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☆ Shell and TotalEnergies listings: Europe risks losing its biggest oil companies to America
▼ + stars: | 2024-05-07 | by ( Anna Cooban | Hanna Ziady | ) edition.cnn.com time to read: +5 min

London CNN —Two of Europe’s biggest oil companies, Shell and TotalEnergies, are considering abandoning their stock exchanges for Wall Street in a move that would deal a hammer blow to London and Paris. Shares of TotalEnergies and Shell trade on a price-to-cash flow ratio of 4.7 and 5.2 respectively, compared with a ratio of 8.4 for Exxon Mobil (XOM) and 7.6 for Chevron (CVX). Alastair Syme, managing director of global energy equity research at Citi, says Shell and TotalEnergies have long traded at a discount. Investors would “be much more comfortable” buying European energy companies if they were part of the more valuable S&P 500 benchmark index of US equities, according to Syme. London languishesStill, the slightest hint that Shell may consider leaving London will have rattled the city’s beleaguered main stock exchange.

Persons: Britain’s Shell, France’s, Alastair Syme, Syme, Patrick Pouyanne, “, ”, Wael Sawan, Sawan, London languishes, Chris Beauchamp, Shell, TotalEnergies, New York “ would’ve, ” Lindsey Stewart, Ben van Beurden, ” Syme Organizations: London CNN, Shell, CAC, Exxon Mobil, Chevron, Citi, CNN, Investors, Bloomberg, London Stock Exchange, Nasdaq, BP, Morningstar, Financial, Commodities Locations: London, Paris, New York, Chevron, Europe, United States, Switzerland, “

☆ European Oil Giants Consider Shifting Their Listings to the U.S.
▼ + stars: | 2024-05-06 | by ( Stanley Reed | ) www.nytimes.com time to read: 1 min

Two European energy giants, TotalEnergies of France and Shell of Britain, are considering moving their stock listings to New York, as pressure mounts for them to improve their valuations, which lag their American counterparts. Shifting their listings to the United States would be a blow to European exchanges, where they are among the largest listed companies. In the past, it would have been almost unthinkable for TotalEnergies, one of France’s most prominent companies, to consider moving its primary share listing from Paris. But the company’s chief executive, Patrick Pouyanné, discussed considering such a shift to analysts recently. “There was a discussion with the board,” Mr. Pouyanné said on a recent call to discuss earnings.

Persons: Patrick Pouyanné, ” Mr, Pouyanné, ” Organizations: Shell Locations: France, Britain, New York, United States, Paris

☆ TotalEnergies CEO Patrick Pouyanné: U.S. LNG pause could be 'damaging' for Europe
▼ + stars: | 2024-02-09 | by ( Pippa Stevens | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTotalEnergies CEO Patrick Pouyanné: U.S. LNG pause could be 'damaging' for EuropeTotalEnergies CEO Patrick Pouyanné joins CNBC's Pippa Stevens to discuss the state of oil markets and why prices could be heading higher amid rising tensions in the Middle East and consolidation in U.S. markets. Plus: why Pouyanné believes the market will ultimately reward the oil and gas giant's renewables bet, and why he thinks the White House's decision to pause LNG approvals could be damaging for Europe

Persons: Patrick Pouyanné, Pippa Stevens, Pouyanné Organizations: Europe Locations: U.S

The first option in the draft is listed as "an orderly and just phase-out of fossil fuels". The second option calls for "accelerating efforts towards phasing out unabated fossil fuels". "I don't think we're going to leave Dubai without some clear language and some clear direction on shifting away from fossil fuels," he added. China's fossil fuel emissions rose after it lifted COVID-19 restrictions, while India's rise was a result of power demand growing faster than its renewable energy capacity, leaving fossil fuels to make up the shortfall. "Leaders meeting at COP28 will have to agree rapid cuts in fossil fuel emissions even to keep the 2C target alive," he said.

