Following stronger-than-expected quarterly earnings, the energy major unveiled a $3.5 billion repurchase program, reinforcing commitment to disciplined capital returns despite macro uncertainty. Management pointed to resilient upstream performance, stable cash flows, and portfolio optimization as key supports. Net debt metrics improved, enabling continued investment in LNG and low-carbon opportunities while maintaining dividend guidance. Analysts said the buyback signals confidence in cash generation and helps offset valuation drag from commodity volatility. Equity reaction was constructive, with brokers highlighting scope for further distributions if pricing remains favorable.