TotalEnergies SE (NYSE:TOT, EPA:TTE) has announced a US$2 billion buyback after oil prices stayed higher than 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% from a year earlier but ahead of market expectations.
Cash flow was US$8.2 billion over the quarter, falling 15% from a year earlier.
Chief executive Patrick Pouyanné said the result is “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.