TotalEnergies SE (TTE) 2023 Q3 法說會逐字稿

Ladies and gentlemen, welcome to the TotalEnergies Third Quarter 2023 Results Conference Call.

女士們、先生們，歡迎參加 TotalEnergies 2023 年第三季業績電話會議。

I will now hand over to Patrick Pouyanné, Chief Executive Officer; and Jean-Pierre Sbraire, CFO, who will lead you through this call. Please go ahead, gentlemen.

我現在將把工作交給執行長 Patrick Pouyanne；財務長 Jean-Pierre Sbraire 將帶領您完成本次電話會議。請繼續，先生們。

Hello, everybody, everyone. Good afternoon. So -- good morning if you are in the U.S. So today, we will present with Jean-Pierre, our third quarter results, which once again demonstrates the relevance of our strategy. Indeed, our transition strategy is incurred on both pillars, as we explained to you last September. On oil and gas on 1 side, integrated power on the other side. And it allows us to fully leverage upside in supportive energy environments like the 1 we are experiencing today.

大家好，大家好。午安.那麼，早安，如果您在美國，那麼今天，我們將向讓-皮埃爾介紹我們的第三季業績，這再次證明了我們策略的相關性。事實上，正如我們去年九月向您解釋的那樣，我們的轉型策略是在這兩個支柱上進行的。一側為石油和天然氣，另一側為綜合電力。它使我們能夠充分利用支持性能源環境的優勢，就像我們今天所經歷的那樣。

As explained in our total strategy and outlook presentation end of September, we have stayed the course, and this quarter illustrates all the strategies in motion in all of business segments. Oil and gas first, as you know, we have developed organically a deep portfolio of projects. But our low cost and low emissions, which will offer a growth production of 2% to 3% per year for the next 5 years. Thanks to this strategy, this quarter, we delivered a 5% increase of production compared to Q3 '22, as several new projects have been put into production like Mero 1 in Brazil, Absheron in Azerbaijan, Block 10 in Oman and Ratawi in Iraq. And they are more than offsetting our natural decline of 3% per year. The downstream is also contributing to this oil and gas business, in particular, thanks to our capacity to combine an excellent utilization rate of our refineries with very robust refining margins.

正如我們在九月底的整體策略和展望演示中所解釋的那樣，我們堅持到底，本季說明了所有業務部門正在實施的所有策略。如您所知，首先是石油和天然氣，我們有機地開發了一系列深入的專案組合。但我們的低成本和低排放，將在未來5年提供每年2%至3%的產量成長。由於這項策略，本季我們的產量比 22 年第三季成長了 5%，因為巴西的 Mero 1、阿塞拜疆的 Absheron、阿曼的 Block 10 和伊拉克的 Ratawi 等多個新項目已投入生產。它們足以抵消我們每年 3% 的自然下降。下游也為該石油和天然氣業務做出了貢獻，特別是由於我們有能力將煉油廠的出色利用率與非常強勁的煉油利潤相結合。

On the LNG side, the recent price volatility in European gas markets, price spiking as much as 28% in a single day during the quarter is the most obvious example of real-time market intention. We capture value along the entire value chain and maximize the margins on both our dominant U.S. and European positions. We are the largest U.S. LNG exposures, and we have reinforced this positions this quarter with the sanction of Rio Grande LNG in Texas. And the largest, we are also the largest European oil and gas capacity holders. And there again, we are reinforcing this position this quarter with the commissioning of our second FSRU in France after the 1 in Germany earlier this year.

在液化天然氣方面，近期歐洲天然氣市場的價格波動，本季單日價格飆升至28%，是即時市場意圖最明顯的例子。我們在整個價值鏈上獲取價值，並最大限度地提高我們在美國和歐洲的主導地位的利潤。我們是美國最大的液化天然氣公司，本季隨著德州里奧格蘭德液化天然氣公司的批准，我們鞏固了這一地位。而且我們也是歐洲最大的石油和天然氣產能持有者。繼今年稍早在德國投產第一個 FSRU 後，我們本季又在法國投產了第二個 FSRU，再次鞏固了這一地位。

The same integrated strategy extend, as you understood, to our integrated power business since the electricity market in Europe follows the gas market as natural gas plus CO2 sets a marginal power price for many years to come. This market is again once characterized by growing demand and constrained supply, which experience opportunities in the market.

正如您所理解的，同樣的綜合策略也適用於我們的綜合電力業務，因為歐洲的電力市場遵循天然氣市場，因為天然氣加二氧化碳設定了未來許多年的邊際電價。這個市場再次呈現需求成長和供給受限的特點，這也經歷了市場機會。

As Jean-Pierre will explain you, Integrated Power achieved a new milestone this quarter with both adjusted net income and cash flow exceeding $500 million. We are well on our way to achieving our $2 billion cash flow target for the year in this business. We have announced this morning an interesting acquisition on the German market, which illustrates our integrated power strategy. Quadra is the second largest segregator of renewable energy in Germany with 9 gigawatt of virtual onshore wind farm and offers a very interesting platform from getting value out of the power market dominated by renewable without capital implied in the asset and so contribute to our profitability in this attractive market.

正如 Jean-Pierre 將向您解釋的那樣，Integrated Power 本季實現了新的里程碑，調整後淨利潤和現金流均超過 5 億美元。我們正在順利實現該業務今年 20 億美元的現金流目標。今天早上我們宣布了在德國市場上的一項有趣的收購，這說明了我們的綜合電力策略。 Quadra 是德國第二大再生能源分離商，擁有9 吉瓦的虛擬陸上風電場，並提供了一個非常有趣的平台，可以從以可再生能源為主的電力市場中獲取價值，而無需資產隱含資本，從而有助於我們在這方面的獲利能力有吸引力的市場。

I will write up my introduction by just saying again there's the relevance of a balanced transition strategy between oil and gas and 1 side integrated power on the other side has never been clearer, more energy, less emission, more cash flows, and this quarter illustrates this relevance with adjusted net income increased to $6.5 billion and CFFO increased to $9.3 billion. Total generated $4.2 billion of free cash flow after net investments. Based on the strength of these results and the trust in the company's outlook, our Board approved the third interim dividend up 7.25% year-on-year at EUR 0.74 per share.

我在寫介紹時會再次強調，石油和天然氣之間平衡轉型策略的相關性與一側綜合電力的相關性從未如此清晰，更多的能源，更少的排放，更多的現金流，本季度說明了這一點與調整後淨利潤的相關性增加至 65 億美元，CFFO 增加至 93 億美元。扣除淨投資後，總計產生了 42 億美元的自由現金流。基於這些強勁的業績以及對公司前景的信任，我們的董事會批准了第三次中期股息，年增 7.25%，至每股 0.74 歐元。

Having said that, I'll turn it to Jean-Pierre, who will give you more details through the solid third quarter financial results.

話雖如此，我將把它交給讓-皮埃爾，他將通過可靠的第三季度財務業績向您提供更多詳細信息。

Thank you, Patrick. So now we're moving on to the detailed financial results, starting with our first pillar, Oil and Gas, which is the cash engine of today. Third quarter hydrocarbon production was nearly 2.5 million barrels of oil equivalent per day, which is notably up 5% year-on-year, as already mentioned by Patrick. Thanks to the startup of several oil and gas projects.

謝謝你，派崔克。現在我們將討論詳細的財務業績，從我們的第一個支柱石油和天然氣開始，它是當今的現金引擎。正如帕特里克已經提到的，第三季碳氫化合物產量接近每天 250 萬桶石油當量，年比顯著增加 5%。得益於多個石油和天然氣項目的啟動。

On oil, production benefited from new production from the first FPSO on Mero in Brazil, EKK in Nigeria and our entry in the Ratawi oil field in mid-August in Iraq. Speaking of projects, Mero 2 should be online by the end of the year. Production also benefited for our entry in January into the (inaudible) in Abu Dhabi. On the gas side, production benefited from the startup of Block 10 in Oman and Azerbaijan of the Absheron.

在石油方面，生產受益於巴西梅羅、奈及利亞EKK以及我們8月中旬進入伊拉克拉塔維油田的第一艘FPSO的新產量。說到項目，Mero 2 應該會在今年年底上線。生產也因我們一月份進入阿布扎比（聽不清楚）而受益。在天然氣方面，生產受益於阿曼和亞塞拜然阿布歇隆10號區塊的啟動。

Although production was flat quarter-to-quarter, exploration and production posted strong quarterly results with adjusted net income of $3.1 million and CFFO of $5.2 billion. The 34% increase in adjusted net operating income quarter-to-quarter was primarily driven by higher oil price and a lower effective tax rate, which is a result of 2 effects. First, it results from the lower taxation rates on new barrels, Brazil, Azerbaijan, Iraq, compared to declining historic levels, barrels and its results also has a lower weight of North Sea barrels in the segment results for this quarter.

儘管產量環比持平，但勘探和生產季度業績強勁，調整後淨利潤為 310 萬美元，CFFO 為 52 億美元。調整後淨營業收入較上季成長34%，主要是由於油價上漲和有效稅率降低所致，這是兩個因素共同作用的結果。首先，這是由於巴西、阿塞拜疆、伊拉克的新桶稅率較低，與歷史水準下降相比，其業績在本季度的分部業績中北海桶的權重也較低。

Operating costs decreased to $5.5 per barrel this quarter. For the integrated LNG segment, we continue to demonstrate our leadership as a top global LNG player. Integrated LNG production is up 18% year-on-year and stable quarter-to-quarter. LNG sales were down by 5% quarter-to-quarter due to decrease in spot traded volumes in a less volatile environment, and LNG price sales was down 3% quarter-to-quarter linked to a certain environment. However, after our results have landed last quarter from the historic high exceptional results experienced in '22, integrated LNG maintained this quarter robust results with adjusted net operating income flat quarter-to-quarter at $1.3 billion and CFFO at $1.6 billion, down 8% compared to previous quarter, in line with sales down by 5% and prices by 3%.

本季營運成本降至每桶 5.5 美元。在綜合液化天然氣領域，我們繼續展示我們作為全球頂級液化天然氣公司的領導地位。液化天然氣綜合產量年增18%，季穩定。由於波動性較小的環境下現貨交易量減少，液化天然氣銷售量較上季下降了 5%，而與特定環境相關的液化天然氣銷售價格較上季下降了 3%。然而，在我們的業績從2022 年經歷的歷史性高點到上個季度取得優異業績後，綜合液化天然氣在本季度保持了強勁的業績，調整後的淨營業收入環比持平，為13 億美元，CFFO為16 億美元，下降8%與上一季相比，銷售額下降 5%，價格下降 3%。

Despite entering the winter period with high natural gas inventories in Europe, in a tense market, gas prices remain at good levels and very reactive to production disruption as we have seen over the last several months. Given the evolution of oil and gas prices in recent months and the lag effect on price formulas, we anticipate that our average LNG selling price should be above $10 per million BTU in the fourth quarter '23.

儘管進入冬季，歐洲天然氣庫存較高，但在市場緊張的情況下，天然氣價格仍保持在良好水平，並且對生產中斷的反應非常敏感，正如我們在過去幾個月所看到的那樣。鑑於近幾個月石油和天然氣價格的演變以及價格公式的滯後效應，我們預計 23 年第四季我們的平均液化天然氣售價應高於每百萬英熱單位 10 美元。

For the combined Downstream adjusted net operative income and CFFO increased sequentially to $1.8 billion and $2.2 billion, respectively. Despite lower petrochemical results due to the European environment, our results reflect higher refining margins in Europe and a higher utilization rate during the third quarter, which was supported by greater probability of our French refineries to be noticed for once. The utilization rate on processed crudes increase quarter-to-quarter to 84% despite having an unplanned shutdown at the (inaudible) refinery in the U.S. For the fourth quarter, the acquisition rate should be above 80% and includes the restart of (inaudible) in mid-November.

合併後的下游調整後淨營業收入和 CFFO 分別增加至 18 億美元和 22 億美元。儘管石化業績因歐洲環境而下降，但我們的業績反映了歐洲煉油利潤率的提高以及第三季度利用率的提高，這得益於我們的法國煉油廠首次受到關注的可能性更大。儘管美國（聽不清楚）煉油廠計劃外關閉，但加工原油的利用率仍按季度增長至 84%。第四季度，收購率應高於 80%，並包括（聽不清楚）的重啟十一月中旬。

Moving now to the second pillar. We continue to develop a profitable and differentiated integrated power model. Building a world-class cost-competitive portfolio that combines renewable assets, solar, offshore wind, onshore wind and flexible assets such as CVTs and storage to deliver clean firm power. As mentioned by Patrick, this quarter, we achieved a milestone in integrated power business segments with adjusted net income and cash flow, both exceeding $500 million, and we are well on our way to achieving our target of generating $2 billion cash flow in '23, having already generated close to $1.5 billion through the first 3 quarters.

現在轉向第二個支柱。我們持續開發可獲利且差異化的綜合動力模式。建立一個世界級的具有成本競爭力的投資組合，將可再生資產、太陽能、離岸風電、陸上風電以及CVT和儲存等靈活資產結合起來，以提供清潔的穩定電力。正如帕特里克所提到的，本季度，我們在綜合電力業務領域實現了一個里程碑，調整後淨利潤和現金流均超過 5 億美元，並且我們正在順利實現 23 年產生 20 億美元現金流的目標。 ，前3 季已創造近15 億美元的收入。

All the value chain contributed this quarter to this $500 million results, renewables, flexible assets and heavy supply to customers as well. During the third quarter, we also acquired 100% of Total Eren, which contributed to the growth of our electricity production and results. Early October, we signed a corporate PPA with Saint-Gobain in the U.S. to supply clean power from our Danish field solar farm in Texas. The agreement is a good illustration of our strategy in integrated power, and it includes an upside sharing mechanism under which both companies share potential upside arising from spot market prices over the contracts or term.

