TotalEnergies SE (TTE): Business Model Canvas [Dec-2025 Updated]

You're digging into how a giant like TotalEnergies SE is navigating the energy transition, and honestly, it's a complex map to read. Forget the old image; their late-2025 model is a tightrope walk between maximizing high-margin, low-emission oil and gas growth-targeting >3% production growth-and aggressively building out their Integrated Power segment, backed by a hefty $15-17 billion/year capital expenditure guidance. With last twelve months revenue hitting $183.534 billion as of September 30, 2025, and a commitment to shareholder returns via a >40% payout of cash flow, the strategy is clear: fund the future with the present. Dive into the full canvas below to see exactly how their key partnerships, like those with OmanLNG, and their massive global footprint across ~120 countries support this dual mandate.

TotalEnergies SE (TTE) - Canvas Business Model: Key Partnerships

You're looking at the web of relationships TotalEnergies SE maintains to fuel its global operations and energy transition goals as of late 2025. These aren't just casual connections; they are deep, capital-intensive alliances that de-risk projects and secure supply.

Joint Ventures (JVs) with National Oil Companies (NOCs) globally

TotalEnergies SE continues to anchor significant upstream projects through long-standing partnerships with National Oil Companies. For instance, in Malaysia, following the December 2024 acquisition of SapuraOMV Upstream interests, TotalEnergies is now the third largest gas operator, partnering with PETRONAS. This includes holding a 50% operated working interest in Blocks SK301b and SK313, where gas discoveries exceed 4 Tcf, expected to support Malaysia LNG from 2030. Also, in Mozambique LNG, TotalEnergies EP Mozambique Area 1 operates the project with a 26.5% stake alongside the NOC, ENH Rovuma Área 1, which holds 15%. Separately, a strategic partnership with ADNOC, reaffirmed in 2022, explores collaboration in gas growth, CCUS, and trading.

Here's a quick look at some key upstream exploration JVs:

Strategic exploration collaboration with Chevron

The collaboration with Chevron has deepened in late 2025. Following an earlier June acquisition of a 25% working interest across 40 Chevron-operated blocks offshore the US, TotalEnergies expanded this tie in December 2025. TotalEnergies EP Nigeria signed a farmout agreement to sell a 40% participation in the PPL 2000 and PPL 2001 exploration licenses, offshore Nigeria, to a Chevron company. TotalEnergies remains the operator with a 40% participation, alongside Chevron holding 40% and South Atlantic Petroleum holding 20%. These Nigerian licenses cover approximately 2,000 sq km in the West Delta basin. This move is definitely about derisking and developing new opportunities together.

Long-term LNG supply deals

Securing long-term, often oil-indexed, Liquefied Natural Gas (LNG) supply is a core partnership strategy to ensure stable revenue and supply flexibility. The deal with OmanLNG is set to supply approximately 800,000 metric tons annually over a 10-year period, starting in 2025. That's a solid base load. TotalEnergies is also locking in future US supply; they inked a 20-year Sale and Purchase Agreement (SPA) for 1.5 mtpa from Rio Grande LNG Train 4, subject to a positive Final Investment Decision (FID).

Here's how some of TotalEnergies' long-term LNG commitments stack up:

To be fair, TotalEnergies was the world's third largest LNG player with a global portfolio of 44 Mt/y in 2023, so these deals are about maintaining that scale.

Renewable energy developers and storage technology providers

To hit its renewable targets, TotalEnergies is actively acquiring expertise and pipelines. The acquisition of Germany-based VSB Group was for a total consideration of €1.57 billion (equity value and shareholder loan). VSB brings over 475 MW of capacity in operation or under construction and an 18 GW pipeline of wind, solar, and battery storage projects. This acquisition helps TotalEnergies target 35 GW of gross renewable capacity in 2025, up from over 24 GW at the end of 2024.

