Insight
Strategy update: TotalEnergies' 2023 Strategy & 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
More energy, less emissions and growing cash flow were the main messages in TotalEnergies’ 2023 Strategy & Outlook. The presentation provided more evidence of how TotalEnergies is leading the charge in continuing to invest in the energy of today (oil and gas) while building materiality in the low-carbon energy of tomorrow (integrated power). The session was an opportunity to showcase the Integrated Power business. The prioritisation of Integrated Power is an increasingly important differentiator versus peers. We analyse the business and new ROACE target. A sustainable, growing dividend remains the capital allocation priority. A punchy new pay-out ratio of more than 40% of operating cash flow provides more flexibility to deliver this goal. We look at the implications for shareholder distributions.
Table of contents
- Executive Summary
- Framing the distinctive strategy
- Integrated Power is a priority focus area
- The upstream cash engine continues to grow
- Limited airtime is given to low carbon molecules and CCUS
- Enhanced shareholder distribution framework
Tables and charts
This report includes the following images and tables:
- Wood Mackenzie’s projection of operating cash flow from wind and solar*
- Wood Mackenzie’s base-case projection of TotalEnergies oil and gas production*
- Wood Mackenzie’s estimate of operating cash flow versus capex, dividend and surplus cash*
What's included
This report contains:
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