Strong results, with an adjusted EBITDA up by 28% qoq (for comparison Shell’s is +20% qoq). TotalEnergies announced a 5% dividend increase, earlier than expected, and supported by the growth in LNG and electricity. It also expects to buy back $2bn of shares in H1 22. This confirms the level of distribution if Brent averages $90/bbl in H1. Using TotalEnergies’ sensitivity to a $10 change in the oil price and the company’s buy-back policy, we see a buy-back of $1.9bn for H1.
