TotalEnergies SE UK Regulatory Announcement: Half-year Report

PARIS–(BUSINESS WIRE)–

TotalEnergies SE: Second Quarter and First Half 2022 Results

TotalEnergies reports IFRS net income of $5.7 billion

and accelerates its transformation with three major deals in LNG,

renewables and green hydrogen

TotalEnergies SE (Paris:TTE) (LSE:TTE) (NYSE:TTE):

	2Q22	Change vs 2Q21	1H22	Change vs 1H21
Net income (TotalEnergies share) (B$)	5.7	*x2.6*	10.6	*+92%*
Adjusted net income (TotalEnergies share)⁽¹⁾
– in billions of dollars (B$)	9.8	x2.8	18.8	x2.9
– in dollars per share	3.75	x2.9	7.14	x3
Adjusted EBITDA⁽¹⁾ (B$)	18.7	x2.2	36.2	x2.1
DACF⁽¹⁾ (B$)	13.6	x2	25.6	x2
Cash Flow from operations (B$)	16.3	x2.2	23.9	+82%
Net-debt-to-capital ratio⁽²⁾ of 9.8% at June 30, 2022 vs. 12.5% at March 31, 2022
Second 2022 interim dividend set at 0.69 €/share

The Board of Directors of TotalEnergies SE, meeting on July 27, 2022, under the chairmanship of CEO Patrick Pouyanné, approved the Company’s financial statements for the second quarter of 2022. On this occasion, Patrick Pouyanné said:

“Russia’s invasion of Ukraine continued to impact energy markets in the second quarter, with oil prices averaging more than $110/bbl in the quarter, refining margins reaching record-high levels, and natural gas prices holding above oil parity in Europe and Asia.

In this context, TotalEnergies responded by increasing energy output, thus contributing to energy security: LNG sales rose to more than 25 Mt in the first half, with 60% in Europe, and TotalEnergies’ refineries raised their utilization rate to nearly 90%.

In line with the priority set by the Board of Directors to accelerate the Company’s transformation, TotalEnergies announced three major investments: the giant NFE LNG project in Qatar, Clearway, the fifth largest U.S. player in renewable energy, and a massive green hydrogen production project in India in partnership with Adani.

In the second quarter of 2022, the Company generated adjusted net income of $9.8 billion and IFRS net income of $5.7 billion. TotalEnergies recorded in its accounts a new $3.5 billion impairment charge related mainly to the potential impact of international sanctions on the value of its Novatek stake. Excluding Russia, adjusted net income was $9.1 billion.

The iGRP (integrated Gas, Renewables & Power) segment posted adjusted net operating income of $2.6 billion and cash flow of $2.4 billion in the second quarter of 2022, confirming the levels reached in previous quarters.

Exploration & Production posted adjusted net operating income of $4.7 billion and cash flow of $7.4 billion, despite a decrease in production in the quarter that was due to planned maintenance and security-related cuts in Nigeria and Libya. TotalEnergies approved the launch of projects, such as Ballymore in the U.S., Begonia, CLOV Phase 3 in Angola, as well as Eldfisk North in Norway.

Downstream benefited from exceptionally high refining margins on distillates and gasoline to report adjusted net operating income of $3.2 billion, up sharply over the quarter, and cash flow of $3.5 billion. In this context, the Company announced a fuel price reduction program benefitting its French customers.

The Company’s cash flow was $13.2 billion ($12.4 billion excluding Russia) and free cash flow⁽³⁾ was $4.5 billion, after buying back $2 billion of shares in the second quarter as announced. The Company reduced its gearing ratio to less than 10%.

Supported by these results, the Board of Directors approved the distribution of the 2022 second interim dividend in the amount of €0.69/share, up 5% year-on-year, and authorized the Company to continue share buybacks of up to $2 billion in the third quarter.”

1. Highlights⁽⁴⁾

Social and environmental responsibility

Climate Resolution 2022 approved by 89% of shareholders at the Annual General Meeting of May 25, 2022
Launched global campaign to detect and measure methane emissions by drone
Fuel price reduction program until year-end for TotalEnergies’ service stations in France

Renewables and Electricity

Acquisition of 50% of Clearway Energy Group, a major player in the United States, with 7.7 GW of solar and wind assets in operation and a portfolio of 25 GW in development
Offshore wind: obtained an offshore concession to develop a 1 GW offshore wind farm off the U.S. East Coast, off the coast of North Carolina
Solar:
- Created a joint venture with ENEOS to develop decentralized power generation for B2B customers in Asia, with a target capacity of 2 GW over the next 5 years
- Acquired Core Solar which has a pipeline of 4 GW projects in the United States
Launched TotalEnergies On, TotalEnergies’ start-up accelerator program dedicated to the electricity business, with the selection of the first 10 start-ups

