TotalEnergies
| File:TotalEnergies logo.svg Logo since 2021 rebranding | |
| Company type | Société européenne (SE) |
|---|---|
| Industry | Integrated energy and petroleum |
| Founded | 1924 |
| Founder | Colonel Ernest Mercier (founding CFP) |
| Headquarters | Courbevoie , France |
Area served | Worldwide |
Key people | Patrick Pouyanné (Chairman and CEO) |
| Products | Oil, natural gas, petroleum products, chemicals, power generation |
Number of employees | 102,000+ (2023) |
| Website | totalenergies |
TotalEnergies SE is a French multinational corporation operating in the integrated energy and petroleum sectors, established in 1924. It ranks among the world's seven largest oil supermajors. The company’s activities encompass the entire oil and gas value chain, from exploration and production to power generation, transportation, refining, marketing, and global trading of crude oil and petroleum derivatives. Additionally, TotalEnergies is a significant player in chemical manufacturing.
The company’s headquarters are located at Tour Total in Courbevoie, near Paris. It is publicly traded on both Euronext Paris and the New York Stock Exchange and forms part of the Euro Stoxx 50 index. In the 2023 edition of the Forbes Global 2000 list, TotalEnergies was positioned as the 21st largest enterprise worldwide.
By 2023, TotalEnergies reported revenues amounting to US$237.1 billion, with an operating profit of US$33.43 billion and net earnings of US$21.51 billion. The workforce exceeded 102,000 employees globally, while total assets were valued at US$283.6 billion, supported by shareholders’ equity of US$119.4 billion.
1924–1985: Compagnie Française des Pétroles
Following World War I, when petroleum became essential for national defense, French President Raymond Poincaré advocated establishing a wholly French-owned oil company rather than collaborating with Royal Dutch Shell. In 1924, Colonel Ernest Mercier, supported by a consortium of 90 banks and companies, founded the Compagnie Française des Pétroles (CFP).
Under the terms of the 1920 San Remo conference, France acquired a 25% share previously held by Deutsche Bank in the Turkish Petroleum Company (TPC) as part of war reparations. This interest was transferred to CFP, which consequently held a 23.75% stake in TPC (later renamed the Iraq Petroleum Company) following the 1928 Red Line Agreement. CFP was privately listed on the Paris Stock Exchange in 1929.
During the 1930s, CFP concentrated its exploration and production efforts primarily in the Middle East and inaugurated its first refinery in Normandy in 1933. Post-World War II expansion extended exploration activities to Venezuela, Canada, Africa, and France. In 1946, exploration began in French-controlled Algeria, which became a major oil supplier by the following decade.
The Total brand was introduced in 1954 to market downstream products across Africa and Europe.
Total made its entry into the U.S. market in 1971 by acquiring Leonard Petroleum based in Alma, Michigan along with several Standard Oil of Indiana retail outlets in Metro Detroit. By 1980, Total Petroleum (North America) Ltd., jointly owned by CFP at 50%, acquired refining and marketing assets from Vickers Petroleum, thereby gaining refining capacity, transportation infrastructure, and a network of approximately 350 service stations spanning 20 states.
1985–2003: Total CFP and rebranding to Total
In 1985, the company adopted the name Total CFP to capitalize on its established gasoline brand recognition. It went public on the New York Stock Exchange in 1991 and shortened its corporate name to Total. Between 1990 and 1994, foreign ownership increased from 23% to 44%, while the French government’s holding declined from over 30% in 1991 to less than 1% by 1996.
Total expanded its retail footprint across North America through acquisitions such as the purchase of 125 Road Runner stations in 1989. By 1993, Total Petroleum managed around 2,600 retail outlets under various brands including Vickers, Apco, Road Runner, and Total before consolidating all sites under the Total brand name. In 1997, Total divested its North American refining and retail operations to Ultramar Diamond Shamrock for $400 million in stock plus $414 million in assumed debt.
In 1996, Total discovered and commenced development of the Girassol oil field off Angola’s coast. The company’s acquisition of Belgium’s Petrofina in 1999 led to rebranding as Total Fina; this was followed by the purchase of Elf Aquitaine. These entities merged into TotalFinaElf in 2000 before reverting simply to Total in 2003 alongside unveiling a new global logo.
