TotalEnergies SE (TTE) 2022 Q4 法說會逐字稿

Good morning. Welcome, and thank you for joining the TotalEnergies 2022 Results and 2023 Objectives Webcast.

早上好。歡迎並感謝您參加 TotalEnergies 2022 年結果和 2023 年目標網絡廣播。

At this time, I would like to turn the conference over to Mr. Patrick Pouyanné, TotalEnergies Chairman and Chief Executive Officer; and Jean-Pierre Sbraire, TotalEnergies Chief Financial Officer. Please go ahead, sir.

現在，我想將會議轉交給 TotalEnergies 董事長兼首席執行官 Patrick Pouyanné 先生； TotalEnergies 首席財務官 Jean-Pierre Sbraire。請繼續，先生。

Good morning, good afternoon, wherever you are. Welcome to TotalEnergies 2022 results and 2023 objectives. We are presenting from Paris in all virtual mode.

早上好，下午好，無論你身在何處。歡迎查看 TotalEnergies 2022 年結果和 2023 年目標。我們在巴黎以全虛擬模式進行展示。

Our program today, we will start with a safety moment with Thierry Pflimlin, our President, Marketing & Services. And then Patrick and Jean-Pierre will drive us through the results of last year and the objectives set for 2023. And then we'll have a Q&A session.

在我們今天的計劃中，我們將從與我們的營銷與服務總裁 Thierry Pflimlin 一起的安全時刻開始。然後帕特里克和讓-皮埃爾將帶領我們了解去年的結果和 2023 年設定的目標。然後我們將舉行問答環節。

But for now, a safety moment with Thierry.

但就目前而言，這是蒂埃里的安全時刻。

Good morning. I've chosen a safety moment to speak about the fatal accident, which happened during rebranding work at service station in Burkina Faso last year, but let's start with a description of the sad accident.

早上好。我選擇了一個安全時刻來談論去年在布基納法索的服務站進行品牌重塑工作期間發生的致命事故，但讓我們從對這起悲慘事故的描述開始。

On April 27, in our service station in Ouagadougou, 2 operators from a contracted company moved the mobile scaffolding between the totem and the station canopy in proximity of a 15,000 volts overhead power line. The third operator, who was the sole victim, helped them, but his leg hit a security barrier at the same time, and it became a conductor of the current when the electrical arch occurred. This third operator collapsed due to electrocution. He died on the spot, despite the cardiac massages performed. Kader was 26 years old.

4 月 27 日，在我們位於瓦加杜古的服務站，一家承包公司的 2 名操作員在 15,000 伏架空電力線附近移動了圖騰和車站雨棚之間的移動腳手架。第三個操作員是唯一的受害者，他幫助了他們，但他的腿同時撞到了安全屏障，在電弧發生時它變成了電流的導體。這第三名操作員因觸電而倒下。儘管進行了心臟按摩，他還是當場死亡。卡德爾 26 歲。

The in-depth inquiry made following this dramatic accident showed that the work procedure was -- were inspected before the start of the work, including previsit and risk analysis, pointing on the nearby presence of overhead power lines and the need to move the scaffolding in unmounted position. On the day of the accident, the specific work permit had been signed.

在這起戲劇性事故後進行的深入調查表明，工作程序在工作開始前進行了檢查，包括預檢和風險分析，指出附近存在架空電力線以及需要將腳手架移動到未安裝的位置。事發當天，專項工作證已經簽署。

So what went wrong? The investigation of the accident identified 2 key noncompliances with the work statement: inappropriate decision by the operator to reduce the height of the scaffolding rather than dismantle it in order to go safely under the power line; and failing supervision at the moment of the accident because the person in charge of this supervision was distracted in a phone conversation.

那麼出了什麼問題呢？事故調查發現了 2 項不符合工作說明的關鍵問題：以及在事故發生的那一刻未能進行監督，因為負責這次監督的人在電話交談中走神了。

How did we react? We immediately suspended rebranding work worldwide on the site with presence of overhead power lines. A written [experience] was issued and explained to define the conditions for restarting the works with 4 main points.

我們的反應如何？我們立即暫停了該網站在全球範圍內的品牌重塑工作，該網站存在架空電力線。下發書面[經驗]說明，明確工程重啟條件，主要有4點。

First, the obligation to always consider, as a priority, isolation by the electrical network company. Second, the guarantee of minimum lateral safety distances with specific surveillance. Third, the strict control with competent supervisors. And the last one, which most probably is the most important one, no scaffolding under live power lines.

首先，有義務始終優先考慮電網公司的隔離。第二，通過特定監控保證最小橫向安全距離。三是主管主管嚴把關。最後一個，很可能是最重要的一個，帶電電線下沒有腳手架。

However, this fatal accident showed that we must push further the appropriation in the field of our safety rules and programs. And this has to be applied to our teams and to our partner companies. I'm convinced that we must pursue in this way to improve our safety culture.

然而，這起致命事故表明，我們必須進一步推進安全規則和計劃領域的撥款。這必須應用於我們的團隊和我們的合作夥伴公司。我堅信我們必須以這種方式追求改善我們的安全文化。

Thank you for your attention.

感謝您的關注。

Thank you, Thierry, for this safety moment. I will come back, obviously, on safety. But before, just to introduce this presentation this morning about our results in 2022 and the objectives for '23, I just would like to underline that, in fact, this year 2022 has demonstrated once again the consistency of the multi-energy strategy that we are following consistently within TotalEnergies for many years.

蒂埃里，謝謝你給我這個安全時刻。顯然，出於安全考慮，我會回來的。但在此之前，為了介紹今天上午我們 2022 年的成果和 23 年的目標，我只想強調，事實上，今年 2022 年再次證明了我們所製定的多能源戰略的一致性多年來一直關注 TotalEnergies。

On oil, we continue to invest in oil in order to maintain our production to capture opportunities like the one in Brazil. We are of course driven by the fundamental objective for many years to keep or breakeven under $25 per barrel. It was $24. And at $100 per barrel, like it was the price last year, we had the full benefit.

在石油方面，我們繼續投資石油以維持我們的生產，以抓住像巴西那樣的機會。多年來，我們當然受到基本目標的推動，即保持或收支平衡低於每桶 25 美元。這是24美元。以每桶 100 美元的價格，就像去年的價格一樣，我們獲得了全部收益。

On LNG and gas, we embarked in a bold strategy in order to become a very large player. We have, by the way, in 2022, managed 48 million tonnes of LNG, which is more than 10% of the market, which was 400 million tonnes, 12% exactly, with strong positions in Europe. And this strategy is delivering. Of course, this integrated strategy is integrated, of course, results in an exceptionally high gas price environment, which was around $200 per barrel. Integration is about also refining [with $100 per ton], exceptional refining margins, but the high utilization rate, 82%, and the benefit is there.

在液化天然氣和天然氣方面，我們採取了大膽的戰略，以成為一個非常大的參與者。順便說一下，到 2022 年，我們管理了 4800 萬噸液化天然氣，佔市場的 10% 以上，即 4 億噸，正好是 12%，在歐洲擁有強大的地位。這個策略正在實現。當然，這種綜合策略是綜合的，當然，導致了異常高的天然氣價格環境，大約是每桶 200 美元。整合還涉及煉油 [每噸 100 美元]，卓越的煉油利潤率，但利用率高，高達 82%，而且好處就在那裡。

And last but not least, electricity, which I've demonstrated, there is room for price increase in these markets as well in which we are investing for the future.

最後但同樣重要的是，電力，我已經證明，這些市場以及我們正在為未來投資的市場都有價格上漲的空間。

Consistency, resiliency, integrations are the key of our strategy. And today, in order to continue to demonstrate that we are transparent and with profitability we want to deliver to all our investors, we are announcing that you will have from this beginning of '23 a clear transparency on 2 segments, which are the pillars of our growth, integrated LNG on one side, integrated power on the other side.

一致性、彈性、集成是我們戰略的關鍵。今天，為了繼續證明我們是透明的，我們希望向所有投資者提供盈利能力，我們宣布，從 23 年開始，您將在 2 個細分市場上獲得明確的透明度，這是我們的增長，一方面是集成液化天然氣，另一方面是集成電力。

I would like to underline also in this introduction the, I would say, superior results that TotalEnergies is delivering. We'll come back on it, but you will notice that we have the strongest net cash flow per share increase among all the majors and by far. And we have the strongest return on average capital employed of more than 28%, which demonstrates that we can combine profitability -- strong profitability and transition to new energies.

我還想在本介紹中強調 TotalEnergies 提供的出色結果。我們會回來討論它，但你會注意到，我們的每股淨現金流增長在所有主要公司中是迄今為止最強勁的。我們擁有超過 28% 的平均資本回報率，這表明我們可以結合盈利能力——強大的盈利能力和向新能源的轉型。

I would also say that this year is giving us -- we'll come back on it, but a strong guarantee for the future by the deleveraging of the balance sheet, which allow us to express a very clear framework of return to shareholders in last September, which is a clear framework of return to shareholders through the cycles. We announced 35%, 40%. We delivered 37% of cash payout to shareholders in 2022. Thanks to policy, which is clear and which we -- the Board of Directors has decided to even reinforce.

我還要說的是，今年給了我們——我們會回來的，但通過資產負債表的去槓桿化為未來提供了強有力的保證，這使我們能夠在最後表達一個非常明確的股東回報框架九月，這是一個清晰的框架，通過週期回報股東。我們公佈了35%、40%。我們在 2022 年向股東支付了 37% 的現金。多虧了政策，這是明確的，而且我們 - 董事會決定甚至加強。

First, a support to the ordinary dividend through the cycles, thanks to the buybacks we execute, but also to the underlying cash flow growth. And we have announced that we will increase by more than -- by 7.25% the residual -- the final dividend quarter and the next quarterly dividends in '23, but also continuing our buyback program with $2 billion. As previously quarter, no decrease despite a lower environment. And final, last but not least, room for special dividend, like we've done in '22, if we have super -- I would say, super profits like before said.

首先，由於我們執行的回購，以及潛在的現金流增長，在整個週期中支持普通股息。我們已經宣布，我們將在 2023 年的末期股息季度和下一個季度股息中增加超過剩餘的 7.25%，同時繼續我們的 20 億美元回購計劃。與上一季度一樣，儘管環境較低，但並未減少。最後但並非最不重要的一點是，特別股息的空間，就像我們在 22 年所做的那樣，如果我們有超級——我想說的是，超級利潤，就像之前說的那樣。

So no zigzag in our strategy, consistency and that's the key for, I would say, the future results and profitability, and this is what we will demonstrate today together with Jean-Pierre.

因此，我們的戰略、一致性沒有曲折，我想說，這是未來結果和盈利能力的關鍵，這就是我們今天將與 Jean-Pierre 一起展示的內容。

So if I move over at first on safety after the safety moment. Of course, at TotalEnergies, we repeat this message very often. Safety is a core value and comes first because safety requires discipline, and discipline is at the core of operational excellence. So that's this continuum that we insist on.

因此，如果我在安全時刻之後首先考慮安全問題。當然，在 TotalEnergies，我們經常重複這條信息。安全是核心價值並且是第一位的，因為安全需要紀律，而紀律是卓越運營的核心。這就是我們堅持的連續統一體。

I would say that on the one hand, we can be proud of implementing for the company our safety culture, which has led to a significant decrease in the accident rate, as measured and shown here by the -- what we call the total recordable injury rate, and we are today managed in the last decade to become among the best in the major, if not the best, but, there is a big but. However, on the other hand, we report with deep regret that there were 3 fatalities in 2022, which I consider unacceptable, and that see as a -- and we see as a sign that we must do more to strengthen our safety culture.

我想說的是，一方面，我們可以為公司實施我們的安全文化而感到自豪，這導致事故率顯著下降，正如我們所說的總可記錄傷害所衡量和顯示的那樣率，我們今天的管理在過去十年中成為專業中的佼佼者，即使不是最好的，但是，也有很大的但是。然而，另一方面，我們非常遺憾地報告 2022 年有 3 人死亡，我認為這是不可接受的，並且我們認為這是一個信號，我們必須做更多工作來加強我們的安全文化。

But to be sure that this culture is really embedded all over the world in all our operations, wherever they are, whatever they are. We purposely show on this slide the details of the 3 fatalities as well as the steps we are taking on a continuous basis to address and mitigate these ever present risks.

但可以肯定的是，這種文化確實植根於我們在世界各地的所有業務中，無論它們在哪裡，無論它們是什麼。我們特意在這張幻燈片上展示了 3 起死亡事故的詳細信息，以及我們為解決和減輕這些一直存在的風險而持續採取的措施。

We will talk today about our strong 2022 results. It's a fact, but understand that we carry the knowledge of this facility like the weight on our shoulders. And therefore, we as a company, and I as a leader, cannot be completely satisfied, but we were as successful last year as we should have been.

我們今天將討論我們 2022 年的強勁業績。這是事實，但請理解，我們肩負著肩上的重擔，肩負著這個設施的知識。因此，我們作為一家公司，以及我作為領導者，不能完全滿意，但我們去年取得了應有的成功。

2022 is definitely a year, as I said, where we have managed to get the most out of our assets in different businesses. Of course, first, this year was a year of LNG, I would say, which become a star in many -- around the world because, suddenly, because of invasion of Ukraine by Russia and the impact on the European gas. We -- European markets needs more gas.

2022 年絕對是一年，正如我所說，我們已設法充分利用我們在不同業務中的資產。當然，首先，今年是液化天然氣年，我想說，液化天然氣在世界範圍內成為許多明星，因為突然間，由於俄羅斯入侵烏克蘭以及對歐洲天然氣的影響。我們——歐洲市場需要更多的天然氣。

We were in a strong position, the first U.S. exporter, the first Europe regas order. And we have used a lot with regasification capacities in Europe, 86%. And we have increased our LNG sales by 15%, 48 million tonnes.

我們處於強勢地位，第一家美國出口商，第一家歐洲再氣化訂單。我們在歐洲使用了很多再氣化能力，86%。我們的液化天然氣銷量增加了 15%，達到 4800 萬噸。

Integrated, the other success, as I said, is a very strong utilization rate of our refining system, more than 80%, 82% in the market, which was really quite high, thanks in particular to distillate. We managed to capture a very high refining margin and our downstream business as -- which showed record cash flow generation. But we have also been able to consolidate these assets through some smart M&A like the one we've done in Brazil at the end of '21, where in a year after, it generated more than $700 million of cash flow.

綜合而言，另一個成功，正如我所說，是我們精煉系統的利用率非常高，超過 80%，市場上為 82%，這確實非常高，尤其要歸功於餾分油。我們設法獲得了非常高的煉油利潤率和我們的下游業務——這顯示了創紀錄的現金流量產生。但我們也能夠通過一些明智的併購來整合這些資產，比如我們在 21 年底在巴西所做的併購，一年後，它產生了超過 7 億美元的現金流。

Throughout '22, success is also to prepare the future in all these operations. Preparing the future is, yes, of course, and you will not see in this presentation the word Russia. Russia is behind us, but we have been able to build the future in LNG through the successes of becoming the largest international player in North Field East and North Field South Qatar projects. We also, I would say, underline the success that we had in exploration -- oil exploration. We'll come back on it in Namibia and Suriname. So that's also part of our future and future profits.

在整個 22 年，成功也是為所有這些行動的未來做好準備。是的，當然是為未來做準備，您不會在本次演講中看到俄羅斯這個詞。俄羅斯落後於我們，但通過成功成為 North Field East 和 North Field South Qatar 項目中最大的國際參與者，我們已經能夠打造液化天然氣的未來。我要說的是，我們還強調了我們在勘探——石油勘探方面取得的成功。我們將在納米比亞和蘇里南迴來討論它。所以這也是我們未來和未來利潤的一部分。

And last but not least, smart M&A to consolidate on -- our integrated power businesses. Why is this smart M&A? Because both are characterized by the fact that it's direct negotiations to obtain attractive conditions, strong position in the U.S. on the one side with Clearway Energy in Brazil with other site.

最後但並非最不重要的一點是，智能併購以鞏固我們的綜合電力業務。為什麼這是明智的併購？因為兩者的特點是直接談判以獲得有吸引力的條件，所以在美國的強勢地位一方面與巴西的 Clearway Energy 以及其他站點。

All these successes is about growing our production, growing our energies. It's -- also, we keep in mind that we have, at the same time, to lower our emissions. And you will see the results knowing that we'll come back end of March with our sustainability climate report deeply in details of our, I would say, net 0 ambition.

所有這些成功都與增加我們的產量、增加我們的能量有關。它——同時，我們牢記我們必須同時減少我們的排放量。你會看到結果，知道我們將在 3 月底返回我們的可持續發展氣候報告，詳細介紹我們的，我想說，淨 0 的雄心壯志。

So at the end, this is a slide we introduced in September, but which is, for me, the results and give me again the strong comfort for the future is that, yes, we had a record cash generation, but what is important to me is that we compare the '22 cash generation to 10 years ago, 2012, with even a higher oil price, we have increased our cash generation by more than 50%, thanks to the strong decrease of the breakeven.

所以最後，這是我們在 9 月份推出的一張幻燈片，但對我來說，這是結果，並再次讓我對未來感到欣慰的是，是的，我們創造了創紀錄的現金生成，但重要的是我的是，我們將 22 年的現金生成與 10 年前的 2012 年進行比較，油價更高，我們的現金生成增加了 50% 以上，這要歸功於收支平衡的大幅下降。

And the challenge now is to maintain this breakeven under $25 per barrel by the selection of assets, by the action on cost, despite some inflationary environment, and we'll manage it. And of course, thanks to these cash flows, we allocate quite a lot, like Jean-Pierre will tell you, to deleverage the company, and that's the best guarantee for the future.

現在的挑戰是通過資產選擇、成本行動將盈虧平衡點維持在每桶 25 美元以下，儘管存在一些通貨膨脹環境，我們將對其進行管理。當然，由於這些現金流，我們分配了相當多的資金，就像讓-皮埃爾會告訴你的那樣，讓公司去槓桿化，這是對未來最好的保證。

I will then leave the floor to Jean-Pierre to describe in detail these '22 results.

然後我將讓 Jean-Pierre 詳細描述這些 '22 結果。

Thank you, Patrick. So I will concentrate my comments on 2022, a year when we established new records, thanks to perfect match between, on one side, our well-positioned assets. And with no surprise, we'll talk about gas and energy. And on the other side, very favorable markets, which have set new records in 2022.

謝謝你，帕特里克。因此，我將集中評論 2022 年，這一年我們創造了新的記錄，這要歸功於我們處於有利地位的資產之間的完美匹配。毫不奇怪，我們將談論天然氣和能源。另一方面，非常有利的市場在 2022 年創下了新紀錄。

The 2022 environment provided favorable tailwinds for all our activities. Normally, there is a mix of positive and negative. It was not obviously the case in 2022. And so we were able to fully leverage the strength of our global integrated portfolio. Patrick will cover the macro later on, so I will not come back on the rationale.

2022 年的環境為我們的所有活動提供了有利的順風。通常，正面和負面混合在一起。到 2022 年情況顯然並非如此。因此我們能夠充分利用我們全球綜合產品組合的優勢。帕特里克稍後會介紹宏，所以我不會再談理由了。

Our oil price sensitivity is sometimes underestimated. But clearly, in 2022, we benefited strongly for the rise in oil prices, thanks to our low breakeven low-cost portfolio, which allow us to capture this price increase. Please note, as Patrick already mentioned, that in 2022, we had the strongest increase of net cash flow per shares among major. I will show you the data later on.

我們的油價敏感性有時被低估了。但很明顯，在 2022 年，我們從油價上漲中受益匪淺，這要歸功於我們的低盈虧平衡低成本投資組合，這使我們能夠抓住這次價格上漲的機會。請注意，正如帕特里克已經提到的那樣，在 2022 年，我們的每股淨現金流增幅在主要公司中最為強勁。稍後我會給你看數據。

Refining margins are linked to oil, but we saw in 2022 massive supply disruption, particularly affecting middle distillates related to sanction in Russia and, more recently, to the European embargoes on both crude and oil products.

煉油利潤率與石油有關，但我們在 2022 年看到了大規模的供應中斷，特別是影響與俄羅斯制裁相關的中間餾分油，以及最近與歐洲對原油和石油產品的禁運。

For gas and LNG, it is a similar story. The Russia-Ukraine war drove gas and LNG prices to never before seen levels, as Europe scrambled to cut, to decouple from Russian pipe gas by importing additional 50 million tonnes of LNG last year. This represents more than 10% of the market. So clearly, across all our business in 2022, markets were favorable.

對於天然氣和液化天然氣，情況類似。俄羅斯-烏克蘭戰爭將天然氣和液化天然氣價格推高至前所未有的水平，因為歐洲爭先恐後地減產，去年通過額外進口 5000 萬噸液化天然氣與俄羅斯管道天然氣脫鉤。這代表了超過 10% 的市場份額。很明顯，在我們 2022 年的所有業務中，市場都是有利的。

Here you see the list of key metrics demonstrating that for 2022, we talk the talk, we walk the walk. A slight miss on production mainly due to security issues in Nigeria and Libya, some delays in projects and the price effect on our (inaudible).

在這裡，您可以看到關鍵指標列表，這些指標表明到 2022 年，我們言出必行。主要由於尼日利亞和利比亞的安全問題、項目的一些延誤以及價格對我們的影響（聽不清）導致生產略有下降。

Better-than-expected performance for refining, you see 82% utilization rate in 2022. LNG sales were 4 million-ton targets -- 4 million tonnes above targets because of intense LNG spot business in Europe, and we maximized the value of our regas capacities and, of course, renewable as well while, at the same time, meeting our Scope 1 plus 2 emission reductions, despite high utilization of CCGTs in Europe.

煉油業績好於預期，您會看到 2022 年的利用率為 82%。LNG 銷量為 400 萬噸目標——比目標高出 400 萬噸，因為歐洲的 LNG 現貨業務非常活躍，我們最大限度地提高了再氣化的價值容量，當然還有可再生能源，同時滿足我們的範圍 1 加 2 減排，儘管 CCGT 在歐洲的利用率很高。

As announced in July, investment came in above '22 objective at $16.3 billion. This reflects increased short-cycle activity to benefit from the strong price environment, higher net acquisitions mainly for in Brazil and renewable in the U.S., but no meaningful impact from inflation. And I think a great bottom line for shareholders, plus $1 billion of underlying cash flow growth, a key element, as you know, supporting dividend growth, and $47 billion of debt-adjusted cash flow in 2022.

