TotalEnergies SE pledged to increase its dividend by more than 5% annually through 2030 and raised share buyback plans, benefiting from rising oil and gas output and surging prices. The French energy major announced it will repurchase $2.5 billion of shares in the fourth quarter of 2026 and between $2 billion and $2.5 billion in the first quarter of 2027, up from $1.5 billion previously planned for the July-September period. The company expects its debt gearing ratio to fall below 10% by year-end.

While TotalEnergies and peers have halted production in the Persian Gulf due to the US-Iran conflict, they are capitalizing on price surges from Middle East tensions and the Russia-Ukraine war. Cash flow is projected to rise by $10 billion from 2025 to 2030, with oil and gas output growing over 3% annually and electricity production increasing by more than 20% per year. Rising prices are fueling a cost-of-living crisis, prompting French opposition calls for profit taxes, though President Emmanuel Macron’s government has instead provided aid to farmers, fishermen, and low-income earners. TotalEnergies has capped fuel prices in France to ease public concern.

For long-term growth, the company plans net investments of $14 billion to $17 billion between 2027 and 2032, an increase from its prior $14 billion to $16 billion plan for 2026–2030.