French energy company TotalEnergies plans to spend $2.5bn buying back its shares in the fourth quarter of 2026, increasing the amount from the $1.5bn planned in recent quarters.

The company also announced plans to buy back between $2bn and $2.5bn worth of shares in the first quarter of 2027.

TotalEnergies said it would increase its dividend by more than five per cent each year through 2030, as it strengthens returns to shareholders.

The decision comes as the company benefits from higher global energy prices and stronger performance across its oil, gas and refining operations.

TotalEnergies has recorded stronger profits this year, supported by rising oil prices, improved trading results and higher refining margins.

Its second-quarter earnings reached their highest level in almost three years, with refining margins benefiting from market disruptions linked to the Iran war.