WHAUP Q2/69 profit surges 276% on water and power demand, accelerates clean energy push

TotalEnergies has agreed a $1.8 billion infrastructure partnership with Global Infrastructure Partners, a BlackRock unit, focused on African oil and gas assets. The transaction centers on midstream infrastructure and gives TotalEnergies additional access to capital tied to its African energy projects. Under the arrangement, management is effectively swapping full ownership of some African midstream assets for upfront cash and a throughput-based payment obligation over up to 15 years, bringing in US$1.8 billion without issuing equity while keeping operational control of the wider projects. Management presented the deal as a way to crystallize value in existing assets while refining how future projects are funded and managed, with the proceeds potentially directed toward LNG, power and exploration priorities. The key test for investors will be how quickly TotalEnergies discloses where the US$1.8 billion is going, including capex allocations to Angolan blocks, LNG projects or the Mistral AI program over the next 12 to 24 months.

ExxonMobil said in its annual Energy Outlook published this week that the world is on course to fail in its efforts to reduce carbon emissions by 2050, largely because of the persistent use of coal. The report estimates coal will account for 15% of the world's energy mix by 2050, down from 25% in 2025 but up by one percentage point from Exxon's previous projection, because coal is still a significant energy source in China and other Asian countries, where it is viewed as vital for energy security. Global energy-related carbon dioxide emissions are projected at 30B metric tons by 2050, about 10% higher than expected a year ago and nearly triple the levels that a United Nations body determined would be needed to limit global warming to 2°C, or 3.6°F, above pre-industrial norms. Exxon Economic and Energy Director Prasanna Joshi said that pace implies the world is on track for a 2.5°C-3.5°C temperature increase by 2050, and the forecast also lowered its global estimate for the amount of carbon that will be captured and stored underground to about 2B metric tons by 2050 from its prior estimate of 3.1B metric tons, because of affordability and the lack of willingness to pay. Global oil consumption will reach 105M bbl/day in 2050, up from 100M bbl/day last year, and global electricity demand is expected to grow 65% by 2050 from 2025, largely in line with Exxon's previous projections.