Eni Q3 Adjusted Profit More Than Doubles to EUR 2.8 Billion as Buyback Rises to EUR 3.8 Billion

Eni SpA reported adjusted net profit of 2.8 billion euros for the third quarter, more than double a year earlier, and raised its 2026 share buyback by 12% to 3.8 billion euros, the Italian company said in its results release on Oct. 23. Group pro forma adjusted operating profit roughly doubled year on year to 6 billion euros and rose 12% from the second quarter.

Eni Exploration and Production Profit Rises 76% to 4.63 Billion Euros

Exploration and production pro forma adjusted operating profit rose 76% to 4.63 billion euros, about 77% of the group total, Oil Authority calculations. Underlying hydrocarbon production rose 7% year on year to 1.83 million barrels of oil equivalent per day, up 2% from the second quarter. Eni said it has discovered 1.23 billion barrels of new hydrocarbon resources so far this year.

Over the 92 days of the quarter, 1.83 million boe per day equals about 168 million barrels of oil equivalent. Dividing upstream operating profit by that volume gives roughly 27.50 euros of pro forma adjusted operating profit per boe, an Oil Authority calculation rather than a company disclosure.

Eni Refining, Enilive, Plenitude and Versalis Results

Refining earned 730 million euros of pro forma adjusted operating profit. Enilive, the biofuels and mobility unit, earned 410 million euros, up 80%, and Plenitude, the retail and renewables business, earned 190 million euros, up 95%. Global gas and LNG portfolio earned 410 million euros, up 46%, and 450 million euros together with power. Versalis, the chemicals business, lost 180 million euros.

Plenitude was deconsolidated after Ares took joint control, diluting Eni's stake from 70% to 65%. Eni also said a private equity partnership on an infrastructure-based exploration and production portfolio brought in a 1.8 billion euro capital contribution, and it sold a 10% stake in the Baleine project to Socar.

Eni Net Debt at 6.7 Billion Euros as Payouts Reach 5.1 Billion

Adjusted cash flow from operations before working capital was 4.29 billion euros in the quarter, funding organic capital spending of 1.3 billion euros. Net debt was 6.7 billion euros, and pro forma gearing was 9%. Eni returned 1.9 billion euros to shareholders in the quarter, including 800 million euros of dividends and 1.1 billion euros of buybacks.

The board approved an extraordinary dividend of 0.46 euros per share, about 1.3 billion euros, payable on Dec. 9, and confirmed the ordinary 2026 dividend of 1.10 euros per share, up 5% from 2025. The buyback rises to 3.8 billion euros from the 3.4 billion previously guided and 1.5 billion in the initial plan. Together, the buyback and extraordinary dividend total 5.1 billion euros, about 31% of the company's 16.5 billion euro guidance for 2026 adjusted cash flow from operations, Oil Authority calculations.

Eni's $95 Brent Assumption Sits $18.17 Below the Market

Eni's guidance assumes Brent at $95 per barrel, a standard Eni refining margin of $18 per barrel, Dutch TTF gas at 55 euros per megawatt-hour and an exchange rate of $1.15 per euro. ICE Brent December futures settled at $113.17 on Oct. 22, $18.17 above the company's assumption, and ICE Endex TTF November gas settled at 90.04 euros, about 35 euros above it. The European Central Bank's Oct. 22 reference rate was $1.1205.

The gap points to upside for the year if prices hold, though the fourth quarter will also reflect hedging and contract pricing lags. The U.S. Energy Information Administration forecasts Brent spot at $105 per barrel in the fourth quarter, $10 above Eni's scenario. Gross capital spending guidance remains 7 billion euros, with net capital spending below 4.5 billion euros, and 2026 underlying production growth is guided at 6% to 7%.

Eni Gas and LNG Gains Come as EU Storage Sits at 74.67%

Eni's results come as European gas storage stood at 74.67% full on Oct. 22, according to Gas Infrastructure Europe, against 82.82% a year earlier. Our BP coverage and our EU gas storage report describe the gas market behind the improvement in Eni's gas and LNG segment.

Eni Extraordinary Dividend Goes Ex-Dividend on Dec. 7

The extraordinary dividend goes ex-dividend on Dec. 7, with a record date of Dec. 8. Holders of American depositary receipts receive 0.92 euros per ADR on Jan. 8, 2027.