Profit statements

Eni Profit beats estimates | Rigzone

Eni SpA’s profit remained strong in the third quarter, beating estimates despite lower oil and gas prices.

The Italian giant follows Shell Plc and TotalEnergies SE, which this week extended a series of historically high profits. The performance offers better returns for investors, while keeping the industry in the crosshairs of governments around the world as they grapple with energy costs and consider new market interventions.

“Despite lower crude oil prices and rapidly falling refining margins, we continued to deliver positive results, mainly thanks to the strong performance of our international business,” Eni chief executive Claudio said on Friday. Descalzi, in a press release.

Eni was the best performer in the Italian stock market, with shares up 1.31% at 9:31 a.m. in Milan. It was one of only two stocks to gain in a bear market.

Third-quarter adjusted net profit was 3.73 billion euros ($3.72 billion), versus an average analyst estimate of 3.21 billion euros, the statement said. This is down from 3.81 billion euros in the previous period.

The company posted a net loss in its home country of around €1bn in the first nine months of the year, which it said was ‘mainly’ due to a one-off tax imposed by the government .

Production issues

Eni’s oil and gas production fell to 1.58 million barrels of oil equivalent per day and the company cut its production estimate for the full year.

Mainly due to a worsening situation in Nigeria, unplanned shutdowns of the Kashagan field in Kazakhstan and lower production in Norway, Eni now expects to pump an average of 1.63 million barrels of equivalent oil per day this year, compared to an estimate of 1.7 million given in March.

Eni’s gas unit posted around 1 billion euros in adjusted operating profit, well above analysts’ average estimate of 159.6 million euros, as the company successfully exploited market volatility. price. Annual business forecasts have been raised to more than 1.8 billion euros.

The company confirmed its intention to buy back €2.4 billion of shares this year and pay a dividend of €0.88 per share, assuming the benchmark Brent price is between €80 and €90.

While this year’s energy market turmoil has boosted earnings, it has also sabotaged Eni’s efforts to list its renewables arm. The company is currently ruling out a multibillion-dollar initial public offering for the division through 2023, people familiar with the matter said.

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