Despite having been aware of climate change risks since at least 1971, Total publicly challenged climate science conclusions until the early 1990s and pursued strategies aimed at minimizing acknowledgment of its environmental impact.
2003–2021
In 2003, Total purchased a 30% interest in the South Rub' al-Khali gas exploration partnership in Saudi Arabia, collaborating with Royal Dutch Shell and Saudi Aramco; this share was subsequently divested to its partners.
By 2006, Total and Saudi Aramco entered into a memorandum of understanding to develop the Jubail Refinery and Petrochemical project, aiming for a capacity of 400,000 barrels per day (bpd). In 2008, they formed the Saudi Aramco Total Refining and Petrochemical Company (SATORP), with Saudi Aramco owning 62.5% and Total holding 37.5%.
Total exited all Iranian ventures in 2006 in response to United Nations sanctions linked to Iran's nuclear program.
During the Iraqi oil services tender of 2009–2010, a consortium led by CNPC (37.5%) and including Total (18.75%) and Petronas (18.75%) secured a production contract for the Halfaya field, estimated to contain 4.1 billion barrels of oil reserves.
In 2010, Total merged its Italian branch, Total Italia, with Erg Petroli to create TotalErg—49% owned by Total and 51% by Erg. That year, Total employed more than 96,000 staff across over 130 countries and announced its intention to withdraw from the UK forecourt retail sector.
Total divested its 20% share in a Nigerian offshore project in 2012 to China Petrochemical Corp for $2.5 billion.
In 2013, Total began operations at the Kashagan oil field through the North Caspian Operating Company—the largest oil find since 1968—and increased its stake in Novatek to 16.96%. Additionally, it acquired Chevron's retail operations in Pakistan.
Total became the first major company to secure shale gas exploration rights in the UK in 2014, acquiring a 40% interest in two licenses in northern England for $48 million. That same year, it arranged the sale of its French LPG distribution business for €450 million.
On October 20, 2014, CEO Christophe de Margerie tragically died in an aviation accident; Patrick Pouyanne succeeded him as CEO and was appointed chairman in 2015.
After incurring a $5.7 billion loss at the end of 2014, Total announced plans to reduce its UK workforce by 180 jobs, scale back refinery output, slow investment in the North Sea, divest $5 billion worth of assets globally, and cut exploration expenses by 30%.
In 2016, Total expanded its presence in gas and power distribution by acquiring Belgian supplier Lampiris for $224 million and purchased French battery manufacturer Saft Groupe S.A. for $1.1 billion to strengthen its renewable energy portfolio. The company also acquired upstream and downstream assets from Petrobras valued at $2.2 billion, enhancing its position within Brazil’s Santos Basin.
From 2013 through 2017, Total hosted the ARGOS Challenge robotics competition aimed at developing automation technologies for oil and gas operations.
In 2017, Total inked a $4.8 billion agreement with Iran to develop the South Pars gas field—the first foreign investment following sanction relief under the JCPOA—and acquired Maersk Oil for $7.45 billion, becoming the second-largest operator in the North Sea. It also purchased a 23% stake in renewable energy company EREN RE for €237.5 million.
That year marked the launch of Total Spring in France—a natural gas and green electricity offering priced approximately 10% below regulated tariffs—advancing Total’s strategy toward downstream integration.
On January 10, 2018, Gruppo API acquired all of TotalErg except for its Special Fluids division, which remained under newly established Total Italia.
Due to renewed US sanctions in 2018, Total formally withdrew from Iran’s South Pars gas field project.
In 2019, Total sold a 30% interest in the Trapil pipeline network for €260 million and transferred portions of its asset portfolio in Namibia, Guyana, and Kenya to QatarEnergy as part of strategic realignment.
In July 2020, following European corporate registration protocols, Total SA rebranded itself as Total SE.
That year also saw plans announced for voluntary reduction of approximately 500 jobs within France.
Citing divergent views on climate policies, Total withdrew from membership of the American Petroleum Institute lobby group in 2021.
Early that year, Total reported first-quarter earnings of $3 billion—approaching pre-pandemic profitability levels amid rising crude prices.
2021–present: Transition to TotalEnergies
In 2021, the company adopted the name TotalEnergies to better represent its expanding portfolio in renewable electricity. This rebranding received shareholder approval during the May assembly.
