TotalEnergies Lifts Production Target, Sticks With Shareholder Return Policy

By Christian Moess Laursen

TotalEnergies slightly raised its target for annual oil and gas production, and stuck to its shareholder return policy at a time when most European majors look likely to pull back on their lofty buyback pledges.

The French energy major said Wednesday that it plans to grow its oil-and-gas production by around 3% annually between 2024 and 2030, driven mostly by its output of liquefied natural gas, through a low-cost, low-emission upstream portfolio.

It also outlined a target for overall energy output, which includes electricity and bioenergy alongside hydrocarbons, of 4% growth a year through the decade.

TotalEnergies previously planned to grow its oil-and-gas production by 2% to 3% a year.

Europe's second-largest integrated oil company by market value also said it plans to pay out $8 billion in share buybacks in 2024 and continue a rate of $2 billion a quarter next year.

It confirmed its return policy of more than 40% of cash flow from its operations.

Write to Christian Moess Laursen at christian.moess@wsj.com

(END) Dow Jones Newswires

October 02, 2024 09:28 ET (13:28 GMT)

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