TTE Stock Drops on Papua LNG Progress Toward Final Investment Decision

TotalEnergies SE (TTE) shares fell on Monday as Papua LNG, a $14 billion project in which TTE has a stake, made progress toward a final investment decision.

The project's costs were reduced to about $14 billion after design and bidding changes generated nearly $4 billion in estimated savings since 2024.

Papua LNG completed its engineering, procurement, and construction tendering process, with contract award recommendations now requiring approval from joint venture partners.

TotalEnergies will retain a 20% stake in the project while ExxonMobil takes over as operator, increasing operating synergies with its existing PNG LNG operations.