TotalEnergies SE sold an 85% interest in Block 2E offshore Malaysia to INPEX for $350 million, representing an 8.5% net interest in the Marjoram gas field under development. The transaction crystallizes the value of a minority, non-operated asset while allowing the company to focus on operated projects and other growth opportunities in Malaysia. This move aligns with the company's strategy to streamline its upstream portfolio.

Strategic Focus on Operated Projects

The sale allows TotalEnergies to prioritize its operated projects in Malaysia. Management highlighted the recent startup of the Jerun gas field and reaffirmed Malaysia's role as a strategic hub for "low-cost, low-emission" growth across Southeast Asia. The announcement follows last week's acquisition of a 10% interest in the Bab Gas Cap Concession in Abu Dhabi, operated by ADNOC Onshore, which targets a production capacity of 1.5 billion cubic feet of gas per day.

Technical and Market Performance

TotalEnergies stock rose nearly 1% in premarket trading following the announcement. However, the stock trades about 9.3% below its 20-day simple moving average and 13.8% below its 50-day moving average. The relative strength index stands at 19.92, indicating the shares are deeply oversold. Immediate resistance is near $82, while support is around $63.50.

Upcoming Earnings

TotalEnergies is scheduled to report second-quarter results on July 23. Analysts expect earnings of $2.91 per share, up from $1.57 a year earlier, on revenue of $53.77 billion compared to $49.63 billion last year. The stock trades at about 11.1 times earnings and carries a consensus Hold rating with an average analyst price forecast of $83.

TotalEnergies SE has raised €310.5 million through a capital increase reserved for eligible employees and former employees. The company issued 5,548,563 new shares, with 59,366 employees across 97 countries participating in the subscription. This represents more than 50% of the eligible workforce, underscoring strong employee confidence in the company's strategy.

Subscription Details

The Chairman and CEO set the subscription period from June 3 to June 17, 2026. The subscription price was fixed at €62.00 per share, which corresponds to the average of the closing prices on Euronext over the twenty trading sessions preceding the decision date, reduced by a 20% discount.

Issuance and Ownership Impact

The new shares were issued on June 26, 2026, and carry immediate dividend rights. They are fully assimilated with TotalEnergies shares already listed on Euronext and the NYSE. Following this issuance, employee shareholding within the meaning of Article L. 225-102 of the French Commercial Code is estimated at 7.6% of the company's share capital as of June 26, 2026.

Patrick Pouyanné, Chairman and CEO of TotalEnergies, stated that employee share ownership aligns the interests of employees and shareholders. He noted that the continued high level of participation demonstrates strong and lasting confidence in the company's strategy and its ability to navigate a global environment marked by uncertainty.