TotalEnergies Expects Steady Oil, Gas Output, Despite Selloffs

April 17, 2024--Researched by Industrial Info Resources (Sugar Land, Texas)--Growth in its production of natural gas and liquefied natural gas (LNG) are expected to keep TotalEnergies SE's (NYSE:TTE) hydrocarbon production stable in the first quarter of 2024, despite its selloff last year of assets in the Canadian oil sands. Increasing demand from industries and consumers is expected to benefit its refining and power-generation businesses as well.

Industrial Info is tracking more than $3.5 billion worth of active and planned projects from TotalEnergies across the U.S., more than $1.5 billion of which is attributed to new plant construction. Last year, TotalEnergies stepped away from Canada's oil sands, selling its 50% interest in the Surmont oil sands asset to ConocoPhillips (NYSE:COP) for $3 billion and its Canadian upstream assets to Suncor Energy (NYSE:SU) for $1.1 billion.

Other companies featured: EOG Resources Incorporated (NYSE:EOG)