XML 536 R43.htm IDEA: XBRL DOCUMENT v3.25.1
Financial instruments related to commodity contracts (Tables)
12 Months Ended
Dec. 31, 2024
Financial structure, financial costs and financial instruments  
Schedule of offsetting of financial instruments related to commodity contracts

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​

​

​

​

​

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​

​

​

​

​

​

  

​

  

​

  

​

  

​

  

Net balance

  

​

  

​

  

​

As of December 31, 2024

​

Gross value

​

Amounts

​

sheet value

​

Other

​

​

​

​

(M$)

​

before offsetting

​

offset

​

presented

​

amounts not

​

Net carrying

​

Fair

Assets / (Liabilities)

  

assets

  

liabilities

  

assets(c)

  

liabilities(c)

  

assets

  

liabilities

  

offset

  

amount

  

value(b)

Gas & Power activities

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Swaps

 

117

 

(129)

 

(7)

 

7

 

110

 

(122)

 

–

 

(12)

 

(12)

Forwards(a)

 

8,060

 

(6,595)

 

(79)

 

79

 

7,981

 

(6,516)

 

–

 

1,465

 

1,465

Options

 

277

 

–

 

–

 

–

 

277

 

–

 

–

 

277

 

277

Futures

 

–

 

–

 

–

 

–

 

–

 

–

 

–

 

–

 

–

Other/Collateral

 

–

 

–

 

–

 

–

 

–

 

–

 

403

 

403

 

403

Total Gas & Power

 

8,454

 

(6,724)

 

(86)

 

86

 

8,368

 

(6,638)

 

403

 

2,133

 

2,133

Crude oil, petroleum products and freight rates activities

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Petroleum products, crude oil and freight rate swaps

 

85

 

(46)

 

(44)

 

44

 

41

 

(2)

 

–

 

39

 

39

Forwards(a)

 

656

 

(1,012)

 

(14)

 

14

 

642

 

(998)

 

–

 

(356)

 

(356)

Options

 

70

 

(102)

 

(60)

 

60

 

10

 

(42)

 

–

 

(32)

 

(32)

Futures

 

–

​

–

​

–

​

–

​

–

​

–

​

–

​

–

​

–

Options on futures

​

66

​

(55)

​

(55)

​

55

​

11

​

–

​

–

​

11

​

11

Other/Collateral

 

–

 

–

 

–

 

–

 

–

 

–

 

–

​

–

 

–

Total crude oil, petroleum products and freight rates

 

877

 

(1,215)

 

(173)

 

173

 

704

 

(1,042)

 

–

 

(338)

 

(338)

TOTAL

 

9,331

 

(7,939)

 

(259)

 

259

 

9,072

 

(7,680)

 

403

 

1,795

 

1,795

Total of fair value non recognized in the balance sheet

 

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​

 

​

 

​

 

​

 

​

 

​

 

–

(a)

Forwards: contracts resulting in physical delivery are accounted for as derivative commodity contracts and included in the amounts shown.

(b)

When the fair value of derivatives listed on an organized exchange market (futures, options on futures and swaps) is offset with the margin call received or paid in the balance sheet, this fair value is set to zero.

(c)

Amounts offset in accordance with IAS 32.

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

  

​

  

​

  

​

  

​

  

Net balance

  

​

  

​

  

​

As of December 31, 2023

​

Gross value

​

Amounts

​

sheet value

​

Other

​

​

​

​

(M$)

​

before offsetting

​

offset

​

presented

​

amounts not

​

Net carrying

​

Fair

Assets / (Liabilities)

  

assets

  

liabilities

  

assets(c)

  

liabilities(c)

  

 assets

  

liabilities

  

 offset

  

amount

  

value(b)

Gas & Power activities

 

​

 

​

 

​

 

​

 

​

 

​

 

​

 

​

 

​

Swaps

 

116

 

(125)

 

(27)

 

27

 

89

 

(98)

 

–

 

(9)

 

(9)

Forwards(a)

 

5,875

 

(6,369)

 

(253)

 

253

 

5,622

 

(6,116)

 

–

 

(494)

 

(494)

Options

 

540

 

–

 

–

 

–

 

540

 

–

 

–

 

540

 

540

Futures

 

2

 

–

 

–

 

–

 

2

 

–

 

–

 

2

 

2

Other/Collateral

 

–

 

–

 

–

 

–

 

–

 

–

 

109

 

