TotalEnergies SE (TTE) 2024 Q1 法說會逐字稿

Ladies and gentlemen, welcome to TotalEnergies First Quarter 2024 Results Conference Call. (Operator Instructions) I must advise you that this conference is being recorded today, 26th of April, 2024.

女士們、先生們，歡迎參加 TotalEnergies 2024 年第一季業績電話會議。 （操作員說明）我必須告知您，本次會議將於今天（2024 年 4 月 26 日）進行錄製。

I now hand you over to Mr. Patrick Pouyanne, Chairman and CEO; and Jean-Pierre Sbraire, CFO, who will lead you through this call. Sir, please go ahead.

現在我將您交給董事長兼執行長 Patrick Pouyanne 先生；財務長 Jean-Pierre Sbraire 將帶領您完成本次電話會議。先生，請繼續。

Good morning, and good afternoon, everyone, for this quarterly result session. I'm happy to welcome you together with Jean-Pierre, who will go through all the details of these good, strong results in first quarter 2024. But before to do it, I would like to highlight the way we have implemented our 2-pillar strategy during this quarter. And first, to celebrate this -- to recognize that the company celebrated its 100th year anniversary on March 28.

大家早上好，下午好，本季業績會議。我很高興與 Jean-Pierre 一起歡迎您，他將在 2024 年第一季詳細介紹這些良好、強勁的業績。首先，為了慶祝這一點——表彰該公司於 3 月 28 日慶祝成立 100 週年。

We have been celebrating this event all through the company in 120 countries where we are present. We have company's ancestors who are really pioneers when they discovered oil in Iraq in 1927. And of course, it was the opportunity this anniversary to pay tribute to hundreds of thousands of pioneers who had followed them and who are, in fact, the past and the present employees of the company. And we have decided, by the way, by the signature of this anniversary, would be pioneers for 100 years.

我們在 120 個國家/地區開展業務的整個公司都在慶祝這項活動。我們公司的祖先於 1927 年在伊拉克發現石油，他們是真正的先驅者。公司現有員工。順便說一句，透過這個週年紀念日的簽名，我們決定將成為先鋒 100 年。

So -- but today, I would say with the same pioneer spirit, that we have decided in 2020 to embark in our journey in the energy transition. And moving to TotalEnergies into an integrated, multi-energy company with a clear and simple strategy anchored on 2 pillars.

所以，但今天，我會懷著同樣的開拓精神說，我們決定在 2020 年踏上能源轉型之旅。並將 TotalEnergies 轉變為綜合性多能源公司，其策略明確且簡單，基於兩大支柱。

First, on oil and gas, mainly LNG, with the objective to continue producing hydrocarbons in a responsible way -- producing and growing hydrocarbons in a responsible way in order to answer the growing demand. And second, investing and developing integrated power energy for the future with objective to become net cash positive by 2028.

首先，在石油和天然氣方面，主要是液化天然氣，目標是繼續以負責任的方式生產碳氫化合物——以負責任的方式生產和種植碳氫化合物，以滿足不斷增長的需求。其次，為未來投資和開發綜合電力能源，目標是到 2028 年實現淨現金為正。

So this first quarter 2024 is really -- 2024 is about advancing this strategy. I would say we are off to a great start on both pillars. We have achieved several milestones during this quarter that I would like to underline. First, on the oil upstream. We successfully started up some operated operations in Nigeria with Akpo West and the Tyra development in Denmark, both of which are additive to our overall corporate cash margins, as well as Mero 2 Brazil, which started at the beginning of the year.

因此，2024 年第一季確實是推進這項策略的 2024 年。我想說，我們在這兩個支柱上都有一個好的開始。我想強調一下，我們在本季實現了幾個里程碑。首先，在石油上游。我們成功地在奈及利亞啟動了一些營運業務，其中包括 Akpo West 和丹麥的 Tyra 開發項目，這兩個項目都增加了我們的整體企業現金利潤率，以及今年年初啟動的 Mero 2 Brazil。

We continued to have success on the exploration appraisal front. We've recently finished a positive appraisal of the Venus oil discovery in Namibia, and we are now working towards FID targeting in 2025 for the FID. We have also captured in this prolific Orange Basin some new licenses of high interest on the South African side.

我們在勘探評估方面繼續取得成功。我們最近完成了對納米比亞金星石油發現的積極評估，目前正在努力實現 FID，目標是 2025 年。我們也在這個多產的奧蘭治盆地獲得了南非方面高度關注的一些新許可證。

We are making -- also it's important -- I told you it's a matter of execution of growth towards 2028. So we are also making good progress on some FIDs, which were planned for 2024. We will sanction in this month of May as the Cameia project in Angola, 80,000 barrel per day, operated by us with 40%. And we also plan in May to first -- to place the LLI orders for Suriname projects. And we confirm that we envisage to take the FID before year-end 2024 in Suriname. Finally, I would like to also comment that we've done an interesting deal recently in Congo to increase our interest into a giant deepwater field, Moho and divested at same time some very mature assets.

我們正在製定——這也很重要——我告訴過你們，這是執行2028 年增長的問題。 ，因為安哥拉Cameia項目，日產8萬桶，我們佔40%營運。我們還計劃在 5 月首先為蘇利南項目下 LLI 訂單。我們確認，我們計劃在 2024 年底前在蘇利南獲得最終投資決定。最後，我還想評論一下，我們最近在剛果完成了一項有趣的交易，以增加我們對巨型深水油田 Moho 的興趣，同時剝離了一些非常成熟的資產。

That's for oil. On the LNG side, quite a big activity as well during the quarter. First, we begin to benefit from a low reverse trading below $2 per million BTU to see some opportunities to integrate -- to further integrate U.S. LNG value chain upstream with the first acquisitions from Lewis Energy Group's upstream natural gas assets in the Eagle Ford, operated by a strong operator, EOG.

那是為了石油。在液化天然氣方面，本季也有相當大的活動。首先，我們開始受益於低於每百萬英熱單位2 美元的低反向交易，以看到一些整合的機會——透過首次收購劉易斯能源集團在Eagle Ford 運營的上游天然氣資產，進一步整合美國液化天然氣價值鏈上游。

Earlier this week, we announced the FID of the Marsa LNG project in Oman, which is really setting a new low-carbon intensity standard for the next generation of LNG plants, 3 kilogram of CO2 per boe fully-electrified and the electricity coming from renewable sources. And it's a very good example of TotalEnergies deploying its integrated multi-energy model in the country. Thanks to that strategy, we reached a new scale in Oman combining LNG and renewables or 2 pillars. So it's a good example again of what we can achieve by moving on the 2 pillars.

本週早些時候，我們宣布了阿曼Marsa液化天然氣項目的最終投資決定，這實際上為下一代液化天然氣工廠設定了新的低碳強度標準，每桶油當量完全電氣化可減少3公斤二氧化碳，電力來自再生能源來源。這是 TotalEnergies 在該國部署其綜合多能源模式的一個很好的例子。由於這項策略，我們在阿曼達到了將液化天然氣和再生能源或兩大支柱結合的新規模。因此，這又是一個很好的例子，說明我們透過推動這兩個支柱可以取得什麼成果。

On LNG, I would also insist that we continue to work with Asian buyers, which have some appetite for medium- and long-term contracts. And I would say all linked long-term contracts, which is important, of course. In particular, for example, this quarter, we signed a contract with Sembcorp in Singapore beginning 2027, just perfect when we have more production. And to cover it, I would say, or to hedge it with some oil-linked contracts. That's the target. And there will be more to come as our teams are quite active on the Asian front: China, Japan, Korea. So we are working. Of course, it's important.

在液化天然氣方面，我還堅持要求我們繼續與亞洲買家合作，他們對中長期合約有一定的興趣。我想說的是所有相關的長期合同，這當然很重要。特別是，例如本季度，我們與新加坡勝科公司簽署了一份從2027年開始的合同，當我們有更多產量時就完美了。我想說，為了彌補它，或者用一些與石油相關的合約來對沖它。這就是目標。由於我們的團隊在亞洲前線非常活躍：中國、日本、韓國，還會有更多的事情發生。所以我們正在工作。當然，這很重要。

We have a strong LNG position, and we know we have some perspective to sign some oil-linked LNG contract is on part of our strategy. And lastly, I would also mention on the integrated gas part that we have -- we are acquiring the rule of SapuraOMV in Malaysia. This is a gas business related to a netback of LNG pricing with quite a good potential to increase. And in fact, it's quite -- it's a prolific -- Sarawak is a prolific gas region with some potential to grow in the future. That's why we're very interested to acquire these assets.

我們擁有強大的液化天然氣地位，我們知道簽署一些與石油相關的液化天然氣合約是我們策略的一部分。最後，我還要提到我們擁有的綜合天然氣部分——我們正在馬來西亞獲得 SapuraOMV 的規則。這是一項與液化天然氣定價淨回升相關的天然氣業務，具有相當大的成長潛力。事實上，砂拉越是一個多產的天然氣地區，未來有一定的成長潛力。這就是為什麼我們對收購這些資產非常感興趣。

Then moving to the second pillar, integrated power. We have again fourth time -- fourth quarter in a row an increasing adjusted net result income -- operating income, and Jean-Pierre will come back on it. As you noticed, we have implemented -- we are advanced in the implementation of the integrated strategy in Texas on the aircraft with the acquisition -- closing the acquisition of 1.5 gigawatt CCGTs. And -- but good, the demand is growing in Texas, data centers, AI. We are right on the good market there. And also in Germany, which is another key market for us. We closed the Kyon Energy acquisition, which is a battery storage developer. So you will see through the results that -- or the relevance of our strategic continues to be demonstrated quarter after quarter as a proof of concept that our differentiated model works, delivering strong results, which are fundamentals that allow us to grow our shareholder distribution in a sustainable way.

然後轉向第二支柱，綜合實力。我們再次第四次——連續第四季度調整後淨利潤——營業收入不斷增加，讓-皮埃爾將回來。正如您所注意到的，我們已經實施了——我們在德克薩斯州實施收購飛機上的綜合戰略方面取得了進展——完成了 1.5 吉瓦 CCGT 的收購。而且——但很好，德州的資料中心、人工智慧的需求正在成長。我們正處於那裡的良好市場。德國也是我們另一個重要的市場。我們完成了對 Kyon Energy 的收購，該公司是一家電池儲存開發商。因此，您將透過結果看到，或者說我們的策略的相關性將繼續一個又一個季度地得到證明，作為我們的差異化模式發揮作用的概念證明，帶來強勁的業績，這是使我們能夠增加股東分配的基礎一種可持續的方式。

We confirm again that we increased the interim dividend by 7% compared to last year, which I think will be appreciated by all our shareholders. And by the way, it's also this proof of concept starting to pay off as we kind of serve the positive evolution of the share price recently, which is on their view, in the view of the Board, a signal that the strategy is being increasingly recognized by the market as a good one or the right one and also evidenced by our leading total shareholder return.

我們再次確認，與去年相比，我們將中期股息增加了7%，我認為我們所有股東都會對此表示讚賞。順便說一句，隨著我們最近為股價的積極演變服務，這種概念驗證也開始得到回報，在他們看來，在董事會看來，這是一個信號，表明該策略正在越來越多地實施。被市場認可為良好或正確的選擇，我們領先的股東總回報也證明了這一點。

Finally, this value is not only shared with our shareholders, but also with the pioneers of TotalEnergies, and it's important for promoting employee shareholding plans. We are now in Europe the #1 company in terms of amount of capital owned by employees, more than EUR 11 billion, and a special grant of 100 shares to each -- or 100,000 employees has been decided by the Board to celebrate our 100th year anniversary. So I don't know if we have $100 billion of results, Jean-Pierre, but not yet.

最後，這個價值不僅與我們的股東分享，也與TotalEnergies的先驅者分享，這對於推動員工持股計畫具有重要意義。就員工擁有的資本而言，我們現在是歐洲排名第一的公司，超過 110 億歐元，董事會決定向每位員工（即 100,000 名員工）特別授予 100 股股票，以慶祝我們成立 100 週年紀念日。所以我不知道我們是否有 1000 億美元的成果，Jean-Pierre，但現在還沒有。

So then with that, I'll turn it over to Jean-Pierre, that was the transition, to go through the detailed financials this first quarter.

那麼接下來，我將把它交給讓-皮埃爾（Jean-Pierre），這是一個過渡，以查看第一季的詳細財務數據。

Yes. Thank you, and good morning, good afternoon, everyone. So as Patrick mentioned, our consistent strategy continued to deliver strong results, and we are well positioned to deliver on our '24 objectives of more energy, less emissions and growing cash flow.

是的。謝謝大家，大家早安，下午好。正如派崔克所提到的，我們一貫的策略持續帶來強勁的成果，我們有能力實現「24 小時更多能源、更少排放和增加現金流」的目標。

Brent prices were flat quarter-to-quarter, down only 1% to $83 per barrels and refining margins were strong, plus 36% quarter-to-quarter. Thus, European gas prices declined by 35%, reflecting a mild winter and high storage levels. In this context, TotalEnergies reported first quarter '24 adjusted net income of $5.1 billion, only down 2% sequentially. And cash flow from operations, excluding working cap, of $8.2 billion.

布蘭特原油價格較上季持平，僅下跌 1%，至每桶 83 美元，煉油利潤率強勁，季增 36%。因此，歐洲天然氣價格下跌了 35%，反映出溫和的冬季和高儲存水準。在此背景下，TotalEnergies 公佈 24 年第一季調整後淨利潤為 51 億美元，僅比上一季下降 2%。營運現金流（不包括營運上限）為 82 億美元。

Profitability remains strong with return on average capital employed of 16.5%. And we maintain discipline, confirming net investment guidance of $17 billion to $18 billion for '24. Importantly, we continue to extend our track record of attractive shareholder distribution with $2 billion of buybacks executing during the first quarter and nearly a 7% increase year-on-year of the first interim dividend for '24, which is now at 20% compared to pre-COVID level.

