Eni Raises 2026 Output Forecast, Expands Share Buyback

Italian energy company Eni has raised its forecast for oil and gas production in 2026, citing double-digit growth in the second quarter. The company now expects underlying hydrocarbon production growth of around 5%, up from a previous guidance of 3% to 4%. This projection is based on an 11% year-over-year increase in production to 1.79 million barrels of oil equivalent per day, excluding price effects.

Eni's improved outlook prompted the company to expand its share buyback program to €3.4 billion, up from a previously revised €2.8 billion. The company also reaffirmed its planned dividend of €1.10 per share and left open the possibility of an extraordinary dividend later this year if refining margins remain above budget assumptions.

The company's second-quarter results showed significantly stronger earnings, with adjusted EBIT more than doubling to €5.38 billion and adjusted net profit rising to €2.3 billion. Eni attributed these gains to higher production, favorable oil realizations, and continued cost discipline in its upstream business.