Despite a 30% year-on-year drop, Eni still reported a net profit of $1.37bn for the third quarter, surpassing market expectations for $1.17bn.

The increase was supported by a 2% rise in oil and gas production to 1.661 million barrels per day.

Production gains stemmed from ramp-ups at Eni’s key projects in Côte d'Ivoire and Mozambique, as well as increased output in Indonesia and Libya.

However, Eni's exploration and production division saw pro-forma adjusted EBIT decline by 5% annually to $3.47bn, impacted by lower crude prices.

Eni said its refining sector struggled, with refining margins falling to $1.70 per barrel from $11.70 a year ago, mirroring similar challenges faced by BP, Shell, and TotalEnergies amid weak demand and overcapacity.

“In the third quarter, by delivering a performance ahead of expectations, we have again demonstrated the resilience of our business model thanks to our increasingly advantaged asset portfolio, stringent cost and capital discipline and strategic focus on growth and value creation,” said chief executive officer Claudio Descalzi.

Eni increased its share buyback plan by 25% to $2.16bn for 2024, making for an 80% rise over initial projections, and raising total shareholder distributions to 38% of cash flow from operations.

At 1423 CEST (1323 BST), shares in Eni were up 1.35% in Milan at €14.42.

Reporting by Josh White for Sharecast.com.