Milan — Italian energy group Eni (ENI.MI) on Friday raised its share buy-back plans for this year and approved a new share purchase programme for 2023 after reporting a jump in profits in the second quarter on the back of soaring oil prices.
Adjusted net profit in the period came in at 3.8 billion euros from 0.93 billion euros a year ago to beat a 3.27 billion euro consensus.
“Based on these robust results and our updated market outlook, we are enhancing shareholders’ distribution by raising
the 2022 share buy-back to 2.4 billion euros,” Eni CEO Claudio Descalzi said in a statement.
It also approved a new buy-back programme for a minimum of 1.1 billion euros with a possible upside of up to 2.5 billion euros.
Eni lifted its guidance for adjusted cash flow before working capital at replacement cost to 20 billion euros.
($1 = 0.9793 euros)
*Francesca Landini; editing: Carmel Crimmins – Reuters
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