LNG

Acquired 6.25% stake in the North Field East LNG project in Qatar with a capacity of 32 Mt/y
Launched the FEED for the Cameron LNG extension project in the U.S. with a capacity of 6.75 Mt/y
Launched the FEED for the upstream installations of the Papua LNG project in Papua New Guinea
Signed a 15-year contract for the sale of 600 kt/y of LNG with Hanwha Energy in South Korea

Upstream

Started production on the first 180 kb/d FPSO on the Mero field in Brazil
Approved the development of the Ballymore field in the U.S. Gulf of Mexico for a planned 2025 start-up with 75 kb/d of production capacity
25-year license extension Blocks 404a and 208 in the Berkine Basin, Algeria
Agreed to transfer to Zarubezhneft the 20% residual interest in the Kharyaga oil field in Russia

Downstream and new molecules

Started the ethane cracker in Port Arthur, USA
Hydrogen: acquired a 25% stake in Adani New Industries Limited (ANIL) for the production of green hydrogen in India
Sustainable fuel: feasibility study of a sustainable aviation fuel production unit in Japan in cooperation with ENEOS
Circular economy: commercial agreement with New Hope Energy for the production of polymers from recycled plastic in the United States

Carbon sinks

Acquired a 49% stake in Compagnie des Bois du Gabon to develop natural carbon sinks
Launched a CO₂ capture project to decarbonize Cameron LNG’s production in the U.S.

2. Key figures from TotalEnergies’ consolidated financial statements⁽⁵⁾

2Q22	1Q22	2Q21	2Q22 vs 2Q21	In millions of dollars, except effective tax rate, earnings per share and number of shares	1H22	1H21	1H22 vs 1H21
18,737	17,424	8,667	x2.2	Adjusted EBITDA ⁽⁶⁾	36,161	16,837	x2.1
10,500	9,458	4,032	x2.6	Adjusted net operating income from business segments	19,958	7,519	x2.7
4,719	5,015	2,213	x2.1	Exploration & Production	9,734	4,188	x2.3
2,555	3,051	891	x2.9	Integrated Gas, Renewables & Power	5,606	1,876	x3
2,760	1,120	511	x5.4	Refining & Chemicals	3,880	754	x5.1
466	272	417	+12%	Marketing & Services	738	701	+5%
1,944	1,861	740	x2.6	Contribution of equity affiliates to adjusted net income	3,805	1,260	x3
39.4%	38.7%	34.3%	–	Effective tax rate ⁽⁷⁾	39.0%	34.4%	–
9,796	8,977	3,463	x2.8	Adjusted net income (TotalEnergies share)	18,773	6,466	x2.9
3.75	3.40	1.27	x2.9	Adjusted fully-diluted earnings per share (dollars) ⁽⁸⁾	7.14	2.38	x3
3.50	3.03	1.06	x3.3	Adjusted fully-diluted earnings per share (euros)*	6.53	1.97	x3.3
2,592	2,614	2,646	-2%	Fully-diluted weighted-average shares (millions)	2,602	2,644	-2%

5,692	4,944	2,206	x2.6	Net income (TotalEnergies share)	10,636	5,550	+92%

2,819	1,981	2,802	+1%	Organic investments ⁽⁹⁾	4,800	5,181	-7%
2,076	922	396	x5.2	Net acquisitions ⁽¹⁰⁾	2,998	1,986	+51%
4,895	2,903	3,198	+53%	Net investments ⁽¹¹⁾	7,798	7,167	+9%

13,233	11,626	6,352	x2.1	Operating cash flow before working capital changes ⁽¹²⁾	24,859	11,718	x2.1
13,631	11,995	6,761	x2	Operating cash flow before working capital changes w/o financial charges (DACF) ⁽¹³⁾	25,626	12,511	x2
16,284	7,617	7,551	x2.2	Cash flow from operations	23,901	13,149	+82%

* Average €-$ exchange rate: 1.0647 in the second quarter 2022, 1.0934 in the first half 2022.