The capital recycling strategy is also key. TotalEnergies agreed to sell 50% of a 2 GW solar and battery energy storage systems (BESS) portfolio in Texas for $800 million cash. More recently, in September 2025, they signed a JV with KKR involving the sale of 50% of a 1.4 GW North American solar portfolio, unlocking $950 million in total cash proceeds at closing.

Industry peers for energy access initiatives

TotalEnergies is partnering with industry peers to address UN Sustainable Development Goal 7 (SDG7). TotalEnergies, bp, Equinor, and Shell have a joint commitment of $500 million to support high-impact energy access projects, primarily in Sub-Saharan Africa, South, and Southeast Asia. This collective investment aims to help millions gain access to electricity and improved cooking conditions.

Beyond the joint fund, TotalEnergies has its own specific commitment:

• Investing an additional $400 million in Liquefied Petroleum Gas (LPG) facilities for clean cooking solutions in Africa and India through 2030.
• This electricity development in emerging countries is expected to enable about 40 million people to benefit from access to electricity.

Finance: draft 13-week cash view by Friday.

TotalEnergies SE (TTE) - Canvas Business Model: Key Activities

You're looking at the core engine of TotalEnergies SE, the day-to-day work that keeps the whole integrated model running. Here's the breakdown of the hard numbers behind their main activities as of late 2025.

Upstream Oil & Gas exploration and production (E&P)

The focus here is on growing production from a low-cost, low-emission portfolio. TotalEnergies SE has a clear growth trajectory for its hydrocarbon output.

The Company plans for oil and gas growth of more than 3% per year in 2025 and 2026, benefiting from high-margin project start-ups like Ballymore in the US and Mero-4 in Brazil.

Integrated Liquefied Natural Gas (LNG) production and trading

This segment is a major pillar, with significant planned sales growth driven by competitive projects in the US and Qatar. They are targeting substantial cash flow growth here.

TotalEnergies SE expects LNG sales to exceed 40 million tonnes (Mt) in 2025, up slightly from 39.8 Mt in 2024.

Integrated LNG is expected to deliver cash flow growth of more than 70% by 2030 compared to 2024, based on assumptions of $70/b and $8/Mbtu.

• Q1 2025 Integrated LNG Adjusted Net Operating Income: $1,294 million.
• Q3 2025 Expected Average LNG Price: $8.91/Mbtu.
• Q1 2025 Average LNG Price: $10.00/Mbtu.
• Sales growth driving future cash flow: 50% from LNG projects in the United States and Qatar.

Developing and operating Integrated Power assets (renewables, gas-to-power)

The Integrated Power segment is expanding electricity generation rapidly, aiming for a significant renewable share by 2030. They are focusing investments on deregulated markets like the US, Europe, and Brazil.

TotalEnergies plans to increase electricity production by approximately 20% per year through 2030, targeting 100 to 120 TWh/y of production.

The segment's 2025 cash flow is expected to be in the range of $2.5bn-$3bn before working capital changes.

Refining, petrochemicals, and specialty chemicals manufacturing

Refining activity showed a notable uptick in the first half of 2025, capturing improved margins, though petrochemicals faced weaker demand.

The Antwerp refining and petrochemicals platform, TotalEnergies SE's largest in Europe, has the capacity to process about 340,000 bpd of crude oil.

• Q2 2025 Refining Throughput: 1,589 thousand barrels per day (kb/d), a 3% quarter-on-quarter rise.
• 1H 2025 Average Crude Processed: 1,569 kb/d, a 7% increase year-on-year.
• Q2 2025 Utilization Rate (based on crude): 90%.
• Q2 2025 Monomer Production: 1,164 kt.
• Q2 2025 Polymer Output: 1,127 kt.
• Q2 2025 Steam Cracker Utilization: 74%.

Global energy trading and shipping operations

Trading results are closely tied to realized prices for crude and LNG, with market volatility impacting gas trading results. The European Refining Margin Marker (ERM) is a key indicator for this segment's downstream performance.

The Company's Gearing ratio stood at 17.3% at the end of Q3 2025.

