TotalEnergies SE (TTE) 2025 Q1 法說會逐字稿

Ladies and gentlemen, welcome to TotalEnergies' first-quarter 2025 results conference call. (Operator Instructions) I must advise you that this conference is being recorded today, the 30th of April 2025.

女士們，先生們，歡迎參加 TotalEnergies 2025 年第一季業績電話會議。（操作員指示）我必須通知您，本次會議將於今天（2025 年 4 月 30 日）進行錄製。

I'll now hand over to Patrick Pouyanne, Chairman and CEO; and Jean-Pierre Sbraire, CFO, who will lead you through this call.

現在我將把時間交給董事長兼執行長 Patrick Pouyanne；以及財務長 Jean-Pierre Sbraire，他將帶領您完成本次通話。

Good afternoon, everybody, or good morning for connecting from the US.

大家下午好，或是從美國連線的大家早安。

Before Jean-Pierre will go through the details of the first quarter results, I would like just to make some few opening remarks on what appears to be today a more challenging global environment and the way that TotalEnergies intends to leverage our consistent strategy to deliver resilient results benefiting from our energy production growth and attractive shareholder returns.

在 Jean-Pierre 介紹第一季業績細節之前，我想先就目前看來更具挑戰性的全球環境以及道達爾能源公司打算如何利用我們一貫的戰略，從能源產量增長和有吸引力的股東回報中獲益，實現有彈性的業績，做幾點開場白。

We have indeed entered into a period of heightened macroeconomics and geopolitical uncertainty. We and this list is not exhaustive, current fragile negotiations on the Ukrainian Russian conflicts, the new but fluid tariff policy enacted by the US decision of OPEC+ to unwind its voluntary production cuts.

我們確實已經進入了宏觀經濟和地緣政治不確定性加劇的時期。我們列出的這些並不詳盡，包括目前關於烏克蘭和俄羅斯衝突的脆弱談判、美國決定實施的新的但不穩定的關稅政策以及 OPEC+ 取消自願減產的舉措。

Even if the impacts are not yet fully appreciated, it might evolve in the coming months, these moving context is creating uncertainties, notably on oil demand, along with volatility in the oil markets oriented on the downside over the past few weeks. And also, on costs for new projects in the US because of tariff impacts. And this quite, I would say, fluid and landscape, TotalEnergies, us and well, I would say, continue unique strengths that we have consistently built over the last 10 years, and our results are paying off.

即使其影響尚未完全被認識到，但它可能會在未來幾個月內發生變化，這些不斷變化的環境正在產生不確定性，特別是對石油需求的影響，以及過去幾週石油市場的下行波動。此外，由於關稅的影響，美國新項目的成本也會增加。我想說，這相當流暢和景觀化，TotalEnergies，我想說，繼續保持我們在過去 10 年中不斷構建的獨特優勢，我們的成果正在獲得回報。

First of course and foremost, we have been strong and never gave up on Oil & Gas. We have built over the last 10 years, one of the best low cost emissions Oil & Gas portfolio with more than 12 years of reserve life, which today gives us substantial leverage through strong and accretive growth that clearly differentiates us versus our peers. Delivering this growth is, of course, one way to protect our future cash flows.

當然，首先也是最重要的，我們一直很強大，從未放棄石油和天然氣。在過去的 10 年裡，我們建立了最好的低成本排放石油和天然氣投資組合之一，擁有超過 12 年的儲備壽命，如今，透過強勁的增值增長，我們獲得了巨大的槓桿作用，這讓我們在同行中具有明顯的優勢。當然，實現這種成長是保護我們未來現金流的一種方式。

We are growing companies with two pillars, including the second pillar on electricity, which is not dependent on the oil price, which gives an additional resilience to our model. As you will see, with Jean-Pierre this quarter, we delivered robust year-on-year production growth on nearly 4% in Oil & Gas and 18% Electricity, which represents a unique TotalEnergies production growth of close to 5%. But we are also, at the same time, in control of our costs.

我們正發展擁有兩大支柱的公司，其中第二大支柱是電力，它不依賴石油價格，這為我們的模式提供了額外的彈性。如您所見，在本季度，在 Jean-Pierre 的帶領下，我們的石油和天然氣產量年增近 4%，電力產量年增 18%，這代表 TotalEnergies 的產量成長率接近 5%。但同時，我們也控制了成本。

Our CapEx first, because most of our CapEx have been engaged and are based on lump sum EPC contracts but secure the level of the CapEx. But also, on the OpEx side, we have maintained in the last year despite the inflationary trends or cost per barrel or OpEx per barrel is lower than $5 per barrel and again, this quarter.

首先是我們的資本支出，因為我們的大部分資本支出都已參與並且基於總價 EPC 合同，但確保了資本支出的水平。而且，在營運支出方面，儘管存在通貨膨脹趨勢，但去年我們仍保持每桶成本或每桶營運支出低於 5 美元，本季也是如此。

And finally, we are benefiting, and our balance sheet remains strong. We are confident in our ability to achieve our growth objective for '25 and keep sugaring under control. Because we have confidence in our business model, the Board has decided to maintain attractive shareholder returns despite the uncertain environment.

最後，我們正在受益，我們的資產負債表依然強勁。我們有信心實現 25 年的成長目標並控製糖分。由於我們對我們的商業模式充滿信心，董事會決定儘管環境不確定，但仍保持有吸引力的股東回報。

The Board's first and foremost confirmed the first interim dividend, which was announced in February at EUR85 per share, which is a 7.6% increase compared to '24. In other terms, I would say it's even more than that. It's more than 10% at the current exchange rate of [$1.14].

董事會首先確認了第一期中期股息，該股息於 2 月宣布，為每股 85 歐元，較 24 年增長 7.6%。換句話說，我想說它甚至比這還要多。以當前匯率計算，這一數字超過 10%[1.14美元]。

As you know, dividend is a first priority in our capital allocation framework, and we will continue to maintain and to grow the dividend in future years even in these uncertain environments -- remember that we did not catch the dividend during COVID period.

如您所知，股息是我們資本配置框架中的首要任務，即使在這些不確定的環境中，我們也將在未來幾年繼續保持和增加股息——請記住，我們在 COVID 期間沒有獲得股息。

After 12 quarters in a row of EUR2 billion more of share buyback, the board has once again announced share buybacks of up to EUR2 billion for the second quarter. Despite a softening price environment, we rent below $70 per barrel since the beginning of April and in an uncertain geopolitical and macroeconomic context.

在連續 12 個季度回購 20 億歐元股票後，董事會再次宣布第二季回購金額高達 20 億歐元。儘管價格環境疲軟，但自 4 月初以來，我們的租金一直低於每桶 70 美元，而且地緣政治和宏觀經濟背景也不確定。

Just as we have done during over volatile times, the Board will continue to monitor the buyback on a quarterly basis. Within the guidance we gave to the market last September to maintain a $2 billion buyback in reasonable market conditions.

正如我們在動盪時期所做的那樣，董事會將繼續按季度監控回購情況。在我們去年 9 月向市場給予的指導範圍內，在合理的市場條件下維持 20 億美元的回購。

And to conclude this introductory in my remarks, as you will see again today with our Q1 results, I think we are well equipped, and we are prepared to navigate in certain environments. We remain focused on delivering on our 2025 objectives and to maintain attractive shareholder returns.

在我的開場演講結束時，正如你們今天在我們的第一季業績中再次看到的那樣，我認為我們已經做好了充分的準備，並且準備好在特定的環境中前進。我們將繼續專注於實現 2025 年目標並維持可觀的股東回報。

On that note, I will now turn over to Jean-Pierre, who will go through the details of the first quarter results.

關於這一點，我現在將交給 Jean-Pierre，他將詳細介紹第一季的表現。

Thank you, Patrick. So my first comment will be on the price environment in the first quarter. that was globally similar to the environment we had in the fourth quarter of '24.

謝謝你，派崔克。因此，我的第一個評論是關於第一季的價格環境。這與 2024 年第四季的全球環境類似。

So Brent was at $76 versus $75 per barrel in the fourth quarter. European gas price was $14.4 per MMBtu, up 6% compared to Q4. And the average LNG price was $10 per MMBtu, down 4% compared to Q4. And the year-end, so our indicator for European refining margin remained weak, averaging $29 per tonne over the quarter.

因此，第四季布蘭特原油價格為每桶 76 美元，而去年同期為每桶 75 美元。歐洲天然氣價格為每百萬英熱單位 14.4 美元，較第四季上漲 6%。液化天然氣平均價格為每百萬英熱單位 10 美元，較第四季下降 4%。到年底，我們的歐洲煉油利潤率指標仍然疲軟，本季平均為每噸 29 美元。

So in this context, the company reported adjusted net income of $4.2 billion and FFO of $7 billion for the first quarter, '25. Profitability remained robust, with return on capital employed for the 12 months ending in March at 13.2%.

因此，在此背景下，該公司報告 25 年第一季調整後淨收入為 42 億美元，FFO 為 70 億美元。獲利能力依然強勁，截至 3 月的 12 個月資本回報率為 13.2%。

Furthermore, TotalEnergies continued its strong track record of attractive shareholder distribution with $2 billion of buybacks executing during the first quarter. And as Patrick mentioned, a 7.6% year-on-year increase in the first interim dividend of EUR25 to EUR0.85 per share, which is up 20% versus recovery.

此外，道達爾能源公司延續了其吸引股東分配的良好記錄，第一季實施了 20 億美元的回購。正如帕特里克所提到的，第一期中期股息同比增長 7.6%，從 25 歐元增至每股 0.85 歐元，較復甦期間增長了 20%。

Now, moving to the business segment results and starting with hydrocarbons. '25 is off to a strong start. First quarter production was above the high end of the guidance range at 2.56-million-barrel equivalent per day, representing nearly 4% growth year-on-year.

現在，我們來談談業務部門的業績，先從碳氫化合物開始。 '25 開局強勁。第一季產量高於預期範圍的高端，達到每天 256 萬桶當量，年增近 4%。

Production benefited from continued ramp-up of projects in Brazil in the United States, in Malaysia, in Argentina, in Denmark. In addition, we continue to be successful at keeping operating costs at low level. It was $4.9 per barrel equivalent during the first quarter.

產量受益於巴西、美國、馬來西亞、阿根廷和丹麥等國項目的持續增加。此外，我們繼續成功地將營運成本保持在較低水平。第一季的價格為每桶當量4.9美元。

Looking forward, second quarter production is expected to grow 2% to 3% year-on-year, reflecting more planned maintenance compared to the first quarter, which had an impact of around 50,000 barrel per day. Given the strong 4% growth achieved in the first quarter, we reiterate full year '25 production growth guidance of more than 3% compared to '24.

展望未來，預計第二季產量將年增 2% 至 3%，反映出與第一季相比計劃維護有所增加，第一季的影響約為每天 50,000 桶。鑑於第一季實現了 4% 的強勁成長，我們重申 25 年全年產量成長預期，即較 24 年成長 3% 以上。

Moving now to Exploration & Production. So the company continues to execute very well E&P reported strong and growing results with adjusted net operating income of $2.5 billion and a cash flow of $4.3 billion in the first quarter, up 6% and 9% quarter-to-quarter, respectively.

現在轉向勘探與生產。因此，公司繼續表現良好。 E&P 報告了強勁且不斷增長的業績，第一季調整後的淨營業收入為 25 億美元，現金流為 43 億美元，分別比上一季增長 6% 和 9%。

Cash flow benefited from accretive new low cost and low emission point production. We generated roughly an additional $100 million of cash flow, reported a profitable average would have delivered during the first quarter. We anticipate additional accretion throughout the year with the Ballymore offshore field in the US, having achieved first oil earlier this month and Mero-4 in Brazil expected to be online in the third quarter, both of which are adding high-margin barrels that will enhance the cash flow.

現金流受惠於新增低成本、低排放點生產。我們產生了大約 1 億美元的額外現金流，據報道，第一季平均獲利。我們預計，美國 Ballymore 海上油田的石油產量將全年進一步增加，該油田已於本月初產出第一批石油，巴西的 Mero-4 油田預計將於第三季度投產，這兩個油田都將增加高利潤的石油產量，從而增強現金流。

Moving on to integrated LNG. LNG sales were stable at 10.6 million tonnes and integrated LNG achieved adjusted net operating income of $1.3 billion, up 6% year-on-year and down 10% quarter-to-quarter, in line with the evolution of the average LNG, earlier commented.

轉向綜合液化天然氣。液化天然氣銷量穩定在 1,060 萬噸，綜合液化天然氣實現調整後淨營業收入 13 億美元，年增 6%，環比下降 10%，與平均液化天然氣價格的變化一致，此前曾評論道。

Compared to last quarter, cash flow of $1.2 billion was impacted by the timing effect of dividend payments from some equity affiliates. LNG trading continues to perform in line with expectations for '25. Gas trading results were impacted by the unexpected downturn of European markets following new elevated uncertainty on the evolution of the Russia Ukrainia conflict.

與上一季相比，12 億美元的現金流量受到部分股權關聯公司股利支付時間效應的影響。液化天然氣貿易持續表現符合 25 年的預期。由於俄羅斯和烏克蘭衝突的演變不確定性增加，歐洲市場意外下滑，影響了天然氣交易表現。

Forward European markets expect gas prices to remain elevated in the second quarter 2025 in the context of inventory management in Europe. Given the evolution of oil and gas prices in the rest of the months and the lag effect on price formulas, TotalEnergies anticipates its average LNG selling price will be between $9 and $9.5 per MBtu in the second quarter 2025.

歐洲市場預計，在歐洲庫存管理的背景下，2025年第二季天然氣價格將保持在高位。考慮到剩餘月份石油和天然氣價格的變化以及價格公式的滯後效應，道達爾能源預計 2025 年第二季其液化天然氣平均售價將在每 MBtu 9 至 9.5 美元之間。

For Integrated Power, first quarter adjusted net operating income was $500 million and cash flow was $600 million. As anticipated, this quarter results do not include any positive impact of farm-down, which are expected later in the year. Thus, it's a matter of timing. And it's driving a 1% temporary decrease in OHA to 9% this quarter, which is expected to reverse as farm-down with progress. Looking forward, the company is on track to achieve the annual cash flow guidance.

對於 Integrated Power 而言，第一季調整後的淨營業收入為 5 億美元，現金流為 6 億美元。正如預期的那樣，本季的業績並未包括農場減產的任何正面影響，預計農場減產將在今年稍後出現。因此，這只是一個時間問題。這導致本季度 OHA 暫時下降 1% 至 9%，預計隨著農場的進展，這一趨勢將逆轉。展望未來，公司可望實現年度現金流預期。

Additionally, we are progressing on multiple fronts in the Integrated Power segment, TotalEnergies signed a premium threesome power contract with SLB electronics of 1.5 terawatt hour over 15 years during the first quarter. In addition, the company further deployed its differentiated Integrated Power model in Germany. With the launch of six new battery storage projects developed by Kyon, the company that we acquired last year during the first quarter and the closing of the acquisition of the renewables developer, VSB, closed earlier this month.

