Eni's fourth-quarter and 2023 earnings surpassed estimates, largely due to a record-breaking performance in its gas and LNG division, offsetting weaker oil prices and refining margins.
Eni’s NYSE E fourth-quarter and 2023 earnings exceeded consensus estimates as “record-breaking” performance in the gas and LNG division offset weaker oil and gas prices and refining margins. The Italian energy major reported on Friday adjusted net profit of $1.76 billion 1.64 billion euros for the fourth quarter, down by 34% on the year, but slightly higher than analyst expectations. For the full year 2023, Eni’s adjusted net profit fell by 38% to $8.9 billion 8.
For the fourth quarter and full-year 2023, Eni’s pro-forma adjusted core earnings, or EBIT, were supported by steady results in the exploration and production division and “a record-breaking GGP performance,” the company said. At the gas division, adjusted core earnings hit a record $3.44 billion 3.
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