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CVX vs. TTE: Which Energy Major Has the Stronger LNG Growth Story?
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Key Takeaways
TotalEnergies has a larger LNG footprint, with volumes expected to rise 50% from 2025 to 2030.
Chevron's production rose 20% year over year, boosted by Guyana, the Permian and Hess synergies.
Chevron's 2026 earnings estimates rose more sharply, supported by production growth and cost savings.
Chevron Corporation (CVX - Free Report) and TotalEnergies SE (TTE - Free Report) are two major integrated energy companies with significant oil and natural gas operations. Both are benefiting from a supportive commodity-price environment, but their LNG strategies provide an interesting basis for comparison.
Chevron is expanding its natural gas and LNG portfolio while benefiting from strong production growth following the Hess acquisition. TotalEnergies, meanwhile, already has a large global LNG business and is pursuing additional projects to expand its position across the LNG value chain.
With energy security becoming increasingly important and global LNG demand continuing to grow, investors may be wondering which energy major offers the stronger combination of growth, valuation and earnings momentum. Let's dive deep and closely compare the fundamentals of both stocks to determine which one is a better investment now.
Chevron's Production Growth Strengthens Its LNG Story
Chevron 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, while U.S. production reached a record level. The company also achieved $3 billion in annualized structural cost savings and $1.5 billion in annualized Hess-related synergies.
The Hess acquisition has significantly strengthened Chevron's production profile, particularly through its interest in Guyana's Stabroek Block. Management expects production to continue growing, supported by Guyana, the Permian Basin, Kazakhstan and other projects.
Chevron is also becoming more aggressive in LNG. The company expects to have about 20 million metric tons per annum (Mtpa) of LNG supply capacity, including 16 Mtpa of net gas production from its projects and 4 Mtpa of contracted U.S. Gulf Coast supply. Chevron is also evaluating additional opportunities in Argentina, the Eastern Mediterranean, Australia and Africa. The push reflects growing demand for diversified and reliable gas supplies.
TotalEnergies Has a Larger LNG Footprint
TotalEnergies brings a more established LNG platform to the comparison. The company sold 44 million tons of LNG in 2025 and describes itself as the world's third-largest LNG player. It expects LNG volumes from equity production and long-term third-party purchases to increase 50% between 2025 and 2030.
The company is continuing to add projects to its portfolio. In July, TotalEnergies shipped the first LNG cargo from the ECA LNG project in Mexico and will offtake 1.7 million tons per year for 20 years once commercial operations begin.
TotalEnergies also approved development of the Cronos gas field in Cyprus, with production expected to start in 2028. The project is designed to supply European markets through existing LNG infrastructure in Egypt.
These developments give TotalEnergies substantial exposure to the LNG growth opportunity, while its integrated model also provides exposure to oil, refining, trading and electricity.
Chevron vs. TotalEnergies: Which Stock Has the Lower P/E?
Image Source: Zacks Investment Research
Valuation is one area where the two stocks show a notable difference. Based on the data, Chevron trades at a forward P/E of 13.35X, compared with 8.46X for TotalEnergies.
Chevron's higher multiple reflects its strong production growth, Hess-related synergies and high-quality upstream assets. However, TotalEnergies offers investors exposure to a substantial LNG business at a considerably lower earnings multiple.
The valuation gap is also consistent with recent peer data showing TotalEnergies trading below Chevron on forward earnings multiples.
TotalEnergies Leads Chevron in One-Year Stock Performance
Image Source: Zacks Investment Research
TotalEnergies has outperformed Chevron over the past year. The chart shows TTE's share price gaining 48.8%, compared with a 30.7% increase for CVX.
TotalEnergies' performance reflects investor interest in its integrated energy model, LNG exposure and capital returns. TTE reported second-quarter adjusted net income of $6 billion and cash flow of $9.8 billion, while its gearing ratio declined to 13%.
Chevron, meanwhile, continues to benefit from strong operating momentum. Its second-quarter cash flow from operations reached $22.6 billion, compared with $8.6 billion in the year-ago quarter.
Chevron Leads in Earnings Estimate Revisions
Image Source: Zacks Investment Research
Over the past 60 days, the Zacks Consensus Estimate trend for CVX's third-quarter 2026 earnings has increased 18.98%, while the fourth-quarter estimate has risen 20.83%. Meanwhile, the consensus estimates for fiscal 2026 and 2027 have increased 11.55% and 12.16%, respectively.
In comparison, the Zacks Consensus Estimate for TTE's third-quarter 2026 earnings has increased 9.72%, while the fourth-quarter estimate has risen 31.12%. The consensus estimates for fiscal 2026 and 2027 have increased 6.69% and 11.74%, respectively.
The stronger upward revisions for Chevron coincide with its recent production growth, cost reductions and improved earnings performance. TotalEnergies has also recorded positive estimate revisions across all four periods, although the increases were smaller in three of the four periods.
Chevron vs. TotalEnergies: Which Stock Stands Out?
Both energy majors have compelling LNG growth stories. Chevron offers rapidly growing production, Hess-related synergies and an expanding LNG portfolio. TotalEnergies brings a much larger established LNG business, a broader global portfolio and a substantially lower valuation.
The data also show stronger one-year share-price performance for TotalEnergies, while Chevron has delivered more pronounced upward earnings estimate revisions.
