Eni will pay a €1.3 billion special dividend and expand its share-repurchase program after third-quarter adjusted profit more than doubled as elevated energy prices and stronger refining performance boosted earnings.
Adjusted net profit reached €2.8 billion, up from €1.3 billion a year earlier and above the company-compiled analyst consensus of €2.5 billion.
The Italian energy group also raised its 2026 underlying operating cash-flow forecast to €16.5 billion from €15 billion and increased its share-buyback program to €3.8 billion.
Investors responded strongly. Eni shares gained about 4%, approaching their highest level since 2007.
The results illustrate how the latest global energy shock is moving from commodity markets into corporate cash flows.
Higher oil and refined-product prices have strengthened earnings across parts of the energy industry as Middle East conflict constrains supplies and raises refining margins.
Eni’s refining operation generated €730 million in pro-forma operating profit during the quarter.
Production also increased. Underlying hydrocarbon output rose 7% from a year earlier to 1.83 million barrels of oil equivalent per day, supported by projects in West Africa, Mexico and Norway.
The company now expects full-year production growth of between 6% and 7%.
Eni has also discovered 1.23 billion barrels of new hydrocarbon resources this year, exceeding its target, while biofuel subsidiary Enilive reported an 80% increase in adjusted operating profit.
The central question for shareholders is what energy companies do with the additional cash generated by unusually strong market conditions.
Eni’s answer is becoming clear: increase investment where returns remain attractive while sending a larger portion of the additional cash directly back to shareholders.
