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Equities

Equinor Advances North Sea Oilfield Development Following New Oil Discoveries

Equinor (EQNR.OL) is advancing plans for phase 4 of the Johan Sverdrup oilfield in the North Sea, following recent appraisal drilling that confirmed additional oil resources in the Tonjer and Geitungen areas.The Norwegian energy company and its partners plan to develop the new volumes through a subsea development tied back to existing infrastructure on Johan Sverdrup. Preliminary estimates for Tonjer and Geitungen are between 20 and 30 million barrels of oil equivalent, according to a Monday release.The project is being matured toward an investment decision, with production expected to potentially start in 2029.Equinor holds a 42.62% stake in Johan Sverdrup, Aker BP (AKRBP.OL) owns 31.57%, Petoro holds 17.36%, and TotalEnergies (TTE.PA, TTE.L) has 8.44%.

$AKRBP.OL$EQNR.OL$TTE.L$TTE.PA
Equities

AlphaValue/Baader Europe Upgrades TotalEnergies to Add, Boosts PT

AlphaValue/Baader Europe on Tuesday upgraded oil and gas giant TotalEnergies (TTE.PA, TTE.L) to add from reduce and raised its price target to 91.30 euros from 78.20 euros.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

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Equities

AlphaValue/Baader Europe Boosts Rating, Forecasts for TotalEnergies Amid Commodity Price Growth

AlphaValue/Baader Europe upgraded its rating and earnings projections for TotalEnergies (TTE.PA, TTE.L), noting a "materially stronger" commodity environment.In a Tuesday note, the research firm's rating for the stock moved to add from reduce, with a price target of 91.3 euros. Meanwhile, EPS estimates for the energy giant were lifted by 83.7% to $13.5 for 2026 and by 30.2% to $10.1 for 2027."We have revised adjusted EPS upward, driven by the higher Brent and TTF deck feeding through to realised prices and gas margins, on top of resilient FY25 delivery. The upgrade is partly offset by elevated cash [capital expenditure] and a higher 39.1% effective tax rate," analysts said.

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Equities

Market Chatter: TotalEnergies Bags Approval to Sell Arctic LNG 2 Project Stake in Russia

TotalEnergies (TTE.PA, TTE.L) secured approval from the Russian government to offload a 10% stake in its Arctic LNG 2 project located in the country's Gydan Peninsula, Bloomberg News reported Wednesday, citing a presidential order.The approval allows the energy giant to transfer its direct holding in the project, which has been under sanctions due to the Russia-Ukraine war.TotalEnergies did not immediately respond to a request for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Update: TotalEnergies Advances 1.5-GW, EUR4.5 Billion Wind Project in France
US Markets

Update: TotalEnergies Advances 1.5-GW, EUR4.5 Billion Wind Project in France

(Updates to add information)French energy major TotalEnergies (TTE.PA, TTE.L) is moving forward with plans to develop a 1.5-gigawatt wind farm off the coast of Normandy, France, the largest renewables project in the country.TotalEnergies said Thursday its wholly owned project company Centre Manche Energies submitted the application for single authorization of the project, which was initially awarded by the state in September 2025 to TotalEnergies and RWE (RWE.F). The German utility later exited the consortium.The application includes technical and environmental studies, a preliminary design for the wind farm, and the proposed installation program. Once completed, the project is expected to produce six terawatt-hours of electricity annually, enough to power more than 1 million homes.The three-year project is expected to require an investment of 4.5 billion euros and create 2,500 jobs during the construction phase. TotalEnergies said it plans to tap the local workforce, which possesses expertise in the offshore wind sector.In addition, TotalEnergies plans to source wind turbines and electric cables from European suppliers, a move expected to provide further support to regional industry and manufacturing.Centre Manche Energies will pursue consultations with local authorities, environmental groups, seafarers, and the public to ensure the project is integrated into the regional economy and community, TotalEnergies said.TotalEnergies shares rose 4% in early trading in London, while the stock posted a modest gain in Paris.

$RWE.F$TTE.L$TTE.PA
TotalEnergies Advances 1.5-GW, EUR4.5 Billion Wind Project in France
US Markets

TotalEnergies Advances 1.5-GW, EUR4.5 Billion Wind Project in France

French energy major TotalEnergies (TTE.PA, TTE.L) is moving forward with plans to develop a 1.5-gigawatt wind farm off the coast of Normandy, France, the largest renewables project in the country.TotalEnergies said Thursday its wholly owned project company Centre Manche Energies submitted the application for single authorizaiton of the project, which was initially awarded by the state in September 2025 to TotalEnergies and RWE (RWE.F). The Gernan utility later exited the consortium.The application includes technical and environmental studies, a preliminary design for the wind farm, and the proposed installation program. Once completed, the project is expected to produce six terawatt-hours of electricity annually, enough to power more than 1 million homes.The three-year project is expected to require an investment of 4.5 billion euros and create 2,500 jobs during the construction phase. TotalEnergies said it plans to tap the local workforce, which possesses expertise in the offshore wind sector.In addition, TotalEnergies plans to source wind turbines and electric cables from European suppliers, a move expected to provide further support to regional industry and manufacturing.TotalEnergies shares rose 4% in early trading in London, while the stock posted a modest gain in Paris.

