TotalEnergies said continued high oil and gas prices over the second quarter offered a boost to earnings while enabling it to cut its net debt by $3.3 billion, bringing it down to $19.71 billion. The French oil and gas company said it is prioritizing deleveraging amid the price environment.

The higher prices also enabled the company to maintain its $1.5 billion quarterly share buyback and declare a second-interim dividend of 0.90 euros a share. In April, the company resumed share repurchases of up to $1.5 billion, aided by war-induced price rises which delivered a cash boost.

This follows a slashing of its buyback rate to $750 million in February. Conflict in the Middle East continues to provide an earnings tailwind and an opportunity to shore up balance sheets.