獲利能力依然強勁，平均資本回報率為 16.5%。我們維持紀律，確認 24 年淨投資指引為 170 億至 180 億美元。重要的是，我們繼續擴大我們有吸引力的股東分配記錄，第一季執行了 20 億美元的回購，24 年首次中期股息同比增長近 7%，目前為 20%達到新冠疫情前的水平。

Moving now to the business segment results and starting with hydrocarbons. Production was 2.46 million barrels of oil equivalent per day in the first quarter '24, stable quarter-to-quarter and up 1.2% excluding Canada. Production benefited from oil start-ups at Mero 2 in deep offshore Brazil and Akpo West in Nigeria, as well as 6% growth quarter-to-quarter in LNG production, which has offset the Canadian oil sands asset disposal that closed in the fourth quarter.

現在轉向業務部門的結果，從碳氫化合物開始。 2024 年第一季產量為 246 萬桶石油當量/日，季比穩定，成長 1.2%（不包括加拿大）。產量受益於巴西深海 Mero 2 和尼日利亞 Akpo West 的石油新創企業，以及液化天然氣產量環比增長 6%，抵消了第四季度完成的加拿大油砂資產處置。

Looking now forward. Production for Q2 '24 is expected to be between 2.4 million and 2.45 million barrels of oil equivalent per day and reflects planned maintenance that is partially compensated by ramp-ups of Mero 2 in Brazil and Tyra in Denmark. We reiterate full year '24 production guidance of 2.4 million, 2.5 million barrels of oil equivalent per day, which is 2% growth year-on-year, excluding Canada.

現在展望未來。 24 年第二季的產量預計將在每天 240 萬至 245 萬桶油當量之間，這反映了計劃中的維護工作，部分由巴西的 Mero 2 和丹麥的 Tyra 產量增加所補償。我們重申 24 年全年產量指引為 240 萬桶油當量/日，年增 2%（不包括加拿大）。

Exploration and production reported adjusted net operating income of $2.6 billion and cash flow of $4.5 billion. Also, we continue our leadership as a low-cost producer with first quarter '24 upstream production cost at $4.6 per barrel.

勘探和生產報告調整後淨營業收入為 26 億美元，現金流為 45 億美元。此外，我們繼續保持作為低成本生產商的領先地位，24 年第一季上游生產成本為每桶 4.6 美元。

Moving now to Integrated LNG. Hydrocarbon production for LNG was strong during the first quarter, up 6% quarter-to-quarter, thanks to higher availability, mainly additives in Australia and Qatar Energy, LNG and 2 in Qatar, as well as the increased supply of LNG in Nigeria.

現在轉向整合液化天然氣。第一季液化天然氣的碳氫化合物產量強勁，較上季成長6%，這得益於可用性的提高，主要是澳洲和卡達能源公司的添加劑，卡達的液化天然氣和2，以及奈及利亞液化天然氣供應的增加。

However, first quarter LNG sales decreased by 9% quarter-to-quarter, primarily due to lower demand in Europe, given the mild winter and high inventories. Volumes also reflected partial downtime in Freeport LNG in the U.S. this quarter.

然而，第一季液化天然氣銷售量較上季下降9%，主要是由於歐洲暖冬和庫存高企導致需求下降。成交量也反映出本季度美國自由港液化天然氣公司的部分停工。

Integrated LNG adjusted net operating income was $1.2 billion during the quarter, reflecting lower LNG prices sales, but also low volatility in the markets. Cash flow totaled $1.3 billion, impacted by the timing of dividend payments from some of our equity affiliates. Given the evolution of oil and gas prices in recent months and the lag effect on price formulas, we anticipate that TotalEnergies average LNG selling price should be between $9 and $10 per MBtu during in the second quarter '24.

本季綜合液化天然氣調整後淨營業收入為 12 億美元，反映液化天然氣銷售價格較低，但市場波動較小。受我們一些股權附屬公司支付股息時間的影響，現金流總計 13 億美元。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 TotalEnergies 在 2024 年第二季的平均液化天然氣售價應在每 MBtu 9 美元至 10 美元之間。

Now moving on our integrated power business segments. We are pleased to report that this business continues its profitable growth trajectory with adjusted net operating income growing sequentially for the fourth quarter in Europe as activity grows. Adjusted net operating income grew 16% quarter-to-quarter to more than $600 million and was supported by production growth in both renewable and flexible generation. So flexible generation, as Patrick mentioned, now includes the 1.5 gigawatt CCGT acquisition in Texas, which closed during the quarter and further enhanced our integrated position to provide clean firm power in the attractive and growing ERCOT markets.

現在轉向我們的綜合電力業務部門。我們很高興地報告，隨著業務活動的成長，該業務繼續保持獲利成長軌跡，歐洲第四季調整後的淨營業收入連續成長。調整後淨營業收入季度較上季成長 16%，達到 6 億多美元，這得益於再生能源和彈性發電產量成長。正如Patrick 所提到的，如此靈活的發電現在包括在德克薩斯州收購1.5 吉瓦CCGT，該收購於本季度完成，進一步增強了我們的綜合地位，以便在有吸引力且不斷增長的ERCOT 市場中提供清潔的穩定電力。

Cash flow from Integrated Power was $692 million for the first quarter, on track to achieve our target of $2.53 billion of cash flow for the full year '24. Finally, return on average capital employed for the 12 months ending March '24 reached 10%.

Integrated Power 第一季的現金流量為 6.92 億美元，預計將實現 24 年全年 25.3 億美元現金流量的目標。最後，截至 2024 年 3 月的 12 個月平均資本報酬率達到 10%。

Moving to Downstream. The refinery utilization rate for the first quarter of '24 was stable at close to 80% with the restart of SATORP in Saudi Arabia, following a planned turnaround during the fourth quarter '23, offsetting the impact of the unplanned shutdown at the Donges refinery in France.

移動到下游。繼23年第四季計畫檢修後，隨著沙烏地阿拉伯SATORP的重啟，24年第一季煉油廠利用率穩定在接近80%，抵消了東格斯煉油廠意外關閉的影響。

LNG contributed $960 million of adjusted net operating income in the first quarter of '24, up 52% quarter-over-quarter due to higher refining margins. Free cash flow from operating -- from operations excluding working cap evolutions of $1.3 billion also increased double digits quarter-to-quarter, although it was impacted by the timing effect in cash dividend payments from equity affiliates.

2024 年第一季度，由於煉油利潤提高，液化天然氣貢獻了 9.6 億美元的調整後淨營業收入，季增 52%。來自營運的自由現金流量——不包括13億美元的營運上限變化的營運活動也按季度增長了兩位數，儘管它受到股權附屬公司現金股息支付的時間效應的影響。

Looking forward now, we anticipate that the Q2 '24 refining utilization rates will increase to around 85% as the Donges refinery progressively restarts and because there are no major turnaround plans.

現在展望未來，我們預計，隨著 Donges 煉油廠逐步重啟且沒有重大周轉計劃，24 年第二季煉油利用率將增至 85% 左右。

On marketing and services, this quarter demonstrates the efficiency of the implementation of our value-over-volume selective strategy with cash flow from operations increasing by 5% year-on-year to $480 million in the first quarter of '24, despite the decrease in our sales of petroleum products. At the company level, we reported a working CapEx of $6 billion during the first quarter of '24. And the main components behind Tierra, first, the reversal of the exceptional working cap release of $2 billion in the first quarter of '23 we highlighted during our last earnings call.

在行銷和服務方面，本季展示了我們實施價值超過數量的選擇性策略的效率，儘管營運現金流有所下降，但24 年第一季的營運現金流仍同比增長5%，達到4.8 億美元。在公司層面，我們報告 24 年第一季的營運資本支出為 60 億美元。 Tierra 背後的主要組成部分，首先是我們在上次財報電話會議上強調的 23 年第一季 20 億美元的特殊工作上限釋放的逆轉。

Secondly, $1.5 billion related to the effects of higher oil and petroleum product price on inventories at the end of the first quarter '24 compared to end of '23. And $2 billion of seasonal effects, $1 billion related to the seasonal effect on tax liabilities and an additional $1 billion related to the seasonal effects on gas and power distribution activities.

其次，與 23 年底相比，24 年第一季末石油和石油產品價格上漲對庫存的影響有 15 億美元。 20 億美元的季節性影響，其中 10 億美元與稅收負債的季節性影響有關，另外 10 億美元與天然氣和配電活動的季節性影響有關。

Gearing at the company level increased to around 10% at the end of the first quarter compared to 5% at the end of last year. And the just described $6 billion working capital led to a 4% increase in gearing. And the decision we made given the interest rate environment to exercise the cool end of March on the EUR 1.5 billion IB bonds resulted in an additional 1% increase in gearing. Therefore, we expect gearing to structurally range around 7% to 8% as 2% to 3% of the current gearing related to seasonality impact on working cap at the end of the quarter.

公司層級的負債比率從去年年底的 5% 增至第一季末的 10% 左右。剛才描述的 60 億美元營運資金導致負債比率增加 4%。考慮到利率環境，我們做出了在 3 月底對 15 億歐元 IB 債券實施冷靜期的決定，導致負債比率額外增加 1%。因此，我們預計負債比率在結構上將在 7% 至 8% 左右，因為當前負債率的 2% 至 3% 與季度末工作上限的季節性影響有關。

Our consistent and balanced strategy is paying off, as Patrick mentioned. And the first quarter has positioned us for continued success in '24. In this context, the Board of Directors of TotalEnergies decided the distribution of our first interim dividends of EUR 0.79 per share for the fiscal year of '24, representing an increase of close to 7% compared to '23 and authorized an additional $2 billion of share buybacks for the second quarter '24.

正如帕特里克所提到的，我們一貫和平衡的策略正在取得回報。第一季使我們能夠在 24 年繼續取得成功。在此背景下，TotalEnergies 董事會決定派發 24 財年的首次中期股息，每股 0.79 歐元，較 23 財年增長近 7%，並授權額外分配 20 億美元24 年第二季度的股票回購。

And with that, I'll turn it over to Q&A.

接下來，我將把它轉為問答。

(Operator Instructions) The first question is from Christopher Kuplent with Bank of America.

（操作員說明）第一個問題來自美國銀行的 Christopher Kuplent。

On net working capital and your net debt outlook. I think that removes already a few questions. But maybe a broader one, I wanted to just double check with you, Patrick, the political temperature and your assessment as we go into, not just AGM season, but the idea that petrol prices remain capped, there is talk about windfall taxes should they be expanded or not, whether there is a plan to tax buybacks what your thoughts are in terms of whether Europe has learned its lesson from the energy crisis that we're in or whether it's still a dangerous thing to make too much money as an oil and gas company. I'll leave it there for you to go in whichever direction you would like.

關於淨營運資本和淨債務前景。我認為這已經消除了一些問題。但也許是一個更廣泛的問題，帕特里克，我想再次與你核實一下政治溫度和你的評估，不僅僅是年度股東大會季節，還有汽油價格仍然受到限制的想法，有人談論暴利稅，如果他們擴大與否，是否有計劃對回購徵稅，您對歐洲是否從我們所處的能源危機中吸取了教訓，或者作為石油賺太多錢是否仍然是一件危險的事情有何看法和天然氣公司。我會把它留在那裡，讓你可以朝任何你想要的方向走。

Okay. Thank you, Chris. For sure, European leaders, they don't want to have again a crisis on energy crisis on the price. You can see that in Europe, not only you have the German farmers, the French farmers, who are complaining as soon as you try to lift or to increase some taxes on the tractors, fuel, fuel prices, so it's not a good idea, but very clear.

好的。謝謝你，克里斯。可以肯定的是，歐洲領導人不希望再次出現能源危機所導致的價格危機。你可以看到，在歐洲，不僅有德國農民，還有法國農民，一旦你試圖取消或增加對拖拉機、燃油、燃油價格的一些稅收，他們就會抱怨，所以這不是一個好主意，但非常清楚。

We see, by the way, a global political temperature where a lot of people are calling, I would say, for reform, not opposed, but less regulation linked to the green deal. And we could think that the next mandate of the European Commission might be more about execution than increasing targets and regulations.

順便說一句，我們看到了全球政治氣氛，我想說，很多人都在呼籲改革，而不是反對，而是減少與綠色協議相關的監管。我們可以認為，歐盟委員會的下一個任務可能更多是關於執行，而不是增加目標和監管。

But the purpose for the price, obviously, European leaders can do nothing about it. It's more in the end. But I would say OPEC and OPEC+, which, by the way, today are probably countries are probably quite time with around $90 per barrel. We don't want as well to go back too high above $100 because they don't want to have some impact on customers. So clearly, the price was pushed up in the last month because of the crisis in the Middle East. But I don't see the fundamental of the market.

但對於這個價格的目的，顯然歐洲領導人對此無能為力。最後還有更多。但我想說的是，順便說一句，現在的 OPEC 和 OPEC+ 國家可能已經到了每桶 90 美元左右的水平了。我們也不希望價格回到 100 美元以上，因為他們不想對客戶產生一些影響。很明顯，由於中東危機，上個月價格被推高。但我看不到市場的基本面。

As we all know, there is not much inflows of new supply in the market. The demand continue to grow 1%, 1.2%. So my view is that we have -- we can expect this price above $80, $80-plus in -- for the year, I would say. So we are fine.

