Eni reported a surge in second-quarter profit, more than doubling year-over-year, as higher oil and gas prices and increased production drove earnings. The Italian energy company also raised its 2026 production outlook and expanded its share buyback program.
Adjusted net profit for Q2 2026 reached $2.65 billion (2.33 billion euros), up from $1.29 billion (1.13 billion euros) in the same quarter last year, Eni said. The result topped the consensus estimate of $2.4 billion (2.09 billion euros).
The increase in Eni's E&P division pro forma adjusted EBIT compared to Q2 2025.
The exploration and production division's pro forma adjusted EBIT jumped 42% from the first quarter of 2026 and soared 97% from a year earlier. Eni attributed the profit jump to higher oil and gas realizations, volume growth, and cost management.
The average realized price for liquids in Q2 2026 surged 54% year-over-year to $96.50 per barrel. Total oil and gas production averaged 1.79 million barrels of oil equivalent per day in April-June 2026, up 7% from a year earlier.
Growth was driven by project ramp-ups in Norway, Congo, and Mexico, new project start-ups in Angola, and a higher contribution from Indonesia and Malaysia via the new joint venture Searah. Quarterly underlying annual production growth stood at 11%, adjusted for portfolio transactions and price effects.
Eni raised its 2026 production guidance to around 5% underlying growth. The company also increased its share buyback program for 2026 to $3.9 billion (3.4 billion euros), up $683 million (600 million euros) from previous guidance.
Eni joins European majors TotalEnergies and Equinor in reporting profit jumps as oil and gas prices surged during the Middle East crisis.