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Strategy update: TotalEnergies' 2021 Strategy and Outlook
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
TotalEnergies delivered a comprehensive strategy outlook. There was no big unveil. But the company stepped up the level of disclosure in what was a positive progress update. The differentiated dual growth strategy in LNG and renewable power is on track. Diversity – both geographically and across different technologies – is an important differentiator. Analysts also quizzed TotalEnergies on its capital allocation plans. The cash flow upside from spiking LNG prices was a hot topic. TotalEnergies was clear that its financial framework has to be sustainable at US$50/bbl. We take a look at the implications for buybacks and dividends.
Table of contents
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Executive Summary
- Dual growth strategy on track
- Managing risk through diversity
- A sustainable financial framework
- Financial framework – when will dividend growth resume?
- Upstream: growth strategy confirmed
- Portfolio improvement is a core focus for the oil business
- The LNG growth engine: managing execution risk is key
- Renewable and Electricity: big ambitions
Tables and charts
This report includes the following images and tables:
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Combined hydrocarbon and low-carbon energy production (PJ/d)*TotalEnergies' surplus cash flow* generation under our high-case Brent scenario
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TotalEnergies' oil investment criteriaTotalEnergies’ production from LNG assetsTotalEnergies’ refining portfolio: 2019 NCM versus refining capacityBreakdown of nominal free cash flow by Upstream, Downstream and Wind/Solar*
What's included
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