此外，我們在綜合電力領域的多個方面都取得了進展，TotalEnergies 在第一季與 SLB Electronics 簽署了一份為期 15 年、價值 1.5 太瓦時的優質三方電力合約。此外，該公司在德國進一步部署了差異化的綜合動力模式。隨著我們去年第一季收購的 Kyon 公司開發的六個新電池儲存項目的啟動，以及對再生能源開發商 VSB 的收購於本月初完成。

Turning now to downstream. In the context of weak refined margins together with declining petrochemicals and biofuel margin in Europe, downstream posted adjusted net operating income of $0.5 billion and a cash flow of $1.1 billion in the first quarter, '25. Cash flow in the quarter was impacted by several factors. First one being the usual seasonability in the market and services businesses and the timing impact of dividend payment from equity affiliates in refining and chemicals. But beyond that, the macro environment remains challenged with refining, petrochemicals and value fuel margin lower than our planning case, impacting cash flow by about $150 million.

現在轉向下游。在歐洲煉油利潤率疲軟、石化產品和生質燃料利潤率下降的背景下，2025 年第一季下游業務調整後的淨營業收入為 5 億美元，現金流為 11 億美元。本季的現金流受到多種因素的影響。首先是市場和服務業務的正常季節性，以及煉油和化學股權關聯公司支付股利的時間影響。但除此之外，宏觀環境仍面臨挑戰，煉油、石化和價值燃料的利潤率低於我們的計劃，影響現金流約 1.5 億美元。

On operations, we encountered some issues at Donges refinery and productive refinery that negatively impacted cash flow by about $200 million. These issues at productive have been resolved and work continues at Donges refineries. However, there are no systemic operational issues, our performance was strong at other sites such as (inaudible), boosting the global refining utilization rate to 87% in the first quarter of 2025 from the 82% in the first quarter.

在營運方面，我們在 Donges 煉油廠和生產煉油廠遇到了一些問題，對現金流產生了約 2 億美元的負面影響。這些生產問題已解決，Donges 煉油廠的工作仍在繼續。然而，沒有系統性的營運問題，我們在其他站點的表現很強勁，例如（聽不清楚），將全球煉油利用率從第一季的 82% 提高到 2025 年第一季的 87%。

Let's move now to the company level. At the company level, net investment total during the first quarter, and we reiterate full year '25 guidance in the range, $17 billion to $17.5 billion. We reported a seasonal working cap build of $4.4 billion in this quarter. Thus, I have to remind you that it's less than the $6 billion reported in the first quarter of '24 and in line, in fact, with $3.4 billion to $4.4 billion range reported in the first quarter '22-'23.

現在讓我們進入公司層面。在公司層面，第一季的淨投資總額以及我們重申的 2025 年全年指引範圍為 170 億美元至 175 億美元。我們報告本季季節性工作上限增加了 44 億美元。因此，我必須提醒您，該金額低於 24 年第一季報告的 60 億美元，實際上與 22-23 年第一季報告的 34 億美元至 44 億美元範圍一致。

The drivers of this quarter working capitals are mainly: first, a EUR1 million reversal of exceptional working cap items reported in the fourth quarter '24. Secondly, a $2 billion seasonal effect from gas and power distribution activities in Europe and related to advanced payments occurring in the first quarter of '25.

本季營運資本的驅動因素主要有：首先，24 年第四季報告的 100 萬歐元特殊營運資本項目逆轉。其次，歐洲天然氣和電力分銷活動產生了 20 億美元的季節性影響，與 25 年第一季發生的預付款有關。

And third, a $1 billion impact from evolution of the business positive to stocks and sales increased at the end of the quarter. Lastly, the balance sheet remained strong, dealing is at 14.3%. But as indicated earlier, the $4.4 billion working capital this quarter is highly seasonal. Excluding this impact of seasonality, the normalized gearing would be 11%.

第三，業務發展對庫存和銷售額產生了 10 億美元的正面影響，導致本季末銷售額增加。最後，資產負債表依然強勁，交易率為 14.3%。但如前所述，本季 44 億美元的營運資金具有很強的季節性。排除季節性的影響，標準化負債比率將為 11%。

Now, Patrick and myself are available to answer your questions. So please open up the line.

現在，派崔克和我可以回答您的問題。因此請開通這條線路。

(Operator Instructions) Doug Leggate, Wolfe Research.

（操作員指示）Doug Leggate，Wolfe Research。

Good morning. Very early morning from Houston, Patrick and JP. Thanks for taking my question. I think the reaction to the debt move this quarter, JP, is obviously weighing on your stock. And I think this probably -- thank you for the explanation and the moving parts.

早安.一大早，派崔克和 JP 從休士頓趕來。感謝您回答我的問題。我認為本季對債務舉措的反應，JP，顯然對你的股票產生了壓力。我認為這可能——感謝您的解釋和活動部分。

But I think it begs the question, how do you think about sustaining the 40% payout share buyback? If that means that you end up leaning on the balance sheet to fund the capital program, what is trade-off how resilient or how much would you be prepared to continue to do that? Is there a limit where the buyback would become? Or the payout become under question? And I have a follow-up, please.

但我認為這引出了一個問題，您如何看待維持 40% 的股票回購？如果這意味著您最終依靠資產負債表來為資本計劃提供資金，那麼您願意在多大程度上進行權衡、承受多大壓力或準備繼續這樣做嗎？回購有限制嗎？或賠付受到質疑？我還有一個後續問題，請回答。

The 40% cash flow for buyback is not -- 40% of cash flow is not at all into question. It's a clear strong guidance. So we'll be above 40% by the end of the year. I am committed to that. What we said about the buyback, I remind you the guidance we gave you in September is that -- and I repeated in my speech, is guidance is to maintain a $2 billion buyback per quarter in reasonable market conditions.

回購的 40% 現金流不存在——40% 的現金流根本沒有問題。這是一個明確而有力的指導。因此到今年年底我們的佔比將超過 40%。我致力於此。關於回購，我提醒大家我們在 9 月給出的指導意見是——我在演講中也重複了一遍，我們的指導意見是在合理的市場條件下每季維持 20 億美元的回購。

The Board obviously considered that these conditions that we experienced during the first quarter and even since the beginning of April, where I remind you power was between $65, $70, I think going down is still giving a set of reasonable market conditions. Of course, we'll be appreciated. It's a global -- it's not one specific price limit. It's more global, I would say, approach to the macroeconomics. So we observed like you.

董事會顯然考慮到了我們在第一季甚至自 4 月初以來所經歷的這些情況，我提醒大家，當時電價在 65 美元到 70 美元之間，我認為下降仍然可以提供一套合理的市場條件。當然，我們將不勝感激。這是一個全球性的——不是一個特定的價格限制。我想說，這是更全球化的宏觀經濟學方法。所以我們像你一樣觀察。

In fact, the world, as I said, is very uncertain because this tariff seems to be a hit, but it's quite fluid. And we could expect maybe the US to come back to more reasonable approach and all that. It's not impossible. We have to adapt ourselves. That's one of the difficulties. And so in fact, the reaction of the Board, like we've done during COVID, is first pandemic, the fundamentals of the company are strong. We delivered a strong cash flow. So why should we overreact today?

事實上，正如我所說，世界非常不確定，因為這項關稅似乎是一個打擊，但它相當不穩定。我們可以期待美國回歸更理性的態度等等。這並非不可能。我們必須適應。這是困難之一。因此，事實上，董事會的反應就像我們在 COVID 期間所做的那樣，在第一次疫情爆發時，公司的基本面是強勁的。我們實現了強勁的現金流。那我們今天為什麼要反應過度呢？

No, let's look because we could see some cities change on one side, the other side, it's true that the oil markets and, in fact, I'm more looking to -- on our side to what the OpEx plus will do. In fact, it's more important for us really in this type of environment. So that's why 40% for sure of cash flow and distribution keep it as a strong guidance.

不，讓我們看看，因為我們可以看到一些城市一方面發生變化，另一方面，石油市場確實發生了變化，事實上，我更關注——從我們的角度來看，OpEx plus 會做什麼。事實上，在這種環境下，這對我們來說確實更為重要。這就是為什麼 40% 的現金流和分配可以作為強有力的指導。

But I remind you, last year, we were even at 50% or 40%. And by the way, I think if we -- the first two quarters with $4 billion of buybacks, plus a strong commitment to the dividends, as you said, and I repeated what said permanently, the first dividend is the first capital allocation. It means that we are on the basis of $12 billion at least and more between $12 billion and $16 billion. I would say, obviously, you make the math, you will find your 40%. So no point about it. You can be sure of it.

但我提醒你，去年我們甚至達到了 50% 或 40%。順便說一句，我認為如果我們——前兩個季度回購了 40 億美元，再加上對股息的堅定承諾，正如你所說，我永遠重複說的話，第一次股息就是第一次資本配置。這意味著我們至少要以 120 億美元為基礎，甚至更多，介於 120 億美元到 160 億美元之間。我想說，顯然，你算一下，你就會找到 40%。所以這沒有意義。你可以確信這一點。

And again, the second important part of that. That's why -- what we monitor at the Board level is what this concept of normalized gearing that we shared with you, is not because I was sure about the reaction of the market in this context. And we monitor it. And in fact, as we told you at the beginning in February at $70 per barrel, we are targeting gearing by 12%, 13% at the end of the year. Today, without excluding the seasonal effects, we would be 11%. So honestly, there is nothing maybe the price is at $65 the whole year and that $70, it will be something around 14% instead of 12%, 13%. But again, guidance, which works well at the Board level, I think we are confident in the fundamentals low-growth is coming.

再次強調，這是第二個重要部分。這就是為什麼——我們在董事會層面監控的是我們與您分享的正常化槓桿概念，並不是因為我確定市場在這種背景下的反應。我們對此進行監控。事實上，正如我們在二月初所說的那樣，當油價達到每桶 70 美元時，我們的目標是到年底將負債比率提高到 12% 到 13%。如今，如果不排除季節性影響，這一比例將達到 11%。所以說實話，也許全年價格為 65 美元，而那 70 美元，利率將在 14% 左右，而不是 12%、13%。但是，再次強調，在董事會層面發揮良好作用的指導，我認為我們對即將到來的低成長基本面充滿信心。

The growth is delivered, which is, of course, fundamental it's not just growth, controlling our costs. We have a strong experience and strike record on that. And so we think it's the best signal we should send to our investors is -- as I said, like for the strategy, no consistency. I think the word want you to have in mind is the TotalEnergies is a consistent company and even more when the environment is unstable, rather than just making short-term reactions. It's not at all the way we monitor the company for the last 10 years, and the Board is aligned on this attitude.

成長已經實現，這當然是根本，這不僅僅是成長，還要控制我們的成本。我們在這方面擁有豐富的經驗和出色的記錄。因此，我們認為我們應該向投資者發出的最佳訊號是——正如我所說，就像策略一樣，沒有一致性。我想你要記住的是，TotalEnergies 是一家始終如一的公司，即使在環境不穩定的情況下也表現得更穩定，而不僅僅是做出短期反應。這與我們過去 10 年監控公司的方式完全不同，董事會也持這種態度。

Patrick. My follow-up is related to that. You have built in capital flexibility to the plan, particularly around integrated power. You've talked about a $2 billion flex. What would it take for you in the macro environment to consider a spending reduction on your net capital guidance? I'll leave it there.

派崔克。我的後續行動與此有關。您已經在計劃中融入了資本靈活性，特別是在綜合電力方面。您談到了 20 億美元的彈性。在宏觀環境下，您需要考慮哪些因素來減少淨資本指導支出？我就把它留在那裡。

No, I think honestly, I think I'm clear as well, we have a plan. We could have some flexibility, no way today to activate that. Again, we are at $65 per barrel. I'm confident in the way to move forward for this arrangement. So it's not the point might be on what would be led us is more of the impact of the tariff on supply chain of -- for example, renewable projects in the US and batteries project in the US, if you apply some tariffs, 20% or 25% of importing Indian panels in the US, obviously, we could save some either, just to be clear.

不，老實說，我想我也清楚，我們有一個計劃。我們可以有一定的彈性，但今天沒有辦法啟動它。再次，我們的價格是每桶 65 美元。我對這安排的推進充滿信心。因此，重點可能不在於關稅對供應鏈的影響——例如，美國的可再生能源項目和電池項目，如果對美國進口的印度太陽能電池板徵收 20% 或 25% 的關稅，顯然，我們也可以節省一些，只是要明確一點。

I said that, because we just took decision recently on there was a 600-megawatt project, which was approved by the XCOM by end of March. After the tariff impact, we asked our teams to look again and do it. And we say, okay, let's pull it. We'll not invest. We will postpone it, maybe because of tariffs because obviously, we are not exactly -- without tariffs, this project was more at around 12%, with tariff it's less than 10%. So we pause, we are not in hurry. It's not volume, not of value.

我之所以這麼說，是因為我們最近剛決定實施一個 600 兆瓦的項目，該項目已於 3 月底獲得 XCOM 的批准。關稅影響之後，我們要求我們的團隊重新審視並採取行動。然後我們說，好的，我們拉吧。我們不會投資。我們將推遲它，可能是因為關稅，因為顯然，我們並不完全——沒有關稅，這個項目的成本在 12% 左右，有關稅則不到 10%。所以我們停下來，我們並不著急。這不是數量問題，也不是價值問題。

We have to take care of that the type of fix, which could happen. But again, it's more -- on the cost side, the impact on the CapEx side because of the tariff and we need to monitor that precisely and not to be driven by volume of the value. So -- but again, I'm comfortable to maintain the guidance on CapEx. The question of flexibility is more if you go down like during COVID when we go down to lower than $50, then we will have to act. And as you follow us for no, you know that during COVID, we save -- were able to save $3 billion. So we are not there. We have some flexibility.

我們必須注意可能發生的修復類型。但同樣，在成本方面，由於關稅，資本支出方面受到了更多影響，我們需要對此進行精確監控，而不是受價值量驅動。所以——但我還是願意維持對資本支出的指導。靈活性的問題更多的是，如果像 COVID 期間那樣，價格跌至 50 美元以下，那麼我們就必須採取行動。正如您關注我們一樣，您知道在 COVID 期間，我們節省了 30 億美元。所以我們現在還不在那裡。我們有一定的彈性。

And again, I know Nicolas Terraz on the Upstream part, as beginning to ask his teams okay? To be clear, maybe $500 million would be activated. So it's beginning to take actions at this level. But at the company level, I'm fine and to monitor that with our balance sheet.

再次，我知道 Nicolas Terraz 是上游部分的負責人，我剛開始詢問他的團隊，可以嗎？明確地說，也許會啟動 5 億美元。因此它開始在這個層面採取行動。但在公司層面，我很好，可以透過我們的資產負債表進行監控。

Michele Della Vigna, Goldman Sachs.

米歇爾·德拉·維尼亞，高盛。

Thank you very much. I had two questions, if I may. First, I wanted to come back to your point, Patrick, on tariff, it's pretty clear that they would materially impact the renewable business in the US. But I was wondering whether it could also affect some of the Oil & Gas projects and also if there could be any issue with the LNG vessels globally, given that some of them are Chinese build.

非常感謝。如果可以的話，我有兩個問題。首先，派崔克，我想回到你關於關稅的觀點，很明顯，關稅會對美國的再生能源業務產生重大影響。但我想知道這是否也會影響一些石油和天然氣項目，以及考慮到其中一些是中國建造的，全球的液化天然氣船是否會出現問題。

And then the second question, you may not have an answer, but I was wondering if you had a view on what happened to the Iberian power systems these days. And if there was anything in terms of structural change to the power systems with renewables that you think need to be addressed? Thank you.

然後是第二個問題，您可能沒有答案，但我想知道您對最近伊比利亞電力系統發生的事情有何看法。您認為再生能源電力系統的結構變化有哪些需要解決的問題嗎？謝謝。

Okay. On the tariff we have to be clear. As I said, I think this could have an impact on the new projects, which have to be sanctioned. And we have on our -- in most of our projects that we have already the real branded one to three are secured. I'm not -- I don't expect any impact on the tariff because all that was secured in a strong contract, EPC, which is going well, by the way, is in advanced progress, is in advance is already at 39% compared to 31%. We had a good news, by the way, during the quarter -- as you know, the legal issue and the permitting has been pushed away. So it's growing.

好的。關於關稅，我們必須明確。正如我所說，我認為這可能會對必須獲得批准的新項目產生影響。在我們的大多數項目中，我們已經確保了真正的品牌一到三個。我不認為這會對關稅產生任何影響，因為所有這些都是透過一份強有力的合約 EPC 獲得的，順便說一下，EPC 進展順利，進展順利，預付款已經達到 39%，而之前是 31%。順便說一句，本季度我們有一個好消息——如你所知，法律問題和許可已被推遲。所以它正在增長。

We were on Tranche 4 and probably 5. This is a topic in which we're expecting to see if there is an impact on the tariff because our tariff on steel for new projects that might have, again, the difficulty might be more to be sure in which area we are speaking about, is it finally at the end of the day, 10% across the board, okay, that probably could be absorbed because, in fact, in the US projects, remember the Trump policy was not only increasing tariff, there was a sort of counter measure, which was to lower the tax, the income tax, in fact, the tax. So we don't have this part. But is also something we have to keep in mind. It's not only a matter of cost, it's a matter of profits at the end.

我們目前處於第 4 批，或許是第 5 批。我們希望看到這個話題是否會對關稅產生影響，因為我們對新項目的鋼鐵關稅可能會產生影響，再次強調，我們更難確定我們談論的是哪個領域，最終是否會全面徵收 10%，好吧，這可能會被吸收，因為事實上，在美國項目中，記住特朗普的政策不僅是提高關稅，還有一種應對措施，那就是降低稅收，所得稅，事實上是稅收。所以我們沒有這部分。但這也是我們必須牢記的事情。這不僅是成本問題，最終還是利潤問題。

So if the counter measures and the reconciliation bill, which will come before the end of the year is for me is very important. So for me, it's more at this stage a question to monitor a six-month uncertainty. And I think we'll have much more clarity on the US investment case by the end of the of the year because we'll have probably all these negotiations and the tariff will have landed, so one way or the other. And on the other side, we will have the bear, which is lowering tax -- the corporate tax, which, of course, is important in the US system.

因此，如果反制措施和和解法案能夠在年底前出台，對我來說非常重要。因此對我來說，現階段的問題更多的是監控六個月的不確定性。我認為到今年年底我們將對美國的投資案有更清晰的認識，因為我們可能會完成所有這些談判，而且關稅也會落地，所以無論如何。另一方面，我們面臨的挑戰是降低稅收——企業稅，這在美國體系當然很重要。

So for me, at the point. So the way we monitor that. But I don't see -- and the rest of the project for us this thing outside of the US, we didn't see any impact on the tariffs, be clear, it's not an issue.

所以對我來說，就這一點而言。這就是我們監控的方式。但我沒有看到——對於我們在美國以外的其餘項目來說，我們沒有看到對關稅的任何影響，明確的是，這不是問題。

Your second question on LNG is interesting because that's true, but I think US understand that if they want to export LNG without Chinese vessels, I'm afraid the export will be limited. And I think it has been raised. I understand it, by the way, but there are a lot of discussions and negotiations about this ID.2 to have a special tax on all vessels, which are not built in the US, but they begin to see some, I would say, amendments, a leeway. I read the paper yesterday that we are going in the right direction.

您關於液化天然氣的第二個問題很有趣，因為這是事實，但我認為美國明白，如果他們想在沒有中國船隻的情況下出口液化天然氣，恐怕出口將受到限制。我認為這個問題已經提出來了。順便說一句，我理解這一點，但關於這項 ID.2 有很多討論和談判，對所有非在美國建造的船隻徵收特別稅，但他們開始看到一些，我想說，修正案，迴旋餘地。我昨天讀了報紙，說我們正朝著正確的方向前進。

Energy ph, yes, it has been raised to be US authorities, but it could be a real issue, so for everybody including for customers, including for that. So we know that it's -- how long will it last again, let's look at it. So again, that's why, again, at the Board, we took a position, which is okay no overreaction, no panic, let's look. We will have more clarity I hope and getting out of the small and mid-issues, there is a lot of noise, but I think at the end of the day, business will prevail, business interest will prevail for everybody.

能源價格，是的，美國當局已經提出這個問題，但這可能是一個真正的問題，對每個人來說，包括對客戶來說，也包括對那個人來說。所以我們知道它會持續多久，讓我們看看。所以，這就是為什麼，在董事會，我們採取了這樣的立場，那就是不要反應過度，不要恐慌，讓我們看看。我希望我們能夠更清晰地了解情況，擺脫小問題和中問題，雖然存在很多噪音，但我認為最終商業將佔上風，商業利益將惠及每個人。

Iberian policy system. No, I'm no -- I don't know. I know (inaudible) through. The lessons, I think, at the end -- and I will tell you, Michele, what happened. In fact, we observed what happened in Germany, in February when we had one week without wind. That struck me because I can tell you, there was no problem in Germany, but one week without wind, if you don't have a full backup system with your gas pipe power plant, but yes, it was more fire-coal plant, then you have an issue. And I think the lesson for me of all that is that it's good time when we think about integrated power and globally to speak about the grid, which needs to be adapted. We observed that when the grids have more than 30% of renewable has become more stable also.

伊比利亞政策體系。不，我不知道。我知道（聽不清楚）。我認為，最後的教訓是──我會告訴你，米歇爾，發生了什麼事。事實上，我們觀察到了德國發生的情況，二月有一周沒有風。這讓我很震驚，因為我可以告訴你，德國沒有問題，但是一周沒有風，如果你的天然氣管道發電廠沒有完整的備用系統，但是是的，它更多的是燃煤電廠，那麼你就有問題了。我認為這一切給我的教訓是，現在正是我們思考綜合電力和從全球角度討論電網的好時機，電網需要進行調整。我們觀察到，當電網中再生能源佔比超過30%時，電網也變得更穩定。

So we need to investment in the grid (inaudible) investment in Flexible assets. I think the two less side role from the February event, and I'm suspecting again, I have no specific idea, but Iberia might be the same type of in fact tax. We cannot think that full renewable system will work in electricity. This is a less than a year ago, which in fact, honestly, reconfirm our old strategy, which is to maintain this gas to power together with renewables. We gave a guidance, 70/30 between both, maybe we should adapt it in the future having more flexible assets to monitor this type of intermittency and impacts on the system.

因此，我們需要投資電網（聽不清楚）投資彈性資產。我認為二月活動中少了兩個配角，我再次懷疑，我沒有具體的想法，但伊比利亞實際上可能是同一種類型的稅。我們不能認為完全再生系統會在電力領域發揮作用。這還不到一年前，事實上，老實說，這再次證實了我們的舊策略，即保持天然氣發電與再生能源相結合。我們給了一個指導，兩者之間是 70/30，也許我們應該在未來對其進行調整，擁有更靈活的資產來監控這種間歇性和對系統的影響。

Thank you.

謝謝。

Lydia Rainforth, Barclays.

巴克萊銀行的 Lydia Rainforth。

Thank you and good afternoon to everybody. Patrick, if I just come back to the idea around the sustainability, affordability of the buy-back. Part of reason that there is a shortfall is that the pace of growth that TotalEnergies is delivering. And I'm just wondering, could you give us an idea of the difference in CapEx that you would need just to keep the business flat versus delivering the growth you are. So really, what's the growth CapEx? And the reason I ask that that is clearly, others and the fact us living slightly higher free cash flow, but actually growing less than TotalEnergies is?

謝謝大家，下午好。派崔克，我來談談回購的可持續性和可負擔性問題。出現短缺的部分原因是 TotalEnergies 的成長速度。我只是想知道，您能否告訴我們，保持業務穩定和實現成長所需的資本支出有何不同？那麼，成長資本支出到底是多少？我問這個問題的原因顯然是，其他人和我們的自由現金流略高，但實際上增長低於 TotalEnergies，這是怎麼回事？

And then the second one, just link against to the balance sheet. It's clearly strong at the moment, but that weaker market always creates opportunities. So how should we think about how else you would look to deploy the balance sheet potentially for acquisitions? Or put another way, are there any holes in the portfolio that you would like to fill? Thank you.

然後第二個，只需連結到資產負債表。目前顯然市場強勁，但較弱的市場也總能創造機會。那麼，我們應該如何考慮如何部署資產負債表以進行潛在的收購呢？或者換句話說，投資組合中是否存在您想要填補的漏洞？謝謝。

Great question, Lydia. Thank you. The first one, let me clear. We are given point value. So we have some good protein delivering accretive value. So the growth is coming from accretive project. So this one must be preserved that's a medium and long-term industry, we need to develop it. Then, of course, again, if I have to cut CapEx, again, I remind you, I'm able to cut CapEx. But not on the fundamentals of growth in Oil & Gas, where we will deliver accretive cash flows for our shareholders, but I will not -- but I have to ways to arbitrate.

莉迪亞，問得好。謝謝。第一個問題，讓我先澄清一下。我們被賦予了分數。因此，我們有一些優質的蛋白質可以帶來增值價值。因此，成長來自於增值項目。所以這個必須保留，這是一個中長期產業，我們需要發展它。當然，如果我必須削減資本支出，我再次提醒你，我可以削減資本支出。但不是基於石油和天然氣成長的基本面，我們將為股東提供增值現金流，但我不會——但我必須有仲裁的方式。

If I need to invest less in EV charging, don't worry, I will do it. I will give you a list of things on which we can be (inaudible). So we are spending some money. This will be reviewed. By the way, we are making our business plan exercise in June, July, and I will look at it with preparing the future of 2026 and our futures investors meetings by beginning of October.

如果我需要在電動車充電方面減少投資，別擔心，我會這樣做。我會給你一份我們可以討論的事情的清單（聽不清楚）。所以我們要花一些錢。我們將對此進行審查。順便說一句，我們將在 6 月、7 月制定我們的商業計劃，我將在 10 月初準備 2026 年的未來和我們的未來投資者會議時對其進行研究。

We look at it, obviously, with a scenario, what happens is and looking to flexibility and define it to arbitrate. But I will note arbitrate what is a fundamental future cash flow growth for shareholders. This is clear. It's already -- we have -- these projects have been sanctions. They are being -- they will be delivered. And in fact, the priority must be to maintain the budget and their timing rather than beginning to arbitrate.

顯然，我們會根據情境來看待這個問題，並尋求靈活性並將其定義為仲裁。但我會注意判斷什麼是股東未來現金流的基本成長。這是很清楚的。這些項目已經受到製裁。它們正在被——它們將被交付。事實上，當務之急是維持預算和時間安排，而不是開始仲裁。

But we have enough when you speak about $17 billion budget to find $2 billion is not so complex in a company like that. If we have to do it, we will do it. As we have done it in the past, and I think we have a track record over the last 10 years we demonstrated you that we are able to do it. But I want to do it in a smart way and not again at the expense of the future cash flow growth.

但是，當您談到 170 億美元的預算時，我們有足夠的資金來找到這樣的公司，而 20 億美元則不那麼複雜。如果我們必須做這件事，我們就會去做。正如我們過去所做的那樣，而且我認為我們過去 10 年的業績記錄已經向你們證明了我們能夠做到這一點。但我想以一種聰明的方式來做這件事，而不是再次以犧牲未來現金流成長為代價。

The balance sheet. You know my position, my position in fact, it's always good to be countercyclical. So the question is, can we create retail value when we buy at a low price, and then the question for us is about arbitration. Of course, buybacks today, price is low, it’s cheap. And it's good to be -- to buy your shares, they are cheap, even cheaper. And it's cost -- in terms of cost, it's -- the debt is lower than the cost of capital. So it's a good investment. But then we will have to compare that against, can we do a beautiful acquisition with chip, which will be accretive for everything. But the way to think about it the way to use, in fact, the balance sheet, this is the trade-off that which the Board will have to answer.

資產負債表。你知道我的立場，事實上我的立場是，逆週期總是好的。所以問題是，當我們以低價購買時，我們能否創造零售價值，然後我們的問題就是仲裁。當然，今天回購，價格低，很便宜。購買你們的股票是件好事，它們很便宜，甚至更便宜。而且就成本而言，債務成本低於資本成本。所以這是一項很好的投資。但我們必須進行比較，我們能否透過晶片進行一次漂亮的收購，這將對一切產生增值作用。但思考的方式和使用的方式，事實上，資產負債表，這是董事會必須回答的權衡。

Today, we are not there. Today, I'm sorry, I don't see $50, I don't see cheap acquisitions. And more -- we are divesting some few things and continue to sell them at $70 per barrel. So we'll see. But this is the type of things, which I think we need to think again to the medium and long-term and do we create more value, more cash flows for our shareholders. That's a fundamental way to speak about the balance sheet and the way to use the flexibility, which we have. At this stage, the buyback is okay. Clearly, that's why we maintain this $2 billion for the quarter.

