TotalEnergies reported earnings this week. And like bp and Equinor, they’re pulling back on buybacks.
❗ Bp is ditching buybacks entirely:
“We are also [making]…the decision to suspend the share buyback and fully allocate excess cash to our balance sheet.”
❗ Equinor is cutting buyback by at least 70%:
“Following this, the total share buy-backs under the share buy-back programme for 2025 amounts to USD 5 billion. The board of directors has decided to announce share buy-back for 2026 of up to USD 1.5 billion.”
❗ TotalEnergies expects buybacks to drop between 20-60%:
“…reflecting the share buybacks executed in 2025 ($7.5 billion for a 55% payout). The Board also confirmed the 2026 share‑buyback guidance of $3 billion to $6 billion…”
It’s easy to point to renewables investments as the culprit.
And while that’s true in some cases, it’s not the whole story.
Regardless of whether it’s oil prices, leverage, or subpar historical capital allocation, these three majors are intentionally throttling back their relatively aggressive buyback activity.
That’s a tough pill for shareholders to swallow in an era where long-term oil demand is as uncertain as it has ever been.
▶️ There’s real nuance worth unpacking here. We’ll dig into it soon over at Foundations of Energy.
This is one of the stories worth watching as we move through 2026.
