Eniλημα announced it will buy back up to 3.87 billion dollars of shares this year, following a surge in oil and gas prices linked to the Middle East conflict. The Italian oil major raised its full‑year buyback target from 2.8 billion euros to 3.4 billion euros after a 7% rise in production and a sharp rise in prices caused by the Strait of Hormuz shutdown.

Second‑quarter adjusted net profit more than doubled compared to the same period last year, reaching 2.33 billion euros. The strong earnings were driven by higher commodity prices and increased output, prompting Eni to return more war‑induced cash to shareholders.

The decision reflects Eni’s confidence in continued upside from geopolitical tensions, as it seeks to capitalize on higher margins while supporting shareholder value through a larger buyback program. Investors now expect the company to maintain a robust cash flow profile and further support its share price through the remainder of the year.