French energy giant TotalEnergies reported fourth-quarter earnings of $3.8 billion, falling 13% from last year and narrowly missing analyst expectations of $3.9 billion. The results reflect ongoing challenges in the energy sector as weaker oil and gas prices pressured the company's exploration and production segment, which saw earnings decline 21.6% to $1.8 billion.

Despite the miss, TotalEnergies found strength in its refining operations, which saw profits more than triple to $1 billion, supported by stronger fuel margins. The company maintained its quarterly dividend at €0.85 per share while signaling a reduced pace of share buybacks, planning $750 million for Q1 2026 compared to $2 billion per quarter during the first nine months of last year.

For 2026, TotalEnergies aims to repurchase between $3 billion and $6 billion in stock, contingent on market conditions. The company is planning with a conservative Brent crude assumption of $60 per barrel, significantly below current levels around $69, suggesting a cautious approach to commodity price volatility in its financial planning.