LNG Showdown: Chevron vs. TotalEnergies

Chevron and TotalEnergies are two major integrated energy companies benefiting from a supportive commodity-price environment. While both have significant oil and natural gas operations, their LNG strategies differ.

Chevron is expanding its natural gas and LNG portfolio through various projects, including those in Argentina, the Eastern Mediterranean, Australia, and Africa. The company expects to have around 20 million metric tons per annum of LNG supply capacity by adding more diversified and reliable gas supplies to meet growing demand.

TotalEnergies has a larger established LNG business, selling 44 million tons of LNG in 2025 and describing itself as the world's third-largest LNG player. The company expects its LNG volumes from equity production and long-term third-party purchases to increase by 50% between 2025 and 2030.

In terms of valuation, TotalEnergies trades at a forward P/E of 8.46X compared to Chevron's 13.35X. This difference in multiples reflects Chevron's strong production growth following the Hess acquisition and its high-quality upstream assets.