TotalEnergies Maintains Buybacks Despite Profit Drop, Rising Debt

Emmanuel Addeh in Abuja 

TotalEnergies has reported a 23 per cent fall in second-quarter earnings, the French oil major’s worst performance in four years, as lower oil and gas prices outweighed a rise in production and power sales.

Adjusted net income fell to $3.6 billion for the three months to June 30, down from $4.7 billion a year earlier and $4.2 billion in the first quarter, Reuters reported.

Chief Executive of the company, Patrick Pouyanne, told analysts on a call that the company could maintain shareholder returns in a low oil price environment, as several expressed concern about a sharp increase in the company’s net debt.

Brent crude prices have fallen 20 per cent from a year ago, reaching $67.9 per barrel in the second quarter of 2025, as members of the Organisation of Petroleum Exporting Countries (OPEC) and allies such as Russia started to unwind output cuts of 2.17 million barrels per day in April.