OPERATING AND FINANCIAL REVIEW AND PROSPECTS

The terms "TotalEnergies", "TotalEnergies company" and "Company" in this exhibit are used to designate TotalEnergies SE and the consolidated entities directly or indirectly controlled by TotalEnergies SE.

The financial information on pages 1-20 of this exhibit concerning TotalEnergies with respect to the third quarter of 2022 and nine months ended September 30, 2022 has been derived from TotalEnergies' unaudited consolidated balance sheets as of September 30, 2022, unaudited statements of income, comprehensive income, cash flow and business segment information for the third quarter of 2022 and nine months ended September 30, 2022 and unaudited consolidated statements of changes in shareholders' equity for the nine months ended September 30, 2022 on pages 22 et seq. of this exhibit.

The following discussion should be read in conjunction with the aforementioned financial statements and with the information, including TotalEnergies' audited consolidated financial statements and related notes, provided in TotalEnergies' Annual Report on Form 20-F for the year ended December 31, 2021, filed with the Securities and Exchange Commission ("SEC") on March 25, 2022.

A. KEY FIGURES
3Q22 9M22
vs in millions of dollars, vs
3Q22 2Q22 3Q21 3Q21 except earnings per share and number of shares 9M22 9M21 9M21
69,037 74,774 54,729 +26% Sales 212,417 145,515 +46%
19,420 18,737 11,180 +74% Adjusted EBITDA1 55,581 28,017 +98%
10,279 10,500 5,374 +91% Adjusted net operating income2 from business segments 30,237 12,893 x2.3
4,217 4,719 2,726 +55% Exploration & Production 13,951 6,914 x2
3,649 2,555 1,608 x2.3 Integrated Gas, Renewables & Power 9,255 3,484 x2.7
1,935 2,760 602 x3.2 Refining & Chemicals 5,815 1,356 x4.3
478 466 438 +9% Marketing & Services 1,216 1,139 +7%
(108) (1,546) 1,377 ns Net income (loss) from equity affiliates (1,611) 1,578 ns
2.56 2.16 1.71 +50% Fully-diluted earnings per share ($) 6.57 3.74 +76%
2,560 2,592 2,655 -4% Fully-diluted weighted-average shares (millions) 2,589 2,648 -2%
6,626 5,692 4,645 +43% Net income (TotalEnergies share) 17,262 10,195 +69%
3,116 2,819 2,813 +11% Organic investments3 7,916 7,993 -1%
1,587 2,076 (958) ns Net acquisitions4 4,585 1,029 x4.5
4,703 4,895 1,855 x2.5 Net investments5 12,501 9,022 +39%
17,848 16,284 5,640 x3.2 Cash flow from operating activities6 41,749 18,789 x2.2
of which:
7,407 2,498 (2,698) ns (increase) decrease in working capital 4,982 (2,848) ns
(304) (399) (330) ns financial charges (1,071) (1,121) ns
1 Adjusted EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) corresponds to the adjusted earnings before depreciation, depletion and impairment of tangible and intangible assets and mineral interests, income tax expense and cost of net debt, i.e., all operating income and contribution of equity affiliates to net income. The reconciliation of net income (TotalEnergies share) to adjusted EBITDA is set forth under "Reconciliation Of Net Income (TotalEnergies Share) To Adjusted EBITDA" on page 18 of this exhibit.
2 Adjusted results are defined as income using replacement cost, adjusted for special items, excluding the impact of changes for fair value. See pages 4 et seq. "Analysis of business segment results" below for further details.
3 Organic investments = net investments excluding acquisitions, asset sales and other operations with non-controlling interests.
4 Net acquisitions = acquisitions - assets sales - other transactions with non-controlling interests (see page 18).
5 Net investments = organic investments + net acquisitions (see "Investments - Divestments'" on page 18).
6 See also "C. TotalEnergies results - Cash Flow". The reconciliation table for different cash flow figures is set forth under "Cash Flow" on page 19 of this exhibit.

1

Key figures of environment, greenhouse gas emissions and production

Environment* - liquids and gas price realizations, refining margins

3Q22 9M22
vs vs
3Q22 2Q22 3Q21 3Q21 9M22 9M21 9M21
100.8 113.9 73.5 +37% Brent ($/b) 105.5 67.9 +55%
7.9 7.5 4.3 +84% Henry Hub ($/Mbtu) 6.7 3.3 x2
42.5 22.2 16.9 x2.5 NBP** ($/Mbtu) 32.4 10.8 x3
46.5 27.0 18.6 x2.5 JKM*** ($/Mbtu) 34.9 12.9 x2.7
93.6 102.9 67.1 +40% Average price of liquids ($/b)
Consolidated subsidiaries 		95.4 62.2 +53%
16.83 11.01 6.33 x2.7 Average price of gas ($/Mbtu)
Consolidated subsidiaries 		13.28 4.95 x2.7
21.51 13.96 9.10 x2.4 Average price of LNG ($/Mbtu)
Consolidated subsidiaries and equity affiliates 		16.26 7.25 x2.2
99.2 145.7 8.8 x11.3 Variable cost margin - Refining Europe, VCM ($/t)**** 100.3 8.0 x12.5

* The indicators are shown on page 21.

** NBP (National Balancing Point) is a virtual natural gas trading point in the United Kingdom for transferring rights in respect of physical gas and which is widely used as a price benchmark for the natural gas markets in Europe. NBP is operated by National Grid Gas plc, the operator of the UK transmission network.

*** JKM (Japan-Korea Marker) measures the prices of spot LNG trades in Asia. It is based on prices reported in spot market trades and/or bids and offers collected after the close of the Asian trading day at 16:30 Singapore time.

****This indicator represents TotalEnergies' average margin on variable cost for refining in Europe (equal to the difference between TotalEnergies' European refined product sales and crude oil purchases with associated variable costs divided by volumes refined in tons). 3Q21 and 9M21 data as disclosed in 2021 included the restatement of 3Q21 figures to reflect 2Q21 environment for energy costs.

The average LNG selling price was up 54% in the third quarter compared to the previous quarter, benefiting on a lagged basis from the increase in oil and gas price indexes on long-term contracts as well as high spot gas prices.

Greenhouse gas emissions (GHG)1

3Q22 2Q22 3Q21 3Q22
vs
3Q21		 GHG emissions (MtCO2e) 9M22 9M21 9M22
vs
9M21
10.3 9.6 9.3 +10% Scope 1+2 from operated facilities2 29.6 27.1 +9%
14.0 13.4 - ns Scope 1+2 - equity share 41.4 - ns
90 94 100 -10% Scope 3 from Oil & Gas Worldwide3 282 293 -4%
65 65 74 -12% of which Scope 3 Oil Worldwide4 196 210 -7%

Estimated 2022 quarterly emissions. 2021 quarterly equity share data are not available.

Excluding Covid-19 effect for emissions data from 2Q20 through 2Q22.

1 The six greenhouse gases in the Kyoto protocol, namely CO2, CH4, N2O, HFCs, PFCs and SF6, with their respective GWP (Global Warming Potential) as described in the 2007 IPCC report. HFCs, PFCs and SF6 are virtually absent from the Company's emissions or are considered as non-material and are therefore not counted.

2 Scope 1+2 GHG emissions of operated facilities are defined as the sum of direct emissions of greenhouse gases from sites or activities that are included in the scope of reporting (as defined in the Company's 2021 annual report on Form 20-F filed on March 25, 2022) and indirect emissions attributable to brought-in energy (electricity, heat, steam), excluding purchased industrial gases (H2).

3 TotalEnergies reports Scope 3 GHG emissions, category 11, which correspond to indirect GHG emissions related to the use by customers of energy products, i.e., combustion of the products to obtain energy. The Company follows the oil & gas industry reporting guidelines published by IPIECA, which comply with the GHG Protocol methodologies. In order to avoid double counting, this methodology accounts for the largest volume in the oil and gas value chain, i.e., the higher of the two production volumes or sales to end customers. For TotalEnergies, in 2021 and 2022, the calculation of Scope 3 GHG emissions for the oil value chain considers oil products and biofuels sales (higher than production) and for the gas value chain, gas sales either as LNG or as part of direct sales to B2B/B2C customers (higher than or equivalent to marketable gas production).

4 Scope 3 GHG emissions, category 11, which correspond to indirect GHG emissions related to the sale of petroleum products (including biofuels).

3Q22 2Q22 3Q21

3Q22

vs

3Q21

Methane emissions (ktCH4) 9M22 9M21

9M22

vs

9M21

10 10 12 -16% Methane emissions from operated facilities 31 37 -16%
14 13 - ns Methane emissions - equity share 38 - ns

Estimated 2022 quarterly emissions. 2021 quarterly equity share data are not available

2

The evolution of Scope 1+2 emissions from the operated facilities resulted from the high-capacity utilization of combined-cycle gas turbines (CCGTs) and refineries in Europe, including the restart of the Donges refinery in France.

Production*

3Q22 2Q22 3Q21 3Q22
vs
3Q21		 Hydrocarbon production 9M22 9M21 9M22
vs
9M21
2,669 2,738 2,814 -5% Hydrocarbon production (kboe/d) 2,750 2,808 -2%
1,298 1,268 1,288 +1% Oil (including bitumen) (kb/d) 1,291 1,272 +1%
1,371 1,470 1,526 -10% Gas (including condensates and associated NGL) (kboe/d) 1,459 1,535 -5%
2,669 2,738 2,814 -5% Hydrocarbon production (kboe/d) 2,750 2,808 -2%
1,494 1,483 1,517 -2% Liquids (kb/d) 1,501 1,496 -
6,367 6,835 7,070 -10% Gas (Mcf/d) 6,785 7,161 -5%

* Company production = production of Exploration & Production segment (EP) + production of Integrated Gas, Renewables & Power segment (iGRP).

Hydrocarbon production was 2,669 thousand barrels of oil equivalent per day (kboe/d) in the third quarter of 2022, down 5% year-on-year, comprised of:

● +3% due to the start-up and ramp-up of projects including Clov Phase 2 and Zinia Phase 2 in Angola, Mero 1 in Brazil and Ikike in Nigeria,
● +2% due to the increase in OPEC+ production quotas,
● -3% due to higher planned maintenance, particularly on Ichthys, and unplanned shutdowns on Kashagan,
● -3% portfolio effect, notably related to the end of the operating licenses for Qatargas 1 and Bongkot North in Thailand, as well as the effective withdrawal from Myanmar, partially offset by the entry into the Sepia and Atapu producing fields in Brazil,
● -1% due to security-related production cuts in Libya and Nigeria,
● -1% due to the price effect,
● -2% due to the natural decline of the fields.

Compared to the previous quarter, production was down by 2.5%, mainly due to planned maintenance, notably at Ichthys, and unplanned shutdowns at Kashagan, partially offset by the entry into production fields of Sepia and Atapu and the ramp-up of Mero 1 in Brazil.

3

B. ANALYSIS OF BUSINESS SEGMENT RESULTS

Financial information by business segment is reported in accordance with the internal reporting system and shows internal segment information that is used to manage and measure the performance of TotalEnergies and which is reviewed by the main operational decision-making body of TotalEnergies, namely the Executive Committee.

Due to their unusual nature or particular significance, certain transactions qualifying as "special items" are excluded from the business segment figures. In general, special items relate to transactions that are significant, infrequent or unusual. In certain instances, certain transactions such as restructuring costs or asset disposals, which are not considered to be representative of the normal course of business, may qualify as special items although they may have occurred in prior years or are likely to occur again in following years.

In accordance with IAS 2, TotalEnergies values inventories of petroleum products in its financial statements according to the First-In, First-Out (FIFO) method and other inventories using the weighted-average cost method. Under the FIFO method, the cost of inventory is based on the historic cost of acquisition or manufacture rather than the current replacement cost. In volatile energy markets, this can have a significant distorting effect on the reported income. Accordingly, the adjusted results of the Refining & Chemicals and Marketing & Services segments are presented according to the replacement cost method. This method is used to assess the segments' performance and facilitate the comparability of the segments' performance with those of its main competitors. In the replacement cost method, which approximates the Last-In, First-Out (LIFO) method, the variation of inventory values in the statement of income is, depending on the nature of the inventory, determined using either the month-end price differential between one period and another or the average prices of the period rather than the historical value. The inventory valuation effect is the difference between the results under the FIFO and replacement cost methods.

The effect of changes in fair value presented as an adjustment item reflects, for trading inventories and storage contracts, differences between internal measures of performance used by TotalEnergies' Executive Committee and the accounting for these transactions under IFRS. IFRS requires that trading inventories be recorded at their fair value using period-end spot prices. In order to best reflect the management of economic exposure through derivative transactions, internal indicators used to measure performance include valuations of trading inventories based on forward prices. TotalEnergies, in its trading activities, enters into storage contracts, the future effects of which are recorded at fair value in TotalEnergies' internal economic performance. IFRS precludes recognition of this fair value effect. Furthermore, TotalEnergies enters into derivative instruments to risk manage certain operational contracts or assets. Under IFRS, these derivatives are recorded at fair value while the underlying operational transactions are recorded as they occur. Internal indicators defer the fair value on derivatives to match with the transaction occurrence.

The adjusted business segment results (adjusted operating income, adjusted net operating income, adjusted net income) are defined as replacement cost results, adjusted for special items, excluding the effect of changes in fair value. For further information on the adjustments affecting operating income on a segment-by-segment basis, and for a reconciliation of segment figures to figures reported in TotalEnergies' interim consolidated financial statements, see pages 34 et seq. of this exhibit.

TotalEnergies measures performance at the segment level on the basis of adjusted net operating income. Net operating income comprises operating income of the relevant segment after deducting the amortization and the depreciation of intangible assets other than leasehold rights, translation adjustments and gains or losses on the sale of assets, as well as all other income and expenses related to capital employed (dividends from non-consolidated companies, income from equity affiliates and capitalized interest expenses) and after income taxes applicable to the above. The income and expenses not included in net operating income that are included in net income are interest expenses related to long-term liabilities net of interest earned on cash and cash equivalents, after applicable income taxes (net cost of net debt and non-controlling interests). Adjusted net operating income excludes the effect of the adjustments (special items and the inventory valuation effect) described above. Performance indicators excluding the adjustment items, such as adjusted incomes and ROACE are meant to facilitate the analysis of the financial performance and the comparison of income between periods.

4

B.1. Integrated Gas, Renewables & Power segment (iGRP)

1. Production and sales of Liquefied Natural Gas (LNG) and electricity

3Q22 2Q22 3Q21 3Q22
vs
3Q21		 Hydrocarbon production for LNG 9M22 9M21 9M22
vs
9M21
418 462 533 -21% iGRP (kboe/d) 458 518 -12%
40 53 67 -41% Liquids (kb/d) 51 61 -17%
2,067 2,233 2,527 -18% Gas (Mcf/d) 2,216 2,489 -11%
3Q22 2Q22 3Q21 3Q22
vs
3Q21		 Liquefied Natural Gas in Mt 9M22 9M21 9M22
vs
9M21
10.4 11.7 10.0 +5% Overall LNG sales 35.4 30.4 +16%
4.0 4.1 4.3 -6% including sales from equity production* 12.6 12.8 -2%
9.2 10.2 8.3 +12% including sales by TotalEnergies from equity production and third-party purchases 31.4 25.0 +26%

* The Company's equity production may be sold by TotalEnergies or by the joint ventures.

