TotalEnergies SE

Unknown Executive: So welcome, everybody, for this presentation of 2025 year results and the objective for 2026. We are from London. It is sunny like its sun for the shares of TotalEnergies until we speak. So we'll see after that after this call. And I'm happy to be here today with the Executive Committee members. You know all of them, but not Catherine. Catherine if you could stand up, which was -- she's our new member in charge of people and social engagement and all global services, that's Catherine. And there is another person which is next to us that you need to know, which is Arnaud Le Foll. Arnaud is our Deputy CFO. You will have a chance to listen to him today. We'll make a presentation in two big parts and to focus in the middle, so to change. So Jean-Pierre will introduce the -- first, we'll have, of course, safety moment. It will be done and the, I would say -- Safety, Sustainability part will be done by Nicolas Terraz, our President Upstream. Then we'll have Jean-Pierre, who will make a review of the 2025 results. Then 2 small focus, one Namibia by Arnaud because Arnaud before to be deputy CFO was one in charge of the negotiation of Namibia. So let's have the opportunity to let him -- listen to him. And then Stephane will come in a focus of data centers, AI from -- as a way as a business for us, but also what we do internally. So just to focus. And then I will take the last part about what are the objectives for 2026. So it would be -- normally, if we are respecting the timing, mature, it should be 1 hour, 1 hour 5 minutes, we'll see. But be patient when you have time to ask your question. So Nicolas, the floor is yours, to begin. Nicolas Terraz: Good afternoon, everyone. So first, let me take a minute for the sustainability moment. We thought for a sustainability moment, we'll share with you a very concrete illustration on what we are doing to fight methane emissions. And to fight methane emissions, the first step is to detect them. So what we did last year is that we installed in all our sites, a network of detection and monitoring system fixed continuous. And what you see in the footage here is a picture or a video taken in Argentina in Neuquen and we are just commissioning an infrared camera. And this infrared camera detected what is not a fire, but it's -- it's methane. And in fact, it's methane coming from underground, from a pipeline, which had a pinhole, it was a very small role and was leaking methane in fairly modest quantities. But still, this was detected. This was, of course, immediately fixed so the pipeline was excavated and the leakage fixed. But this really illustrates the role and benefit of permanent methane detection to reach near zero methane emissions, which is our objective by 2030. So let me now move to safety. So you see on the slides, we are -- we are on a journey of continuous improvement in safety, both for safety at work and for process safety. So for safety at work, you see on the left part of the slide, our total recordable injury rate, which has been continuously decreasing. And last year, we were below 0.5 event per million man-hour, so I think we are pleased to be ahead of our peer group. Where we are not happy, in fact, is that we had one fatality last year. This happened in Angola during the offloading of drilling casings from a rig to a platform supply vessel where one person working onboard the supply vessel was crushed by those drilling pipes. Manoj Kumar, he was 51 year-old. He was married, he had 1 child and after the accident, what we did is what we owed to him, which is to take very strong action to reinforce the safety of dock operations onboard our supply vessels by putting more physical barriers, steel frames for pipe offloading operations, but also by taking very strong organizational measures in terms of supervision of the dock operations onboard our supply vessels. For process safety on the prevention of major risk, you can see illustrated on the right part of the slide with the reduction of the number of primary losses of containment on our sites, which have been decreased by 60% since 2020. And so we're continuing to work on that front. And today, more than ever, we want to ensure everyone working on our sites, either staff or contractors can return home safely and we aim to achieve zero fatality in our operations. I'm now coming to emissions. And here, we're already pleased that in 2025, we reached and even exceeded all our emission reduction targets. So I spoke about methane just before. Now we are at minus 65% in our methane emissions compared to 2020, we had a target of minus 60%. We -- and as I mentioned, we are monitoring this super closely in order to reach near zero emission in 3, 4 years. For greenhouse gas, looking at our Scope 1 and 2 greenhouse gas emissions, you see that last year for oil and gas operations, we reduced the emission by 1 million tonne compared to 2024, and we have a cumulative reduction of 38%. Also the gradual evolution of our sales mix is driving down the life cycle carbon intensity of our products. So the products we are selling. And you see the figure here, minus 19% in 2025 compared to where we were in 2015. On the last point, but not the least one is that you know that we've invested $1 billion in energy efficiency improvement program over '23, '25. This is paying off. It's paying off with a reduction in our emissions because the actions implemented through this program resulted in a reduction of 2 million tonnes of CO2 equivalent emissions less. But it's also paying off in terms of dollars because this program has generated around $200 million annually of energy and CO2 savings from 100 [indiscernible] on our various sites. So this was about emissions or now I'm going to hand back the floor to Jean-Pierre. Jean-Pierre Sbraire: Thank you very much. Good afternoon. So I will present to you the 2025 results, and I think the key achievement of the year. So you know we have a pretty well-balanced strategy, integrated strategy anchored on two pillars, the first one, oil and gas; and the second one, gas and LNG. Let me go through the main achievements of 2025. So starting with oil and gas and oil in particular. So you see that you know that we started up two main oil and gas shields, one in the U.S. with Ballymore, another one, another deep offshore development in Brazil with Mero-4. Namibia, it's a very clear achievement of 2025 year. So entering in the block till now operated by Galp, supporting the Mopane discovery. So entering into that block, of course, is a very clear achievement confirming this Namibia as a new, I would say, Golden province for TotalEnergies. Arnaud will come back on that to give you more details about that. To prepare the future, so we have reloaded our portfolio, exploration portfolio. You see here the different geographies in which we are very active in 2025. On the gas and LNG side, Rio Grande. So we -- FID, we sanctioned the project Train 4 in Rio Grande project, with an additional 1.5 million tonnes per year of additional LNG uptake. Acquisition of additional interest in Malaysia. So you know that we entered into Malaysia very recently, so confirming the willingness of TotalEnergies to be the hub that is perfectly positioned to supply the gas market in Asia in the coming years. And continuing the integration, the upstream gas integration in the U.S. with additional acquisition of dry gas in Anadarko basin. And on top of that, end of 2025, we announced the agreement with NEO NEXT, in fact, to merge our upstream assets with those of NEO NEXT, creating one of the largest oil and gas or -- the major oil and gas players in the U.K. aiming to deliver synergies. So to summarize, yes, we grow, we are a growing company. So you see here the figures 2025, 4% upstream growth. You know that the guidance were above 3%. So we are largely above the guidance. At the same time, we keep a discipline. I will come back on the CapEx, here you see the figure for OpEx per barrel. So the best OpEx per barrel among our peers: $5 per barrel, of course, it's very important for us to keep this advantage to face the possible low price environment and very important in our view, the fact that we were able to deliver 120% proved reserve replacement rates. That means that we -- the reserve, proved reserve we have at the end of the year, at the end of 2025, we'll cover 12 years of '25 projection. And the other pillar, so integrated power. So another year of delivery of our strategy, more than 20% net power production growth both on coming from renewables and from CCGT from flexible assets. We mentioned here 3 main achievements of the year. You know the agreement we signed with the EPH that will, in fact, accelerate our gas to power integration in Europe, supposed to be closed mid of 2026. Stephane will come back on that. So we served, I would say, on the wave created by data center, [indiscernible], to sign 6 terawatt per year PPA with data center impact. And implementing our model, so as you know, we recycled the CapEx, the capital and so we successfully signed different farm down in the U.K., in Greece, in Portugal, in France in '25, recycling the equivalent of $2 billion. Scorecard for 2025, clearly, we are a growing company, delivering of our objectives. First, more energy, growing energy growth regarding energy production, 5% when you combine the growth coming from oil and gas and the growth coming from electricity. So more specifically, on the oil and gas, I already mentioned the fact that we achieved close to 4% growth. You know that the targets were above 3%. And for electricity net production, we increased the production by almost 20% between 2024 and 2025, reaching more or less 50 terawatt hour in 2025. Refining utilization rates. So we were clear that during the first semester, ASC has to face some technical incidents problem of reliability of some of the assets in France or in the U.S. The second semester, this has been fixed. And so given this performance during the second semester, you see that globally, all in all, over the full year. So refining utilization rate were in line with the targets we had. LNG sales were growing 10% more compared to last year, in line with the growth in production. And finally, on this topic, more energy. So renewable growth installed capacity. So 24 gigawatts of growth renewable capacity at the end of the year. We were at 26 gigawatts end of '24. That means that in the course of 2025, we are able to put into production, 8 gigawatts of additional growth renewable capacity, and it is the pace we need to achieve 8 gigawatt per year to achieve the target we have for 2033. So more energy, less emissions. I will not come back on the figures because already Nicolas presented that. Just to mention to summarize that we are able to lower the emission, maintain Scope 1 and Scope 2 on our operations, while at the same time, being a growing company, 5% more energy produced in 2025. More energy, less emission is good, but it's better, of course, to grow the free cash flow to supply the shareholder returns. There are, of course, two main drivers. The first one, maintaining the discipline on OpEx and maintaining this differentiation advantage we have, having OpEx per barrel at $5 per barrel. And CapEx, I will come back on that later. So we were, of course, in the guidance at $17.1 billion. So globally, versus CFFO, I think we're not exactly valuable, we anticipate when we gave the objective '25, but not very far at $28 billion. So delivering in our view, a robust cash flow in 2025. So now some figures regarding this 2025 performance. So starting on the left-hand side of the slide, the cash flow and the contribution of the different business units to this performance. So $28 billion of cash flow generated by our operations. You see the different contributions, so exploration and production. Production of the growing cash flow and the fact that I will comment that later. The cash flow are accretive and the growth is accretive. Second portion, integrated energy. So suffering in 2025 in markets with low volatility, but compensating downward in prices by additional production. I mentioned to you, a 10% growth regarding production and sales. Integrated power at $2.6 billion, so in line with our expectations. So we have target to have a cash flow above $2.5 billion for 2025. And downstream, $6.2 billion. So both ARC and Marketing & Services, I think is a demonstration of the resilience of the company and the integration between ARC and Marketing & Services. Once again, with better utilization rate during the second semester, downstream, ARC able to capture the good margin that we benefited from in the second part of the year. The uses, so I think the yellow part of the graph, so we used more slightly above $17 million for CapEx. So both organic CapEx, acquisition minus divestments and the shareholder returns with two components: the first one being dividends, so $8.1 billion cash out linked to the dividend taking into account via trades we had in the course of 2025. So it's growing dividends. And we execute the buyback program for an amount of $7.5 billion globally on the full year. The net adjusted income reached $15.6 billion and so we continue to deliver the best-in-class profitability. So return on equity at $13.6 billion and the best-in-class ROACE at 12.6%. The net income IFRS, so after taking into account nonrecurring adjustments, it's $13.1 billion for 2025. And this has been done maintaining a strong balance sheet. So the gearing at the end of the year were below 15%, so at 14.7%. So globally, total shareholder return of $15.6 billion, so dividend plus buyback, so representing a payout when you compare this return to shareholder to the cash flow we generated in 2025. So it's a payout close to 55%. Now CapEx. So I already mentioned that. So discipline, of course, maintained through the year 2025. So the guidance, 15% to 15.5%. And so the final figure of $17.1, yes. And so this -- you see the right [indiscernible] with splits between the different businesses. So more or less, 1/3 devoted to new oil and gas projects. And close to $3.5 billion to low carbon energy, the main component of that being Integrated Power. This figure is the translation of the production of $16.8 billion spend on organic CapEx, so the spending on the existing portfolio, these assets plus $3.9 billion devoted to acquisition, minus $3.6 billion to divestments. So that means that the M&A was quite balanced in 2025. But if you add the 2 figures, you end up with a figure at $7.5 billion. That means that we continue to be very active on our portfolio, divesting mature assets and replacing them by assets with better performance and implementing our strategy regarding, in particular, integrated power. For the main acquisition we made for Integrated Power is VSB, the German renewable player. I already mentioned the U.S., Malaysia and on the opposite side, divestments, so it's mature assets in Nigeria, in Congo, N'Kossa, just to give you these two examples, in