Slide 1: 2021 Results & 2022 Outlook
2021 Results & 2022 Outlook Building a sustainable multi-energy company & Increasing shareholder return February 2022 QOGIR LNG Carrier
Slide 2: 2021 highlights
Record net cash flow Record cash from LNG Record EBITDA 1.4 B$ Carbon intensity: -11% Deepwater in Brazil LNG sales: > 10 GW Methane Emission: Mero 4 FID, awarded Atapu 42 Mt, +10% Renewables capacity -50% vs. 2015 and Sépia Renewable gas 25% Capex > 3 B$ Exit Heavy Oil Lake Albert project 500 GWh i
Slide 3: Compelling investment case
Low cost, low emission portfolio Increasing attractive and sustainable capturing upside from high energy prices return to shareholders Lowest cost producer - breakeven < 25 $/b Capital discipline: 13-15 B$/y over 2022-2025 #2 player in LNG – global LNG portfolio leveraged Increasing dividend by 5% f
Slide 4: 2021: Strong execution, leveraging favorable environment
— TotalEnergies = 2021 Strong execution, <= leveraging favorable environment
Slide 5: Integrating new businesses into safety culture
per million man-hours per million man-hours 7 5 4 3 Enel, Iberdrola, NextEra 4 Iberdrola, NextEra, Enel 2 1.0 0.73 Integrating 0.5 Exxon, Chevron, Shell, BP BP, Chevron, ExxonMobil, Shell 1 new businesses into safety culture 2017 2018 2019 2020 2021 2017 2018 2019 2020 2021 One fatality in 2021 2021
Slide 6: Oil, Gas and Electricity markets
Oil Gas Electricity $/b $/Mbtu €/MWh 90 JKM 300 Brent Europe 7** 30 200 20 NBP 70 100 10 Henry Hub 50 Jan-21 Jul-21 Jan-22 Jan-21 Jul-21 Jan-22 Jan-21 Jul-21 Jan-22 Demand recovering to pre-pandemic levels 2021: Gas clearly established as transition Gas and CO2 driving record electricity prices fuel
Slide 7: Cash flow by segment, 4Q21 vs 4Q20
Oil: EP** + Downstream Integrated LNG*** Renewables & Electricity B$ B$ B$ 4 0,5 Downstream 6 2 Exploration 3 & Production 4Q20 4Q21 4Q20 4Q21 4Q20 4Q21 Brent ($/b) 44 80 LNG prices ($/Mbtu) 4.9 13.1 MCV ($/t) 4.6 16.7 NBP ($/Mbtu) 5.6 32.8 * before working capital variation 2021: execution and deli
Slide 8: Cash flow by segment 2019-2021
B$ Renewables & Electricity LNG Downstream Exploration & Production 2019 2020 2021 Brent ($/b) 64 42 71 MCV ($/t) 35 11 10 LNG prices ($/Mbtu) 6.3 4.8 8.8 NBP ($/Mbtu) 4.9 3.3 16.4 2021: execution and delivery * Segments including allocation of Corporate CFFO, before working capital variation Februa
Slide 9: IFRS net income, return on equity and ROACE
B$ LNG IFRS net income Renewables & Electricity LNG Downstream Return on equity Exploration & Production ROACE 0 Net cost of net debt 2019 2020 2021 Brent ($/b) 64 42 71 MCV ($/t) 35 11 10 LNG prices ($/Mbtu) 6.3 4.8 8.8 NBP ($/Mbtu) 4.9 3.3 16.4 2021: execution and delivery * Segments including all
Slide 10: 2021: execution and delivery
B$ B$ 2019 2020 2021 2021: execution and delivery * Capital investment = organic Capex + acquisitions – disposals February 2022 — Results and Outlook | 10 Narketpalli, India
Slide 11: Exploration & Production costs and emissions vs peers
$/boe kgCO2e/boe 15 ExxonMobil 30 ExxonMobil Chevron 10 Chevron BP Shell Shell 20 BP 5 10 2014 2015 2016 2017 2018 2019 2020 2021 2018 2019 2020 2021 * ASC932 2021: execution and delivery February 2022 — Results and Outlook | 11 ** Except BP, Chevron: equity basis Mero 1 FPSO
Slide 12: Refining & Chemicals and Marketing & Services
B$ Refining & Chemicals Marketing & Services 2019 2020 2021 VCM ($/t) 35 11 10 2021: execution and delivery * Before working capital variation February 2022 — Results and Outlook | 12 La Mède biorefinery, France
Slide 13: Integrated LNG
Mt/y B$ 5.6 5 40 Downstream Spot 3.4 3.2 20 Upstream Long term 2019 2020 2021 2019 2020 2021 Brent ($/b) 64 42 71 Av. LNG price ($/Mbtu) 6.3 4.8 8.8 Spread JKM-HH ($/Mbtu) 3.0 2.3 14.8 2021: execution and delivery February 2022 — Results and Outlook | 13 SK Resolute LNG carrier
Slide 14: Renewables and electricity growth
2021/22 main announcements charging points offshore wind Netherlands round 4 award, UK (50/50 JV) offshore wind charging points project, Scotland charging points China (Hubei) 38% interest Belgium solar farm US utility scale energy storage Iraq solar and storage: largest site in France offshore wind
Slide 15: Renewables production and cash flow
Company share, TWh Company proportional share, B$ ~ 20 Renewables Renewables 0.8 Flexible generation 2020 2021 2021 2020 2021 2021 guidance guidance 2021: execution and delivery February 2022 — Results and Outlook | 15 Oberon, US