TotalEnergies SE (TTE) - Canvas Business Model: Key Resources

The Key Resources for TotalEnergies SE are a mix of massive, long-life physical assets, significant human expertise, and a strong financial foundation that supports its multi-energy transition strategy.

Global oil and gas reserves and production assets

TotalEnergies SE maintains a substantial upstream footprint, which is crucial for underpinning its Integrated LNG pillar. The company is actively managing its portfolio, with production growth expected to exceed 3% per year for both 2025 and 2026.

The expected hydrocarbon production for the fourth quarter of 2025 is projected to be between 2.525-2.575 million barrels of oil equivalent per day (Mboe/d), which is up more than 4% compared to Q4 2024. For context, the third quarter 2025 production was expected at 2.5 Mboe/d.

Integrated LNG value chain infrastructure

TotalEnergies SE is positioned as the world's third largest LNG player. Its integrated model spans production, transportation, trading, and regasification capacity, which is key to its strategy of increasing natural gas share in its sales mix to close to 50% by 2030.

The company's global portfolio of liquefaction plant interests stood at 40 Mt/y in 2024. Furthermore, TotalEnergies SE has access to more than 20 Mt/y of regasification capacity within Europe. The Integrated LNG segment is targeted to deliver cash flow growth of more than 70% by 2030 compared to 2024.

Renewable energy portfolio (solar, wind) and battery storage capacity

The Integrated Power pillar relies on a rapidly growing renewable generation base. TotalEnergies SE aims to reach 35 GW of gross installed renewable electricity generation capacity by the end of 2025. As of the end of March 2025, the installed capacity was 28 GW.

The company is also building out its battery storage assets, with a goal to develop 5 to 7 GW of capacity by 2030, primarily in Europe and the United States. Specific recent capacity additions and pipeline figures include:

• Gross renewable electricity generation installed capacity (End 2024): 26 GW.
• Target gross renewable capacity: 35 GW by end of 2025.
• German battery storage pipeline capacity: 2 GW.
• French battery storage total capacity: 129 MWh.
• New German battery projects announced (March 2025): 221 MW.
• Battery storage projects acquired from Low Carbon (June 2025): 85 MW.

Human Capital: Over 100,000 employees worldwide

The scale of TotalEnergies SE's operations across approximately 120 countries is supported by a large, committed workforce. The company states it has more than 100,000 employees. A more specific figure cited for 2025 is 105,000 employees. As of the end of 2024, the employee count was 95,393.

Financial strength and disciplined capital allocation (e.g., $7.5B buybacks for 2025)

Financial discipline is demonstrated through a clear shareholder return policy and capital allocation targets. The Board of Directors authorized $1.5 billion in share buybacks for the fourth quarter of 2025, bringing the total for the full year 2025 to $7.5 billion. This aligns with the stated shareholder return policy of distributing at least 40% of annual cash flow from operations through market cycles.

The company aims to maintain a gearing ratio below 20%. For the end of 2025, gearing is anticipated to be between 15-16%.

TotalEnergies SE (TTE) - Canvas Business Model: Value Propositions

You're looking at the core promises TotalEnergies SE is making to its customers and investors as of late 2025. It's a multi-energy play, balancing the current need for reliable supply with the long-term push for lower carbon intensity.

Reliable, affordable, and increasingly low-carbon multi-energy supply

TotalEnergies SE is framing its supply around balancing energy access with decarbonization. The company's lifecycle carbon intensity of energy products sold has a new target of $\text{-17%}$ in 2025 compared to 2015. For its operated facilities, the Scope 1+2 emissions target for 2025 is $\text{<37 Mt CO2e}$. Methane emissions from operated facilities have a new target of $\text{-60%}$ in 2025 compared to 2020.

Reliability is underscored by its natural gas business, with Liquefied Natural Gas (LNG) sales expected to exceed $\text{40 million tonnes (Mt)}$ in 2025.

