Eni Increases 2026 Buybacks as Production Growth Accelerates

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Italian energy company Eni has increased its 2026 share buyback program after reporting strong second-quarter earnings driven by rising oil and gas prices and higher upstream production. The adjusted net profit doubled compared to last year, exceeding consensus estimates and highlighting robust production growth.

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 major booked an 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…