3. Key figures of environment, greenhouse gas emissions and production

3.1 Environment* – liquids and gas price realizations, refining margins

2Q22	1Q22	2Q21	2Q22 vs 2Q21		1H22	1H21	1H22 vs 1H21
113.9	102.2	69.0	+65%	Brent ($/b)	107.9	65.0	+66%
7.5	4.6	3.0	x2.5	Henry Hub ($/Mbtu)	6.1	2.9	x2.1
22.2	32.3	8.7	x2.6	NBP ($/Mbtu)	27.2	7.7	x3.5
27.0	31.1	10.0	x2.7	JKM ($/Mbtu)	29.1	10.0	x2.9
102.9	90.1	62.9	+64%	Average price of liquids ($/b) Consolidated subsidiaries	96.3	59.7	+61%
11.01	12.27	4.43	x2.5	Average price of gas ($/Mbtu) Consolidated subsidiaries	11.65	4.23	x2.8
13.96	13.60	6.59	x2.1	Average price of LNG ($/Mbtu) Consolidated subsidiaries and equity affiliates	13.77	6.33	x2.2
145.7	46.3	10.2	x14.3	Variable cost margin – Refining Europe, VCM ($/t)**	101.0	7.6	x13.3

* The indicators are shown on page 21.

** This indicator represents TotalEnergies’ average margin on variable cost for refining in Europe (equal to the difference between TotalEnergies European refined product sales and crude oil purchases with associated variable costs divided by volumes refined in tons).

The average LNG selling price was $13.96/Mbtu in the second quarter and $13.77/Mbtu in the first half, more than double the prices over the same periods in 2021, benefitin on a lagged basis from the increase in oil and gas indexes on long-term contracts as well as high spot gas prices over these periods.

3.2 Greenhouse gas emissions⁽¹⁴⁾

2Q22

1Q22

2Q21

2Q22

vs

2Q21

GHG emissions (MtCO₂e)

1H22

1H21

1H22

vs

1H21

9.6

9.6*

8.6*

+12%

Scope 1+2 from operated facilities ⁽¹⁵⁾

19.3

17.8*

+9%

13.4

14.0

–

Scope 1+2 – equity share

27.4

–

94*

98*

95*

–

Scope 3 from energy product sales ⁽¹⁶⁾

192*

193*

–

65*

66*

68*

-5%

of which Scope 3 Oil Worldwide ⁽¹⁷⁾

131*

137*

-4%

63*

66*

58*

+9%

Scope 1+2+3 in Europe ⁽¹⁸⁾

129*

121*

+6%

57*

60*

53*

+8%

of which Scope 3 in Europe

117*

111*

+6%

Estimated 2022 quarterly emissions. 2021 quarterly equity share data are not available

* Excluding Covid effect

2Q22

1Q22

2Q21

2Q22

vs

2Q21

Methane emissions (ktCH₄)

1H22

1H21

1H22

vs

1H21

-11%

Methane emissions from operated facilities

-18%

–

Methane emissions – equity share

–

Estimated 2022 quarterly emissions. 2021 quarterly equity share data are not available

The evolution of Scope 1+2 emissions from the operated facilities is the result of the high-capacity utilization of CCGTs and refineries in Europe, TotalEnergies responding by increasing energy output, thus contributing to energy security.

3.3 Production*

2Q22	1Q22	2Q21	2Q22 vs 2Q21	Hydrocarbon production	1H22	1H21	1H22 vs 1H21
2,738	2,843	2,747	–	Hydrocarbon production (kboe/d)	2,791	2,805	-0.5%
1,268	1,305	1,258	+1%	Oil (including bitumen) (kb/d)	1,287	1,265	+2%
1,470	1,538	1,489	-1%	Gas (including condensates and associated NGL) (kboe/d)	1,504	1,540	-2%

2,738	2,843	2,747	–	Hydrocarbon production (kboe/d)	2,791	2,805	-0.5%
1,483	1,527	1,464	+1%	Liquids (kb/d)	1,505	1,486	+1%
6,835	7,162	7,017	-3%	Gas (Mcf/d)	6,997	7,208	-3%

* Company production = E&P production + iGRP production.

Hydrocarbon production was 2,738 thousand barrels of oil equivalent per day (kboe/d) in the second quarter 2022, stable year-on-year, comprised of:

+3% due to the increase in production quotas of OPEC countries,
+3% due to a reduction in planned maintenance and unplanned downtime,
+2% due to the start-up and ramp-up of projects,
-2% due to security-related production cuts in Libya and Nigeria,
-2% portfolio effect, mainly related to the end of the operating licenses for Qatargas 1 and Bongkot North in Thailand, partially offset by the entry into the Sepia and Atapu fields in Brazil,
-1% due to the price effect,
-3% due to the natural decline of fields.

