Controversy Watch: TotalEnergies: Our View on the Paris Judicial Court Ruling Under The French Duty of Vigilance Law. Fri Jun 26 2026

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Controversy Watch: TotalEnergies: Our View on the Paris Judicial Court Ruling Under The French Duty of Vigilance Law. Fri Jun 26 2026

J P M O R G A N Europe Equity Research

26 June 2026

Controversy Watch

TotalEnergies: Our View on the Paris Judicial Court

Ruling Under The French Duty of Vigilance Law

About J.P. Morgan Controversy Watch: JPM CW is a publication

designed to address negative news related to environmental, social, or

governance (ESG) issues impacting companies. The product follows a

structured pathway, beginning with the facts and (if any) related

company statements. Our commentary leverages a robust playbook,

grounded in our comprehensive Controversy Watch Primer, to ensure a EMEA Sustainable Investing

Research

consistent, research-driven approach to ESG controversy management,

with the aim of highlighting whether the controversy is likely to result in Jean-Xavier Hecker AC

a significant market impact. (33-1) 4015 4472

jean-xavier.hecker@jpmorgan.com

J.P. Morgan Securities plc

Key Conclusion - Not a Material Market Event Hugo Dubourg

(33-1) 4015 4471

While the ruling of the Paris Judicial Court touches on several financially hugo.dubourg@jpmchase.com

material ESG issues for TotalEnergies, and despite the company's high ESG J.P. Morgan Securities plc

ownership relative to its peers, we believe that the content of the ruling— Noemie de la Gorce, CFA

specifically the fact that the court stopped short of requiring the company to (44-20) 7134-4229

halt new oil and gas projects or reduce production—largely mitigates the noemie.delagorce@jpmorgan.com

financial risks the ruling poses. In addition, several other characteristics of J.P. Morgan Securities plc

TotalEnergies (high ESG ratings, a low controversy score, and an early Ojasvee Shah