Eni SpA Reports 4% Production Growth, Cuts 2026 CapEx to €7 Billion
Eni SpA reported 4% production growth in 2025, discovered 900 million barrels, started six projects, reduced net debt by nearly $3 billion and raised share buyback by 20%. It trimmed 2026 CapEx to €7 billion but flagged Kazakhstan arbitration risks, a 37% Q4 tax rate and 45-50% outlook, and chemical challenges.
1. Full-Year 2025 Performance
Eni SpA delivered a 4% increase in oil and gas production, launched six major projects, and discovered 900 million barrels of resources, exceeding its original guidance for the period.
2. Financial Position and Shareholder Returns
The company reduced net debt by nearly $3 billion and raised its share buyback programme by 20%, while trimming 2026 capital expenditure to €7 billion to enhance free cash flow and maintain financial discipline.
3. Project Pipeline and Joint Venture
Six major projects achieved start-up in 2025, and the planned joint venture with Petronas is expected to produce about 300,000 barrels per day from mid-2026, with plans to increase to 500,000 bpd thereafter.
4. Risks and Outlook
Eni flagged ongoing arbitration claims in Kazakhstan with no expected resolution before 2027-2028, reported a 37% Q4 tax rate (forecast to rise to 45-50% in 2026), and highlighted challenges in the European chemical market.