眾所周知，市場新增供應流入並不多。需求持續成長1%、1.2%。所以我的觀點是，我們可以預計今年的價格將超過 80 美元，甚至超過 80 美元，我想說。所以我們很好。

But having said that, you never know, we have observed some volatility. Windfall tax, no, not windfall tax. But there is a principle involved. We are in state of law and you have a territorial principle for taxes. That's very anchored and most of the constitution. For France, it's in 120 of 30 treaties with other countries. We tax the profits where we are -- which we delivered in the same country, and we cannot beat double tax for the same profit. That's a fundamental principle. So that's -- I'm not. So I don't think it will come.

但話雖如此，你永遠不知道，我們觀察到了一些波動。暴利稅，不，不是暴利稅。但這是有一個原則的。我們處於法律狀態，你們有稅收的地域原則。這是非常固定的，也是憲法的大部分。對於法國來說，它包含在與其他國家簽署的 30 項條約中的 120 項中。我們對我們所在國家的利潤徵稅——我們在同一個國家交付的利潤，我們無法對同樣的利潤進行雙重徵稅。這是一個基本原則。所以那是——我不是。所以我認為它不會到來。

The point is that, of course, the European politicians are looking to what has been done in the U.S. on the 1% of tax on the buybacks. So honestly, this is a music which could cross the Atlantic this year.

當然，關鍵是歐洲政界人士正在關注美國在回購股票中徵收 1% 稅的做法。老實說，這是一首今年可能跨越大西洋的音樂。

Having said that, honestly, it will not change the buyback policy of TotalEnergies because again, the buyback policy is sharing additional profits with our shareholders. And even if we have to pay 1% of EUR $8 billion, which makes $80 million. So I think it's -- we'll absorb it. But we'll not encourage them to do it, let's be clear.

話雖如此，老實說，這不會改變 TotalEnergies 的回購政策，因為回購政策是與我們的股東分享額外的利潤。即使我們必須支付 80 億歐元的 1%，也就是 8,000 萬美元。所以我認為我們會吸收它。但我們不會鼓勵他們這樣做，我們要明確一點。

But that is something. The depth in Europe have increased so people can -- will look for some additional taxes. We should learn them if we can cut costs as well, but that's not fair, honestly the way to look at it. So globally, I mean, honestly, I think from this perspective, I think there is a -- you must make the difference between, I would say, all the statements during the European campaign and politicians and the reality of what is really executed.

但那是某事。歐洲的深度已經增加，因此人們可以尋求一些額外的稅收。如果我們也能削減成本，我們就應該學習它們，但老實說，這是不公平的。所以在全球範圍內，我的意思是，老實說，我認為從這個角度來看，我認為你必須區分歐洲競選期間和政治家的所有聲明與真正執行的現實之間的區別。

The next question is from Irene Himona with Bernstein.

下一個問題是艾琳·希莫納和伯恩斯坦提出的。

Question on maybe, if I may. You said, Patrick, you're working on an FID by year-end '25. Can you say what the size of resource will be for that FID? And can you share with us post your successful appraisal, what have you encountered in terms of reservoir thickness, the gas cut flow rates, et cetera?

關於也許的問題，如果可以的話。你說過，派崔克，你將在 25 年底前製定最終投資決定。您能否說明該 FID 的資源規模為何？您能否在成功評價後與我們分享您在儲層厚度、氣割流量等方面遇到了什麼情況？

Irene, you go to details, which we pay a lot of money to get this data, and I will not share them publicly or my colleagues because we still have quite exploration to be done.

艾琳，你看細節，我們花了很多錢來獲得這些數據，我不會公開分享它們或我的同事，因為我們還有相當多的探索要做。

Now in fact, today, I will not answer by reserves, but I would answer. The reserves, it's more a question for us of dimension, the dimension of the production per barrel per day. And it's linked, in fact, like in Suriname, these type of FPSOs, they are the parameters, the key parameter will be the volume of gas, we need to recycle because there is a GOR. So we speak around, I would say, a development around between 150,000 barrels per day and 180,000. It has to be now firm up for there is more engineering studies. But all the data are there. We have made the campaign so business now the priority is to go to production, I would say.

事實上，今天我不會以保留的方式回答，但我會回答。對我們來說，儲量更多是規模問題，也就是每天每桶產量的規模。事實上，就像在蘇利南，這些類型的 FPSO，它們是參數，關鍵參數是氣體量，我們需要回收，因為有 GOR。因此，我想說，我們的產量大約在每天 15 萬桶到 18 萬桶之間。現在必須更加牢固，因為有更多的工程研究。但所有數據都在那裡。我想說，我們已經開展了這項活動，所以現在業務的首要任務是投入生產。

And then, of course, Namibia for us, not only that. Because our neighbor has just announced a new discovery in the Southern part. Southern part, we have the equivalent prospect on our side. So we'll drill it. So we are acquiring that seismic in order to make the acquisition. So for me, in Namibia, it's the first development, and we see others coming behind. But let's explore and as I said as well, we continue to acquire some acreage in particular on the Orange Basin.

當然，納米比亞對我們來說不僅如此。因為我們的鄰居剛剛宣佈在南部地區有一個新發現。南部地區，我們這邊也有同樣的前景。所以我們要鑽它。因此，我們正在獲取地震資訊以便進行收購。所以對我來說，在納米比亞，這是第一個發展，我們看到其他人落後了。但讓我們探索一下，正如我所說，我們繼續獲得一些土地，特別是在奧蘭治盆地。

We have 2 good licenses -- prospective licenses on the South African side, which we might drill in 2025 according to the, I would say, to the process of authorization, which is prevailing in South Africa. So that's where we are. So it's a good news.

我們有兩個好的許可證——南非方面的預期許可證，我們可能會根據南非現行的授權流程在 2025 年進行鑽探。這就是我們現在的情況。所以這是一個好消息。

We have -- we will be probably the first to produce oil in Namibia. That's the objective. So in this year, Namibia first development next year. That's a good news, I think.

我們可能會成為納米比亞第一個生產石油的國家。這就是目標。所以今年納米比亞先發展明年。我認為這是一個好消息。

And so to answer your technical questions. First, I don't have the data, so I cannot share the secret. Second, to be honest, no. Again, I think if we launch -- if we speak today about developments because data are good enough to make a profitable development, fitting with our criteria, which is, as you know, less than $20 per barrel of CapEx plus OpEx more, or less than $30 per barrel breakeven.

等等來回答您的技術問題。首先，我沒有數據，所以我不能分享這個秘密。第二，說實話，沒有。再說一遍，我認為如果我們推出——如果我們今天談論開發，因為數據足夠好，可以實現有利可圖的開發，符合我們的標準，正如你所知，每桶資本支出加上營運支出少於20美元，或每桶損益平衡點低於 30 美元。

The next question is from Christyan Malek from JPMorgan.

下一個問題來自摩根大通的克里斯蒂安·馬利克。

Two questions. Just maybe just first on Namibia. I mean I was quite shocked how the scale of the resource in -- has been increased in as far as the GAAP statement. And I say that because I've never seen such a massive move in sort of -- in the way it's been presented.

兩個問題。也許只是先在納米比亞。我的意思是，就 GAAP 聲明而言，資源規模的增加令我感到非常震驚。我這麼說是因為我從未見過如此大規模的舉措——以它所呈現的方式。

But the question I have is, therefore, in the context of your execution plans and your discipline on spend and investments. How comfortable are you that as and when you do sanction the FID sort of if and when, that this will stay within your CapEx or envelope in terms of both cost per barrel and so on, given we've seen this movie before as far as Angola, when we had major discoveries and then sort of fast forward 2, 3 years, and it wasn't as easy to get the volume online for a number of reasons. So that's my first question.

但因此，我的問題是在您的執行計劃以及支出和投資方面的紀律的背景下。當您批准最終投資決定（FID）時，您是否感到放心，這將在每桶成本等方面保持在您的資本支出或信封之內，因為我們之前已經看過這部電影了安哥拉，當我們有了重大發現，然後快進了兩三年，由於多種原因，在網上獲取該卷並不那麼容易。這是我的第一個問題。

Even if you have line of sight on that from now, that would be good. And the second question is, there's a lot of debate around listings. And I sort of find that we can blame everything apart from the actual valuation and why the valuation is where it is relative to the U.S. But the question I have for you, Patrick, is electrons versus molecules. At what point do you potentially in a stronger macro environment, reemphasize your molecules and as far as either sort of rotating capital or investing more capital because as far as it sort of strikes me that the quantum of cash flows the U.S. majors can deliver versus Europeans.

即使從現在起你能看到它，那也很好。第二個問題是，圍繞上市存在著許多爭論。我發現除了實際估值以及為什麼估值是相對於美國而言之外，我們可以歸咎於一切。在更強勁的宏觀環境中，你可能會在什麼時候重新強調你的分子，以及無論是輪換資本還是投資更多資本，因為就我而言，美國巨頭相對於歐洲巨頭可以提供的現金流量讓我感到震驚。

The main striking difference or the distinction is just the level of hydrocarbon as far as oil and the cash flows generated from that oil volume. And I know energy transition is a whole other debate. But just purely on quantum of cash flow, is there anything that would make you reconsider a reallocation of capital?

主要的顯著差異或差異只是碳氫化合物的水平以及石油量產生的現金流。我知道能源轉型是另一場爭論。但僅就現金流量而言，是否有什麼因素會讓您重新考慮資本的重新分配？

Okay. First, on the first question, I'm very comfortable to FID in Namibia, first FPSO and the second one. And it will be within the $18 billion of framework of capital per year. We can do it. It's profitable. It's not a problem. And obviously, our priority typically when we have good oil projects, we have fitting with your criteria, they will be sanctioned. There is no doubt to that. And that we never arbitrated against an oil project in the company, and that's why we have -- we expressed our strategy with 2 pillars.

好的。首先，關於第一個問題，我對納米比亞的FID非常滿意，第一艘FPSO和第二艘。每年的資本框架為 180 億美元。我們可以做到這一點。這是有利可圖的。這不是一個問題。顯然，我們的首要任務通常是當我們擁有良好的石油項目時，我們符合您的標準，它們將受到製裁。毫無疑問。我們從未對公司的石油專案進行過仲裁，這就是我們的原因——我們用兩大支柱表達了我們的策略。

So first being oil and gas. The second one is, I mean, Integrated Power. But it's clear. So no, I'm not afraid to have 1, 2 or 3 developments to be done in Namibia. I think what is good for our company will be good for the shareholders. So if it's good projects, we will sanction them. And we have some space. And we have been very agile in the company to arbitrate.

首先是石油和天然氣。我的意思是，第二個是整合電源。但很清楚。所以不，我不害怕在納米比亞進行 1、2 或 3 個開發項目。我認為對我們公司有利的事情也會對股東有利。所以如果是好項目，我們就會批准它們。我們還有一些空間。而且我們公司在仲裁方面一直都非常敏捷。

And I prefer to have more options in my portfolio, but a constant strategy to arbitrate and then to give priority to some of them. We just demonstrated it with Marsa LNG. We postponed P&G because the costs were too high. We have sanctioned Marsa LNG and 80% share. It's not big, but it's profitable because the CapEx were in line with our expectations. So this is the type of options.

我更喜歡在我的投資組合中擁有更多選擇，但有一個持續的仲裁策略，然後優先考慮其中的一些。我們剛剛用 Marsa LNG 演示了它。我們推遲了寶潔的計劃，因為成本太高了。我們已經批准了Marsa LNG 和80% 的份額。雖然規模不大，但它是有利可圖的，因為資本支出符合我們的預期。這就是選項的類型。

And so I prefer to have too many options and to be selective on the most profitable ones because this will contribute to enhanced cash flow per barrel and so the cash flow per share, I would say. So that's fundamentally what we do.

因此，我更喜歡有太多的選擇，並選擇最有利可圖的選擇，因為這將有助於增強每桶現金流以及每股現金流，我想說。這基本上就是我們所做的。

So this one, I'm -- and if there is more to come, we will capture it, to be clear. By the way, you are right, but I never seen any way anybody in 25 years in the history to speak about 10 billion barrels with 1 well or 2 wells. But I mean, so but the media, the media aspect. So no, no side with 2 words, never, but we'll see.

所以，我要明確的是，如果還有更多這樣的事情發生，我們會捕捉到它。順便說一句，你是對的，但在 25 年的歷史中，我從未見過有人談論用 1 口或 2 口井生產 100 億桶石油。但我的意思是，媒體，媒體方面。所以不，沒有任何一方有兩個詞，永遠不會，但我們會看到。

Then on the stock leasing. Listen, by the way, when you -- it's nice to mention 1 of the U.S. companies because I was looking to the results, which have just been announced. They are exactly the same as us. So maybe it's not a matter of molecules or electrons. It's maybe -- that's why we have -- I mentioned that we could. And as we have more and more U.S. shareholders thinking to have a clear listing in New York is obviously a move on which the Board asked me to look at it because it makes sense.

然後是股票租賃。順便說一句，當你——很高興提到一家美國公司，因為我正在關注剛剛公佈的結果。他們和我們一模一樣。所以也許這不是分子或電子的問題。也許——這就是為什麼我們——我提到我們可以。隨著越來越多的美國股東考慮在紐約明確上市，董事會要求我考慮這項舉措，因為這是有道理的。

So we'll see what we can organize, but it's going into the direction of growing U.S. shareholder base seems to be a nice -- a normal thinking from a Board of Directors independently, by the way, of the domiciliation of the company in Europe.

因此，我們將看看我們可以組織什麼，但它正在朝著不斷增長的美國股東基礎的方向發展，這似乎是一個不錯的選擇——順便說一句，這是董事會獨立思考公司在歐洲的註冊地的正常想法。

That's clear, but that's the first one. I Don't think -- so the reallocation of capital, no, I don't consider it. I think we prefer to stick and to be consistent with the strategy. I think it has a value in the energy field to have a consistent strategy and to -- because we know it's a long-term industry and if you don't navigate and thinking. So the integrated power business, it continue to grow to deliver cash flows. We are on the road map to reach 12% and then to be net cash positive. So I don't see why I should suddenly reallocate capital because oil -- bowl of oil is higher.

