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TotalEnergies SE ADR TTE

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Total Sticking With Transition Strategy and Renewables Growth; Kicking Off $1.5 Billion Buyback

Allen Good, CFA Sector Strategist

Analyst Note

| Allen Good, CFA |

At TotalEnergies’ annual analyst day, management updated its various operational and financial goals while reiterating its strategy to transition away from oil products toward natural gas and renewables as to achieve its decarbonization targets. Most notable items are the increase in renewable investment while narrowing its capital guidance range and increasing its estimated 2025 return on equity to 12%. It now also assumes oil production growth from 2021, but peaking in the next decade, in line with its global demand outlook, as 2030 volumes fall to 2019 levels. Meanwhile, it plans for both oil product sales and refining capacity to be well below 2019 levels by 2030.

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Company Profile

Business Description

TotalEnergies is an integrated oil and gas company that explores for, produces, and refines oil around the world. In 2020, 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 12.3 billion barrels of oil equivalent, 43% of which are liquids. The company operates refineries with capacity of nearly 2.0 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.

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, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 105,476