Eni Boosts Share Buybacks to €2.8 Billion Despite Q1 Profit Dip

Eni S.P.A. has announced a substantial increase in its share buyback program to €2.8 billion, nearly doubling its previous target of €1.5 billion. The move comes as the Italian energy major navigates a volatile pricing environment that weighed on its first-quarter bottom line. Despite the profit contraction, the company demonstrated operational resilience with a 9% increase in hydrocarbon production, reaching 1,798 kboe/d. This growth was primarily fueled by new start-ups in Angola and project ramp-ups in Norway and West Africa, which helped offset limited disruptions in the Middle East. Financially, the first quarter saw net profit attributable to shareholders fall 9% to €1.07 billion, compared to €1.17 billion in the prior year. Adjusted net profit also declined to €1.30 billion. However, top-line revenue showed growth, with sales from operations rising 2% to €22.96 billion. Looking toward the remainder of fiscal 2026, Eni is optimistic about its operational trajectory. The company expects underlying oil and gas production to grow between 3% and 4% for the full year. Furthermore, the GGP adjusted proforma EBIT guidance has been revised upward by 30% to approximately €1.3 billion. To support investors, Eni confirmed a 2026 dividend of €1.1 per share, representing a 5% increase over the previous year. The combination of the expanded buyback and dividend hike signals management's confidence in sustained cash flow generation and operational growth.