Eni: Q3 adjusted earnings down 30%

(CercleFinance.com) - Eni announces a 30% drop in Q3 adjusted net profit to E1.
27bn, which nevertheless slightly beats expectations, while hydrocarbon production rose by 2%.

Adjusted EBIT (proforma) came to E3.4bn, down 14%.

Eni highlights the resilience of its financial performance despite a weaker market environment, reflecting the strength of [its] business model.

The company also mentions a further increase in the 2024 share buyback program to E2bn.

During the quarter, we made progress on two major CCS projects, at Ravenna in Italy and HyNet in the UK, while Plenitude continues to expand its renewable energy capacity, and we are currently building three new biorefineries in Italy, South Korea and Malaysia, management said.

Eni expects full-year hydrocarbon production to be around 1.7 million barrels of oil equivalent per day, at a forecast Brent price of $83 per barrel.

Finally, it confirms its target of 4 GW of installed renewable capacity by end-2024 (+30% on the previous year).


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