Eni (E:NYSE) is raising its share buyback program for the year after reporting on Wednesday consensus-beating earnings for the second quarter on the back of higher oil and gas prices and a jump in upstream production.The Italian energy major booked an adjusted net profit of $2.65 billion (2.33 billion euros) for the second quarter, more than doubled from $1.29 billion (1.13 billion euros) for the same period last year, and higher than a company-provided consensus estimate of $2.4 billion (2.09 billion euros).Eni attributed the profit jump to higher oil and gas realizations in a “supportive pricing environment,” as well as to growth in volumes and cost management.The exploration and production (E&P) division reported pro forma adjusted EBIT soaring by 42% from the first quarter of 2026 and by 97% from the second quarter of 2025, driven by favorable volume and mix effects, cost discipline, and better oil realizations, Eni said.Eni’s average realized price of liquids jumped by 54% from a year earlier to $96.50 per barrel for the second quarter of 2026.Total oil and gas production averaged 1.79 million boe/d in April to June, up by 7% year over year, driven by project ramp-ups in Norway, Congo, and Mexico, new project start-ups in Angola, and higher contribution from Indonesia/Malaysia, where the new JV Searah was launched. Quarterly underlying annual production growth was 11%, adjusted for the impact of portfolio transactions and price effects.As a result of strong execution and the market environment, Eni today raised its guidance on 2026 production to around 5% underlying growth and increased its distribution policy for the year to $3.9 billion (3.4 billion euros) of share buybacks, up by $683 million (600 million euros) from the previous guidance on the 2026 share repurchase program.With the strong Q2 results, Eni joins European majors TotalEnergies and Equinor, which saw their profits jump from a year earlier as oil and gas prices surged during the Middle East crisis and delivered windfall earnings to the biggest energy firms.By Tsvetana Paraskova for Oilprice.comMore Top Reads From Oilprice.comOil Prices Surge on Fresh Middle East Strikes and API Crude DrawSaudi Crude Tanker Goes Dark to Slip Through Bab el-MandebHormuz Tanker Crossings Sink to Lowest Level Since May as War Risk Spikes