TotalEnergies SE Files 20-F Report for Fiscal Year Ended December 31, 2023

Ticker: TTE · Form: 20-F · Filed: Mar 29, 2024 · CIK: 879764

Totalenergies Se 20-F Filing Summary
FieldDetail
CompanyTotalenergies Se (TTE)
Form Type20-F
Filed DateMar 29, 2024
Risk Levelmedium
Pages15
Reading Time18 min
Key Dollar Amounts$21.4 billion, $23.2 billion, $40.7 billion, $35.9 billion, $16.8 b
Sentimentneutral

Sentiment: neutral

Topics: 20-F, TotalEnergies, Commodity Risk, Energy Markets, Financial Reporting

TL;DR

<b>TotalEnergies SE submitted its 20-F filing for FY2023, detailing financial instruments, segment activities, and share plans.</b>

AI Summary

TotalEnergies SE (TTE) filed a Foreign Annual Report (20-F) with the SEC on March 29, 2024. TotalEnergies SE filed its annual 20-F report for the fiscal year ending December 31, 2023. The report covers activities related to Commodity Contracts and Related Financial Instruments within Trading and Shipping, and Gas and Power segments for 2023 and 2022. It also details commodity price risk activities for Crude Oil, Petroleum Products, and Freight Rates, as well as Gas and Power for 2023 and 2022. Information on share purchase and grant plans for parent company members is provided for year-ends 2023, 2022, and 2021. The filing includes details on specific segment activities such as Exploration and Production (Novatek), Integrated Power (Yunlin UKCO Limited, Yunlin Holding GmbH), and Integrated LNG (Yemen LNG Company Limited).

Why It Matters

For investors and stakeholders tracking TotalEnergies SE, this filing contains several important signals. This 20-F filing provides a comprehensive overview of TotalEnergies' financial performance and operational activities for the fiscal year 2023, including specific details on commodity trading and segment performance. Investors and analysts can use this report to assess the company's risk exposure in commodity markets, its strategic investments in various energy segments, and its approach to executive compensation and share-based incentives.

Risk Assessment

Risk Level: medium — TotalEnergies SE shows moderate risk based on this filing. The company operates in volatile commodity markets, which presents significant price risk, as evidenced by the detailed reporting on commodity contracts and related financial instruments for crude oil, petroleum products, freight rates, gas, and power.

Analyst Insight

Review the detailed segment performance and commodity risk disclosures to understand TotalEnergies' strategic positioning and potential impacts of market volatility.

Key Numbers

  • 2023-12-31 — Fiscal Year End (Conformed period of report)
  • 2024-03-29 — Filing Date (Date the 20-F was filed)
  • 2020-07-17 — Name Change Date (Date TotalEnergies SE changed from TOTAL SE)
  • 2012-12-04 — Name Change Date (Date TOTAL SE changed from TOTAL S.A.)
  • 2003-05-08 — Name Change Date (Date TOTAL S.A. changed from TOTAL SA)

Key Players & Entities

  • TotalEnergies SE (company) — Filer of the 20-F report
  • 2023-12-31 (date) — Conformed period of report
  • 2024-03-29 (date) — Filed as of date
  • TOTAL SE (company) — Former company name
  • TOTAL S.A. (company) — Former company name
  • Novatek (company) — Mentioned in Exploration and Production Segment
  • Yunlin UKCO Limited (company) — Mentioned in Integrated Power Segment
  • Yemen LNG Company Limited (company) — Mentioned in Integrated LNG Segment

FAQ

When did TotalEnergies SE file this 20-F?

TotalEnergies SE filed this Foreign Annual Report (20-F) with the SEC on March 29, 2024.

What is a 20-F filing?

A 20-F is a annual report for foreign private issuers, equivalent to a 10-K but following international reporting standards. This particular 20-F was filed by TotalEnergies SE (TTE).

Where can I read the original 20-F filing from TotalEnergies SE?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by TotalEnergies SE.

What are the key takeaways from TotalEnergies SE's 20-F?

TotalEnergies SE filed this 20-F on March 29, 2024. Key takeaways: TotalEnergies SE filed its annual 20-F report for the fiscal year ending December 31, 2023.. The report covers activities related to Commodity Contracts and Related Financial Instruments within Trading and Shipping, and Gas and Power segments for 2023 and 2022.. It also details commodity price risk activities for Crude Oil, Petroleum Products, and Freight Rates, as well as Gas and Power for 2023 and 2022..

Is TotalEnergies SE a risky investment based on this filing?

