Insight
Strategy update: TotalEnergies’ 2022 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
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.
Table of contents
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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?
Tables and charts
This report includes the following images and tables:
- Wood Mackenzie's estimate of net commercial renewables capacity (GW)
- The evolution of Wood Mackenzie's NPV,5 valuation of TotalEnergies' wind and solar portfolio*
- TotalEnergies' energy production growth
What's included
This report contains:
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