Eni reported first quarter adjusted net profit of €1.3 billion, below analyst expectations, as refining and chemicals weakness and heavy downstream maintenance weighed on results despite strong upstream production growth. Reported net income was about $1.5 billion. But the bigger headline was Eni's decision to raise its 2026 share buyback to €2.8 billion and lift cash flow from operations guidance 20% to €13.8 billion. Eni expects E&P production to increase 2-4% in the second quarter and 3-4% for the full year. The company is strengthening its hydrocarbon production in key regions in Africa and Southeast Asia, targeting a production of 500k boe per day in Southeast Asia. The company also reaffirmed its guidance for gross capex at €7 billion and net capex at €5 billion. Eni's 2026-2030 strategic outlook focuses on accelerating cash flow through a "satellite" model, aiming for €17 billion in cash flow from operations (CFFO) by 2030, a 14% CAGR, and maintaining gearing at a low 10-15% range. The strategy hinges on high-growth, self-funding, low-carbon, and traditional energy businesses, targeting over €40 billion in cumulative free cash flow (FCF) through 2030. These independent entities are designed for growth in renewables and bio-refining: Enilive aims to triple bio-refining capacity, while Plenitude seeks to significantly increase renewable capacity, with both projected to generate €5.5 billion in EBITDA by 2030. Eni and Spain's Repsol recently reached a deal with the Venezuelan government to begin exporting natural gas by the end of 2031. The partners aim to more than double output at the offshore Perla field to reach 1.2 billion cubic feet per day (bcf/d) by 2028. Exports will be processed as Liquefied Natural Gas (LNG) via a new floating terminal. By Alex Kimani for Oilprice.com