Q4 2025 TotalEnergies SE Earnings Call

February 11, 2026

Speaker #4: So welcome, everybody. For this presentation of 2025 results and the objective for 2026, we are from London. It is sunny like it's sun for the shares of TotalEnergies until we speak.

Patrick Pouyanné: So, welcome, everybody, for this presentation of 2025 results and the objective for 2026. We are from London. It is sunny, like it's sunny for the shares of TotalEnergies until we speak, so we'll see after that, after this call. And I'm happy to be here today with the executive committee members. You know all of them, but not Catherine. Catherine, you could stand up, which is our new member in charge of people and social engagement and all global services. That's Catherine. And there is another person which is next to us that you need to know, which is Arnaud le Foll. Arnaud is our deputy CFO. You will have a chance to listen to him today. We'll make a presentation in two big parts and two focuses in the middle, so to change. So Jean-Pierre will introduce the first; we'll have, of course, safety moment.

Speaker #4: So we'll see after that. After this call. And I'm happy to be here today with the executive committee members. You know, all of them, but not Catherine.

Speaker #4: Catherine, you could stand up, which was—she’s our new member in charge of People and Social Engagement and all Global Services. That’s Catherine. And there is another person, which is next to us, but you need to know, which is Arnaud Le Fol.

Speaker #4: Arnaud is our deputy CFO. You will have a chance to listen to him today. We'll make a presentation in two big parts and two focus in the middle of the change.

Speaker #4: So Jean-Pierre will introduce the first, we'll have, of course, safety moment. It will be done. And the, I would say, safety sustainability part will be done by Nicola Terras, our president upstream.

Patrick Pouyanné: It will be done, and the, I would say, safety sustainability part will be done by Nicolas Terraz, our President, Upstream. Then we'll have Jean-Pierre who will make a review of the 2025 results. Then two small focuses. One Namibia by Arnaud, because Arnaud, before to be Deputy CFO, was the one in charge of the negotiation of Namibia. So let's have the opportunity to let him listen to him. And then Stéphane will come in a focus of data centers, AI, as a way, as a business for us, but also what we do internally. So just two focuses. And then I will take the last part about what are the objectives for 2026. So it will be normally, if we are respecting the timing, not sure, it should be 1 hour, 1 hour 5 minutes. We'll see. But be patient when you have time to ask your question.

Speaker #4: Then we'll have Jean-Pierre, who will make a review of the 2025 results. Then two small focus: one, Namibia by Arnaud, because Arnaud before to be deputy CFO was the one in charge of the negotiation of Namibia.

Speaker #4: So let's have the opportunity to let him listen to him. And then Stéphane will come and focus of data centers, AI from Azaway as a business for us, but also what we do internally.

Speaker #4: So just two focus and then I will take the last part about what are the objectives for 2026. So it will be normally, if we are respecting the timing, not sure, it should be one hour, one hour five minutes.

Speaker #4: We'll see. But be patient. When you have time to ask your question. So Nicola, the floor is yours to

Patrick Pouyanné: So Nicolas, the floor is yours to begin.

Speaker #4: begin. Good afternoon,

Nicolas Terraz: Good afternoon, everyone. So first, let me take a minute for a sustainability moment. And you know, we thought for the sustainability moment, we'll share with you a very concrete illustration on what we are doing to fight methane emissions. And to fight methane emissions, the first step is to detect them. So what we did last year is that we installed in all our sites a network of detection and monitoring systems, fixed, continuous. And what you see in the footage here is a picture or video taken in Argentina, in Neuquén. And we are just commissioning an infrared camera. And this infrared camera detected what it's not a fire, but it's methane. And in fact, it's methane coming from underground, from a pipeline which had a pinhole, you know, so a very small hole, and was leaking methane in fairly modest quantities. But still, this was detected.

Speaker #6: everyone. So first, let me take a minute for a sustainability moment and, you know, we thought for the sustainability moment, we'll share with you a very concrete illustration on what we're doing to fight methane emissions.

Speaker #6: And to fight methane emissions, the first step is to detect them. So what we did last year is, and we installed in all our sites, a network of detection and monitoring systems, fixed continuous.

Speaker #6: And what you see in the footage here is a picture or video taken in Argentina, in Neuquén. And we are just commissioning an infrared camera, and this infrared camera detected what is not a fire, but it's methane.

Speaker #6: And in fact, it's methane coming from underground, from a pipeline which had a pinhole—you know, so a very small hole—and was leaking methane in fairly modest quantities.

Speaker #6: But still, this was detected. This was, of course, immediately fixed, you know, so the pipeline was excavated and the leakage fixed. But this really illustrates, you know, the role and benefit of permanent methane detection to reach near-zero methane emissions, which is our objective by 2030.

Nicolas Terraz: This was, of course, immediately fixed, you know. So the pipeline was excavated and the leakage fixed. But this really illustrates, you know, the role and benefit of permanent methane detection to reach near-zero methane emissions, which are objective by 2030. So let me now move to safety. You see on the slides, we are on a journey of continuous improvement in safety, both for safety at work and for process safety. For safety at work, you see on the left part of the slide our total recordable injury rate, which has been continuously decreasing. Last year, we were below 0.5 events per million man-hours. I think we are pleased to be ahead of our peer group. Where we are not happy, in fact, is that we had one fatality last year.

Speaker #6: So let me now move to safety. So you see on the slides, we are you know, we are on a journey of continuous improvement in safety, both for safety at work and for process safety.

Speaker #6: So for safety at work, you see on the left part of the slide our total recordable injury rate, which has been continuously decreasing, and last year we were below 0.5 events per million man-hours.

Speaker #6: So, I think we are pleased to be ahead of our peer group. Where we are not happy, in fact, is that we had one fatality last year.

Speaker #6: This happened in Angola. During the offloading of drilling casings from a rig to a platform supply vessel, where one person working on board the supply vessel was crushed by those drilling pipes.

Nicolas Terraz: This happened in Angola during the offloading of drilling casings from a rig to a platform supply vessel, where one person working on board the supply vessel was crushed by those drilling pipes. Manoj Kumar, he was 51 years old. He was married. He had one child. And after the accident, what we did is what we owed to him, which is to take very strong action to reinforce the safety of deck operations on board our supply vessels by putting more physical barriers, you know, steel frames for pipe offloading operations, but also by taking very strong organizational measures in terms of supervision of the dock operations on board our supply vessels.

Speaker #6: Manoj Kumar, he was 51 years old. He was married. He had one child. And after the accident, what we did is what we owed to him, which is to take very strong action to reinforce the safety of deck operations on board our supply vessels.

Speaker #6: By putting more physical barriers, you know, steel frames, for pipe offloading operations, but also by taking very strong organizational measures in terms of supervision of the deck operations on board our supply vessels.

Speaker #6: For process safety, on the prevention of major risk, it's illustrated on the right part of the slide with the reduction of the number of primary losses of containment on our sites, which have been decreased by 60% since 2020.

Nicolas Terraz: For process safety and the prevention of major risk, it's illustrated on the right part of the slide with the reduction of the number of primary losses of containment on our sites, which have been decreased by 60% since 2020. We are continuing to work on that front. Today, more than ever, we want to ensure everyone working on our sites, either staff or contractors, can return home safely. We aim to achieve zero fatality in our operations. I'm now coming to our emissions. Here, we are really pleased that in 2025, we reached and even exceeded all our emission reduction targets. I spoke about methane just before. Now, we are at -65% in our methane emissions compared to 2020. We had a target of -60%.

Speaker #6: And so we are continuing, you know, to work on that front. And today, more than ever, we want to ensure everyone working on our sites either staff or contractors can return home safely and we aim to achieve zero fatality in our operations.

Speaker #6: I'm now coming to our emissions. And here we are really pleased that in 2025, we reached an even exceeded all our emission reduction targets.

Speaker #6: So I spoke about methane just before. Now we are at minus 65% in our methane emissions compared to 2020. We had a target of minus 60%.

Speaker #6: And as I mentioned, we are monitoring this super closely. In order to reach near zero methane in three, four years. For greenhouse gas, looking at our scope one and two, greenhouse gas emissions, you see that last year, for oil and gas operations, we reduced the emission by one million tons compared to 2024.

Nicolas Terraz: And as I mentioned, we are monitoring this super closely in order to reach near-zero methane in 3, 4 years. For greenhouse gas, looking at our Scope 1 and 2 greenhouse gas emissions, you see that last year, for oil and gas operations, we reduced the emission by 1 million tonnes compared to 2024. And we have a cumulative reduction of 38%. Also, the gradual evolution of our sales mix is driving down the Lifecycle Carbon Intensity of our products, of the products we are selling. And you see the figure here, -19% in 2025 compared to where we were in 2015. And the last point, but not the least one, is that you know that we've invested $1 billion in an energy efficiency improvement program over 2023-2025. This is paying off.

Speaker #6: And we have a cumulative reduction of 38%. Also, the gradual evolution of our sales mix. It's driving down the life cycle carbon intensity of our products, of the products we are selling.

Speaker #6: And you see the figure here, minus 19% in 2025 compared to where we were in 2015. And the last point, but not the least one, is that, you know, that we've invested one billion dollars in energy efficiency improvement program over 23, 25.

Speaker #6: This is paying off. It's paying off with reduction in our emissions. Because the actions implemented through this program resulted in a reduction of two million tons of CO2 equivalent emissions less.

Nicolas Terraz: It's paying off with a reduction in our emissions because the actions implemented through this program resulted in a reduction of 2 million tonnes of CO2 equivalent emissions less. But it's also paying off in terms of dollars because this program has generated around $200 million annually of energy and CO2 savings from hundreds, in fact, of actions on our various sites. So this was about emissions. And now, I'm going to hand back the floor to Jean-Pierre. Thank you very much. Good afternoon. So I will present to you the 2025 results, and I think the key achievement of the year. So you know we have a pretty well-balanced strategy, integrated strategy, anchored on two pillars. The first one, oil and gas, and the second one, gas and LNG. Let me go through the main achievements of 2025, so starting with oil and gas and oil in particular.

Speaker #6: But it's also paying off in terms of dollars because this program has generated around 200 million dollars annually of energy and CO2 savings. From hundreds, in fact, of actions on our various sites.

Speaker #6: So this was about emissions. And now I'm going to unpack the floor to Jean-Pierre.

Nicolas Terraz: And now, I'm going to hand back the floor to Jean-Pierre.

Jean-Pierre Sbraire: Thank you very much. Good afternoon. So I will present to you the 2025 results, and I think the key achievement of the year. So you know we have a pretty well-balanced strategy, integrated strategy, anchored on two pillars. The first one, oil and gas, and the second one, gas and LNG. Let me go through the main achievements of 2025, so starting with oil and gas and oil in particular.

Speaker #4: Thank you very much. Good afternoon. So I will present to you the 2025 results. And I think the key achievement of the year. So, you know, we have the pretty well-balanced strategy, integrated strategy, anchored on two pillars.

Speaker #4: The first one, oil and gas, and the second one, gas and LNG. Let me go through the main achievements of 2025. So, starting with oil and gas, and oil in particular.

Speaker #4: So you see that, you know, that we started up two main oil and gas shields, one in the US with Balimor and another one deep offshore development in Brazil.

Nicolas Terraz: So you see that, you know, that we started up 2 main oil and gas fields, one in the US with Ballymore, another one over deep offshore development in Brazil with Mero 4. Namibia, it's a very clear achievement of 2025 year. So entering in the block till now operated by Galp, supporting the Mopane discovery. So entering into that block, of course, is a very clear achievement, confirming this Namibia as a new, I would say, golden province for TotalEnergies. Arnaud will come back on that to give you more details about that. To prepare the future, so we have reloaded our portfolio, exploration portfolio. You see here the different geographies in which we are very active in 2025.

Jean-Pierre Sbraire: So you see that, you know, that we started up 2 main oil and gas fields, one in the US with Ballymore, another one over deep offshore development in Brazil with Mero 4. Namibia, it's a very clear achievement of 2025 year. So entering in the block till now operated by Galp, supporting the Mopane discovery. So entering into that block, of course, is a very clear achievement, confirming this Namibia as a new, I would say, golden province for TotalEnergies. Arnaud will come back on that to give you more details about that. To prepare the future, so we have reloaded our portfolio, exploration portfolio. You see here the different geographies in which we are very active in 2025.

Speaker #4: With Merofor. Many IBEA. It's a very clear achievement of 2025 year. So entering in the block till now operated by GALP supporting the MOPAN discovery.

Speaker #4: So entering into that block, of course, is a very clear achievement confirming this NEN IBEA as a new, I would say, golden province for total energy.

Speaker #4: Or Arnaud will come back on that to give you more details about that. To prepare the future, so we have reloaded our portfolio exploration portfolio.

Speaker #4: You see here the different geographies in which we are very active in 2025. On the gas and LNG side, Rio Grande, so we FID, we sanctioned the project, the fourth train in Rio Grande.

Nicolas Terraz: On the gas and LNG side, Rio Grande, so we FID, we sanctioned the project, the fourth train in Rio Grande project, with an additional 1.5 million tonnes per year of additional LNG offtake. Acquisition of additional interest in Malaysia. So you know that we entered into Malaysia very recently. So confirming the willingness of TotalEnergies to build a hub that is perfectly positioned to supply the gas market in Asia in the coming years. And continuing the integration, the upstream gas integration in the US with additional acquisition of dry gas in another coal basin. And on top of that, end of 2025, we announced the agreement with NEO Energy, in fact, to merge our upstream assets with those of NEO Energy, creating one of the largest oil and gas, or the major oil and gas players in the UK, aiming to deliver synergies. So to summarize, yes, we grow.

Jean-Pierre Sbraire: On the gas and LNG side, Rio Grande, so we FID, we sanctioned the project, the fourth train in Rio Grande project, with an additional 1.5 million tonnes per year of additional LNG offtake. Acquisition of additional interest in Malaysia. So you know that we entered into Malaysia very recently. So confirming the willingness of TotalEnergies to build a hub that is perfectly positioned to supply the gas market in Asia in the coming years. And continuing the integration, the upstream gas integration in the US with additional acquisition of dry gas in another coal basin. And on top of that, end of 2025, we announced the agreement with NEO Energy, in fact, to merge our upstream assets with those of NEO Energy, creating one of the largest oil and gas, or the major oil and gas players in the UK, aiming to deliver synergies. So to summarize, yes, we grow.

Speaker #4: Project. We have an additional 1.5 million tons per year of additional LNG off-tech. Acquisition of additional interest in Malaysia. So you know that we enter into Malaysia very recently.

Speaker #4: So, build a hub that is perfectly positioned to supply the gas market in Asia in the coming years. And, continuing the integration, the upstream gas acquisition of the high gas in another coal basin.

Speaker #4: And on top of that, end of 2025, we announced the agreement with NONEXT. In fact, to merge our upstream assets with those of NONEXT, creating one of the largest oil and gas, or the major oil and gas players in the UK.

Speaker #4: Aiming to deliver synergies. So to summarize, yes, we grow. We are a growing company. So you see here the figures. 2025, 4% upstream growth.

Nicolas Terraz: We are a growing company. So you see here the figures. 2025, 4% upstream growth. You know that the guidance was above 3%. So we are largely above the guidance. At the same time, we keep the discipline. I will come back on the CAPEX too. Here, you see the figure for OPEX, OPEX per barrel. So the best OPEX per barrel among our peers, $5 per barrel. Of course, it's very important for us to keep this advantage to face a possible low-price environment. And very, very important in our views, the fact that we were able to deliver 120% proved reserve replacement rates. That means that with the reserve, proved reserve we have at the end of the year, at the end of 2025, we will cover 12 years of 25 production. And the other pillar, so integrated power.

Jean-Pierre Sbraire: We are a growing company. So you see here the figures. 2025, 4% upstream growth. You know that the guidance was above 3%. So we are largely above the guidance. At the same time, we keep the discipline. I will come back on the CAPEX too. Here, you see the figure for OPEX, OPEX per barrel. So the best OPEX per barrel among our peers, $5 per barrel. Of course, it's very important for us to keep this advantage to face a possible low-price environment. And very, very important in our views, the fact that we were able to deliver 120% proved reserve replacement rates. That means that with the reserve, proved reserve we have at the end of the year, at the end of 2025, we will cover 12 years of 25 production. And the other pillar, so integrated power.

Speaker #4: You know that the guidance was above 3%. So we are largely above the guidance. At the same time, we keep the discipline. I will come back on the CAPEX to here.

Speaker #4: You see the figure for OPEX. OPEX per barrel. So the best OPEX per barrel among our peers. $5 per barrel. Of course, it's very important for us to keep this advantage.

Speaker #4: To face a possible low price environment. And, very, very important in our view, the fact that we were able to deliver 120% proved reserve replacement rates. That means that the proved reserves we have at the end of the year, at the end of 2025, will cover 12 years of 2025 production.

Speaker #4: On the other pillar, so integrated power. So another year of delivery of our strategy. More than 20% net power production growth, both on coming from renewable and from CCGT, from flexible assets.

Nicolas Terraz: So another year of delivery of our strategy, more than 20% net power production growth, both coming from renewable and from CCGT, from flexible assets. We mentioned here 3 main achievements of the year. You know the agreement we signed with EPH that will, in fact, accelerate our gas-to-power integration in Europe, supposed to be closed mid-2026. Stéphane will come back on that. So we surfed, I would say, on the wave created by data center, EA, to sign 6 terawatt-hours per year PPA with the data center, in fact. And implementing our model. So at COD, as you know, we recycle the CAPEX, the capital. And so we successively signed different farm-down in the UK, in Greece, in Portugal, in France in 2025, recycling the equivalent of $2 billion. Scorecard for 2025. Clearly, we are a growing company, delivering of our objectives.

Jean-Pierre Sbraire: So another year of delivery of our strategy, more than 20% net power production growth, both coming from renewable and from CCGT, from flexible assets. We mentioned here 3 main achievements of the year. You know the agreement we signed with EPH that will, in fact, accelerate our gas-to-power integration in Europe, supposed to be closed mid-2026. Stéphane will come back on that. So we surfed, I would say, on the wave created by data center, EA, to sign 6 terawatt-hours per year PPA with the data center, in fact. And implementing our model. So at COD, as you know, we recycle the CAPEX, the capital. And so we successively signed different farm-down in the UK, in Greece, in Portugal, in France in 2025, recycling the equivalent of $2 billion. Scorecard for 2025. Clearly, we are a growing company, delivering of our objectives.

Speaker #4: We mentioned here three main achievements of the year. You know, the agreement we signed with EPH that will, in fact, accelerate our gas-to-power integration in Europe.

Speaker #4: Supposed to be closed mid-2026. Stéphane will come back on that. So we served, I would say, on the wave created by data center EA.

Speaker #4: To sign six terawatt-hours per year PPA with data centers, in fact. And implementing our model. So at COD, as you know, we recycle the CAPEX—the capital.

Speaker #4: And so we successively signed different found down in the UK, in Greece, in Portugal, in France, in '25. Recycling the equivalent of two billion dollars.

Speaker #4: Scorecard for 2025. Clearly, we are a growing market. We are a growing company delivering of our objectives. First, more energy. Growing energy clear growth regarding energy production.

Nicolas Terraz: First, more energy, growing energy, clear growth regarding energy production, 5% when you combine the growth coming from oil and gas and the growth coming from electricity. So more specifically on the oil and gas, I already mentioned the fact that we achieved close to 4% growth. You know that the targets were above 3%. And for electricity net production, we increased the production by almost 20% between 2024 and 2025, reaching more or less 50 terawatt-hours in 2025. Refining utilization rates. So we were clear that during the first semester, ARC has to face some technical incidents, problems of reliability of some of the assets in France or in the US. The second semester, this has been fixed.

Jean-Pierre Sbraire: First, more energy, growing energy, clear growth regarding energy production, 5% when you combine the growth coming from oil and gas and the growth coming from electricity. So more specifically on the oil and gas, I already mentioned the fact that we achieved close to 4% growth. You know that the targets were above 3%. And for electricity net production, we increased the production by almost 20% between 2024 and 2025, reaching more or less 50 terawatt-hours in 2025. Refining utilization rates. So we were clear that during the first semester, ARC has to face some technical incidents, problems of reliability of some of the assets in France or in the US. The second semester, this has been fixed.

Speaker #4: 5% when you combine the growth coming from oil and gas and the growth coming from electricity. So more specifically on the oil and gas, I already mentioned the fact that we achieve close to 4% growth.

Speaker #4: You know that the target was above 3%. And for electricity net production, we increased the production by almost 20% between 2024 and 2025, reaching more or less 50 terawatt-hours in 2025.

Speaker #4: Refining utilization rates. So we were clear that during the first semester, ARC has to face some technical incidents. Problem of reliability of some of the assets in France or in the US.

Speaker #4: The second semester, this has been fixed. And so given this performance during the second semester, you see that globally, all in all, over the full year, so refining utilization rate was in line with the targets we had.

Nicolas Terraz: So given this performance during the second semester, you see that globally, all in all, over the full year, refining utilization rates were in line with the targets we had. LNG sales, growing 10% more compared to last year, in line with the growth in production. Finally, on this topic, more energy. Renewable growth installed capacity, 24 gigawatts of growth renewable capacity at the end of the year. We were at 26 gigawatts end of 2024. That means that in the course of 2025, we were able to put into production 8 gigawatts of additional growth renewable capacity. It is the pace we need to achieve 8 gigawatts per year to achieve the target we have for 2030. More energy, less emissions. I will not come back on the figures because already Nicolas presented that.

Jean-Pierre Sbraire: So given this performance during the second semester, you see that globally, all in all, over the full year, refining utilization rates were in line with the targets we had. LNG sales, growing 10% more compared to last year, in line with the growth in production. Finally, on this topic, more energy. Renewable growth installed capacity, 24 gigawatts of growth renewable capacity at the end of the year. We were at 26 gigawatts end of 2024. That means that in the course of 2025, we were able to put into production 8 gigawatts of additional growth renewable capacity. It is the pace we need to achieve 8 gigawatts per year to achieve the target we have for 2030. More energy, less emissions. I will not come back on the figures because already Nicolas presented that.

Speaker #4: LNG sales. So growing 10% more compared to last year in line with the growth in production. And finally, on this topic, more energy. So renewable growth installed capacity.

Speaker #4: So, 24 gigawatts of growth renewable capacity at the end of the year. We were at 26 gigawatts end of '24. That means that in the course of 2025, we are able to put into production eight gigawatts of additional growth renewable capacity.

Speaker #4: And this is the pace we need to achieve eight gigawatts per year to achieve the target we have for 2020, '30, sorry. So more energy, less emissions.

Speaker #4: I will not come back on the figures because already Nicola presented that. Just to mention to summarize that we are able to lower the emission, maintain, scope one, and scope two on our operations.

Nicolas Terraz: Just to mention, to summarize, that we are able to lower the emission, maintain scope 1 and scope 2 on our operations while, at the same time, being a growing company, 5% more energy produced in 2025. More energy, less emission is good, but it's better, of course, to grow the free cash flow to supply the shareholder returns with, of course, two main drivers. The first one, maintaining the discipline on OPEX and maintaining this differentiation advantage we have, having an OPEX per barrel at $5 per barrel. CAPEX, I will come back on that later. We were, of course, in the guidance at $17.1 billion. Globally, the CFFO, I think, was not exactly at the level we anticipated when we gave the objective 2025, but not very far, at $28 billion. Delivering, in our view, a robust cash flow in 2025.

Jean-Pierre Sbraire: Just to mention, to summarize, that we are able to lower the emission, maintain scope 1 and scope 2 on our operations while, at the same time, being a growing company, 5% more energy produced in 2025. More energy, less emission is good, but it's better, of course, to grow the free cash flow to supply the shareholder returns with, of course, two main drivers. The first one, maintaining the discipline on OPEX and maintaining this differentiation advantage we have, having an OPEX per barrel at $5 per barrel. CAPEX, I will come back on that later. We were, of course, in the guidance at $17.1 billion. Globally, the CFFO, I think, was not exactly at the level we anticipated when we gave the objective 2025, but not very far, at $28 billion. Delivering, in our view, a robust cash flow in 2025.

Speaker #4: While at the same time, being a growing company 5% more energy produced in 2025. More energy, less emissions is good, but it's better, of course, to grow the free cash flow to supply the shareholder returns.

Speaker #4: With, of course, two main drivers. The first one maintaining the discipline on OPEX and maintaining this differentiation advantage we have having an OPEX per barrel at $5 per barrel.

Speaker #4: And CAPEX. I will come back on that later. So we were, of course, in the guidance at 17.1 billion dollars. So globally, the SFFO, I think, was not exactly available.

Speaker #4: We anticipate when we gave the objective, $25 billion, but not very far. At $28 billion. So delivering, in our view, a robust cash flow in 2025.

Speaker #4: So now some figures regarding this 2025 performance. So starting on the left-hand side of the slides, the cash flow and the contribution of the different business units, sorry, to this performance.

Nicolas Terraz: Now some figures regarding this 2025 performance. Starting on the left-hand side of the slides, the cash flow and the contribution of the different business units, sorry, to this performance. $28 billion of cash flow generated by your operation. You see here the different contributions, so exploration and production, translation of the growing cash flow and the fact that I will comment that later, the cash flow is accretive and the growth is accretive. Second portion, integrated LNG. So suffering in 2025 in a market with low volatility, but compensating for the downward in prices by additional production. I mentioned to you 10% growth regarding production and sales. Integrated power at $2.6 billion, so in line with our expectations. We have a target to have a cash flow above $2.5 billion for 2025. And downstream, $6.2 billion, so both refining and chemicals and marketing and services.

Jean-Pierre Sbraire: Now some figures regarding this 2025 performance. Starting on the left-hand side of the slides, the cash flow and the contribution of the different business units, sorry, to this performance. $28 billion of cash flow generated by your operation. You see here the different contributions, so exploration and production, translation of the growing cash flow and the fact that I will comment that later, the cash flow is accretive and the growth is accretive. Second portion, integrated LNG. So suffering in 2025 in a market with low volatility, but compensating for the downward in prices by additional production. I mentioned to you 10% growth regarding production and sales. Integrated power at $2.6 billion, so in line with our expectations. We have a target to have a cash flow above $2.5 billion for 2025. And downstream, $6.2 billion, so both refining and chemicals and marketing and services.

Speaker #4: So '28 billion dollars of cash flow generated by your operation. You see here the different contributions. So exploration and production. Traduction of the growing cash flow and the fact that I will comment that later the cash flow are accretive and the growth is accretive.

Speaker #4: Second portion, integrated LNG. So suffering in 2025 in markets with low volatility. But compensating and through the downward in prices, buy additional production I mentioned to you 10% growth regarding production and sales.

Speaker #4: Integrated power at 2.6 billion dollars. So in line with our expectations. So we have the target to have a cash flow above 2.5 billion dollars for 2025.

Speaker #4: And downstream, 6.2 billion dollars. So both ARC and marketing and services I think is the demonstration of the resilience of the company and the integration between ARC and marketing and services.

Nicolas Terraz: I think it's a demonstration of the resilience of the company and the integration between R&C and marketing and services. Once again, with better utilization rate during the second semester downstream, R&C was able to capture the good margin that we benefited from in the second part of the year. The uses, so I think the yellow parts of the graph. So we used more slightly above $17 billion for CapEx, so both organic CapEx acquisitions minus the investments. And the shareholder returns with two components, the first one being dividends, so $8.1 billion. So it's the cash out linked to the dividend taken into account via fixed rates we have in the course of 2025. So it's growing dividends. And we execute the buyback program for an amount of $7.5 billion globally on the full year. The net adjusted income reached $15.6 billion.

Jean-Pierre Sbraire: I think it's a demonstration of the resilience of the company and the integration between R&C and marketing and services. Once again, with better utilization rate during the second semester downstream, R&C was able to capture the good margin that we benefited from in the second part of the year. The uses, so I think the yellow parts of the graph. So we used more slightly above $17 billion for CapEx, so both organic CapEx acquisitions minus the investments. And the shareholder returns with two components, the first one being dividends, so $8.1 billion. So it's the cash out linked to the dividend taken into account via fixed rates we have in the course of 2025. So it's growing dividends. And we execute the buyback program for an amount of $7.5 billion globally on the full year. The net adjusted income reached $15.6 billion.

Speaker #4: Once again, with better utilization rate during the second semester downstream, ARC was able to capture the good margin that we benefited from in the second part of the year.

Speaker #4: The uses. So I think the yellow parts of the graph. So used. We used more slightly above 17 billion dollars for CAPEX. So both organic CAPEX, acquisition minus investments.

Speaker #4: Eight, and the shareholder returns, with two components. The first one being dividends, so 8.1. So it's the cash out linked to the dividend, taken into account via fixed rates.

Speaker #4: We have in the course of 2025. So it's growing dividends. And we execute the buy-back program for an amount of 7.5 billion dollars. Globally, on the full year.

Speaker #4: The net adjusted income reached 15.6 billion dollars. And so we continue to deliver the best-in-class profitability. So return on equity at 13.6 billion dollars.

Nicolas Terraz: We continue to deliver the best-in-class profitability, so return on equity at $13.6 billion and the best-in-class ROACE at 12.6%. The net income IFRS, so after non-taken into account, non-recurring adjustments, it's $13.1 billion for 2025. This has been done maintaining strong balance sheets. The gearing at the end of the year was below 15%, so at 14.7%. Globally, total shareholder returns 15.6%, so dividend plus buyback, so representing a payout. When you compare this return to shareholder to the cash flow we generated in 2025, so it's a payout close to 55%. Now, CapEx. I already mentioned that. Discipline, of course, maintained through the year 2025. The guidance, 15 to 15.5%. The final figure, 16.1%. 16, sorry, 17.1%, yes. This, you see the repartition, the split between the different businesses.

Jean-Pierre Sbraire: We continue to deliver the best-in-class profitability, so return on equity at $13.6 billion and the best-in-class ROACE at 12.6%. The net income IFRS, so after non-taken into account, non-recurring adjustments, it's $13.1 billion for 2025. This has been done maintaining strong balance sheets. The gearing at the end of the year was below 15%, so at 14.7%. Globally, total shareholder returns 15.6%, so dividend plus buyback, so representing a payout. When you compare this return to shareholder to the cash flow we generated in 2025, so it's a payout close to 55%. Now, CapEx. I already mentioned that. Discipline, of course, maintained through the year 2025. The guidance, 15 to 15.5%. The final figure, 16.1%. 16, sorry, 17.1%, yes. This, you see the repartition, the split between the different businesses.

Speaker #4: And the best-in-class project at 12.6%. The net income EFRS. So after non-taken into account non-recurring in adjustments, it's 13.1 billion dollars for 2025. And this has been done maintaining a strong balance sheet.

Speaker #4: So the gearing at the end of the year was below 15%. So at 14.7%. So globally, total shareholder return 15.6. So dividend plus buy-back.

Speaker #4: So, representing a payout, when you compare this return to shareholders to the cash flow we generated in 2025, it's a payout close to 55%.

Speaker #4: Now CAPEX. So I already mentioned that. So discipline. Of course, maintained through the year 2025. So the guidance 15 to 15.5. And so the final figure 15.1.

Speaker #4: 16, sorry, 16. 17, sorry. 17.1, yes. And so this you see the repartition, the split between the different businesses. So more or less one-third devoted to new oil and gas projects.

