The Eni buyback program increased to €3.8 billion after stronger production and cash generation lifted third-quarter earnings. The Italian energy group also approved a €0.46-per-share extraordinary dividend worth approximately €1.3 billion.
Eni Buyback and Dividend Expand Cash Returns
Eni said the €0.46 special dividend is scheduled for December 9, with a December 8 record date. The payment is separate from the planned 2026 ordinary dividend of €1.10 per share, which remains 5% above the 2025 level.
The revised Eni buyback follows an earlier increase to €3.4 billion. Management linked the additional distributions to stronger cash flow and a commodity environment above the assumptions used in its original budget. Investors can compare that allocation approach with SLB’s cash-flow and dividend results.
Production and Refining Support Third-Quarter Profit
Underlying oil and gas production rose 7% from a year earlier to 1.83 million barrels of oil equivalent per day. Eni attributed the increase to project ramp-ups in West Africa, Mexico and Norway, plus a full-quarter contribution from the Searah joint venture.
| Third-quarter measure | Result |
|---|---|
| Adjusted operating profit | €6.0 billion |
| Adjusted net profit | €2.8 billion |
| Adjusted cash flow before working capital | €4.29 billion |
| Underlying production | 1.83 million boe/d |
| Net debt | €6.7 billion |
| Pro forma gearing | 9% |
Refining also benefited from higher plant utilization, while Enilive and Plenitude contributed stronger transition-business results. The energy-services cycle remains uneven, as shown by Halliburton’s regional drilling results.
Eni Buyback Relies on Higher 2026 Cash Flow
Eni raised full-year underlying production growth guidance to 6%–7%. It expects adjusted cash flow from operations of €16.5 billion, gross capital spending of €7 billion and net capital spending below €4.5 billion.
The outlook assumes Brent crude at $95 per barrel, a refining margin of $18 per barrel and European gas at €55 per megawatt-hour. Those assumptions make the forecast sensitive to commodity prices and operating performance. Investors should also monitor peer reporting, including the Chevron earnings and refining-margin outlook.
This article is for informational purposes only and does not constitute financial advice. Energy markets are volatile, and readers should conduct independent research.
Primary sources are Eni’s October 23 results release and its financial results archive.
Elsy kanana
Elsy Kanana is a financial and cryptocurrency journalist at FusionMarketNews, covering digital assets, blockchain technology, financial markets, and emerging fintech trends. Her reporting focuses on market movements, regulatory developments, and on-chain analytics, delivering clear, data-driven insights to readers worldwide.