By 2022, TotalEnergies withdrew from Myanmar in response to human rights violations following the 2021 military takeover and supported international sanctions targeting the nation’s oil and gas industries.
After the 2022 Russian invasion of Ukraine, TotalEnergies was among the limited number of Western oil firms continuing operations in Russia as of March 2022.
In June 2022, TotalEnergies acquired a 6.25% interest in QatarEnergy's North Field East (NFE) LNG expansion project, securing one of the four production trains. By September, their participation extended to North Field South (NFS), raising their international shareholding to 9.375%.
On 30 March 2023, TotalEnergies executed the inaugural LNG transaction on the Shanghai Petroleum and Natural Gas Exchange, settled in Chinese yuan, sourcing LNG from the UAE for CNOOC.
In July 2023, TotalEnergies finalized a $27 billion agreement with Iraq to develop projects spanning oil, gas, and renewable energy sectors. That same month, Indian Oil Corporation entered into long-term LNG import contracts with both ADNOC LNG and TotalEnergies.
October 2023 marked TotalEnergies’ sale of its Canadian assets to Suncor Energy for C$1.47 billion ($1.07 billion). Simultaneously, it committed to a 27-year LNG supply contract with Qatar, extending its fossil fuel engagements beyond 2050.
Throughout 2023, Total invested $300 million in a renewable energy partnership with Adani Green Energy in India, overseeing a portfolio of 1,050 MW across operational, construction, and developmental stages. In January 2024, it agreed to purchase a 50% stake in OMV’s Malaysian joint venture SapuraOMV for $903 million, including debt repayment.
On 21 February 2024, TotalEnergies collaborated with Airbus to provide sustainable aviation fuels (SAF) covering over half of Airbus’ European fuel requirements; these SAF solutions can reduce CO2 emissions by as much as 90%.
In March 2024, TotalEnergies and QatarEnergy expanded their footprint into South Africa’s Orange Basin offshore oil field; Total holds a 33% stake and operatorship in Block 3B/4B.
April 2024 saw an agreement with OmanLNG for delivering 800,000 metric tons of liquefied natural gas.
By November 2024, TotalEnergies pledged to implement real-time methane leak detection technology across all upstream facilities by 2025 aiming for near-zero methane emissions by 2030. The company also joined BP, Shell, and Equinor in committing $500 million toward enhancing affordable energy access in sub-Saharan Africa and Asia through solar power systems, microgrids, electric mobility solutions, and cleaner cooking fuels such as LPG.
In December 2024, TotalEnergies revealed plans to develop a 0.3 GW solar park in Saudi Arabia alongside EDF’s projects totaling 1.4 GW.
Early in 2025, TotalEnergies divested its service station network in Mali to Coly Energy Mali and confirmed its withdrawal from Burkina Faso after operating there for seventy years.
Financial Performance Trends
The principal financial indicators for TotalEnergies, based on fiscal years ending December 31, are as follows:
| Year | Revenue (US$ billion) |
Net Profit (US$ billion) |
Total Assets (US$ billion) |
Workforce |
|---|---|---|---|---|
| 2011 | 228 | 16.8 | 224 | 96,104 |
| 2012 | 249 | 14.6 | 235 | 97,126 |
| 2013 | 235 | 11.5 | 237 | 98,799 |
| 2014 | 212 | 4.2 | 229 | 100,307 |
| 2015 | 143 | 5.0 | 224 | 96,019 |
| 2016 | 127 | 6.1 | 230 | 102,168 |
| 2017 | 149 | 8.6 | 242 | 98,277 |
| 2018 | 184 | 11.4 | 256 | 104,460 |
| 2019 | 176 | 11.2 | 273 | 107,776 |
| 2020 | 119 | |||
| 266 | 105,476 | |||
| 2021 | 184 | 16.0 | 293 | 101,309 |
| 2022 | 263 | 20.5 | 303 | 101,279 |
| 2023 | 237 | 21.3 | 283 | 101,279 |
Core Business Divisions
In 2016, TotalEnergies underwent a structural transformation to position itself as a leading responsible energy company. Its primary operational segments consist of Exploration & Production; Gas, Renewables & Power; Refining & Chemicals; Trading & Shipping; Marketing & Services; along with Total Global Services.