Nicolas Terraz: So more or less 1/3 devoted to new oil and gas projects and close to $3.5 billion to low-carbon energy, the main component of that being integrated power. This figure is the translation, the traduction of $16.8 billion spent on organic CAPEX, so the spending on the existing portfolio, the existing assets, plus $3.9 billion devoted to acquisition minus $3.6 billion to divestments. So that means that the M&A was quite balanced in 2025. But if you add the two figures, you end up with a figure at $7.5 billion. So that means that we continue to be very active on our portfolio, divesting mature assets and replacing them by assets with better performance and implementing our strategy regarding, in particular, integrated power. So the main acquisition we made for integrated power is VSB, the German renewable player.

Jean-Pierre Sbraire: So more or less 1/3 devoted to new oil and gas projects and close to $3.5 billion to low-carbon energy, the main component of that being integrated power. This figure is the translation, the traduction of $16.8 billion spent on organic CAPEX, so the spending on the existing portfolio, the existing assets, plus $3.9 billion devoted to acquisition minus $3.6 billion to divestments. So that means that the M&A was quite balanced in 2025. But if you add the two figures, you end up with a figure at $7.5 billion. So that means that we continue to be very active on our portfolio, divesting mature assets and replacing them by assets with better performance and implementing our strategy regarding, in particular, integrated power. So the main acquisition we made for integrated power is VSB, the German renewable player.

Speaker #4: And close to 3.5 billion to low carbon energy. The main component of that being integrated power. This figure is the translation, the traduction of 16.8 billion dollars spent on organic CAPEX.

Speaker #4: So the spending on the existing portfolio, the existing assets, plus 3.9 devoted to acquisition, minus 3.6 to divestments. So that means that the M&A was quite balanced in 2025.

Speaker #4: But if you add the two figures, you end up with a figure at 7.5 billion dollars. So that means that we continue to be very active on our portfolio divesting mature assets and replacing them by assets with better performance.

Speaker #4: And implementing our strategy regarding in particular integrated power. So the main acquisition we made for integrated power, it's VSB. The German renewable player. So I already mentioned the US, Malaysia, and on the opposite side, divestment.

Nicolas Terraz: So I already mentioned the US, Malaysia, and on the opposite side, divestment. So it's mature assets in Nigeria, in Congo, in Nkossa, just to give you these two examples, in Argentina, Aguada Pichana assets. And on top of that, all the countries I already mentioned regarding the implementation of our strategy, the recycling of the CAPEX, the capital for integrated power, we sold divestment in the US and in Europe. Let's move in more details to look at the upstream performance in 2025. So once again, a growth by 4% and fed by, of course, a low decline. We benefited for our portfolio of a decline by around 4% per year. And on top of that, as you know, we have a very deep portfolio. And so in 2025, we were able to put on production additional barrels that globally contributed to 150,000 barrels of oil equivalent per day.

Jean-Pierre Sbraire: So I already mentioned the US, Malaysia, and on the opposite side, divestment. So it's mature assets in Nigeria, in Congo, in Nkossa, just to give you these two examples, in Argentina, Aguada Pichana assets. And on top of that, all the countries I already mentioned regarding the implementation of our strategy, the recycling of the CAPEX, the capital for integrated power, we sold divestment in the US and in Europe. Let's move in more details to look at the upstream performance in 2025. So once again, a growth by 4% and fed by, of course, a low decline. We benefited for our portfolio of a decline by around 4% per year. And on top of that, as you know, we have a very deep portfolio. And so in 2025, we were able to put on production additional barrels that globally contributed to 150,000 barrels of oil equivalent per day.

Speaker #4: So it's mature assets in Nigeria, in Congo, in Lenkosa, just to give you these two examples. In Argentina, assets. And on all the countries I already mentioned regarding the implementation of our strategy, the recycling of the CAPEX, the capital, for integrated power.

Speaker #4: We sold divestment in the US and in Europe. Let's move in more details to see to look at the upstream performance in 2025. So once again, a growth by 4%.

Speaker #4: And feed it by, of course, a low decline we benefited for our portfolio of a decline by around 4% per year. And on top of that, as you know, we have a very deep portfolio.

Speaker #4: And so in 2025, we were able to put on production additional barrels that globally contributed to 150,000 barrels of oil equivalent per day. And this production is accretive.

Nicolas Terraz: This production is accretive. So it's a demonstration. So we increased the production by 4%, but in a constant environment, we increased the upstream cash flow by 10%. What does it mean? That means that the baseline for our portfolio has in this environment $70 per barrel for Brent and $12 per million BTU for gas, so generate $19 per barrel of CFFO. And the new projects, so you have the list, by the way, on the right-hand side of the slides. So this 150,000 barrels per oil equivalent of additional production has, on average, CFFO more than $30 per barrel. So that means that, of course, with the new production, we increase the accretivity of the portfolio. And so the difference between this $30 per barrel with the $19 per barrel for the baseline created an additional $700 million in 2025 regarding the CFFO.

Jean-Pierre Sbraire: This production is accretive. So it's a demonstration. So we increased the production by 4%, but in a constant environment, we increased the upstream cash flow by 10%. What does it mean? That means that the baseline for our portfolio has in this environment $70 per barrel for Brent and $12 per million BTU for gas, so generate $19 per barrel of CFFO. And the new projects, so you have the list, by the way, on the right-hand side of the slides. So this 150,000 barrels per oil equivalent of additional production has, on average, CFFO more than $30 per barrel. So that means that, of course, with the new production, we increase the accretivity of the portfolio. And so the difference between this $30 per barrel with the $19 per barrel for the baseline created an additional $700 million in 2025 regarding the CFFO.

Speaker #4: So it's the demonstration. So, we increased the production by 4%. But in a constant environment, we increased the upstream cash flow by 10%. What does it mean?

Speaker #4: That means that the baseline for our portfolio has in this environment 70 dollars per barrel for Brent and 12 dollars per million BTU for gas.

Speaker #4: So generate 19 dollars per barrel of CFFO. And the new projects, so we have the list, by the way, on the right-hand side of the slides.

Speaker #4: So this 150,000 barrels per oil equivalent of additional production has on average CFFO more than 30 dollars per barrel. So that means that, of course, with the new production, we increase the accretivity of the portfolio.

Speaker #4: And so the difference between this 30 dollars per barrel with the 19 dollars per barrel for the baseline, so created an additional 700 million dollars in 2025 regarding the CFFO.

Speaker #4: So, integrated LNG, well, it's clear that we had a narrowing spread between Asian markets and European markets. So the spread between the GKM and TTF—that is lower than before.

Nicolas Terraz: So integrated LNG, well, it's clear that in 2025, we had a narrowing spread between Asian markets and European markets. The spread between the JKM and TTF, that is lower than before, in most of the cases, below $0.5 per million BTU. Why? Because the market is more efficient. And so now, for obvious reasons, saving freight costs, the US LNG went in 2025 mainly to Europe. And on the opposite, Middle East LNG went mainly to Asia. So in that market, of course, it's generated less possibility of arbitrage between the two markets. And on top of that, we had low volatility.

Jean-Pierre Sbraire: So integrated LNG, well, it's clear that in 2025, we had a narrowing spread between Asian markets and European markets. The spread between the JKM and TTF, that is lower than before, in most of the cases, below $0.5 per million BTU. Why? Because the market is more efficient. And so now, for obvious reasons, saving freight costs, the US LNG went in 2025 mainly to Europe. And on the opposite, Middle East LNG went mainly to Asia. So in that market, of course, it's generated less possibility of arbitrage between the two markets. And on top of that, we had low volatility.

Speaker #4: In most of the cases, below 0.5 dollars per million BTU. So why? Because the market is more efficient. And so now, for obvious reasons, saving freight costs, the US LNG went in 2025 mainly to Europe.

Speaker #4: And on the opposite, Middle East LNG went majoritary to Asia. So in that market, of course, it's generated less possibility of arbitrage between the two markets.

Speaker #4: And on top of that, we had low volatility. All in all, thanks to the growth, the 10% growth in production and sales I already mentioned for integrated LNG, we were able to more or less offset the low price environment, the low volatility environment, posting for integrated LNG CFFO in 2025.

Nicolas Terraz: All in all, thanks to the growth, the 10% growth in production and sales I already mentioned, for integrated LNG, we were able to more or less offset the low-price environment, the low-volatility environment, posting for integrated LNG CFFO in 2025 $4.7 billion, so only 4% below 2024 CFFO. Integrated power, so we continue the execution of the strategy. I think you have here the figure of the progression, the increase between 2021 and 2025, so more than doubling the production between multiplying by 3 or multiplying by 4 CFFO and net operating income. And at the end of 2025, we had the ROACE close to 10%. So we execute the strategy. Once again, we farm down different assets to recycle the CAPEX, the capital. We sign this EPH acquisition, accelerating our integration in Europe.

Jean-Pierre Sbraire: All in all, thanks to the growth, the 10% growth in production and sales I already mentioned, for integrated LNG, we were able to more or less offset the low-price environment, the low-volatility environment, posting for integrated LNG CFFO in 2025 $4.7 billion, so only 4% below 2024 CFFO. Integrated power, so we continue the execution of the strategy. I think you have here the figure of the progression, the increase between 2021 and 2025, so more than doubling the production between multiplying by 3 or multiplying by 4 CFFO and net operating income. And at the end of 2025, we had the ROACE close to 10%. So we execute the strategy. Once again, we farm down different assets to recycle the CAPEX, the capital. We sign this EPH acquisition, accelerating our integration in Europe.

Speaker #4: 4.7 billion dollars. So only 4% below 2024 CFFO. Integrated power. So we continue the execution of the strategy. I think you have here a figure of the progression, the increase of the between 2021 and 2025.

Speaker #4: So more than doubling the production. Between multiplied by 3 or multiplied by 4 CFFO and the net 2025, we have the OHA close to 10%.

Speaker #4: So we execute the strategy. Once again, we found down different assets to recycle the CAPEX. The capital. We sign this EPH acquisition accelerating our integration in Europe.

Speaker #4: And we scale up data business with additional relations with tech. Signing PPA with data center to supply them with our electricity. So a good achievement confirming the objective we have for this business segment in 2025.

Nicolas Terraz: We scale up data business with additional relations with tech, signing a PPA with data centers to supply them with our electricity. So a good achievement, confirming the objective we have for this business segment in 2025. Other annual share. So you know that on 8 December 2025, I think we open a new chapter in the history of TotalEnergies on the 9th in the US. So now, our ordinary share, so the same share as the share that is listed in Paris, is now listed on the 9th, so allowing, in fact, investors to buy the same share either in Paris or in the US. And by the way, by doing that, we have a listing almost around the clock from 9:00AM in Paris time to 4:30PM in New York time. The objective is clear.

Jean-Pierre Sbraire: We scale up data business with additional relations with tech, signing a PPA with data centers to supply them with our electricity. So a good achievement, confirming the objective we have for this business segment in 2025. Other annual share. So you know that on 8 December 2025, I think we open a new chapter in the history of TotalEnergies on the 9th in the US. So now, our ordinary share, so the same share as the share that is listed in Paris, is now listed on the 9th, so allowing, in fact, investors to buy the same share either in Paris or in the US. And by the way, by doing that, we have a listing almost around the clock from 9:00AM in Paris time to 4:30PM in New York time. The objective is clear.

Speaker #4: All the annual share so you know that on the 8th of December 2025, I think we open a new chapter in the history of TotalEnergies in on the 9th in the US.

Speaker #4: So now our ordinary share, so the same share as the share that is listed in Paris is now listed on the 9th. So allowing, in fact, investors to buy the same share either in Paris or in the US.

Speaker #4: And by the way, by doing that, we have listing almost around the clock from 9:00 to 9:00 AM in Paris time to 4:30 in New York time.

Speaker #4: The objective is clear. We will ease the life of our investors by doing that. We will, of course, try to reach new shareholders that were not able, or that did not want, to invest in TotalEnergies for the air.

Nicolas Terraz: We will ease the life of our investors by doing that. We will, of course, try to reach new shareholders that were not able or that did not want to invest in TotalEnergies ADR. So it's the objective we have in the coming months to try to capture additional investors through wealth managers and financial advisors. On top of that, by the way, by doing that, we have an option to use this listing, these shares listed in New York as a currency for a potential M&A in the US. The scorecards, the benchmark, the performance of TotalEnergies compared to the performance of our peers with four main metrics, the first one being the ROE. Once again, we are the best-in-class in terms of ROE, I think, for the fourth consecutive year.

Jean-Pierre Sbraire: We will ease the life of our investors by doing that. We will, of course, try to reach new shareholders that were not able or that did not want to invest in TotalEnergies ADR. So it's the objective we have in the coming months to try to capture additional investors through wealth managers and financial advisors. On top of that, by the way, by doing that, we have an option to use this listing, these shares listed in New York as a currency for a potential M&A in the US. The scorecards, the benchmark, the performance of TotalEnergies compared to the performance of our peers with four main metrics, the first one being the ROE. Once again, we are the best-in-class in terms of ROE, I think, for the fourth consecutive year.

Speaker #4: And so it's the objective we have in the coming months to try to capture additional investors through wealth manager and financial advisors. And on top of that, by the way, by doing that, we have an option to use this listing, these shares listed in New York as a currency for a potential M&A in the US.

Speaker #4: So, the scorecards. They benchmark the performance of TotalEnergies compared to the performance of our peers with four main metrics. The first one being the OHA.

Speaker #4: Once again, we are the best in class in terms of OHA. I think for the fourth consecutive years. In our view, it's clear demonstration that we can be a leader in the transition while delivering top profitability OHA.

Nicolas Terraz: In our view, it's a clear demonstration that we can be a leader in the transition while delivering top profitability royalty. Second, TSR, so total shareholder returns. Best TSR in 2025 at 28%, so meaning that if you have invested in Total share on 31 December 2024, at the end of 2025, considering the reinvestment of the dividends, you will have a gain of 28%. Proved reserves life index, so very good and very differentiation factor compared mainly to Chevron, Shell, and BP. So we maintained the 12-year reserves, very good achievements, meaning that with the reserves we have in our portfolio, we are comfortable to feed the growth beyond 2030. And upstream production cost, breakeven cost, $5 per barrel, so it's a clear competitive advantage that we want to keep. I think I will end the presentation by this slide.

Jean-Pierre Sbraire: In our view, it's a clear demonstration that we can be a leader in the transition while delivering top profitability royalty. Second, TSR, so total shareholder returns. Best TSR in 2025 at 28%, so meaning that if you have invested in Total share on 31 December 2024, at the end of 2025, considering the reinvestment of the dividends, you will have a gain of 28%. Proved reserves life index, so very good and very differentiation factor compared mainly to Chevron, Shell, and BP. So we maintained the 12-year reserves, very good achievements, meaning that with the reserves we have in our portfolio, we are comfortable to feed the growth beyond 2030. And upstream production cost, breakeven cost, $5 per barrel, so it's a clear competitive advantage that we want to keep. I think I will end the presentation by this slide.

Speaker #4: Second TSR. So total shareholder returns. Best TSR in 2025 at 28%. So meaning that if you have invested in TotalShare on the 31st December 2024, at the end of 2025, considering the reinvestment of the dividends, you will have a gain of 28%.

Speaker #4: Proved reserves life index. So very good and very differentiation factor compared mainly to Chevron, Shell, and BP. So we maintain the 12-year reserves. Very good achievement.

Speaker #4: Meaning that with this the reserves we have in our portfolio, we are comfortable to feed the growth beyond 2030. And upstream production cost, through cost, $5 per barrel.

Speaker #4: So it's clear, competitive advantage that we keep. I think I will end the presentation with this slide. So I've already commented on the TSR. So you know pretty well the policy of TotalEnergies regarding the dividends.

Nicolas Terraz: So I've already commented the TSR, so you know pretty well the policy of TotalEnergies regarding the dividends, so contributing to this TSR. So in 2025, so the performance of the share was the best-in-class, plus 20%. So we strongly believe that our share continues to be underevaluated. But this is, in our view, an illustration that the strategy of TotalEnergies is now well understood by the market. And to summarize, growth, accretive growth, discipline on cost, maintaining CAPEX as anticipated, and maintaining OPEX per barrel at low level. And on top of that, delivering all the growth we have in mind on both pillars, oil, oil and gas on one hand, and integrated power on the other. Thank you. I think. Thank you, Jean-Pierre. That's done for 25 of the past.

Jean-Pierre Sbraire: So I've already commented the TSR, so you know pretty well the policy of TotalEnergies regarding the dividends, so contributing to this TSR. So in 2025, so the performance of the share was the best-in-class, plus 20%. So we strongly believe that our share continues to be underevaluated. But this is, in our view, an illustration that the strategy of TotalEnergies is now well understood by the market. And to summarize, growth, accretive growth, discipline on cost, maintaining CAPEX as anticipated, and maintaining OPEX per barrel at low level. And on top of that, delivering all the growth we have in mind on both pillars, oil, oil and gas on one hand, and integrated power on the other.

Speaker #4: So, in contributing to this TSR—so in 2025, the performance of the share was the best in class, plus 20%. So we strongly believe that our share continues to be undervalued.

Speaker #4: But this is, in our view, an illustration that the strategy of TotalEnergies is now well understood by the market. And to summarize, growth, accretive growth, discipline on cost, maintain CAPEX as anticipated, and maintaining OPEX per barrel at low level.

Speaker #4: And on top of that, delivering all the growth we have in mind on both pillars: oil, oil and gas on one hand, and integrated power on the other.

Speaker #2: Thank you. Thank

Jean-Pierre Sbraire: Thank you. I think.

Speaker #1: I think.

Patrick Pouyanné: Thank you, Jean-Pierre. That's done for 25 of the past. So let's speak about as a bridge between both 25 and 26, but Namibia, which, we didn't make a special session like on EPH because it came late in December. But it's an opportunity, so, to come back on what we have built with this deal, this agreement with Galp in Namibia, which will be for us, obviously, a new major hope for our future.

Speaker #2: you, Jean-Pierre. That's done. That's for 25. That's the past. So let's speak about as a bridge between both 25 and 26, but Namibia. Which was we didn't make a special session December.

Nicolas Terraz: So let's speak about as a bridge between both 25 and 26, but Namibia, which, we didn't make a special session like on EPH because it came late in December. But it's an opportunity, so, to come back on what we have built with this deal, this agreement with Galp in Namibia, which will be for us, obviously, a new major hope for our future. Arnaud, the floor is yours. Thank you, Patrick. Ladies and gentlemen, so let me start by setting the context for our progress in Namibia. Over the past few years, our exploration and business development efforts in the Orange Basin have led to significant discoveries that are now forming the foundation of a new deep-water golden province for TotalEnergies. And so today, I'm really thrilled to walk you through the steps already taken and what lies ahead.

Speaker #2: But it's an opportunity to come back on what we have built with these deals, these agreements with GALP in Namibia, which will be for us obviously a new major hub for future.

Patrick Pouyanné: Arnaud, the floor is yours.

Speaker #2: Arnold, the floor is yours.

Arnaud Le Foll: Thank you, Patrick. Ladies and gentlemen, so let me start by setting the context for our progress in Namibia. Over the past few years, our exploration and business development efforts in the Orange Basin have led to significant discoveries that are now forming the foundation of a new deep-water golden province for TotalEnergies. And so today, I'm really thrilled to walk you through the steps already taken and what lies ahead.

Speaker #3: Thank you, Patrick. Ladies and gentlemen, so let me start by setting the context for our progress in Namibia over the past few years. Our exploration and business development efforts in the Orange Basin have led to a significant discoveries.

Speaker #3: That are now forming the foundation of a new deep-water golden province for TotalEnergies. And so today, I'm really thrilled to walk you through the steps already taken and what lies ahead.

Speaker #3: So here, you have the core of our position. So across two licenses, PL56 and PL83, we have already confirmed substantial discovered resources. We begin with two operated deep-water projects, Venus and Mopen.

Nicolas Terraz: So here, you have the core of our position. So across two licenses, PL56 and PL83, we have already confirmed substantial discovered resources. We begin with two operated deep-water projects, Venus and Mopane. I'll come back to them in more detail. Together, what we have already in hand is 1.5 billion barrels of discovered resources. And we see major additional prospects in potential currently being matured. These two projects, they form the basis of a new deep-water hub for TotalEnergies and enable us to plan for future development, of course, but around shared infrastructure, optimized logistics, and economies of scale. So this is really the beginning and materializing the beginning of our presence in this highly prospective basin. I'll come back to this important milestone, which was the transaction with Galp.

Arnaud Le Foll: So here, you have the core of our position. So across two licenses, PL56 and PL83, we have already confirmed substantial discovered resources. We begin with two operated deep-water projects, Venus and Mopane. I'll come back to them in more detail. Together, what we have already in hand is 1.5 billion barrels of discovered resources. And we see major additional prospects in potential currently being matured. These two projects, they form the basis of a new deep-water hub for TotalEnergies and enable us to plan for future development, of course, but around shared infrastructure, optimized logistics, and economies of scale. So this is really the beginning and materializing the beginning of our presence in this highly prospective basin. I'll come back to this important milestone, which was the transaction with Galp.

Speaker #3: I'll come back to them in more detail. Together, what we have already in hand is 1.5 billion barrels of discovered resources, and we see major additional prospects and potential currently being matured.

Speaker #3: These two projects, they form the basis of a new deep-water hub for TotalEnergies. And they lead us to plan for future development, of course.

Speaker #3: But around shared infrastructure, optimized logistics, and economies of scale. So this is really the beginning. And materializing the beginning of our presence in this highly prospective basin.

Speaker #3: I'll come back to this important milestone, which was the transaction with GALP. So last December, we concluded this cashless transaction with GALP. Which we expect to close by the summer, mid this year.

Nicolas Terraz: So last December, we concluded this cashless transaction with Galp, which we expect to close by the summer, mid this year. First, for us, this deal crystallizes the value of our discoveries. It strengthens our operated position. And of course, it opens new opportunities in the country. So on our side, with this transaction, we secure 40% operated interest in PL83, which is the home to Mopane, with already resources identified to underpin the development and more than 1.5 billion barrels of exploration potential opportunities on the same block. In return, what we gave to Galp is 10% interest in PL56, which is the home to Venus, and slightly less interest in the neighboring PL91 exploration block. Plus, we will carry them for 50% of their expenditures for exploration, appraisal, and for the first development on the block.

Arnaud Le Foll: So last December, we concluded this cashless transaction with Galp, which we expect to close by the summer, mid this year. First, for us, this deal crystallizes the value of our discoveries. It strengthens our operated position. And of course, it opens new opportunities in the country. So on our side, with this transaction, we secure 40% operated interest in PL83, which is the home to Mopane, with already resources identified to underpin the development and more than 1.5 billion barrels of exploration potential opportunities on the same block. In return, what we gave to Galp is 10% interest in PL56, which is the home to Venus, and slightly less interest in the neighboring PL91 exploration block. Plus, we will carry them for 50% of their expenditures for exploration, appraisal, and for the first development on the block.

Speaker #3: First, for us, this deal crystallizes the value of our discoveries. It strengthens our operated position. And of course, it opens new opportunities in the country.

Speaker #3: So, on our side with the transaction, we secure a 40% operated interest in PL83, which is the home to Mopen. We already have resources identified to underpin the development.

Speaker #3: And more than 1.5 billion barrels of exploration potential opportunities on the same block. In return, what we give to GALP is a 10% interest in PL56, which is the home to Venus.

Speaker #3: And slightly less interest in the neighboring PL91 exploration block. Plus, we will carry them for 50% of their expenditures for appraisal exploration for exploration, appraisal, and for the first development on the block.

Speaker #3: So as a result, TotalEnergies becomes the anchor player in one of the world's most dynamic basins. With stronger alignment across the value chain. Which is illustrated here on the slide.

Nicolas Terraz: So as a result, TotalEnergies becomes the anchor player in one of the world's most dynamic basins with stronger alignment across the value chain, which is illustrated here on the slide. It shows how Venus and Mopane make TotalEnergies the reference operator in Namibia, definitely. As you know, with 10 FPSOs already operated across Africa, with 1 new being in construction currently, we definitely benefit from a broad deep-water projects experience in the region. This enables us to deliver fast and reliable execution, proven low-cost development, strong long-term relationships with contractors, and efficient scaling of procurement, logistics, and engineering. This experience was definitely an important factor in our selection as operator of PL83 and for the authorities of Namibia to bring their full support to the transaction. They definitely see us as a credible partner in the basin.

Arnaud Le Foll: So as a result, TotalEnergies becomes the anchor player in one of the world's most dynamic basins with stronger alignment across the value chain, which is illustrated here on the slide. It shows how Venus and Mopane make TotalEnergies the reference operator in Namibia, definitely. As you know, with 10 FPSOs already operated across Africa, with 1 new being in construction currently, we definitely benefit from a broad deep-water projects experience in the region. This enables us to deliver fast and reliable execution, proven low-cost development, strong long-term relationships with contractors, and efficient scaling of procurement, logistics, and engineering. This experience was definitely an important factor in our selection as operator of PL83 and for the authorities of Namibia to bring their full support to the transaction. They definitely see us as a credible partner in the basin.

Speaker #3: It shows how Venus and Mopen make TotalEnergies the reference operator in Namibia definitely. As you know, with 10 FPSOs already operated across Africa, with one new being in construction currently, we definitely benefit from a broad deep-water projects experience in the region.

Speaker #3: This enables us to deliver fast and reliable execution. Proven low-cost development. Strong long-term relationship with contractors. And efficient scaling of procurement, logistics, engineering. This experience, you know, was definitely an important factor in our selection as operator of PL83.

Speaker #3: And for the authorities of Namibia, to bring their full support to the transaction. They definitely see us as a credible partner in the basin.

Speaker #3: On the left-hand side, the production profile shows how Venus and then Mopen could sequentially ramp up from 2030 to reach about 350 kbd of production with additional upside thereafter.

Nicolas Terraz: On the left-hand side, the production profile shows how Venus and then Mopane could sequentially ramp up from 2030 to reach about 350 kBD of production with additional upside thereafter. So our objective is clear. And you got it. We want to establish a sustainable multi-FPSO hub in Namibia to maximize synergies for the benefits of all the stakeholders. Turning to Venus in more detail. So Venus is our first development. Venus is fully appraised with around 750 million barrels of resources. The engineering is well advanced. The feed is complete. And today, with recent EPC bids, we have confidence in visibility on cost. Key parameter of the project, so it's a 150 kBD plateau production with cost below $20 per barrel.

Arnaud Le Foll: On the left-hand side, the production profile shows how Venus and then Mopane could sequentially ramp up from 2030 to reach about 350 kBD of production with additional upside thereafter. So our objective is clear. And you got it. We want to establish a sustainable multi-FPSO hub in Namibia to maximize synergies for the benefits of all the stakeholders. Turning to Venus in more detail. So Venus is our first development. Venus is fully appraised with around 750 million barrels of resources. The engineering is well advanced. The feed is complete. And today, with recent EPC bids, we have confidence in visibility on cost. Key parameter of the project, so it's a 150 kBD plateau production with cost below $20 per barrel.

Speaker #3: So our objective is clear. And you got it. We want to establish a sustainable multi-FPSO hub in Namibia to maximize synergies for the benefit of all the stakeholders.

Speaker #3: Turning to Venus in more detail. So, Venus is our first development. Venus is fully appraised, with around 750 million barrels of resources. The engineering is well advanced.

Speaker #3: The FEED is complete. And today, with recent EPC bids, we have confidence in the visibility on cost—a key parameter of the project. So, it's a 150 kbd plateau production.

Speaker #3: With cost below $20 per barrel. In terms of cost scope 1 plus 2, emission intensity, we are 115 kg per barrel. Featuring the same low-emission design as in our Grand Mangousso in FPSO.

Nicolas Terraz: In terms of Scope 1 + 2 emission intensity, we are 115kg per barrel, featuring the same low-emission design as in our Gran Morgu, Suriname FPSO, so full electric architecture, centralized power gen, closed flares, vapor recovery units, etc. We are now fully engaged with the Namibian authorities to progress towards an FID by mid-2026, allowing a first oil in 2030. So Venus is expected to become the first FPSO development in the country and is really the opener of the basin as a new producing region. The second project, so is Mopane, which is progressing in parallel. We have current estimates from 800 million to 1,100 million barrels of resources, which will allow production above 200kBD.

Arnaud Le Foll: In terms of Scope 1 + 2 emission intensity, we are 115kg per barrel, featuring the same low-emission design as in our Gran Morgu, Suriname FPSO, so full electric architecture, centralized power gen, closed flares, vapor recovery units, etc. We are now fully engaged with the Namibian authorities to progress towards an FID by mid-2026, allowing a first oil in 2030. So Venus is expected to become the first FPSO development in the country and is really the opener of the basin as a new producing region. The second project, so is Mopane, which is progressing in parallel. We have current estimates from 800 million to 1,100 million barrels of resources, which will allow production above 200kBD.

Speaker #3: So, full electric architecture, centralized power generation, closed flares, vapor recovery units, et cetera. We are now fully engaged with the Namibian authorities to progress towards an FID by mid-2026, allowing a first oil in 2030.

Speaker #3: So Venus is expected to become the first FPSO development in the country, and is really the opener of the basin as a new producing region.

Speaker #3: The second project, so is Mopen, which is progressing in parallel. We have current estimates from 800 million to 1,100 million barrels of resources. Which will allow production above 200 kbd.

Speaker #3: We plan in the short term an exploration and appraisal campaign. So in 2026 and 2027, to refine the development concept. And confirm the size of the first phase.

Nicolas Terraz: We plan, in the short term, an exploration and appraisal campaign, so in 2026 and 2027, to refine the development concept and confirm the size of the first phase, including, so in 2026, the Mopane extension well and thereafter two appraisal wells. Like Venus, with Mopane, we target emissions intensity below 15 kg per barrel and cost below $20 a barrel, of course, taking full benefit from the synergies with Venus. So with potential FID in 2028, Mopane is the second pillar of our Namibia strategy, which will contribute significantly in production beyond 2030 and with additional potential from prospects such as, as you can see on the map, Cuiver, Orso Brero, in the same license. Finally, let me zoom out and have a look at our broader exploration portfolio in the basin. So beyond Venus and Mopane, we see around 10 billion barrels of exploration potential across multiple prospects.

Arnaud Le Foll: We plan, in the short term, an exploration and appraisal campaign, so in 2026 and 2027, to refine the development concept and confirm the size of the first phase, including, so in 2026, the Mopane extension well and thereafter two appraisal wells. Like Venus, with Mopane, we target emissions intensity below 15 kg per barrel and cost below $20 a barrel, of course, taking full benefit from the synergies with Venus. So with potential FID in 2028, Mopane is the second pillar of our Namibia strategy, which will contribute significantly in production beyond 2030 and with additional potential from prospects such as, as you can see on the map, Cuiver, Orso Brero, in the same license. Finally, let me zoom out and have a look at our broader exploration portfolio in the basin. So beyond Venus and Mopane, we see around 10 billion barrels of exploration potential across multiple prospects.

Speaker #3: Including, so in 2026, the Mopen extension well. And thereafter, two appraisal wells. Like Venus, with Mopen, we target emissions intensity below 15 kg per barrel.

Speaker #3: And cost below $20 a barrel. Of course, taking full benefit from the synergies with Venus. So, with a potential FID in 2028, Mopen is the second pillar of our Namibia strategy.

Speaker #3: Which will contribute significantly in production beyond 2030, and with additional potential from prospects such as, as you can see on the map, Quiver and Orso-Brero in the same license.

Speaker #3: Finally, let me zoom out and have a look at our broader exploration portfolio in the basin. So beyond Venus and Mopen, we see around 10 billion barrels of exploration potential across multiple prospects.

