TotalEnergies is increasing shareholder returns while maintaining a large investment program aimed at extending oil, gas and power growth through 2035. The company raised its fourth-quarter 2026 share-buyback plan to $2.5 billion from $1.5 billion, plans $2 billion-$2.5 billion of repurchases in the first quarter of 2027 and targets annual dividend growth of more than 5% through 2030. It is aiming to return 40% of cash flow to shareholders as gearing falls below 10% by the end of 2026. Oil and gas production is projected to grow by more than 3% annually from 2025 to 2030 and by 2%-3% annually from 2030 to 2035, while electricity generation is expected to exceed 20% annual growth through 2030. Second-quarter cash flow of $9.8 billion and adjusted net income of $6 billion supported the strategy, although management cautioned that stronger crude prices and refining margins should not be treated as permanent.