Jean-Pierre Sbraire
Chief Financial Officer at TotalEnergies
However, there are no systemic operational issues as performance was strong at other sites such as on Werck or Leuna, boosting the global refining utilization rate to 87% in the first quarter of twenty twenty five from 82% in the first quarter. Let's move now to the company level. At the company level, net investment totaled $4,900,000,000 during the first quarter, and we reiterate full year 2025 guidance in the range $17,000,000,000 to $17,500,000,000 We reported a seasonal working cap build of $4,400,000,000 this quarter. Thus, I have to remind you that it's less than the $6,000,000,000 reported in the first quarter of twenty twenty four and in line, in fact, with the $3,400,000,000 to $4,400,000,000 range reported in the first quarter of twenty twenty two or 2023. The drivers of this quarter working cap builds are mainly: first, a €1,000,000,000 reversal of exceptional working cap items reported in the fourth quarter of twenty twenty four secondly, a $2,000,000,000 seasonal effect from gas and power distribution activities in Europe and related to advanced payments occurring in the first quarter of twenty twenty five and third, a $1,000,000,000 impact from evolution of the business related to stocks and sales increased at the end of the quarter.