ENI: profits higher than forecasts in the second quarter of 2023
Eni's adjusted net income for the second quarter beat analysts' estimates thanks to a very strong gas business despite a 49% drop in profits compared to the second quarter last year.
Eni reported Friday adjusted net income of $2.13 billion (€1.935 billion) for the second quarter, down 49% on the year. Earnings still topped the analyst consensus estimate of $1.8 billion (1.64 billion euros).
Adjusted pre-tax profit was down 41%, but it is “a very solid result given the 30% decline in crude oil prices and with the gas price and refining margin down more than 60%” , said the Italian energy major.
The pre-tax profit reflects resilient E&P earnings characterized by growing production and another very strong contribution from the Global Gas & LNG Portfolio (GGP) division, