European Oil Giants Consider Shifting Their Listings to the U.S.

Two European energy giants, TotalEnergies of France and Shell of Britain, are considering moving their stock listings to New York, as pressure mounts for them to improve their valuations, which lag their American counterparts.

Shifting their listings to the United States would be a blow to European exchanges, where they are among the largest listed companies.

In the past, it would have been almost unthinkable for TotalEnergies, one of France’s most prominent companies, to consider moving its primary share listing from Paris. But the company’s chief executive, Patrick Pouyanné, discussed considering such a shift to analysts recently.

“There was a discussion with the board,” Mr. Pouyanné said on a recent call to discuss earnings. “We all agreed that we have to seriously look at it.”

Shell, Europe’s largest energy company, has said it might consider a similar move. But a shift is not currently on the table, said Wael Sawan, chief executive of the company, which recently moved its headquarters from The Hague in the Netherlands to London, where it is the largest listed company by market value.

Any move would reflect the almost irresistible lure of the United States as a center of energy production and innovation as well as investment.