Eni Doubles Quarterly Profit and Raises 2026 Buybacks to $3.9 Billion
An adjusted net profit of $2.65 billion beat Eni's own consensus by 10%, driven by a 54% jump in realized liquids prices and 7% production growth year-on-year.
Eni on Wednesday (2026-07-29) reported an adjusted net profit of $2.65 billion for the second quarter, more than double the $1.29 billion posted a year earlier and roughly 10% above the company-provided consensus estimate of $2.4 billion.6
The exploration and production division drove the beat. Pro forma adjusted EBIT for E&P climbed 97% from Q2 2025 and 42% from the first quarter of 2026, with Eni attributing gains to cost discipline, favorable volume and mix effects, and better oil realizations. Average realized liquids prices rose 54% year-on-year to $96.50 per barrel in the quarter, a marked premium to the ICE Brent crude front-month at $87.32 per barrel on Wednesday (2026-07-29) morning.6
Volume growth reinforced the price effect. Total oil and gas production averaged 1.79 million barrels of oil equivalent per day in the April-to-June quarter, up 7% year-on-year. Project ramp-ups in Norway, Congo, and Mexico provided the main drivers, alongside new start-ups in Angola and expanding output from Indonesia and Malaysia. Stripping out portfolio transactions and price effects, the underlying quarterly production growth rate was 11%.6
Those numbers triggered a guidance upgrade. Eni raised its 2026 production target to around 5% underlying growth and lifted its full-year share buyback program to $3.9 billion. Management announced the distribution increase alongside prompt-month oil prices softer than the rates that generated the beat, signalling confidence that the production ramp is not contingent on a repeat of Q2's commodity environment.6
European gas prices provide context for the gas-trading and upstream gas side of Eni's integrated business. ICE Endex TTF front-month was at €57.79 per megawatt-hour on Wednesday (2026-07-29) morning, broadly supportive for producers and traders with European hub exposure. Eni operates both upstream gas assets and one of Europe's larger gas-marketing and trading operations.6
Supply-side factors for European gas could shift that picture through the winter. EIA data published in May 2026 projected US Lower 48 marketed natural gas production would grow 3% in 2026 versus 2025, with the Permian region forecast at 29.2 billion cubic feet per day, 6% above 2025 levels, and Haynesville production expected to grow 6% this year and 8% next. Rising US output feeds Atlantic LNG export volumes that compete with European hub supply; how aggressively that supply presses on ICE Endex TTF front-month into autumn depends on European storage fill rates and early demand signals.1
Eni's strong quarter reflects a pattern visible across the European major sector. Equinor on Wednesday (2026-07-22) reported Q2 adjusted net income of $3.22 billion, up 93% year-on-year, citing oil and gas price spikes tied to Middle East tensions. TotalEnergies on Thursday (2026-07-23) posted $6.03 billion in Q2 adjusted net profit, or $2.68 per diluted share, up 12% quarter-on-quarter, and maintained a raised dividend of EUR 0.9 per share.4,2,3,5
The shared driver across all three was a commodity price environment in Q2 that ran hotter than conditions on Wednesday (2026-07-29). ICE Brent crude front-month at $87.32 on Wednesday (2026-07-29) sits materially below the $96.50 per barrel Eni realized across the quarter. How much of that premium reflects structural contract and grade advantages, rather than a Middle East-driven price window now partially abating, is what quarterly reports alone cannot settle. That answer will shape how traders price the $3.9 billion buyback commitment through the back half of 2026.6