Tickerlog
Friday 11th of March 2022 12:23:28 PM

Activist investor says TotalEnergies should exit Russia or face vote - Reuters

Exterior view of the headquarters of the oil company TotalEnergies, formerly known as Total HJBC/iStock Editorial via Getty Images TotalEnergies (TTE -1.9%) should exit its Russian operations in light of the war in Ukraine or face a vote on the issue at its May 25 shareholder meeting, activist investor Clearway Capital has told the company, according to Reuters. In addition to halting all spot market purchases of Russian hydrocarbons, Clearway wants TotalEnergies to phase out existing purchase contracts and develop a plan to exit all operations and contracts "as soon as practicable," Reuters reports. TotalEnergies says it has stopped new investment in Russia and suspended trade in Russian oil but, unlike peers BP and Shell, has not committed to exiting the country, which makes up 24% of its proven reserves and includes a stake in gas producer Novatek. Clearway reportedly said TotalEnergies should say it will sell its Novatek stake and cut all commercial ties, including with the Yamal and Arctic LNG projects, as well as operations linked to the Termokarstovoye and Kharyaga fields. TotalEnergies has plenty more room for dividend growth even if crude oil prices retreated below $100/bbl, Daniel Thurecht writes in a bullish analysis posted on Seeking Alpha.
TTE

Top gainers today
Top losers today