TotalEnergies reported a 23% fall in second-quarter earnings on Thursday, the French oil major's worst performance in four years but in line with expectations, as lower oil and gas prices outweighed a rise in production and power sales.

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

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.