Integrated Energy: Buyback watch

Research evidence excerpt

Integrated Energy: Buyback watch

Equity Research

19 June 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. Equinor increased its buyback from $1.5bn to $3.0bn at the CMD held on 16th June. lydia.rainforth@barclays.com

At 1Q results, Eni raised its targeted buyback for the year to EUR 2.8 billion; TotalEnergies Barclays, UK

announced $1.5bn, at the top end of the range; while Shell lowered its quarterly buyback to $3 Naisheng Cui, CFA

billion but increased its dividend per share by 5% compared with the previous quarter. It should +44 (0)20 7773 0486

be noted that share repurchases may proceed at a slower pace in the second quarter, as the naisheng.cui@barclays.com

programme will need to be paused from the time of publication of the ARC shareholder circular Barclays, UK

until the conclusion of the ARC shareholder meeting. However, the company said any Ramachandra Kamath

repurchases not completed during this time will be carried forward to later 2026 programmes. +91 (0)22 61752308

ramchandra.kamath@barclays.com

FIGURE 1. Buyback programmes Barclays, UK

Anand Vardhan Gupta

Suspended buyback and withdrew from payout target of 30-40% of CFFO. DPS however is +91 (0)22 6175 4703bp expected to increase by 4% p.a. anandvardhan.gupta@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.

Thea Lacroix