And that’s why we continue to buy back despite the fact that the share at €60 per share is more or less not far from the historic eye, but we strongly believe the strategy will deliver more value and we demonstrate that we can do it while transitioning. And again, there is no contradiction. And so we hope to see that shareholder return to be translated in the company valuation in the coming months. And the last slide is to celebrate the one of the years, pioneers for one of the years, that is logo, as a slogan. We have decided the motto, we have decided to select. I will not comment all the photo only one, the first one in the top – in the left top corner is the first well in Iraq. By the way, in Ratawi, I visited Ratawi and we discovered Ratawi, I discovered that Ratawi backed [indiscernible].
It was discovered in 1938 by TotalEnergies teams and the wealth of discovery exist. The number one, the take a photo on it. Not this one in Kaminho because it’s a little unsafe [indiscernible] today. So my adviser, my security guys don’t go there, but in Rataw way, right? So we are back to our routes. The photo in the left bottom corner is Arzu in Algeria, part of our history. You have Tyra in Denmark. It’s more recent history. You have Lapa in Brazil, more recent history as well. On the photo, the other ones and the location is in France for two of them. And you have also these small [indiscernible] with a symbol of the technology that we of the technology-driven company and engineers that we use for measuring methane around all our assets today.
So thank you for your attention, and now we can answer to your question. Who wants to start? Irene?
Q – Irene Himona: Thank you very much. Irene Himona, Societe Generale. So Patrick, you’ve built the integrated power portfolio through M&A. You’ve been very active on that. Your targets are for gross capacity. Would you contemplate something a little bit more radical or different like bringing in a partner, selling down part of that portfolio like some of your peers have done? And then secondly, on the buyback, the $2 billion quarterly buyback, your balance sheet is very ungeared now. If the environment were to deteriorate, and we’ve had tremendous volatility in recent years, how far would you lean into the balance sheet to sustain that buyback? Thank you.
Patrick Pouyanné: Okay. First question. We do it, in fact. We don’t have one partner, because it’s not some – but each asset, the policy is clear. We develop the assets when we are operator, 100%, but at COD, we divest 50% of them because I prefer, it’s a question of management of risk, I prefer to have 2x 50%, 1x 100%. It’s also a question of profitability. What is difficult is to find one partner for all the geographies. You have some people who are financial partners – because we don’t want to have too much people bothering our teams. We like to have financial partners. They love it. But it’s not the same market when you are divesting 50% of an asset in Texas, when you go to Greece. So it’s a different portfolio.
Even if reach a point where, as we increase the capacity by 6 gigawatts, we have more gigawatts to farm down. So we will need to find a way to industrialize, I would say, the way we farm down. So [indiscernible] but it’s not an easy task. If you go asset by asset, so for example, in ‘24 I think we have 2 gigawatts, something like that, in new assets, or 1.2 gigawatts in Texas. So we will make a package and find – and by the way, it’s better to farm down, because then you have larger institutions which are interested. When it’s one asset, sometimes it’s more, they don’t want to spend too much time. So we try to do it like that. We have some assets as well. Greece is a different country, but we negative from [indiscernible] or in South Iberia.
So we need to be active on that and to find a way to industrialize it. It’s not one partner. But again, that’s very good. I prefer to have some partners as well in order to challenge us tomorrow in the way we – it’s the same, I would say, philosophy that we have. We’ve done one divestment we announced in – on Seagreen in offshore wind in Scotland where PTTEP wanted to have experience in offshore wind. They like TotalEnergies. You’ve seen, I can tell you, if you make the rate of return of the M&A activity, acquiring this 25% from SCC in 2020 and selling in 2023 to PTTEP, is more than 15% return. So you can make this type of activity. It’s good because we don’t want to be just – we want to share the risk between different assets, and we will continue that philosophy.
Jean-Pierre Sbraire: It’s a very good question. I think my message was positive. I think we have a good band. The slide is for purpose, a slide that I show you about the dividend, the gearing. And it’s true that at 5% gearing, as we’ve done in 2020, the situation was much more critical in 2020 than today, at 5% gearing. And when I mentioned that we announced $2 billion for the next quarter, but we – $2 billion is the basis for the coming quarters. I think it’s also because I have in mind that we can use the balance sheet and unless the price going down again to something like less than $50, we can resist over [indiscernible]. But for me, so as a discussion of the Board, so we find in the press release there is a positive message.
But we don’t want to commit about $20 billion of buyback because we have no visibility. But fundamentally, the balance sheet gives us quite a strong support to this policy and to be – the word, important word, is steady policy, and either on the dividend 7%, 7%, or on the buyback. And so you could hear 222 for several quarters.
Renaud Lions: We can go this table as well. Gentlemen here.
