Eni SpA NYSE E raised its oil and gas production guidance and said it would accelerate the pace of share buybacks after reporting on Friday better-than-expected earnings for the second quarter, driven by its upstream division. The Italian energy major booked an adjusted net profit of $1.63 billion 1.5 billion euros for the second quarter of 2024, down by 21% year-over-year but ahead of the analyst consensus estimate of $1.54 billion 1.42 billion euros.
Overall, Eni touted “excellent results despite the mixed market environment with good crude oil realizations, and stable gas prices, higher refining margins albeit down sequentially, and weaker margins of chemical products.” The chemicals and refining business has been a drag on all earnings for the second quarter which major international energy firms have announced so far.
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