Eni buybacks nearly doubled on stronger commodity outlook

Eni, the Italian energy company, nearly doubled their share buybacks to 2.8 billion euros ($3.27 billion), and improved its guidance on cash flow for 2026 on Friday. They bet on a favorable scenario of commodity prices and upstream progress.

The group controlled by the state reported a net profit for the first quarter of 1.3 billion euro, down from 1.4 in the same period last year. This was due to one-time income. The company's result fell below the analyst consensus of 1.5 billion euro.

The group has revised its expectations for Brent crude prices, gas prices, and the refining margin in 2026. They predict that the increase in commodity prices caused by the Iran War will?have a lasting effect on the market.

The company stated that the share buybacks were increased due to an improved macro-scenario and a more optimistic view of the underlying cash flows for the year.

Oil and gas production grew by 9% during the third quarter. This was due to project ramp-ups and startup projects in West Africa and Norway, and good operational continuity.

Angola Ivory Coast Libya and Angola have all been discovered to contain around 1 billion barrels equivalent of new oil resources.

Claudio Descalzi, CEO of the company, said that "thanks to our high-quality, diversified portfolio of assets... E&P's low breakeven price and resilient financial structure with gearing at historic lows we are uniquely positioned" to take advantage of?scenario improvement and share expected upsides with shareholders.

(source: Reuters)