TotalEnergies is a global integrated energy company whose core business is exploring, producing, and selling oil and natural gas. The upstream segment is the largest and most profitable, producing oil and gas from assets across Africa, the Middle East, the Americas, Europe, and Asia-Pacific. Key producing assets include deepwater projects in Brazil and the U.S. Gulf of Mexico, and LNG projects including Yamal LNG and Ichthys LNG. TotalEnergies sells oil into commodity markets and gas and LNG through long-term contracts and spot sales. Beyond upstream, TotalEnergies runs an Integrated LNG business covering liquefaction stakes and global LNG trading, making it one of the largest LNG players by volume. A growing Integrated Power segment covers solar and wind generation, gas-fired flexible generation, battery storage, and electricity sales to B2B and B2C customers; TotalEnergies uses a farm-down model — selling minority stakes in completed projects to recycle capital — as a core part of this segment's cash generation. The Downstream segment covers refining, petrochemicals, and fuel marketing, primarily in Europe, where refining margins are volatile and Marketing & Services provides steadier results. Upstream profitability is driven by oil and gas prices, production volumes, and unit costs, with TotalEnergies targeting operating costs below $5/boe. TotalEnergies' growth strategy rests on ~3% annual upstream production growth through 2030 via a largely sanctioned project queue, and ~20% annual growth in net power generation through its Integrated Power segment.