Persons: Stephane Mahe, Jean Paul Prates, Patrick Pouyanne, Jennifer Morgan, Prince Abdulaziz bin Salman, David Waskow, Exeter, Pierre Friedlingstein, Kate Abnett, William James, Valerie Volcovici, Elizabeth Piper, Katy Daigle Organizations: REUTERS, Petrobras, European, Oxford University, Saudi Arabia's Energy, Bloomberg, World Resources, University of Exeter, Reuters, Thomson Locations: France, Montoir, Bretagne, Saint, Nazaire, DUBAI, COP28, Brazil's, United States, European Union, Saudi Arabia, Russia, Dubai, India, China, Paris

The hundreds of fossil fuel-connected people make up just a tiny share of the 90,000 people who registered to attend the climate summit known as COP28. “Let history reflect the fact that this is the Presidency that made a bold choice to proactively engage with oil and gas companies,” al-Jaber said. COP28 comes as the planet faces a mounting imperative to reduce greenhouse gas emissions. David Hone, Shell's chief climate adviser, is in Dubai for at least his 17th appearance at the annual climate talks. At the moment, it's preventing about 0.1% of the energy sector's carbon emissions from reaching the atmosphere, according to the IEA.

Persons: Bob Deans, Deans, Sultan al, Jaber, “, ” al, COP28, TotalEnergies, Paul Naveau, Patrick Pouyanné, ” Naveau, Naveau, Shell, that's, ”, Arthur Lee, David Hone, Hone, Rachel Rose Jackson Organizations: The United Nations, U.S, Resources Defense, United Arab Emirates, Global, Coalition, Shell, TotalEnergies, BP, AP, Nations, UN, didn't, ”, International Energy Agency, IEA, Chevron, Corporate Locations: United Nations, Dubai, Chevron, Shell's

☆ TotalEnergies sticks to share buyback plans despite net income drop
▼ + stars: | 2023-10-26 | by ( ) www.cnbc.com time to read: +2 min

TotalEnergies on Thursday posted a 35% fall in third quarter adjusted net income from last year's record high, hurt by a drop in energy prices, but maintained its share buyback operation as conflicts push oil prices back up. The French energy company's adjusted net income stood at $6.5 billion, down from the year-earlier $10 billion but just beating an analyst forecast of $6.4 billion, according to a consensus established from LSEG data. Second quarter adjusted net income was $5 billion. Profits were buoyed by the company's increase in renewable capacity and integration as well as persistently high oil prices, despite crude falling from a decade-plus high last year following Russia's invasion of Ukraine. Oil prices remained buoyant at around $90 per barrel at the beginning of the fourth quarter, it said.

Persons: Patrick Pouyanne, TotalEnergies Locations: Ukraine, United States, Port Arthur, Antwerp, Belgium, France

☆ Europe’s oil majors are stuck as M&A party-poopers
▼ + stars: | 2023-10-26 | by ( Yawen Chen | ) www.reuters.com time to read: +4 min

Oil pump jack is seen in front of displayed U.S. dollar banknote and decreasing stock graph in this illustration taken, October 8, 2023. REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsLONDON, Oct 26 (Reuters Breakingviews) - Back in June the boss of $220 billion UK oil major Shell (SHEL.L), Wael Sawan, told investors mergers and acquisitions were not his priority. The decision of $430 billion Exxon Mobil (XOM.N) and $295 billion Chevron (CVX.N) to acquire $60 billion Pioneer Natural Resources (PXD.N) and $53 billion Hess (HES.N) respectively ought to change the game. But it would remain a stretch for either to ape their U.S. peers and buy a big oil group. Hess investors will receive 1.025 shares of Chevron for each share held, worth $171 per share based on the closing price on Oct. 20.