這很清楚，但這是第一個。我不認為——所以資本的重新分配，不，我不考慮它。我認為我們更願意堅持並與策略保持一致。我認為在能源領域擁有一致的策略是有價值的，因為我們知道這是一個長期的產業，如果你不進行導航和思考。因此，綜合電力業務繼續增長以提供現金流。我們的路線圖是達到 12%，然後達到淨現金為正。所以我不明白為什麼我應該突然重新分配資本，因為石油——一碗石油更高了。

And again, it's a matter of -- I prefer to stick on our strategy to be selective in terms of projects, including hydrocarbon project, sticking on the -- and the low -- the cash breakeven of the company, I think it's fundamental. However, then suddenly, I think another race to volumes, which will not be positive.

再說一次，這是一個問題——我更願意堅持我們的策略，在項目方面有選擇性，包括碳氫化合物項目，堅持公司的現金盈虧平衡點，我認為這是根本性的。然而，突然間，我想到了另一場銷售競賽，這不會是正面的。

So I think it's -- we are generating as much dollars as one of the companies you mentioned. So we need to -- that's the reality. So it's not a question, of course, of a portfolio. It's a question fundamentally of finding -- going to the shareholders who are willing to buy energy companies. There are more -- yes?

所以我認為我們正在創造與你提到的其中一家公司一樣多的美元。所以我們需要──這就是現實。所以這當然不是投資組合的問題。從根本上來說，這是一個尋找願意購買能源公司的股東的問題。還有更多——是嗎？

I just meant over the medium term, there could be a bifurcation of cash flow. As their oil volumes grow and others don't, that's what I meant more in the context of if and when prices move higher and there's more volume in oil, is the market starting to look so backwards for that in terms of valuing cash flow? That's what I meant more in the medium.

我只是說，從中期來看，現金流可能會出現分歧。當他們的石油產量增長而其他國家卻沒有增長時，這就是我的意思，如果價格上漲並且石油產量增加，市場是否開始在現金流估值方面如此倒退？這就是我在媒體中更多的意思。

Okay. No, honestly, it will be a good problem if we have more cash flows because the price of oil is going higher, but I will not make the mistake to think that yes, it's possible. The scenario you described is perfectly possible, Christyan. But at the same time, we should -- don't say again higher forever. That's not true.

好的。不，老實說，如果我們有更多的現金流，因為石油價格上漲，那將是一個好問題，但我不會錯誤地認為是的，這是可能的。你所描述的情況是完全有可能的，克里斯蒂安。但同時，我們應該——不要再說永遠更高。這不是真的。

I mean we know that it's volatile. You know that when price of oil go up, then demands would low, and then exactly the typical thing. So we must not forget the sense of the history. Having said that, the best answer I tell you is that today, we have a very good -- or not a good, super strong oil and gas business, which allow us to deliver the best return on capital employed among the majors despite the fact, I don't like the word despite, but we are also investing in integrated power with a lower return.

我的意思是我們知道它是不穩定的。你知道，當石油價格上漲時，需求就會下降，這就是典型的事。所以我們不能忘記歷史的意義。話雖如此，我告訴你的最好答案是，今天，我們擁有一個非常好的——或者不是一個好的、超級強大的石油和天然氣業務，這使我們能夠在各大公司中提供最好的資本回報率，儘管事實上，我不喜歡儘管這個詞，但我們也在投資回報較低的綜合電力。

So that means the best question is if we have a portfolio and an efficient oil and gas operations. The proof again this week -- quarter is the cost per barrel -- OpEx per barrel is $4.6 per barrel. So that's -- we protect you if the barrel is higher, we'll make more cash flows for sure because we maintain and we continue to steer with breakeven. So -- and it's not only a matter of investment, it's also a matter of portfolio, quality of the portfolio.

因此，這意味著最好的問題是我們是否擁有投資組合和高效的石油和天然氣營運。本週再次證明——季度是每桶成本——每桶營運支出為每桶 4.6 美元。所以，如果油價上漲，我們會保護您，我們肯定會產生更多現金流，因為我們維持並繼續保持損益兩平。因此，這不僅是投資的問題，也是投資組合和投資組合品質的問題。

The next question is from Lydia Rainforth with Barclays.

下一個問題來自巴克萊銀行的 Lydia Rainforth。

Two questions, if I could. One just a follow-up on the U.S. listing. Patrick, I think you said that the Board has asked you to look at the moving listing. How long would that process take? And ultimately, sort of what would stop you from doing it at this point?

如果可以的話，有兩個問題。其中之一隻是美國上市的後續行動。派崔克，我想你說過董事會已要求你查看搬遷清單。這個過程需要多長時間？最終，什麼會阻止你在這一點上這樣做？

And then the second question was on the LNG business. You talked earlier about the, I guess, having flexibility within the portfolio. I'm just wondering if you could talk us through what your outlook is at the moment on the LNG market? Because obviously, we've had some projects that have been delayed because of higher costs, but others that are coming in that are very competitive. So just your perspective on that market.

第二個問題是關於液化天然氣業務。我想您之前談到了投資組合的靈活性。我只是想知道您是否可以向我們談談您目前對液化天然氣市場的看法？因為顯然，我們有一些項目由於成本較高而被推遲，但其他項目的競爭非常激烈。所以這只是您對該市場的看法。

Okay. On the first one, to be clear, there was a discussion of the Board -- with the Board, clearly, on the matter of U.S. listing. We all agreed that we have to seriously look at it. And so we are working on it together with Jean-Pierre. And I plan to report to the Board by September, and then we'll see pragmatic way forward, and we'll come back to you.

好的。需要明確的是，在第一個問題上，董事會就美國上市問題進行了討論。我們一致認為，必須認真看待這個問題。所以我們正在與讓-皮埃爾一起努力。我計劃在 9 月之前向董事會報告，然後我們將看到務實的前進方向，然後我們會回覆您。

But we consider that and I had discussions, by the way, with a number of large shareholders in the U.S. about it. But today, in fact, we have ADR, which is not a real share. They come to buy shares on the Paris market. You have exchange rates. We have 2. And when I look to the behavior of the share during it every day. You have the Paris market, which is depicting the share until 3 p.m.

但我們考慮到了這一點，順便說一句，我與美國的一些大股東就此進行了討論。但今天，事實上我們有ADR，它不是真正的股票。他們來巴黎市場買股票。你有匯率。我們有 2。巴黎市場的股價一直持續到下午 3 點。

And suddenly, you have a drop or a hype because New York is leading it. And by the way, the share at the closing in Paris is just the value in New York at 12 p.m. So all that is not -- and on the top of it, which is more important. Again, we have -- it's clear that in the energy and the oil and gas field, U.S. shareholders are buying the shares and European shareholders are not so buying the same way.

突然之間，你會出現下跌或炒作，因為紐約處於領先地位。順便說一句，巴黎收盤時的股價相當於紐約中午 12 點的股價。所以這一切都不是——而且最重要的是，這更重要。同樣，我們很明顯，在能源和石油和天然氣領域，美國股東正在購買股票，而歐洲股東則沒有以同樣的方式購買股票。

So I think it's also a recognition to the growing part of the shareholding. And so we must look at it because again, the Board is keen to understand, why? If there is -- I'd say it's a way to fill the gap that we see if we can get easily access to shares to U.S. shareholders. So that's where we are, and we'll keep you aware, don't worry, but I think it was time to -- the right time to mention it to our investors.

所以我認為這也是對持股比例不斷增長的認可。因此，我們必須審視它，因為董事會再次渴望了解，為什麼？如果有的話——我想說，如果我們能夠輕鬆地向美國股東購買股票，那麼這是填補我們所看到的空白的一種方式。這就是我們現在的情況，我們會讓您知道，別擔心，但我認為現在是時候向我們的投資者提及這一點了。

On the LNG, the LNG, I will tell you, I'm positive for '25, '26 because you will not see much new capacities. Of course, like you and all of us, we are not naive. We observed from '27. I've not mentioned '26 because some projects will be delayed. I'm sure it's a big project. You will see new capacities coming on stream from the U.S. and from Qatar. So this will have an impact on some of the market. That's clear.

關於液化天然氣，我會告訴你，我對 25、26 年液化天然氣持樂觀態度，因為你不會看到太多新產能。當然，就像您和我們所有人一樣，我們並不天真。我們從 27 年開始觀察。我沒有提到'26，因為有些項目會被推遲。我確信這是一個大工程。您將看到美國和卡達的新產能投產。所以這會對部分市場產生影響。很清楚。

But '25, '26, the price would -- could be tension since some of the plants, again, could have some difficulties, that's possible. After that, okay, that will be good for the demand, it will rebound. So what we are trying -- what we are doing together with the LNG teams is to sign some oil-related medium-term contract because the view that we have on this business is that the oil might remain like Christyan's question suggested it, it might remain stronger. So that's what we can do.

但到了 25 年、26 年，價格可能會緊張，因為一些工廠可能會再次遇到一些困難，這是可能的。在那之後，好吧，這將有利於需求，它會反彈。因此，我們正在嘗試- 我們正在與液化天然氣團隊一起做的是簽署一些與石油相關的中期合同，因為我們對這項業務的看法是，石油可能會像克里斯蒂安的問題所暗示的那樣，它可能會繼續下去。這就是我們能做的。

And again, by the way, I'm not afraid because generally, and it was very well demonstrated by one of our peers, when you have some low cycle in LNG, they are not very long because generally, the demand is very reactive. You have countries, clearly we've seen it this year in 2023. You've seen more China buyers coming back to the market at $8, $9, $10. Under $10, you see China. And you will see if it go up into $9, you will see India as well coming. So I think it's positive for the demand.

順便說一句，我並不害怕，因為一般來說，我們的一位同行已經很好地證明了，當液化天然氣有一些低週期時，它們不會很長，因為一般來說，需求是非常活躍的。你有國家，顯然我們已經在 2023 年看到了這一點。不到 10 美元，你就能看到中國。你會看到，如果價格漲到 9 美元，你會看到印度也會隨之而來。所以我認為這對需求是正面的。

So -- and that would be, by the way, something important in this business because somewhere with the events of '22, customers are a little shy. There is energy, which went to the roof. That's why, by the way, they are also interested themselves to sign more oil-related contract base because basically, more stability in that oil pricing, but in the gas market, which has been very volatile.

所以，順便說一下，這對這個行業來說是很重要的，因為在發生 22 年事件的地方，客戶會有點害羞。有能量，它到達了屋頂。順便說一句，這就是為什麼他們也有興趣簽署更多與石油相關的合約基礎，因為基本上，石油定價更加穩定，但天然氣市場一直非常不穩定。

So I think -- so again, maybe a lower price. Another comment on it because sometimes I'm surprised by some analysis, which are reported. LNG, one of the interest of LNG, like you've seen in the results of total energies when the price of gas is going down in Europe, we have some amortizer in the LNG pricing formula. It's not -- we are not a European gas seller, I would say. And so the impacts on our revenues, cash flows and results are much lower because the formula LNG are amortizing this for them.

所以我想——再說一遍，也許價格會更低。對此的另一個評論是因為有時我對報導的一些分析感到驚訝。液化天然氣，液化天然氣的興趣之一，就像您在歐洲天然氣價格下降時在總能源結果中看到的那樣，我們在液化天然氣定價公式中有一些攤銷。我想說，我們不是歐洲天然氣銷售商。因此，對我們的收入、現金流和業績的影響要低得多，因為液化天然氣公式正在為他們攤提這些。

So again, we are -- I'm not worried. I continue to believe that it's a good business to invest because it's a growing demand, because we need gas and energy to produce -- to complement the intermittency of electricity. There is a primatization demand when -- in the middle class in Asia. So all that is driving, I would say, electricity demand. part might be covered by coal and renewables, but part also with gas.

再說一次，我們——我並不擔心。我仍然相信這是一項值得投資的好生意，因為它的需求不斷增長，因為我們需要天然氣和能源來生產——以補充電力的間歇性。亞洲的中產階級有一種靈長類化的需求。我想說，所有這些都在推動電力需求。部分可能由煤炭和再生能源覆蓋，但也有一部分由天然氣覆蓋。

And you know a country like India is very interesting. They are building a real gas infrastructure with big clients around the country. City gas is being developed. And so it's a reality we are investing, by the way, in this business there. It's a reality.

你知道像印度這樣的國家非常有趣。他們正在與全國各地的大客戶一起建造真正的天然氣基礎設施。正在開發城市燃氣。順便說一下，我們正在投資那裡的這項業務，這是一個現實。這是現實。

And I think that -- so a lower price during 2, 3 years might -- will be -- would give a proof to that demand. And when the demand is installed, it's difficult to stop because when gas becomes your fuel for your house. So that's the perspective I see. But again, we are active in order to, I would say, edge not edge is not the right way, but to sign some medium-term contracts with oil-related terms.

我認為，2、3 年內較低的價格可能證明這種需求。當需求滿足時，就很難停止，因為當天然氣成為你的房屋燃料。這就是我所看到的觀點。但我想說的是，我們的積極行動是為了簽署一些與石油相關條款的中期合同，而不是邊緣不是正確的方式。

The next question is from Martijn Rats with Morgan Stanley.

下一個問題來自摩根士丹利的 Martijn Rats。

When oil prices are referred to as relatively stable, I find that a very sort of very interesting comment. But anyway, I have 2 questions that I wanted to ask. The first is a relatively simple one on the buyback and oil prices. We started the year, of course, with EUR 2 billion a quarter in buybacks. But I think it's fair to say that oil prices have been surprising to the upside so far this year.

當石油價格被稱為相對穩定時，我發現這是一個非常有趣的評論。但無論如何，我有兩個問題想問。第一個是關於回購和油價的相對簡單的問題。當然，今年年初我們每季回購了 20 億歐元。但我認為可以公平地說，今年迄今為止油價的上漲令人驚訝。

So I was wondering if there is some move in the quarterly buyback perhaps later this year, if this oil price sticks and under what conditions we might see sort of their -- the quarterly buyback much higher? I was hoping you could say a few words on what the prospect of that sort of might be?

因此，我想知道今年稍後季度回購是否會有一些變動，如果油價持續下去，以及在什麼條件下我們可能會看到季度回購更高？我希望你能談談這種情況的前景如何？

And then the other one is about the SapuraOMV sort of acquisition. You bought 100% in sort of 2 tranches. I know it's not as exciting as Namibia perhaps, but it's not entirely small I was wondering if you could say a few words about the rationale of that transaction, what the attractions of the assets are, how it fits in the overall picture.

另一個是關於 SapuraOMV 的收購。您分 2 批購買了 100% 的股份。我知道它可能不如納米比亞那麼令人興奮，但它也不完全小我想知道你是否可以談談該交易的基本原理，資產的吸引力是什麼，它如何適應整體情況。

Good. No, it's not small. It's a good deal. We don't see -- even if we don't make a lot of noise, even I prefer to pick some good assets, which fits with the strategy, with growth potential. We don't really think it's small because, in fact, it's giving us with Sapura the lead -- an operating position in Malaysia. We see that as many advantages.

好的。不，它不小。這是一個很好的交易。我們看不到——即使我們沒有發出很大的聲音，即使我更願意選擇一些符合策略、有成長潛力的優質資產。我們真的不認為它很小，因為事實上，它讓我們與 Sapura 處於領先地位——在馬來西亞的營運地位。我們認為這有很多優點。

In fact, we have a strong bond of Petronas. Malaysia is a very -- in fact, it's still a prolific basin, several gas basins, prolific ones. It's an opportunity to have a material position, 50,000 barrels per day, I think. So it's material. We can dedicate people. We see there beyond these licenses more to be done. So I cannot -- there is a potential to expand in the gas business.

事實上，我們與馬來西亞國家石油公司有著緊密的聯繫。馬來西亞是一個非常——事實上，它仍然是一個多產的盆地，有幾個天然氣盆地，多產的盆地。我認為，這是一個擁有物質部位的機會，每天 5 萬桶。所以它是物質的。我們可以奉獻人。我們認為，除了這些許可之外，還有更多工作要做。所以我不能——天然氣業務有擴展的潛力。

This is a business which related and which is priced as a netback from LNG. So you have different formulas. So it's part of also the rest of this business. You have some upside, and you can correlate it. And it's also a way get to strengthen the links with Petronas, Malaysia is an interesting location as well for other activities like in particular, CO2 storage for Asian buyers. So it's -- there are some -- a lot of Japanese companies are looking to that.

這是一項相關業務，其定價為液化天然氣的淨回值。所以你有不同的公式。所以它也是該業務其餘部分的一部分。你有一些好處，並且你可以將其關聯起來。這也是加強與馬來西亞國家石油公司聯繫的一種方式，馬來西亞對於其他活動也是一個有趣的地點，特別是亞洲買家的二氧化碳儲存。所以，很多日本公司都在尋求這一點。

So we see -- and again, I think for a company of our size, Elo is now in Asia, a South of Asia strategy. I think more fit in Asia is important for our future. This is where the demand will come. And Malaysia is an interesting country. We have also some LNG business. So this was a good opportunity. Again, a material one because what I don't want is to move from a small asset. So this one was -- so we were to have materiality by making all this transaction together.

所以我們看到——我認為對於我們這樣規模的公司來說，Elo 現在在亞洲，這是一項南亞戰略。我認為更適應亞洲對我們的未來很重要。這就是需求的來源。馬來西亞是一個有趣的國家。我們還有一些液化天然氣業務。所以這是一個很好的機會。再說一遍，這是一個物質資產，因為我不想從一項小資產轉移出來。因此，我們要透過將所有這些交易放在一起來獲得實質。

On the buyback, okay, I just want -- in fact, you know the answer by asking the question, Martijn, I think. When we stated in the press release of the -- in February, just reading it, with EUR 2 billion of share buyback in the first quarter of '21, which will remain the base level for quarterly buybacks in the current environment. I think the current environment in February were more or less $79, $80 per barrel. We continue on this basis, but it's quite clear we have been clear about the cash allocation framework we follow.

關於回購，好吧，我只是想——事實上，我想你透過問這個問題就知道答案了，Martijn。當我們在 2 月的新聞稿中表示，21 年第一季回購了 20 億歐元的股票時，這將仍然是當前環境下季度回購的基準水準。我認為 2 月的當前環境大約是每桶 79 美元至 80 美元。我們將繼續在此基礎上進行，但很明顯，我們已經明確了我們遵循的現金分配框架。

Further dividend. The CapEx where we are, and we don't intend to extend them. And we said that we use share buyback to -- if we have more cash flows to share it with shareholders. So again, it was premature this quarter because we have only seen $90 for 1 month, so I will not conclude, but the $90 will remain for the year. I know that when I was making some roadshows in London, people were speaking to me about $100. But in the meantime, it was at $95. It went down to $88 or $89, So it's volatile.

進一步分紅。我們目前的資本支出是多少，我們不打算擴展它們。我們說過，如果我們有更多的現金流與股東分享，我們就會使用股票回購。所以再說一次，這個季度還為時過早，因為我們只看到了 1 個月的 90 美元，所以我不會得出結論，但 90 美元將保留在今年。我知道當我在倫敦進行一些路演時，人們對我說 100 美元左右。但同時，它的價格是 95 美元。它跌至 88 美元或 89 美元，因此波動較大。

To be clear, it's clear that in our minds that if we have more cash than the base case, then we'll look to share it full share buybacks with some shareholders. But we don't have a mathematical formula to give you, so you have to guess.

需要明確的是，在我們看來，如果我們擁有的現金多於基本情況，那麼我們將尋求與一些股東分享全額股票回購。但我們沒有數學公式可以給你，所以你必須猜測。

And again, it's a monitoring. We'll see what will be the second quarter. And I expect some decision probably middle of the year or September by the Board, when we'll have a better visibility of what could be the execution of the year.

再說一次，這是一個監控。我們將看看第二季度會發生什麼。我預計董事會可能會在年中或九月做出一些決定，屆時我們將更了解今年的執行情況。

We have a good balance sheet. So we can -- we will not wait the end of the year to announce to you what we'll do. But again, let's look to what is the reality of the market. Because at the same time, oil price is better, gas price was a little lower than anticipated at the beginning of the year even if it's going up in the last weeks to more $90 in Europe, and the spread with the U.S. because NLP is going down at 1.5 is also a good -- important indicator for us between TTF and Repsol. That's a good signal.

我們擁有良好的資產負債表。所以我們可以——我們不會等到年底才向你們宣布我們要做什麼。但同樣，讓我們看看市場的現實是什麼。因為與此同時，油價好轉，天然氣價格略低於年初的預期，即使歐洲的天然氣價格在過去幾週上漲至 90 美元以上，而且由於 NLP 正在發展，與美國的價差也有所增加。我們來說也是一個很好的指標，也是TTF 和雷普索爾之間的重要指標。這是一個很好的信號。

So again, we will follow what we say to our investors and shareholders. I remind you as well that we said that we want to distribute more than the payout for more 40%. This quarter it's at 46%, I think. So we are on the way to -- not to disappoint you, but as it's like the strategy, we are consistent and we go step by step. And when we are in a position to take decision, we'll take them.

因此，我們將再次遵循我們對投資者和股東說的話。我還提醒您，我們說過我們希望分配超過 40% 的支出。我認為本季該比例為 46%。所以我們正在努力——不會讓你們失望，但就像策略一樣，我們是一致的，我們一步一步走。當我們能夠做出決定時，我們就會做出決定。

The next question is from Lucas Herrmann with BNP Paribas.

下一個問題來自法國巴黎銀行的 Lucas Herrmann。

Interesting comments throughout, Patrick. Amazing, isn't it? We all focus on oil now and have moved on a little bit. But I just wanted to, on the subject of FIDs, I wondered if you could talk a little bit about the offshore wind business and just how things have progressed for you over the last 6 to 12 months around costs, and what your thoughts are now on the timing of decisions Germany, U.K., possibly North Asia where you have opportunity. So just to give us some idea of, okay, I know what I'm doing on Namibia or Suriname, but what am I thinking around the allocation of capital to wind and time line?

整個過程中的有趣評論，帕特里克。太棒了，不是嗎？我們現在都把注意力集中在石油上，而且已經有所進展。但我只是想，關於最終投資決定的主題，我想知道您是否可以談談海上風電業務，以及過去 6 到 12 個月裡您在成本方面的進展情況，以及您現在的想法關於決策的時機德國、英國，可能還有北亞，你有機會。因此，只是為了讓我們了解一下，好吧，我知道我在納米比亞或蘇利南做什麼，但我在考慮風和時間線的資本分配方面有何想法？

Okay. I will be transparent. There is no way. It's clear that we had the experience recently in New York where -- and in fact, it's an issue. When you are in some markets, which are more regulated or I would say, more depending on some fiscal incentives. Suddenly, everybody wants to take the incentive for himself.

好的。我會保持透明。不可能。很明顯，我們最近在紐約有過這樣的經驗——事實上，這是一個問題。當你身處某些市場時，這些市場受到更多監管，或者我想說，更多地取決於一些財政激勵措施。突然間，每個人都想為自己爭取激勵。

But if the supplier is increasing the price of his turbine, because you want to capture the ITC, then we don't have it and then we cannot make the project. So it's a chicken and egg story. But we are not condemned to develop projects if they are too costly. I'm very -- I'm CapEx driven, and you know me for a long now. We have just recently said that on P&G, we are able to delay because the CapEx was there and going to new contractors. And on offshore wind, obviously, will be the same position. Because it's clear that this energy is more expensive than onshore wind or solar.

但如果供應商因為想要獲得 ITC 而提高其渦輪機的價格，那麼我們就沒有它，然後我們就無法進行這個專案。所以這是一個先有雞還是先有蛋的故事。但如果專案成本太高，我們不一定要開發它們。我非常——我是資本支出驅動的，你已經認識我很久了。我們最近剛剛說過，在寶潔公司，我們能夠推遲，因為資本支出已經存在並流向了新的承包商。顯然，在離岸風電方面，情況也是如此。因為很明顯，這種能源比陸上風能或太陽能更昂貴。

And in our Integrated Power strategy, it has to find its place in a merchant way. So we have to be able to make money, merchant pricing as well. So if it's too costly and that is going out of what could be expected as a merchant pricing for electricity, then why should we do it? So we are working on it. It's -- there is no rush. We will not be led by, I don't know, which planning by 2030 target. The 2030 target for TotalEnergies can be filled with plenty of onshore possibilities. We'll have some offshore projects because we have some in the portfolio, which are good, on which we will give the priority.

在我們的綜合電力策略中，它必須以商業方式找到自己的位置。所以我們必須能夠賺錢，商家定價也是。因此，如果成本太高且超出了商家對電力的預期定價，那麼我們為什麼要這樣做呢？所以我們正在努力。這是——不急。我不知道我們不會以 2030 年規劃目標為主導。 TotalEnergies 的 2030 年目標充滿了陸上機會。我們將有一些離岸項目，因為我們的投資組合中有一些很好，我們將優先考慮。

We have created many options. And what we were discussing between us with Stefan was, okay, if we need to run all these opportunities and to do the best ones and not necessarily all of them.

我們創造了很多選擇。我們與斯特凡之間討論的是，好吧，我們是否需要抓住所有這些機會並做最好的機會，而不一定是所有機會。

So again, you have some heating there. But either we can have some cold weather on all this value chain. Otherwise, we will wait and see. We are at the position. But we work. We work on that. Last comment, I would say, for me, offshore wind is an energy for, again -- and you have to look carefully to what will be the electricity market prices. It's an energy where for markets, where the energy -- electricity price will remain high.

再說一次，你那裡有一些暖氣。但要嘛我們整個價值鏈都會遇到一些寒冷的天氣。否則，我們將拭​​目以待。我們就在這個位置。但我們工作。我們正在努力解決這個問題。最後一點，我想說，對我來說，離岸風電是一種能源，你必須仔細注意電力市場價格。對於市場而言，這是一種能源，電力價格將保持在高位。

It's not -- so you cannot deploy it everywhere. But Germany is a good fit. U.K. is potentially a good fit as well. And New York will see again, as we can obtain or not the right conditions to develop it. So we are monitoring it. But in our capacity of Integrated Power, it should represent something like 10% by 2030. So it's not a core of the growth.

它不是——所以你不能將它部署到任何地方。但德國很適合。英國也可能是不錯的選擇。紐約將會再次看到這一點，因為我們能否獲得合適的條件來發展它。所以我們正在監控它。但就我們的綜合電力能力而言，到2030年應該佔10%左右。

And so if the 10% are only 7 or 8, I don't care. No, basically priority is profitability -- a profitable growth. And so we will go and review this project one by one and if costs are rocketing, it's better to wait and see and to allocate our capital to another project.

因此，如果 10% 的人只有 7 或 8 人，我也不在乎。不，基本上優先考慮的是獲利能力——獲利成長。所以我們會去一一審查這個項目，如果成本飛漲，最好觀望一下，然後將我們的資金分配到另一個項目。

The next question is from Biraj Borkhataria with Bank of Canada.

