TTE TotalEnergies SE

By Giulia Petroni

TotalEnergies plans to boost shareholder distributions and increase its oil-and-gas production as part of its newly released strategy.

The French major said Wednesday that it expects to return around 44% of cash flow from operations to shareholders in the current year and allocate $1.5 billion from divestment proceeds of Canadian assets to share buybacks, reaching $9 billion.

It also increased the distribution guidance to more than 40% of CFFO beyond 2023, with net investments of $16 billion-$18 billion per year over the 2024-28 period.

TotalEnergies said it plans to grow its oil-and-gas production by 2% to 3% a year over the next five years, mainly from liquefied natural gas. The oil-and-gas business is expected to generate more than $3 billion of additional underlying cash flow in 2028 compared to 2023 levels at constant prices, it said.

In regards to its low-carbon portfolio, the company said it aims to increase power generation to more than 100 terawatt-hours by 2030 by investing $4 billion per year. It also plans to increase cash flow to more than $4 billion by 2028 from around $2 billion in 2023.

The company said it is building a portfolio that combines renewables, combined-cycle power plants and storage, with the aim to achieve a return on average capital employed of around 12%.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

September 27, 2023 09:26 ET (13:26 GMT)

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