TotalEnergies SE (TTE) 2023 Q1 法說會逐字稿

Ladies and gentlemen, welcome to TotalEnergy's First Quarter 2023 Results Conference Call. I now hand over to Patrick Pouyanné, CEO; and Jean-Pierre Sbraire, CFO, who will lead you through this call. Sir, please go ahead.

女士們，先生們，歡迎參加 TotalEnergy 2023 年第一季度業績電話會議。我現在將工作交給首席執行官 Patrick Pouyanné；首席財務官 Jean-Pierre Sbraire 將帶領您完成本次電話會議。先生，請繼續。

Hello, everyone. Good morning or good afternoon, wherever you are. I'm here today together with Jean-Pierre will give you, I would say, a review of a very good quarter that we had on the first quarter of 2023. I just wanted as an introduction to comment of the news which came this morning around about the future of our Canadian assets. As you know, we explained that in September at our CMD, we are planning to organize the spin-off of our Canadian assets. We went through the process and in the meantime because fundamentally, I think we are very serious about making this spin-off a reality. We attracted some unsolicited offers in the last months. And one of them has materialized, and I think the value which is quite attractive, CAD 5.5 billion cash plus $600 million of additional payments under certain conditions. The value which is fitting with the expectations of the initial quotation, which were given to us between CAD 5 million to CAD 6 billion. And of course, it's coming from Suncor, who knows very well 1 of our 2 assets. And Suncor will comment a little later in the day, his own view of the deal. For us, we are keeping the value. It's a straightforward, I would say, way to divest the assets as we are planning to do it straight away.

大家好。早上好或下午好，無論你身在何處。我今天和 Jean-Pierre 一起來這裡，我想說的是，我們對 2023 年第一季度的一個非常好的季度進行了回顧。我只是想介紹一下今天早上發布的新聞的評論關於我們加拿大資產的未來。如您所知，我們在 9 月的 CMD 上解釋說，我們計劃組織分拆我們的加拿大資產。我們經歷了這個過程，同時因為從根本上說，我認為我們非常認真地讓這個分拆成為現實。在過去的幾個月裡，我們吸引了一些主動提供的報價。其中之一已經實現，我認為價值非常有吸引力，即 55 億加元現金加上在特定條件下的 6 億美元額外付款。符合初始報價預期的價值，給我們的報價在 500 萬至 60 億加元之間。當然，它來自 Suncor，他非常了解我們 2 項資產中的一項。 Suncor 將在當天晚些時候發表評論，表達他對這筆交易的看法。對我們來說，我們正在保持價值。我想說，這是一種直接剝離資產的方式，因為我們正計劃立即這樣做。

And so from the company and from the shareholders' point of view, the Board considered that it was this alternative was worth to be considered and approved yesterday to move forward with this transaction. Of course, the most important part of the discussion beyond comparing both alternatives was about the distribution to shareholders because, as you know, the spin-off was meant in fact, a distribution in kind of some shares of the NewCo. So we bought perfectly as that in mind. And the guidance that we have decided to give to our shareholders today is that last year, we put a higher guidance on the payout to shareholders of 35% to 40% of cash flow from operations, which were down in '22, 57%, there because we'll have, I would say, additional proceeds from this sale, the diversement, the guidance we give you today is at least 40%.

因此，從公司和股東的角度來看，董事會認為這個備選方案值得在昨天考慮和批准，以推進這項交易。當然，除了比較兩種備選方案之外，討論中最重要的部分是關於向股東的分配，因為如您所知，分拆實際上意味著新公司部分股份的分配。因此，我們考慮到這一點就完美地購買了。我們今天決定給股東的指導意見是，去年，我們對向股東支付運營現金流量的 35% 至 40% 的更高指導意見，這在 22 年下降了 57%，那裡是因為我會說，我們將從此次銷售中獲得額外收益，多元化，我們今天給你的指導至少是 40%。

I mean, that means, by the way, I told you before, but there was no ceiling. The 35%, 40% was the range of target. Today, we told you that the Board decided that to increase or to enhance, I would say, for '23, this distribution to shareholders with at least 40%. So consider 40% plus, you have to get the plus something at least 40% of the cash flow from operations in 2023, which I think is a good news for our shareholders and which, of course, maintains the course of the company. You have noticed that in the first quarter, we maintained a buyback of EUR 2 billion, like last year's last quarter. And the second quarter, we repeated the EUR 2 billion. So I think it gives this guidance for the distribution to shareholders for 2023, at least 40% of our cash flow from operations should give you some comfort about the will of the Board to have, I would say, to maintain or to develop even an attractive return for our shareholders. So I will not be longer. I think I will give the floor to Jean-Pierre, who will be happy for the first time of as you know, today, we disclosed the integrated LNG and Integrated Power segment results for the first time. I told you during the last investment day, but we should -- we are targeting 10% in TotalEnergies. We are not 10%, but at 9.9%. So but it's, I think comforting some expectations about the investments we are doing in this integrated power segments. Jean-Pierre, the floor is yours.

我的意思是，順便說一句，我之前告訴過你，但沒有上限。 35%、40%是目標範圍。今天，我們告訴你，董事會決定增加或加強，我想說，對於 23 年，至少 40% 的股東分配。因此，考慮 40% 以上，你必須在 2023 年從運營中獲得至少 40% 的現金流，我認為這對我們的股東來說是個好消息，當然，這也會維持公司的進程。你已經註意到，在第一季度，我們維持了 20 億歐元的回購，就像去年的最後一個季度一樣。第二季度，我們重複了 20 億歐元。因此，我認為它為 2023 年向股東的分配提供了指導，我們至少 40% 的運營現金流應該讓你對董事會的意願感到欣慰，我想說，維持或發展一個為我們的股東帶來可觀的回報。所以我不會再長了。我想我會請 Jean-Pierre 發言，如你所知，他將第一次感到高興，今天，我們首次披露了綜合液化天然氣和綜合電力部門的業績。我在最後一個投資日告訴過你，但我們應該——我們的目標是 TotalEnergies 的 10%。我們不是 10%，而是 9.9%。所以，我認為這是對我們在這個集成電源領域所做投資的一些期望。讓-皮埃爾，請發言。

Yes. Thank you Patrick. So 2023 is off to a good start. Once again, I think we demonstrate our ability to generate strong results even...

是的。謝謝帕特里克。因此，2023 年是一個良好的開端。再一次，我認為我們展示了我們產生強大結果的能力，甚至......

Ladies and gentlemen, please hold the line. The conference will resume shortly.

女士們，先生們，請稍候。會議將很快恢復。

Okay. So quarter-to-quarter, our brent went down 9% to $81 per barrel and European gas dropped by 50% to $16 per (inaudible). In this context, TotalEnergy reported first quarter '23 adjusted net income of $6.5 billion, a decrease of only 13% and a strong cash conversion with a debt adjusted cash flow DFF, close to $10 billion. We brent above $18 per barrel and European gas above $15 per millimeter, still high by historical standards. We are continuing to deliver excellent profitability with 25% HA in the first quarter. Commodity prices have been volatile, albeit still at high levels. Oil prices fell briefly below $175 per barrel in March, largely on fields on economic slowdown before rebounding in April on use of OPEC+ quota reductions. Refining margins are leasing down after several quarters of exceptionally high diesel cracks in the same context of fields of economic slowdown, high product inventories largely fueled by Chinese exports and the quicker-than-expected reorganization of Russian flows following the European embargo.

好的。因此，每個季度，我們的布倫特原油下跌 9% 至每桶 81 美元，歐洲天然氣下跌 50% 至每桶 16 美元（聽不清）。在此背景下，TotalEnergy 報告稱，23 年第一季度調整後淨收入為 65 億美元，僅下降 13%，現金轉換強勁，債務調整後現金流 DFF 接近 100 億美元。我們的布倫特原油價格每桶超過 18 美元，歐洲天然氣價格每毫米超過 15 美元，以歷史標準衡量仍處於高位。我們將繼續在第一季度以 25% 的 HA 提供出色的盈利能力。大宗商品價格一直波動，但仍處於高位。油價在 3 月份短暫跌破每桶 175 美元，主要是由於經濟放緩的油田，然後在 4 月份因歐佩克+配額削減而反彈。在經濟放緩、主要由中國出口推動的高產品庫存以及歐洲禁運後俄羅斯流量重組快於預期的相同背景下，連續幾個季度柴油裂解率異常高後，煉油利潤率正在下降。

Gas prices fell due to mild weather. We expect prices to remain stable and still restoring the begins in the second half of the year. Future markets are anticipating prices next to $20 per million meter for this winter. For the first time, as announced, we are reporting integrated LNG and integrated power as independent segments. These 2 growing segments are, as you know, at the core of our transition strategy. The restated historical data for '21 full year and '22 quarters is available in the result price release. In terms of scale, integration and performance, we are unmatched among our peers in both ROVs activities. We are already widely recognized that having a very strong performing globally integrated LNG portfolio in that business, mainly through countercyclical acquisition, we have achieved our position as the largest lifter of low-cost U.S. LNG more than 10 million tonnes, and the largest regas provider in premium priced European markets, around 20 million tonnes after the recent start-up of the SSL in Germany.

由於天氣溫和，天然氣價格下跌。我們預計價格將保持穩定，並在今年下半年恢復開工。未來市場預計今年冬天的價格接近每百萬米 20 美元。正如所宣布的那樣，我們首次將綜合液化天然氣和綜合電力作為獨立的部門進行報告。如您所知，這兩個不斷增長的細分市場是我們轉型戰略的核心。結果價格發布中提供了 '21 全年和 '22 季度的重述歷史數據。在規模、集成和性能方面，我們在兩個 ROV 活動中都在同行中無與倫比。我們已經得到廣泛認可，主要通過反週期收購，在該業務中擁有表現非常強勁的全球一體化液化天然氣產品組合，我們已經成為最大的低成本美國液化天然氣提升商，超過 1000 萬噸，以及最大的再氣化供應商在高價歐洲市場，在最近德國 SSL 啟動後約 2000 萬噸。

Our unmatched access to the European market creates a competitive advantage for our trading operations and makes us more competitive as a partner in securing future resources. For example, our recent contract awards in Qatar. We launched this quarter the feeds for LNG, and this will contribute to the future growth of our portfolio with close to 2 million tonne equity production. Last year, with Freeport LNG sales of 48 million tonnes, this business generated $10 billion of cash flow. In the first quarter, sales were 11 million tonnes and cash flow was $2.1 billion. In the first quarter, '23, LNG sales were down 17% quarter-to-quarter and 13% year-on-year, reflecting mainly a decrease in spot sales due to lower LNG demand in Europe linked to the mild weather. Integrated LNG generated adjusted net operating income of $2.1 billion down only by 10% compared to the previous quarter, excluding rate, mainly due to lower prices. Given the evolution of oil and gas prices in resent months and the lag effect on price formulas, we anticipate that our average LNG selling price might decrease by another 10%, 15% in the second quarter because of this time, like versus $13.3 per million to this quarter.

我們無與倫比的歐洲市場准入為我們的貿易業務創造了競爭優勢，並使我們作為合作夥伴在確保未來資源方面更具競爭力。例如，我們最近在卡塔爾授予的合同。我們在本季度推出了液化天然氣進料，這將有助於我們投資組合的未來增長，股票產量接近 200 萬噸。去年，自由港液化天然氣銷量為 4800 萬噸，該業務產生了 100 億美元的現金流。第一季度，銷售額為 1100 萬噸，現金流為 21 億美元。在 23 年第一季度，液化天然氣銷售額環比下降 17%，同比下降 13%，這主要反映了由於歐洲氣候溫和導致液化天然氣需求下降導致現貨銷售下降。綜合液化天然氣的調整後淨營業收入為 21 億美元，與上一季度相比僅下降 10%（不包括利率），這主要是由於價格較低。鑑於近幾個月石油和天然氣價格的演變以及對價格公式的滯後效應，我們預計我們的平均液化天然氣售價可能會再下降 10%，第二季度將下降 15%，例如 13.3 美元/百萬到這個季度。

Operationally, we expect to benefit from the restart of Freeport LNG in our Q2 '23 LNG sales. And the 2 new segments, Integrated Power is the newer business activity in the company, mainly through the smart acquisition of early-stage development projects, we have grown this business to 18 gigawatts of gross installed renewable power generation, our 2 largest markets being Europe and the U.S. and we are solidly on track to reach 38 gigawatt by '25 and then 100 gigawatts by 2030. Our flexible power generation capacity and growing positions in energy storage are fully integrated into the business strategy, allowing our traders to maximize our performance. Developing power projects, generating electricity as well as integrating the trading and saving of power as we do other energy commodities is a natural expansion of our business.

