Eni Increases Share Buybacks Amid Strong Q2 Earnings and Production Growth
Italian energy company Eni (E:NYSE) has raised its share buyback program for the year following strong second-quarter earnings. The firm reported an adjusted net profit of $2.65 billion, more than double compared to last year's $1.29 billion, driven by higher oil and gas prices as well as increased production volumes. Eni’s upstream division saw a significant increase in pro forma adjusted EBIT due to favorable volume effects, cost discipline, and improved oil realizations. The company also raised its 2026 production guidance to around 5% underlying growth after achieving an average of 1.79 million boe/d during the second quarter. As a result of these strong results, Eni increased its share repurchase program for the year by $683 million (€600 million), bringing it up to $3.9 billion in total buybacks.
Tickers: $E
Topics: Buybacks Earnings Oil Prices Production Growth