Full Year 2021 TotalEnergies SE Earnings Call

Speaker 1: Ladies and gentlemen, thank you for standing by and welcome to Total Energy's 2021 results and 2022 Outlook Conference call. At this time, all participants are in a listen-only mode. After the speech, there will be a question and answer session.

Ladies and gentlemen.

And welcome to total 2021.

2022 outlook conference call.

All participants are in a listen only.

After the speech.

Yeah.

Speaker 1: To ask a question during the session, you will need to press star 1 on your telephone. I must advise you that this conference is being recorded today, the 10th of February , 2022. I would now like to hand the conference over to Mr. Patrick Poullionnet, Total Energy's Chairman and Chief Executive Officer. Please go ahead, sir.

To ask a question.

You will need to press star one on your telephone I must advise you that this conference is being recorded today. The 10th of February 2022, I would now like to hand, the conference over to Mr. Patrick.

Total introduce chairman and Chief Executive Officer. Please go ahead Sir.

Good afternoon. Good morning, wherever you are and welcome to all to southern edges.

Speaker 2: Good afternoon, or good morning, wherever you are, and welcome to our Tetel Energies 2021 results and 2022 Outlook presentation.

<unk> 2021 .

2022 outlook presentation.

Speaker 2: But we are more conceived today as a call on our Q4 and yearly 2021 results and our objective 2022 but as a full presentation. And you will understand why at the end of the presentation because we'll give you a new date for a new meeting soon. We have condensed the format for today. Jean-Pierre, our CFO , will cover the 2021 results. And I will present the outlook focusing on 2022.

But we are more conservative today as a let's say a corridor of Q4.

The 2020 one results in <unk> 2022 that is it for presentation and you will understand why at the end of the presentation because we'd give you.

The new date for when you'll be seeing soon but we have to come down so the format for today.

<unk> CFO , who will cover the 2021 results and I will present the outlook focusing on 2022.

Speaker 2: which means executing the strategy that we presented you end of September , which does not change obviously, even if we benefit from better environments today. But as you know, safety is a core value for total energies, and we start all our meetings with a safety moment. So let us do it.

Which means executing the strategy, but we presented you end of September it does not change obviously.

If we benefit from better on governments today, but as you know safety is a core value of photos that energies and we stopped oral meetings with a safety moment, so let's do it.

Speaker 3: The project in the video is a critical element of the transformation of our company. There is a mixed energy to make electricity a more important role, to make a more important one, the economy. The project in the video is a critical element of the transformation of our company.

As long as it is here with us at Endemol last quarter. This is a class one last one on auto company, Mr. Jose Sequela Christmas day, but as we all wanted to prove out for example, what sounds like a flip so they didn't call it.

We don't have as you say.

Just wondering if that's already been with Hubbell.

I was wondering.

Speaker 3: We're ready to end in 2022, for sure, after 3 years. The 6 speed is on 25 Never? and the installation is at best in 7PP, we've?? race 300 jakiae. Cris'des F?s complete the tests on earth as well as adherent to this day. We have quite a lot of activity, on a zone, friendly,

Hey, what's got me here.

Enjoy puzzle.

It's also like sorry, I lost the last one for the Pacific style.

And just on that front.

The question for US is do you want a physical fulfill they'll put me in a security buffer cusco associated nausea.

Hopefully I can see.

Okay. That's helpful.

Tahira, how long of a tail that's why it's really probably won't flip cleanup I think because I've been through that.

Thank you I think Michele showings on today's call.

Speaker 3: All the AlisonI scale are divided into five different parts in accordance with naval use. On small scale a motion to perform a perform according to safety. F.L.B.,imir Seif of the 15th, and D. Mayor?, is also preparing for 100th of internationally approved careers, byQueencaught on all upper-fronts and on the set features of the R2O. The complete totalclaiming and experiment f the case contained by A.S.K., had been decided to make in addition to the next size for a project.

Thank you.

Okay.

This includes all it does not pose I think David Hagan for setting up a strategy.

That's helpful got some divestitures of non less securities.

Obviously, when you pull it out if you say, okay that means really the security so I just wanted to.

<unk> told me, it's an excellent so would you like to pay down because all of that.

<unk> totally analogy if shipments are solid.

The <unk> 62.

This is known as you said new cities.

Sure.

Speaker 2: So this safety moment is a good introduction to our new e-bores and power business with this new CCGT, which has just been built and which is being started in France and Brittany.

So the safety moment, he's got a good introduction to our renewables and solar business with his new.

As you assess the GT, which has just been built in which is being started in France and Brittany.

Speaker 2: So welcome again, I would say that the year 2020 and 2021

So welcome again, I would say that the year 2021 2021 .

Speaker 2: Well, it's quite an extraordinary time, and we experience, I would say, some Russian montains. No humor for my side there. But really, we went from, I would say, the historic bottom in terms of results last year, facing our times to record results and catch cash flows in 2022.

Well, that's quite an extraordinary times and we experience I would say some Russian one things no no you're more from my side as well, but clearly we get we got we went from I would say.

The historic but in terms of results last year, finishing off times to record results on cash cash flows in 2022.

Speaker 2: So, if fast we entered into 2021, we entered into 2021. I would say quite fluently with no visibility. It was my message one year ago. The pandemic was not yet over and fact indeed COVID continued to have a major impact on all lives and day to day ways of working.

So in fact, we entered into 2020 , sorry, 2021 we entered into 2021.

I would say quite prudently we've no visibility it was my message one year ago.

The pandemic it was let's say it over and factory did Covid continue to have a major impact on our lives and day to day ways of working.

Speaker 2: However, I felt today that maybe the worst is behind us and we enter into 2022. In fact, 2021 was also a, I would say, marked by the impressive economic recovery who are wide and a clear rebound of energy demand. A rebound which linked to tighter supplies because of the crisis.

Okay, well I thought today that maybe the worst is behind us and we enter into 2022 and <unk> 2021 was also marked by an impressive economic recovery worldwide.

It was clear rebound.

G demand.

A rebound which linked to digest supplies because of the crisis resulted in I would say exceptional high prices, but we have benefited during the second half of 'twenty, one and in particular the fourth quarter.

Speaker 2: resulted in I would say exceptional high prices, but we have benefited during the second half of 21 and in particular the fourth quarter These high prices especially gas prices, but also power prices

These high prices, especially gas prices, but also power prices.

Speaker 2: Demonstrated by the way, the interconnections of all the energy markets and these times of energy transition. There are two lessons for me.

<unk> also reached advisor wavy interconnections of all the energy markets in these times of industry consolidation. There are two lessons for me of 2021, which are supportive of the AR.

Speaker 2: 2021, which are supportive of the strategy we put in place. The first one is that we have clearly seen that gas is transition fuel as a key role, as a demand for gas because it's a source of electricity has been huge and the competition between Asia and Europe to get these LNG led to quite high prices, very high prices, and he's exeption no one.

We put in place. The first one is that we have clearly seen but gas.

As a transition fuel as a key role as the demand for gas because it is a source of electricity has been huge in Len and the competition between Asia and Europe to get to these LNG.

Led to quite high prices are high priced these exceptional ones and just think listen, but we can drive is that purely a again a.

Speaker 2: And the second lesson that we can drive is that really, again, these energy transition is leading to more complexity, more volatility in energy markets. And from this perspective, perspective, we are more and more...

These energy transition is leading to a more complexity more volatility in energy markets and from this book. These perspective, we are more and more.

Speaker 2: I would say, it's a convince that the multi-energy model that we're developing within total energy is the right way to leverage this complexity and this interconnection between energy mass.

I'd say convinced that the move to mobile, but we are developing within total energy is a right way to leverage.

This complexity in these inter connection between energy markets, but yeah 2021, we're also remain I would say.

Speaker 2: But the F2021 will also remain, I would say.

For us.

Speaker 2: Of course, an historic year because not only because of our results in cash flow, but Jean-Pierre will present you, but also because this is a year where we moved from total to total energies. And it means...

Of course, an historic year, because not only because of our reserves and cash flow of a Trump here. We present to you but also because this is a year, where we moved from <unk> to total energy.

And it means a lot to us.

Speaker 2: It means in fact that the world company together with shareholders, we've voted 92% in favor, engage in a strategic transformation to build a sustainable multi-energy company, which will address the challenges of more energy, less emissions, more sustainability, and fully capturing the complexity and volatility across all energy markets.

It means in fact that the word company together with its shareholders, who voted at 92% in favor.

Engage in a strategic transformation to build assist any boardman CNS company, which we would address the challenges of more energy less emissions Muslim sensibility, and fully capturing the complexity and volatility across all energy markets and to positions total energies is the leader.

Speaker 2: and to position total energies as a leader of the energy trans.

The energy transition.

Speaker 2: On this night you have the there I would say the demonstration that our new multi-energy model is now in motion and The 2021 key achievements I'll just wait that I would say illusuate this strategy

On this slide you have a very I would say is the demonstration, but all new members Gnl's minorities, no emotion and the 2021 key achievements in the slate, but I would say it just strikes me strategy of course or US provided that swisscom is providing a record source of cash.

Speaker 2: Of course, all as provided, that's where it's providing a record source of cash flow, which is to form the transition. This is the engine, cash and shine. And our new strategy is to focus on local low emission, is also in progress with examples of deep water in progress, in Brazil, or Uganda projects.

True, which is two folds of transition we seem to be enjoying cash and John and the new.

So I think he is to forecast on a low cost low emission is also in progress with examples of deepwater and progress in Brazil, or Uganda projects.

On the gas.

Speaker 2: We also, as we know, we have built in the last 10 years, I would say a global energy business from upstream to downstream. We have a global reach to grow the business, create value in case cash generation and Kelly in 2021. We had the benefit of this strategy leveraging all number two worldwide-riding position.

You also as you know we have built in the last 10 years I would say.

Our global LNG business from midstream downstream.

We have a group of which to grow the business create value increase cash flow generation until in 2021.

We had the benefit of this strategy leveraging all number two worldwide rank position.

Speaker 2: On both segments as well, we have entered all in gas in a way to adapt or put for you to, I would say, biofuels on one side, bio gas on the other side. In renewable and electricity, we have reached, by the way, each year will be, it's recorded bit by bit, otherwise will be a problem as we are growing, but 1.4 billion dollars.

On both segments as well, we have and did oil and gas new way to adapt our path for you to I would say biofuels on one side biogas on do you have a size and a new way of order and then we.

We have reached.

By the way each year would be to record EBITDA, but was we'd be a program as we are growing but $1 4 billion in advance to our plan, which was lessened the billion 10 gigawatts of cars and you won't capacity 6 billion.

Speaker 2: In advance to our plan, which was a little less than the billion, 10 gigawatts of renewable capacity, 6 million electricity customers, and now this segment represents 25% of our capics. In line with the allocation of the capital investment strategy.

Customers and now have this segment represented 25% of our Capex in line, we'd be a allocation capital investment strategy.

Speaker 2: So these are key achievements, I would say, but I would also mention the fact we are continuing, of course, to get to the net zero ambition, but diminishing our emissions will come back on it and including methane. And we have also in line with this strategy decided to exit some kind of projects like Venezuela because everywhere is not low cost and low emissions.

So these key achievements I would say, but I would also mention so first we are continuing of course to to get to net zero ambition, but diminishing or emissions will come back on it and including the sale and we are also in line with this strategy decided to exit some kept pace.

<unk> like Venezuela, because if he or she is not low cost and low emission I would say a symbol of the strategy was of course, the multi energy projects. We managed to put in place are they new.

Speaker 2: I would say a symbol of the strategy was of course the multi-energy projects we managed to put in place the new multi-energy hybrid projects in like the one we have done in Iraq, where we will valorize gas resources and solar resource, financing all that we've oil production.

T G I bleed projects in like the one we have done in Iraq, where we were.

We invite arrives gasoline Zeus and solar resource financing or that we've all older predictions.

Speaker 2: So I will say for 2022, I will come back on this part in the presentation. The key word for all of us will be to deliver. So delivery, because obviously in such a...

So I would say for 2022.

I will come back on these Oh these parts in the presentation.

The key word for all of us will be to deliver so deliberately because obviously are in such a.

Speaker 2: Featherable environment, getting the moss out of your assets is a key priority.

Favorable environment getting the most out of our assets is a key priority.

Speaker 2: This slide is, I will maybe come back on it in the conclusion. It's a summary of, I would say, the compelling investment case we put to.

This slide is a win maybe.

Maybe come back on it in the conclusion, it's a summary of I would say.

As a compelling investment case, we put together to our investors for total energy is building a sustainable energy company, while at the same time, increasing shareholder returns transforming M. Increasing shareholder returns envision production I just want to highlight maybe the.

Speaker 2: to our investors for total energy building a sustainable multi-energy company while at the same time increasing shareholder returns.

Speaker 2: transforming and increasing shoulder returns. In vision production, I just want to highlight maybe

Speaker 2: The fact that the Board of Directors yesterday has taken two important decisions.

The fact that the board of directors yesterday has taken two important decisions to continue to get to an attractive and sustainable return to shareholders, which is on one side to inquiries.

Speaker 2: to continue to get an attractive and sustainable return to shareholders, which is on one side to...

Speaker 2: We interim quarterly dividends by 5% for the year 2022 exercise. Of course, this.

Until then.

Dividend quarterly dividends by 5% for the year 2022 exercise.

Of course this has been decided because it's supported by our sustainable underlying cash flow growth.

Speaker 2: has been decided because it's supported by a sustainable underlying cash rule.

Speaker 2: And I will come back on it. And the second decision, as we announce in 21, is to share the present all-engaged price upside by a new tranche of buyback. We both backed $1.5 billion on the second half of 21. We increased for the first half of 22 to 2 billion buyback and both intent to monitor the level of the tranche of buyback. And the second decision, as we announced in 21, is to share the present all-engaged price upside by a new tranche of buyback.

And I will come back on it and the second decision as we announce in 'twenty. One is to share the president oil and gas price upside by a new tranche of buyback we bought back $1 5 billion dollar on the second half of 'twenty one win.

Increased for the first half of 'twenty, two 2 billion buyback and the board intend to monitor the level of the tranche of buyback semester after semester.

Speaker 2: I will not be longer on this slide because I prefer to present it to you in the conclusion. And I prefer in fact to end over to Jean-Pierre. We talk about our 2021 results.

<unk> been longer on this slide because I prefer to choose to.

Presenting to you at the conclusion and I prefer in fact to Andover to jump Yeah, we talk about for 2021 results.

Uh huh.

Uh huh.

Yeah.

Yeah.

Okay.

Yes.

Okay.

Thank you Patrick I think this slide is a perfect interaction for my presentation.

Speaker 4: I think this slide is a perfect introduction for my presentation.

Speaker 4: Last year, in 2021, we delivered the highest cash flow in the history of the company. Net results and profitability were also record setting in 2021.

Last year in 2021, we delivered the highest cash flow in the story of the company net result, and profitability were also record setting in 2021.

Speaker 4: To deliver this record results, we rely on strong executions, leveraging our high quality, low cost, post-volute.

To deliver these record results, we rely on strong execution leveraging.

Oh, Hi quality Lucas supports for Ya.

So let's move to <unk>.

Speaker 4: You know, safety is a core value for total energy and a color stone of our strong execution and operational excellence.

You know safety is of course that you folks are telling us.

Cornerstone of our strong execution and operational excellence.

Speaker 4: It is important to point out that the major roles have progressed to an impressive safety standout of less than one recalible injury per million man hours.

It is important to point out that the minerals have progressed to an impressive 50 stalled out of less than one recordable injuries per million man hours.

Speaker 4: It's far below, that's what you can see on the slides here. Far below the tree, the total recoverable injury rate shown by the main utility.

Below that's what you can see on the on the slides.

Here.

Below the T. The total recordable injury rate shown by the main utilities.

Speaker 4: As fast total energy concerns, we are still at the level of the best company in our industry.

I supposed to tell any of these concerns were still at the level of the best company in our industry.

Speaker 4: But unfortunately, we had a fatality in 2021 in our operation.

But unfortunately, we had the fatality in 2021 in our operation.

Speaker 4: An electrician lost his life in Kazakhstan in 2020.

Electrician.

In Kazakhstan in 2021 .

Speaker 4: This is a grim reminder that we need to implement constant improvement in safety.

This is green.

A reminder, that we needs to implement constant improvements in safety standards.

Speaker 4: Note that we integrate, as you know, renewables into a portfolio. This means that we are bringing in businesses that have on average a higher tier than our existing portfolio.

Notes, that's wheat integrators, you know renewables into our portfolio. This means that we are bringing in businesses that have an average.

Then our existing portfolio.

Speaker 4: Of course, we implement our safety culture in our renewable units, raising the standards to our own and making it safer. That's it will take some time and may have an impact during the integration phase. But you can see that the progress that has been done on that field are impressive as well.

Of course, we implement our safety culture, and our renewable units raising the standex to own and making et cetera, but it will take some time and may have an impact during the integration phase, but you can see that the progress that has been done on the cheese are impressive as well.

Speaker 4: And so we are continuing that we can implement our culture as well in that video.

And so we are confident that we can implement our culture as well in that business.

Speaker 4: Now, the environment, you know that perfectly well. 2021, turn out to be a year with record-eye commodity prices. You will see here the

Now the environments, you know that well 2021 turned out to be yoga, we record I commodity prices.

You see here the price scale goes.

Speaker 4: All gas electricity, I think all the curves are impressive. And spectacular.

Odd gas electricity I think all the curves are impressive and speak that grill.

Speaker 4: All markets began to rally early in the year 2021. And the gas and power markets followed. Moving sharply higher in the...

All markets began to E L F.

2021 .

And the gas and power markets folks moving sharply higher in the summer.

Speaker 4: all supporting, supported by increasing energy demands linked to the overall economic rebounds after the 2020 recession in relation with COVID-19.

All supporting supported by increasing energy demand linked to the overall economic rebound after the 2020 recession.

With COVID-19.

Very very important to note that gas and power copes moving in synch also illustrates the increased complexity and interconnection of energy markets.

Speaker 4: Very, very important to note that gas and power curves, moving in sync also illustrates the increased complexity and interconnection of energy markets, as already highlighted by Patron.

Patrick.

Speaker 4: For oil, the current micro is likely to persist because the non-

For.

The current macro is likely to persist because demand is expected to grow.

Speaker 4: as we continue to emerge from the pandemic. And there is no significant influx of new supply on the horizon.

As we continue to emerge from the pandemic and there is no significant influx of new supply Onvia reason.

Speaker 4: OPEC has been very disciplined in its release of cutouts, but does not appear to have lots of spare capacity.

Opex has been very disciplined in his colleagues of kudos, but does not appear to have lots of spare capacity.

Speaker 4: years of underinvestment. I would say since 2015, should lead to tension and supply and should support price.

Yes.

<unk> I would say since 2015 should lead to tension in supply and should support prices.

Speaker 4: The data point that is pretty telling, the current upstream capital level of $350 billion is aligned with the assumption of the IA-90 scenario, while actual demand is way higher. So no wonder prices are going up.

The data points that is pretty telling.

Current upstream capex level of $350 billion.

Line, we've yes Amgen the.

Net zero scenario.

While actual denounce he's way higher so no wonder prices are going up.

Speaker 4: 2021 has clearly established gas as a transition fuel. It is the most flexible fuel to ensure power of reliability and the obvious alternatives to course.

2021 that's clearly established gas as a transition fuel.

It is the most flexible fuel to ensure power.

Abilities and the abuse alternative to court.

