Finance
TotalEnergies halves buybacks as low oil, gas prices weigh on profits
Published by Global Banking & Finance Review®
Posted on February 11, 2026
3 min readLast updated: February 11, 2026
Quick Summary
TotalEnergies reported a 13% drop in Q4 profit due to lower oil and gas prices, despite strong refining margins and asset sales.
TotalEnergies Cuts Share Buybacks by 50% Amid Low Oil Prices
TotalEnergies Adjusts Buyback Strategy
(Corrects share buyback cut in headline and first paragraph to 50% decrease not 62%)
Market Conditions and Buyback Decisions
By America Hernandez
Impact on Production and Earnings
PARIS, Feb 11 (Reuters) - TotalEnergies will halve share buybacks in the first quarter, it said on Wednesday, as low oil and gas prices negated soaring fourth-quarter profit from refining fuels and proceeds from renewable assets stake sales. The French oil major's fourth-quarter adjusted net income fell to $3.8 billion (3.2 billion euros) from $4.4 billion a year earlier. Analysts had expected $3.9 billion, according to a consensus compiled by LSEG.
Future Outlook and Analyst Insights
It said it will reduce its first-quarter buyback to $750 million worth of shares, echoing similar moves by peers BP, which completely suspended buybacks, and Equinor's 70% reduction.
Total's decision is at the low end of September guidance that warned of reduced buybacks due to lower oil prices and uncertain geopolitical conditions.
It had kept buybacks at around $2 billion per quarter since mid-2022, when Brent crude prices peaked above $100 per barrel, and repurchased $1.5 billion in shares in the fourth quarter.
Rivals Exxon and Shell have held firm on their buyback programmes.
Speaking to journalists, CEO Patrick Pouyanne said that starting at the lower end of its range meant it could be adjusted upward "if market conditions favour it".
TOTAL TAKES CAUTIOUS APPROACH AMID DEPRESSED PRICES
"We think caution is the right approach," RBC analysts said in a note, adding that given current prices, there was "upside" to this through the year.
The company's shares were up 1.6% at 0855 GMT.
Total ramped up oil and gas production in the fourth quarter to compensate for a 15% drop in Brent crude prices and an 18% drop in liquefied natural gas prices, it said.
Production rose by 5% in the quarter, but income from the exploration segment still fell 21.6% to $1.8 billion.
Earnings for the refining and chemicals business, however, surged by 215%, reaching $1 billion.
TotalEnergies has previously said margins at European refineries during the period jumped 231% compared to the previous year.
Pouyanne had attributed that increase to U.S. sanctions on Russia's Rosneft and Lukoil and a European Union import ban on fuels derived from Russian oil.
On Wednesday, he said an EU ban on Russian gas imports by the end of 2027 is also supporting LNG demand, with European purchases absorbing the rising global supply so far.
(1 euro = $1.1921)
(Reporting by America Hernandez; Writing by Gianluca Lo Nostro and Dominique Patton; Editing by Joe Bavier)
Key Takeaways
- •TotalEnergies' Q4 profit fell by 13%.
- •Lower oil and gas prices impacted earnings.
- •Refining margins and asset sales were strong.
- •Adjusted net income was $3.8 billion.
- •Analysts expected $3.9 billion in earnings.
Frequently Asked Questions about TotalEnergies halves buybacks as low oil, gas prices weigh on profits
1What is adjusted net income?
Adjusted net income is a company's profit after all expenses, taxes, and costs have been deducted, adjusted for non-recurring items to provide a clearer view of ongoing profitability.