如今，我們已不在那裡。今天，很抱歉，我沒有看到 50 美元，我沒有看到便宜的收購。而且——我們正在剝離一些東西並繼續以每桶 70 美元的價格出售。我們拭目以待。但我認為，我們需要重新考慮中長期問題，為股東創造更多價值、更多現金流。這是談論資產負債表和利用我們所擁有的靈活性的基本方式。現階段回購還是可以的。顯然，這就是我們本季維持 20 億美元的原因。

Brilliant. Thank you.

傑出的。謝謝。

Biraj Borkhataria.

比拉傑·博爾哈塔里亞。

Hi. Thank you for taking my question and thank you for the comments. The first one is just a quick clarification on the way you and the Board look at the normalized gearing versus the number that we see. Is it just the seasonal factors that are in there in the adjustments? I think as Jean-Pierre talked about $3 billion of roughly seasonal factors, and I can't quite reconcile that with the 11% normalized gearing.

你好。感謝您回答我的問題，也感謝您的評論。第一個問題只是想簡單澄清一下您和董事會對標準化負債率與我們看到的數字的看法。調整中僅僅涉及季節性因素嗎？我認為，正如 Jean-Pierre 所說的那樣，30 億美元的支出大致是季節性因素，我無法將其與 11% 的正常化槓桿率相協調。

And then the second question is just on the latest situation in Mozambique. Obviously, we're a few months on from the election, important project or you just wanted to update there. Thank you.

第二個問題是關於莫三比克的最新局勢。顯然，距離選舉還有幾個月的時間，有一個重要的項目，或者你只是想在那裡更新。謝謝。

Good luck. Let's Jean-Pierre -- but to be clear, the calculation, yes, we took up $3.4 billion. We said you that $4.4 billion working capital build there was $1 billion of reverse of exceptional element as we mentioned at the end of the year. So when you make the $3.4 million and a minus $3.4 million, you find 11%, Jean-Pierre could give you and the team can provide you the details, but it's very simple. It's straightforward. In fact, -- that's what has been done because fundamentally, what we observed. And again, we, as a team, can provide you the slide and you can align the -- you can do it yourself because it's public the build and the related working capital for a year.

祝你好運。讓-皮埃爾，但要清楚，計算一下，是的，我們花了 34 億美元。我們告訴過您，44 億美元的營運資金建設中有 10 億美元的例外因素逆轉，正如我們在年底所提到的。因此，當您賺到 340 萬美元並減去 340 萬美元時，您會發現 11%，Jean-Pierre 可以給您，團隊也可以為您提供詳細信息，但這非常簡單。這很簡單。事實上——這就是我們已經在做的事情，因為從根本上來說，這就是我們觀察到的。再說一次，作為一個團隊，我們可以為您提供幻燈片，您可以調整 - 您可以自己做，因為它是公開的建設和一年的相關營運資金。

In fact, we know that when we build at the beginning will come back along the year, except some exceptional elements. We mentioned to you end of -- remember in February that there was end of '24 $1.5 billion of exceptional, $1 has been reversed still $500 million which should come one day. So this one, we cannot -- it's not seasonal. It's something which we lose. But again, so we are confident because we have observed the company and the way it's able to erase the seasonal effect along the year.

事實上，我們在開始建造的時候就知道，除了一些特殊因素外，其他方面都會隨著時間的推移而恢復。我們提到過——記得在二月份，24 年底有 15 億美元的例外金額，其中 1 美元已被沖銷，但仍有 5 億美元，這應該有一天會實現。所以這個，我們不能－－它不是季節性的。這是我們失去的東西。但是，我們再次充滿信心，因為我們已經觀察了該公司以及它如何消除全年的季節性影響。

So that's what I think, and you know there is more of this by the end of the last quarter. We have a build in the first quarter a strong release in the fourth quarter in between things are moving down and that. Then Mozambique update, Mozambique, I mean, we had a good news. So all the financing is back on track, thanks to US decision. So now the shareholders have decided fundamentally to move forward with the projects. We are all working on it. We are still expecting one or two answers, but in fact, we could finance with our equity with -- and in fact, it's more a question of paperwork.

這就是我的想法，到上個季度末，這種情況還會更多。我們在第一季取得了進展，在第四季度取得了強勁的發布，在此期間，情況正在下降。然後是莫三比克的最新消息，莫三比克，我的意思是，我們有一個好消息。因此，由於美國的決定，所有融資都回到了正軌。因此，現在股東們已基本決定繼續推進這些項目。我們都在努力。我們仍在期待一兩個答案，但事實上，我們可以用我們的股權融資——事實上，這更多的是一個文書工作的問題。

On the ground, the security of the industrial area where we are building our projects is a huge area is completely secure. It's safe. So what we are working with contractors today is to be sure that all contractors will remain within the perimeter of this secured area. This is a point on which we work with them.

在地面上，我們正​​在建造專案的大片工業區的安全是完全安全的。很安全。因此，我們今天與承包商合作的目的是確保所有承包商都留在該安全區域的範圍內。這是我們與他們合作的一點。

And if there is -- on the other side, as you noticed, we have worked in order to answer to some controversies about your mine right. So I don't know if it happens or not. These events, we have no proof at all, but we have worked with work myself, I went to visit the President to tell him, you need to take your General Prosecutor. We want really an enquiry. We took the initiative to consult the National Commission of Human Rights in order for them to make to be sure that this inquiry will be done properly, and they will -- they are committed to make a report. So I think we have taken some actions in line on our side, which is our societal responsibility, I would say. And I think we have done it. So I would say, if I'm -- the target is to be able somewhere to relaunch this project by middle of the year.

如果有的話——另一方面，正如您所注意到的，我們已經努力回答有關您的礦權的一些爭議。所以我不知道這是否會發生。這些事件，我們根本沒有證據，但是我們自己已經做了工作，我去拜訪總統並告訴他，你需要帶上你的總檢察長。我們確實想要進行調查。我們主動諮詢了國家人權委員會，以確保他們能夠妥善進行調查，他們承諾提交一份報告。所以我認為我們已經採取了一些符合我們自身利益的行動，我想說這是我們的社會責任。我認為我們已經做到了。所以我想說，如果我——目標是能夠在年中之前在某個地方重新啟動這個計畫。

Thank you.

謝謝。

Irene Himona, Bernstein.

艾琳希莫娜，伯恩斯坦。

Thank you very much. Good afternoon. Going back to your adjusted gearing, it is obviously low at 11%. So there's no issue with a $2 billion quarterly buyback. But I was wondering if there is a level -- we cannot know if $65 brand is a floor. Is there a level for that normalized gearing where the Board would feel the need to revisit the $2 billion quarterly buyback? And my second question on Namibia. Is there an update on the timeline of maturing that project and progressing towards FID? Thank you.

非常感謝。午安.回到您調整後的負債比率，它顯然較低，僅為 11%。因此每季回購 20 億美元沒有問題。但我想知道是否存在一個水平——我們無法知道 65 美元的品牌是否是一個底線。是否存在一個正常化的負債水平，董事會會覺得有必要重新考慮 20 億美元的季度回購計畫？我的第二個問題是關於納米比亞的。該專案成熟和最終投資決定進展的時間表是否有更新？謝謝。

Okay. I think -- thank you, Irene, for those two questions. I think I've answered somewhere by previously to do. I think again, we gave you a guidance at the beginning of the year, but the Board was ready at $70, to go to 12%, 13%. I just told you a $65, we will be something around 14%. So if I'm saying that, that we have -- that means we are comfortable with that somewhere. It's not an issue, but it's not a precise figure, but this is range where we are comfortable to use the balance sheet.

好的。我想——艾琳，謝謝你提出這兩個問題。我想我之前已經在某處回答過了。我再想一想，我們在年初給了你一個指導，但董事會準備以 70 美元的價格提高到 12%、13%。我剛才告訴你 65 美元，我們的利潤率將在 14% 左右。所以如果我這麼說的話，那意味著我們在某種程度上對此感到滿意。這不是問題，但這不是一個精確的數字，但這是我們可以舒適地使用資產負債表的範圍。

And secondly, honestly, I will not play that game, but I think in New York, I told you at 50 obviously, we will revisit it probably 55 as well, just to be clear. But we are not there. So let's limit that one step by step. And again, I think we have are further consistency rather than being erratic on that.

其次，老實說，我不會玩那個遊戲，但我認為在紐約，我顯然告訴過你 50 歲，我們可能也會在 55 歲重新考慮它，只是為了清楚起見。但我們還沒到那裡。因此，讓我們一步一步地限制這一點。而且，我認為我們在這方面更加保持一致，而不是反复無常。

Namibia, Namibia, I was in Namibia last week, I visited Namibia for first time – we are working on this one. To be clear, we have a project, which we have given some information, by the way, in February. I think it's a matter now to find a common ground between us and the authorities.

納米比亞，納米比亞，我上週在納米比亞，這是我第一次訪問納米比亞——我們正在為此努力。需要明確的是，我們有一個項目，順便說一下，我們在二月已經提供了一些資訊。我認為現在的問題是找到我們和當局之間的共同點。

It’s a project which face, as you know, intact fundamentally some challenges. It's feasible. We have quite a lot of oil, and we have something like $750 million barrel of oil. So it's quite a big pool of oil. But if you look from their ability, so it means that, in fact, when you reinject the gas, it's a longer plateau. So we need to have a long license to produce a $750 million barrel of oil. We did as well because it's – there are some challenges. It's a 3,000 meter water depth, which means CapEx with Alliance pipeline for lines are more expensive. All that makes $20 per barrel, let me say.

正如您所知，這個專案從根本上來說面臨著一些挑戰。這是可行的。我們有相當多的石油，大約有價值 7.5 億美元的一桶石油。所以這是一個相當大的油池。但如果從它們的能力來看，這意味著，事實上，當你重新註入氣體時，它會有一個更長的穩定期。因此，我們需要獲得長期許可證才能生產價值 7.5 億美元的一桶石油。我們也這麼做了，因為它存在一些挑戰。水深達 3,000 米，這意味著聯盟管道的資本支出更加昂貴。所有這些加起來每桶的價格是 20 美元。

So in terms -- of course, I express to the government that we have some thresholds in terms of, I would say, the higher our targets and that I need to protect my -- the project in case the price of oil will go down. So we have opened the discussion. It's premature. But I'm -- again, it's like -- I see a very similar situation. That's the one we had in Surinam one year ago, where at the end of the day, we find a way to find a common ground between the government and ourselves in order to be able to move forward the project. So it was, of course, the first visit. I don't expect any answer.

因此，就條款而言——當然，我向政府表示，我們有一些門檻，我想說，我們的目標越高，我就需要保護我的項目，以防油價下跌。因此我們開始了討論。現在還為時過早。但我——再一次，就像——我看到了非常相似的情況。這就是我們一年前在蘇利南所經歷的，最終，我們找到了一種方法，在政府和我們之間找到共同點，以便能夠推進這個計畫。所以，這當然是第一次造訪。我不期待任何答案。

But I've noticed that there is a well in Namibia to open this Oil & Gas industry. We could be the first mover which means sometimes also some additional cost because of logistics. So the authorities have also to take that into consideration. Again, we have a very large pipeline of projects. And as I did last year in Surinam and at the end, I'm not driven by the volume, the volume and we have already quite a good growth. So I think Namibia will be, of course, it's a common into us, but it will be down if we find. Again, if we are fitting with our return targets for us. And if I spend my time to visit Namibia because think there is possibility to find a common space, but it has to be -- we need to be two, to have two persons to play a tango.

但我注意到納米比亞有一口油井可以開發石油和天然氣產業。我們可能是先行者，這意味著有時也會因物流而產生一些額外成本。因此當局也必須考慮到這一點。再次強調，我們擁有大量的項目。正如我去年在蘇利南所做的那樣，最終，我不再受數量驅動，而是數量，我們已經取得了相當不錯的成長。所以我認為納米比亞對我們來說當然是一個共同點，但如果我們發現的話，它就會下降。再說一遍，如果我們符合我們的回報目標。如果我花時間去納米比亞，因為我認為有可能找到一個共同的空間，但必須是——我們需要兩個人，需要兩個人來跳探戈。

Thank you.

謝謝。

Giacomo Romeo, Jefferies.

賈科莫·羅密歐，傑富瑞。

Thank you. Two questions for me. I think your message on buybacks in the current macro environment is very clear. Just wanted to go back to what you showed in your slide in the CMD, where you were showing the community CFFO below $50. In there, you give us a flex level of capital investments. And you would expect those levels to generate free cash flow above the dividend. So is there a minimum level of buyback in that macro environment that you think you'll be able to sustain?

謝謝。我有兩個問題。我認為您關於當前宏觀環境下回購的資訊非常明確。只是想回到您在 CMD 幻燈片中展示的內容，您在其中向社區展示了低於 50 美元的 CFFO。在那裡，您可以為我們提供靈活的資本投資水準。並且您預計這些水準將產生高於股息的自由現金流。那麼，您認為在這樣的宏觀環境下，是否存在一個可以維持的最低迴購水準？

The second question I have for Patrick is on Argentina. We have some -- we have seen some of your European peers taking early position in LNG projects in Argentina. There have been some headlines suggesting you're looking to scale than of your presence in the country. Just to just trying to get a bit of what your thinking around the investment prospects in the country and whether you think there is some attractiveness around the potential for Argentina to become an LNG exporter?

我要問帕特里克的第二個問題是關於阿根廷的。我們看到一些歐洲同行在阿根廷的液化天然氣計畫中佔據了先機。一些頭條新聞表明您正在尋求擴大在該國的業務。我只是想了解一下您對阿根廷投資前景的看法，以及您是否認為阿根廷成為液化天然氣出口國的潛力具有吸引力？

Yes. So first, you refer to a slide, which was slide number 53, according my colleagues, which gave me the slide which you have the answer, I think, on this slide because if I remember, if I reading the slide, we told you that at $50 per barrel, within a disciplined capital investments, which was down by $2 billion compared to the global guidance. We were able to deliver the dividend, of course, to grow the dividend, and there was some cash flow remaining for buybacks.

是的。首先，請看一張投影片，根據我的同事的說法，那是第 53 張投影片，這張投影片給了我答案，我想，在這張投影片上，因為如果我沒記錯的話，如果我讀這張投影片，我們告訴你，在每桶 50 美元的價格下，在嚴格的資本投資範圍內，這比全球指導價下降了 20 億美元。當然，我們能夠發放股息，增加股息，並且還剩下一些現金流可用於回購。

So I think you have the answer to your question. So a $50, I don't think the buyback are going down to zero. It's not the case. It's not the idea. So you can make your math up and that. But this will give you more information. So for me, the answer was clear. We have, in fact, a post-dividend breakeven, which is lower than $50 by the end on this period. So that's the way to monitor. And by the today, the fact is going down. I suspect we have done already $4 billion end of the half of the year. So the Board is confident if we maintain the $2 billion.

