TotalEnergies Q1 profit surges 29% to $5.4B; resumes $1.5B buybacks
TotalEnergies posted Q1 adjusted net income of $5.4 billion, up 29% year-over-year and above the $5 billion consensus despite 15% upstream output disruptions. It reinstated $1.5 billion in second-quarter share buybacks and raised its dividend 5.9% to €0.90, with refining and trading earnings quintupled to $1.6 billion.
1. Strong Q1 Financial Results
TotalEnergies reported adjusted net income of $5.4 billion in the first quarter, a 29% increase from a year earlier that outpaced the $5 billion consensus. This performance was achieved despite regional disruptions that shut in roughly 15% of its upstream production capacity.
2. Enhanced Capital Returns
The company reinstated share buybacks of up to $1.5 billion in the second quarter, doubling the pace from earlier cuts. It also raised its quarterly dividend by 5.9% to €0.90 per share, reinforcing its commitment to returning cash to investors.
3. Segment Performance Breakdown
Refining and trading earnings more than quintupled to $1.6 billion, while upstream exploration and production rose 5% to $2.58 billion. The integrated power segment grew 8% to $545 million, and marketing and services earnings climbed 9% to $262 million.
4. Operational Highlights
Oil and gas production increased 4%, with growth in Brazil and Libya offsetting Middle East output cutbacks. The Satorp refinery in Saudi Arabia was partially restarted in mid-April after a shutdown triggered by early-month airstrikes.