MW TotalEnergies to cut capital expenditures by $1 billion per year, in latest sign of thrift in oil industry

By Steve Goldstein

French oil company is still targeting oil and gas production growth of 3%

TotalEnergies said Monday it was reducing capital expenditures.

French integrated oil company TotalEnergies announced on Monday it was reducing capital expenditures by $1 billion per year, the latest in a series of cutbacks announced by the industry.

As part of a New York investor day, TotalEnergies said it's targeting $16 billion in capital expenditures next year and $15 billion to $17 billion through 2030. In the case of "very low prices," capex could fall to as low as $14 billion a year.

"The Company will remain focused on high margin Upstream projects and stay selective on low-carbon Capex, which will represent $4 billion per year, including $3 to 4 billion per year for the Integrated Power business," the company said in a statement. It's still targeting oil and gas production growth of 3%.

TotalEnergies is not alone in its parsimonious attitude. The Crude Chronicles blog calculated earlier this month that oil and gas expenditures as a percentage of gross domestic product are well below the average since the 1960s.

TotalEnergies' stock $(TTE)$ (FR:TTE) drifted lower on Monday, but its U.S.-listed shares are up 16% in 2025. The Energy Select Sector SPDR exchange-traded fund XLE is up 7% this year.

Brent crude (BRN00), the international benchmark, has fallen 9% this year.

-Steve Goldstein

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September 29, 2025 09:35 ET (13:35 GMT)

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