TotalEnergies SE: 2025 A Comprehensive Company Profile

TotalEnergies SE, headquartered in Courbevoie, France, is a leading global multi-energy company that produces and markets energies on a global scale, including oil and biofuels, natural gas and green gases, renewables and electricity.

1. Company Profile and History

Founded in 1924 as Compagnie Française des Pétroles (CFP), the company was initially created to manage France’s interests in Iraqi oil fields. In 1985, it became Total CFP and later just Total. Following a major rebranding in 2021, the company adopted the name TotalEnergies to reflect its broader commitment to transitioning toward more sustainable energy.

With over 100 years of history, TotalEnergies has evolved from a traditional oil and gas entity into an integrated energy company committed to providing cleaner, more reliable, and affordable energy. The company’s transformation is underpinned by a strategy focused on balancing hydrocarbon production with investments in renewable energy sources, low-carbon electricity, and energy efficiency technologies.

TotalEnergies is listed on the New York Stock Exchange (TTE) and operates in over 130 countries worldwide. As of December 31, 2024, the company had 2,397,679,661 outstanding shares with a par value of €2.50 each.

The company’s organizational structure includes five main business segments:

• Exploration & Production
• Integrated LNG
• Integrated Power
• Refining & Chemicals
• Marketing & Services

TotalEnergies also has a dedicated Corporate segment handling administrative, financial, and strategic functions.

2. Business Segments with Revenue Breakdown

TotalEnergies operates through five core business segments, each contributing strategically to the company’s financial results and long-term growth:

2.1 Exploration & Production

This segment involves the discovery, development, and extraction of oil and gas resources. In 2024, TotalEnergies achieved production of 1,947 thousand barrels of oil equivalent per day (kboe/d), with significant contributions from projects in Brazil (Mero-2 and Mero-3), Argentina (Fenix), and the U.S. (Anchor). Adjusted net operating income stood at $10 billion, supported by a low breakeven cost (<$5/boe) and strong reserve replacement (157%). Organic investments amounted to $9.1 billion.

2.2 Integrated LNG

This segment includes LNG production, transportation, and trading. TotalEnergies produced 487 kboe/d and sold 39.8 million tonnes of LNG in 2024. New LNG ventures were launched in Oman (Marsa LNG), Nigeria (Ubeta), and Malaysia (SapuraOMV). The segment posted an adjusted net operating income of $4.9 billion and invested $3.5 billion. LNG contracts were diversified through new Brent-indexed agreements in Asia.

2.3 Integrated Power

TotalEnergies is expanding into electricity, particularly from renewables. In 2024, the company generated 41.1 TWh, up 23% YoY, with 26 TWh from renewable sources. Investments in flexible gas capacity and strategic acquisitions (Quadra Energy and VSB) enhanced the company’s electricity portfolio. The segment delivered $2.2 billion in operating income, with capital investments exceeding $3.8 billion.

2.4 Refining & Chemicals

This segment includes refining operations, petrochemicals, and specialty chemicals. Despite a 44% drop in European refining margins in 2024, the segment achieved $2.2 billion in adjusted operating income, demonstrating operational resilience. TotalEnergies operates major refineries in France, the U.S., and the Middle East, and continues to optimize operations via digitalization and emission reduction.

2.5 Marketing & Services

This segment manages retail fuel stations, lubricants, and services. It reported $1.36 billion in net income, supported by broad geographic reach and product diversification. The divestment of networks in Belgium, Luxembourg, and the Netherlands helped optimize the asset portfolio while maintaining presence in strategic retail markets.

3. Physical Properties (Offices, Plants, Refineries, Sites)

TotalEnergies has an extensive network of facilities and infrastructure that support its diversified operations:

• Headquarters: 2, Place Jean Millier, La Défense 6, 92400 Courbevoie, France
• Major Refining Complexes: Normandy, Donges, Feyzin (France); Port Arthur (Texas, USA); Jubail (Saudi Arabia, SATORP)
• LNG Facilities: Nigeria (NLNG), Australia (Ichthys), Norway (Snøhvit), Oman (Marsa), U.S. (Freeport), Malaysia (SapuraOMV)
• Renewable Energy Sites: Solar farms in India (Adani JV), wind power in Brazil (Casa dos Ventos), Germany (Quadra Energy, VSB), offshore wind in the U.K. and France
• Retail Networks: Over 16,000 service stations globally under the TotalEnergies brand
• R&D Centers: Located in France, Belgium, and the U.S., focusing on energy innovation, carbon capture, and digital transformation

These facilities are strategically located to optimize logistics, supply chains, and local market access, enabling the company to operate efficiently while advancing its energy transition goals.

