Italian energy major Eni reported strong performance for the third quarter of 2025, highlighting that the results exceeded expectations across key operational and financial metrics despite challenging commodity prices and currency movements.
The company announced it is raising its full-year production guidance and increasing its share buyback programme.
Oil and gas production rose significantly, up six per cent year-on-year and five per cent sequentially to 1.76 million barrels of oil equivalent per day (boe/d). This growth, attributed to successful start-ups and ramp-ups, led Eni to raise its annual production guidance towards 1.72 million boe/d, implying a fourth-quarter level around 1.8 million boe/d.
Group proforma adjusted EBIT was described as robust at €3 billion ($3.5 billion), despite lower crude prices and a stronger euro. Adjusted net profit reached €1.2 billion. Adjusted cash flow before working capital was €3.3 billion, well above the gross capital expenditure of €2 billion.
Organic free cash flow of €1.3 billion was supported by successful working capital initiatives. Proceeds from portfolio management, including the sale of a 30 per cent stake in the Baleine offshore field, helped fund shareholder returns comprising dividends and share repurchases. Net borrowings decreased, resulting in a proforma leverage of 12 per cent at quarter-end.
Eni CEO Claudio Descalzi highlighted the strong production growth and the enhancement of the company's portfolio through asset sales and progress on investments. He noted the effective execution of Eni's strategy and satellite model, ensuring growth and stable dividends even in weaker price environments.
Significant upstream milestones included reaching the final investment decision (FID) for the Coral North FLNG project in Mozambique and the sail away of the Nguya FLNG for the Congo LNG project.
The company said that progress was also reported on creating a fourth major exploration and production satellite combining Eni's and Petronas's activities in Indonesia/Malaysia, focused on Asian LNG markets.
Reflecting the strong performance and improved cash flow outlook, Eni raised its 2025 share buyback commitment by €300 million to €1.8 billion, a 20 per cent increase over previous guidance.
The company also upgraded its expected cash flow from operations (CFFO) before working capital adjustments to €12 billion for the year. Guidance for the gas and LNG business GGP's proforma adjusted EBIT was raised to above €1 billion.