Speaker 4: In many parts of the world, gas demand was supported by electricity demand.

In many parts of the world gas demand, what you posted by electricity demands.

Speaker 4: and low output for either intermittent renewable or low or both. For instance, China,

And will it puts for either intermittent renewable or legal or both.

For Eastern China, Latin America and Europe .

Supply.

Speaker 4: supply were tight and we saw Europe competing with Asia for LNZ cargo.

And we saw Europe , competing with the Asia for LNG cargoes.

Speaker 4: As you know, several major LNG project has been delayed. Many of those due to COVID-19.

As you know several major LNG project has been delayed many of those due to COVID-19, so the LNG other supply that wasn't anticipated in 2019, he's gotten at least until 2025.

Speaker 4: So the RNG other supply that was anticipated in 2019 is gone at least until 2025.

Speaker 4: Europe is transitioning to renewable power generation, but it will take time.

Europe is transitioning to renewable power.

<unk>, that's it will take time.

Speaker 4: for now higher gas and coal prices and cost of carbon for marginal gas coal or gas plants has driven up power prices, as you can see, on the slide as well.

So now higher gas and coal prices and cost of carbon for marginal gas coal or gas plants.

Power prices as you can see on the slide as well.

Speaker 4: The first of a course on our Q4 performance, the highest quarter in terms of 5.5 which was generated from my operation, and that result in the history of the company.

First.

On our Q4.

That's almost the highest quarter in terms of cash flow generated from albertson and net results in the history of the company.

Speaker 4: Here you see a comparison between the casual generated by our operation Q4 2021 versus Q4 2021.

He is a comparison between the cash flow generated by our operation Q4, 2021 versus Q4 2020.

Speaker 4: Cash flow rose sharply more than doubling from $4.5 billion to $9.4 billion in Q4 2021.

Cash flow rose sharply more than doubling from $4 5 billion to $9 4 billion in Q4 2021.

This performance I think demonstrated clearly our ability to use our mid teen EOG model to fully capture in Q4, 2021 very stable labor market environments.

Speaker 4: This performance I think demonstrated clearly our ability to use our multi-energy model to fully capture in Q4 2021 the very favorable market on diamonds.

Speaker 4: Oil continuing to rise above 80°C. Gas, Inesia and Inuro, pitching all-time ice above 30°C minimum material and at the same time European power, above 100°C Euro per megawatt.

While continuing to rise above $80 per barrel gas in Asia and in Europe , hitting all time.

<unk> 32, and at the same time European power, who bought one hundred's euro, but let me get with them.

Speaker 4: In absolute terms, our leveraged to all prices when the main was the main driver.

In absolute terms, our leverage to oil prices one the main was the main driver.

Speaker 4: Nearly doubling oil-linked cash flow. I mean the cash flow generated by ENP and DERM.

Nearly doubling oil linked cash flows I mean, the cash flow generated by E&P and downstream beef.

Speaker 4: with cash flow being more than 7 billion dollars. But in terms of

These cash flow being more than 7 billion, though.

But in terms of productivity increases.

Speaker 4: Integrated LNG, Groove by 2.5 times, with a safe F4 above $2 billion.

Integrated LNG grew by two five times, we have a survey for both 2 billion though.

This is derek level.

Speaker 4: builds on the globally integrated energy portfolio, leveraging rising oil and gas prices and outperformance in the gas and energy trading business.

Built on the globally integrated LNG portfolio.

Leveraging rising oil and gas prices and outperformance in the gas and LNG trading business.

Speaker 4: and, when you build an electricity, grow their positive contribution by 1.5 times.

And when you bought an electricity grew by a positive contribution by one five times.

Speaker 4: Thanks to our growing power trading team, reflecting last quarter's exceptionally strong electricity markets, particular line-up.

Thanks to a growing power trading team, reflecting last quarter was exceptionally strong electricity markets, particularly in Europe .

Speaker 4: Let's move now on the full year picture, the full year 2021.

Let's move now on the full year picture with full year 2021.

2021, it was the highest cash flow delivery in the history of the company as I already mentioned in my introduction, thanks, mainly to the LNG contribution.

Speaker 4: 2021 it was the highest cash flow delivery in the history of the company as I already mentioned in my introduction. Thanks mainly to the LNG contribution.

Speaker 4: Full year 2021, cash flow hits a record high of close to $30 billion, almost bubbling, compared to 2020 figures. …

2021 cash flow heats, a record high of close to 30 billion almost doubling compared to 2000 22020 should go.

Upstream was clearly the case machine.

Speaker 4: We have a safe for close to $19 billion and CapEx at $6.5 billion. This segment generates an impressive $12 billion of net cash.

We are a safer food close to 19 billion dollar and Capex at $6 5 billion below this segment generated an impressive $12 billion of net cash flow.

Integrated LNG move to record level, as well and contributed close to $6 billion or say it before.

Speaker 4: Integrated LNG moved to a record level as well and contributed close to $6 billion of the safety.

Speaker 4: demonstrating that the values growth and expansion along the value chain has indeed moved business to structurally higher levels.

Demonstrating the division's growth and expansion along the value chain has indeed moved this business structurally high yield level.

Speaker 4: Dam stream was resilient, more than covering its cap ex, to add $3 billion of net cash flow to the company.

Downstream was resilience more than covering its capex to <unk> 3 billion.

Net cash flow to the company.

Speaker 4: and renewable electricity, while still in early days, made a positive contribution of close to $1 billion.

And when you build an electricity wide steel in.

Early days made a positive contribution of close to 1 billion.

Speaker 4: In this context, no surprise, we double the rabidda in 2021, compared to 2020 at 40.

In this context, most surprised we doubled our EBITDA in 2021 compared to 2020 at $42 billion.

Speaker 4: As you know, controlling the breakeven is heavy hearts of our sustainability. We have labeled our play giving an organic breakeven below $25 per barrel. At this level, we are clearly more resilience to potential downturns in the environment. And the low breakeven also increased outside in a rising price environment that exactly what we are able to demonstrate last year.

As you know controlling the breakeven he's had behalf of sustainability, we have leveled our plate given an organic breakeven below $25 per barrel at this level were clearly more resilience to put onshore downturn seem to be on governments and a low breakeven also increased.

Outside in a rising price environment, that's exactly what we're able to demonstrate last year.

Net results and profitability.

Speaker 4: They were recorseating in 2021, but it was not an historical high.

The way I recall sitting in 2021, but it was not an historical high.

Speaker 4: The company reported, just in the income of $18.1 billion, representing a return on equity of nearly 17% and a return on capital employed, Rache, of nearly 14%. The company reported, just in the income of $18.1 billion, representing a return on equity of $18.1 billion,

Company reported adjusted net income of $18 1 billion.

Representing a return on equity.

Nearly 17% and the return on capital employed of nearly 14% for 2021.

Speaker 4: This I think demonstrate clearly the high quality of proposed for you and operations. All.

This I think demonstrate clearly the high quality of our portfolio and operations.

All the segments contributed to that performance.

Speaker 4: ENP benefited for sure from higher oil and gas prices, with majesty net operating income of both $10 billion.

You'd be benefited for Shaw from higher oil and gas prices with an adjusted net operating income above 10 billion thereof.

Speaker 4: LNB business reported historic results with a majesty net operating income close to six billion dollars.

And then he business reported historic results with an adjusted net operating income close to 6 billion.

Speaker 4: This built on the global integrated energy portfolio, leveraging rising oil and gas prices and outperformance in the gas and energy trading business. But please note that we consider that around $1 billion was linked to the exceptionally volatile markets captured by our trading in 2021.

This builds on the global integrated energy portfolio, leveraging rising oil and gas prices and outperformance in the gas and LNG trading business. Please note that we consider that around 1 billion dollar was linked to the exceptionally volatile markets captured by our trading in 2021.

Yeah.

As you can see.

Renewable electricity, while still in early days made also a positive contribution in terms of adjusted net operating income last year.

Speaker 4: downstream was hit particularly hard by the pandemic, but marketing is recovered back to its pre-COVID level, leading to a just-in-it operating income of 3.5 billion dollars.

Downstream was hit, particularly hard by the Bulemic, but marketing as we called it back to its pre COVID-19 level, leading to adjusted operating income of $3 5 billion.

Speaker 4: In 2021, we recorded 2 billion of net income adjustments. That means that the IFRS net income was $16 billion. So the $18 billion minus this $2 billion but are of net income adjustments. This.

In 2021, we recorded 2 billion of net income adjustments that means that the iPhone taking gun was $16 billion 18 billion. There are maintenance is 2 billion of net income adjustments.

This amount of adjustments.

Speaker 4: is mainly due to the 1.4 billion dollars lost on the sale of total energies. Stake in Petro Cedenio.

He is mainly due to the $1 4 billion loss on the sale of totaling energy's stake in people sit in Q2.

Speaker 4: to PDVSA in Venezuela. And we recorded this $1.5 billion loss in our statement and the June . And this adjustment takes into account as well, a $300 million impairment linked to our withdrawal from Myanmar.

<unk> Indonesia.

We recorded this one $1 5 billion of Atlas in our in our own.

Statements end of June .

And this adjustment takes into account as well the 300 million dollar impairment linked to our withdrawal from BMO.

Speaker 4: For the quantities of the feint derived burden, we have taken it to down deflect of ?-b-, and we have taken it to down deflect of ?-b-,

For the competition of impairment of potential impairments were taken into accounts.

Speaker 4: The net zero scenarios computed by VIO for our price trajectory as assumption.

The net zero.

Use computing the idea you.

For our price particular assumptions.

Speaker 4: So the old price trajectory converged from...

So the old price trajectory convert from.

Speaker 4: 50 Dora Pabarreal in 2040, towards 25 Dora Pabarreal in 2050. That means the price returns in 2050 by IA in its nezerocene.

$50 per barrel in 2044 $25 per barrel in 2015 that means the price retain in 'twenty 50 by AE in each scenario.

And we had exactly the same rationale for gas.

Got you.

Speaker 4: The revision of this long-term price assumption, both on oil and gas, leads to limited additional additional imperma,

The revision of this long term price assumption, both on oil and gas leads to limited additional impairments around.

Speaker 4: around $300 million, reflecting the resilience of our portfolio. So sliced at ???holy.

Around $300 million.

Reflecting resilience out.

Our portfolio.

Yeah.

Turning now to Capex.

Speaker 4: As you know, we are investing with discipline selectively across all our activities in support of our strategy to build the multi-energy

As you know, we're investing with discipline.

Activities across all of our activities in support of our strategy to build them with generic companies.

Speaker 4: in response to 2020 COVID crisis.

In response to 2020 Covid crisis.

Speaker 4: We cannot on top of collapsing all prices. We can't cap it.

We cannot on top of collapsing oil prices, we cut capex by 25% from 17 in 2019 to 13 in 2020.

Speaker 4: by 25% from 17 in 2019 to 13 in 2020.

Speaker 4: We have established a target range for net investments of 30 to 15 billion dollars per year to 20 25. And as you can see our 20 21 KPEX came in at just over 13 billion dollars at 13.3 billion dollars to be

We have established a target range for net investments of 32 15 billion without failure to 2025.

And as you can see our 2021 Capex came in at just over 13 billion a $13 three agenda to be precise.

Speaker 4: It is true that we plan our capital X quite predominantly for 2021. As at that time, we have no visibility.

It is true that we plan, our capex quite prudently for 2021.

At that time, we have no visibility.

For the remaining part of the year.

Speaker 4: So slightly more than half of our cap ex was dedicated to maintaining the base, mainly upstream and downstream oil, and the other half went to the strategically growth.

So slightly more than half of our capex was dedicated to maintaining the base, mainly upstream and downstream oil and the other half went to the strategic growth.

Speaker 4: Run your board and electricity on one side and engage in gas on the other side.

Renewables and electricity on one side.

LNG and gas and the other sites.

Speaker 4: In fact, Renébole and electricity represented more than $3 billion of or 25% of our 2021 cut.

In fact renewable electricity represented more than $3 billion of or 25% off our 2021 Capex.

Speaker 4: The remaining parts close to 25% at 3.1 billion dollars one dedicated to L-Indian gas but also as you can see on the slide to biomass, mainly related to biofuel and renewable diesel at an early stage of development.

The remaining box close to 25% at $3 1 billion below one dedicated to LNG and gas, but also as you can see on the slide biomass, mainly related to Biofuels and renewable diesel.

At an early stage of development.

Among the majors total in energy has been and continues to be the low cost producer in terms of cash opex per barrel and the low emission hydrocarbon producer.

Speaker 4: Among the majors, total energy has been and continues to be the low cost producer in terms of cash op-ex per barrel and the low emission hydrocarbon producer.

Speaker 4: We believe that these benchmarks are important to demonstrate the competitive advantageies we have developed and maintain within our company.

We believe that these benchmarks are important to demonstrate the competitive advantages we have developed and maintained within our company.

We have got our opex in half since 2014 to nearly $5 per barrel equivalents.

Speaker 4: We have cut our Rope X in half since 2040 to nearly 5.5

Speaker 4: And the upstream score 1 and 2 emission intensity 100% on operative assets has been reduced to 17 kilograms CO2 per barrel per barrel all equipment.

And the upstream scope, one and two emissions intensity, 100% operated assets has been reduced to 17 kilogram. So two blueberry per barrel oil equivalents.

Speaker 4: I can tell you that we have top down, by in on these metrics across the organization.

I can tell you that we have put down buying on these metrics across the organization.

Speaker 4: Our teams understand the importance of operating as cleanly and as efficiently as

Our teams understand the importance of Peri operative asking me and as efficiently as possible.

Speaker 4: The need for tight controls on OPEX is something that we all record.

The needs for tight controls on Opex is something that we all recognize and.

Speaker 4: and 32 emissions is taken with the same level of importance both in terms of sustainability and as a barometer of efficiency.

And so to emission Easter.

Sticking with the same level of importance both in terms of sustainability and as a barometer of efficiency.

Okay.

Yeah.

Okay.

Downstream cash flow was $5 5 billion.

<unk> in 2021.

Speaker 4: 17% increase from the previous year, but still below pre-COVID level.

A 17% increase from the previous year.

That's still below pre COVID-19 level.

Speaker 4: The impact of lockdowns linked to the pandemic were particularly hard of our refining business.

The impact of slowdowns linked to the pandemic swept particularly hogs.

Our refining businesses.

Speaker 4: and refining suffolds due to the drop in the mountains for roads and aviation fuel. And we adjusted rents in our refinery's accordingly.

In refining suffered due to the drop in demand for roads and aviation fuel and we adjusted rents in our refineries accordingly.

Speaker 4: In Europe , the Refining Marginz Women Week in 2021, having been hit and helped by high-energy costs.

In Europe , the refining margins remain weak in 2021, having been Heaton hip by high energy costs.

Petrochemicals on the other hands remain bright spots benefiting from the very dynamic putting them into markets, which are linked to health and safety products.

Speaker 4: Petrochemicals, on the other hand, remain a bright spot, benefiting from the very dynamic polymer markets, which are linked to health.

Speaker 4: marketing and services dipped in 2020, but cash flow from operation recovered to pre-COVID level.

Marketing and services deep in 2020, but cash flow from operations recovered to pre COVID-19 levels with.

Speaker 4: with an increase of 15% on average between 20 and 20, 21, meaning that 2021, CFA4, is even slightly above 2019 level. As the...

With an increase of 15% on average between 'twenty 'twenty and 2021 meaning that 2021 54 is even slightly above 2019 level.

At the same time.

Marketing and services sales.

Speaker 4: globally declined by almost 20%. That means that we were able to successfully implement our scope free selectivity strategy on low margin volumes. Arbitraging our port...

Globally declined by almost 20% that means that we were able to successfully implement our capri selectivity strategy on low margin Williams arbitrage in our portfolio.

Downstream Capex was $2 $2 billion in 2021 that means that we say four or $5 5 billion without <unk>.

Speaker 4: Downsoon CapEx was $2.2 billion in 2021. That means that we, VSAF, of $5.5 billion, this side of our business contributed $3.3 billion of net cash flow to the company.

Cytosorb business contributed $3 $3 billion of net cash flow to the company.

Speaker 4: It was a resilient source of free cash flow in 2021. Clearly.

It was a resilient source of free cash flow in 2021 clubs.

Speaker 4: One of the most exciting aspects of the total energy history has been the successful development of our integrated LNG business to the level of best impacts across the industry.

One of the most exciting aspects of the total energy story has been the successful development of our integrated LNG business to the level of best in class across the industry.

The main driver has been the growth in sales up by more than 20% compared to pre COVID-19 2019 level.

Speaker 4: The main driver has been the growth in cell up by more than 20% compared to pre-COVID 2019 level. That provides us with a strong base we can use to leverage favorable market condition. And it was the case obviously in 2020.

<unk> provides us with a strong base, we can use to leverage federal label market condition and it was the case obviously in 2021.

Speaker 4: As you can see here, cash will increase to 5.6 billion dollars in 2021, as massive 70% gems from the previous year, by capturing the strong rebounds in both oil and gas price.

As you can see here cash flow increased to $5 6 billion or out in 2021.

70% jump from the previous year by capturing the strong rebound in both oil and gas prices.

Speaker 4: to understand the 2.3 billion dollar increase in cash flow, let's have a look at the uptrend downstream.

To understand the $2 3 billion to our increasing cash flow.

Let's have a look at the upstream downstream speeds.

Speaker 4: The upstream, essentially the acquisition part of the business, provides the scale and global reach that sets total energy surpass as a major player in all of the main markets.

The upstream.

Really the liquidation part of the business provide the scale and global and global reach that said total linear path as a major player in all of the main markets.

Speaker 4: Cash fruit from the opening part of the business increased by 1.7 billion dollars.

Cash flow from the upstream part of the business increased by $1 7 billion.

Speaker 4: linked to the higher average LNG price, which is in turn driven mainly by oil price.

Linked to the higher average LNG price, which is in turn driven mainly by oil prices with a three to six month lag time effects.

Speaker 4: with a 3 to 6 month lifetime

Speaker 4: Our average LNG price for 2021 increased by $4 per million BTU to $8.8 per million BTU on average over per million BTU on average over 5 billion BTU to $ FBIlathee.

Our average LNG price for 2021 increased by $4 per million Btu to eight 8 million Btu on average over 2021 .

Speaker 4: In Q4, I remind you that our average LED price reached more than $13 per million.

In Q4, I remind you that our average LNG price reached more than $13 per million Btu.

Speaker 4: The downstream, effectively everything beyond the tailgate of the DICOA faction plan, is the integrated tool we use. To leverage an arbitrage volatility.

That was team effectively everything beyond the tailgate of the liquefaction plant he's integrated tool we use.

To leverage and arbitrage volatility.

And of course, the global markets.

Cash flow from the downstream parts of the business increased by 0.6 billion.

Speaker 4: Cash from the downstream parts of the business increased by 0.6 billion dollars. So 1.7 coming from atrin 0.6 coming from down.

So 1.7 coming from upstream Zelle opened six coming from downstream.

Speaker 4: Here, we are relying on contractual flexibility to set destinations. Our worldwide footprint, including our position, as the largest exporters of US and India.

Here, what we're relying on contractual flexibility to say destinations our worldwide footprint, including our position as the largest exporters of U S. LNG.

Speaker 4: Enple Regas' capacity in Europe and a fleet of 20 chartered LNG carriers.

Ample re gas capacity in Europe , and a fleet of 20 chartered LNG carriers.

We have developed strong position.