本季的 5 億美元業績來自所有價值鏈、再生能源、靈活資產以及對客戶的大量供應。第三季度，我們也收購了Total Eren 100%的股權，這為我們發電量和業績的成長做出了貢獻。 10月初，我們與美國聖戈班簽署了一份企業購電協議，從我們位於德州的丹麥太陽能發電場提供清潔電力。該協議很好地體現了我們在綜合電力方面的策略，它包括一個上行分享機制，根據該機制，兩家公司分享合約或期限內現貨市場價格帶來的潛在上行空間。

We recently achieved another milestone. Earlier this month, our Seagreen offshore wind farm in Scotland became fully operational and is running at the design capacity of more than 1 gigawatt. This project was delivered within budget, only 5% persevere and is TotalEnergies' biggest offshore wind farm globally.

我們最近實現了另一個里程碑。本月早些時候，我們位於蘇格蘭的 Seagreen 離岸風電場已全面投入運營，並以超過 1 吉瓦的設計容量運行。該項目在預算範圍內交付，僅完成了 5%，是 TotalEnergies 全球最大的離岸風電場。

I'll wrap up with CapEx and shareholder returns. Year-to-date net investments as of the end of the third quarter totaled $16.1 billion. As a reminder, we expect to receive cash proceeds from the sales of our Canadian assets and from the deal with (inaudible) in the fourth quarter. Therefore, we reiterate full year guidance of $16 billion to $17 billion of CapEx this year. Our balance sheet is strong. Our gearing slightly increased from 11.1% at the end of the second quarter to 12.3% at the end of the third quarter, that is mainly due to the consolidation in our accounts of Total Eren debt. Proceeds from disposals should bring gearing back below 8% by end of the year.

最後我將介紹資本支出和股東回報。截至第三季末，年初至今的淨投資總額為 161 億美元。提醒一下，我們預計將在第四季度從出售加拿大資產和交易（聽不清楚）中獲得現金收益。因此，我們重申今年全年資本支出指引為 160 億至 170 億美元。我們的資產負債表強勁。我們的負債比率從第二季末的11.1%小幅上升至第三季末的12.3%，主要是由於我們帳戶中的Total Eren債務合併所致。到今年底，處置收益應能使負債比率回落至 8% 以下。

Over the last 12 months, OHA was 20.1% and return on equity was more than 22%. In September, we raised our annual payout guidance from 35%, 40% of cash flow to more than 40%. We're on track for '23, having paid out a cumulative 43% for the third quarter. Our payout is a combination of ordinary dividends and buybacks as we believe our stock despite having reached historical high this quarter is still undervalued by the market. We bought back $6.1 billion of stock through the third quarter. And so we are well underway in executing our $9 billion buyback program for full year '23 as the Board decided to allocate $1.5 billion of Canadian sale proceeds to this buyback program in '23.

過去 12 個月，OHA 為 20.1%，股本回報率超過 22%。 9月份，我們將年度派息指導從現金流量的35%、40%提高到40%以上。我們正朝著 23 年的方向發展，第三季累計支付了 43%。我們的股利是普通股利和回購的結合，因為我們相信我們的股票儘管本季達到歷史高位，但仍被市場低估。截至第三季度，我們回購了價值 61 億美元的股票。因此，我們正在順利執行 23 年全年 90 億美元的回購計劃，董事會決定將 15 億美元的加拿大銷售收益分配給 23 年的回購計劃。

This concludes my comments, and now we can move to the Q&A.

我的評論到此結束，現在我們可以進入問答環節了。

Ladies and gentlemen, welcome to TotalEnergy's Third Quarter 2023 Results Conference Call. We will now begin the question-and-answer session. (Operator Instructions) The first question comes from Oswald Clint of Bernstein.

女士們先生們，歡迎參加 TotalEnergy 2023 年第三季業績電話會議。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。

Two questions. The first 1 on the U.S. offshore wind please, attentive energy. It's -- it was a good press release this week, lots of information that's not normally presented for these types of deals, and it helps us kind of get to the returns, I think. With the 40% tax credit we were getting to something like 13.5% on an equity basis. And I just wondered if that was anywhere close to your own expectation for a project like that. And perhaps at this point, you could say how much of your $20 billion of capital employed in Integrated Power is currently in production? That's the first one.

兩個問題。美國離岸風電第1期請關注能源。這是本週的一份很好的新聞稿，其中有很多通常不會針對此類交易提供的信息，我認為它有助於我們獲得回報。有了 40% 的稅收抵免，我們在股權基礎上得到了大約 13.5% 的稅收抵免。我只是想知道這是否接近您對此類項目的期望。也許此時，您可以說您在 Integrated Power 上投入的 200 億美元資本中有多少目前用於生產？這是第一個。

And secondly, I wanted to ask about geopolitical risk. You always have your finger on the pulse and obviously, I wanted to get a sense of how you're thinking about the portfolio risk at the moment, especially Middle Eastern exposure. And were there any strategic changes or indeed, M&A moves may be needed or may be considered if things were to worsen?

其次，我想問地緣政治風險。您總是掌握脈搏，顯然，我想了解您目前如何看待投資組合風險，尤其是中東風險敞口。是否有任何策略變化，或者如果情況惡化，可能需要或可能考慮採取併購行動？

Thank you, Oswald. Thank you for the comments. Yes, we -- as you know, the flow in the industry sometimes is questioned. So in fact, this flow in, by the way, in all -- in our portfolio, we had 2 good news. In fact, for me, this last week, and so we wanted to share first Seagreen in Scotland, we managed to make that project within 5% only overrun costs, EUR 4 billion. So it's quite -- it demonstrates that -- and we have a good CFD on Seagreen who will make money now from this project. So it demonstrates that you can execute a no-showing projects when you are a good team, a good project team within the budget, and I would say, not much delay in fact, in that case, which, of course, are linked. So first comment.

謝謝你，奧斯華。謝謝你的意見。是的，如你所知，我們行業的流動性有時會受到質疑。事實上，順便說一句，在我們的投資組合中，我們有兩個好消息。事實上，對我來說，上週，我們想在蘇格蘭分享第一個 Seagreen，我們設法使該項目僅超支 5%，即 40 億歐元。所以這完全是——它證明了這一點——我們在 Seagreen 上有一個很好的差價合約，他現在將從這個項目中賺錢。因此，它表明，當您是一個優秀的團隊，一個在預算範圍內的優秀專案團隊時，您可以執行沒有出現的項目，我想說，事實上，在這種情況下，沒有太多延遲，這當然是相關的。所以先評論一下。

Second comment on -- in New York. Yes, that's true that we -- and I think that I said even if we're not allowed to disclose what is the level of our price, they mentioned an average price of around $145 per megawatt hour nominal. And so you change the range compared to previous ones. And I think it is a lesson I explained you last time but offshore wind, you need to -- to have -- to be pragmatic about what would be the cost and then you enter into a discussion in the U.S. in particular, this type of price plus the 40% IRA are giving us a good support. And honestly, you are quite good in your math. I would say I would have answered to you 12 to 15. So you are quite good in your math. Congratulations.

第二條評論是在紐約。是的，確實如此，我想我說過，即使我們不被允許透露我們的價格水平，他們提到的平均價格約為每兆瓦時 145 美元。因此，與先前的範圍相比，您可以變更範圍。我認為這是我上次向您解釋過的一個教訓，但是對於海上風電，您需要務實地考慮成本，然後您特別是在美國進行討論，這種類型的價格加上40% IRA給了我們很好的支援。老實說，你的數學很好。我想說我會回答你12到15。所以你的數學很好。恭喜。

So we can indeed develop a profitable showing projects based on equity. And 1 of the key by the way, people might be surprised by the level of price announced by the State of New York, which is much higher than before. I can tell you, 1 of the key has been to have among our partnership as we announced, we have introduced in the partnership, (inaudible), which is our worldwide partner but also (inaudible), which is a U.S. company, very well established in New York. And again, for me, there's a strong lesson. When you have a local partner, well implemented, it helps a lot in these discussions with local authorities.

所以我們確實可以開發一個基於股權的獲利展示專案。順便說一句，人們可能會對紐約州宣布的價格水平感到驚訝，該價格水平比以前高得多。我可以告訴你，關鍵之一是建立我們的合作夥伴關係，正如我們宣布的那樣，我們在合作夥伴關係中引入了（聽不清楚），這是我們的全球合作夥伴，而且（聽不清楚）是一家美國公司，非常好成立於紐約。對我來說，這是一個深刻的教訓。當您擁有一個執行良好的當地合作夥伴時，這對與當地政府的討論有很大幫助。

We would have been a low on TotalEnergies in front of New York State. I'm not sure we would have achieved the same results. So that comfort my strong belief, renewable required to identify local partner. And by the way, (inaudible) is a very interesting partner for us in the future, including to develop maybe more business in the PGM area. So that's this one, so for offshore wind.

在紐約州之前，我們的總能源含量會很低。我不確定我們是否會得到相同的結果。所以這安慰了我堅定的信念，再生能源需要尋找當地的合作夥伴。順便說一句，（聽不清楚）對我們來說是未來非常有趣的合作夥伴，包括在 PGM 領域開發更多業務。這就是離岸風電的情況。

On the geopolitical risk. Our exposure, when you look to our portfolio, we have many countries, but there are 2 countries fundamentally, which are contributing to the cash flow.

關於地緣政治風險。我們的風險敞口，當你看看我們的投資組合時，我們有很多國家，但從根本上來說有兩個國家對現金流做出了貢獻。

By the way, yes, to come back on the -- and the second question, capital employed out of $20 billion under production in offshore wind, I think it's less than (inaudible) probably like $2 billion, probably 10%. 10% of the capital employed are in offshore wind today out of the $20 billion of the integrated power business, just to give you an idea. And more or less, in a perspective to 2030, 10% is more or less what we expect from offshore, more or less.

順便說一句，是的，回到第二個問題，離岸風電生產的 200 億美元中所使用的資本，我認為這可能不到（聽不清楚）20 億美元，可能是 10%。如今，在 200 億美元的綜合電力業務中，10% 的資金投入離岸風電，僅供參考。或多或少，從2030年的角度來看，10%或多或少是我們對離岸的期望，或多或少。

So geopolitical. 2 countries (inaudible) Abu Dhabi and Qatar. In fact, when you -- reality where the cash flow is coming from today, we have over -- you have also Libya, which is out of -- to the area. And to be honest, in Abu Dhabi, the things -- the geopolitics risk, the risk is limited there. It's well controlled and it also, I would say. So I'm not so really not -- when I think to what situation, which is a dramatic situation, I don't see too many, I would say, consequence for that. Of course, we need to manage the situation to be far in Iraq, of course, in Lebanon, but it was only exploration. And so in Egypt, I would say, our exposure is very limited in Egypt. So I'm not considering that it's an issue for TotalEnergies, maybe for others.

所以地緣政治。 2 個國家（聽不清楚）阿布達比和卡達。事實上，當你——現金流來自今天的現實，我們已經結束——你也有利比亞，它不在——到該地區。說實話，在阿布達比，地緣政治風險、風險是有限的。我想說，它控制得很好。所以我並不是真的不是——當我想到什麼情況時，這是一個戲劇性的情況，我想說，我沒有看到太多的後果。當然，我們需要將局勢控制在遙遠的伊拉克，當然還有黎巴嫩，但這只是探索。因此，我想說，我們在埃及的曝光度非常有限。所以我不認為這對 TotalEnergies 來說是一個問題，也許對其他公司也是如此。

So that's I would say where I'm there. M&A things are worsened. If things are worsening, the price of oil will go up and then we'll have to see what we'll do, but there's no M&A move into that situation for me in that period.

這就是我想說的話。併購情況惡化。如果情況惡化，石油價格將會上漲，然後我們將不得不看看我們會做什麼，但在那段時期對我來說沒有併購行動。

The next question is from Malek Christyan of JPMorgan.

下一個問題來自摩根大通的馬利克克里斯蒂安。

The only question I would like to ask is just around your views around consolidation, Jean-Pierre, in terms of what we're seeing in the U.S. How would you read 2 parts, one, there sort of opportunistic chasing of growth in terms of volumes through their balance sheet as opposed to building organically? And then two, where does that position to TotalEnergies in the upstream medium-term particularly if based on what they're doing, it suggests that they are looking for as well as backing the back end of the curve, so to speak. So do you feel like you have a little bit of FOMO? Or are you very comfortable with your upstream growth? And I guess the question I'm asking is, why don't you feel the need to do consolidation, particularly given you're building these 2 pillars and building it through scale?

我想問的唯一問題是關於你對整合的看法，Jean-Pierre，就我們在美國所看到的情況而言。你會如何閱讀兩部分，第一部分是對增長的機會主義追逐通過資產負債表而不是有機地建構數量？第二，TotalEnergies 在上游中期的定位在哪裡，特別是如果基於他們正在做的事情，這表明他們正在尋找並支持曲線的後端，可以這麼說。那你覺得自己有一點 FOMO 嗎？或者您對上游成長感到滿意嗎？我想我要問的問題是，為什麼您不覺得有必要進行整合，特別是考慮到您正在構建這兩個支柱並通過規模來構建它？

To be honest, as you know, we are -- we don't have any -- we are not in a position in the U.S. So I think I understand that might be consolidation in the U.S. It is quite a spreaded industry in the shale industry. So I have no comment, but it's not our case. Historically, you make consolidations when you have low price of the barrel to gain synergies. That's the history of our industry. You are driven by a low price of barrel, you try to synergize and scale, obviously, generate synergies. And so you are trying to -- but the story of our industry. We are not at all in that situation today. Price is brilliant. We are even for most of us at the top of our historical values, I would say that's not what I would look for, honestly, I don't say and for TotalEnergies, we will not have diverse synergies in terms of operations or no in terms of cost.

