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TotalEnergies Extends Share Buyback as Profit Hits Record

  • French major to repurchase $2 billion in 3Q, same as in 2Q
  • Refining margins reached record-high levels, CEO Pouyanne says
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Photographer: Krisztian Bocsi/Bloomberg
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TotalEnergies SE will extend its $2 billion buyback program into the third quarter after profit surged to a record, propelled by surging gasoline prices and soaring demand for natural gas in Europe.

The French company earnings come at the start of a reporting season that’s likely to see major energy firms together rack up unprecedented profit after Russia’s invasion of Ukraine drove natural gas prices higher and oil past $100 a barrel. But the scale of the earnings are also drawing attention of politicians who want higher taxes on these firms to ease the pain of surging inflation on consumers.