TotalEnergies Sells Nigerian Oil Assets for $860M: Focus Shifts to Gas
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jul 17 2024
0mins
Source: Benzinga
- TotalEnergies SE Sale Agreement: TotalEnergies SE's subsidiary in Nigeria signed a $860 million deal with Chappal Energies to sell its 10% interest in SPDC JV licenses, including oil and gas-producing licenses.
- TotalEnergies Business Updates: TotalEnergies expects high hydrocarbon production levels in Q2, formed a joint venture for EV charging network in the U.K. and Ireland, and investors can access TTE shares through specific ETFs.
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Analyst Views on TTE
Wall Street analysts forecast TTE stock price to fall
16 Analyst Rating
8 Buy
8 Hold
0 Sell
Moderate Buy
Current: 88.410
Low
60.04
Averages
71.67
High
90.93
Current: 88.410
Low
60.04
Averages
71.67
High
90.93
About TTE
TotalEnergies SE is a France-based company. The Company is predominantly engaged in the business as a worldwide oil group. Its segment divisions are divided into refining and chemistry such as refining of petroleum products and manufacture of basic chemistry and of specialty chemistry, petroleum products distribution, electricity generation from combined cycle gas plants and renewable energies, gas production, trading, transport and distribution primarily includes liquefied natural gas, natural gas, biogas, hydrogen, liquefied petroleum gas and hydrocarbon operating and production. The group is also operating in trading and sea transport of crude oil and oil products.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Geopolitical Tensions: US airstrikes on Iran have escalated tensions in the Strait of Hormuz, driving oil prices higher, with July crude futures increasing by 2.94% to $92.68 per barrel and Brent futures rising by 2.52% to $95.45, indicating market sensitivity to energy price fluctuations.
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- Voting Rights Count: On the same date, the number of voting rights stands at 2,276,108,151, showing that all shares carry voting rights, which enhances shareholder participation in corporate governance.
- Exercisable Voting Rights: After deducting 49,465,229 treasury shares, the total number of exercisable voting rights is 2,226,642,922, reflecting the company's commitment to shareholder rights and transparency.
- Compliance Statement: This information is published in accordance with Article L.233-8-II of the French Commercial Code and Article 223-16 of the AMF General Regulation, ensuring the company adheres to relevant regulations to maintain market trust.
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- Oil Price Fluctuations: West Texas Intermediate futures rose over 1% to $94.81 per barrel due to potential disruptions in the Strait of Hormuz, indicating market sensitivity to geopolitical risks that could impact future energy investment strategies.
See More
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- Rising Inflation: The US consumer price index rose to an annual rate of 4.2% in May, with Trump expressing optimism that prices will drop sharply once the conflict with Iran concludes, reflecting a potentially misleading confidence in economic stability amidst rising costs.
- Geopolitical Tensions: US airstrikes on Iran have escalated tensions in the Strait of Hormuz, driving oil prices higher, with July crude futures increasing by 2.94% to $92.68 per barrel and Brent futures rising by 2.52% to $95.45, indicating market sensitivity to energy price fluctuations.
- Market Volatility: Amid rising inflation and energy prices, Wall Street faced significant declines on Wednesday, with the Dow dropping over 900 points, highlighting investor concerns about future economic prospects, particularly as chip stocks experienced substantial sell-offs.
- Meta's Investment in India: Meta has agreed to lease an AI-enabled data center with a capacity of 168 megawatts from Reliance Industries in India, expected to be delivered within two years, which will enhance Meta's global AI infrastructure and demonstrate its long-term commitment to the Indian market.
See More
TotalEnergies Share and Voting Rights Update
- Total Shares: As of May 31, 2026, TotalEnergies has a total of 2,276,108,151 shares, indicating the company's stability and ongoing investment appeal in the market.
- Voting Rights Count: On the same date, the number of voting rights stands at 2,276,108,151, showing that all shares carry voting rights, which enhances shareholder participation in corporate governance.
- Exercisable Voting Rights: After deducting 49,465,229 treasury shares, the total number of exercisable voting rights is 2,226,642,922, reflecting the company's commitment to shareholder rights and transparency.