Based on this 20-F, TotalEnergies SE presents a moderate-risk profile. The company operates in volatile commodity markets, which presents significant price risk, as evidenced by the detailed reporting on commodity contracts and related financial instruments for crude oil, petroleum products, freight rates, gas, and power.

What should investors do after reading TotalEnergies SE's 20-F?

Review the detailed segment performance and commodity risk disclosures to understand TotalEnergies' strategic positioning and potential impacts of market volatility. The overall sentiment from this filing is neutral.

Risk Factors

  • Commodity Price Risk [high — market]: The company is exposed to significant risks from fluctuations in crude oil, petroleum products, freight rates, natural gas, and electricity prices.

Key Dates

  • 2023-12-31: Fiscal Year End — End of the reporting period for the 20-F filing.
  • 2024-03-29: Filing Date — Date the 20-F report was officially submitted to the SEC.

Filing Stats: 4,458 words · 18 min read · ~15 pages · Grade level 12.7 · Accepted 2024-03-29 11:06:40

Key Financial Figures

  • $21.4 billion — 3, TotalEnergies reported net income of $21.4 billion and adjusted net income 1 of $23.2 bill
  • $23.2 billion — .4 billion and adjusted net income 1 of $23.2 billion. TotalEnergies reported cash flow from
  • $40.7 billion — cash flow from operating activities of $40.7 billion and cash flow from operations excluding
  • $35.9 billion — s excluding working capital (CFFO) 1 of $35.9 billion. TotalEnergies achieved top tier 20% re
  • $16.8 b — (16.5) billion and net investment 1 was $16.8 billion, including 35% for low-carbon ene
  • $9 billion — sed by 7.1% and TotalEnergies completed $9 billion in buybacks of its shares, of which $1.
  • $1.5 billion — ion in buybacks of its shares, of which $1.5 billion was linked to the disposal of its Canad
  • $5 billion — t, achieving 5% gearing 1 , including a $5 billion positive contribution of working capita
  • $10.9 b — strong adjusted net operating income of $10.9 billion, cash flow from operating activit
  • $18.5 billion — cash flow from operating activities of $18.5 billion and cash flow from operations excluding
  • $19.1 billion — ons excluding working capital (CFFO) of $19.1 billion. TotalEnergies' exploration successes c
  • $6.2 b — annual adjusted net operating income of $6.2 billion, cash flow from operating activit
  • $8.4 billion — cash flow from operating activities of $8.4 billion and cash flow from operations excluding
  • $7.3 b — ons excluding working capital (CFFO) of $7.3 billion, which is lower than the exceptio
  • $3.6 billion — cash flow from operating activities was $3.6 billion and cash flow from operations excluding

Filing Documents

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 30 ITEM 12.

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 31 ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 31 ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 31 ITEM 15.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 31 ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT 32 ITEM 16B. CODE OF ETHICS 32 ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES 32 ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES 32 ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS 33 ITEM 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT 33 ITEM 16G. CORPORATE GOVERNANCE 33 ITEM 16H. MINE SAFETY DISCLOSURE 36 ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 36 ITEM 16K. CYBERSECURITY 36 ITEM 17.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 37 ITEM 18.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 37 ITEM 19. EXHIBITS 38 BASIS OF PRESENTATION References in this annual report on Form 20-F (this "Annual Report" or this "document") to pages and sections of the "Universal Registration Document 2023" are references only to those pages and sections of TotalEnergies' Universal Registration Document for the year ended December 31, 2023 attached in Exhibit 15.1 to this Annual Report and forming a part hereof. Other than as expressly provided herein, the Universal Registration Document 2023 is not incorporated herein by reference. TotalEnergies' Consolidated Financial Statements on pages F-9 to F-13 are prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and IFRS as adopted by the European Union (EU) as of December 31, 2023. In addition, this Annual Report and the Universal Registration Document 2023 contain certain measures that are not defined by generally accepted accounting principles (GAAP) such as IFRS. TotalEnergies' management uses these financial measures, along with the most directly comparable GAAP financial measures, in evaluating TotalEnergies' operating performance. TotalEnergies believes that presentation of this information, along with comparable GAAP measures, is useful to investors because it allows investors to understand the primary method used by management to evaluate performance on a meaningful basis. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with GAAP. Non-GAAP financial measures as reported by TotalEnergies may not be comparable with similarly titled amounts reported by other companies. Unless otherwise indicated, statements made in "Item 4. Information on the Company" referring to TotalEnergies' competitive position are based on TotalEnergies' estimates, and in some cases rely

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS Not applicable.

OFFER STATISTICS AND EXPECTED TIMETABLE

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE Not applicable.

