Italian energy giant ENI said Wednesday that its profit rose fivefold in the second quarter, the latest energy company to benefit from oil prices soaring during conflict in the Middle East.
The group said it earned 3.3 billion euros ($3.75 billion) in the quarter, well above analysts’ expectations.
Revenue rose 30 per cent to 24.4 billion euros, on the back of both higher production and prices.
The company’s CEO Claudio Descalzi said the “excellent” results were “underpinned by our diversified portfolio that provides us a wide range of options and a perspective of profitable growth across different businesses of the energy mix.”
The group’s production rose by 11 per cent thanks to the ramp-up of new projects in West Africa, the Gulf of Mexico, Norway and Indonesia.
As a result, ENI raised its production growth forecast for 2026 to 5 percent from a 3-4 per cent range previously.
Eni also announced a further 20 per cent increase in its share buyback programme for the year, bringing the total to €3.4 billion.
Oil prices shot up after the United States and Israel attacked Iran in February, and international oil companies have been reporting healthy profits.
