Eni Q3 results showed adjusted net profit more than doubling to €2.8bn ($3.1bn), the Italian major said on Friday. As a result, Eni will pay an extraordinary dividend of €0.46 a share, worth about €1.3bn ($1.5bn), on 9 December.
What drove the Eni Q3 results
Underlying oil and gas output rose 7% to 1.83mn boe/d, helped by new projects in West Africa, Mexico and Norway. Refining also had a strong quarter. However, chemicals arm Versalis stayed in the red as product margins fell.
In addition, Eni raised its 2026 buyback by 12% to €3.8bn ($4.3bn), from €3.4bn. The ordinary dividend stays at €1.10 a share. Chief executive Claudio Descalzi said the results reflect “disciplined investments” in a diverse portfolio.
Outlook and new deals
Eni now expects €16.5bn ($18.5bn) of adjusted cash flow from operations this year. Moreover, proforma gearing fell to a record low of 9%. In Venezuela, it signed deals with PDVSA to revive the Junin 5 field and export gas from Perla. Together, these give it access to about 5.5bn boe of resources.
Other oil majors report in the coming weeks; see our preview of oil majors’ Q3 profits.