Furthermore, the company established two corporate units: People & Social Responsibility—encompassing Human Resources; Health, Safety & Environment; Security; and Civil Society Engagement—and Strategy & Innovation, which includes Strategy & Climate (incorporating the 2 °C climate change scenario), Public Affairs, Audit, Research & Development, Digital Transformation, and Technology leadership.
Corporate Headquarters
The main office of TotalEnergies is situated in the Tour Total building within Courbevoie’s La Défense business district near Paris. This facility was originally built for Elf Aquitaine between 1983 and 1985 and subsequently became part of Total’s assets following the 2000 merger with Elf.
TotalEnergies Italia
Total Italia S.p.A. (formerly Total Italia S.r.l.) operates in Italy focusing on lubricant distribution and functions as a subsidiary of TotalEnergies SE. Established in 2018 after separating the Special Fluids division from TotalErg ahead of its acquisition by Gruppo API, it revives the brand name of the original Total Italia which was dissolved in 2010 during the formation of TotalErg.
Operations
In May 2014, Total indefinitely postponed its Joslyn North oil sands project located in Alberta, Canada due to escalating operational expenses despite investing around $11 billion. The company holds a 38.5% interest alongside partners such as Suncor Energy (36.75%), Occidental Petroleum (15%), and Japan’s Inpex (10%).
TotalEnergies is actively involved in 23 exploration and production initiatives spanning Africa, Asia, Europe, North America, South America, and Russia.
Strategic Investments
Since 1937, Total has maintained a 23.75% stake in the Iraq Petroleum Company (IPC), which historically financed military assistance to the Sultan of Muscat to exert control over Oman's interior regions during the Jebel Akhdar conflict (1954–1959).
The company has been a significant investor in Iran’s energy sector since 1990. In 2017, it entered into an agreement with the National Iranian Oil Company to develop the South Pars gas field—the largest of its kind globally—with a daily production capacity of two billion cubic feet intended to serve Iran’s domestic market starting in 2021.
Despite European Union sanctions targeting Myanmar’s military government, Total continues operations on the Yadana natural gas pipeline running from Myanmar to Thailand. The firm faces legal challenges in French and Belgian courts alleging complicity in forced labor practices during pipeline construction. The NGO Burma Campaign UK actively opposes this project through ongoing advocacy efforts.
Acquisitions
In 2011, Total secured a 60% ownership in the solar energy firm SunPower for $1.38 billion, subsequently increasing its share to 64.65% by 2013.
In 2016, Total expanded its portfolio by acquiring French battery manufacturer Saft Groupe S.A. for €1.1 billion and purchasing Lampiris, the third-largest Belgian supplier of gas and renewable energy, for $224 million to strengthen its gas and power distribution network.
That same year, Total invested $207 million to obtain a 23% stake in Tellurian, aiming to develop an integrated gas project.
In 2017, Total reached an agreement to acquire Maersk Oil from A.P. Moller-Maersk in a transaction valued at $7.45 billion, which was finalized in early 2018.
The following year, Total acquired a 74% controlling interest in French electricity and gas company Direct Énergie for €1.4 billion.
In 2022, Total bolstered its renewable energy assets by purchasing Austin-based Core Solar, adding 4 GW of capacity. Additionally, it partnered with Global Infrastructure Partners (GIP) to jointly acquire a 50% stake in Clearway, a prominent U.S. renewable energy operator; as part of this arrangement, GIP also obtained nearly equal ownership in SunPower.
In October 2023, TotalEnergies announced the purchase of Quadra, a German aggregator specializing in clean energy.
Later that year, TotalEnergies acquired three gas-fired power plants located in Texas with a combined capacity of 1.5 GW from TexGen for $635 million.
Western Sahara oil exploration
In 2001, Total entered into an offshore oil exploration agreement near Dakhla, Western Sahara with Morocco's "Office National de Recherches et d’Exploitations Petrolières" (ONAREP). In 2002, Hans Corell, the UN Legal Affairs Under-Secretary, clarified that while exploration contracts themselves are not illegal, exploiting resources without the consent of Western Sahara’s inhabitants would breach international law. Ultimately, Total opted not to renew its exploration license in this region.
