By Olivia Bugault

TotalEnergies SE said Tuesday that it will increase its energy production by 30% by the end of the decade, and that it plans to buy back $1.5 billion of its shares in the fourth quarter.

The French oil-and-gas major said that its targeted 30% increase in energy production through 2030 will come from electricity and liquefied natural gas in equal parts. Renewable energy will be a key part of the ramp-up in electricity production, it added.

"Sales mix will evolve to 30% oil, 50% gas, 15% electricity and 5% biomass and hydrogen by 2030," TotalEnergies said. "Petroleum product sales will decrease by at least 30% over the period 2020-30."

The company also said that it expects cash flow and dividends to grow in the coming years. "In addition, in accordance with the announced policy of allocating up to 40% of the surplus cash generated above $60/barrel to buyback and considering the actual high prices of oil and gas, TotalEnergies plans to buy back $1.5 billion of its shares in fourth quarter 2021," it said.

To support its ambitions, it said that it will invest $13 billion-$15 billion a year until 2025. Half of the amount will be used to grow its activities, especially renewable energy, electricity and liquefied natural gas, it said.

TotalEnergies backed its previous ambition of reaching net zero by 2050.

The company presented its strategy and outlook during its investor days on Sept. 27 and 28.

Write to Olivia Bugault at olivia.bugault@wsj.com

(END) Dow Jones Newswires

September 28, 2021 09:15 ET (13:15 GMT)

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