Integrated Energy: Buyback watch

Research evidence excerpt

Integrated Energy: Buyback watch

Equity Research

15 May 2026

Integrated Energy

Buyback watch

Strong balance sheets have allowed companies to allocate

surplus free cash flow to support share repurchases amid

volatile environment. We monitor the pace of buyback European Integrated Energy POSITIVE

execution through this tracker. European Integrated Energy

Lydia Rainforth, CFA

Below we list the recent buyback programmes announced by the European Integrated +44 (0)20 3134 6669

companies. In the 1Q results, Eni raised its targeted buyback for the year to EUR 2.8 billion, lydia.rainforth@barclays.com

TotalEnergies announced $1.5bn at the top end of the range, whereas Shell lowered its quarterly Barclays, UK

buyback to $3 billion but increased its dividend per share by 5% compared to the previous Ramachandra Kamath

quarter. It should be noted that share repurchases may proceed at a slower pace in the second +91 (0)22 61752308

quarter, as the programme will need to be paused from the time of publication of the ARC ramchandra.kamath@barclays.com

shareholder circular until the conclusion of the ARC shareholder meeting. However, the Barclays, UK

company said any repurchases not completed during this time will be carried forward to later Naisheng Cui, CFA

2026 programmes. +44 (0)20 7773 0486

naisheng.cui@barclays.com

FIGURE 1. Buyback programmes Barclays, UK

Thea Lacroix

Suspended buyback and withdrew from payout target of 30-40% of CFFO. DPS however is +44 (0)20 3555 3088bp expected to increase by 4% p.a. thea.lacroix@barclays.com

To buy back $3.0bn before 2Q26 results announcement while aiming for shareholder Barclays, UK Shell distribution of 40-50% of CFFO through cycle.

To buy back up to $1.5bn for 2Q26, at the top of the $0.75-1.5bn per quarter range for a Brent