Compared to the first quarter, production was down 4%, mainly due to planned maintenance operations for – 2%, production cuts in Nigeria and Libya for -1%, the end of Bongkot North’s license in Thailand, partially offset by the entry into the production fields of Sepia and Atapu in Brazil.

Hydrocarbon production was 2,791 kboe/d in the first half 2022, down slightly by 0.5% year-on-year, comprised of:

+2% due to the increase in production quotas of OPEC countries,
+2% due to the start-up and ramp-up of projects, including Clov Phase 2 and Zinia Phase 2 in Angola, and Iara in Brazil,
+2% due to a reduction in planned maintenance and unplanned downtime,
-2% portfolio effect, mainly related to the end of the Qatargas 1 operating license,
-1% due to security-related production cuts in Libya and Nigeria,
-1% due to the price effect,
-2.5% due to the natural decline of fields.

4. Analysis of business segments

4.1 Integrated Gas, Renewables & Power (iGRP)

4.1.1 Production and sales of Liquefied Natural Gas (LNG) and electricity

2Q22	1Q22	2Q21	2Q22 vs 2Q21	Hydrocarbon production for LNG	1H22	1H21	1H22 vs 1H21
462	492	502	-8%	iGRP (kboe/d)	477	510	-6%
53	60	52	+1%	Liquids (kb/d)	56	58	-2%
2,233	2,349	2,464	-9%	Gas (Mcf/d)	2,291	2,470	-7%

2Q22	1Q22	2Q21	2Q22 vs 2Q21	Liquefied Natural Gas in Mt	1H22	1H21	1H22 vs 1H21
11.7	13.3	10.5	+11%	Overall LNG sales	24.9	20.4	+22%
4.1	4.4	4.2	-1%	incl. Sales from equity production*	8.6	8.5	–
10.2	11.9	8.8	+16%	incl. Sales by TotalEnergies from equity production and third party purchases	22.2	16.7	+33%

* The Company’s equity production may be sold by TotalEnergies or by the joint ventures.

Hydrocarbon production for LNG is down 8% and 6% year-on-year, respectively, in the second quarter 2022 and the first half 2022, mainly due to the end of the Qatargas 1 contract and the decrease in supply to NLNG for security reasons in Nigeria. Production in Snøhvit, Norway, restarted in the second quarter.

Total LNG sales are up year-on-year by 11% in the second quarter 2022 and by 22% in the first half 2022, due to the increase in spot purchases to maximize the use of the Company’s regasification capacity in Europe.

2Q22	1Q22	2Q21	2Q22 vs 2Q21	Renewables & Electricity	1H22	1H21	1H22 vs 1H21
50.7	46.8	41.7	+22%	Portfolio of renewable power generation gross capacity (GW) ^(1),(2)	50.7	41.7	+22%
11.6	10.7	8.3	+40%	o/w installed capacity	11.6	8.3	+40%
5.2	6.1	5.4	-4%	o/w capacity in construction	5.2	5.4	-4%
33.9	30.1	28.0	+21%	o/w capacity in development	33.9	28.0	+21%
26.8	26.8	22.6	+19%	Gross renewables capacity with PPA (GW) ^(1),(2)	26.8	22.6	+19%
38.4	34.4	30.7	+25%	Portfolio of renewable power generation net capacity (GW) ^(1),(2)	38.4	30.7	+25%
5.8	5.4	4.0	+46%	o/w installed capacity	5.8	4.0	+46%
3.7	4.2	3.1	+17%	o/w capacity in construction	3.7	3.1	+17%
28.9	24.8	23.6	+22%	o/w capacity in development	28.9	23.6	+22%
7.7	7.6	5.1	+51%	Net power production (TWh) ⁽³⁾	15.2	9.8	+56%
2.5	2.2	1.7	+50%	incl. power production from renewables	4.7	3.2	+47%
6.2	6.1	5.8	+6%	Clients power – BtB and BtC (Million) ⁽²⁾	6.2	5.8	+6%
2.7	2.7	2.7	+1%	Clients gas – BtB and BtC (Million) ⁽²⁾	2.7	2.7	+1%
12.3	16.3	12.7	-3%	Sales power – BtB and BtC (TWh)	28.6	28.8	–
19.1	35.0	20.6	-7%	Sales gas – BtB and BtC (TWh)	54.1	56.8	-5%

462	175	310*	+49%	Proportional adjusted EBITDA Renewables & Electricity (M$) ⁽⁴⁾	637	654*	-3%
131	91	82*	+59%	incl. from renewables business	222	230*	-4%

⁽¹⁾Includes 20% of Adani Green Energy Ltd’s gross capacity effective first quarter 2021.

