Eni profit jumps 54% as output rises, shares buyback boosted

Italian energy company Eni reported sharply higher earnings for the three months ended September, as higher production offset weaker crude prices. The firm posted net income of 803 million euros after raising daily output to 1.76 million barrels.

Chief executive Claudio Descalzi said operational metrics surpassed projections despite oil costs falling 14 percent from a year earlier. The Milan-based producer expanded its shareholder buyback program to 1.8 billion euros for next year.

Output climbed six percent as new operations began and the company formed a liquefied natural gas venture in Asia. Shares gained 2.5 percent on Friday as broader Italian markets declined.

Currency shifts reduced returns as the euro strengthened six percent against the dollar. Analysts had forecast earnings of about 1 billion euros for the quarter.

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