所以我想你已經知道你的問題的答案了。因此，對於 50 美元，我不認為回購會降到零。事實並非如此。這不是主意。所以你可以進行數學計算。但這會給你更多資訊。所以對我來說，答案很明確。事實上，我們的股息後損益平衡點在本期末低於 50 美元。這就是監控的方式。而到了今天，事實正在下降。我估計到今年上半年我們已經賺了 40 億美元。因此，如果我們維持 20 億美元，董事會就有信心。

I remind you as well that, there is a strong guidance, which has been a little forgotten, and maybe we could have repeated it today, which is more than 40% of cash flow from operations. This is another guidance on which we told you repeatedly, it will be through cycles. So more than 40% of cash flow from operations full cycles, is supportive of the distribution to shareholders. We are committed to that. And this is not -- and so I know that you had a trend to forget it because we were up to 50%, but we didn't change the guidance, more than 40% through cycles. And in fact, we don't change full cycle because it's exactly what we want to cover in case the price is going -- oil price is going down. So keep that in mind and you can make your mark with it.

我也提醒你，有一個強有力的指導，這個指導有點被遺忘了，也許我們今天可以重複一下，那就是來自營運的現金流超過 40%。這是我們反覆告訴您的另一個指導，它將經歷週期。因此，整個營運週期中超過 40% 的現金流用於支援向股東的分配。我們致力於此。而事實並非如此——所以我知道你們有一種忘記它的趨勢，因為我們已經達到了 50%，但我們並沒有改變指導，在整個週期中超過了 40%。事實上，我們不會改變整個週期，因為這正是我們想要涵蓋的，以防價格上漲——油價下跌。所以請記住這一點，你就能取得成功。

Argentina, yes, there have been active. We have a lot of projects in the world in LNG. I think we -- it's a question of allocation of capital in LNG, and we consider we have better projects in our project we have enough first, we have a lot in Qatar, US in Mozambique in Papua. We enough and we didn't feel -- we, I would say, I know that today President Milei is making a lot of reforms. But in the -- along the last 25 years, Argentina track record for investors, I think we managed to get some dividends to -- or two years out of 25.

是的，阿根廷一直很活躍。我們在世界範圍內有很多液化天然氣項目。我認為我們——這是一個液化天然氣資本分配的問題，我們認為我們的項目中有更好的項目，我們首先有足夠的項目，我們在卡達、美國、莫三比克和巴布亞都有很多。我們已經足夠了，我們沒有感覺到——我想說，我知道今天米萊總統正在進行很多改革。但在過去 25 年裡，阿根廷對投資者的記錄顯示，我們設法獲得了一些股息，或者說 25 年中有兩年。

So to invest in heavy infrastructure in a country which has quite an unstable, I would say, exchange foreign exchange policy is not really for me my priority. And again, by the way, we have overweight to monetize our gas -- Argentinian gas on which we work. We recently signed some interesting contracts to monetize our gas to Brazil. So this is so I respect that this year and others to be clear. But on all sides, we didn't put -- I based Argentina last September, and I explained experience to the President of Argentina, but others can be free, but for total energy was not a priority. So again, it's a question of portfolio.

因此，我想說，在一個外匯政策相當不穩定的國家投資大型基礎設施並不是我的首要任務。順便說一句，我們必須加強將我們的天然氣——我們所開採的阿根廷天然氣——貨幣化。我們最近簽署了一些有趣的合同，將我們的天然氣貨幣化運往巴西。因此，我尊重今年和其他年份的明確規定。但從各方面來看，我們都沒有——我去年 9 月訪問了阿根廷，並向阿根廷總統解釋了經驗，但其他人可以自由發言，但總體而言，能源問題並不是優先事項。所以，這又是一個投資組合的問題。

Matthew Lofting, JPMorgan.

摩根大通的馬修‧洛夫廷。

Thanks for taking the question. Two, if I could, please. First, I just wanted to follow-up on the earlier comments on buybacks, payout ratios and gearing. If I understood correctly, Patrick, what you said earlier, the Board, it sounds like views, April conditions as well as Q1 is within the bounds of reasonable and 50% to 55%, it for a sustained period is perhaps where you review as you were referencing earlier that the mid-cycle payout greater than 40%, when the Board thinks about 2026 and beyond. How mechanically and swiftly should investors expect TotalEnergies to revert to 40% plus as an underlying payout?

感謝您回答這個問題。如果可以的話，請給我兩份。首先，我只是想跟進一下之前關於回購、派息率和槓桿的評論。如果我理解正確的話，帕特里克，您之前所說的，董事會，聽起來像是，四月份的情況以及第一季度的情況都在合理範圍內，50％到55％，在一段持續的時間內，也許正如您之前提到的，當董事會考慮2026年及以後時，中期支出會超過40％。投資者應如何機械且迅速地預期 TotalEnergies 恢復至 40% 以上的潛在支出？

And then secondly, I just wanted to ask you about working capital. The quarter-on-quarter fluctuations appear to have been quite substantial over the last six, 12 months versus history, perhaps. So I wondered if you could touch on some of the reasons behind that and the extent to which you expect that to continue, perhaps related to evolutions in the portfolio set up.

其次，我只想問您有關營運資金的問題。與歷史相比，過去 6 個月、12 個月的季度環比波動似乎相當大。所以我想知道您是否可以談談這背後的一些原因以及您預計這種情況會持續到何種程度，也許與投資組合設置的演變有關。

So I mean, Matthew, I'm sorry, I'm sorry to correct you. I never said that it was -- just took two examples 55% to 55%, I have never said there is a limit somewhere. It's true that this year, quarter, we are still at 65%, 70%, we are comfortable to move forward, which is not a surprise. It was a comment I gave you in New York in last September. And again, the 40% is not a mid-cycle. It's something which is sort of floor. We said you full cycles, whatever will deliver a payout of more over 40%. So to remind you that. So it gave you the guidance, which means that it was, again, it's a fundamental one.

所以我的意思是，馬修，我很抱歉，很抱歉糾正你。我從來沒有說過——只是舉了兩個例子，55% 到 55%，我從來沒有說過某個地方有一個限制。確實，今年一個季度，我們的業績仍然保持在 65%、70% 左右，我們可以輕鬆地繼續前進，這並不奇怪。這是我去年九月在紐約給你的評論。再次強調，40% 並不是一個中期週期。它就像是地板一樣。我們說過，無論什麼完整週期，都會帶來超過 40% 的回報。所以要提醒你這一點。所以它給了你指導，這意味著，它再次成為一個根本的指導。

I think it's -- it hasn't been either that we'll take 40% as the strict what we want to deliver, it's at least 40%. Last year, we delivered 50% and the year before well. So it's at least 40%. So and in fact, the reality is when considering the dividend of TotalEnergies, which is represent $8 billion. You are -- I can tell you quickly about 30% because of dividend never been cut. We continue to maintain, so even in the low price environment, if we generate the cash flow of only $20 billion, when you have $8 billion of dividends, you have already the 40%. So -- and so I mean just -- so don't try to guess more than what we said.

我認為——我們也不會將 40% 作為我們想要實現的嚴格目標，至少是 40%。去年，我們的交付率為 50%，前年交付率也很高。所以至少是40%。因此，事實上，考慮到 TotalEnergies 的股息，現實情況是 80 億美元。我可以很快告訴你大約 30%，因為股息從未被削減。我們繼續保持，所以即使在低價環境下，如果我們只產生200億美元的現金流，當你有80億美元的股息時，你已經擁有了40%。所以——我的意思是——所以不要試著猜測我們所說的內容。

I think we again, we are monitoring that, as I said, as well, in the best interest of the shareholders as well. Obviously, when the share price is low, is good to take -- to use the balance sheet to buy some cheap shares, and that's the case of buyback is a good one. So there is no -- when you ask me a question, mechanically, there is no mechanics, not mechanically. It's -- we appraise the situation, macro environment geopolitics. It's not a Board. It's not just looking to one figure. There is no magic formula in -- it's more a question of global environment.

我認為我們正在監控這一點，正如我所說，這也是為了股東的最大利益。顯然，當股價較低時，最好利用資產負債表購買一些便宜的股票，這就是回購的好例子。所以沒有——當你機械地問我一個問題時，沒有機械，不是機械的。這是我們評估情勢、宏觀環境地緣政治。這不是一個董事會。這不僅僅是關註一個數字。沒有什麼神奇的公式——這更多的是一個全球環境的問題。

And again, yes, it's true that we have uncertainty today. But as I said, it's quite fluid. And it could be reversed. I think maybe after summer time, we could have some come down after the contest, haven't known. So -- and we are well positioned to weather the storm. So let's continue.

是的，今天我們確實存在不確定性。但正如我所說，它非常不穩定。而這種情況是可以逆轉的。我想也許夏天過後，比賽結束後我們可能會有一些進展，但還不知道。所以——我們已做好充分準備來渡過這場風暴。那麼讓我們繼續吧。

Working capital. No, I think you have two explanations very easily. You have some, I would say, structural parts. Part of it is fiscal. We have some fiscal reversal. We have some depths which grow forging capital is control in capital, which come back very cool first quarter, Norway other countries. The part, which is also seasonal, is a marketing -- gas and power marketing, people just people are heating their homes much more in winter times. And in fact, they pay their bill monthly on equal installments along the year.

營運資金。不，我認為你很容易就給了兩種解釋。我想說，你有一些結構部分。其中一部分是財政方面的。我們有一些財政逆轉。我們有一些深度成長的鍛造資本是對資本的控制，第一季挪威和其他國家的經濟表現非常冷淡。這部分也是季節性的，是一種行銷——天然氣和電力行銷，人們在冬季會更多地使用家用暖氣。事實上，他們全年每月按等額分期付款。

So you have a difference of revenues between the fact that we have some big consumption during the year and equal installments and fluctuate around 1 billion, at least this phenomena so it's really seasonal, but we know that at the end of the year, people will have think of it. So this is type of fix. That's why we have some rewrite fiscal and this example.

因此，由於我們一年中有一些大額消費和等額分期付款，所以收入存在差異，並且在 10 億左右波動，至少這種現像是季節性的，但我們知道，在年底，人們會想到這一點。這是一種修復。這就是為什麼我們要重寫財政和這個例子。

And I think have one or two, which we could qualify from seasonal. And that's the point on which we -- that's why we are comfortable. It will continue, yes. We have observed it for several years. again, we are monitoring that internally this time because I was sure when I saw the jump from 8 to 14, that you will have some questions, we prefer to share that with you in order be able to give you some better -- the way we ourselves. The way we think internally with the Board, which we put on the table, I propose to be shared with you.

我認為有一兩個我們可以從季節角度進行評估。這就是我們感到安心的原因。是的，它會繼續下去。我們已經觀察了好幾年了。再次強調，我們這次正在內部監控，因為我確信當我看到從 8 到 14 的跳躍時，您會有一些疑問，我們更願意與您分享，以便能夠為您提供一些更好的 - 我們自己的方式。我建議與你們分享我們與董事會內部討論過的想法。

Super. Thanks, Patrick.

極好的。謝謝，派崔克。

Henri Patricot, UBS.

瑞銀集團的亨利·帕特里科特（Henri Patricot）。

Yes. Thank you for opportunity. Two questions from me, please. The first one, on the integrated power business, you mentioned that Roche is a bit lower this quarter because of the lack of farm down. So I'm just wondering whether that's something that's very much temporary? Or if you see actually some more challenges in agreeing on these farm downs, given the increased uncertainty around renewables, in particular in the US?

是的。感謝您給予的機會。請問我兩個問題。第一個問題，關於綜合電力業務，您提到羅氏本季的業績略低，因為缺乏農場補貼。所以我只是想知道這是否只是暫時的？或者，鑑於再生能源的不確定性增加，特別是在美國，您是否認為就這些農場削減達成一致實際上會面臨更多挑戰？

And then secondly, on the integrated LNG business and the guidance on FFO, you targeted earlier this year, $6 billion of cash flows. Looking at Q1 performance I realize it would be more like a stable cash flow at $5 billion. So do you still see as that $6 billion target is achievable in 2025 in the current environment? Thank you.

其次，關於綜合液化天然氣業務和 FFO 指導，您今年稍早的目標是實現 60 億美元的現金流。從第一季的表現來看，我意識到它更像是 50 億美元的穩定現金流。那麼，在當前環境下，您是否仍認為 2025 年可以實現 60 億美元的目標？謝謝。

Okay. First one. It's really a question of timing of the farm down. You will see our anticipation already on Q2 is that we should have almost two quarters in one, in fact. So -- in fact, the farm downs revenues represent more or less $17 million per equipment.

好的。第一個。這實際上是農場關閉的時機問題。您會看到，我們對第二季的預期是，事實上，我們應該在一個季度內實現幾乎兩個季度的業績。所以 — — 事實上，每台設備的農場利潤大約是 1700 萬美元。

On an annual basis, it's a certain amount of around $300 million, $280 million, $300 million of OpEx, which has to be taken in -- which are our plans. So it's 75% per quarter, 70%, 75%. In fact, this time, there was no farm down, but we -- I know already that we just have to close one in Portugal, which will generate what should have been done in the first quarter. So it's really a question of timing.

每年，我們必須吸收約 3 億美元、2.8 億美元、3 億美元的營運支出——這就是我們的計畫。所以每季是 75%，70%，75%。事實上，這一次，沒有農場停產，但我們——我已經知道，我們只需要關閉葡萄牙的農場，這將產生第一季應該產生的效益。所以這實際上是一個時間問題。

We don't see much difficulty. We continue to do it. We continue to do the farm downs, including in the US, by the way. So we have a program to execute. We have put in place a dedicated deep specialized team working with many players, which is head by the smart person, so he has to deliver.

我們認為沒有太大困難。我們將繼續這樣做。順便說一下，我們將繼續進行農場業務，包括在美國。因此我們有一個要執行的程序。我們已經組建了一支專門的深度專業團隊，與許多參與者合作，由聰明人領導，因此他必須實現目標。

It's part of the business model. And so at this point, I can tell you we are don't see you why the team would not deliver. There is no hint. Of course, it's not linear per quarter. We have quarterly results, but -- and that's more -- it has to up. So on the second quarter, you would have a result of farm down which will be, I would say, higher than what it was planned, okay? So no challenge on this one. I mean, obviously, the main change is that -- interest rates are higher. But again, you have still quite a good, I would say, appetite from these type of assets from these platforms, et cetera, et cetera.

