Energy · Profile from Energy Research Companion
TotalEnergies
The Paris-based integrated major that began in 1924 as France's state-sponsored vehicle for a share of Iraqi oil (Compagnie Française des Pétroles), absorbed Belgium's Petrofina and France's other champion, Elf Aquitaine, in 1999–2000, and has since tried to run two businesses at once: a growing oil and LNG company (~2.53m boe/d of hydrocarbon output and ~43.9 Mt of LNG sold in 2025, company) and an "integrated power" business that owns, trades and sells electricity (~48 TWh of net power production in 2025 and ~34 GW of installed power capacity by Q3 2026, company). It renamed itself TotalEnergies in May 2021 and, unlike BP and Shell, did not publicly retreat from its transition strategy in 2023–25, though it slowed offshore wind and booked impairments on it. Its defining risks are emerging-market licences to operate — Mozambique LNG (halted by an insurgent attack in 2021, restarted in 2025–26), Uganda's Tilenga field and EACOP pipeline, its ~20% stake in Adani Green Energy (whose founder was indicted in the US in November 2024) — and political exposure that runs from Russia (Novatek, Arctic LNG 2) to the 2026 Gulf war, which shut ~15% of its output in March 2026 (company).
At a glance
- Founded
- 28 March 1924 as Compagnie Française des Pétroles (CFP), created at the French government's initiative to hold France's 23.75% share of the Turkish Petroleum Company (later Iraq Petroleum Company); brand "Total" from 1954; Total CFP (1985), Total (1991), TotalFina (1999), TotalFinaElf (2000), Total (2003), TotalEnergies (28 May 2021)
- Headquarters
- Courbevoie (La Défense), Paris region, France; new head office at Saclay planned (reported)
- Ownership / structure
- Public: Euronext Paris (TTE), with ordinary shares trading on the NYSE from 8 December 2025 in place of its ADRs (company). Widely held; employees ~7–8% (company, verify); BlackRock and other institutions among the largest holders. The French state has no shareholding (it sold its last stakes in the 1990s) but remains a powerful stakeholder
- Leadership (2026)
- Patrick Pouyanné (CEO since October 2014, chairman and CEO since December 2015; mandate renewed by the May 2024 AGM to 2027); Jean-Pierre Sbraire (CFO) (verify current executive committee)
- Segments
- Exploration & Production; Integrated LNG; Integrated Power; Refining & Chemicals; Marketing & Services (company reporting segments)
- Scale
- 2025: hydrocarbon production ~2,529 kboe/d (~1,378 kb/d liquids), LNG sales ~43.9 Mt, net power production ~48 TWh, adjusted net income ~$15.6bn, IFRS net income ~$13.1bn, adjusted EBITDA ~$40.6bn, ROACE ~12.6%, reserve replacement ~116% (company, Feb 2026). Q3 2026: production ~2,474 kboe/d (Middle East conflict ~5 points of drag), adjusted net income ~$9.1bn, cash flow ~$12.3bn, gross renewable portfolio ~105.9 GW, installed power capacity ~33.8 GW (company, 29 Oct 2026). SEC proved reserves ~10bn boe (end-2024 order of magnitude; verify exact end-2025 figure in the Form 20-F). ~100,000 empl
- Market value
- ~$130–160bn range in 2024–26 (market data; verify current) — persistently at a lower multiple than ExxonMobil and Chevron, which management cited when moving its US listing to ordinary shares
- Signature moves (incl. failures)
- Total–Fina–Elf (1998–2000); SunPower majority (2011) to SunPower's Chapter 11 (2024); Saft (2016); Adani Green stake (2020–21) and the 2024 indictment; Mozambique LNG force majeure (2021) and restart (2025–26); rename and integrated power (2021); Russia, Novatek and Arctic LNG 2 (2022); EACOP and Tilenga FID (2022); NYSE ordinary-share listing (2025)
9 strategic moves analysed
Each one gets a full strategy file in the companion: context, the decision, the financing, what happened, and the lesson.
1999
Total Fina Elf Mergers
Acquisition or merger (an agreed merger with Petrofina, then a contested takeover of Elf Aquitaine)
2011
SunPower Majority Stake
Acquisition (majority stake by tender offer); later spin-off (Maxeon, 2020), divestment and the subsidiary's bankruptcy (2024)
2016
Saft Acquisition
Acquisition / technology bet
2020
Adani Green Stake and 2024 Indictment
Acquisition (minority stake and joint ventures); later regulatory or legal action affecting the partner
2021
Mozambique LNG Force Majeure
Construction / accident or disaster (force majeure after an insurgent attack); restart 2025–26
2021
Rename to TotalEnergies and Integrated Power
Strategy pivot
2022
EACOP and Uganda Tilenga
Project final investment decision
2022
Russia Novatek and Arctic LNG 2
Sanctions / divestment (halt of new investment, write-downs, deconsolidation)
2025
NYSE Ordinary Share Listing
Financing (listing change)