Activist hedge fund Elliott Management has disclosed a €670m short position in TotalEnergies, representing 0.52% of the French energy major’s stock, according to a report by the Financial Times citing regulatory filings.
The position was taken on Thursday and made public by the French markets regulator on Friday.
The move follows Elliott’s February acquisition of nearly 5% of BP, worth approximately £3.8bn, where the activist fund is pressing for asset divestments and a sharper focus on oil and gas.
TotalEnergies has outperformed its European peers in recent years, maintaining a measured approach to the energy transition under CEO Patrick Pouyanné. The company continues to invest in oil and gas production, with a particular focus on liquefied natural gas as a transitional energy source.
With a market capitalisation of approximately €129bn, TotalEnergies recently reported annual earnings that exceeded market expectations, despite a 21% decline in net income due to weaker commodity and refining markets.
The company is also exploring a dual listing in New York and Paris to attract a US investor base less sensitive to ESG concerns than European counterparts. Additionally, its Integrated Power division continues expanding in renewables, combining gas-fired electricity plants with wind, solar, and battery storage projects.
TotalEnergies remains committed to increasing electricity production from 41 terawatt hours in 2024 to over 100TWh by 2030, despite challenges such as delays to a US offshore wind farm project.
