Total (TotalEnergies)

Total (TotalEnergies)
Name	TotalEnergies SE
Type	Public (Société Anonyme)
Industry	Petroleum, Natural Gas, Renewable Energy, Electricity
Founded	1924 (as Compagnie Française des Pétroles)
Founder	Ernest Mercier
Headquarters	Courbevoie, Hauts-de-Seine, France
Area served	Worldwide
Key people	Patrick Pouyanné
Products	Oil, Natural Gas, LNG, Hydrogen, Solar, Batteries, Fuels, Lubricants
Revenue	€200+ billion (varies annually)
Num employees	~100,000
Website	totalenergies.com

Total (TotalEnergies) is a multinational integrated energy company headquartered in Courbevoie, Hauts-de-Seine, France, originally founded in 1924 as Compagnie Française des Pétroles by figures including Ernest Mercier and reorganized after World War II in the context of Treaty of Versailles era resource politics. The company evolved through mergers and acquisitions with firms such as Petrofina and Elf Aquitaine to become a global participant in oil, natural gas, LNG, renewables and electricity markets, operating alongside peers like ExxonMobil, Royal Dutch Shell, BP, and Chevron. Its activities span exploration in basins like the North Sea, Gulf of Guinea, and Persian Gulf and downstream retail networks that compete in markets including United States, China, India, and Brazil.

History

Formed in 1924 following concessions tied to the aftermath of the Treaty of Versailles, the company grew through interwar production and post‑war reconstruction, interacting with actors such as Soviet Union energy diplomacy and colonial administrations in Algeria and Iraq. In the late 20th century, strategic mergers with Petrofina (1999) and Elf Aquitaine (2000) created one of Europe’s largest petroleum groups, a process influenced by competition with BP plc and Royal Dutch Shell plc and regulatory oversight from bodies like the European Commission. Throughout the 2000s and 2010s the firm expanded LNG projects with partners including QatarEnergy and Gazprom and participated in upstream developments in regions governed by entities such as the Nigerian National Petroleum Corporation and the National Iranian Oil Company, while also confronting events like the Deepwater Horizon oil spill in public discourse and industry regulation.

Corporate structure and governance

The company is structured as a European public limited company (société anonyme) with a board of directors and executive committee led by Chief Executive Officer Patrick Pouyanné, reporting to shareholders such as institutional investors including BlackRock, Vanguard Group, and sovereign wealth entities like Qatar Investment Authority in various capacities. Governance interacts with regulatory regimes including French corporate law in Île-de-France and disclosure frameworks influenced by the European Union and standards set by organizations such as the International Financial Reporting Standards Foundation and Securities and Exchange Commission. Board composition, remuneration policies, and shareholder resolutions have been shaped by activism from groups like Amundi, Friends of the Earth, and investor coalitions that reference standards from Task Force on Climate-related Financial Disclosures and engagement by proxy advisory firms such as Glass Lewis.

Operations and business segments

Operations span upstream exploration and production in basins like the Gulf of Mexico, Caspian Sea, and Siberia with joint ventures alongside Rosneft, Equinor, and ENI; midstream LNG activities connected to projects with QatarEnergy and shipping via fleets comparable to those chartered by Mitsui; downstream refining and petrochemicals in complexes similar to facilities owned by TotalEnergies' historical peers and retail networks operating fuel stations across markets such as France, Nigeria, and Indonesia. The company’s business segments include upstream hydrocarbons, integrated gas and LNG, refining and chemicals, marketing & services, and renewables & electricity, with project portfolios that reference engineering partners like TechnipFMC and Schlumberger and financial arrangements influenced by export credit agencies such as Euler Hermes.

Financial performance and market position

Financial results reflect commodity price cycles seen in benchmarks like Brent and Henry Hub, with revenue and net income fluctuating due to oil price shocks tied to events such as the 1990 Gulf War, the 2008 financial crisis, and the 2020 Russia–European Union gas disputes. Market capitalization and credit ratings from agencies like Moody's, Standard & Poor's, and Fitch Ratings position the company among the largest energy firms by revenue, often compared with ExxonMobil and Shell plc in industry rankings by Fortune Global 500 and indices including MSCI World. Capital allocation decisions between dividends, share buybacks, upstream investments, and low‑carbon projects are scrutinized by investors such as BlackRock and activist groups including Engine No. 1.

Environmental, social, and governance (ESG) and controversies

The company’s environmental footprint has been critiqued in relation to incidents reminiscent of controversies involving Shell in Nigeria and litigation patterns seen with Chevron; disputes include litigation over pollution in regions like the Niger Delta and scrutiny over operations in jurisdictions such as Myanmar and Russia. ESG ratings from providers such as Sustainalytics and MSCI ESG Research vary amid debates over scope 1–3 emissions accounting standards guided by the Greenhouse Gas Protocol and climate policy frameworks like the Paris Agreement. Social controversies include community relations challenges similar to cases involving BHP and Glencore, while governance debates have involved shareholder proposals promoted by Amnesty International and environmental NGOs such as Greenpeace and 350.org.

Research, innovation, and energy transition initiatives

Research and innovation efforts encompass partnerships with technology firms and research institutions like CEA in France, collaborations on carbon capture and storage with projects akin to Sleipner and Boundary Dam, and investments in renewable portfolios including solar farms and battery storage projects comparable to developments by Iberdrola and Enel. The company has pursued hydrogen initiatives alongside industrial partners such as Air Liquide and mobility projects involving automakers like Renault and Tesla in electrification and charging infrastructure, while participating in funding mechanisms and consortia established under programs like the European Green Deal and grants administered by the European Investment Bank.

Category:Energy companies of France