In an earnings call on Thursday, Eni’s Chief Transition and Financial Officer, Francesco Gattei, reaffirmed the company’s commitment to the buyback program, noting that it would proceed “even under adverse market scenarios.” The announcement comes as a move to reassure investors amid increasing volatility in the energy markets.
To counteract the impact of weaker oil prices—Brent crude has been trading below $70 per barrel due to higher OPEC+ production and international trade tensions—Eni said it would scale back investments and implement cost-saving measures worth over €2 billion. The company has also revised its capital expenditure guidance for 2025, lowering it from a range of €6.5–7 billion to below €6 billion.
Despite the challenging environment, Eni posted an adjusted net profit of €1.41 billion for Q1 2025, down 11% year-on-year but well above analysts’ expectations of €1.15 billion. Following the earnings release, shares in the Milan-based group rose by 1.8%, outperforming the broader market.
Gattei also updated analysts on the company’s strategic asset sales. The partial divestment (15–20%) of its low-carbon subsidiary Plenitude is reportedly progressing, while the sale of African upstream assets to Vitol is expected to close in the coming months.
Importantly, Eni confirmed that it is maintaining its hydrocarbon production targets for the year, easing investor concerns over potential output reductions in key regions such as Kazakhstan and Venezuela. “For Kazakhstan, so far neither the operator of the asset nor the shareholders and the contracting company have been engaged by the authorities for any production cut,” said Guido Brusco, Eni’s COO for Global Natural Resources.
In a separate development, Eni announced a partnership with the UK government to kickstart the Liverpool Bay carbon capture and storage (CCS) project, underscoring the company’s ongoing push into low-carbon technologies amid the global energy transition.
As rivals such as BP may be forced to reconsider or suspend buyback programs due to market pressures, Eni's steadfast approach appears aimed at reinforcing investor confidence while navigating a turbulent global energy landscape.