- Compliance Statement: This information is published in accordance with Article L.233-8-II of the French Commercial Code and Article 223-16 of the AMF General Regulation, ensuring the company adheres to relevant regulations to maintain market trust.
See More
Dow Hits All-Time High as Oil Prices Cool
- Dow's Historic High: The Dow Jones Industrial Average reached an all-time high during a strong trading session, reflecting market optimism about the potential end of the Iran war, despite a weaker performance from the Nasdaq, indicating a divergence in tech stocks.
- Oil Price Decline: Brent crude futures fell by 2.8% to close at $95.03 per barrel, while West Texas Intermediate futures dropped 3.1% to settle at $93.04, suggesting a reduction in market concerns over future supply, which could impact profitability in the energy sector.
- Tech Stock Volatility: Broadcom's stock plummeted approximately 15% after missing revenue expectations, dragging the Nasdaq down nearly 0.1%, highlighting the pressures faced by the tech industry that may affect overall market sentiment.
- SpaceX IPO Festivities: Major Wall Street banks, including Bank of America, JPMorgan, and Morgan Stanley, are hosting lavish events for SpaceX's record $75 billion IPO, which is expected to value the company at $1.75 trillion, further driving market attention towards tech stock performance.
See More
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- Escalating Middle East Tensions: Israeli Prime Minister Netanyahu stated that Israel and the U.S. are prepared to take military action against Iran if necessary, which pushed oil prices higher despite a ceasefire agreement with Lebanon, highlighting the complexity of the situation.
- U.S. Congressional Response: The U.S. House passed a war powers measure to end military involvement in Iran, reflecting growing congressional pushback against the scope and duration of the conflict, although the measure still needs Senate approval and could face a presidential veto.
- Corporate Earnings Impact: Broadcom's shares plummeted nearly 14% in after-hours trading due to weaker-than-expected software revenue and failure to raise its full-year AI chip sales target, negatively impacting Wall Street's recent tech-led rally.
- Bitcoin Market Dynamics: Long-term holders of Bitcoin have begun selling, with approximately $2.4 billion sold in the past two days, which could significantly affect Bitcoin's supply/demand balance, particularly as 26% of the sold Bitcoin was purchased above $90,000.
See More
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- Stake Sale Approval: Russian President Putin has authorized TotalEnergies to sell its 10% stake in the U.S.-sanctioned Arctic LNG 2 project to Nordline LLC, a rare approval that highlights Russia's adaptability in the energy sector under Western restrictions.
- Indirect Stake Retained: Even if the sale is finalized, TotalEnergies will still hold an indirect stake in the project due to its 19.4% ownership in Russian LNG company Novatek, allowing the company to maintain influence in the project.
- Project Background: The Arctic LNG 2 project has a total investment of $21 billion and has been constrained by U.S. sanctions; although the facility has begun shipping fuel via shadow fleet vessels, its output remains significantly below intended capacity, reflecting the profound impact of Western sanctions.
- Western Company Stance: TotalEnergies is among the few major Western energy companies that retained stakes in strategic Russian projects after the invasion of Ukraine, and this stake sale may signify a strategic shift in its approach to the Russian market, aiming to mitigate risks and optimize its investment portfolio.
See More
AI Momentum Drives Wall Street to New Heights
- Market Milestones: The S&P 500 reached another record close as traders absorbed tech headlines from the Computex conference in Taipei, reflecting strong investor confidence in the AI sector and signaling a potential influx of capital into major tech firms.
- Nvidia's Influence: CEO Jensen Huang's announcement of new PC processors developed with Microsoft at the conference led to a 32% surge in Marvell's stock, highlighting Huang's market influence and the potential for guiding future tech investments.
- Geopolitical Risks: Despite ongoing optimism in the AI space, geopolitical tensions, particularly the unresolved conflict between the U.S. and Iran, pose a risk to market sentiment, necessitating vigilance among investors.
- Oil Price Fluctuations: West Texas Intermediate futures rose over 1% to $94.81 per barrel due to potential disruptions in the Strait of Hormuz, indicating market sensitivity to geopolitical risks that could impact future energy investment strategies.
See More