4. Products and Services

TotalEnergies provides a diversified portfolio of energy products and services designed for consumers, businesses, and governments worldwide:

• Crude Oil and Refined Products: Exploration, production, refining, and global distribution of crude oil and derivatives including gasoline, diesel, jet fuel, and lubricants
• Natural Gas and LNG: Exploration and liquefaction of natural gas; LNG shipping, regasification, and marketing to utilities and industries
• Renewable Power: Solar and wind power generation, battery storage, and grid services through its Integrated Power segment
• Electricity and Gas Supply: Retail and commercial supply of electricity and natural gas through B2B and B2C channels in Europe and other regions
• EV Charging and Mobility Solutions: TotalEnergies operates EV charging stations and provides mobility services in urban centers
• Energy Efficiency Solutions: Solar home kits, mini-grids, and energy optimization services in emerging markets
• Petrochemicals and Chemicals: Manufacturing of polymers, resins, base chemicals, and specialty chemicals used in construction, packaging, and automotive sectors

The company’s offerings align with its integrated multi-energy strategy aimed at delivering sustainable, accessible, and cleaner energy to a growing global population.

5. Board of Directors & Executive Management

TotalEnergies SE is governed by a seasoned Board of Directors and executive team with extensive experience across the energy and finance sectors:

• Chairman and CEO: Patrick Pouyanné — Appointed in 2014, he has led the company’s strategic transformation and energy transition initiatives.
• Chief Financial Officer: Jean-Pierre Sbraire — Oversees financial reporting, investment strategy, and capital allocation.
• Lead Independent Director: Mark Cutifani — Former CEO of Anglo American, provides oversight and governance leadership.

The Board comprises 13 members, including five women and six independent directors. Specialized committees include:

• Audit Committee — Ensures transparency, compliance, and internal control effectiveness
• Governance & Ethics Committee — Supervises corporate responsibility, board evaluations, and sustainability practices
• Compensation Committee — Oversees executive remuneration and incentive programs aligned with ESG goals

This leadership structure enables effective oversight and supports long-term strategic execution.

6. Subsidiaries, Associates & Investments

TotalEnergies maintains a vast network of subsidiaries, joint ventures, and equity investments to manage its global operations:

• Wholly-Owned Subsidiaries: TotalEnergies EP Angola, TotalEnergies Marketing & Services, TotalEnergies Lubrifiants, AS24 (truck fueling), SunPower (U.S. solar tech)
• Major JVs and Associates:
  • Nigeria LNG (NLNG): 15% ownership, strategic LNG exporter
  • Ichthys LNG (Australia): Participating in LNG value chain through Inpex
  • SapuraOMV (Malaysia): Joint upstream venture in Southeast Asia
  • Adani Green JV (India): Solar development platform
  • Casa dos Ventos (Brazil): Wind energy development
  • Clearway Energy (USA): Renewable power and storage JV
• Passive Investments: Participation in offshore wind farms (e.g., Seagreen in the U.K.), hydrogen projects, and carbon capture & storage ventures

These entities support TotalEnergies’ operational scale, geographic diversification, and strategic growth in clean energy markets.

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7. Geographical Presence & Revenue

TotalEnergies’ global footprint spans more than 130 countries, where it is involved in a comprehensive range of energy activities including oil and gas exploration, LNG operations, power generation, renewable energy development, refining, chemicals, and marketing & distribution.

Europe: This is the cornerstone of TotalEnergies’ historical operations and remains one of its most significant regions. France is home to several core refining and chemical facilities, such as the Normandy and Donges refineries. In Germany, the company strengthened its power market presence through the acquisitions of Quadra Energy and VSB. Across the continent, it operates a wide network of fuel retail stations, EV charging infrastructure, and solar photovoltaic (PV) projects.

North America: In the United States, TotalEnergies has a diversified energy portfolio including offshore exploration and production in the Gulf of Mexico, flexible gas-fired power plants, and substantial investments in renewables. The company has interests in liquefaction facilities and midstream LNG infrastructure, and it markets LNG to industrial and utility buyers. Its Texas Eagle Ford shale play further enhances its upstream gas capabilities.

Africa: A legacy upstream market, Africa plays a vital role in TotalEnergies’ oil production. Nigeria, Angola, and Libya are key contributors. TotalEnergies is a founding partner of Nigeria LNG (NLNG) and operates key onshore and offshore oil blocks. Strategic collaborations in East and West Africa support its upstream portfolio and enable community development initiatives.

Middle East: TotalEnergies’ activities include joint ventures in Qatar (notably in the North Field LNG projects), Iraq (Ratawi oil field), and the United Arab Emirates (SARB Umm Lulu). It participates in upstream oil projects and supports regional energy security with gas and power development initiatives.

