Italian energy group Eni, has announced plans to raise its planned 2024 share buyback by 45% to €1.6 billion ($1.71 billion) following better-than-expected first-quarter net income.
Adjusted net profit for the period reached €1.58 billion, surpassing the company-provided analyst consensus of €1.56 billion.
However, this figure is lower than the adjusted net income of €2.91 billion reported in the first quarter of the previous year, which was driven by significantly higher natural gas prices in Europe.
Eni experienced a 5% increase in hydrocarbon output in the first three months of this year compared to the same period last year, contributing to the strong performance of its exploration and production business.
“The results put the company firmly on track to exceed the full-year earnings and cash flow guidance as we work to efficiently grow the upstream, profitably develop the businesses tied to the energy transition, and work to fully capture the market scenario,” Chief Executive Claudio Descalzi said in a statement.
In light of the updated scenario, Eni now anticipates full-year cash flow from operations to surpass €14 billion, compared to the previously indicated guidance of €13.5 billion provided in its mid-March capital markets update.
Consequently, the company has increased its planned 2024 share buyback to €1.6 billion from the previously announced €1.1 billion.
