By Christian Moess Laursen


TotalEnergies slightly raised its target for annual oil and gas production, and stuck to its shareholder return policy at a time when most European majors look likely to pull back on their lofty buyback pledges.

The French energy major said Wednesday that it plans to grow its oil-and-gas production by around 3% annually between 2024 and 2030, driven mostly by its output of liquefied natural gas, through a low-cost, low-emission upstream portfolio.

It also outlined a target for overall energy output, which includes electricity and bioenergy alongside hydrocarbons, of 4% growth a year through the decade.

TotalEnergies previously planned to grow its oil-and-gas production by 2% to 3% a year.

Europe's second-largest integrated oil company by market value also said it plans to pay out $8 billion in share buybacks in 2024 and continue a rate of $2 billion a quarter next year.

It confirmed its return policy of more than 40% of cash flow from its operations.


Write to Christian Moess Laursen at christian.moess@wsj.com


(END) Dow Jones Newswires

10-02-24 0928ET