TotalEnergies Promises More Distributions, Buybacks As Oil Prices Soar

As oil prices soar and investors wait for signs that oil company stocks will start to catch up, French TotalEnergies has announced plans to boost production and shareholder distributions, lifting its stock price by almost a percentage point in morning trading.  TotalEnergies said it planned to return some 44% of its operations cash flow to shareholders in 2023, as well as add another $1.5 billion to buybacks, which will hit $9 billion. Additionally, distribution guidance will be pushed to more than 40% of the company’s cash flow from…