Third quarter 2022 LNG production was down 6% year-on-year, mainly due to the end of the Qatargas 1 operating license, planned maintenance on Ichthys LNG in Australia as well as the decrease in gas supply to NLNG in Nigeria for security reasons.

Overall LNG sales were down 10% in the third quarter 2022 compared to the previous quarter, mainly due to the outage at Freeport LNG, planned maintenance at Ichthys LNG, and a shutdown of production at Idku LNG in Egypt due to insufficient gas supply.

Nevertheless, third quarter 2022 overall LNG sales were up 5% year-on-year, mainly due to the increase in spot purchases to maximize the use of the Company's regasification capacity in Europe and to seize opportunities in a volatile market.

3Q22 2Q22 3Q21 3Q22
vs
3Q21		 Renewables & Electricity 9M22 9M21 9M22
vs
9M21
67.8 50.7 42.7 +59% Portfolio of renewable power generation gross capacity (GW)1,2,3 67.8 42.7 +59%
16.0 11.6 9.5 +68% o/w installed capacity 16.0 9.5 +68%
5.4 5.2 6.1 -11% o/w capacity in construction 5.4 6.1 -11%
46.4 33.9 27.1 +71% o/w capacity in development 46.4 27.1 +71%
33.9 26.8 26.6 +28% Gross renewables capacity with PPA (GW)1,2,3 33.9 26.6 +28%
45.2 38.4 31.7 +43% Portfolio of renewable power generation net capacity (GW)1,3 45.2 31.7 +43%
7.4 5.8 4.7 +59% o/w installed capacity 7.4 4.7 +59%
3.5 3.7 4.0 -12% o/w capacity in construction 3.5 4.0 -12%
34.2 28.9 23.0 +49% o/w capacity in development 34.2 23.0 +49%
8.5 7.7 4.7 +79% Net power production (TWh)4 23.7 14.5 +64%
2.4 2.5 1.7 +42% incl. Power production from renewables 7.1 4.9 +45%
6.3 6.2 6.0 +5% Clients power - BtB and BtC (Million)3 6.3 6.0 +5%
2.8 2.7 2.7 +1% Clients gas - BtB and BtC (Million)3 2.8 2.7 +1%
12.1 12.3 11.7 +3% Sales power - BtB and BtC (TWh) 40.7 40.5 +1%
14.2 19.1 13.2 +7% Sales gas - BtB and BtC (TWh) 68.3 70.0 -3%

1 Includes 20% of Adani Green Energy Ltd's (AGEL) gross capacity effective first quarter 2021.

2 Includes 50% of Clearway Energy Group's gross capacity effective third quarter 2022.

3 End of period data.

4 Solar, wind, biogas, hydroelectric and combined-cycle gas turbine (CCGT) plants.

Gross installed renewable power generation capacity reached 16.0 GW at the end of the third quarter 2022, up 4.4 GW from the previous quarter, including 3.8 GW related to the acquisition of 50% of Clearway Energy Group in the United States and 160 MW related to the start-up of the Seagreen offshore wind farm in Scotland.

Gross power generation capacity in development increased by 12.5 GW quarter-on-quarter, mainly due to the acquisition of 50% of Clearway Energy Group in the United States.

Net electricity generation stood at 8.5 TWh in the third quarter 2022, up 79% year-on-year due to higher utilization rates of flexible power plants (CCGT) as well as growth in electricity generation from renewable sources.

5

2. Results

3Q22 2Q22 3Q21 3Q22
vs
3Q21		 in millions of dollars 9M22 9M21 9M22
vs
9M21
11,495 10,281 8,482 x1.4 External sales 34,070 19,070 x1.8
2,305 846 876 x2.6 Operating income 4,963 1,936 x2.6
3,190 823 782 x4.1 Net income (loss) from equity affiliates and other items 1,513 1,464 +3%
(777) (260) (208) x3.7 Tax on net operating income (1,331) (365) x3.6
4,718 1,409 1,450 x3.3 Net operating income 5,145 3,035 +70%
(1,069) 1,146 158 ns Adjustments affecting net operating income 4,110 449 x9.2
3,649 2,555 1,608 x2.3 Adjusted net operating income* 9,255 3,484 x2.7
1,888 1,219 755 x2.5 including adjusted income from equity affiliates 4,537 1,375 x3.3
653 341 639 +2% Organic investments 1,253 2,150 -42%
1,718 (58) (941) ns Net acquisitions 2,301 1,119 x2.1
2,371 283 (302) ns Net investments 3,554 3,269 +9%

*Detail of adjustment items shown in the business segment information starting on page 34 of this exhibit.

Adjusted net operating income for the iGRP segment was:

● $3,649 million in the third quarter 2022, 2.3 times the same quarter last year, due to higher LNG prices, the performance of gas, LNG and electricity trading activities and the growing contribution of Electricity & Renewables,
● $9,255 million over the first nine months of 2022, 2.7 times the same period last year for the same reasons.

Adjusted net operating income for the iGRP segment excludes special items. The exclusion of special items had:

● a negative impact of $1,069 million in the third quarter 2022 on the segment's adjusted net operating income, compared to a positive impact of $158 million in the third quarter 2021,
● a positive impact of $4,110 million in the first nine months 2022 on the segment's adjusted net operating income, compared to a positive impact of $449 million in the first nine months 2021.

The segment's operating cash flow before working capital changes without financial charges (DACF)1 was:

● $2,683 million in the third quarter 2022, an increase of 56% compared to $1,720 million in the third quarter 2021, due to higher LNG prices, the performance of gas, LNG and electricity trading activities and the growing contribution of Electricity & Renewables, despite a lag effect on dividends received from equity affiliates,
● $7,628 million over the first nine months of 2022, 2.1 times higher than the first nine months of 2021 for the same reasons.

The segment's cash flow from operations excluding financial charges, except those related to leases was:

● a positive impact of $4,390 million for the third quarter 2022, compared to a negative impact of $463 million in the third quarter 2021 mainly due to the positive impact on working capital requirements of margin call reductions and the seasonality of the gas and electricity supply business,
● $8,675 million for the first nine months of 2022, 9.8 times higher than $884 million in the first nine months of 2021.

1 DACF= debt adjusted cash flow. Operating cash flow before working capital changes without financial charges of the segment is defined as cash flow from operating activities before changes in working capital at replacement cost, without financial charges except those related to leases, excluding the impact of contracts recognized at fair value for the segment and including capital gains on the sale of renewable projects. For information on the replacement cost method, refer to "B. Analysis of Business Segment Results", above.

6

B.2. Exploration & Production segment

1. Production

3Q22 2Q22 3Q21 3Q22
vs
3Q21		 Hydrocarbon production 9M22 9M21 9M22
vs
9M21
2,251 2,276 2,281 -1% EP (kboe/d) 2,292 2,290 -
1,454 1,430 1,450 - Liquids (kb/d) 1,450 1,435 +1%
4,300 4,602 4,543 -5% Gas (Mcf/d) 4,569 4,672 -2%

2. Results

3Q22 2Q22 3Q21 3Q22
vs
3Q21		 in millions of dollars, except effective tax rate 9M22 9M21 9M22
vs
9M21
2,670 2,521 1,921 +39% External Sales 7,342 5,178 +42%
8,492 8,454 4,395 x1.9 Operating income 24,546 10,416 x2.4
(2,643) (3,668) 139 ns Net income (loss) from equity affiliates and other items (6,069) (834) x7,3
55.4% 47.2% 46.4% - Effective tax rate* 49.9% 42.5% -
(5,071) (3,876) (2,007) x2.5 Tax on net operating income (12,810) (4,382) x2.9
778 910 2,527 -69% Net operating income 5,667 5,200 +9%
3,439 3,809 199 x17 Adjustments affecting net operating income 8,284 1,714 x4.8
4,217 4,719 2,726 +55% Adjusted net operating income** 13,951 6,914 x2
377 287 315 +20% including income from equity affiliates 1,019 864 +18%
1,989 1,873 1,656 +20% Organic investments 5,288 4,494 +18%
(126) 2,225 (34) ns Net acquisitions 2,415 (5) ns
1,863 4,098 1,622 +15% Net investments 7,703 4,489 +72%

*Effective tax rate = tax on adjusted net operating income / (adjusted net operating income - income from equity affiliates - dividends received from investments - impairment of goodwill + tax on adjusted net operating income).

**Detail of adjustment items shown in the business segment information starting on page 34 of this exhibit.

The Exploration & Production segment's adjusted net operating income was:

· $4,217 million in the third quarter 2022, up 55% year-on-year, due to the sharp rise in oil and gas prices,
· $13,951 million for the first nine months of 2022, double the same period last year for the same reasons.

Compared to the second quarter 2022, adjusted net operating income decreased by $502 million in the third quarter 2022 mainly due to the impact of Energy Profits Levy in the United Kingdom for $0.6 billion.

Adjusted net operating income for the Exploration & Production segment excludes special items. The exclusion of special items had:

· a positive impact of $3,439 million in the third quarter 2022 on the segment's adjusted net operating income, compared to a positive impact of $199 million in the third quarter 2021,
· a positive impact of $8,284 million in the first nine months 2022 on the segment's adjusted net operating income, compared to a positive impact of $1,714 million in the first nine months 2021.

In each case the increase in the impact of special items resulted primarily from provisions relating to Russian activities.

The segment's operating cash flow before working capital changes without financial charges (DACF)2 was:

· $6,406 million in the third quarter 2022 an increase of 30% compared to $4,943 million in the third quarter 2021,
· $21,092 million in the first nine months of 2022, an increase of 62% compared to $13,029 million in the first nine months of 2021, due to the increase in oil and gas prices.

Compared to the second quarter 2022, operating cash flow before working capital changes without financial charges (DACF)2decreased by $977 million in the third quarter 2022 mainly due to the impact of the Energy Profits Levy in the United Kingdom for $0.6 billion.

The segment's cash flow from operations excluding financial charges, except those related to leases was:

· $9,083 million for the third quarter 2022, an increase of 89% compared to $4,814 million for the third quarter 2021.
· $23,619 million in the first nine months of 2022, an increase of 76% compared to $13,385 million in the first nine months of 2021.

2 DACF= debt adjusted cash flow. Operating cash flow before working capital changes without financial charges of the segment is defined as cash flow from operating activities before changes in working capital at replacement cost, without financial charges except those related to leases. For information on the replacement cost method, refer to "B. Analysis of Business Segment Results", above.

7

B.3. Downstream (Refining & Chemicals and Marketing & Services segments)

Results

3Q22 2Q22 3Q21 3Q22
vs
3Q21		 in millions of dollars 9M22 9M21 9M22
vs
9M21
54,867 61,968 44,319 +24% External sales 170,992 121,253 +41%
1,769 4,958 1,682 +5% Operating income 9,724 4,770 x2.0
205 447 81 x2.5 Net income (loss) from equity affiliates and other items 766 315 x2.4
(408) (1,162) (495) ns Tax on net operating income (2,320) (1,408) +65%
1,566 4,243 1,268 +24% Net operating income 8,170 3,677 x2.2
847 (1,017) (228) ns Adjustments affecting net operating income (1,139) (1,182) ns
2,413 3,226 1,040 x2.3 Adjusted net operating income* 7,031 2,495 x2.8
453 586 506 -10% Organic investments 1,332 1,309 +2%
(6) (91) 17 ns Net acquisitions (131) (87) ns
447 495 523 -15% Net investments 1,201 1,222 -2%

* Detail of adjustment items shown in the business segment information starting on page 34 of this exhibit.

The Downstream segment's operating cash flow before working capital changes without financial charges (DACF)3 was:

· $2,944 million in the third quarter 2022, an increase of 83% compared to $1,611 million in the third quarter 2021,
· $8,388 million in the first nine months of 2022, 2.1 times higher than $3,943 million in the first nine months of 2021.

The Downstream segment's cash flow from operations excluding financial charges, except those related to leases was:

· $4,737 million for the third quarter 2022, 2.9 times higher than $1,644 million in the third quarter 2021,

$10,848 million in the first nine months of 2022, an increase of 82% compared to $5,974 million in the first nine months of 2021.

B.4. Refining & Chemicals segment

1. Refinery and petrochemicals throughput and utilization rates

3Q22 2Q22 3Q21 3Q22
vs
3Q21		 Refinery throughput and utilization rate* 9M22 9M21 9M22
vs
9M21
1,599 1,575 1,225 +31% Total refinery throughput (kb/d) 1,497 1,147 +31%
431 395 274 +57% France 359 179 x2
656 648 505 +30% Rest of Europe 637 553 +15%
512 532 446 +15% Rest of world 501 415 +21%
88% 88% 69% Utilization rate based on crude only** 84% 62%

* Includes refineries in Africa reported in the Marketing & Services segment.

** Based on distillation capacity at the beginning of the year, excluding Grandpuits (shut down first quarter 2021) from 2021 and Lindsey refinery (divested) from second quarter 2021.

3Q22 2Q22 3Q21 3Q22
vs
3Q21		 Petrochemicals production and
utilization rate		 9M22 9M21 9M22
vs
9M21
1,299 1,206 1,486 -13% Monomers* (kt) 3,910 4,315 -9%
1,171 1,187 1,330 -12% Polymers (kt) 3,632 3,707 -2%
80% 71% 93% Steam cracker utilization rate** 79% 89%

* Olefins

** Based on olefins production from steam crackers and their treatment capacity at the start of the year.

Refinery throughput:

· Increased by 31% year-on-year in the third quarter 2022, due to the recovery in demand, particularly in Europe and the United States, the restart of the Donges refinery in France in the second quarter 2022 and the Leuna refinery in Germany, which had a major scheduled turnaround in 2021
· Increased by 31% year-on-year for the first nine months, for the same reasons as well as the restart, in 2021, of the distillation unit at the Normandy refinery in France.

Monomer production was down 13% in the third quarter 2022, mainly due to lower demand in Asia and unplanned shutdowns at Normandy in France and Antwerp in Belgium.

3 DACF= debt adjusted cash flow. Operating cash flow before working capital changes without financial charges of the segment is defined as cash flow from operating activities before changes in working capital at replacement cost, without financial charges except those related to leases. For information on the replacement cost method, refer to "B. Analysis of Business Segment Results", above.

8

2. Results

3Q22 2Q22 3Q21 3Q22
vs
3Q21		 in millions of dollars 9M22 9M21 9M22
vs
9M21
28,899 35,061 22,765 +27% External sales 94,968 62,819 +51%
1,296 4,029 1,006 +29% Operating income 7,627 2,954 x2.6
219 349 79 x2.8 Net income (loss) from equity affiliates and other items 724 290 x2.5
(255) (866) (273) ns Tax on net operating income (1,646) (834) x2
1,260 3,512 812 x1.6 Net operating income 6,705 2,410 x2.8
675 (752) (210) ns Adjustments affecting net operating income (890) (1,054) ns
1,935 2,760 602 x3.2 Adjusted net operating income* 5,815 1,356 x4.3
224 313 321 -30% Organic investments 735 822 -11%
1 (34) (6) ns Net acquisitions (33) (61) ns
225 279 315 -29% Net investments 702 761 -8%

* Detail of adjustment items shown in the business segment information starting on page 34 of this exhibit.