在運營上，我們預計將受益於 23 年第二季度液化天然氣銷售中自由港液化天然氣的重啟。而 2 個新部門，Integrated Power 是公司較新的業務活動，主要通過早期開發項目的明智收購，我們已將該業務發展到 18 吉瓦的可再生能源總裝機容量，我們的兩個最大市場是歐洲和美國，我們堅定地有望到 25 年達到 38 吉瓦，然後到 2030 年達到 100 吉瓦。我們靈活的發電能力和不斷增長的儲能地位完全融入了業務戰略，使我們的交易員能夠最大限度地提高我們的業績。開發電力項目、發電以及將電力交易和節能與我們從事其他能源商品的業務相結合是我們業務的自然擴展。

Last year, we met power production of 33 terawatt hour. This business generated about $1 billion of cash flow. For the 12 months ended March 23, Integrated Power generated a ROACE of 9.9%, next to 10%, consistent with our stated objective to achieve double-digit profitability for this activity. Going into the details of the results of these new segments now. Renewable power generation capacity was 18 gigawatts at the end of this quarter, an increase of more than 1 gigawatts quarter-to-quarter, thanks to 0.6 gigawatts from the acquisition of Casa dos Ventos in Brazil and 0.3 gigawatts from the connection of the Seagreen Offshore Wind Farm in the U.K. For the integrated power results, the best reference for comparison is Q1 '22 seems like for the Marketing & Services business, the Gas & Power marketing business is seasonal. Net electricity generation was 8.4 terawatt hour in the first quarter, up 10% year-on-year due to growing electricity generation from renewal, offsetting the lower generation from flexible capacity in the context of lower demand.

去年，我們實現了 33 太瓦時的發電量。該業務產生了約 10 億美元的現金流。在截至 3 月 23 日的 12 個月中，Integrated Power 的 ROACE 為 9.9%，接近 10%，這與我們為該活動實現兩位數盈利的既定目標一致。現在詳細介紹這些新細分市場的結果。本季度末可再生能源發電容量為 18 吉瓦，環比增長超過 1 吉瓦，這得益於收購巴西 Casa dos Ventos 的 0.6 吉瓦和與 Seagreen Offshore 的並網 0.3 吉瓦英國的風電場對於綜合電力結果，比較的最佳參考是 Q1 '22 似乎是營銷和服務業務，天然氣和電力營銷業務是季節性的。第一季度的淨發電量為 8.4 太瓦時，同比增長 10%，這是由於更新帶來的發電量增加，抵消了需求下降時靈活容量帶來的發電量下降。

Integrated Power positive adjusted net operating income of $170 million. This figure is significantly higher compared to the first quarter of '22 adjusted net operating income, which was negative at minus $82 million. Last year was heavily impacted by a huge increase of supply costs. This year, all segments have done better. Gas-fired power plants, renewable, supply and trading despite the negative impact of winter seasonality of supply in the power marketing business, higher cost of supply in winter versus a co-invoicing along the year for many customers. Now moving to the oil parts of our business. Operationally, our oil and gas production was 2.52 million barrels of oil equivalent per day, up 2% quarter-to-quarter, excluding Novatek. This includes the acquisition of a 20% interest in the SARB and Umm Lulu producing oil field in the Emirates, starting from mid-March. The production also benefits from new project contribution, notably the startup of gas production of blockchain in Oman and the ramp-up of (inaudible) phase two in Norway. Production for Q2 '23 is expected at around 2.5 million barrel equivalent per day. Exploration and Production reported adjusted net operating income of $2.7 billion, down 22% quarter-over-quarter, excluding Novatek due to lower oil and gas prices.

Integrated Power 調整後淨營業收入為 1.7 億美元。這一數字明顯高於 22 年第一季度調整後的淨營業收入，後者為負 8200 萬美元。去年受到供應成本大幅增加的嚴重影響。今年，所有部門都做得更好。燃氣發電廠、可再生能源、供應和交易儘管電力營銷業務的冬季供應季節性受到負面影響，冬季供應成本高於許多客戶全年的共同發票。現在轉向我們業務的石油部分。在運營方面，我們的石油和天然氣產量為每天 252 萬桶油當量，環比增長 2%，不包括 Novatek。這包括從 3 月中旬開始收購阿聯酋 SARB 和 Umm Lulu 產油田 20% 的權益。生產還受益於新項目的貢獻，特別是阿曼區塊鏈天然氣生產的啟動和挪威（聽不清）第二階段的增加。預計 23 年第二季度的產量約為每天 250 萬桶當量。 Exploration and Production 報告調整後的淨營業收入為 27 億美元，環比下降 22%，由於石油和天然氣價格下跌，不包括 Novatek。

In the Downstream now, Refining & Chemicals contributed $1.6 billion of adjusted net operating income, up 9% quarter-to-quarter and 44% year-on-year despite the pension protests that were ongoing in France at the end of the quarter, thanks to the strong refining margins. Refinery utilization rate was at 78%. For Q2 '23, we expect the refining utilization rate to increase above 80%, given the end of strikes in France. Marketing and Services results are subleasing at a level of around $300 million of adjusted net operating income, $280 million for the first quarter 2-up 3% year-on-year despite sales being 6% lower. This demonstrates that our strategy of value over volume is working. Overall, at company level, successful pre-working cap was $9.6 billion in the first quarter, plus 5% quarter-on-quarter despite the lower price environment I already commented as the fourth quarter '22 was impacted by exceptional taxes, notably the $1.1 billion European solidarity contribution, mainly in N&C and E&P to a lesser extent. There was a $4.5 billion working cap build in this first quarter of '23. This is an exceptionally high build for the first quarter, mainly related to higher crude and petroleum product inventories on water, notably due to the impact of the pension low protest in France. This is an exceptional element which explains $1.4 billion of working cap build and will disappear next quarter.

現在在下游，煉油和化工業務貢獻了 16 億美元的調整後淨營業收入，環比增長 9%，同比增長 44%，儘管法國在本季度末發生了養老金抗議活動，這要歸功於到強勁的煉油利潤率。煉油廠利用率為 78%。對於 23 年第二季度，鑑於法國罷工的結束，我們預計煉油利用率將提高到 80% 以上。營銷和服務結果的轉租水平約為調整後的淨營業收入 3 億美元，第一季度為 2.8 億美元，同比增長 3%，儘管銷售額下降 6%。這表明我們的價值高於數量的戰略正在奏效。總體而言，在公司層面，第一季度成功的預工作上限為 96 億美元，儘管價格環境較低我已經評論過 22 年第四季度受到特殊稅收的影響，特別是 1.1 美元，但環比增長 5%億美元的歐洲團結貢獻，主要在 N&C 和 E&P 中，其次。 23 年第一季度的工作上限為 45 億美元。這是第一季度異常高的構建，主要與水上原油和石油產品庫存增加有關，特別是由於法國養老金低抗議的影響。這是一個特殊的因素，它解釋了 14 億美元的工作上限建設並將在下個季度消失。

Second factor is the seasonality of the gas and power marketing businesses, the gap between the seasonal cost of supply and the fixed monthly B2C clients payments. And of course, you have more traditional effects of lower prices on tax and trade payables that explain this working cap build in the first quarter '23. Note that part of this working cap builds will reverse in the next quarter, notably the higher inventories related to protest in France and the impact of seasonality for the Gas & Power Marketing business. Also, there was higher net investments in the first quarter at $6.4 billion, including $3.3 billion for acquisition, mainly the acquisition of a 20% interest in SABR and Umm Lulu acquisition, the payments relating to the acquisition of the stake in Northeast project in Qatar and the stake in the joint venture with Casa dos Ventos in Brazil. Our guidance for '23 net investments remained unchanged at $16 billion to $18 billion. Net investments include acquisitions and divestments. So the sales of our energy assets that Patrick commented for $4.1 billion, with the closing expected in Q3 should be counted in the envelope. The recently announced sale to Alimentation Couche-Tard for $3.1 billion is also expected to be closed by year-end. Encouraged by the strong first quarter results, the Board confirmed the 7.25% increase for the first interim dividend in '23 to EUR 0.74 per share as well as the repurchase of $2 billion of shares in the second quarter '23. And I think now we can go to the Q&A, Patrick.

第二個因素是天然氣和電力營銷業務的季節性，供應的季節性成本與每月固定的 B2C 客戶付款之間的差距。當然，較低的價格對稅收和貿易應付賬款有更傳統的影響，這解釋了 23 年第一季度的工作上限。請注意，部分工作上限建設將在下個季度逆轉，特別是與法國抗議活動相關的庫存增加以及天然氣和電力營銷業務的季節性影響。此外，第一季度的淨投資較高，達到 64 億美元，其中收購 33 億美元，主要是收購 SABR 20% 的股權和收購 Umm Lulu，與收購卡塔爾東北項目股權相關的付款以及與巴西 Casa dos Ventos 合資企業的股份。我們對 23 年淨投資的指引保持在 160 億美元至 180 億美元不變。淨投資包括收購和撤資。因此，帕特里克以 41 億美元的價格出售我們的能源資產，預計在第三季度結束，應該算在信封中。最近宣布以 31 億美元出售給 Alimentation Couche-Tard 的交易預計也將在年底前完成。受第一季度強勁業績的鼓舞，董事會確認 23 年的第一次中期股息增加 7.25% 至每股 0.74 歐元，並在 23 年第二季度回購 20 億美元的股票。我想現在我們可以進入問答環節了，帕特里克。

Ladies and gentlemen, this concludes -- sorry. Thank you, ladies and gentlemen. We will now begin the question-and-answer session. (Operator Instructions) The first question is from Oswald Clint of Bernstein. Please go ahead.

女士們，先生們，到此結束——抱歉。謝謝你們，女士們，先生們。我們現在開始問答環節。 （操作員說明）第一個問題來自 Bernstein 的 Oswald Clint。請繼續。

Good afternoon and thank you very much for the time. Yes, I'm happy to guess the plus on the 40%. And if I was to go up into the mid-40s, I guess the...

下午好，非常感謝您抽出寶貴時間。是的，我很高興猜到 40% 的加號。如果我要進入 40 年代中期，我猜...

No, no, no.

不不不。

No. But the range..

不，但是范圍..

At least 40, plus this way. I think some of your colleagues have found what it means. So you can guess.

至少40，加上這種方式。我想你的一些同事已經明白了這意味著什麼。所以你可以猜到。

But I guess the question is, is the 40% a number we could think about when you have good divestments topping it up. And if not, we should think more around the 35%. And then just related to that, is there any Novatek dividends included here? I know Novatek declared a dividend last week. It's up quite materially. Does Total expect to get anything in 2023 in terms of the cash flow. And then the second one is just Mozambique LNG, lots of momentum, lots of discussion from the President recently. I think you're still hoping to secure some of the favorable cost terms, construction terms. Any update you could provide us on that side of it, please? Thank you.

但我想問題是，當你有好的撤資補充它時，我們可以考慮 40% 的數字。如果不是，我們應該更多地考慮 35%。然後與此相關的是，這裡是否包含任何 Novatek 股息？我知道 Novatek 上周宣布了股息。它在實質上上升了。就現金流而言，道達爾是否希望在 2023 年獲得任何收益？然後第二個就是莫桑比克液化天然氣，勢頭強勁，總統最近進行了很多討論。我認為您仍然希望獲得一些有利的成本條款和施工條款。您可以在這方面向我們提供任何更新嗎？謝謝。

Okay. No. Oswal, we gave you a guidance 35, 40 telling you that it's neither certifies the floor, but there is nothing. And actually, we've done 37%. So that means that, in fact, it's not monitored by the specific figures. So it's not 35 certain time and 40 over time. The only point today, which makes a difference is that we have -- the Board announced spin off, so it was a dividend in kind. So we have a sort of form of commitment from the Board to our shareholders. And so the discussion that we -- as soon as we decided to take the route of direct sales, we are committed somewhere to have a reward to our shareholders. And so the decision yesterday was, at this stage, we don't know if it will go for buybacks or special dividends. Let's look to what will be at the beginning of the year. As the proceeds of the sales are not yet, I would say, in the treasury of Jean-Pierre. So let's close and let's take time to see where we go in the year, but the decision was it's an opportunity and a commitment link, I would say, to the decision of the spin-off of the sort of dividend in time. We translate that as we'll go beyond what was announced.

好的。不，Oswal，我們給了你一個指導 35、40 告訴你它既不證明地板，但什麼也沒有。實際上，我們已經完成了 37%。所以這意味著，事實上，它不受具體數字的監控。所以它不是特定時間 35 和 40 隨著時間的推移。今天唯一不同的一點是我們 - 董事會宣布分拆，所以這是實物股息。因此，董事會對我們的股東做出了某種形式的承諾。因此，我們的討論——一旦我們決定採用直接銷售的方式，我們就會承諾在某個地方為我們的股東提供回報。所以昨天的決定是，在這個階段，我們不知道它是否會用於回購或特別股息。讓我們看看今年年初會發生什麼。由於銷售的收益還沒有，我想說，在讓 - 皮埃爾的國庫中。因此，讓我們結束，讓我們花點時間看看我們今年的進展，但我想說，這是一個機會和承諾鏈接，與及時分拆這種股息的決定有關。我們將翻譯它，因為我們將超越已宣布的內容。

So at least 40%, at least 40% means 40% plus. And then, and so it will be then discussed either buyback or dividends. We have noticed but for the time being, we have maintained the buyback at EUR 2 billion per quarter for the first 2 quarters, despite the fact that the environment has softened, we did not decrease it. So there might be a chance that we could maintain the $2 billion around along the year. And then I think if you make some math in your model, you will find something above 40%. Novatek, I don't know, again, you know my question. The question is -- and you have new permanent news coming from Russia. Yesterday, I've seen that the Russian authorities wanting to sanction more European Western companies. So I don't know. So it's difficult to answer to you. Yes, there was -- again, we are no more in the governance of Novatec. As you know, we are just -- we are out of that. It's no more consolidated in our accounts.