說實話，正如你所知，我們——我們沒有任何——我們在美國沒有地位。所以我想我理解這可能是美國的整合。頁岩氣是一個相當分散的行業行業。所以我沒有評論，但這不是我們的情況。從歷史上看，當你的桶價較低時，你會進行整合以獲得協同效應。這就是我們產業的歷史。你受到低價桶的驅動，你嘗試協同和擴大規模，顯然，產生協同效應。所以你正在努力——但我們行業的故事。今天我們根本沒有處於這種情況。價格很棒。我們甚至對我們大多數人來說都處於我們歷史價值的頂峰，我想說這不是我想要的，老實說，我不會說，對於TotalEnergies，我們不會在運營方面擁有多樣化的協同效應，或者在成本方面。

So I think that's not for us the type of things we are looking. By the way, we have quite a strong and deep -- we have a deep portfolio of projects in oil and gas. I think it was what we presented to you end of September. So I don't feel a necessity to add more on this one. Again, we mentioned that we might have to look to more shale gas in the U.S. for feeding integration to the LNG, which we mentioned in September. That's all what I mentioned. So I observe this move. It means that my colleagues are thinking that the price of oil will go -- will remain high for a moment, so I'm happy. That's what I can comment to you. But for us, I think we have a clear strategy. We execute the strategy and let's be consistent.

所以我認為這不適合我們正在尋找的東西。順便說一句，我們在石油和天然氣領域擁有相當強大和深入的項目組合。我想這就是我們九月底向您展示的內容。所以我覺得沒有必要在這一點上做更多的補充。我們再次提到，我們可能需要在美國尋求更多的頁岩氣來整合液化天然氣，這一點我們在 9 月提到過。這就是我提到的全部內容。所以我觀察這個舉動。這意味著我的同事們認為石油價格將會上漲，並將暫時保持在高位，所以我很高興。這就是我可以對你發表的評論。但對我們來說，我認為我們有明確的策略。我們執行策略並保持一致。

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. One, just building up on the virtual power plant acquisition from this morning. Can you just walk us through why that idea works in terms of special power plants? And just any indication on price on that?

如果可以的話，有兩個問題。一，只是在今天早上收購虛擬發電廠的基礎上進行。您能否向我們介紹為什麼這個想法適用於特殊發電廠？以及有關價格的任何指示嗎？

And then secondly, I mean just in the -- we're clearly seeing a lot of volatility on the gas market. Could you just walk through what you think might happen over the winter period for us?

其次，我的意思是，我們清楚地看到天然氣市場存在著很大的波動。您能否簡單介紹一下您認為我們在冬季可能會發生的情況？

Okay. No, virtual power plant, what is it? It's just integrated -- you can't build assets, you can also aggregate some assets. And I think it's the idea that this Quadra company has established is very strong. We are #2 in the German market. They have been able to connect with 4,000 wind renewable developer in Germany, quite a large base, aggregating 9 gigawatts, which is a big volume, of course. With that, you can trade it or you can even if you have pricing it and you make EUR 2 megawatt hour of margin out of it. It gives you access to something you don't have any capital employed, almost nothing. It's an acquisition, I would say, of people with know-how and the knowledge. There is no assets. So I can mention to you about the price that we acquired is around EUR 200 million to EUR 250 million.

好的。不對，虛擬電廠，是什麼？它只是整合的——你不能建立資產，你也可以聚合一些資產。我認為這家 Quadra 公司所建立的理念非常強大。我們在德國市場排名第二。他們已經能夠與德國 4,000 家風能再生能源開發商建立聯繫，這是一個相當大的基礎，總計 9 吉瓦，當然這是一個很大的數量。這樣，您就可以進行交易，或者即使您已經定價並且您可以從中賺取 2 兆瓦時的保證金，也可以進行交易。它讓你能夠獲得一些你沒有任何資本的東西，幾乎什麼都沒有。我想說，這是對擁有專業技術和知識的人的收購。沒有資產。所以我可以告訴你，我們收購的價格約為2億至2.5億歐元。

So it's not very expensive, but you have a lot of skills. You are -- you have access, it's a complement to our model. We have some assets, and we try to complement it with again, low capital employed base in order to develop the business. And it gave us -- again, we explained the integration, it's important to have sources of supply. And then you have customers, you may be intermediation, if it gives you more flexibility for our trading platform in Germany.

所以它不是很貴，但你有很多技能。你是——你有權訪問，這是我們模型的補充。我們擁有一些資產，我們嘗試再次以低資本使用基礎進行補充，以發展業務。它再次向我們解釋了整合，擁有供應來源很重要。然後你就有了客戶，你可能會成為中介，如果這能讓你在我們德國的交易平台上獲得更大的彈性。

Germany, again, it's -- for us, it's an interesting market. I repeat it. This is first 1 of the key target because it's really -- the mix will be renewable and gas plus ETS, so that means quite a good price. A lot of potentials. So we are building step-by-step our position in Germany. And this 1 is interesting because we enter in a big way, again, it's the #2 of this market and we have a large base, 9 gigawatts, some PPAs, some more short term. So I think it's an interesting way to progress in the integrated product strategy on this important market.

對我們來說，德國再次是一個有趣的市場。我重複一遍。這是關鍵目標的第一個，因為它實際上是可再生能源和天然氣加上 ETS 的混合，所以這意味著相當好的價格。很多潛力。因此，我們正在逐步建立我們在德國的地位。這 1 很有趣，因為我們再次大舉進入，它是這個市場的第二名，我們有一個很大的基礎，9 吉瓦，一些購電協議，一些更短期的。因此，我認為這是在這個重要市場上推動整合產品策略的一種有趣的方式。

On the second one, volatility gas market for the winter. I don't know if it will be cold. Today, it's a little cold in Paris, to be honest, since the beginning of the week. Even if I hope it will not be too cold for the final of the Rugby World Cup tomorrow or day after tomorrow. Now but more seriously, it's very volatile. It's clear what the market's intention. I'll be clear. There is no margin in this market. So each time you have a hiccup, the strike in Australia, then you had the stoppage of the Tamar field in Israel, which was going to Egypt and back to LNG to Europe. Then you had, of course, this Baltic pipeline. And so each time you have a hiccup proof, the market is taking almost 30%, 40% in the day. So that's full but it's super attention.

第二個是冬季天然氣市場的波動。不知道會不會冷。說實話，從本周初開始，巴黎今天有點冷。即使我希望明天或後天的橄欖球世界盃決賽不會太冷。現在更嚴重的是，它非常不穩定。市場的意圖是什麼，一目了然。我會說清楚的。這個市場沒有利潤空間。因此，每次出現問題時，澳洲的罷工，然後以色列的塔瑪油田就會停工，該油田原本要運往埃及，然後返回歐洲輸送液化天然氣。當然，還有這條波羅的海管道。因此，每當你有一個打嗝的證據時，市場就幾乎佔據了當天的 30%、40%。所以這是完整的，但它是超級關注。

So we always said that for this winter, by the way, the full or more around $16 per million BTU, we still remain high. If yes, the storage are full, but we don't have enough storage in Europe to go through the winter if the winter is cold. It's not only me, it's repeated by the IEF recently. So in any event in this condition is pushing -- is putting the price up knowing that you noticed as well, but the Asian buyers are back in the LNG business. They are back today, the GK is TTF plus $2 to $3, which means that, in fact, they are ready to buy. And today, most of the cargoes are going to Asia because the spot market is in favor of Asia. So you might have in this type of market, more cool for LNG coming from Asia, so it put an additional tension on this LNG market.

所以我們總是說，順便說一下，今年冬天，每百萬 BTU 的全額或更多大約 16 美元，我們仍然保持在高位。如果是的話，儲存已經滿了，但是如果冬天寒冷的話，我們在歐洲沒有足夠的儲存來度過冬天。不只我，最近 IEF 也重複了這一點。因此，無論如何，在這種情況下，價格都會上漲，因為您也注意到了，但亞洲買家又回到了液化天然氣業務。他們今天回來了，GK 是 TTF 加 2 到 3 美元，這意味著，事實上，他們已經準備好購買了。如今，大部分貨物都運往亞洲，因為現貨市場對亞洲有利。因此，在此類市場中，來自亞洲的液化天然氣可能更受歡迎，因此這給液化天然氣市場帶來了額外的壓力。

So let's see, okay. The weather will be important again. And again, if there is any, it's clear that if you have like 1 year ago, 1 and 2 years ago, an event like in Freeport on 1 plant, this will be obviously immediately reflected in the gas market. So -- but while again, generally, we are wrong on the future, but this attention, I'm sure there is a market -- a gas market in the attention today.

那麼讓我們看看，好吧。天氣將再次變得重要。再說一遍，如果有的話，很明顯，如果像一年前、一年和兩年前那樣，在自由港的一家工廠發生過類似的事件，這顯然會立即反映在天然氣市場上。所以，雖然總的來說，我們對未來的看法是錯的，但這種關注，我確信有一個市場——今天關注的天然氣市場。

Next question is from Michele Della Vigna of Goldman Sachs.

下一個問題來自高盛的 Michele Della Vigna。

I wanted to ask 2 questions, if possible. The first 1 is back to M&A, but thinking of it more countercyclically, energy prices are quite high. A lot of companies are consolidating. I was wondering if this could actually be a good time to dispose of some of the E&P assets that may be more marginal to your portfolio? And maybe again, going countercyclical in some of the energy transition assets that have substantially deteriorated over the last year.

如果可以的話，我想問兩個問題。第一個回到併購，但從逆週期的角度考慮，能源價格相當高。很多公司都在進行整合。我想知道這是否真的是處置一些對您的投資組合來說更邊緣的勘探與生產資產的好時機？或許，去年大幅惡化的能源轉型資產將再次走向反週期。

And then remaining on the theme of clean tech and renewables. Congratulations on the very consistent delivery of earnings of cash flow. I was wondering if you could perhaps unpick a little bit for us the $0.5 billion you make in integrated power per quarter between renewable CCGTs and trading, definitely highlighting the integrated nature of that business, but also perhaps helping us to understand a bit more the scale of those different moving parts?

然後繼續討論清潔技術和再生能源的主題。恭喜您非常穩定地交付現金流收益。我想知道您是否可以為我們透露一下您每季度在可再生 CCGT 和貿易之間的綜合電力收入 5 億美元，這無疑強調了該業務的綜合性質，但也可能幫助我們更多地了解規模那些不同的運動部件？

Yes. On the second question, I think Jean-Pierre mentioned, it was coming from 3 segments: renewables, flexible asset CCGTs and trading, and also marketing business, by the way. So the supply business to customers, it's also for them. So consider that it's coming from all of them. So it's -- everything is contributing to this integrated power and in a positive way. So that's what I can just explain to you.

是的。關於第二個問題，我認為讓-皮埃爾提到過，它來自三個領域：可再生能源、靈活資產 CCGT 和貿易，順便說一句，還有行銷業務。所以供應業務給客戶，也是為了他們。所以考慮一下它來自他們所有人。所以，一切都在以積極的方式為這種綜合力量做出貢獻。這就是我可以向你解釋的。

On the first question, it's clear, as you know that I'm a strong believer that in M&A, it's better to become too cyclical than to be procyclical. That's very clear. But for me, in this business, the commodity business, where you have cycles, I mean, you take a risk when you make acquisitions out of the top. So yes, you are right on E&P. But by the way, we've just done it. I remind you, Michele, but we just divested our Canadian sands assets at the top of the market, and we will receive $4.4 billion plus an extra earnout next year of $400 million. So I'm happy. It's a good value for these assets. And so we've done it. We've just done it.

關於第一個問題，很明顯，如你所知，我堅信在併購中，變得太週期性比順週期性更好。這非常清楚。但對我來說，在這個行業，即大宗商品行業，你有周期，我的意思是，當你從高層進行收購時，你會承擔風險。所以，是的，你對勘探與生產的看法是對的。但順便說一句，我們只是做到了。我提醒你，米歇爾，我們剛剛在市場頂部剝離了加拿大的沙子資產，我們將獲得 44 億美元，外加明年 4 億美元的額外收益。所以我很高興。對於這些資產來說，這是一個很好的價值。我們已經做到了。我們剛剛做到了。

We have cleaned a lot of the portfolio in the last -- since 2015, we rotated a lot. We have cleaned a lot, but does not mean that -- I don't think we have a lot of one. We might have, as I said, some quite -- you know that some exposure, which are high in some countries, like, for example, Nigeria and where we want to continue to invest. So we might be willing to use that environment to reshape the Nigeria portfolio. I'm not very -- the all onshore in Nigeria for me is many -- has many issues about the type of assets, and it's a good environment to monetize them if we find some buyers, of course.

