TotalEnergies has guided for a 2.8% increase in hydrocarbon production in 2026, compared with its 2025 output of 3.42 million barrels of oil equivalent per day (boe/d). The French supermajor plans to raise throughput in its North Sea and Gulf of Mexico assets, offsetting softer Brent and WTI benchmarks that averaged $78 per barrel in the first quarter, down 12% year-over-year. Management forecasts that the additional 96,000 boe/d will help support free cash flow in the second half, even if oil prices remain near these levels. The company is also projecting power division revenue to grow by 15% in 2026 on rising demand from electric vehicle charging networks and new AI data centers in Europe and North America.

According to regulatory filings, the Large Cap International Portfolio sold 10,871 TotalEnergies shares in the latest quarter, trimming its position by 57.53%. The fund now holds 8,024 shares, down from 18,895 at the end of the prior reporting period. This disposal represents a material shift for the portfolio, which had ranked TotalEnergies among its top ten holdings in the energy sector. Although the transaction does not alter the company’s operating outlook, it underscores some institutional investors’ preference to rotate into lower-volatility sectors as commodity prices face ongoing headwinds.