正如 7 月份宣布的那樣，投資超過了 22 世紀的目標，達到 163 億美元。這反映了短期活動的增加以受益於強勁的價格環境、主要在巴西和美國的可再生能源的淨收購量增加，但沒有受到通貨膨脹的重大影響。我認為對股東來說是一個很好的底線，加上 10 億美元的基礎現金流增長，這是支持股息增長的一個關鍵因素，以及 2022 年 470 億美元的債務調整後現金流。

So let's move to iGRP results. So iGRP adjusted net operating income was $12 billion in 2022, almost doubling compared to 2021, thanks, again, to fully integrated LNG, which position us to maximize the capture of the high price environment, but also thanks to strong growth in integrated power generation. Cash flow globally at the level of iGRP was $11 billion, up 76% year-on-year.

那麼讓我們來看看 iGRP 結果。因此，iGRP 調整後的淨營業收入在 2022 年為 120 億美元，與 2021 年相比幾乎翻了一番，這再次歸功於完全整合的液化天然氣，這使我們能夠最大限度地抓住高價格環境，同時也得益於綜合發電的強勁增長.全球 iGRP 層面的現金流為 110 億美元，同比增長 76%。

You have here a very important message on that slide to provide a better understanding of the growth strategy of LNG on one side and electricity renewable on the other side. The Board has decided to split iGRP into 2 new segments from the first quarter '23. That means that from that date, we will report separately integrated LNG and integrated power.

你在這張幻燈片上有一個非常重要的信息，可以更好地理解一方面是液化天然氣，另一方面是可再生電力的增長戰略。董事會已決定從 23 年第一季度開始將 iGRP 拆分為 2 個新部分。這意味著從那天起，我們將分別報告綜合液化天然氣和綜合電力。

So integrated LNG is comprised of our LNG assets, gas and energy trading, plus biogas and hydrogen. And integrated power is comprised of renewable and flexible power generation, power trading, plus power and gas marketing.

因此，綜合液化天然氣包括我們的液化天然氣資產、天然氣和能源貿易，以及沼氣和氫氣。綜合電力包括可再生和靈活發電、電力交易以及電力和天然氣營銷。

We provide you here with some metrics for these 2 segments, '22 versus '21. For iLNG, sales were up 15% to 48 million tonnes in 2022, thanks to our #1 position in European regas, which allowed increased spot purchases and sales in the context of record LNG demand in Europe.

我們在這里為您提供了這兩個細分市場的一些指標，'22 與 '21。對於 iLNG，2022 年銷售額增長 15% 至 4800 萬噸，這要歸功於我們在歐洲再氣化領域的第一名地位，這使得在歐洲液化天然氣需求創紀錄的背景下現貨採購和銷售有所增加。

Cash flow increased to $10 billion, up nearly 80%. And adjusted net operating income was $11 million, doubling the contribution compared to '21. iPower generated $1 billion of cash flow and earnings over 2022. Production was 33 terawatt hour, up 57%, thanks to higher utilization rate of CCGTs in Europe and a 53% increase in power generation from renewables. At year-end 2022, we had 17 gigawatts of renewable capacity installed.

現金流增至 100 億美元，增長近 80%。調整後的淨營業收入為 1100 萬美元，與 21 年相比翻了一番。 iPower 在 2022 年產生了 10 億美元的現金流和收益。產量為 33 太瓦時，增長 57%，這要歸功於歐洲 CCGT 的更高利用率和可再生能源發電量增長 53%。到 2022 年底，我們安裝了 17 吉瓦的可再生能源。

A lot of you have been asking for the split to better understand our 2 fastest growing activity, LNG and integrated power. We are happy to do it from 2023.

你們中的許多人一直要求拆分以更好地了解我們增長最快的 2 個活動，液化天然氣和綜合能源。我們很高興從 2023 年開始這樣做。

In nearly everywhere, 2022 was a record-setting year for TotalEnergies, benefiting from the favorable environment, the increase in LNG sales, plus 15%. And thanks to our unique position in Europe, TotalEnergies generated a very positive adjusted income at $36.2 billion in 2022. Including nearly $15 billion of impairment related to our Russian upstream assets, our reported IFRS net income was $20.5 billion in 2022. Return on equity was 32%. And ROCE, return on capital employed, 28% in 2022. This demonstrating again the quality of our portfolio and the capacity of TotalEnergies to benefit from price increase.

幾乎在所有地方，2022 年對 TotalEnergies 來說都是創紀錄的一年，受益於有利的環境，液化天然氣銷量增加了 15%。由於我們在歐洲的獨特地位，TotalEnergies 在 2022 年產生了非常積極的調整後收入，達到 362 億美元。包括與我們俄羅斯上游資產相關的近 150 億美元減值，我們報告的 IFRS 淨收入在 2022 年為 205 億美元。股本回報率為32%。 ROCE，已動用資本回報率，到 2022 年為 28%。這再次證明了我們投資組合的質量以及 TotalEnergies 從價格上漲中受益的能力。

Along with record earnings, TotalEnergies generated $46 billion of cash flow in 2022, an all-time high shown on the left side of the slide, split by segment. All segments made stronger cash flow contribution in 2022; $26 million from E&P, up 39% on higher oil and gas prices and despite the U.K. windfall tax profit, which represents -- which has represented in 2022, $1 billion.

連同創紀錄的收益，TotalEnergies 在 2022 年產生了 460 億美元的現金流，這是幻燈片左側顯示的歷史新高，按部門劃分。 2022年各板塊現金流貢獻增強； E&P 帶來 2600 萬美元，由於石油和天然氣價格上漲，增長了 39%，儘管英國有意外稅收利潤，這在 2022 年代表了 10 億美元。

$10 billion from LNG, a record high that we covered on the previous slides. $10 billion from downstream driven by the contribution from refining of close to $8 billion, more than 2.5x contribution in 2021, thanks to higher refining utilization rates that allow us to capture high margins. And $1 billion, an important milestone for integrated power.

100 億美元來自液化天然氣，這是我們在之前的幻燈片中提到的歷史新高。煉油貢獻近 80 億美元，下游貢獻 100 億美元，是 2021 年貢獻的 2.5 倍多，這要歸功於更高的煉油利用率使我們能夠獲得高利潤。以及 10 億美元，這是集成電源的重要里程碑。

On the right, we show the cash flow allocations, which was pretty evenly divided among shareholders, investments and debt reduction. $17 billion return to shareholders, representing 37.2% payouts, delivering on our 35%, 40% commitments, comprised of $7.3 billion for the ordinary dividends, plus $7 billion of buybacks and $2.7 billion of special dividends that was paid in December.

在右邊，我們顯示了現金流分配，在股東、投資和債務減少之間分配得相當平均。 170 億美元的股東回報，佔 37.2% 的派息，兌現了我們 35%、40% 的承諾，其中包括 73 億美元的普通股息，加上 70 億美元的回購和 27 億美元的特別股息，這些股息是在 12 月份支付的。

$16.3 billion for investments, but I will cover that in the next slide. And $14.5 billion of net debt reduction, which cuts our gearing by more than half, 7% end of 2022 compared to 15.3% end of 2021.

163 億美元用於投資，但我將在下一張幻燈片中介紹。以及 145 億美元的淨債務削減，這使我們的負債率降低了一半以上，到 2022 年底為 7%，而 2021 年底為 15.3%。

The 2022 environment allowed us for all our segments to demonstrate their strong underlying potential. Typically, with an integrated model, we count on strength in one activity to offset possible market challenges in [another]. But in 2022, each segment had a chance to shine.

2022 年的環境讓我們所有的細分市場都能展示出強大的潛在潛力。通常，通過集成模型，我們依靠一項活動的優勢來抵消 [另一項] 可能的市場挑戰。但在 2022 年，每個細分市場都有機會大放異彩。

Capital investments came in at $16.3 billion in 2022, above the guidance, $14 billion to $15 billion, mainly due to an acceleration of short-cycle projects in West African countries, but also in the North Sea in order to benefit in 2023, 2024 from a good environment; and $5.9 billion of smart acquisition, notably in Brazil, for oil and in the U.S. for integrated power.

2022 年的資本投資為 163 億美元，高於預期的 140 億至 150 億美元，這主要是由於西非國家和北海的短週期項目加速，以便在 2023 年、2024 年受益於良好的環境； 59 億美元的明智收購，尤其是在巴西的石油收購和美國的綜合電力收購。

Also included here are divestment for $1.4 billion mainly from ongoing farm-down activities, which is key to the profitability of integrated power. For example, in that figure, you have the farm down of 50% of 30 -- 230 megawatts portfolio of renewable in France, but also partial sales of our CCGT Landivisiau, also in France. In that figure, you have also the sales of some E&P mature assets, notably our interest in Block 14 in Angola, but also the Sarsang field in Iraq.

這裡還包括 14 億美元的撤資，主要來自正在進行的農場活動，這是綜合電力盈利能力的關鍵。例如，在該圖中，您的農場減少了法國 30-230 兆瓦可再生能源組合的 50%，但我們的 CCGT Landivisiau 也在法國進行了部分銷售。在該圖中，您還出售了一些 E&P 成熟資產，特別是我們在安哥拉 14 號區塊的權益，以及伊拉克的 Sarsang 油田。

Important to note that inflation did not have meaningful impact on 2022 increase in CapEx. We remain disciplined on capital with strict criteria for sanctioning projects. I will give you more about that on the next slide. But important to say that we determined last year, particularly in light of the rapid strengthening of our balance sheet, that passing on the opportunities noted here will not serve our shareholders' best interest.

需要注意的是，通貨膨脹對 2022 年資本支出的增長沒有產生重大影響。我們通過嚴格的項目批准標准在資本方面保持紀律。我將在下一張幻燈片上為您提供更多相關信息。但重要的是，我們去年決定，特別是考慮到我們資產負債表的迅速增強，傳遞這裡提到的機會不符合我們股東的最佳利益。

To the right, we split 2022 investments by type of activity. Oil generated most of our cash flow, and we allocated about 60% of CapEx to it, split -- with the split between 60%, 40% between maintenance and growth. And a big piece, $2.8 billion, of that growth was for Sepia and Atapu, the deep offshore field in Brazil.

在右邊，我們按活動類型劃分了 2022 年的投資。石油產生了我們大部分的現金流，我們將大約 60% 的資本支出分配給它，分配給它，分成 60%，40% 分配給維護和增長。增長的很大一部分，即 28 億美元，來自巴西的深海油田 Sepia 和 Atapu。

Integrated power and low carbon energy including, of course, the Clearway acquisition was $4 billion, representing 25% globally of the CapEx in 2022. Integrated LNG represented the balance of roughly $2 billion, reflecting the timing of FX [condition], as Qatar NFE and Qatar NFS was not recording in 2022. It will be the case in the first quarter of 2023.

綜合電力和低碳能源，當然包括對 Clearway 的收購，為 40 億美元，佔 2022 年全球資本支出的 25%。綜合液化天然氣約佔餘額 20 億美元，反映了 FX [條件] 的時機，因為卡塔爾 NFE而卡塔爾NFS在2022年沒有記錄。2023年第一季度就會如此。

When prices increase, cost might follow. However, 2022 cost inflation was not so severe in our key regions and activities, except, of course, energy costs, but we benefited of price increases. There are some upward pressure shown on the right in that slide, but we effectively controlled it in 2022. Using ASC 932 OpEx as a benchmark, TotalEnergies continues to be the low-cost -- the lowest cost producer among the major at about $5.5 per barrel equivalent.

當價格上漲時，成本可能隨之而來。然而，2022 年的成本通脹在我們的主要地區和活動中並沒有那麼嚴重，當然能源成本除外，但我們受益於價格上漲。該幻燈片右側顯示了一些上行壓力，但我們在 2022 年有效地控制了它。以 ASC 932 OpEx 為基準，TotalEnergies 仍然是低成本生產商 - 主要生產商中成本最低的生產商，每生產成本約為 5.5 美元桶當量。

On an ongoing basis, we benefit from a high-quality global portfolio that allow us to leverage on purchases power, to negotiate favorable contracts with suppliers and service companies. On deep offshore rates, we signed medium-duration contracts that largely insulates us from inflation in 2022. But nearly, all of our rates are set at about the same level for 2023, with option taking us into '24 at good prices.

在持續的基礎上，我們受益於高質量的全球產品組合，使我們能夠利用購買力與供應商和服務公司談判有利的合同。在深度離岸利率方面，我們簽署了中期合同，這在很大程度上使我們免受 2022 年通貨膨脹的影響。但幾乎，我們所有的利率都設定在 2023 年大致相同的水平，選擇權讓我們以優惠的價格進入 24 年。

For new projects, we adhere to strict selection criteria, shown on the right, to maintain the high quality of the portfolio in terms of average cost, but also in terms of emission per barrel as well. Important to note that our criteria on emission per barrel will be more severe in the future as the portfolio average has lowered to 19 kilograms CO2 per barrel equipment.

對於新項目，我們堅持嚴格的選擇標準，如右圖所示，以在平均成本和每桶排放量方面保持高質量的投資組合。需要注意的是，我們的每桶排放標准在未來會更加嚴格，因為投資組合平均值已降至每桶設備 19 公斤二氧化碳。

In terms of the constant progress of high grading the portfolio, for example, adding low-cost barrels in Brazil last year at Atapu and Sepia, implementing the spinoff of our E&P subsidiaries in Canada with higher cost barrels this year will reduce our overall cost per barrel in the future.

在高品位組合的不斷推進方面，例如去年在巴西的Atapu和Sepia增加了低成本的桶，今年實施了我們在加拿大的E&P子公司的分拆，成本較高的桶將降低我們的整體成本。桶在未來。

To conclude the 2022 result presentation, what you have here are the benchmark of performance of TotalEnergies versus the other 4 super majors. In terms of growing net cash flow per share, you see here the data, we were the strongest by far, doubling in to almost $13 per share.

總結 2022 年的結果演示，你在這裡看到的是 TotalEnergies 與其他 4 家超級專業公司的績效基準。就每股淨現金流的增長而言，你可以在這裡看到數據，我們是迄今為止最強勁的，翻了一番，達到每股近 13 美元。

Similarly, TotalEnergies was best-in-class for profitability with 28% return on capital employed. For the 3 years' return to shareholders, we outperformed our European peers by maintaining the dividend in 2020. We haven't cut the dividend in the middle of the COVID crisis and ended up trailing our U.S. peers.

同樣，TotalEnergies 的盈利能力在同類產品中名列前茅，所用資本回報率為 28%。對於 3 年的股東回報，我們在 2020 年維持了股息，表現優於歐洲同行。我們在 COVID 危機期間沒有削減股息，最終落後於我們的美國同行。

And to conclude, based on the Sustainalytics ranking, TotalEnergies has the highest ESG rating among the super majors. We consider that this continues to be an important factor in terms of ESG leadership through this period of growth and transformation.

總而言之，根據 Sustainalytics 的排名，TotalEnergies 在超級巨頭中的 ESG 評級最高。我們認為，在這一增長和轉型時期，這仍然是 ESG 領導力方面的一個重要因素。

In summary, a historic year for the company, a big step-up in terms of financial strength and flexibility, in large part due to the strategies that position us to fully benefit from the 2022 favorable market environment.

總而言之，對於公司來說，這是具有歷史意義的一年，在財務實力和靈活性方面有了很大的提升，這在很大程度上是由於我們的戰略使我們能夠充分受益於 2022 年有利的市場環境。

And with that, I leave the floor to Patrick. Thank you.

說到這裡，我請帕特里克發言。謝謝。

Yes. And this slide demonstrates that you can really deliver, at the same time, superior results and sustainability. There is no opposition between both of us.

是的。這張幻燈片表明，您確實可以同時提供出色的結果和可持續性。我們兩個之間沒有對立。

So executive strategy, of course, will be the motto for 2023. And just some words about the environment. Of course, the price today of oil is no more -- at $100, but more around $80. But I would say, when we look to the trends of the old markets, for me, there are -- there is some uncertainty on the demand, in particular, because there is a feeling -- even this feeling maybe is disappearing a little of the risk of what we call recession, global economy slowdown.

因此，執行戰略當然將成為 2023 年的座右銘。還有一些關於環境的話。當然，今天的石油價格不再是 100 美元，而是 80 美元左右。但我會說，當我們觀察舊市場的趨勢時，對我來說，需求存在一些不確定性，特別是因為有一種感覺 - 即使這種感覺可能正在消失一點我們所說的經濟衰退、全球經濟放緩的風險。

But again, this feeling today is a little erased because of what we observed in China. And of course, on the energy markets, either oil or gas, the Chinese recovery -- economy recovery will be fundamental, easing of lockdown restrictions.

但同樣，由於我們在中國的觀察，今天的這種感覺有點消失了。當然，在能源市場，無論是石油還是天然氣，中國的複蘇——經濟復甦將是根本，放鬆封鎖限制。

What is clear, by the way, and I know that in our world of oil and gas, there is a new bible, which is a net zero scenario of IEA, which is supposed to decrease the demand every year and to increase the supply is that for 2023, all experts, including IEA, are announcing a higher demand for oil, around 102 million barrel of oil per day, which will be a record year. So the reality of our world is that the oil demand continue to grow, and that we need to face, in fact, we have the supply.

順便說一下，我知道在我們的石油和天然氣世界中，有一本新聖經，它是 IEA 的淨零情景，應該每年減少需求並增加供應是到 2023 年，包括 IEA 在內的所有專家都宣布對石油的需求將增加，每天約 1.02 億桶石油，這將是創紀錄的一年。所以我們世界的現實是石油需求持續增長，我們需要面對，事實上我們有供應。

On the supply side, we don't see a lot of, I would say, margin. We see we are entering into this year with very low inventories of products, in particular, very low compared to the last 10 years. We have the impact of the sanctions on Russian crude and refined products. The crude oil -- Russian crude oil is finding its place in the market, China, India. But the refined products of Russia, it's less obvious where the diesel will go, Africa, South America, that's a mystery.

在供應方面，我們沒有看到太多利潤。我們看到我們進入今年的產品庫存非常低，特別是與過去 10 年相比非常低。我們受到製裁對俄羅斯原油和精煉產品的影響。原油——俄羅斯原油正在中國、印度市場上找到自己的位置。但是俄羅斯的精煉產品，柴油將流向非洲、南美洲，這是一個謎。

And by the way, we have also, of course, the supply side is clearly supported by the OPEC discipline, with the cut which happened, and the OPEC countries wants to maintain the oil above $80 per barrel, we'll take actions.

順便說一下，我們當然也有供應方面明顯受到歐佩克紀律的支持，隨著減產的發生，歐佩克國家希望將油價維持在每桶 80 美元以上，我們將採取行動。

And the other, we could have expected more supply from the U.S. shale, but as it was the case, previous to COVID, but it's no more the case. Shareholders want some returns and today are more speaking about returns than growth. So that means that when you look to this landscape, I think, from our perspective, there is more support to, I would say, a higher price than $80 and a lower one. And so looking to -- we'd not be surprised to see $100 per barrel coming back.

另一方面，我們本可以預期美國頁岩會有更多供應，但在 COVID 之前就是如此，但現在已不再如此。股東想要一些回報，而今天更多地談論回報而不是增長。所以這意味著當你看到這個景觀時，我認為，從我們的角度來看，有更多的支持，我會說，高於 80 美元的價格和低於 80 美元的價格。因此，我們期待——看到每桶 100 美元回升，我們不會感到驚訝。

By the way, the oil market, and this is very important to understand, is also for me, today, there is no more a world oil market, in fact, and that's for a big lesson of what's happening. We are splitting the market between Europe, which [we have bands]. There are some cap on the prices. So we have today several markets, which does not help, obviously, to ease the price. And I think we did not have seen all the consequences of the growing gray markets and -- for these -- the supply of this -- of oil.

順便說一句，石油市場，這對我來說也是非常重要的，今天，世界石油市場已經不存在了，事實上，這是對正在發生的事情的一個重要教訓。我們正在歐洲之間分割市場，[我們有樂隊]。價格有一些上限。所以我們今天有幾個市場，這顯然無助於降低價格。而且我認為我們還沒有看到不斷增長的灰色市場和 - 對於這些 - 石油供應的所有後果。

On the gas side, this slide is a little complex, but just today, we can have a better vision, better view and maybe even draw some lessons for what could happen in '23. In Europe, as obviously, the European gas is driving the LNG and power markets for Europe. So you have on this slide what happened in '22 compared to '21.

在天然氣方面，這張幻燈片有點複雜，但就在今天，我們可以有一個更好的願景，更好的觀點，甚至可以為 23 年可能發生的事情吸取一些教訓。在歐洲，很明顯，歐洲天然氣正在推動歐洲的液化天然氣和電力市場。所以你在這張幻燈片上看到了 22 年與 21 年相比發生的事情。

First, production in '21 and supply-demand was around 380 million tonnes. It grows to 400 million tonnes by end '22, so plus 20 million tonnes. But at the same time, the European demand for LNG has grown by $50 million. You can see on the graph on the right corner -- bottom corner that the demand of gas, and we have all translated in this slide in [8 million tonnes] of LNG.

首先，21 年的產量和供需約為 3.8 億噸。到 22 年底，它增長到 4 億噸，因此增加了 2000 萬噸。但與此同時，歐洲對液化天然氣的需求增長了 5000 萬美元。你可以在右下角的圖表上看到——下角是天然氣的需求，我們都在這張幻燈片中轉換了 [800 萬噸] 液化天然氣。

The demand for -- in 2021 for gas in Europe was the equivalent of 170 million tonnes. In fact, 100 million tonnes was delivered by pipe gas. It is a famous one, the 130 Bcm from Russia. But we had already importing 67 million tonnes in '21.

到 2021 年，歐洲對天然氣的需求相當於 1.7 億噸。事實上，有 1 億噸是通過管道天然氣輸送的。這是一個著名的，來自俄羅斯的 130 Bcm。但我們在 21 年已經進口了 6700 萬噸。

For '22, the Russian gas has been divided by more than 2. We received the equivalent of 44 million tonnes of LNG. And so we had, to add on it, 1 more LNG, and there is an increase of up to 115 million tonnes of LNG. You can see, by the way, that the bar of '22 is a little lower than the bar of '21 because there was a decrease of demand, around 15%, because of the high prices.

22 年，俄羅斯的天然氣被分成了 2 倍多。我們收到了相當於 4400 萬噸的液化天然氣。因此，我們不得不增加 1 個液化天然氣，並且增加了多達 1.15 億噸液化天然氣。順便說一下，您可以看到 22 年的條形圖比 21 年的條形圖略低，因為價格高，需求減少了 15% 左右。

So to do that, we have done it at the expense of other regions, I would say. And as you can see, there was a sort of supply gaps. So to attract this 50 million tonnes to Europe, we had, in fact, taken out 15 million tonnes, 16 million tonnes exactly, from China. China probably has -- because there was a slowdown in the Chinese economy, which went down from 80 million tonnes to 65 million tonnes, more or less, but also from other countries like Bangladesh (inaudible).