Persons: Dado Ruvic, Wael Sawan, Hess, Murray Auchincloss, Patrick Pouyanné, ’, Shell, Neste, Warren Buffett’s, Pouyanné, George Hay, Streisand Neto Organizations: REUTERS, Reuters, Exxon Mobil, Chevron, Natural Resources, Exxon, Shell, Occidental Petroleum, Exxon Mobil’s, Thomson Locations: Finnish, Denmark, U.S, Occidental

☆ ‘We are not in the business of ice cream’: Big Oil CEOs defend themselves against climate criticism
▼ + stars: | 2023-10-02 | by ( Sam Meredith | ) www.cnbc.com time to read: +4 min

Executives representing energy majors in the U.S., Europe and Asia speak during a CNBC-moderated panel session at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) in Abu Dhabi, United Arab Emirates. "So, the debate has always been posed here, I'm reminded of an old saying: 'If you want to keep everyone happy, sell ice cream.' We are not in the business of ice cream — and I'm reminded, there are people who are lactose intolerant," Taufik said. "In mitigating climate change, there is also the opportunity to continue to produce oil for our energy security. Wael Sawan, chief executive officer of Shell Plc, speaks during a panel session at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) in Abu Dhabi, United Arab Emirates.

Persons: We've, Tengku Muhammad Taufik, I'm, Taufik, Vicki Hollub, Oxy, Hollub, Patrick Pouyanne, Pouyanne, Wael Sawan Organizations: CNBC, Abu, Abu Dhabi International Petroleum Exhibition, United, United Arab Emirates, Bloomberg, Getty Images, Monday, Big Oil, Amnesty, Petronas, Shell Plc, Getty Locations: U.S, Europe, Asia, Abu Dhabi, United Arab, Paris

☆ We need to produce oil and gas differently, TotalEnergies CEO says
▼ + stars: | 2023-10-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe need to produce oil and gas differently, TotalEnergies CEO saysPatrick Pouyanne, TotalEnergies CEO, discusses how the oil industry is dealing with the energy transition.

Persons: Patrick Pouyanne

☆ Total’s green bet on Gautam Adani is a win-win
▼ + stars: | 2023-09-21 | by ( Pranav Kiran | ) www.reuters.com time to read: +4 min

On Tuesday, the company said it would invest $300 million to form a joint venture with $19 billion Adani Green Energy (ADNA.NS) to build solar and wind farms in the country. The latest tie-up ought to help Total to hit its target of having 100 gigawatts of renewable energy capacity by 2030. Adani Green Energy and Adani Total Gas (ADAG.NS), in which Total owned stakes of about 20% and 37% at the end of June, have lost about 50% and 80% of their market value since January, and are among the worst performing of the group’s nine core listed entities. Total’s green capacity targets may be more pressing than the risk of further Adani problems. Adani Green will contribute assets to the joint venture, it said in a statement, adding that the deal will help it achieve its target of having 45 gigawatts of renewable energy capacity by 2030.

Persons: Gautam Adani, Carmichael, Hindenburg, Patrick Pouyanné, Adani, Una Galani, Katrina Hamlin Organizations: Reuters, Adani Enterprises, Adani, Green Energy, Australia, GQG, Barclays, Deutsche Bank, Energy, Thomson Locations: Indian, Ahmedabad, Queensland, BENGALURU, –, India

SummaryCompanies Q2 profits slump 56% at Shell, 49% at TotalEnergies y/yOil, gas, LNG prices much lower in 2023 vs 2022TotalEnergies sees LNG prices recover somewhat in winterShell slows pace of share buyback programmeLONDON/PARIS, July 27 (Reuters) - Shell (SHEL.L) and TotalEnergies (TTEF.PA) reported sharp falls in second-quarter profit from bumper 2022 earnings as oil and gas prices, refining margins and trading results all weakened. Oil and gas prices soared last year in the wake of Russia's invasion of Ukraine but energy prices have dropped sharply this year as fears of shortages eased amid global economic challenges. Reuters GraphicsShell's shares were down 1.9% at 0755 GMT and TotalEnergies' slipped 0.4%, compared with a 1% decline in the European index of oil and gas companies (.SXEP). Prices for liquefied natural gas (LNG), a key product for both groups, dropped to $11.75 per million British thermal units (mmBtu) from around $33. Both Shell and TotalEnergies had flagged shrinking profit from refining crude oil into fuel and chemicals in the quarter.

