Home Business Eni Raises Share Buyback as Profit Soars on High Energy Prices

Eni Raises Share Buyback as Profit Soars on High Energy Prices

3 min read
Comments Off on Eni Raises Share Buyback as Profit Soars on High Energy Prices
0
54


Eni SpA extended its share buyback program after profits surged due to high oil and gas prices.

Article content

(Bloomberg) — Eni SpA extended its share buyback program after profits surged due to high oil and gas prices.

Article content

The Italian oil giant will repurchase a further 1.3 billion euros ($1.3 billion) of shares this year, raising the total to 2.4 billion euros, which is close to the top end of the previously specified buyback range.

Investors in Big Oil are receiving a windfall after Russia’s invasion of Ukraine disrupted energy supplies and sent prices soaring. Almost every major European oil company to report second-quarter earnings so far, from Norway’s Equinor ASA to France’s TotalEnergies SE, has boosted shareholder returns after their profits surged. 

“Financial delivery is underpinned by our continued efforts on efficiency and cost control,” Chief Executive Officer Claudio Descalzi said in a statement on Friday. “Based on these robust results and our updated market outlook, we are enhancing shareholders’ distributions.”

Eni’s second-quarter adjusted net income was 3.81 billion euros, up from 929 million euros a year earlier and beating the average analyst estimate of 3.14 billion euros. 

Eni has been helping the Italian government to diversify gas supply away from Russia since the war started in late February. The country has reached deals to increase gas imports from African countries including Algeria, Congo, Angola, and also from the Middle-East. 



Source link

Load More Related Articles
Load More By 
Load More In Business
Comments are closed.

Check Also

US Says Iran Policy Now Focusing on Keeping Arms Out of Russia

Article content (Bloomberg) — The US will concentrate on Iranian weapons supplies to Russi…