Totalenergies Se - TTE STOCK NEWS

TotalEnergies has unveiled its multi-energy strategy in Angola, launching the Begonia oil field, along with the Quiluma and Maboqueiro gas field developments and a photovoltaic project. The Begonia project, representing an investment of $850 million, will add 30,000 barrels daily to production. The Quiluma and Maboqueiro fields, Angola's first non-associated gas projects, will enhance LNG production capacity by mid-2026. Additionally, the Quilemba solar plant will have an initial capacity of 35 MWp. These initiatives align with TotalEnergies' commitment to a sustainable energy transition in Angola.

TotalEnergies reported a strong financial performance for 2Q22 with an IFRS net income of $5.7 billion and adjusted net income of $9.8 billion, both significantly up from the previous year. The company is accelerating its transformation with major investments in LNG, renewables, and green hydrogen projects, including a significant stake in Qatar's NFE LNG project and the acquisition of Clearway Energy Group. Cash flow from operations reached $16.3 billion, and the company announced a 5% increase in its interim dividend to €0.69/share. Despite a $3.5 billion impairment charge related to Russian assets, TotalEnergies remains focused on delivering shareholder returns and expanding its renewable portfolio.

The Board of Directors of TotalEnergies SE announced a second interim dividend for 2022 of €0.69 per share, marking a 5% increase from the previous year's dividends. This decision aligns with TotalEnergies' shareholder return policy outlined earlier in February 2022. The dividend will be paid in cash, with an ex-dividend date set for January 2, 2023, and payment on January 12, 2023. This reflects the company's commitment to enhancing shareholder value while maintaining its focus on sustainable development.

TotalEnergies (TTE) and Veolia have initiated construction of the largest solar photovoltaic system in Sur, Oman. The 17 MWp solar project will power the Sharqiyah Desalination plant, supplying drinking water to over 600,000 people. Expected to produce over 30,000 MWh annually, it will reduce CO₂ emissions by approximately 300,000 tons. This initiative aligns with Oman's goal of 30% renewable energy by 2030. TotalEnergies aims to increase its renewable capacity to 100 GW by 2030, positioning itself as a leading clean energy provider.

TotalEnergies (Euronext: TTE) has commenced production at the Ikike field in Nigeria, with a 40% stake in partnership with Nigerian National Petroleum Corporation (NNPC). The project, located 20 kilometers offshore, is expected to reach a peak production of 50,000 barrels of oil equivalent per day by the end of 2022. The initiative emphasizes low costs and minimal greenhouse gas emissions, aiming for under 4 kg CO₂e/boe. Additionally, 95% of the workforce was local, showcasing TotalEnergies' commitment to community engagement and sustainable practices.

Bayport Polymers LLC, a joint venture of TotalEnergies and Borealis, has launched a new ethane cracker in Port Arthur, Texas, with a production capacity of one million tons of ethylene per year. This $2 billion project utilized 14 million hours of work by over 2,500 workers during construction. The ethylene produced will support existing polyethylene units and a new Borstar technology polyethylene unit currently under construction. TotalEnergies cited this startup as a significant milestone in enhancing its petrochemical presence in the U.S.

Bayport Polymers LLC, a joint venture between TotalEnergies and Borealis, has begun commercial operations of a new ethane cracker in Port Arthur, Texas, with a capacity to produce one million tons of ethylene annually. This $2 billion project, employing over 2,500 workers at its peak, will supply ethylene as feedstock for existing polyethylene units and a new polyethylene unit currently under construction. TotalEnergies aims to bolster its petrochemical presence in the U.S., leveraging the abundant ethane supply.

TotalEnergies has announced its withdrawal from Myanmar's Yadana gas field and associated gas transportation company MGTC on July 20, 2022, due to ongoing human rights concerns. This decision, effective after a six-month notice, aligns with European sanctions from February 2022. The company has committed to a responsible exit by ensuring employment for its Myanmar workforce with the new operator, PTTEP, while establishing a fund to support local communities. TotalEnergies reiterates its condemnation of human rights abuses in Myanmar and supports the country's return to peace.

TotalEnergies (Paris:TTE) has initiated the first phase of front-end engineering and design (FEED) studies for the Papua LNG project, aimed at enhancing Papua New Guinea's LNG export capacity. The integrated FEED is expected to launch in Q4 2022, targeting a final investment decision by late 2023 and project startup by the end of 2027. The project emphasizes sustainability through a carbon capture and storage scheme. TotalEnergies is a leading low-carbon LNG company, holding a 10% market share globally and striving for a 50% gas sales mix by 2030.