TotalEnergies hikes dividend, buybacks on record 2022 profit

Surging profits, at a time when most people are suffering from a cost-of-living crisis, has put the oil industry in the cross-hairs of politicians around the world. 

The French company said its global tax bill more than doubled to $33bn (€30bn) last year.

TotalEnergies raised its dividend and will buy back a further $2bn (€1.8bn) of shares after surging oil and gas prices lifted 2022 profit to a record $36bn (€33bn).

The French energy giant capped another stellar quarter for Big Oil, with most companies pledging more generous returns to investors while also paying down debt and in some cases boosting investment. Norway’s Equinor also raised shareholder payouts on Wednesday.