TotalEnergies is set to give more money to its shareholders as the war in the Middle East pushes oil prices and profits higher. On Monday, September 28, the French energy company said it would increase its dividend by more than 5 percent each year until 2030. It will also buy back more shares, spending $2.5 billion in the last quarter of 2026 and between $2 billion and $2.5 billion in the first quarter of 2027.
This is a big change from last year. In autumn 2025, Brent oil was selling for about $60 a barrel, and TotalEnergies was reducing its share buybacks. Now, the US-Iran conflict has pushed oil prices above $100, while diesel prices have also reached record highs. As a result, TotalEnergies made $11.2 billion in profit during the first half of the year, 72 percent more than last year.
The large payments could cause problems in France, where higher fuel prices are putting pressure on families. There are also fears of new protests similar to the 2018 Yellow Vest movement. Greenpeace France has called for the government to tax the company’s profits and dividends to help pay for the energy transition. Six EU countries, led by Germany, also want a tax on oil companies. France has rejected the idea, saying TotalEnergies already limits fuel prices at its own stations.
TotalEnergies also confirmed its other plans. The company expects its total energy production to grow by 4 percent each year until 2030. Oil and gas production should grow by more than 3 percent a year until 2030. From 2030 to 2035, it expects growth of 2 to 3 percent a year. The company also plans to increase electricity production, which it wants to represent about 20 percent of its energy mix by 2030 and 25 percent by 2035.
Reference
Vergès, M. (2026, September 28). TotalEnergies cajole ses actionnaires grâce à la flambée des cours du pétrole [TotalEnergies rewards shareholders as oil prices soar]. Le Monde. https://www.lemonde.fr/economie/article/2026/09/28/porte-par-la-flambee-des-cours-du-petrole-totalenergies-cajole-ses-actionnaires_6785076_3234.html