The Board of Directors of TotalEnergies has reaffirmed the company’s current strategy and made several decisions during its annual strategic seminar and board meeting held on September 23 and 24, 2025. The company will present its updated 2030 strategic outlook to investors on September 29.
The Board highlighted the company’s approach to profitable growth, focusing on oil and gas—mainly liquefied natural gas (LNG)—and integrated power. It noted ongoing progress in projects aimed at increasing overall energy production, targeting a 4% annual growth rate through 2030 while working to reduce operational emissions. The recent award of the “Centre Manche 2” offshore wind project in France was cited as evidence of this transition strategy.
A disciplined investment framework remains central to the company’s operations, with an update scheduled for presentation later in September. The Board reiterated its commitment to providing attractive returns to shareholders while maintaining a strong balance sheet.
“The Board of Directors therefore confirmed the shareholder return policy of at least 40% of annual cash flow from operations through cycles and reaffirmed the dividend as a priority in a low cycle environment. TotalEnergies’ dividend has grown more than 20% over the last three years and it has not been cut in 40 years.”
The Board also emphasized financial stability by keeping its gearing ratio below 20%, especially amid uncertain economic and geopolitical conditions. In response to these uncertainties, it decided to adjust share buybacks based on hydrocarbon prices, refining and petrochemical margins, and exchange rates. For the fourth quarter of 2025, $1.5 billion in share buybacks were authorized, bringing the total for the year to $7.5 billion. Guidance for share buybacks in 2026 is set between $0.75 billion and $1.5 billion per quarter if Brent crude prices remain between $60-$70 per barrel with an exchange rate near $1.20/€.
The Board approved terms for a capital increase reserved for employees in 2026 after employee shareholding reached 8.9% of company capital this year—a rise of over 50% in ten years—making TotalEnergies number one in Europe for employee-held capitalization.
Additionally, approval was granted for converting American Depositary Receipts (ADRs) listed on the New York Stock Exchange since 1991 into ordinary shares. According to the company, this change will not affect holders of ordinary shares listed on Euronext Paris.
TotalEnergies operates as an integrated energy company across about 120 countries with more than 100,000 employees engaged in producing and marketing oil, natural gas, renewables, electricity, biofuels, biogas, and low-carbon hydrogen.