Adjusted net operating income for the Refining & Chemicals segment was:

· $1,935 million in the third quarter 2022, compared to $602 million in the third quarter 2021, due to high distillate margins in the context of reduced imports of Russian petroleum products, as well as the performance of crude oil and petroleum products trading activities,
· $5,815 million over the first nine months of 2022, 4.3 times the same period last year, due to high refining margins in Europe and the United States and better utilization rates, as a result of the restart of the Donges refinery in France in the second quarter 2022 as well as the Leuna refinery in Germany which had a major scheduled turnaround in 2021.

Compared to the second quarter 2022, adjusted net operating income decreased by $825 million in the third quarter 2022 due to lower gasoline margins in Europe and the United States.

Adjusted net operating income for the Refining & Chemicals segment excludes any after-tax inventory valuation effect and special items. The exclusion of the inventory valuation effect had:

· a positive impact of $675 million in the third quarter 2022 on the segment's adjusted net operating income, compared to a negative impact of $285 million in the third quarter 2021,
· a negative impact of $922 million in the first nine months 2022 on the segment's adjusted net operating income, compared to a negative impact of $1,222 million in the first nine months 2021.

The exclusion of special items had:

· a nil impact in the third quarter 2022 on the segment's adjusted net operating income, compared to a positive impact of $75 million in the third quarter 2021,
· a positive impact of $32 million in the first nine months 2022 on the segment's adjusted net operating income, compared to a positive impact of $168 million in the first nine months 2021.

The segment's operating cash flow before working capital changes without financial charges (DACF)4 was:

· $2,164 million in the third quarter 2022, 2.3 times higher than in the third quarter 2021,
· $6,560 million in the first nine months of 2022, 3.2 times higher than the first nine months of 2021.

Compared to the second quarter 2022, operating cash flow before working capital changes without financial charges (DACF)2decreased by $799 million in the third quarter 2022 due to lower gasoline margins in Europe and the United States.

The segment's cash flow from operations excluding financial charges, except those related to leases was:

· $3,798 million for the third quarter 2022, 4.8 times higher than the third quarter 2021,
· $8,431 million in the first nine months of 2022, 2.1 higher than the first nine months of 2021.

4 DACF= debt adjusted cash flow. Operating cash flow before working capital changes without financial charges of the segment is defined as cash flow from operating activities before changes in working capital at replacement cost, without financial charges except those related to leases. For information on the replacement cost method, refer to "B. Analysis of Business Segment Results", above.

9

B.5. Marketing & Services segment

1. Petroleum product sales

3Q22 2Q22 3Q21 3Q22
vs
3Q21		 Sales in kb/d* 9M22 9M21 9M22
vs
9M21
1,495 1,477 1,542 -3% Total Marketing & Services sales 1,475 1,486 -1%
873 817 867 +1% Europe 827 811 +2%
622 660 675 -8% Rest of world 648 675 -4%

* Excludes trading and bulk refining sales.

Sales of petroleum products were down 3% year-on-year in the third quarter 2022, reflecting lower demand due to higher prices of petroleum products, particularly in Africa.

Sales were stable for the first nine months of 2022 compared to a year ago, as the recovery of aviation and network activities worldwide offset the decline in sales to professional and industrial customers, particularly in Europe.

2. Results

3Q22 2Q22 3Q21 3Q22
vs
3Q21		 in millions of dollars 9M22 9M21 9M22
vs
9M21
25,968 26,907 21,554 +20% External sales 76,024 58,434 +30%
473 929 676 -30% Operating income 2,097 1,816 +15%
(14) 98 2 ns Net income (loss) from equity affiliates and other items 42 25 +68%
(153) (296) (222) -31% Tax on net operating income (674) (574) +17%
306 731 456 -33% Net operating income 1,465 1,267 +16%
172 (265) (18) ns Adjustments affecting net operating income (249) (128) ns
478 466 438 +9% Adjusted net operating income* 1,216 1,139 +7%
229 273 185 +24% Organic investments 597 487 +23%
(7) (57) 23 ns Net acquisitions (98) (26) ns
222 216 208 +7% Net investments 499 461 +8%

* Detail of adjustment items shown in the business segment information starting on page 34 of this exhibit.

Adjusted net operating income for the Marketing & Services segment was:

· $478 million in the third quarter 2022, up 9% year-on-year, mainly due to the recovery of the network and aviation activities
· $1,216 million in the first nine months of 2022, up 7% year-on-year, for the same reasons.

Adjusted net operating income for the Marketing & Services segment excludes any after-tax inventory valuation effect and special items. The exclusion of the inventory valuation effect had:

· a positive impact of $172 million in the third quarter 2022 on the segment's adjusted net operating income, compared to a negative impact of $41 million in the third quarter 2021,
· a negative impact of $331 million in the first nine months 2022 on the segment's adjusted net operating income, compared to a negative impact of $189 million in the first nine months 2021.

The exclusion of special items had:

· a nil impact in the third quarter 2022 on the segment's adjusted net operating income, compared to a positive impact of $23 million in the third quarter 2021,
· a positive impact of $82 million in the first nine months 2022 on the segment's adjusted net operating income, compared to a positive impact of $61 million in the first nine months 2021.

The segment's operating cash flow before working capital changes without financial charges (DACF)5 was:

· $780 million in the third quarter 2022, an increase of 15% compared to $677 million in the third quarter 2021,
· $1,828 million in the first nine months of 2022, a decrease of -2% compared to $1,862 million in the first nine months of 2021.

The segment's cash flow from operations excluding financial charges, except those related to leases was:

· $939 million for the third quarter 2022, an increase of 11% compared to $845 million a year earlier,
· $2,417 million in the first nine months of 2022, an increase of 24% compared to $1,947 million in the first nine months of 2021.

5DACF= debt adjusted cash flow. Operating cash flow before working capital changes without financial charges of the segment is defined as cash flow from operating activities before changes in working capital at replacement cost, without financial charges except those related to leases. For information on the replacement cost method, refer to "B. Analysis of Business Segment Results", above.

10

C. TOTALENERGIES RESULTS

1. Net income (TotalEnergies share)

Net income (TotalEnergies share) was:

· $6,626 million in the third quarter 2022, an increase of 43% compared to $4,645 million in the third quarter 2021.
· $17,262 million in the first nine months of 2022, an increase of 69% compared to $10,195 million in the first nine months of 2021.

Adjusted net income (TotalEnergies share) was:

· $9,863 million in the third quarter 2022 compared to $4,769 million in the third quarter 2021, due to higher oil and gas prices, refining margins and the good performance of trading activities.

Adjusted net income excludes the after-tax inventory effect, special items and the impact of changes in fair value3.

Total adjustments affecting net income4 were $(3,237) million in the third quarter 2022, notably due to a new impairment of $(3.1) billion related to Russian activities and to an inventory effect of $(0.8) billion, partially offset by the capital gain on the partial sale of SunPower shares and the impact of revaluing the shares held and consolidated under the equity method for $1.4 billion.

2. Fully-diluted shares and share buybacks

The number of fully-diluted shares was 2,543 million on September 30, 2022.

As part of its shareholder return policy, as announced in July 2022, TotalEnergies repurchased 38.9 million shares for cancellation in the third quarter of 2022 for $2 billion. Share buybacks amounted to $5 billion in the first nine month of 2022.

3. Acquisitions - Asset sales

Acquisitions were:

· $1,716 million in the third quarter 2022, mainly related to the acquisition of 50% of Clearway Energy Group for $1,619 million,
· $5,580 million over the first nine months of 2022 including the above item as well as payments related to the award of the Atapu and Sepia Production Sharing Contracts and the bonus related to the New York Bight offshore wind concession in the United States.

Asset sales were:

· $129 million in the third quarter 2022, mainly for the sale of the 18% interest in the Sarsang field in Iraq,
· $995 million over the first nine months of 2022, including the above item as well as the partial sale of the Landivisiau power generation plant in France, the sale by SunPower of its Enphase shares and a payment related to the sale of interests in the CA1 offshore block in Brunei.

4. Cash flow

TotalEnergies' cash flow from operating activities was:

· $17,848 million in the third quarter 2022, 3.2 times greater than $5,640 million in the third quarter 2021, and
· $41,749 million in the first nine months of 2022, 2.2 times greater than $18,789 million in the first nine months of 2021.

The change in working capital as determined using the replacement cost method excluding the mark-to-market effect of iGRP's contracts, including capital gain from renewable project sales (effective first quarter 2020) and including organic loan repayment from equity affiliates was a decrease of $6,112 million in the third quarter 2022, compared to an increase of $2,420 million in the third quarter 2021. In the third quarter 2022, the change in working capital was a decrease of $7,407 million in accordance with IFRS. The difference of $1,295 million between IFRS and replacement cost method corresponds to the following adjustments: (i) the pre-tax inventory valuation effect of $1,010 million, (ii) less the mark-to-market effect of iGRP's contracts of $285 million, (iii) less the capital gains from renewables project sale of $0 million and (iv) plus the organic loan repayments from equity affiliates of $570 million.

3 See "Analysis of business segment results" on page 4 and "Adjustment Items To Net Income (TotalEnergies Share)" on page 18 for further details.

4 Details shown on pages 18 and the notes to the consolidated financial statements for the third quarter 2022.

11

The change in working capital as determined using the replacement cost method excluding the mark-to-market effect of iGRP's contracts, including capital gain from renewable project sales (effective first quarter 2020) and including organic loan repayment from equity affiliates was a decrease of $5,154 million in the first nine months 2022, compared to an increase of $989 million in the first nine months 2021. In the first nine months 2022, the change in working capital was a decrease of $4,982 million in accordance with IFRS. The difference of $172 million between IFRS and replacement cost method corresponds to the following adjustments: (i) the pre-tax inventory valuation effect of $1,396 million, (ii) plus the mark-to-market effect of iGRP's contracts of $96 million, (iii) less the capital gains from renewables project sale of $25 million and (iv) less the organic loan repayments from equity affiliates of $1 295 million.

Operating cash flow before working capital changes5 was $11,736 million in the third quarter 2022, an increase of 46% compared to $8,060 million in the third quarter 2021 and $36,595 million in the first nine months of 2022, an increase of 85% compared to $19,778 million in the first nine months of 2021.

Operating cash flow before working capital changes without financial charges (DACF)6 was $12,040 million in the third quarter 2022, an increase of 44% compared to $8,390 million in the third quarter 2021 and $37,665 million in the first nine months of 2022, an increase of 80% compared to $20,901 million in the first nine months of 2021.

The cash flow from operating activities was $17,848 million in the third quarter, compared to cash flow of $11,736 million, reflecting the positive impact of a $6.7 billion decrease in working capital requirement, mainly due to (a) price effect on inventories related to the decrease in oil and petroleum products average prices; (b) increase in tax liabilities related to rising gas prices and the Energy Profits Levy in the United Kingdom; (c) reduction in margin calls; and (d) seasonality of the gas and electricity supply activity.

TotalEnergies' net cash flow7 was:

· $7,033 million in the third quarter 2022 compared to $6,205 million a year earlier, reflecting the $3.7 billion increase in operating cash flow before working capital changes and the $2.8 billion increase in net investments to $4,703 million in the third quarter 2022,
· $24,094 million in the first nine months of 2022 compared to $10,756 million a year earlier, reflecting the $16.8 billion increase in operating cash flow before working capital changes and the $3.5 billion increase in net investments to $12,501 million in the first nine months of 2022.

D. PROFITABILITY

Return on equity was 31.4% for the twelve months ended September 30, 2022.

10/01/2021- 07/01/2021- 10/01/2020-
in millions of dollars 09/30/2022 06/30/2022 09/30/2021
Adjusted net income 35,790 30,716 12,827
Average adjusted shareholders' equity 113,861 113,333 106,794
Return on equity (ROE) 31.4% 27.1% 12.0%

Return on average capital employed was 27.2% for the twelve months ended September 30, 2022.

10/01/2021- 07/01/2021- 10/01/2020-
in millions of dollars 09/30/2022 06/30/2022 09/30/2021
Adjusted net operating income 37,239 32,177 14,237
Average capital employed 136,902 139,377 142,180
ROACE 27.2% 23.1% 10.0%

5 Operating cash flow before working capital changes is defined as cash flow from operating activities before changes in working capital at replacement cost, excluding the mark-to-market effect of iGRP's contracts and including capital gain from renewable projects sales. For information on the replacement cost method, refer to "B. Analysis of Business Segment Results", above. The reconciliation table for different cash flow figures is set forth under "Cash Flow" on page 19 of this exhibit.

6 DACF = debt adjusted cash flow, is defined as cash flow from operating activities before changes in working capital at replacement cost, without financial charges.

7 Net cash flow = operating cash flow before working capital changes - net investments (including other transactions with non-controlling interests).

12

E. 2022 SENSITIVITIES*

Estimated
Estimated impact impact on cash
on adjusted net flow from
Change operating income operations
Dollar +/- 0.1 $ per € -/+ 0.1 B$ ~0 B$
Average liquids price** +/- 10$/b +/- 2.7 B$ +/- 3.2 B$
European gas price - NBP / TTF *** +/- 2 $/Mbtu +/- 0.5 B$ +/- 0.5 B$
Variable cost margin, European refining (VCM) +/- 10 $/t +/- 0.4 B$ +/- 0.5 B$

* Sensitivities are revised once per year upon publication of the previous year's fourth quarter results. Sensitivities are estimates based on assumptions about TotalEnergies' portfolio in 2022. Actual results could vary significantly from estimates based on the application of these sensitivities. The impact of the $-€ sensitivity on adjusted net operating income is essentially attributable to Refining & Chemicals. Sensitivity to European gas price has been exceptionally updated during this quarter (see ***). Please find the indicators detailed on page 21.

** In a 60 $/b Brent environment.

*** Updated sensitivity, including UK Energy Profits Levy.

Sensitivity +/- 0.4 B$ starting 3Q 2022, related to UK and Norway taxes

F. SUMMARY AND OUTLOOK

The markets for Oil and Gas are marked by strong volatility. Despite anticipated slower global growth in 2023, oil prices are supported notably by the OPEC+ decision to reduce production quotas by 2 Mb/d as well as by the implementation of the European ban on Russian oil effective December 5, 2022. Gas prices should also remain high, driven by the need to import LNG into Europe to replace Russian gas imports. In addition, refining margins, notably for distillates, should remain strong due to the ban on imports of Russian petroleum products into Europe effective February 2023.

TotalEnergies expects fourth quarter 2022 production to reach around 2.8 Mboe/d, due to a reduction in planned maintenance and the re-start of Kashagan production.

Given the evolution of oil and gas prices in recent months and the lag effect on price formulas, TotalEnergies anticipates that its average LNG selling price for the fourth quarter should be above $17/Mbtu.

Given the strong cash flow generation and a gearing ratio of 4%, the Company confirms its strategy of allocating 35-40% of cash flow to its shareholders through the cycles, while accelerating its transformation strategy with net investments of around $16 billion in 2022, including $4 billion in decarbonized energies.

13

FORWARD-LOOKING STATEMENTS

This document may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, notably with respect to the financial condition, results of operations, business activities and industrial strategy of TotalEnergies. This document may also contain statements regarding the perspectives, objectives, areas of improvement and goals of TotalEnergies, including with respect to climate change and carbon neutrality (net zero emissions). An ambition expresses an outcome desired by TotalEnergies, it being specified that the means to be deployed do not depend solely on TotalEnergies. These forward-looking statements may generally be identified by the use of the future or conditional tense or forward-looking words such as "envisions", "intends", "anticipates", "believes", "considers", "plans", "expects", "thinks", "targets", "aims" or similar terminology. Such forward-looking statements included in this document are based on economic data, estimates and assumptions prepared in a given economic, competitive and regulatory environment and considered to be reasonable by TotalEnergies as of the date of this document.