Persons: TotalEnergies, Shell, Wael Sawan, Patrick Pouyanne, Ron Bousso, Shadia, America Hernandez, Susan Fenton Organizations: Shell, Reuters Graphics, Brent, Thomson Locations: PARIS, Ukraine, TotalEnergies

☆ Oil giant Shell posts sharp drop in second-quarter profit on weaker commodity prices
▼ + stars: | 2023-07-27 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

Picture Alliance | Picture Alliance | Getty Imageswatch nowShares of the London-listed oil major slipped 2% on Thursday morning. 'Softening oil and gas environment'French oil major TotalEnergies also reported weaker-than-expected earnings on Thursday, posting second-quarter adjusted net income of $5 billion. TotalEnergies CEO Patrick Pouyanne said the firm's "robust" earnings came during a "favorable but softening oil and gas environment." Norwegian oil and gas giant Equinor had on Wednesday reported a 57% decline in year-on-year second-quarter profit as oil and gas prices slipped from last year's high levels. Oil and gas prices were under pressure in the first half of the year, however, as global economic jitters outweighed supply-demand fundamentals.

Persons: downgrades, Stuart Lamont, Patrick Pouyanne Organizations: Getty, RBC Brewin, Shell, BP, Exxon Mobil, Chevron Locations: London, Ukraine, U.S

☆ BP’s German wind option risks multiple blowbacks
▼ + stars: | 2023-07-13 | by ( George Hay | ) www.reuters.com time to read: +5 min

But Germany also aims to raise as much cash as possible from selling wind power development rights. But wind projects around the world have been hit by turbine makers like Siemens Gamesa and Vestas (VWS.CO)hiking prices in 2022 by 30%. Shaking down the private sector is fine, but not if you’re left with no wind projects. Reuters Graphics Reuters GraphicsFollow @gfhay on TwitterCONTEXT NEWSOil majors BP and TotalEnergies have won a 7 gigawatt (GW) offshore wind site auction in Germany worth 12.6 billion euros ($13.96 billion). BP’s initial payments totaling 678 million euros, equivalent to 10% of the bid amount, will be paid by July 2024.

Persons: Bernard Looney, TotalEnergies, Looney, TotalEnergies ’, Patrick Pouyanné, Bernstein, you’re, BP, Aimee Donnellan, Pranav Kiran, Streisand Neto Organizations: Reuters, BP, Bernstein Research, Siemens, Reuters Graphics Reuters, TotalEnergies, Federal, Thomson Locations: Germany, Berlin, U.S, Heligoland, Baltic, Ruegen, Europe, TotalEnergies

Companies Bp Plc FollowTotalEnergies SE FollowFRANKFURT/LONDON, July 12 (Reuters) - Oil majors BP (BP.L) and TotalEnergies (TTEF.PA) emerged as the winners in a 7 gigawatt (GW) offshore wind site auction in Germany worth 12.6 billion euros ($13.96 billion), highlighting the appeal of renewable assets across Europe. "The results confirm the attractiveness of investments in offshore wind power in Germany," said Klaus Mueller, president of Germany's energy regulator Bundesnetzagentur. Analysts at Jefferies noted the high price for the auction, adding that it implied "high interest in European offshore wind sites from energy companies/developers". BP won the rights to develop two projects, marking its entry into offshore wind in continental Europe and representing 4 GW out of the total, it said in a separate statement. "This is a significant milestone for BP, showing our commitment to transitioning into an integrated energy company," BP head of offshore wind Matthias Bausenwein said.

