TotalEnergies targets 3.0 Mboe/d plateau through 2035

TotalEnergies SE presented its Strategy & Outlook 2026 on September 28, 2026, outlining operational targets through 2035. The French energy company plans to reach an oil and gas production plateau of 3.0 Mboe/d through 2035, backed by a reported proved reserve life index of 12 years as of 2026.

Through 2030, TotalEnergies targets 4% annual growth in total energy production, supported by 3% yearly growth in oil and gas production between 2025 and 2030. Electricity generation is projected to expand by 20% annually to reach between 100 TWh and 120 TWh by 2030, representing 20% of the sales mix. From 2030 to 2035, the group expects oil and gas output to grow by 2% to 3% annually, while net electricity generation additions will average 10 TWh to 12 TWh per year, bringing electricity to 25% of sales by 2035.

To fund this expansion, annual net investments are guided between $14 billion and $17 billion from 2027 to 2032. TotalEnergies projects an increase of $10 billion in free cash flow between 2025 and 2030 under constant prices, equal to a $4 gain in free cash flow per share. The group also targets a 12% return on average capital employed for Integrated Power by 2030, while capping its gearing ratio below 10% by the end of 2026.

Shareholder distributions include a target annual dividend growth rate of 5% from 2026 to 2030 and a minimum commitment to return 40% of cash flow from operations. The company authorized a $2.5 billion share buyback program for the fourth quarter of 2026 and expects repurchases of $2.0 billion to $2.5 billion in the first quarter of 2027. On climate targets, TotalEnergies aims to reduce Scope 1 and 2 operated emissions by 50% versus 2015 and methane emissions by 80% versus 2020 by 2030.