These forward-looking statements are not historical data and should not be interpreted as assurances that the perspectives, objectives or goals announced will be achieved. They may prove to be inaccurate in the future, and may evolve or be modified with a significant difference between the actual results and those initially estimated, due to the uncertainties notably related to the economic, financial, competitive and regulatory environment, or due to the occurrence of risk factors, such as, notably, the price fluctuations in crude oil and natural gas, the evolution of the demand and price of petroleum products, the changes in production results and reserves estimates, the ability to achieve cost reductions and operating efficiencies without unduly disrupting business operations, changes in laws and regulations including those related to the environment and climate, currency fluctuations, as well as economic and political developments, changes in market conditions, loss of market share and changes in consumer preferences, or pandemics such as the COVID-19 pandemic. Additionally, certain financial information is based on estimates particularly in the assessment of the recoverable value of assets and potential impairments of assets relating thereto.

Except for its ongoing obligations to disclose material information as required by applicable securities laws, TotalEnergies does not have any intention or obligation to update forward-looking statements after the distribution of this document, even if new information, future events or other circumstances have made them incorrect or misleading.

For additional factors, you should read the information set forth under "Item 3. -3.1 Risk Factors", "Item 4. Information on the Company", "Item 5. Operating and Financial Review and Prospects" and "Item 11. Quantitative and Qualitative Disclosures about Market Risk" in TotalEnergies' Form 20-F for the year ended December 31, 2021.

14

RESULTS FROM RUSSIAN ASSETS

Russian Upstream Assets (M$) 3Q22 2Q22 9M22
Net income (TotalEnergies share) (1,907) (3,202) (8,113)
Cash flow from operations 349 368 748

Capital Employed by TotalEnergies in Russia as of September 30, 2022 was $6,110 million, after taking into account an impairment of $3.1 billion in the third quarter of 2022.

OPERATING INFORMATION BY SEGMENT

Company's production (Exploration & Production + iGRP)

3Q22 2Q22 3Q21 3Q22
vs
3Q21

Combined liquids and gas
production by region (kboe/d)

9M22 9M21 9M22
vs
9M21
920 965 989 -7% Europe and Central Asia 978 1,008 -3%
463 460 537 -14% Africa 473 540 -12%
692 680 681 +2% Middle East and North Africa 681 662 +3%
449 420 372 +21% Americas 419 375 +12%
145 213 235 -39% Asia-Pacific 199 223 -11%
2,669 2,738 2,814 -5% Total production 2,750 2,808 -2%
656 690 711 -8% includes equity affiliates 687 730 +6%
3Q22 2Q22 3Q21 3Q22
vs
3Q21		 Liquids production by region (kb/d) 9M22 9M21 9M22
vs
9M21
302 315 362 -17% Europe and Central Asia 329 363 -9%
352 351 401 -12% Africa 358 405 -12%
557 546 530 +5% Middle East and North Africa 547 510 +7%
260 231 179 +46% Americas 231 180 +28%
23 40 45 -49% Asia-Pacific 36 38 -7%
1,494 1,483 1,517 -2% Total production 1,501 1,496 -
202 201 205 -2% includes equity affiliates 204 206 -1%
3Q22 2Q22 3Q21 3Q22
vs
3Q21		 Gas production by region (Mcf/d) 9M22 9M21 9M22
vs
9M21
3,322 3,492 3,366 -1% Europe and Central Asia 3,482 3,470 -
559 545 689 -19% Africa 582 687 -15%
740 742 838 -12% Middle East and North Africa 736 842 -13%
1,061 1,063 1,086 -2% Americas 1,055 1,094 -4%
685 993 1,091 -37% Asia-Pacific 930 1,068 -13%
6,367 6,835 7,070 -10% Total production 6,785 7,161 -5%
2,444 2,633 2,730 -11% includes equity affiliates 2,596 2,826 -8%

15

Downstream (Refining & Chemicals and Marketing & Services)

3Q22 2Q22 3Q21 3Q22
vs
3Q21		 Petroleum product sales by region (kb/d) 9M22 9M21 9M22
vs
9M21
1,816 1,814 1,579 +15% Europe 1,755 1,553 +13%
690 734 693 - Africa 728 674 +8%
907 922 811 +12% Americas 868 794 +9%
569 705 486 +17% Rest of world 602 491 +23%
3,982 4,176 3,568 +12% Total consolidated sales 3,953 3,512 +13%
438 409 360 +22% Includes bulk sales 419 365 +15%
2,049 2,290 1,666 +23% Includes trading 2,060 1,661 +24%
3Q22 2Q22 3Q21 3Q22
vs
3Q21		 Petrochemicals production* (kt) 9M22 9M21 9M22
vs
9M21
1,078 1,023 1,308 -18% Europe 3,361 3,820 -12%
670 603 705 -5% Americas 1,910 1,940 -2%
722 768 802 -10% Middle-East and Asia 2,271 2,261 -

* Olefins, polymers

RENEWABLES

3Q22 2Q22
Onshore Offshore Onshore Offshore
Installed power generation gross capacity (GW) (1),(2) (3) Solar Wind Wind Other Total Solar Wind Wind Other Total
France 0.7 0.6 0.0 0.1 1.4 0.7 0.5 0.0 0.1 1.3
Rest of Europe 0.2 1.1 0.2 0.0 1.4 0.2 1.1 0.0 0.0 1.3
Africa 0.1 0.0 0.0 0.0 0.1 0.1 0.0 0.0 0.0 0.1
Middle East 0.7 0.0 0.0 0.0 0.7 0.7 0.0 0.0 0.0 0.7
North America 2.9 2.1 0.0 0.0 5.0 1.1 0.0 0.0 0.0 1.1
South America 0.4 0.3 0.0 0.0 0.7 0.4 0.3 0.0 0.0 0.7
India 4.9 0.3 0.0 0.0 5.3 4.9 0.2 0.0 0.0 5.1
Asia-Pacific 1.2 0.3 0.1 0.0 1.3 1.2 0.0 0.1 0.0 1.2
Total 11.1 4.4 0.3 0.2 16.0 9.2 2.1 0.1 0.2 11.6
3Q22 2Q22
Onshore Offshore Onshore Offshore
Power generation gross capacity from renewables in
construction (GW) (1),(2) (3)		 Solar Wind Wind Other Total Solar Wind Wind Other Total
France 0.2 0.1 0.0 0.1 0.5 0.2 0.2 0.0 0.1 0.4
Rest of Europe 0.1 0.0 1.0 0.0 1.1 0.0 0.0 1.1 0.0 1.1
Africa 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Middle East 0.4 0.0 0.0 0.0 0.4 0.4 0.0 0.0 0.0 0.4
North America 1.6 0.0 0.0 0.2 1.7 1.3 0.0 0.0 0.0 1.3
South America 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
India 0.8 0.2 0.0 0.0 1.0 0.9 0.3 0.0 0.0 1.2
Asia-Pacific 0.1 0.0 0.5 0.0 0.7 0.1 0.0 0.6 0.0 0.7
Total 3.3 0.3 1.5 0.2 5.4 2.8 0.5 1.7 0.1 5.2

16

3Q22 2Q22
Onshore Offshore Onshore Offshore
Power generation gross capacity from
renewables in development (GW) (1),(2) (3)		 Solar Wind Wind Other Total Solar Wind Wind Other Total
France 2.1 0.4 0.0 0.0 2.5 2.3 0.5 0.0 0.0 2.8
Rest of Europe 4.8 0.3 4.4 0.1 9.6 4.8 0.3 4.4 0.1 9.5
Africa 0.6 0.1 0.0 0.1 0.9 0.6 0.1 0.0 0.1 0.8
Middle East 0.5 0.0 0.0 0.0 0.5 1.8 0.0 0.0 0.0 1.8
North America 11.8 3.4 4.0 4.5 23.7 6.2 0.1 4.0 0.8 11.0
South America 0.7 0.5 0.0 0.2 1.4 0.6 0.0 0.0 0.2 0.8
India 3.9 0.1 0.0 0.0 4.0 3.9 0.1 0.0 0.0 4.0
Asia-Pacific 2.0 0.3 1.2 0.3 3.7 1.7 0.2 1.2 0.1 3.2
Total 26.5 5.1 9.6 5.3 46.4 21.7 1.3 9.6 1.3 33.9

1 Includes 20% of gross capacity of Adani Green Energy Ltd effective first quarter 2021.

2 Includes 50% of Clearway Energy Group's gross capacity effective third quarter 2022.

3 End-of-period data.

In operation In construction In development
Gross renewables
capacity covered by
PPA		 Onshore Offshore Onshore Offshore Onshore Offshore
at 09/30/2022 (GW) Solar Wind Wind Other Total Solar Wind Wind Other Total Solar Wind Wind Other Total
Europe 0.9 1.6 X X 2.8 0.3 X 0.7 X 1.2 4.1 0.3 - X 4.5
Asia 6.1 0.4 X X 6.6 0.9 0.2 0.5 - 1.7 4.5 X - X 4.7
North America 2.8 2.1 - X 5.0 1.6 - - X 1.7 1.5 X - 0.8 2.5
Rest of World 1.2 0.3 - X 1.5 0.4 - - X 0.5 0.9 - - 0.3 1.3
Total 11.0 4.4 0.2 X 15.9 3.3 0.3 1.3 0.2 5.1 11.1 0.6 - 1.2 13.0

X not specified, capacity < 0.2 GW.

In operation In construction In development
PPA average price at
09/30/2022		 Onshore Offshore Onshore Offshore Onshore Offshore
($/MWh) Solar Wind Wind Other Total Solar Wind Wind Other Total Solar Wind Wind Other Total
Europe 198 114 X X 139 67 X 73 X 74 75 85 - X 80
Asia 70 52 X X 72 55 45 254 - 117 39 X - X 39
North America 106 54 - X 83 28 - - X 28 31 X - - 43
Rest of World 90 54 - X 82 19 - - X 19 77 - - - 77
Total 91 77 127 X 88 38 64 150 95 69 42 80 - 145 46

X not specified, PPA relating to a capacity < 0.2 GW.

ADJUSTMENT ITEMS TO NET INCOME (TOTALENERGIES SHARE)

3Q22 2Q22 3Q21 in millions of dollars 9M22 9M21
(2,186) (4,546) (325) Special items affecting net income (TotalEnergies share) (11,725) (2,255)
1,391 - (177) Gain (loss) on asset sales 1,391 (1,556)
(17) (8) (43) Restructuring charges (28) (314)
(3,118) (3,719) (47) Impairments (11,898) (240)
(442) (819) (58) Other (1,190) (145)
(827) 993 320 After-tax inventory effect: FIFO vs. replacement cost 1,206 1,384
(224) (551) (119) Effect of changes in fair value (855) (169)
(3,237) (4,104) (124) Total adjustments affecting net income (11,374) (1,040)

17

RECONCILIATION OF NET INCOME (TOTALENERGIES SHARE) TO ADJUSTED EBITDA

3Q22 2Q22 3Q21 3Q22
vs
3Q21		 in millions of dollars 9M22 9M21 9M22
vs
9M21
6,626 5,692 4,645+43% Net income - TotalEnergies share 17,262 10,195+69%
3,237 4,104 124 x26.1 Less: adjustment items to net income (TotalEnergies share) 11,374 1,040 x10.9
9,863 9,796 4,769x2.1 Adjusted net income - TotalEnergies share 28,636 11,235x2.5
- - - Adjusted items - -
85 89 105 -19% Add: non-controlling interests 250 252 -1%
6,037 5,274 2,674 x2.3 Add: income taxes 16,035 5,605 x2.9
2,926 3,038 3,172 -8% Add: depreciation, depletion and impairment of tangible assets and mineral interests 9,112 9,457 -4%
95 98 85 +12% Add: amortization and impairment of intangible assets 289 282 +2%
633 572 454 +39% Add: financial interest on debt 1,667 1,421 +17%
(219) (130) (79) ns Less: financial income and expense from cash & cash equivalents (408) (235) ns
19,420 18,737 11,180+74% Adjusted EBITDA 55,581 28,017+98%

INVESTMENTS - DIVESTMENTS

3Q22 2Q22 3Q21 3Q22
vs
3Q21		 in millions of dollars 9M22 9M21 9M22
vs
9M21
3,116 2,819 2,813 +11% Organic investments (a) 7,916 7,993 -1%
169 98 172 -1% Capitalized exploration 381 660 -42%
233 277 211 +10% Increase in non-current loans 744 883 -16%
(214) (174) (112) - Repayment of non-current loans, excluding organic loan repayment from equity affiliates (823) (297) -
4 (190) 1 - Change in debt from renewable projects (TotalEnergies share) (186) (170) -
1,716 2,464 126 x13.6 Acquisitions (b) 5,580 2,996 +86%
129 388 1,084 -88% Asset sales (c) 995 1,967 -49%
(4) 176 (5) - Change in debt from renewable projects (partner share) 170 100 +70%
1,587 2,076 (958) - Net acquisitions 4,585 1,029 x4.5
4,703 4,895 1,855 x2.5 Net investments (a + b - c) 12,501 9,022+39%
- - 757 - Other transactions with non-controlling interests (d) - 757 -
(570) (238) (120) - Organic loan repayment from equity affiliates (e) (1,295) (228) -
(8) 366 (6) - Change in debt from renewable projects financing* (f) 356 270 +32%
43 37 30 +43% Capex linked to capitalized leasing contracts (g) 116 77 +51%
7 4 - - Expenditures related to carbon credits ( h ) 11 - -
4,075 4,982 2,456 +66% Cash flow used in investing activities
(a + b - c + d + e + f - g - h)		 11,435 9,744+17%

* Change in debt from renewable projects (TotalEnergies share and partner share).

18

CASH FLOW

3Q22 2Q22 3Q21 3Q22
vs
3Q21		 in millions of dollars 9M22 9M21 9M22
vs
9M21
12,040 13,631 8,390 +44% Operating cash flow before working capital changes w/o financial charges (DACF) 37,665 20,901 +80%
(304) (399) (330) - Financial charges (1,071) (1,122) -
11,736 13,233 8,060 +46% Operating cash flow before working capital changes (a)* 36,595 19,778+85%
7,692 2,161 (2,662) - (Increase) decrease in working capital** 5,078 (2,403) -
(1,010) 1,151 365 - Inventory effect 1,396 1,711 -18%
0 (23) (3) - Capital gain from renewable projects sales (25) (69) -
(570) (238) (120) - Organic loan repayment from equity affiliates (1,295) (228) -
17,848 16,284 5,640 x3.2 Cash flow from operations 41,749 18,789x2.2
3,116 2,819 2,813 +11% Organic investments (b) 7,916 7,993 -1%
8,620 10,414 5,247 +64% Free cash flow after organic investments, w/o net asset sales (a - b) 28,679 11,785x2.4
4,703 4,895 1,855 x2.5 Net investments (c) 12,501 9,022 +39%
7,033 8,338 6,205 +13% Net cash flow (a - c) 24,094 10,756x2.2

* Operating cash flow before working capital changes, is defined as cash flow from operating activities before changes in working capital at replacement cost, excluding the mark-to-market effect of iGRP's contracts and including capital gain from renewable projects sale. Historical data have been restated to cancel the impact of fair valuation of iGRP sector's contracts.

