Total CEO Attributes Trading Discount to European Listing

TotalEnergies’ CEO, Patrick Pouyanné, has blamed the discount at which the company’s stock trades relative to its US competitors on its primary listing on a European stock market. However, the company has no plans to move its primary listing to the US. According to analysts, US supermajors ExxonMobil and Chevron are valued at around six times their cash flows, while TotalEnergies is valued at around 4x the cash flow, with UK-based BP and Shell valued even lower, at around 3 times their cash flows.