Argentina, Vaca Muerta assets. And on top of that, all the countries I already mentioned regarding the implementation of strategy, the recycling of the CapEx, the capital for integrated power. We saw divestment in the U.S. and in Europe. Let's move in more details to see -- to look at the upstream performance in 2025. So once again a growth by 4% and feed by, of course, a low decline. We benefited for our portfolio of a decline by around 4% per year. And on top of that, as you know, we have a very deep portfolio. And so in 2025, we were able to put on production, additional barrels that globally contributed to 150,000 barrels of oil equivalent per day. And this production is accretive. So it's the demonstration. So we increased the production by 4% but in a constant environment, we increased the upstream cash flow by 10%. What does it mean? That means that the baseline for our portfolio has, in this environment, $70 per barrel for Brent and $12 per MBTU for gas to generate $19 per barrel of CFFO. And the new projects to have a list, by the way, on the right-hand side of the slide. So this 150,000 barrel equivalents of additional production has, on average, not CFFO, more than $30 per barrel. So that means that, of course, with the new production, we increase the of the portfolio. And so the difference between this $30 per barrel with the $19 per barrel for the baseline, so created an additional $700 million in 2025 regarding the CFFO. So integrated LNG. Well, it's clear that in 2025, we had narrowing spread between Asian markets and European markets. So the spread between GM and TTF that is lower than before. Most of it is below $0.5 per million BTU. So why? Because the market is more efficient. And so now, for obvious reasons, saving freight costs the U.S. LNG went in 2025, mainly to Europe and on the opposite, Middle East LNG went majorly to Asia. So in that market, of course, it's generated less possibility of arbitrage between the two markets. And on top of that, we had low volatility. All in all, thanks to the growth, 10% growth in production and sales, I already mentioned for integrated LN, we were able to more or less offset the low price environment, the low volatility environment, posting for integrated LNG CFFO in 2025, $4.7 billion, so only 4% below 2024 CFFO. Integrated power. So we continue the execution of the strategy. I think you have here the figure, the progression, the increase between 2021 and 2025. So more than doubling the production between multiplied by 3 or multiplied by 4 CFFO and net operating income. And at the end of 2025, we had ROACE close to 10%. So we execute the strategy. Once again, we found out different assets to recycle the CapEx, the capital. We signed this EPH acquisition accelerating our integration in Europe. And we scale up data business with additional relations which take signing PPA with data center to supply than with electricity. So a good achievement, confirming the objective we have for this business segment in 2025. Ordinary share. So you know that on the eighth of December 2025, I think if we opened a new chapter in the story of TotalEnergies on the NYSE in the U.S. So now our ordinary share, so the same share as the share that is listed in Paris is now listed on the NYSE, so allowing in fact investors to buy the same share, either in Paris or in the U.S. And by the way, by doing that, we have listing almost around the clutch from 9 a.m. in Paris time to 4:30 in New York time. The objective is clear. We will ease the life of our investors by doing that. We will, of course, try to reach new shareholders that we're not able or that do not want to invest in Total Energy [indiscernible] so it's the objective we have in the coming months to try to capture additional investors through wealth manager and financial advisers. And on top of that, by the way, by doing that, we have an option to use this listing, these shares listed in New York as a currency for potential M&A in the U.S. So the scorecard benchmark the performance of TotalEnergies compared to the performance of our peers with four main metrics, the first one being ROACE. Once again, we are the best in class in terms of ROACE, I think for the fourth consecutive years. In our view, it's a clear demonstration that we can be a leader in the transition while delivering top profitability ROACE. Second, TSR, so total shareholder returns, best TSR in 2025 at 28%. So meaning that if you have invested in total share on the 31st December 2024, at the end of 2025, considering the reinvestment of the dividend, you will have a gain of 28%. Proved reserves life index. So very good and very differentiation factor compared mainly to Chevron share and BP. So we maintain the 12-year reserves, very good achievements, meaning that with this -- the results we have in our portfolio, we are comfortable to feed the growth beyond 2030. And upstream production cost, true cost $5 per barrel. So it's clear competitive advantage that we want to keep. I think I will end the presentation by this slide. So I've already commented the TSR. So you know pretty well the policy of TotalEnergies regarding the dividend. So in contributing to this TSR. So in 2025, so the performance of the share was best in class, +20%, so we strongly believe that our share is -- continue to be underevaluated but this is, in our view, an illustration that the strategy of TotalEnergies is now well understood by the market and to summarize, growth -- accretive growth, discipline on costs to maintain CapEx as anticipated and maintaining OpEx per barrel at low level and on top of that, delivering all the growth we have in mind on both pillars, oil, oil and gas on one hand and integrated power on the other. Patrick de La Chevardiere: Thank you, Jean-Pierre. That's for '25. That's the past. So let's speak about -- as a bridge between both '25 and '26, but Namibia, which was -- we didn't make a special session like on EPH because it came late in December, but it's our opportunity to come back on what we have built with this deal with agreement with Galp in Namibia, which will be, for us, obviously, a new major up for our future. Arnaud for is yours. Arnaud Le Foll: Thank you, Patrick. Ladies and gentlemen, so let me start by setting the context for our progress in Namibia. Over the past few years, our exploration and business development efforts in the Orange Basin have led to significant discoveries that are now forming the foundation of a new deepwater Golden province for TotalEnergies. And so today, I'm really thrilled to walk you through the steps already taken and what lies ahead. So here, you have the core of our position. So across two licenses, PEL56 and PEL83. We have already confirmed substantial discovered resources, and we begin with two operative deepwater projects, Venus and Mopane. I'll come back to them in more details. Together, what we have already enhanced is $1.5 billion of discovered resources. And we see major additional prospects in potential currently being matured. These two projects, they form the basis of a new deepwater hub for TotalEnergies, enabling us to plan for future development, of course, but around shared infrastructure, optimize logistics and economies of scale. So this is really the beginning and materializing the beginning of our presence in this highly prospective basin. I'll come back to this important milestone, which was the transaction with Galp. So last December, we concluded this cashless transaction with Galp, which we expect to close by the summer, mid this year. First, for us, this deal crystallizes the value of our discoveries. It strengthens our operating position and of course, it opens new opportunities in the country. So on our side, with the transaction, we secured 40% operated interest in PEL83, which is the home to Mopane with already resources identified to end up in the development and more than 1.5 billion barrels of exploration potential opportunities on the same block. In return, what we give to Galp is a 10% interest in PEL56, which is the home to Venus and slightly less interest in the neighboring PEL91 exploration block plus we'll carry them for 50% of their expenditures for exploration appraisal and for the first development on the block. So as a result, TotalEnergies becomes the anchor player in one of the world's most dynamic basins with stronger alignment across the value chain which is illustrated here on the slide. It shows how Venus and Mopane make TotalEnergies the reference operator in Namibia definitely. As you know, with 10 FPSOs already operated across Africa with one new being in construction currently, we definitely benefit from a broad deepwater project experience in the region. This enables us to deliver fast and reliable execution, proven low-cost development, strong long-term relationship with contractors and efficient scaling of procurement, logistics, engineering. This experience was definitely an important factor in our selection as operator of PEL83 and for the authorities of Namibia to bring their full support to the transaction. They definitely see us as a credible partner in the basin. On the left-hand side, the production profile shows our Venus and then Mopane could sequentially ramp up from 2030 to reach about 350 kb/d of production with additional upside thereafter. So our objective is clear, and you got it. We want to establish a sustainable multi-FPSO hub in Namibia to maximize synergies for the benefits of all the stakeholders. Turning to Venus in more detail. So Venus is our first development. Venus is fully appraised with around 750 million barrels of resources. The engineering is well advanced. The feed is complete. And today, with recent EPC bids, we have confidence in visibility on cost. Key parameter of the project. So it's a 150 kb/d plateau production with costs below $20 per barrel. In terms of course, Scope 1 plus 2 emission intensity, we are around 15 kg per barrel featuring the same low emission design as in our [indiscernible] FPSO, so full electric architecture, centralized power gen, for closed players, vapor recovery units, et cetera. We are now fully engaged with the Namibian authorities to progress towards an FID by mid-2026, allowing a first oil in 2030. So Venus is expected to become the first FPSO development in the country and is really the opener of the basin as a new producing region. The second project is Mopane, which is progressing in parallel. We have current estimates from 800 million to 1,100 million barrels of resources which will allow production above 200 kb/d. We plan in the short term an exploration and appraisal campaign, so in '26 and '27 to refine the development concept and confirm the size of the first phase including in 2026 the Mopane extension well and thereafter, two appraisal wells. Like Venus with Mopane, we target emissions intensity below 15 kg per barrel and cost below $20 a barrel, of course, taking full benefit from the synergies with Venus. So with potential FID in 2028, Mopane is the second pillar of our Namibia strategy which is contributing significantly in production beyond 2030 and with additional potential from prospects, such as, as you can see on the map, Quiver or Sobreiro in the same license. Finally, let me zoom out and have a look at our broader exploration portfolio in the Basin. So beyond Venus and Mopane, we see around 10 billion barrels of exploration potential across multiple prospects. So to the south with our licenses, DWOB and 3B/4B and material well-defined prospects in South Africa and to the north with the recent signature of our entry into PEL104, that expands our operated acreage in Namibia. So you can see with discovered resources, prospective upside and strong operational capabilities, we think we are well positioned to lead the next development cycle in the Orange Basin. So in summary, Venus and Mopane are large competitive low emissions deepwater projects. For Namibia, these projects are important. They are the projects that represent the first steps toward establishing domestic oil industry in the country. And with wider exploration portfolio, we have meaningful upside in the future. So this all together forms the foundation of a new golden province for TotalEnergies with a multi-FPSO hub with strong long-term potential, all operated by TotalEnergies. Patrick de La Chevardiere: Thank you, Arnaud. I think you will have some questions, but we'll give you more insights. I was myself in Namibia last week, and we discussed with the authorities and what Arnaud said is true. We are considered now as a major player there and it gave us a good momentum to move forward these projects. Now I leave the floor to Stephane, who will make a second focus on one of the other major activity, which is, of course, taking benefit from this AI and data center evolution. Stephane, the floor is yours. Stephane Michel: Thank you, Patrick. Good afternoon, everyone. So we'll cover two subjects, one is how we are going to power the AI revolution with our integrated power supply. And the second part will be how we plan to boost our operation by using AI. So I'll start by the first subject with a simple message: We are creating additional value by providing to data center fit-for-purpose solutions. How do we do that? What do we sell them? There are three type of products with a free level of sophistication. The first one is the usual corporate PPA as produced. It's quick to build, fast for them to connect, but it's not baseload. Just 100% green and quite competitive. The second product is to provide them with clean firm power. What does that mean? That means a baseload profile what exactly they need and what they are going to consume. Supply mostly by renewables so that 100% of the volume of energy, which is consumed is coming from green production, but at the same time, matching their profile of consumption. And the third product, which is new and which is quite specific to data center, actually, is the fact that we can provide them as well with the solution to have access to land, to build their data center and not every land, a specific land, which is close to a grid where we have an access to the connection and where it's going to be fast for them to build their data center and to get the power supply they need. I will give you an example of that. Typically, the first kind of product is what we have sold to Microsoft and Amazon AWS in '25. Second type of project is what we are, for example, doing with Casa dos Ventos in Brazil. And the first one is what we have just signed with Google in Texas and with [ prospects ] notably in Spain. Why does that matter? Because with those kind of offers, the data center is able to create more value because they are going to have a faster time to market. And second, they are going to have a lower cost of supply. And when you create value, you are able to share at least a part of it. And that's the way we are able to increase the level of the PPA we are selling, extracting a bit of premium, around 10% of premium of what we