⁽²⁾ End of period data.

⁽³⁾ Solar, wind, biogas, hydroelectric and combined-cycle gas turbine (CCGT) plants.

⁽⁴⁾ TotalEnergies share (% interest) of EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) in Renewables & Electricity affiliates, regardless of consolidation method.

* 2Q21 and 1H21 data corrected after taking into account AGEL’s result.

Gross installed renewable power generation capacity grew to 11.6 GW at the end of the second quarter of 2022, up 0.9 GW over the quarter, including 0.4 GW related to the start-up of Phase 1 of the Al Kharsaah photovoltaic project in Qatar.

Gross power generation capacity in development increased by 3.8 GW quarter-on-quarter, mainly due to the acquisition of Core Solar’s portfolio of projects in the United States.

Net electricity generation stood at 7.7 TWh in the second quarter 2022 and 15.2 TWh in the first half 2022, up 51% and 56%, respectively, year-on-year, thanks to higher utilization rates of flexible power plants (CCGT) as well as growth in electricity generation from renewable sources.

EBITDA from the Renewables & Electricity business reached $462 million in the second quarter 2022, up 49% year-on-year due to the growth of the business.

4.1.2 Results

2Q22	1Q22	2Q21	2Q22 vs 2Q21	In millions of dollars	1H22	1H21	1H22 vs 1H21
2,555	3,051	891	x2.9	Adjusted net operating income*	5,606	1,876	x3
1,219	1,430	356	x3.4	including adjusted income from equity affiliates	2,649	620	x4.3

341	258	759	-55%	Organic investments	599	1,512	-60%
(58)	641	166	ns	Net acquisitions	583	2,059	-72%
283	899	925	-69%	Net investments	1,182	3,571	-67%

2,360	2,585	904	x2.6	Operating cash flow before working capital changes **	4,945	1,963	x2.5
3,970	315	567	x7	Cash flow from operations ***	4,285	1,347	x3.2

* Detail of adjustment items shown in the business segment information annex to financial statements.

** Excluding financial charges, except those related to lease contracts, excluding the impact of contracts recognized at fair value for the sector and including capital gains on the sale of renewable projects.

*** Excluding financial charges, except those related to leases.

iGRP’s adjusted net operating income was:

$2,555 million in the second quarter 2022, nearly triple year-on-year, thanks to higher LNG prices, the performance of the gas, LNG and electricity trading activities and the growing contribution of the Renewables & Electricity businesses,
$5,606 million in the first half 2022, tripling over one year, for the same reasons.

Cash flow is:

2.6 times higher over one year to $2,360 million in the second quarter 2022, thanks to the increase in LNG prices, the performance of gas, LNG and electricity trading activities, and the increasing contribution of the Renewables & Electricity activities,
2.5 times higher over one year to $4,945 million in the first half 2022, for the same reasons.

Cash flow from operations was $3,970 million for the quarter, mainly due to margin call reductions and the positive impact on working capital requirements linked to the seasonality of the gas and electricity supply business.

4.2 Exploration & Production

4.2.1 Production

2Q22	1Q22	2Q21	2Q22 vs 2Q21	Hydrocarbon production	1H22	1H21	1H22 vs 1H21
2,276	2,351	2,245	+1%	EP (kboe/d)	2,314	2,295	+1%
1,430	1,467	1,412	+1%	Liquids (kb/d)	1,449	1,428	+1%
4,602	4,813	4,553	+1%	Gas (Mcf/d)	4,706	4,738	-1%

4.2.2 Results

2Q22	1Q22	2Q21	2Q22 vs 2Q21	In millions of dollars, except effective tax rate	1H22	1H21	1H22 vs 1H21
4,719	5,015	2,213	x2.1	Adjusted net operating income*	9,734	4,188	x2.3
287	355	279	+3%	including adjusted income from equity affiliates	642	549	+17%
47.2%	47.0%	38.2%	–	Effective tax rate**	47.1%	39.5%	–

1,873	1,426	1,559	+20%	Organic investments	3,299	2,838	+16%
2,225	316	231	x9.6	Net acquisitions	2,541	29	x87.6
4,098	1,742	1,790	x2.3	Net investments	5,840	2,867	x2

7,383	7,303	4,262	+73%	Operating cash flow before working capital changes ***	14,686	8,086	+82%
8,768	5,768	4,835	+81%	Cash flow from operations ***	14,536	8,571	+70%

* Details on adjustment items are shown in the business segment information annex to financial statements.