Speaker 4: along the entire LNG value chain. And we have a growing trading operation, as I already mentioned, that takes full advantage of this.

Along the entire LNG value chain, and we have growing trading operation.

As already mentioned that takes full advantage of this.

Speaker 4: our integrated LNG businesses is the main driver for our underlying cash rule growth as Patrick highlighted in his run-duction and a key lever to capture the benefits of high oil and gas prices.

Integrated LNG businesses is the main driver for our underlying cash flow growth, especially related in Israel, Nixon and a key lever to capture the benefits of high oil and gas prices.

Yeah.

Now renewables and electricity business comp.

Compare to LNG.

Speaker 4: Our renewable energy to the business is at an early stage of development for sure. But as you know, we are scaling up.

When you bought in electricity business is at an early stage of development for sure. That's as you know we're scaling up.

Speaker 4: In 2021, we expanded our global footprint to more than 70 countries. And we added more than 10 gigawatts of gross, install renewable power generation capacity.

In 2021, we expanded our global footprint to more than 70 countries and we added more than 10 gigawatts of gross install renewable power generation capacity.

Speaker 4: Our port for you has grown to 43 gigawatt of gross capacity, including the 10 gigawatts of installed capacity.

Our portfolio has grown to 43 do you get with a gross capacity, including these 10 gigawatts of installed capacity seven he got what's under construction and 26, you get what's in development.

Speaker 4: 7 gigawatts under a corruption and 26 gigawatts in development.

Speaker 4: Like in India, we are building renewable and electricity business that is integrated along the entire of the U.K.

Like any while building our renewable and electricity business that is integrated along the entire value chain.

Speaker 4: And as illustrated on the slide, we've interrest in storage, in trading, EVs, mobility, and retail distribution.

And as illustrated on the slide with interest in storage and trading Evs.

Mobility and retail distribution.

Speaker 4: I will not comment in details the map showing the main 2021 achievements, but you can see that we are very active and successful on each segment on the value chain and particularly in offshore winds.

I will let comment in details the map showing the main 2021 achievements, but you can see that we are very active and successful on each segments.

Oh of the value chain and particularly in offshore wind.

Speaker 4: I would just mention, of course, the acquisition of the 20% stake in Adeligrin in India in January 2021. So the largest solar developer in the world, for a two billion investment.

I would just mention of course, the acquisition of the 20% stake in <unk> and then you're getting in India. In January 2021, So the largest solar developer in the world.

2 billion investments.

Speaker 4: And now, given a then green share price increase, this investment is valued at around 8 billion dollars.

And now given and then you gain share price increase these investments is valued at around 8 billion.

Speaker 4: In 2021, Renébo and N2CG outperforms our expectations.

In 2021 renewable electricity outperformed our expectations.

Speaker 4: net electricity production increased to 21 terawatt hour, a 50% gem from the producer, and slightly hot as you can see off our torquets.

Net electricity production increased to 21 Terawatt hour.

Person James from prepay this year.

And slightly hurts as you can see both our forecasts.

Speaker 4: In addition to strong growth from renewals, we benefited from increasing CCGT power generation, linked to the addition of four CCG plants to France and to Spain in late 20 years.

In addition to strong growth from when you use we benefited from increasing C. J D power generation linked to the addition of 40 CTG plans to enforce and tune Spain in late 2020.

Speaker 4: And of course, we benefited as well of exceptional volatility captured by our electricity trade.

And of course, we benefit as well of exceptional volatility captured by our agency trading.

Our proportional share of EBITDA for rent and interest.

Speaker 4: For now we need to do...

Speaker 4: in 2021 was 1.4 billion dollars, about 2.5 times the level of the previous year.

In 2021 was $1 4 billion.

About two five times the level of the credit score.

Speaker 4: and far above our expectations. We're expecting once again the labor-age we are building into that business to profit from fabricable market conditions.

And finally, both our expectations, but I think once again the leverage we are building into that business to profits from February market conditions.

Speaker 4: How has this record cash flow generation been allocated in 2021? First, once again, we invested $13.3 billion.

So how has this recall casualty that I shouldnt been allocated in 2021.

First once again, we invested $13 3 billion.

Speaker 4: That means that 45% of the 29.20 billion dollars cash for generated from operation were back into the business.

That means that 40, 45% of the.

$29 $12 billion of cash flow generated from operations were back into the business.

Speaker 4: We reduce that and lower the gear in to 15% at your hand 2021.

We did use debt and lower gearing to 15% at year end 2021.

Speaker 4: The gearing I have in mind in the end of 2020 was 22%.

Theyre getting agreement.

What was getting out of the mine in 'twenty at the end of 2020 with.

22%.

Speaker 4: We insist that a strong balance sheet is the first line of defense for any entity exposed to commodity prices. That is very important.

We insist that have strong balance sheets ease with first line of defense for any entity exposed to commodity prices.

It is very important that he is a very clear priority.

Speaker 4: whenever we find ourselves on the high side of the commodity cycle. And...

Whenever we find ourselves on the high side of the commodity cycle.

And we allocated one third.

Speaker 4: 33% of our cash flow to shallower returns. Second, only to get back.

33% of our cash flow.

Shareholder returns.

Second only to Capex in terms of magnitude.

Speaker 4: With most of that in the form of dividends, $8.2 billion, plus $1.5 billion in buybacks in Q4 2021.

With most of that in the form of dividends eight 2 billion plus $1 5 billion in buybacks in Q4 2021.

Speaker 4: I'll share a little return on the top peak that Patrick will cover on your tail. So I will stop here and head in the stage back to pass.

Shareholder return your topic that Patrick will cover in detail. So I will stop here and head in the stage back to Patrick Thank you.

Speaker 2: So thank you Jean Pierre for the 21 results, which clearly positioned us quite well.

Uh huh.

Okay.

Yeah.

[music].

Okay.

Yes.

Yeah.

So thank you I think he was up here for these 21 results, which clearly are positioned us quite well.

Speaker 2: And we enter, in fact, 2022 in a very different mine when last year, last year, no visibility, quite put in, this year, this doesn't mean that we will lose our discipline on the investment spot, but clearly, we think that 2022 is much more largely the risk in terms of markets of the environment.

And we went to in fact 2022 in a very different mine when last year last year no visibility quite prudent this year.

That doesn't mean it doesn't mean that we will lose our discipline on the investment spot, but clearly.

We think about 2022 is much more largely derisked in terms of markets of Europe meant.

Speaker 2: Put $12.42 under the titleution to tune in to the presentation.

Our troops for 'twenty two is clear.

Paul I know there are probably stronger in terms of results and a year, whereas a priority for all the teams is again to focus on delivery delivering our production.

Speaker 2: And a year where the priority for all the teams is again to focus on delivery, delivering or production or utilization rate of refineries, delivering or expansion in the new e-bores, delivering or marketing margins, or that is a key to increase the value and the risk of order returns.

The decision rate of our refineries are delivering our expansion in renewables.

All in all our marketing margins or what is the key to increase the value and shareholder returns.

Speaker 2: So, we have, as you know, a break even down to less than $25 a barrel, like Jean-Pierre Toulou, we plan our budget at $60 a barrel, which is quite conservative, but there is a outlook that is positive for the company and for shareholders.

So we have as you know our breakeven down to less than $25 per borrower like it won't be I told you we plan or budget at $60 per barrel, that's why conservative, but clearly the outlook is positive for the company and for shareholders.

Speaker 2: Of course, there are some risks in the commodity market, which are in Iran, I would say, to supply and demand, but on the supply side.

Of course, there are some risks in a commodity market, which are in Iran. I would say to supply and demand, but on the supply side, we do not see honestly a material risk of oversupply.

Speaker 2: We do not see an estimated material race for oversupply. We are not in a situation like Jean-Pierre explained to you where other investment is leading to oversupply, not yet. Even if we obviously will all observe the behavior of independent US shareholder producers, and at which pace shareholder production will grow in 2022, because this is the main factor of uncertainty in my view, on the old side.

We are not in a situation like jumping to explain to you where I'll go investments is leading to oversupply not yet even if we obviously will all observe the behavior of independents U S shale oil producers and at which pace shallower production. We grew in 'twenty to 'twenty two because this is a main factor of uncertainty.

And my view on the old sod.

Speaker 2: The other side, of course, is on the demand. On the demand, we have clearly continuing to get out of the pandemic, I would say, still some markets, like the aviation fuel is not yet at its pre-pandemic level, so there is still room for increasing demand for oil products. So again, this is favorable to, I would say, the outlook for 2022. But we should not as well forget that the 2021 results

Aside of course is on the demand on the demand we are clearly continuing to get out of the pandemic I would say still with some markets like the aviation fuel is not yet at a pre pandemic level. So there is still more room for increasing demand for all products. So again this is.

As of February ball to two I would say our outlook for 2022, but we should not forget about the 2021 results there.

Speaker 2: demonstrated that we have a clear ability to leverage a favorable environment and rather the year 2020 demonstrating the resident performance when we have to re-reverse the arch environment. So going forward, I really think that we are focusing now on transforming total energies into a sustainable multi-energy company and can best navigate the transition to what an zero world.

Demonstrated but we have a clear ability to leverage a favorable environment and whether the 2020, demonstrating the resilient performance.

We are we have to reverse it awesome government so going forwards.

The only thing that we are focusing now on transforming <unk> into a sustainable multi energy company, even can best navigate the transition towards a net zero world.

So getting to a net zero ambition by 2050 together with society just to give you the results of 2021 Don.

Speaker 2: So getting to on NET0 ambition by 2050 together with society just to give you the results of 2021, Jean-Pierre spoke to you about safety. I'm taking the CO2 emissions, which is the other, I would say, almost co-value the company or reducing these emissions.

I'll just talk to you about safety I'm, taking the C. O two emissions, which is the over I would say are more core value of the company, reducing these emissions 'twenty 'twenty. One is another year of decrees you have ideas of figures, which has been a good calculated by excluding a specific COVID-19 impacts.

Speaker 2: 2021 is another year of decrease. You have the figures which have been calculated by excluding a specific COVID impact on scope one and two 37 million tons. So reduction from 20% compared to 2015, I remind you that we have a target of minus 40% by 2040. So we are well.

On scope, one and 237 million tons of reduction for 20% compared to 2015, I remind you that we have a target of minus 40% by 2030. So we are well on the on the journey to that so that's the first point I would remind you as well about in this figure is including the.

Speaker 2: on the journey to that, so that's the first point.

Speaker 2: I will remind you as well that in this figure is including all the emissions of the CCGT, which were not in the perimeter of 2015.

All the emissions of the CCG team, which we are not in the perimeter of 2015. So it's 4 million tons, so which represents so that means that in fact, the efforts dawn by all the teams in exploration and production and refining and chemicals mainly.

Speaker 2: So it's for me on the tone, which represents. So that means that in fact the efforts don't buy all the teams in exploration and production and refining and chemicals mainly have already been

I've already been quite impressive moving down from 45 to two to less than 45.

Speaker 2: Impressive moving down from 45 to less than 35.

Speaker 2: Then another matrix important when we speak about our missions and our printed activities is a methane as I said we didn't wait for glass go.

Then another metric is important when we speak about our emissions and our operated activities is in Michigan as I said, we didn't wait for Glasgow to focus on this vein, even if the world seems to have discovered the impact of me, saying, we took that very seriously for me for many years and from 2015 to 2021.

Speaker 2: to focus on methane, even if the world seems to have discovered the impact of methane. We took very seriously from many years and from 2015 to 2021 it's a reduction of almost 50%.

Reduction of almost 50%.

Speaker 2: 14 we are a little less 49,000 ton per year 21 of methane. We will set some new targets and I can already tell you but we revise the target we set in September .

14, we are a little less 49000 tons.

For the year 'twenty one of machine. We are we'll set some new targets and I can already tell you, but we revise the targets. We set in September it will be reported the end of March you know sensitivity in climate report to a reduction of 80% for the next decade, and 50% by 2025 years.

Speaker 2: It will be reported end of March in our sensitivity and climate report to a reduction of 80% for the next decade and 50% by 2025, which means that we are really working hard to go next to zero for methane emissions as soon as possible. And it's important because, of course,

But we are really working to grow to grow next to zero for me, saying emissions as soon as possible and it's important because of course, our involvement in the natural gas business is strong so it's a matter of consistency.

Speaker 2: or involvement in the natural gas possesses is strong, so it's a matter of consistency.

Speaker 2: Then on the scope free, as you can see, and we can see that we are driving down on scope free emissions in Europe in order to adapt, I would say, of sales to the demand on oil products.

And then on the scope free as you can see and as you can see that we are driving Donald scope three emissions in Europe in order to adapt I would see ourselves to the demand on all products.

Speaker 2: by anticipating we have established a strategy that would say to arbitrate the low margin sales.

By anticipating we have established a strategy that we'd say to arbitrates are low margin sales and it's already a contribution to the green deal is a clear minus 23% on scope one two and three in Europe , but globally speaking, we said, we said that the Nic joins a decade 'twenty.

Speaker 2: And it's already our contribution to the Green Deal is clear, minus 23% on scope one, two and three in Europe . But globally speaking, we said that the next during the decade

Speaker 2: 2020, 2020, or ambition is to maintain a scope free worldwide.

2000, 2040, or our ambition is to maintain a scope free worldwide and scope three of 2015. Despite the fact that we are growing almost by 30% as a company in terms of energy delivery to our customers, but with but it is a 400 million tons figure seems to be the same.

Speaker 2: Under the scope free of 2015, despite the fact that we are growing almost by 30% of the company in terms of energy delivery to our customers, but this is the 400 million tons figure seems to be the same as the 400 until it's very different in fact.

The foreign content is very different in fact, because there is more emissions coming from gas and less from our products.

Speaker 2: Because there is more emissions coming from gas and less from oil products.

Speaker 2: Last figure which I think needs to be recorded is a carbon intensity of ourselves, which is done by 11% in compared 15, objectives is minus 20% by 2030. So, yet better again, we are well on the way to get the objective. So, I think it's also a strong set of results and it's more and more important the only to look to financial results but also to extra financial results like this.

Loss figure, which I think needs to be a record. It is the carbon intensity of all cells, which is all done by 11% in the compare 15.

Oh objectives at minus 20% by 2040, so that again, we are well on the on the way to get your objective. So I think it's a all saw a strong set of results and it's more and more important early to look to financial results, but also to extra financial results like these ones.

Speaker 2: So coming back to 22, yes, we have announced in September capital investment strategy of $13, 15 billion. For the year 22, we will be on the I range, let's say, $14, 15 billion.

So coming back to 'twenty two yes, we have announced in September our capital investment strategy of 14 $15 billion for the year 'twenty two we will be on the Iran. Let's say 14 15 billion dollar.

Speaker 2: Keeping the same I would say splits, but we announced, which is a fundamental, I would say, to our transformation, the way we allocate our capital. So 50% on the, what I call the oil maintenance, but we have no ambition to grow in oil, want to maintain the oil production upstream and aligning the refining around 1.3 million by over the, viscachoye capital, because...

Keeping the same I would say split, but we announced which is a fundamental I would say are two of our transformation. The way we allocate our capital also 50% on the what I call the old maintenance, but instead, we have no ambition to grow in all want to maintain the oil production.

And linings or refining around one 3 million barrel per day basically quite capital because as you know we have a natural decline around 3%. So to maintain we need to invest we need also to invest to maintain reliability and safety of all downstream plants refineries and petrochemical plants. So.

Speaker 2: As you know, we have a natural decline around 3% so to maintain we need to invest.

Speaker 2: We need also to invest to maintain the reliability and safety of our downstream plants, refineries and petrochemical plants.

Speaker 2: So, which 50% are necessary to maintain, to stabilize. And the rest 50% is too grow, too grow under two pillars. One pillar is renewable and electricity.

50 cents are necessary to maintain to stabilize and the rest 50 percentage to grow to grow on the two pillows. One pillar is renewable electricity, which does take 10, 25% of our global Capex. So we'll go for more for free to $3 5 billion in 2022 and the other pillar is that.

Speaker 2: This take 25% of global capex. So we'll go for more for free to $3.5 billion in 2022. And the other pillar is energy and gas. I would say new molecules like gas, you could understand, so bio gas and hydrogen, even if it's yet limited in 2020.

LNG and gas I would say and new molecules like our in gas you could understand that sort of biogas and hydrogen even if it's yet limited in 2022.

Speaker 2: So going to end of his film, let's begin by all. In all the program, obviously, again, is to focus on delivery to and to again, on organic value creation.

So going to interface, Phil let's begin by all in all as a program. Obviously again is to focus on delivery to draw and draw again on organic value creation.

Speaker 2: So we have an increase in parts of the reason why the budget, CapEx budget increased in 22 compared to 21.

So we have an increase and it's part of the reason why the budget Capex budget increased in 22 compared to 21, we have reactivated our short cycle capex that we have in countries like Angola, Nigeria.

Speaker 2: We have reactivated the short cycle capex that we have in countries like Angola or Nigeria. One billion dollar of short cycle capex are now mobilized. More rich coming on stream, keeping in mind of we've a limitation, which is a COVID.

<unk> 1 billion of short cycle Capex.

Mobilized more rigs coming on stream keeping in mind or revise a limitation, which is a COVID-19 impact on the operation. So it's not exactly the level, where we were before the pandemic, but it is growing and it will bring a country production contribution of around 50000 barrels per day.

Speaker 2: impact on the operation. So it's not exactly the level where we have before the pandemic, but it's growing and it will bring a concert...

Speaker 2: contribution over 50,000 Baal per day.

The main driver main asset.

Speaker 2: main asset being the bloc 17 in Angola. I would also remind that we have some startups in 2022. In particular, Meruwan, Brazil, the first of the four merus.

So block 17 in Angola, I would also remind that we have some start ups in 2022 in particular a megawatt in Brazil was the first of the four <unk> is coming on stream by middle of the year at U K, Nigeria, and some new fields in the Novartis portfolio. We are also in terms of getting value creation continuing to.

Speaker 2: Coming on stream by mid of the year, Kiki Kinajaya and some new fields in the Novitek post for you.

Speaker 2: We have also, in terms of organic value of creation, continuing to explore in particular, we have some very high impact worlds. We have one free, in fact, being drilled today, one in Brazil, in my role prospect.

<unk> in particular, we have somebody a high impact wells. We have won if we in fact being drilled today, one in Brazil, and a real prospect.

Speaker 2: We all explorers have good hope. I hope so we say, Serenam continues to dream, to I would say appraise a world potential, the block, with in view to identify or development by end of 22. And Namibia is another eye impact world, which is being dream.

All explorers have good oops I hope so at Suriname continues to drill to I would say appraiser world potential is a block we've in view two to identify or development by the end of 'twenty, two and that media is another impact well, which is being drilled.

Speaker 2: That's for the organic part. But you know, to a great of portfolio, and which we also use, I would say MNA, with two clear axes, divesting mature, high emission assets, non-core, that we have done this year in Gabon, in Angola, Bloke, 14. So that's one part, and we sell for $2 billion of assets. And I would say, it's not because.

But for the organic part, but you know to high grade our portfolio and which we also use I would say M&A. We've took your axis divesting <unk>.

<unk> emission assets noncore, but we have done this year and gamble in Angola block 14, So that's one part and we sold for $2 billion of assets and I would say, it's not because.

