Italy’s Eni posts record profits, but markets remain unaffected | – #Italys #Eni #posts #record #profits #markets #remain #unaffected
MILAN, Feb 23 (Reuters) – Italian energy group Eni ( ENI.MI ) said on Thursday that its adjusted net profit in 2022 would be 13.3 billion to the euro (14.12 billion dollars) rose, its biggest gain in a decade, but its shares fell as markets focused. Weaker exploration and production performance in Q4.
The state-controlled group’s performance in 2022 was driven by increased focus on energy security and rising energy prices as a result of the conflict in Ukraine.
Earlier this year, major Western oil groups said their profits would more than double in 2022, breaking previous records in a year of volatile energy prices.
However, in the last part of the year, oil and gas falling prices from previous peaks to Eni’s exploration and production (E&P) business and its gas and impacted the LNG division, leading to a slowdown compared to previous quarters.
Fourth quarter adjusted net profit 2.5 billion to euros, slightly above the analyst consensus of 2.49 billion euros the company reported, but below the third quarter.
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Eni’s E&P division adjusted operating profit in the fourth quarter 20% reported a decrease.
Its oil and gas production decreased by 4% throughout the year to 1,610 million barrels of oil equivalent per day (boe/d).
Shares in the Italian group fell 1% at 0840 GMT, missing a 0.8% gain in the Milan blue-chip index (.FTMIB), as investors were disappointed by E&P performance and awaited Eni’s strategy presentation on Thursday.
“Throughout the year, we leveraged our strong relationships with producing nations and a rapid growth approach to increase volumes from Algeria, Egypt, Mozambique, Congo and Qatar, by 2025 Russia full throttle substitute we were able to finalize agreements and activities to do. “Claudio Descalzi, CEO of Eni, said in his statement.
The group has also progressed in the development of Plenitude, a renewable and retail unit with 2.2 gigawatts (GW) of installed capacity for green energy last year, and a newly established Sustainable Mobility unit.
Thanks to its strong results, the group was able to return 5.4 billion euros to shareholders and reduce its net debt to 7 billion euros.
Eni also said that unexpected taxes on energy profits amounted to 1.7 billion euros, of which 1 billion was paid in 2022.
($1 = 0.9420 euros)
Reporting by Francesca Landini Editing by Gavin Jones
Our standards: Thomson Reuters Trust Principles.
2023-02-23 13:25:33
Source – reuters
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