(Reuters) – TotalEnergies will expand plans to buy back its own shares, the French energy group said on Thursday, as soaring oil and gas prices helped it post surging earnings for the first three months of 2022.
The oil and gas major, which is bolstering its renewable and electricity portfolios, is now planning $3 billion-worth of share buybacks. It had in February said it would buy back $2 billion in shares during the first half of the year.
The company posted an adjusted net income up 32% quarter-on-quarter to $9.0 billion for the first three months of 2022, with a core profit up 22% at $17.4 billion.
(Reporting by Benjamin Mallet and Sarah Morland; Editing by Sudip Kar-Gupta)