這是商業模式的一部分。因此，在這一點上，我可以告訴你，我們不明白為什麼團隊無法實現目標。沒有任何提示。當然，每季的變化並不是線性的。我們有季度業績，但是——更重要的是——它必須上漲。因此，在第二季度，農場產量下降的結果將高於計劃，好嗎？因此，這一點沒有挑戰。我的意思是，顯然，主要的變化是——利率上升了。但我想說，你對這些平台等平台上的這類資產仍然有相當好的興趣。

LNG. So the guidance, yes, when I look to the slide in February, if you look at fully was target 6, but it was a shadow part. So it's between 5.5 and 6 is true. We are -- on this one today, I would say if you multiply by 4, we are more around 5.5, 5.6. But my teams have -- honestly, on this one, I want to make a comment on it, in fact, and I think like others, what happened in Q1 2025, the fundamentals of the markets were bullish. So we are long on gas.

液化天然氣。是的，當我查看二月份的幻燈片時，如果你完整地看一下，你會發現指導是目標 6，但它是陰影部分。因此介於 5.5 和 6 之間是正確的。今天就這一點而言，我想說，如果乘以 4，我們的數字應該在 5.5、5.6 左右。但我的團隊——老實說，在這一點上，我想對此發表評論，事實上，我認為和其他人一樣，2025 年第一季發生的事情，市場的基本面是看漲的。因此我們的天然氣需求量很大。

And unfortunately, as other players, by the way, and other competitors, geopolitics became biggish suddenly because of the comments on Russian, Ukrainian story, which was not anticipated to you. So in fact, we had a bullish position based on foolish fundamentals, which we are right because we've seen the inventory is declining. So it was the right position. And this bullish position were suddenly by an advert market reversal taken back by mid-quarter to very geopolitical event. So that was difficult.

不幸的是，正如其他參與者和其他競爭對手一樣，由於對俄羅斯、烏克蘭故事的評論，地緣政治突然變得更大，這是你沒有預料到的。因此，事實上，我們基於愚蠢的基本面持看漲立場，這是我們正確的，因為我們已經看到庫存正在下降。所以這是正確的位置。而這一看漲立場卻因本季中期發生的廣告市場逆轉而突然被地緣政治事件所扭轉。所以很難。

And that's the way the business of our traders is quite complex, to be honest, in this type of fluid and environmental environment, because it depends on some -- we don't know what will happen tomorrow morning. So it's not -- the position was perfectly right. And so we were supportive of it. Certainly, you have some -- so we experienced some fuel losses in February, which were reversal. But globally speaking, the LNG trading was good, was strong. It was most the gas trading, which was hit. So I'm fine. We took a decision recently by the way, we have a new leader for all this gas trading, which wants to make some ID, so I'm supportive. And so between 5.5% and 6%, just to clarify this guidance, and I'm maintaining it today.

說實話，在這種流動的環境中，我們的交易員的業務相當複雜，因為它取決於一些因素——我們不知道明天早上會發生什麼。所以事實並非如此——這個位置完全正確。因此我們對此表示支持。當然，我們在二月經歷了一些燃料損失，但這些損失是可以逆轉的。但從全球來看，液化天然氣貿易良好且強勁。受到衝擊最大的是天然氣交易。所以我很好。順便說一下，我們最近做出了一個決定，我們有一位新的領導人負責所有這些天然氣交易，他想做一些身份識別，所以我很支持。因此，為了澄清這一指導，我將其保持在 5.5% 至 6% 之間。

Got it. Thank you.

知道了。謝謝。

Martijn Rats, Morgan Stanley.

摩根士丹利的 Martijn Rats。

Hi. Hello. I've also got two questions, if I may, which actually sort of just follow-up the question from Henri. I wanted to ask you about your thoughts on the true appetite that Europe might have for more Russian pipeline gas. So many contradictory comments indicators. It's a real market concern, but clearly, connected, talked to a lot of people. I was wondering, Patrick, what your impression is of how likely this really is, say, on the time frame of 12 months or so? I mean like multiyear view, probably all things are possible, but on a 12-month view, how likely this is really?

你好。你好。如果可以的話，我還有兩個問題，實際上這兩個問題只是對亨利的問題的後續回答。我想問一下您對歐洲對更多俄羅斯管道天然氣的真正需求的看法。如此多相互矛盾的評論指標。這是一個真正的市場關注點，但顯然，它與許多人有關。派崔克，我想知道，你認為這種現像在 12 個月左右的時間範圍內發生的可能性有多大？我的意思是，從多年期來看，所有事情都有可能，但從 12 個月的角度來看，這種可能性到底有多大？

And then secondly, perhaps a bit of a technicality, but I want to ask about the guidance for LNG price realizations for the second quarter, down to $99.5 per MBtu. I would imagine that doesn't fully capture the impact of recent spot price declines given the lag that is built into the system. If you had to think about for the third quarter, how much would that incrementally fall assuming, say, oil prices stay in (inaudible) stays at current levels, would we see a drop below 9% to 8.5%, 8%? Is that a trajectory that we should be thinking about? Just interesting in your comments on that?

其次，可能有點技術性，但我想問第二季液化天然氣價格實現的指導價，降至每英熱單位 99.5 美元。我想，考慮到系統本身的滯後性，這並不能完全反映近期現貨價格下跌的影響。如果您必須考慮第三季的情況，假設油價保持在（聽不清楚）當前水平，那麼這個數字會逐漸下降多少，我們會看到跌幅低於 9% 至 8.5%、8% 嗎？這是我們該考慮的軌跡嗎？您對此的評論很有趣嗎？

Okay. This one, I think -- my view on that is to be cautious first because I'm not sure that -- I'm just observing what happens on the geopolitical scene. It doesn't see that it's easy to land between the different parties. So I'm cautious about it. And I think the market has overreacted to some news. It's a very complex situation.

好的。這一點，我認為——我的觀點是首先要謹慎，因為我不確定——我只是在觀察地緣政治舞台上發生的事情。看起來，各方達成妥協並不容易。所以我對此很謹慎。我認為市場對一些消息反應過度了。這是一個非常複雜的情況。

What I observe as well is that on one side, you have quite a lot of pressure within the trade negotiations between the US and Europe to buy more US gas, just – and that, in fact, the US LNG is obviously an obvious case to fill the gap.

我還觀察到，一方面，美國和歐洲之間的貿易談判面臨著很大的壓力，要求購買更多的美國天然氣——事實上，美國液化天然氣顯然是填補這一缺口的一個明顯例子。

And I think honestly, the European authority seems to be quite inclined to please the US from this perspective, which is a good news for TotalEnergies, by the way. As you know, we are quite involved in that business of US between -- of LNG between the US and Europe. So I see that as a good support for all our business.

而且我認為，說實話，從這個角度來看，歐洲當局似乎非常傾向於取悅美國，這對道達爾能源公司來說是個好消息。如您所知，我們非常參與美國與歐洲之間的液化天然氣業務。所以我認為這對我們所有的業務都是一種很好的支援。

And I think on the other side, politically, the Europeans do not -- are not so happy with what happens on the other side. You've seen that when I look to the program of the new coalition in Germany, I don't see a lot of support for a lot of Russian pipe gas in that platform on the contrary. And I know there are departments, they are working on a platform to -- which is out to exit Russian fossil fuels, because of security of supply.

我認為，從政治角度來看，歐洲人對另一方發生的事情並不那麼滿意。你已經看到，當我審視德國新聯盟的計畫時，我並沒有看到該平台對俄羅斯管道天然氣給予​​太多支持，恰恰相反。我知道有些部門正在製定一個平台，以退出俄羅斯的化石燃料，以確保供應安全。

In fact, today -- in fact, it's interesting to observe that European, I would say, narrative on energy is going from green to security of supply. There was a conference in London with all the leaders speaking about security of supply, where renewables could contribute. But from this perspective, I don't see much stage today politically to take a lot of Russian gas. So I think it's more US LNG, which will come again Russian gas in Europe. That's my comments.

事實上，今天——事實上，有趣的是，我認為歐洲的能源敘事正在從綠色轉向供應安全。在倫敦舉行的一次會議上，所有領導人都討論了再生能源可以做出貢獻的供應安全問題。但從這個角度來看，我認為目前在政治上沒有太多機會大量進口俄羅斯天然氣。所以我認為歐洲將更多地使用美國的液化天然氣，而不是俄羅斯的天然氣。這是我的評論。

And over the next 12 months, I can even confirm that I will be very surprised to see so sort of Russia gas coming to Europe in the next 12 months. It will take time all that before. It's also a matter of trust between customers and producers in fact, fundamentally to rebuild the trust.

在接下來的 12 個月裡，我甚至可以肯定，我會非常驚訝地看到俄羅斯的天然氣在未來 12 個月內進入歐洲。這一切都需要時間。事實上，這也是客戶和生產商之間的信任問題，從根本上來說，要重建信任。

On the price, okay, look, if we gave you a figure, 9 to 9.5 when we gave the guidance, when you are making the math, we have some cautiousness. So if there is $0.50, it's because of the spot price because on the -- I would say, on the long-term contracts related to Brent, generally, you have two months of time lag. So it's quite easy to anticipate what will happen on this contract for the next quarter.

關於價格，好吧，你看，如果我們給你一個數字，當我們給出指導時是 9 到 9.5，當你進行計算時，我們會有一些謹慎。因此，如果有 0.50 美元，那是因為現貨價格，因為——我想說，在與布蘭特原油相關的長期合約中，一般有兩個月的時間滯後。因此，很容易預測下個季度該合約的進展。

On the spot, of course, not sure. So this is why we gave you 9% to 9.5%. It's different to a bearish one on the spot, which was, I think, around something like begin 9 and 12, I would say, that we tested between 9 and 12 European gas. Today, we are between 10 and 11. So you should be in the middle of the range. I don't know what will happen. But first quarter, again, I'm not a magician, but it's quite clear that the lot of the oil price in the second quarter, which is today what April will impact July. That's quite clear.

當然，在現場，不確定。這就是我們給你 9% 到 9.5% 的原因。這與現場的看跌情況不同，我認為，大約是在 9 點和 12 點左右，我想說，我們在 9 點到 12 點之間測試了歐洲天然氣。今天，我們在10點到11點之間。所以你應該處於這個範圍的中間。我不知道會發生什麼事。但第一季度，我再說一遍，我不是魔術師，但很明顯，第二季度的油價，也就是今天 4 月的油價，將影響 7 月。這很清楚。

Again, if you want me -- I don't have the math in front of me and it's uncertain what you propose as a range is probably quite reasonable. But again, let's -- it's very difficult today, again, these markets are shipper through it. Maybe tomorrow, the tariff will disappear and certainly the oil price will jump. So let's see.

再說一次，如果你想要我——我面前沒有數學計算，而且不確定你提出的範圍是否相當合理。但是，今天的情況非常困難，這些市場再次面臨托運人的壓力。也許明天，關稅就會消失，油價一定會上漲。讓我們看看。

Let's all hope for that. Wonderful. Thank you.

讓我們都對此抱持希望。精彩的。謝謝。

Lucas Hermann, Exane BNP Paribas.

盧卡斯·赫爾曼 (Lucas Hermann)，法國巴黎銀行 Exane。

Yes. Thanks very much. A couple of quick questions, if I might. The first, just going back to debt, but also balance sheet and what's been going on with currencies. In fact, maybe, Patrick, I should ask you more broadly on currency and impact the question specifically was the debt that you hold a proportion of it is euro denominated. And the question simply is the impact that strengthening euro rate has had on dollar reported debt last quarter, and I guess, if currencies remain strong. We should probably expect absolute debt to see a modest uptick as well as a consequence of currency moves. But maybe talk more broadly on given the volatility we've seen in the dollar way that plays to your business?

是的。非常感謝。如果可以的話，我問幾個簡單的問題。首先，不僅要回顧債務，還要回顧資產負債表以及貨幣的走勢。事實上，派崔克，也許我應該更廣泛地問你有關貨幣和影響的問題，具體問題是你持有的債務中有一部分是以歐元計價的。問題很簡單，就是歐元匯率走強對上季以美元報告的債務有何影響，以及我猜想，貨幣是否能維持強勢。我們或許應該預期絕對債務將出現小幅上升，並受到貨幣變動的影響。但考慮到我們所看到的美元波動對您的業務的影響，也許可以更廣泛地談論一下？

And secondly, just a quick question on cash flow and associates. JP, where should we expect the net associate contribution to end up for the year as a whole. Clearly, there's been $400 million of profit booked in the first quarter, which was not covered by dividends. But how do you see things for the year as a whole? What should we be modeling? That’s it. Thank you very much.

其次，我只想問一個關於現金流和員工的簡單問題。JP，我們預計全年淨聯營公司貢獻最終會達到多少。顯然，第一季已實現 4 億美元的利潤，但並未透過股息支付。但您如何看待今年的整體情況？我們應該建模什麼？就是這樣。非常感謝。

Sorry, Lucas, we didn't -- the second question, I didn't catch it up. I mean as a $400 million were related to what?

抱歉，盧卡斯，我們沒有——第二個問題，我沒有跟上。我的意思是 4 億美元與什麼有關？

I was just looking at the associate move, the difference between dividends received and back for the year.

我只是在關注聯營公司的變動，也就是當年收到的股利和退票的股利之間的差額。

Yes, yes. Okay. Good. Thank you for the two questions, Lucas, and your support. The first one, debt, I will let -- I will let Jean-Pierre answering. But what can tell you on the FX. In fact, the dollar euro foreign exchange rate does not affect. The only positive impact it has its -- the dividend is expressed in euro. And when then the dollar is at $1.15 or $1.14. In fact, we lowered the burden of the dividend by equivalent of 5%, which can make something like $400 million. So it's not neutral.

是的，是的。好的。好的。謝謝你提出的兩個問題，盧卡斯，以及你的支持。第一個問題，債務問題，我會讓──我會讓讓‧皮耶來回答。但關於 FX 你能告訴你什麼呢？事實上，美元對歐元匯率並不會產生影響。它唯一的正面影響是——股息以歐元表示。此時美元匯率為 1.15 美元或 1.14 美元。事實上，我們把股息負擔降低了相當於5%，這樣可以賺到大約4億美元。所以它不是中性的。

But the rest between the difference, in fact, when they look to the global, the cash flows and the results, -- so plus and minus are, in fact, equal. When we make the test around portfolio, we have no global impact. We have some on some businesses, of course, but globally, it's not an issue. The intact when the dollar is weak, it's better for us on the on the dividend. And of course, is by the way that our shareholders in the US would not see 7% or 10% or 10% or more increase of dividend. So -- but I will let -- on the equity FS, honestly, it's just because we have some equity PAs, which are run on -- not on a quarterly basis, but on a yearly basis.