** Changes in working capital are presented excluding the mark-to-market effect of iGRP's contracts.

GEARING RATIO

In millions of dollars 09/30/2022 06/30/2022 09/30/2021
Current borrowings1 15,556 14,589 15,184
Other current financial liabilities 861 401 504
Current financial assets1,2 (11,532) (7,697) (3,821)
Net financial assets classified as held for sale (36) (14) (1)
Non-current financial debt1 37,506 39,233 43,350
Non-current financial assets1 (1,406) (692) (1,927)
Cash and cash equivalents (35,941) (32,848) (28,971)
Net debt (a) 5,008 12,972 24,318
Shareholders' equity - TotalEnergies share 117,821 116,688 110,016
Non-controlling interests 2,851 3,309 3,211
Shareholders' equity (b) 120,672 119,997 113,227
Net-debt-to-capital ratio = a / (a+b) 4.0% 9.8% 17.7%
Leases (c) 7,669 7,963 7,786
Net-debt-to-capital ratio including leases (a+c) / (a+b+c) 9.5% 14.9% 22.1%

1 Excludes leases receivables and leases debts.

2 Including initial margins held as part of the Company's activities on organized markets.

19

RETURN ON AVERAGE CAPITAL EMPLOYED

Twelve months ended September 30, 2022

Integrated Gas,
Renewables & Exploration & Refining & Marketing
in millions of dollars Power Production Chemicals & Services
Adjusted net operating income 12,014 17,476 6,368 1,695
Capital employed at 9/30/2021* 52,401 75,499 9,156 8,281
Capital employed at 9/30/2022* 54,923 65,041 5,801 7,141
ROACE 22.4% 24.9% 85.2% 22.2%

Twelve months ended June 30, 2022

Integrated Gas,
Renewables & Exploration & Refining & Marketing
in millions of dollars Power Production Chemicals & Services
Adjusted net operating income 9,973 15,985 5,035 1,655
Capital employed at 6/30/2021* 49,831 76,013 9,285 8,439
Capital employed at 6/30/2022* 54,174 70,248 7,958 7,475
ROACE 19.2% 21.9% 58.4% 20.8%

Twelve months ended September 30, 2021

Integrated Gas,
Renewables & Exploration & Refining & Marketing&
in millions of dollars Power Production Chemicals Services
Adjusted net operating income 3,738 7,982 1,526 1,471
Capital employed at 9/30/2020* 43,799 78,548 11,951 8,211
Capital employed at 9/30/2021* 52,401 75,499 9,156 8,281
ROACE 7.8% 10.4% 14.5% 17.8%

* At replacement cost (excluding after-tax inventory effect).

20

MAIN INDICATORS

3Q22 2Q22 1Q22 4Q21 3Q21
€/$ 1.01 1.06 1.12 1.14 1.18
Brent ($/b) 100.8 113.9 102.2 79.8 73.5
Average liquids price* ($/b) 93.6 102.9 90.1 72.6 67.1
Average gas price* (1) ($/Mbtu) 16.83 11.01 12.27 11.38 6.33
Average LNG price** (1) ($/Mbtu) 21.51 13.96 13.60 13.12 9.10
Variable Cost Margin, European refining*** ($/t) 99.2 145.7 46.3 16.7 8.8

* Sales in $ / sales in volume for consolidated affiliates.

** Sales in $ / sales in volume for consolidated and equity affiliates.

*** This indicator represents the average margin on variable costs realized by TotalEnergies' European refining business (equal to the difference between the sales of refined products realized by TotalEnergies' European refining and the crude purchases as well as associated variable costs, divided by refinery throughput in tons).

(1) Does not take into account gas and LNG trading activities, respectively.

Disclaimer: Data is based on TotalEnergies' reporting and is not audited.

21

CONSOLIDATED STATEMENT OF INCOME

TotalEnergies

(unaudited)

3rd quarter 2nd quarter 3rd quarter
(M$)(a) 2022 2022 2021
Sales 69,037 74,774 54,729
Excise taxes (4,075) (4,329) (5,659)
Revenues from sales 64,962 70,445 49,070
Purchases, net of inventory variation (42,802) (45,443) (32,344)
Other operating expenses (6,771) (8,041) (6,617)
Exploration costs (71) (117) (127)
Depreciation, depletion and impairment of tangible assets and mineral interests (2,935) (3,102) (3,191)
Other income 1,693 429 195
Other expense (921) (1,305) (605)
Financial interest on debt (633) (572) (454)
Financial income and expense from cash & cash equivalents 327 245 87
Cost of net debt (306) (327) (367)
Other financial income 196 231 193
Other financial expense (112) (136) (140)
Net income (loss) from equity affiliates (108) (1,546) 1,377
Income taxes (6,077) (5,284) (2,692)
Consolidated net income 6,748 5,804 4,752
TotalEnergies share 6,626 5,692 4,645
Non-controlling interests 122 112 107
Earnings per share ($) 2.58 2.18 1.72
Fully-diluted earnings per share ($) 2.56 2.16 1.71

(a) Except for per share amounts.

22

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

TotalEnergies

(unaudited)

3rd quarter 2nd quarter 3rd quarter
(M$) 2022 2022 2021
Consolidated net income 6,748 5,804 4,752
Other comprehensive income
Actuarial gains and losses (17) 204 (3)
Change in fair value of investments in equity instruments 131 (20) (95)
Tax effect 2 (53) 5
Currency translation adjustment generated by the parent company (4,639) (5,387) (2,368)
Items not potentially reclassifiable to profit and loss (4,523) (5,256) (2,461)
Currency translation adjustment 1,871 2,523 1,260
Cash flow hedge 1,258 3,222 424
Variation of foreign currency basis spread 9 21 2
share of other comprehensive income of equity affiliates, net amount 191 2,548 184
Other (18) (1) 1
Tax effect (424) (1,112) (100)
Items potentially reclassifiable to profit and loss 2,887 7,201 1,771
Total other comprehensive income (net amount) (1,636) 1,945 (690)
Comprehensive income 5,112 7,749 4,062
TotalEnergies share 4,969 7,705 4,014
Non-controlling interests 143 44 48

23

CONSOLIDATED STATEMENT OF INCOME

TotalEnergies

(unaudited)

9 months 9 months
(M$)(a) 2022 2021
Sales 212,417 145,515
Excise taxes (13,060) (16,179)
Revenues from sales 199,357 129,336
Purchases, net of inventory variation (127,893) (82,461)
Other operating expenses (22,435) (20,214)
Exploration costs (1,049) (417)
Depreciation, depletion and impairment of tangible assets and mineral interests (9,716) (9,637)
Other income 2,265 776
Other expense (4,516) (1,562)
Financial interest on debt (1,667) (1,421)
Financial income and expense from cash & cash equivalents 786 259
Cost of net debt (881) (1,162)
Other financial income 630 567
Other financial expense (383) (401)
Net income (loss) from equity affiliates (1,611) 1,578
Income taxes (16,165) (5,940)
Consolidated net income 17,603 10,463
TotalEnergies share 17,262 10,195
Non-controlling interests 341 268
Earnings per share ($) 6.61 3.77
Fully-diluted earnings per share ($) 6.57 3.74

(a) Except for per share amounts.

24

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

TotalEnergies

(unaudited)

9 months 9 months
(M$) 2022 2021
Consolidated net income 17,603 10,463
Other comprehensive income
Actuarial gains and losses 187 446
Change in fair value of investments in equity instruments 114 (27)
Tax effect (40) (149)
Currency translation adjustment generated by the parent company (11,776) (5,302)
Items not potentially reclassifiable to profit and loss (11,515) (5,032)
Currency translation adjustment 5,406 3,037
Cash flow hedge 4,217 504
Variation of foreign currency basis spread 79 (2)
share of other comprehensive income of equity affiliates, net amount 2,655 635
Other (19) 1
Tax effect (1,483) (157)
Items potentially reclassifiable to profit and loss 10,855 4,018
Total other comprehensive income (net amount) (660) (1,014)
Comprehensive income 16,943 9,449
TotalEnergies share 16,627 9,226
Non-controlling interests 316 223

25

CONSOLIDATED BALANCE SHEET

TotalEnergies

September 30,
2022		 June 30,
2022		 December 31,
2021		 September 30,
2021
(M$) (unaudited) (unaudited) (unaudited)
ASSETS
Non-current assets
Intangible assets, net 36,376 37,020 32,484 32,895
Property, plant and equipment, net 99,700 101,454 106,559 105,902
Equity affiliates : investments and loans 28,743 28,210 31,053 30,467
Other investments 1,149 1,383 1,625 1,688
Non-current financial assets 2,341 1,612 2,404 2,799
Deferred income taxes 4,434 4,737 5,400 6,452
Other non-current assets 2,930 3,075 2,797 2,530
Total non-current assets 175,673 177,491 182,322 182,733
Current assets
Inventories, net 24,420 28,542 19,952 19,601
Accounts receivable, net 28,191 30,796 21,983 19,865
Other current assets 73,453 55,553 35,144 39,967
Current financial assets 11,688 7,863 12,315 3,910
Cash and cash equivalents 35,941 32,848 21,342 28,971
Assets classified as held for sale 349 313 400 633
Total current assets 174,042 155,915 111,136 112,947
Total assets 349,715 333,406 293,458 295,680
LIABILITIES & SHAREHOLDERS' EQUITY
Shareholders' equity
Common shares 8,163 8,163 8,224 8,224
Paid-in surplus and retained earnings 131,382 125,554 117,849 113,795
Currency translation adjustment (16,720) (14,019) (12,671) (11,995)
Treasury shares (5,004) (3,010) (1,666) (8)
Total shareholders' equity - TotalEnergies share 117,821 116,688 111,736 110,016
Non-controlling interests 2,851 3,309 3,263 3,211
Total shareholders' equity 120,672 119,997 114,999 113,227
Non-current liabilities
Deferred income taxes 12,576 12,169 10,904 11,161
Employee benefits 2,207 2,341 2,672 3,218
Provisions and other non-current liabilities 22,133 23,373 20,269 20,355
Non-current financial debt 44,899 46,868 49,512 50,810
Total non-current liabilities 81,815 84,751 83,357 85,544
Current liabilities
Accounts payable 48,942 49,700 36,837 34,149
Other creditors and accrued liabilities 80,468 62,498 42,800 45,476
Current borrowings 16,923 16,003 15,035 16,471
Other current financial liabilities 861 401 372 504
Liabilities directly associated with the assets classified as held for sale 34 56 58 309
Total current liabilities 147,228 128,658 95,102 96,909
Total liabilities & shareholders' equity 349,715 333,406 293,458 295,680

26

CONSOLIDATED STATEMENT OF CASH FLOW

TotalEnergies

(unaudited)

3rdquarter 2ndquarter 3rdquarter
(M$) 2022 2022 2021
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income 6,748 5,804 4,752
Depreciation, depletion, amortization and impairment 3,032 3,321 3,361
Non-current liabilities, valuation allowances and deferred taxes 704 1,427 479
(Gains) losses on disposals of assets (1,645) (165) 100
Undistributed affiliates' equity earnings 1,290 2,999 (506)
(Increase) decrease in working capital 7,407 2,498 (2,698)
Other changes, net 312 400 152
Cash flow from operating activities 17,848 16,284 5,640
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions (2,986) (5,150) (2,718)
Acquisitions of subsidiaries, net of cash acquired (8) (82) (23)
Investments in equity affiliates and other securities (2,557) (136) (67)
Increase in non-current loans (246) (278) (219)
Total expenditures (5,797) (5,646) (3,027)
Proceeds from disposals of intangible assets and property, plant and equipment 97 153 150
Proceeds from disposals of subsidiaries, net of cash sold 524 63 4
Proceeds from disposals of non-current investments 304 35 177
Repayment of non-current loans 797 413 240
Total divestments 1,722 664 571
Cash flow used in investing activities (4,075) (4,982) (2,456)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders (1) 371 -
- Treasury shares (1,996) (1,988) -
Dividends paid:
- Parent company shareholders (1,877) (1,825) (2,053)
- Non-controlling interests (405) (97) (41)
Net issuance (repayment) of perpetual subordinated notes - (1,958) -
Payments on perpetual subordinated notes (14) (138) (22)
Other transactions with non-controlling interests 38 (10) 721
Net issuance (repayment) of non-current debt 141 508 133
Increase (decrease) in current borrowings (527) (2,703) (1,457)
Increase (decrease) in current financial assets and liabilities (4,473) (731) 513
Cash flow from (used in) financing activities (9,114) (8,571) (2,206)
Net increase (decrease) in cash and cash equivalents 4,659 2,731 978
Effect of exchange rates (1,566) (1,159) (650)
Cash and cash equivalents at the beginning of the period 32,848 31,276 28,643
Cash and cash equivalents at the end of the period 35,941 32,848 28,971

27

CONSOLIDATED STATEMENT OF CASH FLOW

TotalEnergies

(unaudited)

9 months 9 months
(M$) 2022 2021
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income 17,603 10,463
Depreciation, depletion, amortization and impairment 10,931 10,121
Non-current liabilities, valuation allowances and deferred taxes 4,669 810
(Gains) losses on disposals of assets (1,823) (270)
Undistributed affiliates' equity earnings 4,551 176
(Increase) decrease in working capital 4,982 (2,848)
Other changes, net 836 337
Cash flow from operating activities 41,749 18,789
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions (11,593) (7,803)
Acquisitions of subsidiaries, net of cash acquired (90) (193)
Investments in equity affiliates and other securities (2,782) (2,500)
Increase in non-current loans (765) (899)
Total expenditures (15,230) (11,395)
Proceeds from disposals of intangible assets and property, plant and equipment 427 421
Proceeds from disposals of subsidiaries, net of cash sold 675 233
Proceeds from disposals of non-current investments 554 456
Repayment of non-current loans 2,139 541
Total divestments 3,795 1,651
Cash flow used in investing activities (11,435) (9,744)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders 370 381
- Treasury shares (5,160) (165)
Dividends paid:
- Parent company shareholders (5,630) (6,237)
- Non-controlling interests (524) (104)
Net issuance (repayment) of perpetual subordinated notes - 3,248
Payments on perpetual subordinated notes (288) (256)
Other transactions with non-controlling interests 33 666
Net issuance (repayment) of non-current debt 683 (706)
Increase (decrease) in current borrowings (2,573) (7,488)
Increase (decrease) in current financial assets and liabilities 390 298
Cash flow from (used in) financing activities (12,699) (10,363)
Net increase (decrease) in cash and cash equivalents 17,615 (1,318)
Effect of exchange rates (3,016) (979)
Cash and cash equivalents at the beginning of the period 21,342 31,268
Cash and cash equivalents at the end of the period 35,941 28,971

28

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY

TotalEnergies

(unaudited)

Common shares issued Paid-in Currency Treasury shares Shareholders' Non- Total
surplus and translation equity - controlling shareholders'
retained adjustment TotalEnergies interests equity
(M$) Number Amount earnings Number Amount Share
As of January 1, 2021 2,653,124,025 8,267 107,078 (10,256) (24,392,703) (1,387) 103,702 2,383 106,085
Net income of the first nine months 2021 - - 10,195 - - - 10,195 268 10,463
Other comprehensive income - - 762 (1,731) - - (969) (45) (1,014)
Comprehensive Income - - 10,957 (1,731) - - 9,226 223 9,449
Dividend - - (6,236) - - - (6,236) (104) (6,340)
Issuance of common shares 10,589,713 31 350 - - - 381 - 381
Purchase of treasury shares - - - - (3,636,351) (165) (165) - (165)
Sale of treasury shares(a) - - (216) - 4,571,235 216 - - -
Share-based payments - - 103 - - - 103 - 103
Share cancellation (23,284,409) (74) (1,254) - 23,284,409 1,328 - - -
Net issuance (repayment) of perpetual subordinated notes - - 3,254 - - - 3,254 - 3,254
Payments on perpetual subordinated notes - - (278) - - - (278) - (278)

