In a strategic move to deepen its integration across the natural gas value chain, French energy giant TotalEnergies has acquired a 49% interest in key gas-producing assets in Oklahoma’s Anadarko Basin. Announced on September 29, 2025, the deal with U.S. independent Continental Resources underscores TotalEnergies’ commitment to expanding its footprint in the lucrative U.S. shale gas market, particularly as global demand for liquefied natural gas (LNG) continues to rise. This acquisition not only enhances TotalEnergies’ production capabilities but also aligns with its broader goals of securing low-cost, low-emission resources to fuel its LNG operations.
Deal Details: A Closer Look at the Anadarko Assets
The assets in question are non-operated shale gas properties located in the Anadarko Basin, a prolific oil and gas region spanning Oklahoma, Texas, Kansas, and Colorado, but with the focus here on Oklahoma’s high-potential plays like the SCOOP and STACK formations. These assets are owned and operated by Continental Resources, a veteran in U.S. shale development known for its operational efficiency.
Under the agreement, TotalEnergies gains a minority stake while Continental retains operatorship and the remaining 51% interest. The properties are described as “low-cost and long-plateau” assets, meaning they offer sustained production with minimal decline rates over time.
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They are strategically connected to the Henry Hub pricing point via existing midstream infrastructure, providing easy access to major U.S. gas markets and export terminals.
Production projections are promising: The assets have the potential to ramp up to a gross output of approximately 350 million standard cubic feet per day (MMscfd) by 2030, with the ability to maintain that level long-term. For TotalEnergies, this translates to a net production boost of around 150 MMscfd. This complements the company’s existing U.S. gas holdings, including about 500 MMscfd from operations in the Barnett Shale and recent acquisitions in the Eagle Ford Basin (Dorado and Constellation deals in 2024).Financial terms of the deal were not publicly disclosed in the official announcement, which is not uncommon for such partnerships involving private operators. However, this acquisition is part of TotalEnergies’ aggressive investment spree in the U.S., where it has poured nearly $11 billion since 2022 into oil, LNG, and low-carbon electricity projects. On the same day as the gas deal announcement, TotalEnergies also revealed it was divesting a 50% stake in its North American solar portfolio to Global Infrastructure Partners for $950 million (valuing the full portfolio at $1.25 billion), signaling a portfolio rebalancing toward gas amid volatile renewable markets.
Nicolas Terraz, President of Exploration & Production at TotalEnergies, highlighted the strategic fit: “This acquisition will further increase our natural gas production in the United States and consolidate TotalEnergies’ integrated LNG position with a competitive low-cost and low-emission gas production. We are delighted to partner with Continental Resources, a reference operator in the Anadarko Basin, recognized for its strong technical expertise and operational excellence.”
The Companies Involved: TotalEnergies and Continental Resources
TotalEnergies SE (NYSE: TTE) is one of the world’s largest integrated energy companies, headquartered in Paris, France. Formerly known as Total, it rebranded in 2021 to reflect its pivot toward a multi-energy future, including renewables, electricity, and low-carbon fuels. However, natural gas and LNG remain core to its strategy. As the world’s third-largest LNG player, TotalEnergies boasts a global portfolio of 40 million tons per year (Mt/y) as of 2024. The company aims to boost natural gas to nearly 50% of its sales mix by 2030, emphasizing emissions reductions and methane elimination. In the U.S., TotalEnergies has been ramping up investments to capitalize on the country’s abundant shale resources and export infrastructure, positioning itself as a key supplier to global LNG markets.
Continental Resources, based in Oklahoma City, is a privately held exploration and production company founded in 1967 by billionaire Harold Hamm.
It specializes in unconventional plays, with major operations in the Bakken Shale (North Dakota) and the Anadarko Basin’s SCOOP/STACK areas. Continental went private in late 2022 in a $27 billion deal led by Hamm, allowing it greater flexibility away from public market pressures. Known for its innovative drilling techniques and cost discipline, Continental has been a top performer in U.S. shale, producing over 400,000 barrels of oil equivalent per day across its portfolio. This partnership with TotalEnergies allows Continental to monetize a portion of its assets while retaining control, potentially funding further development in its core areas.
Implications for the Energy Sector
This deal arrives at a pivotal time for the U.S. natural gas industry. With LNG exports surging—driven by demand from Europe and Asia amid geopolitical shifts—the Anadarko Basin’s proximity to Gulf Coast export terminals makes these assets particularly valuable. The basin has seen renewed interest due to its gas-rich formations, offering lower breakeven costs compared to oil-focused plays. For TotalEnergies, the move reinforces its U.S. LNG integration, from upstream production to liquefaction and shipping, reducing exposure to spot market volatility.
On a broader scale, it reflects the ongoing consolidation in U.S. shale, where majors like TotalEnergies partner with independents to secure feedstocks for their global operations. It also highlights the tension in energy transition: While TotalEnergies divests solar assets, it’s doubling down on gas as a “bridge fuel” to lower emissions compared to coal.
What Should Investors Look For?
For investors eyeing opportunities in energy stocks—particularly TotalEnergies (TTE) or broader sector plays—here are key factors to monitor in light of this deal:
Natural Gas Price Trends: Track Henry Hub futures and global LNG spot prices. With projections for U.S. LNG exports to hit 20 billion cubic feet per day by 2027, sustained demand could boost profitability. However, oversupply risks from new projects could pressure prices.
Production Ramp-Up and Costs: Watch for updates on the assets reaching 350 MMscfd by 2030. Low-cost breakevens (potentially under $2.50/MMBtu) will be crucial for margins. Investors should assess drilling efficiency and decline rates in Continental’s quarterly reports or joint updates.
Strategic Synergies and LNG Growth: Evaluate how this fits TotalEnergies’ LNG ambitions. The company’s integrated model could yield higher returns if U.S. gas feeds its export facilities. Look for announcements on offtake agreements or expansions at plants like Cameron LNG, where TotalEnergies holds stakes.
Regulatory and Environmental Risks: U.S. energy policy under the current administration favors cleaner fuels, but potential changes post-2024 elections could impact permitting or methane regulations. TotalEnergies’ emphasis on low-emission production is a plus, but investors should monitor EPA rules and carbon pricing developments.
Portfolio Balance and Dividends: TotalEnergies offers a robust dividend yield (around 5-6% historically) and share buybacks. This deal, funded partly by solar proceeds, shows capital discipline. Compare TTE’s valuation (P/E around 7-8x) to peers like ExxonMobil or Chevron for relative attractiveness.
Market Sentiment on Gas vs. Renewables: With TotalEnergies shifting from solar to gas, watch investor reactions amid ESG pressures. Positive catalysts include rising gas demand in AI data centers or power generation; negatives could stem from accelerated renewable adoption.
In summary, this acquisition positions TotalEnergies as a stronger player in the U.S. gas arena, potentially delivering long-term value. Investors should conduct due diligence, focusing on macroeconomic gas dynamics and company execution. For more updates, stay tuned to Energy News Beat
Sources: TotalEnergies press release, industry analyses.
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