109

 

109

Total Gas & Power

 

6,533

 

(6,494)

 

(280)

 

280

 

6,253

 

(6,214)

 

109

 

148

 

148

Crude oil, petroleum products and freight rates activities

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Petroleum products, crude oil and freight rate swaps

 

66

 

(50)

 

(28)

 

28

 

38

 

(22)

 

–

 

16

 

16

Forwards(a)

 

655

 

(1,348)

 

(13)

 

13

 

642

 

(1,335)

 

–

 

(693)

 

(693)

Options

 

23

 

(97)

 

(23)

 

23

 

–

 

(74)

 

–

 

(74)

 

(74)

Futures

 

1

 

–

 

—

 

–

 

1

 

–

 

–

 

1

 

1

Options on futures

 

287

 

(214)

 

(209)

 

209

 

78

 

(5)

 

–

 

73

 

73

Other/Collateral

 

–

 

–

 

–

 

–

 

–

 

–

 

–

 

–

 

–

Total crude oil, petroleum products and freight rates

 

1,032

 

(1,709)

 

(273)

 

273

 

759

 

(1,436)

 

–

 

(677)

 

(677)

TOTAL

 

7,565

 

(8,203)

 

(553)

 

553

 

7,012

 

(7,650)

 

109

 

(529)

 

(529)

Total of fair value non recognized in the balance sheet

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

–

​

(a)

Forwards: contracts resulting in physical delivery are accounted for as derivative commodity contracts and included in the amounts shown.

(b)

When the fair value of derivatives listed on an organized exchange market (futures, options on futures and swaps) is offset with the margin call received or paid in the balance sheet, this fair value is set to zero.

(c)

Amounts offset in accordance with IAS 32.

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​

  

​

  

​

  

​

  

​

  

Net balance

  

​

  

​

  

​

As of December 31, 2022

​

Gross value

​

Amounts

​

sheet value

​

Other

​

​

​

​

(M$)

​

before offsetting

​

offset

​

presented

​

amounts not

​

Net carrying

​

Fair

Assets / (Liabilities)

  

assets

  

liabilities

  

assets(c)

  

liabilities(c)

  

assets

  

 liabilities

  

offset

  

amount

  

value(b)

Gas & Power activities

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Swaps

 

1,268

 

(449)

 

(18)

 

18

 

1,250

 

(431)

 

–

 

819

 

819

Forwards(a)

 

18,014

 

(18,638)

 

(1,994)

 

1,994

 

16,020

 

(16,644)

 

–

 

(624)

 

(624)

Options

 

2,143

 

(1)

 

(1)

 

1

 

2,142

 

–

 

–

 

2,142

 

2,142

Futures

 

13

 

(3)

 

–

 

–

 

13

 

(3)

 

–

 

10

 

10

Other/Collateral

 

–

 

–

 

–

 

–

 

–

 

–

 

(406)

 

(406)

 

(406)

Total Gas & Power

 

21,438

 

(19,091)

 

(2,013)

 

2,013

 

19,425

 

(17,078)

 

(406)

 

1,941

 

1,941

Crude oil, petroleum products and freight rates activities

 

​

 

​

 

​

 

​

 

​

 

​

 

​

 

​

 

​

Petroleum products, crude oil and freight rate swaps

 

122

 

(114)

 

(58)

 

58

 

64

 

(56)

 

–

 

8

 

8

Forwards(a)

 

631

 

(1,489)

 

(7)

 

7

 

624

 

(1,482)

 

–

 

(858)

 

(858)

Options

 

76

 

(227)

 

(69)

 

69

 

7

 

(158)

 

–

 

(151)

 

(151)

Futures

 

–

 

–

 

–

 

–

 

–

 

–

 

–

 

–

 

–

Options on futures

 

113

 

(13)

 

(13)

 

13

 

100

 

–

 

–

 

100

 

100

Other/Collateral

 

–

 

–

 

–

 

–

 

–

 

–

 

–

 

–

 

–

Total crude oil, petroleum products and freight rates

 

942

 

(1,843)

 

(147)

 

147

 

795

 

(1,696)

 

–

 

(901)

 

(901)

TOTAL

 

22,380

 

(20,934)

 

(2,160)

 

2,160

 

20,220

 

(18,774)

 

(406)

 

1,040

 

1,040

Total of fair value non recognized in the balance sheet

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

–

(a)

Forwards: contracts resulting in physical delivery are accounted for as derivative commodity contracts and included in the amounts shown.

