At the company’s annual investor day on Wednesday, TotalEnergies CEO Patrick Pouyanné said he expects the European Commission to drop its recently proposed sustainable aviation fuel (SAF) requirement ahead of its planned 2035 phase-in date. Pouyanné noted that the SAF mandate—originally set to require 2% of jet fuel volumes from 2035—faces pushback amid competing industrial priorities. He argued that the bloc’s decision last month to abandon its ban on new combustion-engine vehicle sales from 2035 signals a broader retreat from aggressive fuel-transition regulations. TotalEnergies currently produces some 400,000 tonnes of SAF per year through its La Mède biorefinery in France and plans to scale that to 1 million tonnes by 2030, but Pouyanné warned that a regulatory U-turn could impact the company’s long-term capital allocation toward aviation fuel projects.

TotalEnergies said in its third-quarter operational update that average hydrocarbon production rose 2.3% year-on-year to 3.05 million barrels of oil equivalent per day (boe/d), driven by ramp-ups in the North Sea and the Montney shale region of Canada. The company forecasts a full-year production range of 2.99–3.03 million boe/d, up from 2.84 million boe/d in 2023. Management highlighted that this volume growth should offset narrower refining margins, which declined by 18% in the first half due to softer diesel cracks in Europe. TotalEnergies is also targeting a 5% compound annual growth rate in its power generation segment over the next five years, betting on increased demand from electric vehicle charging networks and data centers powered by artificial intelligence workloads.

In regulatory filings dated Thursday, the Large Cap International Portfolio disclosed the sale of 10,871 shares of TotalEnergies, reducing its position by 57.5% to a remaining holding of 8,024 shares. Based on TotalEnergies’ latest published net asset value, those shares represented approximately €420,000 at the time of sale. The portfolio manager noted the decision was part of a broader strategy to rebalance energy sector exposure after outperformance in the first half of the year. Despite the reduction, the fund remains one of TotalEnergies’ top 50 institutional investors in Europe.