• 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
  • 7 days How Far Have We Really Gotten With Alternative Energy

Eni Beats Estimates Despite 49% Profit Decline

Eni’s (NYSE: E) adjusted net profit for the second quarter exceeded analyst estimates thanks to a very strong gas business despite the 49% earnings slump compared to last year’s second quarter.

Eni reported on Friday an adjusted net profit of $2.13 billion (1.935 billion euros) for the second quarter, down by 49% on the year. The earnings nevertheless beat the analyst consensus estimate of $1.8 billion (1.64 billion euros).

Adjusted profit before tax fell by 41%, but it is “a highly robust outcome given the 30% fall in crude oil prices and with gas price and refining margin down over 60%,” the Italian energy major said.

The pre-tax profit reflects resilient E&P earnings featuring growing production and another very strong contribution from the Global Gas & LNG Portfolio (GGP) division, Eni said.

Eni’s earnings were “underpinned by a solid and growing Upstream and another excellent result in GGP,” chief executive Claudio Descalzi said in comments to the Q2 performance and results.

The company raised its adjusted EBIT guidance for the gas division for 2023 to $3 billion-$3.3 billion (2.7 billion-3.0 billion euros), up from the previous guidance of $2.2 billion-2.42 billion (2.0 billion-2.2 billion euros).

In the upstream division, Eni confirmed its 2023 full-year target of oil and gas production for 2023 in the range of 1.63-1.67 million boe/d in an oil price scenario of $80 per barrel. Production in the third quarter is forecast to be around 1.63 million boe/d. 

“Considering our first half results and continuing business performance that drives raised guidance, we have a solid position from which to pay our first quarterly installment of the raised €0.94 per share 2023 dividend in September and continue our €2.2 bln buyback which commenced in May,’’ Descalzi said.  


Eni joins other international majors in reporting nearly halved profits compared to a year ago, but unlike ShellTotalEnergies, and Exxon, the Italian company beat analyst estimates.  

By Charles Kennedy 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