French energy giant TotalEnergies said Wednesday that its net profit fell 17 percent last year, reflecting declines in oil prices even as it increased production.

This photograph taken on October 5, 2022, shows a logo of Total Energies at a gas station in Genech, northern France. (Photo: AFP)

Profit was down to $13.1 billion, but the company will raise its final 2025 dividend payout by 5.6 percent, to 3.40 euros per share.

"With cash flow stable at $7.2 billion, TotalEnergies once again demonstrates its ability to offset lower hydrocarbon prices thanks to accretive growth in its upstream production of 3.9 percent in 2025, exceeding the guidance of above 3 percent," chief executive Patrick Pouyanne said in a statement.

The company will also continue to buy back its own shares to support its stock price, spending $3 billion to $6 billion this year assuming oil prices stay in a range of $60 to $70 a barrel.

Like other oil majors, TotalEnergies is grappling with low oil and gas prices as a result of higher output by OPEC+ nations since last year.

They are looking to regain market share amid strong competition from producers outside the group, such as the United States, Canada and Guyana.

Pouyanne said TotalEnergies invested $17.1 billion last year, of which 37 percent went to new oil and gas projects.

He also said $3.5 billion was invested in "low-carbon energies", mainly electricity.

Last October, TotalEnergies was convicted by a French court of "misleading commercial practices" by overstating its climate pledges and ordered it to remove some claims.

Activists called it the first such ruling worl