sell if we were selling the same electron to any type of industry. So there is a direct impact, which help us to upgrade our double-digit return on our CapEx. And there is as well an indirect impact because you are bringing consumption locally, which help to develop your pipe of projects. That's one. And second, to raise the price where the power price where you are -- which benefit to your other assets. So all that is not an ambition. It's not on paper. It's a reality. We have signed, us and our partner through our JV, 4 gigawatts of projects backed by data center demand in 2005 and -- in '25 and '26. You can see the geographic spread, 1/3 was done directly by us, although were done by Clearway and with a -- Casa dos Ventos in Brazil with a variety of type of player, the big GAFA, but as well some specific data center developer. All that will generate $250 million of -- per year of EBITDA when all the projects are materialized. I'm going to focus on two specific projects. The first one is what we just signed with Google in Texas. It's a deal that come after what we did in Malaysia. So we are going to build the 1 gigawatt farm, that has started. We are going to sell them the 2 terawatt hour produced by that 1 gigawatt farm. So I would say that's quite classical. But in addition, Google has the option and could exercise this option to install a data center close to our solar panel production, so on our land. And what we are going to provide them with is a direct access to our solar production, direct access to the grid as well because we have asked to be able to withdraw some power from the grid and should obtain it soon and as well the possibility to install some battery, so as to smooth the profile. And with all that, they are going to be able to go fast to the market next year and as well to lower their cost of supply, notably because they will lower the grid fee they are going to pay. So that's one type of example where thanks to that, we are able to sell to Google a PPA at a slightly higher price than the average price in the market. Second example, which is interesting is what we do in Brazil. Here, we are blending solar, wind we have in our portfolio; hydro, we purchased from the market to provide data center with clean firm power. So 24/7 baseload supply, 100% green. And not only we are doing that but with Casa, we are as well providing to the data center, land near connection where we have secured that connection to the grid so that they can build fast their data center. And in addition, in Brazil, they are going to benefit from a tax-favored situation on one side. And on another side, by participating as well in equity to our project benefit from other subsidy. So all that make a very, very competitive offer. And once again, for us, what is the advantage? We improve our return, we find the consumption to develop the multi-gigawatt pipe that we have. And we create as well a demand in a region of Brazil, where otherwise, part of the assets would be developed in several years. Now we can develop them now and have a faster development pace. I move now to my second part on what are we going to do with AI for our own operation. First idea, there is no AI program if you don't have a strong data platform. And so we have spent a lot of time and effort in 2025. [ Namita went ] and spent actually a lot of effort and time on, that was to build the foundation of our data platform with two ideas in mind. One, we want to multiply and we are going to multiply it by 10, the datapoint we have on our assets because AI is really about a lot of data and very precise data. So that's one aspect. And second, we want to have them real time because we want to be able to act in real time when we manage our assets. And so to do that, we have signed big contract with AspenTech, which is going to deploy in nation on all our -- 40 of our upstream site and 16 of our Refining & Chemical sites. It was already done for the Integrated Power aspect. So that's the layer of how to get the data. And then we have signed as well with Cognite on how to transform, enrich store, expose those data so that we can then add the last layer, which will be based on AI to, at the end of the day, uplift our production and our availability. So that's ongoing and should be fully deployed by the end of next year. That's one aspect. The second aspect is that when you have the data, you need to do something with your data. And so we have worked on focusing our effort. And this time more on a top-down approach that really -- then bottom-up on the three program. One is using digital for HSE. You had an example with the safety moment, where we are using digital to improve monitoring and reduce emission. There are two other programs, one which is on the digital plant, how to improve the way we run our plant. And the last program is on integrated power modeling. There is a huge revolution on modernization. Just to take an example, with AI you can cut by 2 the time you need to forecast weather in a quite convincing way. You can imagine when you trade short-term power, what that chance to get to where in advance when you make your weather forecast. And that's just the beginning. Obviously, to do that, we need to increase our capacity, and we have made the choice to do that by betting on India, by building a Global Competency Center in India to be able to develop those programs. I don't have to explain why India, but our idea is one that will be our center with our own staff. Second idea, we want to manage all that, to give them tasks end-to-end, which means that they will be fully accountable for all those programs, and we should reach a critical mass of at least 500 engineers by 2027 that has already started. And that's the way. So we plan to use AI to transform our -- as the way we act. One [ disclaimer ] though, my presentation was not yet done by an agent. So that's probably for next year. Thank you. And with that, I leave the floor to Patrick. Patrick Pouyanné: Thank you, Stephane. Because this week -- next week, each executive of the company will be trained to have at least one agent with him. I don't know which one I will have. It will be difficult for him to follow me, but we'll see. So I will take the last part of the presentation now. Thank you, Stephane. And thank you, Namita, by the way, because the second part is largely led by Namita. She knows very well in India, by the way. So let's move to the 2026 objective. We are not fully on time, but I will try to catch up. If -- I know I like to speak, so I'm not sure we catch up completely. So '26, in fact, is a very clear continuation year for 2025. The program is a sale -- the same. We continue to deliver our growth. Growth in oil and gas, growth in Integrated Power. This growth, you will see, is also accretive. The new barrels continue and our cash flow from operations will grow quicker than the growth itself. And at the same time, because we think the environment might be more, I would say, challenging in 2026, we have -- as you know, we told you that in September, we launched a cash saving program. So in order to strengthen the resilience. I would say as well that you will see in the presentation, the Integrated Power business is growing. We reached $3 billion of cash flow and by itself, in fact, because it's independent of the cycles of oil and gas, it reinforced the resilience of the global model of the company. So word on the market, I will not tell you what the price is, by the way, we are planning everything at $60, now we're at $71 or $72. So things are [indiscernible] [ $72 ]. But the fundamentals, what we think is that, yes, there is a demand. No more -- in '23 and '25, a little less than 1 million barrel of oil per day. So it's a little less than 1%, but it's continuing. We don't see any peak demand coming in front of us at this stage, how much will come. We saw -- and we've seen, in fact, '25, what, in fact, quite stable, around $70. People speak about volatility, the reality is that it was -- it went down, but it was moving quite around the $69 per barrel. We've seen at the beginning of the year that the fundamentals that we think, which is a good supply and the events in Venezuela, we went down to $60, but then reactions are twofold, and OPEC decided not -- to stop [indiscernible] more oil in the market. And also we begin to see in the U.S., U.S. shale oil producer beginning to reduce drilling, that $60 balance is not yet there. Additionally, on that, you had other events geopolitically, I think the most important one is maybe not Iran for me, it's the fact that most of the countries are serious about taking -- putting sanctions against Russian oil in the more stringent way. We've seen that. And this is an impact on the market. Today, you have more and more Russian oil on the sea which does not find a buyer. The Indians are not buying, refining -- Indian refiners, Russian crude oil for March, April. So you see as an impact, I think, on the market, remember, but Russian oil export in the market, 3 million to 4 million barrel of oil per day. So it's really a matter. We still keep a view that fundamentals, good supply, despite what I just say, good demand, but still supply. We plan at $60 per barrel, and this explain a certain number of decisions that I will present to you. On the gas side, I would say '26 is more a transition year. We were at 400 million tonnes per year of capacity of LNG in '22. '25, we were at 435 million tonnes. So in 3, 4 years, only 30 million tonnes, which was even not enough to absorb the increase of European demand. The European demand went up from 70 million -- 65 million tonnes in '22 to 115 million tonnes, so has increased by 50 million tonnes. And this year, in '26, yes, there is some capacity which will be put on stream in the U.S., in Qatar but we think an additional 35 million tonnes will come. Transition year, which means we translated it by moving TTF from $12 per million Btu last year to $10, but not yet lower. By the way, today, with winter time, we are still at $12, but we've seen it could go down. I think transition as well because there is one event which is the fact that the EU has decided to ban Russian gas from '27, and this will give an additional demand in the EU from 115 million to 150 million tonnes. We have an additional 35 million tonne per year of LNG coming in '27 which is almost the increase of capacity of '26. So yes, we will see this market will see, for sure, the global capacity moving from 400 million to 600 million by '29, 2030, but the impact on the price, in our view, will be gradual. And '27 will not yet be, I think, the low cycle of this gas price, of the LNG price. Having said that, we know we have taken actions to face it. '26 objectives. So again, the growth, 5% energy growth globally, 3% on oil and gas. I don't think we'll reach 4%. And by the way, I said to Nicola, if you want, you can reach 4%, tell me now because the market, like the future or not, just the past results, so tell me now, but he did not tell me that, so [ let's see ]. On electricity, net production, we should grow by 25%, about 60 terawatt hour. Of course, there is a link to when we'll close the EPH deal, but I'm comfortable with this objective. Refining utilization rate, the real objective will come back from [ Vincent ] and his team is to stop having some issues on big assets and availability plus 2%. So refining utilization rate is maybe not the best factor to translate it into economics. LNG sales, we will continue to grow our production 6%. So it will be translated by sales. In the sales of LNG of Stephane and teams, there are some spot volumes. So this is why we keep -- let's keep above 44 million tonnes. And on the renewable gross installed capacity, 34 to 42-gigawatt. This is the road map of the teams of Integrated Power. Less emissions. In methane, I think we'll reach sooner than we thought minus 80%. We are -- we have put a target of minus 70%. But every year, we do 5% more. So we'll go -- we continue to deploy the whole program. And we are the only company to have deployed 11,000 devices to make a permanent monitoring. So we have a clear leadership. And I think it's a real direct contribution to the climate. The heating power of methane is much higher than other greenhouse gas. So I think this is a good focus for all -- for the company and our capacity to demonstrate results. For the other parameters, we continue to lower Scope 1 and 2 from operated facilities and the lifecycle carbon intensity of our sales, minus 19% to minus 20%, depending, of course, on the production that -- we are on the way to reach the minus 25%, we want to have by 2030, continuing to deploy the strategy and growing the Integrated Power business. On the upper parameter for growing free cash, I will come back on it because it's important. I read your comments this morning since some of you were surprised by more than $26 billion. I think I will explain you why we've come from $27.8 billion in '25 at $69 per barrel and $12 per million Btu down to $26 billion. If you take the environment at $60 and $10, you would find more of something like $25 billion. There are some reasons behind why we think we will reach more than $26 billion. In fact, it's linked to the accretiveness of this growth of oil and gas production. In two years, and I will come back on it, we will have, in fact, compensated $10 per barrel of oil price because of the growth, but also because this growth is accretive in terms of cash flow per barrel compared to where it was two years ago. And last but not least, an important target for all of us and that we discuss on the Board, we want to maintain a 15% gearing, which will lead to the management of the cash flow of the company. And I know we say less than 20%. I saw the reaction. We listened to all of investors in 2025. We have a model, which is to maintain this 15%, and we have ways to achieve it. I will come back on it. We might have some volatility during the year because of seasonality of working capital, but please no panic, we'll end at 15%. We deliver what we say, trust us. We've demonstrated that year after year. A word on our cash savings program, which, in fact, it's contributing to the free cash of the company directly. We said $7.5 billion in September. We increased it to $12.5 billion because, as you know, the guidance we gave you in September around $16 billion of CapEx has been diminished to $15 billion like we see for '26 because in the meantime, we have announced the EPH deal, which is in share, but at the end of the day, it's an effort of investment. So we will save that cash issuing your shares. It's in fact, an issuance of sort of capital increase we are doing. So we don't want to double count it. We are also working on the OpEx part. So for '26 because I know that in September, we gave you objectives without some color in it. This is a program, we have $500 million savings. Part of it is coming from Integrated Power because the fact that the farm downs allow us to rationalize part of the