(b)

When the fair value of derivatives listed on an organized exchange market (futures, options on futures and swaps) is offset with the margin call received or paid in the balance sheet, this fair value is set to zero.

(c)

Amounts offset in accordance with IAS 32.

Trading & Shipping  
Financial structure, financial costs and financial instruments  
Schedule of market related risks - value-at-risk

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As of December 31,

    

​

    

​

    

​

    

​

(M$)

​

High

​

Low

​

Average

​

Year end

2024

 

53

 

8

 

24

 

16

2023

 

74

 

17

 

37

 

28

2022

 

48

 

9

 

22

 

27

Gas & Power  
Financial structure, financial costs and financial instruments  
Schedule of market related risks - value-at-risk

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​

​

​

​

​

​

​

​

​

As of December 31,

    

​

    

​

    

​

    

​

(M$)

​

High

​

Low

​

Average

​

Year end

2024

 

139

​

19

​

54

​

77

2023

 

111

​

16

​

54

​

54

2022

 

119

​

15

​

53

​

92

Derivative financial instruments related to commodity contracts  
Financial structure, financial costs and financial instruments  
Schedule of changes in fair value and fair value hierarchy for financial instruments

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For the year ended December 31,

    

Fair value 

    

Impact on

    

Settled

    

​

    

Fair value as of

(M$)

​

as of January 1,

​

income

​

contracts

​

Other

​

December 31,

Gas & Power activities

 

​

 

​

 

​

 

​

 

​

2024

 

39

 

(345)

 

2,000

 

36

​

1,730

2023

 

2,347

 

(5,792)

 

3,681

 

(197)

​

39

2022

 

6,383

 

11,406

 

(15,628)

 

186

 

2,347

Crude oil, petroleum products and freight rates activities

 

  

 

  

 

  

 

  

 

  

2024

 

(677)

 

10,118

 

(9,779)

 

–

 

(338)

2023

 

(901)

 

11,033

 

(10,812)

 

3

 

(677)

2022

 

(137)

 

5,891

 

(6,655)

 

–

 

(901)

​

The fair value hierarchy for financial instruments related to commodity contracts is as follows:

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​

​

​

​

​

​

​

​

​

Quoted prices

​

​

​

​

​

​

​

​

in active markets for

​

Prices based on

​

Prices based on

​

​

As of December 31, 2024

​

identical

​

observable data

​

non observable

​

​

(M$)

    

assets (level 1)

    

(level 2)

    

data (level 3)

    

Total

Gas & Power activities

 

(78)

 

(38)

 

1,846

 

1,730

Crude oil, petroleum products and freight rates activities

 

13

 

(351)

 

–

 

(338)

TOTAL

 

(65)

 

(389)

 

1,846

 

1,392

​

​

​

​

​

​

​

​

​

​

​

​

Quoted prices

​

​

​

​

​

​

​

​

in active markets for

​

Prices based on

​

Prices based on

​

​

As of December 31, 2023

​

identical

​

observable data

​

non observable

​

​

(M$)

    

assets (level 1)

    

(level 2)

    

data (level 3)

    

Total

Gas & Power activities

 

1,054

 

1,677

 

(2,692)

 

39

Crude oil, petroleum products and freight rates activities

 

73

 

(750)

 

–

 

(677)

TOTAL

 

1,127

 

927

 

(2,692)

 

(638)

​

​

​

​

​

​

​

​

​

​

​

​

Quoted prices

​

​

​

​

​

​

​

​

in active markets for

​

Prices based on

​

Prices based on

​

​

As of December 31, 2022

​

identical

​

observable data

​

non observable

​

​

(M$)

    

assets (level 1)

    

(level 2)

    

data (level 3)

    

Total

Gas & Power activities

 

1,034

 

1,678

 

(365)

 

2,347

Crude oil, petroleum products and freight rates activities

​

98

 

(999)

 

–

 

(901)

TOTAL

 

1,132

 

679

 

(365)

 

1,446

​

Schedule of impact of the hedging strategies

​

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​

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​

​

As of December 31

    

​

    

​

    

​

(M$)

​

2024

    

2023

    

2022

Profit (Loss) recorded in other comprehensive income of the period

 

2,670

 

2,770

 

(5,524)

Recycled amount from other comprehensive income to the income statement of the period

 

(2,671)

 

117

 

1,317