TotalEnergies presented its 2025 Strategy and Outlook in New York, reaffirming its plan to grow energy production by about 4% per year through 2030. The company’s approach is based on two main business areas: Oil & Gas, with a focus on liquefied natural gas (LNG), and Integrated Power.
Patrick Pouyanné, Chairman and CEO of TotalEnergies, along with the Executive Committee, outlined several financial measures including a $7.5 billion savings program covering capital expenditures and operating expenses from 2026 to 2030. As part of this initiative, net capital expenditure guidance will be reduced to around $16 billion in 2026 and maintained at $15-17 billion annually for the period from 2027 to 2030. This represents a reduction of approximately $1 billion per year compared to previous projections.
The company plans to prioritize high-margin upstream projects while remaining selective with low-carbon investments, allocating about $4 billion annually—of which $3-4 billion will support the Integrated Power segment.
Between 2024 and 2030, oil and gas output is expected to increase by about 3% each year due to new projects coming online. In both 2025 and 2026, growth is forecasted to surpass this rate as several high-margin oil projects in the United States, Brazil, Iraq, and Uganda commence operations alongside major LNG initiatives in Qatar and Malaysia.
Integrated LNG activities are projected to deliver over 70% cash flow growth by 2030 compared with levels seen in 2024 at benchmark prices. This is attributed largely to an anticipated sales increase of about 50%, primarily from competitive LNG projects in the United States (such as Rio Grande LNG Train 1-4) and Qatar (NFE and NFS). The company also aims to develop gas-to-power integration efforts mainly within the US and Europe.
Electricity production is set for annual growth of roughly 20% through the end of the decade. By then, TotalEnergies expects electricity generation between 100-120 TWh per year—with renewable sources accounting for around seventy percent—and intends to focus investments on deregulated markets like the United States, Europe, and Brazil. The Integrated Power division is targeted to become free cash-flow positive by 2028 with a return on average capital employed (ROACE) reaching twelve percent by decade’s end.
Thanks to disciplined investment strategies combined with expected free cash flow increases—estimated at around $10 billion higher by 2030 than in comparable conditions in 2024—the Board of Directors has reaffirmed its commitment to dividend growth throughout economic cycles. A shareholder return policy exceeding forty percent of annual cash flow remains in place regardless of market prices.
On September 24th, TotalEnergies’ Board authorized share buybacks worth $1.5 billion for the fourth quarter of fiscal year twenty-twenty-five—bringing total repurchases for that year up to $7.5 billion. For twenty-twenty-six, share buyback guidance was set between $750 million and $1.5 billion per quarter depending on Brent crude prices ranging from sixty dollars ($60) to seventy dollars ($70) per barrel at an exchange rate near €1 = $1.20; this could result in payouts approaching fifty percent if oil prices reach seventy dollars per barrel during that period.
“TotalEnergies implements with consistency its balanced and profitable transition strategy, anchored on two pillars: Oil & Gas, mainly LNG, and Integrated Power,” said Patrick Pouyanné during his presentation.
TotalEnergies operates globally across approximately one hundred twenty countries with more than one hundred thousand employees working toward providing reliable, affordable energy while emphasizing sustainability as central within all aspects of its business model.
