Eni Hikes Share Buyback Again After Conflict Gives Earnings Boost

Eni raised its full-year share buyback again after stronger second-quarter production and elevated oil and gas prices, which the company said were boosted by conflict in the Middle East and tighter global supply after the Strait of Hormuz closure. The company now plans to repurchase up to 3.4 billion euros ($3.87 billion) of shares this year, up from 2.8 billion euros previously. Second-quarter adjusted net profit more than doubled year over year to 2.33 billion euros, helped by 7% production growth. The update is broadly supportive for energy shares and highlights how geopolitical risk continues to translate into stronger cash generation for producers exposed to higher crude prices.