TotalEnergies Sells Certain North Sea Assets: Details
Portfolio Pulse from Lekha Gupta
TotalEnergies SE (NYSE:TTE) has agreed to sell its West of Shetland assets to The Prax Group, pending regulatory approval. The assets produce approximately 7,500 barrels of oil equivalent per day, mostly gas. This move aligns with TotalEnergies' strategy to divest mature non-core assets. TotalEnergies remains committed to the UK through its other North Sea assets and its Integrated Power and Renewables portfolio. Additionally, TotalEnergies has acquired a 60% stake in Block STP02 from ANP-STP. Investors can gain exposure to TTE via ETFs like EIPX and KEAT. TTE shares are up 0.22% at $66.37.
June 27, 2024 | 4:21 pm
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POSITIVE IMPACT
First Trust Exchange-Traded Fund IV FT Energy Income Partners Strategy ETF (ARCA: EIPX) provides exposure to TotalEnergies (TTE), which is selling its West of Shetland assets and expanding in Africa.
EIPX holds TotalEnergies, which is making strategic moves to optimize its portfolio. This could positively impact the ETF's performance.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
Keating Active ETF (NASDAQ: KEAT) provides exposure to TotalEnergies (TTE), which is selling its West of Shetland assets and expanding in Africa.
KEAT holds TotalEnergies, which is making strategic moves to optimize its portfolio. This could positively impact the ETF's performance.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
TotalEnergies SE (NYSE:TTE) is selling its West of Shetland assets to The Prax Group, which aligns with its strategy to divest mature non-core assets. The company remains committed to the UK and has also acquired a 60% stake in Block STP02.
The sale of mature assets aligns with TotalEnergies' strategy to optimize its portfolio, which is likely to be viewed positively by investors. The company's commitment to the UK and expansion in Africa further supports a positive outlook.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100