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Eni raises 2026 buyback as Q2 profit jumps on higher oil prices
Eni reported adjusted net profit of $2.65 billion in the second quarter, more than double the prior year period.
Eni is increasing its planned share buyback for 2026 after reporting stronger-than-expected second-quarter earnings, supported by higher oil and gas prices and rising upstream output, OilPrice reported.
The Italian energy company posted adjusted net profit of $2.65 billion for the quarter, up from $1.29 billion a year earlier, and above a company-provided consensus estimate of $2.4 billion. Eni attributed the improvement to higher oil and gas realizations in a “supportive pricing environment,” plus volume growth and cost management.
Eni said its average realized price of liquids rose 54% year over year to $96.50 per barrel in the second quarter. Total oil and gas production averaged 1.79 million boe/d in April to June, up 7% year over year, driven by project ramp-ups in Norway, Congo, and Mexico, new project start-ups in Angola, and higher contribution from Indonesia and Malaysia, including the launch of the new JV Searah.