Eni launches Meleiha Phase 2 project as Eni stock stands above EUR 26.42

Published on 10/22/2026 at 09:16 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Egypt's Meleiha Phase 2 work began October 20, 2026. Eni stock costs EUR 26.58, 0.61 percent above the Xetra close.

Egypt project and earnings date

Start-up activities for Meleiha Phase 2 began in Egypt on October 20, 2026.
Eni reported EUR 8.9 billion of proforma adjusted EBIT for the first half of 2026.
Eni stock trades at EUR 26.58 at 9:10 a.m. CEST at Lang & Schwarz on October 22, 2026, 0.61 percent above the Xetra close of October 21, 2026.
Bank of America set a EUR 24.50 target on October 16, 2026, down from EUR 24.00.

Isometrische 3D-Illustration der Öl-Wertschöpfungskette von Plattform bis Tankstelle — Isometrische 3D-Grafik zeigt die Wertschöpfungskette von Förderung bis Tankstelle für Eni S.p.A., ISIN IT0003132476, Illustration mit AI erstellt.

Eni launched start-up activities for the Meleiha Phase 2 project in Egypt on October 20, 2026, while Eni stock was at EUR 26.58 at Lang & Schwarz on October 22, 2026, at 9:10 a.m. CEST. The price stood 0.61 percent above the EUR 26.42 Xetra close of October 21, 2026, giving investors a fresh operational update ahead of quarterly results. The project date and details are listed by Eni.

Egypt project adds operating detail

The Meleiha development extends Eni's upstream activity in Egypt's Western Desert. Its start-up timing matters because the company is due to publish third-quarter and nine-month results on October 23, 2026, with a conference call scheduled for 2:00 p.m. CEST, according to Eni.

Eni's first-half operating base was substantial. The company reported EUR 8.9 billion of proforma adjusted EBIT, EUR 3.6 billion of adjusted net profit and EUR 7.3 billion of organic capital expenditure for the first half of 2026, alongside daily hydrocarbon production of 1.8 million boe. Those figures give the upcoming report a clear comparison point.

What will the October results test?

The next report will show whether production growth and energy prices are translating into cash generation. In the second quarter of 2026, Eni recorded EUR 22.314 billion of revenue, EUR 2.350 billion of operating income and EUR 3.319 billion of net income. The figures provide a periodized benchmark for the third-quarter release.

Analyst expectations are divided on valuation. Bank of America raised its Eni target to EUR 24.50 from EUR 24.00 in a report dated October 16, 2026, while forecasting EUR 3.5 billion of adjusted operating profit for the third quarter, below its EUR 3.8 billion consensus reference, as reported by Teleborsa. The target is below the current Lang & Schwarz price, making the earnings release important for the valuation debate.

Gas projects broaden the context

Eni's recent project activity is not limited to Egypt. On October 19, 2026, the company announced completion of the Bouri Gas Utilization Project in Libya, which is designed to recover gas previously flared and add 700 million standard cubic meters of annual supply for the domestic market and exports to Europe, according to MarketScreener. The combination of upstream start-ups and first-half profitability gives the stock a concrete operating narrative before the October 23 release.

Stock and results date

Eni stock was trading at EUR 26.58 at Lang & Schwarz on October 22, 2026, at 9:10 a.m. CEST, 0.61 percent above the Xetra close of October 21, 2026 at EUR 26.42. The next scheduled event is Eni's third-quarter results and conference call on October 23, 2026. The further course of trading is shown by the continuously updated real-time quote of Eni stock.