Patrick Pouyanne: Okay. Paul, I think I answered to Kim. No, it’s not enough. It’s the first one. It’s an opportunity. It’s a first volume. It’s, I think, 100 million to 200 million square per day, and we target more 1 Bcfe. So there will be more to come. But the Eagle Ford, as I before, is the right — is a good base in dry gas and Eagle Ford is a good basin for us.
Paul Cheng: Okay. And that your acquisition of Talos Low Carbon Solution, with that, how that changed the way that your approach or that your pace on investment in that area in the carbon story?
Patrick Pouyanne: I think it’s a complement. I have been obviously on CO2 storage that we were ready to develop a portfolio primarily in Europe because it’s linked to our assets. In the U.S., we have some refineries and petrochemical assets. So we know that we’ll have to store CO2. We had the opportunity to have access, as I would say, at cheap conditions to this nice — 2 nice projects CO2 storage, 1 in Texas, very next to Port Arthur where we are located, which is operated by [indiscernible], very committed. So a good operator next to our facilities. So that’s matching our target. And another one Louisiana, which is not very, but we intend to divest the second one. So again, we are driven fundamentally by securing some volumes on good projects for being able to store our own CO2.
And if we have more capacity, we’ll offer it to [indiscernible] in this way in the vicinity. So that’s, I think, our strategy. And this one, the U.S., in the U.S., we have quite a vibrant CO2 economy. So it might be a nice place to have a good scheme to have, I would say, a low-cost CO2 storage.
Paul Cheng: Patrick, primarily that you said for lower your carbon emission or intensity of your own operation or that you look at it as a gateway for a third-party revenue source business?
Patrick Pouyanne: It’s for both.
Operator: The next question is from Henri Patricot with UBS.
Henri Patricot: Just one question on Integrated Power. You mentioned your strong first quarter in terms of cash flow from operations. If we analyze the first quarter, you already in the upper half of the guidance range for the year and you have more capacity coming on stream over the rest of the year. So I expect that you’re more likely to be — at the upper end of the $2.5 billion, $3 billion cash flow range, maybe even slightly higher. Is there something to have in mind when it comes to the first quarter cash flow, which we expect that we may not expect exactly that run rate through the year?
Patrick Pouyanne: Thank you. No, I confirm the $2.5 billion to $3 billion, you can multiply by 4, you will find something like $2.7 billion, $2.8% billion. But I’m not sure. It’s a permanent growth. I’m not sure it sometimes will not have the seasonality in this business. And don’t forget it, you consume more in winter and sometimes in summer time, it depends on the region. Even if in Texas, it’s a contrary. You have more cash in summer time with hot weather than in Europe. But yes, it’s a seasonality aspect. So it’s not — so I confirm $2.5 billion to $3 billion. And if we can be next to $3 billion rather than next to $2.5 billion, we’ll be happy.
Operator: The next question is from Jean-Luc Romain with CIC Market Solutions.
Jean-Luc Romain: My question is related to CapEx in Integrated Power. You have had a strong start to the year. Should we expect the quarterly level of organic CapEx to continue about the same rest of 2024 or to still accelerate?
Patrick Pouyanne: No. But I think you have something there and even during the year. Because as you know, we — the guidelines we give you is the net CapEx. And you have, of course, with a growing portfolio, a growing part of farm downs, which will be booked probably more on the second half of the year than the first half. So you see more organic CapEx at the beginning and then we should land to what was the plan for the year. I think $5 billion, that’s what we mentioned to you. So I don’t anticipate a higher capital allocation to this segment. And by the way, we — I mean, as it was said by Christyan, as we have quite a number of good oil projects, the idea is not, again, we’ve told you that we have reached the right percentage of allocation, 30%, 33%.
So that’s a guideline. And I’m sticking on this one for the years to come. It’s part of — we came to that level quicker than expected. But now it’s also a matter of discipline. We have a lot of opportunities, but we are also selective. And it’s important because again, it’s not one, again the decrement of the others, but we execute the strategy. So it’s more a timing effect like for the working capital rather than seasonal effects, but you will see it landing during the year. Okay?
Operator: Gentlemen, there are no more questions registered at this time.
Patrick Pouyanne: Well, and thank you. Thank you to all of you. I think we were targeting to be on time in order for you to attend the Exxon call, if I understand, which is follow up in 5 or 10 minutes. So we respected it. Thank you for your attendance. And again, it’s another quarter of strong delivery. Some people will say TotalEnergies is sometimes a little boring, but we are going for the good and always going up as a share. So I mean, I prefer to be in that situation, not a surprise, but to execute, to deliver, to be consistent. And I think it’s probably one of the good. When you buy shares, you can trust that we will deliver. That’s the message. Thank you.
Operator: Ladies and gentlemen, this concludes the conference call. Thank you for your participation. You may now disconnect.
