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TotalEnergies Boosts Share Buyback as Profit Jumps Threefold

  • Company will repurchase $3 billion of shares in first half
  • Surging oil and gas prices lift earnings and boost cash flow
TotalEnergies SE Electric Vehicle Fuel Station in La Defense Business District
Photographer: Nathan Laine/Bloomberg
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TotalEnergies SE posted a threefold increase in first-quarter adjusted profit and expanded its share buybacks after Russia’s invasion of Ukraine sent energy prices soaring. 

As the French energy giant’s operations churned out cash, it nevertheless absorbed some financial damage from the Russia crisis. The company took a $4.1 billion writedown largely tied to a gas project in the country that looks likely to be hindered by European Union sanctions.