KEY INFORMATION

ITEM 3. KEY INFORMATION 3.1 Risk factors TotalEnergies conducts its business in a constantly changing environment and is exposed to risks that, if they were to occur, could have a material adverse effect on its business, financial condition, reputation, outlook, or the price of financial instruments issued by TotalEnergies SE. Point 3.1 of chapter 3 of the Universal Registration Document 2023 (starting on page 130), incorporated herein by reference, presents the significant risk factors specific to TotalEnergies, to which it believes it is exposed as of the filing date of this Annual Report. For additional information on the risks to which TotalEnergies believes it is exposed as of the filing date of this Annual Report, along with its approaches to managing certain of these risks, please refer to "Item 5. Operating and financial review and prospects" and "Item 11. Quantitative and qualitative disclosures about market risk", as well as points 3.2, 3.3 and 3.6 of chapter 3 (starting on pages 140, 144 and 153, respectively) of the Universal Registration Document 2023, incorporated herein by reference.

INFORMATION ON THE COMPANY

ITEM 4. INFORMATION ON THE COMPANY The following information providing an integrated overview of TotalEnergies from the Universal Registration Document 2023 is incorporated herein by reference: - presentation of TotalEnergies and its governance (points 1.1.1 and 1.8 of chapter 1, starting on pages 6 and 41 respectively); - its strategy and ambition (points 1.2 and 1.3 of chapter 1, starting on page 14); - history, employees, integrated business model, industrial assets and geographic presence (points 1.1.2, 1.1.3, and 1.7.1-1.7.4 of chapter 1, starting on pages 10, 12 and 37 respectively); - an overview of its sustainability-linked commitments, investment policy, R&D and dialogue with stakeholders (points 1.4, 1.5, 1.6 and 1.7.5 of chapter 1, starting on pages 27, 31, 34 and 40 respectively); and - organizational structure (point 1.8.3 of chapter 1, starting on page 44). The following information providing an overview of TotalEnergies' businesses and activities from the Universal Registration Document 2023 is incorporated herein by reference: - information concerning TotalEnergies' principal capital expenditures and divestitures (point 1.5 of chapter 1, starting on page 31). See also "Item 5. Operating and financial review and prospects"; - business overview for fiscal year 2023 (points 2.1 to 2.6 of chapter 2, starting on page 70); and - geographical breakdown of TotalEnergies' sales, property, plants and equipment, intangible assets and capital expenditures over the past three years (Note 4 to the Consolidated Financial Statements, on page F-31). The following other information from the Universal Registration Document 2023 is incorporated herein by reference: - countries under economic sanctions (point 3.2 of chapter 3, starting on page 140); - insurance and risk management (point 3.4 of chapter 3, starting on page 151); - non-financial performance and additional reporting information (points 5.1 to 5.11 of chapter 5 and chapter

UNRESOLVED STAFF COMMENTS

ITEM 4A. UNRESOLVED STAFF COMMENTS None. Form 20-F 2023 TotalEnergies 3

OPERATING AND FINANCIAL REVIEW AND PROSPECTS

ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS This section is an analysis of the financial performance and of significant trends that may affect TotalEnergies' future performance and it should be read in conjunction with the Consolidated Financial Statements and the Notes thereto starting on page F-9. The Consolidated Financial Statements and the Notes thereto are prepared in accordance with IFRS as issued by the IASB and IFRS as adopted by the EU. This section contains forward-looking statements that are subject to risks and uncertainties. For a list of important factors that could cause actual results to differ materially from those expressed in the forward-looking statements, see "Cautionary Statement Concerning Forward-Looking Statements" starting on page ii. For information on the invasion of Ukraine by Russia and the situation of the Company at March 29, 2024, refer to Item 5. – 5.6 starting on page 23. 5.1 Overview TotalEnergies' results are affected by a variety of factors, including changes in crude oil and natural gas prices and refining and marketing margins, all generally expressed in dollars, as well as changes in exchange rates, particularly the value of the euro compared to the dollar. Higher crude oil and natural gas prices generally have a positive effect on the income of TotalEnergies because the Exploration & Production segment's oil and gas business and the Integrated LNG and downstream gas business are positively impacted by the resulting increase in revenues. Lower crude oil and natural gas prices generally have a corresponding negative effect. The effect of changes in crude oil prices on the activities of TotalEnergies' Refining & Chemicals and Marketing & Services segments (Downstream) depends upon the speed at which the prices of refined petroleum products adjust to reflect such changes. TotalEnergies' results are also significantly affected by the costs of its activities, in particular those related to exploration and producti

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