所以要做到這一點，我會說，我們是以犧牲其他地區為代價的。正如你所看到的，存在某種供應缺口。因此，為了將這 5000 萬噸吸引到歐洲，我們實際上從中國取出了 1500 萬噸，準確地說是 1600 萬噸。中國可能有 - 因為中國經濟放緩，從 8000 萬噸下降到 6500 萬噸，或多或少，但也來自其他國家，如孟加拉國（聽不清）。

So in fact, the supplies of Europe has been possible because we took all the LNG out of other countries, which, by the way, have shifted to coal. So yes, the security of supply of Europe has been secured, but at the expense somewhere of the emissions of other countries. Of course, we have done that with a very higher price in order to attract this LNG.

所以事實上，歐洲的供應是可能的，因為我們把所有的液化天然氣都從其他國家運走，順便說一下，這些國家已經轉向煤炭。所以是的，歐洲的供應安全已經得到保障，但以犧牲其他國家的排放為代價。當然，為了吸引這種液化天然氣，我們已經以非常高的價格做到了這一點。

So what is the perspective for '23? I might be wrong, but there are some fundamentals. First fundamental is that we expect the Russian gas to be lower in '23 than '22 because, in fact, we have been supplied by Russian gas and Nord Stream pipelines up until middle of the year in '22, and these pipelines are down today.

那麼'23 的前景是什麼？我可能是錯的，但有一些基本原理。第一個基本面是我們預計 23 年的俄羅斯天然氣價格將低於 22 年，因為事實上，直到 22 年年中，我們一直由俄羅斯天然氣和 Nord Stream 管道供應，而這些管道今天已關閉.

So we expect, I would say, half, maybe up to 20 BCM only mainly by the Ukrainian pipeline. And so if -- even if there is a potential again destruction of demand, we expect more LNG being required by Europe than in '23 than '22, 15 million, 25 million tonnes are our expectations, depending on demand.

所以我們預計，我會說，一半，也許最多 20 BCM 主要由烏克蘭管道提供。因此，如果——即使需求可能再次遭到破壞，我們預計歐洲對液化天然氣的需求將超過 23 年，而不是 22 年，我們的預期是 1500 萬噸、2500 萬噸，具體取決於需求。

The increase of supply in '23 compared to '22 is only 10 million tonnes, 410 million tonnes. So this 15 million tonnes to 25 million tonnes, we see it's more than what will be supplied worldwide. And we could expect as well, against the same question mark, a recovery by China and an acceleration of the economy in China, recovering part of all of the 15 million tonnes that we acquired last week. We derived -- we extracted from China.

與'22相比'23的供應量增加只有1000萬噸，4.1億噸。所以這 1500 萬噸到 2500 萬噸，我們看到它超過了全球供應量。面對同樣的問號，我們也可以期待中國的複蘇和中國經濟的加速，恢復我們上週收購的全部 1500 萬噸的一部分。我們衍生——我們從中國提取。

So the supply gap is there again. And so it's why we think there will be some tension. Of course, on the gas, there is one element which is different, which is a small note on the bottom right corner, which is the storage level. So storage level were 54% last year by end of January. Today, they are 85% in Europe.

所以供應缺口又出現了。這就是為什麼我們認為會有一些緊張局勢。當然，在gas上，還有一個元素是不一樣的，就是右下角的一個小紙條，也就是儲物等級。因此，截至 1 月底，去年的存儲水平為 54%。今天，他們有 85% 在歐洲。

We cannot store more because there is a limited capacity of storage in Europe. This Is why today the prices are lower. But again, we will consume this gas. And so we think that some tensions will appear by middle of the year between the different markets for LNG.

我們不能存儲更多，因為歐洲的存儲容量有限。這就是今天價格較低的原因。但同樣，我們將消耗這種氣體。因此，我們認為到今年年中，不同液化天然氣市場之間會出現一些緊張局勢。

So '23, our activity in front of this environment, we'll continue to deploy our strategy. We have already announced, of course, on the LNG side, we are adding some regas capacity in Europe. The one in Germany has been opened. It's operational.

所以'23，我們在這種環境面前的活動，我們將繼續部署我們的戰略。當然，我們已經宣布，在液化天然氣方面，我們正在歐洲增加一些再氣化能力。德國的那個已經開了。它是可操作的。

We have put FSRU in Lubmin, which is the point where the Nord Stream is landing, which is a perfect access to the German market. So our LNG traders are quite happy with this infrastructure. We have booked half of the infrastructure for our own business. We are adding another one in France where we intend also to book half of it. So that's LNG. And there we continue, of course, to chase opportunities in LNG. As you know, we have ambition in the U.S., and we'll come back to you later.

我們把FSRU放在了Lubmin，也就是Nord Stream的登陸點，是進入德國市場的完美入口。所以我們的液化天然氣貿易商對這個基礎設施非常滿意。我們已經為自己的業務預訂了一半的基礎設施。我們正在法國增加一個，我們也打算預訂其中的一半。這就是液化天然氣。當然，我們會繼續在液化天然氣領域尋找機會。如您所知，我們在美國有雄心壯志，稍後再與您聯繫。

The second part of deploying our strategy, and it's important, Refining & Chemicals, where we have Bernard and its team have worked hard during years to consolidate this Jubail platform, the SATORP platforms. Our strategy is expanding fundamentally in an integrated way.

部署我們戰略的第二部分，重要的是煉油和化工，伯納德及其團隊多年來一直在努力鞏固這個 Jubail 平台，即 SATORP 平台。我們的戰略是以綜合的方式從根本上擴展。

We have been happy to make -- to take the FID of the Amiral project, which is $11 billion world-class petrochemical integrated complex, which will come on stream in 2027. It will consolidate the profitability of our integrated downstream business.

我們很高興獲得 Amiral 項目的 FID，該項目是價值 110 億美元的世界級石化綜合設施，將於 2027 年投產。它將鞏固我們綜合下游業務的盈利能力。

And last but not least, integrated power, which is the other pillar of the growth, will benefit in '23 from the acquisition of 70% remaining shares of Total Eren. We have exercised our options. It was, as you know, a transaction where the negotiation took place in 2016, at a time where the multiples were -- on renewable assets were reasonable.

最後但並非最不重要的一點是，作為增長的另一個支柱的綜合電力將在 23 年受益於對 Total Eren 70% 剩餘股份的收購。我們已經行使了我們的選擇權。如您所知，這是一項交易，談判發生在 2016 年，當時可再生資產的倍數是合理的。

So that's already there. So it gives some work to our teams, but there is more to come. Of course, we'll not just sleep during the year, but we'll continue to find smart developments in all our projects. We're lowering, of course, our emissions. It's always -- our motto is more energy, less emissions. So growing our energies for sure, and our delivery for energy, lowering our emissions.

所以那已經存在了。因此，它為我們的團隊提供了一些工作，但還有更多工作要做。當然，我們不會只是在這一年裡睡覺，而是會繼續在我們所有的項目中發現明智的發展。當然，我們正在降低我們的排放量。它始終是——我們的座右銘是更多的能源，更少的排放。因此，可以肯定地增加我們的能源，以及我們的能源輸送，減少我們的排放。

In particular, we have announced in September that we have launched a worldwide energy saving plan in the company. The teams have been super reactive. So the $1 billion has been distributed at an average, by the way, cost of $50 per ton. It will -- it begins to be spent in '23 for $400 million spread over the 2 years. And it will allow us, by the way, to lower our targets on Scope 1 and 2 emissions by 2 million tonnes for 2025. We'll come back on that in March.

特別是，我們在 9 月份宣布，我們在公司內啟動了一項全球節能計劃。這些團隊的反應非常活躍。因此，這 10 億美元的分配平均成本為每噸 50 美元。它將——它在 23 年開始花費 4 億美元，分攤到 2 年。順便說一下，這將使我們能夠在 2025 年將範圍 1 和範圍 2 的排放量目標降低 200 萬噸。我們將在 3 月份重新討論這個問題。

Second point of '23, and I think it's important for all the investors, is our cash allocation priorities. There is a scheme now that has been put in place. I remind you that we want to deliver 35%, 40% of cash payout for the cycles, 37.2% in '22.

23 年的第二點，我認為這對所有投資者都很重要，是我們的現金分配優先事項。現在有一個計劃已經到位。我提醒您，我們希望為周期提供 35%、40% 的現金支出，22 年為 37.2%。

So we have taken some first decisions with the Board of Directors on this first dividend that we begin to call ordinary dividend to differentiate it from the special dividend. We want it to be sustainable. And this, of course, the increase of 7.25%. We have announced yesterday for the '22 final dividend and the '23 interim dividends is at EUR 74 per share, is supported by both the share buybacks, which we have done last year, which we are representing almost 5% of capital.

因此，我們已經與董事會就我們開始稱之為普通股息的第一筆股息做出了一些初步決定，以區別於特別股息。我們希望它是可持續的。而這當然是增加了 7.25%。我們昨天宣布了 22 年的末期股息和 23 年的中期股息，每股 74 歐元，這得益於我們去年進行的股票回購，佔資本的近 5%。

So of course, this 5% is a return to shareholders only if we translate that in an increase of dividend, which we'll do. And we do more, we go up because there is also an increase of the underlying cash flow growth. So this is the reason why we've done this increase, which is a larger one than the one we have decided for the full year 2022, 6.5%.

因此，當然，只有當我們將其轉化為增加股息時，這 5% 才是對股東的回報，我們會這樣做。而且我們做得更多，我們上升，因為潛在的現金流量增長也有所增加。因此，這就是我們實現這一增長的原因，這比我們為 2022 年全年決定的增長 6.5% 還要大。

I would like to remind to all of you that the difference of some of the peers, we didn't cut the dividend in 2020. And so we have -- maybe, we have less room to increase this year, but we increased the dividend year after year, '22, 6.5%. So basis was more than 7% in '23. And so that's our commitment.

我想提醒大家，一些同行的不同之處在於，我們在 2020 年沒有削減股息。所以我們 - 也許，我們今年增加的空間較小，但我們增加了股息年復一年，'22，6.5%。所以 23 年的基差超過 7%。這就是我們的承諾。

So CapEx, I will come back on it. We gave you a range of 14%, 18% in September. It will be 16%, 18% in high part, of course, $5 billion in low-carbon energies.

所以資本支出，我會回來的。我們在 9 月份給了你 14%、18% 的範圍。它將是 16%，高部分是 18%，當然，50 億美元用於低碳能源。

So balance sheet, difficult to express a target for the gearing. It's down to 7%. So it will be strange to you to say minus, I don't know what. So we express our ambition in another way, which is to continue to strengthen the balance sheet because it's a guarantee for the future.

因此，資產負債表很難表達負債率的目標。下降到 7%。所以你說減號會很奇怪，我不知道是什麼。因此，我們以另一種方式表達了我們的雄心，那就是繼續加強資產負債表，因為這是對未來的保證。

Today, we are A+. I think we want to target better AA credit rating. It's an ambition for -- it's the objective of my CFO. So he told me it's aspirational. I told him, "No, it's a real objective for you and your team." So -- and I think it's true -- it's because, again, for me, that is the best answer to ensure you that all our strategy in CapEx and return to shareholders will be delivered through the cycles.

今天，我們是 A+。我認為我們希望以更好的 AA 信用評級為目標。這是一個雄心——這是我的首席財務官的目標。所以他告訴我這是有抱負的。我告訴他，“不，這對你和你的團隊來說是一個真正的目標。”所以——我認為這是真的——這是因為，對我來說，這是確保我們在資本支出和股東回報方面的所有戰略都將通過週期交付的最佳答案。

And the surplus cash flows are, of course, allocated part of it first to buybacks. And last year, we were at an average of a little bit less than $2 billion. It was $1.75 billion. We increased it to $2 billion than in the last quarter for this 2023 in an environment of $80, which is lower than the one of last year at $100 per barrel.

當然，盈餘現金流的一部分首先用於回購。去年，我們的平均收入略低於 20 億美元。這是 17.5 億美元。在 80 美元的環境下，我們將 2023 年的上一季度增加到 20 億美元，低於去年每桶 100 美元的水平。

So I think it's a commitment to this buyback. And the special dividend, it's only in case of super profits. We will come back on it, even if -- as I will explain you, there will be -- the shareholders of TotalEnergies will be rewarded with a special dividend in kind, as we will organize the spin-off of our Canada upstream assets. I will come back on it.

所以我認為這是對這次回購的承諾。而特別股息，只是在超額盈利的情況下。我們會重新考慮它，即使 - 正如我將向您解釋的那樣 - TotalEnergies 的股東將獲得實物特別股息獎勵，因為我們將組織加拿大上游資產的分拆。我會回來的。

So I think this is a full program, which demonstrates the real way we think to the future. When you look to, in fact, the column 1 and 4 are for the shareholders. Column 2 and 3 are for the company. And we think to that. Of course, we have to -- we'll come back to the other stakeholders.

所以我認為這是一個完整的程序，它展示了我們對未來的真實思考方式。當您查看時，實際上，第 1 列和第 4 列是針對股東的。第 2 列和第 3 列用於公司。我們認為。當然，我們必須——我們會回到其他利益相關者那裡。

So the capital investment of '23 will support the transition, $16 billion, $18 billion, at which -- out of which, $5 billion for low-carbon energies, let's say, quarter 4 for integrated power and more than before on the new molecules because we grow our ambition in the various segments. In particular, in carbon capture storage, we have been awarded new projects in Denmark. So we have Norway, Denmark, Netherlands. So we build, I would say, our position in this business.

因此，'23 的資本投資將支持轉型，160 億美元，180 億美元，其中 - 其中，50 億美元用於低碳能源，比方說，第四季度用於集成能源，比以前更多用於新分子因為我們在各個領域都有雄心壯志。特別是在碳捕集封存方面，我們在丹麥獲得了新項目。所以我們有挪威、丹麥、荷蘭代表。因此，我想說，我們建立了我們在這項業務中的地位。

Also included in this part is energy savings, let me say, the negative emissions that we can do. And you can see that we have also new projects, of course, coming into our hydrocarbon businesses, oil and gas. In gas, it's growing because it's a Qatari project. There is no Russian LNG, no -- and more in our spending, but which was -- of course, it was less investments in '22. But the Qatar projects are there.

這部分還包括節能，讓我說，我們可以做到的負排放。你可以看到，我們當然也有新項目進入我們的碳氫化合物業務、石油和天然氣。在天然氣方面，它正在增長，因為它是卡塔爾的項目。沒有俄羅斯的液化天然氣，沒有 - 我們的支出更多，但是 - 當然，它在 22 年的投資較少。但卡塔爾項目在那裡。

We'll have the Cameron project. We have the PNG projects. PNG is targeting FID by the end of the year. Cameron is targeting FID by September. So there is a lot of work on LNG but, of course, on oil as well because we have some new projects on which we work. Like in particular, in Brazil, we have -- Mero 2 will come on stream. We will have Atapu 2 and Sepia 2 to sanction this year. We have also Uganda. So we have new projects coming. You can see that, by the way, we have as much new projects on both sides, a little less nitro carbons and low-carbon energies. And we have the rest of the CapEx is maintenance, and we need to invest, more or less, $7 billion to $8 billion each year to maintain, I would say, the whole system.

我們將有 Cameron 項目。我們有 PNG 項目。 PNG 的目標是在年底前完成 FID。卡梅倫的目標是在 9 月之前完成 FID。因此，在液化天然氣方面有很多工作，當然，在石油方面也有很多工作，因為我們有一些新項目正在開展。特別是在巴西，我們有——Mero 2 將投產。今年我們將批准 Atapu 2 和 Sepia 2。我們還有烏干達。所以我們有新的項目來了。你可以看到，順便說一下，我們雙方的新項目一樣多，硝基碳和低碳能源少一點。我們剩下的資本支出是維護，我們每年需要或多或少地投資 70 億至 80 億美元來維護整個系統。

So the '23 production will grow more energy, will grow mainly coming from LNG. Again, there is no new project coming onstream as last year we had some, I would say, not a full utilization of Snøhvit, which came back on stream by middle of the year. And from -- it is because there were some big overhaul in Ichthys, so 9% more of production of LNG and pipe gas to Europe.

因此，'23 產量將增加更多能源，主要來自液化天然氣。同樣，沒有新項目投產，因為去年我們有一些，我想說，沒有充分利用 Snøhvit，它在年中恢復投產。而來自 - 這是因為 Ichthys 進行了一些大修，所以向歐洲生產的液化天然氣和管道天然氣增加了 9%。

Oil will benefit from the full year of Brazil, plus 5%, so it's good in this environment. So production will grow only by 2% because, at the same time, we have some perimeter effect on domestic gas. We have exited from Myanmar. We have exited from Termokarstovoye. We have -- and we will exit from Thailand.

石油將受益於巴西的全年，再加上 5%，所以在這種環境下是好的。所以產量只會增長 2%，因為與此同時，我們對國內天然氣有一定的周邊效應。我們已經離開緬甸了。我們已經離開 Termokarstovoye。我們已經 - 我們將從泰國退出。

Honestly, these are domestic gas. They don't have -- there is no -- why did we differentiate them from the rest of the gas is that there is no upside on this type of gas or limited upside linked to the gas price -- international gas price or international oil price. So it's -- in terms of economic impacts, we don't have the volume, but the upside is more limited. So at the end, so what is more important for me, what we do in LNG and pipe gas to Europe because there, you see the upside of this market, plus the oil. Startups in Oman, Block 10 has started; Mero 2, Brazil, middle of the year; and Absheron in Azerbaijan for gas.

老實說，這些都是國內的煤氣。他們沒有 - 沒有 - 為什麼我們將它們與其他天然氣區分開來是因為這種天然氣沒有上行空間或與天然氣價格相關的上行空間有限 - 國際天然氣價格或國際石油價格。所以它 - 就經濟影響而言，我們沒有數量，但上行空間更為有限。所以最後，對我來說更重要的是，我們在液化天然氣和管道天然氣方面所做的工作，因為在那裡，你看到了這個市場的上行空間，還有石油。阿曼的初創企業，Block 10 已經啟動； Mero 2，巴西，年中；和阿塞拜疆的 Absheron 獲取天然氣。

Just to mention that we are quite -- in our company, we don't speak about decrease of oil or decrease of gas. We speak about stabilizing, growing, continuing to supply the market, being a key player of energy supply and taking our role, even if we are not a very large player, but we do our role, which means that we continue to focus as well on reserve replacement.

只是要提一下，我們很——在我們公司，我們不會談論石油或天然氣的減少。我們談到穩定、增長、繼續供應市場，成為能源供應的關鍵參與者並發揮我們的作用，即使我們不是一個非常大的參與者，但我們發揮我們的作用，這意味著我們也將繼續關注儲備更換。

You can see by the '22 reserve replacement ratio in the year are quite good. 108% at the same price, 85% with the price effect, around 100%. There are not so many major companies, which have been able in these last years to maintain their replacement rate at 100%, and we are one of them. Without Russia, which was, of course, for us a source of reserves, but we can do it -- without it as it has been done in 2022.

你看'22年的儲量替代率都挺好的。同價位108%，價格效應85%，100%左右。能夠在最近幾年保持100%的替代率的大公司並不多，我們就是其中之一。沒有俄羅斯，這當然對我們來說是儲備來源，但我們可以做到——沒有俄羅斯，就像 2022 年所做的那樣。

So let's continue. Integrated LNG portfolio, the ambition, as I just mentioned, more production. So it helps -- it will help our colleagues of the downstream LNG to sell more. Of course, there is a spot uncertainty. But our position, as I said before, is strong in regas in Europe. We are increasing our regas capacity in Europe, thanks to the Lubmin and the le Havre FSRUs. So we have more than 20 million tonnes of LNG regas capacity, which is good, which is strong. It will help us to continue to monetize these capacities.

讓我們繼續。綜合液化天然氣組合，正如我剛才提到的，雄心壯志是增加產量。所以它有幫助 - 它將幫助我們下游液化天然氣的同事銷售更多。當然，有一點不確定性。但正如我之前所說，我們在歐洲的再生氣方面處於強勢地位。得益於 Lubmin 和勒阿弗爾 FSRU，我們正在提高我們在歐洲的再氣化能力。因此，我們擁有超過 2000 萬噸的液化天然氣再氣化能力，這很好，也很強大。它將幫助我們繼續將這些能力貨幣化。

As we can see the split on this slide, which is important, we split it into, I would say, 3 pockets according to the margins. There is a pocket of, I would say, long-term Asia, Latin America portfolio, which is fundamentally giving us results and cash. It's a difference between Brent and the cost of production. That's the idea.

正如我們在這張幻燈片上看到的那樣，這很重要，我們根據邊距將其分成 3 個口袋。我想說，有一袋長期的亞洲、拉丁美洲投資組合，從根本上給我們帶來了成果和現金。這是布倫特原油和生產成本之間的差異。就是這個主意。

Then we have the European and flexible markets where we, in fact, we supply the le Havre gas LNG from the U.S. to the spot index. So where the profit will be, I would say, spot minus in le Havre. So today, it's $20 more or less per million BTU, minus 3 or little less than 3. So you can see the margin. And then you have the spot ones where, in fact, gives some sense of margins, but this activity help us, of course, to, by the way, absorb the cost of the regas and to contribute to security of supply.

然後我們有歐洲和靈活的市場，事實上，我們從美國向現貨指數供應勒阿弗爾天然氣液化天然氣。因此，我會說，勒阿弗爾的現貨負值將在哪裡獲利。所以今天，每百萬 BTU 或多或少 20 美元，負 3 或略低於 3。所以你可以看到利潤率。然後你有現貨，實際上，它提供了一些利潤感，但這項活動當然幫助我們吸收再氣化的成本並為供應安全做出貢獻。

We have put at the top Yamal because there is always -- today, Yamal, by the way, to be clear, we have only -- we have stopped -- we have all the volume, the 4 million tonnes of volume of the long-term contract on which we are committed, but we are strictly only these volumes, as all the activity which was linked to spot extra volumes, we don't take them anymore as per our commitment vis-a-vis the Russia business.

我們把亞馬爾放在首位，因為總是——今天，亞馬爾，順便說一下，我們只有——我們已經停止了——我們擁有所有的產量，400 萬噸的長期產量-我們承諾的長期合同，但我們嚴格來說只有這些數量，因為所有與現貨額外數量相關的活動，我們不再按照我們對俄羅斯業務的承諾接受它們。

Integrated power, we will continue to grow clear because we -- of course, the gigawatt of capacity, as it was said by Jean-Pierre, we have managed more than the 16 gigawatt per -- by end of '22 capacity -- growth capacity. We are at 16%, 17% -- 16.8%, 17%.

綜合電力，我們將繼續增長，因為我們——當然，正如讓-皮埃爾所說，我們已經管理了超過 16 吉瓦的產能——到 22 年底——增長容量。我們分別為 16%、17% -- 16.8%、17%。

By the way, I would like to tell you that there are not so many companies able to grow their renewable business by 7 gigawatt in a year. You can look around. We are among the top. And so, again, when we do things in Total, we are consistent. We do that seriously, and we intend to deliver not only growth, but value because this is why.

