Strategy & Outlook Presentation 2024 “More energy, less emissions, more free cash-flow”

New York,October 2^nd, 2024 – Patrick Pouyanné, Chairman and CEO, and the members of the Executive Committee will present TotalEnergies’ Strategy & Outlook in New York today. The webcast of the presentation in English is available on totalenergies.com.

TotalEnergies advances its balanced and profitable transition strategy anchored on two pillars: Oil & Gas, notably LNG, and electricity, growing its global energy production (oil, gas, electricity, bioenergy) by 4% per year through 2030 whiledrastically lowering the emissions from its operations (-40% on Scope 1+2 net in 2030 vs 2015 and - 80% on methane in 2030 vs 2020). As a result of  this transition strategy, the average carbon content of TotalEnergies energy sales will be  25% lower in 2030 vs 2015.  

Since its last outlook in September 2023, TotalEnergies has de-risked its growth and profitability perspectives in several ways:

• Oil & Gas production average growth of ~3% per year to 2030, led by LNG, thanks to the launch of six major projects in 2024 (two in Brazil, Suriname, Angola, Oman, Nigeria) that de-risk, high-grade and extend guidance from 2028 to 2030. Over the next two years 2025 and 2026, growth will exceed 3% per year due to the start-up of several high margin projects (US GoM, Brazil, Iraq, Uganda, Argentina, Malaysia, Qatar) which are accretive in net income per barrel and cash-flow per barrel. In 2024, the Company has also de-risked its LNG exposure to spot gas prices by signing long-term LNG sales contracts mainly indexed on Brent and by developing its upstream gas production in the US through two low-cost acquisitions.
  
  Natural gas is indeed at the core of TotalEnergies’ transition strategy through an outstanding LNG growth (+50% over 2024-2030) and a gas-to-power integration supporting its profitable Integrated Power strategy to complement the intermittent renewables.
   
• Growing electricity generation, reaching more than 100 TWh in 2030, of which 70% will be renewable and 30% flexible-based. It will represent nearly 20% of global energy production of the Company. By actively completing in 2024 its integrated model in key targeted deregulated markets, Integrated Power is making progress on its main levers to achieve at least 12% ROACE by 2028-2030 and will be net cash positive by 2028.

TotalEnergies confirms net investments between $16-18 billion per year during 2025-2030, of which around $5 billion will be dedicated to low-carbon energies. The Company retains flexibility to reduce its net investments by $2 billion in case of a sharp drop in prices.

Thanks to this clear and disciplined investment policy and the perspective for +$10 billion of free cash flow growth by 2030 (versus 2024 at same price deck),the Board of Directors has confirmed a shareholder return² of over 40% of cash flow through cycles and has made the following decisions:

• In 2024, execute $8 billion in share buybacks³, corresponding to approximately 5% of the Company's capital. Anticipated shareholder return² is above 45% of 2024 cash flow.
• In 2025, continue share buybacks³ of $2 billion per quarter assuming reasonable market conditions, and increase the dividend per share by at least 5% based on the 2024 share buybacks.

Read the full press release on the TotalEnergies website

1. Assuming reasonable market conditions
2. Payout = (dividends + share buybacks for cancellation) / CFFO
3. Including coverage of employees share grant plans

 

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 About TotalEnergies 

 

TotalEnergies is a global multi-energy company that produces and markets energies on a global scale: oil and biofuels, natural gas and green gases, renewables and electricity. Our 100,000 employees are committed to energy that is ever more affordable, cleaner, more 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. 

 

TotalEnergies Contacts 

 

• Norway Corporate Affairs & Communications Director: Henning Eide l +47 918 66 728 l [email protected] 
• Media Relations: +33 1 47 44 46 99 l [email protected] l @TotalEnergiesPR 
• Investor Relations: +44 (0)207 719 7962 l [email protected]   

 

Cautionary Note 

 

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.