所以至少 40%，至少 40% 意味著 40% 以上。然後，然後將討論回購或股息。我們已經註意到，但目前，我們將前兩個季度的回購維持在每季度 20 億歐元，儘管環境已經緩和，但我們並沒有減少回購。因此，我們可能有機會全年保持 20 億美元左右。然後我想如果你在你的模型中做一些數學運算，你會發現超過 40%。 Novatek，我不知道，再一次，你知道我的問題。問題是——你有來自俄羅斯的新的永久性新聞。昨天，我看到俄羅斯當局要製裁更多的歐洲西方公司。所以我不知道。所以很難回答你。是的，有——再一次，我們不再受 Novatec 的治理。如您所知，我們只是 - 我們已經擺脫了。它不再合併到我們的帳戶中。

So yes, we have seen that there was a decision of a dividend. Can it go through up to the accounts of TotalRnergies, we'll see along the year. I cannot just tell you today. We have decided that Russia is -- we do not plan the future. We just monitor day after day, week after week and if it comes it comes, if it does not come. It's not in the plan, I would say. Mozambique LNG, that's a good question, update on the cost terms. You have understood that it's a last step before to restart. So some -- I commented recently that we need the contractors to be reasonable. Some of them are not. So we will repeat some of the packages because there is no way for us to accept some undue costs. We have paid what we had to pay because we stopped the project and we have to restart the project, but has an impact, obviously, the stop and restart. We don't see why we should pay more than that. And so that's where we progress. So I think when we will be ready, we'll come back to you on the -- but I think today, it's premature again because we are -- our team, the project team is working with the contractors with a view to be able to relaunch the project, but under the conditions that the costs are controlled. That's fundamental to us.

所以是的，我們已經看到有一個股息決定。它能否通過 TotalRnergies 的賬戶，我們將在這一年中看到。我今天不能只告訴你。我們已經決定，俄羅斯是——我們沒有計劃未來。我們只是日復一日、一周又一周地監控，如果它來了，它就會來，如果它不來。這不在計劃中，我會說。莫桑比克液化天然氣，這是一個很好的問題，更新成本條款。您已經了解這是重新啟動前的最後一步。所以一些 - 我最近評論說我們需要承包商合理。其中一些不是。所以我們會重複一些包裹，因為我們沒有辦法接受一些不當的費用。我們已經支付了我們必須支付的費用，因為我們停止了項目，我們必須重新啟動項目，但顯然，停止和重新啟動會產生影響。我們不明白為什麼我們應該支付更多。這就是我們取得進展的地方。所以我認為當我們準備好時，我們會在 - 但我認為今天再次為時過早，因為我們 - 我們的團隊，項目團隊正在與承包商合作，以期能夠重新啟動該項目，但在成本可控的條件下。這對我們來說很重要。

Excellent, thank you.

非常好，謝謝。

The next question is from Christopher Kuplent of Bank of America. Please go ahead.

下一個問題來自美國銀行的 Christopher Kuplent。請繼續。

Thank you very much. Patrick, I'm going to ask you probably the same question again, if you don't mind. I think what I've heard I'm looking for clarification is the decision before the disposal to Suncor was to basically give proceeds to shareholders directly? Is that the principle we should continue to talk about and to consider the EUR 4 billion as effectively an add-on. And then we can run our CFFO payout numbers as long as we like. So that's my question, just looking for confirmation. And lastly, second question, slightly connected to that. You've done, as you've highlighted, more than EUR 3 billion of acquisitions in the first quarter. You've announced disposals that go well beyond this, but if we accept that the $4 billion disposals ought to be distributed to shareholders, you're kind of running on an even number for the full year. And I appreciate you're not likely to give us a number, but I wonder how big the total ARN completion looms and whether you can confirm that, that is baked into your EUR 16 billion to 18 billion guidance. That would be it. Thank you.

非常感謝。帕特里克，如果你不介意的話，我可能會再問你同樣的問題。我想我所聽到的我正在尋求澄清的是，在出售給 Suncor 之前的決定基本上是直接將收益分配給股東？這是我們應該繼續討論並將 40 億歐元視為有效附加的原則嗎？然後我們可以根據需要運行我們的 CFFO 支出數字。這就是我的問題，只是尋求確認。最後，第二個問題，與此略有關聯。正如您強調的那樣，您在第一季度完成了超過 30 億歐元的收購。你已經宣布了遠遠超出這個範圍的處置，但如果我們接受 40 億美元的處置應該分配給股東，那麼你全年的收入是偶數。我很感激你不太可能給我們一個數字，但我想知道 ARN 完成的總規模有多大，你是否可以確認，這已納入你 160 億至 180 億歐元的指導中。就是這樣。謝謝。

Okay. No, Chris, I need to clarify. We never said that the EUR 4 billion will go to -- back to shareholders. By the way, it was not the case in the spin-off still. If you remember correctly, sir, there is a I would say, an enterprise value of -- which was around CAD 5 million to CAD 6 billion let's say $4 billion to $5 billion, where this company would have a debt, which should have been left proceed for the company, then we were ready to spin off to keep 30% on all sides. So if you make your math, you are far for the $4 billion. And again, it's not the way we expressed it. We expressed it, and I can only repeat what we said, is that the decision of the Board is that -- and so by the way, second remark, proceed of sales does not impact the cash flow from operations, the cash flow from operations as it is stated in all the way we communicate and in our reserves and accounts do not integrate the cash from divestments. So we have an amount of cash flow from operations.

好的。不，克里斯，我需要澄清一下。我們從未說過這 40 億歐元將返還給股東。順便說一句，分拆中的情況並非如此。先生，如果你沒記錯的話，我想說的是，企業價值大約在 500 萬到 60 億加元之間，比方說 40 億到 50 億美元，這家公司本應有債務離開了公司，然後我們準備分拆以保留各方的 30%。所以，如果你算一下，你離 40 億美元還差得很遠。再一次，這不是我們表達它的方式。我們表達了這一點，我只能重複我們所說的，董事會的決定是——所以順便說一句，第二點，銷售收益不會影響運營現金流，運營現金流正如我們溝通的所有方式以及我們的儲備和賬戶中所述，不整合撤資的現金。所以我們有大量的運營現金流。

As you know perfectly, last year, we had $46 billion at $100 per barrel. At 80% I think, will be between $45 billion and $40 billion. So then probably more in this environment of the first quarter, this quarter, the cash flow from operation, I think, is something like EUR 9.5 billion now. So if we have 4 quarters of EUR 9.5 billion, it will make EUR 38 billion. If you make 40% plus, you can find what will be the guidance of payout to shareholders you deduct the dividend, which is more or less between that according to the -- you have all the figures on the dividend. We have -- you can even calculate it for all the quarters. You had the last payment of EUR 0.74. The only unknown is the exchange rate, euro dollar. So that's -- and then you will find what could be the amount. The question for the Board was is it for full buyback shares? Or is it through share buyback or through special dividend, that will be discussed and we see along the year. The feeling on our side is that as we consider that the share of the company is low compared to some U.S. peers and there is room for improvement, increasing I mean, maintaining, not increase but maintaining a share buyback. It's probably a good investment and demonstrating the trust to our shareholders and to investors in the future of the company.

眾所周知，去年，我們以每桶 100 美元的價格計算了 460 億美元。我認為 80% 將在 450 億美元到 400 億美元之間。因此，在第一季度的這種環境下，本季度，我認為來自運營的現金流可能更多，現在約為 95 億歐元。因此，如果我們有 4 個季度的 95 億歐元，它將產生 380 億歐元。如果你賺了 40% 以上，你可以找到扣除股息後向股東派息的指導方針，這或多或少介於兩者之間——你有關於股息的所有數字。我們有——你甚至可以為所有季度計算它。您的最後一筆付款為 0.74 歐元。唯一未知的是匯率，歐元美元。這就是 - 然後你會發現可能是多少。董事會的問題是是否要全額回購股份？或者是通過股票回購還是通過特別股息，這將被討論，我們將在今年看到。我們的感覺是，由於我們認為該公司的份額與一些美國同行相比較低，並且有改進的空間，所以增加我的意思是維持，而不是增加，而是維持股票回購。這可能是一項很好的投資，並向我們的股東和投資者展示了對公司未來的信任。

Your other questions, yes, there was some acquisition this year, but we cannot monitor quarter-by-quarter. There were also 2 big announcements of sales advancement, the divestments of the European network plus this Canadian divestment, so we have some proceeds. But to tell you, there is no secret. I think it was mentioned. Of course, is integrated in the $16 billion, $18 billion guidance and we don't change the guidance, neither one way and the other way because I'm not fully sure that all the proceeds, I think Canada should come this year because it's quite an easy process, in fact. But on the other side, the European network has more to do, in fact, on carting, et cetera. So everybody is working to close the deal before year-end, and both parties want to do it, but you know sometimes that's sensitive. So TotalEnergies hss integrated and total I think in cash is something around EUR 1.5 billion to EUR 2 billion that I think we already mentioned that.

你的其他問題，是的，今年有一些收購，但我們無法按季度監控。還有 2 個重要的銷售進展公告，歐洲網絡的撤資加上加拿大的撤資，所以我們有一些收益。但告訴你，沒有秘密。我認為它被提到了。當然，整合在 160 億美元、180 億美元的指導中，我們不會改變指導，無論是哪種方式，因為我不完全確定所有收益，我認為加拿大今年應該來，因為它是事實上，這是一個非常簡單的過程。但另一方面，歐洲網絡實際上在運輸等方面還有更多工作要做。所以每個人都在努力在年底前完成交易，雙方都想這樣做，但你知道有時候這很敏感。因此，我認為 TotalEnergies hss 綜合和總現金約為 15 億至 20 億歐元，我認為我們已經提到了這一點。

That's great. Thank you very much Patrick, for the clarification. May I add one quick follow-up. Could you give us details around the carrying value of your Canadian assets that are to be sold?

那太棒了。非常感謝帕特里克的澄清。我可以添加一個快速跟進。您能否詳細介紹一下您要出售的加拿大資產的賬面價值？

What is the carrying value? You mean the capital employed in our balance sheet.

賬面價值是多少？你指的是我們資產負債表中使用的資本。

Yeah.

是的。

It's around EUR 5 billion.

大約是50億歐元。

Perfect, thank you.

完美，謝謝。

There will be a capital gain. I mean there will be a positive result in our account. But I would say it's an exceptional results. I mean from the control of my...

會有資本收益。我的意思是我們的賬戶會有積極的結果。但我會說這是一個非凡的結果。我的意思是從我的控制...

Yes, it will be treated as an adjustment in our accounts.

是的，這將被視為我們賬戶中的調整。

Thanks.

謝謝。

The next question is from Irene Himona of Societe Generale. Please go ahead.

下一個問題來自法國興業銀行的 Irene Himona。請繼續。

Thank you very much. Good afternoon. Two questions. First of all, on your E&P tax rate, please, which increased in the quarter. Can you remind us what is included in the first quarter in terms of upstream windfall taxes? And then at current price levels, what should we anticipate for that average E&P tax for the full year? And then secondly, you referred to the significant inflation in renewables. Could you possibly talk around inflationary pressures you're seeing in your upstream operations, please. Thank you.

非常感謝。下午好。兩個問題。首先，關於您的 E&P 稅率，請在本季度增加。您能否提醒我們一季度上游暴利稅包括哪些內容？那麼在當前的價格水平下，我們應該對全年的平均 E&P 稅有何預期？其次，您提到了可再生能源的顯著通脹。請談談您在上游業務中看到的通脹壓力。謝謝。

Sbraire, will take the first question regarding the tax rate?

Sbraire，可以回答第一個關於稅率的問題嗎？

So of course, the Q1 has been prepared the same way as the 2022 accounts. And at that time, I explained to you that the EPS we put tax profit in the U.K. is treated in the adjusted net income. So it impacts, it has an impact in the '22 tax rate. And of course, it has an impact in the Q1 2023 tax rates. And so the amounts representing with this in relation, we start is $0.4 billion, just to give you one figure. On the opposite, all the exceptional contribution in relation with the European decision to put in place an exceptional contribution in 2022 was treated in '22 as an exceptional element because it's an exceptional element. So of course, we continue with this treatment. So not impacting the tax rate in the first quarter of'23. Cost inflation.

