TotalEnergies SE - TTE STOCK NEWS

TotalEnergies presented its Strategy & Outlook for 2024-2030, focusing on a balanced and profitable transition strategy. The company aims to grow its global energy production by 4% per year through 2030 while reducing emissions from operations. Key points include:

1. Oil & Gas production growth of ~3% per year to 2030, led by LNG
2. Electricity generation growth, reaching over 100 TWh in 2030 (70% renewable)
3. Net investments of $16-18 billion per year during 2025-2030
4. Anticipated $10 billion free cash flow growth by 2030
5. Shareholder return of over 40% of cash flow through cycles

For 2024, TotalEnergies plans $8 billion in share buybacks. In 2025, the company will continue share buybacks of $2 billion per quarter and increase the dividend per share by at least 5%.

TotalEnergies has announced the Final Investment Decision (FID) for the GranMorgu development on offshore Block 58 in Suriname. The project will develop the Sapakara and Krabdagu oil discoveries, with recoverable reserves estimated at over 750 million barrels. Key features include:

- A 220,000 barrels per day FPSO unit
- Total investment of around $10.5 billion
- First oil expected in 2028
- TotalEnergies as operator with 50% interest, APA 50%
- Staatsolie to potentially enter with up to 20% interest

The project aims to minimize greenhouse gas emissions and maximize local content, with over $1 billion in local investments and the creation of more than 6,000 jobs in Suriname. This landmark project marks the first offshore development in the country and is expected to significantly impact Suriname's economy.

TotalEnergies SE (TTE) has disclosed its recent share repurchase transactions conducted on September 23 and 24, 2024. The company bought back a total of 982,349 of its own shares (FR0000120271) at an average price of €62.645580 per share, for a total amount of €61,539,822.66. The purchases were made across four different market venues: XPAR, CEUX, TQEX, and AQEU.

On September 23, TTE acquired 497,317 shares at an average price of €62.3327, while on September 24, the company purchased 485,032 shares at an average price of €62.9661. These transactions were executed in accordance with the authorizations given by shareholders at the general meeting on May 24, 2024, and comply with applicable laws on share repurchases.

Detailed information about individual trades is available on the TotalEnergies website, as required by the Market Abuse Regulation.

TotalEnergies has launched commercial operations of Danish Fields and Cottonwood, two utility-scale solar farms with integrated battery storage in southeast Texas. These projects, with a combined capacity of 1.2 GW, are part of a 4 GW renewable asset portfolio in Texas. Danish Fields, TotalEnergies' largest U.S. solar farm, has a 720 MWp capacity and a 225 MWh battery storage system. Cottonwood has a 455 MWp capacity and will feature 225 MWh of battery storage by 2025.

Both projects have long-term Corporate Power Purchase Agreements (CPPAs) with industry players like Saint-Gobain and LyondellBasell, featuring upside sharing mechanisms. These solar farms will support TotalEnergies' decarbonization efforts for its industrial plants in the U.S. Gulf Coast region. The company aims to achieve a combined gross capacity of 10 GW by 2025 and more than 25 GW by 2030 in the United States.

TotalEnergies (TTE) has signed an agreement with Lewis Energy Group to acquire a 45% interest in dry gas producing assets in the Eagle Ford basin, Texas. This acquisition follows the Texas Dorado purchase announced in April 2024, further strengthening TotalEnergies' integration across the U.S. gas value chain. The assets have the potential to reach a sustainable gross production of around 400 Mcf/d by 2028.

TotalEnergies is currently the largest exporter of U.S. LNG, with over 10 million tons exported in 2023. The company's U.S. LNG export capacity is expected to reach 15 Mt/y by 2030. This acquisition enhances TotalEnergies' upstream gas position in the United States and contributes to its integrated LNG position with a low-cost upstream gas supply.

TotalEnergies and partners Equinor and Shell have completed the CO2 receiving and storage facilities of Northern Lights Joint-Venture in Norway. The project includes a terminal for CO2 cargos, a 100 km subsea pipeline, and injection facilities for permanent CO2 storage 2,600 meters below the seabed. Northern Lights is now ready to receive and store CO2 from European industries, with first injection expected in 2025.

The initial phase, supported by the Norwegian government, has a capacity of 1.5 Mt CO2/year, which is fully booked. Studies are underway for a potential expansion to over 5 Mt CO2/year in a second phase. This project marks a significant milestone in demonstrating Carbon Capture and Storage (CCS) as a viable option for achieving climate goals and decarbonizing European industry.

TotalEnergies SE has disclosed its share repurchase transactions from September 16 to September 20, 2024, in accordance with shareholder authorizations and applicable laws. The company bought back a total of 2,675,931 shares at an average price of €61.660711 per share, for a total amount of €164,999,807.63. The purchases were made across four market venues: XPAR, CEUX, TQEX, and AQEU. Daily volumes ranged from 290,556 to 324,198 shares, with daily weighted average purchase prices between €61.033197 and €62.444822 per share. Full details of individual trades are available on the TotalEnergies website.

TotalEnergies has signed a Heads of Agreement (HoA) with HD Hyundai Chemical to supply 200,000 tons of LNG per year for 7 years, starting from 2027. This agreement, with prices indexed to both Brent and Henry Hub, strengthens TotalEnergies' long-term position in South Korea, the world's third-largest LNG importing country.

The deal aligns with TotalEnergies' strategy to grow its long-term LNG sales and reduces its exposure to spot market gas prices. In Asia, LNG serves as a transition energy, mitigating the intermittency of renewable energy sources and reducing emissions when replacing coal in electricity generation.

TotalEnergies is the world's third largest LNG player with a global portfolio of 44 Mt/y in 2023. The company aims to increase the share of natural gas in its sales mix to close to 50% by 2030, focusing on reducing carbon emissions and eliminating methane emissions associated with the gas value chain.

TotalEnergies and Air France-KLM have signed a significant agreement for the supply of up to 1.5 million tons of more sustainable aviation fuel (SAF) over a 10-year period, extending until 2035. This is one of Air France-KLM's largest SAF purchase contracts. In 2022 and 2023, Air France-KLM led global SAF usage, representing 17% and 16% of total production. The agreement builds on a 2022 MoU for 800,000 tons of SAF, aiming to curb the environmental impact of air transport. Air France-KLM targets a 30% reduction in CO₂ emissions per passenger/km by 2030, incorporating at least 10% SAF in all flights. The SAF will be produced in TotalEnergies' French and European biorefineries, using waste and residues. TotalEnergies is investing heavily in SAF production, with significant projects in Grandpuits, Normandy, and La Mède. This partnership underscores the commitment to the energy transition and Europe's energy independence.