principles
A)Principles of consolidation
Entities that are directly controlled by the parent company or indirectly controlled through other consolidated entities are fully consolidated.
Investments in joint-ventures are accounted for by 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 through subsidiaries, 20% or more of the voting rights. In the case of a percentage of less than 20%, accounting under the equity method applies only when significant influence can be demonstrated.
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 U.S. 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. It 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 U.S. 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\u00a0TotalEnergies 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 application 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, 2024, is expected to have a non material impact. Note that IFRS 18, published in April 2024 and applicable from January 1, 2027, will modify the presentation of the consolidated statement of income and the consolidated statement of cash flow.
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, 2024.
The accounting principles applied for the Consolidated Financial Statements at December 31, 2024, were the same as those that were used for the financial statements at December 31, 2023, except for amendments and interpretations of IFRS which were mandatory for the periods beginning after January 1, 2024. Their application did not have a significant impact on the financial statements as of December 31, 2024.
The international tax reform Pillar 2, applicable in France from January 1, 2024, introduces a minimum tax rate of 15% on the profits of companies in each of their operating countries. Given the high tax rates in the Company's operating countries and the increases in countries with lower rates, the application of this minimum tax will not result in the payment of additional tax for 2024.
The accounting principles applied for the Consolidated Financial Statements at December 31, 2024, were the same as those that were used for the financial statements at December 31, 2023, except for amendments and interpretations of IFRS which were mandatory for the periods beginning after January 1, 2024. Their application did not have a significant impact on the financial statements as of December 31, 2024.
The international tax reform Pillar 2, applicable in France from January 1, 2024, introduces a minimum tax rate of 15% on the profits of companies in each of their operating countries. Given the high tax rates in the Company's operating countries and the increases in countries with lower rates, the application of this minimum tax will not result in the payment of additional tax for 2024.
Major judgments and accounting estimates
The preparation of financial statements in accordance with IFRS for the closing as of December 31, 2024 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\u00a0Management 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 General 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 sold in 2023.
Impairment of assets and the method applied are described in Note 3 \"Business segment information\".
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\u00a012 \"Provisions and other non-current liabilities\".
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\u2011industrial 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 ongoing energy transition of the word.
The Company is thus implementing its transition strategy aimed at ensuring the growth of its energy production to reach a sales mix of 30% oil, 50% gas and 20% electricity and low-carbon molecules by 2030, with carbon intensity (Scope 1+2+3) decreasing by 25% compared to 2015.
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\u2011cost 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 carbon neutrality by 2050, together with society. As since 2021, the Board of Directors submitted at the Annual Shareholders' Meeting on May 24, 2024 to a consultative vote of the shareholders of TotalEnergies SE, the Sustainability & Climate - Progress Report 2024 reporting on the progress made in the implementation of the Corporation\u2019s ambition with respect to sustainable development and energy transition and its related targets by 2030 (resolution approved at close to 80% of votes cast).
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 in a scenario with Brent prices at $50/b and Henry Hub at $3/Mbtu, which are lower than the IEA's APS scenario prices deemed compatible with the Paris agreement goals. Even though CO2 pricing does not currently apply in all of the countries where the Company operates, TotalEnergies includes as a base case a CO2 price of $100/t in its investment criteria (or the prevailling price in a given country, if higher), and beyond 2030, 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. Carbon Capture and Storage (CCS) and Nature Based Solutions (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 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 emissions is compared, depending on their nature, to the intensity of the average greenhouse gas emissions of 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\u2026), the greenhouse-gas emissions reductions are assessed based on their contribution to reducing the Company's emissions.
Besides, as described in Note 3. C \"Asset impairment\", 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. $25.82024/b; the prices retained for gas, the transition fuel, stabilize until 2040 at lower levels than current prices, before also converging 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 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 impairment
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 2025 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 oil and gas price scenarios have been established based on data on global energy demand from the IEA's World Energy Outlook, the latest edition of which was published in October 2024, and on its own supply and demand assessments; they take into account 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 challenge;
\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 2024 World Energy Outlook presents 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 scenario only includes climate actions already implemented to date around the world and those under development;
\u2013the APS scenario takes into account all climate ambitions declared to date in the world, including the NDCs (Nationally Determined Contributions) and the carbon neutrality ambitions. According to the IEA, it is associated with a temperature increase of around 1.7\u00b0C. This scenario is compatible with the objective of the Paris Agreement to limit the temperature increase to \u201cwell below 2\u00b0C\u201d;
\u2013the IEA's NZE scenario is understood as the set of actions to be taken for the global energy sector to achieve net-zero CO2 emissions by 2050 and to be compatible with a +1.5\u00b0C scenario by 2100. This normative scenario is therefore not predictive of oil demand, and even less so of the price scenarios it proposes, particularly in the medium term (2030). Indeed, this scenario predicts that oil demand will peak in 2023 and decrease by 22% between 2023 and 2030, whereas, according to the latest IEA projections, oil demand in 2024 would be higher than in 2023 and continue to grow until 2029. According to projections from other energy companies or external consultants, demand would start to decline around 2030 (oil peak in 2031 according to Wood MacKenzie, in 2027 according to HIS Inflections);
\u2013beyond 2030, 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 $25.82024/b. The prices retained for gas, the transition fuel, stabilize until 2040 at lower levels than current prices before converging 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 experienced sustained growth post-Covid crisis, accompanying the global economic recovery, which generated strong tensions on energy prices from mid-2021, exacerbated in 2022 by the war in Ukraine. In 2023, global oil demand reached a record level, surpassing that of 2019 pre-Covid crisis. This increase was stimulated by the lifting of lockdown measures in China, allowing the resumption of industrial activity, particularly in the petrochemical sector, as well as the increase in air travel. In 2024, demand is expected to continue to grow, albeit at a slower pace, due to the economic slowdown in China and the end of the post-pandemic rebound effect. By 2030, oil consumption is expected to continue to grow, supported by population growth and rising living standards, particularly in emerging countries. However, this growth is expected to gradually slow down due to moderate global economic growth and the accelerated deployment of low-carbon substitute technologies. Some recent forecasts anticipate a\u00a0peak in oil product demand in China as early as 2027.
Moreover, supply is limited by the historical production cuts decided (and effectively implemented) by the OPEC+ coalition members, the discipline on upstream oil investments since the 2015 oil crisis, and the natural decline of currently producing fields. In the United States, while 2023 production was significantly higher than in 2019 and is expected to grow slightly in 2024, the recent sector consolidation (Permian, DJ, and Bakken) should reinforce investment profitability discipline and thus contain growth in the coming years.
Therefore, in this context of growing demand driven by emerging countries and constrained supply by OPEC+ countries and the United States, our scenario anticipates that prices will remain supported at $702024/b from 2025 to 2030.
\u2013beyond 2030, given technological developments, particularly in the transport sector, the growth in oil demand would be low or even zero, and the selected price scenario decreases linearly to reach $502024/b in\u00a02040 and then $25.82024/b in 2050, in line with the NZE scenario.
The average Brent prices over the period 2025-2050 thus stands at $53.02024/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, as a result of the cuts in Russian pipe gas importation that began at the end of 2021 and continued in 2022 with the complete shutdown of the Nordstream. Global gas demand in 2022 was almost at the same level as in 2021. Global gas demand in 2023 was almost at the same level as in 2022 with the recourse to American LNG to replace Russian gas in Europe, still in competition with Asia. Gas prices in Asia and Europe have returned to much lower levels than the exceptionally high prices reached in the third quarter of 2022 but remain higher than before the crisis. The price of gas in the United States did not experience such a sharp increase in 2022 and has since\u00a0stabilized.
The Company anticipates in 2025 higher prices than before the crisis on the Asia, Europe and slightly on the United States hubs. 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 gas supply and the upcoming wave of increased liquefied natural gas capacity (expected in 2027-28-29), 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:
\u2013for Europe: $11.72024/Mbtu in 2025, $9.82024/Mbtu in 2026, then
$82024/Mbtu between 2027 and 2040.
\u2013for the United States: $32024/Mbtu between 2025 and 2040.
\u2013for Asia: $12.62024/Mbtu in 2025, $10.82024/Mbtu in 2026, then
$92024/Mbtu between 2027 and 2040.
From 2040 onwards, the price trajectory converges towards the price retained in 2050 by the NZE scenario, i.e. $4.12024/Mbtu for Europe, $2.12024/Mbtu for the United States and $4.92024/Mbtu for 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 identified assets the impact of their CO2 emissions. Future scope 1 and 2 emissions of the assets concerned over the life of the assets are valued at $100/t or the applicable price in a given country, if it is higher, incorporating the existing free emission rights scheme in Europe. Beyond 2030, 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 7% post-tax discount rate, this rate being the weighted-average cost of TotalEnergies capital estimated from historical market data. This rate was 8% in 2023 and in 2022. The value in use calculated by discounting the above post-tax cash flows using an 7% 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 beyond 2030 for all assets;
\u2013increase or decrease of 1% in the discount rate of future cash flows.
Finally, in 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 were the Fort Hills and Surmont oil sands projects in Canada that TotalEnergies sold in 2023.
The Company's strategy of focusing new oil investments on low carbon intensity projects and low cost of production 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.C \u201cAsset impairment\u201d.
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 \u201cProperty, plant and equipment\u201d.
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. As of December 31, 2024, 2023 and 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.
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 \u201cIntangible assets\u201d and 7.2 \u201cProperty, plant and equipment\u201d.
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 5% in 2024, as in 2023, and it was 4% in 2022 (the expenses are estimated at current currency values with an inflation rate of 2% in 2024, 2023, and 2022).
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 \u201cProvisions and other non-current liabilities\u201d 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 \u201cProvisions and other non-current liabilities\u201d. A maturity schedule of these obligations is presented in Note 13.1 \u201cOff-balance sheet commitments and contractual obligations\u201d.
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.
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.
Russian-Ukrainian conflict
Russian assets were fully impaired in 2022, with the exception of the shares held in the Yamal LNG company. In total, the impact of impairments and provisions recorded in 2022 due to the Russo-Ukrainian\u00a0conflict amounted to $(14,756) million in TotalEnergies\u2019 net result.
In November 2023, the Arctic LNG 2 company was placed under sanctions by the U.S. authorities. TotalEnergies initiated the contractual suspension procedure provided for in the Arctic LNG 2 shareholders\u2019 agreement and that of force majeure for the LNG purchase contract from Arctic LNG 2. These procedures, upon their notification, resulted in the suspension of TotalEnergies\u2019 rights and obligations under these agreements, thus implying in particular the suspension of the participation of TotalEnergies\u2019 representatives in the governance bodies of Arctic LNG\u00a02. As a result, the 10% interest held by TotalEnergies in Arctic LNG\u00a02 is no longer accounted for using the equity method in the Company\u2019s accounts since December 31, 2023 but is recorded under \u201cOther investments\u201d. As mentioned above, as the shares in Arctic LNG 2 were fully impaired in 2022, this deconsolidation had no impact on the 2023 Consolidated Financial Statements.
The Company has also ensured the absence of depreciation to be accounted for on Yamal LNG, by testing the value of its equity accounted investment which amounts to $5,200 million as of December 31, 2024.
With regard to the participation in Novatek, in the absence of any new event, the assessments and judgments taken into account on December\u00a031, 2022 and on December 31, 2023 in the accounting and valuation method remain unchanged at December 31, 2024. As the criteria for significant influence are no longer met within the meaning of IAS 28 \u201cInvestments in associates and joint-ventures\u201d, TotalEnergies' 19.4% interest in Novatek has no longer been accounted for using the equity method in the Company's financial statements since the end of the\u00a04th quarter of 2022.
Depending on the developments of the Russian-Ukrainian conflict and the measures that the European and American authorities may 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 General 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 sold in 2023.
Impairment of assets and the method applied are described in Note 3 \"Business segment information\".
Asset impairment
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 2025 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 oil and gas price scenarios have been established based on data on global energy demand from the IEA's World Energy Outlook, the latest edition of which was published in October 2024, and on its own supply and demand assessments; they take into account 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 challenge;
\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 2024 World Energy Outlook presents 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 scenario only includes climate actions already implemented to date around the world and those under development;
\u2013the APS scenario takes into account all climate ambitions declared to date in the world, including the NDCs (Nationally Determined Contributions) and the carbon neutrality ambitions. According to the IEA, it is associated with a temperature increase of around 1.7\u00b0C. This scenario is compatible with the objective of the Paris Agreement to limit the temperature increase to \u201cwell below 2\u00b0C\u201d;
\u2013the IEA's NZE scenario is understood as the set of actions to be taken for the global energy sector to achieve net-zero CO2 emissions by 2050 and to be compatible with a +1.5\u00b0C scenario by 2100. This normative scenario is therefore not predictive of oil demand, and even less so of the price scenarios it proposes, particularly in the medium term (2030). Indeed, this scenario predicts that oil demand will peak in 2023 and decrease by 22% between 2023 and 2030, whereas, according to the latest IEA projections, oil demand in 2024 would be higher than in 2023 and continue to grow until 2029. According to projections from other energy companies or external consultants, demand would start to decline around 2030 (oil peak in 2031 according to Wood MacKenzie, in 2027 according to HIS Inflections);
\u2013beyond 2030, 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 $25.82024/b. The prices retained for gas, the transition fuel, stabilize until 2040 at lower levels than current prices before converging 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 experienced sustained growth post-Covid crisis, accompanying the global economic recovery, which generated strong tensions on energy prices from mid-2021, exacerbated in 2022 by the war in Ukraine. In 2023, global oil demand reached a record level, surpassing that of 2019 pre-Covid crisis. This increase was stimulated by the lifting of lockdown measures in China, allowing the resumption of industrial activity, particularly in the petrochemical sector, as well as the increase in air travel. In 2024, demand is expected to continue to grow, albeit at a slower pace, due to the economic slowdown in China and the end of the post-pandemic rebound effect. By 2030, oil consumption is expected to continue to grow, supported by population growth and rising living standards, particularly in emerging countries. However, this growth is expected to gradually slow down due to moderate global economic growth and the accelerated deployment of low-carbon substitute technologies. Some recent forecasts anticipate a\u00a0peak in oil product demand in China as early as 2027.
Moreover, supply is limited by the historical production cuts decided (and effectively implemented) by the OPEC+ coalition members, the discipline on upstream oil investments since the 2015 oil crisis, and the natural decline of currently producing fields. In the United States, while 2023 production was significantly higher than in 2019 and is expected to grow slightly in 2024, the recent sector consolidation (Permian, DJ, and Bakken) should reinforce investment profitability discipline and thus contain growth in the coming years.
Therefore, in this context of growing demand driven by emerging countries and constrained supply by OPEC+ countries and the United States, our scenario anticipates that prices will remain supported at $702024/b from 2025 to 2030.
\u2013beyond 2030, given technological developments, particularly in the transport sector, the growth in oil demand would be low or even zero, and the selected price scenario decreases linearly to reach $502024/b in\u00a02040 and then $25.82024/b in 2050, in line with the NZE scenario.
The average Brent prices over the period 2025-2050 thus stands at $53.02024/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, as a result of the cuts in Russian pipe gas importation that began at the end of 2021 and continued in 2022 with the complete shutdown of the Nordstream. Global gas demand in 2022 was almost at the same level as in 2021. Global gas demand in 2023 was almost at the same level as in 2022 with the recourse to American LNG to replace Russian gas in Europe, still in competition with Asia. Gas prices in Asia and Europe have returned to much lower levels than the exceptionally high prices reached in the third quarter of 2022 but remain higher than before the crisis. The price of gas in the United States did not experience such a sharp increase in 2022 and has since\u00a0stabilized.
The Company anticipates in 2025 higher prices than before the crisis on the Asia, Europe and slightly on the United States hubs. 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 gas supply and the upcoming wave of increased liquefied natural gas capacity (expected in 2027-28-29), 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:
\u2013for Europe: $11.72024/Mbtu in 2025, $9.82024/Mbtu in 2026, then
$82024/Mbtu between 2027 and 2040.
\u2013for the United States: $32024/Mbtu between 2025 and 2040.
\u2013for Asia: $12.62024/Mbtu in 2025, $10.82024/Mbtu in 2026, then
$92024/Mbtu between 2027 and 2040.
From 2040 onwards, the price trajectory converges towards the price retained in 2050 by the NZE scenario, i.e. $4.12024/Mbtu for Europe, $2.12024/Mbtu for the United States and $4.92024/Mbtu for 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 identified assets the impact of their CO2 emissions. Future scope 1 and 2 emissions of the assets concerned over the life of the assets are valued at $100/t or the applicable price in a given country, if it is higher, incorporating the existing free emission rights scheme in Europe. Beyond 2030, 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 7% post-tax discount rate, this rate being the weighted-average cost of TotalEnergies capital estimated from historical market data. This rate was 8% in 2023 and in 2022. The value in use calculated by discounting the above post-tax cash flows using an 7% 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 beyond 2030 for all assets;
\u2013increase or decrease of 1% in the discount rate of future cash flows.
Finally, in 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 were the Fort Hills and Surmont oil sands projects in Canada that TotalEnergies sold in 2023.
The Company's strategy of focusing new oil investments on low carbon intensity projects and low cost of production 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.C \u201cAsset impairment\u201d.
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 \u201cProperty, plant and equipment\u201d.
C)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. This loss is allocated first to goodwill with a corresponding amount in \"Other expenses\". | \n\n \n | \n\n 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\u00a0intangible 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 2024, asset impairments were recorded for an amount of $(1,978) million in net operating income and $(1,977) million in net income, TotalEnergies share. These impairments were qualified as adjustment items of the net 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 in determining the recoverable amounts are as follows:
\u2013the future cash flows were determined using the assumptions included in the 2025 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 oil and gas price scenarios have been established based on data on global energy demand from the IEA's World Energy Outlook, the latest edition of which was published in October 2024, and on its own supply and demand assessments; they take into account 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 challenge;
\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 2024 World Energy Outlook presents 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 scenario only includes climate actions already implemented to date around the world and those under development. The APS scenario takes into account all climate ambitions declared to date in the world, including the NDCs (Nationally Determined Contributions) and the carbon neutrality ambitions. According to the IEA, it is associated with a temperature increase of around 1.7\u00b0C. This scenario is compatible with the objective of the Paris Agreement to limit the temperature increase to \u201cwell below 2\u00b0C\u201d. The IEA's NZE scenario is understood as the set of actions to be taken for the global energy sector to achieve net-zero CO2 emissions by 2050 and to be compatible with a +1.5\u00b0C scenario by 2100. This normative scenario is therefore not predictive of oil demand, and even less so of the price scenarios it proposes, particularly in the medium term (2030). Indeed, this scenario predicts that oil demand will peak in 2023 and decrease by 22% between 2023 and 2030, whereas, according to the latest IEA projections, oil demand in 2024 would be higher than in 2023 and continue to grow until 2029. According to projections from other energy companies or external consultants, demand would start to decline around 2030 (oil peak in 2031 according to Wood MacKenzie, in 2027 according to HIS Inflections);
\u2013beyond 2030, 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 $25.82024/b. The prices retained for gas, the transition fuel, stabilize until 2040 at lower levels than current prices before converging 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 experienced sustained growth post-Covid crisis, accompanying the global economic recovery, which generated strong tensions on energy prices from mid-2021, exacerbated in 2022 by the war in Ukraine. In 2023, global oil demand reached a record level, surpassing that of 2019 pre-Covid crisis. This increase was stimulated by the lifting of lockdown measures in China, allowing the resumption of industrial activity, particularly in the petrochemical sector, as well as the increase in air travel. In 2024, demand is expected to continue to grow, albeit at a slower pace, due to the economic slowdown in China and the end of the post-pandemic rebound effect.
By 2030, oil consumption is expected to continue to grow, supported by population growth and rising living standards, particularly in emerging countries. However, this growth is expected to gradually slow down due to moderate global economic growth and the accelerated deployment of low-carbon substitute technologies. Some recent forecasts anticipate a peak in oil product demand in China as early as 2027.
Moreover, supply is limited by the historical production cuts decided (and effectively implemented) by the OPEC+ coalition members, the discipline on upstream oil investments since the 2015 oil crisis, and the natural decline of currently producing fields. In the United States, while 2023 production was significantly higher than in 2019 and is expected to grow slightly in 2024, the recent sector consolidation (Permian, DJ, and Bakken) should reinforce investment profitability discipline and thus contain growth in the coming years.
Therefore, in this context of growing demand driven by emerging countries and constrained supply by OPEC+ countries and the United States, our scenario anticipates that prices will remain supported at $702024/b from 2025 to 2030;
\u2013beyond 2030, given technological developments, particularly in the transport sector, the growth in oil demand would be low or even zero, and the selected price scenario decreases linearly to reach $502024/b in 2040 and then $25.82024/b in 2050, in line with the NZE scenario.
The average Brent prices over the period 2025-2050 thus stands at $53.02024/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, as a result of the cuts in Russian pipe gas importation that began at the end of 2021 and continued in 2022 with the complete shutdown of the Nordstream. Global gas demand in 2022 was almost at the same level as in 2021. Global gas demand in 2023 was almost at the same level as in 2022 with the recourse to American LNG to replace Russian gas in Europe, still in competition with Asia. Gas prices in Asia and Europe have returned to much lower levels than the exceptionally high prices reached in the third quarter of 2022 but remain higher than before the crisis. The price of gas in the United States did not experience such a sharp increase in 2022 and has since\u00a0stabilized.
The Company anticipates in 2025 higher prices than before the crisis on the Asia, Europe and slightly on the United States hubs. 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 gas supply and the upcoming wave of increased liquefied natural gas capacity (expected in 2027-28-29), 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:
\u2013for Europe: $11.72024/Mbtu in 2025, $9.82024/Mbtu in 2026, then
$82024/Mbtu between 2027 and 2040;
\u2013for the United States: $32024/Mbtu between 2025 and 2040;
\u2013for Asia: $12.62024/Mbtu in 2025, $10.82024/Mbtu in 2026, then $92024/Mbtu between 2027 and 2040.
From 2040 onwards, the price trajectory converges towards the price retained in 2050 by the NZE scenario, i.e. $4.12024/Mbtu for Europe, $2.12024/Mbtu for the United States and $4.92024/Mbtu for 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 identified assets the impact of their CO2 emissions. Future scope 1 and 2\u00a0emissions of the assets concerned over the life of the assets are valued at $100/t or the applicable price in a given country, if it is higher, incorporating the existing free emission rights scheme in Europe. Beyond 2030, 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 7% post-tax discount rate, this rate being the weighted-average cost of TotalEnergies capital estimated from historical market data. This rate was 8% in 2023 and in 2022. The value in use calculated by discounting the above post-tax cash flows using an 7% 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
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 2024, the Company recorded impairments of assets over CGUs of the Exploration & Production segment for $(982)\u00a0million in net income, TotalEnergies share.
Impairments recognized in 2024 are mainly related to the exit from blocks 11B/12B and 5/6/7 in South Africa.
As for sensitivities of the Exploration & Production segment:
\u2013a decrease by 1 point in the discount rate would have a positive impact of $0.1 billion in net income, TotalEnergies share;
\u2013an increase by 1 point in the discount rate would have an additional negative impact of $0.1 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 $482024/b) would have an additional negative impact of $0.3 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 $422024/b) would have an additional negative impact of $1.8 billion in net income, TotalEnergies share;
\u2013taking into account a CO2 cost of $200/t, inflated by 2%/year from 2030 onwards for all assets would have an additional negative impact of $0.2 on net income, TotalEnergies share.
The CGUs of the Integrated LNG 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 2024, the Company recorded impairments on CGUs in the Integrated LNG segment for $(10) million in net income, TotalEnergies share.
As for sensitivities of the Integrated LNG:
\u2013a decrease by 1 point in the discount rate would have no impact in net income, TotalEnergies share;
\u2013an increase by 1 point in the discount rate would have an additional negative impact of $0.1 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 $2.0 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 $6.2 billion in net income, TotalEnergies share;
\u2013taking into account a CO2 cost of $200/t inflated by 2%/year from 2030 onwards for all assets would have an additional negative impact of approximately $0.5 billion in net income, TotalEnergies share.
The CGUs of the Integrated Power segment are subsidiaries or groups of subsidiaries organized by activity or geographical area. For the financial year 2024, the Company recorded impairments on CGUs in the Integrated Power segment for $(965) million in net income, TotalEnergies share.
Impairments recognized mainly relate to the Company's minority stake in SunPower and Maxeon.
As for sensitivities of the Integrated Power
\u2013a decrease by 1 point in the discount rate would have no impact in net income, TotalEnergies share;
\u2013an increase by 1 point in the discount rate would not have any additional negative impact in net income, TotalEnergies share.
The CGUs of the Refining & Chemicals segment are subsidiaries or groups of subsidiaries organized by activity (grouping together the operational activities of refining and petrochemicals) and by relevant geographical area. 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 2024, the Company has recorded impairments on CGUs in the Refining & Chemicals segment for an amount of $(4) million in net income TotalEnergies share.
As for sensitivities of the Refining & Chemicals segment:
\u2013an increase by 1 point in the discount rate would not have any additional negative impact in the net income, TotalEnergies share;
\u2013a decrease of 20% of the refining margins (could be in link with the increase of CO2 cost) would have an additional negative impact of $1.4\u00a0billion in net income, TotalEnergies share.
The CGUs of the Marketing & Services segment are subsidiaries or groups of subsidiaries organized by relevant geographical area.
For the financial year 2024, the Company recorded impairments on the CGUs of the Marketing & Services segment for $(17) million in net income, TotalEnergies share.
Impairments recognized in years 2023 and 2022
For the financial year 2023, the Company recorded impairments in the Exploration & Production, Integrated LNG, Integrated Power, Refining\u00a0&\u00a0Chemicals, and Marketing & Services segments with an impact of $(2,166) million in net income, TotalEnergies share.
Impairments recorded on the CGUs of the Exploration & Production segment amounted to $(881) million in net income, TotalEnergies share, mainly related to the Company's upstream assets in Kenya and Congo, and also Al Shaheen in Qatar related to temporary tax effects.
Those recorded on the CGUs of the Integrated Power sector amounted to $(773) million in net income, TotalEnergies share, mainly concerning the Yunlin offshore wind project in Taiwan and the goodwill and customer portfolios of gas-electricity marketing activities in Belgium, Spain and France.
Impairments recorded on the CGUs of the Refining & Chemicals sector amounted to $(273) million in net income, TotalEnergies share, mainly related to the divestment projects of Naphtachimie to INEOS and the Natref refinery in South Africa.
Finally, the impairments recorded on the CGUs of the Integrated LNG sector amounted to $(124) million in net income, TotalEnergies share, and those recorded on the CGUs of the Marketing & Services sector amounted to $(115) million in net income, TotalEnergies share.
These impairments were qualified as adjustments items of the net income, TotalEnergies share.
For the financial year 2022, the Company recorded impairments in Exploration & Production, Integrated Gas, Renewables & Power and Marketing & Services segments for an amount of $(15,743) million in net income, TotalEnergies share.
Impairments recognized in 2022 in Exploration & Production segment relate to the Company's assets in Russia for an amount of $(10,527)\u00a0million 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\u2019s upstream activities in Canada, an impairment test was carried out, and the resulting value in use led to a reversal of impairment of $728\u00a0million in net income, TotalEnergies share.
Impairments recognized in 2022 on CGUs in the Integrated Gas, Renewables & Power segment for $(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.
Impairments recognized in 2022 in CGUs Marketing & Services segment for $(112) million in net income, TotalEnergies share. Impairments recognized relate to the Company\u2019s assets in Russia for an amount $(87)\u00a0million in net income, TotalEnergies share.
These impairments were qualified as adjustments items of the net income, TotalEnergies share.
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\u00a012 \"Provisions and other non-current liabilities\".
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 5% in 2024, as in 2023, and it was 4% in 2022 (the expenses are estimated at current currency values with an inflation rate of 2% in 2024, 2023, and 2022).
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 \u201cProvisions and other non-current liabilities\u201d 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 \u201cProvisions and other non-current liabilities\u201d. A maturity schedule of these obligations is presented in Note 13.1 \u201cOff-balance sheet commitments and contractual obligations\u201d.
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 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Litigations and accrued penalty claims | \n\n 384 | \n\n 476 | \n\n 529 | \n
| \n Provisions for environmental contingencies | \n\n 611 | \n\n 750 | \n\n 751 | \n
| \n Asset retirement obligations | \n\n 11,359 | \n\n 11,585 | \n\n 13,110 | \n
| \n Other non-current provisions | \n\n 3,032 | \n\n 3,588 | \n\n 3,633 | \n
| \n of which restructuring activities | \n\n 124 | \n\n 228 | \n\n 282 | \n
| \n of which financial risks related to non-consolidated and equity accounted for affiliates | \n\n 1,694 | \n\n 1,708 | \n\n 1,582 | \n
| \n Other non-current liabilities | \n\n 4,486 | \n\n 4,858 | \n\n 3,379 | \n
| \n Total | \n\n 19,872 | \n\n 21,257 | \n\n 21,402 | \n
In 2024, litigation reserves amount to $384 million of which $187 million in the Exploration & Production, notably in Brazil, Bolivia and Angola, and\u00a0$93 million in Integrated Power.
In 2023, litigation reserves amounted to $476 million of which $276\u00a0million in the Exploration & Production, notably in Brazil, Bolivia and\u00a0Angola, and $91 million in Refining & Chemicals.
In 2022, litigation reserves amounted to $529 million of which $257\u00a0million in the Exploration & Production, notably in Brazil, Bolivia and\u00a0Angola, and $159 million in Refining & Chemicals.
Other non-current liabilities mainly include debts whose maturity is more than one year related to fixed assets acquisitions.
Changes in provisions and other non-current liabilities
Changes in provisions and other non-current liabilities are as follows:
| \n (M$) | \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 2024 | \n\n 21,257 | \n\n 1,056 | \n\n \u00a0(1,538) | \n\n \u00a0(419) | \n\n \u00a0(484) | \n\n 19,872 | \n
| \n of which provisions for financial risks | \n\n \n | \n\n 20 | \n\n \u00a0(16) | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n of which asset retirement obligations | \n\n \n | \n\n 568 | \n\n \u00a0(464) | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n of which provisions for environmental contingencies | \n\n \n | \n\n 65 | \n\n \u00a0(183) | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n of which provisions for restructuring of activities | \n\n \n | \n\n 15 | \n\n \u00a0(103) | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n 2023 | \n\n 21,402 | \n\n 1,269 | \n\n \u00a0(1,315) | \n\n 212 | \n\n \u00a0(311) | \n\n 21,257 | \n
| \n of which provisions for financial risks | \n\n \n | \n\n 18 | \n\n \u00a0(29) | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n of which asset retirement obligations | \n\n \n | \n\n 524 | \n\n \u00a0(339) | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n of which provisions for environmental contingencies | \n\n \n | \n\n 117 | \n\n \u00a0(158) | \n\n \n | \n\n \u00a0 | \n\n \u00a0 | \n
| \n of which provisions for restructuring of activities | \n\n \n | \n\n 69 | \n\n \u00a0(138) | \n\n \n | \n\n \u00a0 | \n\n \u00a0 | \n
| \n 2022 | \n\n 20,269 | \n\n 2,724 | \n\n \u00a0(1,397) | \n\n \u00a0(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 \u00a0(15) | \n\n \n | \n\n \n | \n\n \n | \n
| \n of which asset retirement obligations | \n\n \n | \n\n 430 | \n\n \u00a0(418) | \n\n \n | \n\n \u00a0 | \n\n \u00a0 | \n
| \n of which provisions for environmental contingencies | \n\n \n | \n\n 97 | \n\n \u00a0(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 \u00a0(230) | \n\n \n | \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 5% in 2024, 5% in 2023 and 4% in 2022 (the expenses are estimated at current currency values with an inflation rate of 2% in 2024 as in 2023 and\u00a02022).
A decrease of 0.5 point of this rate would increase the asset retirement obligation by $877 million, with a corresponding impact in tangible assets, and with a negative impact of approximately $87 million on the following years net income. Conversely, an increase of 0.5 point would have a nearly symmetrical impact compared to the effect of the decrease of 0.5\u00a0point.
Changes in the asset retirement obligation are as follows:
| \n (M$) | \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 2024 | \n\n 11,585 | \n\n 568 | \n\n 155 | \n\n 200 | \n\n \u00a0(464) | \n\n \u00a0(249) | \n\n \u00a0(436) | \n\n 11,359 | \n
| \n 2023 | \n\n 13,110 | \n\n 524 | \n\n \u00a0(1,499) | \n\n 108 | \n\n \u00a0(339) | \n\n 101 | \n\n \u00a0(420) | \n\n 11,585 | \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
12.2Other risks and contingent liabilities
TotalEnergies is not currently aware of any exceptional event, dispute, risks or contingent liabilities that could have a material impact on the assets and liabilities, results, financial position or operations of the TotalEnergies company, other than those mentioned below.
Yemen
In Yemen, the deterioration of security conditions in the vicinity of the Balhaf site caused the company Yemen LNG, in which the TotalEnergies company holds a stake of 39.62%, to stop its commercial production and export of LNG and to declare force majeure to its various stakeholders in 2015. The plant has been put in preservation mode.
Mozambique
Considering the evolution of the security situation in the north of the Cabo Delgado province in Mozambique, the TotalEnergies company has confirmed on April 26, 2021, the withdrawal of all Mozambique LNG project personnel from the Afungi site. This situation led the Company, as operator of Mozambique LNG project, to declare force majeure.
Legal and arbitration proceedings
\u2013FERC
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 brought a claim to the U.S. District Court for the District of Texas in December 2022 disputing the constitutionality of FERC's administrative procedure; the U.S. District Court for the District of Texas ordered a stay of the case in the course of 2023, pending decisions by the U.S. Supreme Court other cases involving similar constitutional issues. On June 27, 2024, the U.S. Supreme Court confirmed that the constitution guarantees respondents with the right to a jury trial in this type of administrative procedure and the competence of the U.S. District Court. FERC terminated in September 2024 its administrative procedure (Hearing Order) started in 2021 and mentioned that no penalties would be imposed on the Company\u2019s entities on the basis of the 2016 question (Order to show cause) although it is not terminating the whole case. TGPNA has always contested the claims brought against it and FERC approved on January 8, 2025, a settlement agreement with TGPNA for an amount of USD 5 million finally resolving this claim amongst all parties with prejudice and without admission of liability.
\u2013Disputes relating to Climate
In France, the Corporation was summoned in January 2020 before Nanterre\u2019s Civil 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\u00a0\u00b0C, as well as indicating the expected amount of future greenhouse gas emissions related to the Company's activities and its product utilization by third parties and in order to obtain an injunction ordering the Corporation to cease exploration and exploitation of new oil or gas fields, to reduce its oil and gas production by 2030 and 2050, and to reduce its net direct and indirect CO2 emissions by 40% in 2040 compared with 2019. This action was declared inadmissible on July 6, 2023, by the Paris Civil Court of Justice to which the case was transferred following a new procedural law. Following the appeal filed by the claimants, the Paris Court of Appeal, in a judgment of June 18, 2024, considered the action initiated admissible in particular on the basis of the law on the duty of vigilance transferring the case for trial on the merits before the Paris Civil Court of Justice, while strucking out 17 of the 22 applicants as well as declining to awards any provisional measures. TotalEnergies SE considers that it has fulfilled its obligations under the French law on the vigilance duty.\u00a0A new action against the Corporation, with similar requests for injunction, has started in March 2024 before the commercial court of Tournai in Belgium.
Some associations in France brought civil and criminal actions against TotalEnergies SE, with the purpose of proving that since May 2021 \u2013 after the change of name of TotalEnergies \u2013 the Corporation\u2019s corporate communication and its publicity campaign contain environmental claims that are either false or misleading for the consumer. TotalEnergies considers that these accusations are unfounded.
In France, on July 4, 2023, nine shareholders (two companies and 7\u00a0individuals holding a small number of the Corporation's shares) brought an action against the Corporation before the Nanterre Commercial Court, seeking the annulment of resolution no. 3 passed by the Corporation's Annual Shareholders\u2019 Meeting on May 26, 2023, recording the results for fiscal year 2022 and setting the amount of the dividend to be distributed for fiscal year 2022. The plaintiffs essentially allege an insufficient provision for impairment of TotalEnergies' assets in the financial statements for the fiscal year 2022, due to the insufficient consideration of future risks and costs related to the consequences of greenhouse gas emissions emitted by its customers (scope 3) and carbon cost assumptions presented as too low. The Corporation considers this action to be unfounded.
In the United States, several US subsidiaries of TotalEnergies were summoned, amongst many companies and professional associations, in several \"climate litigation\" cases, seeking to establish legal liability for past greenhouse gas emissions, and to compensate plaintiff public authorities, in particular for resulting adaptation costs. The Corporation was summoned, in some of these claims along with these subsidiaries considers that the courts lack jurisdiction, that it has many arguments to put forward, and considers also that the past and present behavior of the Company does not constitute a fault susceptible to give rise to liability.
\u2013Mozambique
In France, victims and heirs of deceased persons filed a complaint against the Company in October 2023 with the Nanterre Prosecutor, following the events perpetrated by terrorists in the city of Palma in March 2021. This complaint would allege that the Corporation is liable for \u201cunvoluntary manslaughter\u201d and, \u201cfailure to assist people in danger\u201d. The Corporation considers these accusations as unfounded in both law and\u00a0fact(407).
\u2013Kazakhstan
On April 1st, 2024, the Republic of Kazakhstan filed a Statement of Claims in the context of an arbitration involving TotalEnergies EP Kazakhstan and its partners under the production sharing contract related to the North Caspian Sea. TotalEnergies EP Kazakhstan and its partners consider this action to be unfounded. Therefore, it is not possible at this date to reliably assess the potential consequences of this claim, particularly financial ones, nor the date of their implementation.
(407)Refer to the press release published by the Company on October 11, 2023 contesting the accusations.
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 \u201cProperty, plant and equipment\u201d.
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 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Purchases, net of inventory variation(a) (b) | \n\n (127,664) | \n\n (143,041) | \n\n (169,448) | \n
| \n Exploration costs | \n\n (999) | \n\n (573) | \n\n (1,299) | \n
| \n Other operating expenses(c) | \n\n (29,860) | \n\n (30,419) | \n\n (29,789) | \n
| \n of which non-current operating liabilities (allowances) reversals | \n\n 870 | \n\n 821 | \n\n 1,086 | \n
| \n of which current operating liabilities (allowances) reversals | \n\n (60) | \n\n (92) | \n\n (188) | \n
| \n Operating expenses | \n\n (158,523) | \n\n (174,033) | \n\n (200,536) | \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 in particular to 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 2024 and booked in operating expenses (excluding depreciations) amount to $805\u00a0million ($774 million in 2023 and $762 million in 2022), corresponding to 0.38% of the sales.
In 2024, 3,715 people are dedicated to these research and development activities (3,687 in 2023 and 3,536 in 2022).
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 \u201cProperty, plant and equipment\u201d.
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. As of December 31, 2024, 2023 and 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.
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 \u201cIntangible assets\u201d and 7.2 \u201cProperty, plant and equipment\u201d.
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. As of December 31, 2024, 2023 and 2022, this alternative method is not applied as, given the price used to assess the reserves, the unit\u2011of\u2011production 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, 2024 (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 202,731 | \n\n \u00a0(140,850) | \n\n 61,881 | \n
| \n Unproved properties | \n\n 1,370 | \n\n \u00a0(160) | \n\n 1,210 | \n
| \n Work in progress | \n\n 20,640 | \n\n \u00a0(312) | \n\n 20,328 | \n
| \n Subtotal | \n\n 224,741 | \n\n \u00a0(141,322) | \n\n 83,419 | \n
| \n Other property, plant and equipment | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Land | \n\n 2,598 | \n\n \u00a0(1,044) | \n\n 1,554 | \n
| \n Machinery, plant and equipment (including transportation equipment) | \n\n 39,315 | \n\n \u00a0(27,116) | \n\n 12,199 | \n
| \n Buildings | \n\n 9,390 | \n\n \u00a0(6,192) | \n\n 3,198 | \n
| \n Work in progress | \n\n 4,382 | \n\n \u00a0(31) | \n\n 4,351 | \n
| \n Other | \n\n 12,059 | \n\n \u00a0(7,685) | \n\n 4,374 | \n
| \n Subtotal | \n\n 67,744 | \n\n \u00a0(42,068) | \n\n 25,676 | \n
| \n Total property, plant and equipment | \n\n 292,485 | \n\n \u00a0(183,390) | \n\n 109,095 | \n
| \n As of December 31, 2023 (M$) | \n\n Cost | \n\n Depreciation | \n\n Net | \n
|---|---|---|---|
| \n Property, plant and equipment of exploration and production activities | \n\n \n | \n\n \n | \n\n \n | \n
| \n Proved properties | \n\n 201,961 | \n\n \u00a0(144,082) | \n\n 57,879 | \n
| \n Unproved properties | \n\n 1,455 | \n\n \u00a0(268) | \n\n 1,187 | \n
| \n Work in progress | \n\n 23,729 | \n\n \u00a0(443) | \n\n 23,286 | \n
| \n Subtotal | \n\n 227,145 | \n\n \u00a0(144,793) | \n\n 82,352 | \n
| \n Other property, plant and equipment | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Land | \n\n 2,837 | \n\n \u00a0(1,008) | \n\n 1,829 | \n
| \n Machinery, plant and equipment (including transportation equipment) | \n\n 38,769 | \n\n \u00a0(27,222) | \n\n 11,547 | \n
| \n Buildings | \n\n 9,529 | \n\n \u00a0(6,105) | \n\n 3,424 | \n
| \n Work in progress | \n\n 5,262 | \n\n \u00a0(23) | \n\n 5,239 | \n
| \n Other | \n\n 12,344 | \n\n \u00a0(7,819) | \n\n 4,525 | \n
| \n Subtotal | \n\n 68,741 | \n\n \u00a0(42,177) | \n\n 26,564 | \n
| \n Total property, plant and equipment | \n\n 295,886 | \n\n \u00a0(186,970) | \n\n 108,916 | \n
| \n As of December 31, 2022 (M$) | \n\n Cost | \n\n Depreciation | \n\n Net | \n
|---|---|---|---|
| \n Property, plant and equipment of exploration and production activities | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \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
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 2024 | \n\n 108,916 | \n\n 13,471 | \n\n \u00a0(573) | \n\n \u00a0(12,076) | \n\n \u00a0(1,806) | \n\n 1,163 | \n\n 109,095 | \n
| \n 2023 | \n\n 107,101 | \n\n 16,478 | \n\n \u00a0(3,781) | \n\n \u00a0(12,448) | \n\n 415 | \n\n 1,151 | \n\n 108,916 | \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
In 2024, the heading \u201cDisposals\u201d mainly includes the impact of the sale of a 15% stake in the Absheron gas field to ADNOC (Abu Dhabi National Oil Company).
In 2024, the heading \u201cDepreciation and impairment\u201d includes the impact of exceptional asset impairments and capitalized exploration charges recorded for $479 million (refer to Note 3.C \u201cAsset impairment\u201d).
In 2024, the heading \u201cOther\u201d includes in particular the impact of changes in the consolidation scope for $(1,077) million (mainly the acquisition of upstream gas assets from SapuraOMV for $1,085 million and the sale of a 50% stake in three solar projects in the United States to the Apollo investment fund for $(1,745) million), the impact of new IFRS 16 contracts for the year (mainly FPSO and ships) for $2,725 million, and the effect of the revaluation of site restoration provisions on property, plant, and equipment for $363 million.
In 2023, the heading \u201cDisposals\u201d mainly included the impact of the sale of assets in Canada to ConocoPhillips of $3,220 million.
In 2023, the heading \u201cDepreciation and impairment\u201d included the impact of impairments of assets recognized for an amount of $653 million (refer to Note 3.C \u201cAsset impairment\u201d) including notably upstream assets in Kenya and Congo and impairments related to the project of selling Naphtachimie to INEOS.
In 2023, the heading \u201cOther\u201d included in particular the impact of changes in the consolidation scope for $298 million (mainly the acquisition of Total Eren for $2,193 million, the sale of TotalEnergies EP Canada Ltd. to Suncor for $(1,134) million and the exit of network activities in Germany for $(826) million), the impact of new IFRS 16 contracts during the year (mainly FPSO and ships) for $2,526 million and the impact of the revaluation of provisions for sites restitution on tangible assets for $(1,262) million.
In 2022, the heading \u201cDisposals\u201d mainly included 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 included 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 (refer to Note 3.C \u201cAsset impairment\u201d).
In 2022, the heading \u201cOther\u201d included 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 $1,969 million.
Following the application of IFRS 16 \"Leases\", property, plant and equipment as at December 31, 2024, 2023 and 2022 presented above include the following amounts for rights of use of assets:
| \n As of December 31, 2024 (M$) | \n\n Cost | \n\n Depreciation and impairment | \n\n Net | \n
|---|---|---|---|
| \n Property, plant and equipment of exploration and production activities | \n\n 5,918 | \n\n \u00a0(2,611) | \n\n 3,307 | \n
| \n Other property, plant and equipment | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Land | \n\n 1,183 | \n\n \u00a0(453) | \n\n 730 | \n
| \n Machinery, plant and equipment (including transportation equipment) | \n\n 5,371 | \n\n \u00a0(2,760) | \n\n 2,611 | \n
| \n Buildings | \n\n 1,365 | \n\n \u00a0(703) | \n\n 662 | \n
| \n Other | \n\n 898 | \n\n \u00a0(534) | \n\n 364 | \n
| \n Subtotal | \n\n 8,817 | \n\n \u00a0(4,450) | \n\n 4,367 | \n
| \n Total property, plant and equipment | \n\n 14,735 | \n\n \u00a0(7,061) | \n\n 7,674 | \n
| \n As of December 31, 2023 (M$) | \n\n Cost | \n\n Depreciation and impairment | \n\n Net | \n
|---|---|---|---|
| \n Property, plant and equipment of exploration and production activities | \n\n 4,770 | \n\n \u00a0(1,927) | \n\n 2,843 | \n
| \n Other property, plant and equipment | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Land | \n\n 1,383 | \n\n \u00a0(415) | \n\n 968 | \n
| \n Machinery, plant and equipment (including transportation equipment) | \n\n 4,751 | \n\n \u00a0(2,235) | \n\n 2,516 | \n
| \n Buildings | \n\n 1,332 | \n\n \u00a0(614) | \n\n 718 | \n
| \n Other | \n\n 908 | \n\n \u00a0(529) | \n\n 379 | \n
| \n Subtotal | \n\n 8,374 | \n\n \u00a0(3,793) | \n\n 4,581 | \n
| \n Total property, plant and equipment | \n\n 13,144 | \n\n \u00a0(5,720) | \n\n 7,424 | \n
| \n As of December 31, 2022 (M$) | \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
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. As of December 31, 2024, 2023 and 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.
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 \u201cIntangible assets\u201d and 7.2 \u201cProperty, plant and equipment\u201d.
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.
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. 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. | \n\n \n | \n\n 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 \u201cOther expense\u201d. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
| \n As of December 31, 2024 (M$) | \n\n Cost | \n\n Amortization and impairment | \n\n Net | \n
|---|---|---|---|
| \n Goodwill | \n\n 11,654 | \n\n (389) | \n\n 11,265 | \n
| \n Proved mineral interests | \n\n 18,218 | \n\n (9,518) | \n\n 8,700 | \n
| \n Unproved mineral interests | \n\n 14,124 | \n\n (2,974) | \n\n 11,150 | \n
| \n Other intangible assets | \n\n 7,204 | \n\n (4,081) | \n\n 3,123 | \n
| \n Total intangible assets | \n\n 51,200 | \n\n (16,962) | \n\n 34,238 | \n
| \n As of December 31, 2023 (M$) | \n\n Cost | \n\n Amortization and impairment | \n\n Net | \n
|---|---|---|---|
| \n Goodwill | \n\n 10,484 | \n\n (533) | \n\n 9,951 | \n
| \n Proved mineral interests | \n\n 17,713 | \n\n (9,704) | \n\n 8,009 | \n
| \n Unproved mineral interests | \n\n 14,976 | \n\n (2,624) | \n\n 12,352 | \n
| \n Other intangible assets | \n\n 7,354 | \n\n (4,583) | \n\n 2,771 | \n
| \n Total intangible assets | \n\n 50,527 | \n\n (17,444) | \n\n 33,083 | \n
| \n As of December 31, 2022 (M$) | \n\n Cost | \n\n Amortization | \n\n Net | \n
|---|---|---|---|
| \n Goodwill | \n\n 9,010 | \n\n \u00a0(360) | \n\n 8,650 | \n
| \n Proved mineral interests | \n\n 18,025 | \n\n \u00a0(10,088) | \n\n 7,937 | \n
| \n Unproved mineral interests | \n\n 15,962 | \n\n \u00a0(2,946) | \n\n 13,016 | \n
| \n Other intangible assets | \n\n 6,795 | \n\n \u00a0(4,467) | \n\n 2,328 | \n
| \n Total intangible assets | \n\n 49,792 | \n\n \u00a0(17,861) | \n\n 31,931 | \n
Change in net intangible assets is analyzed in the following table:
| \n (M$) | \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 2024 | \n\n 33,083 | \n\n 1,438 | \n\n \u00a0(19) | \n\n \u00a0(1,502) | \n\n \u00a0(494) | \n\n 1,732 | \n\n 34,238 | \n
| \n 2023 | \n\n 31,931 | \n\n 1,244 | \n\n \u00a0(458) | \n\n \u00a0(1,630) | \n\n 148 | \n\n 1,848 | \n\n 33,083 | \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
In 2024, the heading \u201cAmortization and impairment\" includes the impact of exceptional asset impairments recorded for $340 million (refer to Note 3.C \u201cAsset impairment\u201d), particularly related to the exit from blocks 11B/12B and 5/6/7 in South Africa.
In 2024, the heading \u201cOther\u201d mainly reflects changes in the consolidation scope, in particular the acquisition of upstream gas assets from SapuraOMV for $833 million.
In 2023, the heading \u201cAmortization and impairment\" included the accounting impact of exceptional asset impairments for an amount of $472 million (refer to\u00a0Note 3.C \u201cAsset impairment\u201d), related in particular to goodwill and customer portfolios of gas and power marketing activities in Belgium, Spain and France.
In 2023, the heading \u201cOther\u201d mainly reflected changes in the consolidation scope, in particular the acquisition of Total Eren for $2,238\u00a0million.
In 2022, the heading \u201cAmortization and impairment\" included 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 (refer to Note 3.C \u201cAsset impairment\u201d).
In 2022, the heading \u201cOther\u201d mainly reflected changes in the consolidation scope (in particular the removal of SunPower from the scope of consolidation for $167 million).
A summary of changes in the carrying amount of goodwill by business segment for the year ended December\u00a031, 2024 is as follows:
| \n (M$) | \n\n Net goodwill as\u00a0of | \n\n Increases | \n\n Impairments | \n\n Other | \n\n Net goodwill as of December 31, 2024 | \n
|---|---|---|---|---|---|
| \n Exploration & Production | \n\n 2,491 | \n\n \u2013 | \n\n \u2013 | \n\n (9) | \n\n 2,482 | \n
| \n Integrated LNG | \n\n 2,857 | \n\n 454 | \n\n \u2013 | \n\n (7) | \n\n 3,304 | \n
| \n Integrated Power | \n\n 3,666 | \n\n 1,209 | \n\n \u2013 | \n\n (515) | \n\n 4,360 | \n
| \n Refining & Chemicals | \n\n 538 | \n\n 128 | \n\n \u2013 | \n\n (23) | \n\n 643 | \n
| \n Marketing & Services | \n\n 396 | \n\n 81 | \n\n \u2013 | \n\n (4) | \n\n 473 | \n
| \n Corporate | \n\n 3 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 3 | \n
| \n Total | \n\n 9,951 | \n\n 1,872 | \n\n \u2013 | \n\n (558) | \n\n 11,265 | \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. As of December 31, 2024, 2023 and 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.
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 \u201cIntangible assets\u201d and 7.2 \u201cProperty, plant and equipment\u201d.
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. 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. | \n\n \n | \n\n 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 \u201cOther expense\u201d. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
| \n As of December 31, 2024 (M$) | \n\n Cost | \n\n Amortization and impairment | \n\n Net | \n
|---|---|---|---|
| \n Goodwill | \n\n 11,654 | \n\n (389) | \n\n 11,265 | \n
| \n Proved mineral interests | \n\n 18,218 | \n\n (9,518) | \n\n 8,700 | \n
| \n Unproved mineral interests | \n\n 14,124 | \n\n (2,974) | \n\n 11,150 | \n
| \n Other intangible assets | \n\n 7,204 | \n\n (4,081) | \n\n 3,123 | \n
| \n Total intangible assets | \n\n 51,200 | \n\n (16,962) | \n\n 34,238 | \n
| \n As of December 31, 2023 (M$) | \n\n Cost | \n\n Amortization and impairment | \n\n Net | \n
|---|---|---|---|
| \n Goodwill | \n\n 10,484 | \n\n (533) | \n\n 9,951 | \n
| \n Proved mineral interests | \n\n 17,713 | \n\n (9,704) | \n\n 8,009 | \n
| \n Unproved mineral interests | \n\n 14,976 | \n\n (2,624) | \n\n 12,352 | \n
| \n Other intangible assets | \n\n 7,354 | \n\n (4,583) | \n\n 2,771 | \n
| \n Total intangible assets | \n\n 50,527 | \n\n (17,444) | \n\n 33,083 | \n
| \n As of December 31, 2022 (M$) | \n\n Cost | \n\n Amortization | \n\n Net | \n
|---|---|---|---|
| \n Goodwill | \n\n 9,010 | \n\n \u00a0(360) | \n\n 8,650 | \n
| \n Proved mineral interests | \n\n 18,025 | \n\n \u00a0(10,088) | \n\n 7,937 | \n
| \n Unproved mineral interests | \n\n 15,962 | \n\n \u00a0(2,946) | \n\n 13,016 | \n
| \n Other intangible assets | \n\n 6,795 | \n\n \u00a0(4,467) | \n\n 2,328 | \n
| \n Total intangible assets | \n\n 49,792 | \n\n \u00a0(17,861) | \n\n 31,931 | \n
Change in net intangible assets is analyzed in the following table:
| \n (M$) | \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 2024 | \n\n 33,083 | \n\n 1,438 | \n\n \u00a0(19) | \n\n \u00a0(1,502) | \n\n \u00a0(494) | \n\n 1,732 | \n\n 34,238 | \n
| \n 2023 | \n\n 31,931 | \n\n 1,244 | \n\n \u00a0(458) | \n\n \u00a0(1,630) | \n\n 148 | \n\n 1,848 | \n\n 33,083 | \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
In 2024, the heading \u201cAmortization and impairment\" includes the impact of exceptional asset impairments recorded for $340 million (refer to Note 3.C \u201cAsset impairment\u201d), particularly related to the exit from blocks 11B/12B and 5/6/7 in South Africa.
In 2024, the heading \u201cOther\u201d mainly reflects changes in the consolidation scope, in particular the acquisition of upstream gas assets from SapuraOMV for $833 million.
In 2023, the heading \u201cAmortization and impairment\" included the accounting impact of exceptional asset impairments for an amount of $472 million (refer to\u00a0Note 3.C \u201cAsset impairment\u201d), related in particular to goodwill and customer portfolios of gas and power marketing activities in Belgium, Spain and France.
In 2023, the heading \u201cOther\u201d mainly reflected changes in the consolidation scope, in particular the acquisition of Total Eren for $2,238\u00a0million.
In 2022, the heading \u201cAmortization and impairment\" included 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 (refer to Note 3.C \u201cAsset impairment\u201d).
In 2022, the heading \u201cOther\u201d mainly reflected changes in the consolidation scope (in particular the removal of SunPower from the scope of consolidation for $167 million).
A summary of changes in the carrying amount of goodwill by business segment for the year ended December\u00a031, 2024 is as follows:
| \n (M$) | \n\n Net goodwill as\u00a0of | \n\n Increases | \n\n Impairments | \n\n Other | \n\n Net goodwill as of December 31, 2024 | \n
|---|---|---|---|---|---|
| \n Exploration & Production | \n\n 2,491 | \n\n \u2013 | \n\n \u2013 | \n\n (9) | \n\n 2,482 | \n
| \n Integrated LNG | \n\n 2,857 | \n\n 454 | \n\n \u2013 | \n\n (7) | \n\n 3,304 | \n
| \n Integrated Power | \n\n 3,666 | \n\n 1,209 | \n\n \u2013 | \n\n (515) | \n\n 4,360 | \n
| \n Refining & Chemicals | \n\n 538 | \n\n 128 | \n\n \u2013 | \n\n (23) | \n\n 643 | \n
| \n Marketing & Services | \n\n 396 | \n\n 81 | \n\n \u2013 | \n\n (4) | \n\n 473 | \n
| \n Corporate | \n\n 3 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 3 | \n
| \n Total | \n\n 9,951 | \n\n 1,872 | \n\n \u2013 | \n\n (558) | \n\n 11,265 | \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.
| \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 expense (or income) and deferred tax expense (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$) | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Current income taxes | \n\n (10,212) | \n\n (12,745) | \n\n (19,825) | \n
| \n Deferred income taxes | \n\n (563) | \n\n (556) | \n\n (2,417) | \n
| \n Total income taxes | \n\n (10,775) | \n\n (13,301) | \n\n (22,242) | \n
Before netting deferred tax assets and liabilities by fiscal entity, the components of deferred tax balances are as follows:
| \n As of December 31, (M$) | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Net operating losses and tax carry forwards | \n\n 3,324 | \n\n 3,098 | \n\n 3,600 | \n
| \n Employee benefits | \n\n 436 | \n\n 415 | \n\n 409 | \n
| \n Other temporary non-deductible provisions | \n\n 6,886 | \n\n 7,569 | \n\n 8,813 | \n
| \n Differences in depreciations | \n\n (15,003) | \n\n (15,443) | \n\n (14,692) | \n
| \n Other temporary tax deductions | \n\n (4,555) | \n\n (3,909) | \n\n (4,102) | \n
| \n Net deferred tax liability | \n\n (8,912) | \n\n (8,270) | \n\n (5,972) | \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 $1,837 million as of December 31, 2024.
Deferred tax assets not recognized as of December 31, 2024, amount to $3,085 million as their future recovery was not regarded as probable given the expected results of the entities, particularly in the Exploration\u00a0&\u00a0Production 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 $1,112 million and to Australia for an amount of $201 million.
After netting deferred tax assets and liabilities by fiscal entity, deferred taxes are presented on the balance sheet as follows:
| \n As of December 31, (M$) | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Deferred tax assets | \n\n 3,202 | \n\n 3,418 | \n\n 5,049 | \n
| \n Deferred tax liabilities | \n\n (12,114) | \n\n (11,688) | \n\n (11,021) | \n
| \n Net amount | \n\n (8,912) | \n\n (8,270) | \n\n (5,972) | \n
The net deferred tax variation in the balance sheet is analyzed as follows:
| \n As of December 31, (M$) | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Opening balance | \n\n (8,270) | \n\n (5,972) | \n\n (5,504) | \n
| \n Deferred tax on income | \n\n (563) | \n\n (556) | \n\n (2,417) | \n
| \n Deferred tax on shareholders' equity(a) | \n\n (768) | \n\n (741) | \n\n 1,353 | \n
| \n Changes in scope of consolidation and others | \n\n 388 | \n\n (1,102) | \n\n 218 | \n
| \n Currency translation adjustment | \n\n 301 | \n\n 101 | \n\n 378 | \n
| \n Closing balance | \n\n (8,912) | \n\n (8,270) | \n\n (5,972) | \n
| \n (a)This amount includes mainly deferred taxes on actuarial gains and losses, current income taxes and deferred taxes for changes in fair value of investments in equity instruments, as well as deferred taxes related to the cash flow hedge (refer to Note 9 to the Consolidated Financial Statements). | \n
Reconciliation between provision for income taxes and pre-tax income
| \n For the year ended December 31, (M$) | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Consolidated net income | \n\n 16,031 | \n\n 21,510 | \n\n 21,044 | \n
| \n Income taxes | \n\n 10,775 | \n\n 13,301 | \n\n 22,242 | \n
| \n Pre-tax income | \n\n 26,806 | \n\n 34,811 | \n\n 43,286 | \n
| \n French statutory tax rate | \n\n 25.83% | \n\n 25.83% | \n\n 25.83% | \n
| \n Theoretical tax charge | \n\n (6,924) | \n\n (8,992) | \n\n (11,181) | \n
| \n Difference between French and foreign income tax rates | \n\n (5,554) | \n\n (5,925) | \n\n (9,625) | \n
| \n Tax effect of equity in income (loss) of affiliates | \n\n 408 | \n\n 477 | \n\n (489) | \n
| \n Permanent differences | \n\n 890 | \n\n 800 | \n\n (676) | \n
| \n Adjustments on prior years income taxes | \n\n 109 | \n\n 54 | \n\n 64 | \n
| \n Adjustments on deferred tax related to changes in tax rates | \n\n (35) | \n\n 216 | \n\n (610) | \n
| \n Variation of deferred tax assets not recognized | \n\n 331 | \n\n 69 | \n\n 275 | \n
| \n Income taxes in the statement of income | \n\n (10,775) | \n\n (13,301) | \n\n (22,242) | \n
The French statutory tax rate includes the standard corporate tax rate (25%), increased by the additional contribution that bring the overall tax rate to 25.83% in 2024 (as in 2023 and 2022).
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 credits which expire according to the following years:
| \n As of December 31, (M$) | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n 2023 | \n\n \u00a0 | \n\n \u00a0 | \n\n 4 | \n
| \n 2024 | \n\n \u00a0 | \n\n 2 | \n\n 2 | \n
| \n 2025 | \n\n 2 | \n\n 2 | \n\n 4 | \n
| \n 2026 | \n\n 5 | \n\n 8 | \n\n 8 | \n
| \n 2027(a) | \n\n 4 | \n\n 3 | \n\n 1,220 | \n
| \n 2028(b) | \n\n 5 | \n\n 1,201 | \n\n \u00a0 | \n
| \n 2029 and after | \n\n 216 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Unlimited | \n\n 3,092 | \n\n 1,882 | \n\n 2,362 | \n
| \n Total | \n\n 3,324 | \n\n 3,098 | \n\n 3,600 | \n
| \n (a)2027 and after for 2022. (b)2028 and after for 2023. | \n\n\n | \n\n\n | \n\n\n | \n
As of December 31, 2024 the schedule of deferred tax assets related to carried forward tax credits on net operating losses for the main countries is as follows:
| \n As of December 31, 2024 (M$) | \n\n Tax | \n|||
|---|---|---|---|---|
| \n Kazakhstan | \n\n France | \n\n Australia | \n\n United States | \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 \u00a0 | \n\n \u00a0 | \n
| \n 2027 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n 2028 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n 2029 and after | \n\n 2 | \n\n \u00a0 | \n\n \u00a0 | \n\n 150 | \n
| \n Unlimited | \n\n 524 | \n\n 798 | \n\n 571 | \n\n 627 | \n
| \n Total | \n\n 526 | \n\n 798 | \n\n 571 | \n\n 777 | \n
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 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Pension benefits liabilities | \n\n 1,290 | \n\n 1,453 | \n\n 1,308 | \n
| \n Other benefits liabilities | \n\n 411 | \n\n 468 | \n\n 467 | \n
| \n Restructuring reserves (early retirement plans) | \n\n 52 | \n\n 72 | \n\n 54 | \n
| \n Total | \n\n 1,753 | \n\n 1,993 | \n\n 1,829 | \n
| \n Net liabilities relating to assets held for sale | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \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 $175 million for defined contribution plans in 2024 ($167 million in 2023 and $152 million in 2022).
TotalEnergies\u2019 main defined benefit pension plans are located in France, the United Kingdom, the United States, Belgium and Germany. Their main characteristics, depending on the country-specific regulatory environment, are the following:
\u2013the benefits are usually based on the final salary and seniority;
\u2013they are usually funded (pension fund or insurer);
\u2013they are usually closed to new employees who benefit from defined contribution pension plans;
\u2013they are paid in annuity or in lump sum.
The pension benefits include also termination indemnities and early retirement benefits. The other benefits are employer contributions to post-employment medical care.
In order to manage the inherent risks, TotalEnergies has implemented a dedicated governance framework to ensure the supervision of the different plans. These governance rules provide for:
\u2013TotalEnergies\u2019 representation in key governance bodies or monitoring committees;
\u2013the principles of the funding policy;
\u2013the general investment policy, including for most plans:
\u2013the establishment of a monitoring committee to define and follow the investment strategy and performance,
\u2013the principles to be respected in term of investment allocation.
\u2013a procedure to approve the establishment of new plans or the amendment of existing plans;
\u2013the principles of administration, communication and reporting.
Change in benefit obligations and plan assets
The fair value of the defined benefit obligation and plan assets in the Consolidated Financial Statements is detailed as follows:
| \n As of December 31, (M$) | \n\n Pension benefits | \n\n \n | \n\n Other benefits | \n||||
|---|---|---|---|---|---|---|---|
| \n 2024 | \n\n 2023 | \n\n 2022 | \n\n \n | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n|
| \n Change in benefit obligation | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n \u2013Benefit obligation at beginning of year | \n\n 8,847 | \n\n 8,267 | \n\n 11,777 | \n\n \u00a0 | \n\n 468 | \n\n 467 | \n\n 633 | \n
| \n \u2013Current service cost | \n\n 191 | \n\n 178 | \n\n 202 | \n\n \u00a0 | \n\n 8 | \n\n 12 | \n\n 15 | \n
| \n \u2013Interest cost | \n\n 328 | \n\n 355 | \n\n 195 | \n\n \u00a0 | \n\n 19 | \n\n 20 | \n\n 12 | \n
| \n \u2013Past service cost | \n\n 60 | \n\n 47 | \n\n 27 | \n\n \u00a0 | \n\n \u00a0(0) | \n\n \u2013 | \n\n 9 | \n
| \n \u2013Settlements | \n\n \u00a0(55) | \n\n 2 | \n\n 5 | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n \u2013Plan participants' contributions | \n\n 26 | \n\n 23 | \n\n 17 | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n 1 | \n
| \n \u2013Benefits paid | \n\n \u00a0(538) | \n\n \u00a0(563) | \n\n \u00a0(661) | \n\n \u00a0 | \n\n \u00a0(26) | \n\n \u00a0(24) | \n\n \u00a0(22) | \n
| \n \u2013Actuarial losses / (gains) | \n\n \u00a0(277) | \n\n 393 | \n\n \u00a0(2,502) | \n\n \u00a0 | \n\n \u00a0(30) | \n\n \u00a0(6) | \n\n \u00a0(155) | \n
| \n \u2013Foreign currency translation and other | \n\n \u00a0(406) | \n\n 146 | \n\n \u00a0(793) | \n\n \u00a0 | \n\n \u00a0(28) | \n\n \u00a0(1) | \n\n \u00a0(25) | \n
| \n Benefit obligation at year-end | \n\n 8,176 | \n\n 8,847 | \n\n 8,267 | \n\n \u00a0 | \n\n 411 | \n\n 468 | \n\n 467 | \n
| \n of which plans entirely or partially funded | \n\n 7,689 | \n\n 8,392 | \n\n 7,806 | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n of which plans not funded | \n\n 487 | \n\n 455 | \n\n 461 | \n\n \u00a0 | \n\n 411 | \n\n 468 | \n\n 467 | \n
| \n Change in fair value of plan assets | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n
| \n\n \u00a0 | \n
| \n \u2013Fair value of plan assets at beginning of year | \n\n \u00a0(7,768) | \n\n \u00a0(7,306) | \n\n \u00a0(10,231) | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n \u2013Interest income | \n\n \u00a0(313) | \n\n \u00a0(332) | \n\n \u00a0(190) | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n \u2013Actuarial losses / (gains)(a) | \n\n 288 | \n\n \u00a0(272) | \n\n 2,083 | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n \u2013Settlements | \n\n 57 | \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(26) | \n\n \u00a0(23) | \n\n \u00a0(17) | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n \u2013Employer contributions | \n\n \u00a0(163) | \n\n \u00a0(254) | \n\n \u00a0(260) | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n \u2013Benefits paid | \n\n 497 | \n\n 523 | \n\n 607 | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n \u2013Foreign currency translation and other | \n\n 355 | \n\n \u00a0(104) | \n\n 700 | \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(7,073) | \n\n \u00a0(7,768) | \n\n \u00a0(7,306) | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n (Funded) Unfunded status | \n\n 1,103 | \n\n 1,079 | \n\n 961 | \n\n \u00a0 | \n\n 411 | \n\n 468 | \n\n 467 | \n
| \n \u2013Asset ceiling | \n\n 33 | \n\n 44 | \n\n 46 | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n (Assets) Liabilities net recognized amount | \n\n 1,136 | \n\n 1,123 | \n\n 1,007 | \n\n \u00a0 | \n\n 411 | \n\n 468 | \n\n 467 | \n
| \n \u2013Pension benefits and other benefits liabilities | \n\n 1,290 | \n\n 1,453 | \n\n 1,308 | \n\n \u00a0 | \n\n 411 | \n\n 468 | \n\n 467 | \n
| \n \u2013Other non-current assets | \n\n \u00a0(154) | \n\n \u00a0(330) | \n\n \u00a0(301) | \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 \u2013 | \n\n \u2013 | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n (a)The amount for 2024 includes an adjustment of $16 million related to asset ceiling, which impacts the net position (liabilities - assets). | \n
As of December 31, 2024, the contribution from the main geographical areas for the net pension liability in the balance sheet is: 79% for the Euro area, 2% for the United Kingdom and 12% for the United States.
In 2024, a buy-in transaction was carried out in the United Kingdom to cover the benefit obligations of beneficiaries not included in the buy-in concluded in 2014. This investment resulted in an actuarial loss of $147 million recognized in other comprehensive income.
The amounts recognized in the consolidated income statement and the consolidated statement of comprehensive income for defined benefit plans are detailed as follows:
| \n \n | \n\n Pension benefits | \n\n Other benefits | \n|||||
|---|---|---|---|---|---|---|---|
| \n For the year ended December 31, (M$) | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n\n \n | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n
| \n Current service cost | \n\n 191 | \n\n 178 | \n\n 202 | \n\n \n | \n\n 8 | \n\n 12 | \n\n 15 | \n
| \n Past service cost | \n\n 60 | \n\n 47 | \n\n 27 | \n\n \n | \n\n \u00a0(0) | \n\n \u2013 | \n\n 9 | \n
| \n Settlements | \n\n 2 | \n\n 2 | \n\n 7 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Net interest cost | \n\n 21 | \n\n 28 | \n\n 5 | \n\n \n | \n\n 19 | \n\n 20 | \n\n 12 | \n
| \n Benefit amounts recognized on profit and loss | \n\n 274 | \n\n 255 | \n\n 241 | \n\n \n | \n\n 27 | \n\n 32 | \n\n 36 | \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 \u00a0(69) | \n\n 4 | \n\n 1 | \n\n \n | \n\n \u00a0(4) | \n\n \u00a0(8) | \n\n \u00a0(9) | \n
| \n \u2013Effect of changes in financial assumptions | \n\n \u00a0(425) | \n\n 188 | \n\n \u00a0(2,617) | \n\n \n | \n\n \u00a0(24) | \n\n \u00a0(7) | \n\n \u00a0(138) | \n
| \n \u2013Effect of experience adjustments | \n\n 217 | \n\n 204 | \n\n 111 | \n\n \n | \n\n (2) | \n\n 8 | \n\n \u00a0(8) | \n
| \n \u2013Actual return on plan assets | \n\n 303 | \n\n \u00a0(272) | \n\n 2,083 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Effect of asset ceiling | \n\n \u00a0(16) | \n\n \u00a0(3) | \n\n 3 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Benefit amounts recognized on other of consolidated statement of comprehensive income | \n\n 11 | \n\n 121 | \n\n (419) | \n\n \n | \n\n (30) | \n\n (6) | \n\n (155) | \n
| \n Total benefit amounts recognized on comprehensive income | \n\n 284 | \n\n 376 | \n\n (178) | \n\n \n | \n\n (3) | \n\n 25 | \n\n (119) | \n
Expected future cash outflows
The average duration of accrued benefits is approximately 11 years for defined pension benefits and 14 years for other benefits. TotalEnergies expects to pay contributions of $161 million in respect of funded pension plans in 2025.
Estimated future benefits either financed from plan assets or directly paid by the employer are detailed as follows:
| \n Estimated future payments (M$) | \n\n Pension benefits | \n\n Other benefits | \n
|---|---|---|
| \n 2025 | \n\n 509 | \n\n 24 | \n
| \n 2026 | \n\n 502 | \n\n 23 | \n
| \n 2027 | \n\n 556 | \n\n 22 | \n
| \n 2028 | \n\n 583 | \n\n 21 | \n
| \n 2029 | \n\n 574 | \n\n 20 | \n
| \n 2030-2034 | \n\n 3,023 | \n\n 105 | \n
Type of assets
| \n Asset allocation as of December 31, | \n\n Pension benefits | \n||
|---|---|---|---|
| \n 2024 | \n\n 2023 | \n\n 2022 | \n|
| \n Equity securities | \n\n 17% | \n\n 27% | \n\n 26% | \n
| \n Debt securities | \n\n 44% | \n\n 47% | \n\n 46% | \n
| \n Monetary | \n\n 2% | \n\n 2% | \n\n 3% | \n
| \n Annuity contracts | \n\n 32% | \n\n 17% | \n\n 17% | \n
| \n Real estate | \n\n 5% | \n\n 7% | \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 Other benefits | \n|||||
|---|---|---|---|---|---|---|---|
| \n As of December 31, | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n\n \n | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n
| \n Discount rate (weighted average for all regions) | \n\n 4.30% | \n\n 3.89% | \n\n 4.39% | \n\n \n | \n\n 4.17% | \n\n 4.26% | \n\n 4.45% | \n
| \n of which Euro zone | \n\n 3.49% | \n\n 3.27% | \n\n 3.70% | \n\n \n | \n\n 3.41% | \n\n 3.30% | \n\n 3.48% | \n
| \n of which United States | \n\n 5.00% | \n\n 4.50% | \n\n 4.50% | \n\n \n | \n\n 5.00% | \n\n 4.50% | \n\n 4.50% | \n
| \n of which United Kingdom | \n\n 5.50% | \n\n 4.50% | \n\n 4.75% | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Inflation rate (weighted average for all regions) | \n\n 2.54% | \n\n 2.49% | \n\n 2.91% | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n of which Euro zone | \n\n 1.98% | \n\n 2.24% | \n\n 2.49% | \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 3.00% | \n\n 3.25% | \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 point increase or decrease in discount rates \u2013 all other things being equal \u2013 would have the following approximate impact on the benefit obligation:
| \n (M$) | \n\n 0.5 pt Increase | \n\n 0.5 pt Decrease | \n
|---|---|---|
| \n Benefit obligation as of December 31, 2024 | \n\n \u00a0(423) | \n\n 462 | \n
A 0.5 point increase or decrease in inflation rates \u2013 all other things being equal \u2013 would have the following approximate impact on the benefit obligation:
| \n (M$) | \n\n 0.5 pt Increase | \n\n 0.5 pt Decrease | \n
|---|---|---|
| \n Benefit obligation as of December 31, 2024 | \n\n 244 | \n\n \u00a0(227) | \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 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Litigations and accrued penalty claims | \n\n 384 | \n\n 476 | \n\n 529 | \n
| \n Provisions for environmental contingencies | \n\n 611 | \n\n 750 | \n\n 751 | \n
| \n Asset retirement obligations | \n\n 11,359 | \n\n 11,585 | \n\n 13,110 | \n
| \n Other non-current provisions | \n\n 3,032 | \n\n 3,588 | \n\n 3,633 | \n
| \n of which restructuring activities | \n\n 124 | \n\n 228 | \n\n 282 | \n
| \n of which financial risks related to non-consolidated and equity accounted for affiliates | \n\n 1,694 | \n\n 1,708 | \n\n 1,582 | \n
| \n Other non-current liabilities | \n\n 4,486 | \n\n 4,858 | \n\n 3,379 | \n
| \n Total | \n\n 19,872 | \n\n 21,257 | \n\n 21,402 | \n
In 2024, litigation reserves amount to $384 million of which $187 million in the Exploration & Production, notably in Brazil, Bolivia and Angola, and\u00a0$93 million in Integrated Power.
In 2023, litigation reserves amounted to $476 million of which $276\u00a0million in the Exploration & Production, notably in Brazil, Bolivia and\u00a0Angola, and $91 million in Refining & Chemicals.
In 2022, litigation reserves amounted to $529 million of which $257\u00a0million in the Exploration & Production, notably in Brazil, Bolivia and\u00a0Angola, and $159 million in Refining & Chemicals.
Other non-current liabilities mainly include debts whose maturity is more than one year related to fixed assets acquisitions.
Changes in provisions and other non-current liabilities
Changes in provisions and other non-current liabilities are as follows:
| \n (M$) | \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 2024 | \n\n 21,257 | \n\n 1,056 | \n\n \u00a0(1,538) | \n\n \u00a0(419) | \n\n \u00a0(484) | \n\n 19,872 | \n
| \n of which provisions for financial risks | \n\n \n | \n\n 20 | \n\n \u00a0(16) | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n of which asset retirement obligations | \n\n \n | \n\n 568 | \n\n \u00a0(464) | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n of which provisions for environmental contingencies | \n\n \n | \n\n 65 | \n\n \u00a0(183) | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n of which provisions for restructuring of activities | \n\n \n | \n\n 15 | \n\n \u00a0(103) | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n 2023 | \n\n 21,402 | \n\n 1,269 | \n\n \u00a0(1,315) | \n\n 212 | \n\n \u00a0(311) | \n\n 21,257 | \n
| \n of which provisions for financial risks | \n\n \n | \n\n 18 | \n\n \u00a0(29) | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n of which asset retirement obligations | \n\n \n | \n\n 524 | \n\n \u00a0(339) | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n of which provisions for environmental contingencies | \n\n \n | \n\n 117 | \n\n \u00a0(158) | \n\n \n | \n\n \u00a0 | \n\n \u00a0 | \n
| \n of which provisions for restructuring of activities | \n\n \n | \n\n 69 | \n\n \u00a0(138) | \n\n \n | \n\n \u00a0 | \n\n \u00a0 | \n
| \n 2022 | \n\n 20,269 | \n\n 2,724 | \n\n \u00a0(1,397) | \n\n \u00a0(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 \u00a0(15) | \n\n \n | \n\n \n | \n\n \n | \n
| \n of which asset retirement obligations | \n\n \n | \n\n 430 | \n\n \u00a0(418) | \n\n \n | \n\n \u00a0 | \n\n \u00a0 | \n
| \n of which provisions for environmental contingencies | \n\n \n | \n\n 97 | \n\n \u00a0(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 \u00a0(230) | \n\n \n | \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 5% in 2024, 5% in 2023 and 4% in 2022 (the expenses are estimated at current currency values with an inflation rate of 2% in 2024 as in 2023 and\u00a02022).
A decrease of 0.5 point of this rate would increase the asset retirement obligation by $877 million, with a corresponding impact in tangible assets, and with a negative impact of approximately $87 million on the following years net income. Conversely, an increase of 0.5 point would have a nearly symmetrical impact compared to the effect of the decrease of 0.5\u00a0point.
Changes in the asset retirement obligation are as follows:
| \n (M$) | \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 2024 | \n\n 11,585 | \n\n 568 | \n\n 155 | \n\n 200 | \n\n \u00a0(464) | \n\n \u00a0(249) | \n\n \u00a0(436) | \n\n 11,359 | \n
| \n 2023 | \n\n 13,110 | \n\n 524 | \n\n \u00a0(1,499) | \n\n 108 | \n\n \u00a0(339) | \n\n 101 | \n\n \u00a0(420) | \n\n 11,585 | \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
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 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. 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's performance share plans
| \n \n | \n\n 2019 | \n\n 2020 | \n\n 2021 | \n\n 2022 | \n\n 2023(a) | \n\n 2024 | \n\n Total | \n
|---|---|---|---|---|---|---|---|
| \n Date of the Shareholders' Meeting | \n\n 6/1/2018 | \n\n 6/1/2018 | \n\n 6/1/2018 | \n\n 5/28/2021 | \n\n 5/26/2023 | \n\n 5/24/2024 | \n\n \n | \n
| \n Award date | \n\n 3/13/2019 | \n\n 3/18/2020 | \n\n 5/28/2021 | \n\n 3/16/2022 | \n\n 5/26/2023 | \n\n 5/24/2024 | \n\n \n | \n
| \n Date of the final award (end of the vesting period) | \n\n 3/14/2022 | \n\n 3/20/2023 | \n\n 5/29/2024 | \n\n 3/17/2025 | \n\n 5/27/2026 | \n\n 5/24/2027 | \n\n \n | \n
| \n Transfer authorized as from | \n\n 3/15/2024 | \n\n 3/21/2025 | \n\n 5/30/2026 | \n\n 3/17/2025 | \n\n 5/27/2026 | \n\n 5/24/2027 | \n\n \n | \n
| \n Grant date IFRS 2 fair value | \n\n 40.11\u20ac | \n\n 12.40\u20ac | \n\n 27.40\u20ac | \n\n 37.22\u20ac | \n\n 46.24\u20ac | \n\n 55.83\u20ac | \n\n \n | \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 \n | \n
| \n Outstanding as of January 1, 2022 | \n\n 6,289,076 | \n\n 6,653,202 | \n\n 6,732,740 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 19,675,018 | \n
| \n Notified | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 7,353,271 | \n\n \u2013 | \n\n \u2013 | \n\n 7,353,271 | \n
| \n Cancelled | \n\n (127,852) | \n\n (65,561) | \n\n (57,410) | \n\n (25,090) | \n\n \u2013 | \n\n \u2013 | \n\n (275,913) | \n
| \n Finally granted | \n\n (6,161,224) | \n\n (12,680) | \n\n (13,750) | \n\n (8,000) | \n\n \u2013 | \n\n \u2013 | \n\n (6,195,654) | \n
| \n Outstanding as of January 1, 2023 | \n\n \u2013 | \n\n 6,574,961 | \n\n 6,661,580 | \n\n 7,320,181 | \n\n \u2013 | \n\n \u2013 | \n\n 20,556,722 | \n
| \n Notified | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 7,985,203 | \n\n \u2013 | \n\n 7,985,203 | \n
| \n Cancelled | \n\n \u2013 | \n\n (128,577) | \n\n (98,291) | \n\n (86,348) | \n\n (42,040) | \n\n \u2013 | \n\n (355,256) | \n
| \n Finally granted | \n\n \u2013 | \n\n (6,446,384) | \n\n (5,250) | \n\n (5,568) | \n\n (190) | \n\n \u2013 | \n\n (6,457,392) | \n
| \n Outstanding as of January 1, 2024 | \n\n \u2013 | \n\n \u2013 | \n\n 6,558,039 | \n\n 7,228,265 | \n\n 7,942,973 | \n\n \u2013 | \n\n 21,729,277 | \n
| \n Notified | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 7,775,722 | \n\n 7,775,722 | \n
| \n Cancelled | \n\n \u2013 | \n\n \u2013 | \n\n (498,045) | \n\n (77,209) | \n\n (61,731) | \n\n (12,871) | \n\n (649,856) | \n
| \n Finally granted | \n\n \u2013 | \n\n \u2013 | \n\n (6,059,994) | \n\n (2,811) | \n\n (3,134) | \n\n \u2013 | \n\n (6,065,939) | \n
| \n Outstanding as of December 31, 2024 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 7,148,245 | \n\n 7,878,108 | \n\n 7,762,851 | \n\n 22,789,204 | \n
| \n (a)Includes 37,000 performance shares granted on December 13, 2023 to 4 executives recruited in 2023 in accordance with the decision of the Board of Directors on | \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:
\u2013three performance conditions for the 2019 Plan;
\u2013four performance conditions for the 2020 Plan and
\u2013five performance conditions for the 2021, 2022, 2023 and 2024 Plans.
Moreover, the transfer of the performance shares finally granted under the 2018 to 2021 Plans will not be permitted until the end of a 2-year holding period from the date of the final grant.
2024 Plan
The Board of Directors granted performance shares, on May 24, 2024, to certain employees and executive directors of TotalEnergies SE or its subsidiaries, subject to the fulfilment of the continued employment condition of three years and five performance conditions.
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 (\u201cTSR\u201d) during the three vesting years (2024, 2025 and 2026). The TSR criterion considered is that of the last quarter of the year, 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 (2024, 2025 and 2026);
\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 (2024, 2025 and 2026). 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 investments(406). 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 methane emissions on operated facilities in relation to the achievement of the target to reduce methane emissions set for 2026;
\u2013for 15% of the shares, the criterion of the lifecycle carbon intensity of energy products sold to the Company's customers in relation to the achievement of the target to reduce this intensity set for 2026.
B)Other TotalEnergies share plan
Worldwide Plan 2024
| \n \u00a0 | \n\n 2024 | \n
|---|---|
| \n Date of the Shareholders' Meeting | \n\n 5/26/2023 | \n
| \n Award date | \n\n 5/23/2024 | \n
| \n Date of the final award (end of the vesting period) | \n\n 5/24/2029 | \n
| \n Transfer authorized as from | \n\n 5/24/2029 | \n
| \n Grant date IFRS 2 fair value | \n\n 47.94\u20ac | \n
| \n Number of performance shares | \n\n \u00a0 | \n
| \n Outstanding as of January 1, 2024 | \n\n \u2013 | \n
| \n Notified | \n\n 10,666,900 | \n
| \n Cancelled | \n\n (337,500) | \n
| \n Finally granted(a) | \n\n \u2013 | \n
| \n Outstanding as of December 31, 2024 | \n\n 10,329,400 | \n
| \n (a)Final grant following the death or disability of the beneficiary of the shares. | \n
At its meeting on May 23, 2024, the Board of Directors decided to grant 100 shares of the Company to each employee and executive director (excluding the Chairman and CEO) of TotalEnergies SE or its subsidiaries, subject to the fulfilment of the continued employment condition of five years.
C)Share-based payment expense
Share-based payment expense before tax was broken down as follows:
| \n As of December 31, (M$) | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n TotalEnergies performance shares plans | \n\n 287 | \n\n 217 | \n\n 200 | \n
| \n TotalEnergies world shares plans | \n\n 54 | \n\n \u2013 | \n\n \u2013 | \n
| \n SunPower plans(a) | \n\n \u2013 | \n\n \u2013 | \n\n 23 | \n
| \n Capital increase reserved for employees | \n\n 215 | \n\n 74 | \n\n 28 | \n
| \n Total | \n\n 556 | \n\n 291 | \n\n 251 | \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 (refer to Note 18 to the consolidated accounts). | \n
The main assumptions used for the valuation of the cost of the capital increase reserved for employees in 2024 were the following:
| \n For the year ended December 31, | \n\n 2024 | \n
|---|---|
| \n Date of the Board of Directors meeting that decided the issue | \n\n September 21, 2023 | \n
| \n Reference price (\u20ac)(a) | \n\n 66.89 | \n
| \n Subscription price (\u20ac)(b) | \n\n 46.90 | \n
| \n Number of shares issued (in millions)(c) | \n\n 10.83 | \n
| \n (a)Average of the closing prices of the TotalEnergies shares over the twenty trading sessions preceding April 25, 2024, 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 30% discount and rounded off to the highest tenth of a euro. (c)Including the free shares issued. | \n
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 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Pension benefits liabilities | \n\n 1,290 | \n\n 1,453 | \n\n 1,308 | \n
| \n Other benefits liabilities | \n\n 411 | \n\n 468 | \n\n 467 | \n
| \n Restructuring reserves (early retirement plans) | \n\n 52 | \n\n 72 | \n\n 54 | \n
| \n Total | \n\n 1,753 | \n\n 1,993 | \n\n 1,829 | \n
| \n Net liabilities relating to assets held for sale | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \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 $175 million for defined contribution plans in 2024 ($167 million in 2023 and $152 million in 2022).
TotalEnergies\u2019 main defined benefit pension plans are located in France, the United Kingdom, the United States, Belgium and Germany. Their main characteristics, depending on the country-specific regulatory environment, are the following:
\u2013the benefits are usually based on the final salary and seniority;
\u2013they are usually funded (pension fund or insurer);
\u2013they are usually closed to new employees who benefit from defined contribution pension plans;
\u2013they are paid in annuity or in lump sum.
The pension benefits include also termination indemnities and early retirement benefits. The other benefits are employer contributions to post-employment medical care.
In order to manage the inherent risks, TotalEnergies has implemented a dedicated governance framework to ensure the supervision of the different plans. These governance rules provide for:
\u2013TotalEnergies\u2019 representation in key governance bodies or monitoring committees;
\u2013the principles of the funding policy;
\u2013the general investment policy, including for most plans:
\u2013the establishment of a monitoring committee to define and follow the investment strategy and performance,
\u2013the principles to be respected in term of investment allocation.
\u2013a procedure to approve the establishment of new plans or the amendment of existing plans;
\u2013the principles of administration, communication and reporting.
Change in benefit obligations and plan assets
The fair value of the defined benefit obligation and plan assets in the Consolidated Financial Statements is detailed as follows:
| \n As of December 31, (M$) | \n\n Pension benefits | \n\n \n | \n\n Other benefits | \n||||
|---|---|---|---|---|---|---|---|
| \n 2024 | \n\n 2023 | \n\n 2022 | \n\n \n | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n|
| \n Change in benefit obligation | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n \u2013Benefit obligation at beginning of year | \n\n 8,847 | \n\n 8,267 | \n\n 11,777 | \n\n \u00a0 | \n\n 468 | \n\n 467 | \n\n 633 | \n
| \n \u2013Current service cost | \n\n 191 | \n\n 178 | \n\n 202 | \n\n \u00a0 | \n\n 8 | \n\n 12 | \n\n 15 | \n
| \n \u2013Interest cost | \n\n 328 | \n\n 355 | \n\n 195 | \n\n \u00a0 | \n\n 19 | \n\n 20 | \n\n 12 | \n
| \n \u2013Past service cost | \n\n 60 | \n\n 47 | \n\n 27 | \n\n \u00a0 | \n\n \u00a0(0) | \n\n \u2013 | \n\n 9 | \n
| \n \u2013Settlements | \n\n \u00a0(55) | \n\n 2 | \n\n 5 | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n \u2013Plan participants' contributions | \n\n 26 | \n\n 23 | \n\n 17 | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n 1 | \n
| \n \u2013Benefits paid | \n\n \u00a0(538) | \n\n \u00a0(563) | \n\n \u00a0(661) | \n\n \u00a0 | \n\n \u00a0(26) | \n\n \u00a0(24) | \n\n \u00a0(22) | \n
| \n \u2013Actuarial losses / (gains) | \n\n \u00a0(277) | \n\n 393 | \n\n \u00a0(2,502) | \n\n \u00a0 | \n\n \u00a0(30) | \n\n \u00a0(6) | \n\n \u00a0(155) | \n
| \n \u2013Foreign currency translation and other | \n\n \u00a0(406) | \n\n 146 | \n\n \u00a0(793) | \n\n \u00a0 | \n\n \u00a0(28) | \n\n \u00a0(1) | \n\n \u00a0(25) | \n
| \n Benefit obligation at year-end | \n\n 8,176 | \n\n 8,847 | \n\n 8,267 | \n\n \u00a0 | \n\n 411 | \n\n 468 | \n\n 467 | \n
| \n of which plans entirely or partially funded | \n\n 7,689 | \n\n 8,392 | \n\n 7,806 | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n of which plans not funded | \n\n 487 | \n\n 455 | \n\n 461 | \n\n \u00a0 | \n\n 411 | \n\n 468 | \n\n 467 | \n
| \n Change in fair value of plan assets | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n
| \n\n \u00a0 | \n
| \n \u2013Fair value of plan assets at beginning of year | \n\n \u00a0(7,768) | \n\n \u00a0(7,306) | \n\n \u00a0(10,231) | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n \u2013Interest income | \n\n \u00a0(313) | \n\n \u00a0(332) | \n\n \u00a0(190) | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n \u2013Actuarial losses / (gains)(a) | \n\n 288 | \n\n \u00a0(272) | \n\n 2,083 | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n \u2013Settlements | \n\n 57 | \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(26) | \n\n \u00a0(23) | \n\n \u00a0(17) | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n \u2013Employer contributions | \n\n \u00a0(163) | \n\n \u00a0(254) | \n\n \u00a0(260) | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n \u2013Benefits paid | \n\n 497 | \n\n 523 | \n\n 607 | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n \u2013Foreign currency translation and other | \n\n 355 | \n\n \u00a0(104) | \n\n 700 | \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(7,073) | \n\n \u00a0(7,768) | \n\n \u00a0(7,306) | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n (Funded) Unfunded status | \n\n 1,103 | \n\n 1,079 | \n\n 961 | \n\n \u00a0 | \n\n 411 | \n\n 468 | \n\n 467 | \n
| \n \u2013Asset ceiling | \n\n 33 | \n\n 44 | \n\n 46 | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n (Assets) Liabilities net recognized amount | \n\n 1,136 | \n\n 1,123 | \n\n 1,007 | \n\n \u00a0 | \n\n 411 | \n\n 468 | \n\n 467 | \n
| \n \u2013Pension benefits and other benefits liabilities | \n\n 1,290 | \n\n 1,453 | \n\n 1,308 | \n\n \u00a0 | \n\n 411 | \n\n 468 | \n\n 467 | \n
| \n \u2013Other non-current assets | \n\n \u00a0(154) | \n\n \u00a0(330) | \n\n \u00a0(301) | \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 \u2013 | \n\n \u2013 | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n (a)The amount for 2024 includes an adjustment of $16 million related to asset ceiling, which impacts the net position (liabilities - assets). | \n
As of December 31, 2024, the contribution from the main geographical areas for the net pension liability in the balance sheet is: 79% for the Euro area, 2% for the United Kingdom and 12% for the United States.