但事實上，當他們放眼全球，現金流和結果之間的差異實際上是相等的。當我們圍繞投資組合進行測試時，我們沒有產生全球影響。當然，我們在某些​​業務上存在一些問題，但從全球來看，這不是問題。當美元疲軟時，我們的股息就更有利。當然，順便說一下，我們的美國股東不會看到股息增加 7% 或 10% 或 10% 或更多。所以 — — 但我會讓 — — 關於股權 FS，老實說，這只是因為我們有一些股權 PA，它們不是按季度運行，而是按年度運行。

So some of them are delivering their dividend by the end of the year. Some of them like Nigeria LNG, for example, they make second quarter, third quarter, a big fourth quarter, but no first quarter. So we don't have a LG. We are not -- it's not only us in control it's more the JV of this equity fits are run by Board. And so you have different, I would say, timing of releasing dividends.

因此，其中一些公司將在年底前發放股息。以尼日利亞液化天然氣公司為例，他們在第二季、第三季和第四季都取得了巨大成功，但在第一季卻沒有。所以我們沒有 LG。我們不是——這不僅是我們控制的，更多的是這個股權合資企業是由董事會管理的。因此，我想說，你們發放股利的時機有所不同。

Of course, all interest, I can tell you, our board members are pushing to maximize that. So I'm honestly, this $400 million. I will come back, unless, of course, they are affected by the price environment and that you have lower results. But the timing -- so maybe it will not be $400 million but $300 million, but it's not -- I have no doubt that this equity IFS will deliver dividends because generally, we are alone with a single concept of maximizing the dividend release respecting, of course, the debt ratios, which may have some debt. That's the way it works. Jean-Pierre, I gave you the time to think about complex question.

當然，我可以告訴你，所有利益，我們的董事會成員都在努力使這一點最大化。所以說實話，這4億美元。我會回來的，當然，除非他們受到價格環境的影響，導致業績下降。但時間問題——也許不是 4 億美元而是 3 億美元，但事實並非如此——我毫不懷疑這筆股權 IFS 將帶來股息，因為一般來說，我們只有一個概念，即最大化股息釋放，當然，還要考慮債務比率，其中可能有一些債務。這就是它的工作原理。讓‧皮埃爾，我給了你時間去思考這個複雜的問題。

Not to confirm you, my debt is in dollar. Because even if I issue bonds on the euro market, given that my business is in dollar, I swapped this bond into this. So my exposure to FX online date is very, very limited because of that.

不是為了向你確認，我的債務是美元。因為即使我在歐元市場發行債券，考慮到我的業務是美元，我將這種債券換成了這種。因此，我對外匯線上日期的接觸非常非常有限。

So in fact, I should have known the answer, but it's better expressed by the CFO, you would trust him better.

所以事實上我應該知道答案，但如果由財務長來表達會更好，你會更信任他。

Okay. Thank you. That’s helpful.

好的。謝謝。這很有幫助。

Thank you, Lucas.

謝謝你，盧卡斯。

Paul Cheng, Scotiabank.

加拿大豐業銀行的 Paul Cheng。

Thank you. Good morning, or good afternoon. Patrick, you guys signed the agreement with Egypt and Cyprus to export the gas there. Can you give us some idea of what's the timeline? What's the next step and the size of the project? Thank you.

謝謝。早安，或下午好。派崔克，你們與埃及和塞浦路斯簽署了向那裡出口天然氣的協議。能告訴我們一下時間表嗎？下一步計劃是什麼？專案規模有多大？謝謝。

Okay. There was a big step down by -- Iana is the operator, so Claudio is better positioned than me to answer to you because the operator has and I trust and we support them. There was a good signature in January in Cairo. It was quite an achievement because we managed to have the scheme now to be able to bring the gas from Cyprus through some existing facilities, through one of the LNG plants. And in fact, the main discussion for us, the important point was to be sure that we could export the gas.

好的。有很大的退步——Iana 是操作員，所以 Claudio 比我更適合回答你這個問題，因為操作員已經回答了你的問題，我相信他們，我們支持他們。一月份在開羅有一個很好的簽名。這是一項相當大的成就，因為我們現在設法制定了計劃，能夠通過一些現有設施，通過其中一個液化天然氣工廠，將塞浦路斯的天然氣輸送過來。事實上，對我們來說，主要討論的重點是確保我們能夠出口天然氣。

And so I can tell you, even if there was one provision where some part of the gas could be delivered but on a netback to the Egyptian market. At the end, we're protected, and it will be, in fact, LNG going through an existing plant in Egypt in Namibia. So for us, and for ENI and thanks to ENI works and also the Egyptian authorities, in particular, Minister Badawi for the work he has done, the support, I think it's the optimal position to monetize this Cyprus gas. And so we are there supportive of the project. And so the next step will be for ENI, I think, to go to the FID by 2026, which is the target. So there is some technical roles, which is being down. And of course, some paperwork development plan.

因此我可以告訴你，即使有一項規定，允許將部分天然氣輸送到埃及市場，但要以淨回值的方式。最後，我們得到了保護，事實上，液化天然氣將透過埃及和納米比亞現有的工廠輸送。因此，對於我們、對於 ENI 以及埃及當局，特別是巴達維部長所做的工作和支持來說，我認為這是將塞浦路斯天然氣貨幣化的最佳位置。因此我們支持該項目。因此，我認為，ENI 的下一步將是在 2026 年做出最終投資決定，這是其目標。因此，一些技術角色正在減少。當然，還有一些文書工作發展計畫。

But for us, in fact, as TotalEnergies, we were putting this agreement as a precondition to spend any CapEx even on the engineering side. We didn't want the teams and the operator to spend some money as long as we have not secured a real political agreement between the two countries, which was supportive of an acceptable scheme.

但實際上，對於我們 TotalEnergies 來說，我們將此協議作為花費任何資本支出（甚至是在工程方面）的先決條件。只要我們還沒有在兩國之間達成一項支持可接受計畫的真正的政治協議，我們就不希望車隊和營運商花任何錢。

Some engineers really love to spend money to make nice design. But at the end, if you don't have the commercials, nothing is not given. So as it was a complex situation. So it's quite -- it's a good progress. We have 50% of the projects ENI being the 50%. And this progress comforters. By way, it was not to be clear, it's another project which will come.

有些工程師確實喜歡花錢做出漂亮的設計。但最後，如果沒有商業廣告，就什麼都得不到。所以情況很複雜。所以這是一個很好的進展。我們有 50% 的專案 ENI 是 50%。這項進步令人欣慰。順便說一句，這並不清楚，這是另一個即將到來的項目。

It was not feeding the growth by 2030. So maybe, by the way, the delivery. I know ENI is very good to time to market. So we'll see how long it will take. But it's something, which we could feed – will feed –will feed the growth because the scheme as we are using existing facilities is mainly subsea and the pipeline. We don't build a lot of processing facilities or no processing facilities. So we should be able to deliver the gas by 2029. So it will feed our growth of production in the future.

到 2030 年，它已無法滿足經濟成長的需要。順便說一下，也許可以送貨。我知道 ENI 的上市時間非常好。因此我們將看看需要多長時間。但這是我們能夠提供的東西——將會提供——將會促進成長，因為我們正在使用的現有設施主要是海底和管道。我們不會建造很多加工設施，或根本不建造加工設施。因此我們應該能夠在 2029 年之前輸送天然氣。因此它將促進我們未來的生產成長。

Okay. Second question, the US have a new rule under Gulf of America, that iron ore (inaudible) allowed the multi-zone to be tax. Is that much of an opportunity for TotalEnergies there?

好的。第二個問題，美國對美國灣有一項新規定，就是允許對鐵礦石（聽不清楚）進行多區域課稅。這對 TotalEnergies 來說是一個很大的機會嗎？

Paul Cheng, I don't think we have producing -- I don't know if [Oncore] is producing. Oncore is producing. Yes, Oncore is producing. We have some as [Jack] and Oncore are producing, Jack as well I think. Jack and Oncore. And so what can we do? I don’t know. But you know again yes, Obviously, this is good role. By the way, one of the objectives we have. I said that in Houston doing (inaudible), is to -- we are discussing with some operators to take again exploration in the US Gulf as a priority. I think it's -- there are good things. So you know we don't want to operate ourselves. So we are discussing with some other companies.

保羅·程，我認為我們沒有製作——我不知道 [Oncore] 是否在製作。Oncore 正在製作。是的，Oncore 正在製作。我們有一些，因為 [Jack] 和 Oncore 正在製作，我想 Jack 也參與其中。傑克和 Oncore。那我們能做什麼呢？我不知道。但你再次知道，是的，顯然，這是一個好角色。順便說一句，這是我們的目標之一。我說過，休士頓正在做的（聽不清楚）是——我們正在與一些業者討論再次將美國墨西哥灣的勘探作為優先事項。我認為這是——有好事。所以你知道我們不想自己經營。所以我們正在與其他一些公司進行討論。

But one of the idea of -- in terms of -- for the future renewal of reserves is to take again because we are happy with what we've done with Oncore with Ballymore, Ballymore -- Ballymore came on stream last week, I think, or very recently. And Chevron again is a very excellent operator in the Gulf of Mexico, so doing more in the Gulf of Mexico and exploring again is only one of the I would say, the new action plan for our exploration teams. So that will help to increase production and reserves to lower the course, so it's a good role.

但是，就未來儲備更新而言，其中一個想法是再次採取行動，因為我們對與 Oncore 和 Ballymore 合作的成果感到滿意，Ballymore ——我想，Ballymore 是上週或最近才開始投入使用的。雪佛龍在墨西哥灣再次成為非常出色的運營商，因此，我認為在墨西哥灣開展更多工作並再次進行探索只是我們勘探團隊的新行動計劃之一。因此這將有助於增加產量和儲備，從而降低成本，因此這是一個很好的作用。

Thank you.

謝謝。

Christopher Kuplent, Bank of America.

美國銀行的克里斯多福·庫普倫特（Christopher Kuplent）。

Yes. Thank you very much. Just a quick one to follow-up on conversion, $7 billion in CFFO relative to your full year guidance, that picked up was LNG and gas trading, the farm downs that are missing and associate dividends let us know if you can point other improvements for cash conversion later in the year.

是的。非常感謝。只是想快速跟進轉換情況，相對於您的全年指導，CFFO 為 70 億美元，這筆錢來自液化天然氣和天然氣交易、缺失的農場利潤和相關股息，如果您能指出今年晚些時候現金轉換的其他改進，請告知我們。

And the remaining question I had was, Patrick, regarding your appetite for more renewable growth. I thought it was quite important to see at the end of March, new or tighter, even tougher net bureau targets. You are now competing against utilities that are being told to do buybacks and stop growing asset. So I wonder whether you can comment on the competitive environment in this world leaving the tariff uncertainty for one moment out of the debate and just looking at your competitors in the low-carbon space. Thank you.

派崔克，我剩下的問題是，關於您對更多再生能源成長的興趣。我認為，在三月底看到新的或更嚴格、甚至更嚴格的淨局目標是相當重要的。您現在正在與那些被告知要回購並停止增加資產的公用事業公司競爭。因此，我想知道您是否可以評論一下當今世界的競爭環境，暫時不討論關稅的不確定性，只關注低碳領域的競爭對手。謝謝。

Okay. $7 billion compared to $29 million, (inaudible), price environment for E&P as one well has delivered more than what we were anticipating for the full year. So if they are in line with our guidance. I told that there was where the $1 billion is a liter from cash trading is new. I mentioned to you a $500 million, $5.5 billion to $6 billion, all integrated power, I'm very fine with the guidance we used more than $2 billion, $2.5 billion for year we will be there. So we are online, and there is a growth coming sometime. And the Refining & Chemicals is more challenging, to be honest, and you will observe it.

好的。 70 億美元，而之前為 2900 萬美元（聽不清楚），E&P 的價格環境，因為一口井的產量已經超出了我們對全年產量的預期。如果它們符合我們的指導。我說過，那裡有 10 億美元，是從現金交易中新獲得的。我向你們提到了 5 億美元、55 億美元到 60 億美元的綜合電力，我對我們每年使用的超過 20 億美元、25 億美元的指導非常滿意。因此，我們處於在線狀態，有時會出現增長。說實話，煉油和化學品行業更具挑戰性，你會觀察到的。

Having said that, I had the good news when I was here this morning. I've seen that the European margin is up to $50 per ton. So maybe, again, we could have some good news. -- prices going down. Integration will work. And I think this is our bull. I did not mention that during my speech as the strength of company, because it's difficult to argue when you have results which are not so strong.

話雖如此，今天早上我來這裡時聽到了好消息。我看到歐洲的利潤率高達每噸 50 美元。所以，也許我們又能得到一些好消息了。 ——價格下降。整合將會起作用。我認為這是我們的牛市。我在演講中沒有提到這是公司的實力，因為當你的業績不那麼強勁時，很難爭論。

But in fact, so you could have a sort of effect where you would have less on one side, more on the other side, $50 per ton. I hope my refineries are already full and they capture the $50 per ton this day. So I would say, again, it's not the $1 billion, which will make any difference on our global framework that we gave you in January, but you capture.

但事實上，你可能會產生這樣一種效果，一邊少，另一邊多，每噸 50 美元。我希望我的煉油廠已經滿載運轉，並且他們今天可以賺到每噸 50 美元的利潤。因此我想再說一次，這不是 10 億美元，它會對我們在一月給你的全球框架產生影響，而是你能掌控的。

Well, the issue sorry -- Chris. No. Look, on the growth, renewables, we are on the way, certainly renewables, it's integrated power. I mentioned we have normally doing an answer, but we are looking a lot also, not only 1 flexible assets, because it's an integration which makes money.

嗯，很抱歉，這個問題是克里斯。不。看看，就成長而言，再生能源，我們正在路上，當然是再生能源，它是綜合電力。我提到我們通常會給出答案，但我們也在尋找很多東西，不僅僅是 1 個靈活資產，因為這是一個可以賺錢的整合。

In fact, and we need both. At the end, we serve customers the 24/7 power. So yes, I observe that others are more under pressure. Maybe we will be easier to capture some licenses beer we are -- that's possible. But again, our model, we are quite clear on what we will deliver. We are targeting some countries. We build on it. So I mean it's not a matter of net zero for me. It's a matter of demand.

事實上，我們兩者都需要。最後，我們為客戶提供全天候服務。是的，我發現其他人承受的壓力更大。也許我們會更容易獲得一些啤酒許可證——這是可能的。但同樣，我們的模型，我們非常清楚我們將提供什麼。我們的目標是一些國家。我們以此為基礎。所以我的意思是，對我來說這不是淨零的問題。這是一個需求問題。

The news of 2024, when you look to the results of what happened in 2024, electricity has grown by 4% in 2024, the global electricity demand, the demand, not the (inaudible) The supply and demand has grown by 4%, And all the strategy of the company is fundamentally driven by moving part of the company, remaining, of course, strong on Oil & Gas because -- this is the energy of today. This is where we can deliver accretive growth, et cetera, but moving part of the company to a market which offer clearly some good perspective for demand. All these tech companies, the data centers, AI is driving this increase of electricity demand.

