(Reuters) – TotalEnergies announced Thursday that it will increase its plans to purchase back shares. This was in response to the soaring prices of oil and gas, which helped the French energy company post record earnings for the first three month period 2022.

This oil and gas giant is planning to buy back $3 billion worth of shares. The company had previously stated in February that it will buy back $2billion in shares over the first six months of this year.

Company posted an adjusted net profit of $9.0 billion, up 32% quarter over quarter. The core profit at $17.4 million was also up 22%.