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Javier Blas, industry influencer, reports that TotalEnergies has increased its quarterly share buyback program to $1.5 billion, matching the upper end of its guidance. The company also raised its dividend following a strong set of results in the January to March period. TotalEnergies had recently set the lower bound of its buybacks at around $750 million.
Earlier this year, OPEC+ agreed to a mostly symbolic output hike as the Strait of Hormuz closure limited real gains, according to Javier Blas in a report on the producer group’s meeting. Blas has also discussed factors moving oil prices, including the U.S.-Iran conflict, in a separate interview. These developments have shaped recent industry conditions.