順便說一句，我想告訴你，能夠在一年內將可再生能源業務增長 7 吉瓦的公司並不多。你可以環顧四周。我們名列前茅。因此，再次強調，當我們在 Total 中做事時，我們是一致的。我們認真地做這件事，我們不僅打算實現增長，而且打算實現價值，因為這就是原因。

And this is the fundamental reason why we have decided to anticipate the split of iGRP into 2 reporting segments. By the way, there is no split of organization. Stephane is leading the whole businesses. Just to be clear, it's a reporting. We have done it because I think now it's time not only -- it's not only to speak about volume, but value. And the best way to deliver the value is to report the results and to show it as we will improve it.

這就是我們決定將 iGRP 拆分為 2 個報告部分的根本原因。順便說一句，沒有組織分裂。 Stephane 領導著整個業務。需要明確的是，這是一份報告。我們已經這樣做了，因為我認為現在不僅是時候了——不僅要談論數量，還要談論價值。交付價值的最佳方式是報告結果並展示我們將改進的結果。

Of course, we have quite a lot of capital unemployed today, but it will come on stream year after year. So we target an increase of production by around 30% mainly from renewables. We benefit today from a very high rate of user utilization rate of the gas-fired power plant in Europe, but there are also some capture of special taxes in Europe on this gas-fired power plant.

當然，我們今天有相當多的資本閒置，但它會年復一年地投產。因此，我們的目標是將主要來自可再生能源的產量增加 30% 左右。我們今天受益於歐洲燃氣發電廠的用戶利用率非常高，但歐洲也對這種燃氣發電廠徵收了一些特殊稅。

Having said that, we expect an increase of our integrated power cash flow from $1 billion to, let's say, plus 30%, 40%, we'll see. But these capacities will move, and we have -- we will have to deliver this growth.

話雖如此，我們預計我們的綜合電力現金流將從 10 億美元增加到比方說增加 30%、40%，我們拭目以待。但是這些能力將會轉移，我們已經 - 我們將不得不實現這種增長。

The year 2023, coming back on oil, and I think it's important to tell you that we have decided to mobilize most -- at least, most 50% of our exploration budget on Namibia. We are maybe today in TotalEnergies, and I hope it's true, and I don't have words, but only plastic here, but it's really -- maybe at the helm of -- it's clearly according to, by the way, for Wood Mackenzie, it's the largest discovery, which has been done in 2022. We are maybe at the helm of a new golden block.

到 2023 年，我們將重拾石油，我認為重要的是要告訴你，我們已經決定調動大部分 - 至少是我們勘探預算的大部分 50% 用於納米比亞。我們今天可能在 TotalEnergies，我希望這是真的，我沒有言語，但這裡只有塑料，但它確實 - 可能掌舵 - 順便說一下，它顯然是根據 Wood Mackenzie ，這是最大的發現，已於 2022 年完成。我們可能正在掌舵一個新的黃金區塊。

So we decided to mobilize 2 rigs and $300 million in TotalEnergies share to, I would say, (inaudible), return the cards. We have 1, 2, 3 rigs -- wells, plus tests and to have dynamic test to really know what we have in our hand. And with the idea that we -- to accelerate the time to market, not to appraise everything and to be -- I would say, to know everything. But if we have the chance to really confirm the volumes, which seems to have been discovered, there will be room to make fast track developments like we've done on Block 17 25 years ago.

因此，我們決定調動 2 個鑽機和 3 億美元的 TotalEnergies 份額，我想說，（聽不清），歸還卡片。我們有 1、2、3 個鑽井平台——井，加上測試和動態測試，以真正了解我們手中的東西。並且我們的想法是 - 加快上市時間，而不是評估一切 - 我會說，了解一切。但是，如果我們有機會真正確認似乎已經發現的數量，那麼就會有空間像我們 25 年前在 Block 17 上所做的那樣進行快速開發。

And so this is from my perspective, very important, because this could be a new chapter of the oil business in the company. So we mobilize the teams and all E&P teams, and there's supervision of Nicolas. And also the One Tech teams are on these important projects.

所以從我的角度來看，這非常重要，因為這可能是公司石油業務的新篇章。因此，我們動員了團隊和所有 E&P 團隊，並對 Nicolas 進行了監督。 One Tech 團隊也參與了這些重要項目。

At the same time, we will divest some oil, the expensive oil. We know we have clearly set 2 years ago. We made some impairments, but we -- not only Canadian assets are not in line with our climate strategy. But fundamentally, there are high OpEx assets, and we are not fitting with our old strategy and our old portfolio.

同時，我們將剝離一些石油，昂貴的石油。我們知道我們在 2 年前就已經明確設定了。我們造成了一些損害，但我們——不僅是加拿大的資產不符合我們的氣候戰略。但從根本上說，有高運營支出資產，我們不適合我們的舊戰略和我們的舊投資組合。

So we look to various options, and we confirm today that we consider that the best way is to maximize value for shareholders is to introduce this independent Canadian company in the market. The idea is to do it -- the objective -- the project is to list it on the Toronto Stock Exchange by -- in the second half of the year.

因此，我們考慮了各種選擇，今天我們確認，我們認為為股東實現價值最大化的最佳方式是將這家獨立的加拿大公司引入市場。這個想法是要做到——目標——項目是在今年下半年在多倫多證券交易所上市。

By the way, you can see the metrics of this independent company of 2022. It was a company which produced 110,000 barrels per day, which delivered more than $1.5 billion of cash flow and -- from operations and almost $1.3 billion of free cash flow. So it's quite interesting metrics.

順便說一句，你可以看到這家獨立公司在 2022 年的指標。這家公司每天生產 110,000 桶石油，提供超過 15 億美元的現金流，以及來自運營的近 13 億美元的自由現金流。所以這是非常有趣的指標。

We have appointed a leadership team from a Canadian lady, which was the work -- you see working in the company will become CEO of this company and Chairmanship as well by an executive of the company, who knows very well Canada.

我們已經任命了一位來自加拿大女士的領導團隊，這是一項工作——你會看到在公司工作將成為這家公司的首席執行官，並由一位非常了解加拿大的公司高管擔任主席。

The idea after that is that in order to manage, I would say, the backflow in this type of listing operation, we will maintain more or less 30%, not more. It will be for some years in order to stabilize the company. But fundamentally, the idea is it will not be a company controlled by TotalEnergies, not at all. We think we'll have to take maybe one Director out of it. But it has to be -- it will be managed as an independent company.

之後的想法是，為了管理，我想說，這種上市操作的回流，我們將保持或多或少 30%，而不是更多。這將是幾年，以穩定公司。但從根本上說，這個想法是它不會成為一家由 TotalEnergies 控制的公司，根本不會。我們認為我們可能不得不從中剔除一名董事。但它必須——它將作為一家獨立的公司進行管理。

By the way, this is the reason why we just preempted for this company, not for TotalEnergies, I would say, for SpinCo, 6% of Fort Hills. There was a transaction between Suncor and Teck, and we considered that if we were in charge of this independent company, obviously, because these were attractive conditions, we would have to preempt. So we've done it in order to strengthen the company before its listing.

順便說一下，這就是為什麼我們只是搶占這家公司的原因，而不是為了 TotalEnergies，我想說，為了 SpinCo，Fort Hills 的 6%。 Suncor 和 Teck 之間有一筆交易，我們認為如果我們負責這家獨立公司，顯然，因為這些是有吸引力的條件，我們將不得不搶先。所以我們這樣做是為了在上市前加強公司。

So for shareholders of TotalEnergies, they will have to approve this spin-off at the AGM of 2023 in May, and they would receive a distribution in kind, so a special dividend in kind of this new SpinCo company. We will report to you, of course, along the coming months on the progress of this project.

因此，對於 TotalEnergies 的股東來說，他們必須在 2023 年 5 月的年度股東大會上批准此次分拆，他們將獲得實物分配，即這家新 SpinCo 公司的實物特別股息。當然，我們會在未來幾個月向您報告該項目的進展情況。

Coming back to the 2023 objective, which is important, is the cash flow generation. I'm happy to tell you, with the support of the growth in integrated LNG, in integrated power, but also on the oil production, the underlying cash flow growth will grow by another $1 billion. We have announced 1 billion per year. It is the case.

回到 2023 年的重要目標，即產生現金流。我很高興地告訴你，在綜合液化天然氣、綜合電力以及石油生產增長的支持下，潛在現金流增長將再增長 10 億美元。我們已經宣布每年 10 億。是這樣的。

This $1 billion is feeding the growth of the dividend. You can see that we gave you there on this chart, I would say, an indication of what could be the cash flow from operation expected at $80, $100 per barrel. We are navigating in both. And you can compare to '22 at $100 per barrel. In the same condition, we expect $1 billion more. If $80 per barrel, you have the sensitivity on the right. It's $3 billion extra cash for $10 per Brent.

這 10 億美元正在推動股息的增長。你可以看到我們在這張圖表上給了你，我想說的是，預計每桶 80 美元、100 美元的運營現金流量可能是多少。我們正在兩者中航行。你可以與 22 年每桶 100 美元的價格進行比較。在同樣的情況下，我們預計會增加 10 億美元。如果每桶 80 美元，您的敏感度就在右邊。這是 30 億美元的額外現金，每布倫特原油 10 美元。

It's a little lower than last year at 3.2% because of the impact of the U.K. taxation. And also because we have consolidated, I would say, Novatek, which part in Yamal (inaudible) so -- and because Yamal is linked to Brent, more or less. So -- or we keep our shares in Yamal, but we have deconsolidated our accounts all the share of Novatek in Yamal. So that's why the sensitivity is a little lower.

由於英國稅收的影響，它比去年略低，為 3.2%。而且還因為我們已經合併，我想說，諾瓦泰克，亞馬爾（聽不清）的一部分 - 因為亞馬爾或多或少與布倫特有聯繫。所以——或者我們保留我們在亞馬爾的股份，但我們已經取消了我們在亞馬爾的所有 Novatek 股份的賬戶合併。所以這就是為什麼靈敏度要低一點的原因。

The $0.4 billion for $2 per million BTU is also lower than last year because of the U.K. taxation fundamentally. And for the margin sensitivity on the refining margin, I would say, it didn't change.

由於英國稅收的根本原因，每百萬 BTU 2 美元的 4 億美元也低於去年。對於煉油利潤率的利潤率敏感性，我會說，它沒有改變。

Just to remind you that -- and I would like to insist is that there is, obviously, for the TotalEnergies sales quite a good potential for stock rating. Free cash flow yield in '22 was at 19.4%, and we have enterprise value per DACF ratio of only less than 4 -- multiple less than 4. So this, we are expecting. We hope that these strong results will be translated in the value of the company.

只是提醒你——我想堅持的是，顯然，TotalEnergies 的銷售額在股票評級方面具有相當大的潛力。 22 年的自由現金流收益率為 19.4%，我們每 DACF 比率的企業價值僅低於 4——低於 4 的倍數。所以，我們期待這一點。我們希望這些強勁的業績能夠轉化為公司的價值。

Finally, I would like to tell you that, of course, the company, I've shown you before that we are allocating our cash flow to the company by cap investments and debt reduction in a large way, but also to the shareholders by way of the ordinary dividend, special dividends, buybacks. We are also thinking to our stakeholder.

最後，我想告訴你，當然，公司，我之前已經向你展示過，我們正在通過資本投資和減債的方式將現金流分配給公司，同時也通過其他方式分配給股東普通股息、特別股息、回購。我們也在考慮我們的利益相關者。

There is one stakeholder missing on this slide, which are the states. The states are benefiting a lot of the oil and gas profits, and people are complaining from time to time. But for TotalEnergies, we have doubled -- more than doubled the taxes and -- but we will -- we'll have paid to states around the world $16 billion in 2022, $33 billion in 2023. Of course, they are mainly paid to producing countries. But the countries like the U.K., it's $3.7 billion, [no way] $7 billion, and not to the consuming countries, that's clear. But this is a strong contribution, I think, to, I would say, the public good for the taxes we deliver.

這張幻燈片上缺少一個利益相關者，那就是各州。各州從石油和天然氣的利潤中受益匪淺，人們不時抱怨。但對於 TotalEnergies，我們已經翻了一番——稅收翻了一倍多——但我們會——我們將在 2022 年向世界各地的州支付 160 億美元，2023 年為 330 億美元。當然，它們主要支付給產國。但是像英國這樣的國家，它是 37 億美元，[不可能] 70 億美元，而且不是消費國，這很清楚。但我認為，這是對我們所交稅的公共利益的巨大貢獻。

We are also thinking to our customers and to our employees. Our employees are, of course, very -- are the engine of all these results. We should never forget that it's not only the strategy, what is -- our 100,000 worldwide employees, which are delivering the strategy. We are rewarded them via a special 1-month salary bonus. We are taking into account the inflation in each country to increase the salary. So we share the value of those salaries, which are also, by the way, shareholders and which 7% of the capital is the property of our employees. So they are also receiving their part of the dividend.

我們也在為我們的客戶和員工著想。當然，我們的員工非常 - 是所有這些結果的引擎。我們永遠不應忘記，這不僅僅是戰略，我們全球 100,000 名員工正在實施戰略。我們通過特別的 1 個月工資獎金獎勵他們。我們正在考慮每個國家的通貨膨脹來增加工資。因此，我們分享這些薪水的價值，順便說一下，這些薪水也是股東，其中 7% 的資本是我們員工的財產。因此，他們也收到了他們的部分紅利。

For the customers, we have been probably followed a different route than some of the peers. We have decided to make proactively some sharing profit with our customers in order to, I would say, take part of the pain of these high prices -- high energy prices. The 2022 was, in many of our countries, a debate of energy, which was dominated by security of supply, but of course, affordability.

對於客戶，我們可能遵循了與某些同行不同的路線。我們已經決定主動與我們的客戶分享一些利潤，以便，我想說，分擔這些高價格——高能源價格的痛苦。在我們許多國家，2022 年是一場能源辯論，主要是供應安全，當然還有負擔能力。

So we have put in place some few rebates program, a massive one, more than EUR 500 million for benefit of customers in France. We'll have to -- in '23, we have to face some also other energy crisis, like the SMEs customers -- or SME customers suffering of very high electricity prices, which were contracts because of the increase of electricity price to the sky in Europe second half of 2022.

因此，為了法國客戶的利益，我們實施了一些返利計劃，規模龐大，超過 5 億歐元。我們將不得不——在 23 年，我們還必鬚麵對其他一些能源危機，比如中小企業客戶——或者遭受非常高電價的中小企業客戶，這是由於電價上漲而簽訂的合同2022 年下半年在歐洲。

So we take actions, and we continue to take actions because we consider that it's part of our social responsibility to take care of all our stakeholders, of course the shareholders, the company, the employees, the states and also our customers.

所以我們採取行動，我們繼續採取行動，因為我們認為照顧所有利益相關者，當然是股東、公司、員工、州和我們的客戶，是我們社會責任的一部分。

So I will stop there, and thank you for the attention. We'll be happy to answer to your question.

所以我就到此為止了，謝謝大家的關注。我們很樂意回答您的問題。

(Operator Instructions) The first question is from Oswald Clint of Bernstein.

（操作員說明）第一個問題來自 Bernstein 的 Oswald Clint。

Could I ask, please, Patrick, just on the dividend again? I mean, 7.25% increase, you said you couldn't do more. That's understandable. It's helped by the buyback. We understand that, too.

拜託，帕特里克，我能再問一下股息嗎？我的意思是，增加 7.25%，你說你不能做得更多。這是可以理解的。這得益於回購。我們也明白這一點。

But in the context of the last -- the long term where you've done, let's say, 5% or 6% growth for the last 1, 2, 3 decades is if we can sustain the dividend and the commodity view cooperates, as you seem to indicate, could 6% to 7% or 7% to 8% become a new trend line at least for that ordinary dividend is the first question?

但在過去的背景下 - 你所做的長期，比方說，在過去 1、2、3 年中，如果我們能夠維持紅利並且商品觀點合作，則增長 5% 或 6%，因為您似乎表示，6% 至 7% 或 7% 至 8% 能否成為新的趨勢線，至少對於普通股息是第一個問題？

And then thinking about future profits in Namibia, interesting slide you have. So do you think we could get some proper resource numbers in 2023? And when you talk about fast tracking, if successful, what does that mean in terms of time?

然後考慮納米比亞的未來利潤，你有有趣的幻燈片。那麼您認為我們可以在 2023 年獲得一些適當的資源數量嗎？當你談到快速跟進時，如果成功的話，這在時間上意味著什麼？

And a linked question. Obviously, Shell's Jonker well has come in, which might give you confidence on an Easterly extension of [venous], but does also pose some unitization risks further down the line that actually could delay things.

和一個相關的問題。顯然，殼牌的 Jonker 油井已經進入，這可能會讓您對 [venous] 向東延伸充滿信心，但也確實會進一步帶來一些聯合風險，這實際上可能會延遲事情發生。

Okay. On the dividend, we didn't tell you we couldn't do more. We have decided to do it at 7.5%, which is, yes, you are right, a change of the past trends. But I think, again, for me, it's also the translation of the fact that we have increased the buyback. So as we have bought back almost 5%, it gives some comfort.

好的。關於股息，我們沒有告訴你我們不能做更多。我們決定以 7.5% 的比例進行，是的，你是對的，改變了過去的趨勢。但我認為，對我來說，這也是我們增加回購這一事實的轉化。因此，由於我們已經回購了近 5%，它給了一些安慰。

I think when people speak about return to shareholders through buybacks, if we don't translate it in a higher increase of dividend, I don't understand why it's a return to shareholder. It's a saving for the company of dividend, for sure. So that's logic.

我認為當人們談論通過回購回報股東時，如果我們不將其轉化為更高的股息增長，我不明白為什麼這是股東回報。當然，這可以為公司節省股息。這就是邏輯。

I think I've been very logic with what we declared, and the Board is logic. We'll -- we have -- and as long as we can allocate some cash to these buybacks, because we have more cash flows, and we are -- again, we continue -- we did not decrease the buyback rate. We maintained it, despite a lower environment. And I've seen some of our peers have decreased the buyback program for the first quarter. We don't do that. We maintain it, and that's proven.

我認為我對我們聲明的內容非常合乎邏輯，董事會也是合乎邏輯的。我們會——我們已經——只要我們能為這些回購分配一些現金，因為我們有更多的現金流，而且我們——再次，我們繼續——我們沒有降低迴購率。儘管環境較低，我們仍然維護它。而且我看到我們的一些同行減少了第一季度的回購計劃。我們不那樣做。我們維護它，並且已經證明了這一點。

So the answer is -- to you, maintaining this buyback program, yes, will help us to support a new normal, which might be 7% to 8% and will -- in the future, so that's in the future years. But again, there are 2 engine to fit the increase of the dividend. On one side, these buybacks. On the other side, it is the underlying cash flow growth. And I am announcing and again that we target $1 billion.

所以答案是 - 對你來說，維持這個回購計劃，是的，將幫助我們支持一個新的常態，這可能是 7% 到 8%，並且會 - 在未來，所以在未來幾年。但同樣，有 2 個引擎來適應股息的增加。一方面，這些回購。另一方面，是潛在的現金流增長。我再次宣布我們的目標是 10 億美元。

By the way, I understand that the Board, among the new criteria for the variable pay of the CEO, has to decide to introduce the underlying cash flow growth. So it's -- we walk the talk in the company. And so that's what I can answer to you.

順便說一句，據我所知，在 CEO 可變薪酬的新標準中，董事會必須決定引入潛在的現金流增長。所以它是——我們在公司裡言出必行。這就是我能回答你的。

And again, don't forget, and then like you can compare it to companies who have increased by 10%, but these companies are divided by 2 or more in 2020, which we will give more room to maneuver to increase. We didn't decrease at all. So we are also starting from a much higher point from this perspective.

再一次，不要忘記，然後就像你可以將它與增長了 10% 的公司進行比較，但這些公司在 2020 年被除以 2 或更多，我們將給予更多的迴旋空間來增加。我們根本沒有減少。所以我們也是從這個角度出發，站在一個更高的點上。

You spoke about Namibia, and let's keep -- Namibia, we have a program. I just tell you, we have 1 well, 1 well. People are super excited. They speak to me about billions of barrels, but we don't have the data. We have no dynamic data. We all know that as long as we don't have a test and dynamic test, maybe there is no good permeability. It could be complex.

你談到了納米比亞，讓我們繼續——納米比亞，我們有一個計劃。我只是告訴你，我們有 1 口井，1 口井。人們超級興奮。他們告訴我有數十億桶，但我們沒有數據。我們沒有動態數據。我們都知道，只要不進行測試和動態測試，可能就沒有很好的滲透性。它可能很複雜。

So let's -- I'm -- we are excited. It's clear, as we mobilize and we have decided to mobilize a lot of our exploration resource this year to Namibia, because we want to know what we have. And if it's true that we have this type of size of resources, obviously, there will be a lot of room to develop.

所以讓我們 - 我 - 我們很興奮。很明顯，在我們動員起來的同時，我們決定今年將大量勘探資源調動到納米比亞，因為我們想知道我們擁有什麼。如果我們真的擁有這種規模的資源，顯然會有很大的發展空間。

Honestly, unitization, we will not need it. We speak about billions. We can make a first project on our side. We are making complex stories. Having said that, I can tell you on this project specifically there is a very good cooperation between to Shell and TotalEnergies teams. We had to share the data as we have an agreement. So we will discuss together.

老實說，統一化，我們不需要它。我們談論數十億。我們可以在我們這邊做第一個項目。我們正在製作複雜的故事。話雖如此，我可以告訴你，在這個項目上，殼牌和 TotalEnergies 團隊之間的合作非常好。我們必須共享數據，因為我們有協議。所以我們一起討論。

But the idea, it's really big, is not to be a super optimization to appraise all the discoveries -- or there is a number idea. Like we've done in Angola, let's see if there is a first development. Then we'll have time to optimize. I'll also remind you that there is the same partner on both sides of the license, which is QatarEnergy. We are happy to do it.

但是這個想法，它真的很大，不是一個超級優化來評估所有的發現——或者有一個數字的想法。就像我們在安哥拉所做的那樣，讓我們看看是否有第一個發展。然後我們將有時間進行優化。我還要提醒你的是，牌照兩邊的合作夥伴是同一個，就是卡塔爾能源。我們很樂意這樣做。

So let's see. It's premature to speak of the size. What I hope is that when we have drilled all this program, which has been organized in order to have 3 wells and free test, in fact, with 2 rigs, then we'll have a better clarity. And we can speak to you about resources.