Other operations with non-controlling interests

- - 26 (6) - - 20 701 721
Other items - - 11 (2) - - 9 8 17
As of September 30, 2021 2,640,429,329 8,224 113,795 (11,995) (173,410) (8) 110,016 3,211 113,227
Net income of the fourth quarter 2021 - - 5,837 - - - 5,837 66 5,903
Other comprehensive income - - 229 (676) - - (447) 15 (432)
Comprehensive Income - - 6,066 (676) - - 5,390 81 5,471
Dividend - - (1,964) - - - (1,964) (20) (1,984)
Issuance of common shares - - - - - - - - -
Purchase of treasury shares - - - - (33,669,654) (1,658) (1,658) - (1,658)
Sale of treasury shares(a) - - - - 1,960 - - - -
Share-based payments - - 40 - - - 40 - 40
Share cancellation - - - - - - - - -
Net issuance (repayment) of perpetual subordinated notes - - - - - - - - -
Payments on perpetual subordinated notes - - (90) - - - (90) - (90)

Other operations with non-controlling interests

- - 4 - - - 4 (12) (8)
Other items - - (2) - - - (2) 3 1
As of December 31, 2021 2,640,429,329 8,224 117,849 (12,671) (33,841,104) (1,666) 111,736 3,263 114,999
Net income of the first nine months 2022 - - 17,262 - - - 17,262 341 17,603
Other comprehensive income - - 3,421 (4,056) - - (635) (25) (660)
Comprehensive Income - - 20,683 (4,056) - - 16,627 316 16,943
Dividend - - (5,653) - - - (5,653) (524) (6,177)
Issuance of common shares 9,367,482 26 344 - - - 370 - 370
Purchase of treasury shares - - - - (97,376,124) (5,160) (5,160) - (5,160)
Sale of treasury shares(a) - - (317) - 6,193,921 317 - - -
Share-based payments - - 191 - - - 191 - 191
Share cancellation (30,665,526) (87) (1,418) - 30,665,526 1,505 - - -
Net issuance (repayment) of perpetual subordinated notes - - (44) - - - (44) - (44)
Payments on perpetual subordinated notes - - (255) - - - (255) - (255)

Other operations with non-controlling interests

- - 41 7 - - 48 124 172
Other items - - (39) - - - (39) (328) (367)
As of September 30, 2022 2,619,131,285 8,163 131,382 (16,720) (94,357,781) (5,004) 117,821 2,851 120,672

(a)Treasury shares related to the performance share grants.

29

TotalEnergies

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE FIRST NINE MONTHS 2022

(unaudited)

1) Basis of preparation of the consolidated financial statements

The consolidated financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union and IFRS as published by the International Accounting Standards Board (IASB).

The interim consolidated financial statements of TotalEnergies SE and its subsidiaries (the Company) as of September 30, 2022, are presented in U.S. dollars and have been prepared in accordance with International Accounting Standard (IAS) 34 "Interim Financial Reporting".

The accounting principles applied for the consolidated financial statements at September 30, 2022, are consistent with those used for the financial statements at December 31, 2021. Since January 1, 2020, the Company has early adopted the amendments to IFRS 7 and IFRS 9 relating to the interest rate benchmark reform phase II. In particular, these amendments allow to maintain the hedge accounting qualification of interest rate derivatives.

The preparation of financial statements in accordance with IFRS for the closing as of September 30, 2022 requires the General Management to make estimates, assumptions and judgments that affect the information reported in the Consolidated Financial Statements and the Notes thereto.

These estimates, assumptions and judgments are based on historical experience and other factors believed to be reasonable at the date of preparation of the financial statements. They are reviewed on an on-going basis by General Management and therefore could be revised as circumstances change or as a result of new information.

The main estimates, judgments and assumptions relate to the estimation of hydrocarbon reserves in application of the successful efforts method for the oil and gas activities, asset impairments, employee benefits, asset retirement obligations and income taxes. These estimates and assumptions are described in the Notes to the Consolidated Financial Statements as of December 31, 2021.

The interim consolidated financial statements are impacted by the Russian-Ukrainian conflict described in paragraph 7 Other risks and commitments. The Company has taken this environment into account in its estimates and recorded in its accounts as of March 31, 2022, an impairment of $(4,095) million, concerning notably Arctic LNG 2. As of June 30, 2022, TotalEnergies recorded in its accounts an impairment of $(3,513) million, related mainly to the potential impact of international sanctions on the value of its Novatek stake and as of September 30 2022, TotalEnergies recorded in its accounts an additional impairment of $(3,056) million.

Different estimates, assumptions and judgments could significantly affect the information reported, and actual results may differ from the amounts included in the Consolidated Financial Statements and the Notes thereto.

Furthermore, when the accounting treatment of a specific transaction is not addressed by any accounting standard or interpretation, the General Management of the Company applies its judgment to define and apply accounting policies that provide information consistent with the general IFRS concepts: faithful representation, relevance and materiality.

2) Changes in the Company structure

2.1) Main acquisitions and divestments

⮚ Integrated Gas, Renewables & Power
· On February 28, 2022, TotalEnergies has successfully been named a winner of maritime lease area OCS-A 0538 by the BOEM (Bureau of Ocean Energy Management) in the New York Bight auction in United States.

30

This bid for the development of an offshore wind farm off the U.S. East Coast was won for a consideration of $795 million (100%) by both TotalEnergies and EnBW.

Located up to 47 nautical miles (87 kilometers) from the coast, the lease covers a 132 square miles (341 square kilometer) area that could accommodate a generation capacity of at least 3 GW, enough to provide power to about one million homes. The project is expected to come online by 2028.

· In September 2022, TotalEnergies finalized the acquisition of 50% of Clearway Energy Group (CEG), the 5th US renewable energy player, with Global Infrastructure Partners (GIP).

In the frame of this transaction, GIP received $1.6 billion in cash and an interest of 50% minus one share in the TotalEnergies subsidiary that holds a 50.5% ownership in SunPower Corporation, leader in residential solar in the U.S.

These transactions had an impact of $1,391 million on TotalEnergies' net income and as of September 30, 2022, TotalEnergies' interests in Clearway Energy Group (CEG) and in TotalEnergies' subsidiary that holds a 50.5% ownership in SunPower are accounted for using the equity method. This impact is treated as an adjustment item.

⮚ Exploration & Production
· In January 2022, TotalEnergies has decided to initiate the contractual process of withdrawing from the Yadana field and from MGTC in Myanmar, both as operator and as shareholder, without any financial compensation for TotalEnergies.

As a result, TotalEnergies registered an impairment of assets of $(201) million in operational result and of $(305) million in TotalEnergies' share net result in the financial statements as of December 31, 2021.

This withdrawal became effective on 20 July 2022.

· In February 2022, TotalEnergies announced its decision not to sanction and so to withdraw from the North Platte deepwater project in the US Gulf of Mexico.

The decision not to continue with the project was taken as TotalEnergies has better opportunities of allocation of its capital within its global portfolio.

An impairment of the project's assets has been recorded in the consolidated financial statements of the first quarter of 2022, for an amount of $(957) million in net income, TotalEnergies' share.

· In April 2022, TotalEnergies finalized the acquisition of the Atapu and Sepia pre-salt oil fields offered by Brazil's National Agency of Petroleum, Natural Gas and Biofuels (ANP) in the Transfer of Rights (ToR) Surplus bidding round, that took place in December 2021.

The details of the acquisition are presented in Note 2.2 to the consolidated financial statements.

2.2) Major business combinations

⮚ Exploration & Production
· Transfer of rights in the Atapu and Sepia fields in Brazil

On 26 April 2022, Petrobras transferred to TotalEnergies 22.5% of the rights of the pre-salt Atapu oil field. Production started in 2020 and has reached a plateau of 160,000 barrels per day with a first Floating, Production, Storage and Offloading unit (FPSO). A second FPSO is planned to be sanctioned, which would increase the overall oil production of the field to around 350,000 b/d.

On 27 April 2022, Petrobras also transferred to TotalEnergies 28% of the rights of the pre-salt Sepia oil field. Production started in 2021 and is targeting a plateau of 180,000 barrels per day with a first Floating, Production, Storage and Offloading unit (FPSO). A second FPSO is planned to be sanctioned, which would increase the overall oil production of the field to around 350,000 b/d.

In accordance with IFRS 3, TotalEnergies is assessing the fair value of identifiable acquired assets, liabilities and contingent liabilities on the basis of available information. This assessment will be finalised within 12 months following the acquisition date.

31

2.3) Divestment projects

As of September 30, 2022, there is no material divestment project recorded in "assets held for sale".

3) Business segment information

Description of the business segments

Financial information by business segment is reported in accordance with the internal reporting system and shows internal segment information that is used to manage and measure the performance of TotalEnergies and which is reviewed by the main operational decision-making body of the Company, namely the Executive Committee.

The operational profit and assets are broken down by business segment prior to the consolidation and inter-segment adjustments.

Sales prices between business segments approximate market prices.

The organization of the Company's activities is structured around the four followings segments:

- An Integrated Gas, Renewables & Power segment comprising integrated gas (including LNG) and low carbon electricity businesses. It includes the upstream and midstream LNG activity;
- An Exploration & Production segment; Starting September 2021, it notably includes the carbon neutrality activity that was previously reported in the Integrated Gas, Renewables & Power segment;
- A Refining & Chemicals segment constituting a major industrial hub comprising the activities of refining, petrochemicals and specialty chemicals. This segment also includes the activities of oil Supply, Trading and marine Shipping;
- A Marketing & Services segment including the global activities of supply and marketing in the field of petroleum products;

In addition the Corporate segment includes holdings operating and financial activities.

32

Adjustment items

Performance indicators excluding the adjustment items, such as adjusted operating income, adjusted net operating income, and adjusted net income are meant to facilitate the analysis of the financial performance and the comparison of income between periods.

Adjustment items include:

(i) Special items

Due to their unusual nature or particular significance, certain transactions qualified as "special items" are excluded from the business segment figures. In general, special items relate to transactions that are significant, infrequent or unusual. However, in certain instances, transactions such as restructuring costs or assets disposals, which are not considered to be representative of the normal course of business, may be qualified as special items although they may have occurred within prior years or are likely to occur again within the coming years.

(ii) The inventory valuation effect

The adjusted results of the Refining & Chemicals and Marketing & Services segments are presented according to the replacement cost method. This method is used to assess the segments' performance and facilitate the comparability of the segments' performance with those of its competitors.

In the replacement cost method, which approximates the LIFO (Last-In, First-Out) method, the variation of inventory values in the statement of income is, depending on the nature of the inventory, determined using either the month-end prices differential between one period and another or the average prices of the period rather than the historical value. The inventory valuation effect is the difference between the results according to the FIFO (First-In, First-Out) and the replacement cost methods.

(iii) Effect of changes in fair value

The effect of changes in fair value presented as adjustment items reflects for certain transactions differences between the internal measure of performance used by TotalEnergies's management and the accounting for these transactions under IFRS.

IFRS requires that trading inventories be recorded at their fair value using period end spot prices. In order to best reflect the management of economic exposure through derivative transactions, internal indicators used to measure performance include valuations of trading inventories based on forward prices.

TotalEnergies, in its trading activities, enters into storage contracts, whose future effects are recorded at fair value in the Company's internal economic performance. IFRS precludes recognition of this fair value effect.

Furthermore, TotalEnergies enters into derivative instruments to risk manage certain operational contracts or assets. Under IFRS, these derivatives are recorded at fair value while the underlying operational transactions are recorded as they occur. Internal indicators defer the fair value on derivatives to match with the transaction occurrence.

The adjusted results (adjusted operating income, adjusted net operating income, adjusted net income) are defined as replacement cost results, adjusted for special items and the effect of changes in fair value.

33

3.1) Information by business segment

9 months 2022

(M$)

Integrated Gas,

Renewables

& Power

Exploration

&

Production

Refining

&

Chemicals

Marketing

&

Services

Corporate Intercompany Total
External sales 34,070 7,342 94,968 76,024 13 - 212,417
Intersegment sales 5,113 42,324 34,127 1,159 185 (82,908) -
Excise taxes - - (538) (12,522) - - (13,060)
Revenues from sales 39,183 49,666 128,557 64,661 198 (82,908) 199,357
Operating expenses (33,277) (18,348) (119,790) (61,807) (1,063) 82,908 (151,377)
Depreciation, depletion and impairment of tangible assets and mineral interests (943) (6,772) (1,140) (757) (104) - (9,716)
Operating income 4,963 24,546 7,627 2,097 (969) - 38,264
Net income (loss) from equity affiliates and other items 1,513 (6,069) 724 42 175 - (3,615)
Tax on net operating income (1,331) (12,810) (1,646) (674) 259 - (16,202)
Net operating income 5,145 5,667 6,705 1,465 (535) - 18,447
Net cost of net debt (844)
Non-controlling interests (341)
Net income - TotalEnergies share 17,262

9 months 2022 (adjustments)(a)

(M$)

Integrated Gas,

Renewables

& Power

Exploration

&

Production

Refining

&

Chemicals

Marketing

&

Services

Corporate Intercompany Total
External sales 35 - - - - - 35
Intersegment sales - - - - - - -
Excise taxes - - - - - - -
Revenues from sales 35 - - - - - 35
Operating expenses (1,014) (877) 951 411 (512) - (1,041)
Depreciation, depletion and impairment of tangible assets and mineral interests (14) (546) - (35) (9) - (604)
Operating income (b) (993) (1,423) 951 376 (521) - (1,610)
Net income (loss) from equity affiliates and other items (3,182) (6,900) 69 (14) 106 - (9,921)
Tax on net operating income 65 39 (130) (113) 118 - (21)
Net operating income (b) (4,110) (8,284) 890 249 (297) - (11,552)
Net cost of net debt 269
Non-controlling interests (91)
Net income - TotalEnergies share (11,374)
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
(b) Of which inventory valuation effect
- On operating income - - 951 445 -
- On net operating income - - 922 331 -

9 months 2022 (adjusted)

(M$)

Integrated Gas,

Renewables

& Power

Exploration

&

Production

Refining

&

Chemicals

Marketing

&

Services

Corporate Intercompany Total
External sales 34,035 7,342 94,968 76,024 13 - 212,382
Intersegment sales 5,113 42,324 34,127 1,159 185 (82,908) -
Excise taxes - - (538) (12,522) - - (13,060)
Revenues from sales 39,148 49,666 128,557 64,661 198 (82,908) 199,322
Operating expenses (32,263) (17,471) (120,741) (62,218) (551) 82,908 (150,336)
Depreciation, depletion and impairment of tangible assets and mineral interests (929) (6,226) (1,140) (722) (95) - (9,112)
Adjusted operating income 5,956 25,969 6,676 1,721 (448) - 39,874
Net income (loss) from equity affiliates and other items 4,695 831 655 56 69 - 6,306
Tax on net operating income (1,396) (12,849) (1,516) (561) 141 - (16,181)
Adjusted net operating income 9,255 13,951 5,815 1,216 (238) - 29,999
Net cost of net debt (1,113)
Non-controlling interests (250)
Adjusted net income - TotalEnergies share 28,636

