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(Sharecast News) - TotalEnergies raised its dividend and said it would keep buying back shares despite annual profit falling by a fifth amid weaker crude prices and demand.
The French oil and gas giant on Wednesday reported adjusted net income of $18.3bn, down from $23.2bn a year ago, and slightly below forecasts of $18.2bn. Fourth-quarter profit rose 8% to $4.4bn boosted by its integrated liquefied natural gas and integrated power operations.
Total Energies said it expected higher gas prices and strong hydrocarbon production in the first three months of 2025.
Investors were rewarded with a 7% jump in the 2024 dividend to 3.22 a share, while the company said it would target $2bn in share buybacks per quarter in 2025.
Reporting by Frank Prenesti for Sharecast.com
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