Speaker 2: I that we must stop this strategy. We must, on the contrary, implement it in 22. So there is more to come of these material marginal fields because probably we get more value from investors in 22 than before. And on the other side, we are acquiring. We continue to have an acquisition of interest in low cost low emission assets. And I would say that, uh,

Price of oil is high but we must stop the strategy, we must on the country implemented in 'twenty. Two so there is more to come of this mature marginal fields, because probably we get more value from investors in 'twenty two when before and then view of aside we are acquiring we continue to have a or an acquisition of interest.

In low cost low emission assets and I would say what.

Speaker 2: I consider we have been very successful in the tour auctions end of December by getting access to two giant deputies fields.

I consider we have been very successful in so tau auctions and have since December by getting access to two giant deepwater fields shipyard and adapt with surplus psus.

Speaker 2: Ckea, ANATAPU plus PSC. Ique á Bootsl say

We have a quite good returns. So we are very happy to be partner of these two Jan fields, and we know that we are leveraging when we looked for low cost or we are looking of course to all of you I have a very strong foothold in the middle East and Iraq, Libya, we already explained by the way on this.

Speaker 2: quite good return so we are very happy to be partner of these two-term fields and we know also that we are leveraging when we look for low cost

Speaker 2: oil, we are looking of course to our, we have a very strong foretell in the Middle East and Iraq, Libya, we already explained. By the way, on this slide, you can see that we accelerate our growth in Deepwater Brazil. We are planning to reach one of the 50,000 bulb per day by 25, no it's by 23, with the additions we have done. And really, that will be some cash and shine for all business in coming years.

You can see what we accelerated the roof and deepwater Brazil, we are planning to get rich one of the 50000 barrel per day by 'twenty five noise by 'twenty three with the additions we have done and really are what would be some cash and giant for all business in coming years or last comment on this one.

Speaker 2: Last comment on this one we continue and we are able and by the way it's the demonstration that the strategy can work including on the other gas business. We have been able even focusing and divesting some ICOs I emissions project but focus but investing in low cost low emission project.

We continue.

And we are able and by the way. It's it's a demonstration of our strategy can work, including on the oil and gas business, we have been able even focusing and divesting some iqos our emissions project, but focus but investing in low cost low emission projects to have a reserve replacement rate in 'twenty.

Speaker 2: to have a reserve with repressments rate in 21 of 123%, the average is 116%. So this strategy can work to focus

One of one of the 23%. The average is 116%. So this strategy can work to focus on again, some low cost low emissions oil and gas fields.

Speaker 2: and again some low cost low emissions oil and gas fuel.

Yeah.

Speaker 2: So for 22, one figure for the extreme division and Nicolas teams is 2.9 million power of all per day or equivalent plus 2%. They are some plus, so that goal, some new productions. They are some minus when we withdraw from Myanmar, obviously we are, we lose some productions, we begass them, but this is a clear focus of all the teams. I know any and P and thank you for that.

So $4 20 to one figure for the upstream division and Nicolas teams is a $2 9 million barrels of oil per day or equivalent plus 2%. There are some plus <unk>. Some new productions. They also minus when we withdraw from Myanmar, obviously.

We all are well.

We lose some predictions we began the but this is a clear focus of all the teams I know in the N P and thank you for that.

Speaker 2: The downstream is the same message. In fact, it's on two pillars there. It's a delivery on one side for refining. It's coming back to, I would say, a decent utilization rate, 60%, 80%. As Chappier said, the year 21 was rough.

The downstream is the same message in fact it onto belongs where is the delivery on one side for a refining it's coming back to I would say a decent utilization rates, 80% as sharp you said the year 'twenty one was Ralph.

Speaker 2: for margins where low energy price are high, still high. In particular natural gas is impacted quite a lot the refining, but also we had honestly some operational issues in some plants. So, the beams are mobilized there. So, which is good because that means that we have extra cash which will be might be delivered. The other part of the delivery is a cracker in the US.

Margins were lower energy prices are I still I in particular natural gas is impacted quite a lot. The refining but also we had some operational issues in some plants. So teams are mobilized there so which is good because that means that we have extra cash which will be might be delivered.

Part of the Oh delivery is a cracker in the U S.

Speaker 2: We are expecting it to be also transparent. It's referred from the COVID I would say impact in terms of capacity to deliver it through its lay.

We are expecting it to be also transplant it suffered from the COVID-19 .

I would say impact in terms of capacity to deliver it. So it's right. It's late and it was difficult to manage all the COVID-19 impacts I would say on the building of its cracker, but now our teams are all mobilized in the U S 2222 to start as a cracker by I would say middle of the year, which will allow a bunch of ways to start to crack you almost together.

Speaker 2: It's late and it was difficult to manage all the COVID impacts on the building of this cracker. But now the teams are all mobilized in the US to start as a cracker by, I would say, the middle of the year. Which will allow by the way to start the cracker almost together with the polymer lines.

The polymer lines. So in terms of integration it would be economically is not too bad I would say if you have a thought for refining and chemicals is to engage into the transformation on bio fuels on the one side and also on circular economy with more polymers being produced from Baidu and recycled polymers one other department.

Speaker 2: So in terms of integration, it will be economically, it's not too bad. I would say if you've a part for refining and chemicals, it's to engage into the transformation on biofuels on one side, and also on circular economy with more polymers being produced from bio and recycled polymers, 100,000 tons is a target for 2022.

Tom.

Is the target for 2022 .

Speaker 2: And on marketing and servicing, they implement the strategy we have defined, which is also a form of transformation. Of course, getting most of the assets, which is the growing non-fuel-

And our marketing and servicing they implement the strategy. We have defined which is also a form of transformation of course getting most of your assets.

So growing non fuel revenues. This is a source of additional cash so we're getting to the time, we have a target of 35%.

Speaker 2: This is a source of additional cash, so we have a target of 35%. But also, at the same time, continuing to be selective on all products sales by arbitrage in the low margins sales.

But also at the same time continuing to be selective on the oil product sales by arbitrations are low margin module sales.

Speaker 2: Compared to 2015, the objective is to decrease this type of cells by 20%.

Compared to 2015 objectives to decrease these type of cells by 20% and new energies very again continuing to develop in EV charging in particular, I would say, we put more and more focus on our own retail network, because we think that the customers will may have just.

Speaker 2: And new energies, very good, continuing to develop in EV charging. In particular, I would say we put more and more focus on our own retail network, because we think that the customers will may have the same trend than before going to a retail station, but there we need to invest in high-profile charging because we serve expectations and we'll be the focus of investors.

Same trend went before going through our retail station, but there we need to invest in IP, we're charging because we solve expectations and will be the focus of investments. So all in all we are expecting another good year, but you know we are in the bonds that had been disappointing by by the downstream for many years.

Speaker 2: So all in all, we are expecting another good year, but you know, we have not been disappointing by the downstream for many years. $5.5 billion in 21, more than 6 billion in 22, the extra should come, of course, from refining, which was low.

A $5 $5 billion in 'twenty, one more than 6 billion in 'twenty to the X class should come of course from refining which was low.

Speaker 2: Maybe the petrochemical, the polymer, will not be able to redeliver the exceptional year of 21, that's the market. But I think this is again important for the world company and to fund the transformation.

Maybe the petrochemicals the polymer will not be able to deliver the exceptional year of 'twenty. One that's a market, but I think this is again.

Important for the company and to fund the transformation.

Speaker 2: Then, LNG. LNG, I think Jean-Pierre spoke about it. Of course, this is the engine of the growth and a particular underlying cash flow growth, which is feeding the increase of the dividend. As you can see, we have clearly a volume increase.

The LNG and LNG I think Oh, Gee I spoke about it a of course. This is the engine of our of the golf in particular out of underlying cash flow growth, which is feeding the increase of the dividend as you can.

Can see we have clearly a volume increase by 6 million tonnes, mainly driven by long term contracts and resolve these long term contracts, which will deliver I would say is sustainable underwriting cash flow.

Speaker 2: by 6 million tons, mainly driven by long-term contracts and vis-a-vis long-term contracts, which will deliver, I would say, the sustainable underlying cash flow. Of course, at the same time, there is a strong level of H to I and volatile price.

Of course at the same time, there is a strong leverage through I and variety at a price.

Speaker 2: Hi, it's for a free volatile. This is what our downstream people like to make arbitration. I would say it seems to be strange, but we like volatility, but in fact, we have some bit teams who love that. So on the up frame part, we have two informations there. 80% of our production and energy producers is linked to oil. So of course, we have a leverage to oil, which is quite strong. But we have also a leverage to, I would say, spot markets and DP indicators.

It's for our flavor retired this is what our downstream people would like to make arbitration I would say it seems to be strange, but we like volatility but in fact, we have some big themes, we love, but so on the upstream part we offer two informations. There are 80% of all I would say of all production LNG producers is linked to oil.

So of course, we have a leverage to order, which is quite strong but we are also a leverage to I would say a spot market and deeply indicators before we are giving you a million dollar by a $1 per million Btu with volatility. We said no we will give it for $10 per million Btu, because we'd planned.

Speaker 2: Before we're giving you a million dollar by a one dollar per million BTO, with the volatility, we say, now we will give it for $10 by million BTO, because we plan on 10 as a price on NBP, but maybe it's between 20, like it is a moment 20 since the beginning of the year. So it's $800 million extra cash for $10 per million BTO, only on the extreme part of the energy. And in fact, another information, which is important to us,

10.

Price on MVP, but maybe it will be 'twenty like it is.

More than 2000 since the beginning of this so it's $800 million extra cash for $10 per million Btu only in the upstream part of the LNG and in fact, another information, which is important to us is that and George has told.

Speaker 2: is that, Jean-Pierre Tordu, we have a time lag of three to six months in our energy formula. So we embark, in fact, in 22, we raise from visibility for the first semester of a more than $12.00 per million BTU, which is an higher average than the one we had in the second half of 21.

Or do we have a time lag of three to six months you know LNG formula. So we embark in fact in 'twenty two.

Strong visibility for the first semester of more than $12 per million Btu, which is an.

Average rents are one we had in the second half of 'twenty. One so that's important and again on the other side our downstream LNG teams, but you have the capacity to arbitrage and to again get benefit from volatility with two key indicators, which illustrates our capacity is the first one they have a global ports.

Speaker 2: So, that's important and again, on the other side, or downstream energy teams.

Speaker 2: There is a capacity to arbitrage and to again get benefits from volatility with two clean decaters which illustrate their capacity. The first one, there is a global portfolio of flexibility of 65%.

Your flexibility of 65% so they can chances destination of 65% of the.

Speaker 2: So they can change the destination of 65% of the, I mean, the sales portfolio they have in their hand. And second, remember that we have number one US exporter, which of course is very important type of flexibility because there is one gas price, that does not move too much. Even if it goes last year from $3 to $5 million per million BTO is a US gas price.

Sales portfolio, where you are in that end and second remember, but we are number one U S exports.

Which of course is very important in terms of flexibility because the phase one gas prices that does not move too much even if it goes last year from three to $5 per million Btu is a U S gas price. So has the capacity to arbitrate between China Asia and Europe of course is a strong.

Speaker 2: So the capacity to arbitrate between China, Asia and Europe .

Speaker 2: Of course, it is a strong engine for cash flow. So this, of course, LNG, again, like 21, even 22 more than 21, will be a year where we should get the fruits of all what we invested and we continue to invest. Invest.

Giant for cash flow. So this of course LNG again like 'twenty, one even 22 move in 'twenty, one will be a year, where we should get.

The fruits of all what we invested and we continue to invest in this business.

So <unk> I would say this is an important year 'twenty two because we'll go from growing gigawatt per year, two six gigawatt per year.

Speaker 2: The new Abel Zanpower, I would say this is an important year, 22, because we'll go from growing for three gigawatts per year to six gigawatts per year. In 2019, it was seven. We went from seven to, it was four. We went from four to seven in 2020, from seven to 10 in 21. So it was plus three, plus three. Now we enter into a new phase of growth.

In 2019 at where server we went from seven to two it was four we went from four to two seven in 2020 from seven to 10 and 21. So it was personally breast free no we enter into a new phase of growth, which are expressed six which more than 16 and plus six in fact, we've four times <unk>.

Speaker 2: which is plus 6, which is more than 16, and the plus 6 in fact with four times 6, we hit the 35 gigawatts. Before to have a new phase beyond 20, 12, 25, 25, which is plus 9 plus 10 gigawatts, to reach the 100.

We hit the 45 Gigawatts before to have a new face beyond 2023, 25, which is plus 9% Giga Western which is the one that would so the capacity all but it's not a dream from the CEO or water projects, where people are working on the ground in many countries to deliver it one spectacular project, which will come.

Speaker 2: So the capacity, all that is not a dream from the CEO , all that our projects, work people are working on the ground in many countries to deliver it.

Speaker 2: One spectacular project which will come on stream will be Al-Qaqsa in Qatar via 800 megawatt.

On screen will be a.

Calcined kept all the 800 megawatts and I think that you will be happy if we invite you not only to go to get up to visit a solar plant, but maybe to look to the World Cup in November 2022.

Speaker 2: And I think that you will be happy if we invite you not only to go to Qatar to visit the Solar Plans, but maybe to look to the World Cup in November 2022. It's very serious, by the way, the invitation to our investors. But definitely, I think it will be good to understand what means to build a 10 km by 10 km Solar Plans in the middle of the desert.

It's a very serious buys with invitation to our investors but are.

Definitely I think it would be good to understand what it means to build a 10 kilometer by 10 kilometer solar plants in the middle of the desert, so not paying football on the on the solar panels, but just.

Speaker 2: not being football on the solar panels, but just to deliver power to Qatar. And of course, I can tell you, we are all mobilized so that they will have this green power to...

Just to deliver power to Qatar and of course I can tell you. We are all mobilized to what they would have as green power to a draw.

Speaker 2: to feed this stadium during the World Cup. The other part of the 22, I would say, new startups are in offshore wind. In fact, the field of UNLIN and Taiwan began a started production, the first generator in 2001, but very limited. The real startup is in 22, and there is in Scotland the first also tough binds, which will generate power together with the SEC and the Seagrin project.

To feed this stadium during the World Cup. The other part of the 22 I would say new.

Startups are in offshore wind in fact, a feed of Union, Taiwan began and started production of the first generator in 'twenty, one, but very limited because the real startup is in 'twenty two and there is in Scotland's first to also fill bonds, which would regenerate power to give up versus the <unk> projects.

Speaker 2: So that's the program is delivering this growth in terms of results and production, which is also important because we are looking carefully to that. This is obviously the target is to have a profit.

So that's a program is delivering this growth in terms of reserves and production, which is also important because we are looking carefully to that which is obviously the target is whoever profitable roof and production will increase by let's say 25%.

Speaker 2: And production will increase by, let's say, 25%.

Speaker 2: mainly from a new evolves, by the way, not from CCTVs this time. And EBITDA, on terms of what's the proportional share of EBITDA, you could be surprised that you don't use translation of the 25% in the EBITDA. It's more than 1.5. Is that because we are present? Because as Jean-Pierre Taudu in the 1.4 billion dollars 21, clearly there is an exceptional result from arthritis.

Mainly from renewables by the way.

From CCG Tvs time, and our EBITDA in terms of whats a proportional share of EBITDA.

You could be surprised but you don't see the translation of the 25% in the EBITDA reached more than 1.5 is that because we are prudent because I'll jump you told you in the $1 $4 billion 21, clearly there is an exceptional reserves from a traders in Q4 benefiting from that.

Speaker 2: and Q4 benefiting from the exceptional level of European power. I hope that we'll replicate it, but you know, it's never granted. So we are present of planning this type of results. But again, it's begun to be material, 1.5 billion of a bidar. Of course, we have a global bidar of 40 billion dollar. But in my view, it's becoming to be a material contribution to the company.

With our level of European power I hope he replicated, but you know it's never granted so we are prudent of planning. These type of results, but again, it's really going to be material around $1 5 billion of EBITDA. Okay.

We have a global EBITDA 40 billion dollar, but in my view is it's becoming to be a material contribution to the company.

Speaker 2: So if I'm summarized that for 2022, or generation of cash...

So if I summarize that for 2022, our generation of cash.

Speaker 2: Of course, and this is a little complex scheme because we try to show you that yes we embark a one billion and a lot of energy in power by the way because part of it is also justified by power billion dollar which will justify the increase of dividend but although you read it you can read that we have yes delivered the debt-adjustice cash flow in 21 of around 31 billion dollar if we translate all that

Of course, and this is a little complex scheme, because we try to show you that yes, we embark a 1 billion underlying LNG in parallel by the way because part of it is obviously justified bipolar billion dollar, which would justify the increase of dividend, but what do you read it you can read but we have yet to deliver the debt adjusted cash flow.

21 of around $31 billion.

If we translate all that and at the same and Rosemont level, which is $60. Brent 25 dollar per ton for refining margin and tender offer a million btu for ADP it without being around 26.

Speaker 2: At the same environment level which is $60 brand.

Speaker 2: $25 per ton for refining, margin and $10 per million, be sure for NDP, it would have been around 26.

Speaker 2: In 22, the same environment will give 27, so an additional billion dollar.

In 'twenty to these statements are unmatched will give 27, so an additional billion dollar, but if I'm coming back in a more plausible and durable because don't conclude that I'm very pessimistic about the old price I'm not pessimistic just to makes a demonstration I would have preferred to gray underlines abroad. The top but that's the way it has been design.

Speaker 2: But if I'm coming back in a more plausible environment because I don't conclude that I'm very pessimistic of what I would price, I'm not pessimistic just to make the demonstration, I would have preferred the gray under and the blue on the top, but that's the way it has been designed. If we come back in a more plausible environment, which is $70 a barrel.

And if we come back in a more plausible in the government, which is $17 per borrower, maybe I'm, a little shy and $20 per million Btu, maybe I'm a little I would.

Speaker 2: maybe I'm a little shy. And $20 per million BTU, maybe I'm a little high, would get something like $34, $3,000.

We would get something like 34 billion dollar why because you have some metrics or 30 free exactly 43 44 are the other metrics for 10 dollar brands, we have an extra $3 2 billion dollar a form $10 per million Btu of MVP over the next 3 billion to $3 billion represent the LNG part I gave you 800 plus.

Speaker 2: Why? Because you have the matrix or 33, exactly 33, 34. We have the matrix for $10, we have an extra $3.2 billion. For $10, the median of NPP, we have an extra $3 billion. The free billion represent V and NG part. I gave you 800 plus.

Speaker 2: Domestic gas, European gas, Norwegian gas, UK gas, which is delivering the over 2.2 billion.

So domestic gas European gas Norwegian gas UK gas, which is delivering $2 2 billion. So this is a metrics of course, you will tell me, but you are not where you are today at 80, we'll see by the end of the year, where we'll be but we have room not only and the conclusion of his slides not only.

Speaker 2: So this is a matrix. Of course, you will tell me, but you are not there. You are today at 80. We'll see by the end of the year where we'll be, but we have room not only in the conclusion of this slide, not...

Speaker 2: to increase the interim dividends, which is sustained by this $1 billion.

To increase the interim dividend, which is sustained by these 1 billion dollar and that would tell us enough are quite simple what the board said, Okay. We will get back to the shareholders, 40% of the 1 billion by foods, a dividend and that represents an increase of 5%. So its why you have the 5%.

Speaker 2: And I will tell you the math are quite simple, but the both said, okay, we will give back to the shareholders 40% of the one.

Speaker 2: by through the dividend and that represent an increase of 5%. So it's why you have the 5% announced this morning. And we have also room to share with you part of the surplus extra. And this is the first, the next first French for 22 will be $2 billion.