因此，當然，Q1 的準備方式與 2022 年的賬目相同。那時，我向你解釋說，我們在英國的稅收利潤中的每股收益是在調整後的淨收入中處理的。所以它會影響，它會對 22 年的稅率產生影響。當然，它會對 2023 年第一季度的稅率產生影響。因此，與此相關的金額，我們開始是 4 億美元，只是給你一個數字。相反，與歐洲決定在 2022 年實施特殊貢獻相關的所有特殊貢獻在 22 年被視為特殊元素，因為它是特殊元素。所以當然，我們繼續這種治療。因此不會影響 23 年第一季度的稅率。成本膨脹。

Cost inflation in upstream. I mean, again, it's I think, for timing of OpEx per barrel is at $5.5 per barrel. So in our operations, I do not see impact, which is by the way, a very good performance from the team. On the risk, yes, we know that there are risks for depots are more expensive, but we are benefiting on the fact that we had quite a number of long-term and medium-term contracts. So we have seen some impact that's limited. And then you have where we had some seen some inflation was more on the steel year. We registered by the way, we are right because they still went down again. So again, the question is more, I think that we are facing the will of some contractors to get some money back from, I would say, bad years. They look to our results, and so they want sort of share of the cake.

上游成本膨脹。我的意思是，我認為，每桶 OpEx 的時機是每桶 5.5 美元。所以在我們的運營中，我沒有看到影響，順便說一下，這是團隊的一個非常好的表現。關於風險，是的，我們知道倉庫存在更昂貴的風險，但我們受益於我們有相當多的長期和中期合同。所以我們看到了一些有限的影響。然後你看到我們看到鋼鐵年的通貨膨脹率更高。我們順便註冊了，我們是對的，因為他們還是又下去了。所以，問題又多了，我認為我們正面臨一些承包商的意願，希望從糟糕的年份中收回一些錢。他們關注我們的結果，所以他們想要分一杯羹。

But again, it's a question of supply and demand from the at the end. There is no reason to accept to pay more. If your supply and demand is not stretched. And I think it's not stretched on many elements. This is why I was mentioning Mozambique. We will go to rebid when we had the feeling that the contractor which were awarded the contract, try to benefit from a situation. We are not in a hurry. And to go ahead to know where the market base is to go to tender. So this is what we will do on this project. But for me, and honestly, source of inflation last year, which were more of the steel and all that came down. We have observed it in our -- by the way, in our Uganda project, we were very very right last year not to place the order for steel. I think we have saved a lot of money just to resist to the temptation. And so it's again, it's an arbitration for me between value and speed and it's a question of managing that. So I don't see much inflation today, even if we have which, by the way, is another good message to us which is simplifying the project, and that's good for everybody.

但同樣，這是一個最終的供需問題。沒有理由接受支付更多。如果你的供需不緊張。而且我認為它並沒有擴展到很多元素。這就是我提到莫桑比克的原因。當我們覺得獲得合同的承包商試圖從某種情況中獲益時，我們將重新投標。我們並不著急。並繼續了解市場基礎在哪裡進行招標。所以這就是我們將在這個項目上做的。但對我來說，老實說，去年的通貨膨脹源更多的是鋼鐵和所有下降的東西。我們在我們的 - 順便說一句，在我們的烏干達項目中觀察到它，去年我們非常非常正確地沒有訂購鋼鐵。我想我們已經存了很多錢來抵制誘惑。所以又一次，這對我來說是價值和速度之間的仲裁，這是一個管理的問題。所以我今天沒有看到太多通貨膨脹，即使我們有，順便說一下，這對我們來說是另一個好消息，它正在簡化項目，這對每個人都有好處。

Okay, thank you.

好的謝謝。

The next question is from Martijn Rats of Morgan Stanley. Please go ahead.

下一個問題來自摩根士丹利的 Martijn Rats。請繼續。

Hi, hello. I wanted to ask if you could set out a little bit the sort of the triggers or the drivers that would lead to the full payment in the disposal to Suncor. I noticed that the press release wasn't so all that clear about. But if you could say a few words about that, that will be helpful. And secondly, I wanted to ask if you could perhaps share some of your thoughts on the global LNG market. I noticed that on Thursday and Friday last week, Europe enjoyed all-time high LNG imports, which is, of course, a little bit surprising given that the price has been going lower and yet the LNG keeps coming. And it's sort of -- it doesn't look like Asian demand is sort of picking up all that much, at least looking at the data that we have access to, but perhaps in your business, you have earlier insights. So I was wondering if you're seeing anything in terms of an Asian demand pickup, for example. Thank you.

你好。我想問你是否可以列出一些觸發器或驅動程序，這些觸發器或驅動程序將導致向 Suncor 的處置全額付款。我注意到新聞稿並不是那麼清楚。但是，如果你能就此說幾句話，那將會很有幫助。其次，我想問您是否可以分享您對全球液化天然氣市場的一些看法。我注意到，在上週的周四和周五，歐洲的液化天然氣進口量創下歷史新高，當然，考慮到價格一直在走低，但液化天然氣不斷湧入，這有點令人驚訝。而且它有點 - 看起來亞洲需求並沒有那麼多，至少看看我們可以獲得的數據，但也許在你的業務中，你有更早的見解。所以我想知道，例如，您是否看到亞洲需求回升方面的任何情況。謝謝。

Okay. The additional payments, yes, to be honest, it's quite nothing specific, I would say. It's there is a price threshold about which if we met it's a monthly payment, a monthly calculation is the price of WCS is reaching a certain level, then there is a multiplier effect by the dollar per barrel and depending also on the production, I would say of the field. So it's quite -- it's a classical CVR. What is good, I mean what is good from my point of view is that we have 5 years. So it's 60 months of, I would say, as you know there is a good chance to get some of it. Just to let you know a calculation, if we would have a 1 year like 2022, we would have got the full $600 million. That's important. Okay.

好的。額外的付款，是的，老實說，我會說，這沒什麼特別的。這是有一個價格門檻，如果我們達到它是每月付款，每月計算是 WCS 的價格達到一定水平，那麼每桶美元就會產生乘數效應，而且還取決於產量，我會說場。所以這很——這是一個經典的 CVR。什麼是好的，我的意思是從我的角度來看，我們有 5 年的時間。所以這是 60 個月，我想說，正如你所知，有很好的機會獲得其中的一些。只是讓你知道一個計算，如果我們有像 2022 年這樣的 1 年，我們將獲得全部 6 億美元。這很重要。好的。

Okay. Interesting.

好的。有趣的。

Interesting, yes. As I said, global energy market to be net base next year, we've seen at the beginning of the quarter some demand, even short-term demand picking up. On the price, it's clear that today the market is better so it's a good time to sign to try to sign some long-term contracts, and we are back to a better percentage of brent than in the last years. By the way, this is what we want to do on PNG LNG. Today, we are benefiting marketing of PNG LNG in this type of environment is a good timing for us, in fact. So we have a delay, but we benefit from that. And I think we are targeting to finalize some long-term sales contract to cover our share of PNG LNG. Then on the other side, on the global market, Europe was more softened than last year because the weather was mild in winter. The storage is limited in capacity. So when the storage are full, it's difficult to put more.

有趣，是的。正如我所說，明年全球能源市場將成為淨基礎，我們在本季度初看到一些需求，甚至是短期需求回升。在價格方面，很明顯，今天的市場更好，所以現在是嘗試簽署一些長期合同的好時機，而且布倫特原油的百分比比過去幾年要高。順便說一下，這就是我們想要對 PNG LNG 做的事情。事實上，今天，我們在這種環境中受益於 PNG LNG 的營銷，這對我們來說是個好時機。所以我們有延遲，但我們從中受益。我認為我們的目標是完成一些長期銷售合同，以支付我們在 PNG LNG 中的份額。另一方面，在全球市場上，由於冬季天氣溫和，歐洲比去年更加疲軟。存儲容量有限。因此，當存儲空間已滿時，很難再放入更多空間。

So if you have limited and it's a problem by the way for me for Europe is that we don't have a very large capacity of underground storage, in fact in Europe. So when, so that's why, by the way, we see that in the figures of TotalEnergies, there were less spot deals being done. There was another reason, by the way, about the pod but some strikes in France, the terminal in France, where in fact, shut down, not shutdown, but are not accessible from few almost a month. But otherwise, I would say, do we see today, if your question is more Chinese demand. It's not too clear to me, to be honest. There is more than last year, but are we back to the 2021 level of Chinese LNG demand, is not -- it's a little premature to answer you positively. So we are in between, I would say, at this stage '22 and '21 for this Asia demand. But more appetite for many players. And including, by the way, the Chinese players, you have seen that they have signed some long-term contracts with Qatar. It's going to because they are really willing to I think, to ensure the security of supply. China is importing 40% of natural gas. So it's a good opportunity and Qatar is benefiting of it, and we are working with them in order to try to secure on the long term the supply for natural gas. So it's good for LNG.

所以如果你有限制，順便說一下，歐洲的問題是我們沒有非常大的地下存儲容量，事實上在歐洲。所以，這就是為什麼，順便說一下，我們在 TotalEnergies 的數據中看到，完成的現貨交易較少。順便說一句，關於吊艙還有另一個原因，但法國的一些罷工，法國的終端，實際上是關閉，而不是關閉，但幾乎一個月都無法訪問。但除此之外，我會說，如果你的問題是更多的中國需求，我們今天會看到嗎？老實說，我不太清楚。比去年多，但我們是否回到了 2021 年中國液化天然氣需求的水平，不是——現在正面回答你還為時過早。因此，我想說，在這個亞洲需求的這個階段，我們介於 22 年和 21 年之間。但更多的是讓很多玩家胃口大開。順便說一句，包括中國球員在內，你已經看到他們與卡塔爾簽訂了一些長期合同。這將是因為我認為他們真的願意確保供應安全。中國進口了40%的天然氣。所以這是一個很好的機會，卡塔爾正在從中受益，我們正在與他們合作，以確保長期供應天然氣。所以它對液化天然氣有利。

Wonderful, thank you.

太好了，謝謝。

The next question is from Biraj Borkhataria from RBC. Please go ahead.

下一個問題來自 RBC 的 Biraj Borkhataria。請繼續。

Hi, thanks for taking my questions. So 2 questions on the upstream, please. The first one, just on Mozambique. I appreciate you're restarting there. On the other side, they were it seems like the operator was considering a second floating facility. I was just wondering from the Total point of view, is that something you've looked at or something you're considering? And then the second question is just could you just walk me through the kind of plans for 2023 for both Namibia and Suriname. And what are the next steps heading towards development? Thank you.

您好，感謝您回答我的問題。請就上游提出 2 個問題。第一個，就在莫桑比克。感謝您在那裡重新開始。另一方面，運營商似乎正在考慮第二個浮動設施。我只是想從總體的角度來看，這是您已經看過還是正在考慮的事情？然後第二個問題是，您能否為我介紹一下納米比亞和蘇里南的 2023 年計劃。接下來的發展步驟是什麼？謝謝。

No. I mean, honestly, when you have Mozambique LNG, huge reserves, the question for us is to develop a scheme where we can really have the potential to take the most of these reserves. And so the floating LNG concept, which is honestly not fully adapted. I think it was quite adapted as the first development because it was a part of the reservoir, which was not related to the big reservoir that we want to develop. But for us, honestly, in terms of allocation of capital, if I want to do LNG, I prefer to allocate capital for LNG to projects with a potential of upside because you make much more value with additional trains on a brownfield way than on the greenfield project. And the limitation for me on the floating LNG scheme that, in fact, you have the CapEx and then you cannot expand it. We cannot benefit from the additional reserves. So we have enough projects in our portfolio, LNG projects portfolio, not to allocate capital to floating LNG because we don't see the upside. And again, for me, LNG is a very good cash machine when you can add additional trends.

不，我的意思是，老實說，當莫桑比克擁有巨大的液化天然氣儲量時，我們面臨的問題是製定一項計劃，讓我們真正有潛力充分利用這些儲量。所以浮動液化天然氣的概念，老實說並沒有完全適應。我認為它作為第一個開發項目非常適合，因為它是水庫的一部分，與我們要開發的大水庫無關。但對我們來說，老實說，就資本分配而言，如果我想做液化天然氣，我更願意將液化天然氣的資本分配給具有上升潛力的項目，因為在棕地方式上增加火車比在綠地項目。我對浮動液化天然氣計劃的限制是，事實上，你有資本支出，然後你就不能擴大它。我們無法從額外儲備金中獲益。因此，我們的投資組合中有足夠的項目，液化天然氣項目組合，不會將資金分配給浮動液化天然氣，因為我們看不到好處。再一次，對我來說，當你可以添加額外的趨勢時，液化天然氣是一個非常好的提款機。

Namibia and Suriname. Namibia, we are drilling just now. So we have -- in fact, in '23, we will spend $300 million. We have 3 wells to be drilled. We have 2 rigs, 3 wells, 3 tests. So in fact, it's a critical year. We are just making a second accelerated exploration well, then we'll make an appraisal well of the first discovery and potentially another appraisal well, the second appraisal well, either on the first discovery or on the second discovery, if it's a discovery. So, and we'll test because it's fundamental. We have some good static, I would say, data last year, so very encouraging. This is why we have decided to commit almost half of our exploration budget in 2023. But we need the dynamic of the test results because when you are by 3,000 meter water depth, either if it's 15,000 barrels per day per well or 5,000, you don't have the same economics or same economy. So the plan is there. My view is that with all this data, we'll be in a position to have by the end of '23 maybe earlier, but end of '23 to have a good idea of what we have in hand and can we accelerate the time to market to develop the first discovery.

