Eni sets €1.3 billion extra dividend as nine-month production rises

Eni said its exploration and production division averaged 1.83 million barrels of oil equivalent a day in the third quarter, 7% above the same period of 2025 and 2% higher sequentially. For the first nine months, production growth was also 7% year over year. The company attributed output gains to project ramp-ups in West Africa, offshore Mexico and Norway, as well as a full-quarter contribution from the Searah joint venture.

The group reported third-quarter adjusted pro-forma earnings before interest and tax of €6 billion, double the year-earlier level, and adjusted net profit of €2.8 billion. Adjusted cash flow from operations before working capital was €4.29 billion. These are company-defined adjusted or pro-forma measures; they should not be read as statutory net income or cash flow without reference to Eni’s reporting definitions.

At the end of September, net debt was €6.7 billion and pro-forma gearing was 9%, according to the company. Eni said the quarter generated €1.9 billion in shareholder distributions, comprising a €0.8 billion dividend tranche and €1.1 billion of repurchases. It raised its full-year cash-flow outlook to €16.5 billion, while confirming gross capital expenditure guidance of €7 billion and net capital expenditure below €4.5 billion.

On shareholder returns, the board approved an extraordinary dividend of €0.46 per share, about €1.3 billion in total, payable on 9 December. The company also increased its 2026 share-repurchase plan by 12% from its previous €3.4 billion outlook to €3.8 billion. Eni said the ordinary dividend for 2026 remains €1.10 per share, 5% above 2025. These are announced distributions and plans, not payments already made.

Eni raised its full-year underlying oil and gas production growth outlook to 6–7%. It also lifted guidance for its gas, power and renewables-related activities and said Plenitude was on track for 6.5 gigawatts of installed renewable capacity by year-end. Management said the divestment of a 10% interest in the Baleine project and other portfolio transactions formed part of its capital-allocation approach.

The release also described agreements concerning Venezuela’s Junin 5 field and gas from Perla, and planned farm-outs in Indonesia. They are project and portfolio developments rather than current production additions. Eni’s results therefore combine realized quarterly figures with forward-looking targets, contract announcements and management estimates; the latter remain subject to execution, market and regulatory conditions.

Eni’s outlook was based on a revised scenario that included Brent at $95 a barrel, a refining margin of $18 a barrel and European TTF gas at €55 per megawatt-hour, with a euro-dollar assumption of 1.15. Those are scenario inputs disclosed by the company, not observed prices for every period in the quarter. They help explain why the company raised its cash-flow and distribution outlook.