TTE

By Giulia Petroni

TotalEnergies SE boosted shareholders returns for the current year after overall performance in 2022 benefited from strong hydrocarbon production and gas sales despite Russia impairments.

The French major said Wednesday that it targets an increase in interim dividends of more than 7% to 0.74 European cents ($0.79) a share and buybacks of $2 billion in the first quarter, confirming that it aims for a payout of between 35%-40% for shareholders in 2023.

For 2022, the company said it will propose a final dividend of EUR0.74 a share, bringing the total ordinary 2022 dividend to EUR2.81 a share, an increase of around 6.5% compared with 2021.

In the fourth quarter, TotalEnergies reported a net profit of $3.26 billion compared with $5.84 billion for the same period last year, after taking a $4.1 billion hit due to the deconsolidation of its stake in Russian gas producer Novatek. On an adjusted basis, profit came in at $7.56 billion.

Hydrocarbon production was 2.81 million barrels of oil equivalent a day in the quarter and is expected to rise by around 2% to 2.5 million boe/d in the current year, driven by project startups in Oman, Brazil and Azerbaijan, the company said.

Quarterly sales increased to $68.58 billion from $60.35 billion for the year-earlier period.

For the current year, TotalEnergies said it targets net investments of between $16 billion and $18 billion, including $5 billion allocated toward low-carbon energies.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

February 08, 2023 03:08 ET (08:08 GMT)

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