過去我們清理了很多投資組合——自 2015 年以來，我們進行了許多輪調。我們已經清理了很多，但這並不意味著——我不認為我們有很多。正如我所說，我們可能有一些相當 - 你知道的一些風險敞口，在某些國家/地區很高，例如尼日利亞，以及我們希望繼續投資的國家。因此，我們可能願意利用這種環境來重塑尼日利亞的投資組合。我不太——對我來說，尼日利亞境內的所有資產都很多——對資產類型有很多問題，當然，如果我們找到一些買家，這就是一個很好的貨幣化環境。

But part of it we could do. But we have clean, I would say, the portfolio in terms of most of the portfolio today are in the definition of low cost, low emissions have been really -- the work has been done. So it's more optimizing things in some countries where we could do. And I would prefer, for example, to be at higher stake when we are operator and mainly lower stake where nonoperated. So if we have a nonoperated position to divest them, to reinforce, I would say, when we are operator in control of our future, I like to be more in control of our destiny rather than just being a nonoperated company, even if it's operated by a large peer.

但我們可以做一部分。但我想說，我們擁有清潔的投資組合，就今天的大多數投資組合而言，都符合低成本、低排放的定義——工作已經完成。因此，我們可以在一些國家/地區進行更多優化。例如，我更願意在我們是營運商時持有較高的股份，而在非營運時則主要持有較低的股份。因此，如果我們有一個非經營性的頭寸來剝離它們，為了加強，我會說，當我們是控制我們未來的經營者時，我希望更多地控制我們的命運，而不僅僅是成為一家非經營性公司，即使它是經營性的公司由一個大同行。

And then the other question, of course, that you mentioned is about the transition assets. Today, our priority, and I think when we've done this morning with Quadra (inaudible) is more as I explained to you in September, to complement in some key markets through some targeted acquisitions. I mentioned (inaudible) Texas, flexible assets in Texas, gas-fired power plants will come one of these days, or what we've done in Germany with this Quadra, we might look to rather than making a big acquisition. Because even if it's derated, it's still high.

當然，您提到的另一個問題是關於過渡資產的。今天，我們的首要任務，我想當我們今天早上完成 Quadra（聽不清楚）時，更多的是正如我在 9 月向大家解釋的那樣，透過一些有針對性的收購來補充一些關鍵市場。我提到（聽不清楚）德克薩斯州，德克薩斯州的靈活資產、燃氣發電廠將在未來某一天到來，或者我們在德國透過Quadra 所做的事情，我們可能會尋求而不是進行大規模收購。因為即使降額，它仍然很高。

So I think it could go even lower and lower. So -- and honestly, when you think, for example, to offshore wind, I mean, I'm very happy to build ourselves for portfolio with exactly the 1 in New York, where we control what we do. We are part of the -- will be covered by CFD, part of it will be merchant. So that's better for us because, again, our strategy is not to acquire a portfolio of fully secured renewable assets with no upside. It's not what we described to you. So I think it's better to continue and to deliver our strategy in the way we explained to you end of September.

所以我認為它可能會越來越低。所以，老實說，當你想到離岸風電時，我的意思是，我很高興在紐約建立自己的投資組合，在那裡我們控制我們所做的事情。我們是 CFD 的一部分，其中一部分將是商家。因此，這對我們來說更好，因為我們的策略不是收購完全有保障的、沒有上升空間的可再生資產組合。這不是我們向您描述的。因此，我認為最好繼續按照我們在 9 月底向您解釋的方式實施我們的策略。

The next question is from Irene Himona of Societe Generale.

下一個問題來自法國興業銀行的艾琳希莫納。

Two questions, please. You formed a new joint venture with Adani Green in India during the quarter. Earlier this year, when there was the financial crisis with the Adani Group, I think you had said that you would likely slow down that Indian expansion and wait for the outcome. Can we presume that you're satisfied with that group's financial situation and therefore, back to normal in terms of total continuing to invest in Indian renewables?

請教兩個問題。本季度，您與印度 Adani Green 成立了一家新合資企業。今年早些時候，當阿達尼集團爆發金融危機時，我想您曾說過，您可能會放慢印度的擴張速度，等待結果。我們是否可以假設您對該集團的財務狀況感到滿意，因此在繼續投資印度再生能源方面恢復正常？

And then the second question on Chemicals where, obviously, it's a weak industry. Your 9-month volumes are down. When you look at the balance of new capacity versus this weak demand picture, what is your expectation for that business over the next year?

然後是關於化學物質的第二個問題，顯然，這是一個薄弱的行業。您 9 個月的銷量下降了。當您查看新產能與疲軟需求狀況的平衡時，您對該業務明年的預期是什麼？

Okay. On India, I think, again, what we said in the beginning of the year is that we wanted to have a clarity on the situation. We have engaged with Adani Group. You have noticed that what we've done, in fact, for me, you should make a difference between -- we are a shareholder of Adani Green, not of Adani Group. Adani Green is a strong company with a large base of assets. The question for us is how do we continue to contribute to the development of Adani Green. We could do -- we -- what we have elected is to do it through a JV between Adani Green and ourselves. So let's be clear, this is a venture where we have direct access to the assets, which is fundamental. So it's not putting -- we didn't put more money in Adani Green as a shareholder, but we made it and we help and we contribute to the development of Adani Green making access direct to the asset.

好的。關於印度，我想，我們在年初所說的是，我們希望能弄清楚局勢。我們已與阿達尼集團合作。你已經注意到，事實上，對我來說，我們所做的事情應該有所作為——我們是阿達尼格林的股東，而不是阿達尼集團的股東。 Adani Green 是一家擁有大量資產的實力雄厚的公司。我們面臨的問題是如何繼續為阿達尼綠色的發展做出貢獻。我們可以做的——我們——我們選擇的是透過阿達尼格林和我們自己之間的合資企業來做到這一點。所以我們要明確一點，這是一個我們可以直接獲得資產的企業，這是根本性的。所以這不是投入——我們沒有作為股東向阿達尼格林投入更多資金，但我們做到了，我們幫助並為阿達尼格林的發展做出了貢獻，使人們能夠直接獲得該資產。

So for me, that's -- Adani Green as a portfolio, we share part of this portfolio, the equivalent of 1.4 gigawatts together, but 50% of it being owned by TotalEnergies. So TotalEnergies is protected, and I think it helps our core to consolidate Adani Green to continue with growth, which is as a shareholder of Adani Green or interest. That's the first point. And we are, I would say, in the conditions in which we have discussed that deal are attractive in terms of metrics for TotalEnergies as a company.

所以對我來說，Adani Green 作為一個投資組合，我們共享該投資組合的一部分，相當於 1.4 吉瓦，但其中 50% 由 TotalEnergies 擁有。因此，TotalEnergies 受到保護，我認為這有助於我們的核心鞏固阿達尼綠色以繼續成長，這是作為阿達尼綠色的股東或權益。這是第一點。我想說的是，我們已經討論過，就 TotalEnergies 作為一家公司的指標而言，這筆交易具有吸引力。

On the chemicals in Europe, but we know that chemicals in Europe are clearly quite linked to GDP. The GDP in Europe is softening more than that. So you have less demand in Europe. So like it was very good 2 years ago. Today, it's a reverse of it. So that's part of the value chain, our exposure to Europe in chemicals is not so strong. I mean, they'd be clear for us, the polymers part are compared to the other part because, in fact, what we make more money on refining and on naphtha, we make less money on the petrochemicals in Europe, all our strategy, by the way, is not to develop any new capacity in Europe to be clear.

關於歐洲的化學品，但我們知道歐洲的化學品顯然與GDP有很大關係。歐洲GDP的疲軟程度遠不止於此。所以歐洲的需求較少。所以就像兩年前一樣非常好。今天，情況正好相反。因此，這是價值鏈的一部分，我們在歐洲的化學品領域的曝險並不那麼強。我的意思是，他們對我們來說很清楚，聚合物部分與其他部分進行比較，因為事實上，我們在煉油和石腦油上賺更多的錢，我們在歐洲的石化產品上賺更少的錢，我們所有的策略，順便說一句，要明確的是，我們不會在歐洲開發任何新產能。

We did not announce, I think, since I am I've been in charge of Refining & Chemicals, 12 years ago, I don't think you announced a single extra capacity in chemicals of the (inaudible) in Europe. I think you have even more listened to either closing or selling some of them. So I don't think it's the best place to invest, to be clear. All the strategy in chemical TotalEnergies has been more either based on cheap feedstock, either in the U.S. or in Saudi Arabia with (inaudible), but (inaudible) is targeting markets in China, India, on the East. So that's where the demand is. So I would say for TotalEnergies, in fact, it's more managing the history, the historical portfolio in the best possible way. And again, when I'm looking today to my -- to our position, refining, petrochemicals and polymers in Europe, that is quite positive today, by the way, it contributes to a good return on capital employed. So that's what I could comment. For next year, I don't expect much more, okay.

我認為，我們沒有宣布，因為我 12 年前一直負責煉油與化學業務，我認為您沒有宣布歐洲（聽不清楚）化學品的任何額外產能。我認為您更聽過關閉或出售其中一些的說法。因此，需要明確的是，我認為這不是最好的投資地點。 TotalEnergies 的所有化學策略都更基於美國或沙烏地阿拉伯的廉價原料（聽不清楚），但（聽不清楚）的目標是中國、印度和東方市場。這就是需求所在。所以我想說，對於 TotalEnergies，事實上，它更多的是以盡可能最好的方式管理歷史、歷史投資組合。再說一次，當我今天審視我們在歐洲的煉油、石化和聚合物行業的地位時，這在今天是非常積極的，順便說一句，它有助於實現良好的所用資本回報。這就是我可以評論的。對於明年，我沒有太多期望，好吧。

The next question is from Biraj Borkhataria of RBC.

下一個問題來自 RBC 的 Biraj Borkhataria。

Two quick ones, please. The first 1 is on your debt profile. Could you just confirm what proportion of your gross debt is on sort of long-term fixed interest rates?

請快點來兩份。第 1 個是您的債務概況。您能否確認一下您的總債務中長期固定利率的比例是多少？

And then the second question is on the recent U.S. wind bid. There's a provision in the PPA that suggests the -- it goes up with industry-specific inflation. I was wondering what you assume inflation wise for that kind of project from here to FID?

第二個問題是關於最近美國風電競標的情況。購電協議中有一項條款表明——它會隨著特定行業的通貨膨脹而上升。我想知道從現在到最終投資決定，您對此類專案的通貨膨脹有何假設？

Yes, perhaps I will take the first question. More than 80% of our debt have been fixed a couple of years ago. So that means that we benefited on that portion from very low coupon around 3%. And so the remaining is flexible.

是的，也許我會回答第一個問題。我們80%以上的債務幾年前就已經修復。所以這意味著我們從這部分中受益於 3% 左右的非常低的優惠券。所以剩下的就是靈活的。

Clear answer. Second answer is quite clear, but we have -- within today and the FID, we have more probably 3 years to work. So you will have inflation over the next 3 years. So it might be, I think, let's say, 5% to 10%, probably in the 3 years, we'll see. But again, there is a provision which, I would say, protect us until the FID then, of course, we'll take the risk of execution, but I think it's a fair protection, which is offered by the New York State to the investors. So we were -- it's 1 of the element of the bid and of the discussion negotiation we managed to obtain. So we are satisfied. Again, we'll see if it's higher than that, but we don't expect much more than that.

明確的答案。第二個答案非常明確，但我們——在今天和最終投資決定內，我們更有可能有 3 年的時間來工作。所以未來三年將會出現通貨膨脹。所以，我認為，比方說，可能是 5% 到 10%，可能在 3 年內，我們拭目以待。但我想說的是，有一項條款可以保護我們，直到最終投資決定，然後，當然，我們將承擔執行的風險，但我認為這是一個公平的保護，由紐約州向投資者。所以我們——這是我們設法獲得的投標和討論談判的要素之一。所以我們很滿意。同樣，我們會看看它是否比這個更高，但我們預計不會比這個更高。

Next question comes from Martijn Rats of Morgan Stanley.

下一個問題來自摩根士丹利的 Martijn Rats。

I just want to follow up on the question that Biraj actually just asked about the debt. Because interest rates continue to rise and rise and Total bonds are not escaping that some of the longer-term debt that you hold is now sort of yielding 6%. And I was wondering, in addition to the mechanical impact that this may have on the interest expense every quarter, how this affects possibly sort of any investment decision making, particularly in the new energy areas?

我只想跟進比拉吉實際上剛剛問到的有關債務的問題。由於利率不斷上升，而 Total Bonds 也未能逃脫，因此您持有的一些長期債務現在的收益率約為 6%。我想知道，除了這可能對每季的利息支出產生機械影響之外，這還會如何影響任何投資決策，特別是在新能源領域？

I mean the question has been put to me, can we have an energy transition when U.S. treasury yields, the 10-year or treasuries yields are 5% and it's kind of sort of an intriguing one. Therefore, can I ask you how are these rising interest rates impacting your investment decision-making? And also, what are you seeing in others, particularly in sort of CapEx intensive areas like renewables? What is the impact that you're seeing?

我的意思是有人向我提出這樣的問題：當美國公債殖利率、10 年期公債殖利率或國債殖利率為 5% 時，我們是否可以進行能源轉型，這有點有趣。因此，請問您的利率上升對您的投資決策有何影響？另外，您在其他方面看到了什麼，特別是在再生能源等資本支出密集領域？您看到的影響是什麼？

The answer is quite clear, you transfer the interest rate to the customer, I will tell you. So the question is, does it affect the space of the transition? It might, but it's clear that it's against the idea that will contribute maybe, by the way, to have segment, which will stop growing price going down and down, but it has already an impact. In fact, I can tell you, we -- in fact, in the U.S., take the U.S. as a good example. You have the IRA on 1 side, which has, but we also have the obligation to make projects with solar modules being manufactured in the U.S. It has an impact on the cost of the project. So this cost of the project today, when we discuss and renegotiate -- by the way renegotiate PPAs with our customers, it has an impact on the high side.

