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| Statement |
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| And in 2023, we achieved a strong reserve replacement ratio, well in excess of our production, so 141% and to be approved probable reserve life index at €18 |
| With all the metrics, in fact, is growing compared to 2021, thanks to the growth to our portfolio, so 44 million ton sales in 2023 and benefiting for higher LNG price environment |
| But out of the 5, 2 are clearly exceptional |
| And again, the last year also supported by the fact that the jet fuel recovery was – so jet fuel margins were quite good |
| TotalEnergies was perceived as a defensive shares, I would say, which was, in fact, amortizing the low price of hydrocarbons, but now it’s TotalEnergies is also benefiting from high oil prices |
| So, in fact, in terms of engineering, it’s quite really a remarkable achievement |
| And more recently, significantly increasing shareholder distribution have all contributed to our strong TSA |
| And Iraq is one of them, by the way, where we have quite a good upside |
| But again, ‘22 was absolutely exceptional |
| On the different note, TotalEnergies at once again the best-in-class static rating among the major demonstration that it’s possible to be the most profitable major on one side and to be a leader in the energy transition on the other side |
| The 100-year milestone is a great chance to look forward and back as well |
| But fundamentally, the balance sheet gives us quite a strong support to this policy and to be – the word, important word, is steady policy, and either on the dividend 7%, 7%, or on the buyback |
| ‘23 was strong in terms of oil market plus to an increase of more than 2 million barrels of oil per day |
| So thanks, I think, to the consistency of our strategy, the strength of our delivery, we are competitively positioned versus our peers |
| In Integrated Power business, the company is building a world class cost competitive portfolio, combining renewable, so solar, offshore winds with flexible assets, CCGT and storage to deliver clean firm power to our customers and as you know, with the objective to be positive net cash flow by 2028 with ROCE at 12% |
| So this consistent two-pillar strategy has delivered, I think, strong results in 2023 |
| It’s quite a good success, by the way |
| But it’s more, again, in terms of today at 5%, we have reached a very strong balance sheet |
| All in all, the integration – the integrated LNG profitability improved at 18% in 2023 |
| But on venous, again, we had one very good DST |
| We continue to replace our reserves, maintaining a strong and steady proved reserve life index of around €12 over the last 5 years |
| is very positive, in Europe in our portfolio, the gas plants are more in the winter instead of summer |
| So for upstream production, the production increased, excluding Novatek by 2%, to 2.48 million barrels per oil equivalent, with a strong contribution in terms of LNG production that grew by 9%, in line with the objective we had on that topic |
| Refining has a slightly better than expected utilization rates at more than 80% |
| It typically is the type of a tie-back which we have been able to do, deciding that 1 year ago, 1.5 year ago, and to put it into production, benefiting from a high price |
| So very strong portfolio management last year with strong figures |
| So first, we continue to be successful in our efforts in oil and gas businesses to reduce gas flaring |
| I give you the example that in Nigeria, for example, we completely stop gas flaring at the end of 2023 and we are successful in developing energy efficiency projects |
| So that’s for the environment, which is globally positive for TotalEnergy |
| We are consistently reporting the lowest upstream production costs among all the majors, which is, I think, a structural advantage and call us to be resilient even in a low price environment |
| Statement |
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| We struggled during the year to see them |
| I would be worried if I were a shareholder, I see a decrease of the profitability |
| China is good, but China is using their own market in order to – but it’s, again, more for car manufacturing industry, is a challenge to bring all these cars to deploy their manufacturing capacities on the planet, in fact, which is what is happening, in fact, in particular, in Europe |
| It was frustrating during 15 years |
| But what’s been remarkable is there is no real demand elasticity, like the industrial demand is still really weak |
| The Panama channel from this perspective is more a problem for us than the Red Sea |
| Are you also frustrated that you think their capital discipline is waning a little bit, because I share your view, there isn’t a huge amount of competition out there in that part of the industry |
| So, that’s unfortunate |
| We have all the freight issues and the freight issues support the Atlantic base refining margins |
| It’s a real difficulty |
| We were at 30% a few years ago, went down to up more than 40% |
| It’s also a question of profitability |
| At 11:15 on that day, the alarm was given by the personnel and we learned that the diver was trapped by the collapse of some catalysts |
| So jet fuel recovery is down now |
| And that’s not very good |
| There is a more bearish thinking |
| We anticipate the market to be a little lower than ‘23 |
| The problem of this type of move even is for electoral campaign, and we know the story behind it, is that it’s a question of trust in the capacity of the projects we deliver |
| It’s also true in petrochemicals, where clearly there is a lower demand in Europe |
| So that’s true, that is quite frustrating, but we could have done that before |
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