Eni Beats Q2 Earnings Estimates as Oil Prices Soar
Eni's second-quarter earnings beat expectations as the Italian energy major posted an adjusted net profit of $2.65 billion, more than double the same period last year. The company attributed the profit jump to higher oil and gas prices, increased volumes, and cost management.
The exploration and production (E&P) division reported a 42% surge in pro forma adjusted EBIT from the first quarter of this year and a 97% increase from the second quarter of last year. Eni's average realized price of liquids rose by 54% to $96.50 per barrel, while total oil and gas production averaged 1.79 million boe/d in April to June, up 7% year over year.
Eni increased its guidance on 2026 production to around 5% underlying growth and raised its share buyback program for the year by $683 million to $3.9 billion. This move follows other European majors like TotalEnergies and Equinor, which saw their profits jump due to higher oil and gas prices.