The French energy major will expand its share buyback program and lower annual net capital expenditure guidance to $14B to $17B, down from $15B to $17B. TotalEnergies is shifting its capital allocation to increase shareholder returns, which includes a pledge to raise dividends by 5% every year until 2030.

The company plans to invest between $14B and $17B per year from 2027 through 2032. This spending range follows the newly adjusted capex guidance as part of the oil and gas company's current financial strategy.