下一個問題來自加拿大銀行的 Biraj Borkhataria。

The first one is on LNG. There's been on and off news flow around potential EU sanctions on Russian LNG. Now I'm just wondering what this would mean for your -- the offtake at Yamal? In particular, would you be able to divert the cargoes and sell them elsewhere? Or would you have to declare force majeure?

第一個是液化天然氣。關於歐盟可能對俄羅斯液化天然氣實施制裁的消息時斷時續。現在我只是想知道這對您的亞馬爾承購意味著什麼？特別是，你能將貨物轉移到其他地方出售嗎？還是必須聲明不可抗力？

And then the second question is on hydrogen. So late last year, you announced a call for tender for across your refineries. And I don't think we've seen anything since I was wondering if you could provide any insight on the response from the industry and what you're seeing there?

第二個問題是關於氫的。去年年底，你們宣布對你們的煉油廠進行招標。我認為我們沒有看到任何東西，因為我想知道您是否可以提供有關行業反應以及您在那裡看到的情況的任何見解？

Okay. I know you like Russia, Biraj, very much. To be clear, there is no, for total, if you -- I will tell you, if EU sanctions Yamal LNG, the price of LNG will go up quickly. And globally, our portfolio will benefit of it. So I'm not at all -- it's a positive if there were sanctions, not a negative because the cash from Yamal is quite limited contrary to what you might all think.

好的。我知道比拉吉你非常喜歡俄羅斯。需要明確的是，總的來說，如果你——我會告訴你，如果歐盟制裁亞馬爾液化天然氣，液化天然氣的價格將會迅速上漲。在全球範圍內，我們的投資組合都將從中受益。所以我一點也不認為——如果有製裁，那是積極的，而不是消極的，因為來自亞馬爾的現金非常有限，這與你們所有人的想法相反。

First, we don't receive dividends from Yamal LNG in -- since '23. Second, the LNG business, because I remind you that because of the risk of sanction, we decided not to hedge the volumes of Yamal. That means that this year, we have sold Yamal in Europe at TTF price, and we buy it at a Brent basis. That means that it's not a very profitable operation given this year contract. So honestly, it's not a point.

首先，自 23 年以來，我們沒有收到亞馬爾液化天然氣公司的股利。第二，液化天然氣業務，因為我提醒大家，由於制裁的風險，我們決定不對亞馬爾的交易量進行對沖。這意味著今年我們在歐洲以TTF價格出售亞馬爾半島，並以布蘭特原油價格購買。這意味著考慮到今年的合同，這不是一項非常有利可圖的業務。所以說實話，這不是重點。

So yes, if there are sanctions on Yamal by Europe or by EU, we will have to exercise force majeure for sure on some of the contracts. There's 2 contracts, 1 in for Europe, which we can exercise. There is 1 for Asia on which we'll have to look more carefully to the close. So this is where we are. And -- but my view to share with you, Biraj, I don't think because the European leaders understand that there are gas security of supply to they rely on the LNG. And they don't want again to see a crisis in Europe until '27.

所以，是的，如果歐洲或歐盟對亞馬爾實施制裁，我們肯定必須對某些合約行使不可抗力。有 2 份合同，其中 1 份是針對歐洲的，我們可以執行。亞洲有 1 個，我們必須在最後仔細研究。這就是我們現在的處境。而且——但我想與你分享的觀點是，比拉吉，我不認為是因為歐洲領導人明白他們依賴液化天然氣來確保天然氣供應安全。他們不想在 27 年前再次看到歐洲發生危機。

And what I understand is that they might have some ideas, but from '27, not before. So we'll see. Again, for TotalEnergies, it's neutral. It's even a plus if there were some sanctions. So maybe people should think I'm a little provocative. But in fact, that's a reality. When I look to these projects, and it's not billions of dollars in cash flows. It's more a few hundreds of million dollars, which we can absorb easily, which have already been largely absorbed since 2022 in the company by other projects.

我的理解是，他們可能有一些想法，但從 27 年開始，而不是之前。所以我們拭目以待。同樣，對於 TotalEnergies 來說，它是中性的。如果有一些制裁，那就更好了。所以也許人們應該認為我有點挑釁。但事實上，這就是現實。當我查看這些項目時，它不是數十億美元的現金流。更多的是幾億美元，我們可以輕鬆吸收，自 2022 年以來，公司的其他項目已經大部分吸收了這些資金。

On the second one, no, I would like you to follow more carefully. We gave you some indications in February on hydrogen. We told you that we received a lot of offers, more than 50 different offers to our tender. We have been offered 5 million tonnes, and we are targeting 500,000 tonnes per year. So then all the maturity of all these projects are not the same. We are working on them.

關於第二個，不，我希望你更仔細地關注。我們在二月向您提供了一些有關氫的跡象。我們告訴過您，我們收到了很多報價，超過 50 個不同的報價。我們已經獲得了 500 萬噸的供應，我們的目標是每年 50 萬噸。那麼所有這些項目的成熟度都不一樣。我們正在研究它們。

I'm quite optimistic, to be clear, that we'll get what we are targeting. It's important for us because these 500,000 tonnes will allow us to decrease CO2 emissions by 5 million tonnes, 5 million tonnes of emissions, we have this year 38 million tonnes. So it's quite sensible on the road map.

需要明確的是，我非常樂觀，我們將實現我們的目標。這對我們很重要，因為這 50 萬噸將使我們能夠減少 500 萬噸二氧化碳排放，500 萬噸排放量，今年我們的排放量為 3800 萬噸。所以在路線圖上這是非常明智的。

And again, within the European ETS framework and the famous Red Sea, we can do it, I would say, in terms of neutrality compared to paying the taxes or eliminating emissions and getting some green hydrogen.

再說一次，在歐洲排放交易體系框架和著名的紅海範圍內，我想說，與納稅或消除排放並獲得一些綠色氫相比，我們可以在中立方面做到這一點。

So really, it's quite attractive. We are, in fact, becoming an anchor customer for some players, in particular, in Antwerp or Rotterdam. And even Rhina in Germany, quite a long, strong interest. So -- and we could benefit from being a first mover there. Because again, they are as people, our projects are willing to develop the projects, thanks to such a 15-year contract that we could offer.

所以說真的，它非常有吸引力。事實上，我們正​​在成為一些玩家的主要客戶，特別是在安特衛普或鹿特丹。甚至德國的萊納也對它產生了相當長的、強烈的興趣。因此，我們可以從成為那裡的先行者中受益。因為，他們也是人，我們的專案願意開發這些項目，這要歸功於我們可以提供的這樣一份 15 年的合約。

So we'll come back to you when we have clarity. There are different tenders, a lot of discussions. But I think before this year-end, we'll be able to come back to you with news, but I prefer the teams to work than giving more indications. But that's -- we are -- I'm convinced that we'll have the -- we'll be able to execute the road map as planned.

因此，當我們弄清楚後，我們會再聯繫您。有不同的招標，有很多討論。但我認為在今年年底之前，我們將能夠為您帶來消息，但我更喜歡團隊合作而不是給予更多指示。但這是——我們——我相信我們將——我們將能夠按計劃執行路線圖。

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

下一個問題來自高盛的 Michele Della Vigna。

Congratulations on the strong capital discipline and the ongoing upgrading of the portfolio. I think you mentioned P&G, that's definitely a great example where cost inflation has led you to rethink or at least delay the project. I was wondering which other projects in your portfolio you think should be delayed or perhaps reengineered a bit following some of the recent cost inflation.

恭喜強大的資本紀律和投資組合的持續升級。我想你提到了寶潔公司，這絕對是一個很好的例子，成本通膨導致你重新考慮或至少推遲了這個專案。我想知道您的投資組合中還有哪些項目您認為應該推遲，或者在最近的成本上漲之後稍微重新設計。

Mozambique is certainly 1 where it feels like some of the bids have come back a little bit on the high side. And my second question is -- goes back to the idea that you floated off a U.S. primary listing. Clearly, the big aim there is to be included in one of the major indices, like the S&P 500 which has so much passive and semi-passive following. I was wondering if you've had any discussions there and if you think it's actually something doable to be included in that index while being remaining headquartered in Europe.

莫三比克肯定是第一名，感覺有些出價有點偏高。我的第二個問題是——回到你們在美國首次上市的想法。顯然，最大的目標是納入主要指數之一，例如擁有大量被動和半被動追隨者的標準普爾 500 指數。我想知道您是否在那裡進行過任何討論，以及您是否認為在總部仍位於歐洲的情況下將其納入該指數實際上是可行的。

Actually you know the answer to the second question. And you know that you cannot to be S&P 500. They are not initiated in the U.S., that's all. So we don't intend, that's why we speak about primary listing. But again, when I see -- when we discuss with U.S. shareholders, being for them having access directly to your shares in New York would be a plus compared to going through this ADR or to the Paris market to buy shares. I think that's what we think about it.

其實你知道第二個問題的答案。你知道你不可能成為標準普爾 500 強。所以我們無意，這就是我們談論主要上市的原因。但我再次看到，當我們與美國股東討論時，與透過美國存託憑證或巴黎市場購買股票相比，對他們來說，直接購買你在紐約的股票將是一個優勢。我想這就是我們的想法。

We see clearly more appetite on the North American site for energy companies, oil and gas companies was in Europe. So it's -- we are studying what could be, again, to facilitate their appetite by offering them easier access to share that's the idea. But the index might be abused, but it's not in the agenda to be clear, because we don't speak about the initiation, we speak about primary listing. That's earned.

我們明顯看到北美網站對歐洲能源公司、石油和天然氣公司的興趣更大。所以，我們正在研究如何透過為他們提供更容易分享的方式來滿足他們的胃口，這就是我們的想法。但指數可能會被濫用，但這不在議程中明確，因為我們不談論發起，我們談論初次上市。這就是賺到了

On the first one, no, honestly, on Mozambique, we don't face at all. I know one of my colleague wants to float that idea, but it's not true. I mentioned that few months ago that we were discussing with contractors on Mozambique because they raised their costs.

關於第一個，不，老實說，在莫三比克，我們根本不面對。我知道我的一位同事想提出這個想法，但這不是事實。我提到幾個月前我們正在與莫三比克承包商討論，因為他們提高了成本。

We had good discussion with them. So the good news that I can confirm today is that in fact, we are back to -- we are on the good contracts with all of them. We realigned all the contractors because their interest is that we can execute the contract -- project. The interest is not to force us to re-tender or redesign, or I don't know which (inaudible).

我們和他們進行了很好的討論。所以我今天可以確認的好消息是，事實上，我們又回到了——我們與他們所有人都簽訂了良好的合約。我們重新調整了所有承包商，因為他們的興趣是我們可以執行合約——專案。我們的興趣不是強迫我們重新招標或重新設計，或我不知道是哪一個（聽不清楚）。

So we have a good concept, strong concept, resilient one. So we work with all of them. And today, we have contracts which have been initial to restart the project. But we have over dimension in that project. And again, on the security side, I would say there have been a lot of things. The security in Northern, the Cabo Delgado is okay. There is no incidents, no events. It's well controlled. We will meet -- I will meet soon, President Nyusi from Mozambique to review it with himself.

所以我們有一個好的概念，一個強而有力的概念，一個有彈性的概念。所以我們與他們所有人合作。今天，我們已經簽訂了重啟該專案的初步合約。但我們的項目規模過大。再說一次，在安全方面，我想說有很多事情。德爾加杜角北部的治安還不錯。沒有事件，沒有事件。控制得很好。我們將會會面——我很快就會會見莫三比克總統紐西，親自進行審查。

And so I would say on the southern part of Cabo Delgado, it's quite far from where we are. There have been some incidents. But there again, they are redeploying some forces. And by the way, again, that part is first, I would say people are asking me, will you lift the force majeure. But the first thing to be done by the State of Mozambique, which is in charge of the sovereignty and security, to tell us if we could lift it before I decide. Let's do it in the right order. I would say don't try to ask privately owned companies to decide about something which is not fully in our hand, security of that vision. It's the first duty, it is the duty of the State of Mozambique, and we are working with them.

所以我想說，在德爾加杜角的南部，它距離我們所在的地方很遠。已經發生了一些事件。但他們又重新部署了一些部隊。順便說一句，這部分是第一位的，我想說人們在問我，你會解除不可抗力嗎？但負責主權和安全的莫三比克政府要做的第一件事是，在我決定之前告訴我們是否可以取消它。讓我們按照正確的順序來做。我想說，不要試圖要求私人公司決定一些不完全掌握在我們手中的事情，也就是願景的安全性。這是首要責任，這是莫三比克政府的責任，我們正在與他們合作。

So I would say we are -- so it's not a matter of cost, this one. It's more a matter of having the right conditions to lift the force majeure and to move on progressively, probably because it has to be done. To restart, we'll try -- we have to -- want to -- remobilizing this stuff will take time. So -- but it's not a cost. So, yes, P&G was, of course, disciplined, frankly, and it's not there is not really a redesign. It's more, I think we made as we tried to explain, I will tell you is limited to our traditional engineering firms, partners, Western one.

所以我想說我們是——所以這不是成本問題。更重要的是要有適當的條件來解除不可抗力並逐步推進，可能是因為這是必須要做的。為了重新啟動，我們將嘗試——我們必須——想要——重新調動這些東西將需要時間。所以——但這不是成本。所以，是的，坦白說，寶潔當然是有紀律的，而且並不是沒有真正的重新設計。更重要的是，我認為我們所做的正如我們試圖解釋的那樣，我會告訴你僅限於我們傳統的工程公司、合作夥伴、西方公司。

I think what is new is that Western contractors have not so much appetite for many. It's like us. It's value of a volume. So we have a lot of -- plenty of projects in the U.S. probably easier to execute. And so what we think is that and we have begun to work with some Asian engineering firms, which are able to -- which are also able to deliver upstream -- good upstream projects, and we observe it. In Uganda, most of the contractors who are working in Uganda, half of them are coming from Asian countries and the execution is very smooth. And they respect the cost budget. So we are happy with them.

