Profit was down to US$13.1 billion, but the company will raise its final 2025 dividend payout by 5.6%, to €3.40 per share.

“With cash flow stable at $7.2 billion, TotalEnergies once again demonstrates its ability to offset lower hydrocarbon prices thanks to accretive growth in its upstream production of 3.9% in 2025, exceeding the guidance of above 3%,” chief executive Patrick Pouyanne said in a statement.

The company will also continue to buy back its own shares to support its stock price, spending US$3 billion to US$6 billion this year, assuming oil prices stay in a range of US$60 to US$70 a barrel.

Like other oil majors, TotalEnergies is grappling with low oil and gas prices as a result of higher output by Opec+ nations since last year.

They are looking to regain market share amid strong competition from producers outside the group, such as the US, Canada and Guyana.

Pouyanne said TotalEnergies invested US$17.1 billion last year, of which 37% went to new oil and gas projects.

He also said US$3.5 billion was invested in “low-carbon energies”, mainly electricity.

Last October, TotalEnergies was convicted by a French court of “misleading commercial practices” by overstating its climate pledges and it was ordered to remove some claims.

Activists called it the first such ruling worldwide against a major oil company for climate misinformation.