In 2024, a buy-in transaction was carried out in the United Kingdom to cover the benefit obligations of beneficiaries not included in the buy-in concluded in 2014. This investment resulted in an actuarial loss of $147 million recognized in other comprehensive income.
The amounts recognized in the consolidated income statement and the consolidated statement of comprehensive income for defined benefit plans are detailed as follows:
| \n \n | \n\n Pension benefits | \n\n Other benefits | \n|||||
|---|---|---|---|---|---|---|---|
| \n For the year ended December 31, (M$) | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n\n \n | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n
| \n Current service cost | \n\n 191 | \n\n 178 | \n\n 202 | \n\n \n | \n\n 8 | \n\n 12 | \n\n 15 | \n
| \n Past service cost | \n\n 60 | \n\n 47 | \n\n 27 | \n\n \n | \n\n \u00a0(0) | \n\n \u2013 | \n\n 9 | \n
| \n Settlements | \n\n 2 | \n\n 2 | \n\n 7 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Net interest cost | \n\n 21 | \n\n 28 | \n\n 5 | \n\n \n | \n\n 19 | \n\n 20 | \n\n 12 | \n
| \n Benefit amounts recognized on profit and loss | \n\n 274 | \n\n 255 | \n\n 241 | \n\n \n | \n\n 27 | \n\n 32 | \n\n 36 | \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 \u00a0(69) | \n\n 4 | \n\n 1 | \n\n \n | \n\n \u00a0(4) | \n\n \u00a0(8) | \n\n \u00a0(9) | \n
| \n \u2013Effect of changes in financial assumptions | \n\n \u00a0(425) | \n\n 188 | \n\n \u00a0(2,617) | \n\n \n | \n\n \u00a0(24) | \n\n \u00a0(7) | \n\n \u00a0(138) | \n
| \n \u2013Effect of experience adjustments | \n\n 217 | \n\n 204 | \n\n 111 | \n\n \n | \n\n (2) | \n\n 8 | \n\n \u00a0(8) | \n
| \n \u2013Actual return on plan assets | \n\n 303 | \n\n \u00a0(272) | \n\n 2,083 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Effect of asset ceiling | \n\n \u00a0(16) | \n\n \u00a0(3) | \n\n 3 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Benefit amounts recognized on other of consolidated statement of comprehensive income | \n\n 11 | \n\n 121 | \n\n (419) | \n\n \n | \n\n (30) | \n\n (6) | \n\n (155) | \n
| \n Total benefit amounts recognized on comprehensive income | \n\n 284 | \n\n 376 | \n\n (178) | \n\n \n | \n\n (3) | \n\n 25 | \n\n (119) | \n
Expected future cash outflows
The average duration of accrued benefits is approximately 11 years for defined pension benefits and 14 years for other benefits. TotalEnergies expects to pay contributions of $161 million in respect of funded pension plans in 2025.
Estimated future benefits either financed from plan assets or directly paid by the employer are detailed as follows:
| \n Estimated future payments (M$) | \n\n Pension benefits | \n\n Other benefits | \n
|---|---|---|
| \n 2025 | \n\n 509 | \n\n 24 | \n
| \n 2026 | \n\n 502 | \n\n 23 | \n
| \n 2027 | \n\n 556 | \n\n 22 | \n
| \n 2028 | \n\n 583 | \n\n 21 | \n
| \n 2029 | \n\n 574 | \n\n 20 | \n
| \n 2030-2034 | \n\n 3,023 | \n\n 105 | \n
Type of assets
| \n Asset allocation as of December 31, | \n\n Pension benefits | \n||
|---|---|---|---|
| \n 2024 | \n\n 2023 | \n\n 2022 | \n|
| \n Equity securities | \n\n 17% | \n\n 27% | \n\n 26% | \n
| \n Debt securities | \n\n 44% | \n\n 47% | \n\n 46% | \n
| \n Monetary | \n\n 2% | \n\n 2% | \n\n 3% | \n
| \n Annuity contracts | \n\n 32% | \n\n 17% | \n\n 17% | \n
| \n Real estate | \n\n 5% | \n\n 7% | \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 Other benefits | \n|||||
|---|---|---|---|---|---|---|---|
| \n As of December 31, | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n\n \n | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n
| \n Discount rate (weighted average for all regions) | \n\n 4.30% | \n\n 3.89% | \n\n 4.39% | \n\n \n | \n\n 4.17% | \n\n 4.26% | \n\n 4.45% | \n
| \n of which Euro zone | \n\n 3.49% | \n\n 3.27% | \n\n 3.70% | \n\n \n | \n\n 3.41% | \n\n 3.30% | \n\n 3.48% | \n
| \n of which United States | \n\n 5.00% | \n\n 4.50% | \n\n 4.50% | \n\n \n | \n\n 5.00% | \n\n 4.50% | \n\n 4.50% | \n
| \n of which United Kingdom | \n\n 5.50% | \n\n 4.50% | \n\n 4.75% | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Inflation rate (weighted average for all regions) | \n\n 2.54% | \n\n 2.49% | \n\n 2.91% | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n of which Euro zone | \n\n 1.98% | \n\n 2.24% | \n\n 2.49% | \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 3.00% | \n\n 3.25% | \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 point increase or decrease in discount rates \u2013 all other things being equal \u2013 would have the following approximate impact on the benefit obligation:
| \n (M$) | \n\n 0.5 pt Increase | \n\n 0.5 pt Decrease | \n
|---|---|---|
| \n Benefit obligation as of December 31, 2024 | \n\n \u00a0(423) | \n\n 462 | \n
A 0.5 point increase or decrease in inflation rates \u2013 all other things being equal \u2013 would have the following approximate impact on the benefit obligation:
| \n (M$) | \n\n 0.5 pt Increase | \n\n 0.5 pt Decrease | \n
|---|---|---|
| \n Benefit obligation as of December 31, 2024 | \n\n 244 | \n\n \u00a0(227) | \n
10.2Payroll and staff
| \n For the year ended December 31, | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Personnel expenses (M$) | \n\n \n | \n\n \n | \n\n \n | \n
| \n Wages and salaries (including social charges) | \n\n 9,460 | \n\n 9,210 | \n\n 9,002 | \n
| \n TotalEnergies employees at December 31, | \n\n \u00a0 | \n\n \u00a0 | \n\n \n | \n
| \n France (DROM COM includ.) | \n\n \u00a0 | \n\n \u00a0 | \n\n \n | \n
| \n \u2013Management | \n\n 15,101 | \n\n 14,675 | \n\n 14,130 | \n
| \n \u2013Other | \n\n 20,779 | \n\n 20,831 | \n\n 20,829 | \n
| \n International | \n\n \u00a0 | \n\n \u00a0 | \n\n \n | \n
| \n \u2013Management | \n\n 20,318 | \n\n 19,470 | \n\n 18,183 | \n
| \n \u2013Other | \n\n 46,689 | \n\n 47,603 | \n\n 48,137 | \n
| \n Total | \n\n 102,887 | \n\n 102,579 | \n\n 101,279 | \n
The number of employees includes only employees of fully consolidated subsidiaries.
(406)Organic investments: net investments excluding acquisitions, asset sales and other operations with non-controlling interests.
1.1Accounting principles
A)Principles of consolidation
Entities that are directly controlled by the parent company or indirectly controlled through other consolidated entities are fully consolidated.
Investments in joint-ventures are accounted for by 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 through subsidiaries, 20% or more of the voting rights. In the case of a percentage of less than 20%, accounting under the equity method applies only when significant influence can be demonstrated.
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 U.S. 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. It 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 U.S. 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\u00a0TotalEnergies 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 application 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, 2024, is expected to have a non material impact. Note that IFRS 18, published in April 2024 and applicable from January 1, 2027, will modify the presentation of the consolidated statement of income and the consolidated statement of cash flow.
Accounting principles
In accordance with IFRS 3 \u201cBusiness combinations\u201d, TotalEnergies is assessing the fair value of identifiable assets acquired, liabilities assumed and contingent liabilities on the basis of available information. This assessment will be finalised within 12 months following the acquisition date.
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\u00a0for 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\u00a0intangible 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\u00a0services.
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\u00a0to 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\u00a0of 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 products.
Product inventories purchased from entities external to TotalEnergies\u00a0are 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, unless hedge accounting has been applied.
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 cash flows incurred 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
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 \u201cOther expense\u201d.
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. As of December 31, 2024, 2023 and 2022, this alternative method is not applied as, given the price used to assess the reserves, the unit\u2011of\u2011production 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 3-12 years | \n
|---|---|
| \n Transportation equipment: | \n\n 5-20 years | \n
| \n Storage tanks and related equipment: | \n\n 10-15 years | \n
| \n Specialized complex installations and pipelines: | \n\n 10-45 years | \n
| \n Buildings: | \n\n 10-50 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 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 or 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 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.
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.
Accounting principles
Income taxes disclosed in the statement of income include current tax expense (or income) and deferred tax expense (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\u00a0commitments.
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\u00a0initial 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 through other consolidated entities are fully consolidated.
Investments in joint-ventures are accounted for by 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 through subsidiaries, 20% or more of the voting rights. In the case of a percentage of less than 20%, accounting under the equity method applies only when significant influence can be demonstrated.
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 assets acquired, liabilities assumed and contingent liabilities on the basis of available information. This assessment will be finalised within 12 months following the acquisition date. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n
Integrated LNG
Acquisition of the Upstream Gas Assets of SapuraOMV
In December 2024, TotalEnergies has finalized the acquisition of the interests of OMV (50%) and Sapura Upstream Assets (50%) in SapuraOMV Upstream (SapuraOMV), an independent gas producer and operator in Malaisia. 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. The financial statements as of December 31, 2024, reflect a preliminary purchase price allocation, which will be finalized and presented within 12\u00a0months following the acquisition date.
Integrated Power
Acquisition of 1.5 GW Power Generation Capacity in Texas
In February 2024, TotalEnergies has finalized the acquisition of three gas-fired power plants with a total capacity of 1.5 GW in Texas from TexGen. The preliminary purchase price allocation is shown below:
| \n (M$) | \n\n At the acquisition date | \n
|---|---|
| \n Goodwill | \n\n 306 | \n
| \n Intangible assets | \n\n \u2013 | \n
| \n Tangible assets | \n\n 484 | \n
| \n Other assets and liabilities | \n\n (59) | \n
| \n Net debt of the acquired treasury | \n\n (74) | \n
| \n Fair value of the consideration transferred | \n\n 657 | \n
B)Business combinations
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
In accordance with IFRS 3 \u201cBusiness combinations\u201d, TotalEnergies is assessing the fair value of identifiable assets acquired, liabilities assumed and contingent liabilities on the basis of available information. This assessment will be finalised within 12 months following the acquisition date.
B)Business combinations
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
In accordance with IFRS 3 \u201cBusiness combinations\u201d, TotalEnergies is assessing the fair value of identifiable assets acquired, liabilities assumed and contingent liabilities on the basis of available information. This assessment will be finalised within 12 months following 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.
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.
| \n As of December 31, 2024 (M$) | \n\n Cost | \n\n Amortization and impairment | \n\n Net | \n
|---|---|---|---|
| \n Goodwill | \n\n 11,654 | \n\n (389) | \n\n 11,265 | \n
| \n Proved mineral interests | \n\n 18,218 | \n\n (9,518) | \n\n 8,700 | \n
| \n Unproved mineral interests | \n\n 14,124 | \n\n (2,974) | \n\n 11,150 | \n
| \n Other intangible assets | \n\n 7,204 | \n\n (4,081) | \n\n 3,123 | \n
| \n Total intangible assets | \n\n 51,200 | \n\n (16,962) | \n\n 34,238 | \n
| \n As of December 31, 2023 (M$) | \n\n Cost | \n\n Amortization and impairment | \n\n Net | \n
|---|---|---|---|
| \n Goodwill | \n\n 10,484 | \n\n (533) | \n\n 9,951 | \n
| \n Proved mineral interests | \n\n 17,713 | \n\n (9,704) | \n\n 8,009 | \n
| \n Unproved mineral interests | \n\n 14,976 | \n\n (2,624) | \n\n 12,352 | \n
| \n Other intangible assets | \n\n 7,354 | \n\n (4,583) | \n\n 2,771 | \n
| \n Total intangible assets | \n\n 50,527 | \n\n (17,444) | \n\n 33,083 | \n
| \n As of December 31, 2022 (M$) | \n\n Cost | \n\n Amortization | \n\n Net | \n
|---|---|---|---|
| \n Goodwill | \n\n 9,010 | \n\n \u00a0(360) | \n\n 8,650 | \n
| \n Proved mineral interests | \n\n 18,025 | \n\n \u00a0(10,088) | \n\n 7,937 | \n
| \n Unproved mineral interests | \n\n 15,962 | \n\n \u00a0(2,946) | \n\n 13,016 | \n
| \n Other intangible assets | \n\n 6,795 | \n\n \u00a0(4,467) | \n\n 2,328 | \n
| \n Total intangible assets | \n\n 49,792 | \n\n \u00a0(17,861) | \n\n 31,931 | \n
Change in net intangible assets is analyzed in the following table:
| \n (M$) | \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 2024 | \n\n 33,083 | \n\n 1,438 | \n\n \u00a0(19) | \n\n \u00a0(1,502) | \n\n \u00a0(494) | \n\n 1,732 | \n\n 34,238 | \n
| \n 2023 | \n\n 31,931 | \n\n 1,244 | \n\n \u00a0(458) | \n\n \u00a0(1,630) | \n\n 148 | \n\n 1,848 | \n\n 33,083 | \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
In 2024, the heading \u201cAmortization and impairment\" includes the impact of exceptional asset impairments recorded for $340 million (refer to Note 3.C \u201cAsset impairment\u201d), particularly related to the exit from blocks 11B/12B and 5/6/7 in South Africa.
In 2024, the heading \u201cOther\u201d mainly reflects changes in the consolidation scope, in particular the acquisition of upstream gas assets from SapuraOMV for $833 million.
In 2023, the heading \u201cAmortization and impairment\" included the accounting impact of exceptional asset impairments for an amount of $472 million (refer to\u00a0Note 3.C \u201cAsset impairment\u201d), related in particular to goodwill and customer portfolios of gas and power marketing activities in Belgium, Spain and France.
In 2023, the heading \u201cOther\u201d mainly reflected changes in the consolidation scope, in particular the acquisition of Total Eren for $2,238\u00a0million.
In 2022, the heading \u201cAmortization and impairment\" included 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 (refer to Note 3.C \u201cAsset impairment\u201d).
In 2022, the heading \u201cOther\u201d mainly reflected changes in the consolidation scope (in particular the removal of SunPower from the scope of consolidation for $167 million).
A summary of changes in the carrying amount of goodwill by business segment for the year ended December\u00a031, 2024 is as follows:
| \n (M$) | \n\n Net goodwill as\u00a0of | \n\n Increases | \n\n Impairments | \n\n Other | \n\n Net goodwill as of December 31, 2024 | \n
|---|---|---|---|---|---|
| \n Exploration & Production | \n\n 2,491 | \n\n \u2013 | \n\n \u2013 | \n\n (9) | \n\n 2,482 | \n
| \n Integrated LNG | \n\n 2,857 | \n\n 454 | \n\n \u2013 | \n\n (7) | \n\n 3,304 | \n
| \n Integrated Power | \n\n 3,666 | \n\n 1,209 | \n\n \u2013 | \n\n (515) | \n\n 4,360 | \n
| \n Refining & Chemicals | \n\n 538 | \n\n 128 | \n\n \u2013 | \n\n (23) | \n\n 643 | \n
| \n Marketing & Services | \n\n 396 | \n\n 81 | \n\n \u2013 | \n\n (4) | \n\n 473 | \n
| \n Corporate | \n\n 3 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 3 | \n
| \n Total | \n\n 9,951 | \n\n 1,872 | \n\n \u2013 | \n\n (558) | \n\n 11,265 | \n
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 \u201cOther expense\u201d.
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.
C)Foreign currency translation
The presentation currency of TotalEnergies' Consolidated Financial Statements is the U.S. 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. It 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 U.S. 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\u00a0TotalEnergies 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 U.S. 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. It 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 U.S. 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\u00a0TotalEnergies 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 U.S. 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. It 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 U.S. 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 2024, the main changes in TotalEnergies perimeter were as follows:
Exploration & Production
\u2013In February 2024, TotalEnergies and its partner SOCAR (State Oil Company of the Republic of Azerbaijan) have completed the sale of 15% interest each in the Absheron gas field to ADNOC (Abu Dhabi National Oil Company). Following the completion of this transaction, TotalEnergies holds a 35% stake in the Absheron gas field alongside SOCAR (35%) and ADNOC (30%).
Integrated LNG
\u2013In December 2024, TotalEnergies has finalized the acquisition of the interests of OMV (50%) and Sapura Upstream Assets (50%) in SapuraOMV Upstream (SapuraOMV), an independent gas producer and operator in Malaisia selling its production to MLNG based on LNG prices netbacks. SapuraOMV\u2019s main assets are its 40% operated interest in block SK408 and 30% operated interest in block SK310, both located offshore Sarawak in Malaysia.
Integrated Power
\u2013In February 2024, TotalEnergies has finalized the acquisition of three gas-fired power plants with a total capacity of 1.5 GW in Texas from TexGen, a U.S.-based company for a net investment of $635 million.
\u2013In December 2024, TotalEnergies has finalized the sale to EPUKI, the UK subsidiary of EPH, of 50% of its shares in West Burton Energy, a company wholly acquired in June 2024 with the announced intention to resale one half. West Burton Energy owns a 1.3 GW gas fired power plant and a 49 MW battery storage system in the United Kingdom. The plant will be owned by the joint-venture between TotalEnergies and EPUKI and operated with the support of EPH.
\u2013In December 2024, TotalEnergies has finalized the sale of 50% of a portfolio consisting of three solar projects with a total capacity of 1.7\u00a0GW and a battery storage project located in Texas to the investment fund Apollo. TotalEnergies retains a 50% stake and remains the operator of the assets, which are Danish Fields, Cottonwood, and Hill Solar I.
Marketing & Services
\u2013In January 2024, TotalEnergies has finalized the partial divestment of retail network in Belgium and Luxembourg and the full divestment in the Netherlands to Alimentation Couche-Tard for 1.4 billion dollars.
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 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Total Associates | \n\n 10,387 | \n\n 9,484 | \n\n 9,533 | \n
| \n Total Joint-ventures | \n\n 17,485 | \n\n 16,411 | \n\n 14,623 | \n
| \n Total | \n\n 27,872 | \n\n 25,895 | \n\n 24,156 | \n
| \n Loans | \n\n 6,533 | \n\n 4,562 | \n\n 3,733 | \n
| \n Total | \n\n 34,405 | \n\n 30,457 | \n\n 27,889 | \n
| \n Profit/(loss) (M$) | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Total Associates | \n\n 1,213 | \n\n 1,132 | \n\n (4,567) | \n
| \n Total Joint-ventures | \n\n 362 | \n\n 713 | \n\n 2,675 | \n
| \n Total | \n\n 1,575 | \n\n 1,845 | \n\n (1,892) | \n
| \n Other comprehensive income (M$) | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Total Associates | \n\n 112 | \n\n (57) | \n\n 3,368 | \n
| \n Total Joint-ventures | \n\n (358) | \n\n (151) | \n\n 129 | \n
| \n Total | \n\n (246) | \n\n (208) | \n\n 3,497 | \n
A)Information related to associates
Information (100% basis) related to significant associates is as follows:
| \n Exploration & Production activities (M$) | \n\n Liquefaction entities | \n\n \n | \n\n Novatek(a) | \n||
|---|---|---|---|---|---|
| \n 2024 | \n\n 2023 | \n\n 2022 | \n\n \n | \n\n 2022 | \n|
| \n Non-current assets | \n\n 31,698 | \n\n 43,875 | \n\n 41,995 | \n\n \n | \n\n \u2013 | \n
| \n Current assets | \n\n 7,531 | \n\n 5,850 | \n\n 8,333 | \n\n \n | \n\n \u2013 | \n
| \n Total assets | \n\n 39,229 | \n\n 49,725 | \n\n 50,328 | \n\n \n | \n\n \u2013 | \n
| \n Shareholder's equity | \n\n 23,078 | \n\n 35,755 | \n\n 19,565 | \n\n \n | \n\n \u2013 | \n
| \n Non-current liabilities | \n\n 10,024 | \n\n 8,692 | \n\n 23,019 | \n\n \n | \n\n \u2013 | \n
| \n Current liabilities | \n\n 6,127 | \n\n 5,278 | \n\n 7,744 | \n\n \n | \n\n \u2013 | \n
| \n Total liabilities | \n\n 39,229 | \n\n 49,725 | \n\n 50,328 | \n\n \n | \n\n \u2013 | \n
| \n Revenues from sales | \n\n 23,407 | \n\n 26,288 | \n\n 35,888 | \n\n \n | \n\n \u2013 | \n
| \n Net income | \n\n 6,732 | \n\n 6,896 | \n\n 10,257 | \n\n \n | \n\n \u2013 | \n
| \n Other comprehensive income | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n
| \n % owned | \n\n \u00a0 | \n\n \n | \n\n \u00a0 | \n\n \n | \n\n 19.40% | \n
| \n Equity value | \n\n 4,017 | \n\n 4,070 | \n\n 3,312 | \n\n \n | \n\n \u2013 | \n
| \n including goodwill and identifiable assets | \n\n 35 | \n\n 38 | \n\n 40 | \n\n \n | \n\n \u2013 | \n
| \n Profit/(loss) | \n\n 762 | \n\n 825 | \n\n (338) | \n\n \n | \n\n (5,747) | \n
| \n Share of other comprehensive income, net amount | \n\n 34 | \n\n (22) | \n\n (70) | \n\n \n | \n\n 3,118 | \n
| \n Dividends paid to TotalEnergies | \n\n 820 | \n\n 1,052 | \n\n 1,224 | \n\n \n | \n\n 883 | \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 2024, 31 December 2023 and 31\u00a0December 2022, Novatek is no longer consolidated as an equity accounted affiliate in the Company's Consolidated Financial Statements. This stake is 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 31\u00a0December 2024, 31 December 2023 and 31 December 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%), Angola LNG Limited (13.60%), Yemen LNG Co. (39.62%), Qatar Liquefied Gas Company Limited (Qatargas) (10.00%), Qatar Liquefied Gas Company Limited II (16.70%), Oman LNG LLC (5.54%), Abu Dhabi Gas Liquefaction Company Limited (5.00%), Qatar Liquified Gas Company Limited 5 (North Field East project) (25.00%) Qatar Liquified Gas Company Limited 10 (North Field South project) (25.00%) and Energ\u00eda Costa Azul LNG (16.60%).
| \n Renewables and Electricity activities (M$) | \n\n Adani Green Energy Limited | \n||
|---|---|---|---|
| \n 2024 | \n\n 2023 | \n\n 2022 | \n|
| \n Non-current assets | \n\n 10,936 | \n\n 7,887 | \n\n 6,961 | \n
| \n Current assets | \n\n 1,264 | \n\n 1,091 | \n\n 769 | \n
| \n Total assets | \n\n 12,200 | \n\n 8,978 | \n\n 7,730 | \n
| \n Shareholder's equity | \n\n 1,137 | \n\n 965 | \n\n 807 | \n
| \n Non-current liabilities | \n\n 8,175 | \n\n 5,712 | \n\n 5,805 | \n
| \n Current liabilities | \n\n 2,888 | \n\n 2,301 | \n\n 1,118 | \n
| \n Total liabilities | \n\n 12,200 | \n\n 8,978 | \n\n 7,730 | \n
| \n Revenues from sales | \n\n 1,049 | \n\n 1,061 | \n\n 1,073 | \n
| \n Net income | \n\n 184 | \n\n 162 | \n\n 104 | \n
| \n Other comprehensive income | \n\n (13) | \n\n 5 | \n\n (112) | \n
| \n % owned | \n\n 19.74% | \n\n 19.74% | \n\n 19.74% | \n
| \n Equity value | \n\n 1,863 | \n\n 1,877 | \n\n 1,856 | \n
| \n including goodwill and identifiable assets | \n\n 1,639 | \n\n 1,687 | \n\n 1,697 | \n
| \n Profit/(loss) | \n\n 36 | \n\n 32 | \n\n 21 | \n
| \n Share of other comprehensive income, net amount | \n\n 9 | \n\n 3 | \n\n 23 | \n
| \n Dividends paid to TotalEnergies | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Refining & Chemicals activities (M$) | \n\n Saudi Aramco | \n\n \n | \n\n Qatar | \n||||
|---|---|---|---|---|---|---|---|
| \n 2024 | \n\n 2023 | \n\n 2022 | \n\n \n | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n|
| \n Non-current assets | \n\n 12,023 | \n\n 9,780 | \n\n 10,003 | \n\n 2,562 | \n\n 2,562 | \n\n 2,882 | \n\n 3,905 | \n
| \n Current assets | \n\n 3,446 | \n\n 2,584 | \n\n 3,615 | \n\n 1,971 | \n\n 1,971 | \n\n 2,000 | \n\n 2,491 | \n
| \n Total assets | \n\n 15,469 | \n\n 12,364 | \n\n 13,618 | \n\n 4,533 | \n\n 4,533 | \n\n 4,882 | \n\n 6,396 | \n
| \n Shareholder's equity | \n\n 4,062 | \n\n 3,527 | \n\n 3,858 | \n\n 2,781 | \n\n 2,781 | \n\n 2,748 | \n\n 2,737 | \n
| \n Non-current liabilities | \n\n 6,899 | \n\n 5,850 | \n\n 6,365 | \n\n 654 | \n\n 654 | \n\n 835 | \n\n 2,062 | \n
| \n Current liabilities | \n\n 4,508 | \n\n 2,987 | \n\n 3,395 | \n\n 1,098 | \n\n 1,098 | \n\n 1,299 | \n\n 1,597 | \n
| \n Total liabilities | \n\n 15,469 | \n\n 12,364 | \n\n 13,618 | \n\n 4,533 | \n\n 4,533 | \n\n 4,882 | \n\n 6,396 | \n
| \n Revenues from sales | \n\n 14,601 | \n\n 12,994 | \n\n 20,492 | \n\n 9,422 | \n\n 9,422 | \n\n 9,506 | \n\n 13,193 | \n
| \n Net income | \n\n 66 | \n\n 584 | \n\n 2,409 | \n\n 338 | \n\n 338 | \n\n 203 | \n\n 629 | \n
| \n Other comprehensive income | \n\n (32) | \n\n (59) | \n\n 284 | \n\n 13 | \n\n 13 | \n\n (7) | \n\n (5) | \n
| \n % owned | \n\n 37.50% | \n\n 37.50% | \n\n 37.50% | \n\n \u00a0 | \n\n \n | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Equity value | \n\n 1,523 | \n\n 1,323 | \n\n 1,447 | \n\n 670 | \n\n 670 | \n\n 665 | \n\n 703 | \n
| \n including goodwill and identifiable assets | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Profit/(loss) | \n\n 25 | \n\n 219 | \n\n 903 | \n\n 88 | \n\n 88 | \n\n 78 | \n\n 161 | \n
| \n Share of other comprehensive income, net amount | \n\n 34 | \n\n (46) | \n\n 147 | \n\n 10 | \n\n 10 | \n\n (7) | \n\n 10 | \n
| \n Dividends paid to TotalEnergies | \n\n 150 | \n\n 321 | \n\n \u2013 | \n\n 83 | \n\n 83 | \n\n 145 | \n\n 138 | \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%).
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 GIP III Zephyr | \n\n Hanwha TotalEnergies Petrochemical Co. Ltd | \n||||||
|---|---|---|---|---|---|---|---|---|---|
| \n 2024 | \n\n 2023 | \n\n 2022 | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n|
| \n Non-current assets | \n\n 59,764 | \n\n 62,461 | \n\n 65,293 | \n\n 14,258 | \n\n 13,111 | \n\n 12,406 | \n\n 3,373 | \n\n 3,959 | \n\n 4,113 | \n
| \n Current assets excluding cash and cash equivalents | \n\n 5,390 | \n\n 2,832 | \n\n 2,630 | \n\n 366 | \n\n 375 | \n\n 370 | \n\n 1,530 | \n\n 2,089 | \n\n 2,326 | \n
| \n Cash and cash equivalents | \n\n 5,184 | \n\n 4,690 | \n\n 4,375 | \n\n 813 | \n\n 1,313 | \n\n 1,116 | \n\n 348 | \n\n 113 | \n\n 82 | \n
| \n Total assets | \n\n 70,338 | \n\n 69,983 | \n\n 72,298 | \n\n 15,437 | \n\n 14,799 | \n\n 13,892 | \n\n 5,251 | \n\n 6,161 | \n\n 6,521 | \n
| \n Shareholder's equity - Group share | \n\n 25,231 | \n\n 20,438 | \n\n 17,455 | \n\n 539 | \n\n 604 | \n\n 296 | \n\n 2,467 | \n\n 2,963 | \n\n 3,146 | \n
| \n Shareholder's equity - Non-controlling interests | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 2,756 | \n\n 1,912 | \n\n 2,548 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Other non-current liabilities | \n\n 11,822 | \n\n 10,399 | \n\n 10,785 | \n\n 1,645 | \n\n 1,460 | \n\n 1,285 | \n\n 148 | \n\n 174 | \n\n 180 | \n
| \n Non-current financial debts | \n\n 29,565 | \n\n 36,144 | \n\n 41,452 | \n\n 9,538 | \n\n 9,598 | \n\n 8,808 | \n\n 1,017 | \n\n 858 | \n\n 1,220 | \n
| \n Other current liabilities | \n\n 1,707 | \n\n 3,002 | \n\n 2,606 | \n\n 380 | \n\n 414 | \n\n 496 | \n\n 873 | \n\n 1,137 | \n\n 1,117 | \n
| \n Current financial debts | \n\n 2,013 | \n\n \u2013 | \n\n \u2013 | \n\n 579 | \n\n 811 | \n\n 459 | \n\n 746 | \n\n 1,029 | \n\n 858 | \n
| \n Total liabilities | \n\n 70,338 | \n\n 69,983 | \n\n 72,298 | \n\n 15,437 | \n\n 14,799 | \n\n 13,892 | \n\n 5,251 | \n\n 6,161 | \n\n 6,521 | \n
| \n Revenues from sales | \n\n 17,212 | \n\n 17,605 | \n\n 24,701 | \n\n 1,609 | \n\n 1,452 | \n\n 351 | \n\n 8,616 | \n\n 8,754 | \n\n 10,824 | \n
| \n Depreciation and depletion of tangible assets and mineral interests | \n\n (2,899) | \n\n (2,700) | \n\n (2,814) | \n\n (490) | \n\n (460) | \n\n (129) | \n\n (278) | \n\n (281) | \n\n (289) | \n
| \n Interest income | \n\n 55 | \n\n 32 | \n\n 17 | \n\n 37 | \n\n 40 | \n\n 5 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Interest expense | \n\n (2,901) | \n\n (3,146) | \n\n (2,453) | \n\n (357) | \n\n (315) | \n\n (95) | \n\n (80) | \n\n (67) | \n\n (47) | \n
| \n Income taxes | \n\n (2,656) | \n\n (1,798) | \n\n (2,804) | \n\n (15) | \n\n \u2013 | \n\n \u2013 | \n\n (8) | \n\n 10 | \n\n (65) | \n
| \n Net income | \n\n 4,986 | \n\n 5,122 | \n\n 12,791 | \n\n 135 | \n\n 83 | \n\n (36) | \n\n (136) | \n\n (28) | \n\n 123 | \n
| \n Non-controlling interests | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 180 | \n\n (126) | \n\n 219 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Other comprehensive income | \n\n (76) | \n\n (52) | \n\n 526 | \n\n \u2013 | \n\n (2) | \n\n \u2013 | \n\n (361) | \n\n (105) | \n\n (189) | \n
| \n % owned | \n\n \n | \n\n \n | \n\n \n | \n\n 50.00% | \n\n 50.00% | \n\n 50.00% | \n\n 50.00% | \n\n 50.00% | \n\n 50.00% | \n
| \n Equity value | \n\n 5,996 | \n\n 4,941 | \n\n 4,315 | \n\n 2,241 | \n\n 2,283 | \n\n 2,356 | \n\n 1,234 | \n\n 1,482 | \n\n 1,573 | \n
| \n including goodwill and identifiable assets | \n\n 392 | \n\n 430 | \n\n 465 | \n\n 1,971(a) | \n\n 1,981 | \n\n 2,208 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Profit/(loss) | \n\n 1,061 | \n\n 1,058 | \n\n 2,616 | \n\n 58 | \n\n 29 | \n\n (18) | \n\n (68) | \n\n (14) | \n\n 62 | \n
| \n Share of other comprehensive income, net amount | \n\n (20) | \n\n (14) | \n\n 137 | \n\n \u2013 | \n\n (1) | \n\n \u2013 | \n\n (176) | \n\n (69) | \n\n (59) | \n
| \n Dividends paid to TotalEnergies | \n\n 37 | \n\n 418 | \n\n 1,166 | \n\n 100 | \n\n 100 | \n\n 46 | \n\n \u2013 | \n\n 25 | \n\n 162 | \n
| \n (a)Goodwill represents the valuation of this entity's ability to generate future projects in the field of renewable energy and amounts to M$ 1,755 as of December 31, 2024. | \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), Ichthys LNG in Australia (26.00%) and Marsa LNG LLC (80.00%).
GIP III Zephyr Holdings, LLC holds the shares of Clearway Energy Group (CEG), a developer of renewables projects, owning 42% of economic interest of its listed subsidiary, Clearway Energy LLC. (CWEN).
Hanwha TotalEnergies Petrochemical Co., Ltd 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$) | \n\n 2024 | \n\n \n | \n\n 2023 | \n\n \n | \n\n 2022 | \n|||
|---|---|---|---|---|---|---|---|---|
| \n Associates | \n\n Joint-ventures | \n\n \n | \n\n Associates | \n\n Joint-ventures | \n\n \n | \n\n Associates | \n\n Joint-ventures | \n|
| \n Non-current assets | \n\n 5,198 | \n\n 15,929 | \n\n \u00a0 | \n\n 4,692 | \n\n 13,224 | \n\n \u00a0 | \n\n 5,818 | \n\n 11,281 | \n
| \n Current assets | \n\n 1,349 | \n\n 2,524 | \n\n \u00a0 | \n\n 1,214 | \n\n 2,988 | \n\n \u00a0 | \n\n 1,582 | \n\n 2,742 | \n
| \n Total assets | \n\n 6,547 | \n\n 18,453 | \n\n \u00a0 | \n\n 5,906 | \n\n 16,212 | \n\n \u00a0 | \n\n 7,400 | \n\n 14,023 | \n
| \n Shareholder's equity - TotalEnergies share | \n\n 1,107 | \n\n 6,604 | \n\n \u00a0 | \n\n 814 | \n\n 4,625 | \n\n \u00a0 | \n\n 1,354 | \n\n 3,894 | \n
| \n Shareholder's equity - Non-controlling interests | \n\n \u2013 | \n\n (2) | \n\n \u00a0 | \n\n \u2013 | \n\n 75 | \n\n \u00a0 | \n\n \u2013 | \n\n 140 | \n
| \n Non-current liabilities | \n\n 4,618 | \n\n 9,605 | \n\n \u00a0 | \n\n 4,388 | \n\n 8,798 | \n\n 7,375 | \n\n 5,180 | \n\n 7,375 | \n
| \n Current liabilities | \n\n 822 | \n\n 2,246 | \n\n \u00a0 | \n\n 704 | \n\n 2,714 | \n\n \u00a0 | \n\n 866 | \n\n 2,614 | \n
| \n Total liabilities | \n\n 6,547 | \n\n 18,453 | \n\n \u00a0 | \n\n 5,906 | \n\n 16,212 | \n\n \u00a0 | \n\n 7,400 | \n\n 14,023 | \n
| \n For the year ended December 31, (M$) | \n\n 2024 | \n\n \n | \n\n 2023 | \n\n \n | \n\n 2022 | \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 2,981 | \n\n 6,476 | \n\n \u00a0 | \n\n 2,026 | \n\n 7,451 | \n\n \u00a0 | \n\n 2,338 | \n\n 7,026 | \n
| \n Net income | \n\n 330 | \n\n (666) | \n\n \u00a0 | \n\n 4 | \n\n (279) | \n\n \u00a0 | \n\n 486 | \n\n 454 | \n
| \n Non-controlling interests | \n\n \u2013 | \n\n 1 | \n\n \u00a0 | \n\n \u2013 | \n\n (64) | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n
| \n Share of other comprehensive income items | \n\n 25 | \n\n (162) | \n\n \u00a0 | \n\n 14 | \n\n (67) | \n\n \u00a0 | \n\n 139 | \n\n 52 | \n
| \n Equity value | \n\n 2,314 | \n\n 8,016 | \n\n \u00a0 | \n\n 1,549 | \n\n 7,705 | \n\n \u00a0 | \n\n 2,216 | \n\n 6,379 | \n
| \n Profit/(Loss) | \n\n 302 | \n\n (689) | \n\n \u00a0 | \n\n (22) | \n\n (359) | \n\n \u00a0 | \n\n 434 | \n\n 15 | \n
| \n Dividends paid to TotalEnergies | \n\n 296 | \n\n 106 | \n\n \u00a0 | \n\n 323 | \n\n 120 | \n\n \u00a0 | \n\n 469 | \n\n 63 | \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 or 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, 2024 (M$) | \n\n As of | \n\n Increase-Decrease | \n\n Change in fair value | \n\n As of | \n
|---|---|---|---|---|
| \n Next Decade Corporation | \n\n 214 | \n\n \u2013 | \n\n 132 | \n\n 346 | \n
| \n Other shares at fair value through other comprehensive income (unit value < $50M) | \n\n 141 | \n\n 12 | \n\n 12 | \n\n 165 | \n
| \n Equity instruments recorded at fair value through other comprehensive income | \n\n 355 | \n\n 12 | \n\n 144 | \n\n 511 | \n
| \n BTC Limited | \n\n 5 | \n\n \u2013 | \n\n \u2013 | \n\n 5 | \n
| \n OGCI Climate Investments Holdings LLP | \n\n 50 | \n\n 7 | \n\n (1) | \n\n 56 | \n
| \n Nordian CPO (renamed TotalEnergies | \n\n 70 | \n\n (70) | \n\n \u2013 | \n\n \u2013 | \n
| \n Other shares at fair value through profit or loss | \n\n 1,063 | \n\n 6 | \n\n 24 | \n\n 1,093 | \n
| \n Equity instruments recorded at fair value through profit or loss | \n\n 1,188 | \n\n (57) | \n\n 23 | \n\n 1,154 | \n
| \n Total equity instruments | \n\n 1,543 | \n\n (45) | \n\n 167 | \n\n 1,665 | \n
| \n (a)Nordian CPO has been consolidated in 2024. | \n\n\n | \n\n\n | \n\n\n | \n
| \n As of December 31, 2023 (M$) | \n\n As of | \n\n Increase-Decrease | \n\n Change in fair value | \n\n As of | \n
|---|---|---|---|---|
| \n Next Decade Corporation | \n\n \u2013 | \n\n 219 | \n\n (5) | \n\n 214 | \n
| \n Other shares at fair value through other comprehensive income (unit value < $50M) | \n\n 119 | \n\n 28 | \n\n (6) | \n\n 141 | \n
| \n Equity instruments recorded at fair value through other comprehensive income | \n\n 119 | \n\n 247 | \n\n (11) | \n\n 355 | \n
| \n BTC Limited | \n\n 5 | \n\n \u2013 | \n\n \u2013 | \n\n 5 | \n
| \n Hubei Cathay Smart Energy Fund | \n\n 54 | \n\n (54) | \n\n \u2013 | \n\n \u2013 | \n
| \n OGCI Climate Investments Holdings LLP | \n\n 34 | \n\n 14 | \n\n 2 | \n\n 50 | \n
| \n Nordian CPO (renamed TotalEnergies Charging Services Espa\u00f1a SL) | \n\n \u2013 | \n\n 70 | \n\n \u2013 | \n\n 70 | \n
| \n Other shares at fair value through profit or loss | \n\n 839 | \n\n 250 | \n\n (26) | \n\n 1,063 | \n
| \n Equity instruments recorded at fair value through profit or loss | \n\n 932 | \n\n 280 | \n\n (24) | \n\n 1,188 | \n
| \n Total equity instruments | \n\n 1,051 | \n\n 527 | \n\n (35) | \n\n 1,543 | \n
| \n As of December 31, 2022 (M$) | \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 at fair value through other comprehensive income (unit value < $50M) | \n\n 116 | \n\n 13 | \n\n (10) | \n\n 119 | \n
| \n Equity instruments recorded at fair value through other comprehensive income | \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 OGCI Climate Investments Holdings LLP | \n\n \u2013 | \n\n 35 | \n\n (1) | \n\n 34 | \n
| \n Other shares at fair value through profit or loss | \n\n 1,002 | \n\n (89) | \n\n (74) | \n\n 839 | \n
| \n Equity instruments recorded at fair value through profit or loss | \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
Non-controlling interests
As of December 31, 2024, the subsidiaries with the most significant non-controlling interests are TotalEnergies Australia Unit Trust, TotalEnergies Gabon and TotalEnergies E&P Congo.
As of December 31, 2024, 1,441 entities are consolidated of which 199 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 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 \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 \n | \n\n Bayou Bend CCS OpCo LLC | \n\n 25.00% | \n\n E | \n\n United States | \n\n United States | \n
| \n \n | \n\n Bonny Gas Transport Limited | \n\n 15.00% | \n\n E | \n\n Bermuda | \n\n Nigeria | \n
| \n \n | \n\n Brass Holdings B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \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 \n | \n\n Congo Forest Company (CFC)\u00a0 | \n\n 100.00% | \n\n \n | \n\n Congo | \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 \n | \n\n E.F. Oil And Gas Limited | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \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 \n | \n\n Elf E&P | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Elf Exploration UK Limited | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Elf Petroleum Iran | \n\n 100.00% | \n\n \n | \n\n France | \n\n Iran | \n
| \n \n | \n\n Elf Petroleum UK Limited | \n\n 100.00% | \n\n \n | \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 \n | \n\n Global Forestry Development (GFD)\u00a0 | \n\n 49.00% | \n\n E | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n Luna Carbon Storage ANS | \n\n 40.00% | \n\n E | \n\n Norway | \n\n Norway | \n
| \n \n | \n\n Mabruk Oil Operations | \n\n 49.02% | \n\n \n | \n\n France | \n\n Libya | \n
| \n \n | \n\n Net Zero North Sea Storage Holdings Ltd | \n\n 10.00% | \n\n E | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Norpipe Oil AS | \n\n 34.93% | \n\n E | \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 \n | \n\n Norpipe Terminal Holdco Limited | \n\n 45.22% | \n\n E | \n\n United Kingdom | \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 \n | \n\n North Oil Company | \n\n 30.00% | \n\n E | \n\n Qatar | \n\n Qatar | \n
| \n \n | \n\n Northern Lights JV DA | \n\n 33.33% | \n\n E | \n\n Norway | \n\n Norway | \n
| \n \n | \n\n Pars LNG Limited | \n\n 40.00% | \n\n E | \n\n Bermuda | \n\n Iran | \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 \n | \n\n SapuraOMV Block 30 S.de R.L. de C.V. | \n\n 100.00% | \n\n \n | \n\n Mexico | \n\n Mexico | \n
| \n \n | \n\n Stogg Eagle Funding B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Nigeria | \n
| \n \n | \n\n TOQAP Guyana B.V. | \n\n 60.00% | \n\n \n | \n\n Netherlands | \n\n Guyana | \n
| \n \n | \n\n Total Austral | \n\n 100.00% | \n\n \n | \n\n France | \n\n Argentina | \n
| \n \n | \n\n Total E&P Al Shaheen A/S | \n\n 100.00% | \n\n \n | \n\n Denmark | \n\n Qatar | \n
| \n \n | \n\n Total E&P Angola Block 15/06 | \n\n 100.00% | \n\n \n | \n\n France | \n\n Angola | \n
| \n \n | \n\n Total E&P Angola Block 33 | \n\n 100.00% | \n\n \n | \n\n France | \n\n Angola | \n
| \n \n | \n\n Total E&P Angola Block 39 | \n\n 100.00% | \n\n \n | \n\n France | \n\n Angola | \n
| \n \n | \n\n Total E&P Chine | \n\n 100.00% | \n\n \n | \n\n France | \n\n China | \n
| \n \n | \n\n Total E&P Guyane Francaise | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Total E&P Jutland Denmark B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Denmark | \n
| \n \n | \n\n Total E&P Kurdistan Region of Iraq (Harir) B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Iraq | \n
| \n \n | \n\n Total E&P Kurdistan Region of Iraq (Safen) B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Iraq | \n
| \n \n | \n\n Total E&P Kurdistan Region of Iraq (Taza) B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Iraq | \n
| \n \n | \n\n Total E&P Kurdistan Region of Iraq B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Iraq | \n
| \n \n | \n\n Total E&P M2 Holdings Limited | \n\n 100.00% | \n\n \n | \n\n South Africa | \n\n South Africa | \n
| \n \n | \n\n Total E&P Participations Petrolieres Congo | \n\n 100.00% | \n\n \n | \n\n Congo | \n\n Congo | \n
| \n \n | \n\n Total E&P Philippines B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Philippines | \n
| \n \n | \n\n Total E&P Services China Company Limited | \n\n 100.00% | \n\n \n | \n\n China | \n\n China | \n
| \n \n | \n\n Total E&P South Pars | \n\n 100.00% | \n\n \n | \n\n France | \n\n Iran | \n
| \n \n | \n\n Total E&P South Sudan | \n\n 100.00% | \n\n \n | \n\n France | \n\n South Sudan | \n
| \n \n | \n\n Total E&P Syrie | \n\n 100.00% | \n\n \n | \n\n France | \n\n Syria | \n
| \n \n | \n\n Total E&P Tajikistan B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Tajikistan | \n
| \n \n | \n\n Total Oil and Gas South America | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Total Pars LNG | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Total South Pars | \n\n 100.00% | \n\n \n | \n\n France | \n\n Iran | \n
| \n \n | \n\n TotalEnergies Anchor USA LLC\u00a0 | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies BTC B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Azerbaijan | \n
| \n \n | \n\n TotalEnergies Carbon Solutions | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies CCS UK Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies CCS USA, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Denmark ASW | \n\n 100.00% | \n\n \n | \n\n United States | \n\n Denmark | \n
| \n \n | \n\n TotalEnergies Denmark ASW Pipeline ApS | \n\n 100.00% | \n\n \n | \n\n Denmark | \n\n Denmark | \n
| \n \n | \n\n TotalEnergies E&P Algerie | \n\n 100.00% | \n\n \n | \n\n France | \n\n Algeria | \n
| \n \n | \n\n TotalEnergies E&P Algerie Berkine A/S | \n\n 100.00% | \n\n \n | \n\n Denmark | \n\n Algeria | \n
| \n \n | \n\n TotalEnergies E&P Americas LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies E&P Colombie | \n\n 100.00% | \n\n \n | \n\n France | \n\n Colombia | \n
| \n \n | \n\n TotalEnergies E&P New Ventures Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies E&P North Sea UK Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies E&P Research & Technology USA LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies E&P UK Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies E&P USA Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies E&P USA Oil Shale LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies E&P USA Well Containment LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies East Africa Midstream B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Uganda | \n
| \n \n | \n\n TotalEnergies EP Absheron B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Azerbaijan | \n
| \n \n | \n\n TotalEnergies EP Abu Al Bu Khoosh | \n\n 100.00% | \n\n \n | \n\n France | \n\n United Arab Emirates | \n
| \n \n | \n\n TotalEnergies EP Angola | \n\n 100.00% | \n\n \n | \n\n France | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP Angola Block 16 | \n\n 100.00% | \n\n \n | \n\n France | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP Angola Block 16 Holdings\u00a0 | \n\n 100.00% | \n\n \n | \n\n France | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP Angola Block 16-21 | \n\n 100.00% | \n\n \n | \n\n France | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP Angola Block 17.06 | \n\n 100.00% | \n\n \n | \n\n France | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP Angola Block 20 | \n\n 100.00% | \n\n \n | \n\n France | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP Angola Block 25 | \n\n 100.00% | \n\n \n | \n\n France | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP Angola Block 29 | \n\n 100.00% | \n\n \n | \n\n France | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP Angola Block 32 | \n\n 100.00% | \n\n \n | \n\n France | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP Angola Block 40 | \n\n 100.00% | \n\n \n | \n\n France | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP Angola Block 48 B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP Aotearoa Sdn Bhd | \n\n 100.00% | \n\n \n | \n\n Malaysia | \n\n New Zealand | \n
| \n \n | \n\n TotalEnergies EP Asia Pacific Pte. Ltd | \n\n 100.00% | \n\n \n | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies EP Azerbaijan B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Azerbaijan | \n
| \n \n | \n\n TotalEnergies EP Block 9 | \n\n 100.00% | \n\n \n | \n\n France | \n\n Lebanon | \n
| \n \n | \n\n TotalEnergies EP Bolivie | \n\n 100.00% | \n\n \n | \n\n France | \n\n Bolivia | \n
| \n \n | \n\n TotalEnergies EP Brasil Ltda | \n\n 100.00% | \n\n \n | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n TotalEnergies EP Bulgaria B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Bulgaria | \n
| \n \n | \n\n TotalEnergies EP Cambodge\u00a0 | \n\n 100.00% | \n\n \n | \n\n France | \n\n Cambodia | \n
| \n \n | \n\n TotalEnergies EP Chissonga | \n\n 100.00% | \n\n \n | \n\n France | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP Company UK Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies EP Congo | \n\n 85.00% | \n\n \n | \n\n Congo | \n\n Congo | \n
| \n \n | \n\n TotalEnergies EP Cyprus B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Cyprus | \n
| \n \n | \n\n TotalEnergies EP Danmark A/S\u00a0 | \n\n 100.00% | \n\n \n | \n\n Denmark | \n\n Denmark | \n
| \n \n | \n\n TotalEnergies EP Danmark A/S - CPH | \n\n 100.00% | \n\n \n | \n\n Denmark | \n\n Denmark | \n
| \n \n | \n\n TotalEnergies EP Dolphin Holdings | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Dolphin Midstream | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Dolphin Upstream | \n\n 100.00% | \n\n \n | \n\n France | \n\n Qatar | \n
| \n \n | \n\n TotalEnergies EP France | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Gabon | \n\n 58.28% | \n\n \n | \n\n Gabon | \n\n Gabon | \n
| \n \n | \n\n TotalEnergies EP Gass Handel Norge AS | \n\n 100.00% | \n\n \n | \n\n Norway | \n\n Norway | \n
| \n \n | \n\n TotalEnergies EP Gastransport Nederland B.V.\u00a0 | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies EP Golfe | \n\n 100.00% | \n\n \n | \n\n France | \n\n Qatar | \n
| \n \n | \n\n TotalEnergies EP Greece B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Greece | \n
| \n \n | \n\n TotalEnergies EP Guyana B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Guyana | \n
| \n \n | \n\n TotalEnergies EP Holdings Russia | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Holdings UAE B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n United Arab Emirates | \n
| \n \n | \n\n TotalEnergies EP International K1 Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n Kenya | \n
| \n \n | \n\n TotalEnergies EP International K2 Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n Kenya | \n
| \n \n | \n\n TotalEnergies EP International K3 Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n Kenya | \n
| \n \n | \n\n TotalEnergies EP International Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n Kenya | \n
| \n \n | \n\n TotalEnergies EP Iran B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Iran | \n
| \n \n | \n\n TotalEnergies EP Iraq | \n\n 100.00% | \n\n \n | \n\n France | \n\n Iraq | \n
| \n \n | \n\n TotalEnergies EP Italia S.p.A. | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n TotalEnergies EP Kazakhstan | \n\n 100.00% | \n\n \n | \n\n France | \n\n Kazakhstan | \n
| \n \n | \n\n TotalEnergies EP Kenya B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Kenya | \n
| \n \n | \n\n TotalEnergies EP Liban S.A.L. | \n\n 100.00% | \n\n \n | \n\n Lebanon | \n\n Lebanon | \n
| \n \n | \n\n TotalEnergies EP Libye | \n\n 100.00% | \n\n \n | \n\n France | \n\n Libya | \n
| \n \n | \n\n TotalEnergies EP Lower Zakum B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n United Arab Emirates | \n
| \n \n | \n\n TotalEnergies EP Malaysia | \n\n 100.00% | \n\n \n | \n\n France | \n\n Malaysia | \n
| \n \n | \n\n TotalEnergies EP Mauritania Block C18 B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Mauritania | \n
| \n \n | \n\n TotalEnergies EP Mauritania Block C9 B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Mauritania | \n
| \n \n | \n\n TotalEnergies EP Mauritania Blocks DW B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Mauritania | \n
| \n \n | \n\n TotalEnergies EP Mauritanie | \n\n 100.00% | \n\n \n | \n\n France | \n\n Mauritania | \n
| \n \n | \n\n TotalEnergies EP M'Bridge B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP Mexico S.A. de C.V. | \n\n 100.00% | \n\n \n | \n\n Mexico | \n\n Mexico | \n
| \n \n | \n\n TotalEnergies EP Myanmar | \n\n 100.00% | \n\n \n | \n\n France | \n\n Myanmar | \n
| \n \n | \n\n TotalEnergies EP Namibia B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Namibia | \n
| \n \n | \n\n TotalEnergies EP Nederland B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies EP Nigeria Deepwater A Ltd | \n\n 100.00% | \n\n \n | \n\n Nigeria | \n\n Nigeria | \n
| \n \n | \n\n TotalEnergies EP Nigeria Deepwater B Ltd | \n\n 100.00% | \n\n \n | \n\n Nigeria | \n\n Nigeria | \n
| \n \n | \n\n TotalEnergies EP Nigeria Deepwater C Ltd | \n\n 100.00% | \n\n \n | \n\n Nigeria | \n\n Nigeria | \n
| \n \n | \n\n TotalEnergies EP Nigeria Deepwater D Ltd | \n\n 100.00% | \n\n \n | \n\n Nigeria | \n\n Nigeria | \n
| \n \n | \n\n TotalEnergies EP Nigeria Deepwater E Ltd | \n\n 100.00% | \n\n \n | \n\n Nigeria | \n\n Nigeria | \n
| \n \n | \n\n TotalEnergies EP Nigeria Deepwater F Ltd | \n\n 100.00% | \n\n \n | \n\n Nigeria | \n\n Nigeria | \n
| \n \n | \n\n TotalEnergies EP Nigeria Deepwater G Ltd | \n\n 100.00% | \n\n \n | \n\n Nigeria | \n\n Nigeria | \n
| \n \n | \n\n TotalEnergies EP Nigeria Deepwater H Ltd | \n\n 100.00% | \n\n \n | \n\n Nigeria | \n\n Nigeria | \n
| \n \n | \n\n TotalEnergies EP Nigeria Ltd | \n\n 100.00% | \n\n \n | \n\n Nigeria | \n\n Nigeria | \n
| \n \n | \n\n TotalEnergies EP Nigeria S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Norge AS | \n\n 100.00% | \n\n \n | \n\n Norway | \n\n Norway | \n
| \n \n | \n\n TotalEnergies EP Oman Block 11 B.V. | \n\n 100.00% | \n\n \n | \n\n France | \n\n Oman | \n
| \n \n | \n\n TotalEnergies EP Oman S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n Oman | \n
| \n \n | \n\n TotalEnergies EP Petroleum Angola | \n\n 100.00% | \n\n \n | \n\n France | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP Pipelines Danmark A/S\u00a0 | \n\n 100.00% | \n\n \n | \n\n Denmark | \n\n Denmark | \n
| \n \n | \n\n TotalEnergies EP Profils Petroliers | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Qatar | \n\n 100.00% | \n\n \n | \n\n France | \n\n Qatar | \n
| \n \n | \n\n TotalEnergies EP Qatar 2 | \n\n 100.00% | \n\n \n | \n\n France | \n\n Qatar | \n
| \n \n | \n\n TotalEnergies EP Ratawi Hub | \n\n 100.00% | \n\n \n | \n\n France | \n\n Iraq | \n
| \n \n | \n\n TotalEnergies EP Russie | \n\n 100.00% | \n\n \n | \n\n France | \n\n Russia | \n
| \n \n | \n\n TotalEnergies EP Sao Tome and Principe B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP Sebuku | \n\n 100.00% | \n\n \n | \n\n France | \n\n Indonesia | \n
| \n \n | \n\n TotalEnergies EP Senegal | \n\n 100.00% | \n\n \n | \n\n France | \n\n Senegal | \n
| \n \n | \n\n TotalEnergies EP Services Brazil B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies EP South Africa Block 567 (Pty) Ltd\u00a0\u00a0 | \n\n 100.00% | \n\n \n | \n\n South Africa | \n\n South Africa | \n
| \n \n | \n\n TotalEnergies EP South Africa S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n South Africa | \n
| \n \n | \n\n TotalEnergies EP Suriname B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Suriname | \n
| \n \n | \n\n TotalEnergies EP Thailand | \n\n 100.00% | \n\n \n | \n\n France | \n\n Thailand | \n
| \n \n | \n\n TotalEnergies EP UAE Unconventional Gas B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n United Arab Emirates | \n
| \n \n | \n\n TotalEnergies EP Uganda S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n Uganda | \n
| \n \n | \n\n TotalEnergies EP Umm Lulu SARB | \n\n 100.00% | \n\n \n | \n\n France | \n\n United Arab Emirates | \n
| \n \n | \n\n TotalEnergies EP Umm Shaif Nasr B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n United Arab Emirates | \n
| \n \n | \n\n TotalEnergies EP Vostok LLC | \n\n 100.00% | \n\n \n | \n\n Russia | \n\n Russia | \n
| \n \n | \n\n TotalEnergies EP Waha | \n\n 100.00% | \n\n \n | \n\n France | \n\n Libya | \n
| \n \n | \n\n TotalEnergies EP Well Response | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Western Australia Pty Ltd | \n\n 100.00% | \n\n \n | \n\n Australia | \n\n Australia | \n
| \n \n | \n\n TotalEnergies EP Yemen | \n\n 100.00% | \n\n \n | \n\n France | \n\n Yemen | \n
| \n \n | \n\n TotalEnergies EP Yemen Block 3 B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Yemen | \n
| \n \n | \n\n TotalEnergies Holdings EACOP S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n Uganda | \n
| \n \n | \n\n TotalEnergies Holdings International B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies Holdings Nederland B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies Jack USA LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies LNG Supply Services USA | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Nature Based Solutions | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Nature Based Solutions II\u00a0 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Nederland Facilities Management B.V.\u00a0 | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies Offshore GB Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Offshore UK Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Petroleo & Gas Brasil Ltda | \n\n 100.00% | \n\n \n | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n TotalEnergies Shipping Brazil B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Brazil | \n
| \n \n | \n\n TotalEnergies Upstream Danmark A/S | \n\n 100.00% | \n\n \n | \n\n Denmark | \n\n Denmark | \n
| \n \n | \n\n TotalEnergies Upstream Nigeria | \n\n 100.00% | \n\n \n | \n\n Nigeria | \n\n Nigeria | \n
| \n \n | \n\n TotalEnergies Upstream UK Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Uintah Colorado Resources II, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Uintah Colorado Resources, LLC | \n\n 66.67% | \n\n \n | \n\n United States | \n\n United States | \n
| \n Integrated LNG | \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 \n | \n\n Adani Total Gas Ltd (d) | \n\n 37.40% | \n\n E | \n\n India | \n\n India | \n
| \n \n | \n\n Adani Total LNG Singapore Pte. Ltd | \n\n 50.00% | \n\n E | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n Adani Total Private Limited | \n\n 50.00% | \n\n E | \n\n India | \n\n India | \n
| \n \n | \n\n Angola LNG Ltd | \n\n 13.60% | \n\n E | \n\n Bermuda | \n\n Angola | \n
| \n \n | \n\n BioBearn S.A.S. | \n\n 100.00% | \n\n \n | \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 \n | \n\n BioGasconha S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Biogaz Breuil | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Biogaz Chatillon | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Biogaz Corcelles | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Biogaz Epinay | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Biogaz Libron | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Biogaz Milhac | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Biogaz Soignolles | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Biogaz Torcy | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Biogaz Vert Le Grand | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Biogaz Viriat | \n\n 100.00% | \n\n \n | \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 \n | \n\n BioPommeria S.A.S. | \n\n 100.00% | \n\n \n | \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 \n | \n\n Bioroussillon S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Biovilleneuvois S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \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 \n | \n\n Del Rio Funding LLC (a) | \n\n 59.53% | \n\n E | \n\n United States | \n\n United States | \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 \n | \n\n Fonroche Energies Renouvelables S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Gas Del Litoral SRLCV | \n\n 25.00% | \n\n E | \n\n Mexico | \n\n Mexico | \n
| \n \n | \n\n Global LNG North America Corporation | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Global LNG S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Greenflex Actirent Group, S.L. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Greenflex S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \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 \n | \n\n Ichthys LNG Pty Limited | \n\n 26.00% | \n\n E | \n\n Australia | \n\n Australia | \n
| \n \n | \n\n Margeriaz Energie | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Marsa LNG, LLC | \n\n 80.00% | \n\n E | \n\n Oman | \n\n Oman | \n
| \n \n | \n\n Methanergy | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Moz LNG1 Co-Financing Company | \n\n 26.50% | \n\n \n | \n\n Mozambique | \n\n Mozambique | \n
| \n \n | \n\n Moz LNG1 Holding Company Ltd | \n\n 26.50% | \n\n \n | \n\n United Arab Emirates | \n\n United Arab Emirates | \n
| \n \n | \n\n Mozambique LNG Marine Terminal Company S.A. | \n\n 26.50% | \n\n \n | \n\n Mozambique | \n\n Mozambique | \n
| \n \n | \n\n Mozambique LNG1 Financing Company Ltd | \n\n 26.50% | \n\n \n | \n\n United Arab Emirates | \n\n United Arab Emirates | \n
| \n \n | \n\n Mozambique MOF Company S.A. | \n\n 26.50% | \n\n \n | \n\n Mozambique | \n\n Mozambique | \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 \n | \n\n Nigeria LNG Limited | \n\n 15.00% | \n\n E | \n\n Nigeria | \n\n Nigeria | \n
| \n \n | \n\n Oman LNG, LLC | \n\n 5.54% | \n\n E | \n\n Oman | \n\n Oman | \n
| \n \n | \n\n Papua LNG Development Pte Ltd | \n\n 100.00% | \n\n \n | \n\n Singapore | \n\n Papua New Guinea | \n
| \n \n | \n\n PGB Energetyka | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n PGB Energetyka 1 | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n PGB Energetyka 2 | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n PGB Energetyka 3 | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n PGB Energetyka 4 | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n PGB Energetyka 5 | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n PGB Energetyka 6 | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n PGB Energetyka 7 | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n PGB Energetyka 8 | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n PGB Energetyka 9 | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n PGB Energetyka 10 | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n PGB Energetyka 11 | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n PGB Energetyka 12 | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n PGB Energetyka 13 | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n PGB Energetyka 14 | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n PGB Energetyka 15 | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n PGB Energetyka 16 | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n PGB Energetyka 17 | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n PGB Energetyka 18 | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n PGB Energetyka 19 | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n PGB Energetyka 20 | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n PGB Energetyka 21 | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n PGB Energetyka 22 | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n PGB Energetyka 23 | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n PGB Energetyka 24 | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n PGB Energetyka 26 | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n PGB Energetyka 27 | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n PGB Energetyka 28 | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n PGB Inwestycje | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n PGB Serwis | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n Polska Grupa Biogazowa S.A. | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \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 \n | \n\n Qatar Liquified Gas Company Limited 10 (QG10) - NFS Project | \n\n 25.00% | \n\n E | \n\n Qatar | \n\n Qatar | \n
| \n \n | \n\n Qatar Liquified Gas Company Limited 5 (QG5) - NFE Project | \n\n 25.00% | \n\n E | \n\n Qatar | \n\n Qatar | \n
| \n \n | \n\n Rio Grande LNG Intermediate Holdings, LLC (b) | \n\n 20.31% | \n\n E | \n\n United States | \n\n United States | \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 \n | \n\n Total E&P East El Burullus Offshore B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Egypt | \n
| \n \n | \n\n Total E&P Egypt Block 2 B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Egypt | \n
| \n \n | \n\n Total E&P Indonesie | \n\n 100.00% | \n\n \n | \n\n France | \n\n Indonesia | \n
| \n \n | \n\n Total Eren H2 | \n\n 80.00% | \n\n E | \n\n France | \n\n France | \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 \n | \n\n TotalEnergies Australia Unit Trust (c) | \n\n 0.00% | \n\n \n | \n\n Australia | \n\n Australia | \n
| \n \n | \n\n TotalEnergies Biogas Holdings USA, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Biogaz France | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies CCS Australia Pty Ltd | \n\n 100.00% | \n\n \n | \n\n Australia | \n\n Australia | \n
| \n \n | \n\n TotalEnergies E&P SW Texas, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies E&P Yamal | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Angola Developpement Gaz | \n\n 100.00% | \n\n \n | \n\n France | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP Australia | \n\n 100.00% | \n\n \n | \n\n France | \n\n Australia | \n
| \n \n | \n\n TotalEnergies EP Australia II | \n\n 100.00% | \n\n \n | \n\n France | \n\n Australia | \n
| \n \n | \n\n TotalEnergies EP Australia III | \n\n 100.00% | \n\n \n | \n\n France | \n\n Australia | \n
| \n \n | \n\n TotalEnergies EP Barnett USA | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies EP CentralAmerica Sdn Bhd | \n\n 100.00% | \n\n \n | \n\n Malaysia | \n\n Malaysia | \n
| \n \n | \n\n TotalEnergies EP Egypt North Ras Kanayis Offshore B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Egypt | \n
| \n \n | \n\n TotalEnergies EP Egypte | \n\n 100.00% | \n\n \n | \n\n France | \n\n Egypt | \n
| \n \n | \n\n TotalEnergies EP Exploration Australia Pty Ltd | \n\n 100.00% | \n\n \n | \n\n Australia | \n\n Australia | \n
| \n \n | \n\n TotalEnergies EP Holdings Australia Pty Ltd | \n\n 100.00% | \n\n \n | \n\n Australia | \n\n Australia | \n
| \n \n | \n\n TotalEnergies EP Holdings Mauritius Ltd | \n\n 100.00% | \n\n \n | \n\n Mauritius Island | \n\n Mauritius Island | \n
| \n \n | \n\n TotalEnergies EP Ichthys Holdings | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Ichthys Pty Ltd | \n\n 100.00% | \n\n \n | \n\n Australia | \n\n Australia | \n
| \n \n | \n\n TotalEnergies EP JV New Zealand Sdn Bhd | \n\n 100.00% | \n\n \n | \n\n Malaysia | \n\n Malaysia | \n
| \n \n | \n\n TotalEnergies EP Kundu Limited | \n\n 100.00% | \n\n \n | \n\n Papua New Guinea | \n\n Papua New Guinea | \n
| \n \n | \n\n TotalEnergies EP Malaysia Holdings Sdn Bhd | \n\n 100.00% | \n\n \n | \n\n Malaysia | \n\n Malaysia | \n
| \n \n | \n\n TotalEnergies EP Malaysia International Sdn. Bhd | \n\n 100.00% | \n\n \n | \n\n Malaysia | \n\n Malaysia | \n
| \n \n | \n\n TotalEnergies EP Mozambique Area1, Ltda | \n\n 100.00% | \n\n \n | \n\n Mozambique | \n\n Mozambique | \n
| \n \n | \n\n TotalEnergies EP Oceania Sdn Bhd | \n\n 100.00% | \n\n \n | \n\n Malaysia | \n\n Malaysia | \n
| \n \n | \n\n TotalEnergies EP Oman Block 12 B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Oman | \n
| \n \n | \n\n TotalEnergies EP Oman Development B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Oman | \n
| \n \n | \n\n TotalEnergies EP PNG Ltd | \n\n 100.00% | \n\n \n | \n\n Papua New Guinea | \n\n Papua New Guinea | \n
| \n \n | \n\n TotalEnergies EP PNG2 B.V.\u00a0 | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Papua New Guinea | \n
| \n \n | \n\n TotalEnergies EP Sabah Sdn Bhd | \n\n 100.00% | \n\n \n | \n\n Malaysia | \n\n Malaysia | \n
| \n \n | \n\n TotalEnergies EP Salmanov | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Sarawak Inc | \n\n 100.00% | \n\n \n | \n\n Bahamas | \n\n Malaysia | \n
| \n \n | \n\n TotalEnergies EP Singapore Pte. Ltd. | \n\n 100.00% | \n\n \n | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies EP Sureste Sdn Bhd | \n\n 100.00% | \n\n \n | \n\n Malaysia | \n\n Malaysia | \n
| \n \n | \n\n TotalEnergies EP Tengah | \n\n 100.00% | \n\n \n | \n\n France | \n\n Indonesia | \n
| \n \n | \n\n TotalEnergies EP Transshipment S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Gas & Power Asia Private Limited\u00a0 | \n\n 100.00% | \n\n \n | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Gas & Power Holdings UK Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Gas & Power Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Gas & Power North America, Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Gas & Power Services UK Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Gas Pipeline USA, Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Gaz & Electricite Holdings | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies GLNG Australia | \n\n 100.00% | \n\n \n | \n\n France | \n\n Australia | \n
| \n \n | \n\n TotalEnergies GLNG Holdings Australia S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n Australia | \n
| \n \n | \n\n TotalEnergies LNG Angola | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies LNG services France | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Sviluppo Italia S.R.L. | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n TotalEnergies USA International LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Yemen LNG Company Ltd | \n\n 100.00% | \n\n \n | \n\n Bermuda | \n\n Bermuda | \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 Yemen LNG Company Limited | \n\n 39.62% | \n\n E | \n\n Bermuda | \n\n Yemen | \n
| \n Integrated Power | \n|||||
| \n \n | \n\n Abarloar Solar S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Abeto Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Access Building Egypt Solar One | \n\n 100.00% | \n\n \n | \n\n Egypt | \n\n Egypt | \n
| \n \n | \n\n Access Egypt Solar One | \n\n 100.00% | \n\n \n | \n\n Egypt | \n\n Egypt | \n
| \n \n | \n\n Adani Green Energy Ltd | \n\n 19.75% | \n\n E | \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 \n | \n\n Adani Renewable Energy Holding Nine Limited | \n\n 50.00% | \n\n E | \n\n India | \n\n India | \n
| \n \n | \n\n Adani Renewable Energy Sixty four Limited | \n\n 50.00% | \n\n E | \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 \n | \n\n Aerospatiale Batteries (ASB) | \n\n 50.00% | \n\n E | \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 \n | \n\n Aerowatt Energies 2 | \n\n 51.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n AES CFE Holding III, LLC | \n\n 30.00% | \n\n E | \n\n United States | \n\n United States | \n
| \n \n | \n\n Al Kharsaa Solar Holdings B.V. | \n\n 49.00% | \n\n E | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n Alberche Conex, S.L. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Alcad AB | \n\n 100.00% | \n\n \n | \n\n Sweden | \n\n Sweden | \n
| \n \n | \n\n Alicante | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Alicante 2 | \n\n 50.00% | \n\n E | \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 \n | \n\n Altergie Territoires 3 | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Altergie Territoires 5 | \n\n 50.00% | \n\n E | \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 \n | \n\n Amber Solar Power Cuatro, S.L. | \n\n 65.00% | \n\n E | \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 \n | \n\n Amber Solar Power Diez, S.L. | \n\n 65.00% | \n\n E | \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 \n | \n\n Amber Solar Power Quince, S.L. | \n\n 65.00% | \n\n E | \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 \n | \n\n Amber Solar Power Uno, S.L. | \n\n 65.00% | \n\n E | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Amura Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Anayet Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Anclote Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Ancora Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Anemopetra | \n\n 100.00% | \n\n \n | \n\n Greece | \n\n Greece | \n
| \n \n | \n\n Arbotante Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Armada Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Atolon Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Attentive Energy, LLC | \n\n 56.00% | \n\n E | \n\n United States | \n\n United States | \n
| \n \n | \n\n Auriga Generacion S.L. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Automotive Cells Company, S.E. | \n\n 24.27% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Avenir Solaire Etoile | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Avenir Solaire Portfolio | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Avenir Solaire Rhea | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Avenir Solaire Tethys | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Avenir Solaire Titan | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Baker Creek Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Ballupur Solar Power Projects Private Ltd | \n\n 50.00% | \n\n E | \n\n India | \n\n India | \n
| \n \n | \n\n Baltic Sea OFW O-2.2 GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Baser Comercializadora de Referencia | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Belharra | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Bidasoa Conex, S.L. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n BJL11 Solar S.A. | \n\n 90.00% | \n\n \n | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n BJL4 Solar S.A. | \n\n 90.00% | \n\n \n | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n Brazoria Solar I, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Brazoria Solar II, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Brur Hail Sun, Limited Partnership | \n\n 44.64% | \n\n \n | \n\n Israel | \n\n Israel | \n
| \n \n | \n\n Budeshte Agro | \n\n 100.00% | \n\n \n | \n\n Bulgaria | \n\n Bulgaria | \n
| \n \n | \n\n Canal City Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Casa dos Ventos S.A. | \n\n 34.00% | \n\n E | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n Castellaneta Solar S.R.L. | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n Castille | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Cefeo Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Centaurus Environment S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Central Eolica Pampa de Malaspina S.A.U. | \n\n 100.00% | \n\n \n | \n\n Argentina | \n\n Argentina | \n
| \n \n | \n\n Central Eolica Terra Santa SPE I S.A. | \n\n 88.77% | \n\n \n | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n Central Eolica Terra Santa SPE II S.A. | \n\n 88.77% | \n\n \n | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n Centrale Eolienne Alaincourt | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Eolienne De La Vallee Gentillesse | \n\n 74.80% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Eolienne Mont de l'Arbre III | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Eolienne RENFR 220 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Eolienne Vallee de la Craie | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Hydroelectrique Alas | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Hydroelectrique Ardon | \n\n 90.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Hydroelectrique Arvan | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Hydroelectrique Barbaira | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Hydroelectrique Bonnant | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Hydroelectrique Gavet | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Hydroelectrique Grand Vallon | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Hydroelectrique Miage | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Hydroelectrique Previnquieres | \n\n 100.00% | \n\n \n | \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 \n | \n\n Centrale Solaire 2 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire 21.09-3 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire 21.09-4 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire 21.09-5 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire APV R&D | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Autoprod | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Autoroutes PV BFC | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Bayet | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Beauce Val de Loire | \n\n 60.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Carrefour de l'Europe | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire CET La Babiniere | \n\n 100.00% | \n\n \n | \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 \n | \n\n Centrale Solaire De Cazedarnes | \n\n 75.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire de La Bezassade | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Dom | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Du Centre Ouest | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Du Lavoir | \n\n 60.00% | \n\n \n | \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 \n | \n\n Centrale Solaire Golbey | \n\n 51.05% | \n\n E | \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 \n | \n\n Centrale Solaire Heliovale | \n\n 59.63% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire La Castello | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire La Jouannetterie | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire La Potence | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire La Roquette | \n\n 100.00% | \n\n \n | \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 \n | \n\n Centrale Solaire Lacoste | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Le Carteyrou | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Le Trabet | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Les Cordeliers | \n\n 83.98% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Les Cordeliers 2 | \n\n 75.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire l'Estrade | \n\n 100.00% | \n\n \n | \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 \n | \n\n Centrale Solaire Lot 1 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Macouria | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Marlan | \n\n 100.00% | \n\n \n | \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 \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 Centrale Solaire Moussoulens | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Olinoca | \n\n 10.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Ombrieres Cap Agathois | \n\n 83.98% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Ombrieres De Blyes | \n\n 60.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Plateau De Pouls | \n\n 51.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Pouy Negue | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Pouy Negue 2 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire RENFR 331 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire RENFR 397 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire RENFR 412 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire RENFR 422 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire RENFR 440 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire RENFR 450 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire RENFR 453 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire RENFR 627 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire RENFR 628 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire RENFR 629 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Roquecamude | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Solarshare Bordeaux | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire SRG Energy | \n\n 80.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Terre du Roi | \n\n 100.00% | \n\n \n | \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 \n | \n\n Centrale Solaire Touzery | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire TQ 3 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire TQ 5 | \n\n 100.00% | \n\n \n | \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 \n | \n\n Cerezo Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Chudiala Solar Power Projects Private Ltd | \n\n 50.00% | \n\n E | \n\n India | \n\n India | \n
| \n \n | \n\n Cidra Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Circinus Energy, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Clean Energy | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n Clean Energy 1 | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n Clinton Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Colorado Bend I Power, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Colorado Bend Services, LLC | \n\n 50.00% | \n\n E | \n\n United States | \n\n United States | \n
| \n \n | \n\n Columba Renovables S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Comanche Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Core Energy Development, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Core Fund 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Core Solar Capital, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Core Solar Data, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Core Solar Development, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Core Solar DG, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Core Solar Holdings I, LLC | \n\n 100.00% | \n\n \n | \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 \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Core Solar SPV X, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Core Solar SPV XV, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Core Solar SPV XXIV, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Core Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Cottonwood Bayou Storage, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Cottonwood Solar Cash Equity HoldCo, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Cottonwood Solar Class B HoldCo, LLC | \n\n 50.00% | \n\n E | \n\n United States | \n\n United States | \n
| \n \n | \n\n Cowtown Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Crc Kern Front Tugboat, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n CS Anacona 1A, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n CS Anacona 1B, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n CS Anacona 1C, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n CS Black Oak A, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n CS Black Oak B, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n CS Clare, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n CS Danville, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n CS Kernan A, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n CS Kernan B, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n CS Kernan C, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n CS Kernan D, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n CS Long Point 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n CS Long Point 2A, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n CS Long Point 2B, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n CS Quadrao 2 | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n CS Spring Lake, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n CS Streator, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Cygnus Environment, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n DEMOSITES2022 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Dracena I Parque Solar S.A. | \n\n 100.00% | \n\n \n | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n Dracena II Parque Solar S.A. | \n\n 100.00% | \n\n \n | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n Dracena IV Parque Solar S.A. | \n\n 100.00% | \n\n \n | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n Driza Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Dubovo Energy | \n\n 100.00% | \n\n \n | \n\n Bulgaria | \n\n Bulgaria | \n
| \n \n | \n\n Eclipse Solar SpA | \n\n 100.00% | \n\n \n | \n\n Chile | \n\n Chile | \n
| \n \n | \n\n Ecosol San Luis S.A.U. | \n\n 100.00% | \n\n \n | \n\n Argentina | \n\n Argentina | \n
| \n \n | \n\n Edelweis Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Eden Mumbai Solar Private Ltd | \n\n 50.00% | \n\n E | \n\n India | \n\n India | \n
| \n \n | \n\n Eden Renewable Cite Private Ltd | \n\n 50.00% | \n\n E | \n\n India | \n\n India | \n
| \n \n | \n\n Eden Renewable Ranji Private Ltd | \n\n 50.00% | \n\n E | \n\n India | \n\n India | \n
| \n \n | \n\n Eden Solar Energy Gurgaon Private Ltd | \n\n 50.00% | \n\n E | \n\n India | \n\n India | \n
| \n \n | \n\n Eden Solar Rajdhani Private Ltd | \n\n 50.00% | \n\n E | \n\n India | \n\n India | \n
| \n \n | \n\n El Bosc | \n\n 60.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Elliniki Eoliki Energeiaki S.A. | \n\n 86.00% | \n\n \n | \n\n Greece | \n\n Greece | \n
| \n \n | \n\n EMV Energy Investments S.A. | \n\n 100.00% | \n\n \n | \n\n Greece | \n\n Greece | \n
| \n \n | \n\n ENEOS TotalEnergies Renewables Solar Development Japan G.K. | \n\n 50.00% | \n\n E | \n\n Japan | \n\n Japan | \n
| \n \n | \n\n Energia SI | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n Energie Developpement | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Eneryo S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Enwind | \n\n 98.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n Eol Maral I SPE S.A. | \n\n 100.00% | \n\n \n | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n Eol Maral II SPE S.A. | \n\n 100.00% | \n\n \n | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n Eole Boin | \n\n 100.00% | \n\n \n | \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 \n | \n\n Eole Dadoud | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Eole Fonds Caraibes | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Eole Grand Maison | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Eole La Montagne | \n\n 87.60% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Eole La Perriere S.A.R.L. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Eole La Plaine | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Eole Morne Carriere | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Eole Yate | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Eolica da Boneca - Empreendimentos Eolicos S.A. | \n\n 33.00% | \n\n E | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n Eolmed | \n\n 20.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Eren do Brasil Participac\u00f5es e Consultoria em Energia Ltda | \n\n 99.81% | \n\n \n | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n Eren Maral Participac\u00f5es S.A. | \n\n 100.00% | \n\n \n | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n Eren Terra Santa Participac\u00f5es S.A. | \n\n 94.22% | \n\n \n | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n Essakane Solar S.A.S. | \n\n 90.00% | \n\n \n | \n\n Burkina Faso | \n\n Burkina Faso | \n
| \n \n | \n\n E-Vento Ciro | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n Evergreen Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n ExGen Texas Power, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Falla Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n FE Tutly Solar LLC | \n\n 100.00% | \n\n \n | \n\n Uzbekistan | \n\n Uzbekistan | \n
| \n \n | \n\n Fleming Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Fluxsol | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n FPV Blanchard | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Friemann & Wolf Batterietechnick GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Futur Portfolio | \n\n 100.00% | \n\n \n | \n\n France | \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 \n | \n\n Galibier | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Gallocanta Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Garonne-et-Canal Energies | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Generg - Gest\u00e3o e Projectos de Energia S.A. | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n Generg Sol da Beira Baixa - Energias Renovaveis S.A. | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n Generg Sol do Alentejo - Energias Renovaveis, Sociedade Unipessoal, Lda | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n Generg Sol do Alentejo 2 - Energias Renovaveis, Sociedade Unipessoal, Lda | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n Generg Ventos da Gardunha - Energias Renovaveis S.A. | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n Generg Ventos da Gardunha - Sobre Equipamento S.A. | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n Generg Ventos de Proenca-a-Nova - Energias Renovaveis S.A. | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n Generg Ventos de Sines - Energias Renovaveis S.A. | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n Generg Ventos de Trancoso - Energias Renovaveis S.A. | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n Generg Ventos de Trancoso - Sobre Equipamento S.A. | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n Generg Ventos de Viana do Castelo - Energias Renovaveis S.A. | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n Generg Ventos de Viana do Castelo - Sobre Equipamento S.A. | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n Generg Ventos do Caramulo - Energias Renovaveis S.A. | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n Generg Ventos do Caramulo - Sobre Equipamento S.A. | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n Generg Ventos do Pinhal Interior - Energias Renovaveis S.A. | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n Generg Ventos do Pinhal Interior - Sobre Equipamento S.A. | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n Geomundo Offshore Wind Power Co., Ltd. | \n\n 42.50% | \n\n E | \n\n South Korea | \n\n South Korea | \n
| \n \n | \n\n Glaciere De Palisse | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Global Energy | \n\n 100.00% | \n\n \n | \n\n Bulgaria | \n\n Bulgaria | \n
| \n \n | \n\n Global Solar Services | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Go Electric | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Golden Triangle Solar, LLC\u00a0 | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Goleta Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Goodfellow Solar III, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Goritsa Aiolos Energy S.M.S.A | \n\n 100.00% | \n\n \n | \n\n Greece | \n\n Greece | \n
| \n \n | \n\n Gray Whale Offshore Wind Power No.1 Co., Ltd | \n\n 42.50% | \n\n E | \n\n South Korea | \n\n South Korea | \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 \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 \n | \n\n Greenwind S.A. | \n\n 100.00% | \n\n \n | \n\n Argentina | \n\n Argentina | \n
| \n \n | \n\n Grillete Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n GT R4 Holdings Limited | \n\n 50.00% | \n\n E | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Haiding one international investment co Ltd\u00a0 | \n\n 50.00% | \n\n E | \n\n TaIwan | \n\n TaIwan | \n
| \n \n | \n\n Haiding three international investment co Ltd\u00a0 | \n\n 50.00% | \n\n E | \n\n TaIwan | \n\n TaIwan | \n
| \n \n | \n\n Haiding two international investment co Ltd\u00a0 | \n\n 50.00% | \n\n E | \n\n TaIwan | \n\n TaIwan | \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 \n | \n\n Hanwha Total Solar, LLC | \n\n 50.00% | \n\n E | \n\n United States | \n\n United States | \n
| \n \n | \n\n Helio 100 Kw | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Helio 971 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Helio 974 Sol 1 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Helio 974 Toiture 2 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Helio Fonds Caraibes | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Helio L'R | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Helio Prony Resources New Caledonia | \n\n 100.00% | \n\n \n | \n\n New Caledonia | \n\n New Caledonia | \n
| \n \n | \n\n Helio Saint Benoit | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Helio Wabealo | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Helix Project V, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n HETTY | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n HFV Montenero | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n HFV Salentina | \n\n 50.00% | \n\n E | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n Hidrinveste - Investimentos Energeticos, Lda | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n Hidroelectrica de Manteigas, Lda | \n\n 90.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n Hidroelectrica do Monte, Lda | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n Hill Solar II, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n HT Solar Holdings II, LLC | \n\n 50.00% | \n\n E | \n\n United States | \n\n United States | \n
| \n \n | \n\n HT Solar Holdings III, LLC | \n\n 50.00% | \n\n E | \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 \n | \n\n Hydro 974 | \n\n 100.00% | \n\n \n | \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 \n | \n\n Hydromons | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Inov | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \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 \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 \n | \n\n Jmcp | \n\n 50.05% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Keith Solar I, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Kidds Store | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n KSF Holding Trust | \n\n 57.50% | \n\n E | \n\n Australia | \n\n Australia | \n
| \n \n | \n\n Kyon Energy Finance GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Kyon Energy Solutions GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n LA Basin Solar I, LLC | \n\n 100.00% | \n\n \n | \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 \n | \n\n La Metairie Neuve | \n\n 25.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n La Quercia Solar S.R.L | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n La Seauve | \n\n 40.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Lanuza Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n LaPorte Power, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Lauderdale Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Laurens Solar I, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Le Bois Joli | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Lemoore Stratford Land Holdings IV, LLC | \n\n 100.00% | \n\n \n | \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 \n | \n\n Les Vents de la Moivre 1 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Les Vents de la Moivre 2 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Les Vents de la Moivre 3 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Les Vents de la Moivre 4 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Les Vents de la Moivre 5 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Leuret | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Lithos Aiolos Energy S.A. | \n\n 100.00% | \n\n \n | \n\n Greece | \n\n Greece | \n
| \n \n | \n\n Lorance Creek Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Lorca | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Luce Solar SpA | \n\n 100.00% | \n\n \n | \n\n Chile | \n\n Chile | \n
| \n \n | \n\n Luminora Solar Cinco, S.L. | \n\n 65.00% | \n\n E | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Luminora Solar Cuatro, S.L. \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 | \n\n 65.00% | \n\n E | \n\n Spain | \n\n Spain | \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 \n | \n\n Luminora Solar Tres, S.L. | \n\n 65.00% | \n\n E | \n\n Spain | \n\n Spain | \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 \n | \n\n Martianez Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Marvel Solar Holdco 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Marysville Unified School District Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Mastil Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Mauricio Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Meco 8 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Medha Energy Private Ltd | \n\n 50.00% | \n\n E | \n\n India | \n\n India | \n
| \n \n | \n\n Megavento - Produc\u00e3o de Electricidade S.A. | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n Merysol | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Mishmar HaNegev Sun, Limited Partnership | \n\n 44.64% | \n\n \n | \n\n Israel | \n\n Israel | \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 \n | \n\n Miyagi Osato Solar Park G.K. | \n\n 45.00% | \n\n E | \n\n Japan | \n\n Japan | \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 \n | \n\n M-KAT Green Limited Liability Partnership | \n\n 100.00% | \n\n \n | \n\n Kazakhstan | \n\n Kazakhstan | \n
| \n \n | \n\n Morena Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \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 \n | \n\n Mustang Creek Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Myrtle Solar Cash Equity HoldCo, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Myrtle Solar Class B HoldCo | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Myrtle Solar Class B member | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Myrtle Solar TE HoldCo, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Myrtle Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Myrtle Storage Cash Equity HoldCo, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Myrtle Storage Class B HoldCo, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Myrtle Storage Class B Member, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Myrtle Storage TE Partnership, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Myrtle Storage, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Nevada Joint Union High School District Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n New Green Energy Services | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Nomad Solar | \n\n 100.00% | \n\n \n | \n\n Kazakhstan | \n\n Kazakhstan | \n
| \n \n | \n\n North\u00a0Sea\u00a0OFW\u00a0N-12.1\u00a0GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \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 \n | \n\n Nuza Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Ombrea | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n OmbreaAOI2022 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Ophelia Solar, LLC\u00a0 | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Oranje Wind Power II B.V. | \n\n 50.00% | \n\n E | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n OSKVOLT Battery Services KB | \n\n 100.00% | \n\n \n | \n\n Sweden | \n\n Sweden | \n
| \n \n | \n\n Parc Eolien de Cassini | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Parc Eolien de l'Equinville | \n\n 100.00% | \n\n \n | \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 \n | \n\n Parc Eolien Du Vilpion | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Parc Photovoltaique de Puyloubier | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Parc Solaire du Lorrain | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Parco Eolico La Guardia S.R.L. | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n Parque Fotovoltaico Alicahue Solar SpA | \n\n 100.00% | \n\n \n | \n\n Chile | \n\n Chile | \n
| \n \n | \n\n Parque Fotovoltaico Santa Adriana Solar SpA | \n\n 100.00% | \n\n \n | \n\n Chile | \n\n Chile | \n
| \n \n | \n\n Photonotos Energy | \n\n 100.00% | \n\n \n | \n\n Greece | \n\n Greece | \n
| \n \n | \n\n Photovoras Energy S.M.S.A | \n\n 100.00% | \n\n \n | \n\n Greece | \n\n Greece | \n
| \n \n | \n\n Piedra Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Pigeon Run Solar, LLC\u00a0 | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Pilastra Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Plum Creek Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Pontenure Solar S.R.L. | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n Portalon Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Pos Production Ii | \n\n 60.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Pos Production Iii | \n\n 70.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Pos Production Iv | \n\n 70.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Pos Production V | \n\n 70.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Poste HTB du Mont de L'Arbre | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Postigo Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Postor Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n PT TATS Indonesia\u00a0 | \n\n 100.00% | \n\n \n | \n\n Indonesia | \n\n Indonesia | \n
| \n \n | \n\n Quadra Energy GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Quadrica | \n\n 51.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Quilla Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Rabiza Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Randolph Solar I, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Rececho Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Recova Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Regata Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Renewable Energy Seagreen Holdco Limited | \n\n 50.00% | \n\n E | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Risen Bangladesh SKS Pte Ltd | \n\n 100.00% | \n\n \n | \n\n Bangladesh | \n\n Singapore | \n
