Italian energy major Eni reported a first-quarter adjusted net profit of €1.3 billion, falling short of analyst expectations due to weak refining and chemical sectors and significant downstream maintenance. Despite this, Eni raised its 2026 share buyback plan to €2.8 billion and increased its cash flow from operations guidance by 20% to €13.8 billion, reflecting confidence in its upstream production growth, which is expected to rise by 2-4% in Q2.
This strategic pivot highlights Eni’s commitment to enhancing hydrocarbon production, particularly in Africa and Southeast Asia, where it aims for 500,000 barrels of oil equivalent per day. The company’s focus on a diversified energy portfolio aims to generate over €40 billion in cumulative free cash flow by 2030, with significant investments in renewables and bio-refining.
For market professionals, Eni’s aggressive cash flow strategy and increased buyback signal a robust outlook despite short-term challenges, positioning the company well for future growth in both traditional and renewable energy sectors.
Source: oilprice.com