Patrick Pouyanne: Okay. Balance sheet, why is this important? I think just — I’m trying to fill the gaps with the valuation of some of our peers. So we are quite systematic. We look to the difference. There is one gap which is that our U.S. peers are rated AA. We are not yet rated AA. And when I look, and when I compare the metrics and the results of TotalEnergies with at least one of both, I see very similar metrics. So maybe, there is something missing. So I think — again, I think it’s also a message because for me, that means that AA would mean that you — our shareholders and new investors could really believe in the future and the guarantee of the future return to shareholders. So I think it’s a strong signal. Again, it’s a way with the Board we discussed, can we express again a new objective of gearing.
It seems to be difficult, why minus 5%, why minus 10%. Keeping the minus 15% would be odd to you today. So we think that there is room to go to another step and, again, giving some challenge to Jean-Pierre. But no, I think it’s — again, I think it’s — it would be a translation of a very strong strength of the company. So let’s work. We’ll see if we can convince. LNG, Yamal. First, Yamal, which is the only asset remaining, is a source of 2 cash flows. There is the direct interest in Yamal as an asset, 20%, and this company sell is LNG to different buyers, one of them being TotalEnergies on Brent basis. It is true that we have received some dividends from Yamal in 2022, but some — it’s a little — it’s becoming more complex. We have, by the way, decided to book the cash flow from Yamal only when we receive really the dividend.
By the way, this is one of the explanation, because I’ve seen a question mark coming why there is a gap on the iGRP cash flow. There is no — on LNG cash flow. It’s because we don’t book the full result. We have decided to be prudent. We book in our accounts cash flow from Yamal when we see the dividend in Paris or somewhere in our pockets. We are prudent. But — because, again, there is a strengthening of sanctions. So that’s the first part of the Yamal cash. But there is another part, which is this long-term LNG contract, which the teams of Stephane and , they acquire this LNG on a Brent basis, and they sell it at the TTF price when it comes to Europe or the JKM if you go to . So that’s also quite a large source of cash. And by the way, it’s even better — maybe better — or this is — we don’t hedge anymore of this contract because — why?
We do the decision because we are not sure that sanctions on one side of the other side, by the way, could not derail this volume. So that means that, in fact, most of LNG volumes are age 1 year in advance. But Yamal, and Yamal will really — these volumes — these 4 million tonnes will reflect in our accounts the reality of the TTF spot market or the JKM spot market, compared to the Brent in the year ’23. So in fact, Stephane, most of his business is already done. He has hedged a lot and he can optimize around the hedging, but he has this amount of these contracts, which could deliver. And this is not Russian money. This is a European contract. So this long-term contract and the cash we derive from this Yamal is today, in Europe, there is no constraint and is reported in our account, like the other long-term contract that we managed in our portfolio.
I hope it’s clear where we are today.
Operator: The next question is from Christopher Kuplent of Bank of America.
