Eni Reports 25% Profit Drop Amid Lower Kazakhstan Production, Plans 2025 Buyback

Italian energy company Eni experienced a 25% adjusted net profit decline in the second quarter of 2025, with profits falling to €1.13 billion due to lower hydrocarbon production, softer commodity prices, and a stronger euro. The company reported a 35% drop in adjusted EBIT to €2.68 billion, alongside a 14% decrease in revenue to €18.8 billion, influenced by a 20% decline in Brent crude prices and currency headwinds. Hydrocarbon production decreased by 3% to 1.67 million barrels of oil equivalent per day, affected by divestments, although production excluding portfolio effects remained stable with ramp-ups in Côte d'Ivoire, Mexico, and Indonesia. Despite the earnings decline, Eni confirmed a 5% dividend increase to €1.05 per share and a share buyback program of at least €1.5 billion, with strong cash flows supporting these shareholder returns. The company also secured new long-term LNG supply agreements, including a landmark 20-year deal with Venture Global for 2 million tonnes per annum starting in 2030, and an agreement with YPF for Argentina LNG exports, underpinning its goal to expand its LNG portfolio to 20 million tonnes by 2030. Eni reiterated its full-year production target of 1.7 million barrels per day and forecasted an improved margin outlook in bio and upstream sectors for the second half of 2025.