So, you want to be a major player in the global natural gas game? You go where the gas is, and you lock it down for the long haul. That's exactly what TotalEnergies SE (TTE) did on Thursday, entering into a preliminary agreement to secure a massive, long-term supply of liquefied natural gas from the Alaska LNG project, which is being developed with Glenfarne.

The deal is for 2 million tons per year. For 20 years. That's the kind of commitment that says, "We're serious about this." Of course, it's all pending the project's final investment decision, but it's a huge vote of confidence in a strategically located piece of American energy infrastructure.

Why Alaska Is a Big Deal on the Pacific Rim

Here's the strategic genius of it: the Alaska LNG project sits on the U.S. Pacific coast. It's the only federally authorized LNG export terminal in the entire region. With a planned capacity of 20 million tons annually, it's built to serve one customer above all others: Asia, which is far and away the largest LNG market on the planet.

For TotalEnergies, this isn't just about buying gas; it's about strengthening its hand as a top buyer of U.S. LNG while making its supply sources more diverse and resilient. The company was already the top U.S. LNG exporter in 2025, shipping 19 million tons, or about 18% of the country's total production. This deal is about securing that lead for the next two decades.

A Direct Line to Asian Demand

The project has strong political and institutional backing in the U.S., and its location is a logistical dream for reaching Asia. It offers competitive pricing and a direct route, bypassing more congested pathways.

Brendan Duval, Glenfarne's CEO, pointed out the project's unique Pacific orientation, saying it "aligns with TotalEnergies' supply strategy by providing Asian customers with direct access to U.S. gas." In other words, it cuts out the middleman geography. This partnership is expected to make the whole project more attractive to other potential customers and investors.

TotalEnergies' North American Gas Playbook

This Alaska move isn't happening in a vacuum. TotalEnergies is deeply embedded in the North American LNG value chain. It has gas production assets in Texas, Oklahoma, and offshore U.S. waters. It's also an investor in major LNG projects like Cameron LNG and Rio Grande LNG in the U.S., and Energia Costa Azul in Mexico.

Globally, the company is the third-largest LNG player, managing a portfolio of 44 million tons per year with interests in liquefaction plants around the world. Its stated goal is to increase the share of natural gas in its sales mix to nearly 50% by 2030, all while working to reduce carbon and methane emissions from its operations.

The Earnings Context and the Road Ahead

The deal comes on the heels of the company's latest earnings report this month. TotalEnergies posted adjusted earnings of $1.73 per share, which missed the consensus estimate of $1.78. However, revenue came in strong at $50.62 billion, well above the $33.94 billion analysts were expecting.

Looking forward, the company plans to increase its overall energy production—covering oil, gas, and electricity—by 5% over the year. It's forecasting 3% growth in oil and gas production for 2026, driven by project ramp-ups starting next year and new project start-ups. This growth is expected to support a 7% increase in cash flow at an oil price of $60 per barrel.

As for the stock, TotalEnergies shares were up 0.79% at $79.55 in premarket trading on Friday. The stock is trading near its 52-week high of $79.93, according to market data.