ENI Q2 Profit Surges Fivefold as Higher Oil Prices Boost Revenue, Production

Italian energy giant ENI has reported a sharp increase in second-quarter earnings, posting a fivefold rise in profit as higher global oil prices and stronger production lifted its financial performance.

The company announced on Wednesday that it recorded a net profit of €3.3 billion ($3.75 billion) during the quarter, significantly exceeding analysts’ expectations amid continued strength in global energy markets.

ENI also reported revenue of €24.4 billion, representing a 30 percent increase compared to the same period last year. The growth was driven by higher oil and gas production as well as elevated crude prices, which surged during heightened tensions in the Middle East.

Chief Executive Officer Claudio Descalzi described the results as “excellent,” saying the company’s diversified business model had positioned it to benefit from opportunities across different segments of the energy sector.

“The excellent results are underpinned by our diversified portfolio that provides us a wide range of options and a perspective of profitable growth across different businesses of the energy mix,” Descalzi said.

The company’s oil and gas production increased by 11 percent, supported by the expansion of new projects in West Africa, the Gulf of Mexico, Norway and Indonesia.

Following the stronger-than-expected performance, ENI raised its production growth forecast for 2026 to 5 percent, up from its earlier projection of 3 to 4 percent.

The energy giant also announced a 20 percent increase in its share buyback programme for the year, taking the total value of the initiative to €3.4 billion.

Global oil prices climbed sharply after military strikes involving the United States, Israel and Iran intensified geopolitical tensions earlier this year. The rise in crude prices has helped several international oil companies post robust earnings in recent quarters.