Eni, the drop in oil and gas prices impacts its accounts. Descalzi: «Excellent results»

With an overall picture that continues to be marked by uncertainty, also due to the persistent decline in oil prices (which in the fourth quarter of the year dropped 5% compared to the fourth quarter of 2022) and gas (- 57% in Europe) in recent months, Eni reaches the halfway point of the preliminary balance sheet with an adjusted net profit, i.e. excluding extraordinary items, of 8.3 billion, down 38% compared to the previous year due to the weakening of the prices, while for the quarter the bar stands at 1.6 billion compared to 2.5 billion in the same period of 2022 (-34%). Net profit is equal to 4.7 billion (-66%), for the fourth quarter the figure is 149 million (down by 76%).

CEO Descalzi: 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 confirms itself as an effective lever in accelerating value growth, contributing to our performance in a substantial way”, was the comment of number one Claudio Descalzi.

Exploratory successes

The top manager then returned to the recent goals achieved by the group. «We have recently finalized the acquisition of Neptune which, with its predominantly gas portfolio, and synergistic with our assets in Northern Europe, Indonesia and North Africa, will constitute a key element for our development plans. In 2023 we launched the two relevant Baleine projects in Côte d’Ivoire and Floating LNG Congo (phase 1) on time and on budget. Thanks to the extraordinary exploration successes in Indonesia and other geographies we have confirmed our leadership in the sector; at the same time we achieved the highest level of production compared to the announced target range. The GGP sector achieved record results by leveraging the quality of the portfolio, optimization actions and favorable contractual agreements”.

Business performance

As for the performance of the various businesses, «the GGP (gas) sector achieved record results by leveraging the quality of the portfolio, optimization actions and favorable contractual agreements – continued Descalzi -. The creation of gas and low-emission projects is only one aspect of our transition plan, which also sees us committed to significantly increasing our presence in the new energy sector. Enilive, active in the biofuels and mobility services businesses, has expanded its international presence through the acquisition of a 50% stake in the Chalmette biorefinery in the United States and the joint venture agreement with LG Chem for the construction of a new plant in South Korea”.

Source: breakinglatest.news

The performance of Plenitude

Plenitude, the CEO further explained, «has reached 3 gigawatts of renewable capacity. Both businesses already ensure an economic contribution of around 1 billion EBITDA each. Through the recent agreement for the entry of an institutional investor into the capital of Plenitude, we have given visibility to the value of this business estimated at around 10 billion euros, strengthening access to incremental financial means to support our growth plans”.