Name: Strategy update: TotalEnergies’ 2022 Strategy and Outlook
Brand: Wood Mackenzie
SKU: 147071
Price: 1350 USD
Availability: OnlineOnly
Author: Wood Mackenzie

Insight 05 October 2022

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Report summary

Growing shareholder returns was a focus for TotalEnergies’ 2022 Investor Day. A new capital allocation framework in which it will allocate a higher payout of 35% to 40% of its cash flow to shareholders was the headline development. TotalEnergies also raised its investment guidance by 8% to 12% and announced a special interim dividend of €1 per share in December 2022. Less Russia, more US and, in LNG, more Qatar was a key strategic theme running through the strategy update. TotalEnergies stepped through the outlook for its business excluding Russia, in which its future is increasingly uncertain. We analyse the company’s latest guidance against our projections and look at the strategic implications.

Executive Summary
- Less Russia, more US and Qatar
- Increasing shareholder cash distributions
New capital allocation framework
Rebuilding the LNG growth trajectory has further to run
Getting creative in oil
More energy production growth beyond 2030?