Total Release First Quarter 2021 Results

Total Release First Quarter 2021 Results

The Board of Directors of Total SE, meeting on April 28, 2021, under the chairmanship of Chairman and Chief Executive Officer Patrick Pouyanné, approved the Group’s first quarter 2021 accounts. The Group reported adjusted net income of $3 billion

The Group confirms its priorities in terms of cash flow allocation: investing in profitable projects to implement its strategy to transform the Group into a broad-energy company, supporting the dividend through economic cycles, and maintaining a solid balance sheet with a minimum long-term “A” rating, by deleveraging to anchor the net debt-to-capital ratio sustainably below 20%.


Highlights


Sustainability

  • Total’s Board of Directors takes the initiative to submit a resolution on the Company’s ambition for sustainable development and energy transition toward carbon neutrality
  • Consistent with its climate policy, the Group withdraws from the American Petroleum Institute
  • Inauguration of L’Industreet, a campus for training young people in the industry profession, Total’s flagship action for social responsibility in France

Renewables and Electricity

  • Acquired in India 20% of Adani Green Energy Limited (AGEL), the largest solar developer in the world
  • Secured with Macquarie rights to seabed lease to jointly develop 1.5 GW offshore wind project in the UK
  • Acquired 4 GW portfolio of solar and energy storage projects in the US
  • Partnered with Microsoft to support digital innovation and carbon neutrality goals
  • Signed major green power sale agreement to Orange to develop 80 MW of solar farms in France
  • Farmed down 50% of two renewables portfolios in France representing close to 340 MW

LNG

  • Declaration of force majeure on Mozambique LNG project considering the security situation in the northern Cabo Delgado
  • Signed agreements with Shenergy Group for the supply of up to 1.4 Mt/y of LNG in China
  • Obtained supplier license for marine bunker LNG in Singapore
  • Signed technical collaboration agreement with Siemens Energy to reduce CO2 emissions related to LNG

Upstream

  • Signed definitive agreements enabling the launch of Tilenga and Kingfisher upstream oil projects and construction of East African Crude Oil Pipeline in Uganda and Tanzania
  • Published societal and environmental studies relating to the Tilenga and EACOP projects in Uganda and Tanzania

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