TotalEnergies plans net investment of $14 billion to $17 billion a year from 2027 through 2032, the company said as it reaffirmed 4% yearly energy-production growth through 2030. Chairman and CEO Patrick Pouyanné and the TotalEnergies executive committee presented the strategy and outlook in New York, with a webcast on the company's website.
Growth targets through 2030
Oil and gas output is expected to grow more than 3% a year between 2025 and 2030, driven by start-ups from a portfolio of low-cost, low-emission projects already under execution. Electricity generation is targeted to rise more than 20% a year, reaching 100 to 120 terawatt-hours annually by 2030 and about 20% of the company's energy mix. Alongside that growth, TotalEnergies is targeting a 50% cut in oil and gas Scope 1 and 2 emissions by 2030 versus 2015, and an 80% cut in methane emissions by 2030 or earlier versus 2020.
The company's power business is set to turn free cash flow positive in 2027, after a balanced result in 2026, and reach 12% return on average capital employed by 2030. TotalEnergies said the growth in cash-generating production should lift free cash flow by around $10 billion from 2025 to 2030 at the same price deck, adding more than $4 a share.
Beyond 2030
TotalEnergies pointed to organic projects in Namibia, Nigeria, Libya, Malaysia, Mozambique and Papua New Guinea, plus a reserves life index of more than 12 years, as the base for holding production at around 3 million barrels of oil equivalent a day through 2035, with 2% to 3% annual growth targeted from 2030 to 2035. In electricity, the company aims to keep adding 10 to 12 terawatt-hours of net power generation a year over the same period, drawing on its renewables pipeline and gas-to-power and battery projects in the US and Europe, taking power to 25% of its energy mix by 2035.
Dividend and buybacks
The TotalEnergies board adopted a dividend policy on Sept. 27, 2026, that raises the payout by more than 5% a year for 2026 through 2030. The board also confirmed a shareholder return of at least 40% of cash flow while cutting the gearing ratio below 10%, a level it expects to reach by the end of 2026. It authorized $2.5 billion in share buybacks for the fourth quarter of 2026 and $2 billion to $2.5 billion for the first quarter of 2027.
Gulf Coast angle
The outlook gives contractors along the Gulf Coast a longer-term read on the spending plans of one of the world's largest owner-operators, TotalEnergies said. It plans additional flexible gas-to-power and battery projects in the US beyond 2030 while keeping up upstream and LNG growth. The company frames this as corporate capital strategy rather than a specific engineering, procurement and construction contract award, but says it points to a sustained project pipeline across traditional energy and power infrastructure.
