1216 GMT - French energy major TotalEnergies should return to its $2 billion-a-quarter share buyback, HSBC's Kim Fustier writes in a note. Management had cut it to between $750 million and $1.5 billion assuming oil prices between $60 to $70 a barrel, she notes. Prices have since risen. HSBC now sees Brent crude likely averaging $80 a barrel in 2026 and potentially exceeding $70 in 2027. At this level, TotalEnergies management is expected to revert to its previous policy of returning at least 40% of cash flow from operations, she says. Shares fall 1.8% to 79.60 euros.