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Italy’s Eni reports 1% profit drop for 2025 despite 35% Q4 earnings surge

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Eni has just published its 2025 annual results, reporting a 1% drop in annual profit (ENI press release, 26/02/2026). Fourth-quarter adjusted earnings rose 35% year-on-year, driven by strong performance in its exploration and production division and improved refinery results (-5% for 2025 adjusted net profit).

Annual hydrocarbon production increased 1% in 2025 to 1.7 mboe/d, as the 7% rise in liquids production (to 840 kb/d), especially in Côte d'Ivoire, Mexico, Angola and Norway, was offset by a 4% drop in natural gas production (to 131 mcm/d) due to divestments and mature fields decline. Eni's refineries processed nearly 25 Mt of oil in 2025 (+3%), including 14 Mt in Italy (+3%). 

The company also reported its latest developments:

  • It launched six major upstream projects in Angola, Indonesia, Norway and Congo in 2025.
  • The 12 Mt/year Argentina LNG project moved toward FID, with partners signing the Joint Development Agreement.
  • Start-up of Phase 2 of the Congo FLNG project, ahead of plan, raising production capacity to the design target of 3 Mt/year (from current 0.6 Mt/year). First LNG loading achieved in February 2026.
  • Eni signed an agreement to form a joint venture with Malaysia's state energy company Petronas to manage combining two material gas asset portfolios in Malaysia and Indonesia with rich exploration potential and initial production level of over 300 kboe/d, expected to quickly ramp up to a sustainable level of over 500 kboe/d.

Additionally, in February 2026, the company announced two major discoveries:

  • Eni and BP discovered oil in the Algaita-01 exploration well in Block 15/06 offshore Angola, with an initial estimate of about 500 mbl (KEI, 17/02/2026).
  • The Calao South discovery, offshore Côte d’Ivoire, with estimated volumes of up to 5 Tcf (141.5 bcm) and 450 mbl of condensate (or about 1.4 Gbl of oil) (KEI, 20/02/2026).

Renewable power capacity exceeded 5.8 GW (+1.7 GW, up 41% year-on-year), with a pipeline of development projects expected to reach 10 GW by 2028, and renewable power generation rose by 19% to 5.6 TWh. 

CAPEX fell 3% to €8.5 billion in 2025. Eni expects net capital expenditure of around €5 billion in 2026 and production growth in line with its 2%-3% annual increase outlined in the 2025-2028 plan.