Strategy Update: Total's 2020 Investor Day Report

Insight 09 October 2020

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Report summary

Total laid out its plans for the next decade in its 2020 strategy outlook. The goal is to rise to the dual challenge of meeting growing energy demand with less carbon. Management outlined the structural changes that will be required to meet this objective. The production mix will shift towards electrons, natural gas, biofuels and biogas/hydrogen over the next ten years. Total will become a broad energy company encompassing oil, natural gas, electricity and carbon sinks. The company is now thinking in terms of energy. Total unveiled a growth target measured in PJ/d, a first for a Major. In old currency, LNG and the zero-carbon power sector will drive growth from 3 million boe/d to 4 million boe/d by 2030.

Executive Summary
- 1. The pivot to zero-carbon power has substance behind it
- 2. This is a two-pronged growth strategy
- 3. Total's commitment to the dividend is not without risk
- 4. The Euro Majors are taking different pathways to net zero
Expanding electrons: increasing momentum in wind and solar
Upstream: LNG central to growing the cash engine
- Gas is one of Total’s twin growth pillars
- Oil is still core
What does growing total energy sales mean for emissions?
Renewables spend prioritised in updated financial frame