TotalEnergies SE (NYSE:TTE) will acquire a 25% working interest in 26 Chevron Corporation-operated exploration leases offshore the U.S., the companies disclosed Wednesday.
In a reciprocal transaction, Chevron (NYSE:CVX) will acquire a 75% operated interest in two adjacent leases from TotalEnergies.
Deal Details
The 26 leases are located 150–250 kilometers offshore and comprise 24 blocks in Green Canyon and two in Walker Ridge, targeting established exploration plays.
The transaction expands TotalEnergies’ U.S. offshore portfolio and builds on its June 2025 acquisition of interests in 40 Chevron-operated exploration blocks.
The combined portfolio complements TotalEnergies’ stakes in producing Gulf of Mexico assets, including Ballymore (40%), Anchor (37.14%), Jack (25%) and Tahiti (17%).
Management Commentary
Nicola Mavilla, TotalEnergies’ senior vice president of exploration, said the transaction strengthens the companies’ U.S. exploration partnership. He added that combining their complementary capabilities could create opportunities to develop potentially value-accretive resources with lower emissions.
TotalEnergies Earnings Oct. 29: Estimates and Targets
The countdown is on: TotalEnergies is set to report earnings on Oct. 29 (confirmed).
- EPS Estimate: $3.92 (Up from $1.77 YoY)
- Revenue Estimate: $79.19 Billion (Up from $48.69 Billion YoY)
- Valuation: P/E of 11.6x (Indicates value opportunity relative to peers)
Analyst Consensus & Recent Actions: The stock carries a Buy rating with an average price forecast of $100.33. Recent analyst moves include:
- TD Cowen: Buy (Lowers Target to $105.00) (Oct. 13)
- JPMorgan: Downgraded to Neutral (Sept. 23)
- Piper Sandler: Neutral (Raises Target to $93.00) (Sept. 3)
Is TTE a Buy? Edge Scores Show Value-Plus-Momentum
Below is the Benzinga Edge scorecard for TotalEnergies SE, highlighting its strengths and weaknesses compared to the broader market:
- Momentum: Bullish (Score: 86.9) — The stock is showing strong relative strength, consistent with its extended run toward the top of its 52-week range.
- Value: Bullish (Score: 89.87) — The score points to an attractive valuation setup versus the broader market, aligning with the stock’s 11.6x P/E profile.
- Growth: Neutral (Score: 38.12) — Growth is more mixed, suggesting the story is leaning more on cash-flow/valuation and trend strength than pure expansion.
The Verdict: TotalEnergies SE’s Benzinga Edge signal reveals a value-plus-momentum profile, with strong readings in both Momentum and Value doing most of the heavy lifting. With earnings imminent, the main tactical question is whether results and guidance can keep momentum intact near resistance around $93.50–$94.17.
Top ETF Exposure: NDIV Weighting and Flow Impact
Significance: Because TTE carries significant weight in these funds, any significant inflows or outflows for these ETFs will likely force automatic buying or selling of the stock.
TTE Stock Today: Wednesday Price Check
TTE Stock Price Activity: TotalEnergies shares are trading higher by 0.44% at $92.76 at the time of publication on Wednesday, according to Benzinga Pro data.
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