Large Cap International Portfolio Cuts TotalEnergies Holding by 57.5% with 10,871-Share Sale
Large Cap International Portfolio cut its TotalEnergies SE position by 57.53%, selling 10,871 shares and reducing its holding to 8,024 shares. The fund's remaining stake now represents less than half of its prior exposure following the sale.
1. Production Boost Targets 4% Year-Over-Year Growth
TotalEnergies has announced plans to raise its oil and gas production by approximately 4% in 2026, following a 3.5% increase in 2025. The company will bring eight new projects online across West Africa and the North Sea, including the Joule development in Gabon and the Mariner East expansion off the U.K. coast. These additions are expected to add roughly 200,000 barrels of oil equivalent per day (boe/d), helping to offset a projected 6% decline from mature fields and soften the impact of weaker commodity prices on overall output.
2. Accelerating Power Sales to Capitalize on Electrification Trends
TotalEnergies is directing €5 billion of its €14 billion annual capital expenditure toward renewable power and electricity networks by 2027, up from €3.7 billion in 2023. The company projects its installed renewables capacity will rise from 20 gigawatts today to 35 gigawatts in two years, fueled by new solar farms in India and onshore wind projects in Spain. Management expects power sales to increase by 15% annually through 2028 as electric vehicle adoption and data center construction drive higher demand for clean energy solutions.
3. Portfolio Rebalancing Spurs Stake Reduction by Institutional Investor
The Large Cap International Portfolio fund sold 10,871 shares of TotalEnergies in the fourth quarter, reducing its holding by 57.5%. This transaction lowered the fund’s exposure to the integrated energy sector as it rebalanced toward technology and healthcare names. Following the sale, the portfolio retains 8,024 shares of TotalEnergies, representing 1.2% of its total assets under management. Fund managers cited concerns over near-term oil price volatility and the fund’s overweight position relative to its benchmark.
4. Strengthened Balance Sheet Supports Dividend and Buybacks
TotalEnergies reported a net debt reduction of €4.2 billion in the first nine months of 2025, bringing its debt-to-EBITDA ratio down to 1.9x from 2.3x a year earlier. The company reaffirmed its commitment to maintaining a stable dividend, allocating €6.5 billion to shareholder distributions and share repurchases through year-end. With free cash flow expected to exceed €15 billion in 2026, management indicated capacity for further buybacks if oil prices hold above $70 per barrel, reinforcing confidence in its long-term capital return policy.