TotalEnergies plans to boost its oil and gas output by 300,000 barrels of oil equivalent per day (boe/d) between 2024 and 2026, aiming to lift total production from about 3.2 million boe/d to 3.5 million boe/d. The company’s Q4 guidance projects daily output of 3.3 million boe/d in the period, up 4% year-over-year, driven by new developments in West Africa and the North Sea. Management highlighted that higher upstream volumes will partially offset the impact of a roughly 8% decline in realized hydrocarbon prices over the past six months, helping to sustain free cash flow near €10 billion for 2025.

TotalEnergies is targeting 35 gigawatts of renewable generation capacity by 2030, nearly doubling its current 18 gigawatts. The company has secured 5 gigawatts of new solar and onshore wind projects across Spain, India and the United States in the past quarter, representing an investment commitment of €4.2 billion. Executives emphasized that rising demand from electric vehicles and the expansion of AI data centers in Europe will underpin power sales growth of 6% annually through 2027, with renewables expected to contribute over 25% of group EBITDA by that date.

Large Cap International Portfolio trimmed its stake in TotalEnergies by 57.5% during Q1, selling 10,871 shares and reducing its holding to 8,024 shares. Based on the last reported valuation, the fund’s remaining position is worth approximately €320,000. Portfolio managers cited portfolio rebalancing following strong performance in the energy sector, while maintaining a strategic exposure given TotalEnergies’ investment-grade balance sheet and dividend integrity.