(Adds details on earnings)
PARIS, July 29 (Reuters) - France's TotalEnergies
said on Thursday it would use part of its cash flow for share
buybacks, echoing moves by peers like Royal Dutch Shell
as rising oil and gas prices boosted profits in the second
quarter.
TotalEnergies, which has been investing heavily in shifting
its focus to renewable energy and electricity production, said
its adjusted net income progressed further in the April to June
period, reaching $3.5 billion.
Its adjusted net income was almost wiped out a year ago at
the start of the COVID-19 pandemic.
The group said it expected to generate more than $25 billion
in cash flow this year, and would invest in more new projects in
areas like renewable power and return surplus amounts to
shareholders if oil prices remained high.
"The board of directors decided to allocate up to 40% of the
additional cash flow generated above $60 per barrel to share
buybacks," TotalEnergies said in a statement.
It said it would also pay a second interim dividend of 0.66
euros per share for 2021, stable from the first quarter.
Shell on Thursday launched a $2 billion share buyback
programme and increased its dividend.
(Reporting by Sarah White Editing by Edmund Blair and Mark
Potter)