Italian energy major Eni has upgraded its 2026 business outlook after a strong second quarter, highlighting higher adjusted earnings, new upstream and transition projects, and a larger shareholder repurchase programme.
MONTREAL (Oil Monster): Italian energy major Eni has upgraded its business outlook for 2026 after reporting strong second-quarter financial and operational performance. The company also announced a larger shareholder repurchase program.
The improved guidance is mainly on the back of new projects coming online in the near future as well as continued expansion across key international markets. Eni now expects underlying production to increase by around 5% in 2026, which is higher than its earlier forecast.
During the second quarter, the company delivered adjusted earnings before interest and taxes (EBIT) of €5.38 billion, while adjusted net profit climbed to €2.3 billion.
The company launched a joint venture with Petronas to develop natural gas opportunities in Southeast Asia and approved investments in major offshore projects in Côte d'Ivoire, Angola, and Cyprus. In addition, it expanded into the critical minerals sector through investments in lithium and graphite projects in Chile and Canada.
The progress in renewable energy, biofuels, and carbon capture initiatives led to significant growth in the company’s transition business. Eni expects its renewable energy platform to reach 6.5 gigawatts of installed capacity by the end of the year.
Looking forward, it expects the company's diversified asset base, strong balance sheet, and ongoing investments to position it to deliver sustainable growth.
Eni upgraded its 2026 outlook after reporting strong second-quarter financial and operational performance and announcing a larger shareholder repurchase programme.
The company now expects underlying production to increase by around 5% in 2026, which is higher than its earlier forecast.
During the second quarter, Eni delivered adjusted EBIT of €5.38 billion and adjusted net profit of €2.3 billion.
Eni launched a joint venture with Petronas to develop natural gas opportunities in Southeast Asia, approved offshore projects in Côte d'Ivoire, Angola and Cyprus, and invested in lithium and graphite projects in Chile and Canada.
Progress in renewable energy, biofuels and carbon capture has driven significant growth in Eni’s transition business, and the company expects its renewable platform to reach 6.5 GW of installed capacity by year-end.
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