<div id="readability-page-1"><div>By Adam Whittaker TotalEnergies said it will boost oil and gas production through 2030 while starting a $7.5 billion savings plan, days after cutting its quarterly buyback guidance to better reflect weak oil prices and challenging market conditions. The update comes as oil prices are under pressure from a cloudy macroeconomic outlook and fears of a potential glut of supply hitting the market as major oil-exporting countries ramp up production. Geopolitical tensions in Europe and the Middle East are providing some support but low prices are dragging on earnings across the industry. The French energy giant will initiate a cost-savings program which is forecast to deliver $7.5 billion by the end of the decade, it said Monday. In a move widely expected by analysts, it also cut its capital expenditure guidance, trimming it by $1 billion a year to around $16 billion in 2026, and to between $15 billion to $17 billion a year from 2027 through 2030. TotalEnergies follows in the footsteps of peers Chevron and BP in seeking to rein in costs after years of bumper profits that allowed oil and gas producers to splurge on cash handouts to shareholders through dividends and buybacks. Chevron earlier this year said it planned to cut its workforce by up to 20% as part of a cost-cutting effort, while BP is reviewing its cost base under pressure from activist investor Elliott Management. Despite lower spending, the company is aiming to boost its output. Spending will be focused on high-margin upstream projects and the company said it will take a selective approach to low-carbon projects. At its investor day in New York, TotalEnergies said it will expand oil and gas output by 3% a year at a time when integrated oil companies are refocusing their attention toward hydrocarbons. Total energy production--which also includes electricity--will rise 4% a year. For TotalEnergies, the update comes off the back of second-quarter earnings in late July where it kept its $2 billion quarterly buyback despite debt jumping and earnings falling, which prompted investors to question the strategy of using its balance sheet to maintain returns. The ability for European oil companies to sustain the pace of shareholder returns in a weak oil market has been a core theme in recent quarters. TotalEnergies' shares have been under pressure over the past 12 months, falling 9% as investors priced in the possibility of slowing returns and debt rose. In mid-afternoon European trade, shares were down 2%. The company said it expects free cash flow to grow by $10 billion by 2030 versus 2024, at comparable price levels, and committed to returning 40% of annual cash flow to shareholders regardless of energy prices. However, the company last week cut its quarterly buyback rate to $1.5 billion over the fourth quarter from $2 billion in prior quarters. It also updated its buyback guidance to better account for a weakening oil-price environment and said it would return between $750 million and $1.5 billion a quarter for 2026 on Brent crude oil priced between $60 and $70 a barrel and an exchange rate around $1.20 for 1 euro. Write to Adam Whittaker at adam.whittaker@wsj.com (END) Dow Jones Newswires09-29-25 1049ET</div></div>

TotalEnergies plans to increase oil and gas production by 3% annually through 2030 while implementing a $7.5 billion cost-saving initiative. The company has reduced its capital expenditure guidance by $1 billion annually, aiming for $16 billion in 2026 and $15-17 billion from 2027 to 2030. Despite lower spending, TotalEnergies will focus on high-margin projects and expects free cash flow to grow by $10 billion by 2030. The company has also adjusted its quarterly buyback rate to $1.5 billion, reflecting a challenging oil price environment.

TotalEnergies to Cut Costs While Boosting Oil, Gas Output Through 2030 -- Update