| \n \n | \n\n Risen Energy (Cambodia) Battambang Co. Ltd | \n\n 100.00% | \n\n \n | \n\n Cambodia | \n\n Cambodia | \n
| \n \n | \n\n RLA Solar SpA | \n\n 100.00% | \n\n \n | \n\n Chile | \n\n Chile | \n
| \n \n | \n\n Rolling Green Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Rolling Plains Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Ronesans Enerji Uretim ve Ticaret Anonim \u0218irketi | \n\n 50.00% | \n\n E | \n\n Turkey | \n\n Turkey | \n
| \n \n | \n\n Runway Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Saft (Zhuhai FTZ) Batteries Company Limited | \n\n 100.00% | \n\n \n | \n\n China | \n\n China | \n
| \n \n | \n\n Saft (Zhuhai) Energy Storage Co. | \n\n 100.00% | \n\n \n | \n\n China | \n\n China | \n
| \n \n | \n\n Saft AB | \n\n 100.00% | \n\n \n | \n\n Sweden | \n\n Sweden | \n
| \n \n | \n\n Saft America Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Saft AS | \n\n 100.00% | \n\n \n | \n\n Norway | \n\n Norway | \n
| \n \n | \n\n Saft Australia Pty Limited | \n\n 100.00% | \n\n \n | \n\n Australia | \n\n Australia | \n
| \n \n | \n\n Saft Batterias SL | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Saft Batterie Italia S.R.L. | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n Saft Batterien GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Saft Batteries Pte Limited | \n\n 100.00% | \n\n \n | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n Saft Batteries Pty Limited | \n\n 100.00% | \n\n \n | \n\n Australia | \n\n Australia | \n
| \n \n | \n\n Saft Batterijen B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n Saft Do Brasil Ltda | \n\n 100.00% | \n\n \n | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n Saft EV S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Saft Ferak AS | \n\n 100.00% | \n\n \n | \n\n Czech Republic | \n\n Czech Republic | \n
| \n \n | \n\n Saft Groupe S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Saft Hong Kong Limited | \n\n 100.00% | \n\n \n | \n\n Hong Kong | \n\n Hong Kong | \n
| \n \n | \n\n Saft India Private Limited | \n\n 100.00% | \n\n \n | \n\n India | \n\n India | \n
| \n \n | \n\n Saft Japan KK | \n\n 100.00% | \n\n \n | \n\n Japan | \n\n Japan | \n
| \n \n | \n\n Saft Limited | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Saft LLC | \n\n 100.00% | \n\n \n | \n\n Russia | \n\n Russia | \n
| \n \n | \n\n Saft Nife ME Limited | \n\n 100.00% | \n\n \n | \n\n Cyprus | \n\n Cyprus | \n
| \n \n | \n\n Saft S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n San Luis Obispo Solar I, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Sanabria Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Sanders Creek Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n SGIP SLB Holdco 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n SGIP SLB I, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Shakumbhari Solar Power Projects Private Ltd | \n\n 50.00% | \n\n E | \n\n India | \n\n India | \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 \n | \n\n SIIF EDF EN Israel Ltd | \n\n 51.02% | \n\n \n | \n\n Israel | \n\n Israel | \n
| \n \n | \n\n Sistemi Energie Calabria S.R.L. | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n Sociedade Exploradora de Recursos Energeticos, Lda | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n Sociedade Hidroelectrica da Grela, Lda | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n Societe Champenoise d'Energie | \n\n 16.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Societe d'Exploitation du Soleil du Haut-Deffens | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \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 \n | \n\n Sol Holding, LLC | \n\n 50.00% | \n\n E | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solaire Habitat Social | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Solar Barocco | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n Solar Carport NJ, LLC | \n\n 100.00% | \n\n \n | \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 \n | \n\n Solar Life Energy | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n Solar Star Academia 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Addison North, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Alleghany South, LLC | \n\n 100.00% | \n\n \n | \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 \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Appling Peaches, LLC | \n\n 100.00% | \n\n \n | \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 \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Baltimore Carney, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Baltimore Roofs, LLC | \n\n 100.00% | \n\n \n | \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 \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Bear Creek, LLC | \n\n 100.00% | \n\n \n | \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 \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Big Apple CDG B, LLC | \n\n 100.00% | \n\n \n | \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 \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Blakeslee 2, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Buchanan 2, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star California LXXV, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star California LXXVI, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star California LXXVIII, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star California XXXV, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star California XXXVI, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star California XXXVIII, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Cambridge 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Cantil 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Carbondale 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Carlsbad 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Central Light, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Charlotte 1, LLC | \n\n 100.00% | \n\n \n | \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 \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Clovis Curry South, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Co Co 2500, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Coastal Pirate, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Colorado II, LLC | \n\n 100.00% | \n\n \n | \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 \n | \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 \n | \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 \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star CRC Pier A West, LLC | \n\n 100.00% | \n\n \n | \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 \n | \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 \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Deer Island, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Dornsife 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Fort Atkinson South, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Gloucester 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Gloucester 2, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Golden Empire, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Goodwin Storage, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Harbor, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Harpst Arcata, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Hartford South, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Hawley 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star HD Maryland, LLC | \n\n 100.00% | \n\n \n | \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 \n | \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 \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Healthy 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Healthy Lake, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Herald Square 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Hernwood, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Hubbardson South, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Irvine Civic Center, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Jal, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Kennedale Storage, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Khsd, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star LA County High Desert, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Lake Mills 1, LLC | \n\n 100.00% | \n\n \n | \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 \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star LCR Irvine, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star LCR Split 2, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Light Park, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Lincoln School, LLC | \n\n 100.00% | \n\n \n | \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 \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Long Peaches, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Los Lunas 2 LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Los Lunas, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star MA - Tewksbury, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Massachusetts II, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Massachusetts III, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Maxx 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Mayfield 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Maynard 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Mifflinburg 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Millville Rohrsburg, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Millville, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Mountain Post, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star North Herty Storage, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Orangeville 2, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Orangeville Eagle, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Palmyra North, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Parent CRC Kern Front, LLC | \n\n 100.00% | \n\n \n | \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 \n | \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 \n | \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 \n | \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 \n | \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 \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Parkton, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Pennsauken, LLC\u00a0 | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Petersburg 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Pleasant Mount 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Pleasant Mount 2, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Prime 2, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Prime 4, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Prime I, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Prime SCK3, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star PTC 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star PTC 2, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star PUSD Monache, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Saft Valdosta, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Santa Ana HS, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Serving Science 2, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Serving Science, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star State of CT Solar 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Storage Texas, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Tift Toombs Peaches, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Timberville 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Timberville 2, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Track Southern Ave 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Tranquility, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Unkety Brook, LLC | \n\n 100.00% | \n\n \n | \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 \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Vegas 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Virginia Holdco, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Ware 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Western Hills Storage, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Whitewater South, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Wholesome Portland, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solarstar Ma I, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n SolarStorage Fund A, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n SolarStorage Fund B, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n SolarStorage Fund C, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n SolarStorage Fund D, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solenergy | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n Sombrero Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Spinnaker Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n SPWR SS 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Strongstown Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n SunPower Bobcat Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n SunPower Commercial FTB Construction, LLC | \n\n 100.00% | \n\n \n | \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 \n | \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 \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n SunPower Helix I, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n SunPower NY CDG 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n SunPower Revolver HoldCo I Parent, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n SunPower Revolver HoldCo I, LLC | \n\n 100.00% | \n\n \n | \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 \n | \n\n Swingletree Operations, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Tadiran Batteries GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Tadiran Batteries Limited | \n\n 100.00% | \n\n \n | \n\n Israel | \n\n Israel | \n
| \n \n | \n\n Talmei Eliyahu Green Energies Ltd. | \n\n 46.94% | \n\n \n | \n\n Israel | \n\n Israel | \n
| \n \n | \n\n Terrilvoltaique de Ronchamp et Magny-Danigon | \n\n 40.80% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n TexGen Power, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TNE Holdco 1 Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Tosca Holdco, LLC | \n\n 50.00% | \n\n E | \n\n United States | \n\n United States | \n
| \n \n | \n\n Total Envision Energy Services (Shanghai) Co., Ltd | \n\n 50.00% | \n\n E | \n\n China | \n\n China | \n
| \n \n | \n\n Total Eren | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Total Eren Chile | \n\n 100.00% | \n\n \n | \n\n Chile | \n\n Chile | \n
| \n \n | \n\n Total Eren Holding | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \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 \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 \n | \n\n TotalEnergies - Centrale Electrique Bayet | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies - Centrale Electrique Marchienne-au-Pont | \n\n 100.00% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies - Centrale Electrique Pont-sur-Sambre | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies - Centrale Electrique Saint-Avold | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies - Centrale Electrique Toul | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Alamo Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n TotalEnergies Andromeda Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n TotalEnergies B Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies C HoldCo, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Carolina Long Bay, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Clientes\u00a0 | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n TotalEnergies CWB I Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies DF Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Distributed Generation Assets USA, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Distributed Generation Philippines Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Distributed Generation USA, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Dracena Participacoes | \n\n 100.00% | \n\n \n | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n TotalEnergies Electricidad y Gas Espa\u00f1a | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n TotalEnergies Electricite et Gaz France | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Flexible Power USA, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies H Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies HI Holdco, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Integrated Power ESS Belgium | \n\n 100.00% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies M Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Marahu Holding, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Offshore Wind Korea | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Offshore Wind Netherlands Participations I B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies Offshore Wind Netherlands Participations II B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies OFW NSE1 GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n TotalEnergies OFW OSE GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n TotalEnergies OFW US 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies OFW US 4, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Planta Solar Andalucia 3, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n TotalEnergies Power & Gas Belgium | \n\n 100.00% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Power Generation France | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Renewables | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Renewables (Cambodia) Co., Ltd | \n\n 100.00% | \n\n \n | \n\n Cambodia | \n\n Cambodia | \n
| \n \n | \n\n TotalEnergies Renewables Asia | \n\n 100.00% | \n\n \n | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Renewables Australia | \n\n 100.00% | \n\n \n | \n\n Australia | \n\n Australia | \n
| \n \n | \n\n TotalEnergies Renewables Bulgaria | \n\n 100.00% | \n\n \n | \n\n Bulgaria | \n\n Bulgaria | \n
| \n \n | \n\n TotalEnergies Renewables Deutschland GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n TotalEnergies Renewables Development Asia Pte. Ltd. | \n\n 100.00% | \n\n \n | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Renewables Development Middle East | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Renewables Development Partnership, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Renewables Development Philippines Corporation\u00a0 | \n\n 100.00% | \n\n \n | \n\n Philippines | \n\n Philippines | \n
| \n \n | \n\n TotalEnergies Renewables DG Asia Assets Pte Ltd | \n\n 100.00% | \n\n \n | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Renewables DG Development Asia Pte. Ltd. | \n\n 100.00% | \n\n \n | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Renewables DG Holdings Asia Pte Ltd | \n\n 100.00% | \n\n \n | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Renewables DG MEA - Assets 1 FZE | \n\n 100.00% | \n\n \n | \n\n United Arab Emirates | \n\n United Arab Emirates | \n
| \n \n | \n\n TotalEnergies Renewables DG MEA FZE | \n\n 100.00% | \n\n \n | \n\n United Arab Emirates | \n\n United Arab Emirates | \n
| \n \n | \n\n TotalEnergies Renewables ESS Carling | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Renewables ESS Flandres | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Renewables ESS Grandpuits | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Renewables Holding Hellas | \n\n 100.00% | \n\n \n | \n\n Luxembourg | \n\n Luxembourg | \n
| \n \n | \n\n TotalEnergies Renewables Holding Luxembourg Nov S.A. | \n\n 100.00% | \n\n \n | \n\n Luxembourg | \n\n Luxembourg | \n
| \n \n | \n\n TotalEnergies Renewables Iberica, S.L.U | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n TotalEnergies Renewables India | \n\n 100.00% | \n\n \n | \n\n Luxembourg | \n\n Luxembourg | \n
| \n \n | \n\n TotalEnergies Renewables Indian Ocean Ltd | \n\n 100.00% | \n\n \n | \n\n Mauritius Island | \n\n Mauritius Island | \n
| \n \n | \n\n TotalEnergies Renewables International | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Renewables Italia | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n TotalEnergies Renewables Latin America | \n\n 100.00% | \n\n \n | \n\n Chile | \n\n Chile | \n
| \n \n | \n\n TotalEnergies Renewables Malaysia Sdn. Bhd. | \n\n 100.00% | \n\n \n | \n\n Malaysia | \n\n Malaysia | \n
| \n \n | \n\n TotalEnergies Renewables Nederland A B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies Renewables Nederland B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies Renewables Nov | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Renewables Poland | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n TotalEnergies Renewables Portugal Green S.A. | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n TotalEnergies Renewables Portugal Hibridizac\u00e3o S.A. | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n TotalEnergies Renewables Portugal International S.A. | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n TotalEnergies Renewables Portugal Novos Desenvolvimentos S.A. | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n TotalEnergies Renewables Portugal Portfolio S.A. | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n TotalEnergies Renewables Portugal SGPS | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n TotalEnergies Renewables Portugal Sol & Vento S.A. | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n TotalEnergies Renewables Projects Philippines Corporation | \n\n 100.00% | \n\n \n | \n\n Philippines | \n\n Philippines | \n
| \n \n | \n\n TotalEnergies Renewables Projects Singapore Pte. Ltd | \n\n 100.00% | \n\n \n | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Renewables Projects Vietnam | \n\n 100.00% | \n\n \n | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Renewables R4 Holdco Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Renewables Services Bulgaria | \n\n 100.00% | \n\n \n | \n\n Bulgaria | \n\n Bulgaria | \n
| \n \n | \n\n TotalEnergies Renewables Services Italia | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n TotalEnergies Renewables Services Poland | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n TotalEnergies Renewables Services Portugal | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n TotalEnergies Renewables Singapore Pte. Ltd | \n\n 100.00% | \n\n \n | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Renewables Solar Italia | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n TotalEnergies Renewables Thailand | \n\n 100.00% | \n\n \n | \n\n Thailand | \n\n Thailand | \n
| \n \n | \n\n TotalEnergies Renewables UK Limited | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Renewables USA, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Renouvelables Danemark ApS | \n\n 100.00% | \n\n \n | \n\n Denmark | \n\n Denmark | \n
| \n \n | \n\n TotalEnergies Renouvelables France | \n\n 100.00% | \n\n \n | \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 \n | \n\n TotalEnergies Renouvelables Pacific | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Solar DG Nederland B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies Solar France | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Solar Intl | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Solar Wind Indian Ocean Ltd | \n\n 100.00% | \n\n \n | \n\n Mauritius Island | \n\n Mauritius Island | \n
| \n \n | \n\n TotalEnergies Strong, LLC | \n\n 50.00% | \n\n E | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Wire 3, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TQN Hydro | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TQN Solar | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TQN Solar Nogara | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n TQN Wind | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Trofeo Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Truyesol | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n TSGF SpA | \n\n 100.00% | \n\n \n | \n\n Chile | \n\n Chile | \n
| \n \n | \n\n TSSDG India Private Limited | \n\n 100.00% | \n\n \n | \n\n India | \n\n India | \n
| \n \n | \n\n Valencia Solar 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Valencia Solar 2, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Valencia Solar 3, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Valencia Solar 4, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Valorene | \n\n 66.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Varadero Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Ventos do Seixo Amarelo - Energias Renovaveis S.A. | \n\n 90.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n Vents D'Oc Centrale D'Energie Renouvelable 16 | \n\n 100.00% | \n\n \n | \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 \n | \n\n Vents D'Oc Centrale D'Energie Renouvelable 18 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Vertigo | \n\n 25.92% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Vientos Los Hercules | \n\n 100.00% | \n\n \n | \n\n Argentina | \n\n Argentina | \n
| \n \n | \n\n Vientos Solutions, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Argentina | \n
| \n \n | \n\n Vireausol | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n West Burton Flexible Generation Ltd | \n\n 50.00% | \n\n E | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Wichita Data, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Wichita Solar I, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Winche Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Wind 1026 GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n France | \n
| \n \n | \n\n Wind 1029 GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Winergy | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Wolf Hollow I Power, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Wolf Hollow Services, LLC | \n\n 50.00% | \n\n E | \n\n United States | \n\n United States | \n
| \n \n | \n\n Woodbury Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n WP France 21 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n WP FRANCE 28 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \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 Yunlin Ukco Limited | \n\n 29.46% | \n\n E | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Zenith Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Zephyr Holdings GP, LLC | \n\n 50.00% | \n\n E | \n\n United States | \n\n United States | \n
| \n Refining & Chemicals | \n|||||
| \n \n | \n\n Atlantic Trading and Marketing Financial Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Atlantic Trading and Marketing Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Balzatex S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n BASF TotalEnergies Petrochemicals LLC | \n\n 40.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Bay Junction Inc. | \n\n 100.00% | \n\n \n | \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 \n | \n\n Borrachas Portalegre Ltda | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n BOU Verwaltungs GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Catelsa-Caceres S.A.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Chartering and Shipping Services Singapore Pte. Ltd. | \n\n 100.00% | \n\n \n | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n Composite Industrie Maroc S.A.R.L. | \n\n 100.00% | \n\n \n | \n\n Morocco | \n\n Morocco | \n
| \n \n | \n\n Composite Industrie S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Cosden, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n COS-MAR Company | \n\n 50.00% | \n\n \n | \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 \n | \n\n China | \n\n China | \n
| \n \n | \n\n Cray Valley Czech | \n\n 100.00% | \n\n \n | \n\n Czech Republic | \n\n Czech Republic | \n
| \n \n | \n\n Cray Valley HSC Asia Ltd | \n\n 100.00% | \n\n \n | \n\n China | \n\n China | \n
| \n \n | \n\n Cray Valley S.A. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n CSSA - Chartering and Shipping Services S.A. | \n\n 100.00% | \n\n \n | \n\n Switzerland | \n\n Switzerland | \n
| \n \n | \n\n EcoMotion JV GmbH | \n\n 49.90% | \n\n E | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Elf Aquitaine Fertilisants | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Espa S.A.R.L. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Feluy Immobati | \n\n 100.00% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n Fina Technology, Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n FPL Enterprises, Inc. | \n\n 100.00% | \n\n \n | \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 \n | \n\n China | \n\n China | \n
| \n \n | \n\n Gasket International S.R.L. | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n Grande Paroisse S.A. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Hanwha TotalEnergies Petrochemical Co., Ltd | \n\n 50.00% | \n\n E | \n\n South Korea | \n\n South Korea | \n
| \n \n | \n\n Hutchinson (Chongqing) Automotive Systems Ltd | \n\n 100.00% | \n\n \n | \n\n China | \n\n China | \n
| \n \n | \n\n Hutchinson (UK) Limited | \n\n 100.00% | \n\n \n | \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 \n | \n\n China | \n\n China | \n
| \n \n | \n\n Hutchinson Aeronautique & Industrie Limited | \n\n 100.00% | \n\n \n | \n\n Canada | \n\n Canada | \n
| \n \n | \n\n Hutchinson Aerospace & Industry Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Hutchinson Aerospace GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Hutchinson Aerospace Services SNC | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Hutchinson Antivibration Systems Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Hutchinson Autopartes Mexico S.A. de C.V. | \n\n 100.00% | \n\n \n | \n\n Mexico | \n\n Mexico | \n
| \n \n | \n\n Hutchinson Borrachas de Portugal Ltda | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n Hutchinson Brazil Automotive | \n\n 100.00% | \n\n \n | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n Hutchinson Corporation | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Hutchinson d.o.o Ruma | \n\n 100.00% | \n\n \n | \n\n Serbia | \n\n Serbia | \n
| \n \n | \n\n Hutchinson Do Brasil S.A. | \n\n 100.00% | \n\n \n | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n Hutchinson Fluid Management Systems Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Hutchinson GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Hutchinson Holding GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Hutchinson Holdings UK Limited | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Hutchinson Iberia S.A. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Hutchinson Industrial Rubber Products (Suzhou) Company, Limited | \n\n 100.00% | \n\n \n | \n\n China | \n\n China | \n
| \n \n | \n\n Hutchinson Industrial Rubber Products Private Limited Inde | \n\n 100.00% | \n\n \n | \n\n India | \n\n India | \n
| \n \n | \n\n Hutchinson Industrias Del Caucho SAU | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Hutchinson Industries Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Hutchinson Japan Company Limited | \n\n 100.00% | \n\n \n | \n\n Japan | \n\n Japan | \n
| \n \n | \n\n Hutchinson Korea Limited | \n\n 100.00% | \n\n \n | \n\n South Korea | \n\n South Korea | \n
| \n \n | \n\n Hutchinson Malta Ltd | \n\n 100.00% | \n\n \n | \n\n Malta | \n\n Malta | \n
| \n \n | \n\n Hutchinson Maroc S.A.R.L. AU | \n\n 100.00% | \n\n \n | \n\n Morocco | \n\n Morocco | \n
| \n \n | \n\n Hutchinson Poland SP ZO.O. | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n Hutchinson Polymers S.N.C. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Hutchinson Porto Tubos Flexiveis Ldta | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n Hutchinson Precision Sealing Systems Inc. | \n\n 100.00% | \n\n \n | \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 \n | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n Hutchinson S.A. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Hutchinson S.N.C. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Hutchinson S.R.L. (Brasov) | \n\n 100.00% | \n\n \n | \n\n Romania | \n\n Romania | \n
| \n \n | \n\n Hutchinson S.R.L. (Italie) | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n Hutchinson Seal De Mexico S.A. de C.V. | \n\n 100.00% | \n\n \n | \n\n Mexico | \n\n Mexico | \n
| \n \n | \n\n Hutchinson Sealing Systems Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Hutchinson SRO | \n\n 100.00% | \n\n \n | \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 \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Hutchinson Technologies (Maanshan) Co., Ltd. | \n\n 100.00% | \n\n \n | \n\n China | \n\n China | \n
| \n \n | \n\n Hutchinson Technologies (Shenyang) Co., Ltd. | \n\n 100.00% | \n\n \n | \n\n China | \n\n China | \n
| \n \n | \n\n Hutchinson Transferencia de Fluidos S.A. de C.V. | \n\n 100.00% | \n\n \n | \n\n Mexico | \n\n Mexico | \n
| \n \n | \n\n Hutchinson Tunisie S.A.R.L. | \n\n 100.00% | \n\n \n | \n\n Tunisia | \n\n Tunisia | \n
| \n \n | \n\n Hutchinson Vietnam Company Limited | \n\n 100.00% | \n\n \n | \n\n Vietnam | \n\n Vietnam | \n
| \n \n | \n\n Iber Resinas S.L. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Industrias Tecnicas De La Espuma SL | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Industrielle Desmarquoy S.N.C. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Jehier S.A.S. | \n\n 99.89% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Joint Precision Rubber | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n KTN Kunststofftechnik Nobitz GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n La Porte Pipeline Company, L.P. | \n\n 19.96% | \n\n E | \n\n United States | \n\n United States | \n
| \n \n | \n\n La Porte Pipeline GP, LLC | \n\n 19.96% | \n\n E | \n\n United States | \n\n United States | \n
| \n \n | \n\n Laffan Refinery Company Limited 1 | \n\n 10.00% | \n\n E | \n\n Qatar | \n\n Qatar | \n
| \n \n | \n\n Le Joint Francais S.N.C. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Legacy Site Services Funding Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Legacy Site Services LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Les Stratifies S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Lone Wolf Land Company | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Machen Land Limited | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Metafactory | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Mide Technology Corporation | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Olutex Oberlausitzer Luftfahrttextilien GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Pamargan Products Limited | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Paulstra S.N.C. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n PFW Aerospace GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n PFW Havacilik Sanayi ve Dis Ticaret Limited Sirtketi | \n\n 100.00% | \n\n \n | \n\n Turkey | \n\n Turkey | \n
| \n \n | \n\n PFW UK Machining Ltd. | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Polyblend GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \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 \n | \n\n Qatofin Company Limited | \n\n 49.08% | \n\n E | \n\n Qatar | \n\n Qatar | \n
| \n \n | \n\n Resilium | \n\n 100.00% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n Retia | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Retia USA LLC | \n\n 100.00% | \n\n \n | \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 \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 \n | \n\n Septentrion Participations | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Societe Bearnaise De Gestion Industrielle | \n\n 100.00% | \n\n \n | \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 \n | \n\n Southeast Texas Pipelines LLC | \n\n 40.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Stillman Seal Corporation | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Stop-Choc (UK) Limited | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n STR Tecoil Oy | \n\n 100.00% | \n\n \n | \n\n Finland | \n\n Finland | \n
| \n \n | \n\n Synova | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TankOpslag en PijpleidingenNet N.V. | \n\n 55.00% | \n\n \n | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n Techlam S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Tesbo Oy | \n\n 100.00% | \n\n \n | \n\n Finland | \n\n Finland | \n
| \n \n | \n\n TESSAF S.A.S. | \n\n 50.10% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Thermal Control Systems Automotive Sasu | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Total Atlantic Trading Mexico S.A. de C.V. | \n\n 100.00% | \n\n \n | \n\n Mexico | \n\n Mexico | \n
| \n \n | \n\n Total Energy Marketing A/S | \n\n 100.00% | \n\n \n | \n\n Denmark | \n\n Denmark | \n
| \n \n | \n\n TotalEnergies Activites Maritimes | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Belgium Services | \n\n 100.00% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Corbion B.V. | \n\n 50.00% | \n\n E | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies Fluids | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Laffan Refinery Holdco | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Marketing Deutschland GmbH Refining (d) | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n TotalEnergies Olefins Antwerp | \n\n 100.00% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Petrochemicals & Refining SA/NV | \n\n 100.00% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Petrochemicals (Hong-Kong) Ltd | \n\n 100.00% | \n\n \n | \n\n Hong Kong | \n\n Hong Kong | \n
| \n \n | \n\n TotalEnergies Petrochemicals (Shanghai) Co. Ltd | \n\n 100.00% | \n\n \n | \n\n China | \n\n China | \n
| \n \n | \n\n TotalEnergies Petrochemicals Development Feluy | \n\n 100.00% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Petrochemicals Ecaussinnes\u00a0 | \n\n 100.00% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Petrochemicals Feluy | \n\n 100.00% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Petrochemicals France | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Petrochemicals Iberica | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n TotalEnergies Petrochemicals UK Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Pipeline USA, Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Plastic Energy Advanced Recycling S.A.S. | \n\n 60.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Polymers Antwerp | \n\n 100.00% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Raffinage Chimie | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Raffinage France | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Raffinerie Mitteldeutschland GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n TotalEnergies Refinery Antwerp | \n\n 100.00% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Refinery Port Arthur, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Refining & Chemicals Arabia | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Splitter USA, Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Trading Asia Pte. Ltd | \n\n 100.00% | \n\n \n | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Trading Europe | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Trading Products S.A. | \n\n 100.00% | \n\n \n | \n\n Switzerland | \n\n Switzerland | \n
| \n \n | \n\n TotalEnergies Trading Storage S.A. | \n\n 100.00% | \n\n \n | \n\n Switzerland | \n\n Switzerland | \n
| \n \n | \n\n TOTSA TotalEnergies Trading S.A. | \n\n 100.00% | \n\n \n | \n\n Switzerland | \n\n Switzerland | \n
| \n \n | \n\n Totseanergy | \n\n 49.00% | \n\n E | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n Vibrachoc S.A.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Zeeland Refinery NV | \n\n 55.00% | \n\n \n | \n\n Netherlands | \n\n Netherlands | \n
| \n Marketing & Services | \n|||||
| \n \n | \n\n Antilles Gaz | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Argedis | \n\n 100.00% | \n\n \n | \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 \n | \n\n Arteco | \n\n 49.99% | \n\n E | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n AS 24 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n AS 24 Belgium | \n\n 100.00% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n AS 24 Espanola S.A. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n AS 24 Fuel Card Limited | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n AS 24 Lietuva | \n\n 100.00% | \n\n \n | \n\n Lithunia | \n\n Lithunia | \n
| \n \n | \n\n AS 24 Polska SP ZO.O. | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n AS 24 Tankservice GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n C.M.T.M. CENTRE DE MANAGEMENT DE TRANSACTIONS MONETIQUES | \n\n 99.90% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Circle K Belgium | \n\n 40.00% | \n\n E | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n Clean Energy Fuels Corp. | \n\n 19.06% | \n\n E | \n\n United States | \n\n United States | \n
| \n \n | \n\n Elf Oil UK Aviation Limited | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Elf Oil UK Properties Limited | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Fioulmarket.fr | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Gapco Kenya Limited | \n\n 100.00% | \n\n \n | \n\n Kenya | \n\n Kenya | \n
| \n \n | \n\n Gapco Tanzania Limited | \n\n 100.00% | \n\n \n | \n\n Tanzania | \n\n Tanzania | \n
| \n \n | \n\n Guangzhou Elf Lubricants Company Limited | \n\n 77.00% | \n\n \n | \n\n China | \n\n China | \n
| \n \n | \n\n Gulf Africa Petroleum Corporation | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Lubricants Vietnam Holding Limited | \n\n 100.00% | \n\n \n | \n\n Hong Kong | \n\n Hong Kong | \n
| \n \n | \n\n Quimica Vasca S.A.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Saudi Total Petroleum Products | \n\n 51.00% | \n\n E | \n\n Saoudia Arabia | \n\n Saoudia Arabia | \n
| \n \n | \n\n Societe mahoraise de stockage de produits petroliers | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Societe pour l'exploitation de l'usine de Rouen | \n\n 98.98% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Societe Urbaine des Petroles | \n\n 100.00% | \n\n \n | \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 \n | \n\n Source EV Limited | \n\n 50.00% | \n\n E | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n South Asia LPG Company Private Limited | \n\n 50.00% | \n\n E | \n\n India | \n\n India | \n
| \n \n | \n\n Stedis | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \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 \n | \n\n TEAL Mobility | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n TEVGO | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Total (Tianjin) Manufacturing Co., Ltd. | \n\n 77.00% | \n\n \n | \n\n China | \n\n China | \n
| \n \n | \n\n Total Bitumen UK Limited | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Total Especialidades Argentina | \n\n 100.00% | \n\n \n | \n\n Argentina | \n\n Argentina | \n
| \n \n | \n\n Total Lubricants (China) Company Limited | \n\n 77.00% | \n\n \n | \n\n China | \n\n China | \n
| \n \n | \n\n Total Marketing Uganda Ltd | \n\n 100.00% | \n\n \n | \n\n Uganda | \n\n Uganda | \n
| \n \n | \n\n TotalEnergies (China) Investment Co Ltd | \n\n 100.00% | \n\n \n | \n\n China | \n\n China | \n
| \n \n | \n\n TotalEnergies Additives and Fuels Solutions | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Aviation | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Aviation Suisse S.A. | \n\n 100.00% | \n\n \n | \n\n Switzerland | \n\n Switzerland | \n
| \n \n | \n\n TotalEnergies Aviation Zambia Ltd | \n\n 100.00% | \n\n \n | \n\n Zambia | \n\n Zambia | \n
| \n \n | \n\n TotalEnergies Bitumen Deutschland GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n TotalEnergies Charging Services | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Charging Services Espa\u00f1a SL | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n TotalEnergies Charging Services Singapore Pte. Ltd. | \n\n 100.00% | \n\n \n | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Charging Solutions Belgium | \n\n 100.00% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Charging Solutions Deutschland GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n TotalEnergies Charging Solutions Nederland B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies Charging Solutions UK Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Diesel Comercio e Transportes Brasil Ltda | \n\n 100.00% | \n\n \n | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n TotalEnergies Distribuidora Brasil Ltda | \n\n 100.00% | \n\n \n | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n TotalEnergies Glass Lubricants Europe GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n TotalEnergies Holdings Deutschland GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n TotalEnergies LPG Vietnam Company Ltd | \n\n 100.00% | \n\n \n | \n\n Vietnam | \n\n Vietnam | \n
| \n \n | \n\n TotalEnergies Lubrifiants | \n\n 99.98% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Lubrifiants Algerie SPA | \n\n 78.90% | \n\n \n | \n\n Algeria | \n\n Algeria | \n
| \n \n | \n\n TotalEnergies Lubrifiants Services Automobile | \n\n 99.98% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Marine Fuels Pte. Ltd | \n\n 100.00% | \n\n \n | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Marketing (Cambodia) Co. Ltd | \n\n 100.00% | \n\n \n | \n\n Cambodia | \n\n Cambodia | \n
| \n \n | \n\n TotalEnergies Marketing (Fiji) Pte Ltd | \n\n 100.00% | \n\n \n | \n\n Fiji Islands | \n\n Fiji Islands | \n
| \n \n | \n\n TotalEnergies Marketing (Hubei) Co., Ltd | \n\n 100.00% | \n\n \n | \n\n China | \n\n China | \n
| \n \n | \n\n TotalEnergies Marketing (Shanghai) Co., Ltd | \n\n 100.00% | \n\n \n | \n\n China | \n\n China | \n
| \n \n | \n\n TotalEnergies Marketing African Holdings Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Marketing Afrique | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \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 \n | \n\n TotalEnergies Marketing Antilles-Guyane | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Marketing Asia-Pacific Middle East Pte. Ltd | \n\n 100.00% | \n\n \n | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Marketing Belgium | \n\n 100.00% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Marketing Burkina | \n\n 100.00% | \n\n \n | \n\n Burkina Faso | \n\n Burkina Faso | \n
| \n \n | \n\n TotalEnergies Marketing Cameroun S.A. | \n\n 67.01% | \n\n \n | \n\n Cameroon | \n\n Cameroon | \n
| \n \n | \n\n TotalEnergies Marketing Ceska republika S.R.O. | \n\n 100.00% | \n\n \n | \n\n Czech Republic | \n\n Czech Republic | \n
| \n \n | \n\n TotalEnergies Marketing Chile SA | \n\n 100.00% | \n\n \n | \n\n Chile | \n\n Chile | \n
| \n \n | \n\n TotalEnergies Marketing Congo\u00a0 | \n\n 100.00% | \n\n \n | \n\n Congo | \n\n Congo | \n
| \n \n | \n\n TotalEnergies Marketing Corse | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Marketing C\u00f4te d'Ivoire | \n\n 72.99% | \n\n \n | \n\n C\u00f4te d'Ivoire | \n\n C\u00f4te d'Ivoire | \n
| \n \n | \n\n TotalEnergies Marketing Denmark A/S | \n\n 100.00% | \n\n \n | \n\n Denmark | \n\n Denmark | \n
| \n \n | \n\n TotalEnergies Marketing Dominicana, S.A. | \n\n 50.00% | \n\n \n | \n\n Dominican Republic | \n\n Dominican Republic | \n
| \n \n | \n\n TotalEnergies Marketing Egypt | \n\n 50.00% | \n\n E | \n\n Egypt | \n\n Egypt | \n
| \n \n | \n\n TotalEnergies Marketing Espa\u00f1a, S.A.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n TotalEnergies Marketing Eswatini (Pty) Ltd\u00a0 | \n\n 50.10% | \n\n \n | \n\n Swaziland | \n\n Swaziland | \n
| \n \n | \n\n TotalEnergies Marketing Ethiopia Share Company | \n\n 100.00% | \n\n \n | \n\n Ethiopia | \n\n Ethiopia | \n
| \n \n | \n\n TotalEnergies Marketing France | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Marketing Gabon | \n\n 90.00% | \n\n \n | \n\n Gabon | \n\n Gabon | \n
| \n \n | \n\n TotalEnergies Marketing Ghana PLC | \n\n 76.74% | \n\n \n | \n\n Ghana | \n\n Ghana | \n
| \n \n | \n\n TotalEnergies Marketing Guinea Ecuatorial | \n\n 70.00% | \n\n \n | \n\n Equatorial Guinea | \n\n Equatorial Guinea | \n
| \n \n | \n\n TotalEnergies Marketing Guinee | \n\n 100.00% | \n\n \n | \n\n Guinea | \n\n Guinea | \n
| \n \n | \n\n TotalEnergies Marketing Holdings Africa | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Marketing Holdings Asia | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Marketing Holdings India | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Marketing India Private Ltd | \n\n 100.00% | \n\n \n | \n\n India | \n\n India | \n
| \n \n | \n\n TotalEnergies Marketing Italia SpA\u00a0 | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n TotalEnergies Marketing Jamaica Ltd | \n\n 100.00% | \n\n \n | \n\n Jamaica | \n\n Jamaica | \n
| \n \n | \n\n TotalEnergies Marketing Jordan\u00a0 | \n\n 100.00% | \n\n \n | \n\n Jordan | \n\n Jordan | \n
| \n \n | \n\n TotalEnergies Marketing Kenya PLC | \n\n 93.96% | \n\n \n | \n\n Kenya | \n\n Kenya | \n
| \n \n | \n\n TotalEnergies Marketing Lebanon | \n\n 100.00% | \n\n \n | \n\n Lebanon | \n\n Lebanon | \n
| \n \n | \n\n TotalEnergies Marketing Madagasikara S.A. | \n\n 79.44% | \n\n \n | \n\n Madagascar | \n\n Madagascar | \n
| \n \n | \n\n TotalEnergies Marketing Malawi Ltd | \n\n 100.00% | \n\n \n | \n\n Malawi | \n\n Malawi | \n
| \n \n | \n\n TotalEnergies Marketing Mali | \n\n 100.00% | \n\n \n | \n\n Mali | \n\n Mali | \n
| \n \n | \n\n TotalEnergies Marketing Maroc | \n\n 55.00% | \n\n \n | \n\n Morocco | \n\n Morocco | \n
| \n \n | \n\n TotalEnergies Marketing Mauritius Ltd | \n\n 55.00% | \n\n \n | \n\n Mauritius Island | \n\n Mauritius Island | \n
| \n \n | \n\n TotalEnergies Marketing Mayotte | \n\n 100.00% | \n\n \n | \n\n France | \n\n Mayotte | \n
| \n \n | \n\n TotalEnergies Marketing Mexico S.A. de C.V. | \n\n 100.00% | \n\n \n | \n\n Mexico | \n\n Mexico | \n
| \n \n | \n\n TotalEnergies Marketing Middle East FZE | \n\n 100.00% | \n\n \n | \n\n United Arab Emirates | \n\n United Arab Emirates | \n
| \n \n | \n\n TotalEnergies Marketing Mocambique S.A. | \n\n 100.00% | \n\n \n | \n\n Mozambique | \n\n Mozambique | \n
| \n \n | \n\n TotalEnergies Marketing Namibia (Pty) Ltd | \n\n 50.10% | \n\n \n | \n\n Namibia | \n\n Namibia | \n
| \n \n | \n\n TotalEnergies Marketing Nederland NV | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies Marketing Nigeria PLC | \n\n 61.72% | \n\n \n | \n\n Nigeria | \n\n Nigeria | \n
| \n \n | \n\n TotalEnergies Marketing Pacifique | \n\n 100.00% | \n\n \n | \n\n France | \n\n New Caledonia | \n
| \n \n | \n\n TotalEnergies Marketing Polska | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n TotalEnergies Marketing Polynesie | \n\n 100.00% | \n\n \n | \n\n France | \n\n French Polynesia | \n
| \n \n | \n\n TotalEnergies Marketing Puerto Rico | \n\n 100.00% | \n\n \n | \n\n Puerto Rico | \n\n Puerto Rico | \n
| \n \n | \n\n TotalEnergies Marketing RDC | \n\n 60.00% | \n\n \n | \n\n Democratic Republic of Congo | \n\n Democratic Republic of Congo | \n
| \n \n | \n\n TotalEnergies Marketing Reunion | \n\n 100.00% | \n\n \n | \n\n France | \n\n Reunion | \n
| \n \n | \n\n TotalEnergies Marketing Romania S.A. | \n\n 100.00% | \n\n \n | \n\n Romania | \n\n Romania | \n
| \n \n | \n\n TotalEnergies Marketing Senegal | \n\n 69.14% | \n\n \n | \n\n Senegal | \n\n Senegal | \n
| \n \n | \n\n TotalEnergies Marketing Services | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Marketing South Africa (Pty) Ltd | \n\n 50.10% | \n\n \n | \n\n South Africa | \n\n South Africa | \n
| \n \n | \n\n TotalEnergies Marketing Taiwan Ltd | \n\n 63.00% | \n\n \n | \n\n TaIwan | \n\n TaIwan | \n
| \n \n | \n\n TotalEnergies Marketing Tanzania Ltd | \n\n 100.00% | \n\n \n | \n\n Tanzania | \n\n Tanzania | \n
| \n \n | \n\n TotalEnergies Marketing Togo\u00a0 | \n\n 76.72% | \n\n \n | \n\n Togo | \n\n Togo | \n
| \n \n | \n\n TotalEnergies Marketing Tunisie | \n\n 100.00% | \n\n \n | \n\n Tunisia | \n\n Tunisia | \n
| \n \n | \n\n TotalEnergies Marketing UAE LLC | \n\n 100.00% | \n\n \n | \n\n United Arab Emirates | \n\n United Arab Emirates | \n
| \n \n | \n\n TotalEnergies Marketing Uganda Ltd | \n\n 100.00% | \n\n \n | \n\n Uganda | \n\n Uganda | \n
| \n \n | \n\n TotalEnergies Marketing UK Limited | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Marketing Ukraine | \n\n 100.00% | \n\n \n | \n\n Ukraine | \n\n Ukraine | \n
| \n \n | \n\n TotalEnergies Marketing USA Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Marketing Vietnam Company Ltd | \n\n 100.00% | \n\n \n | \n\n Vietnam | \n\n Vietnam | \n
| \n \n | \n\n TotalEnergies Marketing Zambia Ltd\u00a0 | \n\n 100.00% | \n\n \n | \n\n Zambia | \n\n Zambia | \n
| \n \n | \n\n TotalEnergies Marketing Zimbabwe (Private) Ltd | \n\n 80.00% | \n\n \n | \n\n Zimbabwe | \n\n Zimbabwe | \n
| \n \n | \n\n TotalEnergies MKG Luxembourg S.A. | \n\n 100.00% | \n\n \n | \n\n Luxembourg | \n\n Luxembourg | \n
| \n \n | \n\n TotalEnergies Proxi Nord Est | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Proxi Nord Ouest | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Proxi Sud Est | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Proxi Sud Ouest | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Singapore Services Pte Ltd | \n\n 100.00% | \n\n \n | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Sinochem Retail Company Ltd | \n\n 49.00% | \n\n E | \n\n China | \n\n China | \n
| \n \n | \n\n TotalEnergies Supply Marketing Services S.A. | \n\n 100.00% | \n\n \n | \n\n Switzerland | \n\n Switzerland | \n
| \n \n | \n\n TotalEnergies Turkey Pazarlama A.S. | \n\n 100.00% | \n\n \n | \n\n Turkey | \n\n Turkey | \n
| \n \n | \n\n TotalEnergies Warme&Kraftstoff Deutschland GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n TotalEnergies Wash France | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Trapil | \n\n 5.50% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Upbeatprops 100 Pty Limited | \n\n 50.10% | \n\n \n | \n\n South Africa | \n\n South Africa | \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 Corporate | \n|||||
| \n \n | \n\n Albatros | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Elf Aquitaine Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Elf Forest Products LLC | \n\n 100.00% | \n\n \n | \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 \n | \n\n France | \n\n France | \n
| \n \n | \n\n Omnium Reinsurance Company S.A. | \n\n 100.00% | \n\n \n | \n\n Switzerland | \n\n Switzerland | \n
| \n \n | \n\n Pan Insurance Designated Activity Company | \n\n 100.00% | \n\n \n | \n\n Ireland | \n\n Ireland | \n
| \n \n | \n\n Socap S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Societe Civile Immobiliere CB2 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Sofax Banque | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Total International NV | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n Total Operations Canada Limited | \n\n 100.00% | \n\n \n | \n\n Canada | \n\n Canada | \n
| \n \n | \n\n Total Resources (Canada) Limited | \n\n 100.00% | \n\n \n | \n\n Canada | \n\n Canada | \n
| \n \n | \n\n TotalEnergies (Beijing) Corporate Management Co., Ltd. | \n\n 100.00% | \n\n \n | \n\n China | \n\n China | \n
| \n \n | \n\n TotalEnergies American Services, Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Capital | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Capital Canada Ltd | \n\n 100.00% | \n\n \n | \n\n Canada | \n\n Canada | \n
| \n \n | \n\n TotalEnergies Capital International | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Consulting | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Delaware, Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Developpement Regional S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Digital Factory | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Gestion Filiales | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Facilities Management Services (TFMS) | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Finance\u00a0 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Finance Corporate Services Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Finance Europe | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Finance International B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies Finance USA, Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Funding Nederland B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies Gestion USA | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Global Financial Services | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Global Human Resources Services | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Global Information Technology Services Belgium | \n\n 99.98% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Global IT Services (TGITS) | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Global Procurement (TGP)\u00a0 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Global Procurement Belgium S.A. (TGPB) | \n\n 100.00% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Global Services Bucharest | \n\n 100.00% | \n\n \n | \n\n Romania | \n\n Romania | \n
| \n \n | \n\n TotalEnergies Global Services Philippines Inc. | \n\n 100.00% | \n\n \n | \n\n Philippines | \n\n Philippines | \n
| \n \n | \n\n TotalEnergies Holding Allemagne | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Holdings | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Holdings Europe | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Holdings UK Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Holdings USA, Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Investment (Tianjin) Co., Ltd. | \n\n 100.00% | \n\n \n | \n\n China | \n\n China | \n
| \n \n | \n\n TotalEnergies Investment Management (Tianjin) Co., Ltd. | \n\n 100.00% | \n\n \n | \n\n China | \n\n China | \n
| \n \n | \n\n TotalEnergies Investments | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Learning Solutions (TLS) | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Marketing Holdings Nederland B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies Marketing Holdings South Africa ZA (Pty) Ltd | \n\n 100.00% | \n\n \n | \n\n South Africa | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies OneTech | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies OneTech Belgium | \n\n 100.00% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Participations | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Petrochemicals & Refining USA, Inc. (d) | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies SE | \n\n \u2013 | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Security USA, Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Treasury | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Treasury Belgium | \n\n 100.00% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies UK Finance Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Ventures Europe | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Ventures International | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n (a)Del Rio Funding LLC, % of control different from % of interest: 50.00%. (b)Rio Grande LNG Intermediate Holdings LLC, % of control different from % of interest: 16.67%. (c)TotalEnergies Australia Unit Trust, % of control different from % of interest: 75.16%. (d)Multi-segment entities. | \n
2.3Main divestment 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\u00a0for sale\u201d. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n
Exploration & Production
On April 24, 2024, TotalEnergies announces that its 85%-owned affiliate, TotalEnergies EP Congo, has signed an agreement with Trident Energy combining the acquisition of an additional 10% interest in the Moho license from Trident Energy and the sale to Trident Energy of its 53.5% interest in the Nkossa and Nsoko II licenses. The closing of the operation occurred on January 14, 2025.
As of December 31, 2024, the assets and liabilities related to Nkossa and Nsoko II licenses have been respectively classified in the consolidated balance sheet as \u201cAssets classified as held for sale\u201d for an amount of $391 million and \u201cLiabilities classified as held for sale\u201d for an amount of $107 million. These assets mainly include tangible assets.
On July 17, 2024, TotalEnergies announced that its subsidiary TotalEnergies EP Nigeria signed a sale and purchase agreement (SPA) with Chappal Energies for the sale of its 10% interest in the SPDC JV licenses in Nigeria.
As of December 31, 2024, the assets and liabilities have been respectively classified in the consolidated balance sheet as \u201cAssets classified as held for sale\u201d for an amount of $1,213 million and \u201cLiabilities classified as held for sale\u201d for an amount of $945 million. These assets mainly include tangible assets.
2.3Main divestment 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\u00a0for sale\u201d. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n
Exploration & Production
On April 24, 2024, TotalEnergies announces that its 85%-owned affiliate, TotalEnergies EP Congo, has signed an agreement with Trident Energy combining the acquisition of an additional 10% interest in the Moho license from Trident Energy and the sale to Trident Energy of its 53.5% interest in the Nkossa and Nsoko II licenses. The closing of the operation occurred on January 14, 2025.
As of December 31, 2024, the assets and liabilities related to Nkossa and Nsoko II licenses have been respectively classified in the consolidated balance sheet as \u201cAssets classified as held for sale\u201d for an amount of $391 million and \u201cLiabilities classified as held for sale\u201d for an amount of $107 million. These assets mainly include tangible assets.
On July 17, 2024, TotalEnergies announced that its subsidiary TotalEnergies EP Nigeria signed a sale and purchase agreement (SPA) with Chappal Energies for the sale of its 10% interest in the SPDC JV licenses in Nigeria.
As of December 31, 2024, the assets and liabilities have been respectively classified in the consolidated balance sheet as \u201cAssets classified as held for sale\u201d for an amount of $1,213 million and \u201cLiabilities classified as held for sale\u201d for an amount of $945 million. These assets mainly include tangible assets.
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\u00a0for 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\u00a0for sale\u201d.
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 the Company, 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 profitable growth in the LNG and power integrated value chains are two of the key axes of TotalEnergies\u2019s strategy.
In order to give more visibility to these businesses, the Board of Directors has decided that from the first quarter 2023, Integrated LNG and Integrated Power results, previously grouped in the Integrated Gas, Renewables & Power (iGRP) segment, would be reported separately as two segments.
A new reporting structure for the business segments\u2019 financial information has been put in place, effective January 1, 2023. It is based on the following five business segments:
\u2013an Exploration & Production segment that encompasses the activities of exploration and production of oil and natural gas, conducted in about 50 countries;
\u2013an Integrated LNG segment covering the integrated gas chain (including upstream and midstream LNG activities) as well as biogas, hydrogen and gas trading activities;
\u2013an Integrated Power segment covering generation, storage, electricity trading and B2B-B2C distribution of gas and electricity;
\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.
This new segment reporting has been prepared in accordance with IFRS 8 and according to the same principles as the internal reporting followed by the TotalEnergies's Executive Committee.
Due to the change in the Company's internal organizational structure affecting the composition of the business segments, the segment reporting data for 2022 has been restated.
Definition of the indicators
Adjusted Net Operating Income
TotalEnergies measures performance at the segment level on the basis of adjusted net operating income. Adjusted net operating income comprises operating income of the relevant segment after deducting the amortization and the depreciation of intangible assets other than mineral interest, translation adjustments and gains or losses on the sale of assets, as well as all other income and expenses related to capital employed (dividends from nonconsolidated companies, income from equity affiliates and capitalized interest expenses) and after income taxes applicable to the above, excluding the effect of the adjustments describe below.
The income and expenses not included in net operating income adjusted that are included in net income TotalEnergies share are interest expenses related to net financial debt, after applicable income taxes (net cost of net debt), non-controlling interests, and the adjusted items. Starting 2023, details of adjustment items are presented for net operating income (with comparative period 2022).
Adjustment items include:
a)Special items
Due to their unusual nature or particular significance, certain transactions qualifying 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 qualify as special items although they may have occurred in prior years or are likely to occur in following years.
b)The inventory valuation effect
In accordance with IAS 2, TotalEnergies values inventories of petroleum products in its financial statements according to the First-in, First-Out (FIFO) method and other inventories using the weighted-average cost method. Under the FIFO method, the cost of inventory is based on the historic cost of acquisition or manufacture rather than the current replacement cost. In volatile energy markets, this can have a significant distorting effect on the reported income. Accordingly, 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 Last-In, First-Out (LIFO) 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 under the FIFO and the replacement cost methods.
c)Effect of changes in fair value
The effect of changes in fair value presented as an adjustment item reflects for trading inventories and storage contracts, differences between internal measures 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.
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.
A)Information by business segment
| \n For the year ended | \n\n Exploration | \n\n Integrated LNG | \n\n Integrated Power | \n\n Refining | \n\n Marketing | \n\n Corporate | \n\n Intercompany | \n\n Total | \n
|---|---|---|---|---|---|---|---|---|
| \n External sales | \n\n 5,655 | \n\n 9,885 | \n\n 22,127 | \n\n 93,515 | \n\n 83,341 | \n\n 27 | \n\n \u2013 | \n\n 214,550 | \n
| \n Intersegment sales | \n\n 38,546 | \n\n 10,591 | \n\n 2,348 | \n\n 31,480 | \n\n 819 | \n\n 268 | \n\n (84,052) | \n\n \u2013 | \n
| \n Excise taxes | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (784) | \n\n (18,156) | \n\n \u2013 | \n\n \u2013 | \n\n (18,940) | \n
| \n Revenues from sales | \n\n 44,201 | \n\n 20,476 | \n\n 24,475 | \n\n 124,211 | \n\n 66,004 | \n\n 295 | \n\n (84,052) | \n\n 195,610 | \n
| \n Operating expenses | \n\n (19,124) | \n\n (15,530) | \n\n (22,936) | \n\n (120,424) | \n\n (63,551) | \n\n (1,010) | \n\n 84,052 | \n\n (158,523) | \n
| \n Depreciation, depletion and impairment of tangible assets and mineral interests | \n\n (8,001) | \n\n (1,251) | \n\n (344) | \n\n (1,442) | \n\n (870) | \n\n (117) | \n\n \u2013 | \n\n (12,025) | \n
| \n Net income (loss) from equity affiliates and other items | \n\n 325 | \n\n 2,051 | \n\n (837) | \n\n (114) | \n\n 1,457 | \n\n 92 | \n\n \u2013 | \n\n 2,974 | \n
| \n Tax on net operating income | \n\n (8,466) | \n\n (1,073) | \n\n (255) | \n\n (414) | \n\n (526) | \n\n 89 | \n\n \u2013 | \n\n (10,645) | \n
| \n Adjustments(a) | \n\n (1,069) | \n\n (196) | \n\n (2,070) | \n\n (343) | \n\n 1,154 | \n\n (59) | \n\n \u2013 | \n\n (2,583) | \n
| \n Adjusted net operating income | \n\n 10,004 | \n\n 4,869 | \n\n 2,173 | \n\n 2,160 | \n\n 1,360 | \n\n (592) | \n\n \u2013 | \n\n 19,974 | \n
| \n Adjustments(a) | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (2,583) | \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 \u00a0 | \n\n (1,360) | \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 \u00a0 | \n\n (273) | \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 \u00a0 | \n\n 15,758 | \n
| \n (a)Adjustments include special items, inventory valuation effect and the effect of changes in fair value. | \n
The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the Integrated LNG segment.
Effects of changes in the fair value of gas and LNG positions are allocated to the operating income of Integrated LNG segment.
Effects of changes in the fair value of power positions are allocated to the operating income of Integrated Power segment.
| \n For the year ended | \n\n Exploration | \n\n Integrated LNG | \n\n Integrated Power | \n\n Refining | \n\n Marketing | \n\n Corporate | \n\n Intercompany | \n\n Total | \n
|---|---|---|---|---|---|---|---|---|
| \n Total expenditures | \n\n 9,225 | \n\n 3,912 | \n\n 5,328 | \n\n 1,896 | \n\n 1,190 | \n\n 199 | \n\n \u2013 | \n\n 21,750 | \n
| \n Total divestments | \n\n 840 | \n\n 425 | \n\n 1,431 | \n\n 366 | \n\n 1,328 | \n\n 28 | \n\n \u2013 | \n\n 4,418 | \n
| \n Cash flow from operating activities | \n\n 17,388 | \n\n 5,185 | \n\n 2,972 | \n\n 3,808 | \n\n 2,901 | \n\n (1,400) | \n\n \u2013 | \n\n 30,854 | \n
| \n For the year ended | \n\n Exploration | \n\n Integrated LNG | \n\n Integrated Power | \n\n Refining | \n\n Marketing | \n\n Corporate | \n\n Intercompany | \n\n Total | \n
|---|---|---|---|---|---|---|---|---|
| \n External sales | \n\n 6,561 | \n\n 12,086 | \n\n 27,337 | \n\n 101,203 | \n\n 89,909 | \n\n 32 | \n\n \u2013 | \n\n 237,128 | \n
| \n Intersegment sales | \n\n 42,595 | \n\n 14,789 | \n\n 4,126 | \n\n 36,581 | \n\n 631 | \n\n 206 | \n\n (98,928) | \n\n \u2013 | \n
| \n Excise taxes | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (841) | \n\n (17,342) | \n\n \u2013 | \n\n \u2013 | \n\n (18,183) | \n
| \n Revenues from sales | \n\n 49,156 | \n\n 26,875 | \n\n 31,463 | \n\n 136,943 | \n\n 73,198 | \n\n 238 | \n\n (98,928) | \n\n 218,945 | \n
| \n Operating expenses | \n\n (20,355) | \n\n (21,569) | \n\n (28,763) | \n\n (130,899) | \n\n (70,497) | \n\n (878) | \n\n 98,928 | \n\n (174,033) | \n
| \n Depreciation, depletion and impairment of tangible assets and mineral interests | \n\n (8,493) | \n\n (1,288) | \n\n (281) | \n\n (1,685) | \n\n (905) | \n\n (110) | \n\n \u2013 | \n\n (12,762) | \n
| \n Net income (loss) from equity affiliates and other items | \n\n (307) | \n\n 2,194 | \n\n (345) | \n\n (42) | \n\n 2,208 | \n\n (28) | \n\n \u2013 | \n\n 3,680 | \n
| \n Tax on net operating income | \n\n (10,095) | \n\n (810) | \n\n (394) | \n\n (938) | \n\n (1,246) | \n\n 271 | \n\n \u2013 | \n\n (13,212) | \n
| \n Adjustments(a) | \n\n (1,036) | \n\n (798) | \n\n (173) | \n\n (1,275) | \n\n 1,300 | \n\n (84) | \n\n \u2013 | \n\n (2,066) | \n
| \n Adjusted net operating income | \n\n 10,942 | \n\n 6,200 | \n\n 1,853 | \n\n 4,654 | \n\n 1,458 | \n\n (423) | \n\n \u2013 | \n\n 24,684 | \n
| \n Adjustments(a) | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (2,066) | \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 \u00a0 | \n\n (1,108) | \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 \u00a0 | \n\n (126) | \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 \u00a0 | \n\n 21,384 | \n
| \n (a)Adjustments include special items, inventory valuation effect and the effect of changes in fair value. | \n
The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the Integrated LNG segment.
Effects of changes in the fair value of gas and LNG positions are allocated to the operating income of Integrated LNG segment.
Effects of changes in the fair value of power positions are allocated to the operating income of Integrated Power segment.
| \n For the year ended | \n\n Exploration | \n\n Integrated LNG | \n\n Integrated Power | \n\n Refining | \n\n Marketing | \n\n Corporate | \n\n Intercompany | \n\n Total | \n
|---|---|---|---|---|---|---|---|---|
| \n Total expenditures | \n\n \u00a012,378 | \n\n 3,410 | \n\n 5,497 | \n\n 2,149 | \n\n 1,273 | \n\n 153 | \n\n \u2013 | \n\n 24,860 | \n
| \n Total divestments | \n\n 5,118 | \n\n 290 | \n\n 661 | \n\n 196 | \n\n 2,132 | \n\n 9 | \n\n \u2013 | \n\n 8,406 | \n
| \n Cash flow from operating activities | \n\n 18,531 | \n\n 8,442 | \n\n 3,573 | \n\n 7,957 | \n\n 1,957 | \n\n 219 | \n\n \u2013 | \n\n 40,679 | \n
| \n For the year ended | \n\n Exploration | \n\n Integrated LNG | \n\n Integrated Power | \n\n Refining | \n\n Marketing | \n\n Corporate | \n\n Intercompany | \n\n Total | \n
|---|---|---|---|---|---|---|---|---|
| \n External sales | \n\n 9,942 | \n\n 21,300 | \n\n 27,453 | \n\n 121,618 | \n\n 100,661 | \n\n 25 | \n\n \u2013 | \n\n 280,999 | \n
| \n Intersegment sales | \n\n 55,190 | \n\n 17,075 | \n\n 3,353 | \n\n 45,857 | \n\n 1,433 | \n\n 248 | \n\n (123,156) | \n\n \u2013 | \n
| \n Excise taxes | \n\n \u2013 | \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 65,132 | \n\n 38,375 | \n\n 30,806 | \n\n 166,738 | \n\n 85,142 | \n\n 273 | \n\n (123,156) | \n\n 263,310 | \n
| \n Operating expenses | \n\n (24,521) | \n\n (29,982) | \n\n (29,217) | \n\n (156,897) | \n\n (81,746) | \n\n (1,329) | \n\n 123,156 | \n\n (200,536) | \n
| \n Depreciation, depletion and impairment of tangible assets and mineral interests | \n\n (8,115) | \n\n (1,208) | \n\n (194) | \n\n (1,533) | \n\n (1,033) | \n\n (138) | \n\n \u2013 | \n\n (12,221) | \n
| \n Net income (loss) from equity affiliates and other items | \n\n (9,943) | \n\n 978 | \n\n 1,788 | \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 (17,445) | \n\n (1,574) | \n\n (138) | \n\n (2,544) | \n\n (787) | \n\n 281 | \n\n \u2013 | \n\n (22,207) | \n
| \n Adjustments(a) | \n\n (12,371) | \n\n (4,580) | \n\n 2,070 | \n\n (653) | \n\n 6 | \n\n (362) | \n\n \u2013 | \n\n (15,890) | \n
| \n Adjusted net operating income | \n\n 17,479 | \n\n 11,169 | \n\n 975 | \n\n 7,302 | \n\n 1,550 | \n\n (263) | \n\n \u2013 | \n\n 38,212 | \n
| \n Adjustments(a) | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \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 \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 \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 \u00a0 | \n\n 20,526 | \n
| \n (a)Adjustments include special items, inventory valuation effect and the effect of changes in fair value | \n
The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the Integrated LNG segment.
Effects of changes in the fair value of gas and LNG positions are allocated to the operating income of Integrated LNG segment.
Effects of changes in the fair value of power positions are allocated to the operating income of Integrated Power segment.
| \n For the year ended | \n\n Exploration | \n\n Integrated LNG | \n\n Integrated Power | \n\n Refining | \n\n Marketing | \n\n Corporate | \n\n Intercompany | \n\n Total | \n
|---|---|---|---|---|---|---|---|---|
| \n Total expenditures | \n\n 10,646 | \n\n 1,249 | \n\n 5,226 | \n\n 1,391 | \n\n 1,186 | \n\n 104 | \n\n \u2013 | \n\n 19,802 | \n
| \n Total divestments | \n\n 807 | \n\n 2,301 | \n\n 1,126 | \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 27,654 | \n\n 9,604 | \n\n 66 | \n\n 8,663 | \n\n 3,124 | \n\n (1,744) | \n\n \u2013 | \n\n 47,367 | \n
B)Additional information on adjustment items
The main adjustment items for 2024 are the following:
1.An \u201cInventory valuation effect\u201d amounting to $(386) million in net operating income for the Refining & Chemicals and Marketing\u00a0&\u00a0Services segments;
2.An \u201cEffect of changes in fair value\u201d amounting to $(948) million in net operating income mainly due to the revaluation of the fair value of internal derivative instruments; the negative adjustment in 2024 should be viewed in the context of the positive adjustments recorded in 2022 and 2023, resulting in a positive sum of $202 million over these three years;
3.\u201cAsset impairment and provisions charges\u201d of $(1,978) million in not operating income mainly consisting of impairments related to the Company's minority stake in SunPower and Maxeon for the Integrated Power segment and those related to the exit from blocks 11B/12B and 5/6/7 in South Africa for the Exploration & Production segment (refer to Note 3.C \u201cAsset impairment\u201d);
4.Capital gains on disposal for an amount of $1,372 million in net operating income generated in particular on the partial divestment of retail network in Belgium and Luxembourg and the full divestment in the Netherlands for the Marketing & Services segment. This amount includes the revaluation of shares held and consolidated under the equity method in Belgium and Luxembourg;
5.Other adjustment items include $(616) million in net operating income mainly consisting of the impacts of the contribution on inframarginal annuity in France and deferred tax adjustments related to rates changes.
The detail of the adjustment items is presented in the table below.
Adjustments to net operating income
| \n For the year ended December 31, 2024 | \n\n Exploration | \n\n Integrated LNG | \n\n Integrated Power | \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 \u2013 | \n\n (276) | \n\n (110) | \n\n \u2013 | \n\n (386) | \n
| \n Effect of changes in fair value | \n\n \u2013 | \n\n (84) | \n\n (864) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (948) | \n
| \n Restructuring charges | \n\n \u2013 | \n\n \u2013 | \n\n (11) | \n\n (6) | \n\n (10) | \n\n \u2013 | \n\n (27) | \n
| \n Asset impairment and provisions charges | \n\n (982) | \n\n (10) | \n\n (965) | \n\n (4) | \n\n (17) | \n\n \u2013 | \n\n (1,978) | \n
| \n Gains (losses) on disposals of assets | \n\n 54 | \n\n \u2013 | \n\n 29 | \n\n (11) | \n\n 1,300 | \n\n \u2013 | \n\n 1,372 | \n
| \n Other items | \n\n (141) | \n\n (102) | \n\n (259) | \n\n (46) | \n\n (9) | \n\n (59) | \n\n (616) | \n
| \n Total | \n\n (1,069) | \n\n (196) | \n\n (2,070) | \n\n (343) | \n\n 1,154 | \n\n (59) | \n\n (2,583) | \n
Adjustments to net operating income
| \n For the year ended December 31, 2023 | \n\n Exploration | \n\n Integrated LNG | \n\n Integrated Power | \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 \u2013 | \n\n (586) | \n\n (108) | \n\n \u2013 | \n\n (694) | \n
| \n Effect of changes in fair value | \n\n \u2013 | \n\n (547) | \n\n 559 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 12 | \n
| \n Restructuring charges | \n\n \u2013 | \n\n \u2013 | \n\n (5) | \n\n (51) | \n\n \u2013 | \n\n \u2013 | \n\n (56) | \n
| \n Asset impairment and provisions charges(a) | \n\n (926) | \n\n (124) | \n\n (773) | \n\n (359) | \n\n (115) | \n\n \u2013 | \n\n (2,297) | \n
| \n Gains (losses) on disposals of assets(b) | \n\n 431 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 1,616 | \n\n \u2013 | \n\n 2,047 | \n
| \n Other items(c) | \n\n (541) | \n\n (127) | \n\n 46 | \n\n (279) | \n\n (93) | \n\n (84) | \n\n (1,078) | \n
| \n Total | \n\n (1,036) | \n\n (798) | \n\n (173) | \n\n (1,275) | \n\n 1,300 | \n\n (84) | \n\n (2,066) | \n
| \n (a)Refer to Note 3.C \u201cAsset impairment\u201d. (b)Refer to Note 6.1 \u201cOther income and other expense\u201d. (c)\"Other items\" include $0.4 billion of revaluation of the previously held share of Total Eren and $(1.5) billion mainly consisting of the impacts of the European solidarity contribution, the contribution on inframarginal annuity in France and the devaluation of the Argentine peso. | \n
Adjustments to net operating income
| \n For the year ended December 31, 2022 | \n\n Exploration | \n\n Integrated LNG | \n\n Integrated Power | \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 \u2013 | \n\n 337 | \n\n 194 | \n\n \u2013 | \n\n 531 | \n
| \n Effect of changes in fair value | \n\n \u2013 | \n\n 340 | \n\n 798 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 1,138 | \n
| \n Restructuring charges | \n\n \u2013 | \n\n \u2013 | \n\n (41) | \n\n \u2013 | \n\n (14) | \n\n \u2013 | \n\n (55) | \n
| \n Asset impairment and provisions charges(a) | \n\n (11,157) | \n\n (4,460) | \n\n (21) | \n\n \u2013 | \n\n (112) | \n\n (9) | \n\n (15,759) | \n
| \n Gains (losses) on disposals of assets | \n\n \u2013 | \n\n \u2013 | \n\n 1,450 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 1,450 | \n
| \n Other items(b) | \n\n (1,214) | \n\n (460) | \n\n (116) | \n\n (990) | \n\n (62) | \n\n (353) | \n\n (3,195) | \n
| \n Total | \n\n (12,371) | \n\n (4,580) | \n\n 2,070 | \n\n (653) | \n\n 6 | \n\n (362) | \n\n (15,890) | \n
| \n (a)Of which $(14,756) million relate to the impairment and provisions charges on the assets of the Company in Russia. (b)Other items represented $(3.2) billion in 2022, consisting of $(1.7) billion related to windfall taxes levied by governments (European Solidarity Contribution, French Electricity Generation Infra-Marginal Income Contribution, effect on deferred tax of Energy Profits Levy in the United Kingdom), $(1) billion as a consequence of the conflict in Ukraine (grant of fuel discounts to French customers in the context of price increase, foreign exchange losses due to volatility in Russian ruble-U.S. dollar and euro exchange rates), and $(0.5) billion mainly related to provisions for onerous contracts.\" | \n
C)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. This loss is allocated first to goodwill with a corresponding amount in \"Other expenses\". | \n\n \n | \n\n 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\u00a0intangible 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 2024, asset impairments were recorded for an amount of $(1,978) million in net operating income and $(1,977) million in net income, TotalEnergies share. These impairments were qualified as adjustment items of the net 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 in determining the recoverable amounts are as follows:
\u2013the future cash flows were determined using the assumptions included in the 2025 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 oil and gas price scenarios have been established based on data on global energy demand from the IEA's World Energy Outlook, the latest edition of which was published in October 2024, and on its own supply and demand assessments; they take into account 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 challenge;
\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 2024 World Energy Outlook presents 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 scenario only includes climate actions already implemented to date around the world and those under development. The APS scenario takes into account all climate ambitions declared to date in the world, including the NDCs (Nationally Determined Contributions) and the carbon neutrality ambitions. According to the IEA, it is associated with a temperature increase of around 1.7\u00b0C. This scenario is compatible with the objective of the Paris Agreement to limit the temperature increase to \u201cwell below 2\u00b0C\u201d. The IEA's NZE scenario is understood as the set of actions to be taken for the global energy sector to achieve net-zero CO2 emissions by 2050 and to be compatible with a +1.5\u00b0C scenario by 2100. This normative scenario is therefore not predictive of oil demand, and even less so of the price scenarios it proposes, particularly in the medium term (2030). Indeed, this scenario predicts that oil demand will peak in 2023 and decrease by 22% between 2023 and 2030, whereas, according to the latest IEA projections, oil demand in 2024 would be higher than in 2023 and continue to grow until 2029. According to projections from other energy companies or external consultants, demand would start to decline around 2030 (oil peak in 2031 according to Wood MacKenzie, in 2027 according to HIS Inflections);
\u2013beyond 2030, 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 $25.82024/b. The prices retained for gas, the transition fuel, stabilize until 2040 at lower levels than current prices before converging 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 experienced sustained growth post-Covid crisis, accompanying the global economic recovery, which generated strong tensions on energy prices from mid-2021, exacerbated in 2022 by the war in Ukraine. In 2023, global oil demand reached a record level, surpassing that of 2019 pre-Covid crisis. This increase was stimulated by the lifting of lockdown measures in China, allowing the resumption of industrial activity, particularly in the petrochemical sector, as well as the increase in air travel. In 2024, demand is expected to continue to grow, albeit at a slower pace, due to the economic slowdown in China and the end of the post-pandemic rebound effect.
By 2030, oil consumption is expected to continue to grow, supported by population growth and rising living standards, particularly in emerging countries. However, this growth is expected to gradually slow down due to moderate global economic growth and the accelerated deployment of low-carbon substitute technologies. Some recent forecasts anticipate a peak in oil product demand in China as early as 2027.
Moreover, supply is limited by the historical production cuts decided (and effectively implemented) by the OPEC+ coalition members, the discipline on upstream oil investments since the 2015 oil crisis, and the natural decline of currently producing fields. In the United States, while 2023 production was significantly higher than in 2019 and is expected to grow slightly in 2024, the recent sector consolidation (Permian, DJ, and Bakken) should reinforce investment profitability discipline and thus contain growth in the coming years.
Therefore, in this context of growing demand driven by emerging countries and constrained supply by OPEC+ countries and the United States, our scenario anticipates that prices will remain supported at $702024/b from 2025 to 2030;
\u2013beyond 2030, given technological developments, particularly in the transport sector, the growth in oil demand would be low or even zero, and the selected price scenario decreases linearly to reach $502024/b in 2040 and then $25.82024/b in 2050, in line with the NZE scenario.
The average Brent prices over the period 2025-2050 thus stands at $53.02024/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, as a result of the cuts in Russian pipe gas importation that began at the end of 2021 and continued in 2022 with the complete shutdown of the Nordstream. Global gas demand in 2022 was almost at the same level as in 2021. Global gas demand in 2023 was almost at the same level as in 2022 with the recourse to American LNG to replace Russian gas in Europe, still in competition with Asia. Gas prices in Asia and Europe have returned to much lower levels than the exceptionally high prices reached in the third quarter of 2022 but remain higher than before the crisis. The price of gas in the United States did not experience such a sharp increase in 2022 and has since\u00a0stabilized.
The Company anticipates in 2025 higher prices than before the crisis on the Asia, Europe and slightly on the United States hubs. 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 gas supply and the upcoming wave of increased liquefied natural gas capacity (expected in 2027-28-29), 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:
\u2013for Europe: $11.72024/Mbtu in 2025, $9.82024/Mbtu in 2026, then
$82024/Mbtu between 2027 and 2040;
\u2013for the United States: $32024/Mbtu between 2025 and 2040;
\u2013for Asia: $12.62024/Mbtu in 2025, $10.82024/Mbtu in 2026, then $92024/Mbtu between 2027 and 2040.
From 2040 onwards, the price trajectory converges towards the price retained in 2050 by the NZE scenario, i.e. $4.12024/Mbtu for Europe, $2.12024/Mbtu for the United States and $4.92024/Mbtu for 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 identified assets the impact of their CO2 emissions. Future scope 1 and 2\u00a0emissions of the assets concerned over the life of the assets are valued at $100/t or the applicable price in a given country, if it is higher, incorporating the existing free emission rights scheme in Europe. Beyond 2030, 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 7% post-tax discount rate, this rate being the weighted-average cost of TotalEnergies capital estimated from historical market data. This rate was 8% in 2023 and in 2022. The value in use calculated by discounting the above post-tax cash flows using an 7% 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
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 2024, the Company recorded impairments of assets over CGUs of the Exploration & Production segment for $(982)\u00a0million in net income, TotalEnergies share.
Impairments recognized in 2024 are mainly related to the exit from blocks 11B/12B and 5/6/7 in South Africa.
As for sensitivities of the Exploration & Production segment:
\u2013a decrease by 1 point in the discount rate would have a positive impact of $0.1 billion in net income, TotalEnergies share;
\u2013an increase by 1 point in the discount rate would have an additional negative impact of $0.1 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 $482024/b) would have an additional negative impact of $0.3 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 $422024/b) would have an additional negative impact of $1.8 billion in net income, TotalEnergies share;
\u2013taking into account a CO2 cost of $200/t, inflated by 2%/year from 2030 onwards for all assets would have an additional negative impact of $0.2 on net income, TotalEnergies share.
The CGUs of the Integrated LNG 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 2024, the Company recorded impairments on CGUs in the Integrated LNG segment for $(10) million in net income, TotalEnergies share.
As for sensitivities of the Integrated LNG:
\u2013a decrease by 1 point in the discount rate would have no impact in net income, TotalEnergies share;
\u2013an increase by 1 point in the discount rate would have an additional negative impact of $0.1 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 $2.0 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 $6.2 billion in net income, TotalEnergies share;
\u2013taking into account a CO2 cost of $200/t inflated by 2%/year from 2030 onwards for all assets would have an additional negative impact of approximately $0.5 billion in net income, TotalEnergies share.
The CGUs of the Integrated Power segment are subsidiaries or groups of subsidiaries organized by activity or geographical area. For the financial year 2024, the Company recorded impairments on CGUs in the Integrated Power segment for $(965) million in net income, TotalEnergies share.
Impairments recognized mainly relate to the Company's minority stake in SunPower and Maxeon.
As for sensitivities of the Integrated Power
\u2013a decrease by 1 point in the discount rate would have no impact in net income, TotalEnergies share;
\u2013an increase by 1 point in the discount rate would not have any additional negative impact in net income, TotalEnergies share.
The CGUs of the Refining & Chemicals segment are subsidiaries or groups of subsidiaries organized by activity (grouping together the operational activities of refining and petrochemicals) and by relevant geographical area. 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 2024, the Company has recorded impairments on CGUs in the Refining & Chemicals segment for an amount of $(4) million in net income TotalEnergies share.
As for sensitivities of the Refining & Chemicals segment:
\u2013an increase by 1 point in the discount rate would not have any additional negative impact in the net income, TotalEnergies share;
\u2013a decrease of 20% of the refining margins (could be in link with the increase of CO2 cost) would have an additional negative impact of $1.4\u00a0billion in net income, TotalEnergies share.
The CGUs of the Marketing & Services segment are subsidiaries or groups of subsidiaries organized by relevant geographical area.
For the financial year 2024, the Company recorded impairments on the CGUs of the Marketing & Services segment for $(17) million in net income, TotalEnergies share.
Impairments recognized in years 2023 and 2022
For the financial year 2023, the Company recorded impairments in the Exploration & Production, Integrated LNG, Integrated Power, Refining\u00a0&\u00a0Chemicals, and Marketing & Services segments with an impact of $(2,166) million in net income, TotalEnergies share.
Impairments recorded on the CGUs of the Exploration & Production segment amounted to $(881) million in net income, TotalEnergies share, mainly related to the Company's upstream assets in Kenya and Congo, and also Al Shaheen in Qatar related to temporary tax effects.
Those recorded on the CGUs of the Integrated Power sector amounted to $(773) million in net income, TotalEnergies share, mainly concerning the Yunlin offshore wind project in Taiwan and the goodwill and customer portfolios of gas-electricity marketing activities in Belgium, Spain and France.
Impairments recorded on the CGUs of the Refining & Chemicals sector amounted to $(273) million in net income, TotalEnergies share, mainly related to the divestment projects of Naphtachimie to INEOS and the Natref refinery in South Africa.
Finally, the impairments recorded on the CGUs of the Integrated LNG sector amounted to $(124) million in net income, TotalEnergies share, and those recorded on the CGUs of the Marketing & Services sector amounted to $(115) million in net income, TotalEnergies share.
These impairments were qualified as adjustments items of the net income, TotalEnergies share.
For the financial year 2022, the Company recorded impairments in Exploration & Production, Integrated Gas, Renewables & Power and Marketing & Services segments for an amount of $(15,743) million in net income, TotalEnergies share.
Impairments recognized in 2022 in Exploration & Production segment relate to the Company's assets in Russia for an amount of $(10,527)\u00a0million 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\u2019s upstream activities in Canada, an impairment test was carried out, and the resulting value in use led to a reversal of impairment of $728\u00a0million in net income, TotalEnergies share.
Impairments recognized in 2022 on CGUs in the Integrated Gas, Renewables & Power segment for $(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.
Impairments recognized in 2022 in CGUs Marketing & Services segment for $(112) million in net income, TotalEnergies share. Impairments recognized relate to the Company\u2019s assets in Russia for an amount $(87)\u00a0million in net income, TotalEnergies share.
These impairments were qualified as adjustments items of the net income, TotalEnergies share.
| \n (M$) | \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, 2024 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n External sales | \n\n 49,269 | \n\n 89,077 | \n\n 17,915 | \n\n 21,901 | \n\n 36,388 | \n\n 214,550 | \n
| \n Property, plant and equipment, intangible assets, net | \n\n 15,486 | \n\n 25,969 | \n\n 11,938 | \n\n 37,375 | \n\n 52,565 | \n\n 143,333 | \n
| \n For the year ended December 31, 2023 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n External sales | \n\n 55,610 | \n\n 97,662 | \n\n 22,219 | \n\n 21,709 | \n\n 39,928 | \n\n 237,128 | \n
| \n Property, plant and equipment, intangible assets, net | \n\n 16,863 | \n\n 24,486 | \n\n 11,228 | \n\n 38,658 | \n\n 50,764 | \n\n 141,999 | \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
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\u00a0intangible 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
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\u00a0intangible 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\".
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$) Assets/(Liabilities) | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Loans to equity affiliates (Note 8) | \n\n 6,533 | \n\n 4,562 | \n\n 3,733 | \n
| \n Loans and advances (Note 6) | \n\n 2,175 | \n\n 2,222 | \n\n 1,837 | \n
| \n Other non-current financial assets related to operational activities (Note 6) | \n\n 1,677 | \n\n 1,761 | \n\n 250 | \n
| \n Non-current financial assets (Note 15.1) | \n\n 2,305 | \n\n 2,395 | \n\n 2,731 | \n
| \n Accounts receivable (Note 5) | \n\n 19,281 | \n\n 23,442 | \n\n 24,378 | \n
| \n Other operating receivables (Note 5) | \n\n 16,846 | \n\n 14,952 | \n\n 28,289 | \n
| \n Current financial assets (Note 15.1) | \n\n 6,914 | \n\n 6,585 | \n\n 8,746 | \n
| \n Cash and cash equivalents (Note 15.1) | \n\n 25,844 | \n\n 27,263 | \n\n 33,026 | \n
| \n Total | \n\n 81,575 | \n\n 83,182 | \n\n 102,990 | \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, 2024, the net margin call paid amounted to $3,002 million (against $2,435 million paid as of December\u00a031, 2023 and $2,857 million paid as of December 31, 2022).
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, 2024, the net value of receivables sold amounted to $9,643 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 2024, TotalEnergies conducted several operations of reverse factoring. The value of factored payables outstanding at year-end\u00a0is $466\u00a0million.
Credit risk is managed by TotalEnergies\u2019 business segments as follows:
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.
Integrated LNG & Integrated Power segments
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\u00a0to 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 (rules for the approval of credit limits, use of guarantees, monitoring and assessment of the receivables portfolio).
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\u00a0
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 credit-rating 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\".
