TotalEnergies strategy and outlook 2026

Production and emissions targets

The company reconfirms a target of +4% energy production growth per year through 2030 (oil, gas and electricity). It targets a 50% reduction in Oil & Gas Scope 1+2 emissions by 2030 versus 2015 and an 80% reduction in methane emissions by 2030 or earlier versus 2020. Oil & Gas production is targeted to grow >3% per year on average between 2025 and 2030. Electricity generation is targeted to grow >20% per year, reaching 100–120 TWh/y by 2030 and about 20% of the energy mix; Integrated Power is expected to be cash flow balanced in 2026, positive in 2027 and to reach 12% ROACE by 2030.

Free cash flow and investment

New production growth is expected to drive an approximate $10 billion increase in free cash flow from 2025 to 2030 at the same price deck, equivalent to more than $4 per share. The company plans net investments of $14–17 billion per year over 2027–2032 to support growth.

Outlook beyond 2030

In Oil & Gas the company cites a pipeline of organic projects (including Namibia, Nigeria, Libya, Malaysia, Mozambique and Papua New Guinea) and a proved reserves life index of over 12 years to sustain a ~3 Mboe/d plateau to 2035 and target 2–3% annual growth in 2030–2035. In power, it aims to add 10–12 TWh/year net generation over 2030–2035, reaching ~25% of the energy mix by 2035, leveraging renewables and flexible options (gas‑to‑power, batteries) in key markets.

Capital return and balance sheet

The Board adopted a dividend policy to increase the dividend by more than 5% per year for financial years 2026–2030 and confirms shareholder returns of at least 40% of cash flow while deleveraging to a gearing ratio below 10%. With gearing expected below 10% by end‑2026, the Board authorised $2.5 billion of share buybacks in Q4 2026 and $2–2.5 billion in Q1 2027.