TotalEnergies carries a Zacks Rank #2 (Buy), while Chevron has a Zacks Rank #3 (Hold). Based on the combination of its lower valuation, established LNG platform, stronger recent share performance and Zacks Rank, TTE holds the edge in this face-off.You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
View the Zacks #1 Rank List
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CVX vs. TTE: Which Energy Major Has the Stronger LNG Growth Story?
Key Takeaways
Chevron Corporation (CVX - Free Report) and TotalEnergies SE (TTE - Free Report) are two major integrated energy companies with significant oil and natural gas operations. Both are benefiting from a supportive commodity-price environment, but their LNG strategies provide an interesting basis for comparison.
Chevron is expanding its natural gas and LNG portfolio while benefiting from strong production growth following the Hess acquisition. TotalEnergies, meanwhile, already has a large global LNG business and is pursuing additional projects to expand its position across the LNG value chain.
With energy security becoming increasingly important and global LNG demand continuing to grow, investors may be wondering which energy major offers the stronger combination of growth, valuation and earnings momentum. Let's dive deep and closely compare the fundamentals of both stocks to determine which one is a better investment now.
Chevron's Production Growth Strengthens Its LNG Story
Chevron 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, while U.S. production reached a record level. The company also achieved $3 billion in annualized structural cost savings and $1.5 billion in annualized Hess-related synergies.
The Hess acquisition has significantly strengthened Chevron's production profile, particularly through its interest in Guyana's Stabroek Block. Management expects production to continue growing, supported by Guyana, the Permian Basin, Kazakhstan and other projects.
Chevron is also becoming more aggressive in LNG. The company expects to have about 20 million metric tons per annum (Mtpa) of LNG supply capacity, including 16 Mtpa of net gas production from its projects and 4 Mtpa of contracted U.S. Gulf Coast supply. Chevron is also evaluating additional opportunities in Argentina, the Eastern Mediterranean, Australia and Africa. The push reflects growing demand for diversified and reliable gas supplies.
TotalEnergies Has a Larger LNG Footprint
TotalEnergies brings a more established LNG platform to the comparison. The company sold 44 million tons of LNG in 2025 and describes itself as the world's third-largest LNG player. It expects LNG volumes from equity production and long-term third-party purchases to increase 50% between 2025 and 2030.
The company is continuing to add projects to its portfolio. In July, TotalEnergies shipped the first LNG cargo from the ECA LNG project in Mexico and will offtake 1.7 million tons per year for 20 years once commercial operations begin.
TotalEnergies also approved development of the Cronos gas field in Cyprus, with production expected to start in 2028. The project is designed to supply European markets through existing LNG infrastructure in Egypt.
These developments give TotalEnergies substantial exposure to the LNG growth opportunity, while its integrated model also provides exposure to oil, refining, trading and electricity.
Chevron vs. TotalEnergies: Which Stock Has the Lower P/E?
Image Source: Zacks Investment Research
Valuation is one area where the two stocks show a notable difference. Based on the data, Chevron trades at a forward P/E of 13.35X, compared with 8.46X for TotalEnergies.
Chevron's higher multiple reflects its strong production growth, Hess-related synergies and high-quality upstream assets. However, TotalEnergies offers investors exposure to a substantial LNG business at a considerably lower earnings multiple.
The valuation gap is also consistent with recent peer data showing TotalEnergies trading below Chevron on forward earnings multiples.
TotalEnergies Leads Chevron in One-Year Stock Performance
Image Source: Zacks Investment Research
TotalEnergies has outperformed Chevron over the past year. The chart shows TTE's share price gaining 48.8%, compared with a 30.7% increase for CVX.
TotalEnergies' performance reflects investor interest in its integrated energy model, LNG exposure and capital returns. TTE reported second-quarter adjusted net income of $6 billion and cash flow of $9.8 billion, while its gearing ratio declined to 13%.
Chevron, meanwhile, continues to benefit from strong operating momentum. Its second-quarter cash flow from operations reached $22.6 billion, compared with $8.6 billion in the year-ago quarter.
Chevron Leads in Earnings Estimate Revisions
Image Source: Zacks Investment Research
Over the past 60 days, the Zacks Consensus Estimate trend for CVX's third-quarter 2026 earnings has increased 18.98%, while the fourth-quarter estimate has risen 20.83%. Meanwhile, the consensus estimates for fiscal 2026 and 2027 have increased 11.55% and 12.16%, respectively.
In comparison, the Zacks Consensus Estimate for TTE's third-quarter 2026 earnings has increased 9.72%, while the fourth-quarter estimate has risen 31.12%. The consensus estimates for fiscal 2026 and 2027 have increased 6.69% and 11.74%, respectively.
The stronger upward revisions for Chevron coincide with its recent production growth, cost reductions and improved earnings performance. TotalEnergies has also recorded positive estimate revisions across all four periods, although the increases were smaller in three of the four periods.
Chevron vs. TotalEnergies: Which Stock Stands Out?
Both energy majors have compelling LNG growth stories. Chevron offers rapidly growing production, Hess-related synergies and an expanding LNG portfolio. TotalEnergies brings a much larger established LNG business, a broader global portfolio and a substantially lower valuation.
The data also show stronger one-year share-price performance for TotalEnergies, while Chevron has delivered more pronounced upward earnings estimate revisions.
TotalEnergies carries a Zacks Rank #2 (Buy), while Chevron has a Zacks Rank #3 (Hold). Based on the combination of its lower valuation, established LNG platform, stronger recent share performance and Zacks Rank, TTE holds the edge in this face-off.You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.