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TotalEnergies SE ADR TTE Stock Quote

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Morningstar‘s Stock Analysis TTE

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European Integrated Oils Continue to Look Cheap

Allen Good, CFA Sector Strategist

Analyst Note

| Allen Good, CFA |

After updating our fair value estimates for the no-moat European major integrated oils—BP (0.74 price to fair value), Shell (0.79), and TotalEnergies (0.76)—they continue to trade significant discounts to their narrow-moat U.S. counterparts Chevron (1.04) and Exxon (0.92). Outside of idiosyncratic company issues, the reason for the discount between the two groups is not entirely clear but is probably the result of a confluence of factors.

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Key Statistics TTE

Company Profile TTE

Business Description

TotalEnergies is an integrated oil and gas company that explores for, produces, and refines oil around the world. In 2021, it produced 1.5 million barrels of liquids and 7.2 billion cubic feet of natural gas per day. At year-end 2020, reserves stood at 12.1 billion barrels of oil equivalent, 45% of which are liquids. During 2021, it had LNG sales of 42 Mt. The company owns interests in refineries with capacity of nearly 1.8 million barrels a day, primarily in Europe, distributes refined products in 65 countries, and manufactures commodity and specialty chemicals. It also holds a 19% interest in Russian oil company Novatek. At year-end, its gross installed renewable power generation capacity was 10.3 GW.

2 Place Jean Millier, Tour Coupole, Paris la Defense cedex
Courbevoie, 92400, France
T +33 147444546
Sector Energy
Industry Oil & Gas Integrated
Most Recent Earnings Jun 30, 2022
Fiscal Year End Dec 31, 2022
Employees 101,309

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