TotalEnergies Plans to Increase Shareholder Returns, Oil-and-Gas Production
27 September 2023 - 3:41PM
Dow Jones News
By Giulia Petroni
TotalEnergies plans to boost shareholder distributions and
increase its oil-and-gas production as part of its newly released
strategy.
The French major said Wednesday that it expects to return around
44% of cash flow from operations to shareholders in the current
year and allocate $1.5 billion from divestment proceeds of Canadian
assets to share buybacks, reaching $9 billion.
It also increased the distribution guidance to more than 40% of
CFFO beyond 2023, with net investments of $16 billion-$18 billion
per year over the 2024-28 period.
TotalEnergies said it plans to grow its oil-and-gas production
by 2% to 3% a year over the next five years, mainly from liquefied
natural gas. The oil-and-gas business is expected to generate more
than $3 billion of additional underlying cash flow in 2028 compared
to 2023 levels at constant prices, it said.
In regards to its low-carbon portfolio, the company said it aims
to increase power generation to more than 100 terawatt-hours by
2030 by investing $4 billion per year. It also plans to increase
cash flow to more than $4 billion by 2028 from around $2 billion in
2023.
The company said it is building a portfolio that combines
renewables, combined-cycle power plants and storage, with the aim
to achieve a return on average capital employed of around 12%.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
September 27, 2023 09:26 ET (13:26 GMT)
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