TotalEnergies Plans 4% Annual Energy Growth, $7.5B Cost Cuts Through 2030

TotalEnergies has unveiled a strategic plan to increase its oil, gas, and electricity production by approximately 3-4% annually through 2030, while aggressively reducing emissions by 50% for Oil & Gas Scope 1+2 compared to 2015 and cutting methane emissions by 80% from 2020 levels. The company intends to achieve this growth with a strong focus on high-margin upstream projects and selective low-carbon investments, allocating around $4 billion annually to its Integrated Power business, which includes renewables. It has announced a $7.5 billion cost savings program over 2026-2030 and will reduce its capital expenditures to around $15-17 billion per year, down by $1 billion from earlier guidance, without affecting jobs. TotalEnergies plans to grow LNG sales significantly through competitive projects in the U.S. and Qatar, aiming for more than 70% cash flow growth by 2030 compared to 2024. Despite increasing investments in renewables and shifting towards a diversified energy portfolio, the company faces investor concerns over reduced share buybacks, increased debt, and underwhelming stock performance, which CEO Patrick Pouyanné is set to address. Additionally, TotalEnergies is leveraging innovative data solutions like the eSpark data marketplace to optimize its integrated power operations and support its ambition to increase electricity production to over 100 TWh by 2030.