assets we are organized and the way we don't organize, so we -- $200 million of fixed cost will be saved on that part, and also, both on upstream and downstream. Many initiatives in marketing and services, reorganization of central services, headquarters streamlining. So reviewing the organization, as we were when the price was done in 2016, '17. In the meantime, the price went up. So we have a -- seems to have a little increase. So we streamlined that, and initiatives all across the board. So that's for '26. We have also worked to launch new initiatives in order to continue to feed this cash saving program for future years. Some of them are mentioned there. One has been mentioned. So we want the growth in Integrated Power and digital AI to be supported by this Global Competence Center in India, which, of course, will offer competitive cost, but primarily it's because it will give us access to talent and to accelerate the growth, and we need to have, let's say, more people to deliver efficiently these various programs. So that's one initiative. Second one is that we are reviewing all, which is the non-proximity-dependent services inside the company and move that in low-cost country, I would say. We had a number of service, either in IT and engineering in different areas where we discover -- we're reviewing it. You need to review permanently what you do. Some of them which are not dependent on proximity to [indiscernible] to our own people are still delivered by high-cost service contractors, and we could move them -- we will move them. We think there is more than $100 million of savings, probably more than that. We will apply the same philosophy to all these segments. Another one, which is we have now established what we call the procurement factories in Romania, which is, in fact, able to procure on some framework contracts. We have negotiated with plenty of suppliers. And this one has been tested, now we'll make it mandatory for all the LBUs. We'll move, when I say all of them, I know it's more we have to be pragmatic, 20 of them by '27 and then more than it. There is quite a good potential to centralize the sourcing of equipment and benefiting from the size of the company. So probably at least 10% of the $2 billion, there is more to come behind. So this is the third initiative. And the last one is to see how we could mutualize some support services across some LBUs regionally, for example, in Africa or even in France, where we continue to have in different refineries, all support services are in each site and there is probably there some gains. There are not -- probably there will be some gains. So that's again, taking the opportunity of -- to review the way we work to continue to be more efficient and resilient. CapEx for '26, $15 billion, as announced, $15 billion, where -- the split is there. On Integrated Power, low-carbon, in cash, it's $3 billion. If you add 1 -- I would say, 1 year of EPH shares, the effort is equivalent to $4 billion. $3 billion. And on the other areas, I think it's quite similar to 2025. Let's be clear, there is no reduction of the growth ambition. All the projects which have been launched will be delivered within the budget. It's a question to be efficient on the way we work. We revised it from $17 billion to $16 billion in September, now $16 billion to $15 billion because of EPH. We are -- in this figure, we are planning to divest $1 billion more than what we will acquire. So just to be clear. And we have a flexibility, which are identified to go down to $14 billion, in particular, I would say, on the acquisition part, if we were willing -- if we were facing a lower than $50 per barrel environment. So that's the program for CapEx. Growth, I mentioned 3% for oil and gas. It will come from not only some of the growth comes from the start-ups of '25 reaching their plateau of production like Anchor, which is not yet plateaued or Mero 4. So part of this is coming from -- is embarked by the start-ups of last year. New start-ups for this year, we have identified five projects -- or six even. One is Lapa Southwest in Brazil, Mabruk in Libya, they are not very big ones. Ratawi is more important, Ratawi Phase 1. We increase the production from Ratawi in Iraq to 120,000 barrels per day. Then we have Tin Fouye Tabankort, upgrade of production in Algeria, around 55,000 barrel per day. North Field East in Qatar, we plan it for Q3. And Uganda, we were planning it for Q3, now it's Q4. We'll start the first train before year-end '26. This 3%, and this is probably the most important slide, in fact, will be translated in terms of cash flow by a growth of 7%. So again, as Jean-Pierre told you, in '25, the 4% growth of production was translated in 10% growth of cash flow because of this higher CFFO per barrel of the new projects. In '26, so 3% will be translated in 7% according to our planning, maybe a little more, we'll see. But this, of course, will help us -- and in fact, when you make the math at the end of this combination, we will have a cash flow from operation from upstream at $60 per barrel in '26, which will be equivalent to what we would have done in '24 at $70 per barrel. So we have offset $10 per barrel, thanks to this growth and this accretive growth. So I think this is a strong message of this presentation. Maybe this was a figure that you didn't have in mind. You were not so clear. I had the question in September. And now in the meantime, we have managed to put all that together. We don't stop here. We never stop exploring. I know that it's a new music, exploring [indiscernible] site. Since the last 10 years, we spent $1 billion per year of exploration appraisal. We had done two big, nice discoveries in the last 10 years, in particular, GranMorgu and Venus, on which we will work to sanction the project, as Arnaud explained to you, in '26. We have been quite active to have access to new licenses in '25, the U.S., Algeria, Liberia, Congo, Nigeria, Namibia, Malaysia, Indonesia. We have a program of interesting wells, I would say, for '26, in particular, Nigeria, Congo, Namibia, but also in Malaysia. And then some, I would say, more frontier wells like in PNG, Indonesia, which will be drilled this year. So the efforts continue, and Nicola Mavilla has taken the lead of all these teams in order to maintain, I hope, the success rate of the company in exploration. On Integrated LNG, we will face a year where, on one side, we have a growth of production of LNG, 6%. We have two projects starting up, by the way, in '26. One is North Field East in Qatar. The other one is the famous Energia Costa Azul in Baja, California. We are waiting for it, it's a little late, but is planned for Q3 as well with quite a good offtake, by the way, of both. Those will contribute to the growth of the sales of Stephane's team. So on one side, we have this growth. On the other side, we have lowered the assumption on the gas price, TTF down from $12 to $10, so of course, this has an impact, I would say, on the -- and also the LNG price. If we were at $60 per barrel and TTF of $10, the average energy price of our sales will be $8. We have announced $8.5 or Q1. So that's the math which gave us compared to $9 in '25. So when you make this 10%, 12% decrease on the sales and on the other side, 6% increase of the growth. We are planning to have a cash flow from operations from Integrated this year around $4.5 billion. This year was $4.6 billion, $4.7 billion, I think, so more or less stable -- stability, but the growth being compensated by a lower environment. On Integrated Power, of course, the year, but -- I will not come back, will be dominated by the closing of this deal with EPH, which will provide us -- its figures have to be remembered. On a yearly basis, 15 terawatt hour per year of net power production and $750 million per year of available cash flow. So it's -- of course, these figures have to be integrated, and it's a major step for us with potentially capacity to grow beyond because there is a pipeline coming with the 14 gigawatt gas-fired power [ fields. ] It will be translated for 2026, production about 60 terawatt hour. The cash flow is expected to be above $3 billion. As we plan to have net CapEx $2.5 billion to $3 billion, normally, '26 should be, for the first time, contributive to the dividend, free cash positive activity. As in normally because we have an uncertainty on the date of the closing. We are not completely in line, but we are, for sure -- if it's not '26, it will be '26, but '27 for sure, this business will be free cash positive. And I think it's a turning point, obviously, in the way you could valorize the business inside the company. It will contribute to the dividend. Refining & Chemicals, I reported to you in September that we had three bad pupils, which were Port Arthur, Donges and Normandie. Now, this one, the good news is that bad pupils are in better shape, if I say, both of the problems have been identified on the reformer and steam. There was a big -- large turnaround, which was delivered on time and now Port Arthur is back on track with positive performance. The Donges refinery has suffered during several years. We will start up this famous Horizon project, which is investment in order to be able to produce gasoline on spec and not on the export market. So that's February, March, that's coming up. So again, we reached a much better utilization rate in November. We can consider that Donges will be back on normal availability. And the cracker problems in Normandie has always been repaired. And so again, this platform in Normandie is back to, I would say, good availability. By the way, you've seen in the fourth quarter results, that Refining & Chemicals are really being able to capture that were -- very good margin, $11 per barrel. So good news is that we have captured it, which means that, yes, the plants are now available, and that's, I think, a good news. The global program that [ Vincent ] and his teams are implementing, which is called Boost27 is to increase the availability by 2 points, and we'll follow that these KPIs very carefully along the year, and we report to you. Unfortunately, now margins are lower back, but you know very clearly this is the integration when price of oil is going up at $72. We -- our margin today are around [ 4 to 5 ], so we have less [ environment ]. But again, it's part of the -- we'll gain on one side. We have less on the other side. This is why we think it's good to be integrated. Marketing & Services is very -- growing steadily, $100 million of cash flow per year. So $2.3 billion in '24, $2.4 billion in '25. We plan to $2.5 billion in '26. Despite the fact, I remind you that we have streamlined some of the networks in Europe and in Africa. We have a special focus there on lubricants. We have reorganized the lubricants business unit in a sort of, I would say, independent business unit company. There is no -- I don't think there is any plan to divest it. We love lubricants. It's very cash -- it's a super cash cow, very little capital employed, good business, stable market share. And don't try to rush to gain market share, better to manage your margins and keep your good margins. So we are good. And I think the focus on these units is giving us ideas on how to develop. We are very focused today on the auto market to have more emphasis on the industry markets. That's the idea behind this new organization. On the networks, the focus will be done to really move forward on developing the nonfuel revenues, which is a source of potential cash. So the global picture for '26, to conclude, is that -- so we will generate, as I said, at $60 per barrel, $10 per million Btu, refining margin at $5, about $26 billion, we will invest $15 billion. So we have a free cash of $11 billion. Dividend more or less [ EUR 0.8, EUR 0.85 ], depending on the exchange rate, [ $3 billion ] of buyback. You see the equation there. The news that -- what we want to illustrate is that between '25 and '26, if you rebase '25 at the same environment price, we have an additional free cash flow of $4 billion, $2 billion coming from the CapEx. And the other $2 billion are coming, a little more than $1 billion from the upstream, growth accretiveness, $1.1 billion; around $500 million from Integrated Power, then Marketing & Services for $100 million. And so you will -- and then Refining & Chemicals which is planning at the same environment because of a better viability to have an additional $300 million to $400 million. So that's why we'll have, again, this resilience and we'll be able to have the same free cash at $60 in '26, but we had a '25 $69 per barrel. That's what I said. Company is more resilient and able to distribute dividends. So the dividends coming on the dividend. So borders decision has decided yesterday to come back to what was a traditional way in TotalEnergies. And to be clear, until '22, where we were the last -- I mean final dividend because it's not a quarter defining French way, it's a final dividend. We have inter intermediate dividends in the French system that we distribute quarterly. A final one is equal to the 3 previous ones. We have departed from this tradition last 2 years because we had a clear visibility on high oil price, so we are confident. The Board prefers to be a little more cautious, but there is no signal on it. It gives, by the way, growth of the dividend of 5.6% per year in euro, 13% in dollar. When I compare that to our peers, we are in good position in terms of growing the dividend. And we will, of course, announced what would be the growth of the quarterly dividend by end of April. Board decided to have a better view of 1 quarter, see the market. So -- but no message, but I will be -- the idea is not to keep it at the same level. It's just a question to come back to the traditional manner to manage this dividend. So that's the point. And I think the 5% there is probably a good guidance. On buyback, we have announced you 3 billion to 6 billion, again, at between $60 and $70 per barrel in September. We reset that buyback guidance. We are adding -- because I had a lot of questions during my road show that at $50 per barrel, there will be no buyback. So the answer is quite easy. I don't try to make -- in between, don't ask me, there is no mathematical formula. And today, at this stage, the Board has taken the same magnitude, and we want to be able to buy back 3 to 6. We don't know where we learned the price of oil crude oil. So we took, I would say, a flexible approach by starting first quarter at the bottom of the guidance. And then if we see that the price remains around that $70, we'll have opportunity to, I would say, increase it. But I think it's better to increase than to decrease my view and live markets, good news are better than value. So we'll skip in the guidance. We took the low range because, again, we don't have a full visibility on it. I will also say that the second message is important is the one on priority to gearing. We have listened to investors loud and clear. So this 15% has been