In the presentation of the group’s results on Wednesday, February 5, 2025, Patrick Pouyanné, Chairman and CEO, clarified his strategy for listing TotalEnergies shares on the New York financial market:
TotalEnergies shares will be listed continuously in Paris and New York, with a link established via the exchange rate.
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Offering American investors simplified access to TotalEnergies shares.
49% of the group’s institutional investors are in the United States. They must use ADRs (American Depositary Receipts), which have higher transaction costs and are not appreciated by investment funds.
“We are subject to SEC regulation, and ADRs can hinder some investors,” explained the CEO. With this new strategy, TotalEnergies hopes to attract more American investors by facilitating access to its shares and improving its share price.
What are the consequences of TotalEnergies’ listing on the New York Stock Exchange?
No, TotalEnergies shares will not soon be leaving the Paris Stock Exchange, but they are well on their way by putting American and French shareholders on an equal footing. In addition, Patrick Pouyanné announced:
TotalEnergies should not pay corporate tax in France for 2024 due to refining losses.
Undoubtedly, the company’s disengagement from France is well underway, and the government is concerned about it, but it is already very late. For a long time, the political and media world has designated TotalEnergies as the scapegoat for all climate and societal ills.
Environmental activists systematically disrupt shareholders’ general meetings yearly, and the French authorities do nothing to prevent the disorder.
If France does not like TotalEnergies, it is normal for the company to seek closer ties with its most trusted shareholders, who are now mostly American.
TotalEnergies shares are less valued than those of its American competitors.
Concretely, the listing in New York can only be positive for the shareholder:
| Exxon Mobil | TotalEnergies | Chevron Corporation | |
| stock price | 109.88 | 58.62 | 152.99 |
| Earnings per share | 7.85 | 7.43 | 10.05 |
| PER (Price earning ratio) | 14 | 8 | 15 |
If TotalEnergies shares were valued at the same levels as their counterparts in the United States (PER of 14), the theoretical share price would be €104.02, an increase of 77%. Therefore, the company should adjust its listing position in the interest of French and foreign shareholders. The PER (Price earning ratio) is the result of dividing the ” share price ” by the ” net profit per share.”
Positive reaction from the markets
TotalEnergies shares were up 1.67% today at €58.98.
TotalEnergies is on the verge of passing under the American flag
TotalEnergies Shares Frequently Asked Questions (FAQ): New York Listing and Strategy
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