The energy major said it would keep its $2 billion quarterly buyback even as lower oil-and-gas prices weighed on its earnings.

TotalEnergies reported a 30% drop in Q2 net income to $2.69B, missing analyst expectations, as lower prices for oil and liquefied natural gas outweighed a rise in production and power sales.

TotalEnergies said Thursday its net profit plunged in the second quarter despite increased output as global oil and gas prices dropped.Despite the 29 percent year-on-year drop in net profit in the second quarter to $2.