納米比亞和蘇里南。納米比亞，我們正在鑽探。所以我們 - 事實上，在 23 年，我們將花費 3 億美元。我們有3口井要鑽。我們有 2 個鑽機、3 個井、3 個測試。所以事實上，這是關鍵的一年。我們只是進行第二口加速勘探井，然後我們將對第一個發現進行評估，並可能對另一個評估井、第二個評估井進行評估，無論是在第一個發現還是在第二個發現上，如果它是一個發現。所以，我們將進行測試，因為它是基本的。我們有一些很好的靜態數據，我想說，去年的數據非常令人鼓舞。這就是為什麼我們決定在 2023 年投入近一半的勘探預算。但我們需要測試結果的動態，因為當你到達 3,000 米水深時，無論是每口井每天 15,000 桶還是 5,000 桶，你都不知道'有相同的經濟學或相同的經濟。所以計劃就在那裡。我的觀點是，有了所有這些數據，我們將能夠在 23 年底之前可能更早，但在 23 年底之前可以很好地了解我們手頭的內容，我們能否加快時間市場開拓先發現。

On Suriname, Suriname I think very -- the last appraisal well is just being drilled. So the good news is that we are trying to develop an oil pool. The difficulty in Suriname is that the oil-gas ratio is quite high, but so what we wanted to identify all pool with a lower CGR in order to be able to have an efficient development. It's a development which we combined 2 discoveries. The first two appraisal wells of these 2 discoveries have been positive. So today, it's a pool of around 500-plus million barrels of oil. We are waiting for the last oil well in order to reach (inaudible) And then it will be time to go to development, I would say, after these appraisal wells. We'll have again there a good vision in order to move forward to the next step. So this year, '23 for both Namibia and Suriname is very important because for us, it could be -- it will be the next wave of going to FID for growing our oil business in the coming -- in the future years.

在蘇里南，我認為蘇里南非常——最後一口評價井剛剛被鑽探。所以好消息是我們正在努力開發一個石油池。蘇里南的困難在於油氣比相當高，但我們想要確定所有具有較低 CGR 的池，以便能夠進行高效開發。這是我們結合了兩個發現的發展。這兩個發現的前兩口評價井都取得了積極的成果。所以今天，它是一個大約有 500 多萬桶石油的池子。我們正在等待最後一口油井到達（聽不清）然後是時候去開發了，我想說，在這些評估井之後。我們將再次擁有一個美好的願景，以便邁向下一步。所以今年，'23 對納米比亞和蘇里南來說都非常重要，因為對我們來說，這可能是 - 這將是未來幾年為發展我們的石油業務而進入 FID 的下一波浪潮。

Thank you for the details.

謝謝你的細節。

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

下一個問題來自高盛的 Michele Della Vigna。請繼續。

Hi Patrick and Jean-Pierre, congratulations on the strong results despite the deteriorating macro. I really had one question. We've seen a major shift in the renewable power strategies, both of the oil companies, some of whom are deemphasizing that investment, but also from the utilities who are more focused on financial delevering. And I'm wondering whether you're seeing signs that this shift is starting to restore better profitability, especially in wind but also in solar and perhaps opening up better opportunities for you as well?

嗨，Patrick 和 Jean-Pierre，祝賀您在宏觀環境惡化的情況下取得了強勁的業績。我真的有一個問題。我們已經看到可再生能源戰略的重大轉變，包括石油公司（其中一些公司不再強調該投資）和更注重金融去槓桿化的公用事業公司。我想知道您是否看到這種轉變開始恢復更好的盈利能力的跡象，尤其是在風能和太陽能領域，也許還會為您帶來更好的機會？

It's -- I think it's a little premature. What will drive. It's clear that today, you had last year some higher costs from the supply chain. Then of course, you have the interest rates, which are going up. And it's a highly leveraged industry. So of course, if you want, at the end of the day to restore profitability, you have to put a price up, which is good, I think, for me, it might -- for players like us, it will create opportunity for sure. We've seen as well on some tenders to be honest, some price, which we are very aggressive in offshore range, which we will not understand which we are probably too low and you know what is behind. So there it's difficult to tell you, I would say, to have a clear and clear cut answer. I think this will come, we see higher prices in the negotiation of corporate PPAs in the U.S. clearly. People are more reasonable. And I think on both sides, by the way, the customers and the sellers because everybody, when you have a direct discussions with some industries or some customers, it's a way to restore profitability. So there is a good signal from this point of view. Sometimes in tenders, it's different record.

這是 - 我認為這有點為時過早。什麼會驅動。很明顯，今天，去年供應鏈的成本有所增加。然後當然，你有利率，它正在上升。這是一個高度槓桿化的行業。所以當然，如果你想在一天結束時恢復盈利，你必須提高價格，我認為這很好，對我來說，這可能——對於像我們這樣的玩家來說，這將為當然。老實說，我們在一些招標中也看到了一些價格，我們在離岸範圍內非常激進，我們不明白我們可能太低了，你知道背後是什麼。所以很難告訴你，我會說，有一個清晰明確的答案。我認為這會到來，我們清楚地看到美國公司 PPA 談判的價格更高。人比較理性。我認為，順便說一下，客戶和賣家，因為每個人，當你與某些行業或某些客戶進行直接討論時，這是恢復盈利能力的一種方式。所以從這個角度來看，這是一個很好的信號。有時在招標中，它是不同的記錄。

What we try to do, by the way, on the corporate PPA in order to restore part of the profitability as well to introduce not only a fixed price PPA for 15 years or 10 years, which honestly is not the best, but we introduce some elements of some merchant elements in order to share some upside, downside with the customer, which we like now in our model of TotalEnergies, and this environment gave us more capacity to propose this type of contract. So I think what is true to come back to you is that I think there is a feeling that the rate is more today not to volume, but to value. And it's a little like I think the shale oil industry in the past. So there are more players looking to profitability. Why we -- when we announced that we are targeting more than 10% for integrated power, I know that people have some doubts, but and again, it's integrated because of the full value chain, but I'm fully convinced that this will come. It's capital-intensive industry, and there is no way to just to think and when the money cost of the money was almost 0, you could find plenty of people ready to accept the low profitability when the price of the money is at 4%, 5%. You have to add some 4%, 5%, if you want to reach the same profitability. So I think all that will probably help us to restore the profitability and to move from, I would say, an infant industry, so a little more mature investment.

順便說一下，我們嘗試在企業 PPA 上做些什麼，以恢復部分盈利能力，不僅引入 15 年或 10 年的固定價格 PPA，老實說這不是最好的，但我們引入了一些一些商家元素的元素，以便與客戶分享一些優勢，劣勢，我們現在喜歡在我們的 TotalEnergies 模型中，這種環境使我們更有能力提出此類合同。所以我認為回到你身邊的真實情況是，我認為今天的匯率更多的不是數量，而是價值。這有點像我認為過去的頁岩油行業。因此，有更多的玩家尋求盈利。為什麼我們 - 當我們宣布我們的目標是超過 10% 的集成電源時，我知道人們有一些疑問，但再一次，它是集成的，因為完整的價值鏈，但我完全相信這會到來.它是資本密集型行業，沒有辦法只是想，當貨幣的貨幣成本幾乎為 0 時，你會發現很多人願意接受貨幣價格在 4% 時的低盈利能力， 5%。如果你想達到同樣的盈利能力，你必須增加 4%、5%。因此，我認為所有這些可能會幫助我們恢復盈利能力，並從我想說的幼稚行業轉變為更成熟的投資。

Thank you.

謝謝。

The next question is from Lydia Rainforth of Barclays. Please go ahead.

下一個問題來自巴克萊銀行的 Lydia Rainforth。請繼續。

Thank you and good afternoon. And 2 questions, if I could. And I did want to come back to the Suncor divestment proceeds. Given that you've kept the net investment number the same, is this effect by giving you more acquisition capacity? I just wanted to check where we are on that? And then the second one was just coming back to the Integrated Power business. Obviously, you've given us lots of helpful data and kind of seeing that out. It has been very volatile. So when we're looking at that business, kind of what are the key things that you actually want us to think about from that side? Thanks.

謝謝，下午好。如果可以的話，還有 2 個問題。我確實想回到 Suncor 的撤資收益。鑑於您保持淨投資數量不變，這種效果是否是通過提供更多的收購能力來實現的？我只是想檢查一下我們在那上面的位置？然後第二個剛剛回到集成電源業務。很明顯，你給了我們很多有用的數據，並且有點看出來了。它一直非常不穩定。因此，當我們審視該業務時，您真正希望我們從這方面考慮的關鍵問題是什麼？謝謝。

On the first one, I would say yes and no because again, in our view, when we put our budget for 2023, we plan the spin-off. We plan the spin-off and the company was TotalEnergies was planning to allocate part of a certain amount of debt, let's say, $2 billion, more or less to the spin-off. So this $2 billion were the proceeds which was integrated in our budget. So I would say -- so it does not change from the monthly the view we have of our guidance for CapEx, EUR 16 million to EUR 18 billion. So yes, of course, we have room for both, again, divestments and acquisitions. We knew that this year that we will have some, I would say, higher proceeds of divestments, but we have also look, we have already spent some money for acquisitions. We've done the Abu Dhabi deal. We've done the -- we will have to because we have some renewable deal, which were introduced and the Qatar, we might have this year -- by the way, it's not a question of acquisition as a question of past costs. But in 2023, we'll have NAV was delayed to January and we may have as well NAF.

關於第一個，我會說是和否，因為在我們看來，當我們制定 2023 年的預算時，我們會計劃分拆。我們計劃分拆，而 TotalEnergies 公司計劃分配一定數量的債務的一部分，比方說，20 億美元，或多或少用於分拆。所以這 20 億美元是納入我們預算的收益。所以我會說 - 所以它不會改變我們對資本支出指導的每月看法，1600 萬歐元到 180 億歐元。所以是的，當然，我們有空間，再次，撤資和收購。我們知道今年我們將有一些，我想說，撤資的收益更高，但我們也看到，我們已經花了一些錢進行收購。我們已經完成了阿布扎比交易。我們已經完成了——我們將不得不這樣做，因為我們有一些可再生能源交易，這些交易已經推出，而卡塔爾，我們今年可能會有——順便說一下，這不是收購問題，而是過去成本的問題。但在 2023 年，我們將 NAV 推遲到 1 月，我們也可能擁有 NAF。

So all that is integrated. And again, do not consider that the $4.5 billion of proceeds from Canada are extra, by the way we also committed today through our announcement that the payout will be increased. But part of these proceeds will go to shareholders like it was. So that I think the point on the first one. On the second one. Yes, it's volatile, okay. It's volatile, but going up. It's volatile going up. And the year '22 on the supply side, to be honest, like Jean-Pierre told you, was complex because you know these European governance, governments wanted to put some ceiling. So introducing in our accounts, the ceiling effects and when you have some supply, which are done on the spot created the quarter-by-quarter results were not, I would say, a smooth exercise last year. This year, I have the impression that we are more, I would say, in a stable environment, even if you still have some governments which are putting some different schemes, but it's more stable. And so I'm expecting more stability from this last year from this supply business. The renewable part is growing. So I'm expecting more in '23 than in '22.

所以所有這些都是集成的。再說一次，不要認為來自加拿大的 45 億美元收益是額外的，順便說一下，我們今天也通過宣布增加支出來承諾。但這些收益的一部分將像以前一樣分配給股東。所以我認為第一個要點。在第二個。是的，它很不穩定，好吧。它是不穩定的，但在上升。它的波動性上升。老實說，就像讓-皮埃爾告訴你的那樣，供應方面的 22 年很複雜，因為你知道這些歐洲治理，政府想要設置一些上限。因此，在我們的賬戶中引入上限效應以及當你有一些供應時，這些都是當場完成的，我想說，去年的季度結果並不順利。今年，我的印像是，我想說，我們在一個穩定的環境中，即使你仍然有一些政府正在製定一些不同的計劃，但它更穩定了。因此，我預計去年該供應業務會更加穩定。可再生部分正在增長。所以我對 23 年的期待比 22 年更多。

And then part of what could be volatile is linked to the gas power plants, which were last year ran at a very high rate. This first quarter was good, but not as high as last year because of mild weather. So this is part of, I would say, volatile results. And so we'll see -- I mean we are at the beginning of a story, and we see quarter after quarter and to give you some more elements what Jean-Pierre and his teams have done and delivered to you. I think it's at the end of the press release. We've restated the year '21 and all the quarters of '22 in this segment. And then I think it's good, but you can engage with my IR team. They will be happy to give you more indications or maybe not, by the way, just to help you to see what they can explain you. But I think, by the way, the volatility, the answer will be more from growing and developing the business. It's a question of size of this business. But you have noticed that almost $400 million, I think $370 million is quite sizable. It's the results is even larger than the one of marketing and services. After 5 years of development, I think it's a good achievement. So we look to that positively and be a source of growth in the future cash flow.