我認為新鮮的是西方承包商對很多人沒有那麼大的興趣。就像我們一樣。它是一個卷的值。所以我們在美國有很多專案可能比較容易執行。所以我們的想法是，我們已經開始與一些亞洲工程公司合作，這些公司能夠——也能夠交付上游——良好的上游項目，我們觀察到了這一點。在烏幹達，大部分在烏幹達工作的承包商，其中一半來自亞洲國家，執行非常順利。他們尊重成本預算。所以我們對他們感到滿意。

So I think it's more -- we went to the traditional players. We want to open the tender. It will take time. And I'm optimistic that we can put this project back on track. But again, as I answered before, within our portfolio, we have many options. And that's good to have many options.

所以我認為更多的是——我們去找傳統球員。我們要開標。需要花時間。我對我們能讓這個計畫重回正軌感到樂觀。但正如我之前回答的那樣，在我們的投資組合中，我們有很多選擇。有很多選擇是好事。

No, we are not discussing a lot of Marsa LNG. We have it. We introduced it. We know we might have another option, which is called '24 in Rio Grande LNG projects, which might be more efficient than ever. So I prefer to have more option and then to organize the planning and to be able to resist to cost increase to keep the discipline. While we will be able, despite this, to deliver the LNG growth we anticipate for 2028.

不，我們不會討論太多 Marsa 液化天然氣。我們有它。我們介紹了它。我們知道我們可能還有另一種選擇，即裡奧格蘭德液化天然氣項目的“24”，它可能比以往任何時候都更有效率。因此，我更願意有更多的選擇，然後組織規劃，並能夠抵製成本增加以保持紀律。儘管如此，我們仍將能夠實現 2028 年預期的液化天然氣成長。

So that's where we are. And again, we'll monitor the project one by one. And we'll see in Suriname, clearly, we have good costs. probably benefiting somewhere from synergies for some contractors with all the projects in Guyana. That's clear. So there is a synergy somewhere. And contractors who are working on Guyana, they propose to come with us in Suriname because for them, it's just next. And so they can capitalize on what they've done. We'll see in Namibia, which is a new province will be for me. The next, I would say, frontier from this perspective is how do we establish an efficient oil and gas industry in terms of servicing, et cetera, in Namibia.

這就是我們現在的情況。再次，我們將一一監控該項目。顯然，我們將在蘇利南看到，我們的成本很高。可能會從一些承包商與圭亞那所有項目的協同效應中受益。很清楚。所以某處存在協同作用。在圭亞那工作的承包商建議與我們一起前往蘇利南，因為對他們來說，這就是下一個。這樣他們就可以利用他們所做的事情。我們將在納米比亞看看，這對我來說是一個新的省份。我想說，從這個角度來看，下一個前沿是我們如何在納米比亞建立一個高效的石油和天然氣產業，包括服務等。

The next question is from Kim Fustier with HSBC.

下一個問題來自匯豐銀行的 Kim Fustier。

I've got 2 on LNG, please. First one is on U.S. LNG integration. I think your intention to extend into the upstream in U.S. gas has been well telegraphed for a while. And now you've made a first step with the Lewis Energy deal. Are you able to say roughly what proportion of your U.S. LNG offtake you'd like to cover in the medium term?

我有 2 個液化天然氣。第一個是關於美國液化天然氣一體化。我認為你們向美國天然氣上游延伸的意圖已經被充分傳達了一段時間。現在您已經在與劉易斯能源公司的交易中邁出了第一步。您能否大致說出您希望在中期內承擔美國液化天然氣採購的比例是多少？

And secondly, you mentioned good appetite for new oil-linked LNG contracts from Asian customers. Are you able to say or give any color on the slopes embedded in these new contracts? And also, what share of your contracted LNG sales is up for renegotiation over the next few years?

其次，您提到亞洲客戶對新的與石油相關的液化天然氣合約有良好的興趣。您能否對這些新合約中嵌入的斜坡進行說明或給出任何顏色？另外，未來幾年你們的液化天然氣合約銷售量中有多少比例需要重新談判？

Okay. On the first one, I think I've been clear. We want to protect or to hedge, I would say, our cost of production by having some gas, some equity in gas production in the U.S. So it's around 1 Bcfe, which we could target more or less.

好的。關於第一個問題，我想我已經說得很清楚了。我想說，我們希望透過擁有一些天然氣、美國天然氣生產的一些權益來保護或對沖我們的生產成本。 所以大約是 1 Bcfe，我們可以或多或少地瞄準這個目標。

But then again, no rush. Today, it's a right time, (inaudible) is low. So we've seen some dry gas producers quite keen to open the doors, so we try to jump in. So it will not be a big acquisition, probably it will be a sum of assets and like we do, you observe probably prefer to do that than rushing to make big M&A, which are expensive, and so we have an opportunity to do it and dry gas window, Eagle Ford is perfectly located next to Rio Grande. That was one of the advantage of Rio Grande Energy. And you know there are not much appetite for these dry gas Eagle Ford basin. So there are opportunities there to deploy, to develop a position on the long term. That's what we target.

但話又說回來，不要急。今天，正是時候，（聽不清楚）很低。因此，我們看到一些乾氣生產商非常熱衷於敞開大門，因此我們嘗試加入。這樣做比急於進行大型併購要昂貴，因此我們有機會這樣做，而且乾氣窗口，伊格爾福特地理位置優越，毗鄰格蘭德河。這是裡奧格蘭德能源公司的優勢之一。你知道，人們對這些乾氣伊格爾福特盆地沒有太大胃口。因此，那裡有機會部署、發展長期職位。這就是我們的目標。

And the cost of acquisition is quite good. It's quite good, in fact. In particular, today, because it's countercyclical. It's always what I think, to make good is when it comes to cyclical, and this is typically what we should do today. And -- but 1.5 or 2 is a good opportunity for us to advance. So if people are listening to me, they can come.

而且收購成本相當不錯。事實上，這很好。尤其是在今天，因為它是反週期的。我一直認為，在週期性方面要做好，這通常是我們今天應該做的。而且——但 1.5 或 2 是我們晉級的好機會。所以如果人們聽我的話，他們就會來。

Then on the LNG contracts, no, I cannot give you some commercial discussions on the slopes. It's protective. By the way, in most of my contracts, it's written that I cannot disclose it. So I cannot do that. If we sign it because it's fitting with our expectations, that's all what I can tell you. But no, I cannot do that.

那麼關於液化天然氣合同，不，我不能在斜坡上給你一些商業討論。它具有保護作用。順便說一句，在我的大部分合約中，都寫著我不能透露這一點。所以我不能那樣做。如果我們簽署它是因為它符合我們的期望，這就是我能告訴你的。但不，我不能那樣做。

And we renegotiate contracts. In most of the long-term contracts, we have a close, which is, I would say, either 5 or 10 years. It depends. So I think it's more a 7 years than an average. So every year, I would say, as we have a large portfolio where we have 30 million tonnes of LNG contracts. We have 1/7, I would say, more or less of these volumes, we are being renegotiated.

我們重新談判合約。在大多數長期合約中，我們都有一個期限，我想說，要嘛是 5 年，要嘛是 10 年。這取決於。所以我認為這比平均要長 7 年。所以每年，我想說，因為我們擁有龐大的投資組合，其中有 3,000 萬噸液化天然氣合約。我想說，我們有 1/7 的捲，或多或少，我們正在重新談判。

But a negotiation for us, it's also positive because the opportunity sometimes to have longer contracts. So it's a permanent. It's an exchange a bit in pricing and duration and volumes and optionalities. So in fact, when we are reopening this contract 5 years, there are many parameters, which are on the table. It's not just the pricing. And then you exchange okay, maybe more optionality to redirect some volumes in favor of the seller or of the buyer. So that's pointing to, I think, this negotiations.

但對我們來說，談判也是積極的，因為有時有機會獲得更長的合約。所以這是一個永久的。這是定價、期限、數量和選項方面的一些交換。所以實際上，當我們重新開放這個合約5年時，有很多參數，都擺在桌面上。這不僅僅是定價。然後你就可以進行交換，也許有更多的選擇權來重新定向一些有利於賣方或買方的交易量。我認為這表明了這次談判。

So I would say we will negotiate more or less. Again, you can take it as a whole at time (inaudible) 30 million tonnes is what we are accustomed to do it. But it's also -- I was in China recently, we also discussed new contracts with the people. So it's a permanent give and take and that's part of this -- of commerce, I would say, it's commerce, it's a business, trade.

所以我想說我們會或多或少地進行談判。再說一次，你可以把它當作一個整體（聽不清楚），3000萬噸是我們習慣做的。但我最近在中國，我們也與人們討論了新合約。所以這是一種永久的給予和索取，這是商業的一部分，我想說，這是商業，這是商業，貿易。

The next question is from Alastair Syme with Citi.

下一個問題來自花旗銀行的阿拉斯泰爾·賽姆 (Alastair Syme)。

Can you talk about how much of your integrated power business earnings comes out of Spain? I think you've got a lot of the flexible generation combined cycle capacity. I'm really just interested in how current low Spanish power prices will eventually feed through into earnings if they'll be at any point?

您能談談您的綜合電力業務收入有多少來自西班牙嗎？我認為你們擁有大量的彈性發電複合循環產能。我真的只是感興趣的是，目前西班牙的低電價最終將如何影響利潤（如果在任何時候）？

And then my other question just back on Namibia. I mean I think in the press earlier in the week, you've got 10 down to suggest that it might hold similar potential to Guyana. You talked about 180,000 barrel a day development, which is something there's not a huge -- I'm just sort of interested in what makes you connect the dots to something like Guyana size to the basin?

然後我的另一個問題又回到了納米比亞。我的意思是，我認為本週早些時候的新聞報導中，有 10 條評論表明它可能具有與圭亞那類似的潛力。你談到了每天 180,000 桶的開發量，這並不是一個巨大的東西 - 我只是有點感興趣是什麼讓你將這些點與圭亞那盆地的大小等聯繫起來？

But again, on the second point, there are 2 differences. One is each development. You know how much is the size of 1 development. And again, is dimensioned fundamentally by the facilities on the top side on the FPSO. Because including the GOR, you cannot oversize the gas handling facilities on the top side on the FPSO. And that governs generally quite a lot of oil production. So I told you, again, the question will be how many can we do it.

但同樣，在第二點上，有兩個差異。一是各有發展。你知道1個開發的規模是多少。同樣，尺寸主要由 FPSO 頂部的設施決定。因為包括 GOR，所以不能超大 FPSO 頂部的氣體處理設施。這通常控制著相當多的石油生產。所以我再告訴你，問題是我們能做到多少。

And when I see my comments that I've done, is just what when I observe. It's not only -- it will not be like in Vienna when 1 JV will cover the full discoveries, it's not the case. So will not have, I would say, from these processes, the same efficiency to have 1 JV in charge of deploying the full resources while it is the case for our friends in Vienna.

當我看到我所做的評論時​​，這正是我觀察時所做的。這不僅是——它不會像在維也納那樣，由 1 個合資企業涵蓋全部發現，事實並非如此。因此，我想說，從這些流程來看，讓 1 個合資企業負責部署全部資源不會有同樣的效率，而我們在維也納的朋友的情況就是如此。

In Namibia, you have different operators who are discovering oil and hydrocarbons or sell, share, gulp. So that means, but when I'm adding what we know about it, I'm adding it. I think the perspective to have 6, 7 FPSOs or I don't know, is perfectly possible on the whole Orange Basin, and we're just at the beginning of the exploration including on our block, including I mentioned the Orange Basin on the South African side.

在納米比亞，有不同的經營者正在發現石油和碳氫化合物，或出售、分享、吞噬。所以這意味著，但是當我添加我們所知道的資訊時，我會添加它。我認為擁有 6、7 艘 FPSO 或我不知道的觀點在整個奧蘭治盆地是完全可能的，我們剛開始探索，包括我們的區塊，包括我提到的奧蘭治盆地南非方面。

So honestly, it will not be as efficient in terms of (inaudible) because it's on 1 JV, but several JVs could cover, I mean, the potential of this area seems to be quite attractive. So again, you have different operators, different exploration programs to be executed. So that's the second part.

老實說，它在（聽不清楚）方面不會那麼有效，因為它是在 1 個合資企業上，但幾個合資企業可以覆蓋，我的意思是，這個領域的潛力似乎相當有吸引力。再說一次，你有不同的操作員，需要執行不同的探索計畫。這就是第二部分。

On the first one, Spain is -- around 2025, out of the 35 gigawatts, it will represent, I think, something I want 1 to 2 gigawatts. So it's not a major country. It's the one we started quickly because it was easy to have access to some solar projects next to France. But it appears -- yes, you're right. But it's quite -- it's not an easy country because a lot of competition comprise electricity is quite low.

第一個，西班牙 - 2025 年左右，在 35 吉瓦中，我認為它將代表我想要的 1 到 2 吉瓦。所以它不是一個大國。我們很快就開始了這個項目，因為很容易就能接觸到法國附近的一些太陽能項目。但看起來——是的，你是對的。但這並不是一個容易的國家，因為競爭很多，而且電力水平很低。

You have a lot of -- but again -- and you have some curtailment. So you have to be careful about the project. It was an early mover to renewable. So there is a lot of process there.

