Story details
Eni’s board approved third-quarter and nine-month 2026 results on 22 October, with the company publishing its release the following morning. The group reported underlying exploration and production output of 1.83 million barrels of oil equivalent per day in the third quarter, 7% above the same period a year earlier and 2% higher sequentially. The company attributed the year-on-year increase to project ramp-ups in West Africa, offshore Mexico and Norway, and a full-quarter contribution from the Searah joint venture. These are issuer-reported production figures; they are not a measure of Italy’s domestic output, because Eni operates across multiple countries.
The release reported pro forma adjusted earnings before interest and tax of €6 billion for the quarter, twice the year-earlier level, and adjusted net profit of €2.8 billion, also more than double year on year. Exploration and production accounted for €4.63 billion of pro forma adjusted EBIT, up 76% from the third quarter of 2025. Gas, power and portfolio activities reported €450 million, while refining reported €730 million. Enilive, Eni’s biofuel and mobility business, reported €410 million, and Plenitude, its retail and renewables business, €190 million. Versalis’ chemicals business recorded a €180 million loss. These are Eni’s non-GAAP adjusted measures, not a single statutory profit line; the group’s reporting materials define the adjustments and segment boundaries.
For the first nine months, Enilive and Plenitude together recorded adjusted EBITDA of €1.8 billion, up 20% year on year. The release says the group’s third-quarter cash flow from operations before working-capital changes was €4.29 billion and organic capital expenditure was €1.3 billion. Net debt stood at €6.7 billion at quarter-end, and pro forma gearing was 9%. Eni said a €1.8 billion contribution from a long-term partnership on an infrastructure-based exploration and production portfolio was received during the quarter. These cash-flow, debt and gearing figures describe the company’s financial position; they should not be read as production or investment across the Italian energy system.
Eni revised its 2026 outlook. It raised underlying oil and gas production growth guidance to 6–7% for the year, projected cash flow from operations before working capital of €16.5 billion under its stated scenario, and retained gross capital expenditure guidance of €7 billion while guiding net capital expenditure below €4.5 billion. The assumptions include Brent at $95 per barrel, a refining-margin assumption and a European gas-price assumption; actual results may differ as market conditions change. The company also raised its 2026 buyback programme to €3.8 billion and announced an extraordinary dividend of €0.46 per share, about €1.3 billion in total, scheduled for payment in December. Those distributions are board decisions based on Eni’s policy and outlook, not a government energy subsidy.
The release also described projects beyond Italy. Eni said it signed agreements with Venezuela’s PDVSA covering the Junin 5 oilfield and gas exports from the Perla field, and reported a target export capacity of 12 million tonnes a year for the first phase of an integrated Argentina LNG project. The company also noted exploration and farm-out activity in Indonesia and Uruguay. These are commercial agreements, project targets and portfolio actions described by Eni; they do not mean that the projects have reached final investment decision or that planned LNG capacity is operating. The results are useful as a company-level snapshot of upstream growth, gas and power earnings, low-carbon businesses and capital allocation, but they should not be generalized to the whole oil and gas sector.