The Board of Directors of TotalEnergies has reaffirmed its long-term strategic roadmap, emphasizing a balance between profitable growth and energy transition.
Meeting at its annual strategic seminar this week, the Board endorsed the company’s 2030 outlook, which is anchored on two core pillars: oil and gas, particularly LNG, and integrated power.
The Board confirmed that TotalEnergies is “on track to deliver average annual energy production growth of 4% through 2030, spanning oil, gas, and electricity.”
At the same time, the company stressed its commitment to reducing emissions from operations. A key milestone came with the recent award of the offshore wind project Centre Manche 2 in France, where TotalEnergies will act as operator an achievement seen as a tangible step in its European transition strategy.
Shareholder Returns and Financial Strength
TotalEnergies placed renewed emphasis on shareholder value. The Board reaffirmed that dividends remain the company’s top priority, highlighting that payouts have grown by more than 20% in the past three years and have not been cut in four decades.
The company also confirmed its policy of distributing at least 40% of annual cash flow from operations back to shareholders, even during cyclical downturns.
To preserve financial flexibility amid volatile markets, the Board said it would adjust the pace of share buybacks based on oil prices, refining margins, and exchange rates.
For the fourth quarter of 2025, the Board authorized “$1.5 billion in share repurchases,” bringing the full-year total to “$7.5 billion”.
Looking ahead, guidance for 2026 sets quarterly buybacks between $750 million and $1.5 billion if Brent crude prices remain in the $60–70 per barrel range and the euro-dollar exchange rate stays around 1.20.
In addition, the Board stressed its priority of maintaining a gearing ratio below 20% to safeguard the company’s balance sheet amid global economic and geopolitical uncertainty.
Another key decision involved employee participation. The Board approved a 2026 capital increase reserved for staff, building on record levels of employee shareholding.
Participation has risen to 8.9% of the company’s share capital in 2025, a growth of more than 50% over the past decade, making TotalEnergies the leading European company in employee ownership by capitalization held.
The move, expected to lift employee ownership beyond 9% of share capital in 2026, was described by the Board as a sign of strong alignment between employees and shareholders.
The Board also approved a technical project to convert the company’s American Depositary Receipts (ADRs), listed on the New York Stock Exchange since 1991, into ordinary shares.
The operation is designed to streamline TotalEnergies’ listing structure and will not affect holders of ordinary shares on Euronext Paris, which remains the company’s primary exchange.
While the conversion will simplify equity management, the company stressed that the change would not alter investors’ rights or dividends.
Transition with Growth
At the heart of the update was reassurance that TotalEnergies’ dual focus delivering returns while advancing its energy transition is sustainable and realistic.
The Board emphasized that its disciplined investment framework, updated this year, positions the company to generate strong cash flows during 2025–2030 while financing both traditional energy operations and new low-carbon ventures.
The company described its position as a “differentiated and profitably growing energy major,” one that is building resilience against market volatility while committing to renewable energy expansion.
As the Board looks ahead to its investor presentation on September 29, it sought to assure stakeholders that TotalEnergies is not only delivering financial results but also adapting to the global transition.
“Our strategy is not about choosing between profitability and sustainability,” the company stated, “but ensuring that both objectives strengthen each other.”
With over 100,000 employees across 120 countries, TotalEnergies remains one of the world’s largest integrated energy companies, operating in oil, natural gas, renewables, hydrogen, and electricity.
The company has embedded sustainability at the core of its operations, aiming to supply energy that is reliable, affordable, and environmentally responsible.
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