Italian energy major Eni reported a strong rise in second quarter earnings as higher oil and gas prices, increased hydrocarbon production and robust performance across its upstream business boosted profitability. According to Reuters, adjusted net profit more than doubled year on year to €2.3 billion (£3.3 billion), exceeding analysts’ expectations of €2.09 billion and marking the company’s strongest quarterly performance in three years. The results prompted Eni to increase its share buyback programme by €600 million to a total of €3.4 billion.
Hydrocarbon production rose 7% to 1.789 million barrels of oil equivalent per day, leading Eni to raise its full year production growth forecast to 5%, up from the previous guidance of 3% to 4%. The company attributed the performance to higher energy prices amid geopolitical tensions, strong upstream operations and continued growth in its biofuel business, Enilive. Chief Executive Claudio Descalzi said Eni’s strategy of developing high quality upstream assets and expanding low carbon businesses had strengthened the group’s resilience and cash generation.
The results underscore how elevated commodity prices continue to benefit major energy producers despite broader market uncertainty. For investors, Eni’s improved earnings, increased shareholder returns and upgraded production outlook signal confidence in the company’s operational performance and long term strategy. The strong results also reflect continued investment in oil and gas production alongside the expansion of lower carbon energy businesses, balancing near term profitability with the transition towards cleaner energy sources.
Looking ahead, Eni indicated it could consider an additional shareholder distribution later in the year if oil prices remain supportive. The company’s performance will be closely monitored as global energy markets respond to geopolitical developments, supply dynamics and evolving demand, factors that are expected to shape profitability across the energy sector for the remainder of 2026.
