TotalEnergies SE Ordinary Shares (TTE) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Ladies and gentlemen, welcome to Total Energy's first quarter 2025 results conference call. I now hand over to Patrick Pouyanné, Chairman and CEO, and Jean-Pierre Sbraire, CFO, who will lead you through this call. Sir, please go ahead. Good afternoon, everybody, or good morning, if you are connecting from the US. Before Jean-Pierre will go through the detail of the first quarter results, I would like just to make some few opening remarks. on what appears to be today a more challenging global environment and the ways that TotalEnergies intends to leverage our consistent strategy to deliver resilient results benefiting from our energy production growth and attractive shareholder returns. We have indeed entered into a period of heightened macroeconomics and geopolitical uncertainty. With, and this list is not exhaustive, current fragile negotiations on the Ukrainian-Russian conflicts, the new but fluid tariff policy enacted by the US, decision of OPEC Plus to unwound its voluntary production cuts. Even if the impacts are not yet fully appreciated and might evolve in the coming months, this moving context is creating uncertainties, notably on oil demand, along with volatility in the oil markets, oriented on the downside over the past few weeks, and also on costs for new projects in the U.S. because of tax impacts. In this quite, I would say, fluid and landscape, TotalEnergies has and will, I would say, continue as a unique strength that we have consistently built over the last 10 years, and our efforts are paying off. First, of course, and foremost, we have been strong and never gave up on oil and gas. We have built over the last 10 years one of the best low-cost, low-emissions oil and gas portfolios with more than 12 years of resource life, which today gives us substant...