TotalEnergies SE
Acquisitions
4
Major Deals Covered
$1.6B
Disclosed Deal Value
TotalEnergies's largest disclosed acquisition here is Direct Energie for $1.6B in 2018. This page covers 4 major deals from 1999 to 2018, each with its price where disclosed and the reason behind it.
| Company | Year | Price | Purpose |
|---|---|---|---|
| Petrofina and Elf Aquitaine | 1999 | Undisclosed | Total combined with Belgium's Petrofina in 1999 and won control of French rival Elf Aquitaine in 2000, adding upstream assets in Africa and the North Sea plus European refining and retail. |
| SunPower (majority stake) | 2011 | Undisclosed | Total bought a 60% stake in U.S. solar panel maker SunPower, its first large solar investment. |
| Saft Groupe | 2016 | Undisclosed | Total acquired French battery maker Saft to add energy storage technology. |
| Direct Energie | 2018 | $1.6B | Total bought French electricity and gas retailer Direct Energie to build a retail power business in Europe. |
2018
$1.6B
Total bought French electricity and gas retailer Direct Energie to build a retail power business in Europe.
Provided millions of residential customers and the platform later rebranded TotalEnergies.
Integrated into the Integrated Power segment.
2016
Total acquired French battery maker Saft to add energy storage technology.
Saft supplies batteries for industry, transport and grid storage, including TotalEnergies' own projects.
Saft remains a TotalEnergies subsidiary.
2011
Total bought a 60% stake in U.S. solar panel maker SunPower, its first large solar investment.
Gave Total solar manufacturing and project exposure; SunPower later spun off Maxeon in 2020.
TotalEnergies later sold down its SunPower holding; SunPower filed for bankruptcy in 2024.
1999
Total combined with Belgium's Petrofina in 1999 and won control of French rival Elf Aquitaine in 2000, adding upstream assets in Africa and the North Sea plus European refining and retail.
Created TotalFinaElf, renamed Total in 2003, one of the largest Western oil companies.
Formed the base of today's upstream and downstream portfolio.
TotalEnergies' strategy centers on low-cost oil and gas production, LNG integration, disciplined downstream operations, renewable power capacity, electricity customers, and cash returns to shareholders.
TotalEnergies makes money across five reporting segments. Exploration & Production sells crude oil and gas from about 2.5 million barrels of oil equivalent per day of output. Integrated LNG liquefies, ships, trades and sells gas from projects in Qatar, the U.S., Nigeria, Australia, Papua New Guinea and elsewhere. Integrated Power sells electricity from renewables and gas-fired plants plus retail power and gas supply. Refining & Chemicals turns crude into fuels and polymers, and Marketing & Services sells fuels, lubricants and EV charging through its global station network. Hydrocarbons still generate most of the cash flow, which funds both shareholder returns and the low-carbon build-out.
In February 2000, Total acquired French state-founded rival Elf Aquitaine for approximately $54 billion in stock following an intense takeover battle, creating TotalFinaElf and instantly doubling its deepwater offshore reserves in West Africa.
In 1999, Total acquired Belgian oil and petrochemicals company Petrofina for $13 billion, creating Totalfina and securing premier European refining assets, including the massive Antwerp refining complex.
In August 2017, Total acquired Maersk Oil for $7.45 billion in stock and debt, securing low-cost operating assets in the UK and Danish North Sea, including a premier stake in the giant Johan Sverdrup field in Norway.
In 2016, Total acquired French high-technology battery manufacturer Saft Groupe for $1.1 billion, gaining proprietary battery cell chemistry critical for utility-scale renewable energy storage and electric mobility.
In July 2018, Total acquired French alternative power provider Direct Énergie for €1.4 billion ($1.7 billion USD), instantly gaining 2.6 million retail power and gas customers and becoming France's leading alternative utility to EDF.
Following Occidental Petroleum's buyout of Anadarko in 2019, Total acquired Anadarko's 26.5% operated interest in the massive Mozambique LNG Area 1 project for $3.9 billion in cash, cementing its East African LNG dominance.
In 2022, TotalEnergies acquired a 50% controlling interest in Clearway Energy Group, the fifth-largest renewable energy player in the United States, securing over 25 GW of operating and pipeline solar and wind assets.
In 2020, Total acquired Tullow Oil's entire 33.3% interest in the Lake Albert Tilenga oil development and the EACOP pipeline for $575 million, consolidating its operatorship of Uganda's commercial petroleum reserves.
In late 2023, TotalEnergies completed the sale of its high-carbon Canadian oil sands assets (Surmont and Fort Hills) to ConocoPhillips and Suncor for $4.0 billion in cash, aligning its portfolio with low-emission, low-cost barrels.
TotalEnergies executes counter-cyclical M&A, buying oil and gas assets during price downturns at breakevens below $30/barrel, and acquiring clean power platforms that deliver double-digit equity returns.
In December 2018, Total acquired Brazilian fuel distribution company Zema Petróleo for $70 million, gaining a network of 280 service stations and several storage terminals in central Brazil.
TotalEnergies targets strategic bolt-on acquisitions in flexible gas-fired CCGT power plants, operational renewable portfolios, and expanding low-carbon aviation fuel and biogas production facilities.
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