clearly is an anchor point. And you can see on the map that it's matched with more or less at $60, it's much more or less with $3 billion of buybacks. But this will be, I would say, the idea that we don't increase the net debt to finance buyback will be part of the equation of the way we will allocate the cash flow in 2026 coming forward. So that's, I would say, again, we have -- the CFFO is resilient. We have a clear investment and we will execute the $15 billion. The dividend is now -- will be even, we have a little uncertainty, of course, on the exchange rate, even if I may, is that it will continue or to weaken, but we'll see. It has an impact on us. And again, as I said, keep in mind the gearing sustainability, which could go up to 3%, 3 billion of working capital. We anticipate 2 million to 3 million for the first quarter. That represents easily 2% to 3% or 2.5%, 3% of gearing. So again, I say no panic. So to finish this presentation, you know this slide, we just updated it. I think we offer and we continue to offer a clear and consistent strategy, which is, yes, differentiated from our peers, but differentiated in both ways. On the oil and gas, we deliver growth and accretive growth, we keep, and I think it's important the medium and long-term view. Again, we have renewed again, by more than 100% of proven reserves. I remind you that last 3 years, 140%, 150%, 120%. So the capacity to continue to identify new resources to sanction projects is there. And I'm very confident with the pipeline we have in front of FIDs to be taken in '26 and '27, but we'll maintain this track record. I think this is probably one of the best foundation for the investors within total energies. And the other differentiation is about this integrated power pillar, which is again benefiting from good demand for electricity even in our Western countries. And also benefiting from this growth, and it will contribute to dividends, if not '26, '27, for sure. Thank you for your attention, and we're ready to take your questions. Patrick Pouyanné: So let's go to the Q&A. [Operator Instructions] Biraj? Biraj Borkhataria: It's Biraj Borkhataria, RBC. First one, just on Namibia as you visited there. We know for Venus, you were looking for an extension to concession. Could you just talk about [Mopane and whether the fiscal conditions today are sufficient for you to take FID and whether you're looking for any improvement there? Any comments that would be appreciated. And then the second question is just on your energy portfolio and specifically Yamal, you were quoted today around sanctions and the lack of ability to divert the cargoes. In the past, I think you said that you could divert some to Asia or keep some. So what's your latest understanding of how those sanctions will be enforced? Patrick Pouyanné: Okay. Namibia. First, again, the good news is that because we made this transaction with GAAP, the authorities know us -- perceives us, as I would say, unavoidable. So we are there, and we will be the one the company which will help them to establish the oil and gas industry. So the dialogue even on Venus was much more, I would say, engaging it's a new administration. It's a new country to oil and gas, so they had to learn. But they see us as the engine of capacity to deliver it. And I would say, we explained them that we have an opportunity because now we have received the tenders. And honestly, we are within the ballpark for the CapEx we were anticipating, which is good news because there is also more appetite from contractors to transact with TotalEnergies again. So this deal has generated a lot of, I would say, a good virtuous circle for us. So maybe I'm optimistic, but we have in front of us as well, the name authorities organized themselves now in order to be able to engage with our teams. So we are working team. So the idea that we could sanction by middle of the year, we see if we can deliver. But clearly, it is on the program placed by the President, and we'll see if we can reach the point where we can sanction that. On Mopane, it's very different. Mopane as a permeability, which is much easier. Again, we are facing a development, which is, I would say, more or less a sort of grand more good development. So no -- and again, it works with the CapEx we have in mind in the fiscal, it works without having to negotiate plenty of elements. The point on Mopane is more that we know it's big. We don't know if it's very big or big. So the idea of the presale program. Is it 800 million, 700 million, 800 million barrel? Or is it 1.1, 1.2. So we need to -- because in fact, the last wells they drilled going on the Southwest discovered clearly an extension. So we need to see up to which point is going this extension because this could influence the way we develop the field. So we don't want to make some -- that's the idea of the 3 wells, which have been completely by the way, pay in line with the help of the program. So again, the idea is that we'll be able to win it. And if we do that, we should be able to sanction that by '28 and then moving forward. So the idea is to have 1 project and the other one moving behind. And there are, obviously, synergies. And for TotalEnergies, by the way, it will also help to discuss all this business discussions because we have the perspective totally to our Venus, which was a little constrained, but we have more than that. So in terms of the way we'll approach this fiscal discussion. It helps everybody. And I think we have engaged in a smart and good way. So '26 for sure for us focus on Namibia will be important. And again, we have the opportunity to deploy our competence there in a very efficient way. Yamal, first '26 will be '26. So '26, there is no sanction short term, but no, we don't have short-term deals with them. We make only the long-term contracts. So '26 will be as per it. For '27, there are -- one thing which is clear, no more import of in the EU. So this contract will be debated. In fact, today, legally, we have a question mark because the way it's written, there is a question mark, is it only import to you or is it import everywhere in the world? That means is a European company like TotalEnergies forbidden to manage any Russian LNG. The intent was not this one initially what we understood from the text, but there is -- the way it's written today, we are obliged to have entered. We have engaged with, I would say, the French treasury and the commission in the new commission. So a clarification. And so I cannot fully answer to your questions. Maybe we'll be really have to just give up the marketing of any ocean LNG, and we'll have to obey, obviously. It was not our understanding, but the way it's written, would have that understand, so we are willing to clarify that point. So at this stage, I cannot tell you more on this one. What will remain is that even if we cannot market, we can remain shareholder of Yamal, which is another issue for us because Yamal for us is a source of business being a shareholder of the company itself, plant, even difficult to get some dividends, but as an activity and then we are marketing part. The second only covers today the marketing part. So there is no force measure, there is no, I mean, rules, which would force us to exit from Yamal. So that's where we are for Yamal. Matthew Lofting: Matt Lofting at JPM. Two questions, please. But first, you talked several times about the benefits of the higher-margin barrels and that's sort of bridging apart of the $10 per barrel '26 versus '24. No barrels are born equal. So I wondered if you could just expand on that a bit, geologically, fiscally size of assets, et cetera, when you think about the growth versus the base portfolio? And then second, I just wanted to ask you about M&A. I noticed during JP's comments, you do referenced that the U.S. listed shares and that potentially being a sort of a source of supporting M&A in the U.S. in the future is obviously a province that historically, the company has often been pretty prudent on the view on valuations around. So any thoughts there would be appreciated. Jean-Pierre Sbraire: You have no surprise. We have in there, but we want to increase our gas upstream gas in the U.S. So it's quite clear. We have done different deals. We still have, I would say, a gap of almost 1 Bcf. So we can do it by many small deals, so we can do it in other ways. So we are studying that. what GP don't tell you we will do it. I just told you that we have a currency we could make some M&A in the U.S. And when you look to -- in the U.S., it's better to make deals with shares. the upside is over 10%, you can do a deal in cash, it's much more expensive because of fiscal regime. So that's one of the idea. So we'll see if it works or not. We have no more comments on that. But the idea to continue to find access to upstream gas in the U.S., that's a clear priority for us. It was in '25, it still remains to be clear. And then on the high margin, yes. You can take -- if you go to Slide 10. Where there was the famous [indiscernible]. I was sure about the question. I will not give you all the details, but you have some oil fields and you have some gas fields. Generally, the margins of the oil field is much better than the gas fields, I can tell you. And the oil fields but which are there are 2 in the U.S. Gulf of America. So no surprise. Growth of America is delivering quite high margin because fiscal terms are low compared to others. And you have Brazil, which is also giving some good cash part. So that's the 2 was. So I think -- and then the gas generally are lower or more traditionally one. It's also true that in the mix, it's not there, but we are replacing barrels from the North Sea or barrels from Nigeria, SPDC, which honestly don't have a big -- have a low margin. So we replace this type of barrels by barrels, which are much lower, even the gas barrels have a better margin for some of them than what we had in the portfolio. So that's also, I would say, a mix of barrels, which we grow in the portfolio. Irene Himona: Irene Himona, Bernstein. If I go back to the cash accretive barrels, -- if we think about value as not cash flow, but cash flow, is there anything we can say about the CapEx of the new barrels and combined with legacy oil and gas, and therefore, the free cash flow generation of the new barrels. And then my second question on integrated power. I mean, obviously, it will be a major, major milestone to turn a relatively young and very fast-growing business into free cash flow positive this year or next year. When I look at the renewable subsector of utilities, they're all cash negative, and they remain cash negative, perhaps with one exception. So I wanted to understand what it is that you have done so very differently to companies that are -- have been in that business for far longer than you, some of which are much, much bigger than you are. Jean-Pierre Sbraire: I can reverse the question, why don't they do like us? I don't know. But I know my figure, I don't have a huge experience and we are -- our Board is asking us permanently to make some benchmarks on these big companies, but the size of the business makes it quite difficult for us to do it. Honestly, I mean, maybe Stephane has a recipe. It's a mix of -- I mean, again, the integration delivers a global cash. In '26, the 3 billion, we consider it will be 6% coming from the up what we call upstream is renewables and gas-fired power plants and 40% from the downstream, which are customers, B2B B2C and the trading. So just to give you an idea of the source of cash. It's on the renewable part, we continue to invest. But in terms of free cash, the fact that we recycle the CapEx, you know we recycle a lot. This year, we have sold for 2 billion of renewables which allow us to finance, in fact, almost -- not all, but 70%, 80% of the organic CapEx. So we are in now the 8 gigawatts is stabilized. We are now more growing construction every year. The flow is 8 gigawatts. We have a sort of permanent mode where, in fact, we more or less finance 80% of the renewable CapEx by the recycling of the CapEx. And that helps a lot because I mean that's more like $500 million, and we generate more than that with our renewable portfolio. To be clear. So that's, I think, the discipline. I know that the question is, can you really recycle, and here we have managed to do it in quite a own way. And now I think we are beginning to establish some platforms, for example, in the U.S. with some large partners for [indiscernible] maybe on which we begin to see if we could follow up and follow on, I would say. And that's the farm downs of 2026 could be done with one of these platforms. So we begin to industrialize this part of the model. But again, it's because we have a view, a long-term view, we stabilized at 8. And maybe my peers have -- I don't know we have other ideas to develop. I don't know if this is the way we look at it. But I take your point on free cash generation more globally. We didn't look at that way, but this is what happens on the renewable. So at the end, by the way, this year, we have -- we didn't spend 4 billion. We spent only 3.5 billion. Part of it, but on the renewable part, the CapEx, the projects have been a little slower but we were able to manage it and to manage the growth with less. I think we are also more selective in the -- more focused. I know we begin in '26, one of the plan on the renewable part is to get rid out of regenerated many geographies with small products. And that, honestly, when you have plenty of small projects in many countries, it's inefficient. We have difficulty to follow. You have too many teams per megawatt. So we now, I prefer to concentrate on less countries, but I think teams which are more efficient in, I would say, megawatt per people first half. So that's also the variety. Michele Della Vigna: I want to ask 2 questions. We've seen in opening out several countries or at least better fiscal terms hotel has operated in the past from Venezuela to Syria, Kuwait, et cetera. We've already seen the success you've had in Iraq and Libya leading to new projects. How do you think of these opportunities? And then I wanted to ask you on Tilenga. It starts up at the end of this year. It's a major part of the growth next year. When do you expect it to reach at own phases? Jean-Pierre Sbraire: The plateau should be raised by mid '27, to be clear. First when being started this year, [ second train ] in the first half, so plateau by mid '27. There is a delay, to be honest, it's not a strong performance instead of construction. Now I'm sure, honestly, it's true that it's quite complex to -- the main difficulty we faced was to mobilize people on the ground. There was not so many, I would say, poor with the right competencies locally, and we have been obliged and one of the main contractors as this core part of its business to one of the subcontractors to find people, to bring people. So we have much more Chinese on the ground that we were planning to have it and all that makes -- we lost