(Replace) February 11, 2026, 5:10 PM GMT: Article up to date with feedback on dividend progress, potential funding choices and acquisitions from 14th paragraph.
TotalEnergies SE trimmed its share buybacks to the decrease finish of its steering vary, aiming to maintain debt in verify because it adjusts to decrease oil costs.
The corporate plans to repurchase $750 million of inventory within the first quarter, in contrast with $1.5 billion within the last three months of 2025, it mentioned in an earnings assertion Wednesday. For the 12 months, its buyback goal was saved at a spread of $3 billion to $6 billion.
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TotalEnergies is the third and final of Europe’s prime oil and gasoline producers to launch earnings after Shell Plc and BP Plc revealed disappointing quarterly stories. The corporate has a decrease ratio of debt to fairness than its European friends and saved quarterly dividend unchanged.
“This 12 months we wish to stability money technology with money expenditure,” Chief Govt Officer Patrick Pouyanne mentioned throughout a press convention in Paris to debate earnings. “We don’t know what is going to occur this 12 months. We wish to hold a wholesome stability sheet.”
Shares of Whole closed 2.7% up, at their highest since July 2024.
The corporate has a “strong stability sheet regardless of unsure surroundings,“ Jefferies analysts led by Mark Wilson mentioned in a observe after the earnings launch.
Whereas Massive Oil remains to be churning out hefty income, money flows — significantly in Europe — have been undermined by final 12 months’s 18% dive in crude costs. There are additionally widespread forecasts that the market will stay oversupplied this 12 months as manufacturing swells each inside and outdoors the OPEC+ alliance.
“Oil provide stays plentiful, so the market is quite trending down,” Pouyanne mentioned, including that sanctions on Russia are inflicting a buildup of the nation’s crude at sea.
Whole’s adjusted internet revenue fell 13% within the fourth-quarter from a 12 months earlier to $3.84 billion, in keeping with the common analyst estimate of $3.81 billion.
The buyout of $750 million compares with a tempo of $2 billion within the first three quarters of final 12 months.
Whereas Shell maintained its quarterly tempo of buybacks final week, smaller friends similar to Norway’s Equinor ASA have additionally diminished their repurchases.
Whole mentioned it’s assuming benchmark Brent crude at $60 a barrel for 2026, and will modify its buybacks alongside the 12 months relying on how costs evolve. Brent is at present buying and selling close to $70 a barrel.
The corporate’s gearing — the ratio of internet debt to fairness — climbed to 14.7% on the finish of 2025, excluding leases, from 8.3% the earlier 12 months. Pouyanne mentioned Whole goals to maintain the ratio at about 15%.
The corporate left its quarterly dividend unchanged at €0.85 per share Wednesday, however plans to announce a rise by the tip of April, the CEO mentioned.
The French oil main foresees internet funding of about $15 billion in 2026, down from $17.1 billion final 12 months.
Manufacturing
The corporate mentioned upstream manufacturing ought to develop by about 3%, helped by the startup of tasks in Brazil, Iraq, Qatar, Algeria and Uganda. Oil and gasoline output ought to exceed the equal of two.6 million barrels a day within the first quarter.
The corporate, which has expanded aggressively in Africa, goals to greenlight its Venus offshore oil mission in Namibia this 12 months, Pouyanne mentioned. The corporate can also approve the event of its Ima gasoline mission in Nigeria and sanction a liquefied pure gasoline mission in Papua New Guinea in 2026
Whole, Europe’s prime oil refiner, expects its refineries to function at about 88% of capability within the first quarter, with improved availability of sure models that underperformed in 2025.
Electrical energy output, a key plank of the corporate’s progress technique for the approaching years alongside liquefied pure gasoline, ought to rise by about 25% in 2026 to greater than 60 terawatt hours.
Whole ought to profit from continued funding in renewables, and the deliberate acquisition of a 50% stake in a portfolio of European gas-fired energy vegetation introduced final November. The €5.1 billion buy might be paid with new Whole shares.
The corporate’s energy enterprise might develop into free money circulation optimistic as quickly as this 12 months for the primary time, or in 2027 on the newest, Pouyanne mentioned.
The corporate will search to make acquisitions in photo voltaic and battery storage within the UK and Italy. It might purchase additional gasoline manufacturing property within the US, which could possibly be paid in shares now that also they are listed in New York, Pouyanne mentioned.
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