PARIS -French major TotalEnergies plans to grow its oil and gas business by 3% annually to 2030, up from a previous 2-3% range to 2028, it said on Wednesday ahead of its investor day presentation.

That would bring total energy production to a 4% annual growth rate, with a goal of having more than 70% of its electricity in 2030 coming from renewable sources. 

The company also said it expects to return 45% of its 2024 cash flow to shareholders, and confirmed plans for $8 billion in share buybacks this year.

In 2025 it will increase the dividend per share by at least 5% based on this year's buybacks, and continue buybacks of $2 billion per quarter "assuming reasonable market conditions".

Total's annual investment target of $16-18 billion, with a possible $2 billion reduction in case of price drops, remains unchanged. 

(Reporting by America Hernandez in Paris; editing by Jason Neely, Kirsten Donovan)

By America Hernandez