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Strategy update: TotalEnergies' 2021 Strategy and Outlook

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05 October 2021

Strategy update: TotalEnergies' 2021 Strategy and Outlook

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

    • 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 8 images and tables including:

  • Combined hydrocarbon and low-carbon energy production (PJ/d)*
  • TotalEnergies' surplus cash flow* generation under our high-case Brent scenario
  • TotalEnergies' oil investment criteria
  • TotalEnergies’ production from LNG assets
  • TotalEnergies’ refining portfolio: 2019 NCM versus refining capacity
  • Breakdown of nominal free cash flow by Upstream, Downstream and Wind/Solar*

What's included

This report contains:

  • Document

    Strategy Update: TotalEnergies' 2021 Strategy and Outlook

    PDF 2.12 MB