U.S. – Gulf of Mexico: TotalEnergies Withdraws from the North Platte Deep Water Project

Rhea-AI Summary

TotalEnergies (Euronext Paris: TTE) has announced its withdrawal from the North Platte deepwater project in the U.S. Gulf of Mexico, where it held a 60% operated interest. The decision was made to focus its capital on better opportunities within its global portfolio. The company has notified its partner, Equinor (40%), and relevant authorities about this decision, which will lead to an orderly handover of operatorship. This strategic move reflects TotalEnergies' commitment to optimizing its resource allocation.

Positive

• Withdrawal from North Platte allows better capital allocation opportunities.
• Strategic focus on more promising projects may enhance overall business efficiency.

Negative

• Withdrawal may lead to perceived reduced growth potential in the Gulf of Mexico.
• Loss of operational control over a significant project could impact investor confidence.

PARIS--(BUSINESS WIRE)-- Regulatory News:

TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE), through its affiliate TotalEnergies E&P USA, Inc., announces its decision not to sanction and so to withdraw from the North Platte deepwater project in the U.S. Gulf of Mexico.

The decision not to continue with the project was taken as the Company has better opportunities of allocation of its capital within its global portfolio.

TotalEnergies who held a 60% operated interest in North Platte, alongside its joint-interest owner Equinor (40%) has duly notified its partner and the relevant authorities of its immediate withdrawal from the project, and of its resignation as operator which will be effective following a short transition period to ensure an orderly hand-over of operatorship.

About TotalEnergies

TotalEnergies is a global multi-energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our 105,000 employees are committed to energy that is ever more affordable, cleaner, more reliable and accessible to as many people as possible. Active in more than 130 countries, TotalEnergies puts sustainable development in all its dimensions at the heart of its projects and operations to contribute to the well-being of people.

@TotalEnergies | TotalEnergies | TotalEnergies | TotalEnergies

Cautionary Note

The terms “TotalEnergies”, “TotalEnergies company” or “Company” in this document are used to designate TotalEnergies SE and the consolidated entities that are directly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” may also be used to refer to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding are separate legal entities. This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. Information concerning risk factors, that may affect TotalEnergies’ financial results or activities is provided in the most recent Universal Registration Document, the French-language version of which is filed by TotalEnergies SE with the French securities regulator Autorité des Marchés Financiers (AMF), and in the Form 20-F filed with the United States Securities and Exchange Commission (SEC).

View source version on businesswire.com: https://www.businesswire.com/news/home/20220210005449/en/

TotalEnergies Contacts

Media Relations: +33 (0)1 47 44 46 99 l presse@totalenergies.com l @TotalEnergiesPR

Investor Relations: +33 (0)1 47 44 46 46 l ir@totalenergies.com

Source: TOTALENERGIES SE

FAQ

Why did TotalEnergies withdraw from the North Platte project?

TotalEnergies decided to withdraw from the North Platte project to allocate capital to better opportunities within its global portfolio.

What percentage interest did TotalEnergies hold in the North Platte project?

TotalEnergies held a 60% operated interest in the North Platte deepwater project.

Who will take over the operatorship after TotalEnergies withdraws?

TotalEnergies has notified its partner Equinor, which holds a 40% interest, about the withdrawal, and will ensure an orderly transition of operatorship.

What is the impact of TotalEnergies withdrawing from the North Platte project on its stock (TTE)?

While the withdrawal allows TotalEnergies to focus on more promising projects, it may raise concerns about reduced growth potential and impact investor confidence.