Eni second-quarter 2026 results and updated capital plan
- Underlying production up 11% year‑on‑year net of price effects in 2Q ’26.
- 2026 production guidance raised to around 5% underlying growth.
- Distribution policy increased by €600m to €3.4bn of share buybacks.
- Searah JV with Petronas established to commercialize Kutei Basin gas across Indonesia and Malaysia.
Quarter highlights
Eni reported an excellent operational and financial performance in 2Q ’26, with underlying production rising 11% year‑on‑year net of price effects. The company raised its 2026 production guidance to around 5% underlying growth, reflecting strong execution across the portfolio.
Projects and development
Eni achieved final investment decisions for Phase 3 of the Baleine field off Côte d’Ivoire, the Greater PAJ project offshore Angola and the Cronos gas project in deep waters off Cyprus. The group also established the Searah joint venture with Petronas to monetize large gas discoveries in the Kutei Basin across Indonesia and Malaysia.
Transition businesses and critical minerals
Transition businesses continued to improve their contribution: Plenitude is on track to reach 6.5 GW of installed capacity at year‑end and serves about 11 million customers, while Enilive is adding biofuels capacity to capture rising demand. Eni entered the critical minerals value chain with investments in Canada and Chile focused on graphite and lithium.
Capital allocation and balance sheet
Eni increased its share buyback programme by €600m to a total of €3.4bn and reported a proforma gearing close to 10%, described as a historic low, supporting continued shareholder returns alongside a robust balance sheet.
Source: Eni