Speaker #3: So to the south, with our licenses, the DWOB and 3B4B, and material well-defined prospects. So in South Africa. And to the north, with the recent signature of our entry into PL104, that expands our operated acreage in Namibia.

Nicolas Terraz: So to the south, with our licenses, the DWOB and 3B4B, and material well-defined prospects, so in South Africa. And to the north, with the recent signature of our entry into PEL104 that expands our operated accretion in Namibia. So as you can see, with discovered resources, prospective upsights, and strong operational capabilities, we think we are well positioned to lead the next development cycle in the Orange Basin. So in summary, Venus and Mopane are large, competitive, low-emissions deep-water projects. For Namibia, these projects are important. They are the projects that represent the first steps towards establishing a domestic oil industry in the country. And with a wider exploration portfolio, we have meaningful upsights in the future. So this all together forms the foundation of a new golden province for TotalEnergies with a multi-FPSO hub with strong long-term potential, all operated by TotalEnergies. Thank you, Arnaud.

Arnaud Le Foll: So to the south, with our licenses, the DWOB and 3B4B, and material well-defined prospects, so in South Africa. And to the north, with the recent signature of our entry into PEL104 that expands our operated accretion in Namibia. So as you can see, with discovered resources, prospective upsights, and strong operational capabilities, we think we are well positioned to lead the next development cycle in the Orange Basin. So in summary, Venus and Mopane are large, competitive, low-emissions deep-water projects. For Namibia, these projects are important. They are the projects that represent the first steps towards establishing a domestic oil industry in the country. And with a wider exploration portfolio, we have meaningful upsights in the future. So this all together forms the foundation of a new golden province for TotalEnergies with a multi-FPSO hub with strong long-term potential, all operated by TotalEnergies.

Speaker #3: So you can see, with discovered resources, prospective upsides, and strong operational capabilities, we think we are well-positioned to lead the next development cycle in the Orange Basin.

Speaker #3: So in summary, Venus and Mopen are large competitive low-emissions deep-water projects. For Namibia, these projects are important. They are the projects that represent the first steps toward establishing domestic oil industry in the country.

Speaker #3: And with wider exploration portfolio, we have meaningful upsides in the future. So this is all together forms the foundation of a new golden province for TotalEnergies.

Speaker #3: With a multi-FPSO hub, with strong long-term potential, all operated by TotalEnergies.

Patrick Pouyanné: Thank you, Arnaud. I think you will have some questions, but we gave you more insights. I was myself in Namibia last week, and we discussed with the authorities. What Arnaud said is true. We are considered now as a major player there. It gave us a good momentum to move forward these projects. Now, I leave the floor to Stéphane. We will make a second focus on one of the other major activities, which is, of course, taking benefit from this AI and data center revolution. Stéphane, the floor is yours.

Speaker #1: Thank you, Arnaud. I think you will have some questions. But we gave you more insights. How was my SF in Namibia last week? And we discussed with the authorities and what Arnaud said is true.

Nicolas Terraz: I think you will have some questions, but we gave you more insights. I was myself in Namibia last week, and we discussed with the authorities. What Arnaud said is true. We are considered now as a major player there. It gave us a good momentum to move forward these projects. Now, I leave the floor to Stéphane. We will make a second focus on one of the other major activities, which is, of course, taking benefit from this AI and data center revolution. Stéphane, the floor is yours. Thank you, Patrick. Good afternoon, everyone. We'll cover two subjects. One is how we are going to power the AI revolution with our integrated power supply. The second part will be how we plan to boost our operation by using AI. I start by the first subject with a simple message.

Speaker #1: We are considered now as a major player there. And it gave us a good momentum to move forward these projects. Now, I need the floor to Stéphane.

Speaker #1: We will make a second focus on one of the other major activities, which is, of course, taking benefit from this AI and data center revolution.

Speaker #1: Stéphane, the floor is yours.

Speaker #2: Thank you, Patrick. Good afternoon, everyone. So, we'll cover two subjects. One is how we are going to power the AI revolution with our integrated power supply.

Stéphane Michel: Thank you, Patrick. Good afternoon, everyone. We'll cover two subjects. One is how we are going to power the AI revolution with our integrated power supply. The second part will be how we plan to boost our operation by using AI. I start by the first subject with a simple message.

Speaker #2: And the second part, we will be how we plan to boost our operation by using AI. So I start by the first subject, with a simple message.

Speaker #2: We are creating additional value by providing to data center fit-for-purpose solutions. How do we do that? What do we sell them? There are three types of products with three levels of sophistication.

Nicolas Terraz: We are creating additional value by providing to data centers fit-for-purpose solutions. How do we do that? What do we sell them? There are three types of products with a free level of sophistication. The first one is the usual corporate PPA, as produced. It's quick to build, fast for them to connect. But it's not baseload. It's just 100% green and quite competitive. The second product is to provide them with clean, firm power. What does that mean? That means a baseload profile, what exactly they need and what they are going to consume, supply mostly by renewables, so that 100% of the volume of energy which is consumed is coming from green production, but at the same time, matching their profile of consumption.

Stéphane Michel: We are creating additional value by providing to data centers fit-for-purpose solutions. How do we do that? What do we sell them? There are three types of products with a free level of sophistication. The first one is the usual corporate PPA, as produced. It's quick to build, fast for them to connect. But it's not baseload. It's just 100% green and quite competitive. The second product is to provide them with clean, firm power. What does that mean? That means a baseload profile, what exactly they need and what they are going to consume, supply mostly by renewables, so that 100% of the volume of energy which is consumed is coming from green production, but at the same time, matching their profile of consumption.

Speaker #2: The first one is a usual corporate PPA. As produced, it's quick to build, fast for them to connect, but it's not baseload. It's just 100% green.

Speaker #2: And quite competitive. The second project, the second product, is to provide them with clean firm power. What does that mean? That means a baseload profile.

Speaker #2: what they are going to What exactly they need and consume. Supply mostly by renewables. So that 100% of the volume of energy which is consumed is coming from green production.

Speaker #2: But at the same time, matching their profile of consumption. And the third product, which is new, and which is quite specific to data center, actually, is the fact that we can provide them as well with a solution to have access to land, to build their data center, and not every land, the specific land which is close to a grid where we have an access to the connection, and where it's going to be fast for them, to build their data center and to get the power supply they need.

Nicolas Terraz: And the third product, which is new and which is quite specific to data centers, actually, is the fact that we can provide them as well with a solution to have access to land to build their data center. And not every land, a specific land which is close to a grid where we have access to the connection and where it's going to be fast for them to build their data center and to get the power supply they need. I will give you an example of that. Typically, the first kind of product is what we have sold to Microsoft and Amazon AWS in 2025. The second type of product is what we are, for example, doing with Casa dos Ventos in Brazil. And the first one is what we have just signed with Google in Texas and with Prospect, notably, in Spain. Why does that matter?

Stéphane Michel: And the third product, which is new and which is quite specific to data centers, actually, is the fact that we can provide them as well with a solution to have access to land to build their data center. And not every land, a specific land which is close to a grid where we have access to the connection and where it's going to be fast for them to build their data center and to get the power supply they need. I will give you an example of that. Typically, the first kind of product is what we have sold to Microsoft and Amazon AWS in 2025. The second type of product is what we are, for example, doing with Casa dos Ventos in Brazil. And the first one is what we have just signed with Google in Texas and with Prospect, notably, in Spain. Why does that matter?

Speaker #2: I will give you an example of that. Typically, the first kind of product is what we have sold to Microsoft and Amazon AWS in 2025.

Speaker #2: The second type of product is what we are, for example, doing with Casa dos Ventos in Brazil. And the first one is what we have just signed with Google in Texas.

Speaker #2: And with prospect, notably in Spain. Why does that matter? Because with those kinds of offers, the data center is able to create more value.

Nicolas Terraz: Because with those kinds of offers, the data center is able to create more value because they are going to have a faster time to market. And second, they are going to have a lower cost of supply. And when you create value, you are able to share at least a part of it. And that's the way we are able to increase the level of the PPA we are selling, extracting a bit of premium, around 10% premium of what we sell if we were selling the same electron to any type of industry. So there is a direct impact, which helps us to upgrade our double-digit return on our CapEx. And there is as well an indirect impact because you are bringing consumption locally, which helps to develop your pipeline of projects. That's one.

Stéphane Michel: Because with those kinds of offers, the data center is able to create more value because they are going to have a faster time to market. And second, they are going to have a lower cost of supply. And when you create value, you are able to share at least a part of it. And that's the way we are able to increase the level of the PPA we are selling, extracting a bit of premium, around 10% premium of what we sell if we were selling the same electron to any type of industry. So there is a direct impact, which helps us to upgrade our double-digit return on our CapEx. And there is as well an indirect impact because you are bringing consumption locally, which helps to develop your pipeline of projects. That's one.

Speaker #2: Because they are going to have a faster time to market, and second, they are going to have a lower cost of supply. And when you create value, you are able to share at least a part of it.

Speaker #2: And that's the way we are able to increase the level of the PPA we are selling. Extracting a bit of premium around 10% of premium of what we sell if we were selling the same electron to any type of industry.

Speaker #2: So, there is a direct impact, which helps us to upgrade our double-digit return on our CAPEX. And there is, as well, an indirect impact because you are bringing consumption locally, which helps to develop your pipe of projects.

Speaker #2: That's one. And second, to raise the price where the power price where you are which benefit to your other assets. So all that is not an ambition.

Nicolas Terraz: And second, to raise the price, the power price, where you are, which benefits to your other assets. So all that is not an ambition. It's not on paper. It's a reality. We have signed, us and our partner through our JV, 4GW of project backed by data center demand in 2025 and 2025 and 2026. You can see the geographic spread. 1/3 was done directly by us. Others were done by Clearway and Casa dos Ventos in Brazil with a variety of type of player, the big GAFA, but as well some specific data center developer. All that will generate $250 million per year of EBITDA when all the projects are materialized. I'm going to focus on two specific projects. The first one is what we've just signed with Google in Texas.

Stéphane Michel: And second, to raise the price, the power price, where you are, which benefits to your other assets. So all that is not an ambition. It's not on paper. It's a reality. We have signed, us and our partner through our JV, 4GW of project backed by data center demand in 2025 and 2025 and 2026. You can see the geographic spread. 1/3 was done directly by us. Others were done by Clearway and Casa dos Ventos in Brazil with a variety of type of player, the big GAFA, but as well some specific data center developer. All that will generate $250 million per year of EBITDA when all the projects are materialized. I'm going to focus on two specific projects. The first one is what we've just signed with Google in Texas.

Speaker #2: It's not on paper. It's a reality. We have signed, us and our partner, through our JV, 4 gigawatts of projects backed by data center demand.

Speaker #2: In 2005 and in 2025 and 2026. You can see the geographic spread. One third was done directly by us. Others were done by Clearway and Casa.

Speaker #2: variety Casa dos Ventos in Brazil, with a And with a variety of type of player. The big Gafa, but as well some specific data center developer.

Speaker #2: All that will generate $250 million per year of EBITDA when all the projects are materialized. I'm going to focus on two specific projects.

Speaker #2: The first one is what we've just signed with Google in Texas. It's a deal that came after what we did in Malaysia. So we are going to build a one-gigawatt farm.

Nicolas Terraz: It's a deal that comes after what we did in Malaysia. So we are going to build a 1 gigawatt farm. It has started. We are going to sell them the 2 terawatt-hour produced by that 1 gigawatt farm. So I would say that's quite classical. But in addition, Google has the option and should exercise this option to install a data center close to our solar panel production. So on our land, what we are going to provide them with is direct access to our solar production, direct access to the grid as well because we have asked to be able to withdraw some power from the grid and should obtain it soon, and as well the possibility to install some battery so as to smooth the profile.

Stéphane Michel: It's a deal that comes after what we did in Malaysia. So we are going to build a 1 gigawatt farm. It has started. We are going to sell them the 2 terawatt-hour produced by that 1 gigawatt farm. So I would say that's quite classical. But in addition, Google has the option and should exercise this option to install a data center close to our solar panel production. So on our land, what we are going to provide them with is direct access to our solar production, direct access to the grid as well because we have asked to be able to withdraw some power from the grid and should obtain it soon, and as well the possibility to install some battery so as to smooth the profile.

Speaker #2: It has started. We are going to sell them the two terawatt-hour produced by that one gigawatt farm. So I would say that's quite classical.

Speaker #2: But in addition, Google has the option and should exercise this option to install a data center close to our solar panel production so on our land that what we are going to provide them with is a direct access to our solar production.

Speaker #2: A direct access to the grid as well, because we have asked to be able to withdraw some power from the grid and should obtain it soon.

Speaker #2: And as well, the possibility to install some battery so as to smooth the profile. And with all that, they are going to be able to go fast to the market next year.

Nicolas Terraz: And with all that, they are going to be able to go fast to the market next year and as well to lower their cost of supply, notably because they will lower the grid fee they are going to pay. So that's one type of example where, thanks to that, we are able to sell to Google a PPA at a slightly higher price than the average price in the market. The second example, which is interesting, is what we do in Brazil. Here, we are blending solar, wind we have in our portfolio, hydro we purchase from the market to provide data centers with clean, firm power, so 24/7 baseload supply, 100% green.

Stéphane Michel: And with all that, they are going to be able to go fast to the market next year and as well to lower their cost of supply, notably because they will lower the grid fee they are going to pay. So that's one type of example where, thanks to that, we are able to sell to Google a PPA at a slightly higher price than the average price in the market. The second example, which is interesting, is what we do in Brazil. Here, we are blending solar, wind we have in our portfolio, hydro we purchase from the market to provide data centers with clean, firm power, so 24/7 baseload supply, 100% green.

Speaker #2: And as well, to lower their cost of supply, notably because they will lower the grid fee they are going to pay. So that's one type of example where, thanks to that, we are able to sell to Google a PPA at a slightly higher price than the average price in the market.

Speaker #2: Second example, which is interesting, is what we do in Brazil. Here, we are blending solar, wind. We have in our portfolio hydro. We purchase from the market.

Speaker #2: To provide data center with clean, firm power—so, 24/7 baseload supply, 100% green. And not only are we doing that, but with Casa, we are as well providing to the data center land, near connection, where we have secured that connection to the grid.

Nicolas Terraz: And not only are we doing that, but with Casa, we are as well providing to the data center land near a connection where we have secured that connection to the grid so that they can build fast their data center. And in addition, in Brazil, they are going to benefit from a tax-saving situation on one side, and on another side, by participating as well in equity to our project, benefit from other subsidies. So all that makes a very, very competitive offer. And once again, for us, what is the advantage? We improve our return. We find the consumption to develop the multi-gigawatt pipe that we have. And we create as well a demand in the region of Brazil where otherwise part of the assets would be developed in several years. Now, we can develop them now and have a faster development pace.

Stéphane Michel: And not only are we doing that, but with Casa, we are as well providing to the data center land near a connection where we have secured that connection to the grid so that they can build fast their data center. And in addition, in Brazil, they are going to benefit from a tax-saving situation on one side, and on another side, by participating as well in equity to our project, benefit from other subsidies. So all that makes a very, very competitive offer. And once again, for us, what is the advantage? We improve our return. We find the consumption to develop the multi-gigawatt pipe that we have. And we create as well a demand in the region of Brazil where otherwise part of the assets would be developed in several years. Now, we can develop them now and have a faster development pace.

Speaker #2: So that they can build fast their data center and in addition, in Brazil, they are going to benefit from a tax saver situation on one side.

Speaker #2: And on another side, by participating as well in equity to our project, benefit from other subsidy. So all that makes a very, very competitive offer.

Speaker #2: And once again, for us, what is the advantage? We improve our return. We find the consumption to develop the multi-gigawatt pipe that we have.

Speaker #2: And we create, as well, a demand in a region of Brazil where otherwise part of the assets would be developed in several years. Now we can develop them now and have a faster development pace.

Speaker #2: I move now to my second part on what are we going to do with AI for our own operation. First idea, there is no AI program if you don't have a strong data platform.

Nicolas Terraz: I move now to my second part on what we are going to do with AI for our own operation. First idea, there is no AI program if you don't have a strong data platform. And so we have spent a lot of time and effort in 2025. Namita OneTech has spent actually a lot of effort and time on that, was to build the foundation of our data platform with two ideas in mind. One, we want to multiply, and we are going to multiply by 10 the data point we have on our assets because AI is really about a lot of data and very precise data. So that's one aspect. And second, we want to have them real-time because we want to be able to act in real-time when we manage our assets.

Stéphane Michel: I move now to my second part on what we are going to do with AI for our own operation. First idea, there is no AI program if you don't have a strong data platform. And so we have spent a lot of time and effort in 2025. Namita OneTech has spent actually a lot of effort and time on that, was to build the foundation of our data platform with two ideas in mind. One, we want to multiply, and we are going to multiply by 10 the data point we have on our assets because AI is really about a lot of data and very precise data. So that's one aspect. And second, we want to have them real-time because we want to be able to act in real-time when we manage our assets.

Speaker #2: And so we have spent a lot of time and effort in 2025. Namitan OneTech has actually spent a lot of effort and time on that.

Speaker #2: We wanted to build the foundation of our data platform with two ideas in mind. One, we want to multiply—and we are going to multiply by 10—the data points we have on our assets.

Speaker #2: Because AI is really about a lot of data and very precise data, so that's one aspect. And second, we want to have them in real-time, because we want to be able to act in real-time when we manage our asset.

Speaker #2: And so to do that, we have signed big contract with Aspantech, which is going to deploy in May on all our 40 of our trim site and 16 of our refining and chemical sites.

Nicolas Terraz: And so to do that, we have signed a big contract with AspenTech, which is going to deploy innovation on all 40 of our upstream sites and 16 of our refining and chemical sites. It was already done for the integrated power aspect. So that's the layer of how to get the data. And then we have signed as well with Cognite on how to transform, enrich, store, expose those data so that we can then add the last layer, which will be based on AI, to, at the end of the day, uplift our production and our availability. So that's ongoing and should be fully deployed by the end of next year. That's one aspect. The second aspect is that when you have the data, you need to do something with the data.

Stéphane Michel: And so to do that, we have signed a big contract with AspenTech, which is going to deploy innovation on all 40 of our upstream sites and 16 of our refining and chemical sites. It was already done for the integrated power aspect. So that's the layer of how to get the data. And then we have signed as well with Cognite on how to transform, enrich, store, expose those data so that we can then add the last layer, which will be based on AI, to, at the end of the day, uplift our production and our availability. So that's ongoing and should be fully deployed by the end of next year. That's one aspect. The second aspect is that when you have the data, you need to do something with the data.

Speaker #2: It was already done for the integrated power aspect, so that's the layer of how to get the data. And then we have signed as well with Cognite on how to transform, enrich, store, and expose those data so that we can then add the last layer, which will be based on AI.

Speaker #2: To, at the end of the day, uplift our production and our availability. So that's ongoing, and it should be fully deployed by the end of next year.

Speaker #2: That's one aspect. The second aspect is that when you have the data, you need to do something with the data. And so we have worked on focusing our effort and this time more on top-down approach that really than bottom-up on the free program.

Nicolas Terraz: So we have worked on focusing our effort, and this time more on a top-down approach than bottom-up, on the three programs. One is using digital for HSE. You had that example with the safety moment where we are using digital to improve monitoring and reduce emissions. There are two other programs. One, which is on the digital plant, how to improve the way we run our plant. And the last program is on integrated power modeling. There is a huge revolution on the modeling. Just to take an example, with AI, you can cut by two the time you need to forecast weather in a quite convincing way. You can imagine when you trade short-term power, what's that chance to get it well in advance when you make your weather forecast. And that's just the beginning. Obviously, to do that, we need to increase our capacity.

Stéphane Michel: So we have worked on focusing our effort, and this time more on a top-down approach than bottom-up, on the three programs. One is using digital for HSE. You had that example with the safety moment where we are using digital to improve monitoring and reduce emissions. There are two other programs. One, which is on the digital plant, how to improve the way we run our plant. And the last program is on integrated power modeling. There is a huge revolution on the modeling. Just to take an example, with AI, you can cut by two the time you need to forecast weather in a quite convincing way. You can imagine when you trade short-term power, what's that chance to get it well in advance when you make your weather forecast. And that's just the beginning. Obviously, to do that, we need to increase our capacity.

Speaker #2: One is using digital for HSE. You had an example with the safety moment. Where we are using digital to improve monitoring and reduce emission.

Speaker #2: There are two other programs. One which is on the digital plant how to improve the way we run our plant. And the last program is on integrated power modeling.

Speaker #2: There is a huge revolution on modelization—just to take an example, with AI, you can cut by two the time you need to forecast weather.

Speaker #2: In a quite convincing way, you can imagine when you trade short-term power what that chance to get tower in advance when you make your weather forecast.

Speaker #2: And that's just the beginning. Obviously, to do that, we need to increase our capacity. And we have made the choice to do that by betting on India.

Nicolas Terraz: And we have made the choice to do that by betting on India, by building a global competency center in India to be able to develop those programs. I don't have to explain why India. But our idea is one, that will be our center with our own staff. Second idea, we want to manage all that to give them tasks end-to-end, which means that they will be fully accountable for all those programs. And we should reach a critical mass of at least 500 engineers by 2027. That has already started. And that's the way so we plan to use AI to transform the way we act. One discovery, though, my presentation was not yet done by an agent. So that's probably for next year. Thank you. And with that, I leave the floor to Patrick.

Stéphane Michel: And we have made the choice to do that by betting on India, by building a global competency center in India to be able to develop those programs. I don't have to explain why India. But our idea is one, that will be our center with our own staff. Second idea, we want to manage all that to give them tasks end-to-end, which means that they will be fully accountable for all those programs. And we should reach a critical mass of at least 500 engineers by 2027. That has already started. And that's the way so we plan to use AI to transform the way we act. One discovery, though, my presentation was not yet done by an agent. So that's probably for next year. Thank you.

Speaker #2: By building a global competency center in India, to be able to develop those programs. I don't have to explain why India. But our idea is one that will be our center with our own staff.

Speaker #2: Second idea, we want to manage all that to give them task end-to-end, which means that they will be fully accountable for all those programs.

Speaker #2: And we should reach a critical mass of at least 500 engineers by 2027. That has already started. And that's the way. So we plan to use AI to transform our the way we act.

Speaker #2: One discovery, though—my presentation was not yet done by an agent. So that's probably for next year. Thank you. And with that, I leave the floor to Patrick.

Stéphane Michel: And with that, I leave the floor to Patrick.

Speaker #2: Thank you, Stefan. Because this week no, next week, each executive of the company will be trained to have at least one agent with him.

Patrick Pouyanné: Thank you, Stéphane, because this week, each executive of the company will be trained to have at least one agent with him. I don't know which one I will have. It will be difficult for him to follow me, but we'll see. So I will take the last part of the presentation now. Thank you, Stéphane. And thank you, Namita, by the way, because the second part is largely led by Namita. She knows very well. India, by the way. So let's move to the 2026 objective. We are not fully on time, but I will try to catch up. If I know I like to speak, so I'm not sure I will catch up completely. So 2026, in fact, is a very clear continuation year for 2025. So the program is the same. We'll continue to deliver our growth, growth in oil and gas, growth in integrated power.

Speaker #2: I don't know which one I will have. It will be difficult for him to follow me. But we'll see. So I will take the last part of the presentation now.

Speaker #2: Thank you, Stefan. And thank you, Namita, by the way. Because the second part is largely led by Namita. She knows very well India, by the way.

Speaker #2: So let's move to the 2026 objective. We are not fully on time. But I will try to catch up even if I know I like to speak.

Speaker #2: So I'm not sure I will catch up completely. So 2026, in fact, is a very clear continuation year for 2025. The program is the same.

Speaker #2: We'll continue to deliver our growth—growth in oil and gas, growth in integrated power. This growth, you will see, is also accretive. The new barrels continue, and our cash flow from operations will grow quicker.

Patrick Pouyanné: This growth you will see is also accretive. The new barrels continue, and our cash flow from operation will grow quicker, but the growth itself. At the same time, because we think the environment might be more, I would say, challenging in 2026, we have, as you know, we told you that in September, launched a cash-saving program. So in order to strengthen the resilience, I would say as well, but you will see in the presentation, the integrated power business is growing. We'll reach $3 billion of cash flow. And by itself, in fact, because it's independent of the cycles of oil and gas, it reinforces the resilience of the global model of the company. So world of the markets, I will not tell you what the price is. By the way, we are planning everything at $60. Now, we're at $71 or $72.

Speaker #2: But the growth itself and at the same time, because we think the environment might be more I would say challenging in 2026, we have as you know, we told you that in September, launched a cash-saving program.

Speaker #2: So, in order to strengthen the resilience, I would say as well that you will see in the presentation the integrated power business is growing.

Speaker #2: We'll reach $3 billion of cash flow. And by itself, in fact, because it's independent of the cycles of oil and gas, it reinforces the resilience of the global model of the company.

Speaker #2: So, word of the market—I will not tell you what the price is, by the way. We are planning everything at 16. Now we're at 71 or 72.

Speaker #2: So you know, things are preferred to be at 71, 72. But the fundamentals, what we think, is that yes, there is a demand. No more in 2025 and 2026, a little less than $1 billion per day.

Patrick Pouyanné: So things prefer to be at 71, 72. But the fundamentals, what we think, is that, yes, there is a demand. No more in 2027, 2025, a little less than 1 billion barrels per day. So it's a little less than 1%. But it's continuing. We don't see any peak demand coming in front of us at this stage. I don't know it will come. We saw also, and we've seen, in fact, 2025, in fact, quite stable, around $70. People speak about volatility. The reality is that it went down, but it was moving quite around the $69 per barrel. We've seen at the beginning of the year that the fundamentals that we think, which is a good supply, and the events in Venezuela, we went down to $60. But then reactions, reactions are twofold. Then OPEC decided not to stop quitting pushing more oil in the market.

Speaker #2: So, it's a little less than 1%. But it's continuing. We don't see any peak demand coming in front of us at this stage. Somehow, it will come.

Speaker #2: We saw also, and we've seen, in fact, in 2025, what is in fact quite stable, around $70. People speak about volatility. The reality is that it went down.

Speaker #2: But it was moving quite around the $69 per barrel. We've seen at the beginning of the year that the fundamentals that we think, which is a good supply, and the events in Venezuela, we went down to 60.

Speaker #2: But then reactions reactions of twofold. Then OPEC decided not to stop trading, pushing more oil in the market. And also we begin to see in the US, the US shareholder producer beginning to reduce drilling at $60.

Patrick Pouyanné: Also, we begin to see in the US, US shale oil producers beginning to reduce drilling. So at $60, balance is not yet there. Additionally on that, you had other events. Geopolitically, I think the most important one is maybe not Iran. For me, it's the fact that most of the countries now are serious about putting sanctions against Russian oil in a more stringent way. We've seen that. And this is an impact on the market. Today, you have more and more Russian oil on the sea, which does not find a buyer. The Indian refiners are not buying Russian crude oil from March, April. So this we see as an impact, I think, on the market. Remember that Russian oil export in the market is 3 to 4 million barrels per day. So it's really a matter.

Speaker #2: Balance is not yet there. Additionally, on that, you had other events. Geopolitically, I think the most important one is maybe not Iran. For me, it's the fact that most of the countries now are serious about taking, putting sanctions against Russian oil in the most stringent way.

Speaker #2: We've seen that, and this is an impact on the market. Today, you have more and more Russian oil on the sea, which does not find a buyer.

Speaker #2: Your Indians are not buying, refining—Indian refiners—Russian crude oil from March, April. So this, we see as an impact, I think, on the market.

Speaker #2: Remember that Russian oil exports in the market is free to $4 million per day. So it's really a matter. We keep we still keep a view that fundamentals, good supply, despite what I just said, good demand.

Patrick Pouyanné: We still keep a view that fundamentals, good supply, despite what I just said, good demand, but still supply. We plan at $60 per barrel. And this explains a certain number of decisions that I will present to you. On the gas side, I would say 2026 is more a transition year. We were at 400 million tons per year of capacity of energy in 2022. 2025, we were at 435. So in 3, 4 years, only 30 million tons, which was even not enough to absorb the increase of European demand. The European demand went up from 65 million tons in 2022 to 115. So it increased by 50 million tons. And this year, in 2026, yes, there is some capacity which will be put on stream in the US, in Qatar. But we think an additional 35 million tons will come.

Speaker #2: But still, supply. We plan at $60 per barrel, and this explains a certain number of decisions that I will present to you. On the gas side, I would say 2026 is more a transition year.

Speaker #2: We were at 400 million tons per year of capacity. But in June 2022, 2025, we were at 435. So in three, four years, only 30 million tons, which was even not enough to absorb the increase of the European demand.

Speaker #2: The European demand went up from 70, 65 million tons in 2022 to 115. So it increased by $50 million tons. And this year, in 2026, yes, there is some capacity which will be put on stream in the US, in Qatar.

Speaker #2: But we think an additional $35 million tons will come. Transition year, which means we translated it by moving TTF from $12 per million BTU last year to $10.

Patrick Pouyanné: Transition year, which means we translated it by moving TTF from $12 per million BTU last year to 10, but not yet lower. By the way, today, with wintertime, we are still at 12, but we've seen it could go down, I think, transition as well because there is one event, which is the fact that the EU has decided to ban Russian gas from 2027. And this will give an additional demand in the EU from 115 to 150 million tons. You have an additional 35 million tons per year of energy coming in 2027, which is almost the increase of capacity of 2026. So yes, we will see this market will see, for sure, the global capacity moving from 400 to 600 by 2029, 2030. But the impact on the price, in our view, will be gradual.

Speaker #2: But not yet lower. By the way, today we've wintertime. We are still at $12. But we've seen it could go down. I think transition as well.

Speaker #2: Because there is one event, which is the fact that the EU has decided to ban Russian gas from 2027. And this will give an additional demand in the EU from 115 to 150 million tons.

Speaker #2: You have an additional 35 million tons per year of energy coming in 2027, which is almost the increase of capacity of 2026. So yes, we will see this market, we will see for sure the global capacity moving from $400 to $600 by 2029, 2030.

Speaker #2: But the impact on the price, in our view, will be gradual. And 2027 will not yet be, I think, the low cycle of this gas price, of the energy price.

Patrick Pouyanné: 2027 will not yet be, I think, the low cycle of this gas price, of the energy price. Having said that, we know we have taken actions to face it. 2026, our objectives. So again, the growth, 5% energy growth globally, 3% on oil and gas. I don't think we'll reach 4%. But by the way, I said to Nicolas, if you think you can reach 4, tell me now because the market likes the future, not just the past results. So tell me no, but he did not tell me that. So let's see. On electricity net production, we should grow by 25% above 60 TWh. Of course, there is a link to when we'll close the EPH deal, but I'm comfortable with this objective.

Speaker #2: Having said that, we know we have taken actions to face it. 2026 objectives. So again, the growth: 5% energy growth globally, 3% on oil and gas.

Speaker #2: I don't think we'll reach 4%. By the way, I said to Nicola, if you think you can reach 4%, tell me now. Because the market likes the future, not just the past results.

Speaker #2: So let me know. But he did not tell me that. So let's free. On electricity net production, we should go by grow by 25% above 60 terawatt-hour.

Speaker #2: Of course, there is a link to when we'll close the EPH deal. But I'm comfortable with this objective. Refining utilization rate, the real objective—what will come back from Vincent and his team—is to stop having some issues on big assets.