讓我們看看。現在談論規模還為時過早。我希望的是，當我們鑽完所有這個計劃時，組織起來是為了擁有 3 口井和免費測試，事實上，有 2 個鑽井平台，然後我們會有一個更好的清晰度。我們可以與您討論資源。

Today, it's premature. Let's do the job, and we'll come back to you. But I can tell you that as a CEO of the company, we are quite excited like we were when I entered the company. I was lucky. I was assigned in Angola on the Block 17. So I hope we'll have the same in our hand for the next 25 years.

今天，還為時過早。讓我們完成這項工作，我們會回來找你。但我可以告訴你，作為公司的CEO，我們很興奮，就像我剛進公司時一樣。我很幸運。我在安哥拉被分配到 Block 17。所以我希望我們在接下來的 25 年裡也能擁有同樣的東西。

The next question is from Christyan Malek of JPMorgan.

下一個問題來自摩根大通的 Christyan Malek。

It's Christyan Malek from JPMorgan. Two questions, Patrick. First, I know that we've shared a fairly similar view on a sort of super cycle prospects in oil over the coming years and your position for that in the context of your portfolio. So can you walk us through where you see your growth prospects on a 3- to 5-year view?

我是來自摩根大通的 Christyan Malek。兩個問題，帕特里克。首先，我知道我們對未來幾年石油的某種超級週期前景以及您在投資組合中的立場持非常相似的看法。那麼，您能否從 3 到 5 年的角度向我們介紹您如何看待您的增長前景？

I mean, coming back when you had the best-in-class growth rate for oil, up at sort of 5% to 6%, do you envisage a situation where you could lean into that growth and sanction projects? I know you're moving to short cycle as one of the basis of your increasing CapEx. But if you can provide us with what would be the upside risk on your volume growth if you were to choose to sanction more projects and take a longer-term view around investing in FIDs, a term that I think has become quite rare in this industry.

我的意思是，當你擁有一流的石油增長率（大約 5% 到 6%）時，你是否設想過一種情況，你可以依靠這種增長和製裁項目？我知道你正在轉向短週期作為增加資本支出的基礎之一。但是，如果你能向我們提供你的數量增長的上行風險，如果你選擇批准更多項目並從長遠角度看待 FIDs 投資，我認為這個術語在這個行業中已經變得非常罕見.

And the second question linked to that and linked to your Canada IPO, do you think this is a template going forward if the market is not going to recognize the value associated with oil, whether it's because of ESG, because of net zero? Could this be a rollout of other projects or other regions going forward where, ultimately, your IPO, your oil business, in a way that it generates better value for shareholders?

第二個問題與此相關並與您的加拿大 IPO 相關，如果市場不承認與石油相關的價值，您認為這是一個未來的模板，無論是因為 ESG 還是因為淨零？這可能是其他項目或其他地區的推出，最終你的首次公開募股，你的石油業務，以一種為股東創造更好價值的方式？

I can tell you just so we -- if we can sanction projects, we'll do it. And we have in '23, 3 big projects to sanction in the company, oil projects. We have the Block 20, 21 in Angola; Cameia, Golfinho. We have the offers, and we are working on it very hard in order to manage the cost of the projects. That's a key issue, but we'll do it.

我可以告訴你我們 - 如果我們可以批准項目，我們就會這樣做。我們在 23 年批准了公司的 3 個大項目，石油項目。我們在安哥拉擁有 Block 20、21；卡梅亞，戈爾菲尼奧。我們有報價，我們正在努力工作以管理項目的成本。這是一個關鍵問題，但我們會做到的。

We have in Brazil, because of the acquisition we've done, we have 2 projects to sanction. One is Atapu 2. The other one is Sepia 2. So this will feed the growth, and we are looking to opportunities to grow our portfolio with always the same motto. It has to be resilient through the cycle of less than $20 per barrel or $30 of cost -- technical cost of $30 breakeven and less than 19 kilograms per barrel of emissions.

我們在巴西，由於我們已經完成的收購，我們有 2 個項目要批准。一個是 Atapu 2。另一個是 Sepia 2。因此這將促進增長，我們正在尋找機會以始終如一的座右銘來發展我們的產品組合。它必須在每桶不到 20 美元或 30 美元的成本週期中保持彈性——技術成本為 30 美元的收支平衡和每桶排放量少於 19 公斤。

Now as we lowered it because it's the average of the portfolio. So again, we're consistent. And there are opportunities, and I hope we'll be able to announce you smart opportunities in the coming weeks, in the next weeks.

現在我們降低了它，因為它是投資組合的平均值。再一次，我們是一致的。還有機會，我希望我們能夠在接下來的幾週內向您宣布明智的機會。

So -- and again, by the way, we have also in our portfolio Suriname and Namibia. I just described Namibia. Suriname, as you know, is a little more complex, but there was a good news by the end of the year because the Sapakara South appraisal is positive. So we have at least a first pool -- oil pool of potential projects. Half of it is confirmed.

所以 - 順便說一下，我們的投資組合中還有蘇里南和納米比亞。我剛剛描述了納米比亞。如您所知，蘇里南的情況稍微複雜一些，但到年底有一個好消息，因為 Sapakara South 的評估是積極的。所以我們至少有一個第一個池——潛在項目的石油池。一半是確定的。

We are drilling wells on Krabdagu and ran discoveries, 2 wells. I think we have accelerated as well. And I hope that by middle of the year, we'll be able to confirm that we have the oil pool that we are looking for in Suriname.

我們正在 Krabdagu 鑽井並發現了 2 口井。我認為我們也加速了。我希望到今年年中，我們將能夠確認我們在蘇里南擁有我們正在尋找的石油池。

So there is also the short-cycle projects. I think this is what has been done in 2022, to accelerate the mobilization of rigs. Angola, in particular, is delivering a lot, Nigeria, Congo. So these are the -- because there, we have already some infrastructures, FPSO, so we can build adding wells on the infrastructure. So that's the way we look at it.

所以還有短週期的項目。我認為這就是 2022 年為加速鑽井平台動員所做的工作。尤其是安哥拉，尼日利亞，剛果，提供了很多。所以這些就是 - 因為在那裡，我們已經有了一些基礎設施，FPSO，所以我們可以在基礎設施上建造更多的井。這就是我們看待它的方式。

So the answer is a super cycle. But what we will not do is investing in expensive oil just because, today, in the short term, the price is good, okay?

所以答案是超級循環。但我們不會僅僅因為今天短期內價格不錯就投資昂貴的石油，好嗎？

So this is the second question on Canada. It's why we think, by the way, that it's the right time. I don't know if the market will fully recognize the value, but I'm sure that's it's probably the best time to recognize it, so -- with the figures that we just announced.

這是關於加拿大的第二個問題。順便說一下，這就是為什麼我們認為現在是時候了。我不知道市場是否會完全認可這個價值，但我相信現在可能是認可它的最佳時機，所以——我們剛剛公佈的數據。

And so, no, we have been -- people knows that we want to divest these assets. They are not fitting with the strategy. We make money this year, but this could disappear. So we have the ambition to get a good value out of it.

所以，不，我們一直 - 人們知道我們想要剝離這些資產。他們不符合戰略。我們今年賺了錢，但這可能會消失。因此，我們有雄心從中獲得良好的價值。

The various acquisition offer we received were not in line with expectations. And so I will say, but we are optimistic about the capacity of the market, which is, for us, the best way to monetize these assets.

我們收到的各種收購要約都不符合預期。所以我會說，但我們對市場容量持樂觀態度，對我們來說，這是將這些資產貨幣化的最佳方式。

And is it a model to roll out other E&P assets? No. It's a specific model because, again, these assets are high costs. They are not fitting our strategy. And we are not the best shareholder. But the reality, there is a potential to grow in these assets.

它是推出其他勘探與生產資產的典範嗎？不，這是一個特定的模型，因為這些資產的成本很高。他們不符合我們的戰略。而且我們不是最好的股東。但現實是，這些資產有增長的潛力。

Surmont is a very high-quality assets. Fort Hills suffered, but could deliver more. But we are not the best ones because we don't want to put CapEx. Why should we keep in our portfolio assets on which we are not the best shareholder? But the other assets, which we have in our portfolio, we are very happy shareholders. So in particular, I'm quite happy to have directly access to the cash of all the North Sea assets in TotalEnergies today.

Surmont 是一項非常優質的資產。堡壘山遭受了損失，但可以提供更多。但我們不是最好的，因為我們不想投入資本支出。我們為什麼要保留我們不是最佳股東的投資組合資產？但是我們投資組合中的其他資產，我們是非常高興的股東。因此，特別是，我很高興今天能夠直接獲得 TotalEnergies 中所有北海資產的現金。

The next question is from Irene Himona of Societe Generale.

下一個問題來自法國興業銀行的 Irene Himona。

My first question is on the balance sheet. You obviously enjoy an exceptional balance sheet already with only 7% gearing. And you seem to want to strengthen it further with reference to reaching AA credit rating. I wonder what is the real significance of a AA credit rating, please?

我的第一個問題是資產負債表。很明顯，您已經享受了出色的資產負債表，負債率僅為 7%。你似乎想進一步加強它以達到 AA 信用等級。請問AA信用等級的真正意義是什麼？

And then my second question on LNG sales, up very strongly last year, 22% in Q4. You're still selling Yamal cargos, obviously. Can you let us know, please, how are you getting paid exactly in the middle of these sanctions?

然後是關於液化天然氣銷售的第二個問題，去年第四季度增長非常強勁，增長了 22%。顯然，您仍在銷售亞馬爾貨物。你能告訴我們嗎，在這些制裁期間，你是如何獲得報酬的？

Okay. Balance sheet, why is this important? I think just -- I'm trying to fill the gaps with the valuation of some of our peers. So we are quite systematic. We look to the difference. There is one gap which is that our U.S. peers are rated AA. We are not yet rated AA. And when I look, and when I compare the metrics and the results of TotalEnergies with at least one of both, I see very similar metrics. So maybe, there is something missing.

好的。資產負債表，為什麼這很重要？我想只是——我正試圖用我們一些同行的估值來填補空白。所以我們是很系統的。我們關注差異。有一個差距是我們的美國同行被評為 AA。我們尚未獲得 AA 評級。當我查看時，當我將 TotalEnergies 的指標和結果與兩者中的至少一個進行比較時，我看到了非常相似的指標。所以也許，缺少了一些東西。

So I think -- again, I think it's also a message because for me, that means that AA would mean that you -- our shareholders and new investors could really believe in the future and the guarantee of the future return to shareholders.

所以我認為 - 再一次，我認為這也是一個信息，因為對我來說，這意味著 AA 意味著你 - 我們的股東和新投資者可以真正相信未來和未來回報股東的保證。

So I think it's a strong signal. Again, it's a way with the Board we discussed, can we express again a new objective of gearing. It seems to be difficult, why minus 5%, why minus 10%. Keeping the minus 15% would be odd to you today. So we think that there is room to go to another step and, again, giving some challenge to Jean-Pierre.

所以我認為這是一個強烈的信號。同樣，這是我們與董事會討論的一種方式，我們能否再次表達新的槓桿目標。好像很難，為什麼負5%，為什麼負10%。保持負 15% 對今天的你來說很奇怪。所以我們認為還有進一步的空間，再次給 Jean-Pierre 一些挑戰。

But no, I think it's -- again, I think it's -- it would be a translation of a very strong strength of the company. So let's work. We'll see if we can convince.

但不，我認為它是——再次，我認為它是——這將是公司非常強大實力的體現。所以讓我們工作吧。我們看看能否說服。

LNG, Yamal. First, Yamal, which is the only asset remaining, is a source of 2 cash flows. There is the direct interest in Yamal as an asset, 20%, and this company sell is LNG to different buyers, one of them being TotalEnergies on Brent basis.

液化天然氣，亞馬爾。首先，亞馬爾是唯一剩餘的資產，是 2 現金流的來源。作為一項資產，亞馬爾擁有 20% 的直接權益，該公司向不同的買家出售液化天然氣，其中之一是基於布倫特原油的 TotalEnergies。

It is true that we have received some dividends from Yamal in 2022, but some -- it's a little -- it's becoming more complex. We have, by the way, decided to book the cash flow from Yamal only when we receive really the dividend.

的確，我們在 2022 年從亞馬爾那裡收到了一些紅利，但有些——有點——變得越來越複雜。順便說一句，我們決定只有在我們真正收到股息時才記入亞馬爾的現金流。

By the way, this is one of the explanation, because I've seen a question mark coming why there is a gap on the iGRP cash flow. There is no -- on LNG cash flow. It's because we don't book the full result. We have decided to be prudent. We book in our accounts cash flow from Yamal when we see the dividend in Paris or somewhere in our pockets. We are prudent. But -- because, again, there is a strengthening of sanctions. So that's the first part of the Yamal cash.

順便說一句，這是其中一種解釋，因為我已經看到問號為什麼 iGRP 現金流量存在差距。液化天然氣現金流量沒有。這是因為我們沒有預訂完整的結果。我們決定謹慎行事。當我們在巴黎或口袋中的某個地方看到股息時，我們會在我們的賬戶中記入來自亞馬爾的現金流量。我們很謹慎。但是——因為再次加強了製裁。這就是亞馬爾現金的第一部分。

But there is another part, which is this long-term LNG contract, which the teams of Stephane and [Ling], they acquire this LNG on a Brent basis, and they sell it at the TTF price when it comes to Europe or the JKM if you go to (inaudible). So that's also quite a large source of cash.

但還有另一部分，就是這個長期的液化天然氣合同，Stephane和[Ling]的團隊，他們在布倫特基礎上獲得這個液化天然氣，當涉及到歐洲或JKM時，他們以TTF價格出售。如果你去（聽不清）。所以這也是相當大的現金來源。

And by the way, it's even better -- maybe better -- or this is -- we don't hedge anymore of this contract because -- why? We do the decision because we are not sure that sanctions on one side of the other side, by the way, could not derail this volume.

順便說一句，它甚至更好——也許更好——或者這是——我們不再對這份合約進行對沖，因為——為什麼？我們做出這個決定是因為我們不確定對另一方的製裁，順便說一句，不會破壞這個數量。

So that means that, in fact, most of LNG volumes are age 1 year in advance. But Yamal, and Yamal will really -- these volumes -- these 4 million tonnes will reflect in our accounts the reality of the TTF spot market or the JKM spot market,compared to the Brent in the year '23.

所以這意味著，事實上，大部分液化天然氣體積提前 1 年。但是亞馬爾和亞馬爾真的會——這些數量——這 400 萬噸將在我們的賬戶中反映 TTF 現貨市場或 JKM 現貨市場的現實，與 23 年的布倫特原油相比。

So in fact, Stephane, most of his business is already done. He has hedged a lot and he can optimize around the hedging, but he has this amount of these contracts, which could deliver. And this is not Russian money. This is a European contract. So this long-term contract and the cash we derive from this Yamal is today, in Europe, there is no constraint and is reported in our account, like the other long-term contract that we managed in our portfolio. I hope it's clear where we are today.

所以事實上，斯蒂芬，他的大部分業務已經完成。他已經對沖了很多，他可以圍繞對沖進行優化，但他有這些合同的數量，可以交付。這不是俄羅斯的錢。這是一份歐洲合同。因此，這份長期合同和我們從亞馬爾獲得的現金今天在歐洲沒有任何限制，並在我們的賬戶中報告，就像我們在投資組合中管理的其他長期合同一樣。我希望我們今天所處的位置很清楚。

The next question is from Christopher Kuplent of Bank of America.

下一個問題來自美國銀行的 Christopher Kuplent。

Two quick ones, please, if I may. Patrick, Jean-Pierre, if you're looking at your CapEx outlook, can you maybe give us a little more granularity in terms of your assumptions embedded in that $16 billion to $18 billion number for 2023, particularly looking for your assumptions regarding underlying inflation?

兩個快速的，請，如果可以的話。 Patrick、Jean-Pierre，如果您正在查看您的資本支出前景，您能否更詳細地說明您對 2023 年 160 億至 180 億美元數字的假設，特別是尋找您對潛在通貨膨脹的假設？

Jean-Pierre, you said there wasn't really any to report in 2022. Just wondering what you're assuming for '23. And if you can, maybe give us a hint, as you usually do, about how much of that you think will be inorganic.

Jean-Pierre，你說 2022 年真的沒有什麼可報告的。只是想知道你對 23 年的假設是什麼。如果可以的話，也許可以像往常一樣給我們一個提示，告訴我們您認為其中有多少是無機的。

And then lastly, on your point, Patrick, regarding the iPower, the new disclosure. Maybe you could give us, if you had, a view on, as you rightly said, a lot of unemployed capital that we will see growing in the next few years. So maybe you could tell us where you see capital employed going for that integrated power business because you've got access to that pipeline you've worked hard to achieve. I think that would be probably a more important figure than your earnings progression into 2023 here.

最後，帕特里克，關於新披露的 iPower，關於你的觀點。也許你可以給我們一個觀點，如果你有的話，正如你所說的那樣，我們將在未來幾年看到大量失業資本的增長。因此，也許您可以告訴我們您看到哪些資金用於該綜合電力業務，因為您可以訪問您努力實現的管道。我認為這可能是一個比你到 2023 年的收入進展更重要的數字。

Okay. CapEx inflation embedded for inflation, you see on the short term, it's quite low. I think maybe it's a 2% to 5%, which has been mentioned by -- but on the short term, there is no real impact on CapEx. The CapEx -- the inflation for us, the -- a deck each for Nicolas and Namita are more about the new projects because, of course, the contractors want to embed higher costs in the new projects, and we don't want.

好的。為通貨膨脹嵌入的資本支出通貨膨脹，你在短期內看到，它是相當低的。我認為可能是 2% 到 5%，這已經被提到——但在短期內，對資本支出沒有真正的影響。資本支出——對我們來說是通貨膨脹——尼古拉斯和納米塔的甲板更多地是關於新項目的，因為當然，承包商希望在新項目中嵌入更高的成本，而我們不希望。

So this is fundamentally the debate for the execution of the projects, which are -- and most of the CapEx of the year are more of the old projects, which are already sanctioned than the new ones. The new ones generally are impacting quite -- will impact the next years. And so there is no real inflation, I would say. And the rig could be one of them. But as Jean-Pierre explained for 2023, we are covered by good -- I mean, good rates.

所以這基本上是關於項目執行的辯論，這些項目是——而且今年的大部分資本支出更多的是舊項目，這些項目已經比新項目獲得批准。新的通常會產生相當大的影響——將影響未來幾年。所以我會說沒有真正的通貨膨脹。鑽井平台可能就是其中之一。但正如 Jean-Pierre 為 2023 年解釋的那樣，我們將享受良好的——我的意思是，良好的利率。

So for me, there is a debate about inflation. With contractors, it is more for these new projects we want to sanction that I mentioned to you. That's a point on which we need to be all serious. Otherwise, we'll wait because we'll not repeat the mistake we've done in 2010, 2014, which is to sanction whatever the cost is. I will not do that.

所以對我來說，有一場關於通貨膨脹的辯論。對於承包商，我向您提到的更多是我們要批准的這些新項目。這是我們需要認真對待的一點。否則，我們會等待，因為我們不會重蹈 2010 年、2014 年的覆轍，即不惜一切代價進行製裁。我不會這麼做。

So M&A, I think there is a net assumptions of inorganic, which is around $1 billion to $2 billion. That's okay. It's a matter of buying and selling. And we have some different options in the portfolio to buy and sell in -- and so we'll keep you aware, but this is, I would say -- and it's part why we keep the range because, of course, when we don't -- the range is, for me, sometimes you have divestments which are done, but you -- for example, Dunga, we're during 1 year, but we will receive the proceeds only in '23, not in '22. So we might have some time of execution, which in this type of divestments.

所以併購，我認為有一個無機的淨假設，大約是 10 億到 20 億美元。沒關係。這是買賣的問題。我們在投資組合中有一些不同的選擇來買賣——所以我們會讓你知道，但我會說——這就是我們保持範圍的部分原因，當然，當我們不't - 範圍是，對我來說，有時你有撤資，但你 - 例如，鄧加，我們在 1 年內，但我們只會在 23 年收到收益，而不是 22 年.所以我們可能有一些執行時間，在這種類型的撤資中。

So that's the idea. So most of the CapEx we gave you are organic, in fact, to be clear, most of it.

這就是我們的想法。所以我們給你的大部分資本支出都是有機的，事實上，大部分都是有機的。

On iPower, it's a new reporting, so we will have a full reporting by -- you have to be a little patient because Jean-Pierre and his teams are working. And so from first quarter 2023, in April or end of March -- in April, sorry, end of April, we'll deliver to you not only the quarterly results, but the previous years. We will restate the 3 previous years. So you will have some indication.

在 iPower 上，這是一個新的報告，所以我們將有一個完整的報告——你必須有點耐心，因為 Jean-Pierre 和他的團隊正在努力。因此，從 2023 年第一季度開始，即 4 月或 3 月底——4 月，對不起，4 月底，我們不僅會向您提供季度業績，還會向您提供前幾年的業績。我們將重申前 3 年的情況。所以你會有一些指示。

It's a business where most of the CMO -- we have some capital employed, of course, and productive because -- but the cycle is quicker than in oil and gas because, normally, to build an onshore solar plant or an onshore wind farm, it's more 2 years than 5 -- 4 years, I would say. So normally, the cycle is quicker.

這是一個大多數 CMO 的業務——我們有一些資本，當然，並且有生產力，因為——但周期比石油和天然氣更快，因為通常情況下，建造陸上太陽能發電廠或陸上風電場，它比 5 - 4 年多 2 年，我會說。所以通常情況下，週期會更快。

Having said that, we also have offshore wind, and offshore wind is more like an exploration cycle than an E&P cycle on a short cycle -- I mean, an onshore renewable cycle. We have also in our -- as we make some acquisition, we have also some unamortized, I would say, value.

話雖如此，我們也有海上風電，海上風電更像是一個勘探週期，而不是一個短週期的 E&P 週期——我的意思是，一個陸上可再生能源週期。我們也有——當我們進行一些收購時，我們也有一些未攤銷的價值。

I don't have the precise figures, and I don't want to introduce something wrong, but you have the idea that it seems the capital employed of this iPower is around, today, $15 billion. We'll confirm that to you. This is what I have seen in some first figures. And I think you have maybe probably 1/3 of it, which might be unproductive. Just run figures, okay?

我沒有確切的數字，我也不想介紹錯誤的東西，但你的想法是，這個 iPower 所使用的資本似乎在今天大約是 150 億美元。我們會向您確認。這是我在一些最初的數字中看到的。而且我認為您可能擁有其中的 1/3，這可能是徒勞的。只是計算數字，好嗎？

We will -- but I think the exercise to oblige ourselves to make this new reporting is very important. I know that there are question marks about the profitability of this business, and we have to deliver to you. And when you report, you focus on it, and you will improve. That's what I learned from refining and chemicals.

