 Now I said when I said before that some for some boards and some CEOs and some executive committees Geopolitics was something that started on February 24th Definitely not for extractive industries. Hello. I think you are one of the few industrial sectors who has seen geopolitics as core you have personally had it the strategy and sustainability now in the last 10 years with total energy and the great privilege to have you with us And as a representative of a key player in an extractive industry and as you said in our preparatory session Geopolitics is part of our everyday life. We would be very interested to hear what's your perspective on this fragmented or multi-aligned or other world Yes, thank you Nicholas and a good afternoon everyone a very broad topic. A lot has already been said I just want to say that when I think about geopolitics. I'm always cautious on not having too much of a Western perspective Let's be careful of biases and you helped us with that Maurice but so also You know, I'm happy to be at this conference where there are so many people from so many parts of the world because that's a great opportunity and My second quick introduction comment is that as a business leader, we firmly believe that businesses Enable bridges so we are here also to be build bridges between all these different parts of the world that we've heard about So in preparing for the conference I looked at some recent risk reports from insurance companies and risk assessment to specialists and interestingly Whatever the part of the world that three top risks are the same Then the other risks are different in different geographies, but the top three are the same for everyone and that is geopolitics cybersecurity and climate change So this is something everybody shares apparently wherever we're from and Then of course the three are linked cybersecurity and geopolitics I don't think I need to make the link, but let's say that climate inaction will of course create geopolitical tensions migrations droughts Fights for water and whatnot. So the top three risks that we share are also Intrinsically linked. I'm going to focus on geopolitics, but you know that total energies has embarked on a your strategy Embedding climate into our strategy and sustainability into our strategy and we are becoming a multi-energy company and We absolutely want to be a leader in the ongoing transition While continuing to serve the needs of our daily lives that still very much depend on oil and gas So now geopolitics as you said is of course embedded into our model because the natural resources are where they are I'll talk about power in just a second and so The interesting thing though is that the geopolitical risk is not always where people think it is and when I meet with Investors until recently. I always had a favorite kind of discussion, which was Sam Let's say five years ago Our investors would consider that we had maybe invested too much in Africa And they would associate Africa with geopolitical risk and when then I would I would say Okay, so what you're afraid what you're afraid of and then it would say fiscal instability Hurting us and I would answer. Oh, that's fantastic. I agree on the risk But the two countries where we as a company have seen most fiscal instability has been the UK and Norway and then people kind of a look strange, but a chew on that. So Let's again their biases also as to which countries are risky or not risky What's new is for sure the sanctions until very recently a company like ours present in 130 countries there were very few Sanctions to be careful of and I'm talking about the UN sanctions. There were a couple of countries Sudan Cuba a couple Before the war I'm going back to the years 2010 2012. We've seen unilateral sanctions beginning to pick up and that's Really interesting data if you have the time go and look and I say unilateral a lot of them are from the US Some of them from the EU some from other countries, but the curve goes like this. It's just a new world Because of these unilateral sanctions those sanctions can be geographic. They can be thematic on Weapons on human rights on cyber or whatever But that does create a completely new world for us. And again, this is was true even before the war in Ukraine set off So how do we as a global company deal with this environment? I listed seven points number one Compliance we spend a lot of time being compliant. We're listed in the US We cannot afford not to comply with all the sanctions and other regulations out of the US We could talk about Iran and so on but this is an old story But it becomes more and more time-consuming and certainly an area of risk and therefore of caution number two Regification we have an unwritten rule in our company, which is we cannot invest more than 10% of our cumulative capital in one same location 10 or 12 years ago Nigeria was high up was floating with 10% Russia was 10% Let's say at the end of 21 But because we're capital intensive industry Usually when a given country or given geographies at 10% in investments It will not be as high in cash because we invest and then we reap the benefits over time So in terms of cash to be clear Russia was around 5% only at the end of 20 of 21 So but that's a key driver of how we look at investments diversification number three We prefer liquid markets. So oil is very liquid oil products are very liquid They're very easy to ship from point A to point B in natural gas We've always favored liquefied natural gas to domestic gas And this is how we've become one of the top leaders of the LNG market and the reason why we have I would say We are not impacted by anything related to the Stop of all the pipe gas flows from Russia to Europe because we've always shied away from the more local markets fourth Suppliers and technology we spend a lot of time looking at our supply chains again This was before COVID before of course a current crisis We're just careful of not being overexposed to any given supplier any given technology and guess what? Purchasing sits within my organization Which is strategy and sustainability because it's a driver both of sustainability through green roadmaps, but certainly also strategic area fifth our Diversification from oil and gas into power Again, we are not diversifying and changing our strategy because of geopolitics but as we embed climate and sustainability into our model as we Invest more and more in green power and integrated power. We effectively also diversify the geographies We have a rule of thumb 50% of our power investments in deregulated market 50% in regulated market The bulk of the deregulated markets happen to be OECD So that is a consequence of our strategy that effectively it also builds up resilience in terms of geopolitics Six is everything we do on crisis preparation. We can talk about it during the Q&A if you're interested But of course COVID was a real life, you know crisis that came on upon all of us And we as a critical infrastructure provider Well, we had to cope with it and continue to work efficiently and provide fuels to all our customers around the world real-life example of resilience and a lot of it of course is linked to organization and preparedness but also to the quality of our people So I mirror, you know, your six areas Nicholas and I pay tribute to our fantastic people and then the seventh driver is simply our financial strength You need to be strong to whether the storms will be virtually dead tree at the end of the year And we have said for many years that we want to have a strong balance sheet because we're in a volatile market And you know prices go up and down and we're price takers We're not price makers. So financial strengths is certainly also an important area of resilience So just to conclude and handing over to Sam for us indeed Geopolitics is inherent to our business. I also am in charge of cyber So the third you know big risk. So actually my teams work on all three climate cyber and geopolitics maybe a new risk interesting to discuss if you want which is a The fact that governments are back even in deregulated markets and we see it in the US. We see it in the EU And so maybe there's a new risk linked to government intervention into the business arena and an erosion of this confidence in free markets Which we as a company tend to prefer And then just on energy of course the challenge today is to reconcile the ongoing energy transition Which is absolutely necessary, but which cannot happen overnight reconcile the transition with energy security risks and energy prices and I'll conclude by saying that we as a company we think we can be part of the solution and Sam hand over to you Thank you very much. Hello, and I think it's really interesting to see how the role of geopolitics has always been core of Extractive industries, and it's also interesting to see that the fiscal instability in UK in Norway is Sometimes more challenging than exposures to her geopolitical hotspots