Patrick Pouyanné: Refining utilization rate, the real objective will come back from Vincent and his team is to stop having some issues on big assets and availability +2%. Refining utilization rate is maybe not the best factor to translate it into economics. LNG sales, we will continue to grow our production 6%. It will be translated by sales. In the sales of LNG of Stéphane teams, there are some spot volumes. This is why we keep let's keep above 44 million tons. On the renewable gross installed capacity, 34 to 42 +8GW. This is the roadmap of the teams of integrated power. Less emissions in methane. I think we'll reach sooner than we thought, the -80%. We have put a target at -70%. Every year, we do 5% more. We'll continue to deploy the whole program.

Speaker #2: And availability plus 2%. So refining utilization rate is maybe not the best factor to translate it into economics. LNG cells, we will continue to grow our production, 6%.

Speaker #2: So it will be translated by cells in the cells of LNG of Stéphane's teams. There are some spot volumes. So this is why we keep let's keep above 44 million tons.

Speaker #2: And on the renewable gross installed capacity, 34 to 42 plus 8 gigawatts. This is the roadmap of the teams of integrated power. Less emissions.

Speaker #2: In methane, I think we'll reach sooner than we thought the minus 80%. We have put a target at minus 70%. But every year, we do 5% more.

Speaker #2: So we'll go, we'll continue to deploy the whole program. And we are the only company to have deployed 11,000 devices to make a permanent monitoring.

Patrick Pouyanné: We are the only company to have deployed 11,000 devices to make permanent monitoring. So we have a clear leadership. And I think it's a real direct contribution to the climate. The heating power of methane is much higher than other greenhouse gases. So I think this is a good focus for all companies and our capacity to demonstrate results. For the other parameters, we continue to lower Scope 1 and 2 from operated facilities. And the lifecycle carbon intensity of our sales, -19% to -20%, depending, of course, on the production. So we are on the way to reach the -25% we want to have by 2030, continuing to deploy the strategy and growing the integrated power business. On the other parameter for growing free cash, I will come back on it because it's important. I read your comments this morning.

Speaker #2: So, we have a clear leadership. And I think it's a real direct contribution to climate. You know, the heating power of methane is much higher than other greenhouse gases.

Speaker #2: So, I think this is a good focus for all the company and our capacity to demonstrate results. For the other parameters, we continue to lower Scope 1 and 2 from operated facilities.

Speaker #2: And the lifecycle carbon intensity of our cells minus 19 to minus 20%, depending, of course, on the production. So we are on the way to reach the minus 25% we want to have by 2030, continuing to deploy the strategy and growing the integrated power business.

Speaker #2: On the upper parameter for growing free cash, I will come back on it because it's important. I read your comments this morning. Some of you were surprised.

Patrick Pouyanné: Some of you were surprised about more than $26 billion. I think I will explain to you why we've come from $27.8 billion in 2025 at $69 per barrel and $12 per million BTU down to $26. If you take the environment at $60 and $10, you would find more, something like $25. There are some reasons behind why we think we will reach more than $26 billion. In fact, it's linked to the accretiveness of this growth of oil and gas production. In two years, and I will come back on it, we will have, in fact, compensated $10 per barrel of oil price because of the growth, but also because this growth is accretive in terms of cash flow per barrel compared to where it was two years ago.

Speaker #2: But more than $26 billion. I think I will explain to you why we've come from $27.8 billion in 2025 at $69 per barrel and $12 per million BTU, down to $26.

Speaker #2: If you take the environment at $60 and $10, you would find more something like 25. There are some reasons behind why we think we will reach more than $26 billion.

Speaker #2: In fact, it's linked to the accretiveness of this growth of oil and gas production. In two years, and I will come back on it, we will have in fact compensated $10 per barrel of oil price.

Speaker #2: Because of the growth, but also because this growth is accretive in terms of cash flow per barrel compared to where it was two years ago.

Speaker #2: And last but not least, an important target for all of us—and discussed on the Board—we want to maintain gearing at 15%, which will lead to the management of the cash flow of the company.

Patrick Pouyanné: Last but not least, an important target for all of us and a discussion on the board, we want to maintain the 15% gearing, which will lead to the management of the cash flow of the company. I know we say less than 20%. I saw the reaction. We listened to all our investors in 2025. We have a new model, which is to maintain this 15%. We have ways to achieve it. I will come back on it. There might be some volatility during the year because of seasonality, working capital. But please, no panic. We'll end at 15%. We deliver what we say. Trust us. We've demonstrated that year after year. A word on our cash savings program, which, in fact, is contributing to the free cash flow of the company directly. We said $7.5 billion in September.

Speaker #2: And I know we say less than 20. I saw the reaction. We listened to all your investors in 2025. We have the model, which is to maintain this 15%.

Speaker #2: And we have ways to achieve it. I will come back on it. You know, there might be some volatility during the year because of seasonality and working capital.

Speaker #2: But please, no panic. We'll end at 15. You know, we deliver what we say. Trust us. We've demonstrated that year after year. A word on our cash savings program.

Speaker #2: Which, in fact, is contributing to the free cash of the company directly. We said $7.5 billion in September. We increased it to $12.5 billion because, as you know, the guidance we gave you in September around the $16 billion of CapEx has been diminished to $15 billion, like we see for 2026.

Patrick Pouyanné: We increased it to $12.5 billion because, as you know, the guidance we gave you in September around the $16 billion of CapEx has been diminished to $15 billion, like we see for 2026 because in the meantime, we have announced the EPH deal, which is in share. But at the end of the day, it's an effort of investment. So we will save that cash. Issuing your shares, it's, in fact, an issuance of sort of capital increase we are doing. So we don't want to double count it. We are also working on the OPEC's part. So for 2026, because I know that in September, we gave you objectives without some color in it, this is a program.

Speaker #2: Because, in the meantime, we have announced the EPH deal, which is in share. But at the end of the day, it's an effort of investment.

Speaker #2: So we will save that cash. This brings the shares. It's in fact an issuance of sort of capital increase. We are doing. So we don't want to double count it.

Speaker #2: We are also working on the OPEX part. So, for 2026, because I know that in September, we gave you objectives without some color in it.

Speaker #2: This is a program. We have $500 million savings. Part of it coming from integrated power because the fact that we found out allow us to rationalize part of the assets we are organized and the way we organize.

Patrick Pouyanné: We have $500 million savings, part of it coming from integrated power because the fact that we farm down allow us to rationalize part of the assets we are organized and the way we don't organize. So $200 million of fixed costs will be saved on that part and also both on upstream and downstream. Many initiatives on marketing and services, reorganization central services, headquarters streamlining. So reviewing the organization, as we were when the price was down in 2016, 2017, in the meantime, the price went up. So we have 10 teams have a little increase. So we streamline that and initiatives all over across the board. So that's for 2026. We have also worked to launch new initiatives in order to continue to feed this cash saving program for future years. Some of them are mentioned there. One has been mentioned.

Speaker #2: So we are $200 million of fixed costs will be saved on that part. And also both on upstream and downstream. Many initiatives in marketing and services reorganization, central services, headquarters streamlining.

Speaker #2: So reviewing the organization, you know, as we were when the price was done in 2016, 2017, in the meantime, the price went up. So we have teams have a little increase.

Speaker #2: So we streamline that. And initiatives all across the board. So that's for 2026. We have also worked to launch new initiatives in order to continue to feed this cash saving program for future years.

Speaker #2: Some of them are mentioned there. One has been mentioned. So we want the growth in integrated power and digital AI to be supported by this global competence center in India, which, of course, will offer competitive costs.

Patrick Pouyanné: So we want the growth in integrated power and digital AI to be supported by this global competence center in India, which, of course, will offer competitive costs. But primarily, it's because it will give us access to talents and to accelerate the growth. And we need to have, I would say, more people to deliver efficiently these various programs. So that's one initiative. Second one is that we are reviewing all, I would say, the non-proximity dependent services inside the company and move that in low-cost country. I would say we had a number of services either in IT, in engineering, in different areas where we discovered I mean, we're reviewing it. You need to review permanently what you do. Some of them, which are not dependent on proximity to our own people, are still delivered by high-cost service contractors. And we could move them. We will move them.

Speaker #2: But primarily, it's because it will give us access to talents and to accelerate the growth. And we need to have more people to deliver efficiently these various programs.

Speaker #2: So that's one initiative. Second one is that we are reviewing all, I would say, the non-proximity dependent services inside the company and move that in low-cost country, I would say.

Speaker #2: We had a number of services either in IT, in engineering, in different areas. Where we discovered I mean, we reviewing it. You know, you need to review permanently what you do.

Speaker #2: Some of them, which are not dependent on proximity to our own people, are still delivered by high-cost service contractors. And we could move them.

Speaker #2: We will move them. We think there is more than 100 million dollars of saving, probably more than that. We will apply the same philosophy to all these segments.

Patrick Pouyanné: We think there is more than $100 million of saving, probably more than that. We will apply the same philosophy to all these segments. Another one, which is we have now established what we call the procurement factories in Romania, which is, in fact, able to procure on some framework contracts. We have negotiated with plenty of suppliers. And this one has been tested. Now we'll make it mandatory for all the LBUs. We'll move when I say all of them, I know it's more. We have to be pragmatic, 20 of them by 2027 and then more than it. There is there quite a good potential to centralize the sourcing of equipment and benefiting from the size of the company. So probably at least 10% of the $2 billion. There is more to come behind. So this is the third initiative.

Speaker #2: Another one, which is we have now established what we call the procurement factories in Romania, which is in fact able to procure on some framework contracts.

Speaker #2: We have this negotiated with plenty of suppliers, and this one has been tested. Now, we'll make it mandatory for all the LBUs. We'll move when I say all of them.

Speaker #2: I know it's more we have to be pragmatic. 20 of them by 2027. And then more than it. There is there quite a good potential to centralize the sourcing of equipment and benefiting from the size of the company.

Speaker #2: So probably at least 10% of the $2 billion out there, and there is more to come behind. So this is a third initiative. And the last one is to see how we could mutualize some support services.

Patrick Pouyanné: The last one is to see how we could mutualize some support services across some LBUs regionally, for example, in Africa or even in France, where we continue to have in different refineries. All support services are in each site. And there is probably there some gains. There are not probably. There will be some gains. So that's again taking the opportunity to review the way we work to continue to be more efficient and resilient. CapEx for 2026, $15 billion as announced, 15, where the split is there. On integrated power, low carbons in cash, it's $3 billion. If you add one fifth, I would say one year of EPH shares, the effort is equivalent to $4 billion, but $3 billion. And on the other areas, I think it's quite similar to 2025. Let me be clear. There is no reduction of the growth ambition.

Speaker #2: Across some LBUs. Regionally, for example, in Africa. Or even in France, where we continue to have in different refineries all support services are in each site and there is probably there some gains that are not probably there will be some gains.

Speaker #2: So, that's again taking the opportunity to review the way we work to continue to be more efficient and resilient. CapEx for 2026: $15 billion, as announced.

Speaker #2: 15. Where we split is there on integrated power low carbon in cash. It's 3 billion. If you add one-fifth, I would say one year of EPH shares the effort is equivalent to 4.

Speaker #2: But 3 billion. And on the other areas, I think it's quite similar to 2025. Let me be clear. There is no reduction of the growth ambition.

Speaker #2: All the projects which have been launched will be delivered within the budget. It's a question to be efficient on the way we work. We revise it from 2017 to 2016, September.

Patrick Pouyanné: All the projects which have been launched will be delivered within the budget. It's a question to be efficient on the way we work. We revise it from $17 to $16 September, no $16 to $15 because of EPH. We are in this figure. We are planning to divest $1 billion more than what we will acquire, so just to be clear. We have a flexibility which I identified to go down to $14 in particular, I would say, on the acquisition part if we were willing to if we were facing a lower than $50 per barrel environment. So that's the program for CapEx. Growth, I mentioned 3% for oil and gas. It will come from not only some of the growth comes from the startups of 2025 reaching their plateau of production like Anchor, which is not yet at plateau, or Mero 4.

Speaker #2: 2016 to 2015 because of EPH. We are in this figure. We are planning to divest 1 billion more than what we will acquire. So just to be clear.

Speaker #2: And we have a flexibility which are identified to go down to 14 in particular, I would say, on the acquisition part. If we were willing to if we were facing a lower than 50 dollars per barrel environment.

Speaker #2: So that's the program for CapEx. Growth—I mentioned 3% for oil and gas. It will come from—not only, some of the growth comes from the startups of 2025 reaching their plateau of production, like Ancor, which is not yet at plateau, or Meroufour.

Speaker #2: So part of this is coming from is embarked by the startups of last year. New startups on this year. We have identified five projects.

Patrick Pouyanné: So part of this is coming from is embarked by the startups of last year. New startups on this year, we have identified five projects or six even. One is Lapas Southwest in Brazil, Mabrouk in Libya. They are not very big ones. Rattawi is more important. Rattawi phase one. We'll increase the production from Rattawi field in Iraq to 120,000 barrels per day. Then we have Tinfoulier Taba Anchor, upgrade of production in Algeria around 55,000 barrels per day. North Field East in Qatar, we plan it for Q3. And Uganda, we are planning it for Q3. Now it's Q4. We'll start the first train before year-end 2026. This 3%, and this is probably the most important slide, in fact, will be translated in terms of cash flow by a growth of 7%.

Speaker #2: Or six, even. One is La Paz Southwest in Brazil, Mabrouk in Libya. They are not very big ones. Ratawi is more important. Ratawi is phase one.

Speaker #2: We'll increase the production from Ratawi field in Iraq to 120,000 by per day. Then we have 238 Tabancor. Upgrade of production. In Algeria, around 55,000 per day.

Speaker #2: Northfield East in Qatar, we plan it for Q3. And Uganda, we are planning it for Q3. Now it's Q4. We'll start the first 20 before year-end 2026.

Speaker #2: These 3% and this is probably most important slide. In fact, we'll be translated in terms of cash flow by a growth of 7%. So again, as Jean-Pierre told you, in 2025, the 4% growth of production was translated in 10% growth of cash flow because of this higher CFFO per barrel of the new projects.

Patrick Pouyanné: So again, as Jean-Pierre told you, in 2025, the 4% growth of production was translated in 10% growth of cash flow because of this higher CFFO per barrel of the new project. In 2026, the 3% will be translated in 7% according to our planning. Maybe a little more. We'll see. But this, of course, will help us. And in fact, when you make the math at the end of this combination, we will have a cash flow from operation from upstream at $60 per barrel in 2026, which will be equivalent to what we would have done in 2024 at $70 per barrel. So we have offset $10 per barrel thanks to this growth and this accretive growth. So I think this is a strong message of this presentation. Maybe this was a figure that you didn't have in mind. We were not so clear.

Speaker #2: In 2026, the 3% will be translated in 7% according to our planning. Maybe a little more. We'll see. But this, of course, will help us.

Speaker #2: And in fact, when you make the math at the end of this combination, we will have a cash flow from operation from upstream at 60 dollars per barrel in 2026, which will be equivalent to what we would have done in 2024 at 70 dollars per barrel.

Speaker #2: So we have offset 10 dollars per barrel thanks to this growth. And this accretive growth. So I think this is a strong message of this presentation.

Speaker #2: Maybe it is worth a figure that you didn't have in mind. We were not so clear. I had the question in September, and now, in the meantime, we have managed to put all that together.

Patrick Pouyanné: I had the question in September. Now, in the meantime, we have managed to put all that together. We don't stop. We never stop exploring. I know that it's a new music, exploring. For on our side, since the last 10 years, we spend $1 billion per year of exploration appraisal. We have done 2 big, nice discoveries the last 10 years, in particular Gran Morgu and Venus, on which we will work to sanction the project, as Arnaud explained to you, in 2026. We have been quite active to have access to new licenses in 2025, the US, Algeria, Liberia, Congo, Nigeria, Namibia, Malaysia, Indonesia. We have a program of interesting wells, I would say, for 2026, in particular Nigeria, Congo, Namibia, but also in Malaysia. And then some, I would say, more frontier wells like in PNG, Indonesia, which will be drilled this year.

Speaker #2: We don't stop. We never stop exploring. I know that it's a new music. Exploring from all sides. Since the last 10 years, we spent 1 billion per year of exploration appraisal.

Speaker #2: We have done two big, nice discoveries in the last 10 years—in particular, Grand Moru, and now Venus, on which we will work to sanction the project, as Arno explained to you, in 2026.

Speaker #2: We have been quite active to have access to new licenses in 2025. The US, Algeria, Liberia, Congo, Nigeria, Namibia, Malaysia, Indonesia. We have a program of interesting wells, I would say, for 2026.

Speaker #2: In particular, Nigeria, Congo, Namibia, but also in Malaysia and then some, I would say, more frontier wells like in PNG, Indonesia, which will be drilled this year.

Speaker #2: So the efforts continue. And Nicolas Mavilla has taken the lead of all these teams in order to maintain I hope the success rate of the company in exploration.

Patrick Pouyanné: The efforts continue. Nicola Mavilla has taken the lead of all these teams in order to maintain, I hope, the success rate of the company in exploration. On integrated LNG, we will face a year where, on one side, we have a growth of production of LNG, 6%. We have two projects starting up, by the way, in 2026. One is North Field East in Qatar. The other one is the famous Energía Costa Azul in Baja California. We are waiting for it. It's a little late, but it's planned for Q3 as well with quite a good offtake, by the way, of both for those who will contribute to the growth of the sales of Stéphane's team. So on one side, we have this growth. On the other side, we have lower the assumption on the gas price, TTF down from EUR 12 to 10.

Speaker #2: On integrated energy. We will face a year growth of production, of LNG, where on one side, we have a 6%. We have two projects starting up, by the way, in 2026.

Speaker #2: One is Northfield East in Qatar. The other one is the famous Energia Costa Azules in Baja California. We are waiting for it. It's a little late, but we plan for Q3 as well.

Speaker #2: We've quite a good offtake, by the way, of both. For those who contribute to the growth of the sales of Stéphane's team. So, on one side, we have this growth.

Speaker #2: On the other side, we have lower the assumption on the gas price. TTF down from 12 to 10. So of course, this has an impact I would say on the and also the LNG price.

Patrick Pouyanné: So, of course, this has an impact, I would say, on the and also the LNG price. If we were at $60 per barrel and a TTF of EUR 10, the average LNG price of our sales will be $8. We have announced $8.5 for Q1. So that's the math which gave us compared to $9 in 2025. So when you make this 10-12% decrease on the sales and on the other side, 6% increase of the growth, we are planning to have a cash flow from operation from integrated LNG around $4.5 billion. This year was $4.6, $4.7, I think, so more or less stable stability, but the growth being compensated by a lower environment.

Speaker #2: If we were at $60 per barrel and TTF of 10, the average LNG price of our sales will be 8. We have announced 8.5 for Q1.

Speaker #2: So that's the math which gave us, compared to 9 in 2025. So, when you make this 10–12% decrease on the sales and, on the other side, 6% increase of the growth, we are planning to have a cash flow from operation from Integrated Energy around $4.5 billion.

Speaker #2: This year was 4.6, 4.7, I think. So more or less stable stability. But the growth being compensated by a lower environment. On integrated power, of course, the year but I will not come back will be dominated by the closing of this deal with EPH, which will provide us its figures that to be remembered.

Patrick Pouyanné: On integrated power, of course, the year, but I will not come back, will be dominated by the closing of this deal with EPH, which will provide us its figures that have to be remembered. On a yearly basis, 15 terawatt-hours per year of net power production and $750 million per year of available cash flow. So it's, of course, these figures have to be integrated. And it's a major step for us with potential capacity to grow beyond because there is a pipeline coming with the 14 gigawatt gas-fired power plant pipeline. It will be translated, so for 2026, production above 60 terawatt-hours. The cash flow is expected to be above $3 billion. As we plan to have net CapEx $2.5 to 3 billion, normally 2026 should be, for the first time, contributing to the dividend, free cash positive, free activity.

Speaker #2: On a yearly basis, 15 terawatt-hour per year of net power production and 750 million dollars per year of available cash flow. So it's of course, these figures have to be integrated.

Speaker #2: And it's a major step for us. We've potentially capacity to grow beyond, because there is a pipeline coming with the 14-gigawatt gas pipe of power plant, Philips.

Speaker #2: It will be translated. So for 2026, production above 60 terawatt-hour. The cash flow is expected to be above 3 billion dollars. As we plan to have net capex 2.5 to 3, normally 2026 should be for the first time contributing to the dividend.

Speaker #2: Free cash positive. This activity. I say normally because we have an uncertainty on the date of the closing. We are not completely in line.

Patrick Pouyanné: I say normally because we have an uncertainty on the date of the closing. We are not completely in line. But we are for sure; if it's not 2026, it could be 2026, but 2027 for sure, this business will be free cash positive. And I think it's a turning point, obviously, in the way you could valorize the business inside the company. It will contribute to the dividend. Refining and chemicals. I reported to you in September that we had three bad pupils, which were Port Arthur, Donges, and Normandy. Now, this one, the good news is that the bad pupils are in better shape, if I say. Port Arthur, the problems have been identified. On the reformer's team, there was a big turnaround, which was delivered on time. And now Port Arthur is back on track with positive performance. The Donges refinery has suffered during several years.

Speaker #2: But we are for sure if it's not 2026, it could be 2026. But 2027, for sure, this business will be free cash positive. And I think it's a turning point, obviously, in the way you could valorize the business inside the company.

Speaker #2: It will contribute to the dividend. Refining and chemicals. I reported to you in September that we had three bad pupils which were power first, orange and Normandy.

Speaker #2: Now these ones, the good news is that the bad pupils are in better shape, if I say. Potassium, the problems have been identified on the reformers' team.

Speaker #2: There was a big large turnaround which was delivered on time. And now potassium is back on track with positive performance. The orange refinery, I suffered during several years.

Speaker #2: We will start up this famous Horizon project, which is an investment in order to be able to produce gasoline on spec and not on the export market.

Patrick Pouyanné: We will start up this famous Horizon project, which is an investment in order to be able to produce gasoline on spec and not on the export market. So that's February, March. That's coming out. So again, we reach a much better utilization rate in November. We can consider that Donges will be back on normal availability. And the cracker problems in Normandy have always been repaired. And so again, this platform in Normandy is back to, I would say, a good availability. By the way, you've seen in the Q4 results that refining and chemicals have really been able to capture. There were very good margins, $11 per barrel. The good news is that we have captured it, which means that, yes, the plants are now available. And that's, I think, a good news.

Speaker #2: So that's February-March. That's coming out. So again, we reach a much better utilization rate in November. We can consider that those will back on normal availability.

Speaker #2: And the cracker problems in Normandy have always been repaired. And so again, this platform in Normandy is back to, I would say, a good availability.

Speaker #2: By the way, you've seen in the fourth quarter results that refining and chemicals have really been able to capture. There were very good margin, 11 dollars per barrel.

Speaker #2: The good news is that we have captured it, which means that available. yes, the plants are now And that's, I think, a good news.

Speaker #2: The global program that Yves Vincent and his teams are implementing, which is called Boost 27, is to increase the availability by two points. And we'll follow that.

Patrick Pouyanné: The global program that Yvan Assang and his teams are implementing, which is called Boost27, is to increase the availability by two points. We'll follow this KPIs very carefully along the year. We'll report to you. Unfortunately, now the margins are lower, back, but you know very clearly, this is the integration. When price of oil is going up at $72, we are margin today around $4 to $5. So we have less environment. But again, it's part of the we'll gain on one side. We have less on the other side. This is why we think it's good to be integrated. Marketing and services is growing steadily, $100 million of cash flow per year. So $2.3 in 2024, $2.4 in 2025. We plan $2.5 in 2026. Despite the fact, I remind you that we have streamlined some of the networks in Europe and in Africa.

Speaker #2: This KPI is very carefully along the year. And we'll report to you. Unfortunately, now margins are lower, back. But you know very clearly, this is the integration when price of oil is going up at 72.

Speaker #2: We are margin today around 4 to 5. So we have a less environment. But again, it's part of the we'll gain on one side.

Speaker #2: We have less on the other side. This is why we think it's good to be integrated. Marketing and services is very growing steadily. 100 million dollars of cash flow per year.

Speaker #2: So 2.3 in 2024, 2.4 in 2025. We plan 2.5 in 2026. Despite the fact I remind you that we have streamlined some of the networks.

Speaker #2: In Europe and in Africa. We have a special focus there on lubricants. We have reorganized the lubricants business unit in a sort of, I would say, independent business unit company.

Patrick Pouyanné: We have a special focus there on lubricants. We have reorganized the lubricants business unit in a sort of, I would say, independent business unit company. I don't think there is any plan to divest it. We love lubricants. It's very cash. It's a super cash flow, very little capital employed, good business, stable market share. And don't try to rush to gain market share. Better to manage your margins and keep your good margins. So we have good. And I think the focus on this unit is giving us ideas on how to develop. We are very focused today on the auto market to have more emphasis on the industry markets, that's the idea behind this new organization. On the networks, the focus will be down to really move forwards on developing the non-fuel revenues, which is a source of potential cash.

Speaker #2: There is no don't think there is any plan to divest it. We love lubricants. It's very cash. It's a super cash flow. Very little capital employed.

Speaker #2: Good business. Stable market share. And don't try to rush to gain market share. Better to manage your margins and keep your good margins. So, we have good.

Speaker #2: And I think the focus on this unit is giving us ideas on how to develop. We are very focused today on the auto market, to have more emphasis on the industry market.

Speaker #2: That's the idea behind this new organization. On the networks, the focus will be to really move forward on developing the non-fuel revenues, which is a source of potential cash.

Speaker #2: So the global picture for 2026, to conclude, is that so we will generate, as I said, that 60 dollars, 10 per barrel, 10 dollars per million BTU refining margin at 5 dollars above 2026 billion dollars.

Patrick Pouyanné: So the global picture for 2026, to conclude, is that, so we will generate, as I said, that $60 per barrel, $10 per billion BTU, refining margin at $5, above $26 billion. We will invest $15 billion. So we have a free cash of $11 billion, dividend more or less $8, $8.5 billion depending on the exchange rate, $3 billion of buyback. You see the equation there. The news that what we want to illustrate is that between 2025 and 2026, if you rebase 2025 at the same environment price, we have an additional free cash of $4 billion, $2 billion coming from the CapEx. And the other 2 billions are coming a little more than $1 billion from the upstream, the growth accretiveness, $1.1 billion, around $500 million from integrated power, then marketing and services for $100 million.

Speaker #2: We will invest 15. So we have a free cash of 11 billion dollars. Dividend more or less 8, 8.5 dependent on the exchange rate.

Speaker #2: 8 billion of buyback. You see the equation there. The news that I what we want to illustrate is that between 2025 and 2026, if you rebase 2025 at the same environment price, we have an additional free cash of 4 billion.

Speaker #2: 2 billion coming from the capex. And the other 2 billions are coming a little more than 1 from the upstream. The growth accretiveness, 1.1.

Speaker #2: Around $500 million from Integrated Power. Then Marketing and Services for $100 million. And so you will, and then Refining and Chemicals, which is planning at the same environment, because of better viability, to have an additional $300 to $400 million.

Patrick Pouyanné: Then refining and chemicals, which is planning at the same environment because of better viability to have an additional $300 to 400 million. So that's why we'll have, again, this resilience and we'll be able to have the same free cash at $60 in 2026 that we had at 2025 at $69 per barrel. That's what I said. The company is more resilient and able to distribute dividends. So the dividends coming on the dividends. So the Board has decided yesterday to come back to what was the traditional way, by the way, in TotalEnergies. And to be clear, until 2022, we were the last, I mean, the final dividend because it's not a quarterly dividend. In French way, it's a final dividend. We have intermediate dividends in the French system, but we distribute quarterly. A final one is equal to the three previous ones.

Speaker #2: So that's why we'll have again this resilience. And we'll be able to have the same free cash at 60 dollars in 2026. That we add at in 2025 at 69 dollars per barrel.

Speaker #2: That's what I said company is more resilient. And able to distribute dividends. So the dividends coming on the dividends. So both as decision as decided yesterday to come back to what was the traditional way.

Speaker #2: By the way, in TotalEnergies, and to be clear, until 2022, we were the last I mean, the final dividend because it's not a quarterly dividend.

Speaker #2: For— in the French way, it's a final dividend. We have intermediate dividends in the French system, but we distribute quarterly. A final one is equal to the three previous ones.

Speaker #2: We have departed from this tradition the last few years because we had clear visibility on high oil prices, so we were confident. So both prefer to be a little more cautious.

Patrick Pouyanné: We have departed from this tradition last few years because we had a clear visibility on high oil price. So we were confident. So both prefers to be a little more cautious, but there is no signal on it. It gives, by the way, a growth of the dividend of 5.6% per year in euro, 13% in dollar. When I compare that to my peers, we are good position in terms of growing the dividend. And we will, of course, announce what will be the growth of the quarterly dividend by end of April. Both decided to have a better view of one quarter, see the market. But no message there that there will be the idea is not to keep it at the same level. It's just a question to come back to the traditional manner to manage this dividend. So that's the point.

Speaker #2: But there is no signal on it. It gives, by the way, a growth of the dividend of 5.6% per year in euro—13% in dollar.

Speaker #2: When I compare that to my peers, we are good position in terms of growing the dividend. And we will, of course, announce what will be the growth of the quarterly dividend by end of April.

Speaker #2: Both decided to have a better view of one quarter. See the market. So, but no message there. But there will be a very—the idea is not to keep it at the same level.

Speaker #2: It's just a question to come back to the traditional manner to manage this dividend, so that's the point. And I think the 5% there is probably a good guidance.

Patrick Pouyanné: I think the 5% there is probably a good guidance. On the buyback, we have announced you $3 to 6 billion again between $60 and $70 per barrel in September. We reset that buyback guidance. I'm adding because I had a lot of questions during my roadshow, but at $50 per barrel, there will be no buyback. So the answer is quite easy. I don't try to make in between, don't ask me. There is no mathematical formula. Today, at this stage, both have taken the same attitude. We want to be able to buy back $3 to 6 billion. We don't know where we'll land the price of oil crude oil. So we took, I would say, a flexible approach by starting Q1 at the bottom of the guidance.

Speaker #2: On the buyback, you we have announced you three to six billion again between 60 and 70 dollars per barrel in September. We guidance. We I'm adding because I had a lot of questions during my whole show.

Speaker #2: But at 50 dollars per barrel, there will be no buyback. So it's the answer is quite easy. I don't try to make in between don't ask me.

Speaker #2: There is no mathematical formula. And today at this stage, both has taken the same attitude. We want to be able to buy back three to six.

Speaker #2: We don't know where we'll land the price of oil crude oil. So we took a I would say a flexible approach by starting a first quarter at the bottom of the guidance.

Speaker #2: And then if we see that the price remain around above 70 dollars, we'll have opportunity to, I would say, increase it. But I think it's better to increase than to decrease.

Patrick Pouyanné: And then, if we see that the price remains above $70, we'll have opportunity to, I would say, increase it. But I think it's better to increase than to decrease. My view on these markets, good news are better than bad news. So we'll skip in the guidance. We took the low range because, again, we don't have full visibility on it. I would also say that the second message is important, is the one on priority to gearing. We have listened to investors loud and clear. So this 15% has been clearly an anchor point. You can see on the math that it's matched with more or less at $60. It matched more or less with $3 billion buyback.

Speaker #2: You know my view on the markets. Good news is better than bad news, so we will skip in the guidance. We took the low range because, again, we don't have full visibility on it.

Speaker #2: I would also say that the second message that's important is the one on priority to gearing. We have listened to investors loud and clear. So, this 15% has clearly been an anchor point.

Speaker #2: And you can see on the math that it's matched with more or less at 60 dollars. It matches more or less with 3 billion dollars buyback.

Speaker #2: But this will be, I would say, the idea that we don't increase the net debt to finance the buyback will be part of the equation of the way we will allocate the cash flow in 2026.

Patrick Pouyanné: But this will be, I would say, the idea that we don't increase the net debt to finance the buyback will be part of the equation of the way we will allocate the cash flow in 2026 coming forward. So that's, I would say, again, we have the CFFO is resilient. We have a clear investment, and we will execute the $15 billion. The dividend will be there. Then we have a little uncertainty, of course, on the exchange rate. If I'm right, it will continue dollar to weaken, but we'll see. It has an impact on us. And again, as I said, keep in mind the gearing sustainability, which could go up to 3%, $3 billion of working capital. We anticipate $2 to 3 billion for Q1. That represents easily 2 to 3% or 2.5%, 3% of gearing. So again, as I said, no panic.

Speaker #2: Coming forward. So that's, I would say, again, we have the CFFO is resilient. We have a clear investment. And we will execute the $15 billion.

Speaker #2: The dividend is now will be then we have a little uncertainty, of course, on the exchange rate. Even if my view is that it will continue dollar to weaken.

Speaker #2: But we'll see. It has an impact on us. And again, as I said, keep in mind the gearing sustainability, which could go up to 3%.

Speaker #2: 3 billion of working capital. We anticipate 2 to 3 billion for the first quarter. That represents easily 2 to 3% or 2.5%, 3% of gearing.

Speaker #2: So again, as I said, no panic. So to finish this presentation, you know this slide. We just updated it. The I think we offer and we continue to offer a clear and consistent strategy, which is, yes, differentiated from our peers.

Patrick Pouyanné: So to finish this presentation, this slide, we just updated it. I think we offer and we continue to offer a clear and consistent strategy, which is, yes, differentiated from our peers, but differentiated in both ways. On the oil and gas, we deliver a growth, an accretive growth. We keep, and I think it's important, the medium and long-term view. Again, we have renewed, again, by more than 100% of proven reserve. I remind you, the last three years, 140%, 150%, 120%. So the capacity to continue to identify new resources to sanction projects is there. And I'm very confident with the pipeline we have in front of us of FIDs to be taken in 2026 and 2027 that will maintain this track record. I think this is probably one of the best foundations for the investors within TotalEnergies.

Speaker #2: But differentiated in both ways. On the oil and gas, we deliver a growth and accretive growth. We keep and I think it's important the middle and long-term view.

Speaker #2: Again, we have renewed again by more than 100% of proven reserve. It's I remind you the last three years, 140, 150, 120%. So the capacity to continue to identify new resources to sanction projects is there.

Speaker #2: And I'm very confident with the pipeline we have in front of us of FIDs to be taken in 2026 and 2027 that will maintain this track record.

Speaker #2: I think this is probably one of the best foundations for the investors within TotalEnergies. And the overall differentiation is about this integrated power pillar.

Patrick Pouyanné: And the other differentiation is about this integrated power pillar, which is, again, benefiting from good demand for electricity, even in our Western countries, and also benefiting from this growth. And it will contribute to dividends, if not 2026, 2027 for sure. Thank you for your attention. And we're ready to take your questions. So let's move to the Q&A. So raise the hand if you want to ask questions. Biraj? Hi. It's Biraj Borkhataria at RBC. Thank you for the comprehensive presentation. First one, we're just on Namibia as you visited there. We know for Venus, you were looking for an extension to the concession. Could you just talk about Mopane and whether their fiscal conditions today are sufficient for you to take an FID and whether you're looking for any improvement there? Any comments that would be appreciated.

Speaker #2: Which is again benefiting from a good demand for electricity, even in And also benefiting from its growth. And it will contribute to dividends if not 2026, 2027 for sure.

Patrick Pouyanné: Thank you for your attention. And we're ready to take your questions.

Speaker #2: Thank you for your attention. And we're ready to take your questions. So let's move to the Q&A. So raise the hand if you want to ask questions.

Patrick Pouyanné: So let's move to the Q&A. So raise the hand if you want to ask questions. Biraj?

Speaker #2: Bharash? Hi. It's Bharash Bolkhatari at RBC. Thank you for the comprehensive presentation. First one was just on Namibia, as you visited there. We know for Venus you were looking for an extension to concession.

Biraj Borkhataria: Hi. It's Biraj Borkhataria at RBC. Thank you for the comprehensive presentation. First one, we're just on Namibia as you visited there. We know for Venus, you were looking for an extension to the concession. Could you just talk about Mopane and whether their fiscal conditions today are sufficient for you to take an FID and whether you're looking for any improvement there? Any comments that would be appreciated.

Speaker #2: Could you just talk about MOPAN and whether their fiscal conditions today are sufficient for you to take an FID and whether you're looking for any improvement there?

Speaker #2: Any comments on that would be appreciated. And then, the second question is just on your LNG portfolio, and specifically your MAL. You were quoted today regarding sanctions and the lack of ability to divert the cargoes.

Patrick Pouyanné: And then the second question is just on your LNG portfolio and specifically Yamal. You were quoted today around sanctions and the lack of ability to divert the cargoes. In the past, I think you said you could divert some to Asia and keep some. So what's your latest understanding of how those sanctions will be enforced? Thanks. Okay. Namibia, first, again, the good news is that because we made this transaction with Galp, the authorities perceive us as, I would say, unavoidable. So we are there, and we will be the one, the company, which will help them to establish the oil and gas industry. So the dialogue, even on Venus, was much more, I would say, engaging. You know it's a new administration. It's a new country to oil and gas. So we had to learn. But they see us as the engine of capacity to deliver it.

Biraj Borkhataria: And then the second question is just on your LNG portfolio and specifically Yamal. You were quoted today around sanctions and the lack of ability to divert the cargoes. In the past, I think you said you could divert some to Asia and keep some. So what's your latest understanding of how those sanctions will be enforced? Thanks.

Speaker #2: In the past, I think you said that you could divert some and to Asia and keep some. So what's your latest understanding of how those sanctions will be enforced?

Speaker #2: Thanks.

Patrick Pouyanné: Okay. Namibia, first, again, the good news is that because we made this transaction with Galp, the authorities perceive us as, I would say, unavoidable. So we are there, and we will be the one, the company, which will help them to establish the oil and gas industry. So the dialogue, even on Venus, was much more, I would say, engaging. You know it's a new administration. It's a new country to oil and gas. So we had to learn. But they see us as the engine of capacity to deliver it.

Speaker #3: Okay. Namibia, first again, the good news is that because of we made this transaction with GAP, the authorities know us, perceive us as, I would say, unavoidable.

Speaker #3: So we are there. And we will be the one, the company which will help them to establish the oil and gas industry. So the dialogue even on Venus was much more I would say engaging.

Speaker #3: You know it's a new administration. It's a new country to oil and gas. So we had to learn. But they see us as a the engine of capacity to deliver it.

Speaker #3: And I would say we explained to them that we have an opportunity because now we have received the tenders. And honestly, we are within the ballpark for the CAPEX we were anticipating, which is a good news because there is also more appetite from contractors to transact with TotalEnergies.

Patrick Pouyanné: I would say we explained to them that we have an opportunity because now we have received the tenders. And honestly, we are within the ballpark for the CapEx we were anticipating, which is good news because there is also more appetite from contractors to transact with TotalEnergies. They see us again. So this deal has generated a lot of, I would say, a good virtuous circle for us. So maybe I'm optimistic, but we have in front of us as well. The Namibian authorities organize themselves now in order to be able to engage with our team. So you have working teams. So the idea that we could sanction by middle of the year, we'll see if we can deliver. But clearly, it is on the program, blessed by the president. And we'll see if we can reach the point where we can sanction that.

Speaker #3: They see us again. So this deal has generated a lot of, I would say, a good virtuous circle for us. So maybe I'm optimistic.

Speaker #3: But we have in front of us as well the Namibian authorities organize themselves now in order to be able to engage with our team.

Speaker #3: So you have working teams. So the idea that we could sanction by middle of the year, we see if we can deliver. But clearly, it is on the program.

Speaker #3: Blessed by the president. And we'll see if we can reach the point where we can sanction that. On MOPANE, it's very different. MOPANE has a permeability, which is much easier.

Patrick Pouyanné: On Mopane, it's very different. Mopane has the permeability, which is much easier. Again, we are facing a development, which is, I would say, more or less a sort of Gran Morgu development. And again, it works with the CapEx we have in mind and the fiscal; it works without having to negotiate plenty of elements. The point on Mopane is more that we know it's big. We don't know if it's very big or big. So the idea of the appraisal program is, is it 800, 700, 800 million barrel, or is it 1.1, 1.2? So we need to because, in fact, the last wells they drilled going on the southwest discovered clearly an extension. So we need to see up to which point is going this extension because this could influence the way we develop the field.

Speaker #3: Again, we are facing a development which is, I would say, more or less a sort of grant more good development. So no. And again, it works with the CAPEX we have in mind and the fiscal, it works.

Speaker #3: Without having without having to negotiate plenty of elements. The point on MOPANE is more that we we know it's big. We don't know if it's very big or big.

Speaker #3: You know? So the idea of the appraisal program is it's 800, 700, 800 million borrower? Or is it 1.1, 1.2? So we need to because in fact, the last wells they drilled going on the southwest discovered clearly an extension.

Speaker #3: So we need to see up to which point is going this extension, because this could influence the way we develop the field. So we don't want to make some—that's the idea of the three wells, which have been completely, by the way, completely aligned with GAP on this program.

Patrick Pouyanné: So we don't want to make some; that's the idea of the three wells, which have been completely, by the way, completely in line with Galp on this program. So again, the idea is that we'll be able to win it. And if we do that, we should be able to sanction that by 2028 and then moving forward. So the idea is to have one project and the other one moving behind. And there are, obviously, synergies. And from TotalEnergies, by the way, it will also help to discuss all this Venus discussion because we have the perspective not only to have Venus, which was a little constrained, but to have more than that. So in terms of the way we'll approach this fiscal discussion, it helps everybody. And I think we have engaged in a smart and good way.

Speaker #3: So again, the idea is that we will be able to win it. And if we do that, we should be able to sanction that by 2028 and then moving forward.

Speaker #3: So the idea is to have one project and the other one moving behind. And there are obviously synergies. And from TotalEnergies, by the way, it will also help to discuss all these Venus discussions because we have the perspective not only to have Venus, which was a little constrained, but to have more than that.

Speaker #3: So in terms of the way we will approach this fiscal discussion, it helps everybody and I think we have a we have engaged in a smart and good way.

Speaker #3: So, 2026 for sure, for us focused on Namibia, will be important. And again, we have the opportunity to deploy our competence there in a very efficient way.

Patrick Pouyanné: So 2026 for sure for us, focus on Namibia will be important. And again, we have the opportunity to deploy our competence there in a very efficient way. Yamal? Yamal. First, 2026 will be 2026. So 2026, there is no sanction. Short-term, but no, we don't have short-term deals with them. We make only the long-term contracts. So 2026 will be as per of it. For 2027, there are one thing which is clear. No more import of EU in the EU. So this contract will be diverted. In fact, today, legally, we have a question mark because the way it's written, there is a question mark. Is it only import to EU, or is it import everywhere in the world? That means is the European company like TotalEnergies forbidden to manage any Russian energy?

Speaker #3: Yamal? Yamal. First, 2026 will be 2026. So 2026, there is no sanction. Short term, but no, we don't have short-term deals with them. We make only the long-term contracts.

Speaker #3: So, 2026 will be as per it. For 2027, there is one thing which is clear: no more import of EU in the EU. So, this contract will be diverted.

Speaker #3: In fact, today, legally, we have a question mark. Because the way it's written, there is a question mark. Is it only import to EU?

Speaker #3: Or is it import everywhere in the world? That means is the European company like TotalEnergies forbidden to manage any Russian LNG? The intent was not this one initially what we understood from the text.

Patrick Pouyanné: The intent was not this one initially, what we understood from the text, but the way it's written, today, we are obliged to have entered. We have engaged with, I would say, the French Treasury and the Commission, the EU Commission, to have a clarification. And so I cannot fully answer to your questions. Maybe we'll really have to just give up the marketing of any Russian energy. Then we'll have to obey, obviously. It was not our understanding, but the way it's written, we could have that understanding. So we are willing to clarify that point. So at this stage, I cannot tell you more on this one.

Speaker #3: But there is the way it's written today, we are obliged to have entered. We have engaged with, I would say, the French Treasury and the Commission in the EU Commission to have a clarification and so I cannot fully answer to your questions.

Speaker #3: Maybe we'll be really have to just give up the marketing of any Russian LNG. Then we'll have to obey, obviously. It was not our understanding.

Speaker #3: But the way it's written, we could have that understanding. So we are willing to clarify that point. So at this stage, I cannot tell you more on this one.

Speaker #3: What will remain is that even if we cannot market, we can remain shareholder of Yamal, which is another issue for us because you know Yamal for us is a source of two business, being the shareholder of the company itself, the plant, even if difficult to get some dividends.

Patrick Pouyanné: What will remain is that even if we cannot market, we can remain shareholder of Yamal, which is another issue for us because Yamal, for us, is a source of two business, being the shareholder of the company itself, plant, even if difficult to get some dividends, but it's an activity, and then we have marketing part. The sanction only covers today the marketing part. So there is no force measure. There is no, I mean, rules which would force us to exit from Yamal. So that's where we are for Yamal. Okay. Matt? Thanks. Thanks, everybody. Matt Lofting, at JPM. 2 questions, please. But first, you talked several times about the benefits of the higher margin barrels and that sort of bridging apart of the $10 per barrel, 2026 versus 2024. No barrels are born equal.

Speaker #3: But it's an activity. And then we are marketing part. The sanction only covers today the marketing part. So there is no force measure. There is no I mean, rules which would force us to exit from Yamal.

Speaker #3: So that's where we are for Yamal.

Speaker #2: Okay.

Speaker #2: Matt? Thanks,

Matthew Lofting: Thanks. Thanks, everybody. Matt Lofting, at JPM. 2 questions, please. But first, you talked several times about the benefits of the higher margin barrels and that sort of bridging apart of the $10 per barrel, 2026 versus 2024. No barrels are born equal.

Speaker #4: everybody. Matt Lofting at JPM. Two questions, please. But first, you talked several times about the benefits of the higher margin barrels and that sort of bridging a part of the $10 per barrel 2026 versus 2024.

Speaker #4: No barrels are born equal. So I wondered if you could just expand on that a bit in terms of the key sources geologically, fiscally, size of assets, et cetera, when you think about the growth versus the base portfolio.

Patrick Pouyanné: So I wondered if you could just expand on that a bit in terms of the key sources, geologically, fiscally, size of assets, etc., when you think about the growth versus the base portfolio. And then second, I just wanted to ask you about M&A. I noticed during JP's comments, he talked or referenced that the US listed shares and that potentially being a sort of a source of supporting M&A in the US in the future is obviously a province that historically, the companies have often been pretty prudent on the view on valuations around. So any thoughts there would be appreciated. You are no surprise. We have been clear that we want to increase our upstream gas in the US. So it's quite clear. We have done different deals. We still have, I would say, a gap of almost 1 BCFD.

Matthew Lofting: So I wondered if you could just expand on that a bit in terms of the key sources, geologically, fiscally, size of assets, etc., when you think about the growth versus the base portfolio. And then second, I just wanted to ask you about M&A. I noticed during JP's comments, he talked or referenced that the US listed shares and that potentially being a sort of a source of supporting M&A in the US in the future is obviously a province that historically, the companies have often been pretty prudent on the view on valuations around. So any thoughts there would be appreciated.

Speaker #4: And then, second, I just wanted to ask you about M&A. I noticed during JP's comments, he talked or referenced the US-listed shares and that potentially being a sort of source of supporting M&A in the US in the future.

Speaker #4: It's obviously a province that historically the companies have often been pretty prudent on the view on valuations around. So any thoughts there would be

Speaker #4: appreciated? Well, you are no surprise.

Patrick Pouyanné: You are no surprise. We have been clear that we want to increase our upstream gas in the US. So it's quite clear. We have done different deals. We still have, I would say, a gap of almost 1 BCFD. So we can't do it by many small deals. So we can do it in other ways. So we are studying that. What JP didn't tell you, we will do it. Just told you that we have a currency which could make some M&A in the US. And when you look to in the US, it's better to make deals with shares. The upside is with 10%, you can do a deal in cash. It's much more expensive because of fiscal regime. So that's one of the ideas. So we'll see if it works or not. We have no more comments on that. But the idea to continue to find access to upstream gas in the US, that's a clear priority for us. It was in 2025. It still remains. Be clear. And then on the high margin, yes.

Speaker #3: We have been clear that we want to increase our upstream gas in the US, so it's quite clear. We have done different deals.

Speaker #3: We still have I would say a gap of almost one BCFD. So we can do it by many small deals. So we can do it in other ways.

Patrick Pouyanné: So we can't do it by many small deals. So we can do it in other ways. So we are studying that. What JP didn't tell you, we will do it. Just told you that we have a currency which could make some M&A in the US. And when you look to in the US, it's better to make deals with shares. The upside is with 10%, you can do a deal in cash. It's much more expensive because of fiscal regime. So that's one of the ideas. So we'll see if it works or not. We have no more comments on that. But the idea to continue to find access to upstream gas in the US, that's a clear priority for us. It was in 2025. It still remains. Be clear. And then on the high margin, yes.

Speaker #3: So we are studying that. What JP don't tell you we will do it. Just told you that we have a currency which could make some M&A in the US.

Speaker #3: And you know when you look to in the US, it's better to make deals with shares. The upside is with 10%, you can do a deal in cash.

Speaker #3: It's much more expensive because of the fiscal regime, you know? So that's one of the ideas. We'll see if it works or not. We have no more comments on that.

Speaker #3: But the idea to continue to find access to upstream gas in the US, that's a clear priority for us. It was in 2025. It still remains to be clear.

Speaker #3: And then on the high margin, yes.

Speaker #4: You can take if you put the slide 10 where there was your famous 30, I was sure about the questions. I will not give you all the details.

Patrick Pouyanné: You can take, if you put the slide 10, where there was your famous $30. I was sure about the questions. I would not give you all the details. But you have some oil fields, and you have some gas fields. Generally, the margin of the oil fields is much better than the gas fields, I can tell you. And the oil fields which are there are two in the US Gulf of Mexico. So no surprise. US Gulf of Mexico is delivering quite high margin because fiscal terms are low compared to others. And you have Brazil, which is also giving some good cash per barrel. So that's the two ones. And then the gas, generally, are lower, are more traditionally one.

Speaker #4: But you know you have some oil fields and you have some gas fields. Generally, the margin on the oil fields is much better than on the gas fields, I can tell you.

Speaker #4: And the oil fields which are there are two in the US Gulf of America. So, no surprise, US Gulf of America is delivering quite high margin because fiscal terms are low compared to others.

Speaker #4: And you have Brazil, which is also giving some good cash margin. So that's the two ones. So I think and then the gas generally are lower, are more traditionally one.

Speaker #4: It's also true that in the mix, it's not there, but we are replacing barrels from the North Sea or barrels from Nigeria, SPDC, GV, which honestly don't have a big—have a low margin.

Patrick Pouyanné: It's also true that in the mix, it's not there, but we are replacing barrels from the North Sea or barrels from Nigeria, SPDC, GV, which honestly don't have a low margin. So we replace these type of barrels by barrels which have a much lower even the gas barrels have a better margin for some of them than what we had in the portfolio. So that's also, I would say, a mix of barrels which we grow in the portfolio. Okay. Iran? Thank you, Irene Himona and Ben Steen. If I go back to the cash accretive barrels, if we think about value as not cash flow, but free cash flow, is there anything we can say about the CapEx of the new barrels in comparison with legacy oil and gas and therefore the free cash flow generation of the new barrels?

Speaker #4: So we replace these types of barrels by barrels which have a much lower— even the gas barrels have a better margin for some of them than what we had in the portfolio.

Speaker #4: So that also, I would say, a mix of barrels which we grow in the portfolio.

Patrick Pouyanné: Okay. Iran?

Speaker #2: Okay. Iran?

Patrick Pouyanné: Thank you, Irene Himona and Bernstein. If I go back to the cash accretive barrels, if we think about value as not cash flow, but free cash flow, is there anything we can say about the CapEx of the new barrels in comparison with legacy oil and gas and therefore the free cash flow generation of the new barrels?

Speaker #5: Thank you. Irene Himon at Bernstein. If I go back to the cash-accretive barrels, if we think about value as not cash flow, but free cash flow, is there anything we can say about the CapEx of the new barrels in comparison with legacy oil and gas?

Speaker #5: And therefore, you know, the free cash flow generation of the new barrels? And then my second question on Integrated Power. I mean, obviously, it will be a major, major milestone to turn a relatively young and very fast-growing business into free cash flow positive this year or next year.

Patrick Pouyanné: And then my second question on integrated power. I mean, obviously, it will be a major, major milestone to turn a relatively young and very fast-growing business into free cash flow positive this year or next year. When I look at the renewable subsector of utilities, they are all cash negative, and they remain cash negative, perhaps with one exception. So I wanted to understand what it is that you have done so very differently to companies that have been in that business for far longer than you, some of which are much, much bigger than you are. I can reverse the question. Why do not they do like us? I don't know. I mean, I know my figure. I don't have a huge experience.

Speaker #5: When I look at the renewable subsector of utilities, they are all cash negative and they remain cash negative. Perhaps with one exception. So I wanted to understand what it is that you have done so very differently to companies that are have been in that business for far longer than you.

Speaker #5: Some of which are much, much bigger than you.

Speaker #5: are. I can reverse the question.

Patrick Pouyanné: I can reverse the question. Why do not they do like us? I don't know. I mean, I know my figure. I don't have a huge experience. Our board is asking us permanently to make some benchmarks on these big companies, but the size of the business makes it quite difficult for us to do it. Honestly, I mean, maybe Stéphane has the recipe. It's a mix of, I mean, again, the integration delivers the global cash. In 2026, the $3 billion, we consider it will be 60% coming from the upstream. What we call upstream is renewables and gas-fired power plants. And 40% from the downstream, which are customers, B2B, B2C, and the trading. So just to give you an idea, the source of cash. On the renewable part, we continue to invest. But in terms of free cash, the fact that we recycle the CapEx, we recycle a lot.

Speaker #3: Why do not they do like us? You know? I don't know. I mean, I know my figure. I don't have a huge experience. And we are—our board is asking us permanently to make some benchmarks on these big companies.

Patrick Pouyanné: Our board is asking us permanently to make some benchmarks on these big companies, but the size of the business makes it quite difficult for us to do it. Honestly, I mean, maybe Stéphane has the recipe. It's a mix of, I mean, again, the integration delivers the global cash. In 2026, the $3 billion, we consider it will be 60% coming from the upstream. What we call upstream is renewables and gas-fired power plants. And 40% from the downstream, which are customers, B2B, B2C, and the trading. So just to give you an idea, the source of cash. On the renewable part, we continue to invest. But in terms of free cash, the fact that we recycle the CapEx, we recycle a lot.

Speaker #3: But the size of the business makes it quite difficult for us to do it. Honestly, I mean, maybe Stéphane has the recipe. It's a mix of I mean, again, the integration delivers the global cash.

Speaker #3: 2026, the 3 billion, we consider In it will be 60% coming from the upstream, what we call upstream is renewables and gas power plants.

Speaker #3: And 40% from the downstream, which are customers, B2B, B2C, and the trading. So just to give you an idea, the source of cash. It's on the renewable part, we continue to invest, but in terms of free cash, the fact that we recycle the CapEx.

Speaker #3: You know, we recycle a lot. This year, we have sold for $2 billion of renewables, which allow us to finance, in fact, almost—not all, but 70 or 80% of the organic CapEx.

Patrick Pouyanné: This year, we have sold $2 billion of renewables, which allow us to finance, in fact, almost not all, but 70% or 80% of the organic CapEx. So we are now at 8 gigawatts is stabilized. We are no more growing the construction every year. The flow is 8 gigawatts. We are in a sort of permanent mode where, in fact, we more or less finance 80% of the renewable CapEx by the recycling of the CapEx. And that helps a lot because that means that's more of $500 million. And we generate more than that with our renewable portfolio, to be clear. So that's, I think, the discipline. I know that the question is, can you really recycle? This year, we have managed to do it in a quite strong way.

Speaker #3: So, we are in now at the 8 gigawatts; it is stabilized. We are no more growing the construction every year. You know? The flow is 8 gigawatts.

Speaker #3: We are in a sort of permanent mode. Where, in fact, we more or less finance 80% of the renewable CapEx by the recycling of the CapEx.

Speaker #3: And that helps a lot because that means that's more of 500 million dollars. And we generate more than that with our renewable portfolio. To be clear.

Speaker #3: So that's, I think, the discipline. I know that the question is, can you really recycle? This year, we have managed to do it in a quite a strong way.

Speaker #3: And now, I think we are beginning to establish some platforms. For example, in the US, with some large partners, it was Apollo, it's KKR, maybe on which we begin to see if we could follow up.

Patrick Pouyanné: Now, I think we are beginning to establish some platforms, for example, in the US with some large partners. It was Apollo with KKR, maybe, on which we begin to see if we could follow up and follow on, I would say. And that the farm-down of 2026 could be done with one of these platforms. So we begin to industrialize this part of the model. But again, it's because we have a view, a long-term view. We stabilized at 8. Maybe my peers have, I don't know. They have other ideas to develop. I don't know. This is the way we look at it. But I take your point on free cash generation more globally. We didn't look at that way, but this is what happens on the renewable. So at the end, by the way, this year, we didn't spend $4 billion.

Speaker #3: know? And follow on, I would say. And You that's the farm downs of 2026 could be done with one of these platforms. So we begin to industrialize this part of the model.

Speaker #3: again, it's because we have a view, a long-term But view, we stabilize at 8. Maybe my peers have I don't know. They have other ideas to develop.

Speaker #3: I don't know. This is the way we look at it. But I take your point on free cash generation, more globally. We didn't look at that way, but this is what happens on the renewable.

Speaker #3: So at the end, by the way, this year, we have we didn't spend 4 billion. We spent only 3.5. Part of it, but on the renewable part, the CapEx, the projects have been a little slower.

Patrick Pouyanné: We spent only $3.5, part of it. But on the renewable part, the CapEx, the projects have been a little slower, but we were able to manage it and to manage the growth with less. I think we are also more selective and more focused. We begin in 2026. One of the plans on the renewable part is to get rid out of we inherited many geographies with small projects. And that, honestly, when you have plenty of small projects in many countries, it's inefficient. You have difficulty to follow. You have too many teams per megawatt. So we now prefer to concentrate on less countries, but having teams which are more efficient in, I would say, megawatt per people per staff. So that's also the other idea. Okay. Michele? Thank you very much. I wanted to ask two questions.

Speaker #3: But we were able to manage it and to manage the growth with less. I think we are also more selective in the more focused.

Speaker #3: I know we begin in 2026, one of the plans on the renewable part is to get rid out of we inherited many geographies with small projects.

Speaker #3: And that, honestly, when you have plenty of small projects in many countries, it's inefficient. You have difficulty to follow. You have too many teams per megawatt.

Speaker #3: So we now prefer to concentrate on less countries but having teams which are more efficient in, I would say, megawatt per people per staff.

Speaker #3: So that's also the variety.

Speaker #2: Okay.

Speaker #2: Michele? Thank you very

[Analyst]: Thank you very much. I wanted to ask two questions. We've seen an opening up of several countries or at least better fiscal terms that TotalEnergies has operated in in the past, from Venezuela to Syria, Kuwait, etc. We've already seen the success you've had in Iraq and Libya leading to new projects. How do you think of these opportunities? And then I wanted to ask you, Tilenga. It starts up at the end of this year. It's a major part of the growth next year. When do you expect it to reach plateau in both phases?

Speaker #6: much. I wanted to ask two questions. We've seen an opening up of several countries or at least better fiscal terms that in total has operated in the past from Venezuela to Syria, Kuwait, et cetera.

Patrick Pouyanné: We've seen an opening up of several countries or at least better fiscal terms that TotalEnergies has operated in in the past, from Venezuela to Syria, Kuwait, etc. We've already seen the success you've had in Iraq and Libya leading to new projects. How do you think of these opportunities? And then I wanted to ask you, Tilenga. It starts up at the end of this year. It's a major part of the growth next year. When do you expect it to reach plateau in both phases? The plateau should be raised to be raised by mid-2027, to be clear. First train being started this year. Second train, the first half, so plateau by mid-2027. There is a delay, to be honest. It's not a strong performance in terms of construction. Now, I'm sure.

Speaker #6: We've already seen the success you've had in Iraq and Libya leading to new projects. How do you think of these opportunities? And then I wanted to ask you on Tilenga.

Speaker #6: It starts up at the end of this year. It's a major part of the growth next year. When do you expect it to reach plateau in both

Speaker #6: phases? The plateau should be

Patrick Pouyanné: The plateau should be raised to be raised by mid-2027, to be clear. First train being started this year. Second train, the first half, so plateau by mid-2027. There is a delay, to be honest. It's not a strong performance in terms of construction. Now, I'm sure.

Speaker #3: raised to be raised by mid-2027, to be clear. First swing being started this year, second swing, the first half. So plateau by mid-2027. There is a delay, to be honest.

Speaker #3: It's not a strong performance in terms of construction. Now, I'm sure honestly,

Patrick Pouyanné: Honestly, it's true that it's quite complex. The main difficulty we faced was to mobilize people on the ground. There was not so many, I would say, people with the right competencies locally. And we have been obliged. And one of the main contractors has discovered part of his business through one of his subcontractors to find people, to bring people. So we have much more Chinese on the ground that we were planning to have it. And all that makes we lost some. I think we lost, for me, a year there in all the mobilization on the ground. So now, it's down. So progress is back on track. Nicolas is following that every week himself. So we are back, but there is a delay. So fortunate. We have other sources of growth, so it will fit next year.

Speaker #1: It's true that it's quite complex to the main difficulty we faced was to mobilize people on the ground . There was not so many , I would say people with the right competencies locally , people on the ground there was not so many .

Speaker #1: I would say people with the right competencies locally , and we have been obliged . And one of the main contractors , as disco of his business with one of his subcontractors to find people , to bring people .

Speaker #1: So we have much more Chinese on the ground that we to were planning have it and all that . We lost some . I think we lost , for me a year there in all the mobilization on the ground .

Speaker #1: So now done . it's So progress is back on track . Nikola is following that every week himself . So back . But it's there is a delay .

Patrick Pouyanné: On the first question, first, we like what we've done in Iraq. We can do more in Iraq. We have opened the door. Some others are following. But from the Iraqi authorities, they remember that we have opened the door. So we are welcome, and we will work with them. New government will be put in place. I think we have a strong partnership with Qatar as well, with QE. And we have established and the teams, honestly, to have been able, in two years, to sign all these contracts in Iraq. It's a huge performance for our teams to have been able to go through the whole system and also good relationships with the Basra Oil Company. So all that is an ecosystem which helps us. So let's continue to Iraq. Libya, the more it's not Russian mountains, but I don't know, Libyan mountains.

Speaker #1: So fortunately we have other source of growth . So it will fit next roof next year . first On the question first we are we like what we've done in Iraq .