我們會——但我認為，讓我們自己做出這份新報告的做法非常重要。我知道這項業務的盈利能力存在問號，我們必須向您提供。而且報告的時候，你專注，你就會進步。這就是我從煉油和化工中學到的東西。

And I said to Stephane, you go to Bernard, you ask him, "Have we improved the Refining & Chemicals profitability from 5% to 20% today or 15%?" So I think focusing is important, and this is the answer. And we intend clearly to be consistent with this strategy.

我對斯蒂芬說，你去找伯納德，你問他，“我們今天將煉油和化工業務的盈利能力從 5% 提高到 20% 還是 15%？”所以我覺得專注很重要，這就是答案。我們明確打算與這一戰略保持一致。

And integrated power, all the words are important. It's not only renewables. Again, it's really the capacity to deliver value from a volatile market and from price which will go upwards because we need more and more electricity. So that's my answer.

和綜合實力，所有的話都很重要。不僅僅是可再生能源。同樣，這確實是從動蕩的市場和價格上漲中創造價值的能力，因為我們需要越來越多的電力。這就是我的答案。

The next question is from Lydia Rainforth of Barclays.

下一個問題來自巴克萊銀行的 Lydia Rainforth。

Two questions, if I could. Patrick, thank you for the very comprehensive update around what you're seeing on the commodity markets at the moment. Given everything you said in the kind of cash payout ratio, do you expect that you'll be in a position or Total will be in a position to pay a special dividend this year later on in the year?

兩個問題，如果可以的話。帕特里克，感謝您就您目前在商品市場上看到的情況進行了非常全面的更新。考慮到你在現金支付率方面所說的一切，你是否預計今年晚些時候你將能夠或道達爾能夠支付特別股息？

And then secondly, if I could come back to Adani, clearly, it's relatively small amounts of capital employed there, but does it change anything in terms of how you think about your approach to renewables in certain countries or JVs within that and the growth prospect?

其次，如果我能回到阿達尼，很明顯，那裡使用的資本相對較少，但它是否改變了你對某些國家或合資企業的可再生能源方法以及增長前景的看法？ ？

Well first, there will be a special dividend, which is a special dividend in kind with the spin-off of Canada. So -- and it's not 0. It's -- when I see the figures, it might represent not far from $1 per share. So don't underestimate that value. So it will come for shareholders.

首先，將有特別股息，這是與加拿大分拆的實物特別股息。所以——它不是 0。它是——當我看到這些數字時，它可能離每股 1 美元不遠。所以不要低估這個價值。所以它會為股東而來。

Again, the special dividends, we are very clear. We told you the priority to buy back. And then if we have, again, an environment like we had last year, we might consider that. But it's -- that's my answer to you. It's premature -- or by the way, it's premature because today, what they observed since the beginning of the year is $80 per barrel. So I don't see -- and less than $20 per MBTU. So there is no reason at this type of environment we will not have a special dividend.

再次，特別股息，我們非常清楚。我們告訴你優先回購。然後，如果我們再次擁有像去年那樣的環境，我們可能會考慮。但這是——這就是我對你的回答。現在還為時過早——或者順便說一下，現在還為時過早，因為今天，他們自年初以來觀察到的價格是每桶 80 美元。所以我沒有看到 - 每個 MBTU 不到 20 美元。因此，在這種環境下，我們沒有理由不派發特別股息。

We prefer the buybacks. This is why we maintained the $2 billion. We don't increase it. If we come back to an environment like last year, we might consider that. But again, there will be a special dividend for the -- in kind for the Canada spinoff.

我們更喜歡回購。這就是我們維持 20 億美元的原因。我們不增加它。如果我們回到去年這樣的環境，我們可能會考慮。但同樣，加拿大分拆將有特別股息。

Adani, no, it does not change. I think -- again, first, on Adani, I see a lot of papers, and I thank some of you for having trying to calm down these markets. We have an exposure, which is quite limited at $3 billion -- $3.1 billion. Obviously, the hydrogen projects, which was discussed, will be put on hold as long as we don't have a clarity on all that fight. I'm confident in the fact that Adani and geothermal energy is taking care of this business in a smart way.

阿達尼，不，它不會改變。我認為 - 首先，關於阿達尼，我看到了很多論文，我感謝你們中的一些人試圖讓這些市場平靜下來。我們的風險敞口非常有限，只有 30 億美元——31 億美元。顯然，只要我們不清楚所有的鬥爭，討論過的氫氣項目就會被擱置。我相信阿達尼和地熱能正在以一種聰明的方式處理這項業務。

But as TotalEnergies, of course, we have to form a prudence to understand. We are there. By the way, all the companies of Adani in which we invest, we looked yesterday to Adani Green, for example, is a very safe company. They generate $1 billion per year of revenues. We have a debt of $5 billion. So it could -- it's sustainable, sustainable border. Maybe this will -- could impair the growth, I'm not sure. But again, at the end, the equation is more a strategic one.

但是作為TotalEnergies，我們當然要形成一種審慎的認識。我們在那裡。順便說一下，我們投資的所有 Adani 公司，例如我們昨天看到的 Adani Green，是一家非常安全的公司。他們每年產生 10 億美元的收入。我們有 50 億美元的債務。所以它可以——它是可持續的、可持續的邊界。也許這會——可能會損害增長，我不確定。但同樣，最後，方程式更具有戰略意義。

Do we need to do it by our own or not? Honestly, doing by our own, renewable business in India or even in Brazil, I think it's too complex. So I think I preferred -- and again, I think finding the right partners is the right way. We have been pleased, by the way, that Adani has delivered. Again, Adani Green Energy Limited or Adani-Total Gas Limited are companies which are managed by independent CEO, smart PEOs. We are happy with them, and we are happy also with the partnership with Adani. And of course, then it's Adani to explain what is the way they finance all that.

我們是否需要自己做？老實說，在印度甚至巴西通過我們自己的可再生能源業務來做，我認為這太複雜了。所以我想我更喜歡——再一次，我認為找到合適的合作夥伴是正確的方法。順便說一句，我們很高興阿達尼已經交付。同樣，Adani Green Energy Limited 或 Adani-Total Gas Limited 是由獨立首席執行官、聰明的 PEO 管理的公司。我們對他們很滿意，我們對與阿達尼的合作也很滿意。當然，然後是 Adani 來解釋他們為所有這些融資的方式。

But again, for me, fundamentally, no, it does not change the approach we have. It's true that -- and again, we knew that electricity is not really again renewable. Electricity business is more local, so you take more local risk. But maybe it's also local opportunities. So I don't want to be too -- don't look to the glass half empty. Half full is better. So again, we'll work on this one.

但是，對我來說，從根本上說，不，它不會改變我們的方法。的確——再一次，我們知道電力不再是真正的可再生能源。電力業務更本地化，因此您承擔更多本地風險。但也許這也是當地的機會。所以我不想太——不要看著半空的杯子。半滿為好。因此，我們將再次致力於此。

The next question is from Michele Della Vigna of Goldman Sachs.

下一個問題來自高盛的 Michele Della Vigna。

I had 2 questions, if I may. The first one is on your low carbon strategy, and I was wondering how much the IRA has changed your capital allocation. It feels like the renewable molecules businesses, like bioenergy carbon capture, hydrogen, are becoming increasingly attractive, while renewable electrons are perhaps lagging a little bit behind, especially in a higher interest rate environment. And I wonder if that is reflected in your green CapEx allocation as well into the coming years.

如果可以的話，我有兩個問題。第一個是關於你們的低碳戰略，我想知道 IRA 在多大程度上改變了你們的資本配置。感覺像生物能源碳捕獲、氫等可再生分子業務正變得越來越有吸引力，而可再生電子可能有點落後，尤其是在利率較高的環境中。我想知道這是否反映在您的綠色資本支出分配以及未來幾年中。

And then second question, I wanted to come back for a moment on the comments you made about your exposure to spot LNG. It's very clear, your exposure to spot gas in Europe, TTF and NBP, $200 million for $1 per Mcf. I was wondering if you could give us a sensitivity to spot LNG as well, also including what you've actually hedged over the next 12 months.

然後是第二個問題，我想回過頭來談談你對現貨液化天然氣敞口的評論。很明顯，您在歐洲的現貨天然氣、TTF 和 NBP 的風險敞口為 2 億美元，每千立方英尺 1 美元。我想知道您是否也可以告訴我們對現貨液化天然氣的敏感性，還包括您在未來 12 個月內實際對沖的內容。

Okay, the IRA is good for everybody, not only for molecules, but also for renewables. So don't -- maybe you don't follow that carefully, but there is some advantage linked to the IRA, but we benefit for more. In particular, there was a production tax credit, which was mainly in favor of wind, which became for the IRA technology neutral and which solar will benefit. So solar projects are now eligible to this type of tax credit. And so it's also another advantage.

好吧，IRA 對每個人都有好處，不僅對分子有好處，對可再生能源也有好處。所以不要 - 也許你沒有仔細遵循，但 IRA 有一些優勢，但我們受益更多。特別是，有一個主要有利於風能的生產稅收抵免，風能成為 IRA 技術中立，而太陽能將從中受益。所以太陽能項目現在有資格享受這種稅收抵免。這也是另一個優勢。

In fact, the IRA is an extensive law in order to support all green infrastructures, including renewable projects, including, by the way, storage projects. Storage as well is supported. And when we speak about -- for us, it's very important because we speak renewables. We want to be integrated. So capacity to build some battery storage capacities is important, energy storage capacity.

事實上，IRA 是一項廣泛的法律，旨在支持所有綠色基礎設施，包括可再生能源項目，順便說一句，包括存儲項目。也支持存儲。當我們談論——對我們來說，這非常重要，因為我們談論的是可再生能源。我們想要整合。因此，建立一些電池存儲容量的能力很重要，即儲能容量。

So the IRA is also supportive of that. So it's reinforced. In fact, the IRA has given even more value to the Clearway acquisition we have done this year. So it's a happy news for me because we have -- we didn't integrate, obviously, this type of support to the full portfolio of Clearway, and we benefit from it. So it's an upside, which will really materialize because we have a very large portfolio.

所以 IRA 也支持這一點。所以加強了。事實上，IRA 為我們今年完成的 Clearway 收購賦予了更多價值。所以這對我來說是個好消息，因為我們 - 顯然，我們沒有將這種支持整合到 Clearway 的整個產品組合中，我們從中受益。所以這是一個好處，這將真正實現，因為我們擁有非常龐大的投資組合。

Having said that, coming back to the molecule business, of course, when you speak about hydrogen today, I was asked by the French Minister of Economy in Abu Dhabi, "Do you want to invest in hydrogen?" I answered to him, "Yes, in the U.S." He was not so happy with my questions -- my answer. But that's the reality. I mean, you have $3 per kilogram.

話雖如此，回到分子業務，當然，當你今天談到氫時，法國經濟部長在阿布扎比問我，“你想投資氫嗎？”我回答他：“是的，在美國。”他對我的問題——我的回答不太滿意。但這就是現實。我的意思是，你每公斤 3 美元。

Having said that, the question is not to make projects if you have no demand. So the rush to infrastructure is good, but we need to find the demand. And I would like to be sure that the demand will follow beyond what is obvious. And I think -- because you have 2 types of demand for hydrogen, green hydrogen or blue hydrogen, whatever it is. It is, I would say the (inaudible) industry, the refining industry, the local industry where we need to make local projects because we have local customers, where there is a market for decarbonization.

話說回來，問題是沒有需求不做項目。因此，湧入基礎設施是件好事，但我們需要找到需求。我想確保需求會超出顯而易見的範圍。我認為——因為你對氫有兩種需求，綠氫或藍氫，不管它是什麼。我想說的是（聽不清）行業、煉油行業、我們需要進行本地項目的本地行業，因為我們有本地客戶，那裡有脫碳市場。

This one, I understand, and we'll look to that. And we are investing, and we have less assets in the U.S., but we could -- we are looking with Bernard to see if we could benefit from it for decarbonizing (inaudible), for example, it's obvious.

這個，我明白了，我們會考慮的。我們正在投資，我們在美國的資產較少，但我們可以——我們正在與伯納德一起尋找，看看我們是否可以從中受益，例如脫碳（聽不清），這很明顯。

And then you have the export market, so it's a massive market, which does not exist for the time being. So I would like to see where it is before to speak about it.

然後是出口市場，這是一個巨大的市場，目前還不存在。所以我想看看它在哪裡，然後再談論它。

Having said that, we begin to see if we could leverage the IRA. For example, we are looking to make sense to make e-methane projects in the U.S. in order to export synthetic methane in the future for liquefaction plans. That could be a nice answer to have these long-term investments, and the U.S. might be the place to make some e-methane. So that type of things that we are working.

話雖如此，我們開始考慮是否可以利用 IRA。例如，我們希望在美國開展電子甲烷項目，以便在未來出口合成甲烷用於液化計劃。這可能是進行這些長期投資的一個很好的答案，而美國可能是製造一些電子甲烷的地方。所以我們正在做的事情。

We are working at CCS. There is another point. Makes sense to look if there are some projects. I think the direct capture projects today, obviously, is to try to test this technology in the U.S., thanks to this IRA. So it's part of the technology investments we need to do to coping with our ambition of net zero.

我們在 CCS 工作。還有一點。看看是否有一些項目是有意義的。我認為今天的直接捕獲項目顯然是為了在美國測試這項技術，這要歸功於 IRA。因此，這是我們為實現淨零目標而需要進行的技術投資的一部分。

What I hope, by the way, is that Europe, instead of complaining, should do the same. That's all. We need to have -- if we are serious about global net zero ambition of the world to make this type of support to invest in green infrastructure all over the world. That's the answer to do.

順便說一句，我希望歐洲不要抱怨，而應該這樣做。就這樣。如果我們認真對待全球淨零排放的雄心，我們就需要有這種支持來投資全世界的綠色基礎設施。這就是要做的答案。

So I think -- so I took it as a comfort to not only our, I would say, electricity strategy, but also, of course, to develop the new molecules. You've seen in our budget, it's coming upwards. I didn't mention, of course, the sustainable aviation fuel, which is the obvious market that everybody is rushing to, to the point that there were too many projects but -- because there is not an infinite demand.

所以我認為 - 所以我認為這不僅是對我們的電力戰略的安慰，當然也是對開發新分子的安慰。您已經在我們的預算中看到，它正在上升。當然，我沒有提到可持續航空燃料，這是一個明顯的市場，每個人都在爭先恐後，以至於項目太多了，但是——因為沒有無限的需求。

The question, honestly, is not only demand is demand, not only in volume, but also an affordable demand, accepting to pay more, and regulations will be necessary for that.

老實說，問題不僅是需求就是需求，不僅是數量，而且是負擔得起的需求，接受支付更多費用，為此需要監管。

Exposure to spot LNG, you -- we gave you some sensitivity on our -- but it's more of the upstream asset. I don't -- I'm not sure you have the LNG sensitivity in the figure we gave. Do we have it?

接觸現貨液化天然氣，你 - 我們讓你對我們有一些敏感性 - 但它更多的是上游資產。我不——我不確定你對我們給出的數字中的液化天然氣敏感度。我們有嗎？

Yes.

是的。

Okay. So Jean-Pierre will answer to that.

好的。 Jean-Pierre 將回答這個問題。

The figures we gave for the sensitivity is a global sensitivity. So on oil portfolio, but the impact on the LNG portfolio as well, the portion that is linked to oil and the same for NBP. So the gas pipe, plus the portion of the LNG sold on NANDEX gas.

我們給出的敏感度數字是全局敏感度。所以對石油投資組合，但對液化天然氣投資組合的影響也是如此，與石油相關的部分與 NBP 相同。所以天然氣管道，加上在 NANDEX 天然氣上出售的液化天然氣部分。

In another way, what we hedged, let's keep. You take the 48 billion tonnes. You deduct the amount of 4 million tonnes. You deduct the 13 million tones spot. So it makes 30 million tonnes. So if I'm not wrong, I see Stephane. We have hedged more or less this 30 million tonnes of LNG, which we have a long-term supply, either from the assets or from the long-term supply agreements, the contracts in the U.S. The rest is not hedged. So this is why I made a comment on Yamal. Yamal is sensitive to TTF minus Brent.

換句話說，我們對沖的，讓我們保留。你拿 480 億噸。您扣除 400 萬噸的數量。你扣除1300萬噸的現貨。所以它生產了3000萬噸。所以如果我沒記錯的話，我看到了 Stephane。我們或多或少地對沖了這 3000 萬噸液化天然氣，我們有長期供應，無論是來自資產還是來自長期供應協議，美國的合同。其餘的沒有對沖。所以這就是我對亞馬爾發表評論的原因。亞馬爾對 TTF 減去布倫特原油很敏感。

The next question is from Bertrand Hodee of Kepler Cheuvreux.

下一個問題來自 Kepler Cheuvreux 的 Bertrand Hodee。

Two questions, if I may. So first is coming back on the cash distribution to shareholders. I understand the 35%, 40% through cycle commitment is very clear. But when thinking about 2023, given your balance sheet and if oil price there where they are, $80 plus, strong refining margin, what could refrain the Board to go above 40% cash distribution to shareholders?

兩個問題，如果可以的話。因此，首先要回到對股東的現金分配。我對35%、40%的through cycle commitment理解的很清楚。但是考慮到 2023 年，考慮到您的資產負債表，如果油價保持在 80 美元以上，煉油利潤率很高，那麼什麼可以阻止董事會向股東分配超過 40% 的現金？

And my second question is a follow-up on LNG. You indicated that you generally hedge over a 1-year period. Last year, my belief was that you had probably hedged at lower prices than the forward curve. Now given the recent fall in natural gas spot prices and LNG prices and the forward curve, how should we think of your hedging position over the next 12 months?

我的第二個問題是關於液化天然氣的後續行動。您表示您通常在 1 年期間進行套期保值。去年，我認為你可能以低於遠期曲線的價格進行了對沖。鑑於近期天然氣現貨價格和液化天然氣價格以及遠期曲線的下跌，我們應該如何看待您在未來 12 個月內的對沖頭寸？

First one, the Board, I'm Chairman of the Board, so I had to convince myself. And so just to answer fully, the Board -- I'm the Chairman of the Board, so I'm fully consistent with myself, I would say. And of course, we -- there is -- we -- no, I think, honestly, don't be -- again, don't -- I mean, we are very consistent through the cycle. We did not reduce this dividend at a time where there are many reasons to do it in 2020, more reason to do it than to maintain it. We do it because we want to demonstrate our consistency, and that we are fundamentally resilient.

第一個，董事會，我是董事會主席，所以我必須說服自己。因此，為了全面回答問題，董事會——我是董事會主席，所以我會說我完全符合自己的看法。當然，我們 - 有 - 我們 - 不，我認為，老實說，不要 - 再次，不要 - 我的意思是，我們在整個週期中非常一致。在 2020 年有很多理由這樣做的時候，我們沒有減少這種股息，這樣做的理由比維持它的理由更多。我們這樣做是因為我們想證明我們的一致性，並且我們從根本上是有彈性的。

So if you compare the increase of 7% to 8% that we proposed today to people who have got the dividend. You say it's less. Yes, it's less. But okay, that's a game that I will not play. I prefer to be consistent for the cycle.

因此，如果您將我們今天提議的 7% 至 8% 的增長與獲得紅利的人進行比較。你說少。是的，它更少了。但是好吧，那是我不會玩的遊戲。我更喜歡在周期中保持一致。

And again, I think it's an increase. So you should look to that as it was asked to me by -- I think, it was Oswald, the first question, if I remember, long time, we were more at under 5%. We go in years, and so we recognize it. But again, for me, it's very important that it has to be supported for cycles, and we don't want to come to banks anymore. The balance sheet, you're right, give us more to support it. This is why we go up.

再一次，我認為這是一個增長。所以你應該看看這個問題，因為它是問我的——我想是 Oswald，第一個問題，如果我記得的話，很長一段時間，我們的支持率都低於 5%。我們走了很多年，所以我們認出了它。但同樣，對我來說，必須支持週期非常重要，我們不想再去銀行了。資產負債表，你是對的，給我們更多的支持。這就是我們上去的原因。

But again, I think we have also the buybacks to continue to feed this superior -- this higher in the future. Let's see what -- it's difficult to anticipate what will happen fully in '23. So we have already good news to you and to your shareholders. You've seen that last year, we did not hesitate to give a special dividend. We'll see what will be the price in '23.

但同樣，我認為我們也有回購來繼續餵養這個更好的人——未來更高的人。讓我們看看——很難預測 23 年會發生什麼。因此，我們已經為您和您的股東帶來了好消息。大家看到了，去年我們毫不猶豫的派了特別股息。我們將看到 23 年的價格。

LNG was hedged in '22 with [Total] price. And I hope not. Otherwise, I will be super unhappy with Stephane and his team because the price in '22 were incredibly high. So normally, '23 will benefit from this hedging. Or I don't understand.

液化天然氣在 22 年以 [總] 價格進行了對沖。我希望不會。否則，我會對 Stephane 和他的團隊非常不滿意，因為 22 年的價格高得令人難以置信。所以通常情況下，'23 將從這種對沖中受益。或者我不明白。

By the way, today, we are lower -- the present TTF level is lower than the average of last year. So I should have more returns from '23 from this hedging in '22. I mean -- so I don't fully understand your question. And we'll continue. We have a policy, which is not to hedge everything. But we hedge, and we want to hedge.

順便說一句，今天，我們更低了——目前的 TTF 水平低於去年的平均水平。所以我應該從 22 年的這種對沖中獲得 23 年的更多回報。我的意思是 - 所以我不完全理解你的問題。我們會繼續。我們有一項政策，即不對沖一切。但我們對沖，我們想對沖。

So why don't we hedge everything? Because we experienced in '22 the free port interruption on which we had to take. Because hedging is fine, unless you have a physical issue. So we don't hedge all the volumes. And in fact, in '22, we're quite lucky because we managed to be -- when production was interrupted, but we had some new edge on other volume, so we managed to get it.

那麼我們為什麼不對沖一切呢？因為我們在 22 年經歷了我們不得不接受的自由港口中斷。因為對沖很好，除非你有身體問題。所以我們不會對沖所有的交易量。事實上，在 22 年，我們非常幸運，因為我們設法做到了——當生產中斷時，但我們在其他數量上有了一些新的優勢，所以我們設法做到了。

But it's -- so we hedge a certain -- I think it's 90% -- 80% to 90%, and when we keep the rest open. But honestly, '22 with this price is still good. And as I described, the anticipation we have on the LNG market, it's a little slow -- low today, not low. I mean, I know, for Jean-Pierre, it's not low at all. It's $20 per barrel.

