Eni Hikes Buyback as Higher Energy Prices Offer Cash Windfall

By Adam Whittaker

Eni nearly doubled its full-year share buyback target as conflict in the Middle East upends energy markets, pushes prices higher and gives oil majors a cash windfall they can return to shareholders.

The Italian oil-and-gas company said Friday that it plans to buy up to 2.8 billion euros ($3.27 billion) of shares over the year. This is a hike of around 90% of Eni's previous ambition and comes after it raised its cash flow forecasts by 20% amid the energy shock.

War in the Middle East has severely disrupted the flow of oil and gas from the energy-rich region. Traffic in the vital Strait of Hormuz has trickled to a near halt while attacks on energy infrastructure in the region have raised the prospect of prolonged supply-shock.

As countries scramble for alternative sources of oil and gas, prices have risen, and with them Eni's average price expectations for the year. It now sees Brent crude priced at $83 a barrel over the year compared with expectations set out in March of $70 a barrel.

Net profit for the period fell 9% to 1.07 billion euros from the same period a year prior.

Write to Adam Whittaker at adam.whittaker@wsj.com

(END) Dow Jones Newswires

April 24, 2026 02:25 ET (06:25 GMT)