TotalEnergies shares rose Monday after the French oil major approved a 2026-2030 dividend policy targeting annual growth of more than 5%. The company plans to return at least 40% of cash flow to shareholders while reducing its gearing ratio below 10%, with $2.5 billion in fourth-quarter 2026 buybacks and $2 billion to $2.5 billion planned for the first quarter of 2027. Oil and gas production is expected to remain around 3 million boepd (barrels of oil equivalent per day) through 2035, while output grows more than 3% annually from 2025 to 2030. TotalEnergies also targets about 4% annual energy-production growth through 2030, electricity generation above 20% annual growth to 100-120 terawatt hours, and a 20% share for electricity in its energy mix by 2030. Integrated Power is expected to reach balance in 2026, become free-cash-flow positive in 2027 and deliver a 12% return on average capital employed by 2030. The company projects about $10 billion of additional free cash flow between 2025 and 2030, or more than $4 per share, under the same commodity-price assumptions. Beyond 2030, it targets annual net power-generation growth of 10-12 TWh and electricity at about 25% of its energy mix by 2035. Dividend payments beyond the interim dividend due in January 2027 remain subject to board approval.