The financial assets and liabilities disclosed in the balance sheet are detailed as follows:
| \n As of December 31, 2024 (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 6,240 | \n\n 293 | \n\n \u2013 | \n\n \u2013 | \n\n 6,533 | \n\n 6,533 | \n
| \n Other investments | \n\n \u2013 | \n\n 1,154 | \n\n 511 | \n\n \u2013 | \n\n 1,665 | \n\n 1,665 | \n
| \n Non-current financial assets | \n\n 1,278 | \n\n 348 | \n\n 133 | \n\n 546 | \n\n 2,305 | \n\n 2,305 | \n
| \n Other non-current assets | \n\n 3,852 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 3,852 | \n\n 3,852 | \n
| \n Accounts receivable, net(b) | \n\n 19,281 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 19,281 | \n\n 19,281 | \n
| \n Other operating receivables | \n\n 7,774 | \n\n 9,033 | \n\n 39 | \n\n \u2013 | \n\n 16,846 | \n\n 16,846 | \n
| \n Current financial assets | \n\n 5,206 | \n\n 1,679 | \n\n \u2013 | \n\n 29 | \n\n 6,914 | \n\n 6,914 | \n
| \n Cash and cash equivalents | \n\n 25,844 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 25,844 | \n\n 25,844 | \n
| \n Total financial assets | \n\n 69,475 | \n\n 12,507 | \n\n 683 | \n\n 575 | \n\n 83,240 | \n\n 83,240 | \n
| \n Total non-financial assets | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 202,247 | \n\n \u00a0 | \n
| \n Total assets | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 285,487 | \n\n \u00a0 | \n
| \n Non-current financial debt(a) | \n\n (40,939) | \n\n (281) | \n\n \u2013 | \n\n (2,313) | \n\n (43,533) | \n\n (43,905) | \n
| \n Accounts payable(b) | \n\n (39,932) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (39,932) | \n\n (39,932) | \n
| \n Other operating liabilities | \n\n (12,562) | \n\n (7,665) | \n\n (15) | \n\n \u2013 | \n\n (20,242) | \n\n (20,242) | \n
| \n Current borrowings(a) | \n\n (10,024) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (10,024) | \n\n (10,012) | \n
| \n Other current financial liabilities | \n\n \u2013 | \n\n (239) | \n\n \u2013 | \n\n (425) | \n\n (664) | \n\n (664) | \n
| \n Total financial liabilities | \n\n (103,457) | \n\n (8,185) | \n\n (15) | \n\n (2,738) | \n\n (114,395) | \n\n (114,755) | \n
| \n Total non-financial liabilities | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (171,092) | \n\n \u00a0 | \n
| \n Total liabilities | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (285,487) | \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 (refer to Note 15 to the Consolidated Financial Statements). (b)Receivables and payables are offset by an amount of $5,718 million, corresponding to the netting, mainly in trading activities, between receivables and payables with the same counterparty that can legally be settled on a net basis. | \n
| \n As of December 31, 2023 (M$) 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 4,260 | \n\n 302 | \n\n \u2013 | \n\n \u2013 | \n\n 4,562 | \n\n 4,562 | \n
| \n Other investments | \n\n \u2013 | \n\n 1,188 | \n\n 355 | \n\n \u2013 | \n\n 1,543 | \n\n 1,543 | \n
| \n Non-current financial assets | \n\n 1,166 | \n\n 414 | \n\n 142 | \n\n 673 | \n\n 2,395 | \n\n 2,395 | \n
| \n Other non-current assets | \n\n 3,983 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 3,983 | \n\n 3,983 | \n
| \n Accounts receivable, net(b) | \n\n 23,442 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 23,442 | \n\n 23,442 | \n
| \n Other operating receivables | \n\n 7,940 | \n\n 6,775 | \n\n 237 | \n\n \u2013 | \n\n 14,952 | \n\n 14,952 | \n
| \n Current financial assets | \n\n 5,046 | \n\n 1,448 | \n\n \u2013 | \n\n 91 | \n\n 6,585 | \n\n 6,585 | \n
| \n Cash and cash equivalents | \n\n 27,263 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 27,263 | \n\n 27,263 | \n
| \n Total financial assets | \n\n 73,100 | \n\n 10,127 | \n\n 734 | \n\n 764 | \n\n 84,725 | \n\n 84,725 | \n
| \n Total non-financial assets | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 198,929 | \n\n \u00a0 | \n
| \n Total assets | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 283,654 | \n\n \u00a0 | \n
| \n Non-current financial debt(a) | \n\n (38,040) | \n\n (240) | \n\n \u2013 | \n\n (2,198) | \n\n (40,478) | \n\n (41,329) | \n
| \n Accounts payable(b) | \n\n (41,335) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (41,335) | \n\n (41,335) | \n
| \n Other operating liabilities | \n\n (12,287) | \n\n (7,573) | \n\n (77) | \n\n \u2013 | \n\n (19,937) | \n\n (19,937) | \n
| \n Current borrowings(a) | \n\n (9,590) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (9,590) | \n\n (9,601) | \n
| \n Other current financial liabilities | \n\n \u2013 | \n\n (178) | \n\n \u2013 | \n\n (268) | \n\n (446) | \n\n (446) | \n
| \n Total financial liabilities | \n\n (101,252) | \n\n (7,991) | \n\n (77) | \n\n (2,466) | \n\n (111,786) | \n\n (112,648) | \n
| \n Total non-financial liabilities | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (171,868) | \n\n \u00a0 | \n
| \n Total liabilities | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (283,654) | \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 (refer to Note 15 to the Consolidated Financial Statements). (b)Receivables and payables are offset by an amount of $5,897 million, corresponding to the netting, mainly in trading activities, between receivables and payables with the same counterparty that can legally be settled on a net basis. | \n
| \n As of December 31, 2022 (M$) 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 (refer to Note 15 to the Consolidated Financial Statements). (b)Receivables and payables are offset by an amount of $10,156 million, corresponding to the netting, mainly in trading activities, between receivables and payables with the same counterparty that can legally be settled on a net basis. | \n
15.1Financial debt and related financial instruments
A)Non-current financial debt and related financial instruments
| \n As of December 31, 2024 (M$) (Assets)/Liabilities | \n\n Secured | \n\n Unsecured | \n\n Total | \n
|---|---|---|---|
| \n Non-current financial debt | \n\n 8,518 | \n\n 35,015 | \n\n 43,533 | \n
| \n of which hedging instruments of non-current financial debt (liabilities) | \n\n \u2013 | \n\n 2,313 | \n\n 2,313 | \n
| \n Non-current financial assets | \n\n (1,278) | \n\n (1,027) | \n\n (2,305) | \n
| \n of which hedging instruments of non-current financial debt (assets) | \n\n \u2013 | \n\n (546) | \n\n (546) | \n
| \n Non-current net financial debt and related financial instruments | \n\n 7,240 | \n\n 33,988 | \n\n 41,228 | \n
| \n Variable rate bonds or bonds after fair value hedge | \n\n 43 | \n\n 9,712 | \n\n 9,755 | \n
| \n Fixed rate bonds or bonds after cash flow hedge | \n\n \u2013 | \n\n 23,446 | \n\n 23,446 | \n
| \n Other floating rate debt | \n\n 305 | \n\n 304 | \n\n 609 | \n
| \n Other fixed rate debt | \n\n 348 | \n\n 726 | \n\n 1,074 | \n
| \n Lease obligations | \n\n 7,822 | \n\n \u2013 | \n\n 7,822 | \n
| \n Non-current financial assets excluding derivative financial instruments | \n\n (1,278) | \n\n (134) | \n\n (1,412) | \n
| \n Non-current instruments held for trading | \n\n \u2013 | \n\n (66) | \n\n (66) | \n
| \n Non-current net financial debt and related financial instruments | \n\n 7,240 | \n\n 33,988 | \n\n 41,228 | \n
| \n As of December 31, 2023 (M$) (Assets)/Liabilities | \n\n Secured | \n\n Unsecured | \n\n Total | \n
|---|---|---|---|
| \n Non-current financial debt | \n\n 8,427 | \n\n 32,051 | \n\n 40,478 | \n
| \n of which hedging instruments of non-current financial debt (liabilities) | \n\n \u2013 | \n\n 2,198 | \n\n 2,198 | \n
| \n Non-current financial assets | \n\n (1,166) | \n\n (1,229) | \n\n (2,395) | \n
| \n of which hedging instruments of non-current financial debt (assets) | \n\n \u2013 | \n\n (673) | \n\n (673) | \n
| \n Non-current net financial debt and related financial instruments | \n\n 7,261 | \n\n 30,822 | \n\n 38,083 | \n
| \n Variable rate bonds or bonds after fair value hedge | \n\n \u2013 | \n\n 7,051 | \n\n 7,051 | \n
| \n Fixed rate bonds or bonds after cash flow hedge | \n\n \u2013 | \n\n 22,839 | \n\n 22,839 | \n
| \n Other floating rate debt | \n\n 430 | \n\n 408 | \n\n 838 | \n
| \n Other fixed rate debt | \n\n 241 | \n\n 840 | \n\n 1,081 | \n
| \n Lease obligations | \n\n 7,756 | \n\n \u2013 | \n\n 7,756 | \n
| \n Non-current financial assets excluding derivative financial instruments | \n\n (1,166) | \n\n (142) | \n\n (1,308) | \n
| \n Non-current instruments held for trading | \n\n \u2013 | \n\n (174) | \n\n (174) | \n
| \n Non-current net financial debt and related financial instruments | \n\n 7,261 | \n\n 30,822 | \n\n 38,083 | \n
| \n As of December 31, 2022 (M$) (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
The bonds, as of December 31, 2024, 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, 2024 | \n\n Amount after December 31, 2023(a) | \n\n Amount after December 31, 2022 | \n
|---|---|---|---|---|
| \n Bond | \n\n USD | \n\n 6,332 | \n\n 3,542 | \n\n 5,042 | \n
| \n Bond | \n\n EUR | \n\n 2,636 | \n\n 3,209 | \n\n 5,574 | \n
| \n Bond | \n\n Others | \n\n 1,542 | \n\n 1,539 | \n\n 1,532 | \n
| \n Current portion (less than one year) | \n\n \n | \n\n (1,648) | \n\n (2,118) | \n\n (3,890) | \n
| \n Principal financing entities(b) | \n\n \n | \n\n 8,862 | \n\n 6,172 | \n\n 8,258 | \n
| \n Other consolidated subsidiaries | \n\n \n | \n\n 893 | \n\n 879 | \n\n 700 | \n
| \n Total variable rate bonds or bonds after fair value hedge | \n\n \n | \n\n 9,755 | \n\n 7,051 | \n\n 8,958 | \n
| \n Bonds after cash flow hedge or fixed (M$) | \n\n Currency of issuance | \n\n Amount after December 31, 2024 | \n\n Amount after December 31, 2023 | \n\n Amount after December 31, 2022 | \n
|---|---|---|---|---|
| \n Bond | \n\n EUR | \n\n 13,768 | \n\n 15,448 | \n\n 15,628 | \n
| \n Bond | \n\n USD | \n\n 10,523 | \n\n 8,301 | \n\n 8,783 | \n
| \n Bond | \n\n Others | \n\n 1,048 | \n\n 2,254 | \n\n 2,246 | \n
| \n Current portion (less than one year) | \n\n \u00a0 | \n\n (1,909) | \n\n (3,175) | \n\n (500) | \n
| \n Principal financing entities(b) | \n\n \u00a0 | \n\n 23,430 | \n\n 22,828 | \n\n 26,157 | \n
| \n Other consolidated subsidiaries | \n\n \u00a0 | \n\n 16 | \n\n 11 | \n\n 2 | \n
| \n Total fixed rate bonds or bonds after cash flow hedge | \n\n \n | \n\n 23,446 | \n\n 22,839 | \n\n 26,159 | \n
| \n (a)The IBOR rate reform mainly impacted the bonds after fair value hedge, on principal financing entities and TotalEnergies SE, indexed on the USD LIBOR rate. At December 31, 2023, the amount of the bonds after fair value hedge (both non-current and current portions) on principal financing entities and TotalEnergies SE was $8,290 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 acted 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, 2024 | \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 2026 | \n\n 4,498 | \n\n 411 | \n\n (572) | \n\n (71) | \n\n 3,926 | \n\n 10% | \n
| \n 2027 | \n\n 3,906 | \n\n 173 | \n\n (292) | \n\n (14) | \n\n 3,614 | \n\n 9% | \n
| \n 2028 | \n\n 4,596 | \n\n 391 | \n\n (267) | \n\n (135) | \n\n 4,329 | \n\n 11% | \n
| \n 2029 | \n\n 5,755 | \n\n 723 | \n\n (348) | \n\n (233) | \n\n 5,407 | \n\n 13% | \n
| \n 2030 and beyond | \n\n 24,778 | \n\n 615 | \n\n (826) | \n\n (93) | \n\n 23,952 | \n\n 57% | \n
| \n Total | \n\n 43,533 | \n\n 2,313 | \n\n (2,305) | \n\n (546) | \n\n 41,228 | \n\n 100% | \n
| \n As of December 31, 2023 | \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 2025 | \n\n 5,381 | \n\n 369 | \n\n (434) | \n\n (110) | \n\n 4,947 | \n\n 13% | \n
| \n 2026 | \n\n 4,013 | \n\n 323 | \n\n (304) | \n\n (102) | \n\n 3,709 | \n\n 10% | \n
| \n 2027 | \n\n 3,720 | \n\n 85 | \n\n (349) | \n\n (55) | \n\n 3,371 | \n\n 9% | \n
| \n 2028 | \n\n 4,502 | \n\n 304 | \n\n (246) | \n\n (142) | \n\n 4,256 | \n\n 11% | \n
| \n 2029 and beyond | \n\n 22,862 | \n\n 1,117 | \n\n (1,062) | \n\n (264) | \n\n 21,800 | \n\n 57% | \n
| \n Total | \n\n 40,478 | \n\n 2,198 | \n\n (2,395) | \n\n (673) | \n\n 38,083 | \n\n 100% | \n
| \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
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 2024 | \n\n % | \n\n 2023 | \n\n % | \n\n 2022 | \n\n % | \n
|---|---|---|---|---|---|---|
| \n U.S. dollar | \n\n 38,002 | \n\n 92% | \n\n 34,789 | \n\n 91% | \n\n 38,896 | \n\n 91% | \n
| \n Euro | \n\n 2,206 | \n\n 5% | \n\n 2,322 | \n\n 6% | \n\n 2,083 | \n\n 5% | \n
| \n Norwegian krone | \n\n 43 | \n\n 0% | \n\n 40 | \n\n 0% | \n\n 47 | \n\n 0% | \n
| \n Other currencies | \n\n 977 | \n\n 3% | \n\n 932 | \n\n 3% | \n\n 1,507 | \n\n 4% | \n
| \n Total | \n\n 41,228 | \n\n 100% | \n\n 38,083 | \n\n 100% | \n\n 42,533 | \n\n 100% | \n
| \n As of December 31, | \n\n 2024 | \n\n % | \n\n 2023 | \n\n % | \n\n 2022 | \n\n % | \n
|---|---|---|---|---|---|---|
| \n Fixed rate | \n\n 30,922 | \n\n 75% | \n\n 30,311 | \n\n 80% | \n\n 33,533 | \n\n 79% | \n
| \n Floating rate | \n\n 10,306 | \n\n 25% | \n\n 7,772 | \n\n 20% | \n\n 9,000 | \n\n 21% | \n
| \n Total | \n\n 41,228 | \n\n 100% | \n\n 38,083 | \n\n 100% | \n\n 42,533 | \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. 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$) (Assets)/Liabilities | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Current financial debt(a) | \n\n 4,462 | \n\n 2,377 | \n\n 8,997 | \n
| \n Current lease obligations | \n\n 2,095 | \n\n 1,721 | \n\n 1,437 | \n
| \n Current portion of non-current financial debt | \n\n 3,467 | \n\n 5,492 | \n\n 5,068 | \n
| \n Current borrowings (Note 14) | \n\n 10,024 | \n\n 9,590 | \n\n 15,502 | \n
| \n Current portion of hedging instruments of debt (liabilities) | \n\n 425 | \n\n 268 | \n\n 262 | \n
| \n Other current financial instruments (liabilities) | \n\n 239 | \n\n 178 | \n\n 226 | \n
| \n Other current financial liabilities (Note 14) | \n\n 664 | \n\n 446 | \n\n 488 | \n
| \n Current deposits beyond three months | \n\n (5,476) | \n\n (5,450) | \n\n (8,127) | \n
| \n Marketable securities | \n\n (683) | \n\n (519) | \n\n (218) | \n
| \n Financial receivables on sub-lease, current | \n\n (378) | \n\n (329) | \n\n (190) | \n
| \n Current portion of hedging instruments of debt (assets) | \n\n (29) | \n\n (91) | \n\n (2) | \n
| \n Other current financial instruments (assets) | \n\n (348) | \n\n (196) | \n\n (209) | \n
| \n Current financial assets (Note 14) | \n\n (6,914) | \n\n (6,585) | \n\n (8,746) | \n
| \n Net current borrowings | \n\n 3,774 | \n\n 3,451 | \n\n 7,244 | \n
| \n (a)As of December 31, 2024, December 31, 2023 and December 31, 2022, current financial debt includes notably short-term negotiable debt security issued through programs fully and unconditionally secured by TotalEnergies SE. | \n
C)Cash flow from (used in) financing activities
The variations of financial debt are detailed as follows:
| \n (M$) | \n\n As of January 1, 2024 | \n\n Cash changes | \n\n Non-cash changes | \n\n As of December | \n||||
|---|---|---|---|---|---|---|---|---|
| \n Change | \n\n Foreign currency | \n\n Changes in fair value | \n\n Reclassification Non-current/ Current | \n\n Other | \n||||
| \n Non-current financial instruments - assets(a) and non-current financial assets | \n\n (2,395) | \n\n \u2013 | \n\n 37 | \n\n 37 | \n\n 132 | \n\n 340 | \n\n (456) | \n\n (2,305) | \n
| \n Non-current financial debt | \n\n 40,478 | \n\n 7,532 | \n\n (299) | \n\n (241) | \n\n (453) | \n\n (6,080) | \n\n 2,596 | \n\n 43,533 | \n
| \n Non-current financial debt and related financial instruments | \n\n 38,083 | \n\n 7,532 | \n\n (262) | \n\n (204) | \n\n (321) | \n\n (5,740) | \n\n 2,140 | \n\n 41,228 | \n
| \n Current financial instruments - assets(a) | \n\n (616) | \n\n 609 | \n\n (2) | \n\n 20 | \n\n (107) | \n\n (340) | \n\n (319) | \n\n (755) | \n
| \n Current borrowings | \n\n 9,590 | \n\n (5,751) | \n\n 321 | \n\n (760) | \n\n (138) | \n\n 6,080 | \n\n 682 | \n\n 10,024 | \n
| \n Current financial instruments - liabilities(a) | \n\n 446 | \n\n \u2013 | \n\n (3) | \n\n (17) | \n\n 238 | \n\n \u2013 | \n\n \u2013 | \n\n 664 | \n
| \n Current financial debt and related financial instruments | \n\n 9,420 | \n\n (5,142) | \n\n 316 | \n\n (757) | \n\n (7) | \n\n 5,740 | \n\n 363 | \n\n 9,933 | \n
| \n Financial debt and financial assets classified as held for sale | \n\n 310 | \n\n \u2013 | \n\n (261) | \n\n (5) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 44 | \n
| \n Net financial debt | \n\n 47,813 | \n\n 2,390 | \n\n (207) | \n\n (966) | \n\n (328) | \n\n \u2013 | \n\n 2,503 | \n\n 51,205 | \n
| \n (a)Fair value or cash flow hedge instruments and other non-hedge debt-related derivative instruments. | \n
| \n (M$) | \n\n As of January 1, 2023 | \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 (2,731) | \n\n \u2013 | \n\n (96) | \n\n (21) | \n\n 353 | \n\n 387 | \n\n (287) | \n\n (2,395) | \n
| \n Non-current financial debt | \n\n 45,264 | \n\n 130 | \n\n 667 | \n\n 65 | \n\n (343) | \n\n (7,573) | \n\n 2,268 | \n\n 40,478 | \n
| \n Non-current financial debt and related financial instruments | \n\n 42,533 | \n\n 130 | \n\n 571 | \n\n 44 | \n\n 10 | \n\n (7,186) | \n\n 1,981 | \n\n 38,083 | \n
| \n Current financial instruments - assets(a) | \n\n (401) | \n\n 383 | \n\n (1) | \n\n (8) | \n\n (68) | \n\n (387) | \n\n (134) | \n\n (616) | \n
| \n Current borrowings | \n\n 15,502 | \n\n (14,660) | \n\n 181 | \n\n 389 | \n\n 121 | \n\n 7,573 | \n\n 484 | \n\n 9,590 | \n
| \n Current financial instruments - liabilities(a) | \n\n 488 | \n\n \u2013 | \n\n 6 | \n\n 11 | \n\n (59) | \n\n \u2013 | \n\n \u2013 | \n\n 446 | \n
| \n Current financial debt and related financial instruments | \n\n 15,589 | \n\n (14,277) | \n\n 186 | \n\n 392 | \n\n (6) | \n\n 7,186 | \n\n 350 | \n\n 9,420 | \n
| \n Financial debt and financial assets classified as held for sale | \n\n (38) | \n\n \u2013 | \n\n 341 | \n\n 7 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 310 | \n
| \n Net financial debt | \n\n 58,084 | \n\n (14,147) | \n\n 1,098 | \n\n 443 | \n\n 4 | \n\n \u2013 | \n\n 2,331 | \n\n 47,813 | \n
| \n (a)Fair value or cash flow hedge instruments and other non-hedge debt-related derivative instruments. | \n
| \n (M$) | \n\n As of January 1, 2022 | \n\n Cash changes | \n\n Non-cash changes | \n\n As of December | \n||||
|---|---|---|---|---|---|---|---|---|
| \n Change | \n\n Foreign currency | \n\n Changes in fair value | \n\n Reclassification Non-current/ Current | \n\n Other | \n||||
| \n Non-current financial instruments - assets(a) and non-current financial assets | \n\n (2,404) | \n\n \u2013 | \n\n 24 | \n\n 52 | \n\n (448) | \n\n 198 | \n\n (153) | \n\n (2,731) | \n
| \n Non-current financial debt | \n\n 49,512 | \n\n 1,108 | \n\n (696) | \n\n (225) | \n\n 175 | \n\n (6,981) | \n\n 2,371 | \n\n 45,264 | \n
| \n Non-current financial debt and related financial instruments | \n\n 47,108 | \n\n 1,108 | \n\n (672) | \n\n (173) | \n\n (273) | \n\n (6,783) | \n\n 2,218 | \n\n 42,533 | \n
| \n Current financial instruments - assets(a) | \n\n (252) | \n\n 264 | \n\n \u2013 | \n\n 6 | \n\n (97) | \n\n (198) | \n\n (124) | \n\n (401) | \n
| \n Current borrowings | \n\n 15,035 | \n\n (6,337) | \n\n (316) | \n\n (106) | \n\n (69) | \n\n 6,981 | \n\n 314 | \n\n 15,502 | \n
| \n Current financial instruments - liabilities(a) | \n\n 372 | \n\n \u2013 | \n\n \u2013 | \n\n (9) | \n\n 125 | \n\n \u2013 | \n\n \u2013 | \n\n 488 | \n
| \n Current financial debt and related financial instruments | \n\n 15,155 | \n\n (6,073) | \n\n (316) | \n\n (109) | \n\n (41) | \n\n 6,783 | \n\n 190 | \n\n 15,589 | \n
| \n Financial debt and financial assets classified as held for sale | \n\n (4) | \n\n \u2013 | \n\n (34) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (38) | \n
| \n Net financial debt | \n\n 62,259 | \n\n (4,965) | \n\n (1,022) | \n\n (282) | \n\n (314) | \n\n \u2013 | \n\n 2,408 | \n\n 58,084 | \n
| \n (a)Fair value or cash flow hedge instruments and other non-hedge debt-related derivative instruments. | \n
Monetary changes in non-current financial debt are detailed as follows:
| \n For the year ended December 31, (M$) | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Issuance of non-current debt | \n\n 7,563 | \n\n 189 | \n\n 1,148 | \n
| \n Repayment of non-current debt | \n\n (31) | \n\n (59) | \n\n (40) | \n
| \n Net amount | \n\n 7,532 | \n\n 130 | \n\n 1,108 | \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 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Cash | \n\n 17,475 | \n\n 16,956 | \n\n 14,873 | \n
| \n Cash equivalents | \n\n 8,369 | \n\n 10,307 | \n\n 18,153 | \n
| \n Total | \n\n 25,844 | \n\n 27,263 | \n\n 33,026 | \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, 2024, the cash and cash equivalents include $1,804\u00a0million subject to restrictions, notably due to regulatory framework or to the fact they are owned by affiliates located in countries with exchange controls.
E)Net-debt-to-capital ratio
For its internal and external communication needs, TotalEnergies calculates a debt ratio by dividing its net financial debt excluding leases by its capital.
The ratio is calculated as follows: Net debt excluding leases / (Equity + Net debt excluding leases)
| \n As of December 31, (M$) (Assets)/Liabilities | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Current borrowings(a) | \n\n 7,929 | \n\n 7,869 | \n\n 14,065 | \n
| \n Other current financial liabilities | \n\n 664 | \n\n 446 | \n\n 488 | \n
| \n Current financial assets(a) | \n\n (6,536) | \n\n (6,256) | \n\n (8,556) | \n
| \n Net financial assets and liabilities held for sale or exchange(a) | \n\n 33 | \n\n 17 | \n\n (38) | \n
| \n Non-current financial debt(a) | \n\n 35,711 | \n\n 32,722 | \n\n 36,987 | \n
| \n Non-current financial assets(a) | \n\n (1,027) | \n\n (1,229) | \n\n (1,303) | \n
| \n Cash and cash equivalents | \n\n (25,844) | \n\n (27,263) | \n\n (33,026) | \n
| \n Net financial debt excluding leases | \n\n 10,930 | \n\n 6,306 | \n\n 8,617 | \n
| \n Shareholders' equity - TotalEnergies share | \n\n 117,858 | \n\n 116,753 | \n\n 111,724 | \n
| \n Distribution of the income based on existing shares at the closing date | \n\n 2,397 | \n\n 2,700 | \n\n 2,846 | \n
| \n Shareholders' equity | \n\n 120,255 | \n\n 119,453 | \n\n 114,570 | \n
| \n Net-debt-to-capital ratio excluding leases | \n\n 8.3% | \n\n 5.0% | \n\n 7.0% | \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\u00a0initial 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$) | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Loans and receivables | \n\n 1,335 | \n\n 1,420 | \n\n 562 | \n
| \n Financing liabilities and associated hedging instruments | \n\n (2,321) | \n\n (2,190) | \n\n (1,812) | \n
| \n Fair value hedge (ineffective portion) | \n\n 1 | \n\n 2 | \n\n (5) | \n
| \n Lease assets and obligations | \n\n (552) | \n\n (499) | \n\n (458) | \n
| \n Assets and liabilities held for trading | \n\n 307 | \n\n 248 | \n\n 470 | \n
| \n Impact on the cost of net debt | \n\n (1,230) | \n\n (1,019) | \n\n (1,243) | \n
B)Impact of the hedging strategies
Fair value hedge instruments
The impact on the income statement of the bond hedging instruments which is recorded in the item \u201cFinancial interest on debt\u201d in the Consolidated Statement of Income is detailed as follows:
| \n For the year ended December 31, (M$) | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Revaluation impact at market value of bonds | \n\n (568) | \n\n (765) | \n\n 3,817 | \n
| \n Swaps hedging bonds | \n\n 569 | \n\n 767 | \n\n (3,822) | \n
| \n Ineffective portion of the fair value hedge | \n\n 1 | \n\n 2 | \n\n (5) | \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, 2024, 2023 and 2022 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 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Profit (Loss) recorded in other comprehensive income of the period | \n\n 448 | \n\n 128 | \n\n 72 | \n
| \n Recycled amount from other comprehensive income to the income statement of the period | \n\n (260) | \n\n 140 | \n\n (55) | \n
As of December 31, 2024, 2023 and 2022, 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 6,250 | \n\n \u2013 | \n\n (230) | \n\n \n | \n\n \u2013 | \n\n (6,103) | \n\n \n | \n\n \u2013 | \n\n 147 | \n\n Financial debt/ Financial assets | \n
| \n Bonds | \n\n Cross Currency Swaps | \n\n 4,084 | \n\n 27 | \n\n (618) | \n\n \n | \n\n \u2013 | \n\n (3,588) | \n\n \n | \n\n \u2013 | \n\n 496 | \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 21 | \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 3,500 | \n\n \u2013 | \n\n (86) | \n\n \n | \n\n \u2013 | \n\n (3,457) | \n\n \n | \n\n \u2013 | \n\n 43 | \n\n Financial debt/ Financial assets | \n
| \n Bonds | \n\n Cross Currency Swaps | \n\n 4,671 | \n\n 45 | \n\n (559) | \n\n \n | \n\n \u2013 | \n\n (4,232) | \n\n \n | \n\n \u2013 | \n\n 439 | \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 10 | \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 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
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 12,577 | \n\n 543 | \n\n \u2013 | \n\n Financial debt / Financial assets | \n
| \n Bonds | \n\n Cross Currency swaps | \n\n 15,055 | \n\n 5 | \n\n (1,890) | \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 12,023 | \n\n 611 | \n\n \u2013 | \n\n Financial debt / Financial assets | \n
| \n Bonds | \n\n Cross Currency swaps | \n\n 17,511 | \n\n 108 | \n\n (1,821) | \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 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
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, 2024 (M$) Assets/(Liabilities) | \n\n Fair value | \n\n Notional value 2025 | \n\n Fair value | \n\n Notional value schedule | \n|||||
|---|---|---|---|---|---|---|---|---|---|
| \n 2026 | \n\n 2026 | \n\n 2027 | \n\n 2028 | \n\n 2029 | \n\n 2030 | \n||||
| \n Fair value hedge | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Swaps hedging bonds (assets) | \n\n \u2013 | \n\n \u2013 | \n\n 27 | \n\n 403 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Swaps hedging bonds (liabilities) | \n\n (45) | \n\n 1,630 | \n\n (803) | \n\n 8,301 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Total swaps hedging bonds - fair value hedge | \n\n (45) | \n\n 1,630 | \n\n (776) | \n\n 8,704 | \n\n 202 | \n\n 820 | \n\n 1,000 | \n\n 789 | \n\n 5,893 | \n
| \n Cash flow hedge | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Swaps hedging bonds (assets) | \n\n 29 | \n\n 2,428 | \n\n 519 | \n\n 11,317 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Swaps hedging bonds (liabilities) | \n\n (380) | \n\n 2,059 | \n\n (1,510) | \n\n 11,828 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Total swaps hedging bonds - cash flow hedge | \n\n (351) | \n\n 4,487 | \n\n (991) | \n\n 23,145 | \n\n 4,116 | \n\n 2,143 | \n\n 4,740 | \n\n 5,667 | \n\n 6,479 | \n
| \n Forward exchange contracts related to operating activities | \n\n \u2013 | \n\n 94 | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Forward exchange contracts related to operating activities | \n\n (13) | \n\n 271 | \n\n (23) | \n\n 634 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Total forward exchange contracts related to operating activities | \n\n (13) | \n\n 365 | \n\n (23) | \n\n 634 | \n\n 307 | \n\n 327 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Held for trading | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Other interest rate swaps (assets) | \n\n 154 | \n\n 50,861 | \n\n 342 | \n\n 36,851 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Other interest rate swaps (liabilities) | \n\n (124) | \n\n 59,075 | \n\n (281) | \n\n 36,220 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Total other interest rate swaps | \n\n 30 | \n\n 109,936 | \n\n 61 | \n\n 73,071 | \n\n 52,496 | \n\n 8,714 | \n\n 2,739 | \n\n 2,821 | \n\n 6,300 | \n
| \n Currency swaps and forward exchange contracts | \n\n 196 | \n\n 17,698 | \n\n 5 | \n\n 322 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Currency swaps and forward exchange contracts (liabilities) | \n\n (115) | \n\n 5,212 | \n\n \u2013 | \n\n (45) | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Total currency swaps and forward exchange contracts | \n\n 81 | \n\n 22,910 | \n\n 5 | \n\n 277 | \n\n 116 | \n\n 161 | \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, 2023 (M$) Assets/(Liabilities) | \n\n Fair value | \n\n Notional value 2024 | \n\n Fair value | \n\n Notional value schedule | \n|||||
|---|---|---|---|---|---|---|---|---|---|
| \n 2025 | \n\n 2025 | \n\n 2026 | \n\n 2027 | \n\n 2028 | \n\n 2029 | \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 250 | \n\n 45 | \n\n 403 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (liabilities) | \n\n (75) | \n\n 1,837 | \n\n (570) | \n\n 5,681 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total swaps hedging bonds - fair value hedge | \n\n (75) | \n\n 2,087 | \n\n (525) | \n\n 6,084 | \n\n 1,630 | \n\n 202 | \n\n 820 | \n\n 1,000 | \n\n 2,432 | \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 91 | \n\n 2,114 | \n\n 628 | \n\n 14,830 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (liabilities) | \n\n (193) | \n\n 1,574 | \n\n (1,628) | \n\n 11,016 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total swaps hedging bonds - cash flow hedge | \n\n (102) | \n\n 3,688 | \n\n (1,000) | \n\n 25,846 | \n\n 4,509 | \n\n 4,153 | \n\n 2,135 | \n\n 4,686 | \n\n 10,363 | \n
| \n Forward exchange contracts related to operating activities (assets) | \n\n 2 | \n\n 83 | \n\n 8 | \n\n 311 | \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 (14) | \n\n 234 | \n\n (2) | \n\n 240 | \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 (12) | \n\n 317 | \n\n 6 | \n\n 551 | \n\n 285 | \n\n 266 | \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 149 | \n\n 38,415 | \n\n 393 | \n\n 7,690 | \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 37,170 | \n\n (208) | \n\n 7,407 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total other interest rate swaps | \n\n 55 | \n\n 75,585 | \n\n 185 | \n\n 15,097 | \n\n 8,692 | \n\n 1,580 | \n\n 1,500 | \n\n 1,908 | \n\n 1,417 | \n
| \n Currency swaps and forward exchange contracts | \n\n 66 | \n\n 10,325 | \n\n 21 | \n\n 1,071 | \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 (84) | \n\n 8,513 | \n\n (32) | \n\n 773 | \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 (18) | \n\n 18,838 | \n\n (11) | \n\n 1,844 | \n\n 1,840 | \n\n (2) | \n\n 6 | \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, 2022 (M$) Assets/(Liabilities) | \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 - fair value hedge | \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 - cash flow hedge | \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 | \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.
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, 2024 (M$) | \n\n Quoted prices | \n\n Prices based on observable data (level 2) | \n\n Prices based on non observable data (level 3) | \n\n Total | \n
|---|---|---|---|---|
| \n Fair value hedge instruments | \n\n \u2013 | \n\n (821) | \n\n \u2013 | \n\n (821) | \n
| \n Cash flow hedge instruments | \n\n \u2013 | \n\n (1,375) | \n\n \u2013 | \n\n (1,375) | \n
| \n Assets and liabilities held for trading | \n\n \u2013 | \n\n 174 | \n\n \u2013 | \n\n 174 | \n
| \n Equity instruments | \n\n 391 | \n\n \u2013 | \n\n \u2013 | \n\n 391 | \n
| \n Total | \n\n 391 | \n\n (2,022) | \n\n \u2013 | \n\n (1,631) | \n
| \n As of December 31, 2023 (M$) | \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 (600) | \n\n \u2013 | \n\n (600) | \n
| \n Cash flow hedge instruments | \n\n \u2013 | \n\n (1,104) | \n\n \u2013 | \n\n (1,104) | \n
| \n Assets and liabilities held for trading | \n\n \u2013 | \n\n 207 | \n\n \u2013 | \n\n 207 | \n
| \n Equity instruments | \n\n 255 | \n\n \u2013 | \n\n \u2013 | \n\n 255 | \n
| \n Total | \n\n 255 | \n\n (1,497) | \n\n \u2013 | \n\n (1,242) | \n
| \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
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, banking institutions, 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, financial credit ratings, 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.
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 USD LIBOR maturities ceased to be published end of June 2023 and was 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.
Bonds and associated derivatives impacted by the IBOR reform are presented in Note 15.1 \u201cFinancial debt and related financial instruments\u201d.
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, 2024, 2023 and 2022.
| \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, 2024 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Bonds (non-current portion, before swaps) | \n\n (31,434) | \n\n (31,806) | \n\n 291 | \n\n (291) | \n
| \n Swaps hedging bonds (liabilities) | \n\n (2,313) | \n\n (2,313) | \n\n \u2013 | \n\n \u2013 | \n
| \n Swaps hedging bonds (assets) | \n\n 546 | \n\n 546 | \n\n \u2013 | \n\n \u2013 | \n
| \n Total swaps hedging bonds (assets and liabilities) | \n\n (1,767) | \n\n (1,767) | \n\n (54) | \n\n 54 | \n
| \n Current portion of non-current debt after swaps (excluding lease obligations) | \n\n (3,863) | \n\n (3,851) | \n\n 3 | \n\n (3) | \n
| \n Other interest rates swaps | \n\n 91 | \n\n 91 | \n\n 3 | \n\n (3) | \n
| \n Currency swaps and forward exchange contracts | \n\n 86 | \n\n 86 | \n\n \u2013 | \n\n \u2013 | \n
| \n As of December 31, 2023 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Bonds (non-current portion, before swaps) | \n\n (28,365) | \n\n (29,216) | \n\n 162 | \n\n (162) | \n
| \n Swaps hedging bonds (liabilities) | \n\n (2,198) | \n\n (2,198) | \n\n \u2013 | \n\n \u2013 | \n
| \n Swaps hedging bonds (assets) | \n\n 673 | \n\n 673 | \n\n \u2013 | \n\n \u2013 | \n
| \n Total swaps hedging bonds (assets and liabilities) | \n\n (1,525) | \n\n (1,525) | \n\n (12) | \n\n 12 | \n
| \n Current portion of non-current debt after swaps (excluding lease obligations) | \n\n (5,669) | \n\n (5,680) | \n\n (1) | \n\n (7) | \n
| \n Other interest rates swaps | \n\n 240 | \n\n 240 | \n\n 17 | \n\n (17) | \n
| \n Currency swaps and forward exchange contracts | \n\n (29) | \n\n (29) | \n\n \u2013 | \n\n \u2013 | \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
The impact of changes in interest rates on the cost of net debt before tax is as follows:
| \n For the year ended December 31, (M$) | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Cost of net debt | \n\n (1,230) | \n\n (1,019) | \n\n (1,243) | \n
| \n Interest rate translation of: | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n + 10 basis points | \n\n 15 | \n\n 10 | \n\n 18 | \n
| \n - 10 basis points | \n\n (15) | \n\n (10) | \n\n (18) | \n
As a result of the policy for the management of currency exposure previously described, TotalEnergies\u2019 sensitivity to currency exposure is primarily influenced by the net equity of the subsidiaries whose functional currency is the euro and to a lesser extent, the pound sterling and the Norwegian krone.
This sensitivity is reflected in the historical evolution of the currency translation adjustment recorded in the statement of changes in consolidated shareholders\u2019 equity which, over the course of the last three years, is essentially related to the fluctuation of the euro, the ruble and the pound sterling and is set forth in the table below:
| \n Closing rate | \n\n Dollar/Euro | \n\n Dollar/Pound sterling | \n\n Dollar/Ruble | \n
|---|---|---|---|
| \n December 31, 2024 | \n\n 0.96 | \n\n 0.80 | \n\n 113.11 | \n
| \n December 31, 2023 | \n\n 0.90 | \n\n 0.79 | \n\n 89.14 | \n
| \n December 31, 2022 | \n\n 0.94 | \n\n 0.83 | \n\n 74.01 | \n
| \n As of December 31, 2024 (M$) | \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 133,117 | \n\n 20,336 | \n\n 93,078 | \n\n 4,439 | \n\n \u2013 | \n\n 15,264 | \n
| \n Currency translation adjustment before net investment hedge | \n\n (15,254) | \n\n (8,584) | \n\n \u2013 | \n\n (2,372) | \n\n \u2013 | \n\n (4,298) | \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, 2024 | \n\n 117,858 | \n\n 11,747 | \n\n 93,078 | \n\n 2,067 | \n\n \u2013 | \n\n 10,966 | \n
| \n As of December 31, 2023 (M$) | \n\n Total | \n\n Euro | \n\n Dollar | \n\n Pound sterling | \n\n Ruble | \n\n Other currencies | \n
|---|---|---|---|---|---|---|
| \n Shareholders' equity at historical exchange rate | \n\n 130,454 | \n\n 19,198 | \n\n 92,202 | \n\n 4,732 | \n\n \u2013 | \n\n 14,322 | \n
| \n Currency translation adjustment before net investment hedge | \n\n (13,696) | \n\n (7,881) | \n\n \u2013 | \n\n (2,285) | \n\n \u2013 | \n\n (3,530) | \n
| \n Net investment hedge - open instruments | \n\n (5) | \n\n (5) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Shareholders' equity at exchange rate as of December 31, 2023 | \n\n 116,753 | \n\n 11,312 | \n\n 92,202 | \n\n 2,447 | \n\n \u2013 | \n\n 10,792 | \n
| \n As of December 31, 2022 (M$) | \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
Based on the 2024 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, 2024 (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 \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n \u2013Shareholders' equity | \n\n 1,175 | \n\n 207 | \n\n \u2013 | \n
| \n \u2013net income (TotalEnergies share) | \n\n 183 | \n\n 54 | \n\n \u2013 | \n
| \n Impact of a decrease of (10)% of exchange rates on: | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n \u2013Shareholders' equity | \n\n (1,175) | \n\n (207) | \n\n \u2013 | \n
| \n \u2013net income (TotalEnergies share) | \n\n (183) | \n\n (54) | \n\n \u2013 | \n
Stock market risk
TotalEnergies holds interests in a number of publicly-traded companies (refer to 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, 2024, these credit facilities amounted to $10,353\u00a0million and were entirely undrawn. 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\u00a0a material adverse effect on its financial position.
As of December 31, 2024, the aggregated amount of the main committed credit facilities granted by international banks to the TotalEnergies\u2019\u00a0companies, including TotalEnergies SE, was $10,919\u00a0million, of which $10,779 million were unutilized.
Credit facilities granted to the TotalEnergies\u2019 companies other than TotalEnergies SE are not intended to fund TotalEnergies\u2019 general corporate purposes; they are intended to fund either general corporate purposes of the borrowing affiliate, or a specific project.
The following tables show the maturity of the financial assets and liabilities of TotalEnergies as of December\u00a031, 2024, 2023 and 2022 (refer to\u00a0Note\u00a015.1\u00a0to the Consolidated Financial Statements).
| \n As of December 31, 2024 (M$) Assets/(Liabilities) | \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 (4,109) | \n\n (3,889) | \n\n (4,459) | \n\n (5,521) | \n\n (24,662) | \n\n (42,640) | \n
| \n Non-current financial assets excluding derivative financial instruments | \n\n \u2013 | \n\n 183 | \n\n 275 | \n\n 130 | \n\n 114 | \n\n 710 | \n\n 1,412 | \n
| \n Current borrowings | \n\n (10,024) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (10,024) | \n
| \n Other current financial liabilities | \n\n (664) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (664) | \n
| \n Current financial assets | \n\n 6,914 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 6,914 | \n
| \n Net financial assets and liabilities held for sale or exchange | \n\n (44) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (44) | \n
| \n Cash and cash equivalents | \n\n 25,844 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 25,844 | \n
| \n Net amount before financial expense | \n\n 22,026 | \n\n (3,926) | \n\n (3,614) | \n\n (4,329) | \n\n (5,407) | \n\n (23,952) | \n\n (19,202) | \n
| \n Financial expense on non-current financial debt | \n\n (827) | \n\n (822) | \n\n (784) | \n\n (785) | \n\n (608) | \n\n (12,802) | \n\n (16,628) | \n
| \n Interest differential on swaps | \n\n (342) | \n\n (295) | \n\n (247) | \n\n (240) | \n\n (183) | \n\n (535) | \n\n (1,842) | \n
| \n Net amount | \n\n 20,857 | \n\n (5,043) | \n\n (4,645) | \n\n (5,354) | \n\n (6,198) | \n\n (37,289) | \n\n (37,672) | \n
| \n As of December 31, 2023 (M$) Assets/(Liabilities) | \n\n Less than one year | \n\n 1-2 years | \n\n 2-3 years | \n\n 3-4 years | \n\n 4-5 years | \n\n More than 5 years | \n\n Total | \n
|---|---|---|---|---|---|---|---|
| \n Non-current financial debt (notional value excluding interests) | \n\n \u2013 | \n\n (5,079) | \n\n (3,816) | \n\n (3,615) | \n\n (4,356) | \n\n (22,525) | \n\n (39,391) | \n
| \n Non-current financial assets excluding derivative financial instruments | \n\n \u2013 | \n\n 132 | \n\n 107 | \n\n 244 | \n\n 100 | \n\n 725 | \n\n 1,308 | \n
| \n Current borrowings | \n\n (9,590) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (9,590) | \n
| \n Other current financial liabilities | \n\n (446) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (446) | \n
| \n Current financial assets | \n\n 6,585 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 6,585 | \n
| \n Net financial assets and liabilities held for sale or exchange | \n\n (310) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (310) | \n
| \n Cash and cash equivalents | \n\n 27,263 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 27,263 | \n
| \n Net amount before financial expense | \n\n 23,502 | \n\n (4,947) | \n\n (3,709) | \n\n (3,371) | \n\n (4,256) | \n\n (21,800) | \n\n (14,581) | \n
| \n Financial expense on non-current financial debt | \n\n (469) | \n\n (517) | \n\n (460) | \n\n (430) | \n\n (390) | \n\n (4,242) | \n\n (6,508) | \n
| \n Interest differential on swaps | \n\n (355) | \n\n (265) | \n\n (261) | \n\n (216) | \n\n (209) | \n\n (537) | \n\n (1,843) | \n
| \n Net amount | \n\n 22,678 | \n\n (5,729) | \n\n (4,430) | \n\n (4,017) | \n\n (4,855) | \n\n (26,579) | \n\n (22,932) | \n
| \n As of December 31, 2022(M$) Assets/(Liabilities) | \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 | \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 Net financial assets and liabilities held 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
The following table sets forth financial assets and liabilities related to operating activities as of December 31, 2024, 2023 and 2022 (refer to Note 14 of the notes to the Consolidated Financial Statements).
| \n As of December 31, (M$) Assets/(Liabilities) | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Accounts payable | \n\n (39,932) | \n\n (41,335) | \n\n (41,346) | \n
| \n Other operating liabilities | \n\n (20,242) | \n\n (19,937) | \n\n (35,186) | \n
| \n including derivative financial instruments related to commodity contracts (liabilities) | \n\n (7,680) | \n\n (7,650) | \n\n (18,774) | \n
| \n Accounts receivable, net | \n\n 19,281 | \n\n 23,442 | \n\n 24,378 | \n
| \n Other operating receivables | \n\n 16,846 | \n\n 14,952 | \n\n 28,289 | \n
| \n including derivative financial instruments related to commodity contracts (assets) | \n\n 9,072 | \n\n 7,012 | \n\n 20,220 | \n
| \n Total | \n\n (24,047) | \n\n (22,878) | \n\n (23,865) | \n
These financial assets and liabilities mainly have a maturity date below one year.
Credit risk
Credit risk is defined as the risk of the counterparty to a contract failing to perform or pay the amounts due.
TotalEnergies is exposed to credit risks in its operating and financing activities. TotalEnergies' maximum exposure to credit risk is partially related to financial assets recorded on its balance sheet, including energy derivative instruments that have a positive market value.
The following table presents TotalEnergies' maximum credit risk exposure:
| \n As of December 31, (M$) Assets/(Liabilities) | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Loans to equity affiliates (Note 8) | \n\n 6,533 | \n\n 4,562 | \n\n 3,733 | \n
| \n Loans and advances (Note 6) | \n\n 2,175 | \n\n 2,222 | \n\n 1,837 | \n
| \n Other non-current financial assets related to operational activities (Note 6) | \n\n 1,677 | \n\n 1,761 | \n\n 250 | \n
| \n Non-current financial assets (Note 15.1) | \n\n 2,305 | \n\n 2,395 | \n\n 2,731 | \n
| \n Accounts receivable (Note 5) | \n\n 19,281 | \n\n 23,442 | \n\n 24,378 | \n
| \n Other operating receivables (Note 5) | \n\n 16,846 | \n\n 14,952 | \n\n 28,289 | \n
| \n Current financial assets (Note 15.1) | \n\n 6,914 | \n\n 6,585 | \n\n 8,746 | \n
| \n Cash and cash equivalents (Note 15.1) | \n\n 25,844 | \n\n 27,263 | \n\n 33,026 | \n
| \n Total | \n\n 81,575 | \n\n 83,182 | \n\n 102,990 | \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, 2024, the net margin call paid amounted to $3,002 million (against $2,435 million paid as of December\u00a031, 2023 and $2,857 million paid as of December 31, 2022).
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, 2024, the net value of receivables sold amounted to $9,643 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 2024, TotalEnergies conducted several operations of reverse factoring. The value of factored payables outstanding at year-end\u00a0is $466\u00a0million.
Credit risk is managed by TotalEnergies\u2019 business segments as follows:
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.
Integrated LNG & Integrated Power segments
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\u00a0to 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 (rules for the approval of credit limits, use of guarantees, monitoring and assessment of the receivables portfolio).
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\u00a0
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 credit-rating 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.
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, 2024 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 Gas & Power activities | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Swaps | \n\n 117 | \n\n \u00a0(129) | \n\n \n | \n\n \u00a0(7) | \n\n 7 | \n\n \n | \n\n 110 | \n\n \u00a0(122) | \n\n \u2013 | \n\n \u00a0(12) | \n\n \u00a0(12) | \n
| \n Forwards(a) | \n\n 8,060 | \n\n \u00a0(6,595) | \n\n \n | \n\n \u00a0(79) | \n\n 79 | \n\n \n | \n\n 7,981 | \n\n \u00a0(6,516) | \n\n \u2013 | \n\n 1,465 | \n\n 1,465 | \n
| \n Options | \n\n 277 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n 277 | \n\n \u2013 | \n\n \u2013 | \n\n 277 | \n\n 277 | \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 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 403 | \n\n 403 | \n\n 403 | \n
| \n Total Gas & Power | \n\n 8,454 | \n\n (6,724) | \n\n \n | \n\n (86) | \n\n 86 | \n\n \n | \n\n 8,368 | \n\n (6,638) | \n\n 403 | \n\n 2,133 | \n\n 2,133 | \n
| \n Crude oil, petroleum products and freight rates activities | \n|||||||||||
| \n Petroleum products, crude oil and freight rate swaps | \n\n 85 | \n\n \u00a0(46) | \n\n \n | \n\n \u00a0(44) | \n\n 44 | \n\n \n | \n\n 41 | \n\n \u00a0(2) | \n\n \u2013 | \n\n 39 | \n\n 39 | \n
| \n Forwards(a) | \n\n 656 | \n\n \u00a0(1,012) | \n\n \n | \n\n \u00a0(14) | \n\n 14 | \n\n \n | \n\n 642 | \n\n \u00a0(998) | \n\n \u2013 | \n\n \u00a0(356) | \n\n \u00a0(356) | \n
| \n Options | \n\n 70 | \n\n \u00a0(102) | \n\n \n | \n\n \u00a0(60) | \n\n 60 | \n\n \n | \n\n 10 | \n\n \u00a0(42) | \n\n \u2013 | \n\n \u00a0(32) | \n\n \u00a0(32) | \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 66 | \n\n \u00a0(55) | \n\n \n | \n\n \u00a0(55) | \n\n 55 | \n\n \n | \n\n 11 | \n\n \u2013 | \n\n \u2013 | \n\n 11 | \n\n 11 | \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 products | \n\n 877 | \n\n (1,215) | \n\n \n | \n\n (173) | \n\n 173 | \n\n \n | \n\n 704 | \n\n (1,042) | \n\n \u2013 | \n\n (338) | \n\n (338) | \n
| \n Total | \n\n 9,331 | \n\n (7,939) | \n\n \n | \n\n (259) | \n\n 259 | \n\n \n | \n\n 9,072 | \n\n (7,680) | \n\n 403 | \n\n 1,795 | \n\n 1,795 | \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, 2023 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 Gas & Power activities | \n|||||||||||
| \n Swaps | \n\n 116 | \n\n \u00a0(125) | \n\n \u00a0(27) | \n\n \u00a0(27) | \n\n 27 | \n\n \u00a0(98) | \n\n 89 | \n\n \u00a0(98) | \n\n \u2013 | \n\n \u00a0(9) | \n\n \u00a0(9) | \n
| \n Forwards(a) | \n\n 5,875 | \n\n \u00a0(6,369) | \n\n \u00a0(253) | \n\n \u00a0(253) | \n\n 253 | \n\n \u00a0(6,116) | \n\n 5,622 | \n\n \u00a0(6,116) | \n\n \u2013 | \n\n \u00a0(494) | \n\n \u00a0(494) | \n
| \n Options | \n\n 540 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 540 | \n\n \u2013 | \n\n \u2013 | \n\n 540 | \n\n 540 | \n
| \n Futures | \n\n 2 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 2 | \n\n \u2013 | \n\n \u2013 | \n\n 2 | \n\n 2 | \n
| \n Other/Collateral | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 109 | \n\n 109 | \n\n 109 | \n
| \n Total Gas & Power | \n\n 6,533 | \n\n (6,494) | \n\n (280) | \n\n (280) | \n\n 280 | \n\n (6,214) | \n\n 6,253 | \n\n (6,214) | \n\n 109 | \n\n 148 | \n\n 148 | \n
| \n Crude oil, petroleum products and freight rates activities | \n|||||||||||
| \n Petroleum products, crude oil and freight rate swaps | \n\n 66 | \n\n \u00a0(50) | \n\n \n | \n\n \u00a0(28) | \n\n 28 | \n\n \n | \n\n 38 | \n\n \u00a0(22) | \n\n \u2013 | \n\n 16 | \n\n 16 | \n
| \n Forwards(a) | \n\n 655 | \n\n \u00a0(1,348) | \n\n \n | \n\n \u00a0(13) | \n\n 13 | \n\n \n | \n\n 642 | \n\n \u00a0(1,335) | \n\n \u2013 | \n\n \u00a0(693) | \n\n \u00a0(693) | \n
| \n Options | \n\n 23 | \n\n \u00a0(97) | \n\n \n | \n\n \u00a0(23) | \n\n 23 | \n\n \n | \n\n \u2013 | \n\n \u00a0(74) | \n\n \u2013 | \n\n \u00a0(74) | \n\n \u00a0(74) | \n
| \n Futures | \n\n 1 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n 1 | \n\n \u2013 | \n\n \u2013 | \n\n 1 | \n\n 1 | \n
| \n Options on futures | \n\n 287 | \n\n \u00a0(214) | \n\n \n | \n\n \u00a0(209) | \n\n 209 | \n\n \n | \n\n 78 | \n\n \u00a0(5) | \n\n \u2013 | \n\n 73 | \n\n 73 | \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 products | \n\n 1,032 | \n\n (1,709) | \n\n \n | \n\n (273) | \n\n 273 | \n\n \n | \n\n 759 | \n\n (1,436) | \n\n \u2013 | \n\n (677) | \n\n (677) | \n
| \n Total | \n\n 7,565 | \n\n (8,203) | \n\n \n | \n\n (553) | \n\n 553 | \n\n \n | \n\n 7,012 | \n\n (7,650) | \n\n 109 | \n\n (529) | \n\n (529) | \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, 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(c) | \n\n \n | \n\n Assets | \n\n Liabilities | \n||||
| \n Gas & Power activities | \n|||||||||||
| \n Swaps | \n\n 1,268 | \n\n \u00a0(449) | \n\n \n | \n\n \u00a0(18) | \n\n 18 | \n\n \n | \n\n 1,250 | \n\n \u00a0(431) | \n\n \u2013 | \n\n 819 | \n\n 819 | \n
| \n Forwards(a) | \n\n 18,014 | \n\n \u00a0(18,638) | \n\n \n | \n\n \u00a0(1,994) | \n\n 1,994 | \n\n \n | \n\n 16,020 | \n\n \u00a0(16,644) | \n\n \u2013 | \n\n \u00a0(624) | \n\n \u00a0(624) | \n
| \n Options | \n\n 2,143 | \n\n \u00a0(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 \u00a0(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 Gas & Power | \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, crude oil and freight rate swaps | \n\n 122 | \n\n (114) | \n\n \n | \n\n (58) | \n\n 58 | \n\n \n | \n\n 64 | \n\n \u00a0(56) | \n\n \u2013 | \n\n \u00a08 | \n\n \u00a08 | \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 \u00a0(1,482) | \n\n \u2013 | \n\n \u00a0(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 \u00a0(158) | \n\n \u2013 | \n\n \u00a0(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 (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 products | \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
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 Gas & Power activities | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n 2024 | \n\n 39 | \n\n (345) | \n\n 2,000 | \n\n 36 | \n\n 1,730 | \n
| \n 2023 | \n\n 2,347 | \n\n (5,792) | \n\n 3,681 | \n\n (197) | \n\n 39 | \n
| \n 2022 | \n\n 6,383 | \n\n 11,406 | \n\n (15,628) | \n\n 186 | \n\n 2,347 | \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 2024 | \n\n (677) | \n\n 10,118 | \n\n (9,779) | \n\n \u2013 | \n\n (338) | \n
| \n 2023 | \n\n (901) | \n\n 11,033 | \n\n (10,812) | \n\n 3 | \n\n (677) | \n
| \n 2022 | \n\n (137) | \n\n 5,891 | \n\n (6,655) | \n\n \u2013 | \n\n (901) | \n
The fair value hierarchy for financial instruments related to commodity contracts is as follows:
| \n As of December 31, 2024 (M$) | \n\n Quoted prices | \n\n Prices based on observable data (level 2) | \n\n Prices based on | \n\n Total | \n
|---|---|---|---|---|
| \n Gas & Power activities | \n\n (78) | \n\n (38) | \n\n 1,846 | \n\n 1,730 | \n
| \n Crude oil, petroleum products and freight rates activities | \n\n 13 | \n\n (351) | \n\n \u2013 | \n\n (338) | \n
| \n Total | \n\n (65) | \n\n (389) | \n\n 1,846 | \n\n 1,392 | \n
| \n As of December 31, 2023 (M$) | \n\n Quoted prices | \n\n Prices based on observable data (level 2) | \n\n Prices based on | \n\n Total | \n
|---|---|---|---|---|
| \n Gas & Power activities | \n\n 1,054 | \n\n 1,677 | \n\n (2,692) | \n\n 39 | \n
| \n Crude oil, petroleum products and freight rates activities | \n\n 73 | \n\n (750) | \n\n \u2013 | \n\n (677) | \n
| \n Total | \n\n 1,127 | \n\n 927 | \n\n (2,692) | \n\n (638) | \n
| \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 Gas & 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
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 contracts 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 2024 (as in 2023 and 2022), 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 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Profit (Loss) recorded in other comprehensive income of the period | \n\n 2,670 | \n\n 2,770 | \n\n (5,524) | \n
| \n Recycled amount from other comprehensive income to the income statement of the period | \n\n (2,671) | \n\n 117 | \n\n 1,317 | \n
These financial instruments are mainly European gas, power and CO2 emission rights derivatives.
\u00a0
As of December 31, 2024, the ineffective portion of these financial instruments is $127 million (the ineffective portion of the financial instruments was $124 million in 2023 and $132 million in 2022).
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.
Gas & 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 2024 | \n\n 139 | \n\n 19 | \n\n 54 | \n\n 77 | \n
| \n 2023 | \n\n 111 | \n\n 16 | \n\n 54 | \n\n 54 | \n
| \n 2022 | \n\n 119 | \n\n 15 | \n\n 53 | \n\n 92 | \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 2024 | \n\n 53 | \n\n 8 | \n\n 24 | \n\n 16 | \n
| \n 2023 | \n\n 74 | \n\n 17 | \n\n 37 | \n\n 28 | \n
| \n 2022 | \n\n 48 | \n\n 9 | \n\n 22 | \n\n 27 | \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\u00a0that 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\".
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\u00a0initial 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.
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 (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, 2024 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n External sales | \n\n 49,269 | \n\n 89,077 | \n\n 17,915 | \n\n 21,901 | \n\n 36,388 | \n\n 214,550 | \n
| \n Property, plant and equipment, intangible assets, net | \n\n 15,486 | \n\n 25,969 | \n\n 11,938 | \n\n 37,375 | \n\n 52,565 | \n\n 143,333 | \n
| \n For the year ended December 31, 2023 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n External sales | \n\n 55,610 | \n\n 97,662 | \n\n 22,219 | \n\n 21,709 | \n\n 39,928 | \n\n 237,128 | \n
| \n Property, plant and equipment, intangible assets, net | \n\n 16,863 | \n\n 24,486 | \n\n 11,228 | \n\n 38,658 | \n\n 50,764 | \n\n 141,999 | \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
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\u00a0services.
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.
| \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, 2024 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n External sales | \n\n 49,269 | \n\n 89,077 | \n\n 17,915 | \n\n 21,901 | \n\n 36,388 | \n\n 214,550 | \n
| \n Property, plant and equipment, intangible assets, net | \n\n 15,486 | \n\n 25,969 | \n\n 11,938 | \n\n 37,375 | \n\n 52,565 | \n\n 143,333 | \n
| \n For the year ended December 31, 2023 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n External sales | \n\n 55,610 | \n\n 97,662 | \n\n 22,219 | \n\n 21,709 | \n\n 39,928 | \n\n 237,128 | \n
| \n Property, plant and equipment, intangible assets, net | \n\n 16,863 | \n\n 24,486 | \n\n 11,228 | \n\n 38,658 | \n\n 50,764 | \n\n 141,999 | \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
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\u00a0services.
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 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Purchases, net of inventory variation(a) (b) | \n\n (127,664) | \n\n (143,041) | \n\n (169,448) | \n
| \n Exploration costs | \n\n (999) | \n\n (573) | \n\n (1,299) | \n
| \n Other operating expenses(c) | \n\n (29,860) | \n\n (30,419) | \n\n (29,789) | \n
| \n of which non-current operating liabilities (allowances) reversals | \n\n 870 | \n\n 821 | \n\n 1,086 | \n
| \n of which current operating liabilities (allowances) reversals | \n\n (60) | \n\n (92) | \n\n (188) | \n
| \n Operating expenses | \n\n (158,523) | \n\n (174,033) | \n\n (200,536) | \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 in particular to 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 2024 and booked in operating expenses (excluding depreciations) amount to $805\u00a0million ($774 million in 2023 and $762 million in 2022), corresponding to 0.38% of the sales.
In 2024, 3,715 people are dedicated to these research and development activities (3,687 in 2023 and 3,536 in 2022).
5.3Amortization, depreciation and impairment of tangible assets and mineral interests
The amortization, depreciation and impairment of tangible assets and mineral interests are detailed as follows:
| \n For the year ended December 31, (M$) | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Depreciation and impairment of tangible assets | \n\n (10,911) | \n\n (11,902) | \n\n (11,128) | \n
| \n Amortization and impairment of mineral assets | \n\n (1,114) | \n\n (860) | \n\n (1,093) | \n
| \n Total | \n\n (12,025) | \n\n (12,762) | \n\n (12,221) | \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 2024 and booked in operating expenses (excluding depreciations) amount to $805\u00a0million ($774 million in 2023 and $762 million in 2022), corresponding to 0.38% of the sales.
In 2024, 3,715 people are dedicated to these research and development activities (3,687 in 2023 and 3,536 in 2022).
Accounting principles
Research costs are charged to expense as incurred.
Development expenses are capitalized when the criteria of IAS 38 are met.
5.3Amortization, depreciation and impairment of tangible assets and mineral interests
The amortization, depreciation and impairment of tangible assets and mineral interests are detailed as follows:
| \n For the year ended December 31, (M$) | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Depreciation and impairment of tangible assets | \n\n (10,911) | \n\n (11,902) | \n\n (11,128) | \n
| \n Amortization and impairment of mineral assets | \n\n (1,114) | \n\n (860) | \n\n (1,093) | \n
| \n Total | \n\n (12,025) | \n\n (12,762) | \n\n (12,221) | \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\u00a0to 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\u00a0of 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 products. Product inventories purchased from entities external to TotalEnergies\u00a0are 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, unless hedge accounting has been applied. 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, 2024 (M$) | \n\n Gross value | \n\n Valuation allowance | \n\n Net value | \n
|---|---|---|---|
| \n Crude oil and natural gas | \n\n 3,111 | \n\n (4) | \n\n 3,107 | \n
| \n Refined products | \n\n 4,714 | \n\n (48) | \n\n 4,666 | \n
| \n Chemicals products | \n\n 1,558 | \n\n (108) | \n\n 1,450 | \n
| \n Trading inventories | \n\n 7,280 | \n\n \u2013 | \n\n 7,280 | \n
| \n Other inventories | \n\n 3,400 | \n\n (1,035) | \n\n 2,365 | \n
| \n Total | \n\n 20,063 | \n\n (1,195) | \n\n 18,868 | \n
| \n As of December 31, 2023 (M$) | \n\n Gross value | \n\n Valuation allowance | \n\n Net value | \n
|---|---|---|---|
| \n Crude oil and natural gas | \n\n 3,334 | \n\n (152) | \n\n 3,182 | \n
| \n Refined products | \n\n 5,335 | \n\n (141) | \n\n 5,194 | \n
| \n Chemicals products | \n\n 1,668 | \n\n (97) | \n\n 1,571 | \n
| \n Trading inventories | \n\n 6,158 | \n\n \u2013 | \n\n 6,158 | \n
| \n Other inventories | \n\n 4,248 | \n\n (1,036) | \n\n 3,212 | \n
| \n Total | \n\n 20,743 | \n\n (1,426) | \n\n 19,317 | \n
| \n As of December 31, 2022 (M$) | \n\n Gross value | \n\n Valuation allowance | \n\n Net value | \n
|---|---|---|---|
| \n Crude oil and natural gas | \n\n 4,758 | \n\n (47) | \n\n 4,711 | \n
| \n Refined products | \n\n 6,386 | \n\n (162) | \n\n 6,224 | \n
| \n Chemicals products | \n\n 1,635 | \n\n (93) | \n\n 1,542 | \n
| \n Trading inventories | \n\n 6,672 | \n\n \u2013 | \n\n 6,672 | \n
| \n Other inventories | \n\n 4,797 | \n\n (1,010) | \n\n 3,787 | \n
| \n Total | \n\n 24,248 | \n\n (1,312) | \n\n 22,936 | \n
Changes in the valuation allowance on inventories are as follows:
| \n For the year ended December 31, (M$) | \n\n Valuation allowance as of | \n\n Increase (net) | \n\n Currency translation adjustment and | \n\n Valuation allowance as of December 31, | \n
|---|---|---|---|---|
| \n 2024 | \n\n (1,426) | \n\n 246 | \n\n (15) | \n\n (1,195) | \n
| \n 2023 | \n\n (1,312) | \n\n (92) | \n\n (22) | \n\n (1,426) | \n
| \n 2022 | \n\n (1,238) | \n\n (121) | \n\n 47 | \n\n (1,312) | \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\u00a0to 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\u00a0of 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 products.
Product inventories purchased from entities external to TotalEnergies\u00a0are 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, unless hedge accounting has been applied.
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
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, unless hedge accounting has been applied.
5.4.2Accounts receivable and other current assets
| \n As of December 31, 2024 (M$) | \n\n Gross value | \n\n Valuation allowance | \n\n Net value | \n
|---|---|---|---|
| \n Accounts receivable | \n\n 20,183 | \n\n (902) | \n\n 19,281 | \n
| \n Recoverable taxes | \n\n 4,295 | \n\n (6) | \n\n 4,289 | \n
| \n Other operating receivables | \n\n 17,094 | \n\n (248) | \n\n 16,846 | \n
| \n Prepaid expenses | \n\n 2,481 | \n\n \u2013 | \n\n 2,481 | \n
| \n Other current assets | \n\n 71 | \n\n \u2013 | \n\n 71 | \n
| \n Other current assets | \n\n 23,941 | \n\n (254) | \n\n 23,687 | \n
| \n As of December 31, 2023 (M$) | \n\n Gross value | \n\n Valuation allowance | \n\n Net value | \n
|---|---|---|---|
| \n Accounts receivable | \n\n 24,334 | \n\n (892) | \n\n 23,442 | \n
| \n Recoverable taxes | \n\n 4,085 | \n\n (7) | \n\n 4,078 | \n
| \n Other operating receivables | \n\n 15,218 | \n\n (266) | \n\n 14,952 | \n
| \n Prepaid expenses | \n\n 1,731 | \n\n \u2013 | \n\n 1,731 | \n
| \n Other current assets | \n\n 60 | \n\n \u2013 | \n\n 60 | \n
| \n Other current assets | \n\n 21,094 | \n\n (273) | \n\n 20,821 | \n
| \n As of December 31, 2022 (M$) | \n\n Gross value | \n\n Valuation allowance | \n\n Net value | \n
|---|---|---|---|
| \n Accounts receivable | \n\n 25,204 | \n\n (826) | \n\n 24,378 | \n
| \n Recoverable taxes | \n\n 6,295 | \n\n (32) | \n\n 6,263 | \n
| \n Other operating receivables | \n\n 28,582 | \n\n (293) | \n\n 28,289 | \n
| \n Prepaid expenses | \n\n 1,455 | \n\n \u2013 | \n\n 1,455 | \n
| \n Other current assets | \n\n 63 | \n\n \u2013 | \n\n 63 | \n
| \n Other current assets | \n\n 36,395 | \n\n (325) | \n\n 36,070 | \n
Changes in the valuation allowance on \u201cAccounts receivable\u201d and \u201cOther current assets\u201d are as follows:
| \n For the year ended December 31, (M$) | \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 2024 | \n\n (892) | \n\n (53) | \n\n 43 | \n\n (902) | \n
| \n 2023 | \n\n (826) | \n\n (82) | \n\n 16 | \n\n \u00a0(892) | \n
| \n 2022 | \n\n (793) | \n\n (98) | \n\n 65 | \n\n \u00a0(826) | \n
| \n Other current assets | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n 2024 | \n\n (273) | \n\n 1 | \n\n 18 | \n\n (254) | \n
| \n 2023 | \n\n (325) | \n\n (7) | \n\n 59 | \n\n \u00a0(273) | \n
| \n 2022 | \n\n (268) | \n\n (83) | \n\n 26 | \n\n \u00a0(325) | \n
As of December 31, 2024, the net portion of the overdue receivables included in \u201cAccounts receivable\u201d and \u201cOther current assets\u201d was $4,987\u00a0million, of which $2,708 million was due less than 90 days, $443\u00a0million was due between 90 days and 6 months, $815 million was due between 6 and 12 months and $1,021 million was due after 12\u00a0months.
As of December 31, 2023, the net portion of the overdue receivables included in \u201cAccounts receivable\u201d and \u201cOther current assets\u201d was $5,903\u00a0million, of which $3,211 million was due less than 90 days, $420\u00a0million was due between 90 days and 6 months, $993 million was due between 6 and 12 months and $1,278 million was due after 12\u00a0months.
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\u00a0million, of which $3,328 million was due less than 90 days, $672\u00a0million was due between 90 days and 6 months, $571 million was due between 6 and 12 months and $910 million was due after 12 months.
6.3Other non-current assets
| \n As of December 31, 2024 (M$) | \n\n Gross value | \n\n Valuation allowance | \n\n Net value | \n
|---|---|---|---|
| \n Loans and advances(a) | \n\n 2,433 | \n\n (258) | \n\n 2,175 | \n
| \n Other non-current financial assets related to operational activities | \n\n 1,677 | \n\n \u2013 | \n\n 1,677 | \n
| \n Other | \n\n 154 | \n\n \u2013 | \n\n 154 | \n
| \n Total | \n\n 4,264 | \n\n (258) | \n\n 4,006 | \n
| \n As of December 31, 2023 (M$) | \n\n Gross value | \n\n Valuation allowance | \n\n Net value | \n
|---|---|---|---|
| \n Loans and advances(a) | \n\n 2,516 | \n\n (294) | \n\n 2,222 | \n
| \n Other non-current financial assets related to operational activities | \n\n 1,761 | \n\n \u2013 | \n\n 1,761 | \n
| \n Other | \n\n 330 | \n\n \u2013 | \n\n 330 | \n
| \n Total | \n\n 4,607 | \n\n (294) | \n\n 4,313 | \n
| \n As of December 31, 2022 (M$) | \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 (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$) | \n\n Valuation allowance as of January 1, | \n\n Increases | \n\n Decreases | \n\n Currency translation adjustment and | \n\n Valuation allowance as of December 31, | \n
|---|---|---|---|---|---|
| \n 2024 | \n\n (294) | \n\n (72) | \n\n 19 | \n\n 89 | \n\n (258) | \n
| \n 2023 | \n\n (255) | \n\n (11) | \n\n 2 | \n\n (30) | \n\n (294) | \n
| \n 2022 | \n\n (257) | \n\n (27) | \n\n 11 | \n\n 18 | \n\n (255) | \n
5.4.2Accounts receivable and other current assets
| \n As of December 31, 2024 (M$) | \n\n Gross value | \n\n Valuation allowance | \n\n Net value | \n
|---|---|---|---|
| \n Accounts receivable | \n\n 20,183 | \n\n (902) | \n\n 19,281 | \n
| \n Recoverable taxes | \n\n 4,295 | \n\n (6) | \n\n 4,289 | \n
| \n Other operating receivables | \n\n 17,094 | \n\n (248) | \n\n 16,846 | \n
| \n Prepaid expenses | \n\n 2,481 | \n\n \u2013 | \n\n 2,481 | \n
| \n Other current assets | \n\n 71 | \n\n \u2013 | \n\n 71 | \n
| \n Other current assets | \n\n 23,941 | \n\n (254) | \n\n 23,687 | \n
| \n As of December 31, 2023 (M$) | \n\n Gross value | \n\n Valuation allowance | \n\n Net value | \n
|---|---|---|---|
| \n Accounts receivable | \n\n 24,334 | \n\n (892) | \n\n 23,442 | \n
| \n Recoverable taxes | \n\n 4,085 | \n\n (7) | \n\n 4,078 | \n
| \n Other operating receivables | \n\n 15,218 | \n\n (266) | \n\n 14,952 | \n
| \n Prepaid expenses | \n\n 1,731 | \n\n \u2013 | \n\n 1,731 | \n
| \n Other current assets | \n\n 60 | \n\n \u2013 | \n\n 60 | \n
| \n Other current assets | \n\n 21,094 | \n\n (273) | \n\n 20,821 | \n
| \n As of December 31, 2022 (M$) | \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
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 2024 | \n\n (892) | \n\n (53) | \n\n 43 | \n\n (902) | \n
| \n 2023 | \n\n (826) | \n\n (82) | \n\n 16 | \n\n \u00a0(892) | \n
| \n 2022 | \n\n (793) | \n\n (98) | \n\n 65 | \n\n \u00a0(826) | \n
| \n Other current assets | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n 2024 | \n\n (273) | \n\n 1 | \n\n 18 | \n\n (254) | \n
| \n 2023 | \n\n (325) | \n\n (7) | \n\n 59 | \n\n \u00a0(273) | \n
| \n 2022 | \n\n (268) | \n\n (83) | \n\n 26 | \n\n \u00a0(325) | \n
As of December 31, 2024, the net portion of the overdue receivables included in \u201cAccounts receivable\u201d and \u201cOther current assets\u201d was $4,987\u00a0million, of which $2,708 million was due less than 90 days, $443\u00a0million was due between 90 days and 6 months, $815 million was due between 6 and 12 months and $1,021 million was due after 12\u00a0months.
As of December 31, 2023, the net portion of the overdue receivables included in \u201cAccounts receivable\u201d and \u201cOther current assets\u201d was $5,903\u00a0million, of which $3,211 million was due less than 90 days, $420\u00a0million was due between 90 days and 6 months, $993 million was due between 6 and 12 months and $1,278 million was due after 12\u00a0months.
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\u00a0million, of which $3,328 million was due less than 90 days, $672\u00a0million was due between 90 days and 6 months, $571 million was due between 6 and 12 months and $910 million was due after 12 months.
5.4.2Accounts receivable and other current assets
| \n As of December 31, 2024 (M$) | \n\n Gross value | \n\n Valuation allowance | \n\n Net value | \n
|---|---|---|---|
| \n Accounts receivable | \n\n 20,183 | \n\n (902) | \n\n 19,281 | \n
| \n Recoverable taxes | \n\n 4,295 | \n\n (6) | \n\n 4,289 | \n
| \n Other operating receivables | \n\n 17,094 | \n\n (248) | \n\n 16,846 | \n
| \n Prepaid expenses | \n\n 2,481 | \n\n \u2013 | \n\n 2,481 | \n
| \n Other current assets | \n\n 71 | \n\n \u2013 | \n\n 71 | \n
| \n Other current assets | \n\n 23,941 | \n\n (254) | \n\n 23,687 | \n
| \n As of December 31, 2023 (M$) | \n\n Gross value | \n\n Valuation allowance | \n\n Net value | \n
|---|---|---|---|
| \n Accounts receivable | \n\n 24,334 | \n\n (892) | \n\n 23,442 | \n
| \n Recoverable taxes | \n\n 4,085 | \n\n (7) | \n\n 4,078 | \n
| \n Other operating receivables | \n\n 15,218 | \n\n (266) | \n\n 14,952 | \n
| \n Prepaid expenses | \n\n 1,731 | \n\n \u2013 | \n\n 1,731 | \n
| \n Other current assets | \n\n 60 | \n\n \u2013 | \n\n 60 | \n
| \n Other current assets | \n\n 21,094 | \n\n (273) | \n\n 20,821 | \n
| \n As of December 31, 2022 (M$) | \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
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 2024 | \n\n (892) | \n\n (53) | \n\n 43 | \n\n (902) | \n
| \n 2023 | \n\n (826) | \n\n (82) | \n\n 16 | \n\n \u00a0(892) | \n
| \n 2022 | \n\n (793) | \n\n (98) | \n\n 65 | \n\n \u00a0(826) | \n
| \n Other current assets | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n 2024 | \n\n (273) | \n\n 1 | \n\n 18 | \n\n (254) | \n
| \n 2023 | \n\n (325) | \n\n (7) | \n\n 59 | \n\n \u00a0(273) | \n
| \n 2022 | \n\n (268) | \n\n (83) | \n\n 26 | \n\n \u00a0(325) | \n
As of December 31, 2024, the net portion of the overdue receivables included in \u201cAccounts receivable\u201d and \u201cOther current assets\u201d was $4,987\u00a0million, of which $2,708 million was due less than 90 days, $443\u00a0million was due between 90 days and 6 months, $815 million was due between 6 and 12 months and $1,021 million was due after 12\u00a0months.
As of December 31, 2023, the net portion of the overdue receivables included in \u201cAccounts receivable\u201d and \u201cOther current assets\u201d was $5,903\u00a0million, of which $3,211 million was due less than 90 days, $420\u00a0million was due between 90 days and 6 months, $993 million was due between 6 and 12 months and $1,278 million was due after 12\u00a0months.
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\u00a0million, of which $3,328 million was due less than 90 days, $672\u00a0million was due between 90 days and 6 months, $571 million was due between 6 and 12 months and $910 million was due after 12 months.
5.4.3Other creditors and accrued liabilities
| \n As of December 31, (M$) | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Accruals and deferred income | \n\n 1,561 | \n\n 1,129 | \n\n 737 | \n
| \n Payable to States (including taxes and duties) | \n\n 12,561 | \n\n 13,974 | \n\n 14,780 | \n
| \n Payroll | \n\n 1,597 | \n\n 1,687 | \n\n 1,572 | \n
| \n Other operating liabilities | \n\n 20,242 | \n\n 19,937 | \n\n 35,186 | \n
| \n Total | \n\n 35,961 | \n\n 36,727 | \n\n 52,275 | \n
As of December 31, 2024, the heading \u201cOther operating liabilities\u201d notably includes the second quarterly interim dividend for the fiscal year 2024 for $1,845 million, which was paid in January 2025 and the third quarterly interim dividend for the fiscal year 2024 for $1,851 million, which will be paid in April 2025.
As of December 31, 2023, the heading \u201cOther operating liabilities\u201d notably included the second quarterly interim dividend for the fiscal year 2023 for $1,959 million, which was paid in January 2024 and the third quarterly interim dividend for the fiscal year 2023 for $1,923 million, which was paid in April 2024.
As of December 31, 2022, the heading \u201cOther operating liabilities\u201d notably included 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 $1,827 million, which was paid in April 2023.
5.4.3Other creditors and accrued liabilities
| \n As of December 31, (M$) | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Accruals and deferred income | \n\n 1,561 | \n\n 1,129 | \n\n 737 | \n
| \n Payable to States (including taxes and duties) | \n\n 12,561 | \n\n 13,974 | \n\n 14,780 | \n
| \n Payroll | \n\n 1,597 | \n\n 1,687 | \n\n 1,572 | \n
| \n Other operating liabilities | \n\n 20,242 | \n\n 19,937 | \n\n 35,186 | \n
| \n Total | \n\n 35,961 | \n\n 36,727 | \n\n 52,275 | \n
As of December 31, 2024, the heading \u201cOther operating liabilities\u201d notably includes the second quarterly interim dividend for the fiscal year 2024 for $1,845 million, which was paid in January 2025 and the third quarterly interim dividend for the fiscal year 2024 for $1,851 million, which will be paid in April 2025.
As of December 31, 2023, the heading \u201cOther operating liabilities\u201d notably included the second quarterly interim dividend for the fiscal year 2023 for $1,959 million, which was paid in January 2024 and the third quarterly interim dividend for the fiscal year 2023 for $1,923 million, which was paid in April 2024.
As of December 31, 2022, the heading \u201cOther operating liabilities\u201d notably included 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 $1,827 million, which was paid in April 2023.
5.4.3Other creditors and accrued liabilities
| \n As of December 31, (M$) | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Accruals and deferred income | \n\n 1,561 | \n\n 1,129 | \n\n 737 | \n
| \n Payable to States (including taxes and duties) | \n\n 12,561 | \n\n 13,974 | \n\n 14,780 | \n
| \n Payroll | \n\n 1,597 | \n\n 1,687 | \n\n 1,572 | \n
| \n Other operating liabilities | \n\n 20,242 | \n\n 19,937 | \n\n 35,186 | \n
| \n Total | \n\n 35,961 | \n\n 36,727 | \n\n 52,275 | \n
As of December 31, 2024, the heading \u201cOther operating liabilities\u201d notably includes the second quarterly interim dividend for the fiscal year 2024 for $1,845 million, which was paid in January 2025 and the third quarterly interim dividend for the fiscal year 2024 for $1,851 million, which will be paid in April 2025.
As of December 31, 2023, the heading \u201cOther operating liabilities\u201d notably included the second quarterly interim dividend for the fiscal year 2023 for $1,959 million, which was paid in January 2024 and the third quarterly interim dividend for the fiscal year 2023 for $1,923 million, which was paid in April 2024.
As of December 31, 2022, the heading \u201cOther operating liabilities\u201d notably included 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 $1,827 million, which was paid in April 2023.
5.5Cash flow from operating activities
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
|---|---|---|---|---|
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n The cash flows incurred in currencies other than dollar has been translated into dollars using the exchange rate on the transaction date or the average exchange rate for the period. Currency translation differences arising from the translation of monetary assets and liabilities denominated in foreign currency into dollars using the | \n\n \n | \n\n closing exchange rates are shown in the consolidated statement of cash flows under \u201cEffect of exchange rates\u201d. Therefore, the consolidated statement of cash flows will not agree with the figures derived from the consolidated balance sheet. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
The following table gives additional information on cash paid or received in the cash flow from operating activities.
Detail of interest, taxes and dividends
| \n For the year ended December 31, (M$) | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Interests paid | \n\n (2,934) | \n\n (2,883) | \n\n (2,292) | \n
| \n Interests received | \n\n 1,302 | \n\n 1,431 | \n\n 655 | \n
| \n Income tax paid(a) | \n\n (10,561) | \n\n (12,688) | \n\n (14,486) | \n
| \n Dividends received | \n\n 1,833 | \n\n 2,821 | \n\n 3,955 | \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$) | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Inventories | \n\n (203) | \n\n 3,159 | \n\n (3,805) | \n
| \n Accounts receivable | \n\n 3,884 | \n\n 306 | \n\n (3,272) | \n
| \n Other current assets | \n\n (3,556) | \n\n 14,860 | \n\n (3,523) | \n
| \n Accounts payable | \n\n (889) | \n\n 572 | \n\n 5,313 | \n
| \n Other creditors and accrued liabilities | \n\n 3,128 | \n\n (12,806) | \n\n 6,478 | \n
| \n Net amount, Decrease (Increase) | \n\n 2,364 | \n\n 6,091 | \n\n 1,191 | \n
Detail of changes in provisions and deferred taxes
| \n As of December 31, (M$) | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Accruals | \n\n (373) | \n\n 257 | \n\n 2,177 | \n
| \n Deferred taxes | \n\n 563 | \n\n 556 | \n\n 2,417 | \n
| \n Total | \n\n 190 | \n\n 813 | \n\n 4,594 | \n
C)Cash flow from (used in) financing activities
The variations of financial debt are detailed as follows:
| \n (M$) | \n\n As of January 1, 2024 | \n\n Cash changes | \n\n Non-cash changes | \n\n As of December | \n||||
|---|---|---|---|---|---|---|---|---|
| \n Change | \n\n Foreign currency | \n\n Changes in fair value | \n\n Reclassification Non-current/ Current | \n\n Other | \n||||
| \n Non-current financial instruments - assets(a) and non-current financial assets | \n\n (2,395) | \n\n \u2013 | \n\n 37 | \n\n 37 | \n\n 132 | \n\n 340 | \n\n (456) | \n\n (2,305) | \n
| \n Non-current financial debt | \n\n 40,478 | \n\n 7,532 | \n\n (299) | \n\n (241) | \n\n (453) | \n\n (6,080) | \n\n 2,596 | \n\n 43,533 | \n
| \n Non-current financial debt and related financial instruments | \n\n 38,083 | \n\n 7,532 | \n\n (262) | \n\n (204) | \n\n (321) | \n\n (5,740) | \n\n 2,140 | \n\n 41,228 | \n
| \n Current financial instruments - assets(a) | \n\n (616) | \n\n 609 | \n\n (2) | \n\n 20 | \n\n (107) | \n\n (340) | \n\n (319) | \n\n (755) | \n
| \n Current borrowings | \n\n 9,590 | \n\n (5,751) | \n\n 321 | \n\n (760) | \n\n (138) | \n\n 6,080 | \n\n 682 | \n\n 10,024 | \n
| \n Current financial instruments - liabilities(a) | \n\n 446 | \n\n \u2013 | \n\n (3) | \n\n (17) | \n\n 238 | \n\n \u2013 | \n\n \u2013 | \n\n 664 | \n
| \n Current financial debt and related financial instruments | \n\n 9,420 | \n\n (5,142) | \n\n 316 | \n\n (757) | \n\n (7) | \n\n 5,740 | \n\n 363 | \n\n 9,933 | \n
| \n Financial debt and financial assets classified as held for sale | \n\n 310 | \n\n \u2013 | \n\n (261) | \n\n (5) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 44 | \n
| \n Net financial debt | \n\n 47,813 | \n\n 2,390 | \n\n (207) | \n\n (966) | \n\n (328) | \n\n \u2013 | \n\n 2,503 | \n\n 51,205 | \n
| \n (a)Fair value or cash flow hedge instruments and other non-hedge debt-related derivative instruments. | \n
| \n (M$) | \n\n As of January 1, 2023 | \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 (2,731) | \n\n \u2013 | \n\n (96) | \n\n (21) | \n\n 353 | \n\n 387 | \n\n (287) | \n\n (2,395) | \n
| \n Non-current financial debt | \n\n 45,264 | \n\n 130 | \n\n 667 | \n\n 65 | \n\n (343) | \n\n (7,573) | \n\n 2,268 | \n\n 40,478 | \n
| \n Non-current financial debt and related financial instruments | \n\n 42,533 | \n\n 130 | \n\n 571 | \n\n 44 | \n\n 10 | \n\n (7,186) | \n\n 1,981 | \n\n 38,083 | \n
| \n Current financial instruments - assets(a) | \n\n (401) | \n\n 383 | \n\n (1) | \n\n (8) | \n\n (68) | \n\n (387) | \n\n (134) | \n\n (616) | \n
| \n Current borrowings | \n\n 15,502 | \n\n (14,660) | \n\n 181 | \n\n 389 | \n\n 121 | \n\n 7,573 | \n\n 484 | \n\n 9,590 | \n
| \n Current financial instruments - liabilities(a) | \n\n 488 | \n\n \u2013 | \n\n 6 | \n\n 11 | \n\n (59) | \n\n \u2013 | \n\n \u2013 | \n\n 446 | \n
| \n Current financial debt and related financial instruments | \n\n 15,589 | \n\n (14,277) | \n\n 186 | \n\n 392 | \n\n (6) | \n\n 7,186 | \n\n 350 | \n\n 9,420 | \n
| \n Financial debt and financial assets classified as held for sale | \n\n (38) | \n\n \u2013 | \n\n 341 | \n\n 7 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 310 | \n
| \n Net financial debt | \n\n 58,084 | \n\n (14,147) | \n\n 1,098 | \n\n 443 | \n\n 4 | \n\n \u2013 | \n\n 2,331 | \n\n 47,813 | \n
| \n (a)Fair value or cash flow hedge instruments and other non-hedge debt-related derivative instruments. | \n
| \n (M$) | \n\n As of January 1, 2022 | \n\n Cash changes | \n\n Non-cash changes | \n\n As of December | \n||||
|---|---|---|---|---|---|---|---|---|
| \n Change | \n\n Foreign currency | \n\n Changes in fair value | \n\n Reclassification Non-current/ Current | \n\n Other | \n||||
| \n Non-current financial instruments - assets(a) and non-current financial assets | \n\n (2,404) | \n\n \u2013 | \n\n 24 | \n\n 52 | \n\n (448) | \n\n 198 | \n\n (153) | \n\n (2,731) | \n
| \n Non-current financial debt | \n\n 49,512 | \n\n 1,108 | \n\n (696) | \n\n (225) | \n\n 175 | \n\n (6,981) | \n\n 2,371 | \n\n 45,264 | \n
| \n Non-current financial debt and related financial instruments | \n\n 47,108 | \n\n 1,108 | \n\n (672) | \n\n (173) | \n\n (273) | \n\n (6,783) | \n\n 2,218 | \n\n 42,533 | \n
| \n Current financial instruments - assets(a) | \n\n (252) | \n\n 264 | \n\n \u2013 | \n\n 6 | \n\n (97) | \n\n (198) | \n\n (124) | \n\n (401) | \n
| \n Current borrowings | \n\n 15,035 | \n\n (6,337) | \n\n (316) | \n\n (106) | \n\n (69) | \n\n 6,981 | \n\n 314 | \n\n 15,502 | \n
| \n Current financial instruments - liabilities(a) | \n\n 372 | \n\n \u2013 | \n\n \u2013 | \n\n (9) | \n\n 125 | \n\n \u2013 | \n\n \u2013 | \n\n 488 | \n
| \n Current financial debt and related financial instruments | \n\n 15,155 | \n\n (6,073) | \n\n (316) | \n\n (109) | \n\n (41) | \n\n 6,783 | \n\n 190 | \n\n 15,589 | \n
| \n Financial debt and financial assets classified as held for sale | \n\n (4) | \n\n \u2013 | \n\n (34) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (38) | \n
| \n Net financial debt | \n\n 62,259 | \n\n (4,965) | \n\n (1,022) | \n\n (282) | \n\n (314) | \n\n \u2013 | \n\n 2,408 | \n\n 58,084 | \n
| \n (a)Fair value or cash flow hedge instruments and other non-hedge debt-related derivative instruments. | \n
Monetary changes in non-current financial debt are detailed as follows:
| \n For the year ended December 31, (M$) | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Issuance of non-current debt | \n\n 7,563 | \n\n 189 | \n\n 1,148 | \n
| \n Repayment of non-current debt | \n\n (31) | \n\n (59) | \n\n (40) | \n
| \n Net amount | \n\n 7,532 | \n\n 130 | \n\n 1,108 | \n
Accounting principles
The cash flows incurred 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
6.1Other income and other expense
| \n For the year ended December 31, (M$) | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Gains on disposal of assets | \n\n 1,721 | \n\n 3,157 | \n\n 2,244 | \n
| \n Foreign exchange gains | \n\n 236 | \n\n \u2013 | \n\n 379 | \n
| \n Other | \n\n 155 | \n\n 520 | \n\n 226 | \n
| \n Other income | \n\n 2,112 | \n\n 3,677 | \n\n 2,849 | \n
| \n Losses on disposal of assets | \n\n \u00a0(224) | \n\n \u00a0(98) | \n\n \u00a0(2,613) | \n
| \n Foreign exchange losses | \n\n (406) | \n\n (763) | \n\n (1,023) | \n
| \n Amortization of other intangible assets (excl. mineral interests) | \n\n (389) | \n\n (769) | \n\n (430) | \n
| \n Other | \n\n (262) | \n\n (766) | \n\n (3,278) | \n
| \n Other expense | \n\n (1,281) | \n\n (2,396) | \n\n (7,344) | \n
Other income
In 2024, gains on disposal of assets are mainly related to the partial divestment of retail network in Belgium and Luxembourg and the full divestment in the Netherlands for the Marketing & Services segment. This amount includes the revaluation of shares held and consolidated under the equity method in Belgium and Luxembourg.
In 2023, gains on disposal of assets were mainly related to the disposal of the retail network in Germany in the Marketing & Services segment, to the sale of the 50% participation in the Surmont asset and the disposal of TotalEnergies EP Canada Ltd. shares in the segment Exploration\u00a0&\u00a0Production. The \u201cOther\u201d heading notably included a revaluation of $388\u00a0million from the previously held share of Total Eren.
In 2022, gains on disposal of assets were mainly related to the partial disposal of TotalEnergies\u2019 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 Power.
Other expense
In 2024, the heading \"Other\" mainly consists in the depreciation of a loan towards the minor participation of the company in SunPower.
In 2023, the heading \"Other\" mainly included impairments related to the Yunlin offshore wind project in Taiwan in the segment Integrated Power and to the divestment project of Natref refinery in South Africa in the segment Refining & Chemicals.
In 2022, losses on disposal were mainly related to the recycling in expenses of Exploration & Production, of an amount of $2,384 million representing the accumulated foreign exchange losses accumulated in equity since the acquisition of the Novatek stake and until its deconsolidation date. The heading \u201cOther\u201d notably included provisions relating to assets in Russia in the Integrated LNG and Exploration\u00a0&\u00a0Production segments.
6.1Other income and other expense
| \n For the year ended December 31, (M$) | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Gains on disposal of assets | \n\n 1,721 | \n\n 3,157 | \n\n 2,244 | \n
| \n Foreign exchange gains | \n\n 236 | \n\n \u2013 | \n\n 379 | \n
| \n Other | \n\n 155 | \n\n 520 | \n\n 226 | \n
| \n Other income | \n\n 2,112 | \n\n 3,677 | \n\n 2,849 | \n
| \n Losses on disposal of assets | \n\n \u00a0(224) | \n\n \u00a0(98) | \n\n \u00a0(2,613) | \n
| \n Foreign exchange losses | \n\n (406) | \n\n (763) | \n\n (1,023) | \n
| \n Amortization of other intangible assets (excl. mineral interests) | \n\n (389) | \n\n (769) | \n\n (430) | \n
| \n Other | \n\n (262) | \n\n (766) | \n\n (3,278) | \n
| \n Other expense | \n\n (1,281) | \n\n (2,396) | \n\n (7,344) | \n
Other expense
In 2024, the heading \"Other\" mainly consists in the depreciation of a loan towards the minor participation of the company in SunPower.
In 2023, the heading \"Other\" mainly included impairments related to the Yunlin offshore wind project in Taiwan in the segment Integrated Power and to the divestment project of Natref refinery in South Africa in the segment Refining & Chemicals.
In 2022, losses on disposal were mainly related to the recycling in expenses of Exploration & Production, of an amount of $2,384 million representing the accumulated foreign exchange losses accumulated in equity since the acquisition of the Novatek stake and until its deconsolidation date. The heading \u201cOther\u201d notably included provisions relating to assets in Russia in the Integrated LNG and Exploration\u00a0&\u00a0Production segments.
6.1Other income and other expense
| \n For the year ended December 31, (M$) | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Gains on disposal of assets | \n\n 1,721 | \n\n 3,157 | \n\n 2,244 | \n
| \n Foreign exchange gains | \n\n 236 | \n\n \u2013 | \n\n 379 | \n
| \n Other | \n\n 155 | \n\n 520 | \n\n 226 | \n
| \n Other income | \n\n 2,112 | \n\n 3,677 | \n\n 2,849 | \n
| \n Losses on disposal of assets | \n\n \u00a0(224) | \n\n \u00a0(98) | \n\n \u00a0(2,613) | \n
| \n Foreign exchange losses | \n\n (406) | \n\n (763) | \n\n (1,023) | \n
| \n Amortization of other intangible assets (excl. mineral interests) | \n\n (389) | \n\n (769) | \n\n (430) | \n
| \n Other | \n\n (262) | \n\n (766) | \n\n (3,278) | \n
| \n Other expense | \n\n (1,281) | \n\n (2,396) | \n\n (7,344) | \n
Other income
In 2024, gains on disposal of assets are mainly related to the partial divestment of retail network in Belgium and Luxembourg and the full divestment in the Netherlands for the Marketing & Services segment. This amount includes the revaluation of shares held and consolidated under the equity method in Belgium and Luxembourg.
In 2023, gains on disposal of assets were mainly related to the disposal of the retail network in Germany in the Marketing & Services segment, to the sale of the 50% participation in the Surmont asset and the disposal of TotalEnergies EP Canada Ltd. shares in the segment Exploration\u00a0&\u00a0Production. The \u201cOther\u201d heading notably included a revaluation of $388\u00a0million from the previously held share of Total Eren.
In 2022, gains on disposal of assets were mainly related to the partial disposal of TotalEnergies\u2019 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 $1,461 million in the segment Integrated Power.