Persons: Klaus Mueller, Matthias Bausenwein, Patrick Pouyanne, TotalEnergies, Vera Eckert, Christoph Steitz, Ron Bousso, Friederike Heine, Sharon Singleton, Chris Reese Organizations: Bp, Oil, BP, Jefferies, Federal, Thomson Locations: FRANKFURT, LONDON, Germany, Europe, Heligoland, Baltic, Ruegen, TotalEnergies, Frankfurt, London

☆ Iraq, TotalEnergies sign massive oil, gas, renewables deal
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +3 min

BAGHDAD, July 10 (Reuters) - Iraq and French oil major TotalEnergies (TTEF.PA) on Monday signed a long-delayed $27 billion energy deal that aims to increase oil production and boost the country's capacity to produce energy with four oil, gas and renewables projects. TotalEnergies Chairman and CEO Patrick Pouyanne signed the agreement with Iraqi oil minister Hayan Abdel-Ghani at a ceremony in Baghdad, with Pouyanne calling it a "historic day". "I hope that this will be a strong signal to other investors to come to Iraq," Pouyanne said. Exxon Mobil, Shell and BP have all scaled back their operations in Iraq in recent years, contributing to a stagnation in oil production. Iraq's oil production capacity has remained at around 5 million barrels per day in recent years.

Persons: TotalEnergies, QatarEnergy, Patrick Pouyanne, Hayan Abdel, Ghani, we'll, Abdel, Pouyanne, Maher Nazeh, Nadine Awadalla, Timour, Louise Heavens, Jason Neely, Christina Fincher Organizations: Monday, Exxon Mobil, Shell, BP, Thomson Locations: BAGHDAD, Iraq, Baghdad, Basra, Saudi, U.S, Saudi Arabia, Dubai

☆ TotalEnergies boss: 2024 U.S. election could cause energy shock
▼ + stars: | 2023-07-08 | by ( ) www.reuters.com time to read: +2 min

[1/2] Chairman and CEO of TotalEnergies Patrick Pouyanne speaks during the Energy Asia conference in Kuala Lumpur, Malaysia June 26, 2023. REUTERS/Hasnoor Hussain/File PhotoCompanies TotalEnergies SE FollowPARIS, July 8 (Reuters) - The U.S. presidential election could trigger a major energy shock if Republicans were to win and decide to halt hydrocarbon exports, Patrick Pouyanné, the chief executive of French oil major TotalEnergies (TTEF.PA), said on Saturday. "The only thing that could happen, which is a major systemic risk, is that the Republicans decide to stop exporting ... At least 11 Republican candidates have announced that they will try to win their party's nomination to take on Democratic President Joe Biden in the November 2024 election. Pouyanné also said he expected a "sustainably high" oil barrel price due to the global shift towards cleaner sources of energy and the decrease in oil investments.

Persons: TotalEnergies Patrick Pouyanne, Hasnoor Hussain, Patrick Pouyanné, Pouyanne, Joe Biden, Biden, Pouyanné, Benjamin Mallet, Tassilo Hummel, Alison Williams Organizations: Energy Asia, REUTERS, U.S, Republican, Democratic, Strategic Petroleum Reserve, Thomson Locations: Kuala Lumpur, Malaysia, PARIS, Ukraine

But OPEC ministers and executives from oil companies told a two-day conference in Vienna governments needed to turn their attention from supply to demand. But record profits from oil and gas last year and relatively low returns from renewable energy prompted some investors to demand companies renew their focus on oil and gas to raise profits. DEMAND HITS RECORDMeanwhile, oil demand has reached new peaks of above 102 million barrels per day this year, recovering from a dip during the COVID-19 pandemic. It is expected to rise further, driven by strong demand from Asia and for petrochemical production, oil executives and analysts said. The oil industry has long said lower investment in oil and gas in the absence of a reduction in oil demand will only lead to higher prices.