你有很多——但同樣——而且你有一些削減。所以你必須小心這個項目。它是可再生能源的早期推動者。所以那裡有很多過程。

But I would say in the plan, I would say, by 2030, we could target something like 4 gigawatts of 100, so 4%, 5%. So it's not -- in Europe, for me, it's not the #1 country to deploy in terms of Integrated Power. Germany has more interest and even, I would say, U.K. Because, again, for us, the driver will be where do we see the best combination between gas and renewables.

但我想說，在計劃中，到 2030 年，我們的目標是 100 兆瓦，即 4 吉瓦，即 4%、5%。所以對我來說，在歐洲，它不是綜合電力部署排名第一的國家。德國有更大的興趣，甚至我想說的是英國。

Okay. My question, which is really on today. I get a lot of your earnings Integrated Power coming out of a combined cycle in the gas in Spain.

好的。我的問題，今天確實存在。我從西班牙的天然氣複合循環中獲得了許多綜合電力收入。

Spain is quite low. You don't use much of this combined cycle today, honestly.

西班牙的水平相當低。老實說，您現在不太使用這種聯合循環。

The next question is from Bertrand Hodee with Kepler Cheuvreux.

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

Yes. Two questions. The first one is on the U.S. offshore wind. There were recently your project attentive energy that was canceled. Can you share with us the reason of that cancellation? Because I understood there were -- there should have been a one-off, I would say, indexation close linked to the cost. And so I'm struggling to really understand. And do you still see a way forward in U.S. offshore wind?

是的。兩個問題。第一個是美國離岸風電。最近你的專案關注能量被取消了。您能否與我們分享取消的原因？因為我知道應該有一次性的，我想說，指數化與成本密切相關。所以我很難真正理解。您仍然認為美國離岸風電有前進的方向嗎？

And then the second question is on -- is LNG related. You said in your introductory remarks that you've asked your team to sign long-term LNG contracts with Asian buyers in the coming years. Do you have a volume in mind?

然後是第二個問題——與液化天然氣有關。您在介紹性發言中表示，您已要求您的團隊在未來幾年與亞洲買家簽訂長期液化天然氣合約。您心中有容量嗎？

The first question, in fact, Bertrand, I answered previously, I explained that. So one of the key contractor, which is making a lot of local content that certainly increase its costs, probably trying to push the limits, reach the limit.

第一個問題，事實上，伯特蘭，我之前回答過，我解釋過。因此，主要承包商之一正在製作大量本地內容，這肯定會增加其成本，可能試圖突破極限，達到了極限。

And in fact, it's, I would say, you have to wait and see the follow-up. But I cannot disclose it because again, we have some contracts with the city and the State of New York. So I prefer not to comment it.

事實上，我想說的是，你必須等著看後續行動。但我不能透露這一點，因為我們與紐約市和紐約州簽訂了一些合約。所以我寧願不要發表評論。

The state of New York is managing these, I mean, contracts. Their intent is yet to have the projects, and so they will probably, like they've done for the 2 old contracts with 2 competitors that will re-tender it in the conditions, which will allow us to launch a project. But let's -- you need to have a little more time and you will understand.

我的意思是，紐約州正在管理這些合約。他們還沒有打算擁有這些項目，所以他們可能會像他們與兩個競爭對手簽訂的兩份舊合約一樣，在符合條件的情況下重新招標，這將使我們能夠啟動一個項目。但讓我們——你需要多一點時間，你就會明白。

On the second one, I would say, it's not -- I don't want to put a target officially today in front -- publicly with my teams. We know that we have some volumes available in our portfolio. So this volume might be marketed and it has to be marketed. When we took in Rio Grande the commitment of 5 million tonnes, we don't want to market all of it, but part of it clearly has to be marketed. It's clear. It's part of the strategy.

關於第二個目標，我想說，我不想今天正式向我的團隊公開提出一個目標。我們知道我們的產品組合中有一些可用的捲。所以這個卷可能會被推銷，而且必須被推銷。當我們接受格蘭德河500萬噸的承諾時，我們不想銷售全部，但顯然必須銷售一部分。天氣晴朗。這是戰略的一部分。

We have -- our balance sheet is strong enough and we are trusting our teams enough to do it without having the contracts. But at the same time, it's good to deliver the contracts. So it's less than 5%, but it's not 0. So you find the objective. It's not like that. Again, at the end, it's a question of negotiation, discussion and having the right contracts in terms of value.

我們的資產負債表足夠強大，我們足夠信任我們的團隊，可以在沒有合約的情況下做到這一點。但同時，交付合約也是好事。所以它小於 5%，但不是 0。不像那樣。再說一次，歸根結底，這是一個談判、討論以及在價值方面簽訂正確合約的問題。

The next question is from Paul Cheng with Scotiabank.

下一個問題來自豐業銀行的 Paul Cheng。

Patrick, you did a small deal buying 20% of the RED. With your LNG exposure in the Gulf Coast, is that sufficient or that you are seeking additional asset in the U.S.?

派崔克，你做了一筆小交易，買了 20% 的 RED。您在墨西哥灣沿岸擁有液化天然氣業務，這是否足夠，或者您正在美國尋求額外的資產？

Okay. Paul, I think I answered to Kim. No, it's not enough. It's the first one. It's an opportunity. It's a first volume. It's, I think, 100 million to 200 million square per day, and we target more 1 Bcfe. So there will be more to come. But the Eagle Ford, as I before, is the right -- is a good base in dry gas and Eagle Ford is a good basin for us.

好的。保羅，我想我回答了金。不，這還不夠。這是第一個。這是一個機會。這是第一卷。我認為，每天 1 億到 2 億平方，我們的目標是更多 1 Bcfe。所以還會有更多的事情發生。但正如我之前所說，伊格爾福特是正確的——它是乾燥天然氣的良好基地，而伊格爾福特對我們來說是一個很好的盆地。

Okay. And that your acquisition of Talos Low Carbon Solution, with that, how that changed the way that your approach or that your pace on investment in that area in the carbon story?

好的。您收購了 Talos 低碳解決方案，這如何改變了您在碳故事中該領域的投資方式或步伐？

I think it's a complement. I have been obviously on CO2 storage that we were ready to develop a portfolio primarily in Europe because it's linked to our assets. In the U.S., we have some refineries and petrochemical assets. So we know that we'll have to store CO2.

我認為這是一個補充。我顯然一直關註二氧化碳封存，我們準備主要在歐洲開發一個投資組合，因為它與我們的資產有關。在美國，我們擁有一些煉油廠和石化資產。所以我們知道我們必須儲存二氧化碳。

We had the opportunity to have access, as I would say, at cheap conditions to this nice -- 2 nice projects CO2 storage, 1 in Texas, very next to Port Arthur where we are located, which is operated by (inaudible), very committed. So a good operator next to our facilities. So that's matching our target. And another one Louisiana, which is not very, but we intend to divest the second one.

正如我想說的，我們有機會以便宜的條件進入這個美好的項目——2個不錯的二氧化碳儲存項目，其中1個位於德克薩斯州，緊鄰我們所在的亞瑟港，該項目由（聽不清楚）運營，非常堅定的。所以我們的設施旁邊有一個很好的運營商。這符合我們的目標。還有一個是路易斯安那州，不太好，但我們打算剝離第二個。

So again, we are driven fundamentally by securing some volumes on good projects for being able to store our own CO2. And if we have more capacity, we'll offer it to (inaudible) in this way in the vicinity. So that's, I think, our strategy. And this one, the U.S., in the U.S., we have quite a vibrant CO2 economy. So it might be a nice place to have a good scheme to have, I would say, a low-cost CO2 storage.

因此，我們的根本動力是確保良好項目的一定數量，以便能夠儲存我們自己的二氧化碳。如果我們有更多的容量，我們將在附近以這種方式提供（聽不清楚）。我認為這就是我們的策略。在美國，我們擁有非常充滿活力的二氧化碳經濟。因此，我想說，這可能是個制定低成本二氧化碳儲存計畫的好地方。

Patrick, primarily that you said for lower your carbon emission or intensity of your own operation or that you look at it as a gateway for a third-party revenue source business?

帕特里克，您主要是說要降低碳排放或自己運營的強度，或者您將其視為第三方收入來源業務的門戶？

It's for both.

這是為了雙方。

The next question is from Henri Patricot with UBS.

下一個問題來自瑞銀集團的亨利‧派崔克。

Just 1 question on Integrated Power. You mentioned your strong first quarter in terms of cash flow from operations. If we analyze the first quarter, you already in the upper half of the guidance range for the year and you have more capacity coming on stream over the rest of the year. So I expect that you're more likely to be -- at the upper end of the $2.5 billion, $3 billion cash flow range, maybe even slightly higher. Is there something to have in mind when it comes to the first quarter cash flow, which we expect that we may not expect exactly that run rate through the year?

關於整合電源只有 1 個問題。您提到第一季營運現金流強勁。如果我們分析第一季度，您已經處於今年指導範圍的上半部分，並且在今年剩餘時間內將有更多產能投入使用。因此，我預計您更有可能處於 25 億美元、30 億美元現金流範圍的上限，甚至可能略高一些。當談到第一季現金流時，有什麼需要注意的嗎？

Thank you. No, I confirm the $2.5 billion to $3 billion, you can multiply by 4, you will find something like $2.7 billion, $2.8% billion. But I'm not sure. It's a permanent growth. I'm not sure it sometimes will not have the seasonality in this business. And don't forget it, you consume more in winter and sometimes in summer time, it depends on the region. Even if in Texas, it's a contrary. You have more cash in summer time with hot weather than in Europe. But yes, it's a seasonality aspect. So it's not -- so I confirm $2.5 billion to $3 billion. And if we can be next to $3 billion rather than next to $2.5 billion, we'll be happy.

謝謝。不，我確認25億到30億美元，你可以乘以4，你會發現大約27億美元，2.8%十億美元。但我不確定。這是一種永久的增長。我不確定這個行業有時會沒有季節性。別忘了，你在冬天消耗更多，有時在夏天消耗更多，這取決於地區。即使在德克薩斯州，情況也恰恰相反。夏天天氣炎熱，你的現金比歐洲多。但是，是的，這是季節性方面。所以事實並非如此——所以我確認 25 億至 30 億美元。如果我們能夠達到 30 億美元而不是 25 億美元，我們會很高興。

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

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

My question is related to CapEx in Integrated Power. You have had a strong start to the year. Should we expect the quarterly level of organic CapEx to continue about the same rest of 2024 or to still accelerate?

我的問題與整合電源的資本支出有關。今年你有一個好的開始。我們是否應該預期有機資本支出的季度水準將在 2024 年剩餘時間內保持大致相同，還是繼續加速？

No. But I think you have something there and even during the year. Because as you know, we -- the guidelines we give you is the net CapEx. And you have, of course, with a growing portfolio, a growing part of farm downs, which will be booked probably more on the second half of the year than the first half. So you see more organic CapEx at the beginning and then we should land to what was the plan for the year. I think $5 billion, that's what we mentioned to you. So I don't anticipate a higher capital allocation to this segment.

不。因為如您所知，我們為您提供的指導方針是淨資本支出。當然，隨著投資組合的不斷增加，農場的面積也越來越大，下半年的預訂量可能會比上半年更多。因此，一開始你會看到更多的有機資本支出，然後我們應該確定今年的計畫。我想是 50 億美元，這就是我們向你提到的。因此，我預計該細分市場不會有更高的資本配置。

And by the way, we -- I mean, as it was said by Christyan, as we have quite a number of good oil projects, the idea is not, again, we've told you that we have reached the right percentage of allocation, 30%, 33%. So that's a guideline. And I'm sticking on this one for the years to come.

順便說一句，我們——我的意思是，正如克里斯蒂安所說，由於我們有相當多的良好石油項目，我們的想法並不是，我們已經告訴過你們，我們已經達到了正確的分配比例、 30 %、 33%。這是一個指導方針。在未來的幾年裡我都會堅持這一點。

It's part of -- we came to that level quicker than expected. But now it's also a matter of discipline. We have a lot of opportunities, but we are also selective. And it's important because again, it's not one, again the decrement of the others, but we execute the strategy. So it's more a timing effect like for the working capital rather than seasonal effects, but you will see it landing during the year. Okay?

這是我們達到這一水平的速度比預期更快的一部分。但現在這也是一個紀律問題。我們有很多機會，但我們也有選擇性。這很重要，因為這不是其他策略的減少，而是我們執行的策略。因此，這更像是營運資金的時間效應，而不是季節性效應，但你會看到它在一年內落地。好的？

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

先生們，目前沒有更多問題登記。

Well, and thank you. Thank you to all of you. I think we were targeting to be on time in order for you to attend the Exxon call, if I understand, which is follow up in 5 or 10 minutes. So we respected it.

好吧，謝謝你。謝謝大家。我認為我們的目標是準時參加埃克森美孚電話會議（如果我理解的話），電話會議將在 5 到 10 分鐘內進行跟進。所以我們尊重它。

Thank you for your attendance. And again, it's another quarter of strong delivery. Some people will say TotalEnergies is sometimes a little boring, but we are going for the good and always going up as a share. So I mean, I prefer to be in that situation, not a surprise, but to execute, to deliver, to be consistent. And I think it's probably one of the good. When you buy shares, you can trust that we will deliver. That's the message. Thank you.

感謝您的出席。這又是一個季度的強勁交付。有些人會說 TotalEnergies 有時有點無聊，但我們會朝著好的方向發展，股票總是會上漲。所以我的意思是，我更喜歡處於那種情況，不是驚喜，而是執行、交付、保持一致。我認為這可能是好處之一。當您購買股票時，您可以相信我們會交付。這就是訊息。謝謝。

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

女士們、先生們，電話會議到此結束。感謝您的參與。您現在可以斷開連線。