Asia-Pacific: The company’s regional operations are anchored by Ichthys LNG in Australia, investments in Malaysia (SapuraOMV), and a 34% stake in Brazil’s Casa dos Ventos. India represents a growing solar market, with a joint venture alongside Adani Green Energy. Other renewable projects are underway across Southeast Asia.

Geographical financial metrics—total sales, tangible assets, and capital expenditures—are comprehensively distributed, reinforcing risk diversification and earnings stability. These are itemized in the financial statements, highlighting the global scale of TotalEnergies’ value chain.

8. Financial Highlights (P&L, Balance Sheet, Cash Flow)

In 2024, TotalEnergies delivered strong financial performance despite a challenging macroeconomic backdrop marked by fluctuating commodity prices and a decline in refining margins.

Key Performance Indicators:

• Revenue: $214.6 billion, reflecting broad contributions across oil, gas, LNG, and power.
• Net Income (TotalEnergies share): $15.8 billion, demonstrating the profitability of the diversified model.
• Adjusted Net Income: $18.3 billion, excluding non-recurring items.
• Cash Flow from Operating Activities: $30.9 billion
• Cash Flow from Operations (excl. working capital): $29.9 billion
• Free Cash Flow: $12.1 billion
• Net Investments: $17.8 billion
• Gearing Ratio: 8.3%, reflecting a strong balance sheet

Segment Results:

• Exploration & Production: $10.0 billion adjusted net operating income, driven by robust output and low breakeven costs.
• Integrated LNG: $4.9 billion, impacted by lower volumes and prices but supported by new assets in Oman and Texas.
• Integrated Power: $2.2 billion, with a 23% increase in net electricity production reaching 41.1 TWh.
• Refining & Chemicals: $2.2 billion, showing resilience despite a 44% drop in European refining margins.
• Marketing & Services: $1.4 billion, bolstered by global retail networks and lubricants sales.

These results demonstrate TotalEnergies’ ability to deliver shareholder value while investing in its transformation toward low-carbon energy.

9. Shareholding Pattern

As of December 31, 2024, TotalEnergies SE had 2,397,679,661 shares outstanding. The ownership structure reflects a balanced and stable shareholder base:

• Institutional Investors: Represent the majority of ownership and include both U.S. and European asset managers and pension funds.
• Retail Shareholders: A significant portion of the capital is held by individual investors, particularly in France.
• Employee Shareholding: TotalEnergies encourages internal shareholding, with millions of shares held by employees through stock ownership plans.
• Treasury Shares: Used in part for performance share plans and buybacks.
• ADS Holders: Represented via the New York Stock Exchange (Ticker: TTE), enhancing access to U.S. capital markets.

In 2024, the company executed a share repurchase program totaling 120,463,232 shares (5.02% of capital), of which 110,946,344 shares were cancelled. This underscores the company’s commitment to shareholder returns, with a policy targeting over 40% of CFFO payout.

Dividend growth also continued, with a 7% increase in annual dividends to €3.22 per share. A final dividend of €0.85/share will be proposed at the Shareholders’ Meeting in May 2025.

10. Strategic Outlook & Future Investment Plans

TotalEnergies’ future outlook is built upon a disciplined strategy of balancing profitable hydrocarbons with scalable low-carbon energy.

Hydrocarbon Expansion:

• 2025 will see >3% growth in hydrocarbon production, driven by start-ups such as Ballymore (Gulf of Mexico) and Mero-4 (Brazil).
• Reserves life index >12 years, with a 157% reserves replacement ratio in 2024.
• Continued emphasis on cost control with operating costs < $5/boe.

LNG Strategy:

• Sales expected to exceed 40 Mt in 2025.
• Portfolio enrichment through acquisitions (e.g., Ubeta in Nigeria, SapuraOMV in Malaysia).
• New Brent-indexed LNG supply contracts signed in Asia (6 Mt/year).

Power Expansion:

• Targeting >50 TWh of net power generation in 2025.
• Renewable portfolio includes 97.2 GW gross capacity; 26 GW already installed.
• Strategic acquisitions like Quadra Energy, VSB, and UK gas power assets bolster capacity.

Sustainability and Climate Commitments:

• Carbon intensity of energy products reduced by 17% compared to 2015.
• Scope 1+2 emissions from Oil & Gas down 3%; methane emissions down 15% in 2024.
• Pursuing net-zero ambition by 2050 across its entire value chain.

Capital Allocation:

• $17 billion in annual investments, split between hydrocarbons and low-carbon projects.
• Shareholder returns via dividend increases and $8 billion in annual share buybacks under reasonable market conditions.

TotalEnergies’ strategic investments in digitalization, innovation, and international partnerships position it for long-term relevance as a multi-energy leader in the evolving global landscape.