TotalEnergies Surges Share Buybacks Amid Oil Price Spike

TotalEnergies, a French multinational oil and gas company, has announced an increase in share buybacks and dividends as oil prices surge. The move is aimed at rewarding shareholders amid the rising energy market.

The company said it would step up its share repurchase program by €1 billion this year, following a strong first quarter performance. TotalEnergies' net income rose 38% year-over-year to $7.9 billion in the first three months of the year.

Oil prices have been increasing steadily, with Brent crude reaching an all-time high above $120 per barrel last week. This has boosted energy companies' profits and led TotalEnergies to reapportion its capital spending and distribution plan.