By Adam Whittaker

TotalEnergies said it would reduce stock buybacks and step up cost savings after lower oil prices hit its fourth-quarter results.

The French energy giant is looking to boost its output of both hydrocarbons and electricity while reining in expenses, at a time when oil majors are positioning themselves for a period of weaker prices and greater investor scrutiny of their balance sheets.

TotalEnergies said Wednesday that it would halve its quarterly buyback to $750 million, with planned repurchase shares valued at between $3 billion and $6 billion for the year as a whole. Last year, its buybacks totaled $7.5 billion. The company previously warned it would slow the pace of its buybacks to retain flexibility amid economic and geopolitical uncertainty.

The move comes hot on the heels of BP's suspension of its buyback as part a broader turnaround plan to cut its high net debt. But Exxon Mobil and Shell recently said they aim to keep buying back stock at the same pace as last year, pointing to a schism in how big oil companies navigate the current environment.

TotalEnergies also said it would target savings over the 2026-30 period of $12.5 billion, including $2.5 billion this year. In September, it said the program would deliver savings of $7.5 billion over the same time frame.

For the three months ended Dec. 31, TotalEnergies' net profit fell 21% on the prior quarter to $2.91 billion. This compares with analysts expectations of $3.785 billion, according to a Visible Alpha consensus. Adjusted net profit was largely in line with expectations.

Adjusted earnings in its upstream unit declined 17% on quarter to $1.81 billion. Meanwhile, earnings in it integrated liquefied natural gas were boosted by the restart of its Ichthys plant in Australia, which offset the 5% decline in prices, it said.

Its downstream unit reported a 26% jump in adjusted earnings to $1.3 billion on a more than 30% increase in European refining margins.

TotalEnergies declared a final dividend of 0.85 euros a share, leading to a 5.6% increase in the full-year payout to 3.40 euros a share.

The company's fourth‑quarter oil and gas production rose nearly 5% on year to 2.545  million barrels of oil equivalent a day.

TotalEnergies plans to growth its total energy production--consisting of oil, gas and electricity--by 5% over 2026.

Oil and gas production is forecast to rise 3% as it benefits from the start-up of projects in Brazil, Qatar and Algeria. Electricity production is expected to grow by around 25% in 2026, aided by the completion of its deal to buy 50% of a portfolio of electricity assets owned by Energeticky a Prumyslovy Holding.

Over 2026, TotalEnergies expects to invest around $15 billion, including about $3 billion of which will be mainly spent on its electricity unit.

Shares were up 1.5% to 63.48 euros in midmorning trade in Europe.

Write to Adam Whittaker at adam.whittaker@wsj.com

(END) Dow Jones Newswires

February 11, 2026 04:43 ET (09:43 GMT)

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