$RWE.F$TTE.L$TTE.PA
Equities

TotalEnergies Seeks Authorization for EUR4.5 Billion French Wind Project

TotalEnergies (TTE.PA, TTE.L) is seeking authorization for its planned 1.5-gigawatt offshore wind farm off the coast of Normandy, France.The energy giant's project company, Centre Manche Energies, officially submitted an application for the project's single authorization, according to a Thursday filing. The project is expected to be completed in three years with an estimated cost of 4.5 billion euros.

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Equities

Market Chatter: TotalEnergies' $2 Billion Cost Claims for Mozambique LNG Project Disputed

TotalEnergies (TTE.PA, TTE.L) and its partners' claims of incurring $2 billion in costs linked to a prolonged stoppage of their under-construction liquefied natural gas project in Mozambique are being disputed by the government.Bloomberg News reported Wednesday, citing a person with knowledge of the matter, that the dispute follows an audit finalized by UK consultancy Bayphase, which was unable to verify the costs due to a lack of supporting documentation.TotalEnergies did not immediately respond to a request for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Equities

TotalEnergies Extends Fuel Price Caps in France Amid Middle East Crisis

TotalEnergies (TTE.PA, TTE.L) said Wednesday it will maintain fuel price caps at all of its service stations in France as long as the Middle East crisis continues.For June, the French energy giant will keep petrol prices at 1.99 euros per liter and diesel prices at 2.25/L.TotalEnergies added that it will maintain a price cap of 1.99 euros per liter for electricity and gas customers in 2026.

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Equities

Market Chatter: TotalEnergies Mulls Divesting 50% Stake in 1.2-GW Clean Energy Assets

TotalEnergies (TTE.PA, TTE.L) is considering selling a 50% interest in 1.2 gigawatts of solar parks and wind farms in France, Germany, Poland and Spain, Bloomberg reported Friday, citing people familiar with the matter.The French energy company is working with advisers on the transaction, which could raise several hundred million euros, according to the report.The possible sale is part of TotalEnergies' strategy of selling 50% stakes in renewable energy projects once they are completed to boost investment returns, Bloomberg said.TotalEnergies did not immediately respond to a request for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Equities

TotalEnergies Enters Offshore Exploration Deal in Egypt

TotalEnergies (TTE.PA, TTE.L) signed a memorandum of understanding with Egyptian Natural Gas Holding to jointly assess deep offshore exploration potential in Egypt's north-western offshore.The agreement outlines the framework for the parties' technical collaboration on preliminary exploration and subsurface evaluation activities, the French energy giant said Wednesday.

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Equities

TotalEnergies Enters Exploration Agreement for Syrian Offshore Block

TotalEnergies (TTE.PA, TTE.L), QatarEnergy and ConocoPhillips signed a memorandum of understanding with Syrian Petroleum Co. to jointly assess exploration opportunities at Syria's offshore Block 3 area in the Mediterranean Sea.The agreement includes a technical review of the offshore area by the French energy giant and its partners, and establishes the framework for discussions related to exploration activities, according to a Tuesday release.

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Equities

Berenberg Tweaks Estimates for TotalEnergies Post-Q1 Beat

Berenberg on Thursday revised its earnings projections for TotalEnergies (TTE.PA, TTE.L, TTE.BR) after better-than-expected first-quarter results and increased shareholder returns.For the three months ended March 31, the French energy giant reported an adjusted net income of $5.39 billion, which the research firm noted was 4% above Visible Alpha consensus. The group also raised its interim dividend by 5.9% to 0.90 euro per share and authorized the continuation of a $1.5 billion share buyback in the second quarter.Accordingly, analysts increased their full-year 2026 EPS forecast by 6.5% on assumptions of higher refining and upstream earnings, while "minor changes" were made for the 2027 and 2028 estimates."TotalEnergies continues to execute well, benefiting from its integrated model, with all divisions across the group generating solid cash flow and returns. On top of this, the company has attractive growth prospects, along with a strong balance sheet. The stock has performed well year to date, benefiting from the visibility of Upstream growth and strong progress made in Integrated LNG and the Integrated Power division, which underpin the medium-term outlook for 4% growth in energy production. The dividend was increased by nearly 6% at Q1, leaving a 4.4% yield, and we expect a 3.5% buyback yield for FY26, with the buyback increased in Q1. The stock has rerated substantially this year, leaving it trading at a premium to recent history; stronger fundamentals can justify the rerating, but we see more limited upside from current levels and remain at Hold for now," Berenberg said, as it reiterated its price target of 78 euros.

