Our upstream production cost averaged $5.5 per barrel in 2023. It was $5.1 per barrel during – in the fourth quarter, benefiting from the divestments of the high-cost Canadian assets. And that’s why we targeted for this year, production cost at $5 up above. So our portfolio is a low-cost portfolio, but it’s also built to last and so in this illustration of the second graph on the slide. We have, I think, demonstrated the same consistency with our reserve that we had with production costs as shown in that chart. We continue to replace our reserves, maintaining a strong and steady proved reserve life index of around €12 over the last 5 years. And this positions us as the second among the majors. And in 2023, we achieved a strong reserve replacement ratio, well in excess of our production, so 141% and to be approved probable reserve life index at €18.
So now moving to the integrated LNG and integrated power segment. That’s the 2 growth segments in our portfolio. That together contributed to almost $10 billion of cash flow in 2023. So we provide you some metrics comparing 2023 figures with 2021. For obvious reason, 2022 was an exceptional year in relation with the crisis between Ukraine and Russia, the war between Ukraine and Russia. And so that’s main rationale behind the fact that we made this comparison ‘21 and ‘23. So in ‘23, integrated LNG generated $6.2 million of net operating income, $7.3 million of CFFO. With all the metrics, in fact, is growing compared to 2021, thanks to the growth to our portfolio, so 44 million ton sales in 2023 and benefiting for higher LNG price environment.
All in all, the integration – the integrated LNG profitability improved at 18% in 2023. So for integrated power, adjusted net operating income was $1.9 billion last year and CFFO, slightly above $2.2 billion. So that means that the gap between the NOE and CFFO is directly linked to the fact that during the fourth quarter, benefited from some dividends paid by some of our equity affiliates and mainly a fair way. So that means that the cash flow almost tripled between 2021 and 2023. And you see the production it was 21 terawatt in 2021, 33 in 2023 with power generation from renewable nearly tripling at 7 in 2023, 19 in 2023. OHA was at 10% in 2023, in line with our objectives that was set last year. So the last slide is a benchmark of the TotalEnergies performance compared to our peers using three main metrics which are proved reserves life index, TSA and sustainability rating.
So thanks, I think, to the consistency of our strategy, the strength of our delivery, we are competitively positioned versus our peers. So once again, TotalEnergies, you see here on the slide, was the most profitable super major with OHA at 19% in 2023. On the reserve side, our proved reserves life index was 12 years, as I already mentioned, in 2023, which puts us #2 among the majors. This is, I think, really a testimony to our continued success in exploration, result development and active M&A and selective M&A. On the different note, TotalEnergies at once again the best-in-class static rating among the major demonstration that it’s possible to be the most profitable major on one side and to be a leader in the energy transition on the other side.
And lastly, our 5-year total shareholder return has averaged about 13% per year, ranking on par with our U.S. peers and outperforming clearly our U.K. peers by a wide margin. Our ability to set and execute a consistent strategy, sustain a rich portfolio of opportunities, maintain the dividend through the cycle like during the COVID crisis in 2020 when other cut it. And more recently, significantly increasing shareholder distribution have all contributed to our strong TSA. So in summary, to terminate on this section, 2023 was a strong year for TotalEnergies. Another big step in terms of shareholder distribution and balanced strategy. And on this positive note, I think I will leave the floor to Patrick.
Patrick Pouyanné: Good morning, everybody, for this event. I just – as always, I’d like to see that slide because I think I should insist on the fact that we demonstrate. And I think it’s because we are the most profitable, but we have the right to implement the energy transition strategy that we have decided. But it’s visible to remain at the top of profitability and to transition as well and including to invest of further our investments in electricity. And also, by the way, and I think it’s important to keep a sustainable portfolio of oil and gas projects like we want to do. So it’s an end strategy. It’s oil and gas and low carbon energy, in particular, electricity. So just this time, I will not repeat the strategy, but in fact, it’s true that the best way to execute, to speak about stage to execute it.
So ’23 I think Jean-Pierre show you how we have executed it and positively and ‘24 will maintain that strategy, and we’ll have no big news. Sometimes, I think TotalEnergies is a little bothering you, but it’s better to be consistent and to – for continued success. So – and it’s true that we have another way to demonstrate that – and I mentioned that 1.5 years ago, [indiscernible] and we have reinforced the message. In fact, we have a company which delivering much higher cash flows with the same brand than in the previous decade. You can see on this chart that the dot points of the last 5 years are quite well aligned by the way, but the $1 billion per barrel is much higher in terms of acuity. It’s more accretive than it was in the past.
