Eni Increases 2026 Buybacks as Production Growth Accelerates

Eni reported strong second-quarter results, with adjusted net profit rising to $2.65 billion, more than double a year earlier and above consensus expectations. The profit jump was driven by higher oil and gas realizations, better upstream production, and cost discipline. Average realized liquids prices surged 54% year over year to $96.50 per barrel, while total production increased 7% to 1.79 million boe/d. In response, Eni raised its 2026 production guidance to about 5% underlying growth and increased planned share buybacks to $3.9 billion, up by $683 million from prior guidance. The update reinforces the theme that elevated energy prices and strong operational execution are supporting cash returns across European oil majors, which could be positive for sector sentiment.