TotalEnergies outlined plans for net investment of $14 billion to $17 billion annually from 2027 through 2032 while reaffirming 4% yearly energy-production growth through 2030.
Oil and gas output is expected to grow more than 3% annually between 2025 and 2030, while electricity generation is targeted to rise more than 20% annually and reach 100-120 TWh per year by the end of the decade.
Patrick Pouyanné, Chairman and CEO of TotalEnergies, and the members of the Executive Committee are presenting the company's strategy and outlook today in New York. A live webcast of the event in English is available on totalenergies.com.
TotalEnergies confirms all its growth objectives by 2030:
- +4% energy production (oil, gas and electricity) growth per year through 2030, while reducing emissions from its operations (50% reduction in Oil & Gas Scope 1+2 emissions by 2030 versus 2015 and 80% reduction in methane emissions by 2030 or earlier versus 2020).
- > +3% Oil & Gas production growth on average per year between 2025 and 2030, thanks to the production start-ups of the rich portfolio of low-cost, low-emission projects, all currently under execution.
- > +20% electricity generation growth per year, reaching 100-120 TWh/y by 2030, representing around 20% of the company's energy mix by then. Integrated Power will be free cash flow positive in 2027 (balanced in 2026) and will reach 12% ROACE by 2030.
This growth of cash-accretive new production will translate into a strong free cash flow increase of around $10 billion from 2025 to 2030 at the same price deck, representing an increase of more than $4 per share.
TotalEnergies also has very good visibility on its capacity to grow energy production beyond 2030:
- In Oil & Gas, TotalEnergies already possesses a rich portfolio of organic projects (Namibia, Nigeria, Libya, Malaysia, Mozambique and Papua New Guinea) and a proven reserves life index of more than 12 years allowing the company to maintain a production plateau of around 3 Mboe/d until 2035. This solid base allows TotalEnergies to set an ambition for 2-3% growth per year over the period 2030-2035 by leveraging its proven track record in exploration and accessing discovered resources.
- In electricity, TotalEnergies will aim to maintain its growth pace of net power generation of 10-12 TWh per year over 2030-2035, thanks to the deployment of its integrated model across its key deregulated markets, building on the capacity of its renewables' platform and pipeline and further developing flexible opportunities (gas-to-power, batteries) in the US and Europe. With this growth, electricity will represent 25% of the Company's energy mix by 2035.
To support this long-term growth, the company is planning net investments between $14 billion and $17 billion per year over 2027-2032.
Confident in the company's ability to deliver production and free cash flow growth by 2030, the Board of Directors adopted, on 27th September 2026, a dividend policy to increase the dividend by more than 5% per year for financial years 2026 to 2030. Furthermore, the Board confirms a shareholder return of at least 40% of cash flow while deleveraging the company, with a gearing ratio lower than 10%.
In that framework, with a gearing ratio expected to be below 10% by the end of 2026, the Board authorized share buybacks of $2.5 billion for the fourth quarter of 2026 and between $2 and $2.5 billion for the first quarter of 2027.
TotalEnergies' plan and how it matters to the Gulf Coast
The outlook gives contractors a longer-term view of one of the world’s largest owner/operators’ spending trajectory. TotalEnergies specifically plans additional flexible gas-to-power and battery opportunities in the U.S. beyond 2030, while maintaining upstream and LNG growth. This is a corporate capital strategy rather than a specific EPC award, but it points to a durable project pipeline across traditional energy and power infrastructure.
