Christyan Malek's questions to TotalEnergies SE (TTE) leadership • Q1 2024
Question
Christyan Malek of JPMorgan Chase & Co. asked about maintaining CapEx discipline for the large-scale Namibia project and questioned if the company might re-emphasize oil and gas investment over its power business to match the cash flows of U.S. peers, possibly in conjunction with a U.S. listing.
Answer
CEO Patrick Pouyanné expressed confidence in sanctioning the Namibia project within the existing $17-18 billion annual CapEx framework. Regarding strategy, he stated the Board has asked him to seriously consider a primary listing in New York to improve access for U.S. shareholders. However, he firmly ruled out reallocating capital away from the company's two-pillar strategy, emphasizing consistency and project selectivity.