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Eni, the drop in oil and gas prices reduces profit but Descalzi assures: "Excellent results"

The decline in oil and gas prices impacts the 2023 accounts of the group led by Claudio Descalzi which however remains in excellent health

Eni, the drop in oil and gas prices reduces profit but Descalzi assures: "Excellent results"

Eni closes 2023 with “volatility of the scenario characterized by the decline in Brent oil prices (-5% compared to the fourth quarter of 2022) and of gas (decreased by 57% in the European market)” with a decline in net profit of 66% to 4,74 billion and 38% of adjusted net profit to 8,3 billion.
In the fourth quarter, the group communicates, the adjusted net profit attributable to the shareholders of Eni was 1,64 billion and net profit fell to 149 million (-76% from 627). Fourth quarter 2023 pro forma adjusted operating profit was $3,8 billion with $17,8 billion for the year driven by strong E&P results, record ggp performance and positive contribution from Plenitude.

Eni and the production of hydrocarbons

Hydrocarbon production in the fourth quarter resumed the growth trend, reaching 1,71 million boe/d, up 6% compared to the fourth quarter of '22. On a year-over-year basis, production reached 1,66 million boe/d, the highest production target compared to the announced target range.

Eni, Descalzi reassures: “Excellent results”

“2023 was another year of excellent results for Eni, despite an uncertain and volatile scenario. We have achieved excellent financial and operational results, progressing in our strategy of creating value, decarbonisation and simultaneously guaranteeing the stability and reliability of energy supplies. Our distinctive satellite model proves to be an effective lever in accelerating value growth, contributing substantially to our performance.” The CEO of Eni, Claudio Descalzi comments on the preliminary results for the fourth quarter and 2023. “The group financial results were excellent with a pro forma Ebit of approximately 18 billion and an adjusted net profit of more than 8 billion euros. Operating cash generation with 16,5 billion on an adjusted basis before the absorption of working capital ensured a significant surplus in addition to the substantial cash return to shareholders of 4,8 billion, maintaining a debt ratio of 0,2”.

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