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TotalEnergies implements with consistency its balanced and profitable transition strategy, anchored on two pillars: Oil & Gas, mainly LNG, and Integrated Power.
The Company plans to increase energy production (oil, gas and electricity) by four percent per year through 2030 while reducing emissions from its operations (-50% on Oil & Gas Scope 1+21 in 2030 compared to 2015, and -80 percent on methane emissions in 2030 compared to 2020).
While confirming its growth objectives, TotalEnergies announces a $7.5 billion savings program(Capex + Opex) over 2026-2030. The Company reduces its net Capex guidance to ~$16 billion in 2026 and $15-17 billion per year during 2027-2030, down $1 billion per year compared to previous guidance. The Company will remain focused on high margin Upstream projects and stay selective on low-carbon Capex, which will represent ~$4 billion per year, including $3 to 4 billion per year for the Integrated Power business.
TotalEnergies plans for +3 percent per year oil and gas growth between 2024 and 2030 thanks to the start-up of accretive projects from its rich portfolio, 95 percent of 2030 production being either already running or under development. In 2025 and 2026, this growth will exceed 3 percent per year, benefiting from the start-up of several high-margin oil projects (Offshore US, Brazil, Iraq, Uganda) and major LNG and gas projects (NFE in Qatar, Jerun in Malaysia).
Integrated LNG is expected to deliver cash flow growth of more than 70 percent by 20302 compared to 2024 at $70/b and $8/Mbtu. This is driven by 50 percent sales growth that is mainly coming from LNG projects in the United States and Qatar (Rio Grande LNG Train 1-4 in the United-States, NFE and NFS in Qatar), which are among the most competitive in the world. In addition, the Company will develop gas-to-power integration, mainly in the United States and Europe, in order to complete its Integrated Power business model.
TotalEnergies plans to increase electricity production by approximately 20 percent per year through 2030, resulting in 100 to 120 TWh/y of electricity production, of which 70 percent is renewable and 30 percent flexible gas. TotalEnergies intends to focus its investments on the main deregulated markets (United States, Europe, Brazil) in which the Company deploys its integrated model.
The Integrated Power segment will be free cash-flow positive by 2028 and achieve a ROACE of 12 percent by 2030. TotalEnergies’ profitable diversification through the electricity value chain is positively differentiating versus peers and creates value for shareholders by contributing to dividend growth regardless of Oil & Gas cycles and thus, enhancing the Company’s resilience.