some -- I think, we lost for me a year there in all the mobilization on the ground. So now it's down. The progress is back on track. Nicolas is following that every week itself. So we are back, but it's -- there is a delay, it's a charge. We have other sources of growth, so it will feel next year. On the first question. First, we are -- we like what we've done in Iraq. We can do more in rack. We have opened the door. Some of those are following. But from the Iraqi authorities, they remember that we have opened the door. So we are welcome, and we will work with them. New government will be put in place. I think we have a strong partnership with the Qataris -- Qatar as well with QE. And we have established and the teams, honestly, to have been able in 2 years to sign all these contracts in Iraq. It's a huge performance for teams to have been able to go through the whole system and also good relation with the Basrah Oil Company. So all that is an ecosystem, which -- so let's look continue to Iraq. Libya -- it's more -- it's not Russian mountains, but I don't know, live in mountains. We manage together with Conoco to have these new fiscal terms. So now we can -- we have better terms in loading, which will be applied to the existing production. But we have an incentive to invest. So we want to invest in the North Gialo project, where the main challenge will be to mobilize contractors because Libya is not yet, I would say, a fully stable country. I see a lot of enthusiasm, but it's still -- and so we need to convince good contractors and strong contractors to come and to -- in order to build in Libya. But again, in both cases, it's very cheap oil. So renewing reserves, there is a big potential there. It's good. Waha production today is around 400,000 or 350,000 oil per day. We can easily increase that to 500,000, 600,000 oil per day. There is a huge potential, which is identified to matter not to execute projects in this beyond it. You mentioned some interesting countries, very different. Kuwait, was in Kuwait. So I have an interest for Kuwait. I have one dream, which is to put TotalEnergies in each country of the Middle East. So I'm continuing. They have announced that we will be open to international partner to develop offshore or not, we'll see. We will look at it. They need some competence over, as we look at it. Obviously, we are not the only one, but it's an opportunity. It might be. What are the fiscal terms? I don't know. I need to see if at the end, it's because all that it's a matter of risk and reward. This area, the stake are maybe not so high, in fact. And so our teams explorers are looking with others together to see what will we think about the quality of the rocks and I don't want to judge about it. We ask them to review. But we know onshore, we were producing, but the stake we are quite small, I would say, at our size. So it's a question at the end also for us. We don't have infinite resource, human resources and competencies. So we can -- we cannot go everywhere. And now we have this new media. Clearly, I see much more potential of profits in Namibia today then in question as well as potential for the future. And Venezuela, I already answered, it's not at the pile of my fines. Because we are consistent, we have said in the past and -- but we concentrate our investments on oil, which is lower than $20 per barrel, low-cost oil, oil in Venezuela does not fit with that because it's not only upstream, it's also upgrading in the whole system. We are there. So I think we -- it's not a priority. And I think all that needs to be stabilized before to reaching to all that. That's what it is. Patrick Pouyanné: Chris? Christopher Kuplent: Two questions. the presentation, Patrick. I've noticed the CFFO payout link has disappeared. And I wonder with free cash flow inflection coming from integrated power, whether you're considering how that changes your linkage in terms of payout policies as we move into 2027? And finally, integrated power actually helps finance some of the buybacks and dividends. That's question number one. And number two is again on M&A. I guess, EPH was a great example of a noncompetitive deal. But then Namibia was very competitive, and it seems you should be in a good position to tell us what the M&A environment is like today for let's call them undeveloped resources. Where are you seeing the market there? Unknown Executive: The mention of more than 40% payout was in the last slide, if I remember well. So it did not disappear. It's just -- it's 40. Again, I think it will be clear that this year Jean-Pierre said 40%, 55% payout, it's too high. This is a few of the board. 55%, we reach a point where we are high. And in fact, the payout has been high, and we finance it by the debt. Fundamentally, when you look to the financial of 2025, buyback has been financed by the debt, which is possible. For me, the view I have on it is that in '22, benefited from incredible high cash, which have by the way, lower the net debt gearing down to 7%, 8%. So having a year where somewhere we give back part of this extra cash that we get in '22, '23 through this buyback in '25. It's a nice way. We've done it through a special dividend. We do it for buyback. We come back to, I would say, what is a normal gearing around 15%. We cannot repeat that. Cannot repeat it. So the 40% guidance was probably good when we gave it to you, okay? We'll see integrated power is a good news because of EPH, we will accelerate the year-end might be '26 where will be net cash positive. So this will change. In our plans, it was not fully clear that we'll reach it. We accelerate. We are more and more confident even if I understand the doubt of Iran, what did you find? Is there something which a magic which could disappear suddenly. That's why I'm cautious. I'm still continuing to monitor that step after step to observe the results, the cash flow and then we'll be more confident. So I cannot just change the guidance just because we have a perspective. I want this to be delivered and then we'll be able to build on it with you and to see -- to give you more guidance, including this integrated product business. And developed resource is fundamental. We have to have access to developers always looking the way we have managed to renew our reserves for the last 3, 4 years. When we look to what we've done, part is coming from more exploration from Morgu, Namibia, Kaminho. But of course, there was 2 other big sauce, one, the LNG part, the Qatar deals, obviously, are giving quite a large results. And also from the Emirates part or UAE concessions that we bought in 2015. In fact, we are planning to produce 4 million barrels per day. Today, we are going to 5 million barrels per day, which is a huge increase. We benefit from that event. If we have only 10% to 20%. Beyond it, you have quite a large resource. And so I think this is a lesson by the way. When you acquire a license in this type of country, you should not just look at what to obtain immediately, but the potential to grow beyond. And so yes, we continue to work on this ID, like we've done in Iraq, like Libya and that's part of the business. And you could have access to that to very, I would say, cheap costs. On [indiscernible], we managed to get it. I don't know if it was competitive. It was a long competition, which at a certain point, and even know where we are going. At the end, we had one hedge, to be honest, we were the only one to be able to offer a swap somewhere this position in Namibia on Venus. And this was very attractive to them. So it's thanks to our exploration, but somewhere we have embarked in the deal with Gal. So there are implications. I think that's what -- today's, the market is still high, still expensive. So you need to be smart. You don't want to pay in cash. Held expense -- people still expect $70 per barrel. The deals in M&A are quite expensive. So this is not what we have done. You need to -- but I gave one constraint to Arnaud when he came from me if we got but okay, it's nice, but no cash. So find a good idea. You find the idea of the swap. No cash. Let's continue. Unknown Executive: Okay. Lydia? Lydia Rainforth: It's Lydia from Barclays. And 2 questions on both AI related. On the idea of like selling to data centers, how much of the -- anything about 60 terawatt hours going to 100 terawatt hours, how much of that uplift do you think you can sell to data centers? And that 10% premium, is it actually enough because ultimately, the value that data has to get having power straight away, it should possibly be -- you should be able to get higher premiums? I'm just challenging on that. But -- and then the second one of TotalEnergies own AI. Patrick, you talked about getting agents next week. But that idea of what surprise here? Is it increased production, the 1%, 2% a year? Is it recovery rates? Just what -- just -- and I don't -- I'm not going to hold you ways but just that ambition around it. Unknown Executive: Okay. I learned that you have an agent, so you need to teach me. No, clearly, but I will let the floor to Namita and Stephane to answer the question. On the second one, more -- yes, we are looking to availability of the plants. I mean, recovery rates maybe. I mean on the subsurface, it's still -- I'm not -- we are not too clear. There is a work, but it's not too clear. It's more really on the way we run on these machines to be more efficient, to gain 1%, 2% of additional availability because we have a better maintenance. But than really on the subsurface, I'm skeptical on this one. But again, we are working. So Jean, you take the first question. Namita, and you can complement, and Nicolas, the first one? The other one? Patrick Pouyanné: So on the first question, what is the potential, it's clear that in the U.S., we see that on notably in Texas, where we have our production. That's 1/3 of the growth of the market. So then -- I mean, that's an indication of what we could imagine for us in the U.S. has yet to materialize in Europe, but we see the Brazil, the ongoing discussion of the first deal. So I believe that's going to come. And in Europe, it's clear that it could be even more because we don't see the same industrial demand coming. So it could be even larger than that. Then we have to be cautious to the premium because they are -- as I try to explain, they are resource of revenue. The first one is the addition, additional premium you can sell through your PPA. That's one. And honestly, I don't expect to get that much higher than what it is today. But second, the fact that you are able to provide land, the fact that you are able to give them access to connection grid can be sold. And that's not included in the PPA, and that can be a value yet to matters that can be a size value. And the last point that we need to realize, especially in a market like Texas, for example. We all know that the price are linked to the node. So where you are. And there could be some difference between the price at the node, the price at the known and the price globally. If you're able to bring additional demand, you are going to improve the supply-demand balance of where you are. And that's at the strong implication on not the contract you are selling, but if you have a bulk of assets, then you are going to improve not only what you sell, but you improve what you sell on the rest of your asset. And that indirect part is as well very important. One of the reasons why we see so many big combiners and where we try to attract them is as well to improve globally the level of the market. So if you start to accumulate the idea then that a significant improvement of your profitability. Namita, you want to comment? Namita Shah: Yes. So I agree with what Patrick said, our main goal is, of course, to increase production. And I can give you some concrete examples. The first is just digital in general, if we look at something like just process control, which was something that we did a lot in our refineries, but now can be done on our exploration and production assets with some of the tests we've done, even an increase of between 1% to 2% of production on our assets is, of course, just enormous. But then if you add to that things like less breakdowns, again, we focus traditionally on very large pieces of equipment like our turbines. But what we realize is that we have a lot of breakdowns with very small pieces of equipment, and the idea of getting connections to over 70% of our equipment is to have less breakdown. So that combination is something that obviously increases production. On the subsurface side, is probably in the very early stages of whether we can do more recovery, but where it can really help is accelerate. That means acceleration of FIDs, if you can analyze quicker. And if you can drill faster and with more precision, which means quicker tiebacks as well and not just on large projects, but on smaller ones. So I think those are 2 sort of main focuses where I think in exploration production, we can use AI effectively. Patrick Pouyanné: Okay. Alessandro? Alejandro Vigil: Alejandro Vigil from Santander. The first one is I'm interested about your regulation in Europe. Now you're going to be one of the largest generators in Europe after the EPH acquisition. I understand your thoughts about the system, it needs some changes, et cetera. And the second question is we are also seeing a consolidation process in all services and drilling and looks like there is a new wave of investments in the upstream business. Your thoughts about potential inflation cost in the investment in the upstream. Jean-Pierre Sbraire: As a point, it depends on the market. It depends on the market. But if you have a market which is already limited to 3 players or 4 and you go to 2, this has become a problem. No, I'm clear on it. So there are some conciliation we don't support because at the end, we see the impact. By the way, today, I think -- and we observe it in the tenders, which the offers we just received for Namibia, we see a stabilization of the market. We -- I think it's linked to the oil price. We are now more at 80 down to 70, it could go lower. So I think it has an impact actually on the service industry. But -- and to be honest, even some companies, some service companies have tried to combine their offers by linking wells and subsea. We didn't see, honestly, in the offers we received any advantage of it. So they try to promote to us an integration. Maybe it's good for them. But as a customer, we didn't see a lot of value of this type of approach of integration, I would say, on subsea and wells or things like that. We worked a lot. And even if we are ready to look in particular on drilling, we are developing today an approach where we give more integrated contracts rather than ourselves taking the different bits and pieces to give it to one company. We've done that in Iraq for obvious reasons to be more efficient. We are looking to do that as well for the wells in Suriname. There we see an added value for us to select one which will integrate, it's