ENI profit rises five-fold to €3.3bn in quarter

Italian energy company ENI said second-quarter profit rose five-fold to 3.3 billion euros, or $3.75 billion, helped by higher production and prices.

Revenue rose 30 percent to 24.4 billion euros in the quarter, the company said Wednesday.

ENI said production increased by 11 percent, supported by the ramp-up of new projects in West Africa, the Gulf of Mexico, Norway and Indonesia. The company raised its 2026 production growth forecast to five percent, from a previous range of three to four percent.

Chief executive Claudio Descalzi said the results were underpinned by the company's diversified portfolio and growth across different parts of the energy mix.

ENI also announced a further 20 percent increase in its share buyback programme for the year, bringing the total to 3.4 billion euros.

Oil prices rose after the United States and Israel attacked Iran in February, and international oil companies have been reporting higher profits.