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TotalEnergies (TTE · Euronext Paris / NYSE)

Supermajor — HQ France. Oil & gas valuation, proved reserves, production, break-even, net-asset-value and jurisdiction-risk screen.
Category SupermajorRegion EuropeCEO Patrick Pouyanne (2014)Jurisdiction risk Med (51)

Overview

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.

Valuation snapshot (FY2025)

Market cap
$192bn
Enterprise value
$226bn
EV / EBITDA
5.6x
P / E
14.7x
FCF yield
5.5%
Dividend yield
4.5%
ROACE
13%
Debt / equity
55%
Net debt / EBITDA
0.5x
EV / reserves
$20.12/boe
EV / flowing
$89k/boe/d
Free cash flow
$10.5bn

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).

Reserves & production

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.

Net asset value (public-source floor)

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.

Jurisdiction risk · production-weighted country risk

51 /100
Medium jurisdiction risk
Production-weighted average of the country scores below (0 = safest, 100 = riskiest).
Country / regionProd. shareCountry riskKey jurisdiction risk
Other31%50diversified/unspecified exposure — universe-average proxy
Qatar10%26Stable; NOC-dominated LNG, limited foreign equity share.
United States10%23Stable, deep; federal-lands leasing and permitting policy swings.
Angola8%76High debt, FX/repatriation risk, mature declining fields.
Brazil8%61Complex tax/local-content rules; Petrobras policy swings, strong pre-salt.
UAE8%26Stable; ADNOC-led concessions, limited foreign equity share.
Norway6%3Stable, predictable; high but transparent 78% tax.
Nigeria6%89Theft/sabotage, subsidy reform, PIA transition, security.
Iraq5%96Security, payment arrears, tough TSC terms, political instability.
Argentina4%80FX controls, export taxes, macro instability despite Vaca Muerta upside.
Mozambique4%90Cabo Delgado insurgency delayed LNG; debt, security.
How this is scored. Each country's risk (0–100) is anchored to two named public indices — the OECD Country Risk Classification (0–7 official export-credit country risk) and the World Bank Worldwide Governance Indicators (Political Stability & Absence of Violence percentile) — blended 55/45 and rescaled to 0–100. A company's jurisdiction risk is the production-weighted average across the countries where it operates. This is a pure country measure, kept separate from company & financial risk (leverage, governance). Source: OECD Country Risk Classification (CRC) as of 24 July 2025, sourced via the German Federal Export Credit Guarantees (exportkreditgarantien.de) which applies the OECD consensus country risk category directly (values 0-7; 0 = lowest risk). High-income OECD members are not individually rated by the OECD and are set to crc=0 per the model spec (US, UK, Norway, Canada, Australia, Japan, NZ, and most of Europe incl. OECD members Israel, Poland, Hungary, Czechia, Lithuania, Ireland). 'ps' = World Bank Worldwide Governance Indicators (WGI) 'Political Stability and Absence of Violence/Terrorism' percentile rank, latest available (2023 vintage), 0-100 with higher = more stable; ps values are best sourced estimates rounded to the WGI percentile scale. Yemen not on OECD list ('./.') so crc estimated at 7. Iraq-Kurdistan and Falklands are non-standard model rows using judgment, not official OECD entries..

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Key assets & projects

AssetLocationTypeNotes
Mozambique LNGMozambiqueOnshore LNG~$20bn, 13.1 Mt/yr; force majeure since 2021, restart underway 2025-26
GranMorgu (Block 58)SurinameDeepwater oilFID Oct-2024 with APA; ~220 kbbl/d FPSO, first oil ~2028
VenusNamibiaDeepwater oilOrange Basin giant discovery; appraisal, potential later-decade FID
Tilenga / Lake Albert + EACOPUganda / TanzaniaOnshore oil + pipeline~190 kbbl/d + 1,443 km heated crude pipeline; ESG-contested
North Field (NFE/NFS)QatarLNG expansionPartner in the North Field LNG mega-expansion
Ballymore / AnchorUnited StatesDeepwater oilUS Gulf of Mexico deepwater ramping
Mero / LibraBrazilDeepwater pre-salt oilPartner in Mero FPSOs in the Santos Basin
KaminhoAngolaDeepwater oilFirst Kwanza Basin deepwater FID (2024), first oil ~2028

Five-year trend (FY2021–FY2025)

Metric20212022202320242025
Production (mboe/d)28502810248024402529
Proved reserves (bnboe)12.2011.9011.3011.4011.22
Revenue ($bn)184.6263.3218.9195.6201.2
EBITDA ($bn)35.062.045.741.040.6
Net income ($bn)16.020.521.415.813.1
Free cash flow ($bn)15.518.616.914.010.5

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Peer companies — Supermajor

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Sources

✓ FY2025 figures verified against primary sources:

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Disclaimer. Screening research only — a starting point, not investment or transactional advice. Figures are drawn from public sources (~mid-2026), may contain errors, and require independent due diligence before any decision.
Enerquill Advisory. Data compiled from company FY2025 filings and results releases; market data ~mid-2026. Larger names are verified against primary sources (shown on each page); smaller names are best-estimates pending verification. © Enerquill Advisory. enerquilladvisory.com