Italian energy group Eni said it would raise its planned 2024 share buyback by 45 per cent to 1.6 billion euros ($1.71 billion) after beating expectations for first-quarter net income.
Adjusted net profit in the period came in at 1.58 billion euros versus a company-provided analyst consensus of 1.56 billion. In the first quarter of last year adjusted net income came in at 2.91 billion euros on the back of much higher natural gas prices in Europe.
Hydrocarbon output grew 5 per cent in the first three months of this year from the corresponding period last year, supporting the performance of the group's 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.
Based on the group's updated scenario, Eni now expects full-year cash flow from operations to exceed 14 billion euros, compared with guidance of 13.5 billion euros indicated in its mid-March capital markets update.
As a consequence, Eni raised the 2024 share buyback to 1.6 billion euros from 1.1 billion euros. -Reuters