# Eni Raises 2026 Buyback Plan to €3.8 Billion as Refining Margin More Than Triples

By John Kim

Canonical URL: https://www.tokenpost.com/news/business/38886
Published: 2026-10-23T10:31:11.000Z
Updated: 2026-10-23T10:31:11.000Z
Section: Business

> Adjusted net profit attributable to Eni shareholders rose 125% to €2.801 billion, and the company approved an extraordinary dividend of about €1.3 billion.

Italian energy company Eni raised its 2026 buyback plan to €3.8 billion and approved an extraordinary dividend of about €1.3 billion as a refining-margin surge helped lift adjusted net profit 125% year over year.

Adjusted net profit attributable to Eni shareholders reached €2.801 billion in the third quarter, compared with €1.247 billion a year earlier. Unadjusted net profit was €3.205 billion, up 299% from €803 million. Cash flow from operations before working-capital changes increased 30% to €4.287 billion.

The Standard Eni Refining Margin averaged $28.10 per barrel, compared with $8.90 a year earlier and $8.30 in the second quarter. Eni’s refining business recorded €730 million in pro forma adjusted earnings before interest and taxes. Better plant utilization in a favorable market lifted results, while higher shipping costs and unfavorable crude differentials partly offset the gains.

Hydrocarbon production averaged 1.829 million barrels of oil equivalent per day, up 4% from a year earlier. Underlying production growth was 7% after adjustments for portfolio transactions and price effects. Eni CEO Claudio Descalzi credited the results to the “strength of our operating model.”

The extraordinary dividend is €0.46 per share. Holders of Eni American depositary receipts on the Dec. 8, 2026, record date are scheduled to receive €0.92 per ADR on Jan. 8, 2027. Eni also confirmed its planned 2026 ordinary dividend of €1.10 per share, 5% above the 2025 payment.

Eni lifted its 2026 adjusted cash flow from operations forecast to €16.5 billion and its outlook for underlying production growth to 6%–7%. Its revised planning scenario assumes Brent crude at $95 per barrel, a refining margin of $18 per barrel, TTF gas at €55 per megawatt-hour and a EUR/USD exchange rate of 1.15.

Under its distribution policy, Eni returns 60% of cash-flow upside against its €11.5 billion budget through buybacks, up to a Brent price of $90 per barrel. The policy provides for 100% of additional cash flow to be returned through extraordinary dividends when specified commodity-price conditions are met. Net debt stood at €6.702 billion at quarter-end, with pro forma gearing of 9%. The extraordinary dividend is scheduled for payment Dec. 9, 2026.