TotalEnergies Exits Brunei, Offloads Oil Asset To Malaysian Company
Portfolio Pulse from Lekha Gupta
TotalEnergies SE (NYSE:TTE) is selling its subsidiary TotalEnergies EP (Brunei) B.V. to Hibiscus Petroleum Berhad for $259 million. This move aligns with TotalEnergies' strategy to optimize its portfolio. The transaction is expected to close in Q4 2024. TTE shares were trading lower by 3.22% premarket.
June 14, 2024 | 11:41 am
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NEGATIVE IMPACT
Investors can gain exposure to TotalEnergies through the First Trust Exchange-Traded Fund IV FT Energy Income Partners Strategy ETF (NYSE:EIPX). The ETF may be impacted by the recent sale of TotalEnergies' Brunei subsidiary.
EIPX holds TotalEnergies as part of its portfolio. The negative market reaction to the sale of the Brunei subsidiary may impact the ETF's performance in the short term.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50
NEGATIVE IMPACT
Keating Active ETF (NASDAQ:KEAT) provides exposure to TotalEnergies. The ETF may be affected by the recent sale of TotalEnergies' Brunei subsidiary.
KEAT holds TotalEnergies as part of its portfolio. The negative market reaction to the sale of the Brunei subsidiary may impact the ETF's performance in the short term.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50
NEGATIVE IMPACT
TotalEnergies SE is selling its subsidiary in Brunei to Hibiscus Petroleum for $259 million, aligning with its strategy to optimize its portfolio. The transaction is expected to close in Q4 2024. TTE shares were trading lower by 3.22% premarket.
The sale of the Brunei subsidiary is part of TotalEnergies' strategy to optimize its portfolio by monetizing mature assets. However, the immediate market reaction has been negative, with TTE shares trading lower by 3.22% premarket.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100