TotalEnergies Uses Cash From War-Induced Price Rises to Cut Debt
By Adam Whittaker
TotalEnergies said it is prioritizing paying down its debt as conflict in the Middle East continues to provide an earnings tailwind and an opportunity to shore up balance sheets.
The French oil and gas company said continued high oil and gas prices over the second quarter offered a boost to earnings while enabling it to cut its net debt by $3.3 billion, bringing it down to $19.71 billion. The company said it is prioritizing deleveraging amid the price environment.
The higher prices also enabled the company to maintain its $1.5 billion quarterly share buyback and declare a second-interim dividend of 0.90 euros a share.
In April, the company resumed share repurchases of up to $1.5 billion, aided by war-induced price rises which delivered a cash boost. This follows a slashing of its buyback rate to $750 million in February.
Adjusted earnings before interest, taxes, depreciation and amortization rose 5% on the prior quarter to $13.2 billion. Adjusted net income, a company preferred profitability metric, rose 12% to $6.03 billion.
Write to Adam Whittaker at adam.whittaker@wsj.com
(END) Dow Jones Newswires
July 23, 2026 02:50 ET (06:50 GMT)
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