Global integrated supermajor and a top-tier LNG player (~40+ Mt/yr) with a low-cost upstream weighted to deepwater growth: Brazil pre-salt (Mero), Angola, US Gulf of Mexico, the giant Namibia Venus discovery, Suriname GranMorgu (FID 2024), plus Middle East (Qatar, Iraq, UAE) and East Africa (Uganda + EACOP). Uniquely builds an Integrated Power/renewables segment (>25 GW).
Strong balance sheet (~0.7x net debt/EBITDA) supports returns >40% of cash flow: ~$2bn/quarter buybacks plus a growing dividend (~5%+). Trades at a discount to US majors (~4-5x EV/EBITDA); CEO Pouyanne (since 2014) has floated a US primary listing to close the gap. Flags: Mozambique LNG timing, Russia/Novatek residual, EACOP litigation.
Its EV/EBITDA of 5.6x is below the 5.9x median across the 142-company universe, the free-cash-flow yield of 5.5% is lower than the 6.5% median, and at $20.12/boe of proved reserves it is richer than the $13.51/boe median.
On a balanced screen across the universe, TotalEnergies scores 42/100, strongest on safety (48/100). Sub-scores: value 43, quality 40, growth 29, risk 52 (higher = riskier).
TotalEnergies holds approximately 11.22 billion boe of proved (1P) reserves with FY2025 production of about 2,529 thousand boe/d (30% liquids), a reserve life of roughly 12.2 years. Break-even: ~$25/bbl (organic pre-dividend cash breakeven (Brent)) — Company guides organic cash breakeven below $25/bbl; post-dividend breakeven ~$40/bbl; buybacks sustained to ~$60/bbl Brent.
Using TotalEnergies's SEC-disclosed after-tax standardized measure of proved reserves ($65.0bn) less net debt ($20.2bn) gives an equity-NAV floor of about $44.8bn — the current market capitalisation sits +329% versus that floor. Disclosed pre-tax PV-10: —. This is a floor: proved reserves only, excluding undeveloped inventory, downstream and other business lines. Standardized measure covers proved reserves only; omits downstream Refining & Chemicals, Marketing & Services, and the Integrated Power/renewables franchise.
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| Other | 31% | 50 | diversified/unspecified exposure — universe-average proxy |
| Qatar | 10% | 26 | Stable; NOC-dominated LNG, limited foreign equity share. |
| United States | 10% | 23 | Stable, deep; federal-lands leasing and permitting policy swings. |
| Angola | 8% | 76 | High debt, FX/repatriation risk, mature declining fields. |
| Brazil | 8% | 61 | Complex tax/local-content rules; Petrobras policy swings, strong pre-salt. |
| UAE | 8% | 26 | Stable; ADNOC-led concessions, limited foreign equity share. |
| Norway | 6% | 3 | Stable, predictable; high but transparent 78% tax. |
| Nigeria | 6% | 89 | Theft/sabotage, subsidy reform, PIA transition, security. |
| Iraq | 5% | 96 | Security, payment arrears, tough TSC terms, political instability. |
| Argentina | 4% | 80 | FX controls, export taxes, macro instability despite Vaca Muerta upside. |
| Mozambique | 4% | 90 | Cabo Delgado insurgency delayed LNG; debt, security. |
Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.
Work with us →About Enerquill| Asset | Location | Type | Notes |
|---|---|---|---|
| Mozambique LNG | Mozambique | Onshore LNG | ~$20bn, 13.1 Mt/yr; force majeure since 2021, restart underway 2025-26 |
| GranMorgu (Block 58) | Suriname | Deepwater oil | FID Oct-2024 with APA; ~220 kbbl/d FPSO, first oil ~2028 |
| Venus | Namibia | Deepwater oil | Orange Basin giant discovery; appraisal, potential later-decade FID |
| Tilenga / Lake Albert + EACOP | Uganda / Tanzania | Onshore oil + pipeline | ~190 kbbl/d + 1,443 km heated crude pipeline; ESG-contested |
| North Field (NFE/NFS) | Qatar | LNG expansion | Partner in the North Field LNG mega-expansion |
| Ballymore / Anchor | United States | Deepwater oil | US Gulf of Mexico deepwater ramping |
| Mero / Libra | Brazil | Deepwater pre-salt oil | Partner in Mero FPSOs in the Santos Basin |
| Kaminho | Angola | Deepwater oil | First Kwanza Basin deepwater FID (2024), first oil ~2028 |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 2850 | 2810 | 2480 | 2440 | 2529 |
| Proved reserves (bnboe) | 12.20 | 11.90 | 11.30 | 11.40 | 11.22 |
| Revenue ($bn) | 184.6 | 263.3 | 218.9 | 195.6 | 201.2 |
| EBITDA ($bn) | 35.0 | 62.0 | 45.7 | 41.0 | 40.6 |
| Net income ($bn) | 16.0 | 20.5 | 21.4 | 15.8 | 13.1 |
| Free cash flow ($bn) | 15.5 | 18.6 | 16.9 | 14.0 | 10.5 |
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✓ FY2025 figures verified against primary sources: