Chevron, TotalEnergies Clash in Growing LNG Market

Chevron Corporation (CVX) and TotalEnergies SE (TTE) are two major integrated energy companies with significant oil and natural gas operations. Both have benefited from a supportive commodity-price environment, but their LNG strategies provide an interesting basis for comparison.

CVX is expanding its natural gas and LNG portfolio while benefiting from strong production growth following the Hess acquisition. The company delivered a strong second quarter, with earnings of $12.1 billion and adjusted earnings of $12 billion. Worldwide production increased 20% year over year to 4.07 million barrels of oil equivalent per day.

TTE already has a large global LNG business and is pursuing additional projects to expand its position across the LNG value chain. The company sold 44 million tons of LNG in 2025 and describes itself as the world's third-largest LNG player, expecting LNG volumes from equity production and long-term third-party purchases to increase 50% between 2025 and 2030.

CVX trades at a forward P/E of 13.35X, compared with 8.46X for TTE, reflecting its strong production growth, Hess-related synergies, and high-quality upstream assets. However, TTE offers investors exposure to a substantial LNG business at a considerably lower earnings multiple.