(Reuters) -French oil major TotalEnergies will consider scaling back its share buyback programme next year, it said on Wednesday, citing an uncertain economic and geopolitical environment.
The company’s board said it has approved quarterly buybacks worth between $0.75 billion and $1.5 billion in 2026, assuming Brent crude prices of between $60 and $70 per barrel, with the dollar trading at about $1.20 against the euro.
Chief Executive Patrick Pouyanne had said in July that the group could maintain share buybacks worth $2 billion each quarter with oil at $70 a barrel.
The new range was announced with the aim of preserving a strong balance sheet and a gearing ratio below 20%, the company said, adding that hydrocarbon prices and refining and petrochemical margins will also be taken into account.
Total reported rising debt and a 23% drop in second-quarter income in July, hit by lower hydrocarbon prices.
(Reporting by Alban KacherEditing by Hugh Lawson and David Goodman)