<unk> announced this morning.

And we have also room to share with you part of the surplus extra and this is the first of the next first tranche for 22 would be $2 billion. So I'm coming to this slide which you know very well that the challenge compared to our previous slides in terms of I would say.

Speaker 2: So I'm coming to this slide, but you know very well, it does not change compared to previous slides in terms of, I would say, priorities, capex, $14, 15 billion. The dividend supported by underlying long-term cash through growth, plus 5%, just take pain to your wild. The balance sheet created a rating, standard and pause is even a with positive trend, I think.

Priorities Capex 14, 15 billion. So the dividend supported by underlying long term cash flow growth plus 5% just to explain to you why so balance sheet credit ratings standard <unk> Poor's is on a.

Positive trend I think and gearing at 20% we are at 15, So we'll continue to consolidate it.

Speaker 2: and gearing another 20% we are at 15 so we will continue to consolidate it and share by back sharing surplus

And share buyback sharing surplus.

It's from.

Speaker 2: From oil and gas prices, before we were giving a guidance on all prices, this is a gas pricing.

Oil and gas prices before we were giving a guidance on oil prices or this is a gas pricing gas prices are also giving us I would say a.

Speaker 2: Guys prices are also giving us, I would say, short term, I or even use, so $2 billion for the first arth. It means that it will be executed during the first arth.

Short term idea or even use so 2 billion for the first of it means that it will be executing executed during the first half and what the board will consider to evaluate it. According to the actual reserves for the second part of the year.

Speaker 2: And that the board will consider to evaluate it according to the actual results for the second part of the...

Speaker 2: So if I just want to make a benchmark of our results and our shareholder returns, I would say that if we look to the stretch art, you can see that in terms of return on equity with a 17%

So if I just want to make a benchmark of our resorts and the shift towards of course shareholder returns.

I would say that if we look to be strong chart you can see that in terms of return on equity with a 17%.

Speaker 2: I think we have, it was, I would, we have waited quite a long to see this type of figures, about 16%. We are number one among the majors.

We have it was I would.

Waited quite a long to see these type of figures about 15%. We are number one amongst the majors by the way. We have also put the ESG risk rating is a one by system that they just don't make a mistake you lower your wells are better you are.

Speaker 2: By the way, we have also put there ESG risk-creating, the one by system at the ethics, don't make a mistake. The lower you are, the better you are. In the way they make the notation.

Are they making limitation. So there again, we have where we are we're ranked but for shareholders. We have returned 33% in 'twenty one of the Cfe fool, which is comparable at least one competitor, which is giving a little more but I think this benchmark is a good benchmark for us and the in terms of yes.

Speaker 2: So, very again, we have where rank, but for sure we're those. We have returned 33% in 21 of the CFF4, which is comparable. There is one competitor which is given a little more, but I think this benchmark is a good benchmark for us.

Speaker 2: And in terms of TSA, on the last three TSA, with 12%, we have the number two far above or two European competitors.

So on the last free on the philosophy of T S.

With 12%, whereas the number too far above all to European competitors.

Speaker 2: So if I may summarize the investment case and why we qualify it of compiling investment case, I would say that you have...

So if I may summarize the investment case and why we qualify it a compelling investment case I would say that you have one pillar, obviously is a low cost low emission portfolio, which allow us to capture energy are upsides from cap energy prices you've seen the figures.

Speaker 2: One pillar obviously is a local slow emission portfolio which you always capture high energy up sides from cap high energy prices. You've seen the figures.

Speaker 2: $10.00 above all, more than 3 billion, $10.00 between 3 billion. So it's, and we have been, we have demonstrated in 21, but we are able to capture it.

$10 per Boe of more than 3 billion tender offer me into more resilient. So it's a and we have been we have demonstrated in 'twenty, one, but we are able to capture it.

Speaker 2: And that's important in particular with all projects, all portfolio, but also VLNG.

And what's important in particular with the old projects the order portfolio, but also the energy portfolio. So the second pillar of our.

Speaker 2: The second pillar of multivasement case is that we consider that the multi-energy.

Our investment case is what we consider that the multi energy.

Integrated model, but we are building or gas and electricity.

Speaker 2: Integrated model that we are building, all gas and electricity, is the one which we get, I would say, the best value for shareholders out of the transition. The transition is a matter of molecules.

Is the one which would get I would say is the best value for shareholders out of the transition to transition as a matter of molecules.

Speaker 2: hydrogen, biogas CO2, which are clearly at the core of competencies of an online gas company, but also of electrons, which is growing power. The use of power is growing. And which means that power being a secondary energy, it's a matter of increasing interconnection in the market and complexity somewhere.

Hydrogen biogas here too, which are clearly at the core of competencies of an oil and gas company, but also of electrons which is going for the use of a poor is growing and which means that we're being as a gander in energy, it's a matter of increasing interconnection the market in <unk>.

Complexity somewhere in particular are more intermittent see coming from when you rewards create more volatility in the market and this is what is underpinning all multi energy an integrated strategy and I would add that you know in our company's DNA of a large oil and gas company like total energy management complexity.

Speaker 2: In particular, more intermittency coming from my new EVO is create

Speaker 2: mobility in the market and this is what is underpinning or multi-energy and integrated strategy

Speaker 2: And I would add that you know in our companies, the DNA of a large rolling gas company, like Total Energy, the management complexity is somewhere...

He is somewhere call it.

Speaker 2: It's part of a DNA and so we are well positioned with our Noah-U or Baranchi or Worldwide Footprint to manage.

It's part of our DNA and so we are well positioned and we all know our balance sheet our worldwide footprint to management.

Speaker 2: Then of course we translate that into what is new in the electricity value chain. Very again, the more we look to this business, the more we think that

Then of course, we translate that into what is new in the electricity value chain, where again the more we look to this business the more we think that the.

Speaker 2: We need to develop the integrated approach that we had in all the gas to be integrated along the world value chain, production, storage, trading, supply. We need also to be ready to leverage our strong balance sheets, which helps us, which gives us the capacity.

We need to develop the integrated approach, but we had an oil and gas to be integrated along the award value chain production storage trading supply, we need also to be ready to leverage our strong balance sheet, which helps us which gives us the capital capacity to capture value value from volatility in it.

Speaker 2: to capture value from volatility in electricity market. So you will see the mix of total energies.

City market. So you will see is a mix of total synergies in the future will not be only about ppas, but also accepting to take.

Speaker 2: In the future, we will not be only about PPS, but also accepting to take the risk of commodity price, because again, we have the capacity to do it. And thanks to our strong batches, that can be also a differentiator from some competitors in that field. Knowing that we continue, and I confirm to you, that all the projects in which we invest.

The risk of commodity price because again, we have the capacity to do it.

And thanks to a strong balance sheet that can be also a differentiator from some competitors in that field knowing that we continue on our confirmed to you, but all the projects in which we invest after we get off to a real select even we rich we are targeting more on the <unk>.

Speaker 2: have to we are selective and we reach we are targeting more than a double digit return on equity.

Double digit return on equity.

Speaker 2: All that will contribute to continue to increase the attractive and sustainable shareholder return to shareholders and I've already insisted to that. But I will also end my presentation with what we call that that extra financial ESG reporting and progress.

Or that will help will contribute to continue to increase your attractive and sustainable shareholder return to shareholders and have already insisted to that.

But I would also and.

And my presentation with what we called bad about extra financial reporting and progress we attach great importance, we know that for investors, it's more and more important.

Speaker 2: We attach great importance, we know that for investors it's more and more important. And this is why, and that's my final slide.

Is why.

My final slide.

Speaker 2: The Board of Directors has decided in line, I would say, with what we proposed last year in the resolution to the AGM to the 2021 AGM. We ended by resolutions stating that the Board will report on the progress of total energies and vision who respect the sustainable development and energy transition towards carbon neutrality annually.

Broad of directors decided in line I would say with what.

We proposed last year in the resolution to the AGM to the 2021 and Jim We ended very solutions, stating that the board will report on the progress of total synergies ambition with respect to sustainable development and energy transition towards carbon neutrality annually.

Speaker 2: The way we'll do it is that yes, we will issue a report on March 24th.

The way, we'll do it is that we yes, we will issue a report on March 24th.

Speaker 2: is now help,

Parity in climate progress report 2022 will have the opportunity is the same day to make a presentation on the investors and asks sustainability and climate in physically linked to strategy. Obviously, we redo the strategy. That's why we have done it not done it today again.

Speaker 2: We have the opportunity the same day to make a presentation on the investors and ask sustainability and climate are intrinsically linked to strategy. Obviously, we reduce the strategy. This is why we have not done it today again.

Speaker 2: And the other decision which has been taken is that on May 26th, the next EDM, 2022 EDM, we will submit this progress report to an advisory vote. In order to continue, I would say, to align the company and its shareholders of the trajectory of transformation that we have entered in.

And yoga decision, which has been taken is that on May 26 is the next AGM 2022, and yet we will submit this progress report two an advisory vote in order to continue I would say to have to align.

The company and its shareholders of the trajectory of transformation, but we have entered into so thank you for your attention and I know, we jump here and my colleagues, which are in the room not or are.

Speaker 2: So thank you for your attention and know which are up here and my colleagues which are in the room not right behind the desk but in the room ready to answer to your questions. Thank you for your attention.

They are behind the desk, but in the room are ready to answer to your questions. Thank you for your attention.

Speaker 5: John

Yeah.

Yes.

Yeah.

Okay.

Yes.

Hum.

Yeah.

Speaker 1: We will now begin the question and answer session as a reminder if you wish to ask a question Please press star one on your telephone and wait for your name to be announced

Ladies and gentlemen, we will now begin the question and answer session. As a reminder, if you wish to ask a question. Please press star one on your telephone and wait for your name to be announced please kindly mute any audio sources will asking a question. If you wish to cancel your request. Please press the husky.

Speaker 1: Please kindly mute any audio sources we'll ask in a question. If you wish to consult your request, please press the hash key. Once again, please press star one if you wish to ask a question. Er, of course.

Once again, please press star one if you wish to ask a question.

We've got the first question from the line of Michelle.

Speaker 1: Irene Himona from Societe General, please go ahead.

It isn't a chemo from Societe Generale. Please go ahead.

Speaker 6: Thank you very much. Good afternoon. Congratulations on what were very strong results. I had two questions, please, on distribution policy. Firstly, on the buyback, if you could please clarify the timing or the phasing of the $2 billion buyback you announced for the first half of the year. And then in terms of visibility in the future buyback, should we anticipate you announcing the amount twice a year?

Thank you very much and good luck.

Afternoon, Congratulations on a what was very strong results I had two questions. Please on distribution policy firstly on the buyback if you could please clarify the timing or the phasing of the 2 billion buyback you announced for the first half of the year and then in terms of visibility in the future.

That should we anticipate you announcing the amounts twice.

Twice a year.

Speaker 6: My second question on the 5% dividend increase.

Second question on the 5% dividend increase.

Speaker 6: You had previously indicated last year that dividend increases would depend on a structural increase in cash flows and today you attribute the dividend increase to a structural increase in cash flow from LNG and electricity. Can we read into that that you anticipate LNG and power market to continue to remain tight throughout 2022? Thank you.

You had previously indicated last year's dividend increases will depend on a structural increase in cash flows and K you attribute the dividend increase to a sexual increasing cash flow from LNG in electricity can we read into that.

Do you anticipate LNG and power markets.

Two continued to remain tight.

I'll try to touch too thank you.

So thank you for your kind.

Speaker 2: Thank you, Iran, for your kind words. I would say first, the timing, I just mentioned it, my speech. Clearly, it will be executive during the first start of 2022, because the board of directors want also to look what is a share price. We will not buy, the shares continue to grow, but there is a certain point. So it's why we also want to have a program on the first start. So Jean-Pierre Nistimz would execute the $2 billion in the coming months.

Kind of words I would say first the timing I just mentioned in my speech clearly it would be executed during the first start of 2022 because of the board of directors was won't also two to look what is the share price you know were not buying shares continue to grow there is a certain point. So it's why we also want to have a program on the first.

So there shouldn't be any steams with executed $2 billion in the coming months with a who's who of course are doing the windows in which we can intervene in the markets. So that's a few seconds.

Speaker 2: with the rules of course of during the windows on which we can intervene on the markets. So that's the first second.

Speaker 2: I mean, let's, the board is wants to monitor that according to we'll see, you know, we could expect maybe more cash flows coming, more surplus cash flows. So it will be at least twice a year. It may be, it could be, I would say, it depends on the board. It could be even modified after the first quarter result. But let's see, the technical answer is at least twice a year. So don't consider that the Tobillion is only for the year. No, there is no hidden agenda. It's just for first half. And then we'll see. But you know, you know, you...

Let's as a board is wants to monitor that according to we'll see you know we could expect maybe more cashews coming more surplus cash Russo.

It will be at least twice a year it may be it could be I would say it depends on the board it could be even the modified the after the first quarter result, but let's see.

Technical answer is at least twice a year.

So don't consider it to be it is only for the year no. There is no hidden agenda just for first half and then we'll see but you know in the past each time, we have announced a long longer buyback program. We were interrupted by some events on the market so let's be prudently execute.

Speaker 2: Each time we have an answer long, a long buyback program, we were interrupted by some events on the market. So let's be pulled in, let's execute.

Speaker 2: So, but you can't consider that if the environment remains as it is, it will be at least the two billion for the second part.

So, but you can consider but he is a private road months remain as it is it will be at least 2 billion for the second part is the pool on the dividend.

Speaker 2: On the dividend, I would say, I mean, no, again, what means for me structures is the FF4 underlying long terms, the FF4, it means that it comes from

I would say I mean, no again, what means for me structures this year for <unk>.

And they are lagging is a long term if at all it means that it comes from some volume increase from something which is sustainable it does not come from.

Speaker 2: some volume increase from something which is sustainable. It does not come from the actual prices. You know, the impact on the prices, we know that it's all the time, is reported is what we call the surplus cash flows.

Actual prices you know.

The impact of the prices, we know that it's volatile is reported as what we call the surplus cash flow. So when we increase the dividend by 5% because we consider but we are in the growth trajectory I remind you that in September like we.

Speaker 2: When we increase the dividend by 5% because we consider that we are in a growth trajectory, I remind you, but in September , like we previously reminded you, that we are in a trajectory where as a cash rule should grow by $5 billion at the same environment.

We will see reminded you that we are in the trajectory, where I was with cash rules should rule by $5 billion at the same environment and so it was the first tranche of the $5 billion for the next five years. If you remind US is your photo is very carefully I think in 2018 or 2019, we had a really bad in mind of course.

Speaker 2: And so it's the first branch of his $5 billion for the next five years.

Speaker 2: If you remain as you follow us very carefully, I think in 2018 or 2019 we had already bat in his mind. Of course, when the events with the crisis have disrupted everything.

With the crisis has disrupted everything and we have already announced that if we have an extra billion, we would allocate more or less 5% increase on the dividend. So we are coming back on the trajectory on which we were before but it is not linked to a we believe that the price will remain its link to in the I would say.

Speaker 2: And we have already announced that if we have an extra billion, we would allocate more less 5% increase on the dividend. So we are coming back.

Speaker 2: on the trajectory on which we were before, but it's not linked to, we believe that the price will remain. It's linked to...

Speaker 2: In our conservative environment, we consider that

Conservative environment, we consider but I would say visa so 6 billion tonnes extra volume LNG.

Speaker 2: I would say these, the 6 million tons extra volume LNG.

Speaker 2: are there for long and even in reality is that they will continue to increase because we have a growth trajectory.

Therefore long and event in it is that they will continue to increase because we have a growth trajectory. So this is the basis of the.

Speaker 2: So this is a basis of the increase of the dividend. It's something which can be sustained independently of, I would say, very high oil prices, but in a conservative environment.

The increase of the dividend is something which can be sustained independently of.

The high oil prices, but in a conservative environment.

Yeah.

Having said that to answer to your question I think that the LNG target will remain tight for a few years huh.

Speaker 2: That to answer your question, I think that the energy target will remain tight for a few years. If you remind as well, Iran, I knew that in 2018, 2019, people were speaking about oversupply, but they were forgetting. It's by 24, 25.

You reminded us well, Iran. I knew back in 2018 2019 people were speaking about oversupply bite, but they were forgetting is by 'twenty four 'twenty five in fact, we already announced by 'twenty two 'twenty three and I would say, even 24 with the Covid impact we don't see much trains coming on stream you know its easy.

Speaker 2: In fact, we already announced by 22-23 and I would say even 24 with the COVID impact.

Speaker 2: We don't see much trains coming on stream. It's easy to anticipate and we continue to see, by the way, I demand. The only point on the demand where we have to be put and for LG, if the price remains $20, I'm a little afraid of the negative impact.

We anticipate and we continue to see right away.

Demand the only point on the demand, where we have to be prudent for LNG if that if the price remain at $20 I'm, a little afraid of the negative impact it will have on some emerging markets like.

Speaker 2: It will have on some emerging markets like

Speaker 2: Frankly, I don't know, I'm in India, I'm so that's why I'm prudent on VLNG side in terms of anticipation because again, gas is competing for coal and if gas remains to high, coal will come back despite the climate change. Or coal will not exist more.

Bangladesh, Vietnam, India, and India. So that's why I'm prudent on the LNG side in terms of.

Asian, because again gas is competing for cool and it gets you mean to ichor will come back despite the climate change.

Oh cool will not exist more exactly.

Thank you.

Okay.

Speaker 1: Thank you. Next question comes from the line of Michel de la Viennia from Goldman Sachs. Please go ahead.

Thank you next question comes from the line of Michele della Vigna.

From Goldman Sachs. Please go ahead.

Speaker 7: Patrick and Jean-Pierre, it's me, Kayle. Congratulations from my side as well on the results. Two questions if I may. One on shareholder returns and one renewables. On shareholder returns. If I look at the dividend, the two billion by bank, it's effectively 40% distribution of your cash flow and the your conservative assumptions of $60 oil, $10, MMBQ. I was wondering for modeling purposes, if the macro proves to be more generous, which looks likely at this point in time, should we assume that we can continue to have a 40% payout on the incremental cash flow there, which more or less is what you have delivered through the cycle of the last few years.

Because he can jump, it's BK leg congratulations from my side as well on the results two questions. If I may one on shareholder return did one renewables on shareholder returns if I look at the dividend 2 billion buyback effectively 40% distribution of your cash flow and your concerns.

The assumptions of $60 oil $10 I mean, Btu I was wondering for modeling purposes, if the macro proves to be more generous which looks like at this point in time should we assume that you know we can continue to have a 40% payout on the incremental cash flow, there, which more or less is what you have to do.

Levered through the cycle over the last few years. My second question is on renewable power.

Speaker 7: My second question is on renewable power. It's um...

Speaker 7: It's something I find very difficult to model at the moment because there are so many different forces at play. There's a higher power prices on one side with also a repricing of intermeetancy, but on the other side, much higher costs across the value chain. And there is the beginning of the rate right cycle with higher cost of capital as well for project financing. And each of those pulls the equity returns in different directions. I was just wondering, when you look at your opportunities in renewable power, especially in offshore wind, how do you compare the return on equity and the opportunities there versus where you were seeing them one year ago? Thank you.

It's something I find very difficult to model at the moment because there are so many different forces at play there is a higher power prices on one side with also.

Pricing of Intermittency, but on the other side much higher costs across the value chain and there is the beginning of the rate rise cycle with higher cost of capital as well for project financing and each of those pools. The equity return in different directions. I was just wondering when you look at Europe .

