Key facts
- TotalEnergies expects oil and gas production to grow by more than 3% annually until 2030.
- Overall energy production, including oil, gas, and electricity, is projected to rise by about 4% per year by 2030.
- The Integrated Power division is expected to be free cash flow positive in 2027.
- TotalEnergies anticipates a $10 billion boost in free cash flow between 2025 and 2030.
- The company plans to increase dividends by more than 5% annually from 2026 to 2030.
- Electricity is expected to constitute 25% of TotalEnergies' energy mix by 2035.
French energy giant TotalEnergies announced on Monday its strategy to achieve annual oil and gas production growth of over 3% through 2030, driven by new low-cost projects. The company also anticipates overall energy production, encompassing oil, gas, and electricity, to increase by approximately 4% per year by the end of the decade. This expansion is projected to enhance free cash flow by about $10 billion between 2025 and 2030, assuming current price levels. The company's Integrated Power division is expected to become free cash flow positive in 2027. TotalEnergies plans to increase its annual dividend by more than 5% for the financial years 2026 to 2030 and maintain a shareholder return of at least 40% of cash flow. The company is leveraging organic projects in various locations including Namibia, Nigeria, Libya, Malaysia, Mozambique, and Papua New Guinea, and aims to maintain a production plateau of around 3 million barrels of oil equivalent per day until 2035. By 2035, electricity is expected to represent 25% of its energy mix. Recent investments include the Ima gas field in Nigeria to support the Nigeria LNG export plant and the fast-track development of the Acacia-5 discovery in Angola, expected to add 6,000 barrels per day to Block 17's production.