TotalEnergies (TTE) Barclays 39th Annual CEO Energy-Power Conference 2025 summary

Strategic vision and business fundamentals

• Emphasizes consistency in strategy and a strong balance sheet as key to long-term success in the energy sector.

• Focuses on value over volume, maintaining low-cost operations and disciplined project selection.

• Two-pillar approach: 75% investment in oil and gas, 25% in integrated power, aiming for 80% oil and gas, 20% electrons by 2030.

• Gas serves as a bridge between oil/gas and power, supporting integration and resilience.

• Diversification across geographies and energy types is prioritized to manage uncertainty and ensure future growth.

Portfolio growth and project pipeline

• Targets 3% annual oil and gas production growth through 2030, with major projects in Suriname, Brazil, Uganda, Qatar, and Nigeria.

• New projects are selected for low break-even costs, enhancing margins and cash flow growth (8% per year expected).

• 85% of growth is already sanctioned and under development, with additional opportunities in Brazil, Angola, and Suriname.

• Namibia's Venus project is a priority, with plans to extend the license and explore further in the region.

• Exploration remains a key value driver, with active programs in West Africa, Mozambique, Malaysia, and beyond.

Integrated power and returns

• Integrated power business is growing faster than expected, targeting net cash positive by 2028 and 11-12% return on capital employed by 2028-2030.

• Value creation comes from integration of renewables, batteries, and gas, enabling firm power offerings.

• Integration between production and downstream enhances value, with power segment expected to contribute to dividends within eight years.

• Focus on markets where full integration is possible, such as Germany, UK, and the U.S.

• Power business provides resilience and reduces cyclicality compared to oil and gas.