TotalEnergies SE (EPA:TTEF) posted lower fourth-quarter earnings, narrowly missing market expectations as weaker oil and gas prices weighed on results despite stronger refining margins and proceeds from renewable asset sales.
The French energy group reported adjusted net income of $3.8 billion for the quarter, down 13% from $4.4 billion a year earlier. Analysts had forecast $3.9 billion, according to LSEG data.
Dive deeper into the Q4 earnings season with InvestingPro Output rose 5% in the period, while earnings from exploration and production declined 21.6% to $1.8 billion, reflecting softer commodity prices.
Meanwhile, profit from refining and chemicals more than tripled, climbing 215% to $1 billion, supported by stronger fuel margins.
TotalEnergies said it plans to repurchase $750 million of shares in the first quarter of 2026. That compares with a quarterly pace of $2 billion during the first nine months of last year. For 2026, the company aims to buy back between $3 billion and $6 billion in stock, depending on market conditions.
The company said it is assuming Brent crude at $60 per barrel and indicated that share buybacks could be adjusted over the course of the year based on price movements. Brent is currently trading around $69 a barrel.
The group maintained its quarterly dividend at €0.85 per share.
