TotalEnergies (NYSE:TTE) announced an expansion of its oil, gas, liquefied natural gas (LNG), and power operations until 2030, with an annual growth target of over 3% in oil and gas production from 2025 onward. Chairman and CEO Patrick Pouyanné noted that geopolitical disruptions, particularly in the Strait of Hormuz, have reinforced the need for a diversified energy portfolio, allowing the company to limit production impacts from Middle East disruptions to about 5%-6% in the last month.
The company aims to achieve a production level of approximately 3 million barrels of oil equivalent per day by 2030, supported by finalized projects in Nigeria and Azerbaijan. TotalEnergies plans to maintain its annual exploration expenditure at around $1 billion, focusing on regions like Suriname, Angola, and the U.S. Gulf of Mexico. Additionally, LNG production is expected to grow by about 10% annually, targeting 27-28 million metric tons by 2030.
TotalEnergies targets an additional $10 billion in annual free cash flow by 2030, alongside maintaining a breakeven price of $35 per barrel. The company emphasizes its commitment to return at least 40% of cash flow to shareholders through dividends and buybacks while committing to a 50% reduction in its emissions by 2030. Capital expenditures are projected to be around $15 billion in 2026, with annual spending between $14 billion and $17 billion from 2027 to 2032.
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