Renewable power, especially.

Sure wind how do you compare the return on equity and the opportunities. There you know versus where you were seeing them one year ago. Thank you.

Speaker 8: Okay.

Okay.

Speaker 2: 40% again, I just explained that it's yes, you are right, the way we calculate the dividends is The increase of the dividends is plus one billion four hundred million dollar extra presents five percent of the eight billion dollar We distribute so that's right. So it's a guy like guidance where we think it's a good guidance. I think said that

The 40% again I just explained but it's yes, you are right the way we calculate the dividends is.

The increase of the dividends is plus $1.400 billion, Alex represents 5% of the 8 billion dollar with distributes over it. So that's right. So it's a guideline guidance, where we think it's a good guidance I think said that sometimes like in 2021, we were targeting that when the price increase quicker than we were able to make sure there's a buyback so.

Speaker 2: Sometimes like in 2021, we were targeting that when the pricing increased quicker than we were able to make the buyback. So we reached 33. So it's a 35%, 40% is a range which is in the mindset of the board of directors. So if you want to model, you can use it. On the renewable part, I think yes, things are moving.

We reached 33, so it's a 45, 40% is a range, which is in the minds of a mindset of our board of directors. So you want to model you can use it.

On the renewable part I think yes things are moving.

Speaker 2: And again, it's a matter of, and this is for me something which, where we have an evolution in the company. You know, when we enter into that field, we see, oh, maybe it's a secure business, you know, you have this PPH, but first, the more we look at it, the more we think that we have more value to create. If...

And again, it's a it's a matter of and this is it for me something which where we have an evolution in the company you know when we enter into vet theater, we see or maybe it's a secured business. You know you have these ppas, but so the more we look at it the more we think that we have more value to create.

If we accept to I would say and it's like LNG I would say LNG is still likely we are winning long term contracts to invest and then we decided.

Speaker 2: to I would say, and it's like LNG, I would say. LNG historically, we are willing long term contracts to invest. And then we decided, around 2005, let's buy the LNG for all sets and let become a player in the market, arbitration, et cetera. And you've seen the positive results.

Around 2005 led by the energy fall says, let's become a player in the markets arbitration et cetera, and you've seen the positive results in 'twenty 115 years. After we engage with the strategy I think we are looking to more and more renewables and poorer assets as also our capacity.

Speaker 2: In 21, 15 years after we engage in the strategy.

Speaker 2: I think we are looking to more and more, we knew it was an end-power assets, as also a capacity to...

<unk> two.

Two maybe it's 50%, which will be I would see secure but the other part we have because of our balance sheet capacity, providing we are also still rich capacities provided we are also trading teams home teams to leverage the volatility and we are I would say the more I'm looking to this market.

Speaker 2: Maybe it's 50% which will be I would say secure but the other part we have because of a balance is the capacity providing we have also storage capacities providing we have also trading teams strong teams

Speaker 2: to leverage the volatility. And we are, I would say, the more I'm looking to this market.

Speaker 2: The more I'm thinking that the electricity price

The more I'm thinking that the electricity price could go higher and higher so I think it's better to keep so when we analyze our investments like the one you mentioned neutral wind is not only a one of the key parameters would be the anticipation, but you have.

Speaker 2: Kudo, Iyer and Iyer. So I think it's better to keep, so when we analyze...

Speaker 2: and investments, like the one you mentioned, no fuel wind. It's not only one of the key parameters with the anticipation that you have on the power pricing in 2030, by the way, 2035. And so my view is that, yes, let's keep part of it on PPAs where you secure our database return, but we have to accept as well the profitability.

On the pulpwood pricing in 'twenty food by the way 2045, and so my view is that yes, let's keep part of it on Ppas, where you secure a I would say a base return, but do we have to accept as well as a program.

The profitability.

Speaker 2: We just recruited the chief economist outside of our oil and gas markets in VLXCity markets in order to help us a bit modelize that. So for me, and I think this is justifying.

We just who is the chief economist are outside of our oil and gas markets and very exquisitely markets in order to help us better modernize but so for me and I think this is justifying Vicki you why a company like yours is entering into the business not to secure venues, but to get to be able to leverage.

Speaker 2: with you why a company like us is entering into the business not to secure the news but to be able to leverage the integration again and the volatility.

Integration again, so volatility.

Thank you.

Yeah.

Thank you.

Speaker 1: Thank you. Next question comes from the line of Lydia Brainford from Barclays. Please go ahead.

Next question comes from the line of Lydia <unk> from Barclays. Please go ahead.

Speaker 6: Thank you and good afternoon and hopefully the March 24th presentation we will manage to see each other in person. Two questions if I could. The first one was on the integration side and the total being multi-energy. Can you actually talk us through the economic system might be a wrap project and is that the same best example of where multi-energy really works for total?

Thank you and good afternoon, and hopefully the March 24 of the presentation, we will manage to see each other in person.

Two questions if I could.

First one was on the integration side and data is helping multi energy can you actually took us through the economics, there's something might be Iraq forget is that sort of thing. The best example of flat Nokia and I cant really works.

Speaker 6: and then secondly on the renewable side.

And then secondly on the renewable side and you.

Speaker 9: You talked about the COVID business now being in over 70 countries. What point do you think that to focus the how much you need to focus that business and is more geography actually better for the specific areas you need to focus on? And then just very, very lastly, and just to pick up on the cash returns. You mentioned the share price earlier, and is the buyback level dependent actually now on the share price?

You talked about the cafe and business now being in 70 countries.

At what point do you think that like how much you need to say because that business is more geography.

Well, there's no specific area he kind of thing that you need to take some and then just very very lofty and just to take it on the cash return and you mentioned the shelf price area and if they if the buyback level dependent now on the share price.

Speaker 2: Is that question? Yes, there is a level where obviously It could become too expensive so it I don't want to cap the share price I could be clear But there might be an arbitration between

Last question is there is a level, where obviously because become too expensive. So I don't want to capture share price actually be clear, but there might be an arbitration between.

Speaker 2: I think the debt going down keeping some money and then you know because we know the markets will be volatile You know The best buybacks for or investors and for the company the best investments in buybacks is to buy the shares when the share is low No, when the share is very high so so we the bull will obviously monitor that there is no

So that going down keeping as a morning and them because we know the markets will be volatile you know.

Is it best buybacks for investors and for the company as the best investments and buybacks has to buy their shares when the share his Lou when does it show itself.

So so that the ball will obviously monitor that.

No I mean don't ask me is a mathematical solution. There is no magic that it's just a question of monitoring it because I have already met a lot of investors, which pizza sizes somewhere sometimes when we buy which are you know so why not keeping the money and then using it Windsor Shaves Lou you know we would have more last year was.

Speaker 2: I mean, don't ask me the mathematical solution, there is no magic there. It's just a question of monitoring it because I am.

Speaker 2: already met a lot of investors, which criticizes us somewhere sometimes when we buy, when it's high, you know? So why not keeping the money and then using it when the share is low? You know, we would have more. Last year was not possible, was a year when the share was at 30, you know, per share, but I know some investors were both of shares at this level, who are not able to do this as a company. So that's the point where, just a remark. On the economic benefits on the integration, there are several, one of them,

Not possible was a year when the share was at 40.

Europe for sure, but I know some investors with votes of shares at this level, we are not able to do it as a company. So that's the point, where it's just a remark on.

The economic benefits on the integration.

One of them in particular in the case of Iraq, and we are using that in other oil countries is that you know when you have developers willing to develop large projects in these emerging countries. They are all asking too when you have a small developer they want from silver and guarantees.

Speaker 2: In particular, in the case of Iraq, and we are using that in over all countries.

Speaker 2: is that you know when you have developers willing to develop large projects in these emerging countries they are all asking when you have small developers they want some sovereign guarantees.

Speaker 2: When you are an oil and gas company and you receive revenues from a state, larger revenues, they're big as the revenues from all compare even to what we want to do in Iraq are the magnitudes of the power of the news is not the same. You can find a way to, I would say, Guarante or electricity revenues by the oil revenues. So there is a link there, which is a good leverage in terms of economic benefits and possibility to make the projects.

You are in the oil and gas company and you'll receive revenues from a from a state a larger reviews liquids revenues from all comparison to what we want to do in Iraq.

The magnitude of the power. We use is not the same you can find a way to I would say guarantee you electricity revenues by the or that you saw there is a link there which is a good leverage in terms of economic benefits and possibility to make the projects.

Speaker 2: And so I mean, and same, you know, at the end of the day, the gas resources which were leveraged are also part of, I would say, an extensive

And so I mean and same you know at the end of the day the gas he still sees which will leverage our are also part of it we'd see a an extensive contract.

Speaker 2: Contract service contract is not called that I don't know what is the name of the contract in Iraq I don't remember but it's part of we can use like we've done in other countries Like it was done for example in Qatar by share with VGTR you can use revenues of one to leverage the investment in the other so That's that's the beauty of it. You know if I bought to invest in different projects Then it's a question of managing the different parameters of the contract

Contract service contract is not cool, but I don't know what is the name of the contract in Iraq I don't remember, but it's part of when you can use like we've done in other countries like it was done for example in Qatar by shared with GTS you can't use the revenues of one two leverage of investments and the others. So that's.

But that's the beauty of it you know if I'm able to invest in different projects. Then it's a question of managing the different parameters of the contract.

Speaker 2: Yeah, the advantage to be in more countries for renewable is that there are less competitors, you know. I will tell you the advantage is that first we are there. We know the country, we have a presence. You know, we have some people working already in marketing and services in EMP. So we have a knowledge of the authorities, they respect us, we have an image, so it's good, because we have a trust, I would say, you build on the trust.

Yeah, the advantage to be in more countries for when you report EBITDA less competitors.

I would tell you. The advantage is that first we have there we know the country, we have a presence.

We have some people working already in marketing in services in India. So we have a knowledge of you.

It is the irrespective of dimensional it's good because we have a trust I would say you built up the trust.

Speaker 2: The second part is that most of the developers, of course, the smaller ones, you have some small companies. But the larger with the utilities are focused, I would say, on some countries, the main, the large countries, which are for PPAs, which is not the case, of course, of all these emerging countries, or the ID, and what we are, is of course, it's complex in some of these smaller countries, but the profitability can be higher.

The second part is that most of the developers of a of course, the smaller ones you have some small companies, but the larger.

Utilities are focused I would say on some countries remains a large countries, which offer ppas, which is not the case of course of all these emerging countries.

I D and <unk>.

What we are is of course is complex and some of the smaller countries, but the profitability can be higher. So this is what we are looking for to have direct negotiation to be able to leverage I would say what you can bring to the country now that we have a better profitability. So and I think this is an advantage of.

Speaker 2: So this is what we are looking for. To have direct negotiation, to be able to leverage, I would say, what can bring to the country, in order to have a better profitability. So, and I think this is an advantage of a company like the Tall Energy, we are present in many countries, as long as service relationship, we can leverage.

Or do you like to tell energies, we are present in many countries as long as tariffs relationship we can leverage it.

Speaker 2: We called them renewable explorers. They will not replace our real explorers, but they will bring some good profits in the future.

We call them renewable explorers they will not replace what we all explorers but.

Bring some good profits in the future.

Yeah.

Speaker 1: Next question comes from the line of Beth Khan Hode from Teplerschev Rail. Please go ahead.

Thank you next question comes from the line of <unk> from Kepler Cheuvreux. Please go ahead.

Speaker 10: Hello, thank you for taking my question. Congratulation against further results and also for having the vision

Hello. Thank you for taking my question congratulation against those who are with US and also for having a vision.

Speaker 10: to grow your LNG portfolio back in 2018-19, especially with the acquisition of the USMNG portfolio for MNG. And Toshiba, at the time where those LNG contracts would have probably provided some losses. So I guess that was a controversial recall and why strategy in my view?

Do you grow your LNG portfolio back in 2018, 19, especially with the acquisition that you have.

LNG portfolio from Engie.

And so she bought at a time, where there's all this LNG contract we'd have probably provided some losses. So I guess that was a fantastic vehicle and wise strategy in my view.

Speaker 10: But now I want to understand more your sensitivity to spot energy prices and I fully get that given the structure of your portfolio. You may have surely hedges in place. For 2022 if I understood well during the presentation you stated that the $10 of the MBT you move equals to around $3 billion of additional cash flow, $2.2 billion for upstream and $0.8 billion for LNG.

But I want to understand more yeah.

Key to our spot LNG prices and I fully get that either the structure of your portfolio you may have surely hedges in place.

For 2022, if I understood well during the presentation, you stated that the tender and Btu move.

Equals to around $3 billion of additional cash flow of $2 2 billion for upstream and you are playing in.

Or LNG.

Speaker 10: And back in September , I reminded that you also highlighted that the 10 dollar pay and BT move.

And back in September I reminded that you also highlighted that it tended up and move in.

Speaker 10: In both MVP and Spartan Lengi, we're having 6 billion to your cash flow by 2025. Should I be right to understand the discrepancy of 3 billion between the two sensitivities because of the HSGF?

In both N D T in spot LNG, we're adding 6 billion.

Cash flow by 2025 should I be right, we understand discrepancy of 3 billion between the two sensitivities because of the hedges you have.

Speaker 10: That is my first question. And the second question is, should I also be right to assume that if you were to raise your medium term assumption for both MVP and GKM, so SpotLNG in Asia by $5, MVTU, we could also have $3 billion structural cash flow to your 2025 plan.

That is my first question.

And the second question is.

Should I also be right to assume that if you were to raise your medium term assumption.

Well both N V P N G kit and so spot LNG in Asia by five thought up there and you could also had $3 billion stretch your cash flow to Europe .

2025.

Okay.

Technical questions.

Speaker 2: So first, yes, you are right on Toshiba just to tell you, but today we are cash positive after 21. Without using the $800 million we receive, it's a profitable business. So we have received $800 million and we have already making more money. So just thank you for reminding that to everybody. I would say then.

So first yes, you are right on Toshiba just to tell you that.

Today, we are cash positive after 'twenty, one without using the $800 million because this is a it's a profitable business, so where we see the 800 million dollar and we are already making more money. So just thank you for reminding that we've reported.

I would say them.

Your points.

Speaker 2: There is a point here, we mentioned in September that when the difference between the GKM and an RIAB is increasing by $1.1 million BTO,

Cause.

There is a point you know we mentioned in September that when there's a difference between the GKN and it.

Is increasing by $1 per million Btu.

Speaker 2: Then we have extra cash of if our remember $600 million.

When we have extra cash of if I remember $600 million.

Speaker 2: By the way, there is a lag effect there because yes, it's linked to edges all that

By the way there is a lag effect because yes, it's linked to <unk> or <unk>.

Speaker 2: And so in fact, when you make the edges, the year, where you make the edges because it's a market to market the story, you are edging the year after. So you have the results in the year, and you have the cash flow in the year after, if I remember correctly. So you have this frequency between the results and the cash. So in 2022, we'll get the results of the edges, which were implemented.

So in fact, when you make the edge is the year, where you make the AG because it is a mark to market the story.

You are a jeans a year. After so you have the reserves in the year and you have the cash flow in the year. After if I remember correctly. So you have a discrepancy between the results and the cash so in 2022, we'll get the results of the edges, which were implemented in 2021, but remember that's the way we age each quarter.

Speaker 2: In 2020 what but remember that the way we age is quarter after quarter

After a quarter. So we did a new in first quarter of 'twenty, one, but the last quarter, we should have wait for so long.

Speaker 2: So we did a new in first quarter of 21, but the last quarter we should have waited for the long of the end of the year. No, we were not magicians, we would have done it, we would have waited, but we don't do work it like that. We edge quarter after quarter. So in fact, what we embarked in the edges.

Yeah, Yeah, no we are not magicians, where we would have done it if we would have weight, but we don't do work each quarter after quarter. So in fact, what we embarked in the <unk>, which will be delivered in 2022 I would say is only out for year compare to what you could imagine today just to explain you bet.

Speaker 2: which will be delivered in 2022, I would say is only half a year.

Speaker 2: compared to what you could imagine today, just to explain you that. And what we will do this year, of course we have today a...

And what we'll do this year of course, we have today a spread between she came in and Ria, which must be around the 15 or $20 per million Btu.

Speaker 2: Between GKM and Unreal, which must be around 15 or 20$ per million BTO.

Speaker 2: This is the decisions that will engage. The ages we will do in first quarter, for example, you will have some results, but the cash will be in 23, which is good, that's good visibility. So that's where it's not exactly to plan. So in a permanent regime, you have some shown for 20.

Is the decision that we will engage in ages, we will do in twin in first quarter. For example, you will have some results, but the cash will be in 'twenty free which is good that you know that's a good visibility so so value where it's not exactly to plan. So in the permanent regime.

You have some sharing for 2025 is right.

Speaker 2: So $5 million BTU extra spread will give us in a permanent regime, $3 billion extra cash flow in 2025. It's more difficult to do from one year to another year because it depends, of course, it's a permanent regime that means the $5 should be the same during the spread should be the same along the years, along all the quotas, as we, again, each quarter after quarter. I think I've been clear to you.

So 5 million.

Million Btu X has plaid will give us in a permanent because Jim few billion dollar.

Our cash flow in 2025, when there is more difficult to do from one year to another year because it depends of course, it's a permanent because you've been through $5 should be the same to linger.

That should be the same along the older years or older.

As we again each quarter after quarter I think I've been clear to you.

Uh huh.

Speaker 2: took me a little time to understand so I'm trying to translate all that in a

It took me a little time to understand so I'm trying to translate or what you know and if not you called a jump here in fun and they will explain you.

Speaker 2: And if not, you call Jean-Pierre Tiffin and they will explain you. But from the...

But fundamentally yes.

Speaker 2: The answer is in 2022, we will receive more cash in 2021 from the edges because in 2021, we see the one down in 2020, in 2022, in 2021. But 22 is not a full year, I would say, compared to what could be done in 2021.

The answer is in 'twenty two.

We'll receive more cash went in 'twenty, one for EG because in 'twenty, one because he's the one done in 2020 in 'twenty to 2020 'twenty. One 'twenty two is not a full year I would say compared to quit what could be done 23.

Speaker 2: So you're either something additional to come to us in terms of cash.

So is there something additional to come to us in terms of cash flow.

Thanks.

Thank you next question comes from the line of Christian <unk> from J P. Morgan. Please go ahead.

Speaker 1: next question comes from the line of Christian Mollett from JP Morgan, please go ahead

Speaker 11: Hi, Dan Smith. Thank you for the opportunity to ask questions and I'm honestly congratulations on this very strong result and seeing the dividend increase as well. Two questions from me. First, just on...

Yes, Hi, gentlemen, and thank you.

So the opportunity to ask questions.

Congratulations on the very strong results in significant increase as well.

Two questions from me first just on the.

Speaker 11: the project in the Gulf of Mexico that you announced in North Plata de Porter. It's so extraordinary in the context of having completed the seeds. You've got the semi-supproducts of facilities out to tender and valorous, it's got a 4-inch-a-month drilling contract. So with that in mind, it's getting on its... It's not in its infancy.

Project in the Gulf of Mexico.

You announced the north Platte default.

It's a fairly extraordinary in the context of having complete.

This feature the semi sub production facilities out to tender and salaries as good a 14 month drilling contracts.

With that in mind as Gideon noted it's.

It's in its infancy.