Integrated Power: 24/7 low-carbon electricity (renewables plus flexible gas)

The Integrated Power segment is a key growth engine. TotalEnergies SE plans to increase electricity production by approximately $\text{20%}$ per year through 2030, targeting $\text{100 to 120 TWh/y}$ of net electricity production by 2030. This mix is targeted to be $\text{70%}$ renewable and $\text{30%}$ flexible gas.

The renewable capacity build-out is rapid. By the end of October 2025, TotalEnergies SE had more than $\text{32 GW}$ of installed gross renewable electricity generation capacity, aiming to reach $\text{35 GW}$ by the end of 2025. The segment generated nearly a tenth of group operating cash flow in 2024, with a Return on Average Capital Employed (ROACE) of $\text{10%}$ in 2024. Electricity in the sales mix passed the $\text{10%}$ milestone in 2024.

High-margin, low-emission oil and gas production growth ($\text{>3\%}$ in 2025/2026)

TotalEnergies SE is committed to growing its core hydrocarbon business profitably. The company plans for oil and gas production growth to exceed $\text{3%}$ per year in both 2025 and 2026. This is supported by projects like Ballymore in the Gulf of Mexico and Mero-4 in Brazil.

Here are the production figures for context:

Overall energy production (oil, gas, and electricity) has a target of $\text{~4%}$ annual growth through 2030.

Attractive shareholder return policy (payout of $\text{>40\%}$ of cash flow)

TotalEnergies SE reaffirms its policy of allocating more than $\text{40%}$ of Cash Flow From Operations (CFFO) to investors for 2025. The 2024 dividend was $\text{€3.22/share}$, a $\text{7%}$ increase from 2023. The interim dividend for 2025 is $\text{€0.85/share}$, representing a $\text{7.6%}$ increase.

Share buybacks are a key component of this policy. The company authorized $\text{$1.5 billion}$ of share buybacks in the fourth quarter of 2025, resulting in $\text{$7.5 billion}$ for the full year 2025. The guidance for 2026 buybacks is between $\text{$0.75 billion and $1.5 billion}$ per quarter, which should lead to a payout of around $\text{50%}$ at a $\text{\$70/bbl}$ Brent price.

Biofuels, biogas, and low-carbon hydrogen products for decarbonization

The company is focusing on securing supply for its internal needs and developing external markets for low-carbon molecules. For its European refineries, TotalEnergies SE aims to replace $\text{500,000 tons per year}$ of conventional hydrogen with green hydrogen by 2030. They have already secured $\text{200,000 tonnes}$ of green hydrogen. The cost of this green hydrogen is about $\text{3 times}$ the cost of traditional grey hydrogen in Europe.

In Sustainable Aviation Fuel (SAF), the 2025 production targets by site are:

• Grandpuits: $\text{210,000 tons}$
• Normandy: $\text{160,000 tons}$
• La Mède: $\text{15,000 tons}$

The overall goal for SAF production worldwide is $\text{1.5 million tons}$ by 2030.

TotalEnergies SE (TTE) - Canvas Business Model: Customer Relationships

You're looking at how TotalEnergies SE manages its diverse customer base, from the largest industrial users to the everyday driver. It's a mix of high-touch service for big players and digital engagement for the masses.

Dedicated B2B account management for large industrial clients involves deep, tailored service delivery. TotalEnergies has a Team dedicated to 45 global key accounts relationship within its Marketing & Services sector. This team focuses on complex needs like energy efficiency services and low-carbon goods. For industrial lubricants, TotalEnergies provides tailored solutions in more than 130 countries, including lubrication charts, audits, and analysis of oils in use. The special fluids business alone moves nearly 800,000 metric tons of product annually across three main markets: Industry, Geoscience, and Life sciences.

Here's a quick look at the scale of this B2B relationship support:

Long-term contracts for LNG and wholesale power sales anchor the energy trading relationships. Natural gas, especially LNG, is central to TotalEnergies' transition strategy. The company aims to increase the share of natural gas in its sales mix to close to 50% by 2030. LNG sales are forecast to increase by 50% between 2024 and 2030. Supply gains are predicted to be slow in 2025 and 2026 before rising more sharply later in the decade.