然後，部分可能波動的因素與天然氣發電廠有關，這些發電廠去年以非常高的速度運行。今年第一季度表現不錯，但由於天氣溫和，沒有去年那麼高。所以我想說，這是波動結果的一部分。所以我們會看到 - 我的意思是我們正處於故事的開始，我們會看到一個季度又一個季度，並為您提供 Jean-Pierre 和他的團隊已經完成並交付給您的更多元素。我認為這是在新聞稿的結尾。我們在此部分重述了 21 年和 22 年的所有季度。然後我認為這很好，但你可以與我的 IR 團隊互動。他們會很樂意給你更多的指示，也可能不會，順便說一下，只是為了幫助你看看他們能給你解釋什麼。但我認為，順便說一句，波動性，答案將更多地來自於業務的增長和發展。這是這個企業規模的問題。但是您已經註意到將近 4 億美元，我認為 3.7 億美元相當可觀。它的結果甚至比營銷和服務之一還要大。經過5年的發展，我認為這是一個很好的成就。因此，我們對此持積極態度，並成為未來現金流增長的源泉。

Thanks very much.

非常感謝。

The next question is from Lucas Herrmann of Exane. Please go ahead.

下一個問題來自 Exane 的 Lucas Herrmann。請繼續。

Hi, thanks very much and thanks for the opportunity. Patrick, I wanted to ask you 2 questions on the LNG business. The first, there's clearly been increasing talk in Europe of banning or doing something to stop Russian LNG imports into Europe. I just wonder whether you could make some observations around what's your understanding interpretation and whether well, just your position on that. I'm a little confused actually as to whether you were obliged to take volumes into Europe to regasify through the original contract but anyway. And the second staying with LNG it goes back to Mozambique. And you have had an agreement or you have contracts signed for pretty much all of the offtake from Mozambique. How is that impacted if at all or how are those agreements impacted, if at all, as a consequence of pushout, redoing, retendering, et cetera, et cetera, and the delays that are clearly apparent for the offtakers. That was it, thank you.

你好，非常感謝，也感謝你給我的機會。帕特里克，我想問你兩個關於液化天然氣業務的問題。首先，歐洲顯然越來越多地談論禁止或採取措施阻止俄羅斯液化天然氣進口到歐洲。我只是想知道你是否可以圍繞你的理解解釋做一些觀察，以及是否只是你對此的立場。實際上我有點困惑，你是否有義務通過原始合同將大量貨物運到歐洲進行再氣化，但無論如何。第二個留在液化天然氣中的是莫桑比克。你已經達成協議或簽署了幾乎所有來自莫桑比克的承購合同。由於推出、重做、重新招標等等，以及對承購商來說顯而易見的延誤，這會受到怎樣的影響（如果有的話）或這些協議受到怎樣的影響（如果有的話）。就是這樣，謝謝。

The Mozambique LNG, I would say, LNG contracts have not been affected until now by all that. Those buyers are still maintaining all the, I think we did not reach any, I would say, a date where we will go to commit on something different. I think my view is you know that the buyers when you look to the different contracts, we have a good contract, but they are in the market. And so we are not, I would say, there is no impact at this stage of this delay on the LNG contract, access contracts. By the way, TotalEnergies, we have only today, one of the contracts was discussed or renegotiated, but TotalEnergies took some volumes, and we are ready to take more volumes of Mozambique LNG on our side. On the Russian imports, I would say, I'd like to know, we have some long-term contracts. Part of this long term are a destination close, which is Europe, to be clear. Most of them, by the way, out of the 5 million tonnes of long-term contracts that we have committed to I think at least 3 or 4 other destination close to Europe. There is also a fourth measure close, which means that if Europe decides to ban LNG imports, then we would exercise the fourth measure close and will stop importing LNG from Russia to Europe.

莫桑比克液化天然氣，我想說，液化天然氣合同直到現在才受到這一切的影響。那些買家仍然保持所有，我認為我們沒有達成任何，我會說，我們將去承諾不同的事情的日期。我想我的觀點是，當你查看不同的合同時，買家知道我們有一份很好的合同，但他們在市場上。因此，我想說，在現階段，這種延遲對液化天然氣合同、准入合同沒有影響。順便說一句，TotalEnergies，我們今天才討論或重新談判了其中一份合同，但 TotalEnergies 獲得了一些數量，我們準備好從我們這邊獲得更多數量的莫桑比克液化天然氣。關於俄羅斯進口，我想說，我想知道，我們有一些長期合同。需要明確的是，這一長期計劃的一部分是目的地附近，即歐洲。順便說一句，在我們承諾的 500 萬噸長期合同中，我認為其中的大多數至少還有 3 或 4 個靠近歐洲的其他目的地。還有第四項措施關閉，這意味著如果歐洲決定禁止液化天然氣進口，那麼我們將執行第四項措施關閉，將停止從俄羅斯向歐洲進口液化天然氣。

I have impression when I'm reading what is that, of course, there is a debate. The debate has rebounded, of course, first, because there is not much improvement on the situation on the wall, I would say. And second, because the European leaders think that today they have taken actions that may be banning Russia LNG is possible. It's not a unanimous position. Some countries are more concerned than others. What is being discussed today, if I understand correctly, the regulation, which is put on the table, which will go to the European Parliament, it could take time, in fact, because sanctions require unanimity and we not do full sanction. There is no unanimity in Brussels on that. But if it goes to the -- if I understand the position, it's more about trying to regulate the capacity of Russian players to, I would say, to book some regas capacities in Western Europe, future regas capacity. So if it is the case, it's not a ban. And by the way, it does not really affect -- it will not affect our position, to be clear. Then you know our position on that, we will respect all the sanctions and -- but at this stage, as you know, we have a long-term contract, it's a commitment. It's a huge contract, and we have no other way than expecting this long term, it's a take-or-pay contract. So if we don't take, we'll pay.

我看的時候有印像是什麼，當然有爭論。辯論已經反彈，當然，首先，因為牆上的情況沒有太大改善，我會說。其次，因為歐洲領導人認為他們今天採取的行動可能會禁止俄羅斯液化天然氣。這不是一個一致的立場。有些國家比其他國家更擔心。今天正在討論的內容，如果我理解正確的話，擺在桌面上，將提交給歐洲議會的法規，實際上可能需要時間，因為製裁需要全體一致，而我們不會進行全面製裁。布魯塞爾對此沒有達成一致意見。但如果它進入 - 如果我理解這個位置，它更多的是試圖規範俄羅斯玩家的能力，我會說，預訂西歐的一些再氣化能力，未來的再氣化能力。所以如果是這樣的話，那不是禁令。順便說一句，它並沒有真正影響——明確地說，它不會影響我們的立場。然後你就知道我們的立場了，我們會尊重所有的製裁，而且——但在這個階段，正如你所知，我們有一份長期合同，這是一項承諾。這是一份巨大的合同，我們別無選擇，只能期待這份長期合同，這是一份照付不議的合同。所以如果我們不接受，我們就會付錢。

And again, in the balance of Europe, it was not neutral and last year it was something around 15 million tonnes, I think, more or less, which were importing from Russia to Europe. So again, we are monitoring that week after week, and we will execute. I remember you that we don't hedge all these LNG contracts because we perfectly know but maybe it could happen to us that we'll have to stop. And so there is no market position being taken on the LNG from Russia.

再一次，在歐洲的平衡中，它不是中性的，我認為去年大約有 1500 萬噸左右，它們是從俄羅斯進口到歐洲的。因此，我們再次一周又一周地進行監控，我們將執行。我記得你，我們沒有對所有這些液化天然氣合同進行對沖，因為我們完全知道，但也許我們可能會不得不停止。因此，俄羅斯的液化天然氣沒有市場地位。

And sorry, just to go back to Mozambique and the volumes that you've now taken into portfolio, could you quantify the number?

抱歉，回到莫桑比克和你現在已經納入投資組合的數量，你能量化這個數字嗎？

Quantify what?

量化什麼？

Quantify the amount of LNG that you effectively will take into your marketing.

量化您將有效用於營銷的 LNG 數量。

At this stage, I think it's something like 0.7 million tonnes for TotalEnergies. But again, if some buyers won't told us that they prefer to withdraw, we are ready to take more -- so we are open to that. But some Japanese buyers are also ready to take more of Japan -- there is some appetite. Mozambique LNG is not only a huge reserve, it's well located. It's directly on the Indian Ocean as to go to. I think it's a good geographical position. So there is no, I'm not afraid about selling this Mozambique LNG. And again, the buyers did not exercise any close vis-a-vis the project.

在這個階段，我認為 TotalEnergies 大約有 70 萬噸。但同樣，如果一些買家不告訴我們他們更願意退出，我們準備接受更多——所以我們對此持開放態度。但一些日本買家也準備接受更多的日本——有一些胃口。莫桑比克液化天然氣不僅儲量巨大，而且地理位置優越。它直接在印度洋上。我認為這是一個很好的地理位置。所以沒有，我不怕賣這個莫桑比克液化天然氣。再一次，買家沒有對該項目採取任何措施。

Okay. Patrick thank you.

好的。帕特里克謝謝你。

The next question is from Matt Lofting of JPMorgan.

下一個問題來自摩根大通的 Matt Lofting。

Hi, thanks for taking my questions. Two, if I could, please. First, on demand, Patrick, I think you talked LNG specifically earlier, but to the extent financial markets are putting something of a burden of proof on the resilience of global oil and energy demand more broadly here. Are there any areas or subsectors through Total's extensive global downstream business? Or are you seeing any early warning signs on the rate of change in demand manifesting? And then secondly, could you share any sense of the strength of contribution from the Oil & Products trading business within the first quarter refining and Chemicals result and perhaps how you see that trending going forward as the industry moves through the immediate effects of the embargo on Russian oil products? Thank you.

您好，感謝您回答我的問題。二，如果可以的話，請。首先，關於需求，帕特里克，我想你之前專門談到了液化天然氣，但在某種程度上，金融市場在這裡更廣泛地對全球石油和能源需求的彈性施加了一些舉證責任。道達爾廣泛的全球下游業務是否有任何領域或子部門？或者您是否看到任何關於需求變化率的預警信號？其次，您能否分享石油和產品貿易業務在第一季度煉油和化學品結果中的貢獻強度，以及您如何看待隨著該行業經歷禁運的直接影響而向前發展的趨勢？俄羅斯石油產品？謝謝。

Honestly, there is no, I mean, what we observed in Europe was, of course, some I would say, energy savings, energy efficiency effect last year, prices were very high. So I would say Europe has saved 15% of energy demand because of rates were so high, but a lot of industries. But also, by the way, B2C customers. I say some energy. We've done in a sort of -- we have allocated to our customers in France, a bonus if they were saving more than 5% of their electricity during winter time, we are ready to share with them part of the profit that we are gaining from the, I would say, forward supply. And customers, more than 1 million customers, 1.2 million, 1.3 million customers had saved an average of 15%. By the way, it's more or less the same figure, but we have certain in the manufacturing side, I mean, on the industry side. So there were some impact on energy savings. Will it last? I think this is really -- I think it was really a reaction to the very high price. The gas price was almost $200 per barrel last year in Europe. So today, it has softened, and we begin to see some demand coming back, I would say. So I think there was -- is it shorter, it is fundamental and not clear.

老實說，沒有，我的意思是，我們在歐洲觀察到的，當然，我會說一些，去年的節能、能效效果，價格非常高。所以我想說歐洲已經節省了 15% 的能源需求，因為利率如此之高，但很多行業。而且，順便說一下，B2C 客戶。我說一些能量。我們已經做了 - 我們已經分配給我們在法國的客戶，如果他們在冬季節省超過 5% 的電力，我們將獲得獎金，我們準備與他們分享我們的部分利潤我想說，從遠期供應中獲益。而客戶，100萬以上的客戶，120萬，130萬的客戶平均節省了15%。順便說一句，它或多或少是相同的數字，但我們在製造業方面有一定的，我的意思是，在工業方面。所以對節能有一定的影響。它會持續嗎？我認為這真的——我認為這真的是對非常高的價格的反應。去年歐洲的天然氣價格接近每桶 200 美元。所以今天，它已經軟化，我們開始看到一些需求回升，我想說。所以我認為有-- 它是否更短，它是基本的但不明確。

Otherwise, no, I would say we don't see some softening of energy demand and the expectation from the own market are still high. On the second question about Russian ban, what is clear is there's been a surprise. The surprise has been that -- there are many effects on the ban. The big surprise that, in fact, the diesel from Russia was much quicker than expected. I think the markets were anticipated some impact on the diesel tracks, which are integrated probably. We've seen a lot of players making inventories of diesel before the ban. And in fact, the surprise of the coming months is that the diesel of Russia was quickly rerouted to Africa and South America, that was obvious because there were the 2 importing market, but also to the Middle East, where some producing countries, pressure to buy some diesel with a good discount and to sell that oil with no discount, which is, by the way, a good transfer of value. from Russia to some Middle East countries. That is a surprise, which means that, by the way, the diesel crack is happening, clearly, because there were high inventories. Now Russian is there. And the Chinese refineries are back full speed because also they benefit, by the way, from Russian with a discount.

