• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 59 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 8 days The United States produced more crude oil than any nation, at any time.
  • 12 hours Could Someone Give Me Insights on the Future of Renewable Energy?
  • 5 hours How Far Have We Really Gotten With Alternative Energy

Eni Smashes Earnings Estimates with Record Gas Performance

Eni’s (NYSE: E) fourth-quarter and 2023 earnings exceeded consensus estimates as “record-breaking” performance in the gas and LNG division offset weaker oil and gas prices and refining margins. 

The Italian energy major reported on Friday adjusted net profit of $1.76 billion (1.64 billion euros) for the fourth quarter, down by 34% on the year, but slightly higher than analyst expectations. 

For the full year 2023, Eni’s adjusted net profit fell by 38% to $8.9 billion (8.3 billion euros), due to weaker realized prices and lower refining margins which dragged down core earnings in the refining and chemicals division. 

Like all other major oil companies, Eni reported lower profits for Q4 and 2023, due to lower energy commodity prices. Yet, all of Big Oil topped analyst expectations this earnings season.   

At Eni, the key driver of the better-than-expected performance was the gas division, the so-called Global Gas & LNG Portfolio (GGP). 

For the fourth quarter and full-year 2023, Eni’s pro-forma adjusted core earnings, or EBIT, were supported by steady results in the exploration and production division and “a record-breaking GGP performance,” the company said.  

At the gas division, adjusted core earnings hit a record $3.44 billion (3.2 billion euros) for 2023, up by 57% compared with 2022, driven by an optimized natural gas and LNG portfolio and contract renegotiations benefits, “while maintaining stability and reliability of supplies to European markets and compensating for the reduction of Russian volumes,” Eni said. 

“GGP achieved its historical result thanks to the quality of its portfolio, steady optimization drive and favorable contractual settlements,” Eni’s chief executive Claudio Descalzi said in a statement.   

Eni continues to look for opportunities to fast-track additional gas discoveries and developments as part of its strategy to have gas and LNG the pillar of its business. 

Earlier this week, the Italian major said it had completed the drilling of a second appraisal well at the Cronos gas discovery offshore Cyprus, estimating additional production capacity as it looks to fast-track development of the field.    

ADVERTISEMENT

By Tsvetana Paraskova for Oilprice.com 

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News