Speaker #1: Can we do more in Iraq? You know, we have the door opened there. Some others are following. But from the Iraqi authorities, they remember that we have the door.

Speaker #1: opened the So we are welcome and we will work with them . New government will be put in place . I think we have a strong partnership with the Qatari Qatar as well with QE , and we have established and the teams honestly to have been able in two years to sign all these contracts in Iraq a huge .

Speaker #1: performance It's for teams to have been able to go through the whole and system also good relationship with the company . So Basra oil all that is an ecosystem which helps us .

Speaker #1: So let's look continue to Iraq , Libya . The more it's not Russian mountains , but know , I don't Libyan mountains , we manage together .

Patrick Pouyanné: We managed together with Kanako to have these new fiscal terms. So now, we have better terms, including which will be applied to the existing production. But we have an incentive to invest. So we want to invest in the North Waha project. The main challenge will be to mobilize contractors because Libya is not yet, I would say, a fully stable country. I see a lot of enthusiasm, but it's still, and so we need to convince good contractors, strong contractors, to come in order to build in Libya. But again, in both cases, it's very cheap oil. So renewing reserves, there is a big potential there. It's good. Waha production today is around 400,000 or 350,000 barrels per day. We can easily increase that to 500,000 or 600,000 barrels per day. There is a huge potential, which is identified.

Speaker #1: cannot go We to have this new fiscal terms . So now we can we have a better terms , including which we will be applied to the existing production .

Speaker #1: But we have an incentive to invest . So we want to invest in the North Kilo project . Where the main challenge mobilise contractors because Libya is not yet .

Speaker #1: I would say , fully stable country . I see a lot of enthusiasm , but it's still and so we need to convince good contractors with strong contractors to come and order to to in build in in Libya .

Speaker #1: But in again , both cases , it's a very cheap oil . So renewing reserves there is a big potential there . You know , it's good .

Speaker #1: production Waha around 400 or 350,000 per day . We can easily increase that to 500 , 600,000 per day . There is a potential huge which identified .

Patrick Pouyanné: It's a matter not to execute projects in this environment. Beyond it, you mentioned some interesting countries, very different. Kuwait. I was in Kuwait. So I have an interest for Kuwait. I have one dream, which is to put TotalEnergies in each of the countries of the Middle East. So I'm continuing. They have announced that we'll be open to international partners to develop offshore. True or not, we'll see. We will look at it. They need some competence. Others will look at it. Obviously, we are not the only one, but it's an opportunity. It might be. What are the fiscal terms? I don't know. So I need to see if at the end because all that, it's a matter of risk and reward. Syria, the stakes are maybe not so high, in fact. And so there are teams.

Speaker #1: It's a matter not execute to projects in this environment beyond it . You mentioned some interesting countries , very different Kuwait . I was in Kuwait , so I have an interest for Kuwait .

Speaker #1: You know , I have one dream , which is to TotalEnergies in put each of the countries of the Middle East , you know , so I'm continuing .

Speaker #1: We have announced that will be open to international partners to develop their offshore who are not will see , you know , we will look at it .

Speaker #1: They need some competence . Others we look at it . Obviously we are not the only one , but it's an opportunity . It might be what are the fiscal terms ?

Speaker #1: I don't know . So I need to see if at the end because all that it's a matter of risk and reward . You know , Syria , the stakes are maybe not so high , in fact .

Patrick Pouyanné: All explorers are looking with others together to see what will we think about the quality of the rocks. I don't want to judge about it. We ask them to review. But we know onshore, we were producing, but the stakes were quite small, I would say, at our size. So it's a question at the end also for us. We don't have infinite human resources and competencies. So we cannot go everywhere. Now, we have this new Namibia. Clearly, I see much more potential of profits in Namibia today than in Qatar. It's a question as well of potential for the future. Venezuela, I already answered. It's not at the top of the pile of my files because we are consistent. We have said in the past that we concentrate our investments on oil, which is lower than $20 per barrel, low-cost oil.

Speaker #1: And so there are teams or explorers who are looking with others together to see what we think about the quality of the And rocks.

Speaker #1: I don't want to judge to about it . We ask them to review , but we know onshore we were producing , but the stakes were quite small .

Speaker #1: I at would say our size . So it's a question at the end . Also for us , we don't have infinite resources , human resources competencies , so we can go .

Speaker #1: We cannot go everywhere and no , we have this new Namibia . Clearly , I see much more potential of profits in Namibia today than in question , as well .

Speaker #1: Of potential for the future and Venezuela . I already answered , it's the top not at of the pile of my files , because we are consistent .

Speaker #1: You know , we have said in the past and that we we concentrate our investments on oil , which is lower than $20 per barrel , low cost oil , oil in Venezuela does not fit with that because not only a film , it's also upgrading .

Patrick Pouyanné: Oil in Venezuela does not fit with that because it's not only upstream. It's also upgrading and the whole system. We are there. So I think it's not a priority. And I think all that needs to be stabilized before rethinking all that. That's what I think. Chris? Thank you. 2 questions. Thank you for the presentation. Patrick, I've noticed the CFFO payout link has disappeared. And I wonder, with free cash flow inflection coming from integrated power, whether you're considering how that changes your linkage in terms of payout policies as we move into 2027 and finally, integrated power actually helps finance some of the buybacks and dividends. That's question number 1. And number 2 is, again, on M&A. I guess EPH was a great example of a non-competitive deal. But then Namibia was very competitive, and it seems.

Speaker #1: And the world system , we were you know , there . So I think we'll our it's not priority . And I think all that needs to be stabilized before to rethink to all that .

[Analyst]: Thank you. 2 questions. Thank you for the presentation. Patrick, I've noticed the CFFO payout link has disappeared. And I wonder, with free cash flow inflection coming from integrated power, whether you're considering how that changes your linkage in terms of payout policies as we move into 2027 and finally, integrated power actually helps finance some of the buybacks and dividends. That's question number 1. And number 2 is, again, on M&A. I guess EPH was a great example of a non-competitive deal. But then Namibia was very competitive, and it seems.

Speaker #1: I think But what , Chris .

Speaker #2: Thank you . Two questions . Thank you for the presentation , Patrick . I've noticed the CFO payout link has disappeared and I wonder free with cash flow inflection coming from integrated power , whether you're considering how that changes your linkage in terms of payout policies , as we move into 2027 .

Speaker #2: And finally , integrated power actually helps finance some of the buybacks and dividends . This question number one . And number two is again on M&A .

Speaker #2: I guess F was a great example of a non-competitive deal . But then Namibia was very competitive and it seems you should be in a good position to tell us what the M&A environment is today for like .

Patrick Pouyanné: You should be in a good position to tell us what the M&A environment is like today for, let's call them, undeveloped resources. Where are you seeing the market there? Thank you. Okay. The mention of the more than 40% payout was in the last slide, if I remember well. So it did not disappear. It's 40. Again, I think, to be clear, this year, Jean-Pierre said 40, 55% payout. It's too high. This is a view of the board. 55, we reach a point where we are high. And in fact, payout has been high, and we finance it by the debt. Fundamentally, when you look to the financial of 2025, buyback has been financed by the debt, which is possible.

[Analyst]: You should be in a good position to tell us what the M&A environment is like today for, let's call them, undeveloped resources. Where are you seeing the market there? Thank you.

Patrick Pouyanné: Okay. The mention of the more than 40% payout was in the last slide, if I remember well. So it did not disappear. It's 40. Again, I think, to be clear, this year, Jean-Pierre said 40, 55% payout. It's too high. This is a view of the board. 55, we reach a point where we are high. And in fact, payout has been high, and we finance it by the debt. Fundamentally, when you look to the financial of 2025, buyback has been financed by the debt, which is possible.

Speaker #2: Let's call them resources undeveloped . Where where are you seeing the market there . Thank you .

Speaker #1: Okay . The mention of the more than 40% payout was in the last slide . If I remember . Well . So it did not disappear .

Speaker #1: It's just it's 40 again . I think be clear this year Mr. Jean-Pierre said 4,055% payout . It's too high . This is a view of the board 55 .

Speaker #1: We reach a point where we are high and in fact , payout has been high and we financed it by the debt . You know , fundamentally , when you look to the financial of 2025 , buyback has been financed by the debt , which is possible for me .

Patrick Pouyanné: For me, the view I have on it is that in 2022, we benefited from incredible high cash, which have, by the way, lowered the net debt, the gearing down to 7-8%. So having a year where somewhere we give back part of this extra cash that we get in 2022, 2023 through this buyback in 2025, it's a nice way. We've done it through a special dividend. We do it for buyback. We come back to, I would say, what is a normal gearing around 15%. We cannot repeat that. Cannot repeat it. So the 40% guidance was probably good when we gave it to you. Okay? We'll see. Integrated power, there is good news because of EPH deal, we will accelerate the year. And it might be 2026 where we'll be net cash positive. So this will change.

Speaker #1: The view I have on it is that in '22 we incredibly benefited from high cash, which has, by the way, lowered the net debt, the gearing down to 7.8%.

Speaker #1: So having a year where, somewhere, we give back this part of extra cash that we get in '22, '23 through this buyback in '25, it's a nice way—we've done it through a special dividend.

Speaker #1: We do it from buyback. We come back to, I would say, what is a normal gearing, around 15%. We cannot repeat that.

Speaker #1: We cannot repeat it . So the 40% guidance was probably good when we gave you . it to Okay . We'll see . Integrated power .

Speaker #1: There is good news because if we accelerate, the end might be year '26, where we will be net cash positive.

Patrick Pouyanné: In our plants, it was not fully clear that we'll reach it. We accelerate. We are more and more confident. Even if I understand the depth of your end, what did you find? Is there something, a magic, which could disappear suddenly? That's why I'm cautious. I'm still continuing to monitor that step after step to observe the results, the cash flow, and then we'll be more confident. So I cannot just change the guidance just because we have a perspective. I want this to be delivered, and then we'll be able to build on it with you and to give you more guidance, including this integrated power business. And developed resource, it's fundamental to have access to and develop resource. I was looking at the way we have managed to renew our reserves for the last 3, 4 years.

Speaker #1: So this will change . You know in our plans it was not fully clear . That we will reach it . We accelerate .

Speaker #1: We are more and more confident . I understand the depth of your end , what did you find ? Is there something which magic which could disappear suddenly ?

Speaker #1: I'm . That's why I'm cautious . You know . I'm still continue to monitor that step after step to observe the results . The cash flow , and then we'll be more confident .

Speaker #1: So I cannot just change the guidance just because we have a perspective . I want this to be delivered and then we'll be able to build on it with you and to and to to see , to give you more guidance , including this integrated power business and develop , you know , it's fundamental access to and to have develop results .

Patrick Pouyanné: When we look to what we've done, part is coming from more exploration on Mopane, Namibia, Camino. But of course, there were two other big sources, one, the LNG part, the Qatar deals, obviously, are giving quite a large resource. And also from the Emirati part or the UAE concessions that we bought in 2015. In fact, we were planning to produce 4 million barrels per day. Today, we are going to 5 million barrels per day, which is a huge increase. We benefit from that. Even if we have only 10% to 20%, beyond it, you have quite a large resource. And so I think this is a lesson, by the way. When you acquire a license in this type of country, you should not just look at what you obtain immediately, but the potential to grow beyond.

Speaker #1: I was looking the way we have managed to renew our reserves for the last 3 or 4 years . When we look to what we've done , part is coming from more exploration and more Namibia .

Speaker #1: Caminho . But of course there were two other big sources one the LNG part , the Qatar deals obviously are giving quite a large resource and also from the Emirati part or the UAE concessions that we bought in 2015 .

Speaker #1: In fact , you know , we have we are planning to produce 4 million barrels of oil per day today . We are going to 5 million barrels per day .

Speaker #1: So it's a huge increase . We benefit from that even if we have only 10 to 20% beyond it . You have quite a large resource .

Speaker #1: And so I think this is a lesson , by the way , when you acquire a license in this type of country , you should not just look at obtain what you immediately , but the to grow potential beyond .

Patrick Pouyanné: And so yes, we continue to work on this idea, like we've done in Iraq, like Libya. And that's part of the business. And you could have access to that to very, I would say, cheap costs. On Galp, we managed to get it. I don't know if it was competitive. It was a long competition, which at a certain point, I didn't know where we are going. At the end, we had one edge. To be honest, we were the only one to be able to offer a swap somewhere, this position in Namibia on Venus. And this was very attractive to them. So it's thanks to exploration that somewhere, we have embarked in the deal with Galp. So there are implications. I think that's what. Today, the market is still high, still expensive. So you need to be smart if you don't want to pay in cash.

Speaker #1: And so yes , we continue to work on this . Idea like we've done in Iraq , like . And Libya that's part of the business .

Speaker #1: And you could have access to that to very I would say cheap , cheap costs on , on , on Galp we managed to get it .

Speaker #1: I don't know if it was competitive. It was a long competition, which at a certain point I didn't know where we were going.

Speaker #1: end , we At the had one edge , to be honest . We were the only one to be able to offer a swap somewhere .

Speaker #1: This position in Namibia on Venus and this was very attractive to them . So it's thanks to exploration . But somewhere we have embarked in the deal with Garp , so there are implications .

Speaker #1: I think that's what the today the market is still high , still expensive . So you need to be smart . You don't want to pay in cash .

Patrick Pouyanné: Still expensive. People still expect $70 per barrel. The deals in M&A are quite expensive. So this is not what we have done. You need to, but I gave one constraint to Arnaud when he came from GALP. I told him, "Okay. It's nice, but no cash. So find a good idea." He found the idea of the swap, so to him. No cash. Let's continue. Okay? Lydia? Thanks. It's Lydia from Barclays. And two questions, and both AI-related. On the idea of selling to data centers, how much of the when you think about 60 terawatt-hours going to 100 terawatt-hours, how much of that uplift do you think you can sell to data centers? And that 10% premium, is it actually enough? Because ultimately, the value that data centers get of having power straight away, it should possibly be, you should be able to get higher premiums.

Speaker #1: Still expensive . People still expect $70 per barrel . So it deals are quite expensive . So this is so not what we have done .

Speaker #1: You need to to but I gave one constraint to Arnold when he came from okay it's nice but no cash . So find it .

Speaker #1: Find a good idea . Find the idea of the swap . Or do it so okay , let's continue . Okay . Lydia .

[Analyst] (Barclays): Thanks. It's Lydia from Barclays. And two questions, and both AI-related. On the idea of selling to data centers, how much of the when you think about 60 terawatt-hours going to 100 terawatt-hours, how much of that uplift do you think you can sell to data centers? And that 10% premium, is it actually enough? Because ultimately, the value that data centers get of having power straight away, it should possibly be, you should be able to get higher premiums.

Speaker #3: Lydia Thanks . It's two questions on from Barclays . And AI related on the idea like , of , selling sort of to data centers .

Speaker #3: How much of the up you think about 60 terawatt hours going to 100 terawatt hours . How much of that uplift do you think you can sell to data centers ?

Speaker #3: And that 10% premium is actually enough because ultimately , the value that data science get of having power straight away , it should possibly be you should be able to get higher premiums .

Patrick Pouyanné: I'm just challenging you on that. Then the second one of TotalEnergies' own AI. Patrick, you talked about getting agents next week. But that idea of what's the price here? Is it increased production, 1, 2% a year? Is it recovery rates? And I'm not going to hold you to any of this, but just that ambition around it. Okay. I learned that you have an agent, so you need to teach me now. No, clearly. But I will let the floor to Namita and Stéphane to answer the question. On the second one, we are more yes, we are looking to availability of the plants. I mean, recovery rates, maybe. I mean, on the subsurface, it's still we are not too clear. There is a workstream, but it's not too clear.

[Analyst] (Barclays): I'm just challenging you on that. Then the second one of TotalEnergies' own AI. Patrick, you talked about getting agents next week. But that idea of what's the price here? Is it increased production, 1, 2% a year? Is it recovery rates? And I'm not going to hold you to any of this, but just that ambition around it.

Speaker #3: I'm just challenging you on that . Bit . And then the second one of TotalEnergies own AI , Patrick , you about talked you're getting agents next week , but that idea of what the prize here is , it increased production 1 or 2% a year .

Patrick Pouyanné: Okay. I learned that you have an agent, so you need to teach me now. No, clearly. But I will let the floor to Namita and Stéphane to answer the question. On the second one, we are more yes, we are looking to availability of the plants. I mean, recovery rates, maybe. I mean, on the subsurface, it's still we are not too clear. There is a workstream, but it's not too clear.

Speaker #3: Is the recovery it rates ? Just what just and I don't I'm not gonna hold you to any of this , but just that ambition around it .

Speaker #1: Okay I ? I , learned that you have an agent , so you need to teach me now . No , no , clearly .

Speaker #1: But I will let the floor to to Namita and answer the Stefan to question . On the second one , we are more .

Speaker #1: Yes , we are looking to the plants . I mean , recovery rates maybe . I mean , on the subsurface . It's still .

Patrick Pouyanné: It's more really on the way we run all these machines to be more efficient, to gain 1%, 2% of additional availability because we have a better maintenance. But really, on the subsurface, I'm skeptical on this one. But again, we are working. So you take the first question, Namita. You can complement, and Nicolas, the first one, second one. Yeah. So on the first question, what is the potential? It's clear that in the US, we see that notably in Texas, where we have most of our production, that's 1/3 of the growth of the market. So then, I mean, that's an indication of what we could imagine for us in the US. It has yet to materialize in Europe, but we see the first deal, the ongoing discussion of the first deal. So I believe that's going to come.

Speaker #1: I'm not . We are not too clear . There is a workstream , but it's not too clear . It's more really on the way we run all these machines to be more efficient to , to gain 1% , 2% of additional availability .

Speaker #1: Because we have a better maintenance . But than really on the subsurface . I'm I'm skeptical on this one . But again , we are working .

Nicolas Terraz: Yeah. So on the first question, what is the potential? It's clear that in the US, we see that notably in Texas, where we have most of our production, that's 1/3 of the growth of the market. So then, I mean, that's an indication of what we could imagine for us in the US. It has yet to materialize in Europe, but we see the first deal, the ongoing discussion of the first deal. So I believe that's going to come.

Speaker #1: So you take the first question . You can complement . And Nicholas , the first one , second one . Yeah . question , what is the So on the first potential ?

Speaker #1: clear that in the It's US we see that on the the on notably in Texas where we have most of our production , that's one third of the of the growth of the market .

Speaker #1: then So I mean that's an indication of what what we could imagine for us in the US , it has yet to materialize in Europe , but we see the first , the ongoing discussion of the first deal .

Patrick Pouyanné: In Europe, it's clear that it could be even more because we don't see the same industrial demand coming. It could be even larger than that. We have to be cautious to the premium because, as I tried to explain, there are three sources of revenue. The first one is the additional premium you can sell through your PPA. That's one. And honestly, I don't expect to get that much higher than what it is today. But second, the fact that you are able to provide land, the fact that you are able to give them access to connection grid, can be sold. And that's not included in the PPA. And that can be serious value. That's yet to materialize, but that can be serious value.

Nicolas Terraz: In Europe, it's clear that it could be even more because we don't see the same industrial demand coming. It could be even larger than that. We have to be cautious to the premium because, as I tried to explain, there are three sources of revenue. The first one is the additional premium you can sell through your PPA. That's one. And honestly, I don't expect to get that much higher than what it is today. But second, the fact that you are able to provide land, the fact that you are able to give them access to connection grid, can be sold. And that's not included in the PPA. And that can be serious value. That's yet to materialize, but that can be serious value.

Speaker #1: So I believe that that's going to come. And in Europe, it's clear that it could be even more because we don't see the same industrial demand coming.

Speaker #1: So it quickly even larger than that , then we have to be cautious to , to to the premium because there are , as I try to explain , there are three sources of revenue .

Speaker #1: The first one is the addition , additional premium . You can you can sell through your PPA . That's won . And honestly , I don't expect to get that much higher than what it is today .

Speaker #1: But second , the fact that you are provide able to fact that you land , are able to give the them access to connection grid can be sold .

Patrick Pouyanné: The last point that we need to highlight, especially in a market like Texas, for example. We all know that the price is linked to the node. So where you are, and there could be some difference between the price at the node, the price at the node, and the price globally. If you are able to bring additional demand, you are going to improve the supply-demand balance of where you are. And that's at the strong implication on not the contract you are selling, but if you have a bulk of assets, then you are going to improve not only what you sell, but you improve what you sell on the rest of your asset. And that indirect part is as well very important.

Nicolas Terraz: The last point that we need to highlight, especially in a market like Texas, for example. We all know that the price is linked to the node. So where you are, and there could be some difference between the price at the node, the price at the node, and the price globally. If you are able to bring additional demand, you are going to improve the supply-demand balance of where you are. And that's at the strong implication on not the contract you are selling, but if you have a bulk of assets, then you are going to improve not only what you sell, but you improve what you sell on the rest of your asset. And that indirect part is as well very important.

Speaker #1: that's not And included in the PPA , and that can be a serious value that's yet to materialize . But that can be size , value .

Speaker #1: And the last point that we need to to highlight , especially in in a market like Texas , for example , we all know that the price are linked to the nodes .

Speaker #1: So where you are and there could be some difference between the price at the node , the price at the node , and the price globally .

Speaker #1: If you are able to bring additional demand , you are going to improve the supply demand balance of where you are . And that's at the strong implication on not the contract you are selling .

Speaker #1: But if you have a bulk of assets , then you are going to improve not only what you sell , but you improve what you sell on the rest of your asset .

Patrick Pouyanné: One of the reasons why we see so many Bitcoin miners and where we try to attract them is as well to improve globally the level of the market. So if you start to accumulate the free ideas, then that's a significant improvement of your profitability. Namita, you want to comment? Yes. So I agree with what Patrick said. Our main goal is, of course, to increase production. And I can give you some concrete examples. The first is just digital in general. If we look at something like just process control, which was something that we did a lot in our refineries, but now can be done on our exploration and production assets with some of the tests we've done, even an increase of between 1% and 2% of production on our assets is, of course, just enormous.

Nicolas Terraz: One of the reasons why we see so many Bitcoin miners and where we try to attract them is as well to improve globally the level of the market. So if you start to accumulate the free ideas, then that's a significant improvement of your profitability.

Speaker #1: And that indirect part is as well , very important . One of the reasons why we many Bitcoin miners and where we try to attract them , is as well to improve globally the level of the market .

Patrick Pouyanné: Namita, you want to comment?

Speaker #1: So if you start to accumulate the free ideas, then that's a significant improvement of your profitability.

Namita Shah: Yes. So I agree with what Patrick said. Our main goal is, of course, to increase production. And I can give you some concrete examples. The first is just digital in general. If we look at something like just process control, which was something that we did a lot in our refineries, but now can be done on our exploration and production assets with some of the tests we've done, even an increase of between 1% and 2% of production on our assets is, of course, just enormous.

Speaker #4: to You want comment ? Yes .

Speaker #5: So I agree with with with what Patrick said . Our main goal is , of course to increase production . And I can give you some , some , some concrete examples .

Speaker #5: The first is just digital in general . If we if we look at something like just process control , which was something that we did a lot in our refineries , but now can be done on our exploration and production assets with some of the tests we've done , even increase of between 1 to 2% of production on our assets is of course , just enormous .

Patrick Pouyanné: But then if you add to that things like less breakdowns, again, we focus traditionally on very large pieces of equipment like our turbines. But what we realize is that we have a lot of breakdowns with very small pieces of equipment. And the idea of getting connections to over 70% of our equipment is to have less breakdowns. So that combination is something that obviously increases production. On the subsurface side, AI is probably in the very early stages of whether we can do more recovery. But where it can really help is accelerate. That means acceleration of FIDs if you can analyze quicker and if you can drill faster and with more precision, which means quicker tiebacks as well, not just on large projects, but on smaller ones.

Namita Shah: But then if you add to that things like less breakdowns, again, we focus traditionally on very large pieces of equipment like our turbines. But what we realize is that we have a lot of breakdowns with very small pieces of equipment. And the idea of getting connections to over 70% of our equipment is to have less breakdowns. So that combination is something that obviously increases production. On the subsurface side, AI is probably in the very early stages of whether we can do more recovery. But where it can really help is accelerate. That means acceleration of FIDs if you can analyze quicker and if you can drill faster and with more precision, which means quicker tiebacks as well, not just on large projects, but on smaller ones.

Speaker #5: But then if you add to that , things like less breakdowns , again , we've focused traditionally on very large pieces of equipment like turbines .

Speaker #5: our But what we realize is that we have a lot of breakdowns with very small pieces of equipment . And the idea of getting connections to over 70% of our equipment is to have less breakdowns , so that combination is something that obviously increases production on the subsurface side .

Speaker #5: AI is probably in the very early stages of whether we can do more recovery , but where it can really help is accelerate .

Speaker #5: That means acceleration of FIDs . If you can , and analyze quicker and if you can drill faster and with more precision , which means quicker .

Patrick Pouyanné: So I think those are the two sort of main focuses where I think in exploration production, we can use AI effectively. Okay. Alejandro? Hello. Alejandro Vigil from Santander. Thank you for taking my questions. The first one is, I'm very interested in your views about CO2 regulation in Europe. Now, you're going to be one of the largest generators in Europe after the EPH acquisition. And I'm interested in your thoughts about the system. It needs some changes, etc. And the second question is, we are also seeing a consolidation process in all services and drilling. And looks like there is a new wave of investments in the upstream business. Your thoughts about potential inflation costs in the investment in the upstream? Thank you. I don't like consolidation. As a point, it depends on the market. It depends on the market.

Namita Shah: So I think those are the two sort of main focuses where I think in exploration production, we can use AI effectively.

Speaker #5: Tiebacks as well . And not just on large projects , but on smaller ones . So I think those are the two sort of main focuses where I think in .

Patrick Pouyanné: Okay. Alejandro?

Alejandro Vigil: Hello. Alejandro Vigil from Santander. Thank you for taking my questions. The first one is, I'm very interested in your views about CO2 regulation in Europe. Now, you're going to be one of the largest generators in Europe after the EPH acquisition. And I'm interested in your thoughts about the system. It needs some changes, etc. And the second question is, we are also seeing a consolidation process in all services and drilling. And looks like there is a new wave of investments in the upstream business. Your thoughts about potential inflation costs in the investment in the upstream? Thank you.

Speaker #5: Exploration , production , we can use AI effectively .

Speaker #6: Okay . Alejandro .

Speaker #7: Hello . Alejandro Vigil from Santander . Thank you for taking my questions . The and very first one is interested about your your views about CO2 regulation in Europe .

Speaker #7: Now you're going to be one of the largest generators in Europe after the acquisition. And I'm interested in your thoughts about the system?

Speaker #7: It needs some changes , etc. you know , and and the and the second question is we are also seeing a consolidation process in oil services and drilling , and looks like there is a new wave of investments in the upstream business .

Patrick Pouyanné: I don't like consolidation. As a point, it depends on the market. It depends on the market. If you have a market which is already limited to four free players and you go to two, this becomes a problem. I'm clear on it. There are some concessions we don't support because at the end, we see the impact. By the way, today, I think, and we observe it in the tenders which we offer, which we just received for Namibia. We see a stabilization of the market. I think it's linked to the oil price. We are no more at $80, down to $70. Could go lower. I think it has an impact clearly on the service industry. To be honest, even some companies, some service companies, have tried to combine their offers by linking wells and subsea. We didn't see, honestly, in the offers we received, any advantage of it. They tried to promote to us an integration.

Speaker #7: Your thoughts about potential inflation costs in in the in the investment in the upstream . Thank you .

Speaker #4: I don't like consolidation . As a point , it depends on the market . It depends on the market . But if you have a market which is already limited to three players or four , and you go to two , it's become a problem .

Patrick Pouyanné: If you have a market which is already limited to four free players and you go to two, this becomes a problem. I'm clear on it. There are some concessions we don't support because at the end, we see the impact. By the way, today, I think, and we observe it in the tenders which we offer, which we just received for Namibia. We see a stabilization of the market. I think it's linked to the oil price. We are no more at $80, down to $70. Could go lower. I think it has an impact clearly on the service industry. To be honest, even some companies, some service companies, have tried to combine their offers by linking wells and subsea. We didn't see, honestly, in the offers we received, any advantage of it. They tried to promote to us an integration.

Speaker #4: No . And I'm clear on it . So there are some consolidation we don't support because at the end we see the impact .

Speaker #4: By the way , today I think , and we observe it in in the tenders , which offers we just received for Namibia .

Speaker #4: We see a stabilization of the market . We I think it's linked to the oil price . You know , we are no more at 80 , but down to 70 .

Speaker #4: Could go lower . So I think it has impact an on the service industry . But and to be honest , even some companies , some service companies have tried to combine their offers by linking wells and subsea .

Speaker #4: We didn't see anything in the offers we received . Any advantage of that . So we try to promote to us in integration .

Patrick Pouyanné: Maybe it's good for them. But as a customer, we didn't see a lot of value of this type of approach of integration, I would say, on subsidy and wells or things like that. We worked a lot. And even if we are ready to look particular on drilling, we are developing today an approach where we give more integrated contracts rather than ourselves taking the different bits and pieces to give it to one company. We've done that in Iraq for obvious reasons to be more efficient. We are looking to do that as well for the wells. And so there, we see an added value for us. To select one which will integrate is good for them, but it's good for us. So on this one, the demonstration has to be done that we, as customers, are really benefiting from this type of consolidation or integration.

Speaker #4: Maybe it's good for them , but as a customer , we didn't see a lot of value of this type of approach of integration .

Speaker #4: I would say on subsea and wells or things like that , we worked a lot and even if we are ready to look particularly on drilling , we are developing today an approach where we give more integrated contracts rather than ourselves taking the different pattern pieces to give it to one company .

Speaker #4: We've done that in Iraq for obvious reasons , to be more efficient . We are looking to do that as well for the wells in Surinam , there we see an added value for us to select one which will integrate is good for them , but it's good for us .

Speaker #4: So, on this one, the demonstration has to be done. But we, as customers, are really benefiting from this type of consolidation or integration.

Patrick Pouyanné: So I like competition. Fundamentally, it's better to keep competition. By the way, it's normal in a liberal world. CO2 regulation in Europe, it's an interesting question for Stéphane because Stéphane is the guy which they permanently told me, "You must promote the CO2 price because of renewables." Now, he has some gas pipeline. So let's see what he will or we will arbitrate between the two parts of it. So the question is for you, Stéphane. No, but I think that there are several questions. One, we have the ETS system. Where there is a question mark on how fast are we going to reduce the level of quotas and what's going to be the consequence on the CO2 price. So as mentioned, Patrick, we are a buyer of CO2 for our refining industry. And at the same time, the power prices are linked to CO2 price.

Speaker #4: So I like competition . You know , fundamentally it's better to keep competition . By the way , it's normal in a liberal world .

Speaker #4: You know , CO2 regulation in Europe . It's an interesting question for because Stefan is a guy which permanently told me , you must promote the CO2 price because of new labels .

Speaker #4: No , he has some gas fired power plants . So let's see what he will . Will arbitrate between the two parts of it .

Stéphane Michel: No, but I think that there are several questions. One, we have the ETS system. Where there is a question mark on how fast are we going to reduce the level of quotas and what's going to be the consequence on the CO2 price. So as mentioned, Patrick, we are a buyer of CO2 for our refining industry. And at the same time, the power prices are linked to CO2 price.

Speaker #4: So the question is for you , Stefan .

