Eni retains €7 billion capex guidance and targets year-end biorefining milestone

Eni’s 23 October third-quarter and nine-month results retain 2026 gross capital expenditure guidance of €7 billion. The company also expects 0.5 million tonnes per year of additional biorefining capacity to reach mechanical completion at year-end; this remains a target, not completed start-up.

Third-quarter oil and gas production was 1.83 million barrels of oil equivalent per day. Underlying production rose 7% year on year, net of price effects. Full-year underlying growth guidance increased to 6–7%, reflecting project ramp-ups and portfolio changes rather than equipment orders.

Eni lists 1.65 million tonnes per year of available biorefining capacity, the additional 0.5 million targeted for mechanical completion, and a further 1.5 million progressing on a net-Enilive basis. Mechanical completion does not establish commercial operation, and the release gives no common operating date for these additions.

Net capex is guided below €4.5 billion. The revised financial outlook assumes Brent at US$95 per barrel, a SERM refining margin of US$18 per barrel, TTF gas at €55 per megawatt-hour and EUR/USD of 1.15. These are modelling assumptions, not current spot quotations.