Eni Increases 2026 Buybacks as Production Growth Accelerates
Houthis Claim Attack on Saudi Oil Tanker in Red Sea What I Cover Tsvetana Paraskova is an energy and commodities journalist who has contributed to Oilprice.com for nearly a decade, covering global energy markets, commodities,… Eni (E:NYSE) is raising its share buyback program for the year after reporting on Wednesday consensus-beating earnings for the second quarter on the back of higher oil and gas prices and a jump in upstream production.
The Italian energy majorbookedan adjusted net profit of $2.65 billion (2.33 billion euros) for the second quarter, more than doubled from $1.29 billion (1.13 billion euros) for the same period last year, and higher than a company-provided consensus estimate of $2.4 billion (2.09 billion euros).
Eni attributed the profit jump to higher oil and gas realizations in a “supportive pricing environment,” as well as to growth in volumes and cost management.
The exploration and production (E&P) division reported pro forma adjusted EBIT soaring by 42% from the first quarter of 2026 and by 97% from the second quarter of 2025, driven by favorable volume and mix effects, cost discipline, and better oil realizations, Eni said.
Eni’s average realized price of liquids jumped by 54% from a year earlier to $96.50 per barrel for the second quarter of 2026.
Total oil and gas production averaged 1.79 million boe/d in April to June, up by 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/Malaysia, where the newJV Searah was launched.
Quarterly underlying annual production growth was 11%, adjusted for the impact of portfolio transactions and price effects.
As a result of strong execution and the market environment, Eni today raised its guidance on 2026 production to around 5% underlying growth and increased its distribution policy for the year to $3.9 billion (3.4 billion euros) of share buybacks, up by $683 million (600 million euros) from the previous guidance on the 2026 share repurchase program.
With the strong Q2 results, Eni joins European majorsTotalEnergiesandEquinor, which saw their profits jump from a year earlier as oil and gas prices surged during the Middle East crisis and delivered windfall earnings to the biggest energy firms.
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| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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