TotalEnergies reported a 23% decline in second-quarter net income amid falling oil and gas prices, reflecting a challenging market environment characterized by abundant supply and weakening global demand. Despite the earnings drop, the company maintained its $2 billion quarterly share buyback program and increased its dividend by 7.6%, which contributed to a rising net debt level. TotalEnergies attributed the market conditions to OPEC+ reversing some voluntary production cuts and a slowdown in global economic growth. Meanwhile, Shell posted second-quarter adjusted net income of $4.26 billion, down 32% year-on-year but exceeding expectations. The energy giant sustained its $3.5 billion quarterly share buyback for the 15th consecutive quarter, supported by strong cash flow from operations and cost reductions that helped offset weaker gas trading and falling commodity prices.