good for them, but it's good for us. So on this one, the demonstration has to be done, but we, as customers, are really benefiting from this type of consolidation or integration. So I like competition, fundamentally. It's better to keep competition. By the way, it's normal in [ liberal oil ] world. CO2 regulation in Europe. It's an interesting question for Stephane because Stephane is a guy which permanently told me you must promote the CO2 price because of renewables. Now he has some gas-fired power plants. So let's see what he will -- we will arbitrate between the two parts of it. So the question is for you, Stephane. Stephane Michel: No, I think that there are several questions. One, we have the ETS One system, where there is a question mark on how fast are we going to reduce the level of Qatar, and what's going to be the consequence on the CO2 price. So as mentioned, Patrick, we are buyer of CO2 for our refining industry. And at the same time, the power price are linked to CO2 price, got CCGT, which are more value when CO2 price is higher, got renewable, which has more value when CO2 price is higher. So it's clear that the integrated power part will benefit from an increase of CO2. There are question mark today on where that market is going, given the balance between the speed of the decrease and potentially the increase in demand. We are quite happy with the way the market is functioning today and with this balance. And at the end of the day, if we want the transition to take place, it will have to take place with a higher price of CO2. At the same time, we need to be cautious on what's going to happen for the industry because we need as well to maintain the demand of the industry, that's one aspect. Then you have the ETS 2 system and so on, but that has marginal consequence, honestly, on what we do. So we are more focusing on the ETS One, on which, as I said, we are quite satisfied with the current situation. Patrick Pouyanné: So fundamentally, we like the price of CO2, just to be clear. Otherwise, there will be zero transition. So up to Europe to decide what they want. Then if you want to make an exception for the high emitters or your heavy industry, you have waste to do it if you want to support these industries without necessarily doing it through the price of CO2, which are two different topics. The debate mix both, but you can have other ways to support your heavy industry than just lowering the CO2 or stopping the decrease of quota, et cetera, et cetera. I think this is a real fundamental question for the policymakers. And today, the debate is difficult. Unknown Analyst: [ Matt with UBS. ] Two questions. The first one is on FIDs for '26, '27. You mentioned Venus for mid-'26, which other projects do you see as perhaps more likely to go ahead over the next couple of years, which ones are more challenging across oil and LNG? And then secondly, on LNG, during the presentation, you mentioned the risk of new project delays in '26. What do you see the risk for the projects in which you're involved in Qatar? Patrick Pouyanné: Again, I was on the one for us on the NFE in Qatar. We were in Doha, the whole industry was in Doha last week. And we discussed -- again, I discussed not only with Qataris with Technip Energies, which is a main contractor. They say second quarter, we put third quarter. We are a little cautious. So third quarter is probably more reality. So I see that progressing well on the ground. We'll see if the finalization. But again, I don't see that as a risk on this one. On ECA, I think we have been long to wait, but now it's again, so Technip is transferring the installation by May, I think, and we said third quarter. This one, we could face some quality issues. We have a concern about the quality of the work which has been done. So this need to be checked. But again, third quarter for both. The sanction in '26. So we have Venus. We have a project in Nigeria called IMA, which is gas project to continue to feed this Train 7, famous Train 7. So we have progressed a lot. Now we launched the tenders. We had a meeting last week on it. So we said go. So the idea is to sanction the projects in '26, and it's important. It's an easy project, but in Nigeria, even if easy, it's always a little slow. We face some hurdles, local hurdles, but it seems to be this one. Then we have the question of Papua LNG. So either we sanction or we have an issue. So the plan is to sanction in '26. We'll see there is different work stream together to put together because it's a CapEx, it's fiscal -- CapEx, financing and marketing. So you have different work stream. We should converge all of them by middle of the year, I would say. It's not done. But if we don't manage to do it, now that we have, I think, optimized the CapEx, we don't see what we could do better than what we have. We are around $14 billion, $15 billion, not at $18 billion, but not at $12 billion. That's why I speak this call. So we have a clear discussion, a clear engagement with the government and with the partners. We see where we land, and we'll have to take the decision in '26. But I would say what else do you have? Nicolas? Nicolas Terraz: We have the gas cap in UAE. Patrick Pouyanné: Yes, but that's a license to be obtained, so it's not yet a decision. Nicolas Terraz: [indiscernible] Patrick Pouyanné: Oh, it's business development. No, no. You are going too quick. No, no, no. No way. That's the optimism of the upstream. No, no, no. I have no way to get the FID on Marsa Train 2 in '26, '27, no way. You have to drill a well to appraise. Okay, so I know our process. But it's good to have some good momentum from the president of Upstream, but after that, I will just ask us to report on it. So no, no. It's still business development, this one. We are working with [ Omani ] to say beyond the first train, we could build another one, benefit from it. We have identified some gas. We need to be sure that we have enough gas resource. I will not -- we will not build a train without be sure to have the gas. That's for me just fundamental when we speak about LNG. Okay. What else? Kim Fustier: It's Kim Fustier for HSBC. Two quick questions on the upstream, please. The first one is on Mozambique LNG. You've now restarted construction. Could you talk about the revised time line for the project in terms of remobilization and first LNG? And secondly, maybe just a word on the NEO NEXT+ transaction in the U.K. North Sea. What's -- I guess, what's the impact there on production, CapEx, maybe future growth? And do you see a similar structure elsewhere in the world potentially being applied? Patrick Pouyanné: The second question, sorry? Kim Fustier: NEO NEXT+. Patrick Pouyanné: Oh, NEO NEXT+. Okay. First one, we have been clear. We have restarted. Today, I visited -- I was with the President of Mozambique on the -- in Afungi. So we have almost 5,000 people on the ground already, 4,000 local, 1,000 expatriates. We need to reach 15,000 to be at full speed. So the ramp-up will take off. In fact, again, I would say all the engineering is done at 90% or 95% procurement of all the long lead items has been done. So now it's a matter of construction on the ground. So the plan is to deliver the project by '29, maybe in '28, but let's say, '29 to be sure. This is a plan that we -- on which we work today. And again, the remobilization, no contractors are aligned. So let's do it. And it -- and I think it's really a matter of construction. Most of the procurement, everything is ready because, in fact, we spent some -- we were not quiet during the years. We try to advance as much as we could in the project. On the North Sea transaction, so yes, there is -- at the end, we have an impact -- positive impact on the production, 47.5% of the global production is more than what we have our share, around 10,000 barrels per day, I think. We have a positive impact on the CapEx because we have some synergies there. So we lower the CapEx by $100 million or something like that. And then we'll see what we will do together. I think clearly, there will be synergies on OpEx it's clear. They are doing it today between Hitech and Repsol. So we'll bring our teams. And again, we want to optimize. It's mature. It's better to do it free together than alone. There is another positive impact on the deal on the abandonment cost on the CapEx side because the full idea is to have a sort of abandonment factory, I would say, in an efficient way. However, in each company, and by the way, from this perspective, I'm not sure our engineers are the cheapest one on the planet to abandon wells. They are very cautious. So I think having that -- and there are a lot of works to be done and to plan it, including with the authorities in a smarter way than if you are alone obliged to do it. So there is also a gain from this perspective. Do we want to develop the same model elsewhere? No. I don't see where. I mean, I know we have that opportunity. And honestly, all that was led as well, as you know, because of the fiscal hike in the U.K. We were looking to that and the maturity of the assets, obviously, the assets becomes mature. And when we are looking at these assets from a pure TotalEnergies' point of view, when I look to the business plan of Nicolas' team, I said, but we have nothing more in 3, 4 years. So we'll have a huge organization, not much to manage, or do we make this slowdown and the abandonment cost. So we realized that it was time to look to, I would say, merging with the larger groups, more efficient on the cost, again, than staying alone, which we don't have honestly that in another, and I don't see that situation at all in particular of the neighboring country. If your question was about Norway. Norway, not at all. It's not mature at all. We continue to grow and to deliver cash, and it's fine. I'm happy with the Norwegian assets. So we -- this is to answer specific questions. As you know as well, I didn't pronounce the word fiscal synergies, but there are some. U.K. government knew, that's a consequence. Henry Tarr: Henry Tarr from Berenberg. Two, please. One is just on the EPH volumes when they come into your portfolio. Are they already presold, if you like, or how are you looking to market them when they come through? And then the second question is just on the net CapEx guidance, $15 billion for the year. Is there -- is that a sort of an organic number? Are there acquisitions and divestments beyond what you've already sort of mentioned in terms of farm downs that we should think about in that number. Patrick Pouyanné: Your second question is for integrated power or globally? Henry Tarr: Globally. Patrick Pouyanné: Globally, I mentioned that the net between acquisition and divestments is minus $1 billion. $1 billion more of divestments than acquisition. So the organic is at $16 billion, and the net is at $15 billion, to be clear, which is feasible. I mean we have -- we know what we have to deliver. What will be the exact amount, I don't know, but we calibrate at the end. We have always a large menu of divestments. If we want to reach divestment, if you want to reach $1 billion, you need to plan $2 billion, $1.5 billion. Otherwise, you can have some -- closing is always sometimes difficult. So it's better to have a large pipeline of divestments ID in order to reach it. So then we monitor the acquisitions related to what we anticipate on the divestment. Divestment program is today well engaged on upstream. I see at least $1 billion, $1.5 billion, which are very clear on which is a matter of closing the deals, including in Nigeria. And honestly, on the [ farm down ] on your side, with what we've done and capacity to follow on. We have also quite a good idea on the way to progress it. EPH volume presold, the answer is no, but you can explain... Arnaud Le Foll: No, they are not presold. And actually, what's going to happen is after closing, we will offtake 50% of the production. Usually, those volumes are sold on the wholesale market. So you don't have to find a customer to do that. And EPH wise not [ tolling ] to a third party, it's a CGG. Then there is a normal program of hedging forward of those assets. It will move with EPH volume, but nothing different from normal -- what the normal player would do. And as I said, after the closing, we will be the one off taking those volume and ending notably the hedge program of those volume. Lucas Herrmann: Lucas Herrmann, BNP. Firstly, Patrick, I mean, every time or all of you every time, you don't leave us with that much scope for questions, to be honest. And congratulations on a much better year than many of us anticipated. Lydia said all what we want, so we continue. I was pleased when I read the title, she's right. On a serious note and probably two end of day questions. One thing that hasn't been mentioned at all is chemicals, and you're a big player. And I guess the question I've got in part is really thinking about what the scope for upside may be if the chemical cycle were to normalize at a point, together with your thoughts on when that normalizes, if that -- if we're seeing any signs that we may be moving to a point where players are saying, okay, it's just enough pain. We've got to start shutting in because this can't go on at this level forever. And the second, before you answer that, thanks very much, maybe towards Stephane, it's just on LNG. In terms of contracting and building the portfolio now, you've pretty much achieved the 8 million to 10 million of length that you wanted in Brent. Are we broadly done in you fixing contracts? I know that's a silly observation because it's an ongoing process. But just are you comfortable with where you're at? Patrick Pouyanné: Stephane will answer you. Just for all of you, we plan to propose you to make a visit of Rio Grande during the CERAWeek, like we've done last year for [Alpha ] Day and to dedicate this [ Alpha ] Day to LNG because I know you have many questions. So if some of you will be there, we will embark you, if you accept, with us, from Houston.... Unknown Executive: Invitation was sent, yes. Patrick Pouyanné: Ensuring the transportation, but the idea is to dedicate, I would say, like we've done last year on renewables and power to dedicate this [ Alpha ] Day to LNG. So Stephane will have plenty of time to explain you everything about our portfolio. But I think it's time. We have many questions to try to have a specific point. But Stephane will answer you. It's not just -- on the first one, chemicals. On chemicals, on our side, when we speak about chemicals, we are mainly -- we are only -- we are big volumes, but we are not a real chemical company. We are just a polymer plus 1 cracker plus 1. We make the big polyethylene and polypropylene. So we don't have the whole story behind it. It's clear that today, it's facing large overcapacities coming from China. Everybody knows it, which puts, in particular, our platform in Korea, which was one of the best 5 years ago. Today, it's facing huge difficulties because the natural market of Korean platforms were