6.2Other financial income and expense
| \n As of December 31, (M$) | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Dividend income on non-consolidated subsidiaries | \n\n 196 | \n\n 143 | \n\n 159 | \n
| \n Capitalized financial expenses | \n\n 652 | \n\n 667 | \n\n 310 | \n
| \n Other | \n\n 555 | \n\n 475 | \n\n 427 | \n
| \n Other financial income | \n\n 1,403 | \n\n 1,285 | \n\n 896 | \n
| \n Accretion of asset retirement obligations | \n\n \u00a0(568) | \n\n \u00a0(524) | \n\n \u00a0(430) | \n
| \n Other | \n\n \u00a0(267) | \n\n \u00a0(207) | \n\n \u00a0(103) | \n
| \n Other financial expense | \n\n \u00a0(835) | \n\n \u00a0(731) | \n\n \u00a0(533) | \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$) | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Loans and receivables | \n\n 1,335 | \n\n 1,420 | \n\n 562 | \n
| \n Financing liabilities and associated hedging instruments | \n\n (2,321) | \n\n (2,190) | \n\n (1,812) | \n
| \n Fair value hedge (ineffective portion) | \n\n 1 | \n\n 2 | \n\n (5) | \n
| \n Lease assets and obligations | \n\n (552) | \n\n (499) | \n\n (458) | \n
| \n Assets and liabilities held for trading | \n\n 307 | \n\n 248 | \n\n 470 | \n
| \n Impact on the cost of net debt | \n\n (1,230) | \n\n (1,019) | \n\n (1,243) | \n
6.2Other financial income and expense
| \n As of December 31, (M$) | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Dividend income on non-consolidated subsidiaries | \n\n 196 | \n\n 143 | \n\n 159 | \n
| \n Capitalized financial expenses | \n\n 652 | \n\n 667 | \n\n 310 | \n
| \n Other | \n\n 555 | \n\n 475 | \n\n 427 | \n
| \n Other financial income | \n\n 1,403 | \n\n 1,285 | \n\n 896 | \n
| \n Accretion of asset retirement obligations | \n\n \u00a0(568) | \n\n \u00a0(524) | \n\n \u00a0(430) | \n
| \n Other | \n\n \u00a0(267) | \n\n \u00a0(207) | \n\n \u00a0(103) | \n
| \n Other financial expense | \n\n \u00a0(835) | \n\n \u00a0(731) | \n\n \u00a0(533) | \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$) | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Loans and receivables | \n\n 1,335 | \n\n 1,420 | \n\n 562 | \n
| \n Financing liabilities and associated hedging instruments | \n\n (2,321) | \n\n (2,190) | \n\n (1,812) | \n
| \n Fair value hedge (ineffective portion) | \n\n 1 | \n\n 2 | \n\n (5) | \n
| \n Lease assets and obligations | \n\n (552) | \n\n (499) | \n\n (458) | \n
| \n Assets and liabilities held for trading | \n\n 307 | \n\n 248 | \n\n 470 | \n
| \n Impact on the cost of net debt | \n\n (1,230) | \n\n (1,019) | \n\n (1,243) | \n
6.2Other financial income and expense
| \n As of December 31, (M$) | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Dividend income on non-consolidated subsidiaries | \n\n 196 | \n\n 143 | \n\n 159 | \n
| \n Capitalized financial expenses | \n\n 652 | \n\n 667 | \n\n 310 | \n
| \n Other | \n\n 555 | \n\n 475 | \n\n 427 | \n
| \n Other financial income | \n\n 1,403 | \n\n 1,285 | \n\n 896 | \n
| \n Accretion of asset retirement obligations | \n\n \u00a0(568) | \n\n \u00a0(524) | \n\n \u00a0(430) | \n
| \n Other | \n\n \u00a0(267) | \n\n \u00a0(207) | \n\n \u00a0(103) | \n
| \n Other financial expense | \n\n \u00a0(835) | \n\n \u00a0(731) | \n\n \u00a0(533) | \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$) | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Loans and receivables | \n\n 1,335 | \n\n 1,420 | \n\n 562 | \n
| \n Financing liabilities and associated hedging instruments | \n\n (2,321) | \n\n (2,190) | \n\n (1,812) | \n
| \n Fair value hedge (ineffective portion) | \n\n 1 | \n\n 2 | \n\n (5) | \n
| \n Lease assets and obligations | \n\n (552) | \n\n (499) | \n\n (458) | \n
| \n Assets and liabilities held for trading | \n\n 307 | \n\n 248 | \n\n 470 | \n
| \n Impact on the cost of net debt | \n\n (1,230) | \n\n (1,019) | \n\n (1,243) | \n
6.3Other non-current assets
| \n As of December 31, 2024 (M$) | \n\n Gross value | \n\n Valuation allowance | \n\n Net value | \n
|---|---|---|---|
| \n Loans and advances(a) | \n\n 2,433 | \n\n (258) | \n\n 2,175 | \n
| \n Other non-current financial assets related to operational activities | \n\n 1,677 | \n\n \u2013 | \n\n 1,677 | \n
| \n Other | \n\n 154 | \n\n \u2013 | \n\n 154 | \n
| \n Total | \n\n 4,264 | \n\n (258) | \n\n 4,006 | \n
| \n As of December 31, 2023 (M$) | \n\n Gross value | \n\n Valuation allowance | \n\n Net value | \n
|---|---|---|---|
| \n Loans and advances(a) | \n\n 2,516 | \n\n (294) | \n\n 2,222 | \n
| \n Other non-current financial assets related to operational activities | \n\n 1,761 | \n\n \u2013 | \n\n 1,761 | \n
| \n Other | \n\n 330 | \n\n \u2013 | \n\n 330 | \n
| \n Total | \n\n 4,607 | \n\n (294) | \n\n 4,313 | \n
| \n As of December 31, 2022 (M$) | \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 (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 2024 | \n\n (294) | \n\n (72) | \n\n 19 | \n\n 89 | \n\n (258) | \n
| \n 2023 | \n\n (255) | \n\n (11) | \n\n 2 | \n\n (30) | \n\n (294) | \n
| \n 2022 | \n\n (257) | \n\n (27) | \n\n 11 | \n\n 18 | \n\n (255) | \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 \u201cOther expense\u201d.
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. As of December 31, 2024, 2023 and 2022, this alternative method is not applied as, given the price used to assess the reserves, the unit\u2011of\u2011production 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 3-12 years | \n
|---|---|
| \n Transportation equipment: | \n\n 5-20 years | \n
| \n Storage tanks and related equipment: | \n\n 10-15 years | \n
| \n Specialized complex installations and pipelines: | \n\n 10-45 years | \n
| \n Buildings: | \n\n 10-50 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. As of December 31, 2024, 2023 and 2022, this alternative method is not applied as, given the price used to assess the reserves, the unit\u2011of\u2011production 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.
\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.
\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.
Following the application of IFRS 16 \"Leases\", property, plant and equipment as at December 31, 2024, 2023 and 2022 presented above include the following amounts for rights of use of assets:
| \n As of December 31, 2024 (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 5,918 | \n\n \u00a0(2,611) | \n\n 3,307 | \n
| \n Other property, plant and equipment | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Land | \n\n 1,183 | \n\n \u00a0(453) | \n\n 730 | \n
| \n Machinery, plant and equipment (including transportation equipment) | \n\n 5,371 | \n\n \u00a0(2,760) | \n\n 2,611 | \n
| \n Buildings | \n\n 1,365 | \n\n \u00a0(703) | \n\n 662 | \n
| \n Other | \n\n 898 | \n\n \u00a0(534) | \n\n 364 | \n
| \n Subtotal | \n\n 8,817 | \n\n \u00a0(4,450) | \n\n 4,367 | \n
| \n Total property, plant and equipment | \n\n 14,735 | \n\n \u00a0(7,061) | \n\n 7,674 | \n
| \n As of December 31, 2023 (M$) | \n\n Cost | \n\n Depreciation and impairment | \n\n Net | \n
|---|---|---|---|
| \n Property, plant and equipment of exploration and production activities | \n\n 4,770 | \n\n \u00a0(1,927) | \n\n 2,843 | \n
| \n Other property, plant and equipment | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Land | \n\n 1,383 | \n\n \u00a0(415) | \n\n 968 | \n
| \n Machinery, plant and equipment (including transportation equipment) | \n\n 4,751 | \n\n \u00a0(2,235) | \n\n 2,516 | \n
| \n Buildings | \n\n 1,332 | \n\n \u00a0(614) | \n\n 718 | \n
| \n Other | \n\n 908 | \n\n \u00a0(529) | \n\n 379 | \n
| \n Subtotal | \n\n 8,374 | \n\n \u00a0(3,793) | \n\n 4,581 | \n
| \n Total property, plant and equipment | \n\n 13,144 | \n\n \u00a0(5,720) | \n\n 7,424 | \n
| \n As of December 31, 2022 (M$) | \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
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\u00a0commitments. | \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, service stations, ships, and other equipment (refer to 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, 2024 (M$) | \n\n Exempted contracts | \n\n Leases recorded in balance sheet | \n
|---|---|---|
| \n 2025 | \n\n 772 | \n\n 2,713 | \n
| \n 2026 | \n\n 494 | \n\n 1,916 | \n
| \n 2027 | \n\n 497 | \n\n 1,414 | \n
| \n 2028 | \n\n 418 | \n\n 1,202 | \n
| \n 2029 | \n\n 337 | \n\n 1,086 | \n
| \n 2030 and beyond | \n\n 911 | \n\n 6,215 | \n
| \n Total minimum payments | \n\n 3,429 | \n\n 14,546 | \n
| \n Less financial expenses | \n\n \u2013 | \n\n \u00a0(4,629) | \n
| \n Nominal value of contracts | \n\n \u2013 | \n\n 9,917 | \n
| \n Less current portion of lease contracts (Note 15) | \n\n \u2013 | \n\n \u00a0(2,095) | \n
| \n Non-current lease liabilities | \n\n \u2013 | \n\n 7,822 | \n
| \n For the year ended December 31, 2023 (M$) | \n\n Exempted contracts | \n\n Leases recorded in balance sheet | \n
|---|---|---|
| \n 2024 | \n\n 643 | \n\n 2,473 | \n
| \n 2025 | \n\n 406 | \n\n 1,607 | \n
| \n 2026 | \n\n 249 | \n\n 1,384 | \n
| \n 2027 | \n\n 231 | \n\n 1,142 | \n
| \n 2028 | \n\n 163 | \n\n 1,007 | \n
| \n 2029 and beyond | \n\n 529 | \n\n 6,188 | \n
| \n Total minimum payments | \n\n 2,221 | \n\n 13,801 | \n
| \n Less financial expenses | \n\n \u2013 | \n\n \u00a0(4,324) | \n
| \n Nominal value of contracts | \n\n \u2013 | \n\n 9,477 | \n
| \n Less current portion of lease contracts (Note 15) | \n\n \u2013 | \n\n \u00a0(1,721) | \n
| \n Non-current lease liabilities | \n\n \u2013 | \n\n 7,756 | \n
| \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 \u00a0(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 \u00a0(1,437) | \n
| \n Non-current lease liabilities | \n\n \u2013 | \n\n 8,277 | \n
For the year ended December 31, 2024, rental expense recorded in the income statement and incurred under short term leases or low value assets leases and under variable lease payments is $641 million and $103 million, respectively.
For the year ended December 31, 2023, rental expense recorded in the income statement and incurred under short term leases or low value assets leases and under variable lease payments is $1,007 million and $183 million, respectively.
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 was $701 million and $151 million, respectively.
Other information required on lease debts, notably their maturity, is presented in Note 15 to the Consolidated Financial Statements.
8.1Equity affiliates: investments and loans
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n\n | \n
|---|---|---|---|---|
| \n \n | \n\n Accounting principles | \n\n \n | \n\n \n | \n\n\n | \n
| \n \n | \n\n Under the equity method, the investment in the associate or joint- venture is initially recognized at acquisition cost and subsequently adjusted to recognize TotalEnergies\u2019 share of the net income and other comprehensive income of the associate or joint-venture. Unrealized gains on transactions between TotalEnergies and its equity-accounted entities are eliminated to the extent of TotalEnergies\u2019 interest in the equity accounted entity. In equity affiliates, goodwill is included in investment book value. | \n\n \n | \n\n In cases where TotalEnergies holds less than 20% of the voting rights in another entity, the determination of whether TotalEnergies exercises significant influence is also based on other facts and circumstances: representation on the Board of Directors or an equivalent governing body of the entity, participation in policy-making processes, including participation in decisions relating to dividends or other distributions, significant transactions between the investor and the entity, exchange of management personnel, or provision of essential technical information. | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
The contribution of equity affiliates in the consolidated balance sheet, consolidated statement of income and consolidated statement of comprehensive income is presented below:
| \n Equity value As of December 31, (M$) | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Total Associates | \n\n 10,387 | \n\n 9,484 | \n\n 9,533 | \n
| \n Total Joint-ventures | \n\n 17,485 | \n\n 16,411 | \n\n 14,623 | \n
| \n Total | \n\n 27,872 | \n\n 25,895 | \n\n 24,156 | \n
| \n Loans | \n\n 6,533 | \n\n 4,562 | \n\n 3,733 | \n
| \n Total | \n\n 34,405 | \n\n 30,457 | \n\n 27,889 | \n
| \n Profit/(loss) (M$) | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Total Associates | \n\n 1,213 | \n\n 1,132 | \n\n (4,567) | \n
| \n Total Joint-ventures | \n\n 362 | \n\n 713 | \n\n 2,675 | \n
| \n Total | \n\n 1,575 | \n\n 1,845 | \n\n (1,892) | \n
| \n Other comprehensive income (M$) | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Total Associates | \n\n 112 | \n\n (57) | \n\n 3,368 | \n
| \n Total Joint-ventures | \n\n (358) | \n\n (151) | \n\n 129 | \n
| \n Total | \n\n (246) | \n\n (208) | \n\n 3,497 | \n
A)Information related to associates
Information (100% basis) related to significant associates is as follows:
| \n Exploration & Production activities (M$) | \n\n Liquefaction entities | \n\n \n | \n\n Novatek(a) | \n||
|---|---|---|---|---|---|
| \n 2024 | \n\n 2023 | \n\n 2022 | \n\n \n | \n\n 2022 | \n|
| \n Non-current assets | \n\n 31,698 | \n\n 43,875 | \n\n 41,995 | \n\n \n | \n\n \u2013 | \n
| \n Current assets | \n\n 7,531 | \n\n 5,850 | \n\n 8,333 | \n\n \n | \n\n \u2013 | \n
| \n Total assets | \n\n 39,229 | \n\n 49,725 | \n\n 50,328 | \n\n \n | \n\n \u2013 | \n
| \n Shareholder's equity | \n\n 23,078 | \n\n 35,755 | \n\n 19,565 | \n\n \n | \n\n \u2013 | \n
| \n Non-current liabilities | \n\n 10,024 | \n\n 8,692 | \n\n 23,019 | \n\n \n | \n\n \u2013 | \n
| \n Current liabilities | \n\n 6,127 | \n\n 5,278 | \n\n 7,744 | \n\n \n | \n\n \u2013 | \n
| \n Total liabilities | \n\n 39,229 | \n\n 49,725 | \n\n 50,328 | \n\n \n | \n\n \u2013 | \n
| \n Revenues from sales | \n\n 23,407 | \n\n 26,288 | \n\n 35,888 | \n\n \n | \n\n \u2013 | \n
| \n Net income | \n\n 6,732 | \n\n 6,896 | \n\n 10,257 | \n\n \n | \n\n \u2013 | \n
| \n Other comprehensive income | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n
| \n % owned | \n\n \u00a0 | \n\n \n | \n\n \u00a0 | \n\n \n | \n\n 19.40% | \n
| \n Equity value | \n\n 4,017 | \n\n 4,070 | \n\n 3,312 | \n\n \n | \n\n \u2013 | \n
| \n including goodwill and identifiable assets | \n\n 35 | \n\n 38 | \n\n 40 | \n\n \n | \n\n \u2013 | \n
| \n Profit/(loss) | \n\n 762 | \n\n 825 | \n\n (338) | \n\n \n | \n\n (5,747) | \n
| \n Share of other comprehensive income, net amount | \n\n 34 | \n\n (22) | \n\n (70) | \n\n \n | \n\n 3,118 | \n
| \n Dividends paid to TotalEnergies | \n\n 820 | \n\n 1,052 | \n\n 1,224 | \n\n \n | \n\n 883 | \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 2024, 31 December 2023 and 31\u00a0December 2022, Novatek is no longer consolidated as an equity accounted affiliate in the Company's Consolidated Financial Statements. This stake is 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 31\u00a0December 2024, 31 December 2023 and 31 December 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%), Angola LNG Limited (13.60%), Yemen LNG Co. (39.62%), Qatar Liquefied Gas Company Limited (Qatargas) (10.00%), Qatar Liquefied Gas Company Limited II (16.70%), Oman LNG LLC (5.54%), Abu Dhabi Gas Liquefaction Company Limited (5.00%), Qatar Liquified Gas Company Limited 5 (North Field East project) (25.00%) Qatar Liquified Gas Company Limited 10 (North Field South project) (25.00%) and Energ\u00eda Costa Azul LNG (16.60%).
| \n Renewables and Electricity activities (M$) | \n\n Adani Green Energy Limited | \n||
|---|---|---|---|
| \n 2024 | \n\n 2023 | \n\n 2022 | \n|
| \n Non-current assets | \n\n 10,936 | \n\n 7,887 | \n\n 6,961 | \n
| \n Current assets | \n\n 1,264 | \n\n 1,091 | \n\n 769 | \n
| \n Total assets | \n\n 12,200 | \n\n 8,978 | \n\n 7,730 | \n
| \n Shareholder's equity | \n\n 1,137 | \n\n 965 | \n\n 807 | \n
| \n Non-current liabilities | \n\n 8,175 | \n\n 5,712 | \n\n 5,805 | \n
| \n Current liabilities | \n\n 2,888 | \n\n 2,301 | \n\n 1,118 | \n
| \n Total liabilities | \n\n 12,200 | \n\n 8,978 | \n\n 7,730 | \n
| \n Revenues from sales | \n\n 1,049 | \n\n 1,061 | \n\n 1,073 | \n
| \n Net income | \n\n 184 | \n\n 162 | \n\n 104 | \n
| \n Other comprehensive income | \n\n (13) | \n\n 5 | \n\n (112) | \n
| \n % owned | \n\n 19.74% | \n\n 19.74% | \n\n 19.74% | \n
| \n Equity value | \n\n 1,863 | \n\n 1,877 | \n\n 1,856 | \n
| \n including goodwill and identifiable assets | \n\n 1,639 | \n\n 1,687 | \n\n 1,697 | \n
| \n Profit/(loss) | \n\n 36 | \n\n 32 | \n\n 21 | \n
| \n Share of other comprehensive income, net amount | \n\n 9 | \n\n 3 | \n\n 23 | \n
| \n Dividends paid to TotalEnergies | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Refining & Chemicals activities (M$) | \n\n Saudi Aramco | \n\n \n | \n\n Qatar | \n||||
|---|---|---|---|---|---|---|---|
| \n 2024 | \n\n 2023 | \n\n 2022 | \n\n \n | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n|
| \n Non-current assets | \n\n 12,023 | \n\n 9,780 | \n\n 10,003 | \n\n 2,562 | \n\n 2,562 | \n\n 2,882 | \n\n 3,905 | \n
| \n Current assets | \n\n 3,446 | \n\n 2,584 | \n\n 3,615 | \n\n 1,971 | \n\n 1,971 | \n\n 2,000 | \n\n 2,491 | \n
| \n Total assets | \n\n 15,469 | \n\n 12,364 | \n\n 13,618 | \n\n 4,533 | \n\n 4,533 | \n\n 4,882 | \n\n 6,396 | \n
| \n Shareholder's equity | \n\n 4,062 | \n\n 3,527 | \n\n 3,858 | \n\n 2,781 | \n\n 2,781 | \n\n 2,748 | \n\n 2,737 | \n
| \n Non-current liabilities | \n\n 6,899 | \n\n 5,850 | \n\n 6,365 | \n\n 654 | \n\n 654 | \n\n 835 | \n\n 2,062 | \n
| \n Current liabilities | \n\n 4,508 | \n\n 2,987 | \n\n 3,395 | \n\n 1,098 | \n\n 1,098 | \n\n 1,299 | \n\n 1,597 | \n
| \n Total liabilities | \n\n 15,469 | \n\n 12,364 | \n\n 13,618 | \n\n 4,533 | \n\n 4,533 | \n\n 4,882 | \n\n 6,396 | \n
| \n Revenues from sales | \n\n 14,601 | \n\n 12,994 | \n\n 20,492 | \n\n 9,422 | \n\n 9,422 | \n\n 9,506 | \n\n 13,193 | \n
| \n Net income | \n\n 66 | \n\n 584 | \n\n 2,409 | \n\n 338 | \n\n 338 | \n\n 203 | \n\n 629 | \n
| \n Other comprehensive income | \n\n (32) | \n\n (59) | \n\n 284 | \n\n 13 | \n\n 13 | \n\n (7) | \n\n (5) | \n
| \n % owned | \n\n 37.50% | \n\n 37.50% | \n\n 37.50% | \n\n \u00a0 | \n\n \n | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Equity value | \n\n 1,523 | \n\n 1,323 | \n\n 1,447 | \n\n 670 | \n\n 670 | \n\n 665 | \n\n 703 | \n
| \n including goodwill and identifiable assets | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Profit/(loss) | \n\n 25 | \n\n 219 | \n\n 903 | \n\n 88 | \n\n 88 | \n\n 78 | \n\n 161 | \n
| \n Share of other comprehensive income, net amount | \n\n 34 | \n\n (46) | \n\n 147 | \n\n 10 | \n\n 10 | \n\n (7) | \n\n 10 | \n
| \n Dividends paid to TotalEnergies | \n\n 150 | \n\n 321 | \n\n \u2013 | \n\n 83 | \n\n 83 | \n\n 145 | \n\n 138 | \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%).
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 GIP III Zephyr | \n\n Hanwha TotalEnergies Petrochemical Co. Ltd | \n||||||
|---|---|---|---|---|---|---|---|---|---|
| \n 2024 | \n\n 2023 | \n\n 2022 | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n|
| \n Non-current assets | \n\n 59,764 | \n\n 62,461 | \n\n 65,293 | \n\n 14,258 | \n\n 13,111 | \n\n 12,406 | \n\n 3,373 | \n\n 3,959 | \n\n 4,113 | \n
| \n Current assets excluding cash and cash equivalents | \n\n 5,390 | \n\n 2,832 | \n\n 2,630 | \n\n 366 | \n\n 375 | \n\n 370 | \n\n 1,530 | \n\n 2,089 | \n\n 2,326 | \n
| \n Cash and cash equivalents | \n\n 5,184 | \n\n 4,690 | \n\n 4,375 | \n\n 813 | \n\n 1,313 | \n\n 1,116 | \n\n 348 | \n\n 113 | \n\n 82 | \n
| \n Total assets | \n\n 70,338 | \n\n 69,983 | \n\n 72,298 | \n\n 15,437 | \n\n 14,799 | \n\n 13,892 | \n\n 5,251 | \n\n 6,161 | \n\n 6,521 | \n
| \n Shareholder's equity - Group share | \n\n 25,231 | \n\n 20,438 | \n\n 17,455 | \n\n 539 | \n\n 604 | \n\n 296 | \n\n 2,467 | \n\n 2,963 | \n\n 3,146 | \n
| \n Shareholder's equity - Non-controlling interests | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 2,756 | \n\n 1,912 | \n\n 2,548 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Other non-current liabilities | \n\n 11,822 | \n\n 10,399 | \n\n 10,785 | \n\n 1,645 | \n\n 1,460 | \n\n 1,285 | \n\n 148 | \n\n 174 | \n\n 180 | \n
| \n Non-current financial debts | \n\n 29,565 | \n\n 36,144 | \n\n 41,452 | \n\n 9,538 | \n\n 9,598 | \n\n 8,808 | \n\n 1,017 | \n\n 858 | \n\n 1,220 | \n
| \n Other current liabilities | \n\n 1,707 | \n\n 3,002 | \n\n 2,606 | \n\n 380 | \n\n 414 | \n\n 496 | \n\n 873 | \n\n 1,137 | \n\n 1,117 | \n
| \n Current financial debts | \n\n 2,013 | \n\n \u2013 | \n\n \u2013 | \n\n 579 | \n\n 811 | \n\n 459 | \n\n 746 | \n\n 1,029 | \n\n 858 | \n
| \n Total liabilities | \n\n 70,338 | \n\n 69,983 | \n\n 72,298 | \n\n 15,437 | \n\n 14,799 | \n\n 13,892 | \n\n 5,251 | \n\n 6,161 | \n\n 6,521 | \n
| \n Revenues from sales | \n\n 17,212 | \n\n 17,605 | \n\n 24,701 | \n\n 1,609 | \n\n 1,452 | \n\n 351 | \n\n 8,616 | \n\n 8,754 | \n\n 10,824 | \n
| \n Depreciation and depletion of tangible assets and mineral interests | \n\n (2,899) | \n\n (2,700) | \n\n (2,814) | \n\n (490) | \n\n (460) | \n\n (129) | \n\n (278) | \n\n (281) | \n\n (289) | \n
| \n Interest income | \n\n 55 | \n\n 32 | \n\n 17 | \n\n 37 | \n\n 40 | \n\n 5 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Interest expense | \n\n (2,901) | \n\n (3,146) | \n\n (2,453) | \n\n (357) | \n\n (315) | \n\n (95) | \n\n (80) | \n\n (67) | \n\n (47) | \n
| \n Income taxes | \n\n (2,656) | \n\n (1,798) | \n\n (2,804) | \n\n (15) | \n\n \u2013 | \n\n \u2013 | \n\n (8) | \n\n 10 | \n\n (65) | \n
| \n Net income | \n\n 4,986 | \n\n 5,122 | \n\n 12,791 | \n\n 135 | \n\n 83 | \n\n (36) | \n\n (136) | \n\n (28) | \n\n 123 | \n
| \n Non-controlling interests | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 180 | \n\n (126) | \n\n 219 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Other comprehensive income | \n\n (76) | \n\n (52) | \n\n 526 | \n\n \u2013 | \n\n (2) | \n\n \u2013 | \n\n (361) | \n\n (105) | \n\n (189) | \n
| \n % owned | \n\n \n | \n\n \n | \n\n \n | \n\n 50.00% | \n\n 50.00% | \n\n 50.00% | \n\n 50.00% | \n\n 50.00% | \n\n 50.00% | \n
| \n Equity value | \n\n 5,996 | \n\n 4,941 | \n\n 4,315 | \n\n 2,241 | \n\n 2,283 | \n\n 2,356 | \n\n 1,234 | \n\n 1,482 | \n\n 1,573 | \n
| \n including goodwill and identifiable assets | \n\n 392 | \n\n 430 | \n\n 465 | \n\n 1,971(a) | \n\n 1,981 | \n\n 2,208 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Profit/(loss) | \n\n 1,061 | \n\n 1,058 | \n\n 2,616 | \n\n 58 | \n\n 29 | \n\n (18) | \n\n (68) | \n\n (14) | \n\n 62 | \n
| \n Share of other comprehensive income, net amount | \n\n (20) | \n\n (14) | \n\n 137 | \n\n \u2013 | \n\n (1) | \n\n \u2013 | \n\n (176) | \n\n (69) | \n\n (59) | \n
| \n Dividends paid to TotalEnergies | \n\n 37 | \n\n 418 | \n\n 1,166 | \n\n 100 | \n\n 100 | \n\n 46 | \n\n \u2013 | \n\n 25 | \n\n 162 | \n
| \n (a)Goodwill represents the valuation of this entity's ability to generate future projects in the field of renewable energy and amounts to M$ 1,755 as of December 31, 2024. | \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), Ichthys LNG in Australia (26.00%) and Marsa LNG LLC (80.00%).
GIP III Zephyr Holdings, LLC holds the shares of Clearway Energy Group (CEG), a developer of renewables projects, owning 42% of economic interest of its listed subsidiary, Clearway Energy LLC. (CWEN).
Hanwha TotalEnergies Petrochemical Co., Ltd 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$) | \n\n 2024 | \n\n \n | \n\n 2023 | \n\n \n | \n\n 2022 | \n|||
|---|---|---|---|---|---|---|---|---|
| \n Associates | \n\n Joint-ventures | \n\n \n | \n\n Associates | \n\n Joint-ventures | \n\n \n | \n\n Associates | \n\n Joint-ventures | \n|
| \n Non-current assets | \n\n 5,198 | \n\n 15,929 | \n\n \u00a0 | \n\n 4,692 | \n\n 13,224 | \n\n \u00a0 | \n\n 5,818 | \n\n 11,281 | \n
| \n Current assets | \n\n 1,349 | \n\n 2,524 | \n\n \u00a0 | \n\n 1,214 | \n\n 2,988 | \n\n \u00a0 | \n\n 1,582 | \n\n 2,742 | \n
| \n Total assets | \n\n 6,547 | \n\n 18,453 | \n\n \u00a0 | \n\n 5,906 | \n\n 16,212 | \n\n \u00a0 | \n\n 7,400 | \n\n 14,023 | \n
| \n Shareholder's equity - TotalEnergies share | \n\n 1,107 | \n\n 6,604 | \n\n \u00a0 | \n\n 814 | \n\n 4,625 | \n\n \u00a0 | \n\n 1,354 | \n\n 3,894 | \n
| \n Shareholder's equity - Non-controlling interests | \n\n \u2013 | \n\n (2) | \n\n \u00a0 | \n\n \u2013 | \n\n 75 | \n\n \u00a0 | \n\n \u2013 | \n\n 140 | \n
| \n Non-current liabilities | \n\n 4,618 | \n\n 9,605 | \n\n \u00a0 | \n\n 4,388 | \n\n 8,798 | \n\n 7,375 | \n\n 5,180 | \n\n 7,375 | \n
| \n Current liabilities | \n\n 822 | \n\n 2,246 | \n\n \u00a0 | \n\n 704 | \n\n 2,714 | \n\n \u00a0 | \n\n 866 | \n\n 2,614 | \n
| \n Total liabilities | \n\n 6,547 | \n\n 18,453 | \n\n \u00a0 | \n\n 5,906 | \n\n 16,212 | \n\n \u00a0 | \n\n 7,400 | \n\n 14,023 | \n
| \n For the year ended December 31, (M$) | \n\n 2024 | \n\n \n | \n\n 2023 | \n\n \n | \n\n 2022 | \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 2,981 | \n\n 6,476 | \n\n \u00a0 | \n\n 2,026 | \n\n 7,451 | \n\n \u00a0 | \n\n 2,338 | \n\n 7,026 | \n
| \n Net income | \n\n 330 | \n\n (666) | \n\n \u00a0 | \n\n 4 | \n\n (279) | \n\n \u00a0 | \n\n 486 | \n\n 454 | \n
| \n Non-controlling interests | \n\n \u2013 | \n\n 1 | \n\n \u00a0 | \n\n \u2013 | \n\n (64) | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n
| \n Share of other comprehensive income items | \n\n 25 | \n\n (162) | \n\n \u00a0 | \n\n 14 | \n\n (67) | \n\n \u00a0 | \n\n 139 | \n\n 52 | \n
| \n Equity value | \n\n 2,314 | \n\n 8,016 | \n\n \u00a0 | \n\n 1,549 | \n\n 7,705 | \n\n \u00a0 | \n\n 2,216 | \n\n 6,379 | \n
| \n Profit/(Loss) | \n\n 302 | \n\n (689) | \n\n \u00a0 | \n\n (22) | \n\n (359) | \n\n \u00a0 | \n\n 434 | \n\n 15 | \n
| \n Dividends paid to TotalEnergies | \n\n 296 | \n\n 106 | \n\n \u00a0 | \n\n 323 | \n\n 120 | \n\n \u00a0 | \n\n 469 | \n\n 63 | \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.
A)Information related to associates
Information (100% basis) related to significant associates is as follows:
| \n Exploration & Production activities (M$) | \n\n Liquefaction entities | \n\n \n | \n\n Novatek(a) | \n||
|---|---|---|---|---|---|
| \n 2024 | \n\n 2023 | \n\n 2022 | \n\n \n | \n\n 2022 | \n|
| \n Non-current assets | \n\n 31,698 | \n\n 43,875 | \n\n 41,995 | \n\n \n | \n\n \u2013 | \n
| \n Current assets | \n\n 7,531 | \n\n 5,850 | \n\n 8,333 | \n\n \n | \n\n \u2013 | \n
| \n Total assets | \n\n 39,229 | \n\n 49,725 | \n\n 50,328 | \n\n \n | \n\n \u2013 | \n
| \n Shareholder's equity | \n\n 23,078 | \n\n 35,755 | \n\n 19,565 | \n\n \n | \n\n \u2013 | \n
| \n Non-current liabilities | \n\n 10,024 | \n\n 8,692 | \n\n 23,019 | \n\n \n | \n\n \u2013 | \n
| \n Current liabilities | \n\n 6,127 | \n\n 5,278 | \n\n 7,744 | \n\n \n | \n\n \u2013 | \n
| \n Total liabilities | \n\n 39,229 | \n\n 49,725 | \n\n 50,328 | \n\n \n | \n\n \u2013 | \n
| \n Revenues from sales | \n\n 23,407 | \n\n 26,288 | \n\n 35,888 | \n\n \n | \n\n \u2013 | \n
| \n Net income | \n\n 6,732 | \n\n 6,896 | \n\n 10,257 | \n\n \n | \n\n \u2013 | \n
| \n Other comprehensive income | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n
| \n % owned | \n\n \u00a0 | \n\n \n | \n\n \u00a0 | \n\n \n | \n\n 19.40% | \n
| \n Equity value | \n\n 4,017 | \n\n 4,070 | \n\n 3,312 | \n\n \n | \n\n \u2013 | \n
| \n including goodwill and identifiable assets | \n\n 35 | \n\n 38 | \n\n 40 | \n\n \n | \n\n \u2013 | \n
| \n Profit/(loss) | \n\n 762 | \n\n 825 | \n\n (338) | \n\n \n | \n\n (5,747) | \n
| \n Share of other comprehensive income, net amount | \n\n 34 | \n\n (22) | \n\n (70) | \n\n \n | \n\n 3,118 | \n
| \n Dividends paid to TotalEnergies | \n\n 820 | \n\n 1,052 | \n\n 1,224 | \n\n \n | \n\n 883 | \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 2024, 31 December 2023 and 31\u00a0December 2022, Novatek is no longer consolidated as an equity accounted affiliate in the Company's Consolidated Financial Statements. This stake is 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 31\u00a0December 2024, 31 December 2023 and 31 December 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%), Angola LNG Limited (13.60%), Yemen LNG Co. (39.62%), Qatar Liquefied Gas Company Limited (Qatargas) (10.00%), Qatar Liquefied Gas Company Limited II (16.70%), Oman LNG LLC (5.54%), Abu Dhabi Gas Liquefaction Company Limited (5.00%), Qatar Liquified Gas Company Limited 5 (North Field East project) (25.00%) Qatar Liquified Gas Company Limited 10 (North Field South project) (25.00%) and Energ\u00eda Costa Azul LNG (16.60%).
| \n Renewables and Electricity activities (M$) | \n\n Adani Green Energy Limited | \n||
|---|---|---|---|
| \n 2024 | \n\n 2023 | \n\n 2022 | \n|
| \n Non-current assets | \n\n 10,936 | \n\n 7,887 | \n\n 6,961 | \n
| \n Current assets | \n\n 1,264 | \n\n 1,091 | \n\n 769 | \n
| \n Total assets | \n\n 12,200 | \n\n 8,978 | \n\n 7,730 | \n
| \n Shareholder's equity | \n\n 1,137 | \n\n 965 | \n\n 807 | \n
| \n Non-current liabilities | \n\n 8,175 | \n\n 5,712 | \n\n 5,805 | \n
| \n Current liabilities | \n\n 2,888 | \n\n 2,301 | \n\n 1,118 | \n
| \n Total liabilities | \n\n 12,200 | \n\n 8,978 | \n\n 7,730 | \n
| \n Revenues from sales | \n\n 1,049 | \n\n 1,061 | \n\n 1,073 | \n
| \n Net income | \n\n 184 | \n\n 162 | \n\n 104 | \n
| \n Other comprehensive income | \n\n (13) | \n\n 5 | \n\n (112) | \n
| \n % owned | \n\n 19.74% | \n\n 19.74% | \n\n 19.74% | \n
| \n Equity value | \n\n 1,863 | \n\n 1,877 | \n\n 1,856 | \n
| \n including goodwill and identifiable assets | \n\n 1,639 | \n\n 1,687 | \n\n 1,697 | \n
| \n Profit/(loss) | \n\n 36 | \n\n 32 | \n\n 21 | \n
| \n Share of other comprehensive income, net amount | \n\n 9 | \n\n 3 | \n\n 23 | \n
| \n Dividends paid to TotalEnergies | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Refining & Chemicals activities (M$) | \n\n Saudi Aramco | \n\n \n | \n\n Qatar | \n||||
|---|---|---|---|---|---|---|---|
| \n 2024 | \n\n 2023 | \n\n 2022 | \n\n \n | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n|
| \n Non-current assets | \n\n 12,023 | \n\n 9,780 | \n\n 10,003 | \n\n 2,562 | \n\n 2,562 | \n\n 2,882 | \n\n 3,905 | \n
| \n Current assets | \n\n 3,446 | \n\n 2,584 | \n\n 3,615 | \n\n 1,971 | \n\n 1,971 | \n\n 2,000 | \n\n 2,491 | \n
| \n Total assets | \n\n 15,469 | \n\n 12,364 | \n\n 13,618 | \n\n 4,533 | \n\n 4,533 | \n\n 4,882 | \n\n 6,396 | \n
| \n Shareholder's equity | \n\n 4,062 | \n\n 3,527 | \n\n 3,858 | \n\n 2,781 | \n\n 2,781 | \n\n 2,748 | \n\n 2,737 | \n
| \n Non-current liabilities | \n\n 6,899 | \n\n 5,850 | \n\n 6,365 | \n\n 654 | \n\n 654 | \n\n 835 | \n\n 2,062 | \n
| \n Current liabilities | \n\n 4,508 | \n\n 2,987 | \n\n 3,395 | \n\n 1,098 | \n\n 1,098 | \n\n 1,299 | \n\n 1,597 | \n
| \n Total liabilities | \n\n 15,469 | \n\n 12,364 | \n\n 13,618 | \n\n 4,533 | \n\n 4,533 | \n\n 4,882 | \n\n 6,396 | \n
| \n Revenues from sales | \n\n 14,601 | \n\n 12,994 | \n\n 20,492 | \n\n 9,422 | \n\n 9,422 | \n\n 9,506 | \n\n 13,193 | \n
| \n Net income | \n\n 66 | \n\n 584 | \n\n 2,409 | \n\n 338 | \n\n 338 | \n\n 203 | \n\n 629 | \n
| \n Other comprehensive income | \n\n (32) | \n\n (59) | \n\n 284 | \n\n 13 | \n\n 13 | \n\n (7) | \n\n (5) | \n
| \n % owned | \n\n 37.50% | \n\n 37.50% | \n\n 37.50% | \n\n \u00a0 | \n\n \n | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Equity value | \n\n 1,523 | \n\n 1,323 | \n\n 1,447 | \n\n 670 | \n\n 670 | \n\n 665 | \n\n 703 | \n
| \n including goodwill and identifiable assets | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Profit/(loss) | \n\n 25 | \n\n 219 | \n\n 903 | \n\n 88 | \n\n 88 | \n\n 78 | \n\n 161 | \n
| \n Share of other comprehensive income, net amount | \n\n 34 | \n\n (46) | \n\n 147 | \n\n 10 | \n\n 10 | \n\n (7) | \n\n 10 | \n
| \n Dividends paid to TotalEnergies | \n\n 150 | \n\n 321 | \n\n \u2013 | \n\n 83 | \n\n 83 | \n\n 145 | \n\n 138 | \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%).
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 2024 | \n\n \n | \n\n 2023 | \n\n \n | \n\n 2022 | \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 5,198 | \n\n 15,929 | \n\n \u00a0 | \n\n 4,692 | \n\n 13,224 | \n\n \u00a0 | \n\n 5,818 | \n\n 11,281 | \n
| \n Current assets | \n\n 1,349 | \n\n 2,524 | \n\n \u00a0 | \n\n 1,214 | \n\n 2,988 | \n\n \u00a0 | \n\n 1,582 | \n\n 2,742 | \n
| \n Total assets | \n\n 6,547 | \n\n 18,453 | \n\n \u00a0 | \n\n 5,906 | \n\n 16,212 | \n\n \u00a0 | \n\n 7,400 | \n\n 14,023 | \n
| \n Shareholder's equity - TotalEnergies share | \n\n 1,107 | \n\n 6,604 | \n\n \u00a0 | \n\n 814 | \n\n 4,625 | \n\n \u00a0 | \n\n 1,354 | \n\n 3,894 | \n
| \n Shareholder's equity - Non-controlling interests | \n\n \u2013 | \n\n (2) | \n\n \u00a0 | \n\n \u2013 | \n\n 75 | \n\n \u00a0 | \n\n \u2013 | \n\n 140 | \n
| \n Non-current liabilities | \n\n 4,618 | \n\n 9,605 | \n\n \u00a0 | \n\n 4,388 | \n\n 8,798 | \n\n 7,375 | \n\n 5,180 | \n\n 7,375 | \n
| \n Current liabilities | \n\n 822 | \n\n 2,246 | \n\n \u00a0 | \n\n 704 | \n\n 2,714 | \n\n \u00a0 | \n\n 866 | \n\n 2,614 | \n
| \n Total liabilities | \n\n 6,547 | \n\n 18,453 | \n\n \u00a0 | \n\n 5,906 | \n\n 16,212 | \n\n \u00a0 | \n\n 7,400 | \n\n 14,023 | \n
| \n For the year ended December 31, (M$) | \n\n 2024 | \n\n \n | \n\n 2023 | \n\n \n | \n\n 2022 | \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 2,981 | \n\n 6,476 | \n\n \u00a0 | \n\n 2,026 | \n\n 7,451 | \n\n \u00a0 | \n\n 2,338 | \n\n 7,026 | \n
| \n Net income | \n\n 330 | \n\n (666) | \n\n \u00a0 | \n\n 4 | \n\n (279) | \n\n \u00a0 | \n\n 486 | \n\n 454 | \n
| \n Non-controlling interests | \n\n \u2013 | \n\n 1 | \n\n \u00a0 | \n\n \u2013 | \n\n (64) | \n\n \u00a0 | \n\n \u2013 | \n\n \u2013 | \n
| \n Share of other comprehensive income items | \n\n 25 | \n\n (162) | \n\n \u00a0 | \n\n 14 | \n\n (67) | \n\n \u00a0 | \n\n 139 | \n\n 52 | \n
| \n Equity value | \n\n 2,314 | \n\n 8,016 | \n\n \u00a0 | \n\n 1,549 | \n\n 7,705 | \n\n \u00a0 | \n\n 2,216 | \n\n 6,379 | \n
| \n Profit/(Loss) | \n\n 302 | \n\n (689) | \n\n \u00a0 | \n\n (22) | \n\n (359) | \n\n \u00a0 | \n\n 434 | \n\n 15 | \n
| \n Dividends paid to TotalEnergies | \n\n 296 | \n\n 106 | \n\n \u00a0 | \n\n 323 | \n\n 120 | \n\n \u00a0 | \n\n 469 | \n\n 63 | \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 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.
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 GIP III Zephyr | \n\n Hanwha TotalEnergies Petrochemical Co. Ltd | \n||||||
|---|---|---|---|---|---|---|---|---|---|
| \n 2024 | \n\n 2023 | \n\n 2022 | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n|
| \n Non-current assets | \n\n 59,764 | \n\n 62,461 | \n\n 65,293 | \n\n 14,258 | \n\n 13,111 | \n\n 12,406 | \n\n 3,373 | \n\n 3,959 | \n\n 4,113 | \n
| \n Current assets excluding cash and cash equivalents | \n\n 5,390 | \n\n 2,832 | \n\n 2,630 | \n\n 366 | \n\n 375 | \n\n 370 | \n\n 1,530 | \n\n 2,089 | \n\n 2,326 | \n
| \n Cash and cash equivalents | \n\n 5,184 | \n\n 4,690 | \n\n 4,375 | \n\n 813 | \n\n 1,313 | \n\n 1,116 | \n\n 348 | \n\n 113 | \n\n 82 | \n
| \n Total assets | \n\n 70,338 | \n\n 69,983 | \n\n 72,298 | \n\n 15,437 | \n\n 14,799 | \n\n 13,892 | \n\n 5,251 | \n\n 6,161 | \n\n 6,521 | \n
| \n Shareholder's equity - Group share | \n\n 25,231 | \n\n 20,438 | \n\n 17,455 | \n\n 539 | \n\n 604 | \n\n 296 | \n\n 2,467 | \n\n 2,963 | \n\n 3,146 | \n
| \n Shareholder's equity - Non-controlling interests | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 2,756 | \n\n 1,912 | \n\n 2,548 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Other non-current liabilities | \n\n 11,822 | \n\n 10,399 | \n\n 10,785 | \n\n 1,645 | \n\n 1,460 | \n\n 1,285 | \n\n 148 | \n\n 174 | \n\n 180 | \n
| \n Non-current financial debts | \n\n 29,565 | \n\n 36,144 | \n\n 41,452 | \n\n 9,538 | \n\n 9,598 | \n\n 8,808 | \n\n 1,017 | \n\n 858 | \n\n 1,220 | \n
| \n Other current liabilities | \n\n 1,707 | \n\n 3,002 | \n\n 2,606 | \n\n 380 | \n\n 414 | \n\n 496 | \n\n 873 | \n\n 1,137 | \n\n 1,117 | \n
| \n Current financial debts | \n\n 2,013 | \n\n \u2013 | \n\n \u2013 | \n\n 579 | \n\n 811 | \n\n 459 | \n\n 746 | \n\n 1,029 | \n\n 858 | \n
| \n Total liabilities | \n\n 70,338 | \n\n 69,983 | \n\n 72,298 | \n\n 15,437 | \n\n 14,799 | \n\n 13,892 | \n\n 5,251 | \n\n 6,161 | \n\n 6,521 | \n
| \n Revenues from sales | \n\n 17,212 | \n\n 17,605 | \n\n 24,701 | \n\n 1,609 | \n\n 1,452 | \n\n 351 | \n\n 8,616 | \n\n 8,754 | \n\n 10,824 | \n
| \n Depreciation and depletion of tangible assets and mineral interests | \n\n (2,899) | \n\n (2,700) | \n\n (2,814) | \n\n (490) | \n\n (460) | \n\n (129) | \n\n (278) | \n\n (281) | \n\n (289) | \n
| \n Interest income | \n\n 55 | \n\n 32 | \n\n 17 | \n\n 37 | \n\n 40 | \n\n 5 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Interest expense | \n\n (2,901) | \n\n (3,146) | \n\n (2,453) | \n\n (357) | \n\n (315) | \n\n (95) | \n\n (80) | \n\n (67) | \n\n (47) | \n
| \n Income taxes | \n\n (2,656) | \n\n (1,798) | \n\n (2,804) | \n\n (15) | \n\n \u2013 | \n\n \u2013 | \n\n (8) | \n\n 10 | \n\n (65) | \n
| \n Net income | \n\n 4,986 | \n\n 5,122 | \n\n 12,791 | \n\n 135 | \n\n 83 | \n\n (36) | \n\n (136) | \n\n (28) | \n\n 123 | \n
| \n Non-controlling interests | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 180 | \n\n (126) | \n\n 219 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Other comprehensive income | \n\n (76) | \n\n (52) | \n\n 526 | \n\n \u2013 | \n\n (2) | \n\n \u2013 | \n\n (361) | \n\n (105) | \n\n (189) | \n
| \n % owned | \n\n \n | \n\n \n | \n\n \n | \n\n 50.00% | \n\n 50.00% | \n\n 50.00% | \n\n 50.00% | \n\n 50.00% | \n\n 50.00% | \n
| \n Equity value | \n\n 5,996 | \n\n 4,941 | \n\n 4,315 | \n\n 2,241 | \n\n 2,283 | \n\n 2,356 | \n\n 1,234 | \n\n 1,482 | \n\n 1,573 | \n
| \n including goodwill and identifiable assets | \n\n 392 | \n\n 430 | \n\n 465 | \n\n 1,971(a) | \n\n 1,981 | \n\n 2,208 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Profit/(loss) | \n\n 1,061 | \n\n 1,058 | \n\n 2,616 | \n\n 58 | \n\n 29 | \n\n (18) | \n\n (68) | \n\n (14) | \n\n 62 | \n
| \n Share of other comprehensive income, net amount | \n\n (20) | \n\n (14) | \n\n 137 | \n\n \u2013 | \n\n (1) | \n\n \u2013 | \n\n (176) | \n\n (69) | \n\n (59) | \n
| \n Dividends paid to TotalEnergies | \n\n 37 | \n\n 418 | \n\n 1,166 | \n\n 100 | \n\n 100 | \n\n 46 | \n\n \u2013 | \n\n 25 | \n\n 162 | \n
| \n (a)Goodwill represents the valuation of this entity's ability to generate future projects in the field of renewable energy and amounts to M$ 1,755 as of December 31, 2024. | \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), Ichthys LNG in Australia (26.00%) and Marsa LNG LLC (80.00%).
GIP III Zephyr Holdings, LLC holds the shares of Clearway Energy Group (CEG), a developer of renewables projects, owning 42% of economic interest of its listed subsidiary, Clearway Energy LLC. (CWEN).
Hanwha TotalEnergies Petrochemical Co., Ltd 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.
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 or 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, 2024 (M$) | \n\n As of | \n\n Increase-Decrease | \n\n Change in fair value | \n\n As of | \n
|---|---|---|---|---|
| \n Next Decade Corporation | \n\n 214 | \n\n \u2013 | \n\n 132 | \n\n 346 | \n
| \n Other shares at fair value through other comprehensive income (unit value < $50M) | \n\n 141 | \n\n 12 | \n\n 12 | \n\n 165 | \n
| \n Equity instruments recorded at fair value through other comprehensive income | \n\n 355 | \n\n 12 | \n\n 144 | \n\n 511 | \n
| \n BTC Limited | \n\n 5 | \n\n \u2013 | \n\n \u2013 | \n\n 5 | \n
| \n OGCI Climate Investments Holdings LLP | \n\n 50 | \n\n 7 | \n\n (1) | \n\n 56 | \n
| \n Nordian CPO (renamed TotalEnergies | \n\n 70 | \n\n (70) | \n\n \u2013 | \n\n \u2013 | \n
| \n Other shares at fair value through profit or loss | \n\n 1,063 | \n\n 6 | \n\n 24 | \n\n 1,093 | \n
| \n Equity instruments recorded at fair value through profit or loss | \n\n 1,188 | \n\n (57) | \n\n 23 | \n\n 1,154 | \n
| \n Total equity instruments | \n\n 1,543 | \n\n (45) | \n\n 167 | \n\n 1,665 | \n
| \n (a)Nordian CPO has been consolidated in 2024. | \n\n\n | \n\n\n | \n\n\n | \n
| \n As of December 31, 2023 (M$) | \n\n As of | \n\n Increase-Decrease | \n\n Change in fair value | \n\n As of | \n
|---|---|---|---|---|
| \n Next Decade Corporation | \n\n \u2013 | \n\n 219 | \n\n (5) | \n\n 214 | \n
| \n Other shares at fair value through other comprehensive income (unit value < $50M) | \n\n 119 | \n\n 28 | \n\n (6) | \n\n 141 | \n
| \n Equity instruments recorded at fair value through other comprehensive income | \n\n 119 | \n\n 247 | \n\n (11) | \n\n 355 | \n
| \n BTC Limited | \n\n 5 | \n\n \u2013 | \n\n \u2013 | \n\n 5 | \n
| \n Hubei Cathay Smart Energy Fund | \n\n 54 | \n\n (54) | \n\n \u2013 | \n\n \u2013 | \n
| \n OGCI Climate Investments Holdings LLP | \n\n 34 | \n\n 14 | \n\n 2 | \n\n 50 | \n
| \n Nordian CPO (renamed TotalEnergies Charging Services Espa\u00f1a SL) | \n\n \u2013 | \n\n 70 | \n\n \u2013 | \n\n 70 | \n
| \n Other shares at fair value through profit or loss | \n\n 839 | \n\n 250 | \n\n (26) | \n\n 1,063 | \n
| \n Equity instruments recorded at fair value through profit or loss | \n\n 932 | \n\n 280 | \n\n (24) | \n\n 1,188 | \n
| \n Total equity instruments | \n\n 1,051 | \n\n 527 | \n\n (35) | \n\n 1,543 | \n
| \n As of December 31, 2022 (M$) | \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 at fair value through other comprehensive income (unit value < $50M) | \n\n 116 | \n\n 13 | \n\n (10) | \n\n 119 | \n
| \n Equity instruments recorded at fair value through other comprehensive income | \n\n 573 | \n\n (566) | \n\n 112 | \n\n 119 | \n
| \n BTC Limited | \n\n 14 | \n\n \u2013 | \n\n (9) | \n\n 5 | \n
| \n Hubei Cathay Smart Energy Fund | \n\n 36 | \n\n 7 | \n\n 11 | \n\n 54 | \n
| \n OGCI Climate Investments Holdings LLP | \n\n \u2013 | \n\n 35 | \n\n (1) | \n\n 34 | \n
| \n Other shares at fair value through profit or loss | \n\n 1,002 | \n\n (89) | \n\n (74) | \n\n 839 | \n
| \n Equity instruments recorded at fair value through profit or loss | \n\n 1,052 | \n\n (47) | \n\n (73) | \n\n 932 | \n
| \n Total equity instruments | \n\n 1,625 | \n\n (613) | \n\n 39 | \n\n 1,051 | \n
Accounting principles
Other investments are equity instruments and are measured according to IFRS 9 at fair value through profit or loss (default option). On initial recognition, the standard allows to make an election to record the changes of fair value in other comprehensive income. For these equity instruments, only dividends can be recognized in profit or loss.
TotalEnergies recognizes changes in fair value in equity or in profit or loss according to the option chosen on an instrument by instrument basis.
For quoted shares on active markets, this fair value is based on the market price.
8.3Related parties
The main transactions as well as receivable and payable balances with related parties (principally non-consolidated subsidiaries and equity affiliates) are detailed as follows:
| \n As of December 31, (M$) | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Balance sheet | \n\n \n | \n\n \n | \n\n \n | \n
| \n Receivables | \n\n \n | \n\n \n | \n\n \n | \n
| \n Debtors and other debtors | \n\n 876 | \n\n 1,144 | \n\n 1,231 | \n
| \n Loans (excl. loans to equity accounted for affiliates) | \n\n 428 | \n\n 232 | \n\n 184 | \n
| \n Payables | \n\n \n | \n\n \n | \n\n \n | \n
| \n Creditors and other creditors | \n\n 1,324 | \n\n 1,068 | \n\n 1,610 | \n
| \n Debts | \n\n 1 | \n\n 1 | \n\n 5 | \n
| \n For the year ended December 31, (M$) | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Statement of income | \n\n \n | \n\n \n | \n\n \n | \n
| \n Sales | \n\n 5,408 | \n\n 7,222 | \n\n 6,806 | \n
| \n Purchases | \n\n (13,424) | \n\n (15,574) | \n\n (25,656) | \n
| \n Financial income | \n\n 13 | \n\n 3 | \n\n 3 | \n
| \n Financial expense | \n\n (6) | \n\n (5) | \n\n (9) | \n
8.4Compensation for the administration and management bodies
The aggregated amount of direct and indirect compensation accounted by the French and foreign affiliates of the Company, for all executive officers of TotalEnergies SE as of December 31 and for the members of the Board of Directors who are employees of TotalEnergies SE, is detailed below.
As of December 31, 2024, TotalEnergies SE Executive Officers are the members of the Executive Committee, i.e. nine people and there are three employees as members of the Board of Directors. As of December\u00a031, 2023, and December 31, 2022, TotalEnergies SE Executive Officers were the members of the Executive Committee, i.e. eight people and there were three employees as members of the Board of Directors.
| \n For the year ended December 31, (M$) | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Number of people | \n\n 12 | \n\n 11 | \n\n 11 | \n
| \n Direct or indirect compensation | \n\n 16.1 | \n\n 13.9 | \n\n 12.4 | \n
| \n Pension expenses(a) | \n\n 1.1 | \n\n 3.5 | \n\n 1.9 | \n
| \n Share-based payments expense | \n\n 13.1 | \n\n 8.7 | \n\n 7.7 | \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 Company include severance to be paid upon retirement, supplementary pension schemes and insurance plans, which represent a commitment of $72.6 million as of December 31, 2024 (against $82.9 million as of December 31, 2023 and $64.3 million as of December\u00a031,\u00a02022). Converted into Euros, this commitment amounts to \u20ac69.9\u00a0million as of December 31, 2024 (against \u20ac75 million as of December\u00a031,\u00a02023 and \u20ac60.3\u00a0million as of December 31, 2022). The decrease of the commitment is mainly due to the increase in the discount rate despite the changes among the number of executives (two new entries and one retirement). (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. | \n
The compensation allocated to members of the Board of Directors as directors\u2019 fees totaled $2.11 million in 2024 ($2 million in 2023 and $1.84\u00a0million in 2022).
8.4Compensation for the administration and management bodies
The aggregated amount of direct and indirect compensation accounted by the French and foreign affiliates of the Company, for all executive officers of TotalEnergies SE as of December 31 and for the members of the Board of Directors who are employees of TotalEnergies SE, is detailed below.
As of December 31, 2024, TotalEnergies SE Executive Officers are the members of the Executive Committee, i.e. nine people and there are three employees as members of the Board of Directors. As of December\u00a031, 2023, and December 31, 2022, TotalEnergies SE Executive Officers were the members of the Executive Committee, i.e. eight people and there were three employees as members of the Board of Directors.
| \n For the year ended December 31, (M$) | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Number of people | \n\n 12 | \n\n 11 | \n\n 11 | \n
| \n Direct or indirect compensation | \n\n 16.1 | \n\n 13.9 | \n\n 12.4 | \n
| \n Pension expenses(a) | \n\n 1.1 | \n\n 3.5 | \n\n 1.9 | \n
| \n Share-based payments expense | \n\n 13.1 | \n\n 8.7 | \n\n 7.7 | \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 Company include severance to be paid upon retirement, supplementary pension schemes and insurance plans, which represent a commitment of $72.6 million as of December 31, 2024 (against $82.9 million as of December 31, 2023 and $64.3 million as of December\u00a031,\u00a02022). Converted into Euros, this commitment amounts to \u20ac69.9\u00a0million as of December 31, 2024 (against \u20ac75 million as of December\u00a031,\u00a02023 and \u20ac60.3\u00a0million as of December 31, 2022). The decrease of the commitment is mainly due to the increase in the discount rate despite the changes among the number of executives (two new entries and one retirement). (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. | \n
The compensation allocated to members of the Board of Directors as directors\u2019 fees totaled $2.11 million in 2024 ($2 million in 2023 and $1.84\u00a0million in 2022).
9.1Shareholders\u2019 equity
Number of TotalEnergies shares and rights attached
As of December\u00a031,\u00a02024, the share capital of TotalEnergies SE amounts to \u20ac5,994,199,152.50, divided into 2,397,679,661 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 3,421,656,457 shares as of December 31, 2024, compared to 3,436,374,353 shares as of December\u00a031, 2023 and 3,664,966,081 shares as of December 31, 2022.
As of December 31, 2024, no double voting rights are attached to the Company's shares (this right having been abolished at the Shareholders\u2019 Meeting of May 26, 2023).
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.
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.
Share cancellation
Pursuant to the authorization granted by the Extraordinary Shareholders\u2019 Meeting on May 26, 2017 and May 25, 2022, the Board of Directors is authorized to cancel, on one or more occasions, the shares of the Company within the limit of 10% of the existing capital on the date of the operation per period of 24 months, in accordance with the provisions of Articles L. 225-209 (became L. 22-10-62) and L. 225-213 of the French Commercial Code.
The Board of Directors 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 2024 | \n\n February 6, 2024(b) | \n\n 25,405,361 shares bought back between August 25 and October 26, 2023 | \n\n 1.05% | \n
| \n 2023 | \n\n September 21, 2023(c) | \n\n 86,012,344 shares bought back between January 2 and August 24, 2023 | \n\n 3.44% | \n
| \n 2023 | \n\n February 7, 2023 | \n\n 128,869,261 shares bought back between February 11 and December 15, 2022 | \n\n 4.92% | \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 (a)Percentage of the share capital that the cancelled shares represented on the operations\u2019 date. (b)With effect as at February 12, 2024. (c)With effect as at September 25, 2023. | \n
Variation of the number of shares composing the share capital
| \n As of December 31, 2021(a) | \n\n \u00a0 | \n\n 2,640,429,329 | \n
|---|---|---|
| \n \n | \n\n Capital reduction by cancellation of treasury shares | \n\n (30,665,526) | \n
| \n Deferred contribution pursuant to the 2017 capital increase reserved for employees | \n\n 9,471 | \n|
| \n 2022 Capital increase reserved for employees | \n\n 9,358,011 | \n|
| \n As of December 31, 2022(b) | \n\n \n | \n\n 2,619,131,285 | \n
| \n \n | \n\n Capital reduction by cancellation of treasury shares | \n\n (214,881,605) | \n
| \n 2023 Capital increase reserved for employees | \n\n 8,002,155 | \n|
| \n As of December 31, 2023(c) | \n\n \n | \n\n 2,412,251,835 | \n
| \n \n | \n\n Capital reduction by cancellation of treasury shares | \n\n (25,405,361) | \n
| \n \n | \n\n 2024 Capital increase reserved for employees | \n\n 10,833,187 | \n
| \n As of December 31, 2024(d) | \n\n \n | \n\n 2,397,679,661 | \n
| \n (a)Including 33,841,104 treasury shares deducted from consolidated shareholders\u2019 equity. (b)Including 137,187,667 treasury shares deducted from consolidated shareholders\u2019 equity. (c)Including 60,543,213 treasury shares deducted from consolidated shareholders\u2019 equity. (d)Including 149,529,818 treasury shares deducted from consolidated shareholders\u2019 equity. | \n
Capital increase reserved for employees
The Extraordinary Shareholders\u2019 Meeting (\u201cESM\u201d) of May 24, 2024, 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 2024, the Board of Directors of October 30, 2024, 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 with immediate dividend rights and has granted all powers to the Chairman and Chief Executive Officer to determine the opening and closing dates of the subscription period and the subscription price. This capital increase is expected to be completed after the Shareholders\u2019 Meeting of May 23, 2025.
During the fiscal years 2024, 2023 and 2022, the Corporation completed the following ESOP, which terms are set out below:
| \n Fiscal year | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Date of the ESOP | \n\n June 6, 2024 | \n\n June 7, 2023 | \n\n June 8, 2022 | \n
| \n By virtue of | \n\n 16th resolution of the ESM of May 26, 2023 | \n\n 22nd resolution of the ESM of May 25, 2022 | \n\n 17th resolution of the ESM of May 28, 2021 | \n
| \n Subscriptions | \n\n \n | \n\n \n | \n\n \n | \n
| \n Number of shares subscribed | \n\n 10,251,337 | \n\n 7,760,062 | \n\n 9,130,380 | \n
| \n Subscription price | \n\n 46.90 euros | \n\n 45.60 euros | \n\n 37.00 euros | \n
| \n Free shares | \n\n \n | \n\n \n | \n\n \n | \n
| \n Number of shares granted | \n\n 581,850 | \n\n 242,093 | \n\n 227,631 | \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 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Number of treasury shares held by TotalEnergies SE | \n\n 149,529,818 | \n\n 60,543,213 | \n\n 137,187,667 | \n
| \n Percentage of share capital | \n\n 6.24% | \n\n 2.51% | \n\n 5.24% | \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, 2024, paid-in surplus relating to TotalEnergies SE amounted to \u20ac23,345 million (\u20ac24,385 million as of December 31, 2023 and \u20ac35,099 million as of December 31, 2022).
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 $234 million as of December\u00a031,\u00a02024 ($234 million as of December 31, 2023 and $227\u00a0million as of December 31, 2022) 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 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Number of shares as of January 1, | \n\n 2,412,251,835 | \n\n 2,619,131,285 | \n\n 2,640,429,329 | \n
| \n TotalEnergies shares held by TotalEnergies SE or by its subsidiaries and deducted from shareholders' equity | \n\n (60,543,213) | \n\n (137,187,667) | \n\n (33,841,104) | \n
| \n Evolution of the number of shares during the financial year pro-rated | \n\n \n | \n\n \n | \n\n \n | \n
| \n Final grant of TotalEnergies performance shares | \n\n 4,041,839 | \n\n 5,378,956 | \n\n 5,152,336 | \n
| \n Capital increase reserved for employees(a) | \n\n 6,322,466 | \n\n 4,671,946 | \n\n 5,465,154 | \n
| \n Capital increase as payment of the scrip dividend | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Buyback of TotalEnergies treasury shares including: | \n\n (64,051,218) | \n\n (74,633,216) | \n\n (62,498,318) | \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 (56,849,392) | \n\n (72,985,133) | \n\n (58,621,530) | \n
| \n Shares repurchased during the fiscal year to cover for the performance share plans\u00a0 | \n\n (7,201,826) | \n\n (1,648,083) | \n\n (3,876,788) | \n
| \n Weighted-average number of shares | \n\n 2,298,021,710 | \n\n 2,417,361,304 | \n\n 2,554,707,397 | \n
| \n Dilutive effect | \n\n \n | \n\n \n | \n\n \n | \n
| \n Grant of TotalEnergies performance shares | \n\n 14,553,688 | \n\n 14,354,523 | \n\n 15,890,560 | \n
| \n Capital increase reserved for employees(a) | \n\n 1,985,324 | \n\n 2,051,751 | \n\n 1,584,068 | \n
| \n Weighted-average number of diluted shares as of December 31, | \n\n 2,314,560,722 | \n\n 2,433,767,578 | \n\n 2,572,182,025 | \n
| \n (a)Including the shares granted in consideration to the deferred contribution pursuant to the capital increase reserved for employees. | \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 \u20ac6.23 per share for 2024 closing (\u20ac8.06 for 2023 closing). The fully-diluted earnings per share calculated by using the same method is \u20ac6.18 per share for 2024 closing (\u20ac8.02 for 2023 closing).
Dividend
On February 4, 2025, the Board of Directors after approving the financial statements for fiscal year 2024, decided to propose to the Shareholders\u2019\u00a0Meeting on May 23, 2025 the distribution of an ordinary \u20ac3.22 dividend per share for fiscal year 2024. Subject to the Shareholders\u2019 decision, considering the first three interim dividends already decided by the Board of Directors, the final ordinary dividend for the fiscal year 2024 will be \u20ac0.85 per share.
| \n 2024 Dividend | \n\n First interim | \n\n Second interim | \n\n Third interim | \n\n Final | \n
|---|---|---|---|---|
| \n Amount | \n\n \u20ac0.79 | \n\n \u20ac0.79 | \n\n \u20ac0.79 | \n\n \u20ac0.85 | \n
| \n Set date | \n\n April 25, 2024 | \n\n July 24, 2024 | \n\n October 30, 2024 | \n\n February 4, 2025 | \n
| \n Ex-dividend date | \n\n September 25, 2024 | \n\n January 2, 2025 | \n\n March 26, 2025 | \n\n June 19, 2025 | \n
| \n Payment date | \n\n October 1, 2024 | \n\n January 6, 2025 | \n\n April 1, 2025 | \n\n July 1, 2025 | \n
Issuances and reimbursement of perpetual subordinated notes
As of December 31, 2024, the amount of perpetual subordinated notes booked in TotalEnergies shareholders' equity is $12,210 million. The coupons attributable to the holders of these securities are recognized as a deduction from TotalEnergies shareholders' equity for an amount of $272 million for fiscal year 2024. 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 \u201cFinancial instruments - Presentation\u201d, these notes were recorded in equity.
Over the year 2024, TotalEnergies SE has fully redeemed on April 4, 2024 the nominal amount of \u20ac1,500 million of perpetual deeply subordinated notes carrying a coupon of 1.750%, issued in April 2019, at first call date.
On November 19, 2024, TotalEnergies SE issued \u20ac2,500 million of perpetual deeply subordinated notes in two tranches. On 22 November 2024, TotalEnergies SE partially redeemed \u20ac1,418 million out of a nominal amount of \u20ac2,500 million of perpetual deeply subordinated notes carrying a coupon of 2.625% issued in February 2015, with a first call date on February 26, 2025.
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, 2024 | \n\n December 31, 2023 | \n\n December 31, 2022 | \n
| \n November 19, 2024 | \n\n 1,250 | \n\n 4.120% | \n\n February 19, 2030 | \n\n 1,250 | \n\n \u2013 | \n\n \u2013 | \n
| \n 1,250 | \n\n 4.500% | \n\n November 19, 2034 | \n\n 1,250 | \n\n \u2013 | \n\n \u2013 | \n|
| \n January 17, 2022 | \n\n 750 | \n\n 3.250% | \n\n January 17, 2037 | \n\n 750 | \n\n 750 | \n\n 750 | \n
| \n 1,000 | \n\n 2.000% | \n\n April 17, 2027 | \n\n 1,000 | \n\n 1,000 | \n\n 1,000 | \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 1,500 | \n
| \n 1,500 | \n\n 1.625% | \n\n January 25, 2028 | \n\n 1,500 | \n\n 1,500 | \n\n 1,500 | \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 \u2013 | \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 \u2013 | \n\n \u2013 | \n\n 1,000 | \n|
| \n February 26, 2015 | \n\n 2,500 | \n\n 2.625% | \n\n February 26, 2025 | \n\n 1,082 | \n\n 2,500 | \n\n 2,500 | \n
| \n Total | \n\n \n | \n\n \n | \n\n \n | \n\n 10,832 | \n\n 11,250 | \n\n 12,250 | \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 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Actuarial gains and losses | \n\n 20 | \n\n (114) | \n\n 574 | \n
| \n Change in fair value of investments in equity instruments | \n\n 144 | \n\n (11) | \n\n 112 | \n
| \n Tax effect | \n\n 46 | \n\n (11) | \n\n (96) | \n
| \n Currency translation adjustment generated by the parent company | \n\n (4,163) | \n\n 2,573 | \n\n (4,976) | \n
| \n Sub-total items not potentially reclassifiable to profit & loss | \n\n (3,953) | \n\n 2,437 | \n\n (4,386) | \n
| \n Currency translation adjustment | \n\n 2,759 | \n\n (3,277) | \n\n 1,734 | \n
| \n \u2013Unrealized gain/(loss) of the period | \n\n 2,879 | \n\n (2,524) | \n\n 1,974 | \n
| \n \u2013Less gain/(loss) included in net income | \n\n 120 | \n\n 753 | \n\n 240 | \n
| \n Cash flow hedge | \n\n 3,119 | \n\n 2,898 | \n\n (5,452) | \n
| \n \u2013Unrealized gain/(loss) of the period | \n\n 188 | \n\n 3,155 | \n\n (4,190) | \n
| \n \u2013Less gain/(loss) included in net income | \n\n (2,931) | \n\n 257 | \n\n 1,262 | \n
| \n Variation of foreign currency basis spread | \n\n (32) | \n\n (11) | \n\n 65 | \n
| \n \u2013Unrealized gain/(loss) of the period | \n\n (50) | \n\n (37) | \n\n 26 | \n
| \n \u2013Less gain/(loss) included in net income | \n\n (18) | \n\n (26) | \n\n (39) | \n
| \n Share of other comprehensive income of equity affiliates, net amount | \n\n (246) | \n\n (208) | \n\n 3,497 | \n
| \n \u2013Unrealized gain/(loss) of the period | \n\n (294) | \n\n (194) | \n\n 1,071 | \n
| \n \u2013Less gain/(loss) included in net income | \n\n (48) | \n\n 14 | \n\n (2,426) | \n
| \n Other | \n\n (1) | \n\n (2) | \n\n (16) | \n
| \n Tax effect | \n\n (814) | \n\n (730) | \n\n 1,449 | \n
| \n Sub-total items potentially reclassifiable to profit & loss | \n\n 4,787 | \n\n (1,330) | \n\n 1,277 | \n
| \n Total other comprehensive income, net amount | \n\n 834 | \n\n 1,107 | \n\n (3,109) | \n
The currency translation adjustment by currency is detailed in the following table:
| \n As of December 31, 2024 (M$) | \n\n Total | \n\n Euro | \n\n Pound sterling | \n\n Ruble | \n\n Other currencies | \n
|---|---|---|---|---|---|
| \n Parent company | \n\n (4,163) | \n\n (4,163) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Affiliates | \n\n 2,759 | \n\n 3,238 | \n\n (86) | \n\n \u2013 | \n\n (383) | \n
| \n Equity affiliates | \n\n (205) | \n\n 211 | \n\n (1) | \n\n \u2013 | \n\n (415) | \n
| \n Total currency translation adjustment recognized in comprehensive income | \n\n (1,609) | \n\n (714) | \n\n (87) | \n\n \u2013 | \n\n (798) | \n
| \n As of December 31, 2023 (M$) | \n\n Total | \n\n Euro | \n\n Pound sterling | \n\n Ruble | \n\n Other currencies | \n
|---|---|---|---|---|---|
| \n Parent company | \n\n 2,573 | \n\n 2,573 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Affiliates | \n\n (3,277) | \n\n (3,174) | \n\n 186 | \n\n \u2013 | \n\n (289) | \n
| \n Equity affiliates | \n\n (179) | \n\n (107) | \n\n (9) | \n\n \u2013 | \n\n (63) | \n
| \n Total currency translation adjustment recognized in comprehensive income | \n\n (883) | \n\n (708) | \n\n 177 | \n\n \u2013 | \n\n (352) | \n
| \n As of December 31, 2022 (M$) | \n\n Total | \n\n Euro | \n\n Pound sterling | \n\n Ruble | \n\n Other currencies | \n
|---|---|---|---|---|---|
| \n Parent company | \n\n (4,976) | \n\n (4,976) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Affiliates | \n\n 1,734 | \n\n 3,120 | \n\n (592) | \n\n 4 | \n\n (798) | \n
| \n Equity affiliates | \n\n 3,002 | \n\n (1,076) | \n\n 31 | \n\n 4,247 | \n\n (200) | \n
| \n Total currency translation adjustment recognized in comprehensive income | \n\n (240) | \n\n (2,932) | \n\n (561) | \n\n 4,251 | \n\n (998) | \n
Tax effects relating to each component of other comprehensive income are as follows:
| \n For the year ended December 31, (M$) | \n\n 2024 | \n\n \n | \n\n 2023 | \n\n \n | \n\n 2022 | \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 20 | \n\n 76 | \n\n 96 | \n\n \n | \n\n (114) | \n\n (10) | \n\n (124) | \n\n \n | \n\n 574 | \n\n (106) | \n\n 468 | \n
| \n Change in fair value of investments in equity instruments | \n\n 144 | \n\n (30) | \n\n 114 | \n\n \n | \n\n (11) | \n\n (1) | \n\n (12) | \n\n \n | \n\n 112 | \n\n 10 | \n\n 122 | \n
| \n Currency translation adjustment | \n\n (4,163) | \n\n \u2013 | \n\n (4,163) | \n\n \n | \n\n 2,573 | \n\n \u2013 | \n\n 2,573 | \n\n \n | \n\n (4,976) | \n\n \u2013 | \n\n (4,976) | \n
| \n Sub-total items not potentially reclassifiable | \n\n (3,999) | \n\n 46 | \n\n (3,953) | \n\n \n | \n\n 2,448 | \n\n (11) | \n\n 2,437 | \n\n \n | \n\n (4,290) | \n\n (96) | \n\n (4,386) | \n
| \n Currency translation adjustment | \n\n 2,759 | \n\n \u2013 | \n\n 2,759 | \n\n \n | \n\n (3,277) | \n\n \u2013 | \n\n (3,277) | \n\n \n | \n\n 1,734 | \n\n \u2013 | \n\n 1,734 | \n
| \n Cash flow hedge | \n\n 3,119 | \n\n (822) | \n\n 2,297 | \n\n \n | \n\n 2,898 | \n\n (733) | \n\n 2,165 | \n\n \n | \n\n (5,452) | \n\n 1,466 | \n\n (3,986) | \n
| \n Variation of foreign currency basis spread | \n\n (32) | \n\n 8 | \n\n (24) | \n\n \n | \n\n (11) | \n\n 3 | \n\n (8) | \n\n \n | \n\n 65 | \n\n (17) | \n\n 48 | \n
| \n Share of other comprehensive income of equity affiliates, net amount | \n\n (246) | \n\n \u2013 | \n\n (246) | \n\n \n | \n\n (208) | \n\n \u2013 | \n\n (208) | \n\n \n | \n\n 3,497 | \n\n \u2013 | \n\n 3,497 | \n
| \n Other | \n\n 1 | \n\n \u2013 | \n\n 1 | \n\n \n | \n\n (2) | \n\n \u2013 | \n\n (2) | \n\n \n | \n\n (16) | \n\n \u2013 | \n\n (16) | \n
| \n Sub-total items potentially reclassifiable | \n\n 5,601 | \n\n (814) | \n\n 4,787 | \n\n \n | \n\n (600) | \n\n (730) | \n\n (1,330) | \n\n \n | \n\n (172) | \n\n 1,449 | \n\n 1,277 | \n
| \n Total other comprehensive income | \n\n 1,602 | \n\n (768) | \n\n 834 | \n\n \n | \n\n 1,848 | \n\n (741) | \n\n 1,107 | \n\n \n | \n\n (4,462) | \n\n 1,353 | \n\n (3,109) | \n
Non-controlling interests
As of December 31, 2024, the subsidiaries with the most significant non-controlling interests are TotalEnergies Australia Unit Trust, TotalEnergies Gabon and TotalEnergies E&P Congo.
9.1Shareholders\u2019 equity
Number of TotalEnergies shares and rights attached
As of December\u00a031,\u00a02024, the share capital of TotalEnergies SE amounts to \u20ac5,994,199,152.50, divided into 2,397,679,661 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 3,421,656,457 shares as of December 31, 2024, compared to 3,436,374,353 shares as of December\u00a031, 2023 and 3,664,966,081 shares as of December 31, 2022.
As of December 31, 2024, no double voting rights are attached to the Company's shares (this right having been abolished at the Shareholders\u2019 Meeting of May 26, 2023).
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.
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.
Share cancellation
Pursuant to the authorization granted by the Extraordinary Shareholders\u2019 Meeting on May 26, 2017 and May 25, 2022, the Board of Directors is authorized to cancel, on one or more occasions, the shares of the Company within the limit of 10% of the existing capital on the date of the operation per period of 24 months, in accordance with the provisions of Articles L. 225-209 (became L. 22-10-62) and L. 225-213 of the French Commercial Code.
The Board of Directors 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 2024 | \n\n February 6, 2024(b) | \n\n 25,405,361 shares bought back between August 25 and October 26, 2023 | \n\n 1.05% | \n
| \n 2023 | \n\n September 21, 2023(c) | \n\n 86,012,344 shares bought back between January 2 and August 24, 2023 | \n\n 3.44% | \n
| \n 2023 | \n\n February 7, 2023 | \n\n 128,869,261 shares bought back between February 11 and December 15, 2022 | \n\n 4.92% | \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 (a)Percentage of the share capital that the cancelled shares represented on the operations\u2019 date. (b)With effect as at February 12, 2024. (c)With effect as at September 25, 2023. | \n
Variation of the number of shares composing the share capital
| \n As of December 31, 2021(a) | \n\n \u00a0 | \n\n 2,640,429,329 | \n
|---|---|---|
| \n \n | \n\n Capital reduction by cancellation of treasury shares | \n\n (30,665,526) | \n
| \n Deferred contribution pursuant to the 2017 capital increase reserved for employees | \n\n 9,471 | \n|
| \n 2022 Capital increase reserved for employees | \n\n 9,358,011 | \n|
| \n As of December 31, 2022(b) | \n\n \n | \n\n 2,619,131,285 | \n
| \n \n | \n\n Capital reduction by cancellation of treasury shares | \n\n (214,881,605) | \n
| \n 2023 Capital increase reserved for employees | \n\n 8,002,155 | \n|
| \n As of December 31, 2023(c) | \n\n \n | \n\n 2,412,251,835 | \n
| \n \n | \n\n Capital reduction by cancellation of treasury shares | \n\n (25,405,361) | \n
| \n \n | \n\n 2024 Capital increase reserved for employees | \n\n 10,833,187 | \n
| \n As of December 31, 2024(d) | \n\n \n | \n\n 2,397,679,661 | \n
| \n (a)Including 33,841,104 treasury shares deducted from consolidated shareholders\u2019 equity. (b)Including 137,187,667 treasury shares deducted from consolidated shareholders\u2019 equity. (c)Including 60,543,213 treasury shares deducted from consolidated shareholders\u2019 equity. (d)Including 149,529,818 treasury shares deducted from consolidated shareholders\u2019 equity. | \n
Capital increase reserved for employees
The Extraordinary Shareholders\u2019 Meeting (\u201cESM\u201d) of May 24, 2024, 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 2024, the Board of Directors of October 30, 2024, 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 with immediate dividend rights and has granted all powers to the Chairman and Chief Executive Officer to determine the opening and closing dates of the subscription period and the subscription price. This capital increase is expected to be completed after the Shareholders\u2019 Meeting of May 23, 2025.
During the fiscal years 2024, 2023 and 2022, the Corporation completed the following ESOP, which terms are set out below:
| \n Fiscal year | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Date of the ESOP | \n\n June 6, 2024 | \n\n June 7, 2023 | \n\n June 8, 2022 | \n
| \n By virtue of | \n\n 16th resolution of the ESM of May 26, 2023 | \n\n 22nd resolution of the ESM of May 25, 2022 | \n\n 17th resolution of the ESM of May 28, 2021 | \n
| \n Subscriptions | \n\n \n | \n\n \n | \n\n \n | \n
| \n Number of shares subscribed | \n\n 10,251,337 | \n\n 7,760,062 | \n\n 9,130,380 | \n
| \n Subscription price | \n\n 46.90 euros | \n\n 45.60 euros | \n\n 37.00 euros | \n
| \n Free shares | \n\n \n | \n\n \n | \n\n \n | \n
| \n Number of shares granted | \n\n 581,850 | \n\n 242,093 | \n\n 227,631 | \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 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Number of treasury shares held by TotalEnergies SE | \n\n 149,529,818 | \n\n 60,543,213 | \n\n 137,187,667 | \n
| \n Percentage of share capital | \n\n 6.24% | \n\n 2.51% | \n\n 5.24% | \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 $234 million as of December\u00a031,\u00a02024 ($234 million as of December 31, 2023 and $227\u00a0million as of December 31, 2022) 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 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Number of shares as of January 1, | \n\n 2,412,251,835 | \n\n 2,619,131,285 | \n\n 2,640,429,329 | \n
| \n TotalEnergies shares held by TotalEnergies SE or by its subsidiaries and deducted from shareholders' equity | \n\n (60,543,213) | \n\n (137,187,667) | \n\n (33,841,104) | \n
| \n Evolution of the number of shares during the financial year pro-rated | \n\n \n | \n\n \n | \n\n \n | \n
| \n Final grant of TotalEnergies performance shares | \n\n 4,041,839 | \n\n 5,378,956 | \n\n 5,152,336 | \n
| \n Capital increase reserved for employees(a) | \n\n 6,322,466 | \n\n 4,671,946 | \n\n 5,465,154 | \n
| \n Capital increase as payment of the scrip dividend | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Buyback of TotalEnergies treasury shares including: | \n\n (64,051,218) | \n\n (74,633,216) | \n\n (62,498,318) | \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 (56,849,392) | \n\n (72,985,133) | \n\n (58,621,530) | \n
| \n Shares repurchased during the fiscal year to cover for the performance share plans\u00a0 | \n\n (7,201,826) | \n\n (1,648,083) | \n\n (3,876,788) | \n
| \n Weighted-average number of shares | \n\n 2,298,021,710 | \n\n 2,417,361,304 | \n\n 2,554,707,397 | \n
| \n Dilutive effect | \n\n \n | \n\n \n | \n\n \n | \n
| \n Grant of TotalEnergies performance shares | \n\n 14,553,688 | \n\n 14,354,523 | \n\n 15,890,560 | \n
| \n Capital increase reserved for employees(a) | \n\n 1,985,324 | \n\n 2,051,751 | \n\n 1,584,068 | \n
| \n Weighted-average number of diluted shares as of December 31, | \n\n 2,314,560,722 | \n\n 2,433,767,578 | \n\n 2,572,182,025 | \n
| \n (a)Including the shares granted in consideration to the deferred contribution pursuant to the capital increase reserved for employees. | \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 \u20ac6.23 per share for 2024 closing (\u20ac8.06 for 2023 closing). The fully-diluted earnings per share calculated by using the same method is \u20ac6.18 per share for 2024 closing (\u20ac8.02 for 2023 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.
Dividend
On February 4, 2025, the Board of Directors after approving the financial statements for fiscal year 2024, decided to propose to the Shareholders\u2019\u00a0Meeting on May 23, 2025 the distribution of an ordinary \u20ac3.22 dividend per share for fiscal year 2024. Subject to the Shareholders\u2019 decision, considering the first three interim dividends already decided by the Board of Directors, the final ordinary dividend for the fiscal year 2024 will be \u20ac0.85 per share.
| \n 2024 Dividend | \n\n First interim | \n\n Second interim | \n\n Third interim | \n\n Final | \n
|---|---|---|---|---|
| \n Amount | \n\n \u20ac0.79 | \n\n \u20ac0.79 | \n\n \u20ac0.79 | \n\n \u20ac0.85 | \n
| \n Set date | \n\n April 25, 2024 | \n\n July 24, 2024 | \n\n October 30, 2024 | \n\n February 4, 2025 | \n
| \n Ex-dividend date | \n\n September 25, 2024 | \n\n January 2, 2025 | \n\n March 26, 2025 | \n\n June 19, 2025 | \n
| \n Payment date | \n\n October 1, 2024 | \n\n January 6, 2025 | \n\n April 1, 2025 | \n\n July 1, 2025 | \n
Issuances and reimbursement of perpetual subordinated notes
As of December 31, 2024, the amount of perpetual subordinated notes booked in TotalEnergies shareholders' equity is $12,210 million. The coupons attributable to the holders of these securities are recognized as a deduction from TotalEnergies shareholders' equity for an amount of $272 million for fiscal year 2024. 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 \u201cFinancial instruments - Presentation\u201d, these notes were recorded in equity.
Over the year 2024, TotalEnergies SE has fully redeemed on April 4, 2024 the nominal amount of \u20ac1,500 million of perpetual deeply subordinated notes carrying a coupon of 1.750%, issued in April 2019, at first call date.
On November 19, 2024, TotalEnergies SE issued \u20ac2,500 million of perpetual deeply subordinated notes in two tranches. On 22 November 2024, TotalEnergies SE partially redeemed \u20ac1,418 million out of a nominal amount of \u20ac2,500 million of perpetual deeply subordinated notes carrying a coupon of 2.625% issued in February 2015, with a first call date on February 26, 2025.
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, 2024 | \n\n December 31, 2023 | \n\n December 31, 2022 | \n
| \n November 19, 2024 | \n\n 1,250 | \n\n 4.120% | \n\n February 19, 2030 | \n\n 1,250 | \n\n \u2013 | \n\n \u2013 | \n
| \n 1,250 | \n\n 4.500% | \n\n November 19, 2034 | \n\n 1,250 | \n\n \u2013 | \n\n \u2013 | \n|
| \n January 17, 2022 | \n\n 750 | \n\n 3.250% | \n\n January 17, 2037 | \n\n 750 | \n\n 750 | \n\n 750 | \n
| \n 1,000 | \n\n 2.000% | \n\n April 17, 2027 | \n\n 1,000 | \n\n 1,000 | \n\n 1,000 | \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 1,500 | \n
| \n 1,500 | \n\n 1.625% | \n\n January 25, 2028 | \n\n 1,500 | \n\n 1,500 | \n\n 1,500 | \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 \u2013 | \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 \u2013 | \n\n \u2013 | \n\n 1,000 | \n|
| \n February 26, 2015 | \n\n 2,500 | \n\n 2.625% | \n\n February 26, 2025 | \n\n 1,082 | \n\n 2,500 | \n\n 2,500 | \n
| \n Total | \n\n \n | \n\n \n | \n\n \n | \n\n 10,832 | \n\n 11,250 | \n\n 12,250 | \n
Non-controlling interests
As of December 31, 2024, the subsidiaries with the most significant non-controlling interests are TotalEnergies Australia Unit Trust, TotalEnergies Gabon and TotalEnergies E&P Congo.