Persons: Bernard Looney, Wael Sawan, Abu, Sultan al Jaber, Patrick Pouyanne, Jean Paul Prates, Prates, Amin Nasser, Dmitry Zhdannikov, Barbara Lewis Organizations: BP, of, Petroleum, Reuters, Bloomberg, Wall Street, Companies, Shell, BBC, Investments, Rystad Energy, Petrobras, PETR4, Saudi Aramco, Thomson Locations: Vienna, VIENNA, Ukraine, Asia, Abu Dhabi

☆ ‘Life is like it is’: TotalEnergies CEO defends strategy despite calls to cut fossil fuel production
▼ + stars: | 2023-07-06 | by ( Sam Meredith | ) www.cnbc.com time to read: +5 min

"Today, our society requires oil and gas … Why we are together, it is 80% of fossil fuels. The question is not fossil fuels, it is emissions, to lower the emissions." TotalEnergies CEO Patrick Pouyanne said the company had allocated nearly one-third of its capital expenditure to low-carbon technologies, with the remainder spent on oil and gas. Picture Alliance | Picture Alliance | Getty ImagesThe burning of fossil fuels, such as oil and gas, is the chief driver of the climate emergency. I know the scientists told us you should forget [fossil fuels] — but life is like it is.

Persons: TotalEnergies, CNBC's Dan Murphy, Patrick Pouyanne, Pouyanne, Antonio Guterres, That's Organizations: Getty, BP, Shell, TotalEnergies, Dutch, Protesters, Salle, Bloomberg Locations: Vienna, Austria, Ukraine, Paris

☆ Oil and gas will continue to power the world for decades to come, big oil firms say
▼ + stars: | 2023-06-30 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +5 min

"We think the biggest realization that should come out of this conference ... is oil and gas are needed for decades to come," said John Hess, CEO of U.S. oil company Hess Corporation. A.S. Sahney Executive Director of Indian Oil CorporationHess said oil and gas are key to the world's economic competitiveness, as well as an affordable and secure energy transition. "The world is facing a structural deficit in energy supply, in oil and gas, in clean energy," he said. "That shows our belief in [the] continuance of fuel," the executive director said, acknowledging that energy transition is here to stay. Oil demand an 'ancient story'Commodities trading firm Vitol is less bullish, predicting that demand for crude will peak in 2030 — two years later than the IEA's forecast.

Persons: John Hess, Hess, Indian Oil Corporation Hess, Haitham Al Ghais, Erin McGrath, Dan Yergin, TotalEnergies, Patrick Pouyanne, Amin Nasser, Russell Hardy, Russia's Organizations: Barcroft Media, Getty, Energy Asia, Hess Corporation, International Energy Agency, Sahney, Indian Oil Corporation, OPEC's, Hess Corp, Energy Asia Summit, Bloomberg, ExxonMobil, CNBC, U.S, Commodities, EV Locations: Lake, China's Jiangsu, Malaysia's, Kuala Lumpur, India, A.S, Malaysia, Asia, Africa, America, Europe, China, Korea, Japan, Vietnam, Saudi Arabia's, Aramco

☆ A secretive annual meeting attended by the world's elite has A.I. top of the agenda
▼ + stars: | 2023-05-18 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

Sam Altman, CEO of OpenAI, is one among a number of business and political leaders set to join the annual Bilderberg Meeting in Lisbon, Portugal. OpenAI CEO Sam Altman will join forces with key leadership from firms like Microsoft and Google this week as a secretive meeting of the business and political elite kickstarts in Lisbon, Portugal. Artificial intelligence will top the agenda as the ChatGPT chief meets with Microsoft CEO Satya Nadella, DeepMind head Demis Hassabis, and former Google CEO Eric Schmidt at the annual Bilderberg meeting. All in, around 130 participants from 23 countries are set to attend the private meeting — a similar number to previous years. However, the event's organizers say that the discrete nature of the event is to allow for greater freedom of discussion.

