TotalEnergies is doubling down on investor returns with a fresh $2 billion share buyback in Q2—even as its Q1 profits slid 18% to $4.19 billion.

CEO Patrick Pouyanne said the move reflects “confidence in the balance sheet,” despite Brent crude prices dipping below $70 and ongoing global uncertainty.

The energy giant also kept its dividend steady at €0.85 per share, up 7.6% from early 2024, and boosted oil and gas output by 4%, driven by growth in Brazil, the U.S., and more.

Still, refining profits plunged 69%, and power earnings dropped 17%. But LNG stayed strong, with trading in line with expectations despite shaky European gas markets.

TotalEnergies wrapped Q1 with $22.84B in cash, signaling it’s ready to power through the downturn.