Speaker 11: So can you just walk us through the industrial or financial logic as to why you've done that potentially sort of within the context of US energy policy around Gulf of Mexico? Is there it sort of should we draw conclusions around your appetite to invest within gum within that context? Just try to understand even from a policy standpoint how you see the US from some investments and a second question.

You just walk us through the industrial and financial logic as to why you've done that potentially should it within the context of U S. And then she policy around Gulf of Mexico.

Is there sort of should we draw conclusions around.

Your appetite to invest within the gum.

Within that context, I'm, just trying to understand even from a policy standpoint.

How you see the U S for some investment standpoint.

And then the second question.

Speaker 11: It relates to the very welcome, sort of sustainability and climate progress report. I mean, within the framework of how you deliver this, these metrics and the data around carbon intensity, should we or can we hope for more disclosure at the asset level in terms of carbon intensity, asset or region, so we can better understand the relation.

It relates to the.

Very welcome sort of sustainability and climate progress report I mean within within the framework of how you deliver this these metrics and then the data around.

Carbon intensity.

Should we or can we hope for.

More disclosure at the asset level in terms of carbon intensity as a region.

We can better understand the relationship between.

Speaker 11: profitability returns and the carbon intensity of, of, you know, some of the highest carbon intensive projects in the world. Thank you.

Profitability returns and the carbon intensity of all.

Some of the highest carbon intensive projects in the world. Thank you.

Speaker 2: Thank you, Christian, for the two questions. First one.

Thank you Kristian for the two question first one.

Speaker 2: No, there is no US policy, there is no US policy involved. No consideration of the US policy regarding government or in this decision. It's a pure intrinsic decision linked to the project and linked also.

No varies new U S policy, it's not a there is no U S policy involved new consideration of the U S policy regarding government or in this decision. It's a pure intrinsic intrinsic decision linked to the project and linked also to our capital allocation you know we look at it.

Speaker 2: to our capital allocation. You know, we look at it.

Speaker 2: It's honestly at the limit, at the high limit of the range we gave ourselves. I remind you that we said to our investors

It's honestly at the.

Limit.

Limit of the AR of the range, we gave ourselves I'll remind you that we set two O.

Speaker 2: We'll invest in oil portfolio, in oil greenfield projects, $20 per barrel, $30 per barrel.

Investors will invest in oil portfolio and all the greenfield projects $20 about $30.

Speaker 2: of technical cost, capExpress, or $30 of Ray-Kiven and North Platter because of its size. In fact, we knew it. It's not a giant field. It's not really on the high side of this matrix. So that's one point. And second point, we prefer to invest in Sepier and Atapou in Brazil, but in North Platter.

Of course technical cost capex versus opex of $30 or breakeven and north plateau because of its size in fact, we knew it.

It's not a giant fields.

It's not it's really on the ice side of his metrics you know so that's one point and second point you know we prefer to invest in Cebu in AR and AR in CPI and that upward in Brazil, one in north Platte.

Speaker 2: So yes, we have done our job because we are the operator, and we want our partner to be able, if they wish to do so, to hand over in a smooth way. But all in all, at the end, we consider that we have better opportunities in our portfolio to allocate our capital.

So yes, we have done our job because we are we will have the operator, but and we want our partners to be able to if they wish to do so to Andover, and smooth way, but all in all at the end, we consider but we had better opportunities you know portfolio to allocate capital.

Speaker 2: So there is no politics behind it, just a decision at all level. And again, in the framework of investment, in the inside of investment framework, but they just reminded.

There is no politics behind it is just a decision that all label and again in the framework of investment inside our investment framework, but theyre just combined it.

Speaker 2: I'm not sure we'll report all the assets one by one. You know, we don't report the production one by one. We do it regionally, so I'm considering that. I will take your point. There is no problem for me to look at it. By the way, we begin, I think, if I remember correctly, we have a spread of reporting between the different continents.

I'm not sure we will report all the assets one by one you know we don't report the production one by one we do it efficiently. So I'm considering that I would take your point there is no problem for me.

To be to look at it by the way we began I think if I remember correctly, we have we have ease of spread of reporting between the different continents.

Speaker 2: like we've done for reserves. I think we'll, at the end of the day for me, I consider that fundamentally

Like we've done focus moves I think we look at the end of the day for me I consider but fundamentally.

Speaker 2: I don't know what the SEC will issue, but we should report on these emissions, like on the financials, in the same type of framework. So we are working on it, and by the way, we are also working not only on COP1 and to operate the emissions, but only on the equity emissions. I think this year we'll be able to do it for COP1. We don't have all the data for COP2 for more or less assets.

I don't know what the FCC will issue, but we should report on these emissions like all the financials and the state type of framework. So we are working on it and by the way.

We are also working not only on scope, one and two operated emissions, but only on the equity emissions I think this year, we'll be able to do it for scope one.

We don't have all the data for scope to four more assets, but you know its progress reports. So we progressed and I think so we will disclose more sustainable.

Speaker 2: But you know, it's progress report, so we progress. And I think so we will disclose more enough.

Speaker 2: sustainability and climate report and what we have done until now in a way which is more readable for you so that you can better maybe analyze the data. So that's all in turn.

Sustainability and climate to people, but what we have done and you know in a way, which is a which is a more reasonable for you. So that you can better maybe analyze the data. So that's all in turn the idea board by submitting by the way to an advisory vote. This report is that to consider but the financial reviews.

Speaker 2: The idea for both by submitting by the way to an advisory vote this report is that to consider that the financial use, the General Assembly of Showders approves the financial reporting. They will approve the extra financial reporting and we think this is a global trend. We've seen after COP26 the ISSB and all these organizations willing to normalize the extra financial and we are willing to contribute to that.

General Assembly of shareholders approved the financial reporting will approve the extra financial reporting and we think this is a global trend.

We've seen after a cop 26.

<unk> be in all of these have been.

Organizationally willing to normalize I would say the X iPhone insured and we are willing to contribute to that.

Speaker 2: Christian, just a word, I read your paper this morning. You are pessimistic about our capacity to make buybacks on the year 2022. If we announce $2 billion for first half, I'm not sure we'll decrease on the second half. Until our share will range the roof. And let the share will...

Christian just a word I read your paper. This morning, you are pessimistic about our capacity to make buybacks on the on the year 2022 if we announced 2 billion for first off I'm not sure will decrease on the second.

And he does I'll share will arrange the roof.

Unless a share we would raise the roof.

Thank you.

Speaker 2: Patrick and look forward to the World Cup with you and Qatar. Very excited. Thank you and with more buybacks I know.

Thanks, Patrick and look forward to the World Cup with your cutoff grade.

Thank you and with more buybacks I know.

[laughter].

Speaker 1: Thank you. Next question comes from the line of Biraj Pukataria from RPC. Please go ahead.

Thank you next question comes from the line of Raj <unk> from RBC. Please go ahead.

Speaker 12: Hi, thanks for taking my questions. First, just a clarification on trading. You mentioned a $1 billion, I think I referred to integrated gas benefit in 2021, but I recall last quarter, you called out a $500 million benefit.

Hi, Thanks for taking my questions.

First of all just a clarification on trading.

Mentioned, a 1 billion dollar I think they referred to integrated gas benefit in 2021, but I recall last quarter.

You called out 500 million.

Benefits.

Speaker 12: I guess, implying that this training contribution for gas, integrated gas was the same in Q4, what would have expected it to be better? So could you just run through those numbers again, and also if you could quantify the electricity side-trade game there, that would be helpful? And then the second question is on Libya. I believe there's some kind of one-off or catch-up tax payment due in 2022. Is there any details you can provide on that? Thank you.

Guess, implying that the trading contribution gas integrate gas will sustain and keep a what I would have expected it to be better. So could you just run through those numbers again and also if you could quantify the electricity.

Solid trading gains there that'd be helpful. And then second question is on Libya I believe there's a.

Some kind of a one off or catch up tax payment due in 2022.

Details you can provide on that thank you.

Okay.

Yeah.

Speaker 2: Okay, I wasn't wondering, I mean, catch your text pavement. Oh.

Okay I was wondering I mean catch a tax payment.

Speaker 2: trading in... no the one what what I think just...

Trading in no there won't be but what I think just have you seen the results from a G. R. R. G people Q4 quite exceptional I think $6 billion and remember, we just sent a warning, but we consider very somewhere in the $6 billion, Alex get booted out as recruitment results.

Speaker 2: As you've seen, the results from GRIGIP for Q4 are quite exceptional. I think $6 billion, I remember. We just send a warning, but we consider that somewhere in this $6 billion reported as a recurrent result, a 1 billion dollar, which has been clearly given by the, I would say, exceptional trading. I remind you that in Q2 2020 or old trading, we made the same warning. So I just to tell you, because the base for me is more five for a quarter than six.

$1 billion, which has been clearly given by the I would say exceptional trading.

Mind, you that in Q2 2020 are all trading we made the same warning. So I just to tell you what began as a base for me is more five for quarter one six.

Speaker 2: So you can consider taking it like that. And it's gas and power, team, which because IGRP includes everything. I will not give more detail.

So you can consider taking it like that.

Gas and power Gen.

Which which because I G. P includes everywhere in roofing.

We're not give more detail on that.

Does it get you on the integration.

Speaker 4: And that's the beauty of the integration, the fact that at the same time, you can deliver high performance in terms of guest reading, but also the

And that's the beauty of integration the fact that the.

Same time can deliver high performance in terms of guest with him, but also an interesting trading as well.

Speaker 2: Yes. Libyan, yes, in Libyan, varies in or, I would say, working capital.

Yes, the Libya, yes in Libya, where he's in or I would say our working capital. Yes, we had an amount of around $1 billion positive end of the end of 'twenty I'll be very transparent to you end of December 'twenty 'twenty. One there is a billion dollar which is in.

Speaker 2: We had an amount of around $1 billion, a positive end of 20, it would be very transparent to you. End of December 2021, there is a billion dollar, which is in all balance sheet, which has been transferred in Libya to the Libya government. Why it was in all balance sheet, like it was with all the partners, is that there was a debate to which institutions

Oh balance sheet, which has been transferred in Libya to the Libya government why it wasn't a balance sheet like it was you've already partners is that there was a debate.

Two which institution, we should direct this $1 billion and obviously, we are all very careful together, we've all colleagues partners on the <unk> field not to direct that to the wrong institution, we wanted to be sure, but it was a central bank of Libya, and the right account not to be accused of mismanagement.

Speaker 2: direct the billion dollar and obviously we were all very careful together with our colleagues partners on the Waha Phil not to direct that to the wrong institutions. We wanted that to be sure that it was a central bank of Libya

Speaker 2: and the right account not to be accused of mismanagement. So it took a little time to clarify the paperwork and we received the instruction, a clear and valid instruction in January . So the billion dollar, which is inner working capital, has disappeared now. End of March, it will not be somewhere there. But there are other good elements by end of March.

So it took a little time to clarify the paperwork and we received instruction clear and valued instruction in January so it's a billion dollar which is you know working capital as disappear no end of March it will not be somewhere there, but they're all very good elements by end of March margin calls and <unk>, which will come.

Speaker 2: margin calls and things like that which will compensate, you know working capital. So yes, it's true but it's not a major point. We did not use it to make buyback, so it's okay.

And said you know working capital so yes, it's true, but it's not a it's not a major point, we did not use it to make buybacks. So we took it.

Okay understood. Thank you.

Thank you next question comes from the line of Lucas Herrmann from Exane. Please go ahead.

Speaker 1: Next question comes from the line of Lucas Herman from Exxon. Please go ahead.

Speaker 13: Patrick Pia, thanks very much for your time. Patrick Gers is nice to see you looking very well.

That's right yeah. Thanks, very much for your time and Patrick just looking very well.

Speaker 13: Two of my mice as well, I wanted to start with Russia. It's been hugely successful. And the value of the athletes is obviously increased considerably. But so too, and both of you are obviously the value of the cash flows.

Two if I might as well I wanted to start with Russia.

And he was very successful.

And the value of the asset itself increased considerably so to us, especially with I'll, just say that the value of.

The cash flows.

Speaker 13: Just one of you could give us an indication of, you know, what's the dividend that you now receive or expect to receive from no protect? What's the benefit if you can provide it that you derive from, you know, the volumes that you take from your mile? And I think, or the your mile, L and G, and I think most importantly, what cash flows or equity cash flows in the company actually receive now?

Just wondering if you could give us some indication.

What was the dividend that you've now received or expect to receive from Nova check what's the benefits. If you can provide it that you derive from the volumes that you take from your mall.

The amount of LNG and I think most importantly, what cash flows or equity cash flows. The company actually received now from Yamal LNG plant, Oh, how or to what extent are they still directed.

Speaker 13: from the Yamal LLG plant or what extent are they still directed at paying down debt.

Paying down debt.

Speaker 13: And the second, if I might probably use on here, it's just, when I look at the associate line in IGP and R.

And then second if I might probably fusion Pierre it's just when I look at the associate line N I G P and Oh.

Speaker 13: How much of that now is coming from liquefaction and how much of the associate line all pot percentage is coming from the power business will be integrated renewable business.

How much of that now is coming from liquefaction and how much of the associate line.

Vantage is coming from.

Power business will be integrated renewable business. Thanks.

Thanks very much.

Yeah.

Speaker 4: Perhaps an equity affiliate contribution. I do not have specific figure for

It's an equity affiliate contributions even specific figure for.

Speaker 4: from LNG but globally at the level of the group, 21% of our result is coming from equity affiliates' contributions. S

From LNG EBIT <unk> the level of the group, 21% of our result is coming from from equity affiliates of completion question was LNG versus renewables you know it was a question of present time of course, the main part is coming from LNG.

Speaker 4: At present time, of course, the main part is coming from ANG. For sure, I mentioned that Renéboul and the electricity we start seeing contribution 2021.

For sure I mentioned that.

When you blend in electricity.

We start seeing.

<unk> contribution in 2021.

Speaker 4: around $600 or $700 million, of course it will grow in the future. So at present time, out of the 20, 21% result coming from equity affiliates, most of the contribution came from energy for obvious reasons.

Around the six or seven hundreds of millions of course, it will it will grow in the future. So actually some time out of the 20, 21% we saw coming from equity affiliates most of the older.

Contribution came from energy for obvious reasons.

Speaker 2: So, Yamaha and the big type of businesses, of course. So, I will just give you the global cash flow from Russia, because of course with the crisis, we look at the figure to see what was the risk. Is around $1.5 billion in 2021, which honestly, at the size compared to a 30...

So Yamaha and besides those businesses of course, so I would just give you a.

Global cash flow from Russia, because of course, we do crises, we look at the figure to start what.

What was the risk is around one $5 billion in 2021, which honestly is the size compare to refer to a billion.

Speaker 2: billion dollar, 30 billion dollar. It's not, yes, it's sizable, but it's for 5%. So you know, in the past, 1.5, I think I remember Yemen LNG, when it stopped, was around $1 billion per year as well. So we experienced this type of situation, but I hope not, because I think for Europe , it's very important, by the way, I can tell you, the consequence of any energy sanctions on Russia.

The $30 billion.

No.

It's sizable but.

It's a it's four 5% so you know in the past the one 1.5 figure I remember you mentioning G. When it stopped was around $1 billion per year as well. So we experience this type of situation and but I hope not because I think for Europe is very important by the way I can tell you as a consequence of any.

Energy sanctions on Russia.

Speaker 2: I think globally the company is winning because the impact on the

I think globally the company is winning because of the impact on the.

Speaker 2: And all prices and gas prices will be huge. So yes.

And oil prices and gas prices will be huge so so yes, all I would say our operations in Russia, and Russia might be might be.

Speaker 2: Our operations in Russia, our assets in Russia might be

Speaker 2: given us some edX and to manage it, but Having said that we have been put by the way I said 1.5 billion dollars big mistake. It's 1.3 billion euros You know because I must have picked in dollars in about Russia It's just to give you the magnitude so it has increased a lot The dividend I think the never take dividends rupees and more is 500 million dollars per year more or less I mean it has increased but it's the idea 3.3 billion

<unk>, given us some ethics and to manage it but I.

I think you said that we have been put out by the way I said $1 5 billion the right Big mistake. Its one 3 billion Euro you know because I must have speaking about.

About Russia. It just to give you the magnitude so it doesn't cause a lot of the dividend I think that nobody take dividends represent more than $500 million per year more or less it has increased but it's the I D.

Okay.

Thank you Luca Thank you very much.

Speaker 1: Thank you. Next question comes from the line of Christopher Cookland from Bank of America. Please go ahead.

Thank you next question comes from the line of Christian <unk> from Banca.

Bank of America. Please go ahead.

Speaker 14: Hello there, good afternoon. Thanks for taking my questions. I think I might have one for each of you. Patrick, maybe you can give us a wider update on the current security situations. As you see it on the ground, you mentioned Yemen just now. I'd be interested in Mozambique and the prospect for bringing back staff. And perhaps for you Jean-Pierre, when we talk about, and many questions have been asked already, I appreciate that, on buybacks and shareholder distributions. What should we use as most appropriate metric that you would consider is an appropriate allocation of capital during these relatively high oil and gas price times to shareholders versus to your balance sheet?

Hello. Good afternoon. Thanks for taking my questions and I think I might have one for each of you and Patrick maybe you can give us a wider updates on the current security situations as you see it on the ground you mentioned just now I'd be interested in Mozambique, and the prospect for bringing back staff.

And perhaps for you jumped yeah, when we talk about and many questions have been asked already I appreciate that.

Back then the shareholder distributions, what what should you should what should we use as most appropriate metric that you would consider is an appropriate allocation of capital. During these relatively high oil and gas price times to shareholders versus to your balance sheet. Thank you.

Speaker 15: Thank you.

Okay.

Yes.

Speaker 2: Bien, Mozambique, I let give time to Jean Pierre. Difficult question.

Yeah.

I'll, let a J.

I'll give time to show up here.

If you go to question.

Speaker 2: Mozambique. I visited Mozambique very ten days ago. I met with President Nussi.

It wasn't a big visited Mozambique are very 10 days ago, I met with President Newsy.

Speaker 2: And some of my people went into Kabud El Gadod, not me, at this stage.

And some of my people went into Cabo there together with me at this stage are you know they have been a little cleanup. It's a war you have some tell this so it's no more of a matter of two times to be it's already energies to be involved in sort of in that situation and we will come back we could envisage to come.

Speaker 2: You know, they have been a little bit more, it's a war, you have some terrorists.

Speaker 2: So it's no more a matter of total to be a total energy, to be involved in solving that situation. And we will come back, we could envisage to come back and to restart the project.

Bakken to restart the projects on the nuance, where we'd be piece I mean, a peaceful situations, which means not only.

Speaker 2: only the ones where will be peace. I mean a peaceful situation which means not only

Speaker 2: having been able to secure security to, I would say, take back the control of the security, but also to have populations, a civil population back in the villages and with no more life. That will be the signal, but it's no way for me.

I think <unk> been able to secure security to I would say a take back control of the security, but also to our populations of CBD population back at the villages and with no more life, but will be signal no wasteful and will not be.

Speaker 2: We will not build a plant in a country where we will be surrounded by soldiers. It does not work like that. Having said that, there have been some clear improvements on the ground since the involvement and the Mozambique arrangement with the SAADC, I would say, troops.

Not build a plant in a country, where it would be surrounded by soldiers who know it does not work like that I think you said that there had been some clear improvements underground since the involvement in the Mozambique arrangement with a C D. She.

I would say.

<unk> a consortium of.