答案很明確，你把利率轉給客戶，我告訴你。那麼問題來了，它會影響過渡的空間嗎？可能會，但很明顯，這違背了可能有助於細分市場的想法，這將阻止價格不斷下跌，但它已經產生了影響。其實我可以告訴大家，我們其實在美國，就以美國為例。一方面有 IRA，但我們也有義務在美國製造太陽能組件的項目。這對項目的成本有影響。因此，今天的專案成本，當我們討論和重新談判時——順便說一句，與我們的客戶重新談判購電協議，它會對高端產生影響。

So today, you signed the -- last PPA we signed this recently with Saint-Gobain in the U.S. is reflecting. Let's be clear, higher cost of manufacturing in the U.S. and higher interest rate. Because when we bid, we don't use a 3% of TotalEnergies for when we price project in the (inaudible). We are pricing a higher one, which makes us more profitable. We compete with people. We have competitors, which have, in fact, a higher cost of debt. So we use their cost of debt, and we will -- maybe we benefit from that to win the deals, but we keep the difference from -- for us, in fact, as a company. So I would say, yes, you're right, it might affect the pace. But I think, we are back in a normal world. It's much better for the world economics to have a 5% interest rate world rather than 0%. I think in particular, for our companies, oil and gas companies, with a strong balance sheet and cash delivery. I think it's -- we have -- it was for me the anomaly we're during 5, 10 years, having this 0% world after the 2008 crisis. It was a way to absorb it and (inaudible), but for me, it's that more the anomaly than the country.

所以今天，你們簽署了我們最近與美國聖戈班簽署的最後一份購電協議，反映出了這一點。讓我們明確一點，美國的製造成本更高，利率也更高。因為當我們投標時，我們在為項目定價時不會使用 TotalEnergies 的 3%（聽不清楚）。我們的定價更高，這使我們利潤更高。我們與人競爭。我們有競爭對手，事實上，他們的債務成本更高。因此，我們利用他們的債務成本，也許我們會從中受益以贏得交易，但實際上，作為一家公司，我們會保留差額。所以我想說，是的，你是對的，這可能會影響節奏。但我認為，我們又回到了正常的世界。 5%的利率比0%的利率對世界經濟好得多。我認為特別是對於我們的公司來說，石油和天然氣公司，擁有強大的資產負債表和現金交付。我認為，對我來說，2008 年危機之後的 5 年、10 年裡，我們的世界處於 0% 的狀態，這對我來說是一種反常現象。這是一種吸收它的方式（聽不清楚），但對我來說，這比這個國家更不尋常。

So I think for me, it's a new normal. We have to integrate it. It will have an impact, probably, of course, on the competitor, which have a very -- we have more leverage than us. And from this perspective, the strength of the balance sheet of TotalEnergies is an asset. And I think that's why we continue to -- part of the cash flow will continue to strengthen the balance sheet.

所以我認為對我來說，這是一種新常態。我們必須整合它。當然，這可能會對競爭對手產生影響，因為他們比我們擁有更多的影響力。從這個角度來看，TotalEnergies 的資產負債表實力是一項資產。我認為這就是為什麼我們繼續下去——部分現金流將繼續加強資產負債表。

The next question is from Lucas Herrmann of BNP Paribas.

下一個問題來自法國巴黎銀行的盧卡斯·赫爾曼。

A couple of straightforward ones, I think. Firstly, just on your reporting for the last -- as far as -- as long as I can remember, actually, Patrick, 20-odd years divisions may have changed, but your reporting method has always been consistent on a quarterly basis. And yet today, you've elected to alter it. And I just wondered whether there was any particular reason that you're disclosing more around cash or other items with the other things that you're trying to emphasize to us?

我認為有幾個簡單的。首先，就你最近的報告而言——據我所知，實際上，帕特里克，20多年來，部門可能已經發生了變化，但你的報告方法在季度基礎上始終保持一致。然而今天，你選擇改變它。我只是想知道您是否有任何特殊原因需要披露更多有關現金或其他物品以及您試圖向我們強調的其他內容？

And the second question, just staying with that, some of the adjustment items in Integrated Power, I notice that there's a EUR 400 million, EUR 420-odd million asset impairment provision charge taken this quarter. Just if you could provide some further detail on what that impairment concerns? That's it.

第二個問題，就綜合電力的一些調整項目而言，我注意到本季提列了 4 億歐元、420 ​​多萬歐元的資產減損撥備費用。您是否可以提供有關該損害所涉及的更多詳細資訊？就是這樣。

On the second one, it's written. I think this business that we have impaired some of the goodwill when we made some acquisition linked to customers, in fact, because in fact, when we made the acquisition of some of these smaller (inaudible) companies that was part of the goodwill that was allocated to the customer portfolio, but the customer portfolio as a churn, which is quite high. So it's a certain point. We -- when we reviewed the situation, what we do regularly with our auditors, we decided that this goodwill might be -- it would be -- it is better to (inaudible) that's right in the case. So that's what we've done.

第二張上面寫著。我認為，當我們進行一些與客戶相關的收購時，我們已經損害了一些商譽，因為事實上，當我們收購一些較小的（聽不清楚）公司時，這是商譽的一部分，分配給客戶組合，但客戶組合作為流失率相當高。所以這是一個特定的點。當我們審查情況以及我們與審計師定期做的事情時，我們認為這種善意可能是——它會是——最好（聽不清楚）在這種情況下是正確的。這就是我們所做的。

It's a normal review that we have to do. And so we've done that.

這是我們必須做的正常審查。所以我們已經做到了。

Okay. Then -- or it's again for the CFO, but I think it'll be clear I'm transparent with you. It's -- we had some exchange like other companies with the SEC, but the -- as you know, we are using non-GAAP KPI, I would say, indicators. We have to reconcile the gap at the non-GAAP. So it was quite a formal exchange during the last month and Jean-Pierre has spent some time. But honestly, nothing fundamental. At the end of the day, we concluded but with them, but they wanted to have a clear reconciliation between the GAAP and the non-GAAP. And so some of the tables has to be just complemented. I mean.

好的。然後——或者又是財務長的事，但我想我對你的態度會很清楚。就像其他公司一樣，我們與 SEC 進行了一些交流，但是，正如你所知，我想說的是，我們正在使用非 GAAP KPI 指標。我們必須彌補非公認會計原則的差距。所以上個月這是一次相當正式的交流，讓-皮埃爾花了一些時間。但老實說，沒有什麼根本的。最終，我們與他們達成了共識，但他們希望在 GAAP 和非 GAAP 之間進行明確的協調。因此，有些表格必須補充。我是說。

Some has to be removed and some has to be (inaudible).

有些必須刪除，有些必須刪除（聽不清楚）。

That's why you have that moving. That's a change that changes. So it's honestly, we reviewed it with the Audit Committee and the Board, and there was nothing major. It's more formal. But I think they are right. We have a gap, and we need to give clarity between the IFRS, I would say, IFRS referential and what we use. So that's the reason why you have seen some moves. But it's -- thank you, Lucas, because it demonstrates that you are very precise in reading all our reports including all the pages and all the tables. So I recognize your long-standing position following TotalEnergies, but I know you for almost 20 years. So that's why you are right to support. But again, it's modernization in line with good practice and we support it.

這就是為什麼你會有這樣的感動。這是一個改變的改變。所以說實話，我們與審計委員會和董事會一起審查了它，沒有什麼重大的事情。這是更正式的。但我認為他們是對的。我們之間存在著差距，我們需要澄清《國際財務報告準則》（我想說的是《國際財務報告準則》參考資料和我們所使用的內容）之間的關係。這就是你看到一些舉動的原因。但這是——謝謝你，盧卡斯，因為它表明你非常精確地閱讀了我們所有的報告，包括所有的頁面和所有的表格。因此，我認可您長期以來對 TotalEnergies 的關注，但我認識您已經將近 20 年了。所以這就是為什麼你支持是正確的。但同樣，這是符合良好實踐的現代化，我們支持它。

Yes, it's (inaudible) modernization of the old model as well, Patrick. So that's a lot of work, but there we go.

是的，這也是舊模式的（聽不清楚）現代化，派崔克。所以這是很多工作，但我們就這樣吧。

Thank you, Lucas.

謝謝你，盧卡斯。

The next question is from Kim Fustier of HSBC.

下一個問題來自匯豐銀行的 Kim Fustier。

Firstly, I wondered if you could talk about the 3.5 million tonne SPA with Qatar Energy on LNG volumes? Some people have noticed the 27-year duration, it seems like other offtakers have signed shorter-term contracts. And it also takes you well beyond 2050. So I just wondered whether this was a requirement from Qatar Energy? And also the LNG will be delivered in France, I believe. Can you say whether there was a destination cause or whether you can redirect the volumes?

首先，我想知道您是否可以談談與卡達能源公司就液化天然氣數量達成的 350 萬噸 SPA？有些人注意到了27年的期限，似乎其他承購商都簽署了短期合約。而且它還需要遠遠超過 2050 年。所以我只是想知道這是否是卡達能源公司的要求？我相信液化天然氣也將在法國交付。您能否說明是否有目的地原因或您是否可以重新導向磁碟區？

Secondly, I wanted to ask a broader question on climate. I wondered if you could share your expectations of what Total and the broader oil industry could potentially announce at COP 28 next month? You've already got a target of reducing leasing emissions by 80% by the end of this decade, and that's Paris on mind. So could the ambition be to share your best practices on leasing monitoring and emission reductions and encourage other oil companies to do the same?

其次，我想問一個更廣泛的有關氣候的問題。我想知道您是否可以分享您對道達爾和更廣泛的石油行業可能在下個月的 COP 28 上宣布的內容的期望？巴黎已經制定了到本十年末將租賃排放量減少 80% 的目標。那麼，您的目標是否是分享您在租賃監控和減排方面的最佳實踐，並鼓勵其他石油公司也這樣做？

Good question. Thank you, Kim. The first one, no, we are not alone. The 27-year duration, in fact, it's for all the LNG offtake all the partners of Northern East and Northeast South, which were the last new ventures, were asked to take their share of offtake on the 27 years. So we are not the only one, all my colleagues. And you will see, by the way, I think they issued over press release to other European companies. It's only the German companies, which are not part of the ventures of the developments which have decided to elect for 15 or 20 years. So that's a clear.

好問題。謝謝你，金。第一個，不，我們並不孤單。事實上，這27年的期限是針對所有液化天然氣承購的，最後的新合資企業Northern East和Northeast South的所有合作夥伴都被要求在這27年裡承擔他們的承購份額。所以我們不是唯一的，我所有的同事。順便說一句，我認為他們向其他歐洲公司發布了新聞稿。只有不屬於開發案一部分的德國公司決定選擇 15 或 20 年。所以這很清楚。

By the way, honestly, 2026 plus 27, it makes 2053, not so far beyond 2050. And by the way, in our portfolio, and in the net zero company that we described in our last sustainable and climate report that TotalEnergies in 2050, you still see in the mix in our portfolio, we can need some LNG being there, even quite a large share of LNG. It's a gas is there in the transition. So we have no problem. Will it go at the end to France or to Europe? I think, yes. I think I don't see if you could manage again a complex power electricity markets in Europe with a lot of renewables without having flexible assets.

順便說一句，老實說，2026 年加上27，就等於2053 年，距離2050 年不遠了。順便說一句，在我們的投資組合中，以及我們在上一份可持續發展和氣候報告中描述的淨零公司中，TotalEnergies 在2050 年，您仍然可以在我們的投資組合中看到，我們可能需要一些液化天然氣，甚至是相當大一部分的液化天然氣。過渡過程中存在氣體。所以我們沒有問題。最後會去法國還是歐洲？我想是的。我認為，如果沒有靈活的資產，我不認為您是否可以再次管理擁有大量再生能源的歐洲複雜的電力市場。

So on that, I'm quite clear. So it's not France, by the way, we committed. It's TotalEnergies. So we are comfortable. And if we need to redirect part of these LNG to over a country, I think Qatar and ourself, if it's our interest, we will do it. So no -- in fact, these 27 years is a line on the duration of the concession in which we enter on an NFS. It's just a pure alignment between we invest, we take 3 years to invest, and then we have 27 years remaining. It covers, in fact, the full concession, which is, I think, a 30-year concession. And I can tell you, we are very happy with the conditions in which we have joined this NFS venture in Qatar.

所以這一點我很清楚。順便說一句，我們承諾的不是法國。這是總能量。所以我們很舒服。如果我們需要將部分液化天然氣轉移到一個國家，我認為卡達和我們自己，如果這是我們的利益，我們會這樣做。所以不——事實上，這 27 年是我們加入 NFS 的特許期限的一條線。這只是我們投資之間的一種純粹的調整，我們花了3年時間進行投資，然後我們還有27年的時間。事實上，它涵蓋了全部特許權，我認為這是一個 30 年的特許權。我可以告訴您，我們對加入卡達 NFS 合資企業的條件感到非常滿意。

So there, that's where -- so can we redirect? Yes, if it is the interest of both parties, we will have in the agreement, we can redirect with Qatar agreement and might be the case.