否則，不，我會說我們沒有看到能源需求有所減弱，而且市場對自身的期望仍然很高。關於俄羅斯禁令的第二個問題，顯而易見的是出現了意外情況。令人驚訝的是——禁令有很多影響。令人大吃一驚的是，事實上，來自俄羅斯的柴油比預期的要快得多。我認為市場預計會對可能集成的柴油軌道產生一些影響。我們已經看到很多玩家在禁令實施前庫存柴油。事實上，未來幾個月令人驚訝的是，俄羅斯的柴油很快被改道到非洲和南美洲，這是顯而易見的，因為那裡有第二個進口市場，還有中東，那裡的一些生產國面臨著壓力以高折扣購買一些柴油，然後以無折扣的價格出售該油，順便說一句，這是一種很好的價值轉移。從俄羅斯到一些中東國家。這是一個驚喜，這意味著，順便說一下，柴油裂縫正在發生，很明顯，因為庫存很高。現在俄語在那裡。中國的煉油廠正在全速恢復，因為順便說一句，他們也以折扣價從俄羅斯受益。

So this way this cut on the Russian crude in diesel has so many effects on different parts of the world and some impact from the global markets. This is what we observed. Altering traders, they love volatility, there is a lot of volatility. And so I would say they have good results. But in fact, they have very good results almost every quarter. So I hope that they will continue. That's my comments.

因此，這種對俄羅斯原油柴油的削減對世界不同地區產生瞭如此多的影響，並對全球市場產生了一些影響。這是我們觀察到的。改變交易者，他們喜歡波動，波動很大。所以我會說他們有很好的結果。但實際上，他們幾乎每個季度都有很好的成績。所以我希望他們能繼續下去。這就是我的意見。

Very good. Thank you Patrick.

非常好。謝謝帕特里克。

Next question is from Kim Fustier of HSBC. Please go ahead.

下一個問題來自匯豐銀行的 Kim Fustier。請繼續。

Hi, good afternoon. And thank you for taking my question. I've got 2, if I may. First one is, I appreciate that you don't comment on rumors, but I'm just curious to hear any thoughts that you can share on the attractiveness of corporate upstream M&A and particularly for producing assets, given that Total has recently been linked to a certain private E&P company. I guess another way of asking that question is, hypothetically, what would you need to see in order to pull the trigger on, let's say, a $5 billion deal in the upstream? And my second question is on Iraq. I just wondered if you could walk us through the updated Iraq integrated energy deal that was announced earlier this month. It seems to be a $10 billion headline investment. But just how is that CapEx going to be phased over the years? Thank you.

嗨，下午好。謝謝你回答我的問題。如果可以的話，我有 2 個。第一個是，我很感激你不對謠言發表評論，但我很想听聽你能分享關於企業上游併購的吸引力的任何想法，特別是在生產資產方面，鑑於道達爾最近與某民營勘探開發公司。我想提出這個問題的另一種方式是，假設您需要看到什麼才能觸發，比方說，上游 50 億美元的交易？我的第二個問題是關於伊拉克的。我只是想知道你是否可以向我們介紹本月早些時候宣布的更新後的伊拉克綜合能源協議。這似乎是一項 100 億美元的頭條投資。但是，多年來資本支出將如何分階段進行？謝謝。

Okay. Iraq, yes, that was a good news of the -- after my comments in London. I don't know if some people listen to my comments. But clearly, the government of Iraq confirms the world contract with no modification at all. So I would say sanctity of contract went through a change of government, it was for me fundamental. So that was, for me, more than a good news. And secondly, we reached an agreement on the way that participating interest could be allocated to an Iraqi party. You have seen that we will invite also for partners from Qatar Energy to join us. So that, I think it's a good setup. We are finalizing all the paperwork, but I think large $10 billion we spent fundamentally about among, let's say, 4 years, 4 years we need to -- because it's there pace. By the way, based in the way that the gas flaring, we have to build some trains to fare down the gas that will take 2 phase. And also on the old part, by the way, increasing the production will be done in 2 phases. So let's consider 4 years with a ramp up along the year. So that's the point .

好的。伊拉克，是的，這是我在倫敦發表評論後的好消息。不知道有沒有人聽我的評論。但很明顯，伊拉克政府毫無修改地確認了世界契約。所以我想說合同的神聖性經歷了政府的更迭，這對我來說是根本的。所以，對我來說，這不僅僅是一個好消息。其次，我們就參與利益分配給伊拉克一方的方式達成了協議。大家看到了，我們還會邀請卡塔爾能源的合作夥伴加入我們。所以，我認為這是一個很好的設置。我們正在完成所有文書工作，但我認為我們從根本上花費了 100 億美元，比方說，我們需要 4 年，4 年——因為它是有節奏的。順便說一句，基於天然氣燃燒的方式，我們必須建造一些火車來減少天然氣，這將需要 2 階段。順便說一句，在舊部分，增加產量將分兩個階段完成。因此，讓我們考慮 4 年，並逐年增加。這就是重點。

On not a few M&A and I don't believe all rumors, people love to use our name. We have demonstrated, I think, in the past that we are able to make good deals when the price is good. So I think it's a price of acquisition. And second, I think it's a matter for me as well of synergies. Can you find some synergies in the acquisitions, which will deliver additional value. And the other point which, of course, is important for us is that -- I mean, does it make the reasonable portfolio according to our different position. So we are not trying to fill the gaps. We are more trying to be consistent with the strategy. So we'll see, so don't believe rumors.

在不少併購上，我不相信所有謠言，人們喜歡使用我們的名字。我認為，我們過去已經證明，當價格合適時，我們能夠達成好的交易。所以我認為這是收購的代價。其次，我認為這對我來說也是一個問題。您能否在收購中找到一些協同效應，這將帶來額外的價值？當然，對我們來說重要的另一點是——我的意思是，它是否根據我們的不同立場製定合理的投資組合。所以我們並不是要填補空白。我們更多地試圖與戰略保持一致。所以我們拭目以待，所以不要相信謠言。

The next question is from Amy Wong of Credit Suisse.

下一個問題來自瑞士信貸的 Amy Wong。

Hi, good afternoon and thanks for taking my questions. I have 2 of them, please. So one of them is just continuing along the lines of M&A strategy. You've made quite a few chunky, pretty large acquisitions this quarter, an interesting mix across E&P, power integrated gas. So can we take that as an indication of kind of how you're thinking along the lines in the near future? And then -- and as a follow-up to that, just think tying that with your Scope 1, 2, 3 emissions targets that you've talked about. And how are those targets to any degree, if any, at all, restricting the way you're looking at acquisitions at the moment? The need to comply with some of those '25, 2030 targets that you put out? Thank you.

您好，下午好，感謝您提出我的問題。我有 2 個，謝謝。因此，其中之一隻是繼續沿著併購戰略的方向發展。本季度你進行了相當多的大筆收購，這是一個有趣的跨勘探與生產、電力綜合天然氣的組合。那麼我們是否可以將其視為您在不久的將來如何思考的一種跡象？然後 - 作為後續行動，只需考慮將其與您談到的範圍 1、2、3 排放目標聯繫起來。這些目標在任何程度上（如果有的話）如何限制您目前看待收購的方式？是否需要遵守您提出的一些 25、2030 年目標？謝謝。

The second question is easy. There is no constraint of absolute value. We have a commitment in particular, when we look to hydrocarbons. But any project, either by the way, organic one or acquisition must have an intensity scope 1 and 2 intensity of CO2 lower than the average of the company, the average company of 19. So it any project, any M&A should be -- should enhance the position in intensity. That's my question now. And then we manage and if it's good for the shareholders, it deliver value, we will manage the absolute objective is up to us to make the efforts on other projects. And I think we have demonstrated our capacity to have not only to acquire, but to divest some assets like we are doing today. By the way, the exit of the Canadian wholesale from that perspective, pure CO2 budget, I would say, are giving us some space in terms of CO2. But it's, again, don't consider that there is a direct. There is a link more for me when we are developing our strategy or integrated power strategy. It's very clear that this is clear that we want to be able to offer to our customers a more decarbonized I mean, lower range of products, oil, gas and some electricity, that's clear, but it is a strategy.

第二個問題很簡單。沒有絕對值的約束。當我們關注碳氫化合物時，我們尤其有承諾。但是任何項目，無論是有機項目還是收購項目，其 CO2 強度範圍 1 和 2 的強度都必須低於公司的平均水平，即 19 家公司的平均水平。因此，任何項目、任何併購都應該——應該強化地位。這就是我現在的問題。然後我們進行管理，如果它對股東有利，它會帶來價值，我們將管理的絕對目標取決於我們在其他項目上的努力。而且我認為我們已經證明了我們不僅有能力收購，而且有能力剝離一些資產，就像我們今天所做的那樣。順便說一句，從這個角度來看，加拿大批發的退出，純二氧化碳預算，我想說，在二氧化碳方面給了我們一些空間。但是，再一次，不要認為有直接的。當我們制定我們的戰略或綜合權力戰略時，對我來說有更多的聯繫。很明顯，我們希望能夠為我們的客戶提供更脫碳的產品，石油、天然氣和一些電力，這很明確，但這是一種戰略。

But by the way, the first question, we have demonstrated. I think this quarter is a perfect demonstration of the balance of our strategy. We can use M&A or organic development, either to go on oil back in Abu Dhabi because we have the opportunity to put in our portfolio, a very low cost, low CO2, by the way, asset. I think the cost of per barrel price per barrel of production is around $7, $8 per barrel. We paid a cost more or less of $4 per barrel. So it's fitting very well price per barrel. So it's fitting perfectly with the strategy. So oil is good when it's fitting with the strategy. We had the LNG in Qatar, which was -- I mean, the investments, which were the results of last year positioning. And again, it's LNG is clear, and we have some renewables. So we'll continue to, I would say, feed with organic or M&A, all the segments of the company. If there are good opportunities. So for me, a question when we look to M&A and again, it's not today, we have more looks recently to divestment and the merger of an acquisition, I would say. But it's we are looking to that. What is the value creation that we can get, not only by saying, but beyond, I would say, the initial acquisition payment, that's what we look at it.

不過順便說一下，第一個問題，我們已經論證過了。我認為這個季度完美地展示了我們戰略的平衡。我們可以使用併購或有機開發，要么在阿布扎比繼續石油生產，因為我們有機會投入我們的投資組合，順便說一句，成本非常低，二氧化碳排放量低。我認為每桶生產的每桶價格成本約為每桶 7、8 美元。我們支付的成本大約為每桶 4 美元。所以它非常適合每桶價格。因此，它非常適合該策略。因此，當石油符合戰略時，它是好的。我們在卡塔爾擁有液化天然氣，這是 - 我的意思是投資，這是去年定位的結果。再一次，液化天然氣很明確，我們有一些可再生能源。因此，我會說，我們將繼續為公司的所有部門提供有機或併購。如果有好的機會。所以對我來說，當我們再次關注併購時，不是今天，我們最近對撤資和收購合併有更多的關注，我會說。但這是我們正在尋找的。我們可以獲得的價值創造是什麼，不僅是說，而且我會說，除了初始收購付款，這就是我們所看到的。

The next question is from Paul Cheng of Scotia Bank. Please go ahead.

下一個問題來自豐業銀行的 Paul Cheng。請繼續。

Hi, thank you. Patrick just if you don't mind, I want to go back into the (inaudible) sales. Is that a competitive or that you get some offer, but now go out and put it as a result, as a competitive bid or that is put is coming in from other people? And have you looked at to break up the onset and sell you individually.

嗨，謝謝你。帕特里克，如果你不介意的話，我想回到（聽不清）銷售。那是競爭性的還是你得到了一些報價，但現在出去把它作為一個競爭性的報價或來自其他人的報價？你有沒有想過分手並單獨賣給你。

No, no, it's clear. I mean, they were -- I think everything is the statement. In the pace, you just have to read Paul. I think we said in the statement, we launched the spinoff. There was no bid of and we received unsolicitable and solicited offers. So several many. So several players, not only one. We did not look at them. We look at them only in the last month when they begin and the one of Santo begin to reach a level that we well comfortable enough to go to the Board and to say to the board, look, we have this offer, which, again, CAD 5.5 billion. And at the same time, as we're working hard and we're already -- I spent a week, last 2 weeks ago, I went to Toronto in order to meet some stock exchange management team, so we are working on. So we had a good view of what could be expected from one side per alternative. And then we have the alternative trade. Of course, we were to push it's our job to push the price up. But I think at the end of the day, again, I prefer Suncor to management to comment on their motivation to make the acquisition on their side or north side, again, we think through this process. without organizing a bid process, but just being very, I would say, determined to make the spinoff, we created an alternative opportunity. Like by the way, I met several shareholders after our last event in London and some of them were expecting possible outcome from this nature. So I mean it's that's what we can say. So that's what we've done.

