Proactive Investors - TotalEnergies (LON:TTEF) has announced a US$2 billion buyback after sustained oil prices helped to keep profits from falling as far as expected over the first three months of the year.
Adjusted net income came in at US$5.1 billion (£4.07 billion) over the quarter, Total said on Friday, down 22% on a year earlier but ahead of market expectations for US$5 billion.
Cash flow sat at US$8.2 billion over the quarter, falling 15% from a year earlier.
Chief executive Patrick Pouyanné said this came “in a context of sustained oil prices and refining margins but softening gas prices,” leaving the group trading in line with ambitions.
Total hiked its first interim dividend by almost 7% to €0.79 a share on the figures, alongside authorising the buyback for the coming quarter.
Though gas has fallen back over the last year on easing supply fears and mild winter weather in Europe, oil has largely been buoyed following the outbreak of war between Israel and Hamas in the Middle East.
Shares climbed 0.13% to €68.19 on the news.