Chief Executive Officer Patrick Pouyanne said the increased payouts were supported by “strong cash flow generation in the first quarter and supported by the ability of the company to maintain a strong balance sheet,” according to Bloomberg.
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The earnings rebound comes as energy majors benefit from a surge in crude and fuel prices, despite some production disruptions in the Persian Gulf following the outbreak of war in late February. Peer BP Plc has also reported stronger earnings amid volatile markets.TotalEnergies raised its quarterly dividend to €0.90 per share from €0.85 earlier.
The company had earlier guided for $3 billion to $6 billion in buybacks for the year, assuming oil prices of $60–$70 per barrel. However, Brent crude has since climbed above $100, prompting higher payouts. Rival Eni SpA has also increased its buyback target recently.
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First-quarter adjusted net income rose 29% year-on-year to $5.39 billion, surpassing the $4.98 billion average analyst estimate.
