France’s energy giant TotalEnergies is planning to pour up to $17 billion annually into capital investments through 2032, fueling growth across its oil, gas, and electricity portfolios while driving free cash flow toward 2030 and laying out long-term ambitions through 2035.
Outlining its updated strategy to investors in New York, TotalEnergies reaffirmed its core production targets for the decade. The French giant confirmed its trajectory for 4% annual growth in overall energy production, covering oil, gas, and electricity, through the end of the decade, running parallel to operational emissions targets, including a 50% reduction in Scope 1 and 2 emissions from oil and gas operations by 2030 compared to 2015 levels, and an 80% slash in methane emissions.
According to the company, the oil and gas production is projected to grow by more than 3% annually on average between 2025 and 2030, driven by lower-cost, lower-emission projects currently underway. The firm has also emphasized that its net power generation in the electricity sector is slated to scale by over 20% a year, targeting 100 to 120 TWh annually by 2030, accounting for roughly 20% of the firm's energy mix.
These production developments are anticipated to generate an additional $10 billion in free cash flow between 2025 and 2030 under a constant price deck, translating to an increase of more than $4 per share. TotalEnergies pledged to increase its dividend by more than 5% annually through 2030, backed by expectations of strong cash-accretive growth.
The French energy major aims to return at least 40% of cash flow to shareholders while further strengthening its balance sheet, anticipating a gearing ratio below 10% by the end of 2026. Reflecting that financial framework, the firm’s board authorized $2.5 billion in share buybacks for the fourth quarter of 2026, alongside $2 - $2.5 billion earmarked for the first quarter of 2027.
Looking toward 2035, TotalEnergies outlined visibility on sustaining its production framework. Backed by a reserve life index exceeding 12 years and organic projects spanning Namibia, Nigeria, Libya, Malaysia, Mozambique, and Papua New Guinea, the company expects to maintain a production plateau of roughly 3 million barrels of oil equivalent per day through 2035.
This forms the baseline for an anticipated 2% to 3% annual growth rate over the 2030–2035 window by leveraging its proven track record in exploration and accessing discovered resources.
Within the power sector, the company aims to maintain a 10 to 12 TWh annual growth pace post-2030 across deregulated markets in the U.S. and Europe, expanding its renewables pipeline and flexible assets such as batteries and gas-to-power.
By 2035, electricity is expected to comprise 25% of TotalEnergies' total energy mix. Taking into account all of its plans, the French giant has disclosed net investment plans of $14 billion to $17 billion per year spanning 2027 through 2032.
Recently, the company confirmed a discovery on Block 17 offshore Angola, which will boost Block 17 production by 6,000 barrels per day, with the first oil to be fast-tracked by leveraging the available capacity on the FPSO Pazflor.