Key contract examples show this long-term focus:

• TotalEnergies is the world's third-largest LNG player, with a portfolio exceeding 44 Mt/y in 2023.
• A 20-year contract with Rio Grande LNG for the purchase of 1.5 million tonnes per annum (Mtpa) of LNG, subject to FID.
• A ten-year Sales and Purchase Agreement (SPA) with Indian Oil Corporation (IOCL) for up to 800,000 tons per year of LNG starting in 2026.
• A five-year Heads of Agreement (HoA) with Korea South-East Power for up to around 500,000 tons per year of LNG starting in 2027.

Digital platforms and loyalty programs for retail consumers are used to drive engagement where margins are thin. The TotalEnergies Club uses multi-tiered status, like Silver, Gold, and Platinum, to incentivize regular use with premium perks. Consumer research suggests that companies with robust loyalty strategies can grow revenue up to 2.5 times faster than their peers. The global loyalty management market size was projected at $15.19 billion in 2025. This digital focus helps funnel consumers toward lower-cost payment methods, like pay-by-bank options in mobile apps, which is a defintely smart move.

Investor relations are managed with a clear focus on rewarding shareholders consistently. The Board of Directors confirmed the first interim dividend for fiscal year 2025 at €0.85/share. This represents an increase of 7.6% compared to 2024. This decision aligns with the attractive dividend growth guidance announced in February 2025. The company also authorized up to $7.5 billion of share buybacks for the full year 2025. Finance: draft 13-week cash view by Friday.

TotalEnergies SE (TTE) - Canvas Business Model: Channels

You're looking at how TotalEnergies SE moves its product, from the wellhead and refinery to the end-user, and that involves some serious infrastructure. The company's channels are built on massive, integrated physical assets across the globe.

The Global network of crude oil and LNG tankers and pipelines is the backbone for moving raw materials and finished products. TotalEnergies SE's Trading & Shipping division operates out of 4 major trading hubs: Paris, Shanghai, Geneva, Singapore, Dubai, Houston, Johannesburg, and Lagos. As of the end of 2024, the division managed a time-chartered fleet of 61 vessels and 3,300 annual barge voyages. The volume transported by tanker was approximately ~3M barrels per day. For wholesale trading, the traded physical volume was 7.3M barrels a day, with a traded derivative volume equivalent to 75M barrels a day.

For the downstream side, the Extensive retail service station network provides direct consumer access, though the footprint is actively being optimized. Globally, TotalEnergies SE maintains close to 16,000 service stations across over 70 countries, serving more than 8 million individual and business customers daily. This channel is undergoing a strategic shift in Europe; for instance, the company divested 1,198 stations in Germany and 392 in the Netherlands to Couche-Tard, a transaction valued at EUR 3.4 billion ($3.73 billion) upon completion in early 2024. TotalEnergies SE retains its French network and a 40% stake in a joint venture operating 619 stations in Belgium and Luxembourg.

The Direct sales to utilities and power grids fall under the Integrated Power segment, which is rapidly expanding its reach. TotalEnergies SE plans to increase its electricity production by about 20% per year through 2030, aiming for 100 to 120 TWh/y of output. In the third quarter of 2025, net power production reached 12.6 TWh, with electricity production for the first nine months of 2025 up almost 20% year-on-year. This electricity production is targeted to represent 10% of the company's Oil & Gas production in 2025. The value of this integrated model is shown by production assets and sales activities contributing equally to third-quarter results.

The Chemical product distribution networks support TotalEnergies SE's role as a large-scale chemical manufacturer. These operations rely on coordination among industrial plants, maritime terminals, feedstock supply lines, and downstream distribution channels to supply foundational components for plastics, industrial coatings, and consumer products across multiple industrial sectors. The company is focused on high performing integrated platforms, such as the Amiral project in Saudi Arabia, which is expected to have an ethylene capacity of 1.6 Mtpa and was 50% complete as of September 2025.