Energy Deal with ADNOC
During the energy crisis spanning 2021–2022—exacerbated by the Covid-19 pandemic and Russia's invasion of Ukraine—TotalEnergies formed a partnership with the UAE’s ADNOC. This strategic collaboration was formalized during UAE President Sheikh Mohamed bin Zayed Al-Nahyan’s inaugural overseas visit to Paris in 2022. The agreement focuses on joint investments in renewables, hydrogen, and nuclear energy projects across the UAE, France, and other locations. French President Emmanuel Macron highlighted the importance of securing diesel supplies from the UAE as part of this cooperation.
However, human rights organizations criticized the deal, urging President Macron not to disregard concerns regarding the UAE’s human rights record while pursuing energy partnerships.
Environmental and safety records
In 1999, Total SA faced a €375,000 fine related to the MV Erika oil spill that impacted approximately 400 kilometers of coastline from La Rochelle to western Brittany. The penalty was limited because Total did not own the vessel; plaintiffs sought damages exceeding $1.5 billion. Over one hundred organizations and local governments participated in the lawsuit. Additionally, Total was fined $550,000 for marine pollution connected to the spill. In response to the incident and to improve its environmental reputation, Total initiated a sea turtle conservation program on Masirah Island.
Prior to the court ruling, Malta Maritime Authority (MMA) was excluded from trial proceedings. In 2005, Total submitted a report acknowledging responsibility due to tanker corrosion; however, courts requested a further expert evaluation which was subsequently declined.
In 2001, an explosion occurred at the AZF chemical plant in Toulouse, France, operated by Total’s subsidiary Grande Paroisse.
By 2008, Total had compensated €192 million for pollution caused by the MV Erika sinking and had already invested €200 million in cleanup efforts. The company lost two appeals contesting this ruling.
As of 2016, Total ranked second among 92 oil, gas, and mining companies regarding indigenous rights protection in Arctic regions. According to the CDP Carbon Majors Report 2017, Total was listed among the top 100 global carbon emitters responsible for approximately 0.9% of emissions between 1998 and 2015. In 2021's Arctic Environmental Responsibility Index (AERI), it was ranked as the second most environmentally accountable company among 120 resource extraction firms operating north of the Arctic Circle.
A study published in 2021 revealed that since 1971 Total employees had knowledge about their products’ contribution to global warming but actively promoted skepticism about climate science through the late 1980s. Although publicly acknowledging climate science by the late 1990s, they continued fostering doubt and delaying climate initiatives.
In August 2024, South Africa’s advertising regulator determined that TotalEnergies’ sustainability campaign—conducted in partnership with Sanparks to promote national parks—was misleading and amounted to greenwashing.
Bribery
Total has been subject to numerous bribery accusations over the years.
In Malta, the company became embroiled in a commission-related controversy that surfaced in 2014. Reports indicated Total insisted on incorporating George Farrugia—who was under scrutiny for a procurement scandal—into its agent team. As a result, Malta’s energy provider Enemalta prohibited Total and its agents, Trafigura, from participating in bids. This inquiry ultimately led to three individuals being formally charged.
In December 2008, Lionel Levha, then managing director of Total Italy, along with ten other executives, were detained on allegations of corruption involving €15 million tied to an oilfield contract in Basilicata. Additionally, a local politician and a businessperson were arrested in connection with this case.
In 2010, allegations arose accusing Total of bribing Iraqi officials during Saddam Hussein’s regime to secure oil contracts exceeding $10 billion. The Paris Court of Appeals found the company guilty in 2016, imposing a €750,000 fine for corrupting Iraqi civil servants and overturning an earlier verdict that had acquitted Total.
By 2013, Total reached a settlement over accusations of paying $60 million to an Iranian official—disguised as a “consulting fee”—to gain access to the Sirri A and Sirri E oil and gas fields in Iran. This arrangement provided Total with a competitive advantage and reportedly generated around $150 million in profits. To resolve the matter, the Securities Exchange Commission and Department of Justice required Total to pay $398 million.
