GDANSK (Sept 28): TotalEnergies said on Monday that it was increasing fourth-quarter share buybacks to US$2.5 billion, up from US$1.5 billion in recent quarters, as high global energy prices boost returns for oil and gas majors.

The French company also said it would buy back between US$2 billion and US$2.5 billion in shares in the first quarter of 2027 and increase its dividend by more than 5% annually through 2030.

TotalEnergies' profit has surged this year thanks to higher oil prices, strong trading results and bigger refining margins on the back of the Iran war, with its second-quarter earnings at the highest level in nearly three years.

The energy major now expects its oil and gas production to grow 2% to 3% annually between 2030 and 2035, supported by its portfolio of projects nearing completion, it said in a statement published ahead of its investor day.

Investors have been increasingly scrutinising oil majors' exploration pipelines and the depth of their resource base beyond 2030, as they assess companies' long-term growth prospects. TotalEnergies said in the press release that it had a proved reserve life of more than 12 years.

It plans net investments of US$14 billion to US$17 billion per year from 2027 to 2032. That is slightly lower than the annual US$15 billion to US$17 billion between 2027 and 2030 announced last year.

TotalEnergies also said it saw a gearing ratio, which measures net debt against equity, below 10% by the end of 2026.

Its shares edged 0.7% higher by 0718 GMT, largely in line with the broader index of European energy companies.

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