It’s done, after much procrastination. The Board of Directors of TotalEnergies has just approved the plan to convert the ADRs, listed on the New York Stock Exchange since 1991, into ordinary shares, as well as the listing of its shares in New York:
The Board of Directors also approved the technical project to convert the ADRs (American Depositary Receipts) that have been listed on the New York Stock Exchange since 1991 into ordinary shares. This operation will have no impact on holders of ordinary shares listed on Euronext Paris, which will remain the introduction’s market for TotalEnergies shares.
Minutes of the Board of Directors of September 24, 2025, of TotalEnergies
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A strategic asset to increase the attractiveness of TotalEnergies shares among American investors
Nearly half of TotalEnergies’ institutional capital is held by Americans (49%, compared to 33% in 2012), while the French now have only 18%.
TotalEnergies has finally decided to convert its American Depositary Receipts (ADRs) into ordinary shares, thus eliminating the possibility of a dual listing. The stock will now be traded continuously from Paris to New York, reducing costs for American investors without imposing new regulatory constraints.
With this technical reform, the group aims to enhance its stock market attractiveness and acquire a more competitive tool for potential acquisitions in the United States. The Americanization of TotalEnergies is accelerating while the French debate the advisability of the Zukman tax.
What impact on the TotalEnergies share price?
The conversion of ADRs into ordinary shares simplifies the structure, improves transatlantic liquidity, and will reduce the discount to US oil majors. The extent of the price impact will depend primarily on execution, US investor flows, and energy prices.
| Exxon Mobil | TotalEnergies | Chevron Corporation | |
| Stock Price | $114.55 | $62,47 | $159.18 |
| Earnings per share 2025 | $6.71 | $6,82 | $7.96 |
| P/E | 17.07 | 9.15 | 19.99 |
If TotalEnergies’ stock were valued at the same levels as its counterparts in the United States (P/E ratio of 18), the theoretical share price would be $122.76, representing a 96% increase. It is therefore in the interest of French and foreign shareholders that the company adjust its listing position. As a reminder, the P/E (Price-Earnings Ratio) is the result of dividing the “share price” by the “earnings per share.”
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Download the minutes of the TotalEnergies Board of Directors meeting of September 24, 2025
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