但它是——所以我們對沖了某些——我認為它是 90%——80% 到 90%，當我們保持其餘部分開放時。不過說實話，這個價位的'22還是不錯的。正如我所描述的，我們對液化天然氣市場的預期有點慢——今天很低，但不低。我的意思是，我知道，對於讓-皮埃爾來說，它一點也不低。每桶20美元。

The $20 per million BTU is quite good. In fact, it's -- we would have told that 2 years or 3 years ago. I would tell you we'd have signed immediately. We don't even dream it. So I think it's a policy that we need to manage these positions. We have long-term contracts.

每百萬 BTU 20 美元相當不錯。事實上，我們會在 2 年或 3 年前告訴我們。我會告訴你我們會立即簽署。我們連夢想都做不到。所以我認為這是我們需要管理這些職位的政策。我們有長期合同。

We have exposures to spot markets, and we want to manage this exposure, not to keep it fully on our balance sheet because then you have mark-to-market stories and all that, so we prefer to -- so we are fine with the policy, and we will continue to implement it. '23 will benefit from the hedging of '22, and '24 might also benefit from the hedging of 2023.

我們對現貨市場有風險敞口，我們希望管理這種風險敞口，而不是將其完全保留在我們的資產負債表上，因為那樣你就會有按市值計價的故事等等，所以我們更願意——所以我們對政策，我們將繼續執行。 '23 將受益於 '22 的對沖，'24 也可能受益於 2023 的對沖。

The next question is from Amy Wong of Credit Suisse.

下一個問題來自瑞士信貸的 Amy Wong。

I had a question about your emissions targets. Recall in September 2022, you guys increased low-carbon CapEx and then you teased us with the potential to introduce a Scope 3 worldwide emission reduction target by 2025 and also a revision of the Scope 1, 2 net emission target.

我對你們的排放目標有疑問。回想一下 2022 年 9 月，你們增加了低碳資本支出，然後取笑我們有可能在 2025 年之前引入範圍 3 全球減排目標，並修訂範圍 1、2 淨排放目標。

Now Patrick, in your prepared remarks, you did mention a few numbers. And could I push you just to talk a bit more about what those emission targets can look like in 2025? And more importantly, I'd love to hear how you think about returns on that specific CapEx, where it's going towards reducing emissions.

帕特里克，在你準備好的發言中，你確實提到了一些數字。我能否敦促您多談談這些排放目標在 2025 年會是什麼樣子？更重要的是，我很想听聽您如何看待特定資本支出的回報，以及它在減少排放方面的作用。

What the targets look like. What is the second question? I did not catch your second question.

目標是什麼樣的。第二個問題是什麼？我沒聽清你的第二個問題。

I'd love to think about, when your emphasis on your CapEx is always on the value over volume and very high hurdle rates for your capital investment. So for something like low-carbon CapEx that goes specifically to reducing CO2, I'd love to hear about how you think about the returns there.

我很想想想，當你對資本支出的重視總是在價值超過數量和資本投資的非常高的門檻率上時。因此，對於專門用於減少二氧化碳排放的低碳資本支出，我很想听聽您如何看待那裡的回報。

Okay. The emission targets, first, when we speak about for '25, to be clear, the previous target was 40 million tonnes, Scope 1 and 2. I just mentioned that the plan of energy savings that we have put in place should deliver 2 million tonnes lower. So that means that the target will be reduced from 40 million tonnes to 38 million tonnes.

好的。排放目標，首先，當我們談到 25 年時，需要明確的是，之前的目標是 4000 萬噸，範圍 1 和 2。我剛才提到我們制定的節能計劃應該提供 200 萬噸噸低。因此，這意味著目標將從 4000 萬噸減少到 3800 萬噸。

I mean, I'm anticipating on the Board decision, but I think there is a logic there by '25. So we'll improve the target by '25 by 2 million tonnes. But we are reviewing not only this one. We are reviewing, like always, year-over-year, what is the status on the various intensity in order to monitor that properly. So I don't want to anticipate the decision will be taken. This is on Scope 1 and 2, I'm quite clear on this criteria.

我的意思是，我期待董事會的決定，但我認為到 25 年那裡有一個邏輯。因此，我們會將目標提高 25 年 200 萬噸。但我們正在審查的不僅僅是這個。與往常一樣，我們每年都在審查各種強度的狀態，以便對其進行適當的監控。所以我不想預料會做出決定。這是范圍 1 和範圍 2，我很清楚這個標準。

Look, let me be clear, but these emission targets that we have today, lowering our emission today is not a matter of carbon capture by '25. It's a matter of a lot of projects, which are just being more efficient. There's some technology to implement on (inaudible) on everything.

看，讓我說清楚，但是我們今天的這些排放目標，今天降低我們的排放量並不是 25 年前碳捕獲的問題。這是很多項目的問題，只是效率更高。有一些技術可以在所有東西上（聽不清）實施。

So we could describe to you at a point the type of projects. Maybe it will be a good idea by -- in September, we'll have a strategic day to come back on this topic if you are -- if most of you are interested in it. So carbon capture are more for 2030-plus targets, where we will need to have implemented.

所以我們可以在某個時候向您描述項目的類型。也許這將是一個好主意--在 9 月，如果你們中的大多數人對此感興趣，我們將有一個戰略性的日子來重新討論這個話題。因此，碳捕獲更多地用於 2030 年以上的目標，我們需要在這些目標中實施。

Within criteria for carbon capture, it's just a matter of price of CO2. That's why, I think, in the U.S., you have the IRA. In Europe, you have this $100 per tonne price. So when you compare both, at the end, it is -- more or less it gives another economy. And from this perspective, as Europe seems to be very serious about CO2 pricing, I think, on the long term, it's something which is maybe more sustainable, but fiscal incentive, which could -- which is sustainable for 10 years. It could disappear afterwards.

在碳捕獲的標準範圍內，這只是二氧化碳價格的問題。這就是為什麼，我認為，在美國，你有愛爾蘭共和軍。在歐洲，每噸價格為 100 美元。所以當你比較兩者時，最後，它或多或少地給出了另一個經濟體。從這個角度來看，由於歐洲似乎對二氧化碳定價非常認真，我認為，從長遠來看，這可能更可持續，但財政激勵可能——可持續 10 年。之後可能會消失。

The key on CCS will be, of course, the size of the market. We need to -- because there is some infrastructures to amortize. So my view is that you need to reach at least 10 million tonnes, 50 million tonnes per year of storage if you want to have a profitable model.

當然，CCS 的關鍵在於市場規模。我們需要——因為有一些基礎設施需要攤銷。所以我的觀點是，如果你想擁有一個盈利的模式，你需要至少達到 1000 萬噸，每年 5000 萬噸的存儲量。

That means proposing transport and storage services to cement industry of less than $50 per tonne. Because they capture costs, they could go around $50 per tonne. So if you speak about $50 per tonne, you need to split it between both. It works, again, if the support for infrastructure is key, if you have enough tonnes to put in those projects.

這意味著建議向水泥行業提供每噸低於 50 美元的運輸和倉儲服務。因為他們捕捉成本，他們可以達到每噸 50 美元左右。因此，如果您說的是每噸 50 美元，則需要在兩者之間分配。如果對基礎設施的支持是關鍵，如果你有足夠的噸數投入這些項目，那麼它再次奏效。

From this perspective, you know the Denmark project is well located, not far from Germany. It's shorter to make a pipeline from German industries to Denmark, one from German, so Norway. Just looking to a map. So that might be a bit of volumes.

從這個角度來看，您知道丹麥項目位置優越，離德國不遠。從德國工業到丹麥的管道更短，從德國到挪威。只是看地圖。所以這可能有點量。

Now the Dutch project is good because you have the Rotterdam and [Antwerp] larger industrial platforms, which could give some customers to these Dutch projects, Aramis, and what we are working on. So that's the idea.

現在荷蘭項目很好，因為你有鹿特丹和 [安特衛普] 更大的工業平台，這可以為這些荷蘭項目、Aramis 和我們正在做的事情提供一些客戶。這就是我們的想法。

Return criteria, again, it's -- we have to look to -- we have to do it because it's -- by the way, for me, for the oil and gas industry, it's a question of permit to operate, all right? We have to be serious about lowering our Scope 1 and 2 emissions. You know that I'm not very a big fan of the Scope 3 debate. But of Scope 1 and 2, I'm very serious because it is a duty for us to do it.

返回標準，再次，它是 - 我們必須考慮 - 我們必須這樣做，因為它 - 順便說一下，對我來說，對於石油和天然氣行業，這是一個經營許可證的問題，好嗎？我們必須認真對待降低範圍 1 和範圍 2 的排放量。你知道我不是范圍 3 辯論的忠實粉絲。但對於範圍 1 和範圍 2，我非常認真，因為這是我們的責任。

We have technologies. We have capacity. So it's a cost. It might become an opportunity if we can commercialize the technology to third parties, and this is -- or one B2B entity is trying to develop that. We have a first project with Holcim in Belgium on these type of things. But again, for me, we will develop first this project because we have to do it for our own emissions. It's a question of permit to operate. And in oil and gas industry, this is embedded in the global strategy of the company.

我們有技術。我們有能力。所以這是一個成本。如果我們可以將該技術商業化給第三方，這可能會成為一個機會，而且這是 - 或者一個 B2B 實體正在嘗試開發它。我們與比利時的 Holcim 有一個關於這類事情的第一個項目。但同樣，對我來說，我們將首先開發這個項目，因為我們必須為自己的排放做這件事。這是經營許可證的問題。在石油和天然氣行業，這已嵌入到公司的全球戰略中。

But as I show you, we can be very profitable. Like we are among the best and, at the same time, having CapEx for low-carbon energies, carbon capture, we do it in a large way. It's possible. It's building the future of the company.

但正如我向您展示的那樣，我們可以非常有利可圖。就像我們是最好的，同時擁有用於低碳能源、碳捕獲的資本支出，我們在很大程度上做到了這一點。這是可能的。它正在建設公司的未來。

The $5 billion that we have mentioned for 2023, I think, is a level, which will be maintained for the following 3 years. We don't intend to grow it very much higher. I think it's a good level. If we want now to combine growth and profitability, if -- and we want to do it, so it's not if we want to do it. So I think it's a good level, and it's -- it obliges us to be selective, but selective in a large way. So we have room for improvement for deploying these.

我們提到的 2023 年的 50 億美元，我認為是一個水平，將在接下來的 3 年內保持。我們不打算將其增長得更高。我認為這是一個很好的水平。如果我們現在想要將增長和盈利能力結合起來，如果 - 我們想要這樣做，那麼如果我們想要這樣做就不是了。所以我認為這是一個很好的水平，它要求我們有選擇性，但在很大程度上是有選擇性的。所以我們在部署這些方面還有改進的空間。

Why I say that, it was just because we are not -- in 2022, we have managed our 6 gigawatt per year with this type of amount. So for me, I have enough CapEx to make my 6 gigawatt per year, which is more or less the objective, which are assigned to the teams of Stephane.

為什麼我這麼說，只是因為我們不是——到 2022 年，我們已經用這種數量管理了每年 6 吉瓦。所以對我來說，我有足夠的資本支出來實現我每年 6 吉瓦的目標，這或多或少是分配給 Stephane 團隊的目標。

So I should not -- yes, and the only point is coming back to Michele's question is what is the size of the ambition is the new molecules. And for me, the question on hydrogen and all that is more about where is the market, which will drive our expansion of CapEx.

所以我不應該 - 是的，唯一的一點是回到米歇爾的問題是新分子的野心有多大。對我來說，關於氫氣的問題更多是關於市場在哪裡，這將推動我們擴大資本支出。

The next question is from Jason Gabelman of Cowen.

下一個問題來自 Cowen 的 Jason Gabelman。

This is Jason Gabelman from Cowen. I have a couple of questions. The first is you press released last week that you had farmed down a position in the renewal power asset at a high multiple, but it was a low overall cash contribution, one that I wouldn't have guess (inaudible) the materiality of press release.

我是 Cowen 的 Jason Gabelman。我有一些問題。第一個是你上週發布的新聞，你以高倍數在更新電力資產中持有一個頭寸，但這是一個較低的整體現金貢獻，我不會猜測（聽不清）新聞稿的重要性.

It was a few hundred million dollars. And I'm wondering why you decided the press release was given. The thought was you have been farming down these assets all along. And if that potentially indicates that given the market environment, you're possibly accelerating the farm downs of the developed renewable power business over the next year and what type of cash flow contribution that could bring.

這是幾億美元。我想知道你為什麼決定發布新聞稿。想法是你一直在耕種這些資產。如果這可能表明，鑑於市場環境，你可能會在明年加速發達可再生能源業務的農場衰退，以及可能帶來什麼樣的現金流貢獻。

My second question is on the LNG portfolio. You're obviously undergoing the review in Mozambique, but there's also been some reporting that you could take a large stake, either offtake or equity in a U.S. LNG project. And I'm wondering, if your case of growth in the U.S. LNG market is at all dependent on what happens in Mozambique and if you'll still continue to view the U.S. LNG market as one in which you want to grow in.

我的第二個問題是關於液化天然氣投資組合。你顯然正在莫桑比克接受審查，但也有一些報導稱你可以在美國液化天然氣項目中持有大量股份，無論是承購還是股權。我想知道，您在美國液化天然氣市場的增長情況是否完全取決於莫桑比克發生的情況，以及您是否仍將繼續將美國液化天然氣市場視為您希望發展的市場。

Jason, you have complex question, but easy to answer. First, no, there is no acceleration at all. We have been always very clear. But to reach the double-digit profitability we want to have in renewables, we'll have to integrate farm downs. It's part of the business model. This is why we have some growth capacity objectives that is 35 gigawatt growth.

傑森，你的問題很複雜，但很容易回答。首先，不，根本沒有加速。我們一直很清楚。但要達到我們希望在可再生能源領域擁有的兩位數盈利能力，我們必須整合農場。這是商業模式的一部分。這就是為什麼我們有一些增長能力目標，即增長 35 吉瓦。

But at the end, we'll keep more or less half of it. This is very clear. We stated that 3 or 5 years ago when we began the strategy, and we implement it. So there is no acceleration. It came on our desk. There was some assets in France, which were part of (inaudible) to being farmed down. It has been done in a very good way.

但最後，我們或多或少會保留其中的一半。這很清楚。我們在 3 或 5 年前開始製定該戰略時就說過，並且我們實施了它。所以沒有加速。它來到我們的辦公桌上。法國有一些資產，這些資產是（聽不清）被耕種的一部分。它以非常好的方式完成。

And thanks to this farm down, we have on these assets more than a double-digit return, much better. We don't give all the details because there are also a counterpart, but that's clear. So it's -- to be clear, and we have embedded in the strategies a fact that maybe we developed a 100% project. But when we farm down.

多虧了這個農場，我們在這些資產上獲得了超過兩位數的回報，好多了。我們不提供所有細節，因為還有一個對應物，但這很清楚。所以很清楚，我們已經在戰略中嵌入了一個事實，即我們可能開發了一個 100% 的項目。但是當我們耕種下來時。

And by the way, I always explain to you several times, it's not only a matter for me of profitability. It's a matter of managing the risk. I prefer to have 2x 50% of 2 projects, and 1x 100%. It's just a matter of things could happen.

順便說一句，我總是向你解釋好幾次，這不僅僅是我的盈利問題。這是管理風險的問題。我更喜歡有 2 個項目的 2x 50%，和 1x 100%。這只是事情可能發生的問題。

So that's -- yes, I can tell you, by the way, it was 16x EBITDA, if somebody gives me an indication, 16x EBITDA. So I think 16x EBITDA, I can tell you, no problem. I can't continue to develop my renewable business with this type of returns of 50% of my portfolio. And this gives the cash also to recirculate the cash and risk this project. So I think it's a smart way, and we'll stick on this strategy.

所以那是——是的，我可以告訴你，順便說一句，如果有人給我一個指示，那就是 16 倍 EBITDA，16 倍 EBITDA。所以我認為 16 倍 EBITDA，我可以告訴你，沒問題。我無法以這種佔投資組合 50% 的回報率繼續發展我的可再生能源業務。並且這給現金也循環現金並且風險這個項目。所以我認為這是一個聰明的方法，我們會堅持這個策略。

No, there is no link between Mozambique and the U.S. We like both. We like LNG, okay? We want to continue to grow in a growing business, which is LNG. LNG is good. LNG is international gas. LNG is a way to decarbonize the coal-fired power plants in Asia and elsewhere. So there is no fear about it.

不，莫桑比克和美國之間沒有聯繫。我們都喜歡。我們喜歡液化天然氣，好嗎？我們希望在不斷發展的業務中繼續發展，這就是液化天然氣。液化天然氣很好。 LNG是國際天然氣。液化天然氣是亞洲和其他地區燃煤電廠脫碳的一種方式。所以不用擔心。

Maybe, there may be some cycles. Today, it's at the top. It could go down because we are not able in the industry, of course, to plan all the plans very smartly. We invest, but -- so we are -- we think that the U.S. on the long term is competitive because you have the U.S. gas price is about the lowest in the world, so $3 to $5. Even at $5 per million BTU, it will be very, very profitable. So that's the reason why.

也許，可能會有一些週期。今天，它位於頂部。它可能會失敗，因為我們當然無法在行業中非常巧妙地規劃所有計劃。我們投資，但是——我們也是——我們認為美國從長遠來看是有競爭力的，因為美國的天然氣價格大約是世界上最低的，所以 3 到 5 美元。即使以每百萬英熱單位 5 美元的價格計算，它也將非常非常有利可圖。所以這就是原因。

So yes, we have Cameron LNG. Yes, we have ECA in Baja, California, Phase I, which is being built, and Phase II may be in the near future. We are looking over opportunities in the U.S., and it's independently of Mozambique.

所以是的，我們有 Cameron LNG。是的，我們在加利福尼亞州巴哈有 ECA，一期正在建設中，二期可能在不久的將來。我們正在尋找美國的機會，它獨立於莫桑比克。

Mozambique, just to make -- to answer your question, I spent a day last week, Friday, a day in Cabo Delgado because my -- that -- my company, I said there is no way for me to envisage any restart of Mozambique as not as you don't allow me to visit Cabo Delgado. And I can travel around with a car, not an army, but alone. So we are only 3 of us, 2 cars.

莫桑比克，只是為了——為了回答你的問題，我上週在德爾加杜角度過了一天，週五，因為我的——那個——我的公司，我說我無法設想莫桑比克的任何重啟不是因為你不允許我訪問德爾加杜角。我可以駕車四處旅行，不是軍隊，而是一個人。所以我們只有3個人，2輛車。

I want to go there. I want to check. I want, in fact, to go to see what if life is back to normal. I can tell you what I've seen from a security point of view is good. Even life is back to normal. Villages, people are back.

我想去那裡。我想檢查一下。事實上，我想去看看生活是否恢復正常。我可以告訴你我所看到的從安全角度來看是好的。就連生活也恢復了正常。村莊，人們回來了。

But it's one step. There is more steps to be done. The 2 next steps, it varies and I -- because there have been some, I would say, controversies about human rights, about the -- around the project, not because of us. We inherited that from Anadarko acquisition.

但這是一步。還有更多的步驟要做。接下來的兩個步驟，它會有所不同，我會說，因為有一些關於人權的爭議，關於項目的爭議，而不是因為我們。我們從阿納達科收購中繼承了這一點。

So I want a clear view on these human rights issues, which is a salient issue for me. It's important. I have given a mission to -- especially to human rights, a very well-known doctor in France, [Mr. Rafa] was accepted. He's making his job, so I'm waiting to see his report to understand exactly what is, I would say, these -- what are these issues.

所以我想清楚地了解這些人權問題，這對我來說是一個突出的問題。這一點很重要。我給了一個使命——特別是人權，一位在法國非常知名的醫生，[先生。拉法]被接受了。他正在做他的工作，所以我在等著看他的報告，以了解究竟是什麼，我想說，這些 - 這些問題是什麼。

If there are things to be done, we'll execute the recommendation. We'll be transparent on it. We will share obviously with our partners because it's a Mozambique LNG decision to restart. It's not a TotalEnergies decision. It's -- all the partners should be on board.

如果有事情要做，我們會執行建議。我們將對此保持透明。我們將與我們的合作夥伴明確分享，因為重啟是莫桑比克液化天然氣公司的決定。這不是 TotalEnergies 的決定。它是——所有合作夥伴都應該加入。

And there is a third step, which I can use this question to deliver is that, of course, we have to reengage with the contractors. And one key condition to restart will be to maintain the costs that we had. If I see the costs going up and up, we'll wait. We have waited. We can continue to wait. And the contractors will wait as well.

還有第三步，我可以用這個問題來表達，當然，我們必須與承包商重新接觸。重啟的一個關鍵條件是維持我們的成本。如果我看到成本越來越高，我們會等待。我們一直在等待。我們可以繼續等待。承包商也會等待。

So I'm not in a hurry in this condition to restart. Don't -- so there are [extenuating] conditions, I think, are okay. Human rights, I need the report. Costs, we will need another report from my teams. We will -- probably, I will ask them to reengage, but smoothly. No hurry.

所以在這種情況下我並不急於重啟。不要——所以我認為有[情有可原的]條件是可以的。人權，我需要報告。成本，我們需要我的團隊的另一份報告。我們將 - 可能，我會要求他們重新參與，但會很順利。不著急。

Again, I can wait on Mozambique LNG. If costs increase, we will wait, and we'll take the time. So that's where we are on these projects. So my message is positive, but it will take time. And it's not in competition with the U.S. We are ready to finance both. We have the capacity to finance both within our $16 billion, $18 billion. These are 2 good projects. It did all that -- by the way, on the U.S. projects, we could say the same.

同樣，我可以等待莫桑比克液化天然氣。如果成本增加，我們會等待，我們會花時間。這就是我們在這些項目上的位置。所以我的信息是積極的，但這需要時間。而且它不與美國競爭。我們準備為兩者提供資金。我們有能力在我們的 160 億美元、180 億美元範圍內為兩者提供資金。這是2個好項目。它做到了這一切——順便說一句，在美國項目上，我們也可以這麼說。

What I see when we discuss with some project developers is that costs are increasing also. So it's good to rush for volumes. But if you destroy the value because costs are too high, we know what is the impact at the end, and we experience it. So that's the same for me, debate. It's more a question today on -- we are very convinced by the U.S. and by the LNG market, but we need to have cost efficiency in the project.

當我們與一些項目開發商討論時，我看到的是成本也在增加。因此，急於求成是件好事。但如果你因為成本太高而破壞了價值，我們知道最終會產生什麼影響，我們也會體驗到。所以這對我來說是一樣的，辯論。今天更多的是一個問題——我們對美國和液化天然氣市場非常有信心，但我們需要在項目中提高成本效率。

The next question is from Lucas Herrmann of Exane.