那麼，那就是──我們可以重定向嗎？是的，如果這是雙方的利益，我們將在協議中進行調整，我們可以與卡達達成協議，可能會發生這種情況。

Climate. Climate (inaudible), yes, we have strong targets. So we are leading, it would say, recently. I can just confirm to you that we have entered into -- we make our job what (inaudible) would like to do in Cop2more COP 28, it was more national companies, in fact, joining the IOCs. Because TotalEnergies and the others, all I would say, the OGCI companies, we added to forefront of this fight. We have already set the target. On methane, my motto is near 0 methane by 2030. In fact, between stop flaring, stop vending and in particular, using technologies to detect fugitive emissions with roads, which we do in all our assets.

氣候。氣候（聽不清楚），是的，我們有強而有力的目標。所以可以說，我們最近處於領先地位。我可以向您確認，我們已經進入了——我們的工作（聽不清楚）在 Cop2more COP 28 中想做的事情，事實上，更多的國家公司加入了國際奧委會。因為 TotalEnergies 和其他公司，我想說的是 OGCI 公司，我們加入了這場鬥爭的最前線。我們已經設定了目標。關於甲烷，我的座右銘是到 2030 年接近零甲烷。事實上，停止燃燒、停止自動售貨，特別是使用技術來檢測道路的無組織排放，我們在所有資產中都這樣做。

And we are just in the way to share these technologies with some national companies, and we are signing some agreements which will be disclosed before COP. So we have signed 1 or 2 already, but we have to respect the will of the countries to announce them. So it will be done. So we are on TotalEnergies committed in order to propose these technologies, measuring with, again, not only excess 5, but we've directed emissions to cover assets, and not only from Total but larger assets from national companies.

我們正在與一些國內公司分享這些技術，我們正在簽署一些協議，這些協議將在 COP 之前披露。所以我們已經簽署了1或2個協議，但我們必須尊重各國宣布這些協議的意願。所以它會完成。因此，我們致力於TotalEnergies，以便提出這些技術，再次測量，不僅超過5，而且我們已將排放量引導至涵蓋資產，不僅來自道達爾，還來自國家公司的更大資產。

So we promote this technology. We do our job, and we'll be able, I think, to announce, I'm sure to announce some of these -- in some countries where we have also -- obviously, we are operating and we have good relationship with national companies. We will offer them and deploy this strategy. So we are doing our job on this perspective. And I think it's very important for the oil and gas industry to engage more national companies in these efforts.

所以我們推廣這項技術。我們做好我們的工作，我想，我們將能夠宣布，我肯定會宣布其中的一些——在一些國家，我們也——顯然，我們正在運營，並且我們與國家機構有良好的關係。公司。我們將向他們提供並部署這項戰略。所以我們是從這個角度來做我們的工作。我認為，對於石油和天然氣產業來說，讓更多的國內公司參與這些努力非常重要。

The next question comes from Alastair Syme of Citi.

下一個問題來自花旗銀行的阿拉斯泰爾·賽姆 (Alastair Syme)。

Any updates on Namibia you want to share? I know you updated at the recent Capital Markets Day, but you're right in the middle of your assessment and I guess, how is the production test to be one are you looking?

您想分享有關納米比亞的任何最新動態嗎？我知道您在最近的資本市場日進行了更新，但您正處於評估階段，我想，您正在尋找的生產測試怎麼樣？

And then secondly, can you just -- the question of debt, can you just remind us on the hybrids. I mean they are perpetual. But I think as they start to be callable, the coupons change. So can you just talk a little bit about that mechanic, please?

其次，關於債務問題，您能否提醒我們混合動力車。我的意思是它們是永恆的。但我認為，當它們開始可調用時，優惠券就會發生變化。那您能簡單談談那位機械師嗎？

Okay. Jean-Pierre will come back on this hybrid to explain you, give you all the details. What I know is that the cost of the hybrid is quite interesting, right? So -- but Jean-Pierre will give you some details in this world of a higher interest rate. On the other side, in Namibia, no, we don't have any update and I can tell you that we started the (inaudible), which is a discovery in the exploration well, so it' not a discovery situation. So, well, drilling has started seventh of October, I think, beginning of the month. So it's on its way. So no, nothing to report today. It takes 2, 3 months to drill.

好的。讓-皮埃爾將回來解釋這個混合動力，並為您提供所有細節。據我所知，混合動力車的成本非常有趣，對嗎？那麼，讓-皮埃爾將為您提供有關更高利率世界的一些細節。另一方面，在納米比亞，不，我們沒有任何更新，我可以告訴你，我們開始了（聽不清楚），這是勘探井中的一個發現，所以這不是一個發現情況。因此，鑽探工作已於 10 月 7 日開始，我想是在本月初。所以它正在路上。所以不，今天沒有什麼好報告的。鑽孔需要2、3個月。

And the test the second well on [Vinis], just started -- the test will start these days, so this week. So sorry, but it's not -- our drilling operations did not follow our quarterly calls. So you will have to wait for more use. But again, as I said recently, to be clear, we will develop the Vinis discovery. There is a development. So it's a matter for us now to try to assess the full size of it and then to find the right scheme of development considering that there is quite a good ICGL. But again, it's optimizing the development that we are looking for the oil development again on business. So we'll come back with you, I think, probably in February, when we will have the annual results, we'll be able to disclose more information about it.

[Vinis] 上的第二口井的測試剛剛開始——測試將在這幾天開始，所以本週開始。很抱歉，但事實並非如此——我們的鑽探作業沒有遵循我們的季度電話。因此，您將不得不等待更多的使用。但正如我最近所說，需要明確的是，我們將發展維尼斯的發現。有一個發展。因此，我們現在的問題是嘗試評估它的全部規模，然後考慮到有一個相當好的 ICGL，找到正確的開發方案。但同樣，我們再次尋求石油開發業務，這正在優化開發。所以我們會和你們一起回來，我想，可能是在二月份，當我們公佈年度業績時，我們將能夠披露更多有關它的資訊。

They will have the results on both these wells and to have more clarity on Vinis expansion. We plan to do a third well after in the north, but we'll have a lot of data.

他們將獲得這兩口井的結果，並更清楚地了解 Vinis 的擴張情況。我們計劃在北部打第三口井，但我們將獲得大量數據。

Okay. Hybrid, yes, that's true. We benefit from very competitive hybrid bond portfolio because on average, the coupon is 2.3%. So very low, very, I would say, cheap equity. The problem now is that as mentioned by Patrick, the refinancing has become more expensive, 6% more less for a maturity of 7 years. So we use the flexibility offered by S&P to be able to reduce by 10% the global portfolio without losing the equity treatments. We use this flexibility because in the second quarter, we have 1 tranche maturing. And so we decided not to refinance this one. So now we have to see in the future how we can continue to lower the portfolio -- hybrid portfolio without losing the equity treatment. So it's -- yes, (inaudible) at the end that for the coming months.

好的。混合動力，是的，確實如此。我們受惠於極具競爭力的混合債券投資組合，因為平均票面利率為 2.3%。我想說，股票非常低，非常便宜。現在的問題是，正如派崔克所說，再融資變得更昂貴，7年的再融資成本降低了6%。因此，我們利用標準普爾提供的彈性，能夠在不失去股權待遇的情況下將全球投資組合減少 10%。我們利用這種彈性是因為在第二季度，我們有一批到期。因此我們決定不再為此專案提供再融資。因此，現在我們必須考慮未來如何在不失去股權待遇的情況下繼續降低投資組合——混合投資組合。所以，是的，（聽不清楚）最後是未來幾個月的情況。

Fundamentally, we will use the 10% flexibility quarter after quarter or year after year in order to at the end, I would say, to eliminate or respect, of course, the rules, but I will do it year after year considering...

從根本上說，我們將季復一年或年復一年地使用 10% 的靈活性，以便最終消除或尊重規則，但我會年復一年地這樣做，考慮到...

So just to be clear, the bit that's callable, does the coupon change on that element? Or does it stay the same?

所以要明確的是，可調用的部分，優惠券會在該元素上發生變化嗎？還是保持不變？

No, it is stable.

不，它很穩定。

The next question is from Henri Patricot of UBS.

下一個問題來自瑞銀集團的亨利‧派崔克。

Two questions from my side. The first one, on the outlook for oil demand and refining margins because we've seen quite a sharp drop in refining margins at the past month, obviously, from a very high level. Just wondering if you're getting a bit more concern about the outlook for oil demand and refining margins at the moment?

我這邊有兩個問題。第一個是關於石油需求和煉油利潤的前景，因為我們看到過去一個月煉油利潤明顯從很高的水平大幅下降。只是想知道您目前是否對石油需求和煉油利潤的前景更加擔憂？

And secondly, I wanted to ask you about wind and some more on the European wind industry, we've seen the commission this week setting up more actions to support the European industry. I wonder if you have your initial assessments of these actions and what will you see potentially better dynamics for European wind acceleration in wind over here?

其次，我想向您詢問有關風能以及有關歐洲風能行業的更多信息，我們本週看到委員會採取了更多行動來支持歐洲風能行業。我想知道您是否對這些行動有初步評估，以及您認為歐洲風加速的潛在更好動態是什麼？

2 general question, complex one. Oil demand, the oil demand in '23 is strong, an increase of almost 2 million barrels per day, mainly coming from China. By the way, more than 2/3, 70% more from petrochemicals on 1 side and from as well kerosene, jet fuel, the payment airline activity is back almost normal, not fully. So you still have, in fact, in '24, some demand from the airlines in the world to come back. So we are not yet fully to be a level quick of it on the jet fuel demand. So I don't see what it would stop, to be honest, because it's -- there is a call for move in this planet.

2 一般問題，複雜問題。石油需求方面，23年石油需求強勁，每天增加近200萬桶，主要來自中國。順便說一句，超過 2/3，即 70% 以上來自石化產品以及煤油、噴氣燃料，航空公司的支付活動幾乎恢復正常，但並非完全恢復。事實上，到了 24 年，世界各地的航空公司仍然有一些回歸的需求。因此，我們還沒有完全達到航空燃油需求的快速水準。所以說實話，我不知道它會阻止什麼，因為這個星球上有人呼籲採取行動。

And secondly, I think the IEA has announced an additional 1 million-barrel of oil per day increase for next year. So I take this point. I think our traders agree with it. So it's not 2, but it's one. So continuing to see demand increase. And again, by the way, what struck me despite the part that some have on the Chinese economy, you said this year, we have plus 2 and again, 70% of it is coming from China. So when China will come back, I read yesterday that the Chinese government is thinking to make an incentive package -- macroeconomic incentive package raising more debt in order to give imports to their economy.

其次，我認為IEA已經宣布明年每天額外增加100萬桶石油。所以我認為這一點。我認為我們的交易員也同意這一點。所以它不是 2，而是 1。因此需求持續增加。順便說一句，令我印象深刻的是，儘管有些人對中國經濟有影響，你說今年我們有+2，而且70%來自中國。因此，當中國回歸時，我昨天讀到中國政府正在考慮制定一項激勵計劃——宏觀經濟激勵計劃，籌集更多債務，以便為本國經濟提供進口。

By the way we complain about the growth in China, which is 5%, and it's not 1% or 2%. So I think I'm still a believer that Chinese growth will drive again, growth. And in fact, when you look to -- by the way, on oil demand, I will give you a clue. It's not very complex. You take the last 20 years, you look to the increase of the population of the world, plus 1.2%. You look to the increase of the oil demand until 2019 because you have a -- it was exactly plus 1.2%. In fact, the oil demand is not related to GDP, is related to the growing population. Because it is a fundamental factor, and it's why, by the way, transition will be complex, a growing population because this 1.2% or 1% is still announced for the next 20 years. So 1% on the planet, it requires more energy, better way of increasing their life standard, and that's more energy.

順便說一句，我們抱怨中國的成長是5%，而不是1%或2%。因此，我認為我仍然相信中國的成長將再次推動成長。事實上，當你關注石油需求時，我會給你一個線索。這不是很複雜。過去 20 年，世界人口成長了 1.2%。你預計 2019 年之前石油需求將會成長，因為它恰好增加了 1.2%。事實上，石油需求與GDP無關，與人口成長有關。因為這是一個基本因素，順便說一句，這就是為什麼人口不斷增長的轉變將是複雜的，因為這個 1.2% 或 1% 仍然在未來 20 年宣布。所以地球上的 1% 的人需要更多的能量，需要更好的方法來提高他們的生活水平，這就是更多的能量。

So that's -- so it's very aligned. You can see that. We will make a presentation soon on our TotalEnergies' outlook on November 13, and we will explain that again. So that's the demand.

所以這是非常一致的。你可以看到這一點。我們很快就會在 11 月 13 日介紹 TotalEnergies 的前景，並再次對此進行解釋。這就是需求。

Refining margins. Refining margin is different. It depends on the market, supply and demand. We've seen them going to the roof going 1 or 2 months. During summer time, everything was under constraint. I think you still have, honestly, in this downstream business, an impact on the ban of Russian products because all that has put ocean crude oil on 1 side. So the quality of the crude oil is different in the refining system, and also on the products. You have this organized, I would say, as a transportation. Transportational costs are more expensive. And so today, what we face is that you see -- the gasoline demand. The gasoline spread is down, quite low. Because, again, the gasoline demand in Europe is, I think, impacted by the (inaudible).

