By Adam Whittaker

TotalEnergies said it would return more cash to shareholders as the conflict in the Middle East provides an earnings windfall.

The French energy major said Wednesday that it would resume share repurchases of up to $1.5 billion over the second quarter ending June as war-induced price rises deliver earnings and cash-flow growth. It also raised its interim dividend by nearly 6% to 0.90 euros ($1.05) a share.

Higher oil prices, growth in liquefied natural gas production and a very strong performance from its traders meant the company's net profit doubled on quarter to $5.81 billion. This beat the $5.21 billion analysts had expected, according to a Visible Alpha consensus.

Earlier this week, British rival BP also said quarterly earnings more than doubled following volatility triggered by the conflict.

Facilities representing around 15% of TotalEnergies' total oil and gas production are shut down due to the conflict in the Middle East. It has halted production in Qatar, Iraq and offshore the United Arab Emirates as energy infrastructure in the region has come under attack.

Despite production lockdowns, output was largely unchanged on the prior quarter as new projects and start-ups in Brazil and Libya helped offset the losses.

TotalEnergies said its downstream performance was aided by a recovery in refining units, which captured exceptional margins in March when shutdowns in the Middle East and market dislocations offered ideal conditions for refiners.

TotalEnergies shares were 0.9% higher at 78.99 euros in early trade in Europe.

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

(END) Dow Jones Newswires

April 29, 2026 03:47 ET (07:47 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.