TotalEnergies Q2 profits surge and company announces more share buybacks

A sign with the logo of French oil and gas company TotalEnergies is pictured at a petrol station in Nantes, France, June 30, 2022. REUTERS/Stephane Maheposted a surge in second-quarter profits, joining others in its sector which have benefited from higher energy prices, and announced more share buybacks for the third quarter.

TotalEnergies' net income nearly trebled from a year earlier to stand at $5.7 billion and the French company also raised its interim dividend by 5% from last year to 0.69 euros per share. TotalEnergies' shares dipped by around 1% in early session trading, although the stock remains up by around 10% in 2022.A rapid recovery in demand following the end of COVID pandemic lockdowns and a surge in energy prices, driven by Russia's invasion of Ukraine, have boosted profits for many of the world's top oil companies.

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