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(Bloomberg) — TotalEnergies SE lowered its share buyback as lower oil prices put pressure on Europe’s energy majors.
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The company plans to repurchase $750 million of its stock in the first quarter, it said in an earnings statement Wednesday. That compares with $1.5 billion in the final three months of 2025 and is at the bottom end of guidance issued late last year.
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TotalEnergies is the third and last of Europe’s top oil and gas producers to release earnings after Shell Plc and BP Plc published disappointing quarterly reports. On Tuesday, BP’s shares tumbled after it said it was halting buybacks and retiring longstanding guidance on payouts.
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While Big Oil is still churning out hefty profits, cash flows — particularly in Europe — have been undermined by last year’s 18% dive in crude prices. There are also widespread forecasts that the market will remain oversupplied this year as production swells both inside and outside the OPEC+ alliance.
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“Oil supply remains abundant, so the market is rather trending down,” Chief Executive Officer Patrick Pouyanne said, adding that sanctions on Russia are causing a buildup of the nation’s crude at sea.
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While tensions between the US and Iran recently boosted the cost of crude, the European majors are battling to contain mounting debt, pressuring what they can pay out to shareholders.
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TotalEnergies’s adjusted net income fell 13% in the fourth-quarter from a year earlier to $3.84 billion, in line with the average analyst estimate of $3.81 billion.
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The buyout of $750 million compares with a pace of $2 billion in the first three quarters of last year. The company will seek to buy back $3 billion to $6 billion of stock this year, it said.
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Still, the company left quarterly dividend unchanged at €0.85 a share.
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TotalEnergies said it’s assuming benchmark Brent crude at $60 a barrel for 2026, and may adjust its buybacks along the year depending on how prices evolve. Brent is currently trading near $69 a barrel.
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TotalEnergies said upstream production should grow by about 3%, helped by the startup of projects in Brazil, Iraq, Qatar, Algeria and Uganda.
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