Eni increases share buybacks after Q3 results better than expected

Eni, the Italian energy company, announced on Friday that it would increase the share buybacks by 20% following better than expected third quarter results.

The company posted a net profit adjusted of 1,25 billion euros in the third quarter. This was slightly below the 1,27 billion euro profit reported in the same period last year.

Eni announced that it would increase its share buyback for 2025 by 20%, to 1.8 billion Euros. This is due to the fact that pro-forma debt levels are near historic lows.

Claudio Descalzi, Chief Executive, said: "The strong production growth has allowed us to increase our annual guidance to 1.72 million barrels a day. This confirms the acceleration trend that will continue in the months to come thanks to new fields being developed in Congo, United Arab Emirates (UAE), Qatar, and Libya."

He said that the planned Petronas-Indonesia business combination will create a major player on the Asia liquefied gas market.

The company's third-quarter hydrocarbon production was 1.756 billion barrels of oil per day. This is 6% more than the previous year, and also above the analyst consensus of 1.720 million boe/day.

(source: Reuters)