Eni’s financial results in the third quarter of 2024
Eni recently published its financial results for the third quarter of 2024, recording an adjusted net profit of 1.27 billion euros, down 30% compared to the same period of the previous year. However, this result exceeds analysts’ expectations, who had forecast a profit of 1.12 billion euros. This figure highlights the company’s resilience, despite a more difficult operating environment
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Hydrocarbon production and operational performance
During the period under review, adjusted pro forma operating profit was 3.4 billion euros, a decrease of 14%. Hydrocarbon production reached an average of 1.66 million barrels equivalent per day, an increase of 2% compared to the third quarter of 2023. This increase was supported by the acquisition of Neptune and projects in Côte d’Ivoire and Mozambique, as well as a larger contribution from Indonesia and Libya. Eni continues to confirm its annual production target for 2024, with an expected EBIT of 1.1 billion euros
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Buyback plan and return to shareholders
A significant aspect that emerged from the results is the buyback plan, which Eni has decided to increase to 2 billion euros, an increase of 25% compared to the previous guidance. This disposal plan is proceeding better than initial expectations, and the total return of cash to shareholders is expected to reach approximately 38% of operating cash flow. The company, led by Claudio Descalzi, emphasized the importance of these results as a reflection of the strength of its business model.
