ROME, Oct 24, 2025 (BSS/AFP) - Italy's oil giant Eni said Friday its net profit jumped in the third quarter as higher output compensated for lower oil prices, and it boosted a share buyback programme to reward shareholders.

The company raised output to 1.76 million barrels per day, a six-percent increase from the third quarter last year, and said new fields coming online and a new liquefied natural gas partnership in Asia would help it sustain growth.

"In the third quarter all the main operational and economic and financial metrics exceeded expectations," chief executive Claudio Descalzi said.

Third-quarter net profit jumped 54 percent to 803 million euros ($932 million).

That missed the analyst consensus compiled by Bloomberg of around one billion euros, but the results were welcomed by investors as Eni shares rose 2.5 percent on a Milan market that dipped 0.2 percent in morning trading.

Eni also announced Friday it was expanding its 2025 share buyback programme by 20 percent to 1.8 billion euros. Share buybacks are another method to return cash to shareholders in addition to dividends.

Third-quarter performance was impacted by a 14-percent drop in oil prices, as well as a six-percent increase in the value of the euro versus the dollar, in which oil is sold on the global market.

BSS/AFP/OGR/1528 hrs