2022 Russian invasion of Ukraine
Following the onset of the 2022 Russian invasion of Ukraine on 24 February, numerous Western corporations withdrew from Russia. On 1 March, TotalEnergies declared it would cease providing capital for new ventures in Russia but retained its holdings: 19.4% in Novatek, 20% in the Yamal project, and 10% in Arctic LNG 2. This partial pullback attracted criticism compared to other major Western energy firms that fully divested, especially amid the EU’s efforts to reduce energy dependence on Russia.
In August 2022, Global Witness disclosed that a Siberian gas field partially owned by TotalEnergies was supplying fuel to a refinery producing jet fuel for Russian military aircraft. This revelation challenged Total’s assertions that its operations were disconnected from Russian military activities related to Ukraine.
Africa
In December 2022, several NGOs including Friends of the Earth and Survie filed lawsuits against TotalEnergies for alleged breaches of French corporate vigilance laws concerning human rights and environmental protections linked to its Tilenga Project in Uganda. This initiative, undertaken alongside China National Offshore Oil Corporation, involves oil extraction within Murchison Falls National Park, an ecologically sensitive wildlife sanctuary. The project also entails building a pipeline from Uganda to Tanga in Tanzania. Critics caution that the pipeline’s proximity to Lake Victoria and protected regions in Tanzania and Kenya poses significant risks of oil spills that could endanger vulnerable species and ecosystems.
In March 2025, French authorities initiated a judicial inquiry into TotalEnergies over charges of involuntary manslaughter associated with a jihadist attack occurring in Mozambique.
Automobile and motorcycle OEM partnerships
TotalEnergies serves as an officially endorsed supplier of fuels and lubricants for prominent members of the Renault–Nissan–Mitsubishi Alliance, including Renault (in partnership with BP), Nissan (jointly with ExxonMobil), Infiniti, Dacia, Alpine, and Datsun. Other automotive partners include Kia, three brands under Stellantis (Citroën, Peugeot, and DS), Honda (alongside Acura, shared with BP and ExxonMobil), Aston Martin, Mazda (in collaboration with BP and its subsidiary Castrol), Sany, and Tata Motors (in association with Petronas). For motorcycles, TotalEnergies collaborates with brands such as Peugeot Motocycles, Kawasaki Motors (fuel supply only), Energica, and Honda.
Sponsorship
TotalEnergies has a longstanding history of backing professional motorsport teams. The company collaborated with Citroën Sport in competitions such as the World Rally Championship, Dakar Rally, and World Touring Car Championship. Among the highlights are Sébastien Loeb’s nine WRC drivers’ championships and multiple Dakar Rally victories by Ari Vatanen and Pierre Lartigue.
In partnership with Peugeot Sport, TotalEnergies was involved in Formula One from 1995 to 2000, as well as the British Touring Car Championship during 1995 and 1996. Since 2001, its collaboration has extended to numerous motorsport disciplines including the World Rally Championship, Intercontinental Rally Challenge, 24 Hours of Le Mans, Dakar Rally, and Pikes Peak International Hill Climb. Additionally, Total supports Peugeot Sport’s customer racing TCR Touring Car initiative and the Le Mans Hypercar project within the FIA World Endurance Championship.
From 2009 to 2016, Total was engaged with Renault Sport in Formula One, appearing on vehicles from teams such as Red Bull Racing, Renault F1, Lotus F1, Caterham F1, Scuderia Toro Rosso, and Williams F1 across different seasons.
Outside of motorsports, TotalEnergies served as the title sponsor for the Copa Sudamericana football tournament in 2013 and 2014. Since 2017, it has acted as the official fuel provider for both the World Endurance Championship and the 24 Hours of Le Mans.
Between 2013 and 2022, Total sponsored Club América, a prominent Mexican football club. In 2016, the company entered into an eight-year sponsorship agreement with the Confederation of African Football (CAF), which included acquiring naming rights for the Africa Cup of Nations.
Following its acquisition of Direct Énergie in 2018, Total rebranded its cycling team first to Total Direct Énergie in 2019 and subsequently to Team TotalEnergies in 2021 for participation in major races such as Paris–Roubaix and the Tour de France.
In response to the Notre-Dame Cathedral fire in 2019, CEO Patrick Pouyanne committed €100 million towards its restoration. The company also initiated a two-year sponsorship contract with Brazilian football club CR Flamengo in 2020, marking its inaugural partnership with a Brazilian team.