Slide 16: Cash flow allocation and shareholder payout
B$ Working capital 1.5 Buyback CFFO 29.1 Debt reduction invested in growth 8.2 Dividend Gearing at year-end 13.3 Capital investment Cash pay out to shareholders 2021: execution and delivery February 2022 — Results and Outlook | 16 Operator in la Mede Biorefinery, France
Slide 17: 2022 outlook
TS TotalEnergies 2022 outlook Focus on delivery to increase value and shareholder returns
Slide 18: Emissions and carbon intensity progress
2015 2021 Net emissions on operated facilities Mt CO2 45.8 37* -20% Scope 1+2 on operated activities Methane emissions on operated facilities kt CH4 94 49 -48% Worldwide emissions Scope 3 Mt CO2 410 400* - for indirect emissions (1) Emissions in Europe Scope 1+2+3 Mt CO2 280 215* -23% Carbon Intensi
Slide 19: 2022 outlook
2022 outlook February 2022 — Results and Outlook | 19
Slide 20: Exploration & Production outlook
Organic value creation From 50 kboe/d in 2021 to 150* kboe/d in 2023 2022 production impact: +50 kboe/d 2022 start-ups: +50 kboe/d through acquisitions Block 17 (Angola): Mero 1 (Brazil), Ikike (Nigeria), Russia and start-ups 0.3 B$ Capex, +30 kboe/d High-impact exploration 2022: Brazil, Suriname, N
Slide 21: Production outlook, gas and oil
Mboe/d 3 2 Gas 1 Oil 2020 2021 2022 2022 outlook February 2022 — Results and Outlook | 21 Al Shaheen, Qatar
Slide 22: Refining, Petrochemicals and Marketing & Services outlook
Refining Petrochemicals Marketing & Services Increase utilization rate from 64% to 80% Start-up 1 Mt/y ethane cracker in Port Arbitraging low margin sales: -20% vs 2015 Arthur (50/50 JV with Borealis) and PE line Increasing renewable diesel production Increasing non-fuel revenues from 33% to ~400 kt
Slide 23: Upstream and downstream LNG outlook
Mt/y 40 Upstream LNG Downstream LNG Spot capturing O&G price upside delivering value from arbitrage & volatility oil indexed 20 sensitivity global portfolio flexibility Long term for 10 $/Mbtu NBP 1H22 LNG sales price vs. 6 $/Mbtu in 1H21 2020 2021 2022 2022 outlook February 2022 — Results and Outlo
Slide 24: Renewable capacity growth, GW
GW Storage Storage +6 2025 Wind AGEL in India +6 2024 Al Kharsaah in Qatar +6 2023 +6 Solar Yunlin in Taiwan Seagreen in UK 2020 2021 2022 2025 2022 outlook February 2022 — Results and Outlook | 24
Slide 25: Renewables and flexible generation outlook
Company share, TWh Company proportional share, B$ Renewables Renewables Flexible generation (CCGT) 2020 2021 2022 2020 2021 2022 2022 outlook February 2022 — Results and Outlook | 25 Yunlin offshore wind, Taiwan
Slide 26: Capturing oil and gas price upside
B$ 70 $/b 20 $/Mbtu for NBP 30 71 $/b Capturing oil and gas 16 $/Mbtu for NBP 17 $/t price upside for Eur Ref. Margin 25 for +10 $/b Brent 20 for +10 $/Mbtu NBP 15 2021 2022 Brent ($/b) 60 60 Eur. Ref. margin ($/t) 25 25 NBP ($/Mbtu) 10 10 2022 outlook February 2022 — Results and Outlook | 26
Slide 27: 2022 outlook
2022 outlook February 2022 — Results and Outlook | 27
Slide 28: Shareholder return vs peers
% Lower score means higher ranking BP 15% 17% Exxon 40 17% 17% Shell Chevron 30 10% 29.2 20 5% 10 0% 0 % of CFFO % 50% 30% 40% 33.4% 20% 30% 33% 10% 12% 20% 0% 10% -10% 0% -20% 2022 outlook * Estimated for peers February 2022 — Results and Outlook | 28
Slide 29: Compelling investment case
Low cost, low emission portfolio Increasing attractive and sustainable capturing upside from high energy prices return to shareholders Lowest cost producer - breakeven < 25 $/b Capital discipline: 13-15 B$/y over 2022-2025 #2 player in LNG – global LNG portfolio leveraged Increasing dividend by 5% f
Slide 30: Progress Report 2022 issuance and AGM vote
March 24th May 25th Report issuance Submitting the Progress Report 2022 Strategy, Sustainability to an advisory vote & Climate presentation at the 2022 AGM to investors February 2022 — Results and Outlook | 30
Slide 31: Disclaimer and definitions
The terms “TotalEnergies”, “TotalEnergies company” and “Company” in this document are used to designate TotalEnergies SE and the These adjustment items include: consolidated entities directly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” may also be used to (
Slide 32: For more information go to
Corporate Communications TOTALENERGIES SE 2, place Jean-Millier 92400 Courbevoie, France Tel.: +33 (0)1 47 44 45 46 Share capital: €6,601,073,322.50 Registered in Nanterre: RCS 542 051 180 For more information go to