Eni raised its 2026 oil and gas production outlook and expanded its share buyback program after reporting significantly stronger second-quarter results, supported by double-digit production growth, higher commodity prices and improved performance across several business segments.
The Italian energy company now expects underlying full-year hydrocarbon production growth of around 5%, up from its previous guidance of 3% to 4%, following 11% year-over-year underlying production growth in the second quarter to 1.79 million barrels of oil equivalent per day, excluding price effects.
The improved outlook prompted Eni to increase its planned 2026 share repurchase program to €3.4 billion, up from the previously revised €2.8 billion, while reaffirming its planned dividend of €1.10 per share. The company also said an extraordinary dividend could be considered later this year if refining margins remain well above budget ****** umptions.
Second-quarter adjusted EBIT more than doubled year over year to €5.38 billion, while adjusted net profit rose to €2.3 billion. The upstream business generated €4.77 billion in adjusted EBIT, benefiting from higher production, favorable oil realizations and continued cost discipline. Cash flow before working capital reached €4.47 billion, comfortably covering €1.84 billion in capital spending and €1.35 billion returned to shareholders through dividends and buybacks during the quarter.
Strategically, Eni continued expanding its upstream portfolio and transition businesses. During the quarter it established the Searah joint venture with Petronas, creating a regional platform spanning Indonesia and Malaysia that will develop major gas discoveries in the Kutei Basin. The company also approved final investment decisions for the Baleine Phase 3 development offshore Côte d'Ivoire, the Greater PAJ project offshore Angola, and the Cronos gas project offshore Cyprus.
#production #second
The Italian energy company now expects underlying full-year hydrocarbon production growth of around 5%, up from its previous guidance of 3% to 4%, following 11% year-over-year underlying production growth in the second quarter to 1.79 million barrels of oil equivalent per day, excluding price effects.
The improved outlook prompted Eni to increase its planned 2026 share repurchase program to €3.4 billion, up from the previously revised €2.8 billion, while reaffirming its planned dividend of €1.10 per share. The company also said an extraordinary dividend could be considered later this year if refining margins remain well above budget ****** umptions.
Second-quarter adjusted EBIT more than doubled year over year to €5.38 billion, while adjusted net profit rose to €2.3 billion. The upstream business generated €4.77 billion in adjusted EBIT, benefiting from higher production, favorable oil realizations and continued cost discipline. Cash flow before working capital reached €4.47 billion, comfortably covering €1.84 billion in capital spending and €1.35 billion returned to shareholders through dividends and buybacks during the quarter.
Strategically, Eni continued expanding its upstream portfolio and transition businesses. During the quarter it established the Searah joint venture with Petronas, creating a regional platform spanning Indonesia and Malaysia that will develop major gas discoveries in the Kutei Basin. The company also approved final investment decisions for the Baleine Phase 3 development offshore Côte d'Ivoire, the Greater PAJ project offshore Angola, and the Cronos gas project offshore Cyprus.
#production #second
3 months ago
