TotalEnergies SE Ordinary Shares (TTE) Q2 2025 Earnings Call

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WEBVTT 00:00:00.166 -- 00:00:05.975 Ladies and gentlemen, welcome to Total Energy's second quarter and first half 2025 00:00:05.975 -- 00:00:08.819 results conference call. 00:00:08.819 -- 00:00:14.047 I now hand over to Patrick Pouyanné, Chairman and CEO, and Jean-Pierre 00:00:14.047 -- 00:00:18.274 Sbrer, CFO, who will lead you through this call. 00:00:18.274 -- 00:00:21.476 Sir, please go ahead. 00:00:22.380 -- 00:00:27.442 Good afternoon or good morning, everyone. Before Jean-Pierre goes through the details 00:00:27.442 -- 00:00:32.987 of the second quarter financials, I would like to make some few opening comments. 00:00:33.371 -- 00:00:38.398 We are facing an unstable geopolitical and macroeconomic environment, which 00:00:38.398 -- 00:00:44.548 has been dominated by during the quarter by the Israel-Iran 12 00:00:44.548 -- 00:00:48.314 days war and also the tariff war between the U.S. 00:00:48.314 -- 00:00:53.445 and some commercial partners. In this context, all markets 00:00:53.445 -- 00:00:58.209 have been volatile during the second quarter, with price broadly fluctuating between 00:00:58.209 -- 00:01:03.454 $60 and $70 per barrel, an average of $68 per barrel, 00:01:03.454 -- 00:01:08.739 with a short and ultimately modest increase during the Iran crisis, with crude prices 00:01:08.739 -- 00:01:12.623 reaching $81 per barrel at the highest point. 00:01:12.623 -- 00:01:17.467 We could consider, in our view, that this is quite a limited price response to this major 00:01:17.467 -- 00:01:23.201 crisis. And somewhere it is a signal that the whole market is 00:01:23.201 -- 00:01:28.287 well supplied, in particular fueled by OPEC Plus' decision to unwind some 00:01:28.287 -- 00:01:33.674 voluntary production cuts and also facing a weaker demand linked to the glob...