Integrated Energy: Buyback watch

Research evidence excerpt

Integrated Energy: Buyback watch

Equity Research

29 May 2026

Integrated Energy

Buyback watch

Strong balance sheets have allowed companies to allocate

surplus free cash flow to support share repurchases amid a

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 Barclays, UK

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

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

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

ARC 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

Barclays, UK

Thea LacroixFIGURE 1. Buyback programmes

+44 (0)20 3555 3088

thea.lacroix@barclays.com

Suspended buyback and withdrew from payout target of 30-40% of CFFO. DPS however is Barclays, UKbp expected to increase by 4% p.a.

To buy back $3.0bn before 2Q26 results announcement while aiming for shareholder 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