As of December 31, 2024, 1,441 entities are consolidated of which 199 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 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 \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 \n | \n\n Bayou Bend CCS OpCo LLC | \n\n 25.00% | \n\n E | \n\n United States | \n\n United States | \n
| \n \n | \n\n Bonny Gas Transport Limited | \n\n 15.00% | \n\n E | \n\n Bermuda | \n\n Nigeria | \n
| \n \n | \n\n Brass Holdings B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \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 \n | \n\n Congo Forest Company (CFC)\u00a0 | \n\n 100.00% | \n\n \n | \n\n Congo | \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 \n | \n\n E.F. Oil And Gas Limited | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \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 \n | \n\n Elf E&P | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Elf Exploration UK Limited | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Elf Petroleum Iran | \n\n 100.00% | \n\n \n | \n\n France | \n\n Iran | \n
| \n \n | \n\n Elf Petroleum UK Limited | \n\n 100.00% | \n\n \n | \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 \n | \n\n Global Forestry Development (GFD)\u00a0 | \n\n 49.00% | \n\n E | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n Luna Carbon Storage ANS | \n\n 40.00% | \n\n E | \n\n Norway | \n\n Norway | \n
| \n \n | \n\n Mabruk Oil Operations | \n\n 49.02% | \n\n \n | \n\n France | \n\n Libya | \n
| \n \n | \n\n Net Zero North Sea Storage Holdings Ltd | \n\n 10.00% | \n\n E | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Norpipe Oil AS | \n\n 34.93% | \n\n E | \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 \n | \n\n Norpipe Terminal Holdco Limited | \n\n 45.22% | \n\n E | \n\n United Kingdom | \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 \n | \n\n North Oil Company | \n\n 30.00% | \n\n E | \n\n Qatar | \n\n Qatar | \n
| \n \n | \n\n Northern Lights JV DA | \n\n 33.33% | \n\n E | \n\n Norway | \n\n Norway | \n
| \n \n | \n\n Pars LNG Limited | \n\n 40.00% | \n\n E | \n\n Bermuda | \n\n Iran | \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 \n | \n\n SapuraOMV Block 30 S.de R.L. de C.V. | \n\n 100.00% | \n\n \n | \n\n Mexico | \n\n Mexico | \n
| \n \n | \n\n Stogg Eagle Funding B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Nigeria | \n
| \n \n | \n\n TOQAP Guyana B.V. | \n\n 60.00% | \n\n \n | \n\n Netherlands | \n\n Guyana | \n
| \n \n | \n\n Total Austral | \n\n 100.00% | \n\n \n | \n\n France | \n\n Argentina | \n
| \n \n | \n\n Total E&P Al Shaheen A/S | \n\n 100.00% | \n\n \n | \n\n Denmark | \n\n Qatar | \n
| \n \n | \n\n Total E&P Angola Block 15/06 | \n\n 100.00% | \n\n \n | \n\n France | \n\n Angola | \n
| \n \n | \n\n Total E&P Angola Block 33 | \n\n 100.00% | \n\n \n | \n\n France | \n\n Angola | \n
| \n \n | \n\n Total E&P Angola Block 39 | \n\n 100.00% | \n\n \n | \n\n France | \n\n Angola | \n
| \n \n | \n\n Total E&P Chine | \n\n 100.00% | \n\n \n | \n\n France | \n\n China | \n
| \n \n | \n\n Total E&P Guyane Francaise | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Total E&P Jutland Denmark B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Denmark | \n
| \n \n | \n\n Total E&P Kurdistan Region of Iraq (Harir) B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Iraq | \n
| \n \n | \n\n Total E&P Kurdistan Region of Iraq (Safen) B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Iraq | \n
| \n \n | \n\n Total E&P Kurdistan Region of Iraq (Taza) B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Iraq | \n
| \n \n | \n\n Total E&P Kurdistan Region of Iraq B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Iraq | \n
| \n \n | \n\n Total E&P M2 Holdings Limited | \n\n 100.00% | \n\n \n | \n\n South Africa | \n\n South Africa | \n
| \n \n | \n\n Total E&P Participations Petrolieres Congo | \n\n 100.00% | \n\n \n | \n\n Congo | \n\n Congo | \n
| \n \n | \n\n Total E&P Philippines B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Philippines | \n
| \n \n | \n\n Total E&P Services China Company Limited | \n\n 100.00% | \n\n \n | \n\n China | \n\n China | \n
| \n \n | \n\n Total E&P South Pars | \n\n 100.00% | \n\n \n | \n\n France | \n\n Iran | \n
| \n \n | \n\n Total E&P South Sudan | \n\n 100.00% | \n\n \n | \n\n France | \n\n South Sudan | \n
| \n \n | \n\n Total E&P Syrie | \n\n 100.00% | \n\n \n | \n\n France | \n\n Syria | \n
| \n \n | \n\n Total E&P Tajikistan B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Tajikistan | \n
| \n \n | \n\n Total Oil and Gas South America | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Total Pars LNG | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Total South Pars | \n\n 100.00% | \n\n \n | \n\n France | \n\n Iran | \n
| \n \n | \n\n TotalEnergies Anchor USA LLC\u00a0 | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies BTC B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Azerbaijan | \n
| \n \n | \n\n TotalEnergies Carbon Solutions | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies CCS UK Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies CCS USA, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Denmark ASW | \n\n 100.00% | \n\n \n | \n\n United States | \n\n Denmark | \n
| \n \n | \n\n TotalEnergies Denmark ASW Pipeline ApS | \n\n 100.00% | \n\n \n | \n\n Denmark | \n\n Denmark | \n
| \n \n | \n\n TotalEnergies E&P Algerie | \n\n 100.00% | \n\n \n | \n\n France | \n\n Algeria | \n
| \n \n | \n\n TotalEnergies E&P Algerie Berkine A/S | \n\n 100.00% | \n\n \n | \n\n Denmark | \n\n Algeria | \n
| \n \n | \n\n TotalEnergies E&P Americas LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies E&P Colombie | \n\n 100.00% | \n\n \n | \n\n France | \n\n Colombia | \n
| \n \n | \n\n TotalEnergies E&P New Ventures Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies E&P North Sea UK Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies E&P Research & Technology USA LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies E&P UK Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies E&P USA Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies E&P USA Oil Shale LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies E&P USA Well Containment LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies East Africa Midstream B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Uganda | \n
| \n \n | \n\n TotalEnergies EP Absheron B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Azerbaijan | \n
| \n \n | \n\n TotalEnergies EP Abu Al Bu Khoosh | \n\n 100.00% | \n\n \n | \n\n France | \n\n United Arab Emirates | \n
| \n \n | \n\n TotalEnergies EP Angola | \n\n 100.00% | \n\n \n | \n\n France | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP Angola Block 16 | \n\n 100.00% | \n\n \n | \n\n France | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP Angola Block 16 Holdings\u00a0 | \n\n 100.00% | \n\n \n | \n\n France | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP Angola Block 16-21 | \n\n 100.00% | \n\n \n | \n\n France | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP Angola Block 17.06 | \n\n 100.00% | \n\n \n | \n\n France | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP Angola Block 20 | \n\n 100.00% | \n\n \n | \n\n France | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP Angola Block 25 | \n\n 100.00% | \n\n \n | \n\n France | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP Angola Block 29 | \n\n 100.00% | \n\n \n | \n\n France | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP Angola Block 32 | \n\n 100.00% | \n\n \n | \n\n France | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP Angola Block 40 | \n\n 100.00% | \n\n \n | \n\n France | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP Angola Block 48 B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP Aotearoa Sdn Bhd | \n\n 100.00% | \n\n \n | \n\n Malaysia | \n\n New Zealand | \n
| \n \n | \n\n TotalEnergies EP Asia Pacific Pte. Ltd | \n\n 100.00% | \n\n \n | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies EP Azerbaijan B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Azerbaijan | \n
| \n \n | \n\n TotalEnergies EP Block 9 | \n\n 100.00% | \n\n \n | \n\n France | \n\n Lebanon | \n
| \n \n | \n\n TotalEnergies EP Bolivie | \n\n 100.00% | \n\n \n | \n\n France | \n\n Bolivia | \n
| \n \n | \n\n TotalEnergies EP Brasil Ltda | \n\n 100.00% | \n\n \n | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n TotalEnergies EP Bulgaria B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Bulgaria | \n
| \n \n | \n\n TotalEnergies EP Cambodge\u00a0 | \n\n 100.00% | \n\n \n | \n\n France | \n\n Cambodia | \n
| \n \n | \n\n TotalEnergies EP Chissonga | \n\n 100.00% | \n\n \n | \n\n France | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP Company UK Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies EP Congo | \n\n 85.00% | \n\n \n | \n\n Congo | \n\n Congo | \n
| \n \n | \n\n TotalEnergies EP Cyprus B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Cyprus | \n
| \n \n | \n\n TotalEnergies EP Danmark A/S\u00a0 | \n\n 100.00% | \n\n \n | \n\n Denmark | \n\n Denmark | \n
| \n \n | \n\n TotalEnergies EP Danmark A/S - CPH | \n\n 100.00% | \n\n \n | \n\n Denmark | \n\n Denmark | \n
| \n \n | \n\n TotalEnergies EP Dolphin Holdings | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Dolphin Midstream | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Dolphin Upstream | \n\n 100.00% | \n\n \n | \n\n France | \n\n Qatar | \n
| \n \n | \n\n TotalEnergies EP France | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Gabon | \n\n 58.28% | \n\n \n | \n\n Gabon | \n\n Gabon | \n
| \n \n | \n\n TotalEnergies EP Gass Handel Norge AS | \n\n 100.00% | \n\n \n | \n\n Norway | \n\n Norway | \n
| \n \n | \n\n TotalEnergies EP Gastransport Nederland B.V.\u00a0 | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies EP Golfe | \n\n 100.00% | \n\n \n | \n\n France | \n\n Qatar | \n
| \n \n | \n\n TotalEnergies EP Greece B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Greece | \n
| \n \n | \n\n TotalEnergies EP Guyana B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Guyana | \n
| \n \n | \n\n TotalEnergies EP Holdings Russia | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Holdings UAE B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n United Arab Emirates | \n
| \n \n | \n\n TotalEnergies EP International K1 Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n Kenya | \n
| \n \n | \n\n TotalEnergies EP International K2 Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n Kenya | \n
| \n \n | \n\n TotalEnergies EP International K3 Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n Kenya | \n
| \n \n | \n\n TotalEnergies EP International Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n Kenya | \n
| \n \n | \n\n TotalEnergies EP Iran B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Iran | \n
| \n \n | \n\n TotalEnergies EP Iraq | \n\n 100.00% | \n\n \n | \n\n France | \n\n Iraq | \n
| \n \n | \n\n TotalEnergies EP Italia S.p.A. | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n TotalEnergies EP Kazakhstan | \n\n 100.00% | \n\n \n | \n\n France | \n\n Kazakhstan | \n
| \n \n | \n\n TotalEnergies EP Kenya B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Kenya | \n
| \n \n | \n\n TotalEnergies EP Liban S.A.L. | \n\n 100.00% | \n\n \n | \n\n Lebanon | \n\n Lebanon | \n
| \n \n | \n\n TotalEnergies EP Libye | \n\n 100.00% | \n\n \n | \n\n France | \n\n Libya | \n
| \n \n | \n\n TotalEnergies EP Lower Zakum B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n United Arab Emirates | \n
| \n \n | \n\n TotalEnergies EP Malaysia | \n\n 100.00% | \n\n \n | \n\n France | \n\n Malaysia | \n
| \n \n | \n\n TotalEnergies EP Mauritania Block C18 B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Mauritania | \n
| \n \n | \n\n TotalEnergies EP Mauritania Block C9 B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Mauritania | \n
| \n \n | \n\n TotalEnergies EP Mauritania Blocks DW B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Mauritania | \n
| \n \n | \n\n TotalEnergies EP Mauritanie | \n\n 100.00% | \n\n \n | \n\n France | \n\n Mauritania | \n
| \n \n | \n\n TotalEnergies EP M'Bridge B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP Mexico S.A. de C.V. | \n\n 100.00% | \n\n \n | \n\n Mexico | \n\n Mexico | \n
| \n \n | \n\n TotalEnergies EP Myanmar | \n\n 100.00% | \n\n \n | \n\n France | \n\n Myanmar | \n
| \n \n | \n\n TotalEnergies EP Namibia B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Namibia | \n
| \n \n | \n\n TotalEnergies EP Nederland B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies EP Nigeria Deepwater A Ltd | \n\n 100.00% | \n\n \n | \n\n Nigeria | \n\n Nigeria | \n
| \n \n | \n\n TotalEnergies EP Nigeria Deepwater B Ltd | \n\n 100.00% | \n\n \n | \n\n Nigeria | \n\n Nigeria | \n
| \n \n | \n\n TotalEnergies EP Nigeria Deepwater C Ltd | \n\n 100.00% | \n\n \n | \n\n Nigeria | \n\n Nigeria | \n
| \n \n | \n\n TotalEnergies EP Nigeria Deepwater D Ltd | \n\n 100.00% | \n\n \n | \n\n Nigeria | \n\n Nigeria | \n
| \n \n | \n\n TotalEnergies EP Nigeria Deepwater E Ltd | \n\n 100.00% | \n\n \n | \n\n Nigeria | \n\n Nigeria | \n
| \n \n | \n\n TotalEnergies EP Nigeria Deepwater F Ltd | \n\n 100.00% | \n\n \n | \n\n Nigeria | \n\n Nigeria | \n
| \n \n | \n\n TotalEnergies EP Nigeria Deepwater G Ltd | \n\n 100.00% | \n\n \n | \n\n Nigeria | \n\n Nigeria | \n
| \n \n | \n\n TotalEnergies EP Nigeria Deepwater H Ltd | \n\n 100.00% | \n\n \n | \n\n Nigeria | \n\n Nigeria | \n
| \n \n | \n\n TotalEnergies EP Nigeria Ltd | \n\n 100.00% | \n\n \n | \n\n Nigeria | \n\n Nigeria | \n
| \n \n | \n\n TotalEnergies EP Nigeria S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Norge AS | \n\n 100.00% | \n\n \n | \n\n Norway | \n\n Norway | \n
| \n \n | \n\n TotalEnergies EP Oman Block 11 B.V. | \n\n 100.00% | \n\n \n | \n\n France | \n\n Oman | \n
| \n \n | \n\n TotalEnergies EP Oman S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n Oman | \n
| \n \n | \n\n TotalEnergies EP Petroleum Angola | \n\n 100.00% | \n\n \n | \n\n France | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP Pipelines Danmark A/S\u00a0 | \n\n 100.00% | \n\n \n | \n\n Denmark | \n\n Denmark | \n
| \n \n | \n\n TotalEnergies EP Profils Petroliers | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Qatar | \n\n 100.00% | \n\n \n | \n\n France | \n\n Qatar | \n
| \n \n | \n\n TotalEnergies EP Qatar 2 | \n\n 100.00% | \n\n \n | \n\n France | \n\n Qatar | \n
| \n \n | \n\n TotalEnergies EP Ratawi Hub | \n\n 100.00% | \n\n \n | \n\n France | \n\n Iraq | \n
| \n \n | \n\n TotalEnergies EP Russie | \n\n 100.00% | \n\n \n | \n\n France | \n\n Russia | \n
| \n \n | \n\n TotalEnergies EP Sao Tome and Principe B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP Sebuku | \n\n 100.00% | \n\n \n | \n\n France | \n\n Indonesia | \n
| \n \n | \n\n TotalEnergies EP Senegal | \n\n 100.00% | \n\n \n | \n\n France | \n\n Senegal | \n
| \n \n | \n\n TotalEnergies EP Services Brazil B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies EP South Africa Block 567 (Pty) Ltd\u00a0\u00a0 | \n\n 100.00% | \n\n \n | \n\n South Africa | \n\n South Africa | \n
| \n \n | \n\n TotalEnergies EP South Africa S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n South Africa | \n
| \n \n | \n\n TotalEnergies EP Suriname B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Suriname | \n
| \n \n | \n\n TotalEnergies EP Thailand | \n\n 100.00% | \n\n \n | \n\n France | \n\n Thailand | \n
| \n \n | \n\n TotalEnergies EP UAE Unconventional Gas B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n United Arab Emirates | \n
| \n \n | \n\n TotalEnergies EP Uganda S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n Uganda | \n
| \n \n | \n\n TotalEnergies EP Umm Lulu SARB | \n\n 100.00% | \n\n \n | \n\n France | \n\n United Arab Emirates | \n
| \n \n | \n\n TotalEnergies EP Umm Shaif Nasr B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n United Arab Emirates | \n
| \n \n | \n\n TotalEnergies EP Vostok LLC | \n\n 100.00% | \n\n \n | \n\n Russia | \n\n Russia | \n
| \n \n | \n\n TotalEnergies EP Waha | \n\n 100.00% | \n\n \n | \n\n France | \n\n Libya | \n
| \n \n | \n\n TotalEnergies EP Well Response | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Western Australia Pty Ltd | \n\n 100.00% | \n\n \n | \n\n Australia | \n\n Australia | \n
| \n \n | \n\n TotalEnergies EP Yemen | \n\n 100.00% | \n\n \n | \n\n France | \n\n Yemen | \n
| \n \n | \n\n TotalEnergies EP Yemen Block 3 B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Yemen | \n
| \n \n | \n\n TotalEnergies Holdings EACOP S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n Uganda | \n
| \n \n | \n\n TotalEnergies Holdings International B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies Holdings Nederland B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies Jack USA LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies LNG Supply Services USA | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Nature Based Solutions | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Nature Based Solutions II\u00a0 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Nederland Facilities Management B.V.\u00a0 | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies Offshore GB Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Offshore UK Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Petroleo & Gas Brasil Ltda | \n\n 100.00% | \n\n \n | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n TotalEnergies Shipping Brazil B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Brazil | \n
| \n \n | \n\n TotalEnergies Upstream Danmark A/S | \n\n 100.00% | \n\n \n | \n\n Denmark | \n\n Denmark | \n
| \n \n | \n\n TotalEnergies Upstream Nigeria | \n\n 100.00% | \n\n \n | \n\n Nigeria | \n\n Nigeria | \n
| \n \n | \n\n TotalEnergies Upstream UK Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Uintah Colorado Resources II, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Uintah Colorado Resources, LLC | \n\n 66.67% | \n\n \n | \n\n United States | \n\n United States | \n
| \n Integrated LNG | \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 \n | \n\n Adani Total Gas Ltd (d) | \n\n 37.40% | \n\n E | \n\n India | \n\n India | \n
| \n \n | \n\n Adani Total LNG Singapore Pte. Ltd | \n\n 50.00% | \n\n E | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n Adani Total Private Limited | \n\n 50.00% | \n\n E | \n\n India | \n\n India | \n
| \n \n | \n\n Angola LNG Ltd | \n\n 13.60% | \n\n E | \n\n Bermuda | \n\n Angola | \n
| \n \n | \n\n BioBearn S.A.S. | \n\n 100.00% | \n\n \n | \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 \n | \n\n BioGasconha S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Biogaz Breuil | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Biogaz Chatillon | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Biogaz Corcelles | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Biogaz Epinay | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Biogaz Libron | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Biogaz Milhac | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Biogaz Soignolles | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Biogaz Torcy | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Biogaz Vert Le Grand | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Biogaz Viriat | \n\n 100.00% | \n\n \n | \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 \n | \n\n BioPommeria S.A.S. | \n\n 100.00% | \n\n \n | \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 \n | \n\n Bioroussillon S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Biovilleneuvois S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \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 \n | \n\n Del Rio Funding LLC (a) | \n\n 59.53% | \n\n E | \n\n United States | \n\n United States | \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 \n | \n\n Fonroche Energies Renouvelables S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Gas Del Litoral SRLCV | \n\n 25.00% | \n\n E | \n\n Mexico | \n\n Mexico | \n
| \n \n | \n\n Global LNG North America Corporation | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Global LNG S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Greenflex Actirent Group, S.L. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Greenflex S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \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 \n | \n\n Ichthys LNG Pty Limited | \n\n 26.00% | \n\n E | \n\n Australia | \n\n Australia | \n
| \n \n | \n\n Margeriaz Energie | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Marsa LNG, LLC | \n\n 80.00% | \n\n E | \n\n Oman | \n\n Oman | \n
| \n \n | \n\n Methanergy | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Moz LNG1 Co-Financing Company | \n\n 26.50% | \n\n \n | \n\n Mozambique | \n\n Mozambique | \n
| \n \n | \n\n Moz LNG1 Holding Company Ltd | \n\n 26.50% | \n\n \n | \n\n United Arab Emirates | \n\n United Arab Emirates | \n
| \n \n | \n\n Mozambique LNG Marine Terminal Company S.A. | \n\n 26.50% | \n\n \n | \n\n Mozambique | \n\n Mozambique | \n
| \n \n | \n\n Mozambique LNG1 Financing Company Ltd | \n\n 26.50% | \n\n \n | \n\n United Arab Emirates | \n\n United Arab Emirates | \n
| \n \n | \n\n Mozambique MOF Company S.A. | \n\n 26.50% | \n\n \n | \n\n Mozambique | \n\n Mozambique | \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 \n | \n\n Nigeria LNG Limited | \n\n 15.00% | \n\n E | \n\n Nigeria | \n\n Nigeria | \n
| \n \n | \n\n Oman LNG, LLC | \n\n 5.54% | \n\n E | \n\n Oman | \n\n Oman | \n
| \n \n | \n\n Papua LNG Development Pte Ltd | \n\n 100.00% | \n\n \n | \n\n Singapore | \n\n Papua New Guinea | \n
| \n \n | \n\n PGB Energetyka | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n PGB Energetyka 1 | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n PGB Energetyka 2 | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n PGB Energetyka 3 | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n PGB Energetyka 4 | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n PGB Energetyka 5 | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n PGB Energetyka 6 | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n PGB Energetyka 7 | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n PGB Energetyka 8 | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n PGB Energetyka 9 | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n PGB Energetyka 10 | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n PGB Energetyka 11 | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n PGB Energetyka 12 | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n PGB Energetyka 13 | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n PGB Energetyka 14 | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n PGB Energetyka 15 | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n PGB Energetyka 16 | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n PGB Energetyka 17 | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n PGB Energetyka 18 | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n PGB Energetyka 19 | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n PGB Energetyka 20 | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n PGB Energetyka 21 | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n PGB Energetyka 22 | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n PGB Energetyka 23 | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n PGB Energetyka 24 | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n PGB Energetyka 26 | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n PGB Energetyka 27 | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n PGB Energetyka 28 | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n PGB Inwestycje | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n PGB Serwis | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n Polska Grupa Biogazowa S.A. | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \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 \n | \n\n Qatar Liquified Gas Company Limited 10 (QG10) - NFS Project | \n\n 25.00% | \n\n E | \n\n Qatar | \n\n Qatar | \n
| \n \n | \n\n Qatar Liquified Gas Company Limited 5 (QG5) - NFE Project | \n\n 25.00% | \n\n E | \n\n Qatar | \n\n Qatar | \n
| \n \n | \n\n Rio Grande LNG Intermediate Holdings, LLC (b) | \n\n 20.31% | \n\n E | \n\n United States | \n\n United States | \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 \n | \n\n Total E&P East El Burullus Offshore B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Egypt | \n
| \n \n | \n\n Total E&P Egypt Block 2 B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Egypt | \n
| \n \n | \n\n Total E&P Indonesie | \n\n 100.00% | \n\n \n | \n\n France | \n\n Indonesia | \n
| \n \n | \n\n Total Eren H2 | \n\n 80.00% | \n\n E | \n\n France | \n\n France | \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 \n | \n\n TotalEnergies Australia Unit Trust (c) | \n\n 0.00% | \n\n \n | \n\n Australia | \n\n Australia | \n
| \n \n | \n\n TotalEnergies Biogas Holdings USA, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Biogaz France | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies CCS Australia Pty Ltd | \n\n 100.00% | \n\n \n | \n\n Australia | \n\n Australia | \n
| \n \n | \n\n TotalEnergies E&P SW Texas, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies E&P Yamal | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Angola Developpement Gaz | \n\n 100.00% | \n\n \n | \n\n France | \n\n Angola | \n
| \n \n | \n\n TotalEnergies EP Australia | \n\n 100.00% | \n\n \n | \n\n France | \n\n Australia | \n
| \n \n | \n\n TotalEnergies EP Australia II | \n\n 100.00% | \n\n \n | \n\n France | \n\n Australia | \n
| \n \n | \n\n TotalEnergies EP Australia III | \n\n 100.00% | \n\n \n | \n\n France | \n\n Australia | \n
| \n \n | \n\n TotalEnergies EP Barnett USA | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies EP CentralAmerica Sdn Bhd | \n\n 100.00% | \n\n \n | \n\n Malaysia | \n\n Malaysia | \n
| \n \n | \n\n TotalEnergies EP Egypt North Ras Kanayis Offshore B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Egypt | \n
| \n \n | \n\n TotalEnergies EP Egypte | \n\n 100.00% | \n\n \n | \n\n France | \n\n Egypt | \n
| \n \n | \n\n TotalEnergies EP Exploration Australia Pty Ltd | \n\n 100.00% | \n\n \n | \n\n Australia | \n\n Australia | \n
| \n \n | \n\n TotalEnergies EP Holdings Australia Pty Ltd | \n\n 100.00% | \n\n \n | \n\n Australia | \n\n Australia | \n
| \n \n | \n\n TotalEnergies EP Holdings Mauritius Ltd | \n\n 100.00% | \n\n \n | \n\n Mauritius Island | \n\n Mauritius Island | \n
| \n \n | \n\n TotalEnergies EP Ichthys Holdings | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Ichthys Pty Ltd | \n\n 100.00% | \n\n \n | \n\n Australia | \n\n Australia | \n
| \n \n | \n\n TotalEnergies EP JV New Zealand Sdn Bhd | \n\n 100.00% | \n\n \n | \n\n Malaysia | \n\n Malaysia | \n
| \n \n | \n\n TotalEnergies EP Kundu Limited | \n\n 100.00% | \n\n \n | \n\n Papua New Guinea | \n\n Papua New Guinea | \n
| \n \n | \n\n TotalEnergies EP Malaysia Holdings Sdn Bhd | \n\n 100.00% | \n\n \n | \n\n Malaysia | \n\n Malaysia | \n
| \n \n | \n\n TotalEnergies EP Malaysia International Sdn. Bhd | \n\n 100.00% | \n\n \n | \n\n Malaysia | \n\n Malaysia | \n
| \n \n | \n\n TotalEnergies EP Mozambique Area1, Ltda | \n\n 100.00% | \n\n \n | \n\n Mozambique | \n\n Mozambique | \n
| \n \n | \n\n TotalEnergies EP Oceania Sdn Bhd | \n\n 100.00% | \n\n \n | \n\n Malaysia | \n\n Malaysia | \n
| \n \n | \n\n TotalEnergies EP Oman Block 12 B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Oman | \n
| \n \n | \n\n TotalEnergies EP Oman Development B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Oman | \n
| \n \n | \n\n TotalEnergies EP PNG Ltd | \n\n 100.00% | \n\n \n | \n\n Papua New Guinea | \n\n Papua New Guinea | \n
| \n \n | \n\n TotalEnergies EP PNG2 B.V.\u00a0 | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Papua New Guinea | \n
| \n \n | \n\n TotalEnergies EP Sabah Sdn Bhd | \n\n 100.00% | \n\n \n | \n\n Malaysia | \n\n Malaysia | \n
| \n \n | \n\n TotalEnergies EP Salmanov | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Sarawak Inc | \n\n 100.00% | \n\n \n | \n\n Bahamas | \n\n Malaysia | \n
| \n \n | \n\n TotalEnergies EP Singapore Pte. Ltd. | \n\n 100.00% | \n\n \n | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies EP Sureste Sdn Bhd | \n\n 100.00% | \n\n \n | \n\n Malaysia | \n\n Malaysia | \n
| \n \n | \n\n TotalEnergies EP Tengah | \n\n 100.00% | \n\n \n | \n\n France | \n\n Indonesia | \n
| \n \n | \n\n TotalEnergies EP Transshipment S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Gas & Power Asia Private Limited\u00a0 | \n\n 100.00% | \n\n \n | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Gas & Power Holdings UK Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Gas & Power Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Gas & Power North America, Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Gas & Power Services UK Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Gas Pipeline USA, Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Gaz & Electricite Holdings | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies GLNG Australia | \n\n 100.00% | \n\n \n | \n\n France | \n\n Australia | \n
| \n \n | \n\n TotalEnergies GLNG Holdings Australia S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n Australia | \n
| \n \n | \n\n TotalEnergies LNG Angola | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies LNG services France | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Sviluppo Italia S.R.L. | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n TotalEnergies USA International LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Yemen LNG Company Ltd | \n\n 100.00% | \n\n \n | \n\n Bermuda | \n\n Bermuda | \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 Yemen LNG Company Limited | \n\n 39.62% | \n\n E | \n\n Bermuda | \n\n Yemen | \n
| \n Integrated Power | \n|||||
| \n \n | \n\n Abarloar Solar S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Abeto Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Access Building Egypt Solar One | \n\n 100.00% | \n\n \n | \n\n Egypt | \n\n Egypt | \n
| \n \n | \n\n Access Egypt Solar One | \n\n 100.00% | \n\n \n | \n\n Egypt | \n\n Egypt | \n
| \n \n | \n\n Adani Green Energy Ltd | \n\n 19.75% | \n\n E | \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 \n | \n\n Adani Renewable Energy Holding Nine Limited | \n\n 50.00% | \n\n E | \n\n India | \n\n India | \n
| \n \n | \n\n Adani Renewable Energy Sixty four Limited | \n\n 50.00% | \n\n E | \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 \n | \n\n Aerospatiale Batteries (ASB) | \n\n 50.00% | \n\n E | \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 \n | \n\n Aerowatt Energies 2 | \n\n 51.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n AES CFE Holding III, LLC | \n\n 30.00% | \n\n E | \n\n United States | \n\n United States | \n
| \n \n | \n\n Al Kharsaa Solar Holdings B.V. | \n\n 49.00% | \n\n E | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n Alberche Conex, S.L. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Alcad AB | \n\n 100.00% | \n\n \n | \n\n Sweden | \n\n Sweden | \n
| \n \n | \n\n Alicante | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Alicante 2 | \n\n 50.00% | \n\n E | \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 \n | \n\n Altergie Territoires 3 | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Altergie Territoires 5 | \n\n 50.00% | \n\n E | \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 \n | \n\n Amber Solar Power Cuatro, S.L. | \n\n 65.00% | \n\n E | \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 \n | \n\n Amber Solar Power Diez, S.L. | \n\n 65.00% | \n\n E | \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 \n | \n\n Amber Solar Power Quince, S.L. | \n\n 65.00% | \n\n E | \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 \n | \n\n Amber Solar Power Uno, S.L. | \n\n 65.00% | \n\n E | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Amura Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Anayet Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Anclote Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Ancora Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Anemopetra | \n\n 100.00% | \n\n \n | \n\n Greece | \n\n Greece | \n
| \n \n | \n\n Arbotante Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Armada Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Atolon Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Attentive Energy, LLC | \n\n 56.00% | \n\n E | \n\n United States | \n\n United States | \n
| \n \n | \n\n Auriga Generacion S.L. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Automotive Cells Company, S.E. | \n\n 24.27% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Avenir Solaire Etoile | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Avenir Solaire Portfolio | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Avenir Solaire Rhea | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Avenir Solaire Tethys | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Avenir Solaire Titan | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Baker Creek Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Ballupur Solar Power Projects Private Ltd | \n\n 50.00% | \n\n E | \n\n India | \n\n India | \n
| \n \n | \n\n Baltic Sea OFW O-2.2 GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Baser Comercializadora de Referencia | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Belharra | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Bidasoa Conex, S.L. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n BJL11 Solar S.A. | \n\n 90.00% | \n\n \n | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n BJL4 Solar S.A. | \n\n 90.00% | \n\n \n | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n Brazoria Solar I, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Brazoria Solar II, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Brur Hail Sun, Limited Partnership | \n\n 44.64% | \n\n \n | \n\n Israel | \n\n Israel | \n
| \n \n | \n\n Budeshte Agro | \n\n 100.00% | \n\n \n | \n\n Bulgaria | \n\n Bulgaria | \n
| \n \n | \n\n Canal City Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Casa dos Ventos S.A. | \n\n 34.00% | \n\n E | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n Castellaneta Solar S.R.L. | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n Castille | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Cefeo Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Centaurus Environment S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Central Eolica Pampa de Malaspina S.A.U. | \n\n 100.00% | \n\n \n | \n\n Argentina | \n\n Argentina | \n
| \n \n | \n\n Central Eolica Terra Santa SPE I S.A. | \n\n 88.77% | \n\n \n | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n Central Eolica Terra Santa SPE II S.A. | \n\n 88.77% | \n\n \n | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n Centrale Eolienne Alaincourt | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Eolienne De La Vallee Gentillesse | \n\n 74.80% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Eolienne Mont de l'Arbre III | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Eolienne RENFR 220 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Eolienne Vallee de la Craie | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Hydroelectrique Alas | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Hydroelectrique Ardon | \n\n 90.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Hydroelectrique Arvan | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Hydroelectrique Barbaira | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Hydroelectrique Bonnant | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Hydroelectrique Gavet | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Hydroelectrique Grand Vallon | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Hydroelectrique Miage | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Hydroelectrique Previnquieres | \n\n 100.00% | \n\n \n | \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 \n | \n\n Centrale Solaire 2 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire 21.09-3 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire 21.09-4 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire 21.09-5 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire APV R&D | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Autoprod | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Autoroutes PV BFC | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Bayet | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Beauce Val de Loire | \n\n 60.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Carrefour de l'Europe | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire CET La Babiniere | \n\n 100.00% | \n\n \n | \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 \n | \n\n Centrale Solaire De Cazedarnes | \n\n 75.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire de La Bezassade | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Dom | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Du Centre Ouest | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Du Lavoir | \n\n 60.00% | \n\n \n | \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 \n | \n\n Centrale Solaire Golbey | \n\n 51.05% | \n\n E | \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 \n | \n\n Centrale Solaire Heliovale | \n\n 59.63% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire La Castello | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire La Jouannetterie | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire La Potence | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire La Roquette | \n\n 100.00% | \n\n \n | \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 \n | \n\n Centrale Solaire Lacoste | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Le Carteyrou | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Le Trabet | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Les Cordeliers | \n\n 83.98% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Les Cordeliers 2 | \n\n 75.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire l'Estrade | \n\n 100.00% | \n\n \n | \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 \n | \n\n Centrale Solaire Lot 1 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Macouria | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Marlan | \n\n 100.00% | \n\n \n | \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 \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 Centrale Solaire Moussoulens | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Olinoca | \n\n 10.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Ombrieres Cap Agathois | \n\n 83.98% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Ombrieres De Blyes | \n\n 60.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Plateau De Pouls | \n\n 51.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Pouy Negue | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Pouy Negue 2 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire RENFR 331 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire RENFR 397 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire RENFR 412 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire RENFR 422 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire RENFR 440 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire RENFR 450 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire RENFR 453 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire RENFR 627 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire RENFR 628 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire RENFR 629 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Roquecamude | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Solarshare Bordeaux | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire SRG Energy | \n\n 80.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire Terre du Roi | \n\n 100.00% | \n\n \n | \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 \n | \n\n Centrale Solaire Touzery | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire TQ 3 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Centrale Solaire TQ 5 | \n\n 100.00% | \n\n \n | \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 \n | \n\n Cerezo Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Chudiala Solar Power Projects Private Ltd | \n\n 50.00% | \n\n E | \n\n India | \n\n India | \n
| \n \n | \n\n Cidra Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Circinus Energy, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Clean Energy | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n Clean Energy 1 | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n Clinton Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Colorado Bend I Power, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Colorado Bend Services, LLC | \n\n 50.00% | \n\n E | \n\n United States | \n\n United States | \n
| \n \n | \n\n Columba Renovables S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Comanche Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Core Energy Development, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Core Fund 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Core Solar Capital, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Core Solar Data, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Core Solar Development, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Core Solar DG, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Core Solar Holdings I, LLC | \n\n 100.00% | \n\n \n | \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 \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Core Solar SPV X, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Core Solar SPV XV, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Core Solar SPV XXIV, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Core Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Cottonwood Bayou Storage, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Cottonwood Solar Cash Equity HoldCo, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Cottonwood Solar Class B HoldCo, LLC | \n\n 50.00% | \n\n E | \n\n United States | \n\n United States | \n
| \n \n | \n\n Cowtown Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Crc Kern Front Tugboat, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n CS Anacona 1A, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n CS Anacona 1B, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n CS Anacona 1C, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n CS Black Oak A, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n CS Black Oak B, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n CS Clare, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n CS Danville, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n CS Kernan A, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n CS Kernan B, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n CS Kernan C, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n CS Kernan D, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n CS Long Point 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n CS Long Point 2A, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n CS Long Point 2B, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n CS Quadrao 2 | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n CS Spring Lake, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n CS Streator, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Cygnus Environment, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n DEMOSITES2022 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Dracena I Parque Solar S.A. | \n\n 100.00% | \n\n \n | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n Dracena II Parque Solar S.A. | \n\n 100.00% | \n\n \n | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n Dracena IV Parque Solar S.A. | \n\n 100.00% | \n\n \n | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n Driza Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Dubovo Energy | \n\n 100.00% | \n\n \n | \n\n Bulgaria | \n\n Bulgaria | \n
| \n \n | \n\n Eclipse Solar SpA | \n\n 100.00% | \n\n \n | \n\n Chile | \n\n Chile | \n
| \n \n | \n\n Ecosol San Luis S.A.U. | \n\n 100.00% | \n\n \n | \n\n Argentina | \n\n Argentina | \n
| \n \n | \n\n Edelweis Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Eden Mumbai Solar Private Ltd | \n\n 50.00% | \n\n E | \n\n India | \n\n India | \n
| \n \n | \n\n Eden Renewable Cite Private Ltd | \n\n 50.00% | \n\n E | \n\n India | \n\n India | \n
| \n \n | \n\n Eden Renewable Ranji Private Ltd | \n\n 50.00% | \n\n E | \n\n India | \n\n India | \n
| \n \n | \n\n Eden Solar Energy Gurgaon Private Ltd | \n\n 50.00% | \n\n E | \n\n India | \n\n India | \n
| \n \n | \n\n Eden Solar Rajdhani Private Ltd | \n\n 50.00% | \n\n E | \n\n India | \n\n India | \n
| \n \n | \n\n El Bosc | \n\n 60.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Elliniki Eoliki Energeiaki S.A. | \n\n 86.00% | \n\n \n | \n\n Greece | \n\n Greece | \n
| \n \n | \n\n EMV Energy Investments S.A. | \n\n 100.00% | \n\n \n | \n\n Greece | \n\n Greece | \n
| \n \n | \n\n ENEOS TotalEnergies Renewables Solar Development Japan G.K. | \n\n 50.00% | \n\n E | \n\n Japan | \n\n Japan | \n
| \n \n | \n\n Energia SI | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n Energie Developpement | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Eneryo S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Enwind | \n\n 98.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n Eol Maral I SPE S.A. | \n\n 100.00% | \n\n \n | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n Eol Maral II SPE S.A. | \n\n 100.00% | \n\n \n | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n Eole Boin | \n\n 100.00% | \n\n \n | \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 \n | \n\n Eole Dadoud | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Eole Fonds Caraibes | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Eole Grand Maison | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Eole La Montagne | \n\n 87.60% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Eole La Perriere S.A.R.L. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Eole La Plaine | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Eole Morne Carriere | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Eole Yate | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Eolica da Boneca - Empreendimentos Eolicos S.A. | \n\n 33.00% | \n\n E | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n Eolmed | \n\n 20.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Eren do Brasil Participac\u00f5es e Consultoria em Energia Ltda | \n\n 99.81% | \n\n \n | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n Eren Maral Participac\u00f5es S.A. | \n\n 100.00% | \n\n \n | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n Eren Terra Santa Participac\u00f5es S.A. | \n\n 94.22% | \n\n \n | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n Essakane Solar S.A.S. | \n\n 90.00% | \n\n \n | \n\n Burkina Faso | \n\n Burkina Faso | \n
| \n \n | \n\n E-Vento Ciro | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n Evergreen Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n ExGen Texas Power, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Falla Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n FE Tutly Solar LLC | \n\n 100.00% | \n\n \n | \n\n Uzbekistan | \n\n Uzbekistan | \n
| \n \n | \n\n Fleming Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Fluxsol | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n FPV Blanchard | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Friemann & Wolf Batterietechnick GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Futur Portfolio | \n\n 100.00% | \n\n \n | \n\n France | \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 \n | \n\n Galibier | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Gallocanta Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Garonne-et-Canal Energies | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Generg - Gest\u00e3o e Projectos de Energia S.A. | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n Generg Sol da Beira Baixa - Energias Renovaveis S.A. | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n Generg Sol do Alentejo - Energias Renovaveis, Sociedade Unipessoal, Lda | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n Generg Sol do Alentejo 2 - Energias Renovaveis, Sociedade Unipessoal, Lda | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n Generg Ventos da Gardunha - Energias Renovaveis S.A. | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n Generg Ventos da Gardunha - Sobre Equipamento S.A. | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n Generg Ventos de Proenca-a-Nova - Energias Renovaveis S.A. | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n Generg Ventos de Sines - Energias Renovaveis S.A. | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n Generg Ventos de Trancoso - Energias Renovaveis S.A. | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n Generg Ventos de Trancoso - Sobre Equipamento S.A. | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n Generg Ventos de Viana do Castelo - Energias Renovaveis S.A. | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n Generg Ventos de Viana do Castelo - Sobre Equipamento S.A. | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n Generg Ventos do Caramulo - Energias Renovaveis S.A. | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n Generg Ventos do Caramulo - Sobre Equipamento S.A. | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n Generg Ventos do Pinhal Interior - Energias Renovaveis S.A. | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n Generg Ventos do Pinhal Interior - Sobre Equipamento S.A. | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n Geomundo Offshore Wind Power Co., Ltd. | \n\n 42.50% | \n\n E | \n\n South Korea | \n\n South Korea | \n
| \n \n | \n\n Glaciere De Palisse | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Global Energy | \n\n 100.00% | \n\n \n | \n\n Bulgaria | \n\n Bulgaria | \n
| \n \n | \n\n Global Solar Services | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Go Electric | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Golden Triangle Solar, LLC\u00a0 | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Goleta Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Goodfellow Solar III, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Goritsa Aiolos Energy S.M.S.A | \n\n 100.00% | \n\n \n | \n\n Greece | \n\n Greece | \n
| \n \n | \n\n Gray Whale Offshore Wind Power No.1 Co., Ltd | \n\n 42.50% | \n\n E | \n\n South Korea | \n\n South Korea | \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 \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 \n | \n\n Greenwind S.A. | \n\n 100.00% | \n\n \n | \n\n Argentina | \n\n Argentina | \n
| \n \n | \n\n Grillete Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n GT R4 Holdings Limited | \n\n 50.00% | \n\n E | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Haiding one international investment co Ltd\u00a0 | \n\n 50.00% | \n\n E | \n\n TaIwan | \n\n TaIwan | \n
| \n \n | \n\n Haiding three international investment co Ltd\u00a0 | \n\n 50.00% | \n\n E | \n\n TaIwan | \n\n TaIwan | \n
| \n \n | \n\n Haiding two international investment co Ltd\u00a0 | \n\n 50.00% | \n\n E | \n\n TaIwan | \n\n TaIwan | \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 \n | \n\n Hanwha Total Solar, LLC | \n\n 50.00% | \n\n E | \n\n United States | \n\n United States | \n
| \n \n | \n\n Helio 100 Kw | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Helio 971 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Helio 974 Sol 1 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Helio 974 Toiture 2 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Helio Fonds Caraibes | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Helio L'R | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Helio Prony Resources New Caledonia | \n\n 100.00% | \n\n \n | \n\n New Caledonia | \n\n New Caledonia | \n
| \n \n | \n\n Helio Saint Benoit | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Helio Wabealo | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Helix Project V, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n HETTY | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n HFV Montenero | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n HFV Salentina | \n\n 50.00% | \n\n E | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n Hidrinveste - Investimentos Energeticos, Lda | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n Hidroelectrica de Manteigas, Lda | \n\n 90.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n Hidroelectrica do Monte, Lda | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n Hill Solar II, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n HT Solar Holdings II, LLC | \n\n 50.00% | \n\n E | \n\n United States | \n\n United States | \n
| \n \n | \n\n HT Solar Holdings III, LLC | \n\n 50.00% | \n\n E | \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 \n | \n\n Hydro 974 | \n\n 100.00% | \n\n \n | \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 \n | \n\n Hydromons | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Inov | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \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 \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 \n | \n\n Jmcp | \n\n 50.05% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Keith Solar I, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Kidds Store | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n KSF Holding Trust | \n\n 57.50% | \n\n E | \n\n Australia | \n\n Australia | \n
| \n \n | \n\n Kyon Energy Finance GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Kyon Energy Solutions GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n LA Basin Solar I, LLC | \n\n 100.00% | \n\n \n | \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 \n | \n\n La Metairie Neuve | \n\n 25.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n La Quercia Solar S.R.L | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n La Seauve | \n\n 40.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Lanuza Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n LaPorte Power, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Lauderdale Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Laurens Solar I, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Le Bois Joli | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Lemoore Stratford Land Holdings IV, LLC | \n\n 100.00% | \n\n \n | \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 \n | \n\n Les Vents de la Moivre 1 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Les Vents de la Moivre 2 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Les Vents de la Moivre 3 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Les Vents de la Moivre 4 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Les Vents de la Moivre 5 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Leuret | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Lithos Aiolos Energy S.A. | \n\n 100.00% | \n\n \n | \n\n Greece | \n\n Greece | \n
| \n \n | \n\n Lorance Creek Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Lorca | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Luce Solar SpA | \n\n 100.00% | \n\n \n | \n\n Chile | \n\n Chile | \n
| \n \n | \n\n Luminora Solar Cinco, S.L. | \n\n 65.00% | \n\n E | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Luminora Solar Cuatro, S.L. \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 | \n\n 65.00% | \n\n E | \n\n Spain | \n\n Spain | \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 \n | \n\n Luminora Solar Tres, S.L. | \n\n 65.00% | \n\n E | \n\n Spain | \n\n Spain | \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 \n | \n\n Martianez Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Marvel Solar Holdco 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Marysville Unified School District Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Mastil Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Mauricio Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Meco 8 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Medha Energy Private Ltd | \n\n 50.00% | \n\n E | \n\n India | \n\n India | \n
| \n \n | \n\n Megavento - Produc\u00e3o de Electricidade S.A. | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n Merysol | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Mishmar HaNegev Sun, Limited Partnership | \n\n 44.64% | \n\n \n | \n\n Israel | \n\n Israel | \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 \n | \n\n Miyagi Osato Solar Park G.K. | \n\n 45.00% | \n\n E | \n\n Japan | \n\n Japan | \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 \n | \n\n M-KAT Green Limited Liability Partnership | \n\n 100.00% | \n\n \n | \n\n Kazakhstan | \n\n Kazakhstan | \n
| \n \n | \n\n Morena Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \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 \n | \n\n Mustang Creek Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Myrtle Solar Cash Equity HoldCo, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Myrtle Solar Class B HoldCo | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Myrtle Solar Class B member | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Myrtle Solar TE HoldCo, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Myrtle Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Myrtle Storage Cash Equity HoldCo, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Myrtle Storage Class B HoldCo, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Myrtle Storage Class B Member, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Myrtle Storage TE Partnership, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Myrtle Storage, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Nevada Joint Union High School District Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n New Green Energy Services | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Nomad Solar | \n\n 100.00% | \n\n \n | \n\n Kazakhstan | \n\n Kazakhstan | \n
| \n \n | \n\n North\u00a0Sea\u00a0OFW\u00a0N-12.1\u00a0GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \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 \n | \n\n Nuza Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Ombrea | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n OmbreaAOI2022 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Ophelia Solar, LLC\u00a0 | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Oranje Wind Power II B.V. | \n\n 50.00% | \n\n E | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n OSKVOLT Battery Services KB | \n\n 100.00% | \n\n \n | \n\n Sweden | \n\n Sweden | \n
| \n \n | \n\n Parc Eolien de Cassini | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Parc Eolien de l'Equinville | \n\n 100.00% | \n\n \n | \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 \n | \n\n Parc Eolien Du Vilpion | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Parc Photovoltaique de Puyloubier | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Parc Solaire du Lorrain | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Parco Eolico La Guardia S.R.L. | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n Parque Fotovoltaico Alicahue Solar SpA | \n\n 100.00% | \n\n \n | \n\n Chile | \n\n Chile | \n
| \n \n | \n\n Parque Fotovoltaico Santa Adriana Solar SpA | \n\n 100.00% | \n\n \n | \n\n Chile | \n\n Chile | \n
| \n \n | \n\n Photonotos Energy | \n\n 100.00% | \n\n \n | \n\n Greece | \n\n Greece | \n
| \n \n | \n\n Photovoras Energy S.M.S.A | \n\n 100.00% | \n\n \n | \n\n Greece | \n\n Greece | \n
| \n \n | \n\n Piedra Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Pigeon Run Solar, LLC\u00a0 | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Pilastra Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Plum Creek Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Pontenure Solar S.R.L. | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n Portalon Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Pos Production Ii | \n\n 60.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Pos Production Iii | \n\n 70.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Pos Production Iv | \n\n 70.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Pos Production V | \n\n 70.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Poste HTB du Mont de L'Arbre | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Postigo Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Postor Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n PT TATS Indonesia\u00a0 | \n\n 100.00% | \n\n \n | \n\n Indonesia | \n\n Indonesia | \n
| \n \n | \n\n Quadra Energy GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Quadrica | \n\n 51.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Quilla Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Rabiza Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Randolph Solar I, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Rececho Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Recova Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Regata Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Renewable Energy Seagreen Holdco Limited | \n\n 50.00% | \n\n E | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Risen Bangladesh SKS Pte Ltd | \n\n 100.00% | \n\n \n | \n\n Bangladesh | \n\n Singapore | \n
| \n \n | \n\n Risen Energy (Cambodia) Battambang Co. Ltd | \n\n 100.00% | \n\n \n | \n\n Cambodia | \n\n Cambodia | \n
| \n \n | \n\n RLA Solar SpA | \n\n 100.00% | \n\n \n | \n\n Chile | \n\n Chile | \n
| \n \n | \n\n Rolling Green Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Rolling Plains Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Ronesans Enerji Uretim ve Ticaret Anonim \u0218irketi | \n\n 50.00% | \n\n E | \n\n Turkey | \n\n Turkey | \n
| \n \n | \n\n Runway Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Saft (Zhuhai FTZ) Batteries Company Limited | \n\n 100.00% | \n\n \n | \n\n China | \n\n China | \n
| \n \n | \n\n Saft (Zhuhai) Energy Storage Co. | \n\n 100.00% | \n\n \n | \n\n China | \n\n China | \n
| \n \n | \n\n Saft AB | \n\n 100.00% | \n\n \n | \n\n Sweden | \n\n Sweden | \n
| \n \n | \n\n Saft America Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Saft AS | \n\n 100.00% | \n\n \n | \n\n Norway | \n\n Norway | \n
| \n \n | \n\n Saft Australia Pty Limited | \n\n 100.00% | \n\n \n | \n\n Australia | \n\n Australia | \n
| \n \n | \n\n Saft Batterias SL | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Saft Batterie Italia S.R.L. | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n Saft Batterien GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Saft Batteries Pte Limited | \n\n 100.00% | \n\n \n | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n Saft Batteries Pty Limited | \n\n 100.00% | \n\n \n | \n\n Australia | \n\n Australia | \n
| \n \n | \n\n Saft Batterijen B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n Saft Do Brasil Ltda | \n\n 100.00% | \n\n \n | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n Saft EV S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Saft Ferak AS | \n\n 100.00% | \n\n \n | \n\n Czech Republic | \n\n Czech Republic | \n
| \n \n | \n\n Saft Groupe S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Saft Hong Kong Limited | \n\n 100.00% | \n\n \n | \n\n Hong Kong | \n\n Hong Kong | \n
| \n \n | \n\n Saft India Private Limited | \n\n 100.00% | \n\n \n | \n\n India | \n\n India | \n
| \n \n | \n\n Saft Japan KK | \n\n 100.00% | \n\n \n | \n\n Japan | \n\n Japan | \n
| \n \n | \n\n Saft Limited | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Saft LLC | \n\n 100.00% | \n\n \n | \n\n Russia | \n\n Russia | \n
| \n \n | \n\n Saft Nife ME Limited | \n\n 100.00% | \n\n \n | \n\n Cyprus | \n\n Cyprus | \n
| \n \n | \n\n Saft S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n San Luis Obispo Solar I, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Sanabria Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Sanders Creek Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n SGIP SLB Holdco 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n SGIP SLB I, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Shakumbhari Solar Power Projects Private Ltd | \n\n 50.00% | \n\n E | \n\n India | \n\n India | \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 \n | \n\n SIIF EDF EN Israel Ltd | \n\n 51.02% | \n\n \n | \n\n Israel | \n\n Israel | \n
| \n \n | \n\n Sistemi Energie Calabria S.R.L. | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n Sociedade Exploradora de Recursos Energeticos, Lda | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n Sociedade Hidroelectrica da Grela, Lda | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n Societe Champenoise d'Energie | \n\n 16.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Societe d'Exploitation du Soleil du Haut-Deffens | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \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 \n | \n\n Sol Holding, LLC | \n\n 50.00% | \n\n E | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solaire Habitat Social | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Solar Barocco | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n Solar Carport NJ, LLC | \n\n 100.00% | \n\n \n | \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 \n | \n\n Solar Life Energy | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n Solar Star Academia 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Addison North, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Alleghany South, LLC | \n\n 100.00% | \n\n \n | \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 \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Appling Peaches, LLC | \n\n 100.00% | \n\n \n | \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 \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Baltimore Carney, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Baltimore Roofs, LLC | \n\n 100.00% | \n\n \n | \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 \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Bear Creek, LLC | \n\n 100.00% | \n\n \n | \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 \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Big Apple CDG B, LLC | \n\n 100.00% | \n\n \n | \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 \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Blakeslee 2, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Buchanan 2, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star California LXXV, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star California LXXVI, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star California LXXVIII, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star California XXXV, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star California XXXVI, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star California XXXVIII, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Cambridge 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Cantil 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Carbondale 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Carlsbad 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Central Light, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Charlotte 1, LLC | \n\n 100.00% | \n\n \n | \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 \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Clovis Curry South, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Co Co 2500, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Coastal Pirate, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Colorado II, LLC | \n\n 100.00% | \n\n \n | \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 \n | \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 \n | \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 \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star CRC Pier A West, LLC | \n\n 100.00% | \n\n \n | \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 \n | \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 \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Deer Island, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Dornsife 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Fort Atkinson South, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Gloucester 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Gloucester 2, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Golden Empire, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Goodwin Storage, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Harbor, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Harpst Arcata, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Hartford South, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Hawley 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star HD Maryland, LLC | \n\n 100.00% | \n\n \n | \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 \n | \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 \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Healthy 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Healthy Lake, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Herald Square 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Hernwood, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Hubbardson South, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Irvine Civic Center, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Jal, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Kennedale Storage, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Khsd, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star LA County High Desert, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Lake Mills 1, LLC | \n\n 100.00% | \n\n \n | \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 \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star LCR Irvine, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star LCR Split 2, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Light Park, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Lincoln School, LLC | \n\n 100.00% | \n\n \n | \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 \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Long Peaches, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Los Lunas 2 LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Los Lunas, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star MA - Tewksbury, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Massachusetts II, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Massachusetts III, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Maxx 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Mayfield 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Maynard 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Mifflinburg 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Millville Rohrsburg, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Millville, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Mountain Post, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star North Herty Storage, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Orangeville 2, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Orangeville Eagle, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Palmyra North, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Parent CRC Kern Front, LLC | \n\n 100.00% | \n\n \n | \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 \n | \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 \n | \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 \n | \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 \n | \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 \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Parkton, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Pennsauken, LLC\u00a0 | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Petersburg 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Pleasant Mount 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Pleasant Mount 2, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Prime 2, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Prime 4, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Prime I, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Prime SCK3, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star PTC 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star PTC 2, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star PUSD Monache, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Saft Valdosta, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Santa Ana HS, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Serving Science 2, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Serving Science, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star State of CT Solar 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Storage Texas, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Tift Toombs Peaches, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Timberville 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Timberville 2, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Track Southern Ave 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Tranquility, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Unkety Brook, LLC | \n\n 100.00% | \n\n \n | \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 \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Vegas 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Virginia Holdco, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Ware 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Western Hills Storage, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Whitewater South, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solar Star Wholesome Portland, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solarstar Ma I, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n SolarStorage Fund A, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n SolarStorage Fund B, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n SolarStorage Fund C, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n SolarStorage Fund D, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Solenergy | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n Sombrero Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Spinnaker Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n SPWR SS 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Strongstown Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n SunPower Bobcat Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n SunPower Commercial FTB Construction, LLC | \n\n 100.00% | \n\n \n | \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 \n | \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 \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n SunPower Helix I, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n SunPower NY CDG 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n SunPower Revolver HoldCo I Parent, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n SunPower Revolver HoldCo I, LLC | \n\n 100.00% | \n\n \n | \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 \n | \n\n Swingletree Operations, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Tadiran Batteries GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Tadiran Batteries Limited | \n\n 100.00% | \n\n \n | \n\n Israel | \n\n Israel | \n
| \n \n | \n\n Talmei Eliyahu Green Energies Ltd. | \n\n 46.94% | \n\n \n | \n\n Israel | \n\n Israel | \n
| \n \n | \n\n Terrilvoltaique de Ronchamp et Magny-Danigon | \n\n 40.80% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n TexGen Power, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TNE Holdco 1 Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Tosca Holdco, LLC | \n\n 50.00% | \n\n E | \n\n United States | \n\n United States | \n
| \n \n | \n\n Total Envision Energy Services (Shanghai) Co., Ltd | \n\n 50.00% | \n\n E | \n\n China | \n\n China | \n
| \n \n | \n\n Total Eren | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Total Eren Chile | \n\n 100.00% | \n\n \n | \n\n Chile | \n\n Chile | \n
| \n \n | \n\n Total Eren Holding | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \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 \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 \n | \n\n TotalEnergies - Centrale Electrique Bayet | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies - Centrale Electrique Marchienne-au-Pont | \n\n 100.00% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies - Centrale Electrique Pont-sur-Sambre | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies - Centrale Electrique Saint-Avold | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies - Centrale Electrique Toul | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Alamo Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n TotalEnergies Andromeda Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n TotalEnergies B Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies C HoldCo, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Carolina Long Bay, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Clientes\u00a0 | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n TotalEnergies CWB I Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies DF Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Distributed Generation Assets USA, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Distributed Generation Philippines Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Distributed Generation USA, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Dracena Participacoes | \n\n 100.00% | \n\n \n | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n TotalEnergies Electricidad y Gas Espa\u00f1a | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n TotalEnergies Electricite et Gaz France | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Flexible Power USA, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies H Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies HI Holdco, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Integrated Power ESS Belgium | \n\n 100.00% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies M Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Marahu Holding, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Offshore Wind Korea | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Offshore Wind Netherlands Participations I B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies Offshore Wind Netherlands Participations II B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies OFW NSE1 GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n TotalEnergies OFW OSE GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n TotalEnergies OFW US 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies OFW US 4, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Planta Solar Andalucia 3, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n TotalEnergies Power & Gas Belgium | \n\n 100.00% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Power Generation France | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Renewables | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Renewables (Cambodia) Co., Ltd | \n\n 100.00% | \n\n \n | \n\n Cambodia | \n\n Cambodia | \n
| \n \n | \n\n TotalEnergies Renewables Asia | \n\n 100.00% | \n\n \n | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Renewables Australia | \n\n 100.00% | \n\n \n | \n\n Australia | \n\n Australia | \n
| \n \n | \n\n TotalEnergies Renewables Bulgaria | \n\n 100.00% | \n\n \n | \n\n Bulgaria | \n\n Bulgaria | \n
| \n \n | \n\n TotalEnergies Renewables Deutschland GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n TotalEnergies Renewables Development Asia Pte. Ltd. | \n\n 100.00% | \n\n \n | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Renewables Development Middle East | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Renewables Development Partnership, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Renewables Development Philippines Corporation\u00a0 | \n\n 100.00% | \n\n \n | \n\n Philippines | \n\n Philippines | \n
| \n \n | \n\n TotalEnergies Renewables DG Asia Assets Pte Ltd | \n\n 100.00% | \n\n \n | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Renewables DG Development Asia Pte. Ltd. | \n\n 100.00% | \n\n \n | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Renewables DG Holdings Asia Pte Ltd | \n\n 100.00% | \n\n \n | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Renewables DG MEA - Assets 1 FZE | \n\n 100.00% | \n\n \n | \n\n United Arab Emirates | \n\n United Arab Emirates | \n
| \n \n | \n\n TotalEnergies Renewables DG MEA FZE | \n\n 100.00% | \n\n \n | \n\n United Arab Emirates | \n\n United Arab Emirates | \n
| \n \n | \n\n TotalEnergies Renewables ESS Carling | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Renewables ESS Flandres | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Renewables ESS Grandpuits | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Renewables Holding Hellas | \n\n 100.00% | \n\n \n | \n\n Luxembourg | \n\n Luxembourg | \n
| \n \n | \n\n TotalEnergies Renewables Holding Luxembourg Nov S.A. | \n\n 100.00% | \n\n \n | \n\n Luxembourg | \n\n Luxembourg | \n
| \n \n | \n\n TotalEnergies Renewables Iberica, S.L.U | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n TotalEnergies Renewables India | \n\n 100.00% | \n\n \n | \n\n Luxembourg | \n\n Luxembourg | \n
| \n \n | \n\n TotalEnergies Renewables Indian Ocean Ltd | \n\n 100.00% | \n\n \n | \n\n Mauritius Island | \n\n Mauritius Island | \n
| \n \n | \n\n TotalEnergies Renewables International | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Renewables Italia | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n TotalEnergies Renewables Latin America | \n\n 100.00% | \n\n \n | \n\n Chile | \n\n Chile | \n
| \n \n | \n\n TotalEnergies Renewables Malaysia Sdn. Bhd. | \n\n 100.00% | \n\n \n | \n\n Malaysia | \n\n Malaysia | \n
| \n \n | \n\n TotalEnergies Renewables Nederland A B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies Renewables Nederland B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies Renewables Nov | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Renewables Poland | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n TotalEnergies Renewables Portugal Green S.A. | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n TotalEnergies Renewables Portugal Hibridizac\u00e3o S.A. | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n TotalEnergies Renewables Portugal International S.A. | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n TotalEnergies Renewables Portugal Novos Desenvolvimentos S.A. | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n TotalEnergies Renewables Portugal Portfolio S.A. | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n TotalEnergies Renewables Portugal SGPS | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n TotalEnergies Renewables Portugal Sol & Vento S.A. | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n TotalEnergies Renewables Projects Philippines Corporation | \n\n 100.00% | \n\n \n | \n\n Philippines | \n\n Philippines | \n
| \n \n | \n\n TotalEnergies Renewables Projects Singapore Pte. Ltd | \n\n 100.00% | \n\n \n | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Renewables Projects Vietnam | \n\n 100.00% | \n\n \n | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Renewables R4 Holdco Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Renewables Services Bulgaria | \n\n 100.00% | \n\n \n | \n\n Bulgaria | \n\n Bulgaria | \n
| \n \n | \n\n TotalEnergies Renewables Services Italia | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n TotalEnergies Renewables Services Poland | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n TotalEnergies Renewables Services Portugal | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n TotalEnergies Renewables Singapore Pte. Ltd | \n\n 100.00% | \n\n \n | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Renewables Solar Italia | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n TotalEnergies Renewables Thailand | \n\n 100.00% | \n\n \n | \n\n Thailand | \n\n Thailand | \n
| \n \n | \n\n TotalEnergies Renewables UK Limited | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Renewables USA, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Renouvelables Danemark ApS | \n\n 100.00% | \n\n \n | \n\n Denmark | \n\n Denmark | \n
| \n \n | \n\n TotalEnergies Renouvelables France | \n\n 100.00% | \n\n \n | \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 \n | \n\n TotalEnergies Renouvelables Pacific | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Solar DG Nederland B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies Solar France | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Solar Intl | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Solar Wind Indian Ocean Ltd | \n\n 100.00% | \n\n \n | \n\n Mauritius Island | \n\n Mauritius Island | \n
| \n \n | \n\n TotalEnergies Strong, LLC | \n\n 50.00% | \n\n E | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Wire 3, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TQN Hydro | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TQN Solar | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TQN Solar Nogara | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n TQN Wind | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Trofeo Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Truyesol | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n TSGF SpA | \n\n 100.00% | \n\n \n | \n\n Chile | \n\n Chile | \n
| \n \n | \n\n TSSDG India Private Limited | \n\n 100.00% | \n\n \n | \n\n India | \n\n India | \n
| \n \n | \n\n Valencia Solar 1, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Valencia Solar 2, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Valencia Solar 3, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Valencia Solar 4, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Valorene | \n\n 66.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Varadero Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Ventos do Seixo Amarelo - Energias Renovaveis S.A. | \n\n 90.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n Vents D'Oc Centrale D'Energie Renouvelable 16 | \n\n 100.00% | \n\n \n | \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 \n | \n\n Vents D'Oc Centrale D'Energie Renouvelable 18 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Vertigo | \n\n 25.92% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Vientos Los Hercules | \n\n 100.00% | \n\n \n | \n\n Argentina | \n\n Argentina | \n
| \n \n | \n\n Vientos Solutions, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Argentina | \n
| \n \n | \n\n Vireausol | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n West Burton Flexible Generation Ltd | \n\n 50.00% | \n\n E | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Wichita Data, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Wichita Solar I, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Winche Solar, S.L.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Wind 1026 GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n France | \n
| \n \n | \n\n Wind 1029 GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Winergy | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Wolf Hollow I Power, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Wolf Hollow Services, LLC | \n\n 50.00% | \n\n E | \n\n United States | \n\n United States | \n
| \n \n | \n\n Woodbury Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n WP France 21 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n WP FRANCE 28 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \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 Yunlin Ukco Limited | \n\n 29.46% | \n\n E | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Zenith Solar, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Zephyr Holdings GP, LLC | \n\n 50.00% | \n\n E | \n\n United States | \n\n United States | \n
| \n Refining & Chemicals | \n|||||
| \n \n | \n\n Atlantic Trading and Marketing Financial Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Atlantic Trading and Marketing Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Balzatex S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n BASF TotalEnergies Petrochemicals LLC | \n\n 40.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Bay Junction Inc. | \n\n 100.00% | \n\n \n | \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 \n | \n\n Borrachas Portalegre Ltda | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n BOU Verwaltungs GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Catelsa-Caceres S.A.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Chartering and Shipping Services Singapore Pte. Ltd. | \n\n 100.00% | \n\n \n | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n Composite Industrie Maroc S.A.R.L. | \n\n 100.00% | \n\n \n | \n\n Morocco | \n\n Morocco | \n
| \n \n | \n\n Composite Industrie S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Cosden, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n COS-MAR Company | \n\n 50.00% | \n\n \n | \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 \n | \n\n China | \n\n China | \n
| \n \n | \n\n Cray Valley Czech | \n\n 100.00% | \n\n \n | \n\n Czech Republic | \n\n Czech Republic | \n
| \n \n | \n\n Cray Valley HSC Asia Ltd | \n\n 100.00% | \n\n \n | \n\n China | \n\n China | \n
| \n \n | \n\n Cray Valley S.A. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n CSSA - Chartering and Shipping Services S.A. | \n\n 100.00% | \n\n \n | \n\n Switzerland | \n\n Switzerland | \n
| \n \n | \n\n EcoMotion JV GmbH | \n\n 49.90% | \n\n E | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Elf Aquitaine Fertilisants | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Espa S.A.R.L. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Feluy Immobati | \n\n 100.00% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n Fina Technology, Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n FPL Enterprises, Inc. | \n\n 100.00% | \n\n \n | \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 \n | \n\n China | \n\n China | \n
| \n \n | \n\n Gasket International S.R.L. | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n Grande Paroisse S.A. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Hanwha TotalEnergies Petrochemical Co., Ltd | \n\n 50.00% | \n\n E | \n\n South Korea | \n\n South Korea | \n
| \n \n | \n\n Hutchinson (Chongqing) Automotive Systems Ltd | \n\n 100.00% | \n\n \n | \n\n China | \n\n China | \n
| \n \n | \n\n Hutchinson (UK) Limited | \n\n 100.00% | \n\n \n | \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 \n | \n\n China | \n\n China | \n
| \n \n | \n\n Hutchinson Aeronautique & Industrie Limited | \n\n 100.00% | \n\n \n | \n\n Canada | \n\n Canada | \n
| \n \n | \n\n Hutchinson Aerospace & Industry Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Hutchinson Aerospace GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Hutchinson Aerospace Services SNC | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Hutchinson Antivibration Systems Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Hutchinson Autopartes Mexico S.A. de C.V. | \n\n 100.00% | \n\n \n | \n\n Mexico | \n\n Mexico | \n
| \n \n | \n\n Hutchinson Borrachas de Portugal Ltda | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n Hutchinson Brazil Automotive | \n\n 100.00% | \n\n \n | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n Hutchinson Corporation | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Hutchinson d.o.o Ruma | \n\n 100.00% | \n\n \n | \n\n Serbia | \n\n Serbia | \n
| \n \n | \n\n Hutchinson Do Brasil S.A. | \n\n 100.00% | \n\n \n | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n Hutchinson Fluid Management Systems Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Hutchinson GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Hutchinson Holding GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Hutchinson Holdings UK Limited | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Hutchinson Iberia S.A. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Hutchinson Industrial Rubber Products (Suzhou) Company, Limited | \n\n 100.00% | \n\n \n | \n\n China | \n\n China | \n
| \n \n | \n\n Hutchinson Industrial Rubber Products Private Limited Inde | \n\n 100.00% | \n\n \n | \n\n India | \n\n India | \n
| \n \n | \n\n Hutchinson Industrias Del Caucho SAU | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Hutchinson Industries Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Hutchinson Japan Company Limited | \n\n 100.00% | \n\n \n | \n\n Japan | \n\n Japan | \n
| \n \n | \n\n Hutchinson Korea Limited | \n\n 100.00% | \n\n \n | \n\n South Korea | \n\n South Korea | \n
| \n \n | \n\n Hutchinson Malta Ltd | \n\n 100.00% | \n\n \n | \n\n Malta | \n\n Malta | \n
| \n \n | \n\n Hutchinson Maroc S.A.R.L. AU | \n\n 100.00% | \n\n \n | \n\n Morocco | \n\n Morocco | \n
| \n \n | \n\n Hutchinson Poland SP ZO.O. | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n Hutchinson Polymers S.N.C. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Hutchinson Porto Tubos Flexiveis Ldta | \n\n 100.00% | \n\n \n | \n\n Portugal | \n\n Portugal | \n
| \n \n | \n\n Hutchinson Precision Sealing Systems Inc. | \n\n 100.00% | \n\n \n | \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 \n | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n Hutchinson S.A. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Hutchinson S.N.C. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Hutchinson S.R.L. (Brasov) | \n\n 100.00% | \n\n \n | \n\n Romania | \n\n Romania | \n
| \n \n | \n\n Hutchinson S.R.L. (Italie) | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n Hutchinson Seal De Mexico S.A. de C.V. | \n\n 100.00% | \n\n \n | \n\n Mexico | \n\n Mexico | \n
| \n \n | \n\n Hutchinson Sealing Systems Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Hutchinson SRO | \n\n 100.00% | \n\n \n | \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 \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Hutchinson Technologies (Maanshan) Co., Ltd. | \n\n 100.00% | \n\n \n | \n\n China | \n\n China | \n
| \n \n | \n\n Hutchinson Technologies (Shenyang) Co., Ltd. | \n\n 100.00% | \n\n \n | \n\n China | \n\n China | \n
| \n \n | \n\n Hutchinson Transferencia de Fluidos S.A. de C.V. | \n\n 100.00% | \n\n \n | \n\n Mexico | \n\n Mexico | \n
| \n \n | \n\n Hutchinson Tunisie S.A.R.L. | \n\n 100.00% | \n\n \n | \n\n Tunisia | \n\n Tunisia | \n
| \n \n | \n\n Hutchinson Vietnam Company Limited | \n\n 100.00% | \n\n \n | \n\n Vietnam | \n\n Vietnam | \n
| \n \n | \n\n Iber Resinas S.L. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Industrias Tecnicas De La Espuma SL | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Industrielle Desmarquoy S.N.C. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Jehier S.A.S. | \n\n 99.89% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Joint Precision Rubber | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n KTN Kunststofftechnik Nobitz GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n La Porte Pipeline Company, L.P. | \n\n 19.96% | \n\n E | \n\n United States | \n\n United States | \n
| \n \n | \n\n La Porte Pipeline GP, LLC | \n\n 19.96% | \n\n E | \n\n United States | \n\n United States | \n
| \n \n | \n\n Laffan Refinery Company Limited 1 | \n\n 10.00% | \n\n E | \n\n Qatar | \n\n Qatar | \n
| \n \n | \n\n Le Joint Francais S.N.C. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Legacy Site Services Funding Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Legacy Site Services LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Les Stratifies S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Lone Wolf Land Company | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Machen Land Limited | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Metafactory | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Mide Technology Corporation | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Olutex Oberlausitzer Luftfahrttextilien GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n Pamargan Products Limited | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Paulstra S.N.C. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n PFW Aerospace GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n PFW Havacilik Sanayi ve Dis Ticaret Limited Sirtketi | \n\n 100.00% | \n\n \n | \n\n Turkey | \n\n Turkey | \n
| \n \n | \n\n PFW UK Machining Ltd. | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Polyblend GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \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 \n | \n\n Qatofin Company Limited | \n\n 49.08% | \n\n E | \n\n Qatar | \n\n Qatar | \n
| \n \n | \n\n Resilium | \n\n 100.00% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n Retia | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Retia USA LLC | \n\n 100.00% | \n\n \n | \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 \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 \n | \n\n Septentrion Participations | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Societe Bearnaise De Gestion Industrielle | \n\n 100.00% | \n\n \n | \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 \n | \n\n Southeast Texas Pipelines LLC | \n\n 40.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Stillman Seal Corporation | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Stop-Choc (UK) Limited | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n STR Tecoil Oy | \n\n 100.00% | \n\n \n | \n\n Finland | \n\n Finland | \n
| \n \n | \n\n Synova | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TankOpslag en PijpleidingenNet N.V. | \n\n 55.00% | \n\n \n | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n Techlam S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Tesbo Oy | \n\n 100.00% | \n\n \n | \n\n Finland | \n\n Finland | \n
| \n \n | \n\n TESSAF S.A.S. | \n\n 50.10% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Thermal Control Systems Automotive Sasu | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Total Atlantic Trading Mexico S.A. de C.V. | \n\n 100.00% | \n\n \n | \n\n Mexico | \n\n Mexico | \n
| \n \n | \n\n Total Energy Marketing A/S | \n\n 100.00% | \n\n \n | \n\n Denmark | \n\n Denmark | \n
| \n \n | \n\n TotalEnergies Activites Maritimes | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Belgium Services | \n\n 100.00% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Corbion B.V. | \n\n 50.00% | \n\n E | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies Fluids | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Laffan Refinery Holdco | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Marketing Deutschland GmbH Refining (d) | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n TotalEnergies Olefins Antwerp | \n\n 100.00% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Petrochemicals & Refining SA/NV | \n\n 100.00% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Petrochemicals (Hong-Kong) Ltd | \n\n 100.00% | \n\n \n | \n\n Hong Kong | \n\n Hong Kong | \n
| \n \n | \n\n TotalEnergies Petrochemicals (Shanghai) Co. Ltd | \n\n 100.00% | \n\n \n | \n\n China | \n\n China | \n
| \n \n | \n\n TotalEnergies Petrochemicals Development Feluy | \n\n 100.00% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Petrochemicals Ecaussinnes\u00a0 | \n\n 100.00% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Petrochemicals Feluy | \n\n 100.00% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Petrochemicals France | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Petrochemicals Iberica | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n TotalEnergies Petrochemicals UK Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Pipeline USA, Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Plastic Energy Advanced Recycling S.A.S. | \n\n 60.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Polymers Antwerp | \n\n 100.00% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Raffinage Chimie | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Raffinage France | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Raffinerie Mitteldeutschland GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n TotalEnergies Refinery Antwerp | \n\n 100.00% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Refinery Port Arthur, LLC | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Refining & Chemicals Arabia | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Splitter USA, Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Trading Asia Pte. Ltd | \n\n 100.00% | \n\n \n | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Trading Europe | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Trading Products S.A. | \n\n 100.00% | \n\n \n | \n\n Switzerland | \n\n Switzerland | \n
| \n \n | \n\n TotalEnergies Trading Storage S.A. | \n\n 100.00% | \n\n \n | \n\n Switzerland | \n\n Switzerland | \n
| \n \n | \n\n TOTSA TotalEnergies Trading S.A. | \n\n 100.00% | \n\n \n | \n\n Switzerland | \n\n Switzerland | \n
| \n \n | \n\n Totseanergy | \n\n 49.00% | \n\n E | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n Vibrachoc S.A.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Zeeland Refinery NV | \n\n 55.00% | \n\n \n | \n\n Netherlands | \n\n Netherlands | \n
| \n Marketing & Services | \n|||||
| \n \n | \n\n Antilles Gaz | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Argedis | \n\n 100.00% | \n\n \n | \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 \n | \n\n Arteco | \n\n 49.99% | \n\n E | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n AS 24 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n AS 24 Belgium | \n\n 100.00% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n AS 24 Espanola S.A. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n AS 24 Fuel Card Limited | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n AS 24 Lietuva | \n\n 100.00% | \n\n \n | \n\n Lithunia | \n\n Lithunia | \n
| \n \n | \n\n AS 24 Polska SP ZO.O. | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n AS 24 Tankservice GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n C.M.T.M. CENTRE DE MANAGEMENT DE TRANSACTIONS MONETIQUES | \n\n 99.90% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Circle K Belgium | \n\n 40.00% | \n\n E | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n Clean Energy Fuels Corp. | \n\n 19.06% | \n\n E | \n\n United States | \n\n United States | \n
| \n \n | \n\n Elf Oil UK Aviation Limited | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Elf Oil UK Properties Limited | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Fioulmarket.fr | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Gapco Kenya Limited | \n\n 100.00% | \n\n \n | \n\n Kenya | \n\n Kenya | \n
| \n \n | \n\n Gapco Tanzania Limited | \n\n 100.00% | \n\n \n | \n\n Tanzania | \n\n Tanzania | \n
| \n \n | \n\n Guangzhou Elf Lubricants Company Limited | \n\n 77.00% | \n\n \n | \n\n China | \n\n China | \n
| \n \n | \n\n Gulf Africa Petroleum Corporation | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Lubricants Vietnam Holding Limited | \n\n 100.00% | \n\n \n | \n\n Hong Kong | \n\n Hong Kong | \n
| \n \n | \n\n Quimica Vasca S.A.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n Saudi Total Petroleum Products | \n\n 51.00% | \n\n E | \n\n Saoudia Arabia | \n\n Saoudia Arabia | \n
| \n \n | \n\n Societe mahoraise de stockage de produits petroliers | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Societe pour l'exploitation de l'usine de Rouen | \n\n 98.98% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Societe Urbaine des Petroles | \n\n 100.00% | \n\n \n | \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 \n | \n\n Source EV Limited | \n\n 50.00% | \n\n E | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n South Asia LPG Company Private Limited | \n\n 50.00% | \n\n E | \n\n India | \n\n India | \n
| \n \n | \n\n Stedis | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \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 \n | \n\n TEAL Mobility | \n\n 50.00% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n TEVGO | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Total (Tianjin) Manufacturing Co., Ltd. | \n\n 77.00% | \n\n \n | \n\n China | \n\n China | \n
| \n \n | \n\n Total Bitumen UK Limited | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n Total Especialidades Argentina | \n\n 100.00% | \n\n \n | \n\n Argentina | \n\n Argentina | \n
| \n \n | \n\n Total Lubricants (China) Company Limited | \n\n 77.00% | \n\n \n | \n\n China | \n\n China | \n
| \n \n | \n\n Total Marketing Uganda Ltd | \n\n 100.00% | \n\n \n | \n\n Uganda | \n\n Uganda | \n
| \n \n | \n\n TotalEnergies (China) Investment Co Ltd | \n\n 100.00% | \n\n \n | \n\n China | \n\n China | \n
| \n \n | \n\n TotalEnergies Additives and Fuels Solutions | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Aviation | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Aviation Suisse S.A. | \n\n 100.00% | \n\n \n | \n\n Switzerland | \n\n Switzerland | \n
| \n \n | \n\n TotalEnergies Aviation Zambia Ltd | \n\n 100.00% | \n\n \n | \n\n Zambia | \n\n Zambia | \n
| \n \n | \n\n TotalEnergies Bitumen Deutschland GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n TotalEnergies Charging Services | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Charging Services Espa\u00f1a SL | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n TotalEnergies Charging Services Singapore Pte. Ltd. | \n\n 100.00% | \n\n \n | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Charging Solutions Belgium | \n\n 100.00% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Charging Solutions Deutschland GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n TotalEnergies Charging Solutions Nederland B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies Charging Solutions UK Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Diesel Comercio e Transportes Brasil Ltda | \n\n 100.00% | \n\n \n | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n TotalEnergies Distribuidora Brasil Ltda | \n\n 100.00% | \n\n \n | \n\n Brazil | \n\n Brazil | \n
| \n \n | \n\n TotalEnergies Glass Lubricants Europe GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n TotalEnergies Holdings Deutschland GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n TotalEnergies LPG Vietnam Company Ltd | \n\n 100.00% | \n\n \n | \n\n Vietnam | \n\n Vietnam | \n
| \n \n | \n\n TotalEnergies Lubrifiants | \n\n 99.98% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Lubrifiants Algerie SPA | \n\n 78.90% | \n\n \n | \n\n Algeria | \n\n Algeria | \n
| \n \n | \n\n TotalEnergies Lubrifiants Services Automobile | \n\n 99.98% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Marine Fuels Pte. Ltd | \n\n 100.00% | \n\n \n | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Marketing (Cambodia) Co. Ltd | \n\n 100.00% | \n\n \n | \n\n Cambodia | \n\n Cambodia | \n
| \n \n | \n\n TotalEnergies Marketing (Fiji) Pte Ltd | \n\n 100.00% | \n\n \n | \n\n Fiji Islands | \n\n Fiji Islands | \n
| \n \n | \n\n TotalEnergies Marketing (Hubei) Co., Ltd | \n\n 100.00% | \n\n \n | \n\n China | \n\n China | \n
| \n \n | \n\n TotalEnergies Marketing (Shanghai) Co., Ltd | \n\n 100.00% | \n\n \n | \n\n China | \n\n China | \n
| \n \n | \n\n TotalEnergies Marketing African Holdings Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Marketing Afrique | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \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 \n | \n\n TotalEnergies Marketing Antilles-Guyane | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Marketing Asia-Pacific Middle East Pte. Ltd | \n\n 100.00% | \n\n \n | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Marketing Belgium | \n\n 100.00% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Marketing Burkina | \n\n 100.00% | \n\n \n | \n\n Burkina Faso | \n\n Burkina Faso | \n
| \n \n | \n\n TotalEnergies Marketing Cameroun S.A. | \n\n 67.01% | \n\n \n | \n\n Cameroon | \n\n Cameroon | \n
| \n \n | \n\n TotalEnergies Marketing Ceska republika S.R.O. | \n\n 100.00% | \n\n \n | \n\n Czech Republic | \n\n Czech Republic | \n
| \n \n | \n\n TotalEnergies Marketing Chile SA | \n\n 100.00% | \n\n \n | \n\n Chile | \n\n Chile | \n
| \n \n | \n\n TotalEnergies Marketing Congo\u00a0 | \n\n 100.00% | \n\n \n | \n\n Congo | \n\n Congo | \n
| \n \n | \n\n TotalEnergies Marketing Corse | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Marketing C\u00f4te d'Ivoire | \n\n 72.99% | \n\n \n | \n\n C\u00f4te d'Ivoire | \n\n C\u00f4te d'Ivoire | \n
| \n \n | \n\n TotalEnergies Marketing Denmark A/S | \n\n 100.00% | \n\n \n | \n\n Denmark | \n\n Denmark | \n
| \n \n | \n\n TotalEnergies Marketing Dominicana, S.A. | \n\n 50.00% | \n\n \n | \n\n Dominican Republic | \n\n Dominican Republic | \n
| \n \n | \n\n TotalEnergies Marketing Egypt | \n\n 50.00% | \n\n E | \n\n Egypt | \n\n Egypt | \n
| \n \n | \n\n TotalEnergies Marketing Espa\u00f1a, S.A.U. | \n\n 100.00% | \n\n \n | \n\n Spain | \n\n Spain | \n
| \n \n | \n\n TotalEnergies Marketing Eswatini (Pty) Ltd\u00a0 | \n\n 50.10% | \n\n \n | \n\n Swaziland | \n\n Swaziland | \n
| \n \n | \n\n TotalEnergies Marketing Ethiopia Share Company | \n\n 100.00% | \n\n \n | \n\n Ethiopia | \n\n Ethiopia | \n
| \n \n | \n\n TotalEnergies Marketing France | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Marketing Gabon | \n\n 90.00% | \n\n \n | \n\n Gabon | \n\n Gabon | \n
| \n \n | \n\n TotalEnergies Marketing Ghana PLC | \n\n 76.74% | \n\n \n | \n\n Ghana | \n\n Ghana | \n
| \n \n | \n\n TotalEnergies Marketing Guinea Ecuatorial | \n\n 70.00% | \n\n \n | \n\n Equatorial Guinea | \n\n Equatorial Guinea | \n
| \n \n | \n\n TotalEnergies Marketing Guinee | \n\n 100.00% | \n\n \n | \n\n Guinea | \n\n Guinea | \n
| \n \n | \n\n TotalEnergies Marketing Holdings Africa | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Marketing Holdings Asia | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Marketing Holdings India | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Marketing India Private Ltd | \n\n 100.00% | \n\n \n | \n\n India | \n\n India | \n
| \n \n | \n\n TotalEnergies Marketing Italia SpA\u00a0 | \n\n 100.00% | \n\n \n | \n\n Italy | \n\n Italy | \n
| \n \n | \n\n TotalEnergies Marketing Jamaica Ltd | \n\n 100.00% | \n\n \n | \n\n Jamaica | \n\n Jamaica | \n
| \n \n | \n\n TotalEnergies Marketing Jordan\u00a0 | \n\n 100.00% | \n\n \n | \n\n Jordan | \n\n Jordan | \n
| \n \n | \n\n TotalEnergies Marketing Kenya PLC | \n\n 93.96% | \n\n \n | \n\n Kenya | \n\n Kenya | \n
| \n \n | \n\n TotalEnergies Marketing Lebanon | \n\n 100.00% | \n\n \n | \n\n Lebanon | \n\n Lebanon | \n
| \n \n | \n\n TotalEnergies Marketing Madagasikara S.A. | \n\n 79.44% | \n\n \n | \n\n Madagascar | \n\n Madagascar | \n
| \n \n | \n\n TotalEnergies Marketing Malawi Ltd | \n\n 100.00% | \n\n \n | \n\n Malawi | \n\n Malawi | \n
| \n \n | \n\n TotalEnergies Marketing Mali | \n\n 100.00% | \n\n \n | \n\n Mali | \n\n Mali | \n
| \n \n | \n\n TotalEnergies Marketing Maroc | \n\n 55.00% | \n\n \n | \n\n Morocco | \n\n Morocco | \n
| \n \n | \n\n TotalEnergies Marketing Mauritius Ltd | \n\n 55.00% | \n\n \n | \n\n Mauritius Island | \n\n Mauritius Island | \n
| \n \n | \n\n TotalEnergies Marketing Mayotte | \n\n 100.00% | \n\n \n | \n\n France | \n\n Mayotte | \n
| \n \n | \n\n TotalEnergies Marketing Mexico S.A. de C.V. | \n\n 100.00% | \n\n \n | \n\n Mexico | \n\n Mexico | \n
| \n \n | \n\n TotalEnergies Marketing Middle East FZE | \n\n 100.00% | \n\n \n | \n\n United Arab Emirates | \n\n United Arab Emirates | \n
| \n \n | \n\n TotalEnergies Marketing Mocambique S.A. | \n\n 100.00% | \n\n \n | \n\n Mozambique | \n\n Mozambique | \n
| \n \n | \n\n TotalEnergies Marketing Namibia (Pty) Ltd | \n\n 50.10% | \n\n \n | \n\n Namibia | \n\n Namibia | \n
| \n \n | \n\n TotalEnergies Marketing Nederland NV | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies Marketing Nigeria PLC | \n\n 61.72% | \n\n \n | \n\n Nigeria | \n\n Nigeria | \n
| \n \n | \n\n TotalEnergies Marketing Pacifique | \n\n 100.00% | \n\n \n | \n\n France | \n\n New Caledonia | \n
| \n \n | \n\n TotalEnergies Marketing Polska | \n\n 100.00% | \n\n \n | \n\n Poland | \n\n Poland | \n
| \n \n | \n\n TotalEnergies Marketing Polynesie | \n\n 100.00% | \n\n \n | \n\n France | \n\n French Polynesia | \n
| \n \n | \n\n TotalEnergies Marketing Puerto Rico | \n\n 100.00% | \n\n \n | \n\n Puerto Rico | \n\n Puerto Rico | \n
| \n \n | \n\n TotalEnergies Marketing RDC | \n\n 60.00% | \n\n \n | \n\n Democratic Republic of Congo | \n\n Democratic Republic of Congo | \n
| \n \n | \n\n TotalEnergies Marketing Reunion | \n\n 100.00% | \n\n \n | \n\n France | \n\n Reunion | \n
| \n \n | \n\n TotalEnergies Marketing Romania S.A. | \n\n 100.00% | \n\n \n | \n\n Romania | \n\n Romania | \n
| \n \n | \n\n TotalEnergies Marketing Senegal | \n\n 69.14% | \n\n \n | \n\n Senegal | \n\n Senegal | \n
| \n \n | \n\n TotalEnergies Marketing Services | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Marketing South Africa (Pty) Ltd | \n\n 50.10% | \n\n \n | \n\n South Africa | \n\n South Africa | \n
| \n \n | \n\n TotalEnergies Marketing Taiwan Ltd | \n\n 63.00% | \n\n \n | \n\n TaIwan | \n\n TaIwan | \n
| \n \n | \n\n TotalEnergies Marketing Tanzania Ltd | \n\n 100.00% | \n\n \n | \n\n Tanzania | \n\n Tanzania | \n
| \n \n | \n\n TotalEnergies Marketing Togo\u00a0 | \n\n 76.72% | \n\n \n | \n\n Togo | \n\n Togo | \n
| \n \n | \n\n TotalEnergies Marketing Tunisie | \n\n 100.00% | \n\n \n | \n\n Tunisia | \n\n Tunisia | \n
| \n \n | \n\n TotalEnergies Marketing UAE LLC | \n\n 100.00% | \n\n \n | \n\n United Arab Emirates | \n\n United Arab Emirates | \n
| \n \n | \n\n TotalEnergies Marketing Uganda Ltd | \n\n 100.00% | \n\n \n | \n\n Uganda | \n\n Uganda | \n
| \n \n | \n\n TotalEnergies Marketing UK Limited | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Marketing Ukraine | \n\n 100.00% | \n\n \n | \n\n Ukraine | \n\n Ukraine | \n
| \n \n | \n\n TotalEnergies Marketing USA Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Marketing Vietnam Company Ltd | \n\n 100.00% | \n\n \n | \n\n Vietnam | \n\n Vietnam | \n
| \n \n | \n\n TotalEnergies Marketing Zambia Ltd\u00a0 | \n\n 100.00% | \n\n \n | \n\n Zambia | \n\n Zambia | \n
| \n \n | \n\n TotalEnergies Marketing Zimbabwe (Private) Ltd | \n\n 80.00% | \n\n \n | \n\n Zimbabwe | \n\n Zimbabwe | \n
| \n \n | \n\n TotalEnergies MKG Luxembourg S.A. | \n\n 100.00% | \n\n \n | \n\n Luxembourg | \n\n Luxembourg | \n
| \n \n | \n\n TotalEnergies Proxi Nord Est | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Proxi Nord Ouest | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Proxi Sud Est | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Proxi Sud Ouest | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Singapore Services Pte Ltd | \n\n 100.00% | \n\n \n | \n\n Singapore | \n\n Singapore | \n
| \n \n | \n\n TotalEnergies Sinochem Retail Company Ltd | \n\n 49.00% | \n\n E | \n\n China | \n\n China | \n
| \n \n | \n\n TotalEnergies Supply Marketing Services S.A. | \n\n 100.00% | \n\n \n | \n\n Switzerland | \n\n Switzerland | \n
| \n \n | \n\n TotalEnergies Turkey Pazarlama A.S. | \n\n 100.00% | \n\n \n | \n\n Turkey | \n\n Turkey | \n
| \n \n | \n\n TotalEnergies Warme&Kraftstoff Deutschland GmbH | \n\n 100.00% | \n\n \n | \n\n Germany | \n\n Germany | \n
| \n \n | \n\n TotalEnergies Wash France | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Trapil | \n\n 5.50% | \n\n E | \n\n France | \n\n France | \n
| \n \n | \n\n Upbeatprops 100 Pty Limited | \n\n 50.10% | \n\n \n | \n\n South Africa | \n\n South Africa | \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 Corporate | \n|||||
| \n \n | \n\n Albatros | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Elf Aquitaine Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n Elf Forest Products LLC | \n\n 100.00% | \n\n \n | \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 \n | \n\n France | \n\n France | \n
| \n \n | \n\n Omnium Reinsurance Company S.A. | \n\n 100.00% | \n\n \n | \n\n Switzerland | \n\n Switzerland | \n
| \n \n | \n\n Pan Insurance Designated Activity Company | \n\n 100.00% | \n\n \n | \n\n Ireland | \n\n Ireland | \n
| \n \n | \n\n Socap S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Societe Civile Immobiliere CB2 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Sofax Banque | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n Total International NV | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n Total Operations Canada Limited | \n\n 100.00% | \n\n \n | \n\n Canada | \n\n Canada | \n
| \n \n | \n\n Total Resources (Canada) Limited | \n\n 100.00% | \n\n \n | \n\n Canada | \n\n Canada | \n
| \n \n | \n\n TotalEnergies (Beijing) Corporate Management Co., Ltd. | \n\n 100.00% | \n\n \n | \n\n China | \n\n China | \n
| \n \n | \n\n TotalEnergies American Services, Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Capital | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Capital Canada Ltd | \n\n 100.00% | \n\n \n | \n\n Canada | \n\n Canada | \n
| \n \n | \n\n TotalEnergies Capital International | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Consulting | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Delaware, Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Developpement Regional S.A.S. | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Digital Factory | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies EP Gestion Filiales | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Facilities Management Services (TFMS) | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Finance\u00a0 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Finance Corporate Services Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Finance Europe | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Finance International B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies Finance USA, Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Funding Nederland B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies Gestion USA | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Global Financial Services | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Global Human Resources Services | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Global Information Technology Services Belgium | \n\n 99.98% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Global IT Services (TGITS) | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Global Procurement (TGP)\u00a0 | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Global Procurement Belgium S.A. (TGPB) | \n\n 100.00% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Global Services Bucharest | \n\n 100.00% | \n\n \n | \n\n Romania | \n\n Romania | \n
| \n \n | \n\n TotalEnergies Global Services Philippines Inc. | \n\n 100.00% | \n\n \n | \n\n Philippines | \n\n Philippines | \n
| \n \n | \n\n TotalEnergies Holding Allemagne | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Holdings | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Holdings Europe | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Holdings UK Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Holdings USA, Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Investment (Tianjin) Co., Ltd. | \n\n 100.00% | \n\n \n | \n\n China | \n\n China | \n
| \n \n | \n\n TotalEnergies Investment Management (Tianjin) Co., Ltd. | \n\n 100.00% | \n\n \n | \n\n China | \n\n China | \n
| \n \n | \n\n TotalEnergies Investments | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Learning Solutions (TLS) | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Marketing Holdings Nederland B.V. | \n\n 100.00% | \n\n \n | \n\n Netherlands | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies Marketing Holdings South Africa ZA (Pty) Ltd | \n\n 100.00% | \n\n \n | \n\n South Africa | \n\n Netherlands | \n
| \n \n | \n\n TotalEnergies OneTech | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies OneTech Belgium | \n\n 100.00% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies Participations | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Petrochemicals & Refining USA, Inc. (d) | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies SE | \n\n \u2013 | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Security USA, Inc. | \n\n 100.00% | \n\n \n | \n\n United States | \n\n United States | \n
| \n \n | \n\n TotalEnergies Treasury | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Treasury Belgium | \n\n 100.00% | \n\n \n | \n\n Belgium | \n\n Belgium | \n
| \n \n | \n\n TotalEnergies UK Finance Ltd | \n\n 100.00% | \n\n \n | \n\n United Kingdom | \n\n United Kingdom | \n
| \n \n | \n\n TotalEnergies Ventures Europe | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n \n | \n\n TotalEnergies Ventures International | \n\n 100.00% | \n\n \n | \n\n France | \n\n France | \n
| \n (a)Del Rio Funding LLC, % of control different from % of interest: 50.00%. (b)Rio Grande LNG Intermediate Holdings LLC, % of control different from % of interest: 16.67%. (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, 2024, 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 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. 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's performance share plans
| \n \n | \n\n 2019 | \n\n 2020 | \n\n 2021 | \n\n 2022 | \n\n 2023(a) | \n\n 2024 | \n\n Total | \n
|---|---|---|---|---|---|---|---|
| \n Date of the Shareholders' Meeting | \n\n 6/1/2018 | \n\n 6/1/2018 | \n\n 6/1/2018 | \n\n 5/28/2021 | \n\n 5/26/2023 | \n\n 5/24/2024 | \n\n \n | \n
| \n Award date | \n\n 3/13/2019 | \n\n 3/18/2020 | \n\n 5/28/2021 | \n\n 3/16/2022 | \n\n 5/26/2023 | \n\n 5/24/2024 | \n\n \n | \n
| \n Date of the final award (end of the vesting period) | \n\n 3/14/2022 | \n\n 3/20/2023 | \n\n 5/29/2024 | \n\n 3/17/2025 | \n\n 5/27/2026 | \n\n 5/24/2027 | \n\n \n | \n
| \n Transfer authorized as from | \n\n 3/15/2024 | \n\n 3/21/2025 | \n\n 5/30/2026 | \n\n 3/17/2025 | \n\n 5/27/2026 | \n\n 5/24/2027 | \n\n \n | \n
| \n Grant date IFRS 2 fair value | \n\n 40.11\u20ac | \n\n 12.40\u20ac | \n\n 27.40\u20ac | \n\n 37.22\u20ac | \n\n 46.24\u20ac | \n\n 55.83\u20ac | \n\n \n | \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 \n | \n
| \n Outstanding as of January 1, 2022 | \n\n 6,289,076 | \n\n 6,653,202 | \n\n 6,732,740 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 19,675,018 | \n
| \n Notified | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 7,353,271 | \n\n \u2013 | \n\n \u2013 | \n\n 7,353,271 | \n
| \n Cancelled | \n\n (127,852) | \n\n (65,561) | \n\n (57,410) | \n\n (25,090) | \n\n \u2013 | \n\n \u2013 | \n\n (275,913) | \n
| \n Finally granted | \n\n (6,161,224) | \n\n (12,680) | \n\n (13,750) | \n\n (8,000) | \n\n \u2013 | \n\n \u2013 | \n\n (6,195,654) | \n
| \n Outstanding as of January 1, 2023 | \n\n \u2013 | \n\n 6,574,961 | \n\n 6,661,580 | \n\n 7,320,181 | \n\n \u2013 | \n\n \u2013 | \n\n 20,556,722 | \n
| \n Notified | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 7,985,203 | \n\n \u2013 | \n\n 7,985,203 | \n
| \n Cancelled | \n\n \u2013 | \n\n (128,577) | \n\n (98,291) | \n\n (86,348) | \n\n (42,040) | \n\n \u2013 | \n\n (355,256) | \n
| \n Finally granted | \n\n \u2013 | \n\n (6,446,384) | \n\n (5,250) | \n\n (5,568) | \n\n (190) | \n\n \u2013 | \n\n (6,457,392) | \n
| \n Outstanding as of January 1, 2024 | \n\n \u2013 | \n\n \u2013 | \n\n 6,558,039 | \n\n 7,228,265 | \n\n 7,942,973 | \n\n \u2013 | \n\n 21,729,277 | \n
| \n Notified | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 7,775,722 | \n\n 7,775,722 | \n
| \n Cancelled | \n\n \u2013 | \n\n \u2013 | \n\n (498,045) | \n\n (77,209) | \n\n (61,731) | \n\n (12,871) | \n\n (649,856) | \n
| \n Finally granted | \n\n \u2013 | \n\n \u2013 | \n\n (6,059,994) | \n\n (2,811) | \n\n (3,134) | \n\n \u2013 | \n\n (6,065,939) | \n
| \n Outstanding as of December 31, 2024 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 7,148,245 | \n\n 7,878,108 | \n\n 7,762,851 | \n\n 22,789,204 | \n
| \n (a)Includes 37,000 performance shares granted on December 13, 2023 to 4 executives recruited in 2023 in accordance with the decision of the Board of Directors on | \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:
\u2013three performance conditions for the 2019 Plan;
\u2013four performance conditions for the 2020 Plan and
\u2013five performance conditions for the 2021, 2022, 2023 and 2024 Plans.
