Key facts
- Eni's Q2 adjusted net profit was $2.65 billion, more than double the previous year.
- The company's profit exceeded the consensus estimate of $2.4 billion.
- Higher oil and gas prices and a 7% increase in production drove the results.
- Eni raised its 2026 share buyback program by $683 million to $3.9 billion.
- Production growth guidance for 2026 was increased to approximately 5%.
Eni reported second-quarter earnings that more than doubled from the previous year, surpassing analyst expectations, driven by higher oil and gas prices and increased production volumes. The Italian energy company's adjusted net profit reached $2.65 billion, up from $1.29 billion in the same period last year.
The company attributed the strong performance to favorable pricing in a supportive market environment, coupled with growth in production volumes and effective cost management. Eni's exploration and production division saw a significant surge in adjusted EBIT, rising 42% from the first quarter of 2026 and 97% from the second quarter of 2025.
Average realized prices for liquids jumped 54% year-over-year to $96.50 per barrel. Total oil and gas production averaged 1.79 million barrels of oil equivalent per day, a 7% increase from the prior year, boosted by project ramp-ups in Norway, Congo, and Mexico, new starts in Angola, and contributions from Indonesia/Malaysia.
As a result of its strong execution and favorable market conditions, Eni raised its 2026 production growth forecast to approximately 5% and increased its total distribution policy for the year to $3.9 billion, including a $683 million boost to its share buyback program. Eni's performance mirrors that of European peers TotalEnergies and Equinor, which also reported substantial profit increases due to surging oil and gas prices.