• 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
  • 3 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 6 days The United States produced more crude oil than any nation, at any time.
  • 6 days How Far Have We Really Gotten With Alternative Energy
  • 10 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 9 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 9 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 11 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
ING Chief Economist Calls for Further Rate Cuts in China

ING Chief Economist Calls for Further Rate Cuts in China

China's consumer inflation was lower…

China Exports Gasoline Using Blockchain In Unprecedented Move

China Exports Gasoline Using Blockchain In Unprecedented Move

China’s Sinochem Energy Technology Co has…

Oil And Gas Business Helps Eni Beat Q3 Earnings Estimates

Italy’s energy major Eni (NYSE: E) booked an adjusted net profit for the third quarter that beat consensus estimates as strong upstream performance partly offset lower commodity prices compared to the same period last year.

Eni reported on Friday adjusted net profit of $1.9 billion (1.82 billion euros), which was “impacted by weaker hydrocarbon prices, but significantly offset by underlying business outperformance.”

The figure compares with a company-provided analyst consensus of $1.72 billion (1.63 billion euros).

Year-over-year, Eni’s profit fell in the third quarter as last year’s third quarter saw soaring oil and natural gas prices following the Russian invasion of Ukraine.

Adjusted earnings before interest and tax (EBIT) at the exploration and production (E&P) division were down by 39% from the third quarter of 2022, due to weaker realized oil and gas prices, but it was nearly 30% higher than the second quarter of 2023, Eni said.

Eni’s oil and gas production in the quarter was up 4% year-over-year at 1.64 million barrels of oil equivalent per day (boe/d).

“On E&P we are accelerating our plan to boost equity gas and LNG production, a key driver to secure reliable supply and at the same time pursue our decarbonization goals,” Eni’s chief executive officer Claudio Descalzi said, commenting on the third-quarter results.

“The outstanding Geng North-1 exploration discovery, currently the industry’s largest this year, together with the soon to be completed Neptune acquisition and recent purchase of Chevron’s interests in Indonesia, will enable us to target exploitation of material resources offshore the Kutei basin,” Descalzi said, referring to the Kutei basin offshore Indonesia, where Eni plans to fast-track the development of the Geng North deepwater gas field.

During the third quarter, Eni also started oil and gas production from an offshore field in Cote d’Ivoire in West Africa less than two years after the discovery.

“The start-up, in less than two years from discovery, of the giant Baleine oilfield off the Cote d’Ivoire reaffirms the validity of our value accretive fast-track development approach, ensuring traditional energy supplies whilst, as Africa’s first net-zero scope 1 and 2 project, decarbonizing our operations,” Descalzi said on Friday.

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