Global energy major Eni reported oil and gas production growth by 9% in the first quarter (Q1) of 2026, supported by project ramp-ups in West Africa and Norway, alongside new start-ups in Angola. The increase came despite limited disruptions in the Middle East, highlighting the company’s operational resilience and portfolio diversification, according to a press release by Eni.

This performance yielded solid financial results, with group pro-forma adjusted Earnings Before Interest and Taxes (EBIT) recording €3.54 billion, a 23% quarter-on-quarter increase. Simultaneously, adjusted net profit reached €1.3 billion.

Group proforma adjusted EBIT is a company’s core operating profit across the whole group, excluding one-off items and adjusted to reflect its current business structure.

Furthermore, exploration activities added around 1 billion barrels of oil equivalent (boe) of new resources, including discoveries in Angola, Côte d’Ivoire, Libya, and a notable offshore gas find in Egypt, followed by the Geliga gas and condensate discovery in Indonesia.

The exploration and production (E&P) segment led earnings with €3.36 billion in EBIT, up 20% sequentially, supported by higher volumes and cost discipline, though impacted year-on-year (YoY) by currency effects. Meanwhile, the Global Gas and LNG Portfolio (GGP) and Power segment delivered €0.33 billion in adjusted EBIT. GGP performance remained stable YoY, supported by ongoing portfolio optimization, while the Power segment was impacted by a one-off gain recorded in the first quarter of 2025.

Looking ahead, Eni reaffirmed its 2026 guidance, projecting underlying oil and gas production growth of 3–4% for the full year. The company also expects GGP adjusted pro forma EBIT to reach around €1.3 billion, representing a 30% increase compared to initial forecasts. It maintained a positive view on growth and cash generation, supported by continued exploration success, including in Egypt.