精煉利潤。精煉餘量不同。這取決於市場、供給和需求。我們已經看到他們在屋頂上待了一兩個月。夏天的時候，一切都受到限制。老實說，我認為在下游業務中，俄羅斯產品的禁令仍然會產生影響，因為所有這些都將海洋原油置於一邊。因此，原油的品質在煉油系統中是不同的，在產品上也是如此。我想說，你把它組織起來作為一種交通工具。交通費用較貴。所以今天，我們面臨的是你們所看到的──汽油需求。汽油價差下降了，相當低。因為，我認為，歐洲的汽油需求再次受到（聽不清楚）的影響。

You have an elasticity of the demand to the price. So when in the third quarter, you've seen $90 per barrel, $95 per barrel plus a strong margin of refining. The customers, when price is high, they save energy. They reduce their consumption. So this is what we have observed. And so today, the gasoline demand is happening. So the spread crack is softening. But the diesel crack is still high, very high, $30. Because there, on this side, you have an impact of the fact that we have less heavy crude. So it's more expensive to produce diesel. And so you had some warning, which I think are exaggerated from (inaudible) we might have a lack of diesel, will not have a lack of diesel for sure. You know why? Just because we find our smart people. When you have a strong crack on diesel and a low crack on gasoline, you will adapt your refinery and you make more diesel and less gasoline. So it's quite easy business. And we have flexibility.

需求對價格有彈性。因此，在第三季度，您會看到每桶 90 美元、每桶 95 美元以及強勁的煉油利潤。當價格高時，客戶會節省能源。他們減少消費。這就是我們觀察到的情況。所以今天，汽油需求正在發生。所以蔓延的裂痕正在軟化。但柴油裂解價仍然很高，非常高，30 美元。因為在這一邊，我們的重質原油較少，這一事實會產生影響。因此生產柴油的成本更高。所以你收到了一些警告，我認為這些警告被誇大了（聽不清楚），我們可能會缺乏柴油，但肯定不會缺乏柴油。你知道為什麼？只因為我們找到了聰明的人。當您對柴油的裂解程度較高而對汽油的裂解程度較低時，您將調整您的煉油廠，並生產更多的柴油和更少的汽油。所以這是很容易的生意。而且我們有彈性。

So today, our machines are running to make diesel. And so no fear, but a good benefit. So Yes, it has suffered, but I would say I would expect a margin around $70, $80 per tonne for the next month. It's a good bet. I would be surprised to see them coming back very low because, again, you have some inefficiencies in the system because of the Russian ban, not only on oil, but also on products, (inaudible) some, I would say, increased costs.

所以今天，我們的機器正在運作來生產柴油。所以不用擔心，反而有很大的好處。所以，是的，它受到了影響，但我想說，我預計下個月的利潤約為每噸 70 至 80 美元。這是一個不錯的選擇。我會很驚訝地看到它們回到非常低的水平，因為同樣，由於俄羅斯的禁令，系統效率低下，不僅對石油，而且對產品，（聽不清）一些，我想說，增加了成本。

On the wind, yes, wind, European Commission. And it's more the European wind manufacturing industry, which is complaining, if I'm reading carefully rather than the European wind development industry. The developers are still willing to develop with lowest cost because that's a good question to the commission, I think. Like on solar, do they want to protect the consumers by continuing to have access to the lowest possible cost of renewables or do we want to protect the manufacturing industries? That's a question.

關於風，是的，風，歐盟委員會。如果我仔細閱讀的話，抱怨的更多是歐洲風電製造業，而不是歐洲風電開發業。我認為，開發商仍然願意以最低的成本進行開發，因為這對委員會來說是一個很好的問題。就像太陽能一樣，他們是想透過繼續獲得盡可能低的再生能源成本來保護消費者，還是我們想保護製造業？這是一個問題。

Until now, in the last 10 years, it was always EU has favored the consumers, in fact. And I've seen a call from the solar developers calling for not protecting them. So we'll see, again, for us, honestly, at the end of the day, in the U.S., when we are asked by the IRA to use the U.S. goods, we are using U.S. goods. You know in the offshore wind project in New York, we have made a deal with GE. We secured the price and the cost, by the way, of the turbines with GE, which will build a new manufacturing plant in New York, creating local jobs. All that has a cost, but it has been integrated in the CFD, which has been accepted and agreed negotiated.

事實上，直到現在，在過去的十年裡，一直是歐盟對消費者有利。我看到太陽能開發商呼籲不要保護他們。因此，我們將再次看到，老實說，最終在美國，當愛爾蘭共和軍要求我們使用美國商品時，我們正在使用美國商品。你知道，在紐約的離岸風電計畫中，我們已經與GE達成了協議。順便說一句，我們與通用電氣確定了渦輪機的價格和成本，通用電氣將在紐約建造一座新的製造工廠，為當地創造就業機會。所有這些都是有成本的，但它已整合到 CFD 中，並已被接受並透過談判達成協議。

So I think -- so up to -- we will adapt ourselves, we are flexible. That's why, by the way, we should not anticipate too early this type of CFDs in insurance. Because if you take the insurance, it's too early, when as the enrollment is moving, you could be a trap in something which become less profitable. So it's -- because wind -- offshore wind is taking more time.

所以我認為——到目前為止——我們會適應自己，我們很靈活。順便說一句，這就是為什麼我們不應該過早預期這種類型的保險差價合約。因為如果你購買保險，現在還為時過早，隨著招生人數的增加，你可能會陷入利潤較低的陷阱。因此，由於風能，離岸風電需要更多時間。

Having said that, at the end of the day, I can confirm to you, but I see more and more gold wind Chinese wind farms being built in Europe and in the world.

話雖如此，歸根結底，我可以向你確認，但我看到越來越多的金風中國風電場正在歐洲和世界各地建設。

The next question is from Bertrand Hodee of Kepler Chevreux.

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

Yes. Two very quick ones, if I may. The first 1 on Namibia, you disclosed at the first DST test. So on [Vinis] was in line with expectation. But can you share a bit more color on that? You've hinted that if it was 5,000 barrels of oil equivalent a day was not good. It was 15, it was okay. So can you give us a bit of a color and whether it was above 15 or below 15? That is essentially my question.

是的。如果可以的話，兩個非常快的。第一個關於納米比亞的問題，您在第一次 DST 測試中披露了。所以 [Vinis] 符合預期。但能分享更多的色彩嗎？您曾暗示，如果每天 5,000 桶石油當量就不太好。當時15歲，還好。那麼您能否給我們一些顏色以及它是高於 15 還是低於 15？這本質上是我的問題。

And then on U.S. offshore wind in New York. Can you disclose in dollar per megawatt what is your current CapEx estimate before any inflation provision?

然後是紐約的美國離岸風電。您能否以每兆瓦美元為單位披露在任何通貨膨脹準備金之前您當前的資本支出估計是多少？

No, I cannot feel your full (inaudible), sorry to tell you that. I didn't know that 15 was a threshold. It depends on -- honestly, I think we told you the truth. It's in line with our expectations. That means that it's in line. We have the assumptions, we have taken to plan the development. So if it's in line, that means that we are happy. We introduced -- we get the data. They confirm the productivity and the production per well. And we know that with this level of production per well, we can make a profitable development. So I don't want to comment more one test, because we have plenty of tests coming. And so let's continue the job, and you will have to rely on what we say. But as we are listed companies, generally, we say the truth.

不，我無法感受到你的飽足感（聽不清楚），很抱歉告訴你這一點。我不知道15是一個門檻。這取決於——老實說，我認為我們告訴了你真相。這符合我們的預期。這意味著它在一條線上。我們有假設，我們已經採取來規劃發展。所以如果它在一條線上，那就意味著我們很高興。我們介紹了—我們獲取了數據。他們確認了每口井的生產率和產量。我們知道，憑藉每口井的這種產量水平，我們可以實現有利可圖的開發。所以我不想對一項測試發表更多評論，因為我們還有很多測試即將到來。因此，讓我們繼續這項工作，您將不得不依賴我們所說的話。但我們是上市公司，一般來說，我們說的是實話。

And then on the second one, I think it's something that I don't remember, to be honest, so dollar per megawatt hour before any CapEx provision or we don't work like that. So we have a CapEx, including contingency. This is the way we work to know. We work in offshore wind in the same way, but in oil and gas on our side. We are an experience of our projects, offshore projects. And you know that when you make an offshore project, you don't stick with only the EPC contract, but you are taking some contingencies. And when we communicate in oil and gas on the CapEx, we communicate it always including contingencies. Because we perfectly know, but in oil and gas, when you make the projects, things will not be exactly the sigma will be EPC contracts.

然後，關於第二個，老實說，我認為這是我不記得的事情，所以在任何資本支出條款之前每兆瓦時美元，否則我們不會那樣工作。所以我們有資本支出，包括應急費用。這就是我們努力了解的方式。我們以同樣的方式在離岸風電領域開展工作，但我們在石油和天然氣領域開展工作。我們對我們的專案、離岸專案有豐富的經驗。而且您知道，當您進行離岸專案時，您不會只遵守 EPC 合同，但您必須承擔一些意外情況。當我們在資本支出方面就石油和天然氣進行溝通時，我們的溝通始終包括突發事件。因為我們完全知道，但在石油和天然氣領域，當你制定專案時，事情不會完全像西格瑪那樣是 EPC 合約。

And this is 1 of the mistakes which is done in this industry by some of the competitors, which believe that you make the EPC, it will execute rightly the EPC. And it's why today you have some EPC contractors, which are facing difficulties because when they have built pressure on them, and they are obliged to announce losses. Now it's not a way. If the sustainability of this model -- business model, like we've done in the oil gas industry is to understand what you make a project because your EPC contractors are also surviving and not just surviving, making profits. And that's why when we execute a project in oil and gas, we know that we have contingencies.

這是這個行業中一些競爭對手所犯的錯誤之一，他們相信你做了EPC，它就會正確地執行EPC。這就是為什麼今天有一些EPC承包商面臨困難，因為當他們對他們施加壓力時，他們有義務宣布虧損。現在已經不是辦法了。如果這種模式——商業模式的可持續性，就像我們在石油天然氣行業所做的那樣，就是要了解你所做的項目是什麼，因為你的EPC 承包商也在生存，而不僅僅是生存和盈利。這就是為什麼當我們執行石油和天然氣專案時，我們知道我們會遇到意外情況。

I remember the first time or offshore wind developers came to the Executive Committee were it mentioning to us 2% of provision. We were losing with it. No, no, offshore, it's at least 10%. And we know that by experience. And I will tell you that our experience in Seagreen installing 100 wind turbines, offshore is much more complex, but installing 1 big offshore oil platform. So it's including provision, and we make all our projections and negotiation with the right provision within our CapEx. Thank you.

我記得第一次離岸風電開發商來到執行委員會時，它向我們提到了 2% 的撥款。我們因此而失敗。不不，離岸，至少10%。我們根據經驗知道這一點。我會告訴你，我們在Seagreen安裝100台離岸風力渦輪機的經驗要複雜得多，但安裝1個大型海上石油平台。因此，它包括撥備，我們在資本支出中根據正確的撥備進行所有預測和談判。謝謝。

The next question is from Paul Cheng of Scotiabank.

下一個問題來自豐業銀行的 Paul Cheng。

Two questions. One is really short. Maybe it's for Jean-Pierre. Third quarter E&P, the effective tax rate, they call it wrong number, 45%, seems a bit low, even thing into consideration of the lower contribution from North Sea. Is there any one-off benefit in tax in the quarter? And also more importantly, that based on the current market conditions, what is your expectation for the division, the effective tax rate in the fourth quarter?

兩個問題。一根確實很短。也許是為了讓皮埃爾。第三季勘探與生產，有效稅率，他們稱之為錯誤的數字，45%，似乎有點低，即使考慮到北海的貢獻較低。本季是否有一次性稅收優惠？更重要的是，根據目前的市場狀況，您對該部門的預期，即第四季度的有效稅率是多少？

Second question, I think this is for Patrick. We have seen a pretty substantial reduction in the renewable diesel margin over the past several weeks and that the wind price in the U.S. has been dropping. And we have also seen the LCFS supply remain relatively low. That's this market condition in any shape or form will impact your thinking of the investment in the alternative fuel by renewable diesel and SAF?

第二個問題，我想這是問派崔克的。過去幾週，我們看到再生柴油利潤大幅下降，而且美國的風電價格一直在下降。我們也看到 LCFS 供應仍然相對較低。這種市場狀況以任何形式都會影響您對再生柴油和 SAF 替代燃料投資的看法嗎？

In fact, as Jean-Pierre told you the first question, it's not only the mix, the lower (inaudible) is the fact that it's more important, and we'll come back to you, I think in February, that the new barrels that we are producing like in Brazil, like in Iraq, like I think there was another example in Europe.

事實上，正如讓-皮埃爾告訴你的第一個問題，這不僅僅是混合，較低的（聽不清楚）是更重要的事實，我想在二月份，我們會回到你身邊，新桶我們正在像巴西、伊拉克那樣生產，我認為歐洲還有另一個例子。

Azerbaijan?

亞塞拜然?

In Azerbaijan. In fact, have a lower fiscal burden than the declining barrels from the North Sea. So it's interesting for you because that means that there is a trend in our portfolio with new barrels and higher margins through lower tax. To give you the real figure for Q4, I mean, it's premature. I cannot guess on that. As you know, we are making quarterly results. In January, the last quarter, you have some alignment. But to come back, is there any 1 -- no, no, Jean-Pierre confirmed.

