TotalEnergies signed a Letter of Intent on February 26, 2026 to offtake 2 million tonnes per annum of liquefied natural gas from the Alaska LNG project for a 20‑year period, adding a long‑term supply source to the company’s U.S. LNG portfolio.
The Alaska LNG project, developed by Glenfarne, is designed to liquefy natural gas from Alaska’s North Slope and export it via a 42‑inch, 807‑mile pipeline to Nikiski, Alaska. The project has a planned total capacity of 20 Mtpa, with a final investment decision pending, mechanical completion targeted for 2028 and first gas delivery expected in 2029.
By securing this offtake, TotalEnergies expands its U.S. LNG sourcing base and reinforces its status as the number one buyer of U.S. LNG in 2025, when it purchased 19 Mt—18 % of total U.S. production. The deal also gives the company direct access to Asian markets through the project’s Pacific‑side export route, aligning with its strategy to increase the share of gas in its sales mix to nearly 50 % by 2030.
TotalEnergies’ Q4 2025 results provide context for the deal. Net income fell 26 % to $2.9 billion from $3.9 billion in Q4 2024, while adjusted EBITDA declined 4 % to $10.1 billion from $10.5 billion. Full‑year 2025 net income was $13.1 billion, down 17 % from $15.7 billion, and the company guided for a 5 % lift in overall energy production in 2026, 3 % growth in oil and gas, and a 7 % increase in cash flow at a $60 bbl oil price.
Patrick Pouyanné, Chairman and CEO, said, "We look forward to offtaking LNG from Glenfarne’s Alaska LNG project. The Alaska LNG project is indeed very well geographically positioned to better serve our Asian customers. It also illustrates TotalEnergies’ ambition to consolidate its position as a leading buyer of U.S. LNG, while diversifying its supply sources. TotalEnergies is indeed very proud to have been the number one exporter of U.S. LNG in 2025 with 19 Mt representing 18 % of the whole U.S. production, out of which 14 Mt for Europe." Brendan Duval, Glenfarne CEO, added, "TotalEnergies is one of the most sophisticated LNG market participants in the world. Alaska LNG offers a unique Pacific orientation that complements TotalEnergies’ supply strategy and provides Asian customers with direct access to U.S. gas. We are proud to add another partner of their caliber to the project."
The agreement strengthens TotalEnergies’ integrated LNG, power, and gas trading businesses by adding a stable, low‑cost supply source. It also demonstrates the company’s resilience amid lower oil prices, as its cash flow remained stable thanks to accretive upstream production growth and strong downstream refining margins. The deal positions TotalEnergies to meet growing Asian demand while maintaining flexibility in its global LNG sourcing strategy.
Overall, the 2 Mtpa offtake agreement marks a significant expansion of TotalEnergies’ LNG portfolio and underscores its commitment to a low‑cost, flexible supply strategy that supports its long‑term growth objectives in the U.S. and Asian markets.
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