LA DEFENSE (dpa-AFX) - Monday, TotalEnergies SE (TTE), an oil- and biofuel-based energy company, confirmed its production growth objectives through 2030.
The company aims to increase oil, gas, and electricity production by 4% per year through 2030 while reducing emissions. It targets a 50% reduction in Oil & Gas Scope 1 and 2 emissions by 2030 compared with 2015 and an 80% reduction in methane emissions by 2030 or earlier compared with 2020.
The increase in new cash-generating production is expected to raise free cash flow by around $10 billion between 2025 and 2030, based on the same price assumptions. This would increase free cash flow by more than $4 per share.
The company expects Oil & Gas production to grow by an average of 3% per year from 2025 to 2030, driven by the start-up of several low-cost, low-emission projects that are currently under development.
To support its long-term growth, the company plans to invest between $14 billion and $17 billion per year from 2027 to 2032.
Furthermore, with the gearing ratio expected to fall below 10% by the end of 2026, the Board approved share buybacks of $2.5 billion in the fourth quarter of 2026 and between $2 billion and $2.5 billion in the first quarter of 2027.
On the NYSE, the shares were trading 0.41 percent up at $91.31.
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