exported to China. And of course, this is closed door, which is a topic, by the way, as well for all these U.S. crackers, which are built with the idea -- not for the domestic market, are built with the idea, we'll export to China. I don't know why everybody has made the same mistake. Nobody have seen or understood that the Chinese -- and it's a real problem probably because suddenly, last year, we discovered that the Chinese have built so many capacities that they to be almost self suppliers, in fact, to be a self their own autonomy. And themselves, by the way, because I think you have an issue of the domestic demand in China, all the civil real estate, all that is going down. So they face themselves overcapacity for their own market. So you have a situation which is not good. Having said that, I see in our portfolio two types of petrochemicals, to be clear, I'm been constant. I have the one in Europe based on naphtha. This one, you can take it wherever you can want, you can be the best. It will never be competitive against petrochemicals, polyethylene done on ethane, either in the U.S. or in the Middle East. The gap of competitiveness, it's impossible to close. So this one, it's a matter of managing the pain, I would say. So either you have some crackers, but we have decided this year to shut down the cracker in Antwerp. Others have decided to shut down a cracker in Normandy, not us, but next to us, which is a good news for us. It's really a matter of -- so today, we are left in terms of crackers with Antwerp and with Normandy. We have a small one in Feyzin, but it's very small and which has a dedicated, I would say, market. But we left Lavera, selling it to INEOS. We shut down the cracker. So I'm quite happy to exit step by step, to be honest. And it's really a problem. The company is big. When you have the integration of the cracker to the refinery, you can see some ways to manage it. But in terms of polymers, we lose money on the polymers. Then I'm looking to the global pictures because if I'm running my crackers, I need to have an outlet for the crackers. And nobody will take my ethylene today in Europe. So I need to transform my ethylene to bring it to customers in order to capture the margin of the cracker. If you don't see it as an integration, then you are -- if you just have a polymer business, why do you continue? No, we have a business unit of polymer and Vincent tried to convince me to merge it with the crackers, I said, no, no, no, I want to know the business. Otherwise, we will not know exactly we'll make the losses, but I want to know what we can fix, and what are the pain. That's the situation. Then we have the other petrochemicals based on ethane, either in the U.S. or in Saudi Arabia or Qatar. This one, honestly, is competitive because we have an advantage on the feedstock. So this advantage on the feedstock absorbs, I would say, even if you lose again on your polymer, the absorption is even easier to be done. So when I see on this integration between the crackers on ethane and the polymers, I would say it's okay. We are okay. Lucas Herrmann: Does it make money or just... Patrick Pouyanné: No, no, it makes money. It makes money. It makes money. Lucas Herrmann: Money as in profit. Patrick Pouyanné: Money, profit and cash. Means profit and cash. No, otherwise, I would not tell you that, Lucas, I will say you, it's a disaster. We need to fix it. No, we are not yet in a -- not in a panic mode to be clear. I'm sure that we will have to take. The question for us is a European part. Is there a way or not? And that's true. That's why, of course, Vincent is not very happy when Stephane say I want a high price of CO2. For him, it's just -- how do we -- what can we preserve from this business. So on my side, I mean, what I think is that no way to invest in any capacity on naphtha crackers and all that with a question of how do we go down, surely, but it's not easy because I think other players have the same view on us. Even if some players like INEOS bought Lavera cracker because they had an overview on the market, fine. I mean, I'm fine. I mean, if we find sometime to have good opportunities, I'm ready to do it. We have a third polymer, which is polystyrene on which we'd like to, in particular, in the U.S., we try to -- we will put it for divestment this one. So that's the way I'm looking at it. It's ethane, so it's Qatar, Saudi Arabia, the U.S., but even the U.S., I think we have one. I'm not sure we are ready to make another one. We'll be cautious on it. You have to absorb these overcapacities. It could take time. So -- but again, I'm not as a chemical company, I don't see all what is happening behind in the value chain. Stephane Michel: Yes. As you mentioned, Lucas, we sold around more than 8 million tons between '23, beginning '25 on the Brent basis in Asia. So we are happy with what we have done, and I consider that the portfolio is well balanced until 2030. After that, it's an ever-going job because you've got contracts that expire, you have additional production that will come from LNG growth. So we have to work on the portfolio post 2030. We've got time to do so, and I'm not too concerned by that. But you should expect additional sale of LNG on the Brent formula on that time horizon. Nicolas Terraz: Maybe can we take a question online. Patrick Pouyanné: I will reveal a secret to you. The net result of chemicals in '25, in net results was $500 million, positive, globally. It's only a small share of the net result of Refining and Chemicals, but it's positive globally. It's not too bad compared to what I listened when I'm reading the newspapers. It's not too bad. Nicolas Terraz: Okay. Doug, you can go ahead with your question, if you are there. Patrick Pouyanné: Sorry. Nicolas Terraz: We lost Doug? Patrick Pouyanné: We lost Doug. He prefer to be with a competitor in New York. Nicolas Terraz: So maybe we can take another one online. You can go Jason Gabelman. We have a problem maybe with... Patrick Pouyanné: [ You are not lucky enough. ] Nicolas Terraz: All right. Okay. Question in the room, then, so Anish, go ahead. Anish Kapadia: It's Anish Kapadia from Palissy Advisors. I had a question on the outlook for global gas. Clearly, some of the strategic moves you've made over the last few years are on the back of your view that there's going to be somewhat of a narrowing of global gas prices and Henry Hub. So I just wanted to kind of get your viewpoint if gas prices do fall further from here, you're below your 10 TTF assumption, what are some of the measures you put in place? And how can the integrated power business, such as the acquisition you made in Europe help to mitigate some of that fall in TTF pricing? Arnaud Le Foll: As I explained, we have tried to balance the portfolio so that we are selling our gas more on the Brent formula than spot. So to that extent, we are not that exposed to decreasing on the TTF or TKM gas price, that's one. Second, it's clear that with gas price, you will have two effects. One is that you are going to find back Asian demand that would limit that trend. And second, you are going to improve the competitiveness of gas in Europe for power production. And so we should have a kind of partial effect, thanks to our CCGT fleet and should be able to benefit from that move on -- thanks to the full integration in Europe with -- along the value chain between gas and power. That's the way to -- for you, actually, we have mitigated that possible decrease of the gas price. Stephane Michel: Okay. Other questions in the room? Jean-Luc? Jean-Luc Romain: Jean-Luc at CIC Market Solutions. I had a question on the new exploration acreage you just took in Namibia. It's a different basin, probably higher risk and less explored. How do you compare the potential or your geologist compare the potential of the basin with Orange Basin Patrick Pouyanné: I mean, again, it's Orange Basin. It's out of the Orange Basin, so it's a basin. Clearly, it's an exploration. It has been positive. We find low carbon in the Orange Basin. So the idea is we should not stop in case more probability of success is lower. Obviously, we had the opportunity to enter that license. The explorers love it, but we -- not only the ones from TotalEnergies, the one of Petrobras as well because, in fact, we joined forces. In fact, we are competing. So we decided it was better. That's why I like the competition up to a point. Sometimes it's good to partner together in order to have access to the license. I think both teams of explorers, geologists have seen the same potential, I would say, interest. So it's good to make seismic and then potentially to do it, we'll see. But again, I think there is a certain logic. And I think the fact that we -- again, that we are establishing a strong presence in Namibia, encourage our teams to look to other license which might be available. Okay. Are there questions? Nicolas Terraz: Yes, Maurizio. Maurizio Carulli: Maurizio Carulli from Quilter Investment Management. First of all, congratulations for the good results. I have a question about the electricity business, including renewables, of course. You have been able to grow it very well and with a better profitability of most of the traditional utilities companies. And the question that I have, as long as you can continue to have good opportunities, for expansion, good profitability, good return on capital and good free cash flow. Do you have a strategic cap for the expansion of your electricity business long term? Patrick Pouyanné: No, it's a question which will be a debate at the Board, exactly the question, next strategic seminar because now we are -- in fact, after the 5 years, we have more conviction about the model. We have -- so we -- in 2020, we said let's engage for 10 years. Otherwise, we will never manage. If we don't keep it horizon, I said to the Board, either you gave us 10 years to do it, or it's better not to engage because this type of business will make, obviously, diversification. We can make some mistakes, but we need to see if we establish a business. No, we are more confident. And the last strategic seminar when we review integrated mobile, it was more about to increase the profitability. Let's demonstrate the question of Irene. Why do you do that, et cetera? No, we have a better idea. So then I said, well, it's time to discuss between us where do we go beyond 2030? How much would we want to grow this business or not. So this is, I would say -- and I know that I have a good question from you. Of course, it's linked as well to the capacity we'll have to see the value of this business within the global company, I would say. And as it was said by 1 or 2 of you very well by, Irene, I think there is a turning point when it's becoming free cash positive because then your perspective will be different as long as it's a sort of cash sink, why do they do that? If you begin to deliver cash, and we think that even if it's positive by '26, we could go quickly to $1 billion to $3 billion per year, then the appetite might see. I see also, to be honest, more and more strong integration between the gas and the power. And I think to answer to next part of the question is also the integration gas to power is a way to -- if you have a lower gas price, you could recover part of the value along the chain on the electricity part. So I see some value. And I think, by the way, I agree that the market clearly has better reacted to the EPH transaction because it was gas to power and not just renewables. So I'm open my eyes, I'm clear, which, by the way, is helping us to discuss that the Board, these are elements of very important -- it is important. So the Board is more and more looking to that in a way. And I will be probably more able to answer to your question in 1 year, but today. But we are clear that we want to reach a sort of size of 20%. What do we do beyond at which pace, that's a debate. The opportunities might continue to come, in fact, in this business. And I think there will be a time the debate we have in European countries about the budget. I'm advocating in France today to stop to have all the CFDs, which are giving. It's incredible what happens today in 2025. The states are taking the market risk. You secure revenues for developers, so it's very strange system. Why the states should take the market risk of power value of power and not the developers and the investors. In the U.S., we are taking the market risk. We have some fiscal incentives, but fundamentally, it's very different as a philosophy and a regime. So these technologies are mature enough today, at least for onshore solar field to go to something else. And then if this type of evolution happens, you will see the competition will not be the same because then you will see larger players will find back an advantage compared to plenty of smaller players, which today, in fact, are in infrastructure business with no risk, which, honestly, I don't think the European governments will be able for long to continue to finance a zero-risk business, which is, of course, the return is not very high because there is -- it cannot be. So again, this is a debate where I'm not able, but this will come now. It's time to have it, and the Board, they had their independent session, it was the main topic. So now we work for them. Nicolas Terraz: Okay. So we have a technical problem, but I will take the question from Duke. Patrick Pouyanné: Yes, I want Duke to be satisfied. Nicolas Terraz: Yes. So he sent me an e-mail but our technology does not work. No AI in Total, I mean, in TotalEnergies. The first one is on Namibia. You are carrying Galp, but do you receive Galp's share of coastal? This is the first one. Patrick Pouyanné: Of course. Otherwise, I don't do it. Nicolas Terraz: The second one is what is the current dividend breakeven post the EPH deal and after the EPH deal is closed? Patrick Pouyanné: Dividend breakeven, but it's quite easy. $3 billion represents $10. So it's $50 per barrel. It's $50 per barrel is the dividend breakeven. Post EPH, EPH will not change dramatically everything. So it will be $1 billion. So it's $1 billion is $3 to $3. So it's $48 or something like that. $48, $47 per barrel. Costal share, yes, of course, we take 50% of -- in fact, we more or less -- we had a scheme in Suriname, which one this one, to be honest, is a little better for us. But no, it's -- yes, we take the coastal share. Nicolas Terraz: Okay. Do we have questions in the room? No more questions in the room. Patrick Pouyanné: So if you are satisfied, thank you. Thank you for your attendance. Thank you for your comments. And thank you to all the teams of TotalEnergies who have delivered these results, including, of course, the different executives present in the room. And so the next meeting with you potentially might be in Houston for the ones who want to participate to this field trip on Rio Grande. And again, with a focus on LNG and the portfolio, and how we manage all these times which are in front of us. Thank you for your attendance.