Good afternoon. I've just arrived from Delphi. We are meeting at a time of crisis with radical fluctuations in US trade and foreign policy, wars in the Middle East and Ukraine, volatility in energy markets, and AI accelerating change. We have to ask if the global economy is going through a difficult cycle or something more fundamental. Please welcome Dominique Senequier and Patrick Pouyanné. My name is Terry Martin. I'm simply here to ask questions. Patrick Pouyanné is chairman and CEO of TotalEnergies, managing one of the world's largest energy portfolios. Dominique Senequier is founder and president of Ardian, deploying private capital across energy infrastructure. My first question is to you, Dominique. You've said it takes roughly four years to recover from a major crisis. Does the current environment fit that pattern, or is this time different?
The worst crisis was the financial crisis of 2007-2009 when the S&P fell to 666. Now it's above 7,000, with 16% annual growth over seven years. Even a 25% drop wouldn't be a disaster. Financial markets can create crises too.
Patrick Pouyanné, do you share that view? What are you planning on the basis of this turbulence passing, or do you think the global energy system is being permanently reshaped?
We have opened a Pandora box. The 2008 financial crisis was a turning point from a world of free trade to fragmentation. Now the Strait of Hormuz is a real risk. If the crisis lasts two to three months, we will see energy scarcity. 20% of global oil and gas being stranded would have major consequences.
Solving the Strait of Hormuz is a major topic. When you said there's not scarcity yet, we see planes being grounded. You are also shaping events. What has changed in your investment decisions? I note TotalEnergies stock is up 30% in three months.
We follow the oil price. Our strategy is diversification and lowering break-even. We lost 15% of Middle East production but compensated with higher prices. We need to invest in resiliency, like new pipelines. After Russia, we invested more in the US.
I got $800 on my account yesterday. No, we went to them. Zero pressure. We are pragmatic. When they said offshore wind is against national security, I had two choices: arbitration or get my money back. They gave it back. I'm happy.
I'm glad to hear that. I want to bring Dominique Senequier back in. We're talking about fragmenting markets. Where does Europe stand? Is Europe still competitive as a destination for large-scale investment?
The US market is dominant with two-thirds of world market cap. The S&P 500 is stable because top 20 companies are not affected by oil crises. Since the war, US added value equal to France's entire market cap, while Europe lost. However, European private equity in mid-caps is attractive. You need to be selective, but for large volumes you must go to the US.
I understand differences in scale. But the US market is not infallible. What are the main deterrents for investing in Europe? Regulation, energy costs, scale, policy uncertainty?
Europe recovers slowly. Growth is 1.1%. But there are strong managers. Overregulation like CSRD and duty of vigilance is excessive. Europe lacks large caps because it forbids concentration. I hope it's not too late.
Europe lacks a true single market. We have 27 markets, not a single one. The European project was built to avoid wars, not to be a power. Now we need to adapt quickly, but consensus among 27 is slow. We need a real single market and common investment, especially in energy, but states are reluctant to give up sovereignty.
One thing you mentioned is power politics. We are moving from idealistic to hard-edged geopolitics. What are you hearing from EU Commission or Council about moving towards a single market? Let's start with you, Dominique.
17 more exchanges in this transcript
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Pouyanné, P. (2026, April 24). Debate with Patrick Pouyanné (CEO of Total Energies) and Dominique Sénéquier (CEO of Ardian). [Interview transcript]. Institut français des relations internationales. CEOInterviews.AI. https://ceointerviews.ai/interview/1006981/
MLA
Patrick Pouyanné. "Debate with Patrick Pouyanné (CEO of Total Energies) and Dominique Sénéquier (CEO of Ardian).." Institut français des relations internationales, 24 Apr. 2026. Transcript, CEOInterviews.AI, https://ceointerviews.ai/interview/1006981/.
BibTeX
@misc{pouyann2026_1006981,
author = {Patrick Pouyanné},
title = {Debate with Patrick Pouyanné (CEO of Total Energies) and Dominique Sénéquier (CEO of Ardian).},
howpublished = {Interview transcript, Institut français des relations internationales. CEOInterviews.AI},
year = {2026},
month = {apr},
url = {https://ceointerviews.ai/interview/1006981/},
note = {Speaker-attributed transcript with timestamps}
}