在阿塞拜疆。事實上，與北海石油產量減少相比，其財政負擔較低。所以這對你來說很有趣，因為這意味著我們的投資組合中存在著一種趨勢，即透過降低稅收來增加新桶和提高利潤。要給你第四季的真實數據，我的意思是，現在還為時過早。我無法猜測這一點。如您所知，我們正在公佈季度業績。一月，即最後一個季度，你有一些調整。但回來後，有沒有任何一個 - 不，不，讓-皮埃爾證實。

I mentioned them to the 2 main factors in my speech. So once again, the weighted average high barriers versus -- high tax barrel versus low-cost barrels. And the fact that we are now more attractive barrels in our portfolio.

我在演講中提到了兩個主要因素。因此，再一次，加權平均高障礙與高稅收桶與低成本桶的比較。事實上，我們現在是我們的投資組合中更具吸引力的桶。

So there was no one. On the second one, the U.S. refining market and LCFS, obviously, as you noticed, as you probably noticed, (inaudible) was not really running in the Q3. We had an issue. So I've been -- we have more work here on restarting for offer with this long haul, and it will restart by mid November by taking care of the margins in the U.S. because, unfortunately, when the refinery is not working, there is no margin to capture.

所以就沒有人了。在第二個方面，美國煉油市場和 LCFS，顯然，正如您所注意到的，正如您可能注意到的那樣，（聽不清楚）在第三季度並沒有真正運作。我們遇到了問題。所以我 - 我們在這裡有更多的工作來重新啟動這個長途運輸，並將在 11 月中旬之前重新啟動，同時照顧美國的利潤，因為不幸的是，當煉油廠不工作時，就會有沒有餘量可以捕獲。

So I think for me, from my (inaudible), I will dig, thank you for the question. But I still see every day, quite a high margin in the U.S., even if it's lower, again, like in Europe, we went to the roof, which was around almost not far from $200 per ton, I think, which we've never seen since I am in this company during 1 quarter. It's softening today, but it's softening, remaining around 120, 150, so it's still very high. Does it affect the renewable diesel and stuff? No. Because in fact, all these businesses today, they are regulated, in fact, they are somewhere regulated. And somewhere in Europe, in particular, in the end, the stock price is more guided by the penalty that somebody will pay if it does not fill the mandate rather than the demand and supply.

所以我認為對我來說，從我的（聽不清楚）出發，我會挖掘，謝謝你的問題。但我每天仍然看到，美國的利潤率相當高，即使它更低，就像在歐洲一樣，我們達到了頂峰，我認為，這幾乎離每噸 200 美元不遠，我們已經自從我在這家公司工作第一季以來從未見過。今天在軟化，但是在軟化，保持在120、150左右，所以還是很高的。它會影響可再生柴油之類的東西嗎？不。因為事實上，今天所有這些企業都受到監管，事實上，它們在某個地方受到監管。尤其是在歐洲的某個地方，最終，股價更取決於如果未履行授權而將支付的罰款，而不是供需關係。

Because today, in fact, on the stock. So supply is short of the demand somewhere. So you're still running behind. So it's more -- it's a regulated business somewhere. And as the penalty are quite high, it does not impact this directly as a business. In the U.S., we don't make (inaudible) today. So I'm not able to come back to you on this one. We plan to produce (inaudible) in the future in (inaudible), but we don't do it today. So I can't help you to understand the mix market in the U.S. today specifically.

因為今天，其實就在股票上。因此，某個地方的供給不足。所以你還是落後了。所以更重要的是——這是一個受監管的行業。由於處罰相當高，因此不會對企業產生直接影響。在美國，我們今天不生產（聽不清楚）。所以我無法就這一問題回覆您。我們計劃在未來（聽不清楚）生產（聽不清楚），但我們今天不這樣做。所以我無法幫助您具體了解當今美國的混合市場。

The next question is from Jean-Luc Romain of CIC Market Solutions.

下一個問題來自 CIC Market Solutions 的 Jean-Luc Romain。

It relates to your acquisition in Germany. I was wondering with the electricity that you will purchase on medium-term contracts, will be accounted for in your kind of power capacity or in your power sales will that work? Or will it be only an intermediary margin?

這與您在德國的收購有關。我想知道您將根據中期合約購買的電力將計入您的電力容量或電力銷售中，這是否有效？或只是中間保證金？

It will be a sale, but not a capacity. We don't own the capacity. We manage the capacity. As you know, we are honest people. So we don't invest in the capacity, but we have access to some capacities, which is a good thing. And then we give the sales because we are selling it for sure. We are selling it to customers, and we might have even -- I think in the portfolio, we have 2 gigawatts out of the 9 gigawatts, which are under medium, long-term PPAs, so that sales, which will be reported as sales but not as capacities because we don't earn all the capacities. So that's the way it will work.

這將是銷售，但不是產能。我們不擁有這個能力。我們管理容量。如你所知，我們是誠實的人。所以我們不投資產能，但我們可以獲得一些產能，這是一件好事。然後我們給出銷售額，因為我們肯定會賣出它。我們正在將其出售給客戶，我們甚至可能 - 我認為在投資組合中，我們在 9 吉瓦中擁有 2 吉瓦，這些都屬於中長期購電協議，因此銷售額將報告為銷售額但不是能力，因為我們無法獲得所有能力。這就是它的運作方式。

Like in LNG, you have some reporting in the sales, and we don't report when we have -- it's like a long-term PPA, SPA that we have with the U.S. LNG (inaudible) we don't account for the capacity in our production because we don't produce it, but we account in the sales, same mechanics (inaudible) is the right one, by the way.

就像液化天然氣一樣，你有一些銷售報告，而我們在有報告時不會報告——這就像我們與美國液化天然氣簽訂的長期購電協議、買賣協議（聽不清楚），我們不考慮產能在我們的生產中，因為我們不生產它，但我們在銷售中考慮，順便說一句，相同的機制（聽不清楚）是正確的。

The next question is from Jason Gabelman of TD Cohen.

下一個問題來自 TD Cohen 的 Jason Gabelman。

Just 1 follow-up on CapEx. I think you mentioned both the oil sands divestment and the sale to (inaudible) would close in 4Q, which implies about $6 billion of divestment proceeds coming in and in light of that, it seems like reiterating the $16 billion to $17 billion CapEx range for 2023 would be a bit high. So I was hoping you just could square those 2?

僅關於資本支出的 1 次後續行動。我認為您提到油砂撤資和向（聽不清楚）的出售都將在第四季度完成，這意味著約60 億美元的撤資收益將進入，鑑於此，似乎重申了160 億至170 億美元的資本支出範圍2023年會有點高。所以我希望你能把這兩個平方？

Well, no, it's not high. No, because it's not so high because you -- we spend organically $5 billion, $6 billion per quarter. We are today at the end of the quarter [16]. We spent $5 billion to $6 billion per quarter. We'll divest, but we have 1 or 2 acquisitions that I mentioned, which are coming in the quarter as well. So $16 billion, $17 billion seems to be -- it's not $16 billion, $18 billion. By the way, we specified $16 billion, $17 billion this morning. So we -- I think the $16 billion, $17 billion seems to be to us the right range. But we will explain to you that in the annual (inaudible). So take it as -- I think we have a good view on where we should land.

嗯，不，它並不高。不，因為它並沒有那麼高，因為我們每季有機支出 50 億美元，60 億美元。今天我們已經到了季度末[16]。我們每季花費 50 億至 60 億美元。我們將剝離，但我們有我提到的一兩次收購，這些收購也將在本季進行。所以 160 億美元、170 億美元似乎是——而不是 160 億美元、180 億美元。順便說一下，今天早上我們指定了 160 億美元、170 億美元。所以我認為 160 億美元、170 億美元對我們來說似乎是合適的範圍。但我們會在年度報告中向您解釋這一點（聽不清楚）。因此，我認為我們對應該在哪裡著陸有一個很好的看法。

The next question comes from Alessandro Pozzi of Mediobanca.

下一個問題來自 Mediobanca 的 Alessandro Pozzi。

Just 1 question on the macro side. And I guess, in a way, it's linked to the recent offtake agreement in Qatar. This week, the IEA has published the world energy outlook and the downgraded again, the gas demand for 2050. I think if you look at the EPS, it's down 40% gas demand. I was wondering, is this versus 2022? Is this a concern for you blocking such long-term contracts? Or do you think the IEA remains hard to bearish on gas demand?

只是宏觀方面的一個問題。我想，在某種程度上，這與卡達最近的承購協議有關。本週，IEA 發布了世界能源展望，並再次下調了 2050 年的天然氣需求。我認為，如果你看看 EPS，你會發現天然氣需求下降了 40%。我想知道，這是與 2022 年相比嗎？您是否擔心阻止此類長期合約？或者您認為國際能源總署仍然很難看空天然氣需求？

No. It's -- I would tell you -- I don't know who is right (inaudible) the matter of IEA, it's a matter of positioning of your projects. In fact, for me, all that is driven by the position of -- in the cost merit curve of the investment in Qatar. In Qatar, you are first quartile. So I can tell you, producing LNG in Qatar even by 2050, which would be more efficient than in many places around the planet. So even if there is a reduction of 40%, you still have 60%. And in the 60%, Qatar will be perfectly positioned.

不。我會告訴你，我不知道國際能源總署的問題誰是對的（聽不清楚），這是專案定位的問題。事實上，對我來說，這一切都是由卡達投資的成本效益曲線中的位置所驅動的。在卡達，你是第一個四分位。所以我可以告訴你，即使到 2050 年，卡達也能生產液化天然氣，這將比地球上許多地方的效率更高。所以即使減少了40%，你仍然有60%。在這 60% 的國家中，卡達處於完美的位置。

So in fact, let's be clear, and this is the whole strategy of the company, to protect all our -- because you need to make long-term investments in energy and in particular energy. But (inaudible) all, the philosophy all our portfolio is guided by low-cost first quartile assets because there whatever will happen on the demand either the demand will diminish as planned by IEA. We are protected you -- as investors are tested. There is no problem. So my answer to you is yes, there are certainty of the demand on oil and the demand of gas and the demand of electricity.

事實上，讓我們明確一點，這是公司的整體策略，保護我們所有人——因為你需要對能源，特別是能源進行長期投資。但（聽不清楚）我們所有投資組合的理念都是以低成本第一四分位資產為指導，因為無論需求發生什麼，需求都會按照國際能源總署的計畫減少。我們會保護您—因為投資者會受到考驗。沒有問題。所以我對你的答案是肯定的，石油需求、天然氣需求和電力需求是確定的。

The key driver of the world strategy is driven by the (inaudible) and they are having first quartile projects, and I can demonstrate the Qatar projects are among the best of the world, if not the best. And everybody knows that because it's a huge gas still produced 50-meter water depths conventional with quite a high content of condensate, as you all know.

世界策略的關鍵驅動力是由（聽不清楚）驅動的，他們擁有第一四分位數的項目，我可以證明卡達的項目即使不是最好的，也是世界上最好的項目之一。大家都知道，因為這是一種巨大的氣體，仍然會產生 50 公尺深的常規水深，凝析油含量相當高，眾所周知。

So at the end, it makes this project very resilient. And even in 2050, we will produce and even beyond because the IEA does not tell you there is no gas. There is still maybe 60%, maybe 70%, maybe 50%, we'll see. But that's our answer. There is no stranded asset in the portfolio of TotalEnergies.

所以最終，這使得這個專案非常有彈性。即使到 2050 年，我們也會生產甚至更久，因為 IEA 不會告訴你沒有天然氣。或許還有 60%，或許 70%，或許 50%，我們拭目以待。但這就是我們的答案。 TotalEnergies 的投資組合中不存在擱淺資產。

So you're happy for such a long-term agreement on Qatar, the cost of (inaudible) on some of the other projects you prefer maybe a shorter duration?

那麼您對卡達達成這樣的長期協議感到高興，您喜歡的其他一些項目的成本（聽不清楚）可能是較短的持續時間？

No, no. But systematically, when we invest, we invest in oil projects or LNG projects in only in low cost, less than $20 per barrel CapEx or OpEx for oil and for LNG, they must be first or second quarter. So that's the protection. And this is the situation otherwise, we don't do it. We don't do it. We just -- we have a large portfolio of LNG projects, and we select them. If they are on the right side of the cost price because this uncertainty of the demand we admitted, it's part of sort of the answer we give you is low cost.

不，不。但有系統地，當我們投資時，我們只投資低成本的石油項目或液化天然氣項目，石油和液化天然氣的資本支出或營運支出低於每桶 20 美元，它們必須是第一季或第二季。這就是保護。否則就是這種情況，我們不會這樣做。我們不這樣做。我們只是——我們擁有大量液化天然氣項目，我們會選擇它們。如果它們位於成本價格的右側，因為我們承認需求的不確定性，那麼這是我們給您的答案的一部分是低成本。

There are no further questions registered. Back to you, gentlemen, for conclusion.

沒有登記任何其他問題。先生們，回到你們這裡來下結論。

Thank you very much for your attendance. We will give you a next meeting point review you will be on January -- on February 7. We'll make the annual presentation in London in presence because we would like to meet you again. COVID is behind us. So it will be probably 7th of February in the morning. Renaud will give you all the details. Thank you for your attendance. And as always, you are not surprised by TotalEnergies even, in fact, we are surprised always positively. So we'll continue. Thank you.

非常感謝您的出席。我們將在 1 月 - 2 月 7 日為您提供下一次會面點審核。我們將在倫敦進行年度演示，因為我們希望再次與您見面。新冠疫情已經過去。所以可能是 2 月 7 日早上。雷諾將為您提供所有詳細資訊。感謝您的出席。一如既往，您對 TotalEnergies 並不感到驚訝，事實上，我們總是感到驚訝。所以我們會繼續。謝謝。

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。感謝大家的參與。您現在可以斷開連線。