Here's a quick look at the scale across these key channels as of late 2025 data points:

The company uses its Wholesale trading desks to manage commodity flows, evidenced by the $10.00/Mbtu average LNG price seen in Q1 2025. The Integrated Power segment's strategy relies on deploying its integrated model in main deregulated markets like the United States and Europe. The sheer volume moved through the Trading & Shipping segment requires 61 time-chartered vessels and 3,300 annual barge voyages to support its 7.3M barrels a day physical trading volume.

The company's commitment to its Integrated Power strategy is clear in its production targets. You see this commitment reflected in the goal for electricity production to hit 10% of Oil & Gas production in 2025. This growth is supported by a $3 to $4 billion per year annual investment guidance for the Integrated Power business.

The channels for refined products and chemicals are tied to the Refining & Chemicals segment, which is actively managing capacity. For example, the company is reducing petrochemicals capacity in an oversupplied market, including the Antwerp cracker closure. This focus on high-margin areas means the distribution network must be highly efficient to support the Refining & Chemicals segment's goal of achieving a Return on Average Capital Employed (ROACE) of over 20%.

TotalEnergies SE (TTE) - Canvas Business Model: Customer Segments

You're looking at the customer base for TotalEnergies SE as of late 2025. This company serves a massive, multi-layered global clientele, from individual drivers to national governments. Honestly, the sheer scale is what defines this segment.

The operational footprint covers approximately 120 countries across five continents, giving TotalEnergies SE deep market knowledge. This global reach supports their strategy across all energy lines.

Here is a snapshot of the scale relevant to their customer-facing operations:

The customer segments are quite distinct, reflecting the integrated multi-energy strategy anchored on Oil & Gas and Integrated Power.

• Global institutional and retail investors
• Industrial and commercial energy consumers (B2B)
• Retail consumers in ~120 countries (fuel, electricity, services)
• Power utilities and grid operators (for wholesale electricity)
• Governments and National Oil Companies (NOCs)

Retail consumers in ~120 countries are reached directly through the service station network, which acts as a convenience center for mobility and energy access. This network serves over 8 million customers daily. Note that following divestments, the fuel retail network in Germany and the Netherlands totaled 1,590 stations sold, with another 619 stations in Belgium and Luxembourg now under a joint venture structure. TotalEnergies SE still supplies fuel to these sites for at least five years.

For Industrial and commercial energy consumers (B2B), TotalEnergies SE supplies oil, gas, and increasingly, electricity and low-carbon solutions. The company is targeting LNG sales to exceed 40 million tonnes (Mt) in 2025. Furthermore, the Integrated Power segment is growing, aiming for net electricity production of over 50 TWh in 2025, with a target of 100 TWh/y by 2030. A concrete example of a B2B/utility-like contract is the renewable power purchase agreement signed with Saint-Gobain for 875 GWh over five years, starting January 2026.

Engagements with Governments and National Oil Companies (NOCs) are critical, especially in Exploration & Production, where TotalEnergies SE's 2024 hydrocarbon production averaged 2.434 million barrels of oil equivalent per day (MMboe/d). The company intends to continue developing partnerships with governments for new LNG and renewable power generation projects.

The segment of Power utilities and grid operators is served by the Integrated Power business, which is focused on deregulated markets like the United States and Europe. TotalEnergies SE plans to increase electricity production by approximately 20% per year through 2030.

Finally, Global institutional and retail investors are a key segment, evidenced by the Board of Directors authorizing $7.5 billion in share buybacks for the full year 2025. The company's market capitalization was reported at $157.44 billion in Q3 2025.

TotalEnergies SE (TTE) - Canvas Business Model: Cost Structure

You're looking at the major cash outlays for TotalEnergies SE as we head into late 2025, and the numbers show a clear focus on capital discipline while maintaining growth momentum.

