TotalEnergies SE (TotalEnergies) operates as an integrated energy company that produces and markets energies: oil and biofuels, natural gas, biogas and low-carbon hydrogen, renewables and electricity.
Transition Strategy
TotalEnergies supports the objectives of the Paris Agreement and is deploying a strategy to meet the needs of both development and energy transition: more energy and less emissions.
A two-pillar multi-energy Strategy
The company's strategies are to stay the course of its bal...
TotalEnergies SE (TotalEnergies) operates as an integrated energy company that produces and markets energies: oil and biofuels, natural gas, biogas and low-carbon hydrogen, renewables and electricity.
Transition Strategy
TotalEnergies supports the objectives of the Paris Agreement and is deploying a strategy to meet the needs of both development and energy transition: more energy and less emissions.
A two-pillar multi-energy Strategy
The company's strategies are to stay the course of its balanced integrated multi-energy strategy, and to develop a profitable and differentiated integrated power model to create a future cash engine of the company.
Segments
As of December 31, 2024, the company’s organization was based on five business segments:
An Exploration & Production segment that encompasses the activities of exploration and production of oil and natural gas, conducted in about 50 countries;
An Integrated LNG segment covering the integrated gas chain, including upstream and midstream LNG activities, as well as biogas, hydrogen, and gas trading activities;
An Integrated Power segment covering electricity generation, storage, electricity trading, and B2B-B2C distribution of gas and electricity;
A Refining & Chemicals segment constituting a major industrial hub comprising the activities of refining, petrochemicals, and specialty chemicals. This segment also includes the activities of oil supply, trading, and marine shipping;
A Marketing & Services segment, including the global activities of supply and marketing in the field of petroleum products.
Main acquisitions and divestments
In 2024, the main changes in TotalEnergies' perimeter were as follows:
Exploration & Production
In February 2024, TotalEnergies and its partner SOCAR (State Oil Company of the Republic of Azerbaijan) completed the sale of a 15% interest each in the Absheron gas field to ADNOC (Abu Dhabi National Oil Company). Following the completion of this transaction, TotalEnergies holds a 35% stake in the Absheron gas field alongside SOCAR (35%) and ADNOC (30%).
Integrated LNG
In December 2024, TotalEnergies finalized the acquisition of the interests of OMV (50%) and Sapura Upstream Assets (50%) in SapuraOMV Upstream (SapuraOMV), an independent gas producer and operator in Malaysia, selling its production to MLNG based on LNG prices netbacks. SapuraOMV's main assets are its 40% operated interest in block SK408 and 30% operated interest in block SK310, both located offshore Sarawak in Malaysia.
Integrated Power
In February 2024, TotalEnergies finalized the acquisition of three gas-fired power plants with a total capacity of 1.5 GW in Texas from TexGen, a U.S.-based company.
In December 2024, TotalEnergies finalized the sale to EPUKI, the UK subsidiary of EPH, of 50% of its shares in West Burton Energy, a company wholly acquired in June 2024 with the announced intention to resell one half. West Burton Energy owns a 1.3 GW gas-fired power plant and a 49 MW battery storage system in the United Kingdom. The plant will be owned by the joint venture between TotalEnergies and EPUKI, and operated with the support of EPH.
In December 2024, TotalEnergies finalized the sale of 50% of a portfolio consisting of three solar projects with a total capacity of 1.7 GW, and a battery storage project located in Texas to the investment fund Apollo. TotalEnergies retains a 50% stake and remains the operator of the assets, which are Danish Fields, Cottonwood, and Hill Solar I.
Marketing & Services
In January 2024, TotalEnergies finalized the partial divestment of its retail network in Belgium and Luxembourg, and the full divestment in the Netherlands to Alimentation Couche-Tard.
Geographic reach
The company is present in about 120 countries, and hydrocarbon exploration and production in about 50 countries.
Intellectual properties
In 2024, the company filed more than 250 patent applications.
Research and development
Research and development costs incurred by TotalEnergies in 2024, and booked in operating expenses (excluding depreciations), amount to $805 million.
History
The company was founded in 1924. The company was incorporated in France in 1954. The company was formerly known as TOTAL SE and changed its name to TotalEnergies SE in 2021.