Eni raised its stock buyback program by €600 million to €3.4 billion after second-quarter adjusted net profit more than doubled to €2.33 billion, beating analyst consensus of €2.09 billion. The Italian energy company also said it may pay an extra dividend in the fourth quarter if Brent crude prices remain substantially above its forecasts. Underlying oil and gas production grew 7% in the quarter, and Eni now targets full-year production growth of about 5%, up from a previous 3% to 4% range. Underlying cash flow from operations is expected to reach €15 billion. Separately, Eni will receive a $2 billion capital contribution from Ares Management under a partnership involving some of its oil and gas infrastructures.
Eni S.p.A.Eni boosted buyback by €600M, Q2 profit more than doubled beating consensus, and raised production guidance.
Ares Management LPAres Management will contribute $2 billion capital under a partnership with Eni.