不不不，很清楚。我的意思是，他們是——我認為一切都是聲明。按照節奏，你只需要閱讀保羅。我想我們在聲明中說過，我們啟動了分拆。沒有出價，我們收到了不請自來的報價。這麼多。這麼多玩家，而不是只有一個。我們沒有看他們。我們只在上個月才開始關注他們，當他們開始時，Santo 的那個人開始達到一個我們很舒服的水平，可以去董事會並對董事會說，看，我們有這個提議，再次， 55億加元。與此同時，由於我們正在努力工作，而且我們已經——我花了一周時間，上兩週前，我去多倫多會見了一些證券交易所管理團隊，所以我們正在努力。因此，我們很好地了解了每個備選方案可以從一方得到什麼。然後我們有替代貿易。當然，我們要推高價格是我們的工作。但我認為，歸根結底，我更喜歡 Suncor 而不是管理層來評論他們在他們身邊或北方進行收購的動機，我們再次考慮這個過程。沒有組織投標過程，但我想說，我們非常決心進行分拆，我們創造了一個替代機會。順便說一句，在我們在倫敦舉行的最後一次活動之後，我遇到了幾位股東，他們中的一些人期待這種性質可能帶來的結果。所以我的意思是這就是我們可以說的。這就是我們所做的。

Okay. And that in the past, a lot of time you guys comment on that, what is the trading result of the trading environment in the quarter. And you haven't mentioned anything in the first quarter. So we just assume trading result is more and less epic and nothing spectacular up in the...

好的。在過去，很多時候你們評論說，本季度交易環境的交易結果是什麼。你在第一季度沒有提到任何事情。因此，我們只是假設交易結果越來越不史詩般，並且在...

You understand when it is spectacular, we warn you because in the trading statement. If we say nothing, as I said before, admit it's very good, but nothing spectacular.

你明白什麼時候它是壯觀的，我們警告你，因為在交易聲明中。如果我們什麼都不說，正如我之前所說，承認它非常好，但沒什麼了不起的。

Very good, thank you.

非常感謝。

The next question is from Patricko of UBS.

下一個問題來自瑞銀的帕特里科。

Yes. Thanks for taking my question. Just one left for me. On we've seen some high targets from the EU in recent weeks and including this week on SAF. I was wondering when I look at your 2030 targets, you mentioned 10% market share with 1.5 million tonnes. Are these numbers? Could these numbers go up both for the overall market size and for your own capacity? Or do you see too much of a constraint when it comes to feedstocks?

是的。感謝您提出我的問題。只留給我一個。我們在最近幾週看到了歐盟的一些高目標，包括本週在 SAF 上的目標。我想知道當我查看您的 2030 年目標時，您提到了 10% 的市場份額和 150 萬噸。這些是數字嗎？對於整體市場規模和您自己的產能，這些數字能否上升？或者在原料方面您是否看到太多的限制？

No, I think yes, you're right, with 10%, but the volume was 2 million tonnes, which was a tiny target, 2 million tonnes. There is Europe on one side, there is a U.S. on the other side. No, I think we have a plan. We are working in order to develop different units, either in the U.S. where the high rate by the way, giving an interesting framework. So there is a plan to develop a project around both offer. And we have other plants in Europe, but we are looking to other opportunities to develop. It's an attractive market. Having said that, as you know, the constraint is more on the feedstock because you need to find, I would say, it's a secular economy. So you need to use a lighter waste or second generation. So today, the constraint is more in the feedstock, but we are I think our colleagues of people are reaching this target of 2 million tonnes per year by 2030, seems to be positive or maybe 1.5. I don't -- okay, we'll see, but don't worry. We are working on it.

不，我認為是的，你是對的，10%，但數量是 200 萬噸，這是一個很小的目標，200 萬噸。一邊是歐洲，一邊是美國。不，我想我們有一個計劃。我們正在努力開發不同的單位，無論是在美國還是在高利率的地方，順便提供一個有趣的框架。因此，有計劃圍繞這兩個提議開發一個項目。我們在歐洲還有其他工廠，但我們正在尋找其他發展機會。這是一個有吸引力的市場。話雖如此，正如你所知，限制更多的是原料，因為你需要找到，我會說，這是一個長期經濟。所以你需要使用打火機廢物或第二代。所以今天，限制更多的是原料，但我認為我們的同事正在實現到 2030 年每年 200 萬噸的目標，這似乎是積極的，或者可能是 1.5。我不——好吧，我們會看到，但別擔心。我們正在做這件事。

The next question is from Giacomo Romeo of Jefferies. Please go ahead.

下一個問題來自 Jefferies 的 Giacomo Romeo。請繼續。

Yes, thank you. First question is just trying to understand with the rationale that led you to increase position pay out as a result of the Canadian divestments rather than committing to a fixed payout. And the other question I have, it's more general -- and it's around the emerging legislation in France, and I'd like to hear your thoughts about the tightening investment criteria for Article 9 funds and explicitly to exclude explicitly investments in positive fuels , and just trying to understand whether you are any sort of involved in discussion with the government in trying to make any changes here. It's obviously Total in our screen is the most popular name and for Article 9 funds investments in oil and gas. I just trying to understand a little bit your thoughts here and whether you are engaged in discussion with the government?

是的，謝謝。第一個問題只是試圖理解導致您因加拿大撤資而不是承諾固定支出而增加頭寸支出的理由。我有另一個問題，它更籠統——它圍繞著法國的新興立法，我想听聽你對第 9 條基金收緊投資標準的看法，並明確排除對積極燃料的明確投資，以及只是想了解您是否參與了與政府的討論以試圖在這裡進行任何更改。很明顯，在我們的屏幕上，Total 是最受歡迎的名字，因為第 9 條基金對石油和天然氣的投資。我只是想了解一下您在這裡的想法以及您是否正在與政府進行討論？

Okay. On the first question, no, I think it's -- again, I explained why the Board. We plan the spin-off was announced to a shareholder. So that means that the there was a distribution of a dividend in kind, potentially to our shareholders. So it was a form of commitment. So we don't do the distribution in kind. So strongly, we had filling respect our word, and so it will be done through either I mean, distribution through the payout, a cash payout to whoever buybacks or special dividends, that's the point. So I think it's quite logic. And so we translated it at this stage because we prefer to observe what will happen during the year by giving you a guidance on the payout, a positive one. I think it's more than 40%, at least 40%. So I think it's positive. So I think that we demonstrated that the Board is clearly committed to the return of to shareholders like we said last year.

好的。關於第一個問題，不，我認為是——我再次向董事會解釋了原因。我們計劃向股東宣布分拆。因此，這意味著有可能向我們的股東分配實物股息。所以這是一種承諾。所以我們不做實物分發。非常強烈地，我們非常尊重我們的話，所以這將通過我的意思是，通過支付分配，向任何回購或特別股息支付現金，這就是重點。所以我認為這是很合邏輯的。所以我們在這個階段翻譯它，因為我們更願意通過給你一個積極的支出指導來觀察一年中會發生什麼。我認為超過40%，至少40%。所以我認為這是積極的。因此，我認為我們表明董事會明確致力於像我們去年所說的那樣回報股東。

The second question, Article 9 such a debate. I'm not sure that exclusion will make the progress of the transition, in particular, because I'm convinced by players like TotalEnergies are very well positioned to reallocate part of our cash flows to accelerate this transition. If people want to exclude, they exclude the only argument I have for them is that you have different for company. You have the one who are in transition, which we can demonstrate. I'm not a big fan of taxonomy, to be honest, because all that is just classification. But I've observed that in some countries like Belgium, they make some caveats on the role stating. But if some companies are really serious about the transition, then it's -- they have to be considered. I'm more in favor, I would say, on a best-in-class philosophy than banning philosophy, which is what we repeat. I think it should be more encouraging. Then if it's not Article 9, will be Article 8 and I think -- but there are also, I would say, from and I'm not, I think, investor point of view might be willing to have a pure category of, I would say, very clean assets, okay?

第二個問題，第9條這樣的辯論。我不確定排除是否會推動過渡，特別是因為我相信像 TotalEnergies 這樣的參與者非常有能力重新分配我們的部分現金流以加速這一過渡。如果人們想要排除，他們就會排除我對他們的唯一論點是你有不同的公司。你有一個處於過渡期的人，我們可以證明這一點。老實說，我不是分類學的忠實擁護者，因為所有這些都只是分類。但我觀察到，在比利時等一些國家/地區，他們對角色陳述提出了一些警告。但是，如果某些公司真的認真對待轉型，那麼就必須考慮他們。我會說，我更贊成一流的哲學，而不是禁止哲學，這是我們重複的。我認為這應該更令人鼓舞。然後，如果不是第 9 條，將是第 8 條，我想——但我想說，從投資者的角度來看，我不是，我認為可能願意有一個純粹的類別，我會說，非常乾淨的資產，好嗎？

But it's a question for me more of organizing the marketing to investors than really a question of regulation. And I think there is there a confusion to try to regulate the transition, to organize the transition through financial regulations. I'm not sure it's the best way to do it. Again, we are on our side. This does not affect our strategy, which is very clear and we maintain the growth.

但對我來說，這更多的是組織面向投資者的營銷，而不是真正的監管問題。我認為試圖規範過渡，通過金融法規組織過渡存在混亂。我不確定這是最好的方法。同樣，我們站在我們這邊。這不影響我們的戰略，非常明確，我們保持增長。

The next question is from Jason Gabelman of TD Cowen.

下一個問題來自 TD Cowen 的 Jason Gabelman。

Yeah, hey. Thanks for taking my question. I wanted to go back to M&A for a minute. Last year, at your Analyst Day, you talked about an interest in growing your U.S. LNG integrated gas footprint. And I'm wondering, as we try to figure out the use of proceeds from the oil ands asset sale, if that's an area that looks attractive to you, either moving into the upstream gas further into upstream gas in the U.S. and/or partnering on an LNG project or two there? And then my second question is on Kazakhstan, some news out of there regarding a potential lawsuit related to recouping costs from the Kazakhstan project, which you have an interest in. I was wondering if you could provide some comments around that, where that lawsuit set to potential liabilities arising from that lawsuit? Thanks.

是的，嘿。感謝您提出我的問題。我想回到併購一分鐘。去年，在您的分析師日，您談到了對擴大美國 LNG 綜合天然氣足蹟的興趣。我想知道，當我們試圖弄清楚石油和資產出售收益的用途時，如果這是一個對你有吸引力的領域，要么進入上游天然氣，進一步進入美國的上游天然氣和/或合作那裡有一個或兩個液化天然氣項目？然後我的第二個問題是關於哈薩克斯坦的，那裡有一些關於與從哈薩克斯坦項目中收回成本有關的潛在訴訟的消息，你對這個項目感興趣。我想知道你是否可以就此提供一些評論，訴訟發生的地點該訴訟引起的潛在責任？謝謝。

On second question, I have no news more than what you learned. I mean it seems that the government at Kazakhstan wants to reopen all discussions. It's not the first time by the cost recovery from Kazakhstan. I think my thing is that the 5 IOCs are really united and so we'll face and we have a contract there again, and we will, of course, find in order to the contract be respected by all the parties. So that's my comments, I have no other view on it. On the first one, I mean, again, I don't consider because we divest, we are not so to spend the money tomorrow. I mean we are -- we can we can also -- I commented already, I think, last -- during our last investor meeting, that is true, but we have -- we are looking to see if we can more integrate those bias position, the U.S. position. The price of the area is quite low, but people are still dreaming of the price of last year. So let's be patient. Things are possible. You know our area of interest and notably, but I repeat it just before. It's good oil, it's LNG. It's also a renewable (inaudible). So we are looking to different opportunities in order to create value from the global portfolio.

關於第二個問題，除了你了解到的情況，我沒有更多消息。我的意思是哈薩克斯坦政府似乎想要重新開始所有討論。這不是第一次從哈薩克斯坦收回成本。我想我的意思是 5 個國際奧委會真的很團結，所以我們將再次面對並在那裡簽訂合同，當然，我們會發現合同得到各方的尊重。這就是我的意見，我對此沒有其他看法。關於第一個，我的意思是，我不考慮因為我們剝離，所以我們明天不會花錢。我的意思是我們 - 我們可以 我們也可以 - 我已經評論過，我想，最後 - 在我們上次投資者會議上，這是真的，但我們 - 我們正在尋找我們是否可以更多地整合這些偏見立場，美國的立場。該地區的價格相當低，但人們仍然夢想著去年的價格。所以讓我們耐心等待。事情是有可能的。你知道我們感興趣的領域，尤其是，但我剛才重複一遍。好油，就是液化天然氣。它也是可再生能源（聽不清）。因此，我們正在尋找不同的機會，以便從全球投資組合中創造價值。

Thanks.

謝謝。

Gentlemen, there are no more questions registered at this time.

先生們，目前沒有其他問題登記。

Okay. So thank you very much, Jean-Pierre has given you all the figures. The results were good. Thank you to all the teams. And thank you for your questions. And see you soon to all of you.

好的。非常感謝，Jean-Pierre 已經為您提供了所有數據。結果很好。感謝所有團隊。謝謝你的問題。很快見到你們所有人。

Ladies and gentlemen, this concludes the conference call. Thank you all for your participation. You may now disconnect.

女士們，先生們，電話會議到此結束。謝謝大家的參與。您現在可以斷開連接。