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Illustration: Sarah Grillo/Axios

Two oil-and-gas heavyweights — Shell and TotalEnergies — both said they're taking new steps to reward investors as they reported billions of dollars in Q2 profits this morning.

Driving the news: Shell said it's launching $2 billion in share buybacks that it hopes to complete by year's end and it increased dividends to 24 cents per share, a 38% boost from Q1.

The company reported $5.5 billion in adjusted Q2 earnings

  • Meanwhile, France-based multinational TotalEnergies reported an adjusted profit of $3.5 billion.
  • The company said it would allocate up to 40% of additional cash flow from Brent crude prices above $60-per-barrel to buybacks.
  • Another huge oil company, Norway's Equinor, today announced a $300 million tranche of its share buyback program.

The big picture: The moves show Big Oil's reversal of fortune since the pandemic crushed prices and demand last year, leading to steep industry losses.

  • European majors that are increasingly diversifying into lower carbon sectors are also seeking to show investors that they'll benefit during the transition.
  • And here's your standing reminder that while they're boosting investment in areas like renewables, power services and EV charging, oil and gas remain their dominant business lines.

Go deeper: Bloomberg has much more on their earnings here.

Speaking of Big Oil and renewables, TotalEnergies and Amazon this morning announced a "strategic collaboration" that includes helping Amazon procure more clean power.

  • They said they have signed power purchase agreements to provide 474 megawatts of capacity to Amazon in the U.S. and Europe, and they expect to expand the effort to the Middle East and Asia-Pacific region.

Go deeper

Column / Harder Line

Poor countries push for lenience in banning fossil-fuel financing

Illustration: Aïda Amer/Axios

The growing urgency of tackling global warming is colliding with the world’s deeply uneven use of the heat-trapping energy resources that are causing it.

The big picture: The long-simmering debate over the role rich and poor countries should fill in tackling climate change is reaching a boiling point.

DHS to increase deportation flights to Haiti from Del Rio

Migrants walk across the Rio Grande River carrying supplies back to a makeshift encampment under the international bridge between Del Rio, Texas, and Acuña, Mexico. Officials are struggling to provide food, water, shelter and sanitation, forcing migrants to cross the Rio Grande several times per day for basic necessities. Photo: Jordan Vonderhaar via Getty Images

The Department of Homeland Security on Saturday announced plans to ramp up deportation flights to Haiti out of the small Texas border town Del Rio, starting as soon as Sunday.

Why it matters: Reports have emerged of more than 10,000 migrants, primarily from Haiti, crowded in a temporary camp under the international bridge in Del Rio. Hoping to find refuge in the United States, they've had to bear with filthy conditions and the scorching sun for days, per an NBC News affiliate.

2 hours ago - World

Pope Francis urges bishops to listen to survivors of sexual abuse

Pope Francis rides his Pope mobile through a crowd of pilgrims before holding an open-air mass on September 15, 2021 in Sastin, Slovakia. Photo: Sean Gallup/Getty Images

Pope Francis on Saturday urged European bishops to listen to survivors of clergy sexual abuse, saying "these important discussions truly touch the future of the church," AP reports.

Driving the news: Francis spoke in a video message to Central and Eastern European bishops who are convening in Poland for a four-day child protection conference beginning on Sunday.