Speaker #1: No , I think that there are several questions . One , we have the ETS . One system where there is a question mark on how fast are we going to reduce the level of , of Qatar and what's going to be the consequence on the CO2 price .

Speaker #1: So as mentioned , Patrick , we are buyer of CO2 for our refining industry . And at the same time , the power price are linked to CO2 price , I've got ccgt more value higher .

Patrick Pouyanné: I've got CCGT, which are more value when CO2 price is higher. I've got Renewable, which has more value when CO2 price is higher. So it's clear that the integrated power part will benefit from an increase of CO2. There are question marks today on where that market is going, given the balance between the speed of the decrease and potentially the increase in demand. We are quite happy with the way the market is functioning today and with this balance. And at the end of the day, if we want the transition to take place, it will have to take place with a higher price of CO2. At the same time, we need to be cautious on what's going to happen for the industry because we need as well to maintain the demand of the industry. That's one aspect.

Stéphane Michel: I've got CCGT, which are more value when CO2 price is higher. I've got Renewable, which has more value when CO2 price is higher. So it's clear that the integrated power part will benefit from an increase of CO2. There are question marks today on where that market is going, given the balance between the speed of the decrease and potentially the increase in demand. We are quite happy with the way the market is functioning today and with this balance. And at the end of the day, if we want the transition to take place, it will have to take place with a higher price of CO2. At the same time, we need to be cautious on what's going to happen for the industry because we need as well to maintain the demand of the industry. That's one aspect.

Speaker #1: I've got renewable , which has more value than CO2 prices , higher . So it's clear that the integrated power part will benefit from from an from an increase of of CO2 .

Speaker #1: There are question on where that market is . Is going . Even the balance between the speed of the and decrease and and potentially the , the increase in , in demand , we are quite happy with the way the market is functioning today .

Speaker #1: And with this balance . And at the end of the day , if we owned the transition to take place , it will have to take place with higher price of of CO2 .

Speaker #1: At the same time , we need to be cautious on what's going to happen for for the industry , because we , we , we need as well to demand maintain the of of the industry .

Patrick Pouyanné: Then you have the ETS-2 system and so on, but that has marginal consequences, honestly, on what we do. So we are more focusing on the ETS-1, on which, as I said, we are quite satisfied with the current situation. Okay. So fundamentally, we like a price of CO2, just to be clear. Otherwise, there will be 0 transition. So up to Europe to decide what they want. And then if you want to make an exception for the high emitters or your heavy industry, you have ways to do it if you want to support these industries without necessarily doing it through the price of CO2. These are two different topics. The debate mixes both, but you can have other ways to support your heavy industry than just lowering the CO2 or stopping the decrease of quota, etc., etc.

Stéphane Michel: Then you have the ETS-2 system and so on, but that has marginal consequences, honestly, on what we do. So we are more focusing on the ETS-1, on which, as I said, we are quite satisfied with the current situation. Okay. So fundamentally, we like a price of CO2, just to be clear. Otherwise, there will be 0 transition. So up to Europe to decide what they want.

Speaker #1: That's one aspect . Then you have the ETS , two system and so on . But that has marginal consequence . Honestly , on what we do .

Speaker #1: So we are more focusing on the ETS , one on which , as I said , we are quite satisfied with the current current situation .

Speaker #6: Okay .

Speaker #4: So fundamentally we like a price of CO2 . Just to be clear . Otherwise there will be zero transition right ? up to Europe to decide what they want .

Patrick Pouyanné: And then if you want to make an exception for the high emitters or your heavy industry, you have ways to do it if you want to support these industries without necessarily doing it through the price of CO2. These are two different topics. The debate mixes both, but you can have other ways to support your heavy industry than just lowering the CO2 or stopping the decrease of quota, etc., etc. I think this is a real fundamental question for the policymakers. Today, the debate is difficult.

Speaker #4: And then if you want to make an exception for the high emitters or your heavy industry, you have ways to do it.

Speaker #4: If you want to to support this industry without necessarily doing it through the price of CO2 , which are two different topics topics , the debate mixed both , but you can .

Speaker #4: Have other ways to support your heavy industry than just lowering the CO2 or stopping the decrease of quota , etc. , etc. . I think this is a real fundamental question for the policy makers , and the debate is is difficult .

Patrick Pouyanné: I think this is a real fundamental question for the policymakers. Today, the debate is difficult. Henri? Thank you. Hi, Patrick. Oh, yes, yes. Thank you for the presentation. Two questions. The first one was on FIDs for 2026, 2027. You mentioned Venus for May 2026. Which of the projects do you see as perhaps more likely to go ahead for the next couple of years? Which ones are more challenging across oil and LNG? And then secondly, on LNG, during the presentation, you mentioned the risk of new project delays in 2026. What do you see the risk for the projects in which you're involved in Qatar and? Again, I was on the one for us on the NFE in Qatar. We were in Doha. The whole industry was in Doha last week.

Patrick Pouyanné: Henri?

[Analyst]: Thank you. Hi, Patrick. Oh, yes, yes. Thank you for the presentation. Two questions. The first one was on FIDs for 2026, 2027. You mentioned Venus for May 2026. Which of the projects do you see as perhaps more likely to go ahead for the next couple of years? Which ones are more challenging across oil and LNG? And then secondly, on LNG, during the presentation, you mentioned the risk of new project delays in 2026. What do you see the risk for the projects in which you're involved in Qatar and?

Speaker #6: I .

Speaker #1: Thank you . I particularly thank you for the presentation . Two questions . The the first one , some FIDs 2627 . mentioned for Venus for for 26 , which projects do you perhaps see as more likely to to go ahead over the next couple of years ?

Speaker #1: ones are Which more challenging across oil and LNG ? And then secondly , on LNG during the presentation , you mentioned the risk of new project delays in 26 .

Patrick Pouyanné: Again, I was on the one for us on the NFE in Qatar. We were in Doha. The whole industry was in Doha last week. We discussed, again. I discussed not only with Qataris, with Technip Energies, which is a main contractor. They say Q2, we put Q3. We are a little cautious. So Q3 is probably more realistic. So I see that progressing well on the ground. We'll see if a finalization, but again, I don't see that as a risk on this one. On ECA, I think we have been long to wait, but now it's again. So Technip is transferring the installation by May, I think. And we said Q3. This one, we could face some quality issues. We have a concern about the quality of the work which has been done. So it's a little bit checked. But again, Q3 for both. The sanctions in 2026. So we have Venus.

Speaker #1: What do you see the risk for the projects in which you're you're involved in Qatar and .

Speaker #4: Again , I was on the one for us on on the NFI in Qatar . We were in Doha . All industry was in Doha last week .

Patrick Pouyanné: We discussed, again. I discussed not only with Qataris, with Technip Energies, which is a main contractor. They say Q2, we put Q3. We are a little cautious. So Q3 is probably more realistic. So I see that progressing well on the ground. We'll see if a finalization, but again, I don't see that as a risk on this one. On ECA, I think we have been long to wait, but now it's again. So Technip is transferring the installation by May, I think. And we said Q3. This one, we could face some quality issues. We have a concern about the quality of the work which has been done. So it's a little bit checked. But again, Q3 for both. The sanctions in 2026. So we have Venus.

Speaker #4: And we discussed again , I discussed not only with with Technip energies , which is which , which is a main contractor . They say second quarter , we put third quarter , you know , we are a little cautious .

Speaker #4: So third quarter is probably more , more reality . So I see that progressing well on the ground . We'll see if the finalisation .

Speaker #4: Again, but I don't see a risk on this one. On ECA, I think we have been long to wait, but now it's again that Technip is transferring the installation by, by, by.

Speaker #4: May , I think . And we we said third quarter , this one . We could face some quality issues . We have we have a we have a concern about the quality of the work which has been done .

Speaker #4: So we need to be checked . But again , third quarter for both the sanctions in 26 . So we have Venus . We have a project in Nigeria called EMA which which is gas project , to continue to feed this train .

Patrick Pouyanné: We have a project in Nigeria called IMA, which is a gas project to continue to feed this Train 7, the famous Train 7. So we have progressed a lot. Now, we announced the tenders. We had a meeting last week on it. So we said go. So the idea is to sanction the projects in 2026. And it's important. It's an easy project. But in Nigeria, even if easy, it's always a little slow. We face some hurdles now, local hurdles. But it seems to be this one. Then we have the question of Papua LNG. So either we sanction or we have an issue. So the plan is to sanction in 2026. We'll see. There is a different workstream together to put together because it's a CAPEX. It's fiscal CAPEX, financing, and marketing. So you have different workstreams.

Speaker #4: Seven famous 27 so we have progressed a lot launched tenders , now . We we had the a meeting last week on it , so we said go .

Speaker #4: So we the idea is to sanction the projects in 26 and it's important . It's an easy project . But in Nigeria , even if it is always a little slow , we face some hurdles where local hurdles , but it seems to be this one .

Speaker #4: Then we Papua have the question of LNG . So I we sanction or we have an issue . So the plan is to sanction in 26 , we will see there is different workstream together to put together because it's a CapEx .

Patrick Pouyanné: We should converge all of them by middle of the year, I would say. It's not done. But if we don't manage to do it, now that we have, I think, optimized the CapEx, we don't see what we could do better than what we have. We are around $14-15 billion, not at $18 billion, but not at $12 billion. That's why I speak fiscal. So we have a clear discussion, a clear engagement with the government and with the partners. We'll see where we land. We'll have to take the decision in 2026. But I would say, what else do you have? Nicolas? We have the gas cap in the UAE. Yeah, but that's a license to be obtained. So it's not yet a decision. Train 2? Oh, it's business development. No, no. You are going too quick. No, no, no, no. No, no, no. No way.

Speaker #4: It's a fiscal CapEx financing and marketing . So you have different work streams , which should converge . All of them by by middle of the year .

Speaker #4: I would say it's not done , but if we don't manage to do it now that we have , I think optimized CapEx , we don't see what we could do better than what we have .

Speaker #4: We are around 14 , $15 billion , not at 18 , but not at 12 . That's why it speak this course . So we have a clear discussion , a clear engagement with the government and and with partners .

Speaker #4: the We see where we land and we have to take the decision 26 . But I would in say , do you what else have ?

Nicolas Terraz: We have the gas cap in the UAE.

Patrick Pouyanné: Yeah, but that's a license to be obtained. So it's not yet a decision.

Speaker #4: Nicola

Nicolas Terraz: Train 2?

Speaker #4: ?

Speaker #8: In Q4, in the UAE.

Patrick Pouyanné: Oh, it's business development. No, no. You are going too quick. No, no, no, no. No, no, no. No way. That's the optimism of the upstream. No, no, no. There is no way to get the FID on Marsaf train 2 in 2026, 2027. No way. No, no. You have to drill well, to appraise. Okay. So I know our process. But it's good to have some good momentum from the president of upstream. But after that, they will just ask us to report on it. So no, no. It's still business development, this one. We are working with Romani to see if beyond the first train, we could build another one, benefit from it. We have identified some gas. We need to be sure that we have enough gas resource. We will not build the train without being sure to have the gas. That's for me just fundamental when we speak about LNG.

Speaker #4: But that's Yeah . license to a be obtained . So it's not yet a decision . Oh it's business development . No , no .

Patrick Pouyanné: That's the optimism of the upstream. No, no, no. There is no way to get the FID on Marsaf train 2 in 2026, 2027. No way. No, no. You have to drill well, to appraise. Okay. So I know our process. But it's good to have some good momentum from the president of upstream. But after that, they will just ask us to report on it. So no, no. It's still business development, this one. We are working with Romani to see if beyond the first train, we could build another one, benefit from it. We have identified some gas. We need to be sure that we have enough gas resource. We will not build the train without being sure to have the gas. That's for me just fundamental when we speak about LNG. Okay. What else? Kim, go ahead. Thank you. It's Kim Fustier of HSBC.

Speaker #4: are going You too quick . No no no no no no no That's the no way . optimism of the upstream . No no no I have no .

Speaker #4: There is to get the idea on Mars 22 , in 26 , 27 . No way . No , you have a to drill well to appraise .

Speaker #4: So Okay . know I process our . No , but it's good to have some good momentum from the president of upstream . But after that , I will just ask us to report on it .

Speaker #4: So Okay . know I process our . No , but it's good to have some good momentum from the president of upstream . But after that , I will just ask us to report on to So no , no , it's still business development .

Speaker #4: one . No , we This working are with Omani to see if beyond the first train , we could build another one , benefit from We it .

Speaker #4: identified some gaps . We need to be sure that we have enough gas resource . You know , I will not . We will not build a train without .

Patrick Pouyanné: Okay. What else? Kim, go ahead.

Speaker #4: Be sure to have the gas . That's for me . fundamental . Just a When you speak about LNG . Okay . What else ?

Kim Fustier: Thank you. It's Kim Fustier of HSBC. Two quick questions on the upstream, please. The first one is on Mozambique LNG. You've now restarted construction. Could you talk about the revised timeline for the project in terms of remobilization and first LNG? And secondly, maybe just a word on the NeoNext Plus transaction in the UK North Sea. I guess what's the impact there on production, CAPEX, maybe future growth? And do you see a similar structure elsewhere in the world potentially being applied?

Speaker #6: Kim ? Go ahead with . Thank you . It's Kim first year for HSBC . Two quick questions on on the upstream please .

Patrick Pouyanné: Two quick questions on the upstream, please. The first one is on Mozambique LNG. You've now restarted construction. Could you talk about the revised timeline for the project in terms of remobilization and first LNG? And secondly, maybe just a word on the NeoNext Plus transaction in the UK North Sea. I guess what's the impact there on production, CAPEX, maybe future growth? And do you see a similar structure elsewhere in the world potentially being applied? The second question, sorry? NeoNext Plus. NeoNext Plus. Okay. First one, we have been clear. We have restarted. Today, I visited. I was with the president of Mozambique in Afungi. So we have almost 5,000 people on the ground already, 4,000 local, 1,000 expatriates. We need to reach 15,000 to be at full speed. So the ramp-up will take off.

Speaker #6: The first one is on Mozambique LNG . You've now restarted construction . Could you talk about the revised timeline for the terms of project in remobilization and and first LNG .

Speaker #6: And secondly , maybe just a word on the Neo next plus transaction in the UK North Sea . What's I guess , what's the impact there on production CapEx , maybe future growth ?

Patrick Pouyanné: The second question, sorry?

Speaker #6: And do you see a similar structure elsewhere elsewhere in the world potentially being applied ?

Kim Fustier: NeoNext Plus.

Patrick Pouyanné: NeoNext Plus. Okay. First one, we have been clear. We have restarted. Today, I visited. I was with the president of Mozambique in Afungi. So we have almost 5,000 people on the ground already, 4,000 local, 1,000 expatriates. We need to reach 15,000 to be at full speed. So the ramp-up will take off.

Speaker #4: Question, sorry. The second.

Speaker #6: Neo . Next plus .

Speaker #4: New next plus okay . First one , we have been clear . We have restarted today . I visited I was with the president of Mozambique on the in So G .

Speaker #4: we have almost 5000 people on the ground 4000 local , already 1000 in Patriots . We need to reach 15,000 to be at full speed .

Patrick Pouyanné: In fact, again, I would say all the engineering is done at 90% or 95%. Procurement of all belonging items has been done. So now, it's a matter of construction on the ground. So the plan is to deliver the project by 2029, maybe end 2028. But let's say 2029 to be sure. This is a plan on which we work today. And again, the remobilization, no contractors are online. So let's do it. And I think it's really a matter now of construction. Most of the procurement, if anything, is ready because, in fact, we spent some we were not quiet during the years. We tried to advance as much as we could the project. On the North Sea transaction, so yes, there is at the end, we have an impact, positive impact on the production.

Speaker #4: So the ramp up will will off take in fact , again , I would say all the engineering is done at 90% or 95% .

Speaker #4: Procurement of all belongings has been done. So now it's a matter of construction on the ground. So the plan is to deliver the project by '29, maybe end of '28.

Speaker #4: But let's say 29 to be to be sure , this is a plan that we in which we work today . And again , the remobilization no contractors are aligned .

Speaker #4: So let's do it . And it's and I think it's it's really a matter of construction . We , we and most of the procurement I think is ready because in fact we spent some we we were not quiet during the years .

Speaker #4: You know , we tried to advance as much as we could . The project on the North Sea transaction . So yes , is at the end , we have a we impact , positive impact on the production .

Patrick Pouyanné: 47.5% of the global production is more than what we have all share, around 10,000 bales per day, I think. We have a positive impact on the CAPEX because we have some synergies. So we lower the CAPEX by $100 million, something like that. And then we'll see what we will do together. I think clearly, there will be synergies on OPEX. It's clear. We're clear. They are doing it today between ITEC and Repsol. So we'll bring our teams. And again, we want to optimize. It's mature. It's better to do it free together than alone. There is another positive impact on the deal on the abandonment cost on the CAPEX side because the full idea is to have a sort of abandonment factory, I would say, in an efficient way.

Speaker #4: 47.5% of the global production is more than what we have all shared . Around 10,000 per day . I think we have a positive impact on the CapEx because we have some synergies there .

Speaker #4: So we lower the CapEx by $100 million , something that like . And and then we'll see what we will do together . I think clearly there will be synergies on opex as clear it's clear , clear .

Speaker #4: They are doing it today between High Tech and Repsol. So we'll bring our teams. And again, we want to optimize.

Speaker #4: You know it's mature . It's better to do it free together than alone . There is another positive impact on the deal on the abandonment cost , on the CapEx side , because the full idea is to have a sort of abandonment factory , I would say in an efficient way , rather than each company .

Patrick Pouyanné: However, each company, and by the way, from this perspective, I'm not sure our engineers are the cheapest one on the planet to abandon wells. They are very cautious. Or, I think having that, and there are a lot of works to be done and to plan it, to plan it, including with few authorities, in a smarter way than if you are alone or obliged to do it. So there is also a gain from this perspective. Do we want to develop the same model elsewhere? No. But I don't see where. I mean, I know we have that opportunity. Honestly, all that was led as well as you know because of the fiscal hike in the UK. We were looking to that and the maturity of the assets, honestly, the assets because mature.

Speaker #4: And by the way , from this perspective , I'm not sure . Or engineers are the cheapest one on the planet , you know , to abandon the wells .

Speaker #4: You know , they are very cautious . So I think having that and there are a lot of work to be done and to plan it , you know , to plan it , including with authorities in a smarter way than if you are alone obliged to do it .

Speaker #4: So there is also , again , from this perspective , do we want to develop the same model as well ? No , I don't see where .

Speaker #4: I mean , I know we have the opportunity on on all that was led as well as , you know , because of the fiscal eyeing Ike in the UK .

Patrick Pouyanné: When we are looking at these assets from a pure TotalEnergies point of view, when I looked to the business plan of Nicolas Terraz, I said, "But we have nothing more in 3, 4 years. So we'll have a huge organization, not much to manage. Do we make this slowdown and the abandonment cost?" So we realized that it was time to look to, I would say, merging with larger groups, more efficient on the costs, again, than staying alone, which we don't have, honestly, in our, I mean, I don't see that situation at all in particular of the neighboring country. If your question was about Norway, Norway, not at all. It's not mature at all. It's continued to grow and to deliver cash. And it's fine. I'm happy with the Norwegian assets. So this is to answer specific questions.

Speaker #4: You know , we were looking to that and and the maturity of the assets . The assets becomes mature . And when we are looking at these assets from a pure TotalEnergies point of view , when I look to the business plan of Nicolas teams , I said , but we nothing have more in 3 or 4 years , so we'll have a huge organization .

Speaker #4: much Not to to manage . How do we make this , this slowdown ? And then abandonment cost . So we realized that it was time to to look to , I would say , merging with a larger groups , more efficient than the cost again , than staying alone , which we don't have .

Speaker #4: Honestly , that in another I mean , I don't see , I don't see that situation at all in particular of the neighboring country .

Speaker #4: If your question was about Norway . Norway ? Not at all . It's not mature at all . It's continued to grow and to deliver cash .

Speaker #4: And it's fine . I'm happy with the Norwegian assets . So we it's this is to answer a specific questions . As you know as well , I didn't pronounce the word fiscal synergies , but you there are some .

Patrick Pouyanné: As you know as well, I didn't pronounce the word fiscal synergies, but there are some. The UK government knew. That's a consequence. Henri? Hi, Henri Tau from Berenberg. Thanks for taking my questions. 2, please. 1 is just on the EPH volumes, when they come into your portfolio. Are they already presold, if you like, or how are you looking to market them when they come through? And then the second question is just on the net capex guidance, $15 billion for the year. Is that sort of an organic number? Are there acquisitions and divestments beyond what you've already sort of mentioned in terms of farm downs that we should think about in that number? Thank you. The second question is for integrated power or globally? Globally. Globally, I mentioned that the net between acquisition and divestments is minus $1.1 billion more of divestments than acquisition.

Patrick Pouyanné: As you know as well, I didn't pronounce the word fiscal synergies, but there are some. The UK government knew. That's a consequence. Henri?

Henry Tarr: Hi, Henri Tarr from Berenberg. Thanks for taking my questions. 2, please. 1 is just on the EPH volumes, when they come into your portfolio. Are they already presold, if you like, or how are you looking to market them when they come through? And then the second question is just on the net capex guidance, $15 billion for the year. Is that sort of an organic number? Are there acquisitions and divestments beyond what you've already sort of mentioned in terms of farm downs that we should think about in that number? Thank you.

Speaker #4: UK government new to consequence . I .

Speaker #9: I Henry Tar from Berenberg . taking my Thanks for questions . Two please . One one is just on the volumes when they come into your portfolio , are they already pre-sold , if you like or how are you looking to market them when they come through ?

Speaker #9: And then the second question is just on the the net CapEx guidance . 15 billion for the year . If is there , is that a sort of an organic number ?

Speaker #9: Are there acquisitions and divestments beyond what you've already sort of mentioned in terms of farm downs that we should think about in that number ?

Patrick Pouyanné: The second question is for integrated power or globally?

Henry Tarr: Globally.

Patrick Pouyanné: Globally, I mentioned that the net between acquisition and divestments is minus $1.1 billion more of divestments than acquisition. So the organic is at 16, and the net is at 15, to be clear, which is feasible. I mean, we know what we have to deliver. What will be the exact amount, I don't know. But we calibrate at the end. We have always a large menu of divestments. If we want to reach investment, if you want to reach 1, you need to plan 2, 1.5. Otherwise, you can have some closing is always sometimes difficult. So it's better to have a large pipeline of divestments ideally in order to reach it. So then we monitor the acquisitions related to what we anticipate on the divestment. But divestment program is today well engaged on upstream. I see at least 1, $1.5 billion, which are very clear on which it's a matter of closing the deals, including in Nigeria.

Speaker #9: Thank you .

Speaker #4: You speak your for integrated power or globally .

Speaker #9: Globally .

Speaker #4: Globally , I mentioned that the net between acquisition and divestments is minus one . One more billion more of divestment than acquisition . So the organic organic is 16 .

Patrick Pouyanné: So the organic is at 16, and the net is at 15, to be clear, which is feasible. I mean, we know what we have to deliver. What will be the exact amount, I don't know. But we calibrate at the end. We have always a large menu of divestments. If we want to reach investment, if you want to reach 1, you need to plan 2, 1.5. Otherwise, you can have some closing is always sometimes difficult. So it's better to have a large pipeline of divestments ideally in order to reach it. So then we monitor the acquisitions related to what we anticipate on the divestment. But divestment program is today well engaged on upstream. I see at least 1, $1.5 billion, which are very clear on which it's a matter of closing the deals, including in Nigeria.

Speaker #4: At net, it is at 15. To be clear, which is feasible. I mean, we know what we have to deliver.

Speaker #4: What will be the exact amount . I don't know , but we calibrate at the end . We know we have always a large menu of divestments if we want to reach in development , if you want to reach one , you need to plan two .

Speaker #4: You know, $1.5 billion. Otherwise, you can have some. Closing is always sometimes difficult. So it's better to have a large pipeline of divestments.

Speaker #4: ID in order to reach it . So then we monitor the acquisitions related to what we anticipate on the But divestment . divestment program is today .

Speaker #4: Well engaged on a stream . I see at least 11. 5 billion , which are very clear on which it's a matter of closing the deals , including in Nigeria and on .

Patrick Pouyanné: Honestly, on the farm-down on your side, with what we've done and capacity to follow on, we have also quite a good idea on the way to progress it. EPH volume presold, the answer is no, but you can explain. No, they are not presold. And actually, what's going to happen is that after closing, we will offtake 50% of the production. Usually, those volumes are sold on the wholesale market. So you don't have to find a customer to do that. And EPH was not tolling to a third party. It's CCGT. Then there is a normal program of hedging forward of those assets. It will move with EPH volume, but nothing different from what a normal player would do. And as I said, as far as the closing, we will be the one offtaking those volumes and ending, notably, the hedge program of those volumes. Okay.

Speaker #4: Honestly , on the farm , down on your side with what we've done and capacity to follow on . We have also quite a good idea on the way to to progress it .

Stéphane Michel: No, they are not presold. And actually, what's going to happen is that after closing, we will offtake 50% of the production. Usually, those volumes are sold on the wholesale market. So you don't have to find a customer to do that. And EPH was not tolling to a third party. It's CCGT. Then there is a normal program of hedging forward of those assets. It will move with EPH volume, but nothing different from what a normal player would do. And as I said, as far as the closing, we will be the one offtaking those volumes and ending, notably, the hedge program of those volumes.

Speaker #4: volume If sold , the answer is no , but you can explain .

Speaker #1: No , no , there are no , they are not . They are not pre-sold . And actually what's going to happen is that after closing , we will overtake 50% of the of the production .

Speaker #1: Usually those volumes are sold on the wholesale market . So you don't have to find a to do customer that . And if was not tolling to a third party is it's then there is a normal program of aging .

Speaker #1: For what of those of assets . It will move with with volume . But nothing nothing different from normal . What a player would would do .

Speaker #1: And as I said , as as the as far as the closing , we will be the one of taking the volume and handing notably the wage program of this volume .

Patrick Pouyanné: Okay. Lucas?

Patrick Pouyanné: Lucas? Thanks very much. It's Lucas Herrmann, BNP. Firstly, Patrick, I mean, every time, or all of you, every time, you don't leave us with that much scope to questions, to be honest. Congratulations on a much better year than many of us anticipated. Did you say all what we want? So are we continuing? No. She's right. I was pleased when I read the title. She's right. On a serious note, and probably two end-of-day questions, one thing that hasn't been mentioned at all is chemicals. You're a big player.

Lucas Herrmann: Thanks very much. It's Lucas Herrmann, BNP. Firstly, Patrick, I mean, every time, or all of you, every time, you don't leave us with that much scope to questions, to be honest. Congratulations on a much better year than many of us anticipated. Did you say all what we want? So are we continuing?

Speaker #4: Okay . Lucas .

Speaker #10: Thanks very much . Lucas . Hamlet , BNP firstly . Patrick . I mean , every time or all of you every time you don't leave us with that much scope to questions .

Speaker #10: Be honest and congratulations on a much better year than men . Have you ? Many of us anticipated . ?

Patrick Pouyanné: No. She's right. I was pleased when I read the title. She's right.

Lucas Herrmann: On a serious note, and probably two end-of-day questions, one thing that hasn't been mentioned at all is chemicals. You're a big player. I guess the question I've got in part is really thinking about what the scope for upside maybe of the chemical cycle were to normalize at a point, together with your thoughts on when that normalizes, if we're seeing any signs that we may be moving to a point where players are saying, "Okay, it's just enough pain. We've got to start shutting in because this can't go on at this level forever." And the second, before you answer that, thanks very much, maybe towards Stéphane, it's just on LNG. In terms of contracting and building the portfolio now, you've pretty much achieved the 8 to 10 million of length that you wanted in Brent. Are we broadly done in you fixing contracts? I know that's a silly observation because it's an ongoing process. But just are you comfortable with where you're at?

Speaker #4: Yeah . Said or what we want . So are we continue or . I was pleased when I read the title .

Speaker #10: She's right . On a serious note . And probably two end of day questions . One , one thing that hasn't been mentioned at all is chemicals .

Patrick Pouyanné: I guess the question I've got in part is really thinking about what the scope for upside maybe of the chemical cycle were to normalize at a point, together with your thoughts on when that normalizes, if we're seeing any signs that we may be moving to a point where players are saying, "Okay, it's just enough pain. We've got to start shutting in because this can't go on at this level forever." And the second, before you answer that, thanks very much, maybe towards Stéphane, it's just on LNG. In terms of contracting and building the portfolio now, you've pretty much achieved the 8 to 10 million of length that you wanted in Brent. Are we broadly done in you fixing contracts? I know that's a silly observation because it's an ongoing process. But just are you comfortable with where you're at? Thank you. Stéphane, we'll answer you.

Speaker #10: And you're a big player and I guess the question I've got in part is , is really thinking about what the scope for upside may be of the chemical cycle were to normalize at a point together with your thoughts on , you know , when that normalizes if that if we're seeing any signs that we may be moving to a point where players are saying , okay , it's just enough pain , we've got to start shutting in because this can't go on at this level forever .

Speaker #10: And the second before you answer that , thanks very much . Maybe towards Stefan , it's just on LNG in terms and of portfolio .

Speaker #10: You’ve been building the contracting, pretty much achieved the 8 to 10 million of length that you wanted in Brent. Are we broadly done in you fixing contracts?

Patrick Pouyanné: Thank you. Stéphane, we'll answer you. Just for all of you, we plan to propose you to make a visit of Rio Grande during the CERAWeek, like we've done last year for Alpha Day, and to dedicate this Alpha Day to LNG because I know you have many questions. So if some of you will be there, we will embark you, if you accept, with us from Houston. Transportation with Sentius. Ensuring the transportation. But the idea is to dedicate, I would say, like we've done last year on renewables and power, to dedicate this Alpha Day to LNG. So Stéphane, we'll have plenty of time to explain to you everything about our portfolio. But I think it's time. We have many questions to try to have a specific point. But Stéphane will answer you. It's not just to on the first one, chemicals. I'm in chemicals.

Speaker #10: I know that's a silly observation because it's an ongoing process , but just are you comfortable with where you're at ?

Patrick Pouyanné: Just for all of you, we plan to propose you to make a visit of Rio Grande during the CERAWeek, like we've done last year for Alpha Day, and to dedicate this Alpha Day to LNG because I know you have many questions. So if some of you will be there, we will embark you, if you accept, with us from Houston. Transportation with Sentius. Ensuring the transportation. But the idea is to dedicate, I would say, like we've done last year on renewables and power, to dedicate this Alpha Day to LNG. So Stéphane, we'll have plenty of time to explain to you everything about our portfolio. But I think it's time. We have many questions to try to have a specific point. But Stéphane will answer you. It's not just to on the first one, chemicals. I'm in chemicals.

Speaker #4: you . Thank Stephen will answer you just for all of you . We plan to propose you to make a visit of Rio Grande during the Sierra Week , like we've done last year for Alpha Day , and to dedicate this RFD to LNG , because I know you have many questions .

Speaker #4: So if some of you will be there , we will embark you . If you accept with us from Houston , ensuring the ensuring the transportation .

Speaker #4: But the idea is to dedicate , I would say , like we've done last year on renewables and power to dedicate this half day to LNG .

Speaker #4: So Stefan will have plenty of time to explain you everything about our portfolio . But I think it's time we have many questions to try to specific point , have a but Stefan will answer you .

