TotalEnergies prepares its listing in New York to attract American investors

TotalEnergies plans to list its shares on the New York Stock Exchange by the end of 2025. The objective is to attract more American investors by converting its ADRs into ordinary shares while maintaining its presence in Paris.

Share:

Comprehensive energy news coverage, updated nonstop

Annual subscription

8.25€/month*

*billed annually at 99€/year for the first year then 149,00€/year ​

Unlimited access • Archives included • Professional invoice

OTHER ACCESS OPTIONS

Monthly subscription

Unlimited access • Archives included

5.2€/month*
then 14.90€ per month thereafter

FREE ACCOUNT

3 articles offered per month

FREE

*Prices are excluding VAT, which may vary depending on your location or professional status

Since 2021: 35,000 articles • 150+ analyses per week

TotalEnergies has confirmed its plan to list in New York as part of its strategy to expand its financial market reach in the United States. The announcement was made by its CEO, Patrick Pouyanné, who emphasized that this move does not imply a change of primary market but aims to improve accessibility for North American investors. Currently, 50% of the group’s institutional shareholders are based in the United States, reinforcing the relevance of this initiative.

A complementary listing, not a dual listing

Unlike some multinational corporations that maintain distinct share classes across multiple markets, TotalEnergies has opted for a simultaneous single-class listing in both Paris and New York. This strategy ensures that the stock price remains aligned between the two exchanges, adjusted for exchange rates.

TotalEnergies’ approach differs from Shell’s, which between 2005 and 2022 operated with two separate share categories on the London and The Hague exchanges before merging them. Similarly, Rio Tinto continues to function with a dual structure between London and Sydney, whereas TotalEnergies seeks to simplify investor access without introducing additional complexity.

The limitations of ADRs for American investors

TotalEnergies is already present in the U.S. market through American Depositary Receipts (ADRs), which currently account for approximately 9% of its capital. These instruments allow American investors to purchase foreign shares in a format regulated by the Securities and Exchange Commission (SEC).

However, ADRs are often considered costly by institutional investors. Financial intermediaries impose additional fees, including banking commissions from firms such as JP Morgan in New York and BNP Paribas in Paris. To address this issue, TotalEnergies plans to convert these ADRs into ordinary shares to improve liquidity and reduce acquisition costs.

A valuation strategy to close the gap

Another major objective of this listing is to bridge the growing valuation gap between European and American companies. In 2024, the U.S. market demonstrated greater resilience compared to its European counterpart, particularly amid economic uncertainties in the eurozone.

More than 100 European companies have opted for listings outside the EU to benefit from better valuation conditions. By strengthening its presence in the United States, a key market for the energy sector, TotalEnergies aims to capitalize on this trend.

Paris remains the group’s main financial hub

Amid political concerns, Patrick Pouyanné reaffirmed that Paris would remain TotalEnergies’ primary stock exchange and that the company’s headquarters would stay in France. The group does not plan to modify its legal structure or relocate its decision-making center.

This move is therefore strictly financial, aimed at enhancing TotalEnergies’ competitiveness on the global market. By increasing the visibility of its shares in the U.S., the company hopes to attract a higher volume of institutional investments and optimize its market valuation.

Portugal’s Galp Energia reported an adjusted net profit of €407 million in Q3, driven by higher refining margins and strong contribution from liquefied natural gas.
Air Liquide signs agreement to acquire NovaAir, strengthening its presence in India’s industrial gas market by expanding its national footprint.
Voltalia's Q3 2025 revenue rises to €164.7mn, fuelled by a sharp increase in services activity, while energy sales decline due to currency effects and lower prices.
Altano Energy secured €81mn ($85.7mn) to construct two onshore wind farms and three photovoltaic plants in southern Spain, reinforcing its multi-technology generation strategy.
Baker Hughes recorded a 23% increase in orders in Q3 2025, driven by its gas segment, while net income fell 20% year-on-year to $609mn.
Colombian company Ecopetrol has secured authorisation to borrow COP700 000 million ($171mn) from Banco Davivienda to bolster its liquidity over a five-year period.
Eni's net profit rose to €803mn in the third quarter, supported by a 6% increase in production despite falling crude prices.
French group Vinci posted revenue growth in the third quarter, supported by all its divisions, and reaffirmed its ambitions for 2025 despite a more restrictive tax environment.
T1 Energy secured $72mn via a direct offering of over 22 million common shares, aiming to strengthen its cash position and fund energy technology and infrastructure projects.
The American university unveils a new institute focused on the future of energy, funded by a $50mn gift from Robert Zorich, managing partner of EnCap Investments, to support applied research and training of new experts.
Sintana Energy has initiated legal proceedings in the Isle of Man to secure approval for its all-share acquisition of Challenger Energy, with support from over one-third of the target company’s shareholders.
EDF has selected Intesa Sanpaolo and Lazard to explore strategic options for Edison, its Italian subsidiary, as part of a broader asset review under its new chief executive officer.
TotalEnergies has signed an agreement to sell its subsidiary GreenFlex to engineering group Oteis, marking a step in its strategy to concentrate on energy production and supply.
VoltaGrid and Halliburton launch a strategic collaboration to deploy distributed power systems for data centres, with an initial rollout planned in the Middle East.
Japan's power futures market is poised for rapid expansion, backed by a government reform requiring supply contracts up to three years in advance.
PermRock Royalty Trust announces a $384,018 distribution to its unitholders, supported by higher production volumes despite a significant drop in oil prices and increased operating expenses.
The acquisition of U.S.-based ERG Environmental enables Arcwood to expand its footprint in the Great Lakes region and broaden its services to industrial and municipal sectors.
Energy services provider SLB saw its net income fall by 38% year on year in Q3 2025, even as the integration of ChampionX helped lift revenue by 4% sequentially.
EDF confirms it is exploring capital openings and calls for strict investment prioritisation, facing €54.3bn ($57.5bn) in debt and massive funding needs by 2040.
A consortium led by Masdar and CPP Investments proposes to acquire all of ReNew at $8.15 per share, representing a 15.3% increase over the initial offer.

All the latest energy news, all the time

Annual subscription

8.25€/month*

*billed annually at 99€/year for the first year then 149,00€/year ​

Unlimited access - Archives included - Pro invoice

Monthly subscription

Unlimited access • Archives included

5.2€/month*
then 14.90€ per month thereafter

*Prices shown are exclusive of VAT, which may vary according to your location or professional status.

Since 2021: 30,000 articles - +150 analyses/week.