Patrick Pouyanné, Chairman and CEO, and members of the Executive
Committee will present TotalEnergies' (Paris:TTE) (LSE:TTE)
(NYSE:TTE) Strategy & Outlook in Paris today. The webcast of
the presentation in English is available on totalenergies.com.
Key messages of the presentation include:
TotalEnergies, a multi-energy company
TotalEnergies affirms its strategy as a multi-energy company
active in oil, natural gas, renewables & electricity, biomass
and hydrogen, benefitting all its stakeholders.
More energy, less emissions, always more sustainable
To satisfy growing global energy demand linked to worldwide
population growth, TotalEnergies will increase its energy
production by 30% from now to 2030, with growth coming half from
electricity, essentially from renewables, and half from LNG. Its
sales mix will evolve to 30% oil, 50% gas, 15% electricity and 5%
biomass and hydrogen by 2030. Petroleum product sales will decrease
by at least 30% over the period 2020-30.
TotalEnergies will maintain discipline on its investment
program, which will be $13-15 billion per year for 2022-25 and will
allocate 50% of these investments to growing its activities and 50%
to maintaining the base of its activities. 50% of the growth
investments will be dedicated to the development of new energies,
mainly renewables and electricity, and the other 50% to natural
gas, essentially LNG.
TotalEnergies is fully engaged toward its ambition to get to Net
Zero by 2050 together with society. Scope 1+2 net operated oil
& gas emissions worldwide will decrease by 40% between 2015 and
2030 and worldwide absolute Scope 3 emissions will be lower in 2030
compared to 2015. For that purpose, the carbon intensity of energy
products used by its customers worldwide will decrease by at least
20% over same period. In addition, to accompany the Green Deal in
Europe, TotalEnergies, a European company, has committed to
reducing its Scope 1+2+3 emissions by 30% by 2030 vs 2015.
Hydrocarbons continue to generate strong cash flow to fund the
transition and return to shareholders
Upstream production should grow by about 3% per year by 2026,
driven by LNG which should grow by 6% per year. TotalEnergies' oil
production will reach its peak during the decade before declining.
Over 2022-26, E&P will generate more than $5 billion per year
of free cash flow at $50/b, with additional cash flow of $3.2
billion for a $10/b increase in Brent and $0.6 billion for a
$1/Mbtu increase in European and Asian gas indexes.
In Downstream, TotalEnergies will continue its policy of
adapting its industrial and marketing facilities to anticipate the
decline in petroleum product demand, particularly in Europe, with
the objective of aligning its refining capacities and petroleum
product sales to the level of its oil production by 2030. At the
same time, TotalEnergies will seize development opportunities in
polymer, including recycling and bioplastics, and in new markets,
such as biofuels or electric mobility, to generate cash flow growth
of around $1 billion over the next 5 years.
Gas, the energy of the transition
In a LNG market growing on average 5-7% per year at a global
scale, TotalEnergies' LNG production is expected to increase by 30%
by 2025 and sales to reach 50 Mt/y, equivalent to 10% of the world
market, at that time. The diversification of LNG outlets will allow
continued value creation from global scale and arbitrage.
Accelerating decarbonization of the LNG chain, with a focus on
reducing methane emission, is a priority with the ambition of
reducing full-chain intensity by 20% by 2030.
TotalEnergies will scale up biogas, targeting 2 TWh/y production
by 2025 and has the ambition to develop in clean hydrogen, kick
starting by covering its own refining demand and then being a
pioneer in the mass production of low-cost carbon-free hydrogen and
in the production of synthetic fuels, particularly for aviation
Scaling up profitable renewables and electricity businesses
TotalEnergies' ambition is to become one of the world's top 5
renewable power producers with an objective of 100 GW gross
installed capacity by 2030, taking advantage notably of its global
footprint. The Company confirms its objective of 35 GW by 2025 with
more than 10 GW in operation by end-2021 that will grow by around 6
GW per year from 2022 to 2025.
The Company plans to develop a significant integrated position
in deregulated markets while growing production in regulated
markets, targeting more than 50 TWh of net production by 2025,
generating $3.5 billion of EBITDA.
Combining energy transition and shareholder return
TotalEnergies is confident in its ability to combine energy
transition and shareholder return, thus creating long-term
TotalEnergies has demonstrated its resilience during the Covid
crisis by maintaining its dividend through the cycle. The Company
is emerging stronger with a solid balance sheet, low cost of debt
and gearing anchored below 20%. At the same time, TotalEnergies
accelerates the growth of its investments in renewables and
electricity, bringing them to $3 billion per year, or nearly 25% of
its investments over the period 2021-2025.
In a constant $50/b environment, the Company anticipates cash
flow growth of $5 billion between 2021 and 2026: this cash flow
growth will come notably from renewables and electricity for $1.5
billion and LNG for $1.5 billion, the two pillars of its growth.
Discipline on cost will be maintained with an objective to deliver
more than $1 billion of additional cost savings by 2023 compared to
2020. This increased revenues and discipline will improve return on
equity above 12% in a 50 $/b environment by 2025.
This sustainable cash flow growth, given the investment
discipline, will support dividend growth over the next years. In
addition, in accordance with the announced policy of allocating up
to 40% of the surplus cash generated above $60/b to buybacks and
considering the actual high prices of oil and gas, TotalEnergies
plans to buy back $1.5 billion of its shares in fourth quarter
TotalEnergies is a broad energy company that produces and
markets energies on a global scale: oil and biofuels, natural gas
and green gases, renewables and electricity. Our 105,000 employees
are committed to energy that is ever more affordable, clean,
reliable and accessible to as many people as possible. Active in
more than 130 countries, TotalEnergies puts sustainable development
in all its dimensions at the heart of its projects and operations
to contribute to the well-being of people.
Twitter: @TotalEnergies LinkedIn: TotalEnergies Facebook:
TotalEnergies Instagram: TotalEnergies
This press release, from which no legal consequences may be
drawn, is for information purposes only. The entities in which
TotalEnergies SE directly or indirectly owns investments are
separate legal entities. TotalEnergies SE has no liability for
their acts or omissions. The terms "Company" or "TotalEnergies
company" refer collectively to the company TotalEnergies SE and the
companies it controls directly or indirectly. Such terms are used
solely for the sake of convenience for purposes of the present
communication. Likewise, the words "we", "us" and "our" may also be
used to refer to subsidiaries in general or to those who work for
them. This document may contain forward-looking information and
statements that are based on a number of economic data and
assumptions made in a given economic, competitive and regulatory
environment. They may prove to be inaccurate in the future and are
subject to a number of risk factors. Neither TotalEnergies SE nor
any of its subsidiaries assumes any obligation to update publicly
any forward-looking information or statement, objectives or trends
contained in this document whether as a result of new information,
future events or otherwise.
Media Relations: +33 1 47 44 46 99 l email@example.com l
Investor Relations: +44 (0)207 719 7962 l
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SOURCE: TotalEnergies SE
Copyright Business Wire 2021
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September 28, 2021 08:20 ET (12:20 GMT)
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