BP Joins FTSE Gains as TotalEnergies Cuts Buyback, Raises Savings Target
TotalEnergies cut its share buyback to the lower end of its announced range and raised its annual cost-saving target after weaker oil prices pressured profits. BP shares joined other FTSE 100 blue-chips in opening higher as the index gained on LSEG’s rally following an Elliott stake reveal.
1. FTSE 100 Opens Higher
BP shares rose in line with other FTSE 100 blue-chips at the market open, supported by a rally in LSEG after Elliott disclosed a stake. The broader index gained ground, reflecting positive risk sentiment across major UK energy and financial stocks.
2. TotalEnergies Cuts Buyback
TotalEnergies trimmed its share repurchase to the lower end of its previously announced range, responding to a sustained downturn in oil prices that has eroded upstream margins. The move underscores management’s caution amid volatile commodity markets.
3. Raised Cost-Saving Objective
Alongside the buyback adjustment, TotalEnergies lifted its annual cost-saving target to bolster free cash flow and offset profit declines. The enhanced efficiency goal aims to deliver additional margins relief as downstream and refining segments face margin compression.