TotalEnergies has signed an agreement with Continental Resources to acquire a 49% interest in natural gas-producing assets in the Anadarko Basin of Oklahoma. The deal gives the French major additional exposure to low-cost shale gas that is directly linked to Henry Hub through established midstream infrastructure, a vital advantage as LNG demand continues to grow.
These assets are expected to reach gross production of about 350 million cubic feet per day by 2030 and sustain that output for years. TotalEnergies’ share will secure approximately 150 MMscfd of net production, bolstering its U.S. natural gas footprint and expanding feedstock for LNG exports.
“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,” said Nicolas Terraz, president of exploration and production at TotalEnergies. He added that the partnership with Continental Resources brings together complementary strengths, citing Continental’s technical expertise and operational excellence in the Anadarko Basin.
Expanding Shale Gas Holdings
The Anadarko Basin deal follows a series of acquisitions that have steadily deepened TotalEnergies’ U.S. shale portfolio. In 2024, the company closed on the Dorado and Constellation assets in the Eagle Ford Basin. It also operates a significant position in the Barnett shale of North Texas, producing about 500 MMscfd.
By layering in the Anadarko Basin stake, TotalEnergies now holds interests across three cornerstone basins, each with direct connections to demand hubs and LNG infrastructure. The strategy underscores the company’s objective of making natural gas nearly half of its global sales mix by 2030. Shifting toward gas is central to its decarbonization agenda, which includes reducing carbon intensity and eliminating methane emissions in the value chain.
For Continental Resources, the deal provides a global partner to help advance Anadarko Basin development while ensuring access to international LNG markets. Known for its leadership in oil-rich plays such as the Bakken and the SCOOP/STACK, Continental gains the advantage of TotalEnergies’ integrated LNG platform to create additional market optionality for its gas output.
LNG Integration and U.S. Investment
TotalEnergies is the world’s third-largest LNG player, with a portfolio of about 40 million tons per year as of 2024. Its involvement spans the full value chain, including upstream production, liquefaction, shipping, regasification capacity of more than 20 Mt/y in Europe, trading operations, and LNG bunkering.
The Anadarko Basin investment is designed to secure reliable feedstock for LNG exports as global demand accelerates. Europe is still seeking alternatives to Russian pipeline gas, while Asian economies are balancing growing power needs with efforts to lower emissions. U.S. LNG has become the linchpin of this shift, and operators are racing to lock in long-term supply agreements.
TotalEnergies is already the leading exporter of U.S. LNG, with more than 10 million tons shipped in 2024. Its U.S. operations include upstream gas assets in Texas and offshore production, complemented by a growing renewable power footprint. The company is also building an integrated power platform, with around 10 gigawatts of solar, wind, and battery storage either operating or under construction.
The United States has been a cornerstone of TotalEnergies’ business since 1957, and the pace of investment has quickened. Since 2022, the company has invested close to $11 billion in oil, LNG, and low-carbon electricity projects. This scale positions TotalEnergies as one of the most diversified international players in the U.S. energy sector.
Positioning for the Future
Industry observers view the Anadarko Basin deal as another step in the broader consolidation of LNG supply chains. U.S. shale gas remains globally competitive on cost, making it a reliable anchor for LNG growth. At the same time, buyers and traders are increasingly prioritizing low-emission supply sources. By pursuing long-life, plateau-style shale assets, TotalEnergies is aligning production security with its emissions-reduction commitments.
For Continental, the agreement validates the importance of its Anadarko Basin gas portfolio and offers exposure to global LNG markets without having to build export infrastructure on its own. For TotalEnergies, it represents a blend of diversification, integration, and scale that strengthens its position as a global LNG leader.
As gas demand continues to climb through the end of the decade, partnerships like this highlight how international majors and U.S. independents are reshaping the supply landscape. With steady Anadarko Basin output now in its portfolio, TotalEnergies is positioned to deliver reliable U.S. volumes to international buyers while advancing its long-term energy transition goals.
