Eni Profits Hit Three-Year High on Rising Energy Prices

The Italian energy group Eni reported second-quarter profits that reached a three-year high, with total profit rising fivefold to €3.3 billion. Adjusted net profit more than doubled year-on-year to €2.3 billion (approximately $2.65 billion), exceeding analyst consensus estimates of $2.4 billion. The surge was driven by increased upstream production, disciplined cost management, and elevated energy prices resulting from the U.S.-Iran conflict; the average realized price of liquids rose 54% year-over-year to $96.50 per barrel.

Total oil and gas production averaged 1.79 million boe/d between April and June, supported by projects in Norway, Congo, Mexico, and Angola, as well as a new joint venture in Indonesia and Malaysia. Consequently, the company raised its 2026 production guidance to approximately 5% underlying growth and expanded its annual share buyback program to €3.4 billion (approximately $3.9 billion), an increase of $683 million over previous targets.

As part of its growth strategy, Eni announced a $2 billion capital contribution from U.S.-based asset manager Ares Management under a partnership agreement for oil and gas infrastructure. CEO Claudio Descalzi attributed the results to the company's diversified portfolio and the scaling of its exploration and production business.