ENI Posts Q3 Adj. Net Profit Of EUR 1.3 Bln

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(RTTNews) - ENI SpA (E), On Friday, reported a third-quarter adjusted net profit of EUR 1.3 billion and proforma adjusted EBIT of EUR 3.4 billion.

In the third quarter of 2024, the E&P segment reported a pro forma adjusted EBIT of EUR 3.2 billion, benefiting from the ramp-up of higher value barrels associated with new projects, strong operational execution, and effective cost-control measures. The gas and LNG portfolio optimization resulted in a pro forma adjusted EBIT for the GGP segment of EUR 0.25 billion, which represents a year-on-year increase of 65%.

The Enilive segment witnessed a pro forma adjusted EBIT of EUR 0.18 billion, bolstered by robust marketing performance, although reduced biofuels margins partially offset this. Plenitude recorded a pro forma adjusted EBIT of EUR 0.13 billion, reflecting a slight year-on-year decrease attributed to a typical seasonal adjustment and a decline in gas sales driven by market demand fluctuations.

In contrast, the refining segment experienced a pro forma adjusted EBIT of EUR 0.03 billion, demonstrating declines both year-on-year and sequentially due to a marked deterioration in the operational environment.

Eni CEO Claudio Descalzi said, "In Q3, by delivering a performance ahead of expectations, we have again demonstrated the resilience of our business model thanks to our increasingly advantaged asset portfolio, stringent cost and capital discipline and strategic focus on growth and value creation. We delivered an excellent cash flow and profitability performance in a less supportive trading environment…"

FY24 Outlook

The E&P results are anticipated to meet expectations, with potential enhancements in the GGP performance. The company further stated that the transition satellites are demonstrating robust performance, despite the prevailing challenges in the market environment. The underlying financial performance is projected to exceed prior periods within a consistent economic context.