9 months 2022

(M$)

Integrated Gas,

Renewables

& Power

Exploration

&

Production

Refining

&

Chemicals

Marketing

&

Services

Corporate Intercompany Total
Total expenditures 5,525 8,168 803 679 55 15,230
Total divestments 2,922 592 89 180 12 3,795
Cash flow from operating activities 8,675 23,619 8,431 2,417 (1,393) 41,749

34

9 months 2021

Integrated Gas,

Exploration

Refining

Marketing

(M$)

Renewables

& Power

&

Production

&

Chemicals

&

Services

Corporate

Intercompany

Total

External sales 19,070 5,178 62,819 58,434 14 - 145,515
Intersegment sales 2,794 23,021 18,921 296 106 (45,138) -
Excise taxes - - (870) (15,309) - - (16,179)
Revenues from sales 21,864 28,199 80,870 43,421 120 (45,138) 129,336
Operating expenses (18,823) (11,310) (76,732) (40,812) (553) 45,138 (103,092)
Depreciation, depletion and impairment of tangible assets and mineral interests (1,105) (6,473) (1,184) (793) (82) - (9,637)
Operating income 1,936 10,416 2,954 1,816 (515) - 16,607
Net income (loss) from equity affiliates and other items 1,464 (834) 290 25 13 - 958
Tax on net operating income (365) (4,382) (834) (574) 77 - (6,078)
Net operating income 3,035 5,200 2,410 1,267 (425) - 11,487
Net cost of net debt (1,024)
Non-controlling interests (268)
Net income - TotalEnergies share 10,195
9 months 2021 (adjustments)(a)

Integrated Gas,

Exploration

Refining

Marketing

(M$)

Renewables

& Power

&

Production

&

Chemicals

&

Services

Corporate

Intercompany

Total

External sales (44) - - - - - (44)
Intersegment sales - - - - - - -
Excise taxes - - - - - - -
Revenues from sales (44) - - - - - (44)
Operating expenses (214) (55) 1,432 257 - - 1,420
Depreciation, depletion and impairment of tangible assets and mineral interests (155) - (25) - - - (180)
Operating income (b) (413) (55) 1,407 257 - - 1,196
Net income (loss) from equity affiliates and other items (99) (1,728) 33 (55) (60) - (1,909)
Tax on net operating income 63 69 (386) (74) 2 - (326)
Net operating income (b) (449) (1,714) 1,054 128 (58) - (1,039)
Net cost of net debt 15
Non-controlling interests (16)
Net income - TotalEnergies share (1,040)
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
(b) Of which inventory valuation effect
- On operating income - - 1,449 262 -
- On net operating income - - 1,222 189 -
9 months 2021 (adjusted)

Integrated Gas,

Exploration

Refining

Marketing

(M$)

Renewables

& Power

&

Production

&

Chemicals

&

Services

Corporate

Intercompany

Total

External sales 19,114 5,178 62,819 58,434 14 - 145,559
Intersegment sales 2,794 23,021 18,921 296 106 (45,138) -
Excise taxes - - (870) (15,309) - - (16,179)
Revenues from sales 21,908 28,199 80,870 43,421 120 (45,138) 129,380
Operating expenses (18,609) (11,255) (78,164) (41,069) (553) 45,138 (104,512)
Depreciation, depletion and impairment of tangible assets and mineral interests (950) (6,473) (1,159) (793) (82) - (9,457)
Adjusted operating income 2,349 10,471 1,547 1,559 (515) - 15,411
Net income (loss) from equity affiliates and other items 1,563 894 257 80 73 - 2,867
Tax on net operating income (428) (4,451) (448) (500) 75 - (5,752)
Adjusted net operating income 3,484 6,914 1,356 1,139 (367) - 12,526
Net cost of net debt (1,039)
Non-controlling interests (252)
Adjusted net income - TotalEnergies share 11,235
9 months 2021

Integrated Gas,

Exploration

Refining

Marketing

(M$)

Renewables

& Power

&

Production

&

Chemicals

&

Services

Corporate

Intercompany

Total

Total expenditures 4,870 4,949 915 599 62 11,395
Total divestments 810 537 146 138 20 1,651
Cash flow from operating activities 884 13,385 4,027 1,947 (1,454) 18,789

35

3rd quarter 2022 Integrated Gas, Exploration Refining Marketing
(M$)

Renewables

& Power

&

Production

&

Chemicals

&

Services

Corporate

Intercompany

Total

External sales 11,495 2,670 28,899 25,968 5 - 69,037
Intersegment sales 1,753 14,701 12,065 176 52 (28,747) -
Excise taxes - - (160) (3,915) - - (4,075)
Revenues from sales 13,248 17,371 40,804 22,229 57 (28,747) 64,962
Operating expenses (10,648) (6,880) (39,137) (21,513) (213) 28,747 (49,644)
Depreciation, depletion and impairment of tangible assets and mineral interests (295) (1,999) (371) (243) (27) - (2,935)
Operating income 2,305 8,492 1,296 473 (183) - 12,383
Net income (loss) from equity affiliates and other items 3,190 (2,643) 219 (14) (4) - 748
Tax on net operating income (777) (5,071) (255) (153) 162 - (6,094)
Net operating income 4,718 778 1,260 306 (25) - 7,037
Net cost of net debt (289)
Non-controlling interests (122)
Net income - TotalEnergies share 6,626
3rd quarter 2022 (adjustments)(a) Integrated Gas, Exploration Refining Marketing
(M$)

Renewables

& Power

&

Production

&

Chemicals

&

Services

Corporate

Intercompany

Total

External sales 38 - - - - - 38
Intersegment sales - - - - - - -
Excise taxes - - - - - - -
Revenues from sales 38 - - - - - 38
Operating expenses (291) (4) (771) (230) (79) - (1,375)
Depreciation, depletion and impairment of tangible assets and mineral interests - (7) - (2) - - (9)
Operating income (b) (253) (11) (771) (232) (79) - (1,346)
Net income (loss) from equity affiliates and other items 1,315 (3,130) (100) (7) - - (1,922)
Tax on net operating income 7 (298) 196 67 20 - (8)
Net operating income (b) 1,069 (3,439) (675) (172) (59) - (3,276)
Net cost of net debt 76
Non-controlling interests (37)
Net income - TotalEnergies share (3,237)
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
(b) Of which inventory valuation effect
- On operating income - - (771) (239) -
- On net operating income - - (675) (172) -
3rd quarter 2022 (adjusted) Integrated Gas, Exploration Refining Marketing
(M$)

Renewables

& Power

&

Production

&

Chemicals

&

Services

Corporate

Intercompany

Total

External sales 11,457 2,670 28,899 25,968 5 - 68,999
Intersegment sales 1,753 14,701 12,065 176 52 (28,747) -
Excise taxes - - (160) (3,915) - - (4,075)
Revenues from sales 13,210 17,371 40,804 22,229 57 (28,747) 64,924
Operating expenses (10,357) (6,876) (38,366) (21,283) (134) 28,747 (48,269)
Depreciation, depletion and impairment of tangible assets and mineral interests (295) (1,992) (371) (241) (27) - (2,926)
Adjusted operating income 2,558 8,503 2,067 705 (104) - 13,729
Net income (loss) from equity affiliates and other items 1,875 487 319 (7) (4) - 2,670
Tax on net operating income (784) (4,773) (451) (220) 142 - (6,086)
Adjusted net operating income 3,649 4,217 1,935 478 34 - 10,313
Net cost of net debt (365)
Non-controlling interests (85)
Adjusted net income - TotalEnergies share 9,863
3rd quarter 2022 Integrated Gas, Exploration Refining Marketing
(M$)

Renewables

& Power

&

Production

&

Chemicals

&

Services

Corporate

Intercompany

Total

Total expenditures 3,214 2,069 242 251 21 5,797
Total divestments 1,441 246 6 29 - 1,722
Cash flow from operating activities 4,390 9,083 3,798 939 (362) 17,848

36

3rd quarter 2021 Integrated Gas, Exploration Refining Marketing
Renewables & & & Corporate Intercompany Total
(M$) & Power Production Chemicals Services
External sales 8,482 1,921 22,765 21,554 7 - 54,729
Intersegment sales 1,239 8,588 7,031 110 38 (17,006) -
Excise taxes - - (240) (5,419) - - (5,659)
Revenues from sales 9,721 10,509 29,556 16,245 45 (17,006) 49,070
Operating expenses (8,502) (3,958) (28,153) (15,302) (179) 17,006 (39,088)
Depreciation, depletion and impairment of tangible assets and mineral interests (343) (2,156) (397) (267) (28) - (3,191)
Operating income 876 4,395 1,006 676 (162) - 6,791
Net income (loss) from equity affiliates and other items 782 139 79 2 18 - 1,020
Tax on net operating income (208) (2,007) (273) (222) 23 - (2,687)
Net operating income 1,450 2,527 812 456 (121) - 5,124
Net cost of net debt (372)
Non-controlling interests (107)
Net income - TotalEnergies share 4,645
3rd quarter 2021 (adjustments)(a) Integrated Gas, Exploration Refining Marketing
Renewables & & & Corporate Intercompany Total
(M$) & Power Production Chemicals Services
External sales - - - - - - -
Intersegment sales - - - - - - -
Excise taxes - - - - - - -
Revenues from sales - - - - - - -
Operating expenses (152) (32) 301 44 - - 161
Depreciation, depletion and impairment of tangible assets and mineral interests (7) - (12) - - - (19)
Operating income (b) (159) (32) 289 44 - - 142
Net income (loss) from equity affiliates and other items (3) (246) 5 (12) 2 - (254)
Tax on net operating income 4 79 (84) (14) - - (15)
Net operating income (b) (158) (199) 210 18 2 - (127)
Net cost of net debt 5
Non-controlling interests (2)
Net income - TotalEnergies share (124)
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
(b) Of which inventory valuation effect
- On operating income - - 309 56 -
- On net operating income - - 285 41 -
3rd quarter 2021 (adjusted) Integrated Gas, Exploration Refining Marketing
Renewables & & & Corporate Intercompany Total
(M$) & Power Production Chemicals Services
External sales 8,482 1,921 22,765 21,554 7 - 54,729
Intersegment sales 1,239 8,588 7,031 110 38 (17,006) -
Excise taxes - - (240) (5,419) - - (5,659)
Revenues from sales 9,721 10,509 29,556 16,245 45 (17,006) 49,070
Operating expenses (8,350) (3,926) (28,454) (15,346) (179) 17,006 (39,249)
Depreciation, depletion and impairment of tangible assets and mineral interests (336) (2,156) (385) (267) (28) - (3,172)
Adjusted operating income 1,035 4,427 717 632 (162) - 6,649
Net income (loss) from equity affiliates and other items 785 385 74 14 16 - 1,274
Tax on net operating income (212) (2,086) (189) (208) 23 - (2,672)
Adjusted net operating income 1,608 2,726 602 438 (123) - 5,251
Net cost of net debt (377)
Non-controlling interests (105)
Adjusted net income - TotalEnergies share 4,769
3rd quarter 2021 Integrated Gas, Exploration Refining Marketing
Renewables & & & Corporate Intercompany Total
(M$) & Power Production Chemicals Services
Total expenditures 683 1,754 337 239 14 3,027
Total divestments 358 163 17 31 2 571
Cash flow from operating activities (463) 4,814 799 845 (355) 5,640

37

3.2) Reconciliation of the information by business segment with consolidated financial statements

Consolidated
9 months 2022 statement of
(M$) Adjusted Adjustments(a) income
Sales 212,382 35 212,417
Excise taxes (13,060 ) - (13,060 )
Revenues from sales 199,322 35 199,357
Purchases net of inventory variation (128,294 ) 401 (127,893 )
Other operating expenses (21,718 ) (717 ) (22,435 )
Exploration costs (324 ) (725 ) (1,049 )
Depreciation, depletion and impairment of tangible assets and mineral interests (9,112 ) (604 ) (9,716 )
Other income 713 1,552 2,265
Other expense (951 ) (3,565 ) (4,516 )
Financial interest on debt (1,667 ) - (1,667 )
Financial income and expense from cash & cash equivalents 408 378 786
Cost of net debt (1,259 ) 378 (881 )
Other financial income 546 84 630
Other financial expense (383 ) - (383 )
Net income (loss) from equity affiliates 6,381 (7,992 ) (1,611 )
Income taxes (16,035 ) (130 ) (16,165 )
Consolidated net income 28,886 (11,283 ) 17,603
TotalEnergies share 28,636 (11,374 ) 17,262
Non-controlling interests 250 91 341

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

Consolidated
9 months 2021 statement of
(M$) Adjusted Adjustments(a) income
Sales 145,559 (44 ) 145,515
Excise taxes (16,179 ) - (16,179 )
Revenues from sales 129,380 (44 ) 129,336
Purchases net of inventory variation (83,971 ) 1,510 (82,461 )
Other operating expenses (20,124 ) (90 ) (20,214 )
Exploration costs (417 ) - (417 )
Depreciation, depletion and impairment of tangible assets and mineral interests (9,457 ) (180 ) (9,637 )
Other income 749 27 776
Other expense (451 ) (1,111 ) (1,562 )
Financial interest on debt (1,421 ) - (1,421 )
Financial income and expense from cash & cash equivalents 235 24 259
Cost of net debt (1,186 ) 24 (1,162 )
Other financial income 567 - 567
Other financial expense (401 ) - (401 )
Net income (loss) from equity affiliates 2,403 (825 ) 1,578
Income taxes (5,605 ) (335 ) (5,940 )
Consolidated net income 11,487 (1,024 ) 10,463
TotalEnergies share 11,235 (1,040 ) 10,195
Non-controlling interests 252 16 268

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

38

Consolidated
3rd quarter 2022 statement
(M$) Adjusted Adjustments(a) of income
Sales 68,999 38 69,037
Excise taxes (4,075 ) - (4,075 )
Revenues from sales 64,924 38 64,962
Purchases net of inventory variation (41,509 ) (1,293 ) (42,802 )
Other operating expenses (6,689 ) (82 ) (6,771 )
Exploration costs (71 ) - (71 )
Depreciation, depletion and impairment of tangible assets and mineral interests (2,926 ) (9 ) (2,935 )
Other income 163 1,530 1,693
Other expense (153 ) (768 ) (921 )
Financial interest on debt (633 ) - (633 )
Financial income and expense from cash & cash equivalents 219 108 327
Cost of net debt (414 ) 108 (306 )
Other financial income 196 - 196
Other financial expense (112 ) - (112 )
Net income (loss) from equity affiliates 2,576 (2,684 ) (108 )
Income taxes (6,037 ) (40 ) (6,077 )
Consolidated net income 9,948 (3,200 ) 6,748
TotalEnergies share 9,863 (3,237 ) 6,626
Non-controlling interests 85 37 122

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

Consolidated
3rd quarter 2021 statement
(M$) Adjusted Adjustments(a) of income
Sales 54,729 - 54,729
Excise taxes (5,659 ) - (5,659 )
Revenues from sales 49,070 - 49,070
Purchases net of inventory variation (32,574 ) 230 (32,344 )
Other operating expenses (6,548 ) (69 ) (6,617 )
Exploration costs (127 ) - (127 )
Depreciation, depletion and impairment of tangible assets and mineral interests (3,172 ) (19 ) (3,191 )
Other income 195 - 195
Other expense (117 ) (488 ) (605 )
Financial interest on debt (454 ) - (454 )
Financial income and expense from cash & cash equivalents 79 8 87
Cost of net debt (375 ) 8 (367 )
Other financial income 193 - 193
Other financial expense (140 ) - (140 )
Net income (loss) from equity affiliates 1,143 234 1,377
Income taxes (2,674 ) (18 ) (2,692 )
Consolidated net income 4,874 (122 ) 4,752
TotalEnergies share 4,769 (124 ) 4,645
Non-controlling interests 105 2 107

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

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3.3) Adjustment items

The main adjustment items of the period are the following exceptional impairments and provisions related to the Russian-Ukrainian conflict:

· In the first quarter, an impairment of $(4,095) million in net result concerning notably Arctic LNG 2.
· In the second quarter, an impairment of $(3,513) million in net result related to the potential impact of international sanctions on the value of Novatek stake and in the third quarter, an additional impairment of $(3,056) million in net income.

