TotalEnergies Chief Executive Patrick Pouyanné stated on Wednesday at the Paris Air Forum that the European Union is likely to abandon its planned mandate for sustainable aviation fuel (SAF), drawing a parallel with Brussels’ decision last month to drop the requirement for all new car sales to be zero-emission by 2035. Pouyanné argued that shifting geopolitical priorities and rising costs of SAF feedstocks make the policy unsustainable, and he highlighted that TotalEnergies had already invested over €1 billion in SAF production facilities across France and the Netherlands in anticipation of the original EU targets.

In its fourth-quarter strategy update, TotalEnergies reaffirmed plans to boost crude and natural gas production by 4% next year, targeting output of approximately 3.4 million barrels of oil equivalent per day. The company emphasized that the additional volume would help mitigate the impact of a projected 8% decline in average global oil prices, while revenues from electricity generation—particularly as demand for charging stations for electric vehicles and data centers powered by artificial intelligence grows—are expected to contribute an incremental €1.2 billion in annual EBITDA.

According to filings released Tuesday, the Large Cap International Portfolio fund trimmed its position in TotalEnergies by 57.53%, disposing of 10,871 shares and retaining 8,024 shares in the energy major. The sale reduces the fund’s exposure to integrated oil names and reflects broader portfolio rebalancing, with fund managers citing the need to diversify into assets with lower regulatory risk and more stable cash flows than those facing potential policy reversals in Europe.