Key facts
- Eni's third-quarter adjusted net profit rose 125% to $3.14 billion.
- Refining margins tripled year-to-date to $15.5 per barrel.
- Eni will pay an extraordinary dividend of $1.46 billion in December.
- Share buyback program increased by 12% to $4.26 billion.
Italian energy group Eni announced a significant increase in investor returns, including an extraordinary dividend and enhanced share buybacks, following a more than doubling of its third-quarter earnings. The company's adjusted net profit reached $3.14 billion, up 125% from the previous year, propelled by higher oil and gas production and a surge in refining margins. The refining and chemicals division reported earnings of $529 million, a stark contrast to previous losses, driven by improved plant utilization in a strong market scenario. Eni's refining margin averaged $28.1 per barrel in the quarter. The company attributed its strong performance to solid business trends and a supportive commodity scenario, enabling exceptional shareholder returns.