The adjustment items also include a $1,391 million gain on the partial disposal of TotalEnergies' interest in its subsidiary which owns 50.5% of Sunpower and on the revaluation of its retained interest which is accounted for using the equity method.

The detail of the adjustment items is presented in the table below.

ADJUSTMENTS TO OPERATING INCOME
(M$)

Integrated Gas,

Renewables

& Power

Exploration

&

Production

Refining

&

Chemicals

Marketing

&

Services

Corporate Total
3rd quarter 2022 Inventory valuation effect - - (771) (239) - (1,010)
Effect of changes in fair value (241) - - - - (241)
Restructuring charges (8) - - - - (8)
Asset impairment and provisions charges - (7) - 7 - -
Other items (4) (4) - - (79) (87)
Total (253) (11) (771) (232) (79) (1,346)
3rd quarter 2021 Inventory valuation effect - - 309 56 - 365
Effect of changes in fair value (122) - - - - (122)
Restructuring charges (3) (36) (8) - - (47)
Asset impairment and provisions charges (7) - (12) - - (19)
Other items (27) 4 - (12) - (35)
Total (159) (32) 289 44 - 142
9 months 2022 Inventory valuation effect - - 951 445 - 1,396
Effect of changes in fair value (926) - - - - (926)
Restructuring charges (30) - - - - (30)
Asset impairment and provisions charges (18) (1,337) - (58) (9) (1,422)
Other items (19) (86) - (11) (512) (628)
Total (993) (1,423) 951 376 (521) (1,610)
9 months 2021 Inventory valuation effect - - 1,449 262 - 1,711
Effect of changes in fair value (180) - - - - (180)
Restructuring charges (13) (36) (16) - - (65)
Asset impairment and provisions charges (155) - (25) - - (180)
Other items (65) (19) (1) (5) - (90)
Total (413) (55) 1,407 257 - 1,196

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ADJUSTMENTS TO NET INCOME, TotalEnergies SHARE
(M$)

Integrated Gas,

Renewables

& Power

Exploration

&

Production

Refining

&

Chemicals

Marketing

&

Services

Corporate Total
3rd quarter 2022 Inventory valuation effect - - (671) (156) - (827)
Effect of changes in fair value (224) - - - - (224)
Restructuring charges (17) - - - - (17)
Asset impairment and provisions charges (149) (2,969) - - - (3,118)
Gains (losses) on disposals of assets 1,391 - - - - 1,391
Other items 11 (438) - - (15) (442)
Total 1,012 (3,407) (671) (156) (15) (3,237)
-
3rd quarter 2021 Inventory valuation effect - - 282 38 - 320
Effect of changes in fair value (119) - - - - (119)
Restructuring charges (2) 2 (46) 1 2 (43)
Asset impairment and provisions charges (5) - (29) (13) - (47)
Gains (losses) on disposals of assets - (177) - - - (177)
Other items (28) (19) - (11) - (58)
Total (154) (194) 207 15 2 (124)
9 months 2022 Inventory valuation effect - - 902 304 - 1,206
Effect of changes in fair value (855) - - - - (855)
Restructuring charges (28) - - - - (28)
Asset impairment and provisions charges (4,323) (7,494) - (72) (9) (11,898)
Gains (losses) on disposals of assets 1,391 - - - - 1,391
Other items (341) (710) (32) (8) (99) (1,190)
Total (4,156) (8,204) 870 224 (108) (11,374)
-
9 months 2021 Inventory valuation effect - - 1,208 176 - 1,384
Effect of changes in fair value (169) - - - - (169)
Restructuring charges (14) (83) (117) (42) (58) (314)
Asset impairment and provisions charges (185) - (42) (13) - (240)
Gains (losses) on disposals of assets - (1,556)* - - - (1,556)
Other items (70) (60) (9) (6) - (145)
Total (438) (1,699) 1,040 115 (58) (1,040)

*Of which $1,379 million related to the impact of the TotalEnergies' interest sale of Petrocedeño to PDVSA.

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4) Shareholders' equity

Treasury shares (TotalEnergies shares held directly by TotalEnergies SE)

December 31, 2021 September 30, 2022
Number of treasury shares 33,841,104 94,357,781
Percentage of share capital 1.28% 3.60%
Of which shares acquired with the intention to cancel them 30,665,526 94,177,672
Of which shares allocated to TotalEnergies share performance plans for Company employees 3,103,018 91,335
Of which shares intended to be allocated to new share performance or purchase options plans 72,560 88,774

Dividend

The Board of Directors of April 27, 2022 decided to increase interim dividends by 5% and consequently set the first interim dividend for the fiscal year 2022 at €0.69 per share. The ex-dividend date of this intermin dividend was September 21, 2022 and it was paid in cash on October 3, 2022.

Moreover, the Board of Directors of July 27, 2022 decided to set the amount of the second interim dividend for the 2022 fiscal year at 0.69 euro per share, i.e an amount equal to the aforementioned first interim dividend. The ex-dividend date of the second interim dividend will be January 2, 2023 and it will be paid in cash on January 12, 2023.

Furthermore, the Board of Directors of October 26, 2022 decided to set the amount of the third interim dividend for the 2022 fiscal year at 0.69 euro per share, i.e an amount equal to the first and second interim dividends for the same fiscal year. The ex-dividend date of the third interim dividend will be March 22, 2023 and it will be paid in cash on April 3, 2023.

Dividend 2022 First interim Second interim Third interim
Amount per share €0.69 €0.69 €0.69
Set date April 27, 2022 July 27, 2022 October 26, 2022
Ex-dividend date September 21, 2022 January 2, 2023 March 22, 2023
Payment date October 3, 2022 January 12, 2023 April 3, 2023

Finally, following its decisions of September 28, 2022, the Board of Directors of October 26, 2022 confirmed the distribution of a special interim dividend of €1 per share. The ex-dividend date of the special interim dividend will be December 6, 2022 and it will be paid in cash on December 16, 2022.

Special interim dividend
Amount per share €1
Ex-dividend date December 6, 2022
Payment date December 16, 2022

Earnings per share in Euro

Earnings per share in Euro, calculated from the earnings per share in U.S. dollars converted at the average Euro/USD exchange rate for the period, amounted to €2.52 per share for the 3rd quarter 2022 (€2.03 per share for the 2nd quarter 2022 and €1.46 per share for the 3rd quarter 2021). Diluted earnings per share calculated using the same method amounted to €2.50 per share for the 3rd quarter 2022 (€2.03 per share for the 2nd quarter 2022 and €1.44 per share for the 3rd quarter 2021).

Earnings per share are calculated after remuneration of perpetual subordinated notes.

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Perpetual subordinated notes

On January 17, 2022, TotalEnergies SE issued perpetual subordinated notes:

- Perpetual subordinated notes 2.000% callable in April 2027, or in anticipation in January 2027 (€1,000 million); and
- Perpetual subordinated notes 3.250% callable in January 2037, or in anticipation in July 2036 (€750 million).

On May 18, 2022, TotalEnergies SE fully reimbursed the residual nominal amount of €1,750 million of its perpetual subordinated notes 3.875% issued in May 2016, on their first call date.

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Other comprehensive income

Detail of other comprehensive income is presented in the table below:

(M$) 9 months 2022 9 months 2021
Actuarial gains and losses 187 446
Change in fair value of investments in equity instruments 114 (27)
Tax effect (40) (149)
Currency translation adjustment generated by the parent company (11,776) (5,302)
Sub-total items not potentially reclassifiable to profit and loss (11,515) (5,032)
Currency translation adjustment 5,406 3,037
- unrealized gain/(loss) of the period 5,499 3,198
- less gain/(loss) included in net income 93 161
Cash flow hedge 4,217 504
- unrealized gain/(loss) of the period 4,801 337
- less gain/(loss) included in net income 584 (167)
Variation of foreign currency basis spread 79 (2)
- unrealized gain/(loss) of the period 49 (39)
- less gain/(loss) included in net income (30) (37)

Share of other comprehensive income of

equity affiliates, net amount

2,655 635
- unrealized gain/(loss) of the period 2,609 634
- less gain/(loss) included in net income (46) (1)
Other (19) 1
Tax effect (1,483) (157)
Sub-total items potentially reclassifiable to profit and loss 10,855 4,018
Total other comprehensive income (net amount) (660) (1,014)

44

Tax effects relating to each component of other comprehensive income are as follows:

9 months 2022 9 months 2021
(M$) Pre-tax
amount		 Tax effect Net amount Pre-tax
amount		 Tax effect Net amount
Actuarial gains and losses 187 (49) 138 446 (141) 305
Change in fair value of investments in equity instruments 114 9 123 (27) (8) (35)
Currency translation adjustment generated by the parent company (11,776) - (11,776) (5,302) - (5,302)
Sub-total items not potentially reclassifiable to profit and loss (11,475) (40) (11,515) (4,883) (149) (5,032)
Currency translation adjustment 5,406 - 5,406 3,037 - 3,037
Cash flow hedge 4,217 (1,463) 2,754 504 (155) 349
Variation of foreign currency basis spread 79 (20) 59 (2) (2) (4)
Share of other comprehensive income of equity affiliates, net amount 2,655 - 2,655 635 - 635
Other (19) - (19) 1 - 1
Sub-total items potentially reclassifiable to profit and loss 12,338 (1,483) 10,855 4,175 (157) 4,018
Total other comprehensive income 863 (1,523) (660) (708) (306) (1,014)

5) Financial debt

The Company has not issued any new senior bond during the first nine months of 2022.

The Company reimbursed four senior bonds during the first nine months of 2022:

- Bond 2.875% issued by TotalEnergies Capital International in 2012 and maturing in February 2022 ($1,000 million)
- Bond 1.125% issued by TotalEnergies Capital Canada in 2014 and maturing in March 2022 (€1,000 million)
- Bond 2.250% issued by TotalEnergies Capital International in 2015 and maturing in June 2022 (£400 million)
- Bond 3.125% issued by TotalEnergies Capital in 2010 and maturing in September 2022 (€500 million).

On March 4, 2022, the Company put in place a committed syndicated credit line with banks for an amount of $8,000 million and with a 12-month tenor (with the option to extend its maturity twice by a further 6 months at TotalEnergies SE' hand).

6) Related parties

The related parties are mainly equity affiliates and non-consolidated investments.

There were no major changes concerning transactions with related parties during the first nine months of 2022.

The impact of the Russian-Ukrainian conflict on transactions with related parties in Russia is described in paragraph 7 Other risks and commitments.

45

7) Other risks and contingent liabilities

TotalEnergies is not currently aware of any exceptional event, dispute, risks or contingent liabilities that could have a material impact on the assets and liabilities, results, financial position or operations of the TotalEnergies, other than those mentioned below.

Yemen

In Yemen, the deterioration of security conditions in the vicinity of the Balhaf site caused the company Yemen LNG, in which TotalEnergies holds a stake of 39.62%, to stop its commercial production and export of LNG and to declare force majeure to its various stakeholders in 2015. The plant has been put in preservation mode.

Mozambique

Considering the evolution of the security situation in the north of the Cabo Delgado province in Mozambique, TotalEnergies has confirmed on April 26, 2021, the withdrawal of all Mozambique LNG project personnel from the Afungi site. This situation led TotalEnergies, as operator of Mozambique LNG project, to declare force majeure.

Russian-Ukrainian conflict

Since the month of February 2022, Russia's invasion of Ukraine led European and American authorities to adopt several sets of sanctions measures targeting Russian and Belarusian persons and entities, as well as the financial sector.

TotalEnergies holds investments in this country in major LNG projects (Yamal LNG and Arctic LNG 2) both directly and through its holding in the company PAO Novatek, whose production and sale of LNG are not materially impacted by the sanctions adopted as of the date hereof.

Depending on the developments of the Russian-Ukrainian conflict and the measures that the European and American authorities could be required to take, the activities of TotalEnergies in Russia could be affected in the future.

TotalEnergies announced on March 1, 2022, that it condemned Russia's military aggression against Ukraine, and that sanctions that will be implemented by the Company regardless of the consequences on its asset management.

On March 22, 2022, TotalEnergies announced that, given the uncertainty created by the technological and financial sanctions on the ability to carry out the Arctic LNG 2 project currently under construction and their probable tightening with the worsening conflict, TotalEnergies SE had decided to no longer book proved reserves for the Arctic LNG 2 project.

Since then, on April 8,2022, new sanctions have effectively been adopted by the European authorities, notably prohibiting export from European Union countries of goods and technology for use in the liquefaction of natural gas benefitting a Russian company. It appears that these new prohibitions constitute additional risks on the execution of the Arctic LNG 2 project.

As a result, TotalEnergies recorded, in its accounts as of March 31, 2022, an impairment of $(4,095) million, concerning notably Arctic LNG 2.

The potential impact of international sanctions on the value of TotalEnergies' stake in Novatek led the Company to identify indications of impairment. The impairment tests performed as of June 30, 2022 and then as of September 30, 2022 in order to determine the value in use based on future cash flows, taking into account assumptions reflecting the impact of sanctions on future cash flows, led TotalEnergies to record an impairment charge of $(3,513) million as of June 30, 2022 and an additional impairment charge of $(3,056) million as of September 30, 2022.

On July 18, 2022, TotalEnergies agreed to sell to Novatek TotalEnergies' 49% interest in Terneftegaz, which operates the Termokarstovoye gas and condensates field in Russia, on economic terms enabling TotalEnergies to recover the outstanding amounts invested in the field. This transfer was finalized on September 15, 2022.

46

The table below presents the contribution of Russian assets to the key income and cash flow indicators:

Russian Upstream Assets (M$) 3rd quarter2022 2ndquarter2022 9 months2022 2021
Net income (TotalEnergies share) (1,907) (3,202) (8,113) 1,995
Cash flow from operations 349 368 748 1,163

Capital Employed1 by TotalEnergies in Russia as of September 30, 2022 was $6,110 million after taking into account the $(3,056) million impairment in the third quarter 2022.

8) Subsequent events

There are no post-balance sheet events that could have a material impact on the Company's financial statements.

1 Capital Employed consists of non-current assets and working capital, at replacement cost, net of deferred income taxes and non-current liabilities.

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TotalEnergies SE published this content on 27 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 October 2022 13:16:06 UTC.