** Tax on adjusted net operating income / (adjusted net operating income – income from equity affiliates – dividends received from investments – impairment of goodwill + tax on adjusted net operating income).

*** Excluding financial charges, except those related to leases.

Adjusted net operating income from Exploration & Production was:

$4,719 million in the second quarter 2022, double the second quarter 2021, thanks to the sharp increase in oil and gas prices,
$9,734 million in the first half of 2022, 2.3 times higher than the first half 2021, for the same reasons.

Compared to the first quarter, adjusted net operating income decreased by $296 million due to the decline in production and the impact of sanctions on the results of Russian assets.

Cash flow was $7,383 million in the second quarter 2022 compared to $4,262 million a year earlier and is up 82% to $14,686 million in the first half 2022, in line with higher oil and gas prices.

4.3 Downstream (Refining & Chemicals and Marketing & Services)

4.3.1 Results

2Q22	1Q22	2Q21	2Q22 vs 2Q21	In millions of dollars	1H22	1H21	1H22 vs 1H21
3,226	1,392	928	x3.5	Adjusted net operating income*	4,618	1,455	x3.2

586	292	468	+25%	Organic investments	878	803	+9%
(91)	(34)	(1)	ns	Net acquisitions	(125)	(104)	ns
495	258	467	+6%	Net investments	753	699	+8%

3,548	1,896	1,460	x2.4	Operating cash flow before working capital changes **	5,444	2,332	x2.3
4,106	2,005	2,669	+54%	Cash flow from operations **	6,111	4,330	+41%

* Detail of adjustment items shown in the business segment information annex to financial statements.

** Excluding financial charges, except those related to leases.

4.4 Refining & Chemicals

4.4.1 Refinery and petrochemicals throughput and utilization rates

2Q22	1Q22	2Q21	2Q22 vs 2Q21	Refinery throughput and utilization rate*	1H22	1H21	1H22 vs 1H21
1,575	1,317	1,070	+47%	Total refinery throughput (kb/d)	1,448	1,109	+31%
395	252	148	x2.7	France	324	131	x2.5
648	605	495	+31%	Rest of Europe	627	578	+8%
532	460	427	+25%	Rest of world	497	400	+24%
88%	74%	58%		Utlization rate based on crude only**	81%	58%

* Includes refineries in Africa reported in the Marketing & Services segment.

** Based on distillation capacity at the beginning of the year, excluding Grandpuits (shut down first quarter 2021) from 2021 and Lindsey refinery (divested) from second quarter 2021.

2Q22	1Q22	2Q21	2Q22 vs 2Q21	Petrochemicals production and utilization rate	1H22	1H21	1H22 vs 1H21
1,206	1,404	1,424	-15%	Monomers* (kt)	2,611	2,829	-8%
1,187	1,274	1,212	-2%	Polymers (kt)	2,461	2,377	+4%
71%	86%	88%		Vapocracker utilization rate**	78%	88%

* Olefins.

** Based on olefins production from steam crackers and their treatment capacity at the start of the year.

Refinery throughput:

Increased by 47% year-on-year in the second quarter 2022, due to the recovery in demand, particularly in Europe and the United States, the restart this quarter of the Donges refinery in France and the Leuna refinery in Germany, which was scheduled for a major turnaround in the second quarter 2021;
Increased by 31% in the first half 2022 over one year for the same reasons as well as the restart, in 2021, of the distillation unit of the Normandy refinery in France.

Monomer production was down 15% in the second quarter 2022 and 8% in the first half 2022 year-on-year, mainly due to planned turnarounds at the Antwerp in Belgium and Feyzin in France as well as construction affecting sites in the U.S.

4.4.2 Results

2Q22	1Q22	2Q21	2Q22 vs 2Q21	In millions of dollars	1H22	1H21	1H22 vs 1H21
2,760	1,120	511	x5.4	Adjusted net operating income*	3,880	754	x5.1

313	197	279	+12%	Organic investments	510	501	+2%
(34)	–	2	-100%	Net acquisitions	(34)	(55)	ns
279	197	281	-1%	Net investments	476	446	+7%

2,963	1,433	753	x3.9	Operating cash flow before working capital changes **	4,396	1,147	x3.8
3,526	1,107	2,232	+58%	Cash flow from operations **	4,633	3,228	+44%

Contacts

TotalEnergies SE

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