Eni 2Q Profit Plunged Amid Lower Oil, Natural Gas Prices
28 Julho 2023 - 3:41AM
Dow Jones News
By Mauro Orru
Eni posted a much lower profit for the second quarter, as the
group reeled from the effects of declining benchmark crude oil and
natural gas prices.
The Italian oil-and-gas major on Friday said that quarterly net
profit plunged to 294 million euros ($322.8 million) from EUR3.82
billion in last year's second quarter. On an adjusted basis, net
profit declined 49% to EUR1.94 billion.
Adjusted operating profit--one of Eni's most closely watched
metrics by analysts and investors--fell 42% to EUR3.38 billion.
Sales decreased 38% to EUR19.59 billion.
Hydrocarbon production rose 2% on year to 1.61 million barrels
of oil equivalent a day. For the current quarter, the group is
forecasting hydrocarbon production of about 1.63 million barrels of
oil equivalent a day.
For the year, hydrocarbon production is still expected between
1.63 million and 1.67 million barrels of oil equivalent a day.
However, capital expenditure should now be under EUR9 billion,
below previous guidance of around EUR9.2 billion.
The group is still targeting an adjusted operating profit of
EUR12 billion. Cash flow from operations before working capital
should be between EUR15.5 billion and EUR16 billion. Eni had
previously expected cash flow of more than EUR16 billion.
Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
(END) Dow Jones Newswires
July 28, 2023 02:26 ET (06:26 GMT)
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