Moreover, the transfer of the performance shares finally granted under the 2018 to 2021 Plans will not be permitted until the end of a 2-year holding period from the date of the final grant.
2024 Plan
The Board of Directors granted performance shares, on May 24, 2024, to certain employees and executive directors of TotalEnergies SE or its subsidiaries, subject to the fulfilment of the continued employment condition of three years and five performance conditions.
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 (\u201cTSR\u201d) during the three vesting years (2024, 2025 and 2026). The TSR criterion considered is that of the last quarter of the year, 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 (2024, 2025 and 2026);
\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 (2024, 2025 and 2026). 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 investments(406). 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 methane emissions on operated facilities in relation to the achievement of the target to reduce methane emissions set for 2026;
\u2013for 15% of the shares, the criterion of the lifecycle carbon intensity of energy products sold to the Company's customers in relation to the achievement of the target to reduce this intensity set for 2026.
B)Other TotalEnergies share plan
Worldwide Plan 2024
| \n \u00a0 | \n\n 2024 | \n
|---|---|
| \n Date of the Shareholders' Meeting | \n\n 5/26/2023 | \n
| \n Award date | \n\n 5/23/2024 | \n
| \n Date of the final award (end of the vesting period) | \n\n 5/24/2029 | \n
| \n Transfer authorized as from | \n\n 5/24/2029 | \n
| \n Grant date IFRS 2 fair value | \n\n 47.94\u20ac | \n
| \n Number of performance shares | \n\n \u00a0 | \n
| \n Outstanding as of January 1, 2024 | \n\n \u2013 | \n
| \n Notified | \n\n 10,666,900 | \n
| \n Cancelled | \n\n (337,500) | \n
| \n Finally granted(a) | \n\n \u2013 | \n
| \n Outstanding as of December 31, 2024 | \n\n 10,329,400 | \n
| \n (a)Final grant following the death or disability of the beneficiary of the shares. | \n
At its meeting on May 23, 2024, the Board of Directors decided to grant 100 shares of the Company to each employee and executive director (excluding the Chairman and CEO) of TotalEnergies SE or its subsidiaries, subject to the fulfilment of the continued employment condition of five years.
C)Share-based payment expense
Share-based payment expense before tax was broken down as follows:
| \n As of December 31, (M$) | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n TotalEnergies performance shares plans | \n\n 287 | \n\n 217 | \n\n 200 | \n
| \n TotalEnergies world shares plans | \n\n 54 | \n\n \u2013 | \n\n \u2013 | \n
| \n SunPower plans(a) | \n\n \u2013 | \n\n \u2013 | \n\n 23 | \n
| \n Capital increase reserved for employees | \n\n 215 | \n\n 74 | \n\n 28 | \n
| \n Total | \n\n 556 | \n\n 291 | \n\n 251 | \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 (refer to Note 18 to the consolidated accounts). | \n
The main assumptions used for the valuation of the cost of the capital increase reserved for employees in 2024 were the following:
| \n For the year ended December 31, | \n\n 2024 | \n
|---|---|
| \n Date of the Board of Directors meeting that decided the issue | \n\n September 21, 2023 | \n
| \n Reference price (\u20ac)(a) | \n\n 66.89 | \n
| \n Subscription price (\u20ac)(b) | \n\n 46.90 | \n
| \n Number of shares issued (in millions)(c) | \n\n 10.83 | \n
| \n (a)Average of the closing prices of the TotalEnergies shares over the twenty trading sessions preceding April 25, 2024, 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 30% discount and rounded off to the highest tenth of a euro. (c)Including the free shares issued. | \n
(406)Organic investments: net investments excluding acquisitions, asset sales and other operations with non-controlling interests.
Accounting principles
TotalEnergies SE may grant employees 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.
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 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Personnel expenses (M$) | \n\n \n | \n\n \n | \n\n \n | \n
| \n Wages and salaries (including social charges) | \n\n 9,460 | \n\n 9,210 | \n\n 9,002 | \n
| \n TotalEnergies employees at December 31, | \n\n \u00a0 | \n\n \u00a0 | \n\n \n | \n
| \n France (DROM COM includ.) | \n\n \u00a0 | \n\n \u00a0 | \n\n \n | \n
| \n \u2013Management | \n\n 15,101 | \n\n 14,675 | \n\n 14,130 | \n
| \n \u2013Other | \n\n 20,779 | \n\n 20,831 | \n\n 20,829 | \n
| \n International | \n\n \u00a0 | \n\n \u00a0 | \n\n \n | \n
| \n \u2013Management | \n\n 20,318 | \n\n 19,470 | \n\n 18,183 | \n
| \n \u2013Other | \n\n 46,689 | \n\n 47,603 | \n\n 48,137 | \n
| \n Total | \n\n 102,887 | \n\n 102,579 | \n\n 101,279 | \n
The number of employees includes only employees of fully consolidated subsidiaries.
Accounting principles
Income taxes disclosed in the statement of income include current tax expense (or income) and deferred tax expense (or income).
Deferred income taxes are recorded based on the temporary differences between the carrying amounts of assets and liabilities recorded in the balance sheet and their tax bases, and on carry-forwards of unused tax losses and other tax credits.
Deferred tax assets and liabilities are measured using the tax rates that have been enacted or substantially enacted at the balance sheet date. The tax rates used depend on the timing of reversals of temporary differences, tax losses and other tax credits. The effect of a change in tax rate is recognized either in the Consolidated Statement of Income or in shareholders\u2019 equity depending on the item it relates to.
Deferred tax resulting from temporary differences between the carrying amounts of equity-method investments and their tax bases are recognized. The deferred tax calculation is based on the expected future tax effect (dividend distribution rate or tax rate on capital gains).
Income taxes are detailed as follows:
| \n For the year ended December 31, (M$) | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Current income taxes | \n\n (10,212) | \n\n (12,745) | \n\n (19,825) | \n
| \n Deferred income taxes | \n\n (563) | \n\n (556) | \n\n (2,417) | \n
| \n Total income taxes | \n\n (10,775) | \n\n (13,301) | \n\n (22,242) | \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 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Net operating losses and tax carry forwards | \n\n 3,324 | \n\n 3,098 | \n\n 3,600 | \n
| \n Employee benefits | \n\n 436 | \n\n 415 | \n\n 409 | \n
| \n Other temporary non-deductible provisions | \n\n 6,886 | \n\n 7,569 | \n\n 8,813 | \n
| \n Differences in depreciations | \n\n (15,003) | \n\n (15,443) | \n\n (14,692) | \n
| \n Other temporary tax deductions | \n\n (4,555) | \n\n (3,909) | \n\n (4,102) | \n
| \n Net deferred tax liability | \n\n (8,912) | \n\n (8,270) | \n\n (5,972) | \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 $1,837 million as of December 31, 2024.
Deferred tax assets not recognized as of December 31, 2024, amount to $3,085 million as their future recovery was not regarded as probable given the expected results of the entities, particularly in the Exploration\u00a0&\u00a0Production 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 $1,112 million and to Australia for an amount of $201 million.
After netting deferred tax assets and liabilities by fiscal entity, deferred taxes are presented on the balance sheet as follows:
| \n As of December 31, (M$) | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Deferred tax assets | \n\n 3,202 | \n\n 3,418 | \n\n 5,049 | \n
| \n Deferred tax liabilities | \n\n (12,114) | \n\n (11,688) | \n\n (11,021) | \n
| \n Net amount | \n\n (8,912) | \n\n (8,270) | \n\n (5,972) | \n
The net deferred tax variation in the balance sheet is analyzed as follows:
| \n As of December 31, (M$) | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Opening balance | \n\n (8,270) | \n\n (5,972) | \n\n (5,504) | \n
| \n Deferred tax on income | \n\n (563) | \n\n (556) | \n\n (2,417) | \n
| \n Deferred tax on shareholders' equity(a) | \n\n (768) | \n\n (741) | \n\n 1,353 | \n
| \n Changes in scope of consolidation and others | \n\n 388 | \n\n (1,102) | \n\n 218 | \n
| \n Currency translation adjustment | \n\n 301 | \n\n 101 | \n\n 378 | \n
| \n Closing balance | \n\n (8,912) | \n\n (8,270) | \n\n (5,972) | \n
| \n (a)This amount includes mainly deferred taxes on actuarial gains and losses, current income taxes and deferred taxes for changes in fair value of investments in equity instruments, as well as deferred taxes related to the cash flow hedge (refer to Note 9 to the Consolidated Financial Statements). | \n
Reconciliation between provision for income taxes and pre-tax income
| \n For the year ended December 31, (M$) | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Consolidated net income | \n\n 16,031 | \n\n 21,510 | \n\n 21,044 | \n
| \n Income taxes | \n\n 10,775 | \n\n 13,301 | \n\n 22,242 | \n
| \n Pre-tax income | \n\n 26,806 | \n\n 34,811 | \n\n 43,286 | \n
| \n French statutory tax rate | \n\n 25.83% | \n\n 25.83% | \n\n 25.83% | \n
| \n Theoretical tax charge | \n\n (6,924) | \n\n (8,992) | \n\n (11,181) | \n
| \n Difference between French and foreign income tax rates | \n\n (5,554) | \n\n (5,925) | \n\n (9,625) | \n
| \n Tax effect of equity in income (loss) of affiliates | \n\n 408 | \n\n 477 | \n\n (489) | \n
| \n Permanent differences | \n\n 890 | \n\n 800 | \n\n (676) | \n
| \n Adjustments on prior years income taxes | \n\n 109 | \n\n 54 | \n\n 64 | \n
| \n Adjustments on deferred tax related to changes in tax rates | \n\n (35) | \n\n 216 | \n\n (610) | \n
| \n Variation of deferred tax assets not recognized | \n\n 331 | \n\n 69 | \n\n 275 | \n
| \n Income taxes in the statement of income | \n\n (10,775) | \n\n (13,301) | \n\n (22,242) | \n
The French statutory tax rate includes the standard corporate tax rate (25%), increased by the additional contribution that bring the overall tax rate to 25.83% in 2024 (as in 2023 and 2022).
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 credits which expire according to the following years:
| \n As of December 31, (M$) | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n 2023 | \n\n \u00a0 | \n\n \u00a0 | \n\n 4 | \n
| \n 2024 | \n\n \u00a0 | \n\n 2 | \n\n 2 | \n
| \n 2025 | \n\n 2 | \n\n 2 | \n\n 4 | \n
| \n 2026 | \n\n 5 | \n\n 8 | \n\n 8 | \n
| \n 2027(a) | \n\n 4 | \n\n 3 | \n\n 1,220 | \n
| \n 2028(b) | \n\n 5 | \n\n 1,201 | \n\n \u00a0 | \n
| \n 2029 and after | \n\n 216 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Unlimited | \n\n 3,092 | \n\n 1,882 | \n\n 2,362 | \n
| \n Total | \n\n 3,324 | \n\n 3,098 | \n\n 3,600 | \n
| \n (a)2027 and after for 2022. (b)2028 and after for 2023. | \n\n\n | \n\n\n | \n\n\n | \n
As of December 31, 2024 the schedule of deferred tax assets related to carried forward tax credits on net operating losses for the main countries is as follows:
| \n As of December 31, 2024 (M$) | \n\n Tax | \n|||
|---|---|---|---|---|
| \n Kazakhstan | \n\n France | \n\n Australia | \n\n United States | \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 \u00a0 | \n\n \u00a0 | \n
| \n 2027 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n 2028 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n 2029 and after | \n\n 2 | \n\n \u00a0 | \n\n \u00a0 | \n\n 150 | \n
| \n Unlimited | \n\n 524 | \n\n 798 | \n\n 571 | \n\n 627 | \n
| \n Total | \n\n 526 | \n\n 798 | \n\n 571 | \n\n 777 | \n
Accounting principles
Income taxes disclosed in the statement of income include current tax expense (or income) and deferred tax expense (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
Income taxes disclosed in the statement of income include current tax expense (or income) and deferred tax expense (or income).
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
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
TotalEnergies is not currently aware of any exceptional event, dispute, risks or contingent liabilities that could have a material impact on the assets and liabilities, results, financial position or operations of the TotalEnergies company, other than those mentioned below.
Yemen
In Yemen, the deterioration of security conditions in the vicinity of the Balhaf site caused the company Yemen LNG, in which the TotalEnergies company holds a stake of 39.62%, to stop its commercial production and export of LNG and to declare force majeure to its various stakeholders in 2015. The plant has been put in preservation mode.
Mozambique
Considering the evolution of the security situation in the north of the Cabo Delgado province in Mozambique, the TotalEnergies company has confirmed on April 26, 2021, the withdrawal of all Mozambique LNG project personnel from the Afungi site. This situation led the Company, as operator of Mozambique LNG project, to declare force majeure.
Legal and arbitration proceedings
\u2013FERC
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 brought a claim to the U.S. District Court for the District of Texas in December 2022 disputing the constitutionality of FERC's administrative procedure; the U.S. District Court for the District of Texas ordered a stay of the case in the course of 2023, pending decisions by the U.S. Supreme Court other cases involving similar constitutional issues. On June 27, 2024, the U.S. Supreme Court confirmed that the constitution guarantees respondents with the right to a jury trial in this type of administrative procedure and the competence of the U.S. District Court. FERC terminated in September 2024 its administrative procedure (Hearing Order) started in 2021 and mentioned that no penalties would be imposed on the Company\u2019s entities on the basis of the 2016 question (Order to show cause) although it is not terminating the whole case. TGPNA has always contested the claims brought against it and FERC approved on January 8, 2025, a settlement agreement with TGPNA for an amount of USD 5 million finally resolving this claim amongst all parties with prejudice and without admission of liability.
\u2013Disputes relating to Climate
In France, the Corporation was summoned in January 2020 before Nanterre\u2019s Civil 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\u00a0\u00b0C, as well as indicating the expected amount of future greenhouse gas emissions related to the Company's activities and its product utilization by third parties and in order to obtain an injunction ordering the Corporation to cease exploration and exploitation of new oil or gas fields, to reduce its oil and gas production by 2030 and 2050, and to reduce its net direct and indirect CO2 emissions by 40% in 2040 compared with 2019. This action was declared inadmissible on July 6, 2023, by the Paris Civil Court of Justice to which the case was transferred following a new procedural law. Following the appeal filed by the claimants, the Paris Court of Appeal, in a judgment of June 18, 2024, considered the action initiated admissible in particular on the basis of the law on the duty of vigilance transferring the case for trial on the merits before the Paris Civil Court of Justice, while strucking out 17 of the 22 applicants as well as declining to awards any provisional measures. TotalEnergies SE considers that it has fulfilled its obligations under the French law on the vigilance duty.\u00a0A new action against the Corporation, with similar requests for injunction, has started in March 2024 before the commercial court of Tournai in Belgium.
Some associations in France brought civil and criminal actions against TotalEnergies SE, with the purpose of proving that since May 2021 \u2013 after the change of name of TotalEnergies \u2013 the Corporation\u2019s corporate communication and its publicity campaign contain environmental claims that are either false or misleading for the consumer. TotalEnergies considers that these accusations are unfounded.
In France, on July 4, 2023, nine shareholders (two companies and 7\u00a0individuals holding a small number of the Corporation's shares) brought an action against the Corporation before the Nanterre Commercial Court, seeking the annulment of resolution no. 3 passed by the Corporation's Annual Shareholders\u2019 Meeting on May 26, 2023, recording the results for fiscal year 2022 and setting the amount of the dividend to be distributed for fiscal year 2022. The plaintiffs essentially allege an insufficient provision for impairment of TotalEnergies' assets in the financial statements for the fiscal year 2022, due to the insufficient consideration of future risks and costs related to the consequences of greenhouse gas emissions emitted by its customers (scope 3) and carbon cost assumptions presented as too low. The Corporation considers this action to be unfounded.
In the United States, several US subsidiaries of TotalEnergies were summoned, amongst many companies and professional associations, in several \"climate litigation\" cases, seeking to establish legal liability for past greenhouse gas emissions, and to compensate plaintiff public authorities, in particular for resulting adaptation costs. The Corporation was summoned, in some of these claims along with these subsidiaries considers that the courts lack jurisdiction, that it has many arguments to put forward, and considers also that the past and present behavior of the Company does not constitute a fault susceptible to give rise to liability.
\u2013Mozambique
In France, victims and heirs of deceased persons filed a complaint against the Company in October 2023 with the Nanterre Prosecutor, following the events perpetrated by terrorists in the city of Palma in March 2021. This complaint would allege that the Corporation is liable for \u201cunvoluntary manslaughter\u201d and, \u201cfailure to assist people in danger\u201d. The Corporation considers these accusations as unfounded in both law and\u00a0fact(407).
\u2013Kazakhstan
On April 1st, 2024, the Republic of Kazakhstan filed a Statement of Claims in the context of an arbitration involving TotalEnergies EP Kazakhstan and its partners under the production sharing contract related to the North Caspian Sea. TotalEnergies EP Kazakhstan and its partners consider this action to be unfounded. Therefore, it is not possible at this date to reliably assess the potential consequences of this claim, particularly financial ones, nor the date of their implementation.
13.1Off-balance sheet commitments and contractual obligations
| \n As of December 31, 2024 (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 34,684 | \n\n \u2013 | \n\n 13,950 | \n\n 20,734 | \n
| \n Current portion of non-current debt obligations net of hedging instruments (Note 15) | \n\n 3,863 | \n\n 3,863 | \n\n \u2013 | \n\n \u2013 | \n
| \n Lease obligations (Note 13.2) | \n\n 9,917 | \n\n 2,095 | \n\n 3,893 | \n\n 3,929 | \n
| \n Asset retirement obligations (Note 12) | \n\n 11,359 | \n\n 524 | \n\n 1,588 | \n\n 9,247 | \n
| \n Contractual obligations recorded in the balance sheet | \n\n 59,823 | \n\n 6,482 | \n\n 19,431 | \n\n 33,910 | \n
| \n Lease obligations for low value assets, short term contracts or not yet commenced (Note 13.2) | \n\n 3,429 | \n\n 772 | \n\n 1,746 | \n\n 911 | \n
| \n Purchase obligations | \n\n 188,827 | \n\n 12,307 | \n\n 47,855 | \n\n 128,665 | \n
| \n Contractual obligations not recorded in the balance sheet | \n\n 192,256 | \n\n 13,079 | \n\n 49,601 | \n\n 129,576 | \n
| \n Total of contractual obligations | \n\n 252,079 | \n\n 19,561 | \n\n 69,032 | \n\n 163,486 | \n
| \n Guarantees given to customs authorities | \n\n 1,908 | \n\n 1,839 | \n\n 9 | \n\n 60 | \n
| \n Guarantees given on borrowings | \n\n 22,317 | \n\n 419 | \n\n 12,887 | \n\n 9,011 | \n
| \n Guarantees related to sales of businesses | \n\n 306 | \n\n 154 | \n\n 152 | \n\n \u2013 | \n
| \n Guarantees of current liabilities | \n\n 167 | \n\n 167 | \n\n \u2013 | \n\n \u2013 | \n
| \n Guarantees to customers / suppliers | \n\n 27,510 | \n\n 11,618 | \n\n 1,599 | \n\n 14,293 | \n
| \n Letters of credit | \n\n 3,974 | \n\n 3,767 | \n\n 189 | \n\n 18 | \n
| \n Other operating commitments | \n\n 19,093 | \n\n 6,198 | \n\n 818 | \n\n 12,077 | \n
| \n Total of other commitments given | \n\n 75,275 | \n\n 24,162 | \n\n 15,654 | \n\n 35,459 | \n
| \n Assets received as collateral (security interests) | \n\n 40 | \n\n 17 | \n\n 12 | \n\n 11 | \n
| \n Sales obligations | \n\n 116,850 | \n\n 10,743 | \n\n 55,870 | \n\n 50,237 | \n
| \n Other commitments received | \n\n 25,736 | \n\n 19,822 | \n\n 2,838 | \n\n 3,076 | \n
| \n Total of commitments received | \n\n 142,626 | \n\n 30,582 | \n\n 58,720 | \n\n 53,324 | \n
| \n of which commitments given relating to joint-ventures | \n\n 35,755 | \n\n 87 | \n\n 12,267 | \n\n 23,401 | \n
| \n of which commitments given relating to associates | \n\n 90,221 | \n\n 674 | \n\n 21,074 | \n\n 68,473 | \n
| \n As of December 31, 2023 (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 31,493 | \n\n \u2013 | \n\n 13,068 | \n\n 18,425 | \n
| \n Current portion of non-current debt obligations net of hedging instruments (Note 15) | \n\n 5,669 | \n\n 5,669 | \n\n \u2013 | \n\n \u2013 | \n
| \n Lease obligations (Note 13.2) | \n\n 9,477 | \n\n 1,721 | \n\n 3,652 | \n\n 4,104 | \n
| \n Asset retirement obligations (Note 12) | \n\n 11,585 | \n\n 453 | \n\n 1,452 | \n\n 9,680 | \n
| \n Contractual obligations recorded in the balance sheet | \n\n 58,224 | \n\n 7,843 | \n\n 18,172 | \n\n 32,209 | \n
| \n Lease obligations for low value assets, short term contracts or not yet commenced (Note 13.2) | \n\n 2,221 | \n\n 643 | \n\n 1,049 | \n\n 529 | \n
| \n Purchase obligations | \n\n 178,772 | \n\n 14,536 | \n\n 40,850 | \n\n 123,386 | \n
| \n Contractual obligations not recorded in the balance sheet | \n\n 180,993 | \n\n 15,179 | \n\n 41,899 | \n\n 123,915 | \n
| \n Total of contractual obligations | \n\n 239,217 | \n\n 23,022 | \n\n 60,071 | \n\n 156,124 | \n
| \n Guarantees given to customs authorities | \n\n 2,001 | \n\n 1,913 | \n\n 47 | \n\n 41 | \n
| \n Guarantees given on borrowings | \n\n 19,219 | \n\n 582 | \n\n 9,506 | \n\n 9,131 | \n
| \n Guarantees related to sales of businesses | \n\n 312 | \n\n 160 | \n\n \u2013 | \n\n 152 | \n
| \n Guarantees of current liabilities | \n\n 67 | \n\n 67 | \n\n \u2013 | \n\n \u2013 | \n
| \n Guarantees to customers / suppliers | \n\n 23,382 | \n\n 6,768 | \n\n 3,946 | \n\n 12,668 | \n
| \n Letters of credit | \n\n 3,294 | \n\n 3,002 | \n\n 270 | \n\n 22 | \n
| \n Other operating commitments | \n\n 20,409 | \n\n 8,698 | \n\n 1,083 | \n\n 10,628 | \n
| \n Total of other commitments given | \n\n 68,684 | \n\n 21,190 | \n\n 14,852 | \n\n 32,642 | \n
| \n Assets received as collateral (security interests) | \n\n 42 | \n\n 22 | \n\n 8 | \n\n 12 | \n
| \n Sales obligations | \n\n 97,436 | \n\n 8,470 | \n\n 47,178 | \n\n 41,788 | \n
| \n Other commitments received | \n\n 25,365 | \n\n 18,025 | \n\n 3,355 | \n\n 3,985 | \n
| \n Total of commitments received | \n\n 122,843 | \n\n 26,517 | \n\n 50,541 | \n\n 45,785 | \n
| \n of which commitments given relating to joint-ventures | \n\n 32,846 | \n\n 906 | \n\n 10,643 | \n\n 21,297 | \n
| \n of which commitments given relating to associates | \n\n 97,130 | \n\n 850 | \n\n 14,676 | \n\n 81,604 | \n
| \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 | \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
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 $7,822 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\u00a0obligations of $2,095 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 LNG 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 LNG segment, reservation of transport capacities in pipelines, unconditional exploration works and development works in the Exploration & Production and Integrated LNG 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, 2024, the maturities of these guarantees are up to 2047.
As of December\u00a031, 2024, the guarantees provided by TotalEnergies SE in connection with the financing of the Mozambique LNG project amount to $4,600 million as in 2023.
As of December\u00a031, 2024, the guarantees provided by TotalEnergies SE in connection with the financing of the Ichthys LNG project amount to $4,022 million. As of December 31, 2023, the guarantees amounted to $4,136 million.
As of December\u00a031, 2024, the guarantees provided by TotalEnergies SE in connection with the financing of the Yamal LNG project amount to $3,243 million. As of December 31, 2023, the guarantees amounted to $3,270 million.
As of December\u00a031, 2024, the guarantees provided by TotalEnergies SE in connection with the financing of the Amiral project amount to $2,584 million.
As of December\u00a031, 2024, the guarantees provided by TotalEnergies SE in connection with the financing of the Bayport Polymers LLC project, amount to $1,400 million as in 2023.
As of December\u00a031, 2024, the guarantees provided by TotalEnergies Holdings in connection with the financing of the Oranje Wind (HKW) project, amount to $1,299 million.
As of December 31, 2024, TotalEnergies SE has confirmed guarantees for TotalEnergies Refining Saudi Arabia SAS shareholders' advances for an amount of $1,025 million as in 2023.
As of December\u00a031, 2024, the guarantees provided by TotalEnergies\u00a0SE in connection with the financing of the Arctic LNG2 project amount to $ 987 million. As of December 31, 2023, the guarantees amounted to $1,050 million.
As of December\u00a031, 2024, the guarantees provided by TotalEnergies Holdings in connection with the financing of the Rio Grande LNG project amount to $800 million as in 2023.
As of December\u00a031, 2024, the guarantees provided by TotalEnergies Holdings in connection with the financing of the Seagreen project, amount to $627 million. As of December 31, 2023, the guarantees amounted to $1,273 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\u2011consolidated 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\u00a0operating 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\u2011liquid 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\u00a0commitments. | \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, service stations, ships, and other equipment (refer to 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, 2024 (M$) | \n\n Exempted contracts | \n\n Leases recorded in balance sheet | \n
|---|---|---|
| \n 2025 | \n\n 772 | \n\n 2,713 | \n
| \n 2026 | \n\n 494 | \n\n 1,916 | \n
| \n 2027 | \n\n 497 | \n\n 1,414 | \n
| \n 2028 | \n\n 418 | \n\n 1,202 | \n
| \n 2029 | \n\n 337 | \n\n 1,086 | \n
| \n 2030 and beyond | \n\n 911 | \n\n 6,215 | \n
| \n Total minimum payments | \n\n 3,429 | \n\n 14,546 | \n
| \n Less financial expenses | \n\n \u2013 | \n\n \u00a0(4,629) | \n
| \n Nominal value of contracts | \n\n \u2013 | \n\n 9,917 | \n
| \n Less current portion of lease contracts (Note 15) | \n\n \u2013 | \n\n \u00a0(2,095) | \n
| \n Non-current lease liabilities | \n\n \u2013 | \n\n 7,822 | \n
| \n For the year ended December 31, 2023 (M$) | \n\n Exempted contracts | \n\n Leases recorded in balance sheet | \n
|---|---|---|
| \n 2024 | \n\n 643 | \n\n 2,473 | \n
| \n 2025 | \n\n 406 | \n\n 1,607 | \n
| \n 2026 | \n\n 249 | \n\n 1,384 | \n
| \n 2027 | \n\n 231 | \n\n 1,142 | \n
| \n 2028 | \n\n 163 | \n\n 1,007 | \n
| \n 2029 and beyond | \n\n 529 | \n\n 6,188 | \n
| \n Total minimum payments | \n\n 2,221 | \n\n 13,801 | \n
| \n Less financial expenses | \n\n \u2013 | \n\n \u00a0(4,324) | \n
| \n Nominal value of contracts | \n\n \u2013 | \n\n 9,477 | \n
| \n Less current portion of lease contracts (Note 15) | \n\n \u2013 | \n\n \u00a0(1,721) | \n
| \n Non-current lease liabilities | \n\n \u2013 | \n\n 7,756 | \n
| \n For the year ended December 31, 2022 (M$) | \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 \u00a0(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 \u00a0(1,437) | \n
| \n Non-current lease liabilities | \n\n \u2013 | \n\n 8,277 | \n
For the year ended December 31, 2024, rental expense recorded in the income statement and incurred under short term leases or low value assets leases and under variable lease payments is $641 million and $103 million, respectively.
For the year ended December 31, 2023, rental expense recorded in the income statement and incurred under short term leases or low value assets leases and under variable lease payments is $1,007 million and $183 million, respectively.
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 was $701 million and $151 million, respectively.
Other information required on lease debts, notably their maturity, is presented in Note 15 to the Consolidated Financial Statements.
(407)Refer to the press release published by the Company on October 11, 2023 contesting the accusations.
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
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
TotalEnergies is not currently aware of any exceptional event, dispute, risks or contingent liabilities that could have a material impact on the assets and liabilities, results, financial position or operations of the TotalEnergies company, other than those mentioned below.
Yemen
In Yemen, the deterioration of security conditions in the vicinity of the Balhaf site caused the company Yemen LNG, in which the TotalEnergies company holds a stake of 39.62%, to stop its commercial production and export of LNG and to declare force majeure to its various stakeholders in 2015. The plant has been put in preservation mode.
Mozambique
Considering the evolution of the security situation in the north of the Cabo Delgado province in Mozambique, the TotalEnergies company has confirmed on April 26, 2021, the withdrawal of all Mozambique LNG project personnel from the Afungi site. This situation led the Company, as operator of Mozambique LNG project, to declare force majeure.
Legal and arbitration proceedings
\u2013FERC
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 brought a claim to the U.S. District Court for the District of Texas in December 2022 disputing the constitutionality of FERC's administrative procedure; the U.S. District Court for the District of Texas ordered a stay of the case in the course of 2023, pending decisions by the U.S. Supreme Court other cases involving similar constitutional issues. On June 27, 2024, the U.S. Supreme Court confirmed that the constitution guarantees respondents with the right to a jury trial in this type of administrative procedure and the competence of the U.S. District Court. FERC terminated in September 2024 its administrative procedure (Hearing Order) started in 2021 and mentioned that no penalties would be imposed on the Company\u2019s entities on the basis of the 2016 question (Order to show cause) although it is not terminating the whole case. TGPNA has always contested the claims brought against it and FERC approved on January 8, 2025, a settlement agreement with TGPNA for an amount of USD 5 million finally resolving this claim amongst all parties with prejudice and without admission of liability.
\u2013Disputes relating to Climate
In France, the Corporation was summoned in January 2020 before Nanterre\u2019s Civil 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\u00a0\u00b0C, as well as indicating the expected amount of future greenhouse gas emissions related to the Company's activities and its product utilization by third parties and in order to obtain an injunction ordering the Corporation to cease exploration and exploitation of new oil or gas fields, to reduce its oil and gas production by 2030 and 2050, and to reduce its net direct and indirect CO2 emissions by 40% in 2040 compared with 2019. This action was declared inadmissible on July 6, 2023, by the Paris Civil Court of Justice to which the case was transferred following a new procedural law. Following the appeal filed by the claimants, the Paris Court of Appeal, in a judgment of June 18, 2024, considered the action initiated admissible in particular on the basis of the law on the duty of vigilance transferring the case for trial on the merits before the Paris Civil Court of Justice, while strucking out 17 of the 22 applicants as well as declining to awards any provisional measures. TotalEnergies SE considers that it has fulfilled its obligations under the French law on the vigilance duty.\u00a0A new action against the Corporation, with similar requests for injunction, has started in March 2024 before the commercial court of Tournai in Belgium.
Some associations in France brought civil and criminal actions against TotalEnergies SE, with the purpose of proving that since May 2021 \u2013 after the change of name of TotalEnergies \u2013 the Corporation\u2019s corporate communication and its publicity campaign contain environmental claims that are either false or misleading for the consumer. TotalEnergies considers that these accusations are unfounded.
In France, on July 4, 2023, nine shareholders (two companies and 7\u00a0individuals holding a small number of the Corporation's shares) brought an action against the Corporation before the Nanterre Commercial Court, seeking the annulment of resolution no. 3 passed by the Corporation's Annual Shareholders\u2019 Meeting on May 26, 2023, recording the results for fiscal year 2022 and setting the amount of the dividend to be distributed for fiscal year 2022. The plaintiffs essentially allege an insufficient provision for impairment of TotalEnergies' assets in the financial statements for the fiscal year 2022, due to the insufficient consideration of future risks and costs related to the consequences of greenhouse gas emissions emitted by its customers (scope 3) and carbon cost assumptions presented as too low. The Corporation considers this action to be unfounded.
In the United States, several US subsidiaries of TotalEnergies were summoned, amongst many companies and professional associations, in several \"climate litigation\" cases, seeking to establish legal liability for past greenhouse gas emissions, and to compensate plaintiff public authorities, in particular for resulting adaptation costs. The Corporation was summoned, in some of these claims along with these subsidiaries considers that the courts lack jurisdiction, that it has many arguments to put forward, and considers also that the past and present behavior of the Company does not constitute a fault susceptible to give rise to liability.
\u2013Mozambique
In France, victims and heirs of deceased persons filed a complaint against the Company in October 2023 with the Nanterre Prosecutor, following the events perpetrated by terrorists in the city of Palma in March 2021. This complaint would allege that the Corporation is liable for \u201cunvoluntary manslaughter\u201d and, \u201cfailure to assist people in danger\u201d. The Corporation considers these accusations as unfounded in both law and\u00a0fact(407).
\u2013Kazakhstan
On April 1st, 2024, the Republic of Kazakhstan filed a Statement of Claims in the context of an arbitration involving TotalEnergies EP Kazakhstan and its partners under the production sharing contract related to the North Caspian Sea. TotalEnergies EP Kazakhstan and its partners consider this action to be unfounded. Therefore, it is not possible at this date to reliably assess the potential consequences of this claim, particularly financial ones, nor the date of their implementation.
(407)Refer to the press release published by the Company on October 11, 2023 contesting the accusations.
13.1Off-balance sheet commitments and contractual obligations
| \n As of December 31, 2024 (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 34,684 | \n\n \u2013 | \n\n 13,950 | \n\n 20,734 | \n
| \n Current portion of non-current debt obligations net of hedging instruments (Note 15) | \n\n 3,863 | \n\n 3,863 | \n\n \u2013 | \n\n \u2013 | \n
| \n Lease obligations (Note 13.2) | \n\n 9,917 | \n\n 2,095 | \n\n 3,893 | \n\n 3,929 | \n
| \n Asset retirement obligations (Note 12) | \n\n 11,359 | \n\n 524 | \n\n 1,588 | \n\n 9,247 | \n
| \n Contractual obligations recorded in the balance sheet | \n\n 59,823 | \n\n 6,482 | \n\n 19,431 | \n\n 33,910 | \n
| \n Lease obligations for low value assets, short term contracts or not yet commenced (Note 13.2) | \n\n 3,429 | \n\n 772 | \n\n 1,746 | \n\n 911 | \n
| \n Purchase obligations | \n\n 188,827 | \n\n 12,307 | \n\n 47,855 | \n\n 128,665 | \n
| \n Contractual obligations not recorded in the balance sheet | \n\n 192,256 | \n\n 13,079 | \n\n 49,601 | \n\n 129,576 | \n
| \n Total of contractual obligations | \n\n 252,079 | \n\n 19,561 | \n\n 69,032 | \n\n 163,486 | \n
| \n Guarantees given to customs authorities | \n\n 1,908 | \n\n 1,839 | \n\n 9 | \n\n 60 | \n
| \n Guarantees given on borrowings | \n\n 22,317 | \n\n 419 | \n\n 12,887 | \n\n 9,011 | \n
| \n Guarantees related to sales of businesses | \n\n 306 | \n\n 154 | \n\n 152 | \n\n \u2013 | \n
| \n Guarantees of current liabilities | \n\n 167 | \n\n 167 | \n\n \u2013 | \n\n \u2013 | \n
| \n Guarantees to customers / suppliers | \n\n 27,510 | \n\n 11,618 | \n\n 1,599 | \n\n 14,293 | \n
| \n Letters of credit | \n\n 3,974 | \n\n 3,767 | \n\n 189 | \n\n 18 | \n
| \n Other operating commitments | \n\n 19,093 | \n\n 6,198 | \n\n 818 | \n\n 12,077 | \n
| \n Total of other commitments given | \n\n 75,275 | \n\n 24,162 | \n\n 15,654 | \n\n 35,459 | \n
| \n Assets received as collateral (security interests) | \n\n 40 | \n\n 17 | \n\n 12 | \n\n 11 | \n
| \n Sales obligations | \n\n 116,850 | \n\n 10,743 | \n\n 55,870 | \n\n 50,237 | \n
| \n Other commitments received | \n\n 25,736 | \n\n 19,822 | \n\n 2,838 | \n\n 3,076 | \n
| \n Total of commitments received | \n\n 142,626 | \n\n 30,582 | \n\n 58,720 | \n\n 53,324 | \n
| \n of which commitments given relating to joint-ventures | \n\n 35,755 | \n\n 87 | \n\n 12,267 | \n\n 23,401 | \n
| \n of which commitments given relating to associates | \n\n 90,221 | \n\n 674 | \n\n 21,074 | \n\n 68,473 | \n
| \n As of December 31, 2023 (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 31,493 | \n\n \u2013 | \n\n 13,068 | \n\n 18,425 | \n
| \n Current portion of non-current debt obligations net of hedging instruments (Note 15) | \n\n 5,669 | \n\n 5,669 | \n\n \u2013 | \n\n \u2013 | \n
| \n Lease obligations (Note 13.2) | \n\n 9,477 | \n\n 1,721 | \n\n 3,652 | \n\n 4,104 | \n
| \n Asset retirement obligations (Note 12) | \n\n 11,585 | \n\n 453 | \n\n 1,452 | \n\n 9,680 | \n
| \n Contractual obligations recorded in the balance sheet | \n\n 58,224 | \n\n 7,843 | \n\n 18,172 | \n\n 32,209 | \n
| \n Lease obligations for low value assets, short term contracts or not yet commenced (Note 13.2) | \n\n 2,221 | \n\n 643 | \n\n 1,049 | \n\n 529 | \n
| \n Purchase obligations | \n\n 178,772 | \n\n 14,536 | \n\n 40,850 | \n\n 123,386 | \n
| \n Contractual obligations not recorded in the balance sheet | \n\n 180,993 | \n\n 15,179 | \n\n 41,899 | \n\n 123,915 | \n
| \n Total of contractual obligations | \n\n 239,217 | \n\n 23,022 | \n\n 60,071 | \n\n 156,124 | \n
| \n Guarantees given to customs authorities | \n\n 2,001 | \n\n 1,913 | \n\n 47 | \n\n 41 | \n
| \n Guarantees given on borrowings | \n\n 19,219 | \n\n 582 | \n\n 9,506 | \n\n 9,131 | \n
| \n Guarantees related to sales of businesses | \n\n 312 | \n\n 160 | \n\n \u2013 | \n\n 152 | \n
| \n Guarantees of current liabilities | \n\n 67 | \n\n 67 | \n\n \u2013 | \n\n \u2013 | \n
| \n Guarantees to customers / suppliers | \n\n 23,382 | \n\n 6,768 | \n\n 3,946 | \n\n 12,668 | \n
| \n Letters of credit | \n\n 3,294 | \n\n 3,002 | \n\n 270 | \n\n 22 | \n
| \n Other operating commitments | \n\n 20,409 | \n\n 8,698 | \n\n 1,083 | \n\n 10,628 | \n
| \n Total of other commitments given | \n\n 68,684 | \n\n 21,190 | \n\n 14,852 | \n\n 32,642 | \n
| \n Assets received as collateral (security interests) | \n\n 42 | \n\n 22 | \n\n 8 | \n\n 12 | \n
| \n Sales obligations | \n\n 97,436 | \n\n 8,470 | \n\n 47,178 | \n\n 41,788 | \n
| \n Other commitments received | \n\n 25,365 | \n\n 18,025 | \n\n 3,355 | \n\n 3,985 | \n
| \n Total of commitments received | \n\n 122,843 | \n\n 26,517 | \n\n 50,541 | \n\n 45,785 | \n
| \n of which commitments given relating to joint-ventures | \n\n 32,846 | \n\n 906 | \n\n 10,643 | \n\n 21,297 | \n
| \n of which commitments given relating to associates | \n\n 97,130 | \n\n 850 | \n\n 14,676 | \n\n 81,604 | \n
| \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 | \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
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 $7,822 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\u00a0obligations of $2,095 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 LNG 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 LNG segment, reservation of transport capacities in pipelines, unconditional exploration works and development works in the Exploration & Production and Integrated LNG 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, 2024, the maturities of these guarantees are up to 2047.
As of December\u00a031, 2024, the guarantees provided by TotalEnergies SE in connection with the financing of the Mozambique LNG project amount to $4,600 million as in 2023.
As of December\u00a031, 2024, the guarantees provided by TotalEnergies SE in connection with the financing of the Ichthys LNG project amount to $4,022 million. As of December 31, 2023, the guarantees amounted to $4,136 million.
As of December\u00a031, 2024, the guarantees provided by TotalEnergies SE in connection with the financing of the Yamal LNG project amount to $3,243 million. As of December 31, 2023, the guarantees amounted to $3,270 million.
As of December\u00a031, 2024, the guarantees provided by TotalEnergies SE in connection with the financing of the Amiral project amount to $2,584 million.
As of December\u00a031, 2024, the guarantees provided by TotalEnergies SE in connection with the financing of the Bayport Polymers LLC project, amount to $1,400 million as in 2023.
As of December\u00a031, 2024, the guarantees provided by TotalEnergies Holdings in connection with the financing of the Oranje Wind (HKW) project, amount to $1,299 million.
As of December 31, 2024, TotalEnergies SE has confirmed guarantees for TotalEnergies Refining Saudi Arabia SAS shareholders' advances for an amount of $1,025 million as in 2023.
As of December\u00a031, 2024, the guarantees provided by TotalEnergies\u00a0SE in connection with the financing of the Arctic LNG2 project amount to $ 987 million. As of December 31, 2023, the guarantees amounted to $1,050 million.
As of December\u00a031, 2024, the guarantees provided by TotalEnergies Holdings in connection with the financing of the Rio Grande LNG project amount to $800 million as in 2023.
As of December\u00a031, 2024, the guarantees provided by TotalEnergies Holdings in connection with the financing of the Seagreen project, amount to $627 million. As of December 31, 2023, the guarantees amounted to $1,273 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\u2011consolidated 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\u00a0operating 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\u2011liquid 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\u00a0commitments. | \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, service stations, ships, and other equipment (refer to 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, 2024 (M$) | \n\n Exempted contracts | \n\n Leases recorded in balance sheet | \n
|---|---|---|
| \n 2025 | \n\n 772 | \n\n 2,713 | \n
| \n 2026 | \n\n 494 | \n\n 1,916 | \n
| \n 2027 | \n\n 497 | \n\n 1,414 | \n
| \n 2028 | \n\n 418 | \n\n 1,202 | \n
| \n 2029 | \n\n 337 | \n\n 1,086 | \n
| \n 2030 and beyond | \n\n 911 | \n\n 6,215 | \n
| \n Total minimum payments | \n\n 3,429 | \n\n 14,546 | \n
| \n Less financial expenses | \n\n \u2013 | \n\n \u00a0(4,629) | \n
| \n Nominal value of contracts | \n\n \u2013 | \n\n 9,917 | \n
| \n Less current portion of lease contracts (Note 15) | \n\n \u2013 | \n\n \u00a0(2,095) | \n
| \n Non-current lease liabilities | \n\n \u2013 | \n\n 7,822 | \n
| \n For the year ended December 31, 2023 (M$) | \n\n Exempted contracts | \n\n Leases recorded in balance sheet | \n
|---|---|---|
| \n 2024 | \n\n 643 | \n\n 2,473 | \n
| \n 2025 | \n\n 406 | \n\n 1,607 | \n
| \n 2026 | \n\n 249 | \n\n 1,384 | \n
| \n 2027 | \n\n 231 | \n\n 1,142 | \n
| \n 2028 | \n\n 163 | \n\n 1,007 | \n
| \n 2029 and beyond | \n\n 529 | \n\n 6,188 | \n
| \n Total minimum payments | \n\n 2,221 | \n\n 13,801 | \n
| \n Less financial expenses | \n\n \u2013 | \n\n \u00a0(4,324) | \n
| \n Nominal value of contracts | \n\n \u2013 | \n\n 9,477 | \n
| \n Less current portion of lease contracts (Note 15) | \n\n \u2013 | \n\n \u00a0(1,721) | \n
| \n Non-current lease liabilities | \n\n \u2013 | \n\n 7,756 | \n
| \n For the year ended December 31, 2022 (M$) | \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 \u00a0(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 \u00a0(1,437) | \n
| \n Non-current lease liabilities | \n\n \u2013 | \n\n 8,277 | \n
For the year ended December 31, 2024, rental expense recorded in the income statement and incurred under short term leases or low value assets leases and under variable lease payments is $641 million and $103 million, respectively.
For the year ended December 31, 2023, rental expense recorded in the income statement and incurred under short term leases or low value assets leases and under variable lease payments is $1,007 million and $183 million, respectively.
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 was $701 million and $151 million, respectively.
Other information required on lease debts, notably their maturity, is presented in Note 15 to the Consolidated Financial Statements.
Accounting principles
A lease contract is a contract that grants lessee the right to use an identified asset for a specified period of time in exchange for consideration. At lease inception, an asset corresponding to right of use and a debt are recognized in the lessee\u2019s balance sheet. Carrying value of right of use corresponds to present value of future lease payments plus any direct costs incurred for concluding the contract. Lease debt is recorded as a liability in the balance sheet under financial debts. Rights of use are depreciated over the useful lives applied by TotalEnergies.
Leases that are of short duration or that relate to low value assets are not recorded in the balance sheet, in accordance with the exemptions in the standard. They are presented as off-balance sheet\u00a0commitments.
The financial assets and liabilities disclosed in the balance sheet are detailed as follows:
| \n As of December 31, 2024 (M$) 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 6,240 | \n\n 293 | \n\n \u2013 | \n\n \u2013 | \n\n 6,533 | \n\n 6,533 | \n
| \n Other investments | \n\n \u2013 | \n\n 1,154 | \n\n 511 | \n\n \u2013 | \n\n 1,665 | \n\n 1,665 | \n
| \n Non-current financial assets | \n\n 1,278 | \n\n 348 | \n\n 133 | \n\n 546 | \n\n 2,305 | \n\n 2,305 | \n
| \n Other non-current assets | \n\n 3,852 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 3,852 | \n\n 3,852 | \n
| \n Accounts receivable, net(b) | \n\n 19,281 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 19,281 | \n\n 19,281 | \n
| \n Other operating receivables | \n\n 7,774 | \n\n 9,033 | \n\n 39 | \n\n \u2013 | \n\n 16,846 | \n\n 16,846 | \n
| \n Current financial assets | \n\n 5,206 | \n\n 1,679 | \n\n \u2013 | \n\n 29 | \n\n 6,914 | \n\n 6,914 | \n
| \n Cash and cash equivalents | \n\n 25,844 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 25,844 | \n\n 25,844 | \n
| \n Total financial assets | \n\n 69,475 | \n\n 12,507 | \n\n 683 | \n\n 575 | \n\n 83,240 | \n\n 83,240 | \n
| \n Total non-financial assets | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 202,247 | \n\n \u00a0 | \n
| \n Total assets | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 285,487 | \n\n \u00a0 | \n
| \n Non-current financial debt(a) | \n\n (40,939) | \n\n (281) | \n\n \u2013 | \n\n (2,313) | \n\n (43,533) | \n\n (43,905) | \n
| \n Accounts payable(b) | \n\n (39,932) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (39,932) | \n\n (39,932) | \n
| \n Other operating liabilities | \n\n (12,562) | \n\n (7,665) | \n\n (15) | \n\n \u2013 | \n\n (20,242) | \n\n (20,242) | \n
| \n Current borrowings(a) | \n\n (10,024) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (10,024) | \n\n (10,012) | \n
| \n Other current financial liabilities | \n\n \u2013 | \n\n (239) | \n\n \u2013 | \n\n (425) | \n\n (664) | \n\n (664) | \n
| \n Total financial liabilities | \n\n (103,457) | \n\n (8,185) | \n\n (15) | \n\n (2,738) | \n\n (114,395) | \n\n (114,755) | \n
| \n Total non-financial liabilities | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (171,092) | \n\n \u00a0 | \n
| \n Total liabilities | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (285,487) | \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 (refer to Note 15 to the Consolidated Financial Statements). (b)Receivables and payables are offset by an amount of $5,718 million, corresponding to the netting, mainly in trading activities, between receivables and payables with the same counterparty that can legally be settled on a net basis. | \n
| \n As of December 31, 2023 (M$) 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 4,260 | \n\n 302 | \n\n \u2013 | \n\n \u2013 | \n\n 4,562 | \n\n 4,562 | \n
| \n Other investments | \n\n \u2013 | \n\n 1,188 | \n\n 355 | \n\n \u2013 | \n\n 1,543 | \n\n 1,543 | \n
| \n Non-current financial assets | \n\n 1,166 | \n\n 414 | \n\n 142 | \n\n 673 | \n\n 2,395 | \n\n 2,395 | \n
| \n Other non-current assets | \n\n 3,983 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 3,983 | \n\n 3,983 | \n
| \n Accounts receivable, net(b) | \n\n 23,442 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 23,442 | \n\n 23,442 | \n
| \n Other operating receivables | \n\n 7,940 | \n\n 6,775 | \n\n 237 | \n\n \u2013 | \n\n 14,952 | \n\n 14,952 | \n
| \n Current financial assets | \n\n 5,046 | \n\n 1,448 | \n\n \u2013 | \n\n 91 | \n\n 6,585 | \n\n 6,585 | \n
| \n Cash and cash equivalents | \n\n 27,263 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 27,263 | \n\n 27,263 | \n
| \n Total financial assets | \n\n 73,100 | \n\n 10,127 | \n\n 734 | \n\n 764 | \n\n 84,725 | \n\n 84,725 | \n
| \n Total non-financial assets | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 198,929 | \n\n \u00a0 | \n
| \n Total assets | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n 283,654 | \n\n \u00a0 | \n
| \n Non-current financial debt(a) | \n\n (38,040) | \n\n (240) | \n\n \u2013 | \n\n (2,198) | \n\n (40,478) | \n\n (41,329) | \n
| \n Accounts payable(b) | \n\n (41,335) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (41,335) | \n\n (41,335) | \n
| \n Other operating liabilities | \n\n (12,287) | \n\n (7,573) | \n\n (77) | \n\n \u2013 | \n\n (19,937) | \n\n (19,937) | \n
| \n Current borrowings(a) | \n\n (9,590) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (9,590) | \n\n (9,601) | \n
| \n Other current financial liabilities | \n\n \u2013 | \n\n (178) | \n\n \u2013 | \n\n (268) | \n\n (446) | \n\n (446) | \n
| \n Total financial liabilities | \n\n (101,252) | \n\n (7,991) | \n\n (77) | \n\n (2,466) | \n\n (111,786) | \n\n (112,648) | \n
| \n Total non-financial liabilities | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (171,868) | \n\n \u00a0 | \n
| \n Total liabilities | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n (283,654) | \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 (refer to Note 15 to the Consolidated Financial Statements). (b)Receivables and payables are offset by an amount of $5,897 million, corresponding to the netting, mainly in trading activities, between receivables and payables with the same counterparty that can legally be settled on a net basis. | \n
| \n As of December 31, 2022 (M$) 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 (refer to Note 15 to the Consolidated Financial Statements). (b)Receivables and payables are offset by an amount of $10,156 million, corresponding to the netting, mainly in trading activities, between receivables and payables with the same counterparty that can legally be settled on a net basis. | \n
15.1Financial debt and related financial instruments
A)Non-current financial debt and related financial instruments
| \n As of December 31, 2024 (M$) (Assets)/Liabilities | \n\n Secured | \n\n Unsecured | \n\n Total | \n
|---|---|---|---|
| \n Non-current financial debt | \n\n 8,518 | \n\n 35,015 | \n\n 43,533 | \n
| \n of which hedging instruments of non-current financial debt (liabilities) | \n\n \u2013 | \n\n 2,313 | \n\n 2,313 | \n
| \n Non-current financial assets | \n\n (1,278) | \n\n (1,027) | \n\n (2,305) | \n
| \n of which hedging instruments of non-current financial debt (assets) | \n\n \u2013 | \n\n (546) | \n\n (546) | \n
| \n Non-current net financial debt and related financial instruments | \n\n 7,240 | \n\n 33,988 | \n\n 41,228 | \n
| \n Variable rate bonds or bonds after fair value hedge | \n\n 43 | \n\n 9,712 | \n\n 9,755 | \n
| \n Fixed rate bonds or bonds after cash flow hedge | \n\n \u2013 | \n\n 23,446 | \n\n 23,446 | \n
| \n Other floating rate debt | \n\n 305 | \n\n 304 | \n\n 609 | \n
| \n Other fixed rate debt | \n\n 348 | \n\n 726 | \n\n 1,074 | \n
| \n Lease obligations | \n\n 7,822 | \n\n \u2013 | \n\n 7,822 | \n
| \n Non-current financial assets excluding derivative financial instruments | \n\n (1,278) | \n\n (134) | \n\n (1,412) | \n
| \n Non-current instruments held for trading | \n\n \u2013 | \n\n (66) | \n\n (66) | \n
| \n Non-current net financial debt and related financial instruments | \n\n 7,240 | \n\n 33,988 | \n\n 41,228 | \n
| \n As of December 31, 2023 (M$) (Assets)/Liabilities | \n\n Secured | \n\n Unsecured | \n\n Total | \n
|---|---|---|---|
| \n Non-current financial debt | \n\n 8,427 | \n\n 32,051 | \n\n 40,478 | \n
| \n of which hedging instruments of non-current financial debt (liabilities) | \n\n \u2013 | \n\n 2,198 | \n\n 2,198 | \n
| \n Non-current financial assets | \n\n (1,166) | \n\n (1,229) | \n\n (2,395) | \n
| \n of which hedging instruments of non-current financial debt (assets) | \n\n \u2013 | \n\n (673) | \n\n (673) | \n
| \n Non-current net financial debt and related financial instruments | \n\n 7,261 | \n\n 30,822 | \n\n 38,083 | \n
| \n Variable rate bonds or bonds after fair value hedge | \n\n \u2013 | \n\n 7,051 | \n\n 7,051 | \n
| \n Fixed rate bonds or bonds after cash flow hedge | \n\n \u2013 | \n\n 22,839 | \n\n 22,839 | \n
| \n Other floating rate debt | \n\n 430 | \n\n 408 | \n\n 838 | \n
| \n Other fixed rate debt | \n\n 241 | \n\n 840 | \n\n 1,081 | \n
| \n Lease obligations | \n\n 7,756 | \n\n \u2013 | \n\n 7,756 | \n
| \n Non-current financial assets excluding derivative financial instruments | \n\n (1,166) | \n\n (142) | \n\n (1,308) | \n
| \n Non-current instruments held for trading | \n\n \u2013 | \n\n (174) | \n\n (174) | \n
| \n Non-current net financial debt and related financial instruments | \n\n 7,261 | \n\n 30,822 | \n\n 38,083 | \n
| \n As of December 31, 2022 (M$) (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
The bonds, as of December 31, 2024, 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, 2024 | \n\n Amount after December 31, 2023(a) | \n\n Amount after December 31, 2022 | \n
|---|---|---|---|---|
| \n Bond | \n\n USD | \n\n 6,332 | \n\n 3,542 | \n\n 5,042 | \n
| \n Bond | \n\n EUR | \n\n 2,636 | \n\n 3,209 | \n\n 5,574 | \n
| \n Bond | \n\n Others | \n\n 1,542 | \n\n 1,539 | \n\n 1,532 | \n
| \n Current portion (less than one year) | \n\n \n | \n\n (1,648) | \n\n (2,118) | \n\n (3,890) | \n
| \n Principal financing entities(b) | \n\n \n | \n\n 8,862 | \n\n 6,172 | \n\n 8,258 | \n
| \n Other consolidated subsidiaries | \n\n \n | \n\n 893 | \n\n 879 | \n\n 700 | \n
| \n Total variable rate bonds or bonds after fair value hedge | \n\n \n | \n\n 9,755 | \n\n 7,051 | \n\n 8,958 | \n
| \n Bonds after cash flow hedge or fixed (M$) | \n\n Currency of issuance | \n\n Amount after December 31, 2024 | \n\n Amount after December 31, 2023 | \n\n Amount after December 31, 2022 | \n
|---|---|---|---|---|
| \n Bond | \n\n EUR | \n\n 13,768 | \n\n 15,448 | \n\n 15,628 | \n
| \n Bond | \n\n USD | \n\n 10,523 | \n\n 8,301 | \n\n 8,783 | \n
| \n Bond | \n\n Others | \n\n 1,048 | \n\n 2,254 | \n\n 2,246 | \n
| \n Current portion (less than one year) | \n\n \u00a0 | \n\n (1,909) | \n\n (3,175) | \n\n (500) | \n
| \n Principal financing entities(b) | \n\n \u00a0 | \n\n 23,430 | \n\n 22,828 | \n\n 26,157 | \n
| \n Other consolidated subsidiaries | \n\n \u00a0 | \n\n 16 | \n\n 11 | \n\n 2 | \n
| \n Total fixed rate bonds or bonds after cash flow hedge | \n\n \n | \n\n 23,446 | \n\n 22,839 | \n\n 26,159 | \n
| \n (a)The IBOR rate reform mainly impacted the bonds after fair value hedge, on principal financing entities and TotalEnergies SE, indexed on the USD LIBOR rate. At December 31, 2023, the amount of the bonds after fair value hedge (both non-current and current portions) on principal financing entities and TotalEnergies SE was $8,290 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 acted 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, 2024 | \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 2026 | \n\n 4,498 | \n\n 411 | \n\n (572) | \n\n (71) | \n\n 3,926 | \n\n 10% | \n
| \n 2027 | \n\n 3,906 | \n\n 173 | \n\n (292) | \n\n (14) | \n\n 3,614 | \n\n 9% | \n
| \n 2028 | \n\n 4,596 | \n\n 391 | \n\n (267) | \n\n (135) | \n\n 4,329 | \n\n 11% | \n
| \n 2029 | \n\n 5,755 | \n\n 723 | \n\n (348) | \n\n (233) | \n\n 5,407 | \n\n 13% | \n
| \n 2030 and beyond | \n\n 24,778 | \n\n 615 | \n\n (826) | \n\n (93) | \n\n 23,952 | \n\n 57% | \n
| \n Total | \n\n 43,533 | \n\n 2,313 | \n\n (2,305) | \n\n (546) | \n\n 41,228 | \n\n 100% | \n
| \n As of December 31, 2023 | \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 2025 | \n\n 5,381 | \n\n 369 | \n\n (434) | \n\n (110) | \n\n 4,947 | \n\n 13% | \n
| \n 2026 | \n\n 4,013 | \n\n 323 | \n\n (304) | \n\n (102) | \n\n 3,709 | \n\n 10% | \n
| \n 2027 | \n\n 3,720 | \n\n 85 | \n\n (349) | \n\n (55) | \n\n 3,371 | \n\n 9% | \n
| \n 2028 | \n\n 4,502 | \n\n 304 | \n\n (246) | \n\n (142) | \n\n 4,256 | \n\n 11% | \n
| \n 2029 and beyond | \n\n 22,862 | \n\n 1,117 | \n\n (1,062) | \n\n (264) | \n\n 21,800 | \n\n 57% | \n
| \n Total | \n\n 40,478 | \n\n 2,198 | \n\n (2,395) | \n\n (673) | \n\n 38,083 | \n\n 100% | \n
| \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
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 2024 | \n\n % | \n\n 2023 | \n\n % | \n\n 2022 | \n\n % | \n
|---|---|---|---|---|---|---|
| \n U.S. dollar | \n\n 38,002 | \n\n 92% | \n\n 34,789 | \n\n 91% | \n\n 38,896 | \n\n 91% | \n
| \n Euro | \n\n 2,206 | \n\n 5% | \n\n 2,322 | \n\n 6% | \n\n 2,083 | \n\n 5% | \n
| \n Norwegian krone | \n\n 43 | \n\n 0% | \n\n 40 | \n\n 0% | \n\n 47 | \n\n 0% | \n
| \n Other currencies | \n\n 977 | \n\n 3% | \n\n 932 | \n\n 3% | \n\n 1,507 | \n\n 4% | \n
| \n Total | \n\n 41,228 | \n\n 100% | \n\n 38,083 | \n\n 100% | \n\n 42,533 | \n\n 100% | \n
| \n As of December 31, | \n\n 2024 | \n\n % | \n\n 2023 | \n\n % | \n\n 2022 | \n\n % | \n
|---|---|---|---|---|---|---|
| \n Fixed rate | \n\n 30,922 | \n\n 75% | \n\n 30,311 | \n\n 80% | \n\n 33,533 | \n\n 79% | \n
| \n Floating rate | \n\n 10,306 | \n\n 25% | \n\n 7,772 | \n\n 20% | \n\n 9,000 | \n\n 21% | \n
| \n Total | \n\n 41,228 | \n\n 100% | \n\n 38,083 | \n\n 100% | \n\n 42,533 | \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\u00a0initial 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 related financial instruments
A)Non-current financial debt and related financial instruments
| \n As of December 31, 2024 (M$) (Assets)/Liabilities | \n\n Secured | \n\n Unsecured | \n\n Total | \n
|---|---|---|---|
| \n Non-current financial debt | \n\n 8,518 | \n\n 35,015 | \n\n 43,533 | \n
| \n of which hedging instruments of non-current financial debt (liabilities) | \n\n \u2013 | \n\n 2,313 | \n\n 2,313 | \n
| \n Non-current financial assets | \n\n (1,278) | \n\n (1,027) | \n\n (2,305) | \n
| \n of which hedging instruments of non-current financial debt (assets) | \n\n \u2013 | \n\n (546) | \n\n (546) | \n
| \n Non-current net financial debt and related financial instruments | \n\n 7,240 | \n\n 33,988 | \n\n 41,228 | \n
| \n Variable rate bonds or bonds after fair value hedge | \n\n 43 | \n\n 9,712 | \n\n 9,755 | \n
| \n Fixed rate bonds or bonds after cash flow hedge | \n\n \u2013 | \n\n 23,446 | \n\n 23,446 | \n
| \n Other floating rate debt | \n\n 305 | \n\n 304 | \n\n 609 | \n
| \n Other fixed rate debt | \n\n 348 | \n\n 726 | \n\n 1,074 | \n
| \n Lease obligations | \n\n 7,822 | \n\n \u2013 | \n\n 7,822 | \n
| \n Non-current financial assets excluding derivative financial instruments | \n\n (1,278) | \n\n (134) | \n\n (1,412) | \n
| \n Non-current instruments held for trading | \n\n \u2013 | \n\n (66) | \n\n (66) | \n
| \n Non-current net financial debt and related financial instruments | \n\n 7,240 | \n\n 33,988 | \n\n 41,228 | \n
| \n As of December 31, 2023 (M$) (Assets)/Liabilities | \n\n Secured | \n\n Unsecured | \n\n Total | \n
|---|---|---|---|
| \n Non-current financial debt | \n\n 8,427 | \n\n 32,051 | \n\n 40,478 | \n
| \n of which hedging instruments of non-current financial debt (liabilities) | \n\n \u2013 | \n\n 2,198 | \n\n 2,198 | \n
| \n Non-current financial assets | \n\n (1,166) | \n\n (1,229) | \n\n (2,395) | \n
| \n of which hedging instruments of non-current financial debt (assets) | \n\n \u2013 | \n\n (673) | \n\n (673) | \n
| \n Non-current net financial debt and related financial instruments | \n\n 7,261 | \n\n 30,822 | \n\n 38,083 | \n
| \n Variable rate bonds or bonds after fair value hedge | \n\n \u2013 | \n\n 7,051 | \n\n 7,051 | \n
| \n Fixed rate bonds or bonds after cash flow hedge | \n\n \u2013 | \n\n 22,839 | \n\n 22,839 | \n
| \n Other floating rate debt | \n\n 430 | \n\n 408 | \n\n 838 | \n
| \n Other fixed rate debt | \n\n 241 | \n\n 840 | \n\n 1,081 | \n
| \n Lease obligations | \n\n 7,756 | \n\n \u2013 | \n\n 7,756 | \n
| \n Non-current financial assets excluding derivative financial instruments | \n\n (1,166) | \n\n (142) | \n\n (1,308) | \n
| \n Non-current instruments held for trading | \n\n \u2013 | \n\n (174) | \n\n (174) | \n
| \n Non-current net financial debt and related financial instruments | \n\n 7,261 | \n\n 30,822 | \n\n 38,083 | \n
| \n As of December 31, 2022 (M$) (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
The bonds, as of December 31, 2024, 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, 2024 | \n\n Amount after December 31, 2023(a) | \n\n Amount after December 31, 2022 | \n
|---|---|---|---|---|
| \n Bond | \n\n USD | \n\n 6,332 | \n\n 3,542 | \n\n 5,042 | \n
| \n Bond | \n\n EUR | \n\n 2,636 | \n\n 3,209 | \n\n 5,574 | \n
| \n Bond | \n\n Others | \n\n 1,542 | \n\n 1,539 | \n\n 1,532 | \n
| \n Current portion (less than one year) | \n\n \n | \n\n (1,648) | \n\n (2,118) | \n\n (3,890) | \n
| \n Principal financing entities(b) | \n\n \n | \n\n 8,862 | \n\n 6,172 | \n\n 8,258 | \n
| \n Other consolidated subsidiaries | \n\n \n | \n\n 893 | \n\n 879 | \n\n 700 | \n
| \n Total variable rate bonds or bonds after fair value hedge | \n\n \n | \n\n 9,755 | \n\n 7,051 | \n\n 8,958 | \n
| \n Bonds after cash flow hedge or fixed (M$) | \n\n Currency of issuance | \n\n Amount after December 31, 2024 | \n\n Amount after December 31, 2023 | \n\n Amount after December 31, 2022 | \n
|---|---|---|---|---|
| \n Bond | \n\n EUR | \n\n 13,768 | \n\n 15,448 | \n\n 15,628 | \n
| \n Bond | \n\n USD | \n\n 10,523 | \n\n 8,301 | \n\n 8,783 | \n
| \n Bond | \n\n Others | \n\n 1,048 | \n\n 2,254 | \n\n 2,246 | \n
| \n Current portion (less than one year) | \n\n \u00a0 | \n\n (1,909) | \n\n (3,175) | \n\n (500) | \n
| \n Principal financing entities(b) | \n\n \u00a0 | \n\n 23,430 | \n\n 22,828 | \n\n 26,157 | \n
| \n Other consolidated subsidiaries | \n\n \u00a0 | \n\n 16 | \n\n 11 | \n\n 2 | \n
| \n Total fixed rate bonds or bonds after cash flow hedge | \n\n \n | \n\n 23,446 | \n\n 22,839 | \n\n 26,159 | \n
| \n (a)The IBOR rate reform mainly impacted the bonds after fair value hedge, on principal financing entities and TotalEnergies SE, indexed on the USD LIBOR rate. At December 31, 2023, the amount of the bonds after fair value hedge (both non-current and current portions) on principal financing entities and TotalEnergies SE was $8,290 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 acted 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, 2024 | \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 2026 | \n\n 4,498 | \n\n 411 | \n\n (572) | \n\n (71) | \n\n 3,926 | \n\n 10% | \n
| \n 2027 | \n\n 3,906 | \n\n 173 | \n\n (292) | \n\n (14) | \n\n 3,614 | \n\n 9% | \n
| \n 2028 | \n\n 4,596 | \n\n 391 | \n\n (267) | \n\n (135) | \n\n 4,329 | \n\n 11% | \n
| \n 2029 | \n\n 5,755 | \n\n 723 | \n\n (348) | \n\n (233) | \n\n 5,407 | \n\n 13% | \n
| \n 2030 and beyond | \n\n 24,778 | \n\n 615 | \n\n (826) | \n\n (93) | \n\n 23,952 | \n\n 57% | \n
| \n Total | \n\n 43,533 | \n\n 2,313 | \n\n (2,305) | \n\n (546) | \n\n 41,228 | \n\n 100% | \n
| \n As of December 31, 2023 | \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 2025 | \n\n 5,381 | \n\n 369 | \n\n (434) | \n\n (110) | \n\n 4,947 | \n\n 13% | \n
| \n 2026 | \n\n 4,013 | \n\n 323 | \n\n (304) | \n\n (102) | \n\n 3,709 | \n\n 10% | \n
| \n 2027 | \n\n 3,720 | \n\n 85 | \n\n (349) | \n\n (55) | \n\n 3,371 | \n\n 9% | \n
| \n 2028 | \n\n 4,502 | \n\n 304 | \n\n (246) | \n\n (142) | \n\n 4,256 | \n\n 11% | \n
| \n 2029 and beyond | \n\n 22,862 | \n\n 1,117 | \n\n (1,062) | \n\n (264) | \n\n 21,800 | \n\n 57% | \n
| \n Total | \n\n 40,478 | \n\n 2,198 | \n\n (2,395) | \n\n (673) | \n\n 38,083 | \n\n 100% | \n
| \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
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 2024 | \n\n % | \n\n 2023 | \n\n % | \n\n 2022 | \n\n % | \n
|---|---|---|---|---|---|---|
| \n U.S. dollar | \n\n 38,002 | \n\n 92% | \n\n 34,789 | \n\n 91% | \n\n 38,896 | \n\n 91% | \n
| \n Euro | \n\n 2,206 | \n\n 5% | \n\n 2,322 | \n\n 6% | \n\n 2,083 | \n\n 5% | \n
| \n Norwegian krone | \n\n 43 | \n\n 0% | \n\n 40 | \n\n 0% | \n\n 47 | \n\n 0% | \n
| \n Other currencies | \n\n 977 | \n\n 3% | \n\n 932 | \n\n 3% | \n\n 1,507 | \n\n 4% | \n
| \n Total | \n\n 41,228 | \n\n 100% | \n\n 38,083 | \n\n 100% | \n\n 42,533 | \n\n 100% | \n
| \n As of December 31, | \n\n 2024 | \n\n % | \n\n 2023 | \n\n % | \n\n 2022 | \n\n % | \n
|---|---|---|---|---|---|---|
| \n Fixed rate | \n\n 30,922 | \n\n 75% | \n\n 30,311 | \n\n 80% | \n\n 33,533 | \n\n 79% | \n
| \n Floating rate | \n\n 10,306 | \n\n 25% | \n\n 7,772 | \n\n 20% | \n\n 9,000 | \n\n 21% | \n
| \n Total | \n\n 41,228 | \n\n 100% | \n\n 38,083 | \n\n 100% | \n\n 42,533 | \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. 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$) (Assets)/Liabilities | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Current financial debt(a) | \n\n 4,462 | \n\n 2,377 | \n\n 8,997 | \n
| \n Current lease obligations | \n\n 2,095 | \n\n 1,721 | \n\n 1,437 | \n
| \n Current portion of non-current financial debt | \n\n 3,467 | \n\n 5,492 | \n\n 5,068 | \n
| \n Current borrowings (Note 14) | \n\n 10,024 | \n\n 9,590 | \n\n 15,502 | \n
| \n Current portion of hedging instruments of debt (liabilities) | \n\n 425 | \n\n 268 | \n\n 262 | \n
| \n Other current financial instruments (liabilities) | \n\n 239 | \n\n 178 | \n\n 226 | \n
| \n Other current financial liabilities (Note 14) | \n\n 664 | \n\n 446 | \n\n 488 | \n
| \n Current deposits beyond three months | \n\n (5,476) | \n\n (5,450) | \n\n (8,127) | \n
| \n Marketable securities | \n\n (683) | \n\n (519) | \n\n (218) | \n
| \n Financial receivables on sub-lease, current | \n\n (378) | \n\n (329) | \n\n (190) | \n
| \n Current portion of hedging instruments of debt (assets) | \n\n (29) | \n\n (91) | \n\n (2) | \n
| \n Other current financial instruments (assets) | \n\n (348) | \n\n (196) | \n\n (209) | \n
| \n Current financial assets (Note 14) | \n\n (6,914) | \n\n (6,585) | \n\n (8,746) | \n
| \n Net current borrowings | \n\n 3,774 | \n\n 3,451 | \n\n 7,244 | \n
| \n (a)As of December 31, 2024, December 31, 2023 and December 31, 2022, current financial debt includes notably short-term negotiable debt security issued through programs fully and unconditionally secured by TotalEnergies SE. | \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 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Cash | \n\n 17,475 | \n\n 16,956 | \n\n 14,873 | \n
| \n Cash equivalents | \n\n 8,369 | \n\n 10,307 | \n\n 18,153 | \n
| \n Total | \n\n 25,844 | \n\n 27,263 | \n\n 33,026 | \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, 2024, the cash and cash equivalents include $1,804\u00a0million 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, 2024, the cash and cash equivalents include $1,804\u00a0million 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\u00a0initial 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 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Loans and receivables | \n\n 1,335 | \n\n 1,420 | \n\n 562 | \n
| \n Financing liabilities and associated hedging instruments | \n\n (2,321) | \n\n (2,190) | \n\n (1,812) | \n
| \n Fair value hedge (ineffective portion) | \n\n 1 | \n\n 2 | \n\n (5) | \n
| \n Lease assets and obligations | \n\n (552) | \n\n (499) | \n\n (458) | \n
| \n Assets and liabilities held for trading | \n\n 307 | \n\n 248 | \n\n 470 | \n
| \n Impact on the cost of net debt | \n\n (1,230) | \n\n (1,019) | \n\n (1,243) | \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$) | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Revaluation impact at market value of bonds | \n\n (568) | \n\n (765) | \n\n 3,817 | \n
| \n Swaps hedging bonds | \n\n 569 | \n\n 767 | \n\n (3,822) | \n
| \n Ineffective portion of the fair value hedge | \n\n 1 | \n\n 2 | \n\n (5) | \n
The ineffective portion is not representative of TotalEnergies' performance considering its objective to hold swaps to maturity. The current portion of the swaps valuation is not subject to active management.
Net investment hedge
As of December 31, 2024, 2023 and 2022 TotalEnergies had no open forward contracts held in respect of net investment hedge strategies.
Cash flow hedge
The impact on the income statement and other comprehensive income of the bonds hedging instruments qualified as cash flow hedges is detailed as follows:
| \n For the year ended December 31, (M$) | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Profit (Loss) recorded in other comprehensive income of the period | \n\n 448 | \n\n 128 | \n\n 72 | \n
| \n Recycled amount from other comprehensive income to the income statement of the period | \n\n (260) | \n\n 140 | \n\n (55) | \n
As of December 31, 2024, 2023 and 2022, 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 6,250 | \n\n \u2013 | \n\n (230) | \n\n \n | \n\n \u2013 | \n\n (6,103) | \n\n \n | \n\n \u2013 | \n\n 147 | \n\n Financial debt/ Financial assets | \n
| \n Bonds | \n\n Cross Currency Swaps | \n\n 4,084 | \n\n 27 | \n\n (618) | \n\n \n | \n\n \u2013 | \n\n (3,588) | \n\n \n | \n\n \u2013 | \n\n 496 | \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 21 | \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 3,500 | \n\n \u2013 | \n\n (86) | \n\n \n | \n\n \u2013 | \n\n (3,457) | \n\n \n | \n\n \u2013 | \n\n 43 | \n\n Financial debt/ Financial assets | \n
| \n Bonds | \n\n Cross Currency Swaps | \n\n 4,671 | \n\n 45 | \n\n (559) | \n\n \n | \n\n \u2013 | \n\n (4,232) | \n\n \n | \n\n \u2013 | \n\n 439 | \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 10 | \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 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
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 12,577 | \n\n 543 | \n\n \u2013 | \n\n Financial debt / Financial assets | \n
| \n Bonds | \n\n Cross Currency swaps | \n\n 15,055 | \n\n 5 | \n\n (1,890) | \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 12,023 | \n\n 611 | \n\n \u2013 | \n\n Financial debt / Financial assets | \n
| \n Bonds | \n\n Cross Currency swaps | \n\n 17,511 | \n\n 108 | \n\n (1,821) | \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 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
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, 2024 (M$) Assets/(Liabilities) | \n\n Fair value | \n\n Notional value 2025 | \n\n Fair value | \n\n Notional value schedule | \n|||||
|---|---|---|---|---|---|---|---|---|---|
| \n 2026 | \n\n 2026 | \n\n 2027 | \n\n 2028 | \n\n 2029 | \n\n 2030 | \n||||
| \n Fair value hedge | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Swaps hedging bonds (assets) | \n\n \u2013 | \n\n \u2013 | \n\n 27 | \n\n 403 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Swaps hedging bonds (liabilities) | \n\n (45) | \n\n 1,630 | \n\n (803) | \n\n 8,301 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Total swaps hedging bonds - fair value hedge | \n\n (45) | \n\n 1,630 | \n\n (776) | \n\n 8,704 | \n\n 202 | \n\n 820 | \n\n 1,000 | \n\n 789 | \n\n 5,893 | \n
| \n Cash flow hedge | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Swaps hedging bonds (assets) | \n\n 29 | \n\n 2,428 | \n\n 519 | \n\n 11,317 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Swaps hedging bonds (liabilities) | \n\n (380) | \n\n 2,059 | \n\n (1,510) | \n\n 11,828 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Total swaps hedging bonds - cash flow hedge | \n\n (351) | \n\n 4,487 | \n\n (991) | \n\n 23,145 | \n\n 4,116 | \n\n 2,143 | \n\n 4,740 | \n\n 5,667 | \n\n 6,479 | \n
| \n Forward exchange contracts related to operating activities | \n\n \u2013 | \n\n 94 | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Forward exchange contracts related to operating activities | \n\n (13) | \n\n 271 | \n\n (23) | \n\n 634 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Total forward exchange contracts related to operating activities | \n\n (13) | \n\n 365 | \n\n (23) | \n\n 634 | \n\n 307 | \n\n 327 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Held for trading | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Other interest rate swaps (assets) | \n\n 154 | \n\n 50,861 | \n\n 342 | \n\n 36,851 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Other interest rate swaps (liabilities) | \n\n (124) | \n\n 59,075 | \n\n (281) | \n\n 36,220 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Total other interest rate swaps | \n\n 30 | \n\n 109,936 | \n\n 61 | \n\n 73,071 | \n\n 52,496 | \n\n 8,714 | \n\n 2,739 | \n\n 2,821 | \n\n 6,300 | \n
| \n Currency swaps and forward exchange contracts | \n\n 196 | \n\n 17,698 | \n\n 5 | \n\n 322 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Currency swaps and forward exchange contracts (liabilities) | \n\n (115) | \n\n 5,212 | \n\n \u2013 | \n\n (45) | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Total currency swaps and forward exchange contracts | \n\n 81 | \n\n 22,910 | \n\n 5 | \n\n 277 | \n\n 116 | \n\n 161 | \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, 2023 (M$) Assets/(Liabilities) | \n\n Fair value | \n\n Notional value 2024 | \n\n Fair value | \n\n Notional value schedule | \n|||||
|---|---|---|---|---|---|---|---|---|---|
| \n 2025 | \n\n 2025 | \n\n 2026 | \n\n 2027 | \n\n 2028 | \n\n 2029 | \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 250 | \n\n 45 | \n\n 403 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (liabilities) | \n\n (75) | \n\n 1,837 | \n\n (570) | \n\n 5,681 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total swaps hedging bonds - fair value hedge | \n\n (75) | \n\n 2,087 | \n\n (525) | \n\n 6,084 | \n\n 1,630 | \n\n 202 | \n\n 820 | \n\n 1,000 | \n\n 2,432 | \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 91 | \n\n 2,114 | \n\n 628 | \n\n 14,830 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (liabilities) | \n\n (193) | \n\n 1,574 | \n\n (1,628) | \n\n 11,016 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total swaps hedging bonds - cash flow hedge | \n\n (102) | \n\n 3,688 | \n\n (1,000) | \n\n 25,846 | \n\n 4,509 | \n\n 4,153 | \n\n 2,135 | \n\n 4,686 | \n\n 10,363 | \n
| \n Forward exchange contracts related to operating activities (assets) | \n\n 2 | \n\n 83 | \n\n 8 | \n\n 311 | \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 (14) | \n\n 234 | \n\n (2) | \n\n 240 | \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 (12) | \n\n 317 | \n\n 6 | \n\n 551 | \n\n 285 | \n\n 266 | \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 149 | \n\n 38,415 | \n\n 393 | \n\n 7,690 | \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 37,170 | \n\n (208) | \n\n 7,407 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total other interest rate swaps | \n\n 55 | \n\n 75,585 | \n\n 185 | \n\n 15,097 | \n\n 8,692 | \n\n 1,580 | \n\n 1,500 | \n\n 1,908 | \n\n 1,417 | \n
| \n Currency swaps and forward exchange contracts | \n\n 66 | \n\n 10,325 | \n\n 21 | \n\n 1,071 | \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 (84) | \n\n 8,513 | \n\n (32) | \n\n 773 | \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 (18) | \n\n 18,838 | \n\n (11) | \n\n 1,844 | \n\n 1,840 | \n\n (2) | \n\n 6 | \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, 2022 (M$) Assets/(Liabilities) | \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 - fair value hedge | \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 - cash flow hedge | \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 | \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.
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, 2024 (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 (821) | \n\n \u2013 | \n\n (821) | \n
| \n Cash flow hedge instruments | \n\n \u2013 | \n\n (1,375) | \n\n \u2013 | \n\n (1,375) | \n
| \n Assets and liabilities held for trading | \n\n \u2013 | \n\n 174 | \n\n \u2013 | \n\n 174 | \n
| \n Equity instruments | \n\n 391 | \n\n \u2013 | \n\n \u2013 | \n\n 391 | \n
| \n Total | \n\n 391 | \n\n (2,022) | \n\n \u2013 | \n\n (1,631) | \n
| \n As of December 31, 2023 (M$) | \n\n Quoted prices | \n\n Prices based on observable data (level 2) | \n\n Prices based on non observable data (level 3) | \n\n Total | \n
|---|---|---|---|---|
| \n Fair value hedge instruments | \n\n \u2013 | \n\n (600) | \n\n \u2013 | \n\n (600) | \n
| \n Cash flow hedge instruments | \n\n \u2013 | \n\n (1,104) | \n\n \u2013 | \n\n (1,104) | \n
| \n Assets and liabilities held for trading | \n\n \u2013 | \n\n 207 | \n\n \u2013 | \n\n 207 | \n
| \n Equity instruments | \n\n 255 | \n\n \u2013 | \n\n \u2013 | \n\n 255 | \n
| \n Total | \n\n 255 | \n\n (1,497) | \n\n \u2013 | \n\n (1,242) | \n
| \n As of December 31, 2022 (M$) | \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
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, banking institutions, 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, financial credit ratings, 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.
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 USD LIBOR maturities ceased to be published end of June 2023 and was 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.
Bonds and associated derivatives impacted by the IBOR reform are presented in Note 15.1 \u201cFinancial debt and related financial instruments\u201d.
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, 2024, 2023 and 2022.
| \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, 2024 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Bonds (non-current portion, before swaps) | \n\n (31,434) | \n\n (31,806) | \n\n 291 | \n\n (291) | \n
| \n Swaps hedging bonds (liabilities) | \n\n (2,313) | \n\n (2,313) | \n\n \u2013 | \n\n \u2013 | \n
| \n Swaps hedging bonds (assets) | \n\n 546 | \n\n 546 | \n\n \u2013 | \n\n \u2013 | \n
| \n Total swaps hedging bonds (assets and liabilities) | \n\n (1,767) | \n\n (1,767) | \n\n (54) | \n\n 54 | \n
| \n Current portion of non-current debt after swaps (excluding lease obligations) | \n\n (3,863) | \n\n (3,851) | \n\n 3 | \n\n (3) | \n
| \n Other interest rates swaps | \n\n 91 | \n\n 91 | \n\n 3 | \n\n (3) | \n
| \n Currency swaps and forward exchange contracts | \n\n 86 | \n\n 86 | \n\n \u2013 | \n\n \u2013 | \n
| \n As of December 31, 2023 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Bonds (non-current portion, before swaps) | \n\n (28,365) | \n\n (29,216) | \n\n 162 | \n\n (162) | \n
| \n Swaps hedging bonds (liabilities) | \n\n (2,198) | \n\n (2,198) | \n\n \u2013 | \n\n \u2013 | \n
| \n Swaps hedging bonds (assets) | \n\n 673 | \n\n 673 | \n\n \u2013 | \n\n \u2013 | \n
| \n Total swaps hedging bonds (assets and liabilities) | \n\n (1,525) | \n\n (1,525) | \n\n (12) | \n\n 12 | \n
| \n Current portion of non-current debt after swaps (excluding lease obligations) | \n\n (5,669) | \n\n (5,680) | \n\n (1) | \n\n (7) | \n
| \n Other interest rates swaps | \n\n 240 | \n\n 240 | \n\n 17 | \n\n (17) | \n
| \n Currency swaps and forward exchange contracts | \n\n (29) | \n\n (29) | \n\n \u2013 | \n\n \u2013 | \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
The impact of changes in interest rates on the cost of net debt before tax is as follows:
| \n For the year ended December 31, (M$) | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Cost of net debt | \n\n (1,230) | \n\n (1,019) | \n\n (1,243) | \n
| \n Interest rate translation of: | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n + 10 basis points | \n\n 15 | \n\n 10 | \n\n 18 | \n
| \n - 10 basis points | \n\n (15) | \n\n (10) | \n\n (18) | \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 Closing rate | \n\n Dollar/Euro | \n\n Dollar/Pound sterling | \n\n Dollar/Ruble | \n
|---|---|---|---|
| \n December 31, 2024 | \n\n 0.96 | \n\n 0.80 | \n\n 113.11 | \n
| \n December 31, 2023 | \n\n 0.90 | \n\n 0.79 | \n\n 89.14 | \n
| \n December 31, 2022 | \n\n 0.94 | \n\n 0.83 | \n\n 74.01 | \n
| \n As of December 31, 2024 (M$) | \n\n Total | \n\n Euro | \n\n Dollar | \n\n Pound sterling | \n\n Ruble | \n\n Other currencies | \n
|---|---|---|---|---|---|---|
| \n Shareholders' equity at historical exchange rate | \n\n 133,117 | \n\n 20,336 | \n\n 93,078 | \n\n 4,439 | \n\n \u2013 | \n\n 15,264 | \n
| \n Currency translation adjustment before net investment hedge | \n\n (15,254) | \n\n (8,584) | \n\n \u2013 | \n\n (2,372) | \n\n \u2013 | \n\n (4,298) | \n
| \n Net investment hedge - open instruments | \n\n (5) | \n\n (5) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Shareholders' equity at exchange rate as of December 31, 2024 | \n\n 117,858 | \n\n 11,747 | \n\n 93,078 | \n\n 2,067 | \n\n \u2013 | \n\n 10,966 | \n
| \n As of December 31, 2023 (M$) | \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 130,454 | \n\n 19,198 | \n\n 92,202 | \n\n 4,732 | \n\n \u2013 | \n\n 14,322 | \n
| \n Currency translation adjustment before net investment hedge | \n\n (13,696) | \n\n (7,881) | \n\n \u2013 | \n\n (2,285) | \n\n \u2013 | \n\n (3,530) | \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, 2023 | \n\n 116,753 | \n\n 11,312 | \n\n 92,202 | \n\n 2,447 | \n\n \u2013 | \n\n 10,792 | \n
| \n As of December 31, 2022 (M$) | \n\n Total | \n\n Euro | \n\n Dollar | \n\n Pound sterling | \n\n Ruble | \n\n Other currencies | \n
|---|---|---|---|---|---|---|
| \n Shareholders' equity at historical exchange rate | \n\n 124,560 | \n\n 15,835 | \n\n 88,902 | \n\n 6,258 | \n\n 45 | \n\n 13,520 | \n
| \n Currency translation adjustment before net investment hedge | \n\n (12,831) | \n\n (7,170) | \n\n \u2013 | \n\n (2,463) | \n\n (30) | \n\n (3,168) | \n
| \n Net investment hedge - open instruments | \n\n (5) | \n\n (5) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Shareholders' equity at exchange rate as of December 31, 2022 | \n\n 111,724 | \n\n 8,660 | \n\n 88,902 | \n\n 3,795 | \n\n 15 | \n\n 10,352 | \n
Based on the 2024 financial statements, a conversion using rates different from + or - 10% for each of the currencies below would have the following impact on shareholders equity and net income (TotalEnergies share):
| \n As of December 31, 2024 (M$) | \n\n Euro | \n\n Pound sterling | \n\n Ruble | \n
|---|---|---|---|
| \n Impact of an increase of 10% of exchange rates on: | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n \u2013Shareholders' equity | \n\n 1,175 | \n\n 207 | \n\n \u2013 | \n
| \n \u2013net income (TotalEnergies share) | \n\n 183 | \n\n 54 | \n\n \u2013 | \n
| \n Impact of a decrease of (10)% of exchange rates on: | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n \u2013Shareholders' equity | \n\n (1,175) | \n\n (207) | \n\n \u2013 | \n
| \n \u2013net income (TotalEnergies share) | \n\n (183) | \n\n (54) | \n\n \u2013 | \n
Stock market risk
TotalEnergies holds interests in a number of publicly-traded companies (refer to 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, 2024, these credit facilities amounted to $10,353\u00a0million and were entirely undrawn. 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\u00a0a material adverse effect on its financial position.
