In an attempt to downplay the significance of the move, the CEO of the massive French energy company TotalEnergies reaffirmed that the company is considering relocating its primary listing to the United States.
At the Qatar Economic Forum, TotalEnergies TTE, -0.12% TTE, 0.29% CEO Patrick Pouyanne stated, “It’s a business matter.” “We’ve noticed that the number of American shareholders is rising.”
“We wish to offer them shares, but we can only offer them ADR,” he stated. Additionally, he brought up the fact that integrated energy majors in the US fetch higher salaries.
Pouyanne emphasised that the company will maintain both its headquarters and a listing in Paris even if it moves the primary listing. “That’s technical and emotionally irrelevant.”
The president of France, Emmanuel Macron, declared that he was against the idea and would be “very surprised” if it materialised.
Shell SHEL, -0.15% Using improved valuations as justification, CEO Wael Sawan has also made comments regarding the potential relocation of its primary listing to New York.
| Name | Ticker | P/E NTM | EV/EBITDA NTM | NTM Prod/Day |
| TotalEnergies ADR | TTE, -0.12% | 8.0x | 3.9x | 2,470.47 |
| Saudi Arabian Oil | 2222, -0.06% | 16.1x | 7.6x | 12,891.33 |
| Exxon Mobil | XOM, +0.61% | 12.5x | 7.0x | 4,415.69 |
| Chevron | CVX, -0.56% | 12.2x | 4.9x | 3,628.31 |
| PetroChina H | 857, -1.05% | 7.5x | 3.3x | – |
| Shell | SHEL, -0.15% | 8.8x | 3.4x | 2,799.42 |
| Petroleo Bras Pfd | PBR, -2.05% | 4.5x | 2.4x | 3,000.00 |
| BP | BP, -0.37% | 7.8x | 3.0x | 2,357.91 |
| Average | 9.7x | 4.4x | 4,509.02 | |
| Data: FactSet | ||||