Patrick Pouyanné: On our side, when we speak about chemicals, we are mainly big volumes, but we are not a real chemical company. We are just a polymer plus one cracker plus one. We make the big polyethylene and polypropylene. So we don't have the whole story behind it. It's clear that today, it's facing large overcapacities coming from China. Everybody knows it, which puts, in particular, our platform in Korea, which was one of the best five years ago, today is facing huge difficulties because the natural market of Korean platforms were exported to China. And of course, this is closed door today, which is a topic, by the way, as well for all these US crackers, which were built with the idea not for the domestic market, but were built with the idea we'll export to China. I don't know why everybody has made the same mistakes.

Speaker #4: just It's not to . On the first one , chemicals . You know , I'm an chemicals on all sides when we speak about chemicals , we are mainly we are only .

Speaker #4: We are big volumes , but we are not a real chemical company . We are just polymer plus one cracker a plus one .

Speaker #4: You know , we make the . Big polyethylene and polypropylene so we don't have the whole story behind it . It's clear that today it's facing large overcapacities coming China .

Speaker #4: from Everybody knows it , which puts in you know , particular , in platform Korea , which was one of the best five years ago today , is facing huge difficulties market of natural because the Korean platforms were exported to And of this China .

Speaker #4: today , is which is course , crackers , you know , topic , by the way , as a which all for with the domestic idea for the market , are built with but we the idea we China .

Patrick Pouyanné: Nobody has seen or understood that the Chinese, and it's a real problem for me because suddenly, last year, we discovered that the Chinese have built so many capacities that they to be almost self-suppliers, in fact, to be self their own autonomy. And themselves, by the way, because I think you have an issue of the domestic demand in China, all these civil real estate, all that is going down. So they face themselves overcapacity for their own market. So you have a situation which is not good. Having said that, I see in our portfolio two types of petrochemicals. To be clear, I've been constant. I have the one in Europe based on naphtha. This one, you can take it wherever you can want. You can be the best.

Speaker #4: will export to know why I don't everybody made the same mistakes . Nobody have seen or understood . But the Chinese . And it's a real problem for me because suddenly last year we the discovered that the Chinese have built so many capacities that they to be almost self suppliers , in fact , to be a self their own autonomy and , and themselves .

Speaker #4: By the way , because I think you have an issue of the domestic demand in China . No , all these real estate , all that is going down .

Speaker #4: So they face themselves overcapacity for their own market . have So you a situation which is not good . Having said that , I see in our portfolio two types of petrochemicals .

Speaker #4: To be clear , I'm in constant . I have the one in Europe based on NAFTA . This one , you can take it wherever you can want .

Patrick Pouyanné: It will never be competitive against petrochemicals, polyethylene, done on ethane either in the US or in the Middle East. The gap of competitiveness, it's impossible to close. So this one, it's a matter of managing the pain, I would say. So either you have some crackers, but we have decided this year to shut down a cracker in Antwerp. Others have decided to shut down a cracker in Normandy, not ours, but next to us, which was good news for us. It's really a matter of, so today, we are left in terms of crackers with Antwerp and with Normandy. We have the small one in Feyzin, but it's very small, which has a dedicated, I would say, market. But we left La Mède, sold it to INEOS. We shut down the cracker. So I'm quite happy to exit step by step, to be honest. And it's really a problem.

Speaker #4: You can be the best . It will never be competitive against petrochemicals . Polyethylene done on ethane either in the US or in the Middle East .

Speaker #4: The gap of competitiveness . It's impossible to close . So this one's it's a matter of managing the pain . I would say .

Speaker #4: So either you have some crackers , but you know , we have decided this year to shut down cracker in Antwerp . Others have decided to shut down cracker in Normandy , not us , but next to us , which is good news for us .

Speaker #4: It's really a matter of . So today we are left in crackers with and Antwerp with Normandy . We have the small one in Asia , very small but it's and a dedicated , I market , but we left Lavera solely to Ineos .

Patrick Pouyanné: Company is big. When you have integration of the cracker to the refinery, you can see some ways to manage it. But in terms of polymers, you lose money on the polymers. Then I'm looking to the global pictures because if I'm running my crackers, I need to have an outlet for the crackers. And nobody will take my ethylene today in Europe. So I need to transform my ethylene to bring it to customers in order to capture the margin of the cracker. If you don't see it as an integration, then you would ask if you just have a polymer business, why do you continue? We have a business unit of polymer. And Vincent tried to convince me to merge it with the cracker. I said, "No, no, no. I want to know the business. Otherwise, we will not know exactly we'll make the losses.

Speaker #4: We shut down the I'm quite crackers . to So happy step by exit step , to be honest . And a really see it's can when you the refinery .

Speaker #4: the But in manage it . ways to polymers integration of some You , we lose money on polymers . the Then I'm looking to the global pictures because if I'm running my crackers , I need to have an outlet for the crackers , you know , and nobody will take my ethylene today in Europe .

Speaker #4: So I need to to transform my bring it to customers ethylene to in order to capture the margin of the cracker . If you don't see it as a integration , then you are .

Speaker #4: ask if You you just have a polymer business , why do you continue ? We have a business unit of polymer and Vincent tried to convince me to merge it with a cracker .

Patrick Pouyanné: But I want to know what we can fix and what are the pain." But that's the situation. Then we have the other petrochemicals based on ethane, either in the US or in Saudi Arabia or Qatar. This one, honestly, is competitive because we have an advantage on the feedstock. So this advantage on the feedstock absorbs, I would say, even if you lose again on your polymer, the absorption is even easier to be done. So when I see on this integration between the crackers on ethane and the polymers, I would say it's okay. We are okay. Yeah, it makes money. It makes money. It makes money. It makes money. Money as in profit? Money, profit, and cash. I mean, profit and cash. Otherwise, I would not tell you that, Lucas. I will say you, it's a disaster. We need to fix it.

Speaker #4: I say , no , no , no , know the I want to business . Otherwise we will not know where exactly we make the losses , you know .

Speaker #4: But I want to know where what we can fix . And what are the pain . But that's the situation . Then we have the other petrochemicals based on ethane in the , either US or in , in Saudi Arabia or Qatar .

Speaker #4: This one honestly is competitive because we have an advantage on the feedstock . So this advantage on the feedstock absorbs , I would say even if you again on lose your polymer , the absorption is even easier to be done .

Speaker #4: So when I see on these integration between the crackers on ethane and the polymers, I would say, okay, we are—it's okay.

Speaker #4: Yeah , it makes money . It makes money , it makes money , it makes money .

Speaker #10: profits In .

Speaker #4: profit and Many cash means profit and cash . No . Otherwise I will not tell you that , Lucas . I will tell you .

Patrick Pouyanné: No, we are not yet in no, I'm not in a panic mode, to be clear. I'm sure that we will have to take. The question for us is the European part, is there a way or not? And that's true. That's why, of course, Vincent is not very happy when Stéphane say, "I want a high price of CO2." For him, it's just, "How do we what can we preserve from this business?" So on my side, I mean, what I think is that no way to invest in any capacity on naphtha crackers and all that with the question of how do we go down, surely. But it's not easy because I think other players have the same view than us. Even if some players like INEOS bought the La Mède cracker because they had an overview on the market, fine. I mean, I'm fine.

Speaker #4: It's it's a disaster . We need to fix it . No , we are not yet . No , I'm not in a panic mode .

Speaker #4: clear . To be I'm sure that we will have to take . The question for us . Is a European part ? Is there a way or not ?

Speaker #4: And that's true . That's of why , course , is not very happy when Stefan say , I want a high price of you know , CO2 , for him it's just off the what can we preserve from this business ?

Speaker #4: So on my side , I mean , what I think is that no way to invest in any capacity on NAFTA crackers and all that question .

Speaker #4: of The how do we go down , surely . But but it's not easy because I think other players have the same view than us , even if some players like , you know , Ineos bought or cracker they had overview on the an market , fine .

Patrick Pouyanné: I mean, if we find some time to tap good opportunities, I'm ready to do it. We have a third polymer, which is polystyrene, on which we'd like to, in particular, in the US, we try to, we will try to put it for divestment, this one. So that's the way I'm looking at it. It's ethane. So it's Qatar, Saudi Arabia, the US. But even the US, I think we have one. I'm not sure we are ready to make another one. We'll be cautious on it. You have to absorb these overcapacities. It could take time. But again, as a chemical company, I don't see all what is happening behind in the value chain. Yes. As you mentioned, Lucas, we sold around more than 8 million tonnes between 2023 and beginning 2025, on the Brent basis in Asia. So we are happy with what we have done.

Speaker #4: I'm fine . I mean , if we find some time to time good opportunities , I'm ready to do it . We have a third polymer , which is polystyrene , on which we'd like to , in the US , particular in we try to we will put it for divestment .

Speaker #4: This one . So , so the way I'm that's looking at it . It's ethane . So it's Qatar , Saudi Arabia , the US .

Speaker #4: But even the US , I think we have one . I'm not sure we are ready to make another one will be we'll be cautious on it .

Speaker #4: You have to absorb this over capacities . It could take time . So but again , I'm not as a chemical company . I don't see all what is happening behind in the value chain .

Stéphane Michel: Yes. As you mentioned, Lucas, we sold around more than 8 million tonnes between 2023 and beginning 2025, on the Brent basis in Asia. So we are happy with what we have done. I consider that the portfolio is well balanced until 2030. After that, it's an evergoing job because you've got contracts that expire. You have additional production that will come from LNG growth. So we have to work on the portfolio post-2030. But we've got time to do so. And I'm not too concerned by that. But you should expect additional sell of LNG on the brand formula on that time horizon.

Speaker #4: Yes .

Speaker #1: As as you mentioned , Lucas , we we sold around more than $8 million between now and 23 beginning 25 on the brand basis in So Asia .

Patrick Pouyanné: I consider that the portfolio is well balanced until 2030. After that, it's an evergoing job because you've got contracts that expire. You have additional production that will come from LNG growth. So we have to work on the portfolio post-2030. But we've got time to do so. And I'm not too concerned by that. But you should expect additional sell of LNG on the brand formula on that time horizon. Maybe we can take a question online. I will reveal a secret to you. The net result of chemicals in 2025, the net result was $500 million, positive, globally. It's only a small share of the net results of refining and chemicals, but it's positive globally. It's not too bad compared to what I listen when I'm reading the newspapers. It's not too bad. Okay. Duke, you can go ahead with your question if you are there.

Speaker #1: we are we are happy with what we have done . And I consider that the portfolio is well balanced until 2030 . After that , it's an ever growing job because you've got contracts that expire .

Speaker #1: You have additional production that will come from LNG growth . So we have to work on , on , on the , on the portfolio post 2030 .

Speaker #1: We've got time to do so . And I'm not too concerned by , by by that . That you expect should additional sell of LNG on the brain formula that on that on that time horizon .

[Unknown Speaker]: Maybe we can take a question online.

Patrick Pouyanné: I will reveal a secret to you. The net result of chemicals in 2025, the net result was $500 million, positive, globally. It's only a small share of the net results of refining and chemicals, but it's positive globally. It's not too bad compared to what I listen when I'm reading the newspapers. It's not too bad. Okay. Duke, you can go ahead with your question if you are there.

Speaker #4: Maybe we can take questions online. I will reveal a secret to you: the net result of Chemicals in '25—the result was $500 million positive globally.

Speaker #4: It's only a result of small share of the refining and net chemicals , but it's positive globally . It's not too bad compared to what I listen when I'm reading the newspapers .

Speaker #4: Not too bad . Okay , Duke , you can go ahead with your question . If you are there . Oh .

Patrick Pouyanné: Thank you, Renaud. Hopefully, you can all hear me okay. Apologize. Patrick, not being there in person. You prefer to be with a competitor in New York. Well, maybe we can take another one online. You can go, Jason Carrollman. Go ahead. Can we? We have a problem maybe with the. We are not lucky. Okay. Question in the room then. So Anish, go ahead. Hi. It's Anish Kapadia from Palissy Advisors. I had a question on the outlook for global gas. Clearly, some of the strategic moves you've made over the last few years are on the back of your view that there's going to be somewhat of a narrowing of global gas prices and Henry Hub. So I just wanted to kind of get your viewpoint.

[Analyst]: Thank you, Renaud. Hopefully, you can all hear me okay. Apologize. Patrick, not being there in person.

Patrick Pouyanné: You prefer to be with a competitor in New York.

[Analyst]: Well, maybe we can take another one online.

Speaker #11: Thank you Renee . Hopefully you hear me . can all Okay . Apologize . Patrick in being there person .

Patrick Pouyanné: You can go, Jason Carrollman. Go ahead. Can we? We have a problem maybe with the. We are not lucky. Okay. Question in the room then. So Anish, go ahead. Hi.

Speaker #4: prefer to be We competitor . In New York . Well , maybe we can take another one online . You can go . Jason Gabelman .

Speaker #4: Go ahead . We have a problem . Maybe with the right . Okay . Question in the room , then . So Anish , go ahead .

Anish Kapadia: It's Anish Kapadia from Palissy Advisors. I had a question on the outlook for global gas. Clearly, some of the strategic moves you've made over the last few years are on the back of your view that there's going to be somewhat of a narrowing of global gas prices and Henry Hub. So I just wanted to kind of get your viewpoint.

Speaker #4: Okay .

Speaker #12: Hi it's Anish Kapadia from policy Advisors . I had a question on the outlook for global for gas . You know clearly some of the strategic moves you've made over the last few years are on the back of your view that there's going to be somewhat of a narrowing of global gas prices .

Patrick Pouyanné: If gas prices do fall further from here, below your 10 TTF assumption, what are some of the measures you put in place? And how can the integrated power business, such as the acquisition you made in Europe, help to mitigate some of that fall in TTF pricing? First, as I explained, we have tried to balance the portfolio so that we are selling our gas more on the brand formula than spot. So to that extent, we are not that exposed to decreases in the TTF or JKM gas price. That's one. Second, it's clear that with gas prices, you will have two effects: one is that you are going to bring back Asian demand that would limit that trend. And second, you are going to improve the competitiveness of gas in Europe for power production.

Anish Kapadia: If gas prices do fall further from here, below your 10 TTF assumption, what are some of the measures you put in place? And how can the integrated power business, such as the acquisition you made in Europe, help to mitigate some of that fall in TTF pricing?

Speaker #12: And Henry Hub. So I just wanted to kind of get your viewpoint. If gas prices do fall further from here, you're below your $20 assumption.

Speaker #12: What are some of the measures you've put in place ? And you know , how can the integrated power business , such as the acquisition you made in Europe , help to mitigate some of the fall in CTF pricing ?

Patrick Pouyanné: First, as I explained, we have tried to balance the portfolio so that we are selling our gas more on the brand formula than spot. So to that extent, we are not that exposed to decreases in the TTF or JKM gas price. That's one. Second, it's clear that with gas prices, you will have two effects: one is that you are going to bring back Asian demand that would limit that trend. And second, you are going to improve the competitiveness of gas in Europe for power production.

Speaker #1: As I explained , we have tried to balance the portfolio so that we are selling our gas more on the brain formulas and than than spot .

Speaker #1: So to that extent , we are not that exposed to gas TTF Gkm on . The decreasing price . Second . That's one .

Speaker #1: It's clear that with gas price you will have to effect one is that you are going to find back Asian demand that would limit that that that trend .

Speaker #1: And second , you are going to improve the competitiveness of gas in Europe for power production . And and so we should have a kind of parachute effect thanks to our CCTV fleet and should be able to benefit from , from from that move on .

Patrick Pouyanné: And so we should have a kind of parachute effect thanks to our CCGT fleet and should be able to benefit from that move thanks to the full integration in Europe along the value chain between gas and power. That's the two way to that's the three way, actually, we have mitigated that possible decrease of the gas price. Okay. Other questions in the room? Jean-Luc? Jean-Luc Romain at CIC Market Solutions. I had a question on the new exploration acreage you just took in Namibia. It's a different basin, probably higher risk and less explored. How do you compare the potential or how geologists compare the potential of the Lüderitz basin with Orange Basin? I mean, again, it's Orange Basin. It's out of the Orange Basin. It's a Lüderitz basin. Clearly, it's an exploration. It has been positive. We find hydrocarbons in the Orange Basin.

Speaker #1: to the Thanks in the full integration in Europe with , with along the value chain between gas and and and power . That's the two way to that's the freeway .

[Unknown Speaker]: Okay. Other questions in the room? Jean-Luc?

Speaker #1: Actually we have mitigated that . That that possible decrease of the gas price .

Jean-Luc Romain: Jean-Luc Romain at CIC Market Solutions. I had a question on the new exploration acreage you just took in Namibia. It's a different basin, probably higher risk and less explored. How do you compare the potential or how geologists compare the potential of the Lüderitz basin with Orange Basin?

Speaker #4: Okay. Other questions in the room, Jean-Luc.

Speaker #13: Jean-Luc at Market CIC Solutions . I had a question on the new exploration acreage . You just took in Namibia . It's a different basin , probably a higher risk and less explored .

Speaker #13: How do you compare the potential of your geologic comparable potential of the basin with basin?

Patrick Pouyanné: I mean, again, it's Orange Basin. It's out of the Orange Basin. It's a Lüderitz basin. Clearly, it's an exploration. It has been positive. We find hydrocarbons in the Orange Basin. So the idea is we should not stop. I guess more probability of success is lower, obviously. We had the opportunity to enter that license. The explorers love it. But not only the ones from TotalEnergies, the ones of Petrobras as well because, in fact, we joined forces. In fact, we were competing. So we decided it was better. That's why I like competition up to a point. Sometimes, it's good to partner together in order to have access to the license. I think both teams of explorers, geologists, have seen the same potential, I would say, interest. So it's good to make seismic and then potentially to do it. We'll see. But again, I think there is a certain logic. And I think the fact that we again, that we are establishing a strong presence in Namibia encourages our teams to look to other licenses which might be available.

Speaker #4: I mean , again , it's orange basin . It's out of the Orange basin . So is basin . It's clearly it's an exploration .

Patrick Pouyanné: So the idea is we should not stop. I guess more probability of success is lower, obviously. We had the opportunity to enter that license. The explorers love it. But not only the ones from TotalEnergies, the ones of Petrobras as well because, in fact, we joined forces. In fact, we were competing. So we decided it was better. That's why I like competition up to a point. Sometimes, it's good to partner together in order to have access to the license. I think both teams of explorers, geologists, have seen the same potential, I would say, interest. So it's good to make seismic and then potentially to do it. We'll see. But again, I think there is a certain logic. And I think the fact that we again, that we are establishing a strong presence in Namibia encourages our teams to look to other licenses which might be available.

Speaker #4: It has been positive with hydrocarbons , orange basin . So the idea is we should not stop because more more probability of success is lower .

Speaker #4: Obviously we had the opportunity to enter that license . The explorers love it , but we will not only the ones from the one of Petrobras as well , because in fact , we forces .

Speaker #4: Obviously we had the opportunity to enter that license . The explorers love it , but we will not only the ones from the one of Petrobras as well , because in fact , we forces . fact , we joined In competing .

Speaker #4: So we decided it better . That's why . And I liked competition up to a point . You know , sometimes it's good to to partner together in access order to have to the license .

Speaker #4: I think the both teams of explorers , geologists have seen the same potential . I would say interest . So it's it's good to make seismic and then potentially to drill .

Speaker #4: We'll see . But again , I think it's very certain logic . And I think the fact that we again that we are establishing a strong presence Namibia , encourage our teams to to look to other license , which might be available .

Patrick Pouyanné: Okay. Other questions? Yes. Maurizio? Maurizio Carulli from Quilter Cheviot Investment Management. First of all, congratulations for the good results. I have a question about the electricity business, including renewables, of course. You have been able to grow it very well. And we have better profitability of most of the traditional utilities companies. And the question that I have, yeah, as long as you can continue to have good opportunities for expansion, good profitability, good return on capital, and good free cash flow, do you have a strategic cap for the expansion of your electricity business long-term? No, it's a question which will be debated at the board. Exactly the question. Next strategic seminar. Because now we are in fact, after the 5 years, we are more conviction about the model. So in 2020, we said, "Let's engage for 10 years.

[Unknown Speaker]: Okay. Other questions? Yes. Maurizio?

Maurizio Carulli: Maurizio Carulli from Quilter Cheviot Investment Management. First of all, congratulations for the good results. I have a question about the electricity business, including renewables, of course. You have been able to grow it very well. And we have better profitability of most of the traditional utilities companies. And the question that I have, yeah, as long as you can continue to have good opportunities for expansion, good profitability, good return on capital, and good free cash flow, do you have a strategic cap for the expansion of your electricity business long-term?

Speaker #4: Okay . Other questions . Yes . Mauricio . Mauricio , from .

Speaker #14: Quilter Cheviot Investment Management . So congratulation for the good results in I have a question about the electricity business , including renewables . Of have been course you to grow it very well and with a better profitability of most of the traditional utilities companies and the question that I have here , as long as you can continue to have good opportunities for expansion , good profitability , good return on capital and good free cash flow .

Speaker #14: Do you have a strategic cap for the expansion of your electricity business ? Long term ?

Patrick Pouyanné: No, it's a question which will be debated at the board. Exactly the question. Next strategic seminar. Because now we are in fact, after the 5 years, we are more conviction about the model. So in 2020, we said, "Let's engage for 10 years.

Speaker #4: No , it's a question which will be a debate at the board . Exactly . The question next , strategic seminar because now we are in fact , after the five years we have more conviction about the model .

Patrick Pouyanné: Otherwise, we will never manage." If we don't keep a horizon, I say to the board, "Either you give us 10 years to do it or it's better not to engage because this type of business will make, obviously, diversification. We can make some mistakes, but we need to see if we establish a business." Now, we are more confident. The last strategic seminar, when we reviewed integrated mover, it was more about how to increase the profitability. Let's demonstrate the question of Iran. Why do you do that, etc.? Now, we have a better idea. So then I said, "Well, it's time to discuss between us where do we go beyond 2030? How much would we want to grow this business or not?" So this is, I would say, and I know that I have a good question from you.

Speaker #4: We have . So we in 2020 , we said , let's engage for ten years . Otherwise we will never manage . If we an horizon .

Speaker #4: say to the I board , either you give us ten years to do it or it's better not to engage , because this type of business will make obviously diversification .

Speaker #4: We can make some mistakes , but we need to see if we establish a business . Now we are more confident and the last strategic seminar , when we review integrated model , it was more about how to increase the profitability .

Speaker #4: Let's demonstrate the question of Iran . Why do you do that ? Etc. . Now we have a better idea . So then I said , well , it's time to to to discuss between us .

Speaker #4: Where do we go ? Beyond 2030 ? How much do we want to grow this business or not ? So this is I would say , and I know that I have a good question from you .

Patrick Pouyanné: Of course, it's linked as well to the capacity we'll have to see the value of this business within the global company, I would say. And as it was said by one or two of you, very well by Irene, I think there is a turning point when it's becoming free cash positive because then the perspective will be different. As long as it's a sort of cash sink, why do they do that? If you begin to deliver cash and we think that even if it's positive by 2026, we could go quickly to $1 to 3 billion per year, then the appetite might see. I see also, to be honest, more and more a strong integration between the gas and the power.

Speaker #4: Of course , it's linked as well capacity we will have to the to see the value of this business within the global company .

Speaker #4: I would say , and as it was said by 1 or 2 of you , very well by Iran , I think there is a turning point when it's becoming free cash positive , because then you perspective will be as long as sort it's a of cash think , you know , why do they do that ?

Speaker #4: If you begin to deliver cash and we think that even if it's positive by 2026, we could go quickly to $1 to $3 billion per year.

Patrick Pouyanné: And I think to answer to Anish, part of the question is also the integration gas to power is a way to, if you have a lower gas price, you could recover part of the value along the chain on the electricity part. So I see some value. And I think, by the way, my view is that the market clearly has better reacted to the EPH transaction because it was gas to power and not just renewable. So I'm open my eyes. I'm clear, which, by the way, is helping us to discuss and at the board; these are elements of very important. It's important. So the board is more and more looking to that in a way. And I will be probably more able to answer your question in one year than today.

Speaker #4: Then the appetite might see . I see also honest , a more and more a strong integration between the gas and the power .

Speaker #4: And I think to answer to each part of the question is also the integration gas to power is a way to , to to if you have a lower gas price , you could recover part of the value along the chain on the electricity part .

Speaker #4: So I see some value , and I think , by the way , my view is that the market clearly has better reacted to the transaction because it was gas to power and not just renewables .

Speaker #4: I'm So I'm open my eyes . I'm clear . Which , by the way , is helping us to to discuss . And at the board , these are elements of very important .

Speaker #4: It's important , you know , so the board is more and more looking to that in a way . And probably I will be more able to answer to your question in one year .

Patrick Pouyanné: But as we are clear that we want to reach a sort of size of 20%, what do we do beyond? At which pace? That's a debate. The opportunities might continue to come, in fact, in this business. And I think there will be a time the debates we have in European countries about the budget. I'm advocating in France today to stop to have all these CFDs which are giving it's incredible what happens today in 2025. The states are taking the market risk. You secure revenues for developers. So it's a very strange system. Why the states should take the market risk of value of power and not the developers and the investors? In the US, we are taking the market risk. We have some fiscal incentives. But fundamentally, it's very different as a philosophy and as a regime.

Speaker #4: But today but as we we are want to reach we a sort of clear that size of 20% . What do we do beyond at which pace ?

Speaker #4: That's the debate . The opportunities might continue to come . In fact , you know , in this business and I think the there will be a time , you know , the debates we have in European countries about the budget .

Speaker #4: I'm advocating in France today to stop to have all these CFDs which are giving . It's incredible what happens today in 2025 , states are the taking the market risk .

Speaker #4: You secure revenues for developers . So it's very strange system why the state should take the market risk of power the developers and the investors in the are taking the market risk .

Patrick Pouyanné: So these technologies are mature enough today, at least for onshore solar and field, to go to something else. And then if this type of evolution happens, you will see the competition will not be the same because then you will see larger players will find back an advantage compared to plenty of smaller players which today, in fact, are in infrastructure business with no risk, which, honestly, I don't think the European governments will be able for long to continue to finance a zero-risk business and which is, of course, your return is not very high because there is it cannot be. So again, this is a debate where I'm not able but this will come now. It's time to have it. And the board, they had their independent session. It was the main topic. So now we'll work from them. Okay. So we have a technical problem.

Speaker #4: have some fiscal We incentives , but fundamentally it's very different . As a philosophy and as regime . So this technologies are mature enough today , at least for onshore solar in-field to go to something else .

Speaker #4: then if And this type of evolution happens , see you will competition will not be the same , because then see you will larger players will find back an advantage compared to plenty of smaller players , which today in fact are in infrastructure , business with no risk , which honestly , I don't think the European governments will be able for long to continue to finance a zero risk business and which is of course return is not very high because there is it cannot be so again , this is a debate where I'm not able .

Speaker #4: But this will come . Now it's time to have it . And the board , they had their independent session . It was the main topic .

Patrick Pouyanné: But I will take the question from Duke. I want Duke to be satisfied. Yeah. So he sent me the question. He will send me an email that our technology does not work. No AI in Total. We have in Total analysis. The first one is on Namibia. You are carrying Galp. But do you receive Galp's share of cost oil? I see the operator. Otherwise, I don't do it. The second one is, what is the current dividend break-even post the EPH deal and after the EPH deal is closed? Ooh la. Dividend break-even, but it's quite easy. $3 billion represent $10. So it's $50 per barrel. It's 50. $50 per barrel, the dividend break-even. Post EPH, EPH, we not change dramatically everything. So it will be $1 billion. So it's $1 billion is $3, $2, $3. So it's $48 or something like that. $48, $47 per barrel.

Patrick Pouyanné: But I will take the question from Duke.

[Unknown Speaker]: I want Duke to be satisfied.

Speaker #4: So now we'll work for them . Okay . So we have a technical problem but I will take the question from Duke . Yes I want to be satisfied .

Patrick Pouyanné: Yeah. So he sent me the question. He will send me an email that our technology does not work. No AI in Total. We have in Total analysis. The first one is on Namibia. You are carrying Galp. But do you receive Galp's share of cost oil? I see the operator. Otherwise, I don't do it. The second one is, what is the current dividend break-even post the EPH deal and after the EPH deal is closed? Ooh la. Dividend break-even, but it's quite easy. $3 billion represent $10. So it's $50 per barrel. It's 50. $50 per barrel, the dividend break-even. Post EPH, EPH, we not change dramatically everything. So it will be $1 billion. So it's $1 billion is $3, $2, $3. So it's $48 or something like that. $48, $47 per barrel.

Speaker #4: Yeah . So he sent me the me an email that our technology does not work . No AI in total . You know , in TotalEnergies .

Speaker #4: So the first one is on Namibia . You are carrying galp , but do you receive GAAP share of cost oil ? Of .

Speaker #4: I don't Otherwise do it . The second current one is what is dividend break the post the deal and after the deal is is closed .

Speaker #4: Hula dividend breakeven . But it's quite easy . 3 billion $10 . represents So it's $50 per barrel . It's $5,050 per barrel .

Speaker #4: The dividend breakeven post pH will not change dramatically . Everything . So it will be a 1 billion . So it's a 1 billion is $3 two $3 .

Patrick Pouyanné: oil share, yeah, of course, we take 50% of. In fact, we more or less we had a scheme in Suriname. This one, to be honest, is a little better for us. But no, it's yes, we take the cost share. It's clear. Okay. Do we have questions in the room? So this is the operator. Can you hear me? No more questions in the room? This is the audio operator. Can you hear me? So if you are satisfied, thank you. Thank you for your attendance. Thank you for your comments. And thank you to all the teams of TotalEnergies for the results. This is the operator. Can you hear me? Including, of course, the different executives present in the room. And so the next meeting with you, potentially, might be in Houston for the ones who want to participate to this field trip on Rio Grande.

Speaker #4: So it's 4048 or something like that 4847 per barrel . Coastal share . Yeah of course we take 50% of in fact , we more or less you know , we had a scheme in Suriname which one ?

Speaker #4: honest , is This one , to be a little better for , for us . But no it's yes . We take the cost share share .

Operator: So this is the operator. Can you hear me?

Patrick Pouyanné: No more questions in the room?

Speaker #4: It's clear . Okay . Do we have

Operator: This is the audio operator. Can you hear me?

Speaker #4: questions in the room , So

Patrick Pouyanné: So if you are satisfied, thank you. Thank you for your attendance. Thank you for your comments. And thank you to all the teams of TotalEnergies for the results. Including, of course, the different executives present in the room. And so the next meeting with you, potentially, might be in Houston for the ones who want to participate to this field trip on Rio Grande. And again, with a focus on LNG and the portfolio and how we manage all these times which are in front of us. Thank you for your attendance.

Speaker #15: does the operator . Can you hear me ?

Speaker #4: No more questions in the room .

Speaker #15: This is the audio . Operator .

Speaker #4: you are So if satisfied . Thank you . Thank you for your attendance . Thank you for your comments . And thank you to all the teams of TotalEnergies .

Speaker #15: Operator , can you hear .

Speaker #4: Results Me ? including , of course , the the different executives present in the room and so the next meeting with you potentially might be in Houston for the ones who want to contribute , participate to this field trip on on Rio Grande .

Patrick Pouyanné: And again, with a focus on LNG and the portfolio and how we manage all these times which are in front of us. Thank you for your attendance. Bonjour. I'm the operator.

Speaker #4: And again with a focus on LNG and the and how we manage all this . These times which are in front of us .

Speaker #4: Thank you for your attendance .

Q4 2025 TotalEnergies SE Earnings Call

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