As of December 31, 2024, the aggregated amount of the main committed credit facilities granted by international banks to the TotalEnergies\u2019\u00a0companies, including TotalEnergies SE, was $10,919\u00a0million, of which $10,779 million were unutilized.
Credit facilities granted to the TotalEnergies\u2019 companies other than TotalEnergies SE are not intended to fund TotalEnergies\u2019 general corporate purposes; they are intended to fund either general corporate purposes of the borrowing affiliate, or a specific project.
The following tables show the maturity of the financial assets and liabilities of TotalEnergies as of December\u00a031, 2024, 2023 and 2022 (refer to\u00a0Note\u00a015.1\u00a0to the Consolidated Financial Statements).
| \n As of December 31, 2024 (M$) Assets/(Liabilities) | \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 (4,109) | \n\n (3,889) | \n\n (4,459) | \n\n (5,521) | \n\n (24,662) | \n\n (42,640) | \n
| \n Non-current financial assets excluding derivative financial instruments | \n\n \u2013 | \n\n 183 | \n\n 275 | \n\n 130 | \n\n 114 | \n\n 710 | \n\n 1,412 | \n
| \n Current borrowings | \n\n (10,024) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (10,024) | \n
| \n Other current financial liabilities | \n\n (664) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (664) | \n
| \n Current financial assets | \n\n 6,914 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 6,914 | \n
| \n Net financial assets and liabilities held for sale or exchange | \n\n (44) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (44) | \n
| \n Cash and cash equivalents | \n\n 25,844 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 25,844 | \n
| \n Net amount before financial expense | \n\n 22,026 | \n\n (3,926) | \n\n (3,614) | \n\n (4,329) | \n\n (5,407) | \n\n (23,952) | \n\n (19,202) | \n
| \n Financial expense on non-current financial debt | \n\n (827) | \n\n (822) | \n\n (784) | \n\n (785) | \n\n (608) | \n\n (12,802) | \n\n (16,628) | \n
| \n Interest differential on swaps | \n\n (342) | \n\n (295) | \n\n (247) | \n\n (240) | \n\n (183) | \n\n (535) | \n\n (1,842) | \n
| \n Net amount | \n\n 20,857 | \n\n (5,043) | \n\n (4,645) | \n\n (5,354) | \n\n (6,198) | \n\n (37,289) | \n\n (37,672) | \n
| \n As of December 31, 2023 (M$) Assets/(Liabilities) | \n\n Less than one year | \n\n 1-2 years | \n\n 2-3 years | \n\n 3-4 years | \n\n 4-5 years | \n\n More than 5 years | \n\n Total | \n
|---|---|---|---|---|---|---|---|
| \n Non-current financial debt (notional value excluding interests) | \n\n \u2013 | \n\n (5,079) | \n\n (3,816) | \n\n (3,615) | \n\n (4,356) | \n\n (22,525) | \n\n (39,391) | \n
| \n Non-current financial assets excluding derivative financial instruments | \n\n \u2013 | \n\n 132 | \n\n 107 | \n\n 244 | \n\n 100 | \n\n 725 | \n\n 1,308 | \n
| \n Current borrowings | \n\n (9,590) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (9,590) | \n
| \n Other current financial liabilities | \n\n (446) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (446) | \n
| \n Current financial assets | \n\n 6,585 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 6,585 | \n
| \n Net financial assets and liabilities held for sale or exchange | \n\n (310) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (310) | \n
| \n Cash and cash equivalents | \n\n 27,263 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 27,263 | \n
| \n Net amount before financial expense | \n\n 23,502 | \n\n (4,947) | \n\n (3,709) | \n\n (3,371) | \n\n (4,256) | \n\n (21,800) | \n\n (14,581) | \n
| \n Financial expense on non-current financial debt | \n\n (469) | \n\n (517) | \n\n (460) | \n\n (430) | \n\n (390) | \n\n (4,242) | \n\n (6,508) | \n
| \n Interest differential on swaps | \n\n (355) | \n\n (265) | \n\n (261) | \n\n (216) | \n\n (209) | \n\n (537) | \n\n (1,843) | \n
| \n Net amount | \n\n 22,678 | \n\n (5,729) | \n\n (4,430) | \n\n (4,017) | \n\n (4,855) | \n\n (26,579) | \n\n (22,932) | \n
| \n As of December 31, 2022(M$) Assets/(Liabilities) | \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 | \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 Net financial assets and liabilities held 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
The following table sets forth financial assets and liabilities related to operating activities as of December 31, 2024, 2023 and 2022 (refer to Note 14 of the notes to the Consolidated Financial Statements).
| \n As of December 31, (M$) Assets/(Liabilities) | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Accounts payable | \n\n (39,932) | \n\n (41,335) | \n\n (41,346) | \n
| \n Other operating liabilities | \n\n (20,242) | \n\n (19,937) | \n\n (35,186) | \n
| \n including derivative financial instruments related to commodity contracts (liabilities) | \n\n (7,680) | \n\n (7,650) | \n\n (18,774) | \n
| \n Accounts receivable, net | \n\n 19,281 | \n\n 23,442 | \n\n 24,378 | \n
| \n Other operating receivables | \n\n 16,846 | \n\n 14,952 | \n\n 28,289 | \n
| \n including derivative financial instruments related to commodity contracts (assets) | \n\n 9,072 | \n\n 7,012 | \n\n 20,220 | \n
| \n Total | \n\n (24,047) | \n\n (22,878) | \n\n (23,865) | \n
These financial assets and liabilities mainly have a maturity date below one year.
Credit risk
Credit risk is defined as the risk of the counterparty to a contract failing to perform or pay the amounts due.
TotalEnergies is exposed to credit risks in its operating and financing activities. TotalEnergies' maximum exposure to credit risk is partially related to financial assets recorded on its balance sheet, including energy derivative instruments that have a positive market value.
The following table presents TotalEnergies' maximum credit risk exposure:
| \n As of December 31, (M$) Assets/(Liabilities) | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Loans to equity affiliates (Note 8) | \n\n 6,533 | \n\n 4,562 | \n\n 3,733 | \n
| \n Loans and advances (Note 6) | \n\n 2,175 | \n\n 2,222 | \n\n 1,837 | \n
| \n Other non-current financial assets related to operational activities (Note 6) | \n\n 1,677 | \n\n 1,761 | \n\n 250 | \n
| \n Non-current financial assets (Note 15.1) | \n\n 2,305 | \n\n 2,395 | \n\n 2,731 | \n
| \n Accounts receivable (Note 5) | \n\n 19,281 | \n\n 23,442 | \n\n 24,378 | \n
| \n Other operating receivables (Note 5) | \n\n 16,846 | \n\n 14,952 | \n\n 28,289 | \n
| \n Current financial assets (Note 15.1) | \n\n 6,914 | \n\n 6,585 | \n\n 8,746 | \n
| \n Cash and cash equivalents (Note 15.1) | \n\n 25,844 | \n\n 27,263 | \n\n 33,026 | \n
| \n Total | \n\n 81,575 | \n\n 83,182 | \n\n 102,990 | \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, 2024, the net margin call paid amounted to $3,002 million (against $2,435 million paid as of December\u00a031, 2023 and $2,857 million paid as of December 31, 2022).
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, 2024, the net value of receivables sold amounted to $9,643 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 2024, TotalEnergies conducted several operations of reverse factoring. The value of factored payables outstanding at year-end\u00a0is $466\u00a0million.
Credit risk is managed by TotalEnergies\u2019 business segments as follows:
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.
Integrated LNG & Integrated Power segments
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\u00a0to 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 (rules for the approval of credit limits, use of guarantees, monitoring and assessment of the receivables portfolio).
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\u00a0
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 credit-rating 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.
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, 2024 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 Gas & Power activities | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Swaps | \n\n 117 | \n\n \u00a0(129) | \n\n \n | \n\n \u00a0(7) | \n\n 7 | \n\n \n | \n\n 110 | \n\n \u00a0(122) | \n\n \u2013 | \n\n \u00a0(12) | \n\n \u00a0(12) | \n
| \n Forwards(a) | \n\n 8,060 | \n\n \u00a0(6,595) | \n\n \n | \n\n \u00a0(79) | \n\n 79 | \n\n \n | \n\n 7,981 | \n\n \u00a0(6,516) | \n\n \u2013 | \n\n 1,465 | \n\n 1,465 | \n
| \n Options | \n\n 277 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n 277 | \n\n \u2013 | \n\n \u2013 | \n\n 277 | \n\n 277 | \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 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 403 | \n\n 403 | \n\n 403 | \n
| \n Total Gas & Power | \n\n 8,454 | \n\n (6,724) | \n\n \n | \n\n (86) | \n\n 86 | \n\n \n | \n\n 8,368 | \n\n (6,638) | \n\n 403 | \n\n 2,133 | \n\n 2,133 | \n
| \n Crude oil, petroleum products and freight rates activities | \n|||||||||||
| \n Petroleum products, crude oil and freight rate swaps | \n\n 85 | \n\n \u00a0(46) | \n\n \n | \n\n \u00a0(44) | \n\n 44 | \n\n \n | \n\n 41 | \n\n \u00a0(2) | \n\n \u2013 | \n\n 39 | \n\n 39 | \n
| \n Forwards(a) | \n\n 656 | \n\n \u00a0(1,012) | \n\n \n | \n\n \u00a0(14) | \n\n 14 | \n\n \n | \n\n 642 | \n\n \u00a0(998) | \n\n \u2013 | \n\n \u00a0(356) | \n\n \u00a0(356) | \n
| \n Options | \n\n 70 | \n\n \u00a0(102) | \n\n \n | \n\n \u00a0(60) | \n\n 60 | \n\n \n | \n\n 10 | \n\n \u00a0(42) | \n\n \u2013 | \n\n \u00a0(32) | \n\n \u00a0(32) | \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 66 | \n\n \u00a0(55) | \n\n \n | \n\n \u00a0(55) | \n\n 55 | \n\n \n | \n\n 11 | \n\n \u2013 | \n\n \u2013 | \n\n 11 | \n\n 11 | \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 products | \n\n 877 | \n\n (1,215) | \n\n \n | \n\n (173) | \n\n 173 | \n\n \n | \n\n 704 | \n\n (1,042) | \n\n \u2013 | \n\n (338) | \n\n (338) | \n
| \n Total | \n\n 9,331 | \n\n (7,939) | \n\n \n | \n\n (259) | \n\n 259 | \n\n \n | \n\n 9,072 | \n\n (7,680) | \n\n 403 | \n\n 1,795 | \n\n 1,795 | \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, 2023 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 Gas & Power activities | \n|||||||||||
| \n Swaps | \n\n 116 | \n\n \u00a0(125) | \n\n \u00a0(27) | \n\n \u00a0(27) | \n\n 27 | \n\n \u00a0(98) | \n\n 89 | \n\n \u00a0(98) | \n\n \u2013 | \n\n \u00a0(9) | \n\n \u00a0(9) | \n
| \n Forwards(a) | \n\n 5,875 | \n\n \u00a0(6,369) | \n\n \u00a0(253) | \n\n \u00a0(253) | \n\n 253 | \n\n \u00a0(6,116) | \n\n 5,622 | \n\n \u00a0(6,116) | \n\n \u2013 | \n\n \u00a0(494) | \n\n \u00a0(494) | \n
| \n Options | \n\n 540 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 540 | \n\n \u2013 | \n\n \u2013 | \n\n 540 | \n\n 540 | \n
| \n Futures | \n\n 2 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 2 | \n\n \u2013 | \n\n \u2013 | \n\n 2 | \n\n 2 | \n
| \n Other/Collateral | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 109 | \n\n 109 | \n\n 109 | \n
| \n Total Gas & Power | \n\n 6,533 | \n\n (6,494) | \n\n (280) | \n\n (280) | \n\n 280 | \n\n (6,214) | \n\n 6,253 | \n\n (6,214) | \n\n 109 | \n\n 148 | \n\n 148 | \n
| \n Crude oil, petroleum products and freight rates activities | \n|||||||||||
| \n Petroleum products, crude oil and freight rate swaps | \n\n 66 | \n\n \u00a0(50) | \n\n \n | \n\n \u00a0(28) | \n\n 28 | \n\n \n | \n\n 38 | \n\n \u00a0(22) | \n\n \u2013 | \n\n 16 | \n\n 16 | \n
| \n Forwards(a) | \n\n 655 | \n\n \u00a0(1,348) | \n\n \n | \n\n \u00a0(13) | \n\n 13 | \n\n \n | \n\n 642 | \n\n \u00a0(1,335) | \n\n \u2013 | \n\n \u00a0(693) | \n\n \u00a0(693) | \n
| \n Options | \n\n 23 | \n\n \u00a0(97) | \n\n \n | \n\n \u00a0(23) | \n\n 23 | \n\n \n | \n\n \u2013 | \n\n \u00a0(74) | \n\n \u2013 | \n\n \u00a0(74) | \n\n \u00a0(74) | \n
| \n Futures | \n\n 1 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n 1 | \n\n \u2013 | \n\n \u2013 | \n\n 1 | \n\n 1 | \n
| \n Options on futures | \n\n 287 | \n\n \u00a0(214) | \n\n \n | \n\n \u00a0(209) | \n\n 209 | \n\n \n | \n\n 78 | \n\n \u00a0(5) | \n\n \u2013 | \n\n 73 | \n\n 73 | \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 products | \n\n 1,032 | \n\n (1,709) | \n\n \n | \n\n (273) | \n\n 273 | \n\n \n | \n\n 759 | \n\n (1,436) | \n\n \u2013 | \n\n (677) | \n\n (677) | \n
| \n Total | \n\n 7,565 | \n\n (8,203) | \n\n \n | \n\n (553) | \n\n 553 | \n\n \n | \n\n 7,012 | \n\n (7,650) | \n\n 109 | \n\n (529) | \n\n (529) | \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, 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(c) | \n\n \n | \n\n Assets | \n\n Liabilities | \n||||
| \n Gas & Power activities | \n|||||||||||
| \n Swaps | \n\n 1,268 | \n\n \u00a0(449) | \n\n \n | \n\n \u00a0(18) | \n\n 18 | \n\n \n | \n\n 1,250 | \n\n \u00a0(431) | \n\n \u2013 | \n\n 819 | \n\n 819 | \n
| \n Forwards(a) | \n\n 18,014 | \n\n \u00a0(18,638) | \n\n \n | \n\n \u00a0(1,994) | \n\n 1,994 | \n\n \n | \n\n 16,020 | \n\n \u00a0(16,644) | \n\n \u2013 | \n\n \u00a0(624) | \n\n \u00a0(624) | \n
| \n Options | \n\n 2,143 | \n\n \u00a0(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 \u00a0(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 Gas & Power | \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, crude oil and freight rate swaps | \n\n 122 | \n\n (114) | \n\n \n | \n\n (58) | \n\n 58 | \n\n \n | \n\n 64 | \n\n \u00a0(56) | \n\n \u2013 | \n\n \u00a08 | \n\n \u00a08 | \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 \u00a0(1,482) | \n\n \u2013 | \n\n \u00a0(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 \u00a0(158) | \n\n \u2013 | \n\n \u00a0(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 (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 products | \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
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 Gas & Power activities | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n 2024 | \n\n 39 | \n\n (345) | \n\n 2,000 | \n\n 36 | \n\n 1,730 | \n
| \n 2023 | \n\n 2,347 | \n\n (5,792) | \n\n 3,681 | \n\n (197) | \n\n 39 | \n
| \n 2022 | \n\n 6,383 | \n\n 11,406 | \n\n (15,628) | \n\n 186 | \n\n 2,347 | \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 2024 | \n\n (677) | \n\n 10,118 | \n\n (9,779) | \n\n \u2013 | \n\n (338) | \n
| \n 2023 | \n\n (901) | \n\n 11,033 | \n\n (10,812) | \n\n 3 | \n\n (677) | \n
| \n 2022 | \n\n (137) | \n\n 5,891 | \n\n (6,655) | \n\n \u2013 | \n\n (901) | \n
The fair value hierarchy for financial instruments related to commodity contracts is as follows:
| \n As of December 31, 2024 (M$) | \n\n Quoted prices | \n\n Prices based on observable data (level 2) | \n\n Prices based on | \n\n Total | \n
|---|---|---|---|---|
| \n Gas & Power activities | \n\n (78) | \n\n (38) | \n\n 1,846 | \n\n 1,730 | \n
| \n Crude oil, petroleum products and freight rates activities | \n\n 13 | \n\n (351) | \n\n \u2013 | \n\n (338) | \n
| \n Total | \n\n (65) | \n\n (389) | \n\n 1,846 | \n\n 1,392 | \n
| \n As of December 31, 2023 (M$) | \n\n Quoted prices | \n\n Prices based on observable data (level 2) | \n\n Prices based on | \n\n Total | \n
|---|---|---|---|---|
| \n Gas & Power activities | \n\n 1,054 | \n\n 1,677 | \n\n (2,692) | \n\n 39 | \n
| \n Crude oil, petroleum products and freight rates activities | \n\n 73 | \n\n (750) | \n\n \u2013 | \n\n (677) | \n
| \n Total | \n\n 1,127 | \n\n 927 | \n\n (2,692) | \n\n (638) | \n
| \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 Gas & 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
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 contracts 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 2024 (as in 2023 and 2022), 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 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Profit (Loss) recorded in other comprehensive income of the period | \n\n 2,670 | \n\n 2,770 | \n\n (5,524) | \n
| \n Recycled amount from other comprehensive income to the income statement of the period | \n\n (2,671) | \n\n 117 | \n\n 1,317 | \n
These financial instruments are mainly European gas, power and CO2 emission rights derivatives.
\u00a0
As of December 31, 2024, the ineffective portion of these financial instruments is $127 million (the ineffective portion of the financial instruments was $124 million in 2023 and $132 million in 2022).
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.
Gas & 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 2024 | \n\n 139 | \n\n 19 | \n\n 54 | \n\n 77 | \n
| \n 2023 | \n\n 111 | \n\n 16 | \n\n 54 | \n\n 54 | \n
| \n 2022 | \n\n 119 | \n\n 15 | \n\n 53 | \n\n 92 | \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 2024 | \n\n 53 | \n\n 8 | \n\n 24 | \n\n 16 | \n
| \n 2023 | \n\n 74 | \n\n 17 | \n\n 37 | \n\n 28 | \n
| \n 2022 | \n\n 48 | \n\n 9 | \n\n 22 | \n\n 27 | \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\u00a0that 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.
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\u00a0initial 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 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Loans and receivables | \n\n 1,335 | \n\n 1,420 | \n\n 562 | \n
| \n Financing liabilities and associated hedging instruments | \n\n (2,321) | \n\n (2,190) | \n\n (1,812) | \n
| \n Fair value hedge (ineffective portion) | \n\n 1 | \n\n 2 | \n\n (5) | \n
| \n Lease assets and obligations | \n\n (552) | \n\n (499) | \n\n (458) | \n
| \n Assets and liabilities held for trading | \n\n 307 | \n\n 248 | \n\n 470 | \n
| \n Impact on the cost of net debt | \n\n (1,230) | \n\n (1,019) | \n\n (1,243) | \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$) | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Revaluation impact at market value of bonds | \n\n (568) | \n\n (765) | \n\n 3,817 | \n
| \n Swaps hedging bonds | \n\n 569 | \n\n 767 | \n\n (3,822) | \n
| \n Ineffective portion of the fair value hedge | \n\n 1 | \n\n 2 | \n\n (5) | \n
The ineffective portion is not representative of TotalEnergies' performance considering its objective to hold swaps to maturity. The current portion of the swaps valuation is not subject to active management.
Net investment hedge
As of December 31, 2024, 2023 and 2022 TotalEnergies had no open forward contracts held in respect of net investment hedge strategies.
Cash flow hedge
The impact on the income statement and other comprehensive income of the bonds hedging instruments qualified as cash flow hedges is detailed as follows:
| \n For the year ended December 31, (M$) | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Profit (Loss) recorded in other comprehensive income of the period | \n\n 448 | \n\n 128 | \n\n 72 | \n
| \n Recycled amount from other comprehensive income to the income statement of the period | \n\n (260) | \n\n 140 | \n\n (55) | \n
As of December 31, 2024, 2023 and 2022, 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 6,250 | \n\n \u2013 | \n\n (230) | \n\n \n | \n\n \u2013 | \n\n (6,103) | \n\n \n | \n\n \u2013 | \n\n 147 | \n\n Financial debt/ Financial assets | \n
| \n Bonds | \n\n Cross Currency Swaps | \n\n 4,084 | \n\n 27 | \n\n (618) | \n\n \n | \n\n \u2013 | \n\n (3,588) | \n\n \n | \n\n \u2013 | \n\n 496 | \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 21 | \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 3,500 | \n\n \u2013 | \n\n (86) | \n\n \n | \n\n \u2013 | \n\n (3,457) | \n\n \n | \n\n \u2013 | \n\n 43 | \n\n Financial debt/ Financial assets | \n
| \n Bonds | \n\n Cross Currency Swaps | \n\n 4,671 | \n\n 45 | \n\n (559) | \n\n \n | \n\n \u2013 | \n\n (4,232) | \n\n \n | \n\n \u2013 | \n\n 439 | \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 10 | \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 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
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 12,577 | \n\n 543 | \n\n \u2013 | \n\n Financial debt / Financial assets | \n
| \n Bonds | \n\n Cross Currency swaps | \n\n 15,055 | \n\n 5 | \n\n (1,890) | \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 12,023 | \n\n 611 | \n\n \u2013 | \n\n Financial debt / Financial assets | \n
| \n Bonds | \n\n Cross Currency swaps | \n\n 17,511 | \n\n 108 | \n\n (1,821) | \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 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
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, 2024 (M$) Assets/(Liabilities) | \n\n Fair value | \n\n Notional value 2025 | \n\n Fair value | \n\n Notional value schedule | \n|||||
|---|---|---|---|---|---|---|---|---|---|
| \n 2026 | \n\n 2026 | \n\n 2027 | \n\n 2028 | \n\n 2029 | \n\n 2030 | \n||||
| \n Fair value hedge | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Swaps hedging bonds (assets) | \n\n \u2013 | \n\n \u2013 | \n\n 27 | \n\n 403 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Swaps hedging bonds (liabilities) | \n\n (45) | \n\n 1,630 | \n\n (803) | \n\n 8,301 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Total swaps hedging bonds - fair value hedge | \n\n (45) | \n\n 1,630 | \n\n (776) | \n\n 8,704 | \n\n 202 | \n\n 820 | \n\n 1,000 | \n\n 789 | \n\n 5,893 | \n
| \n Cash flow hedge | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Swaps hedging bonds (assets) | \n\n 29 | \n\n 2,428 | \n\n 519 | \n\n 11,317 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Swaps hedging bonds (liabilities) | \n\n (380) | \n\n 2,059 | \n\n (1,510) | \n\n 11,828 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Total swaps hedging bonds - cash flow hedge | \n\n (351) | \n\n 4,487 | \n\n (991) | \n\n 23,145 | \n\n 4,116 | \n\n 2,143 | \n\n 4,740 | \n\n 5,667 | \n\n 6,479 | \n
| \n Forward exchange contracts related to operating activities | \n\n \u2013 | \n\n 94 | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Forward exchange contracts related to operating activities | \n\n (13) | \n\n 271 | \n\n (23) | \n\n 634 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Total forward exchange contracts related to operating activities | \n\n (13) | \n\n 365 | \n\n (23) | \n\n 634 | \n\n 307 | \n\n 327 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Held for trading | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Other interest rate swaps (assets) | \n\n 154 | \n\n 50,861 | \n\n 342 | \n\n 36,851 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Other interest rate swaps (liabilities) | \n\n (124) | \n\n 59,075 | \n\n (281) | \n\n 36,220 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Total other interest rate swaps | \n\n 30 | \n\n 109,936 | \n\n 61 | \n\n 73,071 | \n\n 52,496 | \n\n 8,714 | \n\n 2,739 | \n\n 2,821 | \n\n 6,300 | \n
| \n Currency swaps and forward exchange contracts | \n\n 196 | \n\n 17,698 | \n\n 5 | \n\n 322 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Currency swaps and forward exchange contracts (liabilities) | \n\n (115) | \n\n 5,212 | \n\n \u2013 | \n\n (45) | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Total currency swaps and forward exchange contracts | \n\n 81 | \n\n 22,910 | \n\n 5 | \n\n 277 | \n\n 116 | \n\n 161 | \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, 2023 (M$) Assets/(Liabilities) | \n\n Fair value | \n\n Notional value 2024 | \n\n Fair value | \n\n Notional value schedule | \n|||||
|---|---|---|---|---|---|---|---|---|---|
| \n 2025 | \n\n 2025 | \n\n 2026 | \n\n 2027 | \n\n 2028 | \n\n 2029 | \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 250 | \n\n 45 | \n\n 403 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (liabilities) | \n\n (75) | \n\n 1,837 | \n\n (570) | \n\n 5,681 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total swaps hedging bonds - fair value hedge | \n\n (75) | \n\n 2,087 | \n\n (525) | \n\n 6,084 | \n\n 1,630 | \n\n 202 | \n\n 820 | \n\n 1,000 | \n\n 2,432 | \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 91 | \n\n 2,114 | \n\n 628 | \n\n 14,830 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Swaps hedging bonds (liabilities) | \n\n (193) | \n\n 1,574 | \n\n (1,628) | \n\n 11,016 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total swaps hedging bonds - cash flow hedge | \n\n (102) | \n\n 3,688 | \n\n (1,000) | \n\n 25,846 | \n\n 4,509 | \n\n 4,153 | \n\n 2,135 | \n\n 4,686 | \n\n 10,363 | \n
| \n Forward exchange contracts related to operating activities (assets) | \n\n 2 | \n\n 83 | \n\n 8 | \n\n 311 | \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 (14) | \n\n 234 | \n\n (2) | \n\n 240 | \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 (12) | \n\n 317 | \n\n 6 | \n\n 551 | \n\n 285 | \n\n 266 | \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 149 | \n\n 38,415 | \n\n 393 | \n\n 7,690 | \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 37,170 | \n\n (208) | \n\n 7,407 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Total other interest rate swaps | \n\n 55 | \n\n 75,585 | \n\n 185 | \n\n 15,097 | \n\n 8,692 | \n\n 1,580 | \n\n 1,500 | \n\n 1,908 | \n\n 1,417 | \n
| \n Currency swaps and forward exchange contracts | \n\n 66 | \n\n 10,325 | \n\n 21 | \n\n 1,071 | \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 (84) | \n\n 8,513 | \n\n (32) | \n\n 773 | \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 (18) | \n\n 18,838 | \n\n (11) | \n\n 1,844 | \n\n 1,840 | \n\n (2) | \n\n 6 | \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, 2022 (M$) Assets/(Liabilities) | \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 - fair value hedge | \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 - cash flow hedge | \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 | \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.
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, 2024 (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 (821) | \n\n \u2013 | \n\n (821) | \n
| \n Cash flow hedge instruments | \n\n \u2013 | \n\n (1,375) | \n\n \u2013 | \n\n (1,375) | \n
| \n Assets and liabilities held for trading | \n\n \u2013 | \n\n 174 | \n\n \u2013 | \n\n 174 | \n
| \n Equity instruments | \n\n 391 | \n\n \u2013 | \n\n \u2013 | \n\n 391 | \n
| \n Total | \n\n 391 | \n\n (2,022) | \n\n \u2013 | \n\n (1,631) | \n
| \n As of December 31, 2023 (M$) | \n\n Quoted prices | \n\n Prices based on observable data (level 2) | \n\n Prices based on non observable data (level 3) | \n\n Total | \n
|---|---|---|---|---|
| \n Fair value hedge instruments | \n\n \u2013 | \n\n (600) | \n\n \u2013 | \n\n (600) | \n
| \n Cash flow hedge instruments | \n\n \u2013 | \n\n (1,104) | \n\n \u2013 | \n\n (1,104) | \n
| \n Assets and liabilities held for trading | \n\n \u2013 | \n\n 207 | \n\n \u2013 | \n\n 207 | \n
| \n Equity instruments | \n\n 255 | \n\n \u2013 | \n\n \u2013 | \n\n 255 | \n
| \n Total | \n\n 255 | \n\n (1,497) | \n\n \u2013 | \n\n (1,242) | \n
| \n As of December 31, 2022 (M$) | \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
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, banking institutions, 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, financial credit ratings, 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.
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 USD LIBOR maturities ceased to be published end of June 2023 and was 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.
Bonds and associated derivatives impacted by the IBOR reform are presented in Note 15.1 \u201cFinancial debt and related financial instruments\u201d.
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, 2024, 2023 and 2022.
| \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, 2024 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Bonds (non-current portion, before swaps) | \n\n (31,434) | \n\n (31,806) | \n\n 291 | \n\n (291) | \n
| \n Swaps hedging bonds (liabilities) | \n\n (2,313) | \n\n (2,313) | \n\n \u2013 | \n\n \u2013 | \n
| \n Swaps hedging bonds (assets) | \n\n 546 | \n\n 546 | \n\n \u2013 | \n\n \u2013 | \n
| \n Total swaps hedging bonds (assets and liabilities) | \n\n (1,767) | \n\n (1,767) | \n\n (54) | \n\n 54 | \n
| \n Current portion of non-current debt after swaps (excluding lease obligations) | \n\n (3,863) | \n\n (3,851) | \n\n 3 | \n\n (3) | \n
| \n Other interest rates swaps | \n\n 91 | \n\n 91 | \n\n 3 | \n\n (3) | \n
| \n Currency swaps and forward exchange contracts | \n\n 86 | \n\n 86 | \n\n \u2013 | \n\n \u2013 | \n
| \n As of December 31, 2023 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Bonds (non-current portion, before swaps) | \n\n (28,365) | \n\n (29,216) | \n\n 162 | \n\n (162) | \n
| \n Swaps hedging bonds (liabilities) | \n\n (2,198) | \n\n (2,198) | \n\n \u2013 | \n\n \u2013 | \n
| \n Swaps hedging bonds (assets) | \n\n 673 | \n\n 673 | \n\n \u2013 | \n\n \u2013 | \n
| \n Total swaps hedging bonds (assets and liabilities) | \n\n (1,525) | \n\n (1,525) | \n\n (12) | \n\n 12 | \n
| \n Current portion of non-current debt after swaps (excluding lease obligations) | \n\n (5,669) | \n\n (5,680) | \n\n (1) | \n\n (7) | \n
| \n Other interest rates swaps | \n\n 240 | \n\n 240 | \n\n 17 | \n\n (17) | \n
| \n Currency swaps and forward exchange contracts | \n\n (29) | \n\n (29) | \n\n \u2013 | \n\n \u2013 | \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
The impact of changes in interest rates on the cost of net debt before tax is as follows:
| \n For the year ended December 31, (M$) | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Cost of net debt | \n\n (1,230) | \n\n (1,019) | \n\n (1,243) | \n
| \n Interest rate translation of: | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n + 10 basis points | \n\n 15 | \n\n 10 | \n\n 18 | \n
| \n - 10 basis points | \n\n (15) | \n\n (10) | \n\n (18) | \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 Closing rate | \n\n Dollar/Euro | \n\n Dollar/Pound sterling | \n\n Dollar/Ruble | \n
|---|---|---|---|
| \n December 31, 2024 | \n\n 0.96 | \n\n 0.80 | \n\n 113.11 | \n
| \n December 31, 2023 | \n\n 0.90 | \n\n 0.79 | \n\n 89.14 | \n
| \n December 31, 2022 | \n\n 0.94 | \n\n 0.83 | \n\n 74.01 | \n
| \n As of December 31, 2024 (M$) | \n\n Total | \n\n Euro | \n\n Dollar | \n\n Pound sterling | \n\n Ruble | \n\n Other currencies | \n
|---|---|---|---|---|---|---|
| \n Shareholders' equity at historical exchange rate | \n\n 133,117 | \n\n 20,336 | \n\n 93,078 | \n\n 4,439 | \n\n \u2013 | \n\n 15,264 | \n
| \n Currency translation adjustment before net investment hedge | \n\n (15,254) | \n\n (8,584) | \n\n \u2013 | \n\n (2,372) | \n\n \u2013 | \n\n (4,298) | \n
| \n Net investment hedge - open instruments | \n\n (5) | \n\n (5) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Shareholders' equity at exchange rate as of December 31, 2024 | \n\n 117,858 | \n\n 11,747 | \n\n 93,078 | \n\n 2,067 | \n\n \u2013 | \n\n 10,966 | \n
| \n As of December 31, 2023 (M$) | \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 130,454 | \n\n 19,198 | \n\n 92,202 | \n\n 4,732 | \n\n \u2013 | \n\n 14,322 | \n
| \n Currency translation adjustment before net investment hedge | \n\n (13,696) | \n\n (7,881) | \n\n \u2013 | \n\n (2,285) | \n\n \u2013 | \n\n (3,530) | \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, 2023 | \n\n 116,753 | \n\n 11,312 | \n\n 92,202 | \n\n 2,447 | \n\n \u2013 | \n\n 10,792 | \n
| \n As of December 31, 2022 (M$) | \n\n Total | \n\n Euro | \n\n Dollar | \n\n Pound sterling | \n\n Ruble | \n\n Other currencies | \n
|---|---|---|---|---|---|---|
| \n Shareholders' equity at historical exchange rate | \n\n 124,560 | \n\n 15,835 | \n\n 88,902 | \n\n 6,258 | \n\n 45 | \n\n 13,520 | \n
| \n Currency translation adjustment before net investment hedge | \n\n (12,831) | \n\n (7,170) | \n\n \u2013 | \n\n (2,463) | \n\n (30) | \n\n (3,168) | \n
| \n Net investment hedge - open instruments | \n\n (5) | \n\n (5) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Shareholders' equity at exchange rate as of December 31, 2022 | \n\n 111,724 | \n\n 8,660 | \n\n 88,902 | \n\n 3,795 | \n\n 15 | \n\n 10,352 | \n
Based on the 2024 financial statements, a conversion using rates different from + or - 10% for each of the currencies below would have the following impact on shareholders equity and net income (TotalEnergies share):
| \n As of December 31, 2024 (M$) | \n\n Euro | \n\n Pound sterling | \n\n Ruble | \n
|---|---|---|---|
| \n Impact of an increase of 10% of exchange rates on: | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n \u2013Shareholders' equity | \n\n 1,175 | \n\n 207 | \n\n \u2013 | \n
| \n \u2013net income (TotalEnergies share) | \n\n 183 | \n\n 54 | \n\n \u2013 | \n
| \n Impact of a decrease of (10)% of exchange rates on: | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n \u2013Shareholders' equity | \n\n (1,175) | \n\n (207) | \n\n \u2013 | \n
| \n \u2013net income (TotalEnergies share) | \n\n (183) | \n\n (54) | \n\n \u2013 | \n
Stock market risk
TotalEnergies holds interests in a number of publicly-traded companies (refer to 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, 2024, these credit facilities amounted to $10,353\u00a0million and were entirely undrawn. 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\u00a0a material adverse effect on its financial position.
As of December 31, 2024, the aggregated amount of the main committed credit facilities granted by international banks to the TotalEnergies\u2019\u00a0companies, including TotalEnergies SE, was $10,919\u00a0million, of which $10,779 million were unutilized.
Credit facilities granted to the TotalEnergies\u2019 companies other than TotalEnergies SE are not intended to fund TotalEnergies\u2019 general corporate purposes; they are intended to fund either general corporate purposes of the borrowing affiliate, or a specific project.
The following tables show the maturity of the financial assets and liabilities of TotalEnergies as of December\u00a031, 2024, 2023 and 2022 (refer to\u00a0Note\u00a015.1\u00a0to the Consolidated Financial Statements).
| \n As of December 31, 2024 (M$) Assets/(Liabilities) | \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 (4,109) | \n\n (3,889) | \n\n (4,459) | \n\n (5,521) | \n\n (24,662) | \n\n (42,640) | \n
| \n Non-current financial assets excluding derivative financial instruments | \n\n \u2013 | \n\n 183 | \n\n 275 | \n\n 130 | \n\n 114 | \n\n 710 | \n\n 1,412 | \n
| \n Current borrowings | \n\n (10,024) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (10,024) | \n
| \n Other current financial liabilities | \n\n (664) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (664) | \n
| \n Current financial assets | \n\n 6,914 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 6,914 | \n
| \n Net financial assets and liabilities held for sale or exchange | \n\n (44) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (44) | \n
| \n Cash and cash equivalents | \n\n 25,844 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 25,844 | \n
| \n Net amount before financial expense | \n\n 22,026 | \n\n (3,926) | \n\n (3,614) | \n\n (4,329) | \n\n (5,407) | \n\n (23,952) | \n\n (19,202) | \n
| \n Financial expense on non-current financial debt | \n\n (827) | \n\n (822) | \n\n (784) | \n\n (785) | \n\n (608) | \n\n (12,802) | \n\n (16,628) | \n
| \n Interest differential on swaps | \n\n (342) | \n\n (295) | \n\n (247) | \n\n (240) | \n\n (183) | \n\n (535) | \n\n (1,842) | \n
| \n Net amount | \n\n 20,857 | \n\n (5,043) | \n\n (4,645) | \n\n (5,354) | \n\n (6,198) | \n\n (37,289) | \n\n (37,672) | \n
| \n As of December 31, 2023 (M$) Assets/(Liabilities) | \n\n Less than one year | \n\n 1-2 years | \n\n 2-3 years | \n\n 3-4 years | \n\n 4-5 years | \n\n More than 5 years | \n\n Total | \n
|---|---|---|---|---|---|---|---|
| \n Non-current financial debt (notional value excluding interests) | \n\n \u2013 | \n\n (5,079) | \n\n (3,816) | \n\n (3,615) | \n\n (4,356) | \n\n (22,525) | \n\n (39,391) | \n
| \n Non-current financial assets excluding derivative financial instruments | \n\n \u2013 | \n\n 132 | \n\n 107 | \n\n 244 | \n\n 100 | \n\n 725 | \n\n 1,308 | \n
| \n Current borrowings | \n\n (9,590) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (9,590) | \n
| \n Other current financial liabilities | \n\n (446) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (446) | \n
| \n Current financial assets | \n\n 6,585 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 6,585 | \n
| \n Net financial assets and liabilities held for sale or exchange | \n\n (310) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (310) | \n
| \n Cash and cash equivalents | \n\n 27,263 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 27,263 | \n
| \n Net amount before financial expense | \n\n 23,502 | \n\n (4,947) | \n\n (3,709) | \n\n (3,371) | \n\n (4,256) | \n\n (21,800) | \n\n (14,581) | \n
| \n Financial expense on non-current financial debt | \n\n (469) | \n\n (517) | \n\n (460) | \n\n (430) | \n\n (390) | \n\n (4,242) | \n\n (6,508) | \n
| \n Interest differential on swaps | \n\n (355) | \n\n (265) | \n\n (261) | \n\n (216) | \n\n (209) | \n\n (537) | \n\n (1,843) | \n
| \n Net amount | \n\n 22,678 | \n\n (5,729) | \n\n (4,430) | \n\n (4,017) | \n\n (4,855) | \n\n (26,579) | \n\n (22,932) | \n
| \n As of December 31, 2022(M$) Assets/(Liabilities) | \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 | \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 Net financial assets and liabilities held 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
The following table sets forth financial assets and liabilities related to operating activities as of December 31, 2024, 2023 and 2022 (refer to Note 14 of the notes to the Consolidated Financial Statements).
| \n As of December 31, (M$) Assets/(Liabilities) | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Accounts payable | \n\n (39,932) | \n\n (41,335) | \n\n (41,346) | \n
| \n Other operating liabilities | \n\n (20,242) | \n\n (19,937) | \n\n (35,186) | \n
| \n including derivative financial instruments related to commodity contracts (liabilities) | \n\n (7,680) | \n\n (7,650) | \n\n (18,774) | \n
| \n Accounts receivable, net | \n\n 19,281 | \n\n 23,442 | \n\n 24,378 | \n
| \n Other operating receivables | \n\n 16,846 | \n\n 14,952 | \n\n 28,289 | \n
| \n including derivative financial instruments related to commodity contracts (assets) | \n\n 9,072 | \n\n 7,012 | \n\n 20,220 | \n
| \n Total | \n\n (24,047) | \n\n (22,878) | \n\n (23,865) | \n
These financial assets and liabilities mainly have a maturity date below one year.
Credit risk
Credit risk is defined as the risk of the counterparty to a contract failing to perform or pay the amounts due.
TotalEnergies is exposed to credit risks in its operating and financing activities. TotalEnergies' maximum exposure to credit risk is partially related to financial assets recorded on its balance sheet, including energy derivative instruments that have a positive market value.
The following table presents TotalEnergies' maximum credit risk exposure:
| \n As of December 31, (M$) Assets/(Liabilities) | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Loans to equity affiliates (Note 8) | \n\n 6,533 | \n\n 4,562 | \n\n 3,733 | \n
| \n Loans and advances (Note 6) | \n\n 2,175 | \n\n 2,222 | \n\n 1,837 | \n
| \n Other non-current financial assets related to operational activities (Note 6) | \n\n 1,677 | \n\n 1,761 | \n\n 250 | \n
| \n Non-current financial assets (Note 15.1) | \n\n 2,305 | \n\n 2,395 | \n\n 2,731 | \n
| \n Accounts receivable (Note 5) | \n\n 19,281 | \n\n 23,442 | \n\n 24,378 | \n
| \n Other operating receivables (Note 5) | \n\n 16,846 | \n\n 14,952 | \n\n 28,289 | \n
| \n Current financial assets (Note 15.1) | \n\n 6,914 | \n\n 6,585 | \n\n 8,746 | \n
| \n Cash and cash equivalents (Note 15.1) | \n\n 25,844 | \n\n 27,263 | \n\n 33,026 | \n
| \n Total | \n\n 81,575 | \n\n 83,182 | \n\n 102,990 | \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, 2024, the net margin call paid amounted to $3,002 million (against $2,435 million paid as of December\u00a031, 2023 and $2,857 million paid as of December 31, 2022).
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, 2024, the net value of receivables sold amounted to $9,643 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 2024, TotalEnergies conducted several operations of reverse factoring. The value of factored payables outstanding at year-end\u00a0is $466\u00a0million.
Credit risk is managed by TotalEnergies\u2019 business segments as follows:
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.
Integrated LNG & Integrated Power segments
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\u00a0to 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 (rules for the approval of credit limits, use of guarantees, monitoring and assessment of the receivables portfolio).
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\u00a0
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 credit-rating 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.
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, 2024 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 Gas & Power activities | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Swaps | \n\n 117 | \n\n \u00a0(129) | \n\n \n | \n\n \u00a0(7) | \n\n 7 | \n\n \n | \n\n 110 | \n\n \u00a0(122) | \n\n \u2013 | \n\n \u00a0(12) | \n\n \u00a0(12) | \n
| \n Forwards(a) | \n\n 8,060 | \n\n \u00a0(6,595) | \n\n \n | \n\n \u00a0(79) | \n\n 79 | \n\n \n | \n\n 7,981 | \n\n \u00a0(6,516) | \n\n \u2013 | \n\n 1,465 | \n\n 1,465 | \n
| \n Options | \n\n 277 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n 277 | \n\n \u2013 | \n\n \u2013 | \n\n 277 | \n\n 277 | \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 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 403 | \n\n 403 | \n\n 403 | \n
| \n Total Gas & Power | \n\n 8,454 | \n\n (6,724) | \n\n \n | \n\n (86) | \n\n 86 | \n\n \n | \n\n 8,368 | \n\n (6,638) | \n\n 403 | \n\n 2,133 | \n\n 2,133 | \n
| \n Crude oil, petroleum products and freight rates activities | \n|||||||||||
| \n Petroleum products, crude oil and freight rate swaps | \n\n 85 | \n\n \u00a0(46) | \n\n \n | \n\n \u00a0(44) | \n\n 44 | \n\n \n | \n\n 41 | \n\n \u00a0(2) | \n\n \u2013 | \n\n 39 | \n\n 39 | \n
| \n Forwards(a) | \n\n 656 | \n\n \u00a0(1,012) | \n\n \n | \n\n \u00a0(14) | \n\n 14 | \n\n \n | \n\n 642 | \n\n \u00a0(998) | \n\n \u2013 | \n\n \u00a0(356) | \n\n \u00a0(356) | \n
| \n Options | \n\n 70 | \n\n \u00a0(102) | \n\n \n | \n\n \u00a0(60) | \n\n 60 | \n\n \n | \n\n 10 | \n\n \u00a0(42) | \n\n \u2013 | \n\n \u00a0(32) | \n\n \u00a0(32) | \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 66 | \n\n \u00a0(55) | \n\n \n | \n\n \u00a0(55) | \n\n 55 | \n\n \n | \n\n 11 | \n\n \u2013 | \n\n \u2013 | \n\n 11 | \n\n 11 | \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 products | \n\n 877 | \n\n (1,215) | \n\n \n | \n\n (173) | \n\n 173 | \n\n \n | \n\n 704 | \n\n (1,042) | \n\n \u2013 | \n\n (338) | \n\n (338) | \n
| \n Total | \n\n 9,331 | \n\n (7,939) | \n\n \n | \n\n (259) | \n\n 259 | \n\n \n | \n\n 9,072 | \n\n (7,680) | \n\n 403 | \n\n 1,795 | \n\n 1,795 | \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, 2023 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 Gas & Power activities | \n|||||||||||
| \n Swaps | \n\n 116 | \n\n \u00a0(125) | \n\n \u00a0(27) | \n\n \u00a0(27) | \n\n 27 | \n\n \u00a0(98) | \n\n 89 | \n\n \u00a0(98) | \n\n \u2013 | \n\n \u00a0(9) | \n\n \u00a0(9) | \n
| \n Forwards(a) | \n\n 5,875 | \n\n \u00a0(6,369) | \n\n \u00a0(253) | \n\n \u00a0(253) | \n\n 253 | \n\n \u00a0(6,116) | \n\n 5,622 | \n\n \u00a0(6,116) | \n\n \u2013 | \n\n \u00a0(494) | \n\n \u00a0(494) | \n
| \n Options | \n\n 540 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 540 | \n\n \u2013 | \n\n \u2013 | \n\n 540 | \n\n 540 | \n
| \n Futures | \n\n 2 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 2 | \n\n \u2013 | \n\n \u2013 | \n\n 2 | \n\n 2 | \n
| \n Other/Collateral | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 109 | \n\n 109 | \n\n 109 | \n
| \n Total Gas & Power | \n\n 6,533 | \n\n (6,494) | \n\n (280) | \n\n (280) | \n\n 280 | \n\n (6,214) | \n\n 6,253 | \n\n (6,214) | \n\n 109 | \n\n 148 | \n\n 148 | \n
| \n Crude oil, petroleum products and freight rates activities | \n|||||||||||
| \n Petroleum products, crude oil and freight rate swaps | \n\n 66 | \n\n \u00a0(50) | \n\n \n | \n\n \u00a0(28) | \n\n 28 | \n\n \n | \n\n 38 | \n\n \u00a0(22) | \n\n \u2013 | \n\n 16 | \n\n 16 | \n
| \n Forwards(a) | \n\n 655 | \n\n \u00a0(1,348) | \n\n \n | \n\n \u00a0(13) | \n\n 13 | \n\n \n | \n\n 642 | \n\n \u00a0(1,335) | \n\n \u2013 | \n\n \u00a0(693) | \n\n \u00a0(693) | \n
| \n Options | \n\n 23 | \n\n \u00a0(97) | \n\n \n | \n\n \u00a0(23) | \n\n 23 | \n\n \n | \n\n \u2013 | \n\n \u00a0(74) | \n\n \u2013 | \n\n \u00a0(74) | \n\n \u00a0(74) | \n
| \n Futures | \n\n 1 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n 1 | \n\n \u2013 | \n\n \u2013 | \n\n 1 | \n\n 1 | \n
| \n Options on futures | \n\n 287 | \n\n \u00a0(214) | \n\n \n | \n\n \u00a0(209) | \n\n 209 | \n\n \n | \n\n 78 | \n\n \u00a0(5) | \n\n \u2013 | \n\n 73 | \n\n 73 | \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 products | \n\n 1,032 | \n\n (1,709) | \n\n \n | \n\n (273) | \n\n 273 | \n\n \n | \n\n 759 | \n\n (1,436) | \n\n \u2013 | \n\n (677) | \n\n (677) | \n
| \n Total | \n\n 7,565 | \n\n (8,203) | \n\n \n | \n\n (553) | \n\n 553 | \n\n \n | \n\n 7,012 | \n\n (7,650) | \n\n 109 | \n\n (529) | \n\n (529) | \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, 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(c) | \n\n \n | \n\n Assets | \n\n Liabilities | \n||||
| \n Gas & Power activities | \n|||||||||||
| \n Swaps | \n\n 1,268 | \n\n \u00a0(449) | \n\n \n | \n\n \u00a0(18) | \n\n 18 | \n\n \n | \n\n 1,250 | \n\n \u00a0(431) | \n\n \u2013 | \n\n 819 | \n\n 819 | \n
| \n Forwards(a) | \n\n 18,014 | \n\n \u00a0(18,638) | \n\n \n | \n\n \u00a0(1,994) | \n\n 1,994 | \n\n \n | \n\n 16,020 | \n\n \u00a0(16,644) | \n\n \u2013 | \n\n \u00a0(624) | \n\n \u00a0(624) | \n
| \n Options | \n\n 2,143 | \n\n \u00a0(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 \u00a0(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 Gas & Power | \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, crude oil and freight rate swaps | \n\n 122 | \n\n (114) | \n\n \n | \n\n (58) | \n\n 58 | \n\n \n | \n\n 64 | \n\n \u00a0(56) | \n\n \u2013 | \n\n \u00a08 | \n\n \u00a08 | \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 \u00a0(1,482) | \n\n \u2013 | \n\n \u00a0(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 \u00a0(158) | \n\n \u2013 | \n\n \u00a0(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 (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 products | \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
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 Gas & Power activities | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n 2024 | \n\n 39 | \n\n (345) | \n\n 2,000 | \n\n 36 | \n\n 1,730 | \n
| \n 2023 | \n\n 2,347 | \n\n (5,792) | \n\n 3,681 | \n\n (197) | \n\n 39 | \n
| \n 2022 | \n\n 6,383 | \n\n 11,406 | \n\n (15,628) | \n\n 186 | \n\n 2,347 | \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 2024 | \n\n (677) | \n\n 10,118 | \n\n (9,779) | \n\n \u2013 | \n\n (338) | \n
| \n 2023 | \n\n (901) | \n\n 11,033 | \n\n (10,812) | \n\n 3 | \n\n (677) | \n
| \n 2022 | \n\n (137) | \n\n 5,891 | \n\n (6,655) | \n\n \u2013 | \n\n (901) | \n
The fair value hierarchy for financial instruments related to commodity contracts is as follows:
| \n As of December 31, 2024 (M$) | \n\n Quoted prices | \n\n Prices based on observable data (level 2) | \n\n Prices based on | \n\n Total | \n
|---|---|---|---|---|
| \n Gas & Power activities | \n\n (78) | \n\n (38) | \n\n 1,846 | \n\n 1,730 | \n
| \n Crude oil, petroleum products and freight rates activities | \n\n 13 | \n\n (351) | \n\n \u2013 | \n\n (338) | \n
| \n Total | \n\n (65) | \n\n (389) | \n\n 1,846 | \n\n 1,392 | \n
| \n As of December 31, 2023 (M$) | \n\n Quoted prices | \n\n Prices based on observable data (level 2) | \n\n Prices based on | \n\n Total | \n
|---|---|---|---|---|
| \n Gas & Power activities | \n\n 1,054 | \n\n 1,677 | \n\n (2,692) | \n\n 39 | \n
| \n Crude oil, petroleum products and freight rates activities | \n\n 73 | \n\n (750) | \n\n \u2013 | \n\n (677) | \n
| \n Total | \n\n 1,127 | \n\n 927 | \n\n (2,692) | \n\n (638) | \n
| \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 Gas & 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
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 contracts 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 2024 (as in 2023 and 2022), 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 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Profit (Loss) recorded in other comprehensive income of the period | \n\n 2,670 | \n\n 2,770 | \n\n (5,524) | \n
| \n Recycled amount from other comprehensive income to the income statement of the period | \n\n (2,671) | \n\n 117 | \n\n 1,317 | \n
These financial instruments are mainly European gas, power and CO2 emission rights derivatives.
\u00a0
As of December 31, 2024, the ineffective portion of these financial instruments is $127 million (the ineffective portion of the financial instruments was $124 million in 2023 and $132 million in 2022).
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.
Gas & 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 2024 | \n\n 139 | \n\n 19 | \n\n 54 | \n\n 77 | \n
| \n 2023 | \n\n 111 | \n\n 16 | \n\n 54 | \n\n 54 | \n
| \n 2022 | \n\n 119 | \n\n 15 | \n\n 53 | \n\n 92 | \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 2024 | \n\n 53 | \n\n 8 | \n\n 24 | \n\n 16 | \n
| \n 2023 | \n\n 74 | \n\n 17 | \n\n 37 | \n\n 28 | \n
| \n 2022 | \n\n 48 | \n\n 9 | \n\n 22 | \n\n 27 | \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\u00a0that 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.
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\u00a0initial 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\u00a0initial 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\u00a0initial 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.
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, banking institutions, 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, financial credit ratings, 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.
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 USD LIBOR maturities ceased to be published end of June 2023 and was 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.
Bonds and associated derivatives impacted by the IBOR reform are presented in Note 15.1 \u201cFinancial debt and related financial instruments\u201d.
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, 2024, 2023 and 2022.
| \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, 2024 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Bonds (non-current portion, before swaps) | \n\n (31,434) | \n\n (31,806) | \n\n 291 | \n\n (291) | \n
| \n Swaps hedging bonds (liabilities) | \n\n (2,313) | \n\n (2,313) | \n\n \u2013 | \n\n \u2013 | \n
| \n Swaps hedging bonds (assets) | \n\n 546 | \n\n 546 | \n\n \u2013 | \n\n \u2013 | \n
| \n Total swaps hedging bonds (assets and liabilities) | \n\n (1,767) | \n\n (1,767) | \n\n (54) | \n\n 54 | \n
| \n Current portion of non-current debt after swaps (excluding lease obligations) | \n\n (3,863) | \n\n (3,851) | \n\n 3 | \n\n (3) | \n
| \n Other interest rates swaps | \n\n 91 | \n\n 91 | \n\n 3 | \n\n (3) | \n
| \n Currency swaps and forward exchange contracts | \n\n 86 | \n\n 86 | \n\n \u2013 | \n\n \u2013 | \n
| \n As of December 31, 2023 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Bonds (non-current portion, before swaps) | \n\n (28,365) | \n\n (29,216) | \n\n 162 | \n\n (162) | \n
| \n Swaps hedging bonds (liabilities) | \n\n (2,198) | \n\n (2,198) | \n\n \u2013 | \n\n \u2013 | \n
| \n Swaps hedging bonds (assets) | \n\n 673 | \n\n 673 | \n\n \u2013 | \n\n \u2013 | \n
| \n Total swaps hedging bonds (assets and liabilities) | \n\n (1,525) | \n\n (1,525) | \n\n (12) | \n\n 12 | \n
| \n Current portion of non-current debt after swaps (excluding lease obligations) | \n\n (5,669) | \n\n (5,680) | \n\n (1) | \n\n (7) | \n
| \n Other interest rates swaps | \n\n 240 | \n\n 240 | \n\n 17 | \n\n (17) | \n
| \n Currency swaps and forward exchange contracts | \n\n (29) | \n\n (29) | \n\n \u2013 | \n\n \u2013 | \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
The impact of changes in interest rates on the cost of net debt before tax is as follows:
| \n For the year ended December 31, (M$) | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Cost of net debt | \n\n (1,230) | \n\n (1,019) | \n\n (1,243) | \n
| \n Interest rate translation of: | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n + 10 basis points | \n\n 15 | \n\n 10 | \n\n 18 | \n
| \n - 10 basis points | \n\n (15) | \n\n (10) | \n\n (18) | \n
As a result of the policy for the management of currency exposure previously described, TotalEnergies\u2019 sensitivity to currency exposure is primarily influenced by the net equity of the subsidiaries whose functional currency is the euro and to a lesser extent, the pound sterling and the Norwegian krone.
This sensitivity is reflected in the historical evolution of the currency translation adjustment recorded in the statement of changes in consolidated shareholders\u2019 equity which, over the course of the last three years, is essentially related to the fluctuation of the euro, the ruble and the pound sterling and is set forth in the table below:
| \n Closing rate | \n\n Dollar/Euro | \n\n Dollar/Pound sterling | \n\n Dollar/Ruble | \n
|---|---|---|---|
| \n December 31, 2024 | \n\n 0.96 | \n\n 0.80 | \n\n 113.11 | \n
| \n December 31, 2023 | \n\n 0.90 | \n\n 0.79 | \n\n 89.14 | \n
| \n December 31, 2022 | \n\n 0.94 | \n\n 0.83 | \n\n 74.01 | \n
| \n As of December 31, 2024 (M$) | \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 133,117 | \n\n 20,336 | \n\n 93,078 | \n\n 4,439 | \n\n \u2013 | \n\n 15,264 | \n
| \n Currency translation adjustment before net investment hedge | \n\n (15,254) | \n\n (8,584) | \n\n \u2013 | \n\n (2,372) | \n\n \u2013 | \n\n (4,298) | \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, 2024 | \n\n 117,858 | \n\n 11,747 | \n\n 93,078 | \n\n 2,067 | \n\n \u2013 | \n\n 10,966 | \n
| \n As of December 31, 2023 (M$) | \n\n Total | \n\n Euro | \n\n Dollar | \n\n Pound sterling | \n\n Ruble | \n\n Other currencies | \n
|---|---|---|---|---|---|---|
| \n Shareholders' equity at historical exchange rate | \n\n 130,454 | \n\n 19,198 | \n\n 92,202 | \n\n 4,732 | \n\n \u2013 | \n\n 14,322 | \n
| \n Currency translation adjustment before net investment hedge | \n\n (13,696) | \n\n (7,881) | \n\n \u2013 | \n\n (2,285) | \n\n \u2013 | \n\n (3,530) | \n
| \n Net investment hedge - open instruments | \n\n (5) | \n\n (5) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Shareholders' equity at exchange rate as of December 31, 2023 | \n\n 116,753 | \n\n 11,312 | \n\n 92,202 | \n\n 2,447 | \n\n \u2013 | \n\n 10,792 | \n
| \n As of December 31, 2022 (M$) | \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
Based on the 2024 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, 2024 (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 \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n \u2013Shareholders' equity | \n\n 1,175 | \n\n 207 | \n\n \u2013 | \n
| \n \u2013net income (TotalEnergies share) | \n\n 183 | \n\n 54 | \n\n \u2013 | \n
| \n Impact of a decrease of (10)% of exchange rates on: | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n \u2013Shareholders' equity | \n\n (1,175) | \n\n (207) | \n\n \u2013 | \n
| \n \u2013net income (TotalEnergies share) | \n\n (183) | \n\n (54) | \n\n \u2013 | \n
Stock market risk
TotalEnergies holds interests in a number of publicly-traded companies (refer to 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.
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, banking institutions, 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, financial credit ratings, 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.
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 USD LIBOR maturities ceased to be published end of June 2023 and was 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.
Bonds and associated derivatives impacted by the IBOR reform are presented in Note 15.1 \u201cFinancial debt and related financial instruments\u201d.
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, 2024, 2023 and 2022.
| \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, 2024 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n Bonds (non-current portion, before swaps) | \n\n (31,434) | \n\n (31,806) | \n\n 291 | \n\n (291) | \n
| \n Swaps hedging bonds (liabilities) | \n\n (2,313) | \n\n (2,313) | \n\n \u2013 | \n\n \u2013 | \n
| \n Swaps hedging bonds (assets) | \n\n 546 | \n\n 546 | \n\n \u2013 | \n\n \u2013 | \n
| \n Total swaps hedging bonds (assets and liabilities) | \n\n (1,767) | \n\n (1,767) | \n\n (54) | \n\n 54 | \n
| \n Current portion of non-current debt after swaps (excluding lease obligations) | \n\n (3,863) | \n\n (3,851) | \n\n 3 | \n\n (3) | \n
| \n Other interest rates swaps | \n\n 91 | \n\n 91 | \n\n 3 | \n\n (3) | \n
| \n Currency swaps and forward exchange contracts | \n\n 86 | \n\n 86 | \n\n \u2013 | \n\n \u2013 | \n
| \n As of December 31, 2023 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Bonds (non-current portion, before swaps) | \n\n (28,365) | \n\n (29,216) | \n\n 162 | \n\n (162) | \n
| \n Swaps hedging bonds (liabilities) | \n\n (2,198) | \n\n (2,198) | \n\n \u2013 | \n\n \u2013 | \n
| \n Swaps hedging bonds (assets) | \n\n 673 | \n\n 673 | \n\n \u2013 | \n\n \u2013 | \n
| \n Total swaps hedging bonds (assets and liabilities) | \n\n (1,525) | \n\n (1,525) | \n\n (12) | \n\n 12 | \n
| \n Current portion of non-current debt after swaps (excluding lease obligations) | \n\n (5,669) | \n\n (5,680) | \n\n (1) | \n\n (7) | \n
| \n Other interest rates swaps | \n\n 240 | \n\n 240 | \n\n 17 | \n\n (17) | \n
| \n Currency swaps and forward exchange contracts | \n\n (29) | \n\n (29) | \n\n \u2013 | \n\n \u2013 | \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
The impact of changes in interest rates on the cost of net debt before tax is as follows:
| \n For the year ended December 31, (M$) | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Cost of net debt | \n\n (1,230) | \n\n (1,019) | \n\n (1,243) | \n
| \n Interest rate translation of: | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n + 10 basis points | \n\n 15 | \n\n 10 | \n\n 18 | \n
| \n - 10 basis points | \n\n (15) | \n\n (10) | \n\n (18) | \n
As a result of the policy for the management of currency exposure previously described, TotalEnergies\u2019 sensitivity to currency exposure is primarily influenced by the net equity of the subsidiaries whose functional currency is the euro and to a lesser extent, the pound sterling and the Norwegian krone.
This sensitivity is reflected in the historical evolution of the currency translation adjustment recorded in the statement of changes in consolidated shareholders\u2019 equity which, over the course of the last three years, is essentially related to the fluctuation of the euro, the ruble and the pound sterling and is set forth in the table below:
| \n Closing rate | \n\n Dollar/Euro | \n\n Dollar/Pound sterling | \n\n Dollar/Ruble | \n
|---|---|---|---|
| \n December 31, 2024 | \n\n 0.96 | \n\n 0.80 | \n\n 113.11 | \n
| \n December 31, 2023 | \n\n 0.90 | \n\n 0.79 | \n\n 89.14 | \n
| \n December 31, 2022 | \n\n 0.94 | \n\n 0.83 | \n\n 74.01 | \n
| \n As of December 31, 2024 (M$) | \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 133,117 | \n\n 20,336 | \n\n 93,078 | \n\n 4,439 | \n\n \u2013 | \n\n 15,264 | \n
| \n Currency translation adjustment before net investment hedge | \n\n (15,254) | \n\n (8,584) | \n\n \u2013 | \n\n (2,372) | \n\n \u2013 | \n\n (4,298) | \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, 2024 | \n\n 117,858 | \n\n 11,747 | \n\n 93,078 | \n\n 2,067 | \n\n \u2013 | \n\n 10,966 | \n
| \n As of December 31, 2023 (M$) | \n\n Total | \n\n Euro | \n\n Dollar | \n\n Pound sterling | \n\n Ruble | \n\n Other currencies | \n
|---|---|---|---|---|---|---|
| \n Shareholders' equity at historical exchange rate | \n\n 130,454 | \n\n 19,198 | \n\n 92,202 | \n\n 4,732 | \n\n \u2013 | \n\n 14,322 | \n
| \n Currency translation adjustment before net investment hedge | \n\n (13,696) | \n\n (7,881) | \n\n \u2013 | \n\n (2,285) | \n\n \u2013 | \n\n (3,530) | \n
| \n Net investment hedge - open instruments | \n\n (5) | \n\n (5) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n
| \n Shareholders' equity at exchange rate as of December 31, 2023 | \n\n 116,753 | \n\n 11,312 | \n\n 92,202 | \n\n 2,447 | \n\n \u2013 | \n\n 10,792 | \n
| \n As of December 31, 2022 (M$) | \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
Based on the 2024 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, 2024 (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 \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n \u2013Shareholders' equity | \n\n 1,175 | \n\n 207 | \n\n \u2013 | \n
| \n \u2013net income (TotalEnergies share) | \n\n 183 | \n\n 54 | \n\n \u2013 | \n
| \n Impact of a decrease of (10)% of exchange rates on: | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n \u2013Shareholders' equity | \n\n (1,175) | \n\n (207) | \n\n \u2013 | \n
| \n \u2013net income (TotalEnergies share) | \n\n (183) | \n\n (54) | \n\n \u2013 | \n
Stock market risk
TotalEnergies holds interests in a number of publicly-traded companies (refer to 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, 2024, these credit facilities amounted to $10,353\u00a0million and were entirely undrawn. 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\u00a0a material adverse effect on its financial position.
As of December 31, 2024, the aggregated amount of the main committed credit facilities granted by international banks to the TotalEnergies\u2019\u00a0companies, including TotalEnergies SE, was $10,919\u00a0million, of which $10,779 million were unutilized.
Credit facilities granted to the TotalEnergies\u2019 companies other than TotalEnergies SE are not intended to fund TotalEnergies\u2019 general corporate purposes; they are intended to fund either general corporate purposes of the borrowing affiliate, or a specific project.
The following tables show the maturity of the financial assets and liabilities of TotalEnergies as of December\u00a031, 2024, 2023 and 2022 (refer to\u00a0Note\u00a015.1\u00a0to the Consolidated Financial Statements).
| \n As of December 31, 2024 (M$) Assets/(Liabilities) | \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 (4,109) | \n\n (3,889) | \n\n (4,459) | \n\n (5,521) | \n\n (24,662) | \n\n (42,640) | \n
| \n Non-current financial assets excluding derivative financial instruments | \n\n \u2013 | \n\n 183 | \n\n 275 | \n\n 130 | \n\n 114 | \n\n 710 | \n\n 1,412 | \n
| \n Current borrowings | \n\n (10,024) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (10,024) | \n
| \n Other current financial liabilities | \n\n (664) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (664) | \n
| \n Current financial assets | \n\n 6,914 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 6,914 | \n
| \n Net financial assets and liabilities held for sale or exchange | \n\n (44) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (44) | \n
| \n Cash and cash equivalents | \n\n 25,844 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 25,844 | \n
| \n Net amount before financial expense | \n\n 22,026 | \n\n (3,926) | \n\n (3,614) | \n\n (4,329) | \n\n (5,407) | \n\n (23,952) | \n\n (19,202) | \n
| \n Financial expense on non-current financial debt | \n\n (827) | \n\n (822) | \n\n (784) | \n\n (785) | \n\n (608) | \n\n (12,802) | \n\n (16,628) | \n
| \n Interest differential on swaps | \n\n (342) | \n\n (295) | \n\n (247) | \n\n (240) | \n\n (183) | \n\n (535) | \n\n (1,842) | \n
| \n Net amount | \n\n 20,857 | \n\n (5,043) | \n\n (4,645) | \n\n (5,354) | \n\n (6,198) | \n\n (37,289) | \n\n (37,672) | \n
| \n As of December 31, 2023 (M$) Assets/(Liabilities) | \n\n Less than one year | \n\n 1-2 years | \n\n 2-3 years | \n\n 3-4 years | \n\n 4-5 years | \n\n More than 5 years | \n\n Total | \n
|---|---|---|---|---|---|---|---|
| \n Non-current financial debt (notional value excluding interests) | \n\n \u2013 | \n\n (5,079) | \n\n (3,816) | \n\n (3,615) | \n\n (4,356) | \n\n (22,525) | \n\n (39,391) | \n
| \n Non-current financial assets excluding derivative financial instruments | \n\n \u2013 | \n\n 132 | \n\n 107 | \n\n 244 | \n\n 100 | \n\n 725 | \n\n 1,308 | \n
| \n Current borrowings | \n\n (9,590) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (9,590) | \n
| \n Other current financial liabilities | \n\n (446) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (446) | \n
| \n Current financial assets | \n\n 6,585 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 6,585 | \n
| \n Net financial assets and liabilities held for sale or exchange | \n\n (310) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (310) | \n
| \n Cash and cash equivalents | \n\n 27,263 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 27,263 | \n
| \n Net amount before financial expense | \n\n 23,502 | \n\n (4,947) | \n\n (3,709) | \n\n (3,371) | \n\n (4,256) | \n\n (21,800) | \n\n (14,581) | \n
| \n Financial expense on non-current financial debt | \n\n (469) | \n\n (517) | \n\n (460) | \n\n (430) | \n\n (390) | \n\n (4,242) | \n\n (6,508) | \n
| \n Interest differential on swaps | \n\n (355) | \n\n (265) | \n\n (261) | \n\n (216) | \n\n (209) | \n\n (537) | \n\n (1,843) | \n
| \n Net amount | \n\n 22,678 | \n\n (5,729) | \n\n (4,430) | \n\n (4,017) | \n\n (4,855) | \n\n (26,579) | \n\n (22,932) | \n
| \n As of December 31, 2022(M$) Assets/(Liabilities) | \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 | \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 Net financial assets and liabilities held 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
The following table sets forth financial assets and liabilities related to operating activities as of December 31, 2024, 2023 and 2022 (refer to Note 14 of the notes to the Consolidated Financial Statements).
| \n As of December 31, (M$) Assets/(Liabilities) | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Accounts payable | \n\n (39,932) | \n\n (41,335) | \n\n (41,346) | \n
| \n Other operating liabilities | \n\n (20,242) | \n\n (19,937) | \n\n (35,186) | \n
| \n including derivative financial instruments related to commodity contracts (liabilities) | \n\n (7,680) | \n\n (7,650) | \n\n (18,774) | \n
| \n Accounts receivable, net | \n\n 19,281 | \n\n 23,442 | \n\n 24,378 | \n
| \n Other operating receivables | \n\n 16,846 | \n\n 14,952 | \n\n 28,289 | \n
| \n including derivative financial instruments related to commodity contracts (assets) | \n\n 9,072 | \n\n 7,012 | \n\n 20,220 | \n
| \n Total | \n\n (24,047) | \n\n (22,878) | \n\n (23,865) | \n
These financial assets and liabilities mainly have a maturity date below one year.
Credit risk
Credit risk is defined as the risk of the counterparty to a contract failing to perform or pay the amounts due.
TotalEnergies is exposed to credit risks in its operating and financing activities. TotalEnergies' maximum exposure to credit risk is partially related to financial assets recorded on its balance sheet, including energy derivative instruments that have a positive market value.
The following table presents TotalEnergies' maximum credit risk exposure:
| \n As of December 31, (M$) Assets/(Liabilities) | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Loans to equity affiliates (Note 8) | \n\n 6,533 | \n\n 4,562 | \n\n 3,733 | \n
| \n Loans and advances (Note 6) | \n\n 2,175 | \n\n 2,222 | \n\n 1,837 | \n
| \n Other non-current financial assets related to operational activities (Note 6) | \n\n 1,677 | \n\n 1,761 | \n\n 250 | \n
| \n Non-current financial assets (Note 15.1) | \n\n 2,305 | \n\n 2,395 | \n\n 2,731 | \n
| \n Accounts receivable (Note 5) | \n\n 19,281 | \n\n 23,442 | \n\n 24,378 | \n
| \n Other operating receivables (Note 5) | \n\n 16,846 | \n\n 14,952 | \n\n 28,289 | \n
| \n Current financial assets (Note 15.1) | \n\n 6,914 | \n\n 6,585 | \n\n 8,746 | \n
| \n Cash and cash equivalents (Note 15.1) | \n\n 25,844 | \n\n 27,263 | \n\n 33,026 | \n
| \n Total | \n\n 81,575 | \n\n 83,182 | \n\n 102,990 | \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, 2024, the net margin call paid amounted to $3,002 million (against $2,435 million paid as of December\u00a031, 2023 and $2,857 million paid as of December 31, 2022).
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, 2024, the net value of receivables sold amounted to $9,643 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 2024, TotalEnergies conducted several operations of reverse factoring. The value of factored payables outstanding at year-end\u00a0is $466\u00a0million.
Credit risk is managed by TotalEnergies\u2019 business segments as follows:
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.
Integrated LNG & Integrated Power segments
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\u00a0to 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 (rules for the approval of credit limits, use of guarantees, monitoring and assessment of the receivables portfolio).
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\u00a0
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 credit-rating 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.
Liquidity risk
TotalEnergies SE has committed credit facilities granted by international banks allowing it to benefit from significant liquidity reserves.
As of December 31, 2024, these credit facilities amounted to $10,353\u00a0million and were entirely undrawn. 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\u00a0a material adverse effect on its financial position.
As of December 31, 2024, the aggregated amount of the main committed credit facilities granted by international banks to the TotalEnergies\u2019\u00a0companies, including TotalEnergies SE, was $10,919\u00a0million, of which $10,779 million were unutilized.
Credit facilities granted to the TotalEnergies\u2019 companies other than TotalEnergies SE are not intended to fund TotalEnergies\u2019 general corporate purposes; they are intended to fund either general corporate purposes of the borrowing affiliate, or a specific project.
The following tables show the maturity of the financial assets and liabilities of TotalEnergies as of December\u00a031, 2024, 2023 and 2022 (refer to\u00a0Note\u00a015.1\u00a0to the Consolidated Financial Statements).
| \n As of December 31, 2024 (M$) Assets/(Liabilities) | \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 (4,109) | \n\n (3,889) | \n\n (4,459) | \n\n (5,521) | \n\n (24,662) | \n\n (42,640) | \n
| \n Non-current financial assets excluding derivative financial instruments | \n\n \u2013 | \n\n 183 | \n\n 275 | \n\n 130 | \n\n 114 | \n\n 710 | \n\n 1,412 | \n
| \n Current borrowings | \n\n (10,024) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (10,024) | \n
| \n Other current financial liabilities | \n\n (664) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (664) | \n
| \n Current financial assets | \n\n 6,914 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 6,914 | \n
| \n Net financial assets and liabilities held for sale or exchange | \n\n (44) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (44) | \n
| \n Cash and cash equivalents | \n\n 25,844 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 25,844 | \n
| \n Net amount before financial expense | \n\n 22,026 | \n\n (3,926) | \n\n (3,614) | \n\n (4,329) | \n\n (5,407) | \n\n (23,952) | \n\n (19,202) | \n
| \n Financial expense on non-current financial debt | \n\n (827) | \n\n (822) | \n\n (784) | \n\n (785) | \n\n (608) | \n\n (12,802) | \n\n (16,628) | \n
| \n Interest differential on swaps | \n\n (342) | \n\n (295) | \n\n (247) | \n\n (240) | \n\n (183) | \n\n (535) | \n\n (1,842) | \n
| \n Net amount | \n\n 20,857 | \n\n (5,043) | \n\n (4,645) | \n\n (5,354) | \n\n (6,198) | \n\n (37,289) | \n\n (37,672) | \n
| \n As of December 31, 2023 (M$) Assets/(Liabilities) | \n\n Less than one year | \n\n 1-2 years | \n\n 2-3 years | \n\n 3-4 years | \n\n 4-5 years | \n\n More than 5 years | \n\n Total | \n
|---|---|---|---|---|---|---|---|
| \n Non-current financial debt (notional value excluding interests) | \n\n \u2013 | \n\n (5,079) | \n\n (3,816) | \n\n (3,615) | \n\n (4,356) | \n\n (22,525) | \n\n (39,391) | \n
| \n Non-current financial assets excluding derivative financial instruments | \n\n \u2013 | \n\n 132 | \n\n 107 | \n\n 244 | \n\n 100 | \n\n 725 | \n\n 1,308 | \n
| \n Current borrowings | \n\n (9,590) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (9,590) | \n
| \n Other current financial liabilities | \n\n (446) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (446) | \n
| \n Current financial assets | \n\n 6,585 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 6,585 | \n
| \n Net financial assets and liabilities held for sale or exchange | \n\n (310) | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n (310) | \n
| \n Cash and cash equivalents | \n\n 27,263 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 27,263 | \n
| \n Net amount before financial expense | \n\n 23,502 | \n\n (4,947) | \n\n (3,709) | \n\n (3,371) | \n\n (4,256) | \n\n (21,800) | \n\n (14,581) | \n
| \n Financial expense on non-current financial debt | \n\n (469) | \n\n (517) | \n\n (460) | \n\n (430) | \n\n (390) | \n\n (4,242) | \n\n (6,508) | \n
| \n Interest differential on swaps | \n\n (355) | \n\n (265) | \n\n (261) | \n\n (216) | \n\n (209) | \n\n (537) | \n\n (1,843) | \n
| \n Net amount | \n\n 22,678 | \n\n (5,729) | \n\n (4,430) | \n\n (4,017) | \n\n (4,855) | \n\n (26,579) | \n\n (22,932) | \n
| \n As of December 31, 2022(M$) Assets/(Liabilities) | \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 | \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 Net financial assets and liabilities held 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
The following table sets forth financial assets and liabilities related to operating activities as of December 31, 2024, 2023 and 2022 (refer to Note 14 of the notes to the Consolidated Financial Statements).
| \n As of December 31, (M$) Assets/(Liabilities) | \n\n 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Accounts payable | \n\n (39,932) | \n\n (41,335) | \n\n (41,346) | \n
| \n Other operating liabilities | \n\n (20,242) | \n\n (19,937) | \n\n (35,186) | \n
| \n including derivative financial instruments related to commodity contracts (liabilities) | \n\n (7,680) | \n\n (7,650) | \n\n (18,774) | \n
| \n Accounts receivable, net | \n\n 19,281 | \n\n 23,442 | \n\n 24,378 | \n
| \n Other operating receivables | \n\n 16,846 | \n\n 14,952 | \n\n 28,289 | \n
| \n including derivative financial instruments related to commodity contracts (assets) | \n\n 9,072 | \n\n 7,012 | \n\n 20,220 | \n
| \n Total | \n\n (24,047) | \n\n (22,878) | \n\n (23,865) | \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, 2024 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 Gas & Power activities | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Swaps | \n\n 117 | \n\n \u00a0(129) | \n\n \n | \n\n \u00a0(7) | \n\n 7 | \n\n \n | \n\n 110 | \n\n \u00a0(122) | \n\n \u2013 | \n\n \u00a0(12) | \n\n \u00a0(12) | \n
| \n Forwards(a) | \n\n 8,060 | \n\n \u00a0(6,595) | \n\n \n | \n\n \u00a0(79) | \n\n 79 | \n\n \n | \n\n 7,981 | \n\n \u00a0(6,516) | \n\n \u2013 | \n\n 1,465 | \n\n 1,465 | \n
| \n Options | \n\n 277 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n 277 | \n\n \u2013 | \n\n \u2013 | \n\n 277 | \n\n 277 | \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 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 403 | \n\n 403 | \n\n 403 | \n
| \n Total Gas & Power | \n\n 8,454 | \n\n (6,724) | \n\n \n | \n\n (86) | \n\n 86 | \n\n \n | \n\n 8,368 | \n\n (6,638) | \n\n 403 | \n\n 2,133 | \n\n 2,133 | \n
| \n Crude oil, petroleum products and freight rates activities | \n|||||||||||
| \n Petroleum products, crude oil and freight rate swaps | \n\n 85 | \n\n \u00a0(46) | \n\n \n | \n\n \u00a0(44) | \n\n 44 | \n\n \n | \n\n 41 | \n\n \u00a0(2) | \n\n \u2013 | \n\n 39 | \n\n 39 | \n
| \n Forwards(a) | \n\n 656 | \n\n \u00a0(1,012) | \n\n \n | \n\n \u00a0(14) | \n\n 14 | \n\n \n | \n\n 642 | \n\n \u00a0(998) | \n\n \u2013 | \n\n \u00a0(356) | \n\n \u00a0(356) | \n
| \n Options | \n\n 70 | \n\n \u00a0(102) | \n\n \n | \n\n \u00a0(60) | \n\n 60 | \n\n \n | \n\n 10 | \n\n \u00a0(42) | \n\n \u2013 | \n\n \u00a0(32) | \n\n \u00a0(32) | \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 66 | \n\n \u00a0(55) | \n\n \n | \n\n \u00a0(55) | \n\n 55 | \n\n \n | \n\n 11 | \n\n \u2013 | \n\n \u2013 | \n\n 11 | \n\n 11 | \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 products | \n\n 877 | \n\n (1,215) | \n\n \n | \n\n (173) | \n\n 173 | \n\n \n | \n\n 704 | \n\n (1,042) | \n\n \u2013 | \n\n (338) | \n\n (338) | \n
| \n Total | \n\n 9,331 | \n\n (7,939) | \n\n \n | \n\n (259) | \n\n 259 | \n\n \n | \n\n 9,072 | \n\n (7,680) | \n\n 403 | \n\n 1,795 | \n\n 1,795 | \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, 2023 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 Gas & Power activities | \n|||||||||||
| \n Swaps | \n\n 116 | \n\n \u00a0(125) | \n\n \u00a0(27) | \n\n \u00a0(27) | \n\n 27 | \n\n \u00a0(98) | \n\n 89 | \n\n \u00a0(98) | \n\n \u2013 | \n\n \u00a0(9) | \n\n \u00a0(9) | \n
| \n Forwards(a) | \n\n 5,875 | \n\n \u00a0(6,369) | \n\n \u00a0(253) | \n\n \u00a0(253) | \n\n 253 | \n\n \u00a0(6,116) | \n\n 5,622 | \n\n \u00a0(6,116) | \n\n \u2013 | \n\n \u00a0(494) | \n\n \u00a0(494) | \n
| \n Options | \n\n 540 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 540 | \n\n \u2013 | \n\n \u2013 | \n\n 540 | \n\n 540 | \n
| \n Futures | \n\n 2 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 2 | \n\n \u2013 | \n\n \u2013 | \n\n 2 | \n\n 2 | \n
| \n Other/Collateral | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n \u2013 | \n\n 109 | \n\n 109 | \n\n 109 | \n
| \n Total Gas & Power | \n\n 6,533 | \n\n (6,494) | \n\n (280) | \n\n (280) | \n\n 280 | \n\n (6,214) | \n\n 6,253 | \n\n (6,214) | \n\n 109 | \n\n 148 | \n\n 148 | \n
| \n Crude oil, petroleum products and freight rates activities | \n|||||||||||
| \n Petroleum products, crude oil and freight rate swaps | \n\n 66 | \n\n \u00a0(50) | \n\n \n | \n\n \u00a0(28) | \n\n 28 | \n\n \n | \n\n 38 | \n\n \u00a0(22) | \n\n \u2013 | \n\n 16 | \n\n 16 | \n
| \n Forwards(a) | \n\n 655 | \n\n \u00a0(1,348) | \n\n \n | \n\n \u00a0(13) | \n\n 13 | \n\n \n | \n\n 642 | \n\n \u00a0(1,335) | \n\n \u2013 | \n\n \u00a0(693) | \n\n \u00a0(693) | \n
| \n Options | \n\n 23 | \n\n \u00a0(97) | \n\n \n | \n\n \u00a0(23) | \n\n 23 | \n\n \n | \n\n \u2013 | \n\n \u00a0(74) | \n\n \u2013 | \n\n \u00a0(74) | \n\n \u00a0(74) | \n
| \n Futures | \n\n 1 | \n\n \u2013 | \n\n \n | \n\n \u2013 | \n\n \u2013 | \n\n \n | \n\n 1 | \n\n \u2013 | \n\n \u2013 | \n\n 1 | \n\n 1 | \n
| \n Options on futures | \n\n 287 | \n\n \u00a0(214) | \n\n \n | \n\n \u00a0(209) | \n\n 209 | \n\n \n | \n\n 78 | \n\n \u00a0(5) | \n\n \u2013 | \n\n 73 | \n\n 73 | \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 products | \n\n 1,032 | \n\n (1,709) | \n\n \n | \n\n (273) | \n\n 273 | \n\n \n | \n\n 759 | \n\n (1,436) | \n\n \u2013 | \n\n (677) | \n\n (677) | \n
| \n Total | \n\n 7,565 | \n\n (8,203) | \n\n \n | \n\n (553) | \n\n 553 | \n\n \n | \n\n 7,012 | \n\n (7,650) | \n\n 109 | \n\n (529) | \n\n (529) | \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, 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(c) | \n\n \n | \n\n Assets | \n\n Liabilities | \n||||
| \n Gas & Power activities | \n|||||||||||
| \n Swaps | \n\n 1,268 | \n\n \u00a0(449) | \n\n \n | \n\n \u00a0(18) | \n\n 18 | \n\n \n | \n\n 1,250 | \n\n \u00a0(431) | \n\n \u2013 | \n\n 819 | \n\n 819 | \n
| \n Forwards(a) | \n\n 18,014 | \n\n \u00a0(18,638) | \n\n \n | \n\n \u00a0(1,994) | \n\n 1,994 | \n\n \n | \n\n 16,020 | \n\n \u00a0(16,644) | \n\n \u2013 | \n\n \u00a0(624) | \n\n \u00a0(624) | \n
| \n Options | \n\n 2,143 | \n\n \u00a0(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 \u00a0(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 Gas & Power | \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, crude oil and freight rate swaps | \n\n 122 | \n\n (114) | \n\n \n | \n\n (58) | \n\n 58 | \n\n \n | \n\n 64 | \n\n \u00a0(56) | \n\n \u2013 | \n\n \u00a08 | \n\n \u00a08 | \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 \u00a0(1,482) | \n\n \u2013 | \n\n \u00a0(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 \u00a0(158) | \n\n \u2013 | \n\n \u00a0(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 (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 products | \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
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 Gas & Power activities | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n 2024 | \n\n 39 | \n\n (345) | \n\n 2,000 | \n\n 36 | \n\n 1,730 | \n
| \n 2023 | \n\n 2,347 | \n\n (5,792) | \n\n 3,681 | \n\n (197) | \n\n 39 | \n
| \n 2022 | \n\n 6,383 | \n\n 11,406 | \n\n (15,628) | \n\n 186 | \n\n 2,347 | \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 2024 | \n\n (677) | \n\n 10,118 | \n\n (9,779) | \n\n \u2013 | \n\n (338) | \n
| \n 2023 | \n\n (901) | \n\n 11,033 | \n\n (10,812) | \n\n 3 | \n\n (677) | \n
| \n 2022 | \n\n (137) | \n\n 5,891 | \n\n (6,655) | \n\n \u2013 | \n\n (901) | \n
The fair value hierarchy for financial instruments related to commodity contracts is as follows:
| \n As of December 31, 2024 (M$) | \n\n Quoted prices | \n\n Prices based on observable data (level 2) | \n\n Prices based on | \n\n Total | \n
|---|---|---|---|---|
| \n Gas & Power activities | \n\n (78) | \n\n (38) | \n\n 1,846 | \n\n 1,730 | \n
| \n Crude oil, petroleum products and freight rates activities | \n\n 13 | \n\n (351) | \n\n \u2013 | \n\n (338) | \n
| \n Total | \n\n (65) | \n\n (389) | \n\n 1,846 | \n\n 1,392 | \n
| \n As of December 31, 2023 (M$) | \n\n Quoted prices | \n\n Prices based on observable data (level 2) | \n\n Prices based on | \n\n Total | \n
|---|---|---|---|---|
| \n Gas & Power activities | \n\n 1,054 | \n\n 1,677 | \n\n (2,692) | \n\n 39 | \n
| \n Crude oil, petroleum products and freight rates activities | \n\n 73 | \n\n (750) | \n\n \u2013 | \n\n (677) | \n
| \n Total | \n\n 1,127 | \n\n 927 | \n\n (2,692) | \n\n (638) | \n
| \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 Gas & 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
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 contracts 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 2024 (as in 2023 and 2022), 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 2024 | \n\n 2023 | \n\n 2022 | \n
|---|---|---|---|
| \n Profit (Loss) recorded in other comprehensive income of the period | \n\n 2,670 | \n\n 2,770 | \n\n (5,524) | \n
| \n Recycled amount from other comprehensive income to the income statement of the period | \n\n (2,671) | \n\n 117 | \n\n 1,317 | \n
These financial instruments are mainly European gas, power and CO2 emission rights derivatives.
\u00a0
As of December 31, 2024, the ineffective portion of these financial instruments is $127 million (the ineffective portion of the financial instruments was $124 million in 2023 and $132 million in 2022).
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
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.
There are no post-balance sheet events that could have a material impact on the Company\u2019s financial statements.