Stephen Jewkes
MILAN (Reuters) - Italian oil major Eni (ENI.MI) flagged on Friday the likelihood of a share buyback next year after cash flow in the third quarter jumped and profits rose six-fold to beat expectations.
In a conference call with analysts, finance chief Massimo Mondazzi said a buyback was a priority, providing market conditions remained stable.
Over the last year the world’s top oil and gas companies have come under growing pressure to return more cash to shareholders as profits and oil prices get back on track after a three-year crunch.
“The trajectory is positive ... our aspiration is for a progressive dividend with a buyback, on condition our leverage stays below 20 percent,” Mondazzi said.
