TotalEnergies to Use Oil Cash to Speed Growth in LNG, Renewables
- CEO reiterates that he’s not a fan of very large acquisitions
- Company may announce deals in renewables, LNG in coming months
A TotalEnergies electric vehicle charging station in the La Defense business district in Paris.
Photographer: Nathan Laine/BloombergThis article is for subscribers only.
French oil major TotalEnergies SE plans to use part of its cash bonanza generated from surging hydrocarbon prices to speed up investment in liquefied natural gas projects and renewables.
“This might be an opportunity to accelerate the transition,” TotalEnergies Chief Executive Officer Patrick Pouyanne said on a call with analysts Thursday after the company reported its first-quarter profits rose threefold as oil and gas prices surged. “If we move, it will be primarily in either the LNG fields, and/or in electricity and renewables,” he said, referring to the company’s potential acquisitions.