Speaker 2: different countries, including Rwanda, they managed to get back the security in some key areas around Palma, where we are, our project is around Muslim Badaplaya, for those who know Mozambique, I become an expert, but not, they do not control today, the full Cabo del Gado. And for me, as long as it's not control security, why it's important, because the population will come back only when security will be under control. And all that is linked for us. In terms of security, if people learn there are Pearls of India and eateries in the United States, then it's collection is an opportunity to protect yourselves, people within the let's

Foreign countries.

Do you wonder are they managed to get back a security in some key areas around Panama, where we are a project he's run mostly by the prior four who knows what's gonna be it can become an expert but not they do not control today, so food cobbled together and for me as long as it's not control security why simple.

Because the population will come back only when security will be under control and all of that is link for us.

Speaker 2: But I mean, I have no idea when we can start the project back. But my view is that the conditions under which we could restart the project might be fulfilled.

But I mean I have no idea when we can start the project back but my view is that the conditions under which we could we start the project might be fulfilled maybe it will take a year I don't know, we'll see we observed and we all want is good we have the same vision.

Speaker 2: Maybe it will take a year, I don't know, we'll see, we observe. And we are, what is good, we have the same vision with the authorities of Mozambique of what needs to be achieved. There is no pressure for us to exit about for our out of force major. And we have established, I would say, we have proven every few of our contractors. We know that when we say yes, we can come back, we take six months really to...

With the authorities of Mozambique of what needs to be achieved.

No pressure for us to exit about four out of a force measure.

And we have a <unk>.

Stablish I would say Ah we have frozen every people contractors, we know that when we say, yes. We can come back you would take six months really two to start up again, but again my priority.

Speaker 2: start the Pugane, but again, my priority, it's a matter of sustainability, or what? And human rights, you know? And so we'll not relounce the project as long as I see photos from which UG calves around the side. But again, it's not negative.

It's a matter of it's a matter of sustainability or what in human rights, you know and and and so will not be launched a project as long as long as I see photos from refugee camps around the around the site, but again, it's not negative.

Speaker 2: It's still, it's for me a project and we are monitoring the situation because we think that

It still is for me a project and we are monitoring the situation because we think that our view.

Speaker 2: The authorities of Mozambique are taking the right decisions in taking in terms of security.

The affirmative of Muslim Big are taking the right decisions ticketing in terms of security. So let's observe so contributions to tell energy today and its partners is mainly to contribute to the social life I would say, we have and engage with Ngos to see if we could.

Speaker 2: So, let's observe the contributions to tell energy today and its partners is mainly to contribute to the social life, I would say. We have engaged with NGOs to see if we could...

Speaker 2: Because all the stability in this part of Mozambique will also come from giving some huge of some view prosperity share We've been waiting the gas to be produced, but we need

Because all the stability in this part of Mozambique will also come from giving some huge off some huge prosperity ship without waiting for gas to be produced but we need fill it to our local populations to to see some I would say some shared prosperity from the project before but may just be agriculture.

Speaker 2: clearly to help the local populations to see some, I would say some shared prosperity from the project before. But might just be agriculture and buying foods from these farmers.

And buying food from these farmers for feeding our teams on the project, but we need to act on the ground and to do it as a condition of the security for me so that could take time as well, but so gas is as a project is there's LNG demand is there. So now it's a question of passions and in order to be able to.

Speaker 2: for feeding all teams on the project, but we need to act on the ground and to it's a condition of the security for me. So that could take time as well, but the gas is there, the project is there, the energy demand is there. So now it's a question of passions and in order to be able to execute.

Execute approaches.

Speaker 14: Patrick and just a quick one that probably means you've not budgeted a huge amount in your capex guidance for 22 as far as Mozambique is concerned. You don't have and by the way you don't have for another reason is that as you know we have a project financing in place.

Thank you Patrick and just a quick one that that probably means you've not budgeted a huge amount of annual capex guidance for 'twenty two as far as Mozambique is concerned who don't have and by the way you don't have for whatever reason is that as you know we have a project financing in place.

Speaker 2: We stopped if we just a day before it was was The day after we declared the fourth measure we gave the money back we stopped the letters We just want to get the financing so we know that the project financing is in place and

We stopped.

Just a day before.

It was frozen genius the day after we declared a force measure we gave the money back we stopped the letters, we don't want to get the financing. So we know what the project financing is in place and it's easy for us if we reactivated the project activity.

Speaker 2: It's easy for us if we reactivate the project to activate the project financing. So in terms of impact in the capex, we had more capex than expected in 21. In fact, it's why we went a little above the 13, by the way, on the F-SRIP part, but no in 22.

<unk> financing so in terms of impacting the capex.

We had more capex or unexpected in 'twenty. One in fact, it's why we went to the litter box of food eaten by the way, obviously, Bob but no in 'twenty two.

Okay. Thank you.

Speaker 4: So honestly, I do not have any magic figures. So we think once again that balance sheet is having a strong balance sheet is key to face a potential downturn in our environment. It's not obviously the case. What do not what what we anticipate at present time.

Gearing, so honestly I do not have any magic figure so are we.

We think once again that balance sheet is solid and sheets as keys to face a potential downturn.

It's not obviously the case with unit.

We anticipate the present time.

Speaker 4: You know all the different elements, the way we will allocate the cash flows. So you know the guidance we get for discipling and you know that we are discipling. Regarding, regarding Capex, Spain.

You know all the different elements of the way, we will allocate the cash Ruth So you know the guidance we gave for discipline and you know that we are disciplined regarding regarding your capex expense you know the dividends of 8 billion more or less if we get a dividend surplus safe technical sense as Patrick mentioned to you the 2 billion for the third.

Speaker 4: You know the dividend, so 8 billion more or less full-cash dividend, so plus 5-5% has the Patrick mentioned to you. The 2 billion for the first semester, so of course the balance will go to decrease the gearing and just to give you perhaps one figure for an additional 1 billion of cash flow.

So Mr. So of course, the balance will go to the to decrease the gearing and just to give you perhaps when once you get off for an additional 1 billion of cash route the gearing will be will be down by 0.6% Morris.

Speaker 4: The gearing will be down by 0.6% smaller.

Speaker 4: So that means that if we are successful, if the government continues to be very supportive, of course the green could go below the current level. That's where there are no problems. There's no problem to have. If the gearing is going down, it's good for us. We love.

So that means that even if we're successful either the online continue to be very supportive of course, the beginning could go below the current level.

No problem.

And then two if we're good.

<unk> is going down is good for us. So we love the we love a reserve of kept cash for.

Speaker 2: We have a reserve of cap cash for benefiting to be contest cycle when we have to be contested.

It seems to be counter cycle, when we like to be conscious of cycles.

Speaker 2: So, but again, on the answer is more for me. It's not one again, the other. Is shoulder distribution? We should, I think I told you we were at 33%, I guided you toward the 40%, so you can see is a range of it.

But again on the the answer is more for me, it's not one against the other.

Is shareholder distribution.

Sure I think I told you we were at 43% I guided you towards a 40%. So you can see is a range of it.

Speaker 2: And if it's more to come at this stage, we consider it will be to deliver as a company.

And this is more to come at this stage, we consider it will be to deliver as a company.

And that's.

Speaker 2: another maybe you know we I'm sure mistake we should not do is believing that we are entering into a long I say court no

Maybe.

I am sure mistake, we should not do is believing that we are entering into a long cycle.

Speaker 2: Each time we have stayed there, the year after, it's a catastrophe. So I'm very prudent on this part. Because it's obvious, you know, if price remains high, you will have more investors and more all coming. And it takes two, three years, but then you have the impact. In the meantime, the best is to strengthen the company and to be ready even to use the balance sheet because opportunities will come in the different energies. And it might be a way, by the way, to accelerate the transition.

Each time, we have said that the doctor is a catastrophe so I'm very prudent on this path because it's obvious you know if price came in or you will have more investors and more coming and it takes two or three years, but then you have the.

The impact in the in times of this is two to strengthen the company and to be ready when to use the balance sheet because opportunities will come in the different energies and it might be a way by the way.

Come to accelerate the transition.

Speaker 14: I think the 40% is a great answer. Thank you.

Understood I think that 40% is a great answer thank you.

Okay.

Speaker 1: Next question comes from the line of all the sign from CT. Please go ahead.

Thank you next question comes from the line of Alastair Syme from Citi. Please go ahead.

Thank you.

Speaker 12: Thank you. Patrick, do you talk about unit development costs in the upstream? And I mean both across oil and gas. And if I remember rightly, you used to talk about the figure of about 50,000.

Can you talk about.

Unit development costs in the upstream and I mean, both across oil and gas.

If I remember rightly used to talk about a figure of about 50000.

Speaker 11: barrels today on unit development costs. And I just want to, if you get update that, figure for the current costs and environment of portfolio. And what I'm getting at here is the upstream capex that you're guiding to in 2022 is World Below, where it was in 19.

Per day on unit development costs. So I just wonder if you could update that figure for the current cost environment a portfolio.

And what I'm getting at here is the upstream capex.

Got into in 2022 is well below where it wasn't 19.

Speaker 13: So I'm just trying to understand how much of that has changed in emphasis versus lower cost.

So I'm just trying to understand how much of that is change in emphasis is lower cost versus.

Speaker 16: any assumptions on disposal that you're making in 20...

Any assumptions on on disposals that you're making in 2022 .

Speaker 16: And then the second question, which is a point of a clarification on your reserve replacement ratio, because a 121% was setting on the slide labeled oil. So I wasn't sure whether that was just for the oil part of the business or that was across the entire up.

And then the second question was just a point of clarification on your reserve replacement ratio.

Because it's 121% was sitting on the slide labeled oil so I wasn't sure whether that was just for the oil part of the business or that was across the entire upstream okay.

Speaker 2: listen, the second answer is easy, it's in the slide all but it's all in gas, it's a global one. We didn't know where to put it, we put it various to the evening because we got the figure quite late. So there was not a perfect position, we could have done it elsewhere. So it's all in gas, it's the reverse replacement rate, global one, one other 21% on one year and one 16% on three years. So the second answer is easy.

Listen the decision and so as you see it in the slide oil, but as oil and gas is a global one we don't know where to put it we put at various that evening, because we get the figure quite late.

No there was not a perfect process should we could have done it elsewhere. So it's oil and gas is diversity placements right.

Global one one of the 21% on one year and 116% on for you.

So, Michigan and so it is the first one.

Speaker 2: Yes, it's true that we report in net investments and that clearly there are some cells on the EMP side embedded in the budget. So the organic part of the CAPEX for EMPs, higher than the $7 billion you could have. Six, seven. I think...

Yes, it's true that we are reporting net investments and that clearly they're awesome cells on the E&P side embedded in the budget. So the organic part of the Capex for E&ps are you when the $7 billion you could all six seven.

Speaker 2: I think it's 8 billion more or less. And that you fully have an assumption of around two billion of cells more or less. It's more as a matrix, but I think if I remember well.

I think it's 8 billion more or less.

And but you can fully you have an assumption of around 2 billion of sales more or less is more is the metrics, but I think if I remember well.

What we have.

Speaker 2: Odessly the $50,000 per day of flowing barrel is a matrix where

Oh. This is a 50000 barrel for frozen buildup of diaper deal flowing borrower is a matrix where today.

Speaker 2: Today we don't see an inflation in the projects at this stage, a little inflation. We've seen some inflation on steel. I would say in the Uganda project, I think we in the last delay in the last year costed us a little...

Today, we don't see an inflation in the in the projects at this stage a little inflation, we've seen some inflation on steel I would say in the Uganda project I think we are in the last there was a delay in the last year cost hit us a little some extra but we are managing that I think some flexible contract. So.

Speaker 2: some extra, but we are managing that, I think, some flexible contracts. So at this stage, the $50,000 for in-borrowed.

At this stage the $50000 per borrower for empower because we are targeting some low cost power and I would say is is can you can still consider it.

Speaker 2: Because we are targeting some low-cost barrel, I would say, is can you can't still consider it?

Thank you very much.

Yeah.

Speaker 1: Thank you. Next question comes from the line of Paul Cheng from Scorscher Bank. Please go ahead.

Thank you next question comes from the line of Paul Cheng from Scotia Bank. Please go ahead.

Speaker 10: Thank you, good morning, or good afternoon, gentlemen. Patrick, you mentioned about certain name that you may be able to identify the oil development by the end of the year. So what exactly we have to do in order for us to reach that space, how far we are from reaching that kind of decision.

Thank you good morning, or good afternoon gentlemen.

Patrick you mentioned about sharing name that you may be able to identify the only development by the end of the year.

So what exactly are we have to do in order for us to reach that stage, how far we are from.

We think that tie up.

Hum.

Speaker 17: And the second point is that on second question.

And the second point.

Is that on a second question on the LNG sales snakes are that the patient in your presentation. It looks like about 40, 45% of the.

Speaker 17: On the LNG sales mix that the patient, your presentation, it looked like about 40, 45% of the sales is in spot. So we assume that the wallet is totally linked to the spot LNG price or that they are still to a large part linked to the long-term oil prices. Thank you.

Spot on.

So if we assume that a wall there is totally language with the spot LNG price or that they are still a large part linked to the long term.

Oh long term oil prices.

Thank you.

Yeah.

So Suriname is just drilling we need to appraise.

Speaker 2: We have several discoveries. We have a plan. I think we have one, two, three worlds to drill in order to confirm. I mean, with the three, next three worlds on the South-Earn.

We have civil discoveries, we have a plan I think we have wanted to free wells to drill in order to confirm I mean, we've the feed next few wells on the Sofa and board.

Speaker 2: a pool where we have many different discoveries.

Board, where we have many different discoveries are I think we have a free wells, we will confirm to us the capacity to again you know the point is that we are targeting enough oil pool to avoid to have to find a solution for commercialization of the gas which might be tricky and delivery fee.

Speaker 2: I think with the free wills we will comfort us the capacity to again. You know the point is that we are targeting enough oil pool to avoid to have to find a solution for conversation of the gas, which might be tricky and delay everything. So there are free wills for me coming and we intend to drill them all of them by 22. So I think so I was answering end of 22. I hope we'll have a high thing. The plan.

They are free wells for me coming and we intend to drill them all of them by 'twenty. Two so I think swam was answering end of 'twenty two I hope whatever I think the plan.

Speaker 2: on the which is a south-front port because then we explore on the north as well as the block but where we have made discoveries mainly on the south-front part of the block for me after these three worlds we have a clarity of what can be done and the size of it and engaging towards development so that's the point where I am today

And I would say the sofa onboard because then we explore in the north as well as the block, but where we have made discoveries mainly on the sofa and part of the block.

For me. After these three wells, we have a clarity of what can be done and the size of it and engaging towards development. So that's a point where I am today.

Speaker 2: If I had to explain you the world details, it could take two hours because there are plenty of cases, assumptions, etc.

If I had to explain who was awarded details it could take two hours because all plenty of cash these assumptions et cetera.

Speaker 2: So we need to do it. Second, and we find a do cover on each time we do it in the next 30 years. But the question is of much oil, much gas and etc.

So we need to do it.

Second and we find hydrocarbons each time, we do it and I thought what are your two question is off much of which goes in the kitchen.

Speaker 2: So on the other part, yes you are right, it's a 60% long term and 40% spot. Spot is pure spot, I mean spot is two thing in fact.

So on the other part yes, you are right, it's a 60% long term and 40% are sports.

Sports is pure spot I mean put these two figures.

In the spot volume you what you are.

Speaker 2: 10 million tons, let's say, as a round figure, which is 20%, 20%, 20% is real deals, which are spot deals, which means we have the vessels, we have the energy tankers, and we buy spot, and we sell spot, and we make the small money on the difference between buying arbitration. But...

10 million tons, let's say I was wrong and figure out which is 20, 20% to 20, 20% easily or deals which have put deals which means we have the we are we observed vessels we have the data.

As you think is and we buy sported we sell spot and we make more money on the difference between buying arbitration, but it's a pure spot and then in our portfolio.

Speaker 2: Pursports and then in all port for you of the marketing team There are some contracts which are linked to sports indicator. I would say I've got GKM or MVP And this ones are not or linked if they are or links are more in the long term

The marketing team there are some contracts, which are linked to sports indicator I would say <unk> and BP.

And these ones are not oil linked.

Things are more in the long term path.

Speaker 2: I'm speaking under the eyes of Stefan. If I made a mistake, you raise your... It's okay. It's okay.

I'm I'm speaking under the eyes of Stefan if I made a mistake ratio.

Okay. It's okay.

So the answer is right.

Speaker 17: Patrick, on the second component, you think that it linked to the sport? How big is that warning?

That's my answer.

Patrick Don on the second time in Poland are you, saying that that yet and things like that.

Spot how big is that warning.

Sorry.

Oh.

Speaker 17: You mentioned earlier that a portion of the volume that is based on your marketing team and that those is linked to the sport LNG pie market. How big is those volumes?

And you mentioned earlier.

He is a that's a portion of the volume that is based on your marketing team and that those just language with the spot LNG market.

How big is those who want it.

Okay.

Cause healy.

Speaker 2: Again, you have 44 million tons if I remember. You deduct 10. So, you have 34 million tons and you know the proportion of long terms. So, long term is 60% or 34. So, it makes 26. So, 36 minus 26 makes 10 million tons. So, you have the, so it's 10, 10 more or less than 26. All right, you're in the slide. You take your...

Again, you have 44 million tons, if I remember you deduct in so a 34 million tons and you know as a proportion of long term. So long term with 60% of 34. So it makes a 26. So 36 minus 26 make 10 million tonnes. So you have to some extent than more.

In 2006.

Or what signs of slight you'd take your.

Your finger your confidence there.

Good.

Thank you Paul.

That was the last question I would like now to hand back over to the speakers for final remarks.

Speaker 1: That was the last question. I would like now to hand back over to the speakers for finding a remark.

Speaker 2: Thank you. So thank you for your attention. Yes, it's true that the results are, I think, in line with more than in line because we beat the consensus by 10 percent, so stronger is the delivery. But yet more to come. It's easier, honestly, to monitor the company this year or last year, where we had no visibility, even if...

Thank you. So thank you for your attention, yes, it's true, but our results I think in line with more of an in line because we beat the consensus by 10% so swanger as delivery.

But yet more to come.

It's easier honestly two monitors a company this year over last year, where we had no visibility even if of course, we must continue to be very focused and they know all the teams are very focused on the delivery of.

Speaker 2: Of course, we must continue to be very focused and I know all the teams are very focused on the delivery of all these production

Of all of these are production.

Speaker 2: volumes in marketing, petroleum products and refining petrochemicals. And I want to invite you to join us on March 24th. I don't know if it will be virtual or in present. With this pandemic, we'll let you know that what we intend to do, if it can be in present, we'll do it.

Volumes in marketing.

Petroleum products in refining petrochemicals and I want to invite you to join US on March 24th I don't know if it will be a virtual or in prison sure no.

With this pandemic, we'll we'll let you know that's.

That's what we intend to do if it can be in present, we'll do it it will be probably be a more presentation when today, because we intend to.

Speaker 2: It will be probably more presentation than today because we intend to present you this sort of an arbitrary tribal report but also to come back on the strategy and I think the visibility of where we go in order to prepare the general assembly of shoulders.

To present, you'll be starts inhibitor club will report, but also to come back on the strategy and I think the visibility of where we go.

To prepare the generic somebody a shortage. So thank you for your attention and wish you the best for the next months and see you on March 24th.

Speaker 2: So thank you for your attention and we should the best for the next month. And see you on March 1st.

Speaker 5: The.

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