TotalEnergies SE (EU:TTE) signalled increased shareholder returns after reporting a strong rise in first-quarter profit on Wednesday, supported by elevated oil prices and robust trading linked to tensions in the Middle East.
Shares in the company gained around 1% in early Paris trading by 07:22 GMT.
The group posted adjusted net income of $5.4 billion for the quarter, marking a 29% increase from $4.2 billion a year earlier and exceeding the $5 billion consensus forecast compiled by LSEG. This performance came despite disruptions that curtailed roughly 15% of its upstream production.
TotalEnergies said it plans to restart share buybacks of up to $1.5 billion in the second quarter, doubling the pace from the $750 million level set in February when weaker oil prices had prompted a reduction.
The company also increased its quarterly dividend by 5.9% to €0.90 per share.
Commenting on the results, Jefferies analyst Mark Wilson said the report was a “small positive.”
Segment performance was led by refining and chemicals, where earnings surged more than fivefold to $1.6 billion, driven by strong trading in oil and petroleum products.
Upstream exploration and production delivered a 5% increase in earnings to $2.58 billion, while the liquefied natural gas division saw a 2% rise to $1.3 billion.
The integrated power segment, which includes gas-fired generation, renewable energy, and battery storage, recorded an 8% increase to $545 million.
Meanwhile, marketing and services posted a 9% gain in earnings to $262 million.
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