The Italian energy group Eni reported an adjusted net profit of $3.14 billion (equivalent to €2.8 billion) in the third quarter of this year. This figure has more than doubled compared to last year and is attributed to increased oil and gas production as well as high refining margins.
Growth in Production and Refining Margins
Eni's net profit increased by 125% compared to last year, surpassing analysts' forecasts of $2.8 billion (€2.5 billion). The company's oil and gas production increased by 4%, and cash flow from operations also grew by 30%. Eni's refining and chemicals segment recorded a net profit of $529 million (€472 million) during this period, while in the second quarter of 2026 and the third quarter of 2025, this segment faced small losses.
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Eni's Standard Refining Margin
Eni's standard refining margin reached $28.1 per barrel in the third quarter, a significant increase from $8.9 last year and $8.3 in the second quarter of this year. Overall, the refining margin has increased to $15.5 per barrel since the beginning of this year, compared to $5.8 last year. Eni attributes these successes to improved refinery utilization rates and positive market conditions.
Given the outstanding financial and operational performance in the first nine months of 2026 and improved cash flow forecasts for the entire year, Eni announced that it will pay $1.46 billion (€1.3 billion) as a special dividend to investors in December. Additionally, the share buyback program has been increased by 12% to $4.26 billion (€3.8 billion). This is the third time Eni has increased its share buyback program this year.
Eni's Outlook for 2026
Eni has stated in its outlook for 2026 that this year will shape up to be one of better-than-expected performance due to positive business trends. This situation allows Eni to capitalize on existing market opportunities and deliver exceptional returns for shareholders. Other major European companies like TotalEnergies, Shell, and BP also expect to report strong performances in their third-quarter reports next week.
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