0932 GMT - The sustainability of TotalEnergies' buybacks is under threat and investors will want to know the extent to which it will lean on its balance sheet to cover distributions, Barclay's analysts write. In the current market environment, its $2 billion buyback is being paid out of debt, they write. Annualizing first-quarter cash flow from operations--excluding working capital--gives TotalEnergies around $28 billion, the analysts write. Accounting for $17 billion of capital expenditure and around $8 billion of dividends leaves only $3 billion to fund the $8 billion buyback, they write. Given the deteriorating macroeconomic environment, the gap is only likely to grow, they add. Shares in the French oil and gas company trade down 3.7% at 50.42 euros. (adam.whittaker@wsj.com)
(END) Dow Jones Newswires
April 30, 2025 05:32 ET (09:32 GMT)
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