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TotalEnergies SE TTE

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Morningstar’s Analysis

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1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

Total Delivers Another Strong Quarterly Result; Shares Remain Undervalued After Recent Run

Allen Good, CFA Sector Strategist

Analyst Note

| Allen Good, CFA |

Total rode the increasing oil and gas prices during the quarter to deliver another round of strong results, putting a poor 2020 further in its rearview. The quarter held little new information, outside of a $1.5 billion fourth-quarter planned buyback, as the company held its annual analyst update in late September. The strategy update then only reiterated the existing strategy of near-term hydrocarbon investment while investing in low-carbon businesses for long-term growth. As such our fair value estimate and moat rating are unchanged at this time, leaving shares still modestly undervalued.

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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.

Contact
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 Sep 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 105,476