TotalEnergies plans to raise its share buybacks to $2.5 billion in the fourth quarter as elevated global energy prices strengthen returns for oil and gas producers.
The French energy company said it expects to repurchase between $2 billion and $2.5 billion of its shares in the first quarter of 2027. It also intends to increase its dividend by more than 5% annually through 2030.
TotalEnergies said higher oil prices, strong trading results and wider refining margins have supported its profits. The company’s second-quarter earnings reached their highest level in nearly three years.
Oil and gas production is expected to rise by between 2% and 3% each year from 2030 through 2035, with projects approaching completion providing support for the increase.
TotalEnergies plans to invest between $14 billion and $17 billion annually from 2027 through 2032. That range is slightly below its earlier target of $15 billion to $17 billion per year for 2027-2030.
The company also expects its gearing ratio, which measures net debt relative to equity, to stay below 10% by the end of 2026.
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