The Shareholders' Newsletter #75 Fall 2024

Oil and LNG: a low-cost, less carbon-intensive asset portfolio

To meet demand for energy while building the energy system of the future, the Company has made a conscious commitment to continue investing in oil and gas. It will increase output, but ensure it is responsibly produced, thanks to an extensive portfolio of low-cost, low-emission projects. Here’s a closer look at the Company’s oil and gas strategy.

Oil: Meeting global demand responsibly

Over the past decade, TotalEnergies has revamped its portfolio to concentrate on low- cost, low-emission assets. The Company has focused its exploration and development on giant offshore fields, like those in Brazil and Suriname, and resources that are inexpensive to operate, as in the Middle East. By optimizing the number of facilities at prolific oil fields, TotalEnergies can maintain its stringent, stable investment criteria: technical costs below $20 per barrel of oil equivalent or an after-tax break-even point of less than $30 per barrel, as well as carbon intensity lower than our portfolio average, to ensure that intensity continues to decrease over the coming years. That strategy is reflected in our multi-pronged approach to installation design, including our efforts to optimize energy efficiency, electrify our processes, eliminate routine flaring and use innovative tools for detecting methane leaks. In 2024 TotalEnergies expects to boost its upstream production by 3% (excluding Canada) while slashing its methane emissions and the carbon intensity of its operations.