- More energy, less emissions, more free cash flow
- TotalEnergies confirms its objectives of growth for oil, gas & electricity production and free cash flow towards 2030 and presents its ambitions for growth at 2035 horizon
- The Board of Directors commits to a dividend increase of more than 5% per year until 2030 and confirms a shareholder return of 40% of cash flow while deleveraging the Company
- 4% energy production growth per year until 2030
- $10 billion free cash flow(1) growth from 2025 to 2030 at same price deck, equivalent to more than $4 per share
- < 10% gearing ratio anticipated by end of 2026
- $2.5 billion in share buybacks in the fourth quarter of 2026 and between $2 and $2.5 billion share buybacks in the first quarter of 2027
Patrick Pouyanné, Chairman and CEO of TotalEnergies, and the members of the Executive Committee, are presenting the Company's strategy and outlook today in New York. A live webcast of the event in English is available on totalenergies.com.
TotalEnergies confirms all its growth objectives by 2030:
- +4% energy production (oil, gas and electricity) growth per year through 2030, while reducing emissions from its operations (50% reduction in Oil & Gas(2) Scope 1+2 emissions by 2030 versus 2015 and 80% reduction in methane emissions by 2030 or earlier versus 2020).
- > +3% Oil & Gas production growth on average per year between 2025 and 2030, thanks to the production start-ups of the rich portfolio of low-cost, low-emission projects, all currently under execution.
- > +20% electricity generation growth per year, reaching 100-120 TWh/y by 2030 representing around 20% of the Company's energy mix by then. Integrated Power will be free cash flow positive in 2027 (balanced in 2026) and will reach 12% ROACE by 2030.
This growth of cash accretive new productions will translate into a strong free cash flow increase of around $10 billion from 2025 to 2030 at same price deck, representing an increase of more than $4 per share.
TotalEnergies has also a very good visibility on its capacity to grow energy production beyond 2030:
- In Oil & Gas, TotalEnergies already possesses a rich portfolio of organic projects (Namibia, Nigeria, Libya, Malaysia, Mozambique and Papua New Guinea) and a proven reserves life index of more than 12 years allowing the Company to maintain a production plateau of around 3 Mboe/d until 2035. This solid base allows TotalEnergies to set an ambition for 2-3% growth per year over the period 2030-2035 by leveraging its proven track record in exploration and accessing discovered resources.
- In electricity, TotalEnergies will aim to maintain its growth pace of net power generation of 10-12 TWh per year over 2030-2035, thanks to the deployment of its integrated model across its key deregulated markets, building on the capacity of its renewables' platform and pipeline and further developing flexible opportunities (gas-to-power, batteries) in the US and Europe. With this growth, electricity will represent 25% of the Company's energy mix by 2035.
To support this long-term growth, the Company is planning net investments between $14 billion and $17 billion per year over 2027-2032.
Confident in the Company's ability to deliver production and free cash flow growth by 2030, the Board of Directors adopted on 27th September 2026 a dividend policy to increase the dividend by more than 5% per year for financial years 2026 to 2030. Furthermore, the Board confirms a shareholder return of at least 40% of cash flow while deleveraging the Company, with a gearing ratio lower than 10%.
In that framework, with a gearing ratio expected to be below 10% by end of 2026, the Board authorized share buybacks of $2.5 billion for the fourth quarter of 2026 and between $2 and $2.5 billion for the first quarter of 2027.
(1) Free cash flow = CFFO – net investments – leases – third party cash flows
(2) Oil and Gas activities Upstream and Downstream, excluding CCGT
Source: TotalEnergies
