TotalEnergies Raises 2025 Dividend 5.6% to EUR 3.40 Per Share, Guides 3 Billion to 6 Billion Dollar 2026 Buyback at Paris AGM

TotalEnergies held its annual shareholders' meeting on May 29, 2026, at its Courbevoie, France headquarters, passing all 21 board-supported resolutions. Shareholders approved a full-year 2025 dividend of EUR 3.40 per share, up 5.6% from the EUR 3.22 paid for 2024. The final quarterly installment of EUR 0.85 per share is payable in July 2026, per the company's Form 6-K filed with the US Securities and Exchange Commission.

TotalEnergies posted 2025 adjusted net income of $15.6 billion on cash flow from operations of $27.8 billion. Return on average capital employed reached 12.6% for the year, which the company described as the best among the major integrated oil companies. These 2025 results were earned as Brent averaged closer to $80 per barrel, before the Hormuz crisis drove oil prices sharply higher in early 2026.

Buyback Guidance and the Oil Price Ceiling

TotalEnergies confirmed a $3 billion to $6 billion buyback program for 2026, calibrated to a $60 to $70 per barrel oil price planning range. With ICE Brent settling at $91.70 per barrel on Friday, May 29, the company is operating $21.70 above the top of that planning corridor. The $60 to $70 range implies a sensitivity of roughly $300 million of additional buyback capacity per dollar of oil price, rising linearly from $3 billion at $60 per barrel to $6 billion at $70 per barrel. At that slope, Brent at $91.70 would nominally support buybacks well above $6 billion, making the authorized 10%-of-share-capital cap the binding constraint rather than the oil price.

Shareholders authorized TotalEnergies to repurchase up to 10% of outstanding shares at a maximum price of EUR 100 per share at the meeting. This authorization covers any share repurchases TotalEnergies executes in 2026 beyond the dividend. The EUR 100-per-share ceiling and 10%-of-capital volume limit are standard annual authorizations under French corporate law.

Board Changes and Governance

Shareholders elected Slawomir Krupa, chief executive of Societe Generale, France's second-largest bank by assets, as a new independent director for a three-year term. The meeting also renewed three existing directors for additional three-year terms: Marie-Christine Coisne-Roquette, Anelise Lara, and Dierk Paskert. The board expanded to 14 members, with 82% now classified as independent directors. TotalEnergies also amended its governance documents to update age limits for the chairman and chief executive positions.

Upstream Assets Outside the Hormuz Corridor

TotalEnergies operates exploration and production assets across West and Central Africa, the North Sea, and the Americas, all outside the Hormuz shipping lane. The company also holds equity stakes in QatarEnergy's LNG export trains, which ship through the Strait of Hormuz, and those LNG revenues face disruption while the strait remains closed. Upstream assets outside the Persian Gulf are realizing the full $91.70 Brent settlement price with no routing constraint. OPEC's May 2026 Oil Market Report puts the cartel's spare capacity at 10,069 thousand barrels per day in April, most of it inside the Gulf and unavailable while Hormuz stays shut.

Two Forecasters on Where Brent Goes From Here

The EIA's May 2026 Short-Term Energy Outlook projects Brent averaging $89 per barrel through Q4 2026 and $79 per barrel in 2027. The IEA's May 2026 Oil Market Report describes the market as "severely undersupplied" through Q3 2026, with a 1.78 million barrel-per-day net supply deficit. Under the IEA's more constrained scenario, TotalEnergies' upstream margins stay elevated well into the second half even after a ceasefire. The EIA's more moderate trajectory assumes partial Hormuz reopening by autumn 2026, compressing upstream realizations toward the $89 Q4 average.

TotalEnergies also reported a 65% reduction in methane emissions against its 2020 baseline at the meeting, surpassing the 50% sector pledge adopted by European energy majors at COP26. Methane performance increasingly affects European bank lending covenants and ESG-oriented fund inclusion. Whether that 65% reduction holds under third-party audits required by the EU Methane Regulation will determine how much credit investors assign to the figure.