Eni SpA on Thursday reported EUR 1.41 billion ($1.6 billion) in adjusted web earnings attributable to shareholders, down 11 p.c from the identical three-month interval a 12 months in the past as oil costs weakened and oil and fuel output fell.
Earlier than adjustment for nonrecurring or extraordinary objects, web earnings landed at EUR 1.17 billion, down 3 p.c year-on-year.
The Italian state-backed built-in vitality main noticed liquid manufacturing within the January-March 2025 interval drop 1 p.c year-over-year to 786,000 barrels per day. Pure fuel manufacturing declined 9 p.c to 4.5 billion cubic toes a day.
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“The asset divestments closed in 2024 in Nigeria, Alaska, Congo and the mature fields declines had been considerably offset by rampups at natural initiatives in Côte d’Ivoire, Congo, Mexico, and Italy”, Eni mentioned in a report on its web site.
Realized liquid costs averaged $69.72 a barrel, down 6 p.c in opposition to Q1 2024. Gasoline realizations rose 8 p.c to $7.57 per thousand cubic toes.
Upstream turnover totaled EUR 5.41 billion, down 4 p.c year-on-year.
Refining throughput decreased 8 p.c year-on-year to five.86 million metric tons. Gross sales of chemical merchandise totaled 800,000 metric tons, down 7 p.c. The refining and chemical substances section logged EUR 4.93 billion in gross sales, down 13 p.c.
“The refining enterprise reported a proforma adjusted lack of EUR 91 mln, decrease each y-o-y and sequentially resulting from a seamless deterioration in merchandise crack spreads”, Eni mentioned. “The chemical substances enterprise reported a lack of EUR 0.24 bln amidst a chronic downturn of the European sector resulting from decrease demand and margin stress from cost-advantaged gamers”.
Eni offered 2.8 billion cubic meters (98.88 billion cubic toes) of liquefied pure fuel in Q1 2025, up 4 p.c year-on-year. Complete fuel gross sales landed at 12.12 Bcm, down 22 p.c. Eni’s “International Gasoline and LNG Portfolio” section generated EUR 5.59 billion in gross sales, up 9 p.c.
Eni’s biorefining arm Enilive logged EUR 4.76 billion in gross sales, down 9 p.c year-on-year.
Plenitude, the corporate’s renewables unit, registered EUR 3.72 billion in gross sales, up 11 p.c year-on-year.
Eni recorded EUR 1.08 billion in adjusted working revenue, up 9 p.c year-on-year. Professional-forma adjusted earnings earlier than curiosity and taxes fell 11 p.c, which Eni attributed to Brent costs down 10 p.c.
“The ensuing free money stream of EUR 1.5 bln and the proceeds from the portfolio administration of about EUR 3 bln, primarily referring to the closing of the KKR 25 p.c funding in Enilive, funded EUR 1.2 bln of money returns to shareholders (together with the third installment of the 2024 dividend for EUR 0.76 bln) and contributed to scale back web borrowings of just about EUR 1.8 bln to EUR 10.3 bln from 2024 year-end”, Eni mentioned.
To contact the writer, e mail jov.onsat@rigzone.com
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