The information was published on the Energynews website, announcing that TotalEnergies is considering a listing on the New York Stock Exchange before the end of 2025 — that is, within the next four months.
This long-standing rumor, which we’ve echoed many times on this website and our YouTube channel, now seems closer than ever to becoming reality. The use of the conditional remains appropriate, however, as this listing in New York will inevitably face resistance from the French government. Indeed, a listing in New York could be seen as a first step toward relocating the headquarters of France’s last major oil company.
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TotalEnergies’ response to the written questions regarding the New York listing
To the written question we sent to Patrick Pouyanné, Chairman of TotalEnergies, for the May 23, 2025, general meeting:
Written question on the proposed listing of TotalEnergies in New York
On Wednesday, February 5, 2025, you announced that “TotalEnergies’ shares will be continuously listed in Paris and New York, with a link established via the exchange rate.” However, since this announcement, which raised many hopes among your shareholders, the Company has made no progress on this project. What is the progress of the dual listing project in Paris and New York? What are the next steps, and when will the dual listing project be finalized?
A dual listing of the share would significantly reduce the valuation gap between TotalEnergies and its American competitors and strengthen the share price.
Response from Patrick Pouyanné
Patrick Pouyanné provided the following response:
First, it should be noted that this is not a dual listing, as that would require splitting the capital into two classes of shares, which will not be the case.
The plan involves converting the ADRs (ADRs already listed on the New York Stock Exchange and regulated by the SEC) into common shares to meet the demand of some American investors who believe that ADRs entail higher management costs. The shares listed on the New York Stock Exchange would be the Company’s common shares, the same as those listed on the Paris Stock Exchange, which will remain the market for a continuous listing of the same shares, which will be transferable from one market to the other. This is therefore a technical issue (converting the ADRs into shares) that is nevertheless likely to improve the liquidity of TotalEnergies shares, which is in the interest of all shareholders.
We are currently confirming the technical feasibility of this project. TotalEnergies teams are working with the European and American central depositories—Euroclear and DTCC—as well as all other stakeholders to prepare contractual and legal documents as soon as possible.
Once all documentation is finalized, the project will be submitted for final approval to the Board of Directors, which unanimously supports it.
What are the implications of a New York listing?
TotalEnergies’ stock is less highly valued than its American competitors. A New York listing can only be positive for shareholders:
| Exxon Mobil | TotalEnergies | Chevron Corporation | |
| Stock Price | 109.88 | 58.62 | 152.99 |
| Earnings per share | 7.85 | 7.43 | 10.05 |
| PER | 14 | 8 | 15 |
If TotalEnergies’ stock were valued at the same levels as its counterparts in the United States (PER of 14), the theoretical share price would be €104.02, an increase of 77%. It is therefore in the interest of French and foreign shareholders that the Company adjust its listing position. As a reminder, the PER (Price Earnings Ratio) is the result of dividing the “share price” by the “earnings per share.”
Video: TotalEnergies’ Wall Street Listing Confirmed? What Patrick Pouyanné Said at the 2025 AGM
TotalEnergies Shares Frequently Asked Questions (FAQ): New York Listing and Strategy
Other articles and financial analyses on TotalEnergies stock
We are interested in your opinion on the upcoming listing of TotalEnergies on the New York Stock Exchange in 2025:
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