The company’s exploration and production division served as the primary engine for this growth, posting a 97% surge in pro forma adjusted EBIT compared to the same period last year. This performance was bolstered by a 54% increase in the average realized price of liquids, which reached $96.50 per barrel. Beyond price tailwinds, management credited disciplined cost control and expanded operations for the robust results.

Total production averaged 1.79 million barrels of oil equivalent per day between April and June. Growth was fueled by active project ramp-ups in Norway, Congo, and Mexico, alongside new startups in Angola and the launch of the Searah joint venture in Indonesia and Malaysia. Reflecting this operational momentum, Eni lifted its 2026 production growth guidance to 5%. The decision to increase share buybacks by $683 million aligns the firm with peers like TotalEnergies and Equinor, both of which have capitalized on surging energy prices amid ongoing instability in the Middle East.