TotalEnergies has announced plans to boost crude oil and natural gas output by 5% in 2026, targeting an increase from approximately 3.1 million barrels of oil equivalent per day (boe/d) in 2024 to 3.25 million boe/d. The company attributes this growth to accelerated development in offshore West Africa and the Eastern Mediterranean, where two new gas fields are scheduled to start production by year-end. Management highlighted that higher volumes will help offset the impact of a projected 7% drop in average selling prices next year. Additionally, TotalEnergies is investing €3.5 billion in its renewables and power division to capture rising demand for electricity from electric vehicles and data centers powered by artificial intelligence, forecasting renewable generation capacity to reach 27 GW by 2026, up from 21 GW today.

In the latest regulatory filings, a large cap international portfolio manager disclosed a 57.5% reduction in its stake in TotalEnergies, selling 10,871 shares and retaining 8,024 shares. This divestment follows a period of portfolio rebalancing after the stock underperformed energy sector peers over the past 12 months. The remaining holding is valued at approximately €400,000 based on mid-month share valuations. Analysts suggest that this move may reflect concerns over the company’s relatively high leverage—its debt-to-equity ratio remains near 0.40, compared with 0.25 for European peers—and the potential for near-term earnings volatility as global commodity prices face downward pressure.