2024 年的消息，當你回顧 2024 年發生的結果時，你會發現，2024 年電力增長了 4%，全球電力需求，需求，而不是（聽不清楚）供需增長了 4%，公司的所有戰略從根本上來說都是由公司的移動部分驅動的，當然，仍然在石油和當今保持強勁的能源——這是當今保持強勁的能源。在這裡我們可以實現增值成長等等，但將公司的一部分轉移到一個顯然能提供良好需求前景的市場。所有這些科技公司、資料中心和人工智慧都在推動電力需求的成長。

And by the way, it's good because this -- again, as I mentioned in my answer before, electricity is not linked to oil. So it's another way as well in our company to have a certain resilience not the same upside, but it's like marketing and something. You have a resilient business.

順便說一句，這很好，因為——正如我之前在回答中提到的，電力與石油無關。因此，這也是我們公司獲得一定彈性的另一種方式，雖然優勢不盡相同，但就像行銷之類的。您的企業具有韌性。

So for us, the fact that other competitors maybe have more pressure, less competition, that means access to assets might be better, easier. But we are -- it's not a matter of net or it's a matter for me and for Jean, comforting the TotalEnergies business in the future, delivering growth, and in a resilient way and in a profitable way. That's what is driven -- what are the drivers of this strategy.

因此對我們來說，其他競爭對手可能面臨更大的壓力、更少的競爭，這意味著獲得資產的途徑可能會更好、更容易。但我們——這不是淨值的問題，也不是我和 Jean 的問題，而是安撫 TotalEnergies 未來的業務，實現成長，並以有彈性的方式和盈利的方式。這就是驅動力——這項策略的驅動力是什麼。

Great. Thank you.

偉大的。謝謝。

Jason Gabelman, TD Cowen.

傑森·加貝爾曼（Jason Gabelman），TD Cowen。

Hey.Thanks for taking my question. The first one is on the integrated LNG business. And I -- it's difficult to see the benefit from the SapuraOMV acquisition quarter-over-quarter. I know you've said in the past that, that production is linked to global gas prices and given where they are, I would have expected to see a step up in earnings from that new production. So can you just talk about kind of what that contributed within earnings if it's masked by perhaps lower trading quarter-over-quarter?

嘿，謝謝你回答我的問題。第一個是關於綜合液化天然氣業務。而且我很難看出 SapuraOMV 收購案會帶來逐季效益。我知道您過去曾說過，產量與全球天然氣價格掛鉤，考慮到目前的水平，我預計新產量將帶來收益的成長。那麼，您能否談談，如果這一影響被季度環比交易量下降所掩蓋，那麼這對盈利有何貢獻？

And then somewhat related to that, one of your large peers noted this morning that the trading environment is a bit more difficult given the new macro risks that the market is dealing with. And I'm wondering if you're seeing that in your own oil and gas trading books and for the duration that the tariff risk kind of remains -- does just trading become a bit more difficult? Thanks.

與此相關的是，你們的一位大型同業今天上午指出，鑑於市場正在應對的新宏觀風險，交易環境變得更加困難。我想知道您是否在自己的石油和天然氣交易帳簿中看到了這一點，並且在關稅風險持續存在的期間內，交易是否會變得更加困難？謝謝。

Okay. Honestly, it's -- SapuraOMV acquisition is delivering some results. Obviously, I don't have that in mind today. I mean I don't have the details. We don't give the details for asset-by-asset. It's easy to find, if you want to look to (inaudible) one year ago and was isolated and you will find some figures.

好的。說實話，SapuraOMV 收購正在帶來一些成果。顯然，我今天並沒有考慮這件事。我的意思是我不知道細節。我們不會提供每項資產的詳細資訊。這很容易發現，如果你想回顧（聽不清楚）一年前和當時的隔離情況，你會發現一些數字。

But teams can come back to you on this one, but I'm not able to -- and I think Jean-Pierre, he cannot as well. So we are not -- we look to the global one, but it's contributive. And in fact, you will see. I mean we are working today to capitalize on this position in Malaysia to move to more assets and it's not only one asset, it's a larger story that we are trying to build, and we are willing to build today together with (inaudible), which is a strong strategic partner of the company and we work. And so I mean that's not the point.

但是球隊可以就此事回覆你，但我不能——我認為讓·皮埃爾也不能。所以我們不是——我們著眼於全球，但它是有貢獻的。事實上，你會看到。我的意思是，我們今天正在努力利用在馬來西亞的這一地位來獲得更多的資產，這不僅是一項資產，而是我們正在努力構建的一個更大的故事，我們願意與（聽不清）一起構建，它是公司的強大戰略合作夥伴，我們正在努力。所以我的意思是這不是重點。

On trading, I understand the comment. I mentioned it. I think the macro environment makes it more complex. All traders told us it's very difficult for them to the fundamentals of tomorrow, which they think could be hit suddenly by some comments or could have an impact or reverse impact. So it's a difficult market to trade. There is some volatility, but difficult to anticipate. So it's true, but for traders, it's not the best way. It's not the easy environment. And I can only I would say, trust them. I'm trusting them. They know their business. They know what they can take the level of risk they can take. It's up to them. We are not guiding them on this one. Its for them to do it.

關於交易，我理解該評論。我有提到過。我認為宏觀環境使它變得更加複雜。所有交易員都告訴我們，他們很難預測明天的基本面，他們認為這些基本面可能會受到某些評論的突然打擊，或產生正面或負面的影響。因此這是一個難以交易的市場。存在一些波動，但很難預測。確實如此，但對於交易者來說，這並不是最好的方法。這不是一個輕鬆的環境。我只能說，相信他們。我相信他們。他們了解自己的業務。他們知道自己能夠承擔多大的風險。這取決於他們。我們不會在這方面指導他們。這是他們該做的事。

Honestly, the oil trading has done well during this quarter. I'll remind you that the total energy trading is more trailing around assets rather on the market. So we are valorizing our assets. We have a lot of position with storages, inventories. So this is the way we trade, hedging some assets, et cetera. So I think it's -- again, the oil trading has done very well during the quarter. So I can say.

老實說，本季的石油交易表現良好。我要提醒你的是，總能源交易更多的是圍繞著資產而不是市場。因此，我們正在評估我們的資產。我們擁有大量的倉儲和庫存。這就是我們的交易方式，對沖一些資產等等。所以我認為——本季的石油交易表現非常好。所以我可以說。

And the gas trading has done well, the LNG part was very positive. Gas one only because of this reverse trend. We are in the right position, again, bullish on, it a long position, suddenly, we had to reverse it. Bearish projects because of the political comments on Russian gas, whereas, I think the market has overreacted to something, which will take time, as I mentioned.

天然氣交易表現良好，液化天然氣部分錶現非常正面。由於這種逆轉趨勢，僅氣一。我們處於正確的位置，再次看漲，這是一個多頭頭寸，突然間，我們不得不扭轉它。由於對俄羅斯天然氣的政治評論，看跌項目，而我認為市場對某些事情反應過度，正如我所提到的，這需要時間。

So yes, it's true. Having said that, again, I think four quarters, which was a team to deliver strong results. And so I'm not -- I mean, if I'm looking back to the guidance we gave you at the beginning of the year, what has been taken as coming from more on trading because it's not only oil gas, we have power trading, which has done well as well, which is part of Integrated Power. We are in line with the contribution of trading to our global guidance for the year.

是的，這是真的。話雖如此，我再次認為，在過去的四個季度中，這是一支能夠取得強勁成績的球隊。所以我不是——我的意思是，如果我回顧我們在年初給你的指導，你會發現它更多地來自於交易，因為它不僅是石油天然氣，我們還有電力交易，它也做得很好，它是綜合電力的一部分。我們的交易對今年全球指導的貢獻是一致的。

Great. Thanks for those answers.

偉大的。謝謝這些回答。

Alejandro Vigil, Santander.

桑坦德的亞歷杭德羅·維吉爾。

Yes, hello Patrick and Jean-Pierre for taking my questions. Related to both questions about the downstream business. You have flagged some improvement in refining margins in the short-term, but I'm more interested in your thoughts about the new-term outlook for this division?

是的，你好，Patrick 和 Jean-Pierre，感謝你們回答我的問題。這兩個問題都與下游業務有關。您已經指出短期​​內煉油利潤率會有所提高，但我更感興趣的是您對該部門新任期前景的看法？

And the second question is about marketing. We have seen some weakness in first quarter, probably just seasonality, where you can comment on that? Thank you.

第二個問題是關於行銷的。我們發現第一季存在一些疲軟跡象，可能只是季節性因素，您對此有何評論？謝謝。

This isn’t quite easy. People are less driving in winter than in summer. It's true in Europe. It's true very well. So in fact, there is no surprise. In fact, because we maybe -- you don't take attention, but the results of this first quarter is in line with the first quarter of 2024. Even we have lost some fuel, but it's in line, $260 million, $240 million. There is no, it’s just seasonal and then various marketing results are higher during the year, that just -- so for us, it was -- I see some comments this morning before it was not a surprise.

這並不容易。冬季人們開車的次數比夏季少。在歐洲確實如此。這確實非常真實。所以其實也沒什麼好奇怪的。事實上，因為我們可能——你沒有註意到，但今年第一季的結果與 2024 年第一季的結果一致。儘管我們損失了一些燃料，但損失仍在合理範圍內，2.6 億美元、2.4 億美元。沒有，這只是季節性的，然後一年中各種行銷業績都會更高，這只是 - 所以對我們來說，這是 - 我今天早上看到一些評論，這並不奇怪。

So I'm not -- I think the marketing and services is on the contrary, a very resilient division. Generally, when we announce that we will deliver on the year 2.2 billion, 2.3 billion, 2.4 billion they deliver their cash flow. So it's less volatile than other. So it's more a question just less drivers. You don't drive as much just consumption.

所以我並不這麼認為——我認為行銷和服務恰恰相反，是一個非常有彈性的部門。一般來說，當我們宣布今年將實現 22 億、23 億、24 億的營收時，他們就會公佈他們的現金流。因此它的波動性比其他的要小。所以這更多的是一個司機減少的問題。你開車不多，只是消費。

On the first one, Patrick will answer it.

第一個問題，派崔克會回答。

It's true, as I come back on, because it was an important announcement by the company, which was not commenced, which is we have announced we closed shutdown one cracker reamer, which is quite an important decision. When you decide to shut down a cracker is a big unit with a lot of people involved.

確實如此，正如我剛才所說，因為這是公司的一個重要聲明，它還沒有開始，也就是說我們已經宣布關閉了一台裂解裝置擴孔器，這是一個非常重要的決定。當你決定關閉一個裂解裝置時，它是一個涉及很多人的大型裝置。

It's true that European refining and European petrochemicals are under pressure and even from different -- the consumption is going down. The pressure from petrochemicals from other areas is quite strong, including from the US unless there are some tariffs, but also from Asia. So I think for us, it's true that we have to medium-term outlook is more to question to monitor, I would say, the decline of the market. So this pressure on the margins.

確實，歐洲煉油和石化產業面臨壓力，甚至受到不同因素的影響——消費量正在下降。來自其他地區的石化產品的壓力相當大，包括來自美國（除非徵收關稅）的壓力，也包括來自亞洲的壓力。因此我認為，對我們來說，我們確實需要對中期前景提出更多質疑，以監測市場的下滑。因此利潤率面臨壓力。

And it's true that from this perspective, we contributed the restructuring of petrochemical by taking the decision that this tracker rename will be off the market by 2027. So it took three years to execute it, but we'll do it. And we are looking to that, in fact, for other assets, we know it. So this is a point, but we have to do it properly, including our social responsibility, and that's important to me.

確實，從這個角度來看，我們決定到 2027 年該追蹤器名稱將退出市場，這對石化產業的重組做出了貢獻。因此，我們花了三年時間來實現它，但我們會做到的。事實上，我們也在關注其他資產，我們知道這一點。所以這是一個觀點，但我們必須正確地去做，包括我們的社會責任，這對我來說很重要。

Thank you.

謝謝。

Henry Tarr, Berenberg.

亨利·塔爾 (Henry Tarr)，貝倫貝格 (Berenberg)。

Thanks for -- thanks for squeezing me in. My question comes back to Russia, actually. And in the event that we do see some sort of piece steel with Ukraine, how do you see your sort of interests in the country and how you might sort of look to approach that? Thank you.

謝謝您—謝謝您抽空邀請我。事實上，我的問題又回到了俄羅斯。如果我們確實看到與烏克蘭達成某種協議，您如何看待自己在烏克蘭的利益以及您將如何處理這一問題？謝謝。

It will all depend on the condition of the peace deal, which I don't know today. Having said that, we have a very strong asset with Yamal Energy, which I consider as a prime asset in which we continue to work on it and which is the anchor the position. This one is a long-term asset -- for the rest, I think it's just difficult to make some forecast on geopolitics in this war so that I cannot comment more than that. I think I told you where we are.

這一切都取決於和平協議的條件，而我今天還不知道。話雖如此，亞馬爾能源是我們非常強大的資產，我認為它是我們將繼續努力的主要資產，也是我們地位的支柱。這是一項長期資產——至於其餘部分，我認為很難對這場戰爭中的地緣政治做出預測，因此我無法發表更多評論。我想我告訴過你我們在哪裡。

Okay. Thanks.

好的。謝謝。

And this was the last question. Mr. Pouyanne. I'll turn the call back to you.

這是最後一個問題。普亞內先生。我會把電話轉回給你。

So thank you for your attention. And to all of you, I think the company, again, has very strong fundamentals on which -- which gives me a lot of comfort again to weather the storm and not to overreact. And I think through these results of the first quarter, we demonstrated some of the strengths, in particular, again, our E&P division has done well, delivering the growth, strong cash flows. This is the core of the company.

感謝您的關注。對於你們所有人，我認為公司的基本面非常強勁，這讓我再次感到安心，能夠安然度過難關，而不會反應過度。我認為，透過第一季的業績，我們展示了一些優勢，特別是我們的 E&P 部門表現良好，實現了成長，現金流強勁。這是公司的核心。

Integrated power is in line and the others, we face some more difficult I would say, downstream environment, but the teams are mobilized to run the assets and to capture better margins for welcome. So thank you for your attention, and see you soon, all of you.

綜合電力和其他方面都符合要求，我想說，我們面臨更困難的下游環境，但團隊已經動員起來經營資產，以獲得更好的利潤。謝謝大家的關注，我們很快再見。

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。