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Equities

TotalEnergies Forecasts Updated at BofA After Solid Q1

BofA Global Research updated its estimates for TotalEnergies (TTE.PA, TTE.L) after the French energy giant's first-quarter financial report."We only finetune our estimates after TTE's strong 1Q26 results (EUR86 PO unchanged): Pre-tax earnings beat even our above-consensus estimates in all divisions. TTE's 39% effective tax rate, however, exceeded our 34% and consensus 36% expectations. But our slightly trimmed FY26 estimates (despite now assuming >40% effective taxation) remain >20% ahead of VA consensus," the research firm said Thursday.The adjusted EPS projections for 2026 and 2027 were reduced to $13.03 and $12.46, respectively, from $13.66 and $12.69. For 2028, the adjusted EPS forecast was cut to $12.54 from $12.71."We continue to see TTE as our Big Oil top pick as well as one of BofA's '25 for 2026' ideas across Europe," analysts noted, maintaining the stock's buy rating.

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Equities

TotalEnergies Acquires 50% Stake in EPH's Flexible Power Generation Platform in Europe

TotalEnergies (TTE.PA, TTE.L) completed the acquisition of a 50% stake in Energetický a průmyslový holding, or EPH's, flexible power generation platform in Western Europe.The French energy giant said Wednesday the transaction, effective the same day, forms a new Amsterdam-based entity, TTEP, and the company will issue about 95.4 million shares to EPH, giving it an about 4.2% stake.TTEP, through its subsidiaries, owns and operates gas, biomass-based power plants, and battery energy storage systems assets across Italy, the UK, Ireland, the Netherlands, and France.

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Equities

TotalEnergies Logs Higher Q1 Net Income, Sales

TotalEnergies (TTE.PA, TTE.L) said Wednesday that consolidated net income and sales rose year over year in the first quarter.The group's share of consolidated net income for the three months ended March 31 was $5.81 billion, compared with $3.85 billion earlier. EPS moved to $2.64 from $1.68.The French energy giant's sales were $54.16 billion, compared with $52.25 billion a year ago.Meanwhile, the board will pay a dividend of 0.90 euro per share for the first quarter, payable on Oct. 2 to Euronext shareholders and Oct. 21 for New York bourse shareholders. It paid 0.85 euro per share a year ago.

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Equities

TotalEnergies Takes Final Investment Decision on $1.2 Billion Mirny Project in Kazakhstan

TotalEnergies (TTE.PA, TTE.L) said Friday it took a final investment decision and secured financing for its Mirny onshore wind and battery energy storage system project in Kazakhstan.The French energy group noted that the $1.2 billion project, to be financed 75% externally, will combine 1 gigawatt of wind capacity with a 600 megawatt-hour battery energy storage system.The project, expected to reach its full capacity by 2029, will sell electricity to the government of Kazakhstan under a 25-year power purchase agreement.

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Research

Kepler Cheuvreux Upgrades TotalEnergies to Hold, Boosts PT

Kepler Cheuvreux on Thursday upgraded French energy group TotalEnergies (TTE.PA, TTE.L) to hold from reduce and increased its price target to 79.00 euros from 55.00 euros.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

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Equities

RBC Adjusts Forecasts for TotalEnergies Over Trading Update, Higher Commodity Deck

RBC Capital Markets revised its estimates for TotalEnergies (TTE.PA, TTE.L) amid model changes following the French energy group's trading update and assumptions for higher commodity prices.The research firm on Wednesday upgraded its first-quarter estimates for integrated liquefied natural gas, refining and chemicals, and marketing and services, which offset reduced projections for upstream net earnings and integrated power. As such, RBC's forecasts for TotalEnergies' first-quarter adjusted net income increased to $5.45 billion from $5.19 billion, reflecting an 8% upside to consensus."Higher hydrocarbon production in 1Q26 qoq leaves TTE well paced to benefit from higher realisations, despite some lag effects in its portfolio," analysts said. "The trading update highlighted stable sequential trends in upstream production in the quarter, which combined with higher realisations in March, should drive up earnings materially qoq. Additionally, strong trends in LNG production, ~10% higher qoq, will support sequential growth in earnings despite flat LNG prices qoq."The stock, which remains RBC's "top pick" among supermajors, is rated outperform with an unchanged price target of 85 euros.

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Equities

Market Chatter: Kazakhstan Court Said to Uphold Environmental Fine on Oil Majors Over Kashagan Field

A court in Kazakhstan upheld a 2.36 trillion-Kazakhstani-tenge environmental fine imposed on the operator of Kazakhstan's Kashagan oilfield for storing excessive amounts of sulfur at the site in an April 8 ruling, Bloomberg News reported Friday.North Caspian Operating Co, the field's operator, is jointly owned by Kazakhstan's KazMunayGas, Eni (ENI.MI), Shell (SHEL.L, SHELL.AS), ExxonMobil (XONA.F), TotalEnergies (TTE.PA, TTE.L, TTE.BR), China National Petroleum Corp., or CNPC, and Inpex.People familiar with the matter said the venture can still pursue a cassation appeal even if the decision has entered into legal force, the report noted.KazMunayGas, Eni, Shell, ExxonMobil, TotalEnergies, CNPC, and Inpex did not immediately respond to requests for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

$ENI.MI$SHEL.L$SHELL.AS$TTE.BR$TTE.L$TTE.PA$XONA.F

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