The overall Capital Expenditure (Capex) guidance for the near term remains substantial. For the full year 2025, TotalEnergies projects net investments between $\text{\$17 billion}$ and $\text{\$17.5 billion}$. Looking further out, the company has revised its net Capex guidance downward to approximately $\text{\$16 billion}$ for 2026, and then to $\text{\$15-17 billion}$ per year for the period 2027-2030. This later guidance represents a reduction of $\text{\$1 billion}$ per year compared to prior forecasts.

Here's a quick look at how that capital is being allocated across the core segments, based on the latest guidance:

For the Upstream segment, which covers exploration, development, and production, the cost control focus is sharp. TotalEnergies is targeting upstream production costs of $\text{\$5 per barrel}$ for 2025. This discipline is key as the company plans for its oil and gas production to grow by $\text{3%}$ per year between 2024 and 2030.

Operating expenses (Opex) are being actively managed as part of a broader efficiency drive. TotalEnergies announced a $\text{\$7.5 billion}$ savings program that covers both Capex and Opex over the five-year period from 2026 through 2030. This program reflects a commitment to find efficiencies across the board.

The costs associated with the Integrated Power business, which includes low-carbon investments, are specifically guided. The annual low-carbon Capex is set to be $\text{\sim\$4 billion}$ per year for 2027-2030. Within that, the Integrated Power business is slated to receive between $\text{\$3 to \$4 billion}$ annually. For context on the power segment's cost performance, the Integrated Power segment posted adjusted net operating income and cash flow of $\text{\$0.6 billion}$ in the third quarter of 2025, with $\text{\$1.2 billion}$ cash flow in the first half of 2025.

Refining costs and performance are also a major factor in the overall cost structure. The Downstream segment delivered cash flow of $\text{\$1.5 billion}$ in the second quarter of 2025. However, the environment for refining costs has been volatile, with the European Refining Margin Marker plunging $\text{65%}$ to $\text{\$15.4 per ton}$ in the third quarter of 2025, down from $\text{\$44.9 per ton}$ in the second quarter.

You should track these key Opex/Cost drivers:

• Upstream production cost target: $\text{\$5 per barrel}$ for 2025.
• Total Opex/Capex savings target: $\text{\$7.5 billion}$ from 2026-2030.
• Integrated Power cash flow (H1 2025): $\text{\$1.2 billion}$.
• Refining margin (Q3 2025): $\text{\$15.4 per ton}$.

Finance: draft 13-week cash view by Friday.

TotalEnergies SE (TTE) - Canvas Business Model: Revenue Streams

You're looking at the core ways TotalEnergies SE brings in money as of late 2025. It's still heavily weighted toward traditional energy, but the growth story is clearly in the power transition.

Total Revenue for LTM Sep 30, 2025 was $183.534 billion. This figure reflects the total income before any expenses are taken out, showing the sheer scale of the business across all its operations for the trailing twelve months ending September 30, 2025.

Here's a breakdown of the revenue contribution by the major business segments for the TTM ending September 30, 2025:

The Refining and Chemicals segment, which covers sales of refined petroleum products, remains the single largest revenue contributor by a wide margin. Still, you can see the integrated nature of the business, with Exploration & Production and Integrated LNG providing substantial top-line figures.

Looking closer at the Integrated Power and Marketing & Services segments, which are key to the energy transition strategy, the third quarter of 2025 provided some specific performance indicators:

• Revenue from Marketing & Services in the third quarter of 2025 generated an adjusted net operating income of $380 million, which was up 4% year-on-year.
• Integrated Power posted adjusted net operating income and cash flow of $0.6 billion for the third quarter of 2025.
• Electricity production across the Integrated Power segment was up almost 20% year-on-year for the first nine months of 2025.
• Integrated LNG achieved a cash flow of $1.1 billion in the third quarter of 2025.

For the third quarter of 2025 alone, TotalEnergies SE reported sales of $48.691 billion and revenue of $43.844 billion. The revenue for the first nine months ending September 30, 2025, was $136.419 billion. These figures show the quarterly fluctuations within the larger trailing twelve-month revenue base.