下一個問題來自 Exane 的 Lucas Herrmann。

Patrick, simple one for you. I think contracting LNG long term, not into portfolio, but out of portfolio, I mean you've waited sometime, I'd say, too, for the cycle to turn in terms of oil-linked contracts. Pricing has obviously improved quite significantly.

帕特里克，一個簡單的給你。我認為長期承包液化天然氣，不是進入投資組合，而是離開投資組合，我的意思是你已經等了一段時間，我也想說，就石油相關合同而言，週期會轉向。定價顯然有了相當大的改善。

Should we be expecting you to offload an increasing amount of your unhedged -- or not unhedged is the wrong word, uncontracted volumes in to customers and give us a greater visibility and ways on duration and long-term people and oil linkage into the future with it?

我們是否應該期望您卸載越來越多的未對沖 - 或者不是未對沖是錯誤的詞，將未簽約的數量提供給客戶並讓我們在持續時間和長期人員與石油與未來的聯繫方面有更大的知名度和方式它？

You're right, Lucas. We can employ you if you want to manage my LNG business. It's the right time to contract long term. Of course, the buyers, there is a little more willingness by the way of buyers because, suddenly, they see some value. Of course, when you contract long term, it's linked to brand sometimes. So it's an arbitration between (inaudible) and -- I mean, gas spot index and Brent.

你是對的，盧卡斯。如果您想管理我的液化天然氣業務，我們可以僱用您。現在是簽訂長期合同的合適時機。當然，對於買家來說，買家的意願要高一些，因為突然之間，他們看到了一些價值。當然，當你簽訂長期合同時，有時會與品牌掛鉤。所以這是（聽不清）和——我的意思是，汽油現貨指數和布倫特原油之間的仲裁。

Where it is one projects on which we want to balance the risk, it's PNG, Papua LNG. We said -- of course, my team today, we would like to keep a volume. So we'll have right to keep a volume, but most of the volume will be contracted in the long term because it's -- again, it makes a little sense to contract when you have some 11% -- or 10%, 11% Brent proposal from customers. When you are going up to above 13%, you can consider you are again there. So that's the right time.

我們想要平衡風險的一個項目是 PNG，巴布亞液化天然氣。我們說 - 當然，我的團隊今天希望保持一定數量。所以我們有權保留一定數量，但從長遠來看，大部分數量都會收縮，因為它——再一次，當你有 11%——或 10%、11% 時收縮有點有意義布倫特來自客戶的建議。當你上升到 13% 以上時，你可以認為你又回到了那裡。所以這是正確的時間。

Having said that, I think a philosophy for us is more to keep this balance of 70% long term, 30% spot. We have the balance sheet. We can use our balance sheet to keep part of the risk. Okay, when you keep an exposure to spot index, you take the risk like in 2020, but you take -- you keep the upside like these years.

話雖如此，我認為我們的理念更多是保持 70% 的長期平衡，30% 的現貨。我們有資產負債表。我們可以使用我們的資產負債表來保留部分風險。好吧，當你保持對現貨指數的敞口時，你會像 2020 年那樣承擔風險，但你會像這些年一樣保持上行空間。

So I think this is, for me, the core of the business model of a company like TotalEnergies. So strong balance sheet must allow us to take these type of risks -- spot risks. But the 70-30, okay, it's not a bible. It's more or less we are comfortable with that in terms of management of risk in the company as we grow.

所以我認為，對我來說，這是像 TotalEnergies 這樣的公司商業模式的核心。如此強勁的資產負債表必須讓我們能夠承擔這些類型的風險——即期風險。但是 70-30，好吧，這不是聖經。隨著我們的成長，就公司的風險管理而言，我們或多或少對此感到滿意。

So today, there are some projects on which we will lose long-term contracts. And again, it's like -- by the way, we can also develop some project being spot, knowing that we can use this window of opportunities to then sign long-term contracts. This is what we say even to our renewable people.

所以今天，有些項目我們將失去長期合同。再一次，就像——順便說一下，我們也可以開發一些現成的項目，因為我們知道我們可以利用這個機會窗口然後簽訂長期合同。這就是我們甚至對我們的可再生能源人員所說的話。

You want PPAs, but sometimes you could -- we could accept to develop projects not with a PPA merchant projects with the idea that, tomorrow, when we have the right opportunities, we will cover part of the exposure with a long-term PPA. So that's the beauty of the balance sheet.

你想要 PPA，但有時你可以——我們可以接受開發項目而不是 PPA 商業項目，我們的想法是，明天，當我們有合適的機會時，我們將通過長期 PPA 來彌補部分風險。這就是資產負債表的美妙之處。

The next question is from Paul Cheng of Scotiabank.

下一個問題來自豐業銀行的 Paul Cheng。

Patrick, both BP and Shell have recently made a pretty large acquisition in the biogas area to jump start their operation and also to grow in that area. Just curious that you did mention that you guys have a largest unit of the biogas in France that you just start out. You also have a venture -- or joint venture that -- to manage you -- to developing some biogas project in the U.S.

Patrick，BP 和殼牌最近都在沼氣領域進行了相當大的收購，以啟動他們的業務並在該領域發展。只是好奇你確實提到你們在法國擁有最大的沼氣單位，你們剛剛開始。你還有一家企業——或合資企業——來管理你——在美國開發一些沼氣項目。

Do you think biogas would be a more important part of your low-carbon energy business going forward? And if so, do you think you need to have a larger platform maybe through an acquisition that -- to accelerate the growth there? That's the first question.

您認為沼氣會成為您未來低碳能源業務中更重要的一部分嗎？如果是這樣，您是否認為您需要通過收購來擁有更大的平台——以加速那裡的增長？這是第一個問題。

The second question, first, thank you for breaking out the integrated power business starting in the first quarter. Can you tell us that what is the return on that basis that currently that you achieved? Your peers, I think BP and Shell, seems to stop questioning the overall return on that business. And just want to see that what's your view -- or what you guys have been able to achieve so far.

第二個問題，第一，謝謝你把一季度開始的綜合電力業務打出來。你能告訴我們你目前在這個基礎上取得的回報是多少嗎？你的同行，我認為 BP 和殼牌，似乎不再質疑該業務的整體回報。只想看看你們的觀點是什麼——或者你們到目前為止取得的成就。

Biogas, honestly, M&A is a way to grow if you can deliver the value you pay. And I have difficulty to be convinced to put several billion dollars in biogas. Why? Because then, we are doing things, and we have -- we bought a platform in France. We just bought a new platform. It will be announced soon in Poland.

沼氣，老實說，併購是一種增長方式，如果你能提供你付出的價值。我很難被說服投入數十億美元用於沼氣。為什麼？因為那時，我們正在做事，而且我們已經 - 我們在法國購買了一個平台。我們剛買了一個新平台。它將很快在波蘭宣布。

Why? Because it's quite a local business. It's like renewables. The way you manage -- the technology is not high tech. Okay, you can do larger ones, but there is no rocket science. So then it's becoming a question of local development. And I'm sorry to tell you, this is not because you are good in a Nordic country to develop biogas, but you can be good in France, where the agriculture organization, the agricultural ecosystem is quite different.

為什麼？因為這是一家本地企業。這就像可再生能源。你的管理方式——技術不是高科技。好吧，你可以做更大的，但沒有火箭科學。那麼這就變成了一個地方發展的問題。我很遺憾地告訴你，這不是因為你在北歐國家發展沼氣很好，而是你在法國可以很好，那裡的農業組織、農業生態系統是完全不同的。

And so at this stage, we have not been convinced, and we have studied some of these files. But really, these platforms will give us the edge to grow beyond the core country. Just -- so we prefer -- maybe we are wrong to go step by step, not bringing a lot of noise with billion dollars, but we prefer, by the way, to make smart direct negotiation, but bidding with banks, which, of course, push price up in order to do that.

所以在這個階段，我們還沒有被說服，我們已經研究了其中的一些文件。但實際上，這些平台將為我們提供超越核心國家的優勢。只是 - 所以我們更喜歡 - 也許我們一步一步走是錯誤的，沒有用數十億美元帶來很多噪音，但順便說一句，我們更喜歡進行明智的直接談判，但與銀行競標，其中，當然，為了做到這一點，推高價格。

There is a country where, obviously, we have more size is the U.S. The U.S. is more attractive for this perspective because, by the way, the system, the -- all the CFS system and all that is more liquid. So you can not only produce, but you can imagine to get more value of trading, the volumes and mixing the biogas with others.

有一個國家，顯然，我們擁有更大的規模是美國。從這個角度來看，美國更具吸引力，因為順便說一句，系統，所有 CFS 系統和所有系統都更具流動性。所以你不僅可以生產，而且你可以想像得到更多的交易價值，沼氣的數量和與其他沼氣的混合。

So the systems, the carbon systems markets in the U.S. give more liquidity to that. In Europe, it's fragmented. All the regulations are not the same. It's one of my advocacy when I go to Brussels to tell them that if they want this business to be developed, it could -- should have a unique -- you want European market and not -- the rules are different in all the countries, so it does not help to grow it.

因此，美國的系統、碳系統市場為其提供了更多的流動性。在歐洲，它是支離破碎的。所有的規定都不盡相同。當我去布魯塞爾告訴他們，如果他們想要發展這項業務，它可以——應該有一個獨特的——你想要歐洲市場而不是——所有國家的規則都不同，這是我的倡導之一，所以對它的生長沒有幫助。

So when you are in the gas, you look to biogas. In particular, because our customers are looking for that. They want to -- if you have customers, we have made the bet to go to LNG for transportation, which we would love to have, bio LNG.

所以當你在天然氣中時，你會尋找沼氣。特別是，因為我們的客戶正在尋找它。他們想要——如果你有客戶，我們已經打賭去液化天然氣進行運輸，我們很樂意擁有，生物液化天然氣。

So volume is not there. So there is a good momentum for selling these molecules. Then the question is scalability of all that, to be clear, and that's a question mark. So we are looking to -- we have some options in our portfolio. We grow it more locally. If we do something larger, it will be probably in the U.S., rather than in Europe, but that's part of it.

所以音量不存在。因此，銷售這些分子的勢頭很好。然後問題是所有這些的可擴展性，要清楚，這是一個問號。所以我們正在尋找 - 我們的投資組合中有一些選擇。我們更多地在當地種植。如果我們做一些更大的事情，它可能會在美國，而不是在歐洲，但這是其中的一部分。

On -- I mean, I listen to my peers. And again, I respect them, but I think being consistent in the strategy is just fundamental. And we have decided a strategy, which is clear. Again, we are -- with the business model I described, we will be able to deliver a double-digit business, and that's the commitment we took.

關於——我的意思是，我聽取了我的同齡人的意見。再一次，我尊重他們，但我認為在戰略上保持一致是最基本的。我們已經決定了一個明確的戰略。再一次，我們是——通過我描述的商業模式，我們將能夠提供兩位數的業務，這就是我們做出的承諾。

There's no reason for me today to derive from this objective and from the capacity to do it. Of course, we have to build that. We have to be -- we make very good projects. Some are not as good. But I don't see what we should -- and I think if we make zigzag on the strategy, we'll do nothing at the end of the day. So I prefer to keep on my strategy, which is -- and again, we are very consistent, by the way.

今天，我沒有理由從這個目標和實現它的能力中得出結論。當然，我們必須建立它。我們必須——我們做出非常好的項目。有些不是那麼好。但我看不出我們應該做什麼——我認為如果我們在戰略上曲折前進，到頭來我們將無所作為。所以我更願意繼續我的策略，順便說一句，我們非常一致。

I think the decision, I have proposed to the Board to accelerate this segment, this reporting of the IP power -- integrated power business because having discussed with our shareholders after our roadshows in -- after the presentation in New York in October and November, it is clear that there is a legitimate request from them. You invest this amount of money in this business. We want you to demonstrate to clarity -- given clarity of these businesses. So I think this is a question.

我認為這個決定，我已經向董事會提議加速這個部分，這個 IP power 的報告 - 集成電源業務，因為在我們的路演之後與我們的股東討論過 - 在 10 月和 11 月在紐約的演示之後，很明顯，他們提出了合理的要求。您將這筆錢投資於這項業務。我們希望您能夠清楚地展示——鑑於這些業務的清晰度。所以我認為這是一個問題。

But I've been CEO for 9 years now. I think it's -- listen, is you need to stick on the strategy and not to be -- otherwise, in this new low carbon business we will not -- never reach the size, and I prefer to reach a size which is consistent. We will become a key player.

但我擔任 CEO 已有 9 年了。我認為 - 聽著，你是否需要堅持戰略而不是 - 否則，在這個新的低碳業務中，我們將不會 - 永遠不會達到規模，我更願意達到一致的規模。我們將成為關鍵人物。

And again, being able to grow our renewable business by 6, 7 gigawatt per year, we are among the largest one compared to the large -- and so I think we can -- and we're mixing that with our capacity to use the balance sheet to integrate that in a larger platform, trading, et cetera, will allow us to deliver this profitability. So it's a commitment.

再一次，我們的可再生能源業務每年能夠增長 6、7 吉瓦，與大型企業相比，我們是最大的企業之一——所以我認為我們可以——我們正在將其與我們使用的能力結合起來資產負債表將其整合到更大的平台、交易等方面，將使我們能夠實現這種盈利能力。所以這是一個承諾。

It's also part, by the way, of our net zero ambition that we have and on which we are serious about it. But at the end, for me, is positioning the company on the long term on a profitable business because we are convinced that the world will need more electricity, and more electricity means higher prices.

順便說一句，這也是我們的淨零雄心的一部分，我們對此很認真。但最終，對我來說，是將公司長期定位於有利可圖的業務，因為我們相信世界將需要更多的電力，而更多的電力意味著更高的價格。

The next question is from Alessandro Pozzi of Mediobanca.

下一個問題來自 Mediobanca 的 Alessandro Pozzi。

I have 2. Going back to the emissions, I think they became -- they came in below target in '22, but they were still up year-on-year. Part of it, I think -- most of it was driven by CCGT. And I was wondering if you can give us perhaps a target for 2023, how you see Scope 1 and Scope 2 emission evolving. And also -- I'm also seeing that Scope 3 have come down, and I was wondering what are the main drivers for the reduction in Scope 3. That's the first question.

我有 2。回到排放量，我認為它們變成了 - 它們在 22 年低於目標，但仍同比上升。我認為其中一部分——大部分是由 CCGT 驅動的。我想知道你是否可以給我們一個 2023 年的目標，你如何看待範圍 1 和範圍 2 排放的演變。而且——我也看到範圍 3 已經下降，我想知道範圍 3 減少的主要驅動因素是什麼。這是第一個問題。

The second question is on refining. Of course, the EU ban came into effect on the 5th of February. I was wondering how you see the market for diesel in Europe with the ban. Will we be able to source more diesel from somewhere else or it's going to be as tight as -- especially in the second part of last year?

第二個問題是關於提煉。當然，歐盟禁令於 2 月 5 日生效。我想知道您如何看待禁令下的歐洲柴油市場。我們是否能夠從其他地方採購更多的柴油，或者它會像 - 特別是在去年下半年一樣緊張？

And also on refining, of course, we are seeing protest in France. Is that going to have an impact on Q1 margins? That's all for me.

當然，在煉油方面，我們在法國也看到了抗議。這會對第一季度的利潤率產生影響嗎？這就是我的全部。

Okay. Emission targets for '23, as I announced that we will lower the 25% target to 38%. I think the target for '23 should be something like under 40 million tonnes. So we'll have to repeat at least and lower the same performance in '22. No increase.

好的。 23 年的排放目標，正如我宣布的那樣，我們將把 25% 的目標降低到 38%。我認為 23 年的目標應該在 4000 萬噸以下。因此，我們必須至少重複並降低 22 年的相同性能。沒有增加。

So we are accelerating the target. There was -- the Board has made a linear decrease, I think. So probably 39.8% exactly, if you want the figure. Jean-Pierre is putting that on the paper.

所以我們正在加速這個目標。我認為，董事會已經進行了線性減少。所以可能準確地說是 39.8%，如果你想要這個數字的話。 Jean-Pierre 正在把它寫在紙上。

On refining, diesel market, honestly, it's -- the source of the product is diesel. There is a strange machine, which is organized in the world, which is [diesel French]. You -- India and China are buying Russian crude and they transform it in an Indian and Chinese diesel, which will come to Europe.

在煉油、柴油市場上，老實說，產品的來源是柴油。有一種奇怪的機器，被組織在世界上，它就是【diesel French】。你——印度和中國正在購買俄羅斯原油，並將其轉化為印度和中國的柴油，這些柴油將運往歐洲。

I'm not sure it's good for the climate. It's not good for the cost. It's not good for the customers, but that will happen. So I'm not worried about finding diesel. It will be just more expensive, but it's a cost.

我不確定這對氣候有好處。這對成本不利。這對客戶不利，但這種情況會發生。所以我不擔心找到柴油。它只會更貴，但這是一個成本。

So question for is it real -- does it has -- does the market has already anticipated or not the disruption of the Russian diesel in the spread of the diesel, which were quite high? By the question mark, I mean, it's difficult to answer to this. Normally, they anticipate, but there is a cost issue of transportation cost.

所以問題是它是真實的 - 它是否已經 - 市場是否已經預料到俄羅斯柴油在柴油價差中的中斷，這是相當高的？關於問號，我的意思是，很難回答這個問題。通常，他們會預料到，但存在運輸成本的成本問題。

The margin for the time being, I don't know. It's difficult for me to predict on Q1 '23. What I have observed since the beginning of the year is that the margin in January were higher than in the last quarter. They came back probably because the market was anticipating again distress. So we see increasing [pricing]. I think we are today at an average since the beginning of the year above $100 per tonne probably.

暫時的保證金，我不知道。我很難預測 23 年第一季度。自今年年初以來，我觀察到的是，1 月份的利潤率高於上一季度。他們回來可能是因為市場預期再次陷入困境。所以我們看到 [定價] 增加。我認為自今年年初以來，我們今天的平均價格可能超過每噸 100 美元。

So again, this market is still strong. It's weakening. And so we'll see. But again, as -- it's difficult to understand what the operators in the market are taking into account or not, but this is what I think.

因此，這個市場仍然很強勁。它正在減弱。所以我們拭目以待。但同樣，很難理解市場上的運營商是否考慮到了什麼，但這就是我的想法。

The next question is from Henri Patricot of UBS.

下一個問題來自瑞銀集團的 Henri Patricot。

Just one question left. On your comments around the global LNG market and European gas in '23, when you show European LNG imports potentially up to 25 million tonnes for this year, can you expand on the assumptions around European gas demand? It seems like this will imply quite a rebound this year. So where do you see that coming from?

只剩下一個問題了。關於你在 23 年對全球液化天然氣市場和歐洲天然氣的評論，當你顯示今年歐洲液化天然氣進口量可能高達 2500 萬噸時，你能否擴大對歐洲天然氣需求的假設？這似乎意味著今年會有相當大的反彈。那麼你從哪裡看到的呢？

I'm not sure I have understood the question. Is the European gas demand -- yes, in 2022, I think what we have observed is more or less minus 15%. I mean, this is the figures I have in mind. I mean, I'm controlling -- stephane confirms.

我不確定我是否理解了這個問題。歐洲的天然氣需求——是的，到 2022 年，我認為我們觀察到的或多或少是負 15%。我的意思是，這是我想到的數字。我的意思是，我在控制——斯蒂芬確認道。

As your question for me, will it be accelerated in '23 because we see a trend, it was a shift mainly from gas, by the way, to oil. A central number of manufacturing industries shifted from gas to fuel, which we can understand. The gas was at $200 per barrel, and the fuel was probably at $120 per barrel. So there was an arbitration down. Part of it has been coal, but less than what we were thinking.

至於你問我的問題，它會在 23 年加速嗎，因為我們看到了一種趨勢，順便說一下，這主要是從天然氣到石油的轉變。我們可以理解，大量製造業從天然氣轉向燃料。天然氣價格為每桶 200 美元，燃料價格可能為每桶 120 美元。於是就有了仲裁下來。其中一部分是煤炭，但比我們想像的要少。

What will happen in '23, I think, again, this price still today is $120 per barrel (inaudible), $2 per million BTU, it's still high, so it could damage it.

23 年會發生什麼，我認為，今天這個價格仍然是每桶 120 美元（聽不清），每百萬 BTU 2 美元，它仍然很高，所以它可能會損壞它。

We gave you, I think, in the slide, we are quite clear about what our expectation. We think that EU LNG imports will be higher in '23 than in '22 by 15 million, 25 million tonnes. Maybe part of the demand disruption will come back. I'm not fully convinced it's really linked to the price.

我想，我們在幻燈片中給了你，我們很清楚我們的期望是什麼。我們認為歐盟液化天然氣進口量在 23 年將比 22 年高出 1500 萬噸、2500 萬噸。也許部分需求中斷會回來。我不完全相信它真的與價格有關。

So that -- and again, I think people today, we are entering into a new world in Europe where energy prices are high. Energy costs are high. For energy consumers, I think the idea that they should be serious about the way they consume energy will be deeper in their mind, and they will invest like we do.

因此——我認為今天的人們，我們正在進入一個能源價格高昂的歐洲新世界。能源成本很高。對於能源消費者，我認為他們應該認真對待能源消耗方式的想法會在他們的腦海中更深，他們會像我們一樣進行投資。

By the way, I think this is the only advice we can give to them. If you want to lower your energy invoice, you have to consume less, and so to be efficient, like we are doing in TotalEnergies with our energy saving platform, refineries, et cetera.

順便說一句，我認為這是我們能給他們的唯一建議。如果你想降低你的能源發票，你必須減少消耗，這樣才能提高效率，就像我們在 TotalEnergies 中通過我們的節能平台、煉油廠等所做的那樣。

This was the last question. Back to you for the conclusion.

這是最後一個問題。回到你的結論。

Emma, thank you. Thank you to all of you. I've seen that we have a good attendance to this presentation. So next meeting will be in March, either the 21st or 23rd. We'll confirm you the date very soon, to make this presentation on strategic sustainability and climate based around our sustainability and climate report, like we've done last year.

艾瑪，謝謝你。謝謝大家。我看到我們有很好的出席情況。所以下次會議將在 3 月舉行，可能是 21 日或 23 日。我們將很快向您確認日期，以根據我們的可持續性和氣候報告就戰略可持續性和氣候進行介紹，就像我們去年所做的那樣。

It will be live. It will be live in London, and no more with Teams because we like also to have the opportunity to have more discussions, informal discussions with all of you.

它將是現場直播的。它將在倫敦直播，不再與 Teams 一起直播，因為我們也希望有機會與大家進行更多的討論，非正式討論。

So thank you for attending this presentation and supporting again the rating of the TotalEnergies shares. Thank you.

因此，感謝您參加本次演講並再次支持 TotalEnergies 股票的評級。謝謝。