Eni Hikes Share Buyback Again After Conflict Gives Earnings Boost
By Adam Whittaker
Italian oil major Eni once again hiked its full-year share buyback as second-quarter production growth coincided with higher oil and gas prices triggered by the conflict in the Middle East, giving earnings a boost.
Eni said Wednesday that it will now buy back up to 3.4 billion euros of shares, equivalent to $3.87 billion, over the year.
The oil major's earnings continue to gain on higher prices after closure of the Strait of Hormuz curtailed global supplies. In April, Eni hiked its share buyback to up to 2.8 billion euros in a bid to return more of the war-induced cash windfall to shareholders.
It comes as second-quarter adjusted net profit more than doubled on the same period a year prior to 2.33 billion euros. This was aided by 7% production growth.
The integrated oil-and-gas company said it is now targeting underlying oil and gas production growth of around 5%, compared with the previously announced 3% to 4% target.
Write to Adam Whittaker at adam.whittaker@wsj.com
(END) Dow Jones Newswires
July 29, 2026 03:07 ET (07:07 GMT)
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