Companies TotalEnergies SE FollowBAGHDAD, May 3 (Reuters) - Iraq and TotalEnergies (TTEF.PA) expect to kick-start a long-delayed $27 billion project within the next two weeks, Iraq's oil minister Hayan Abdel-Ghani said on Wednesday. Abdel-Ghani said at a conference in Baghdad he expected five side agreements related to the deal to be signed in the next two weeks, paving the way for implementation to commence. Chief Executive Patrick Pouyanne said last week the two sides had reached an agreement on Iraq's stake in the project. "I think (it) is a good setup with our finalising of all the paperwork," Pouyanne said on TotalEnergies' first-quarter results call last week. "The government of Iraq confirmed the whole contract, no modification at all ... so that was for me more than a good news," Pouyanne said.

Iraq's Oil Minister Hayan Abdel-Ghani, who took office in October, plans to update Iraq's oil production strategies to meet local needs while complying with the OPEC+ agreement, oil ministry spokesman Asim Jihad told Reuters. It is too early for the new government to talk about any significant increases in Iraq's oil production outside the OPEC+ agreement, Jihad said. 'HARD, IF NOT IMPOSSIBLE'For the oil sector, the country has repeatedly delayed a target to reach 7-8 million bpd capacity, from the current 5 million bpd. The beneficiaries were not the international oil companies, but UAE firm Crescent Petroleum and two Chinese companies. Iraq's oil minister this month revived seven investment opportunities in Iraq's refining sector.

☆ Canada's Couche-Tard to buy some TotalEnergies stations in $3.3 bln deal
▼ + stars: | 2023-03-16 | by ( Dominique Vidalon | ) www.reuters.com time to read: +2 min

The companies said that under the deal the Canadian firm would buy all of TotalEnergies' service stations in Germany and the Netherlands, as well as purchasing a 60% stake in the French company's stations in Belgium and Luxembourg. "Service stations must expand from just selling fuel to become fully-fledged service hubs," TotalEnergies CEO Patrick Pouyanne said in a joint statement. Since 2015, TotalEnergies has divested its service station networks in Italy, Switzerland and the United Kingdom. Couche-Tard said it plans to fund the deal with available cash along with existing credit facilities and new debt. In January 2021, Couche-Tard's $20 billion approach for Carrefour, Europe's largest food retailer, was rejected by the French government on food security concerns.

HOUSTON, March 8 (Reuters) - Billions of dollars in clean energy incentives are poised to speed investment on American soil while putting the European Union's energy transition at risk by luring away money and talent, executives at the CERAWeek energy conference said this week. European energy companies echoed the call for Europe to come up with its own new incentives. Patrick Pouyanne, CEO of French energy giant TotalEnergies told the conference the IRA was an "invitation to accelerate green infrastructure." In Europe, you begin to regulate," he said, adding that Europe and the United States should consider forming a free trade agreement on renewable energy infrastructure. Ken Gilmartin, CEO of British engineering firm Wood Plc, said the IRA would put the United States in first place in the decarbonization race.

☆ CERAWEEK-TotalEnergies CEO talk briefly interrupted by protestor
▼ + stars: | 2023-03-08 | by ( Ron Bousso | ) www.reuters.com time to read: +2 min

[1/2] Patrick Pouyanne, the CEO of TotalEnergies, listens to a question from Daniel Yergin, the vice chairman of S&P Global, during the CERAWeek 2023 energy conference in Houston, Texas, U.S., March 8, 2023. REUTERS/Callaghan O'HareCompanies TotalEnergies SE FollowHOUSTON, March 8 (Reuters) - A protestor briefly interrupted an on-stage discussion with France's TotalEnergies (TTEF.PA) Chief Executive Patrick Pouyanne at an energy industry conference in Houston on Wednesday. The protestor unfurled a banner and shouted "stop your greenwashing and lies." She was ushered away before the on-stage discussion between Pouyanne and U.S. energy historian Daniel Yergin continued. The CERAWeek energy conference is the biggest annual gathering of oil executives and officials and takes place in Houston, the capital of the U.S. energy industry.

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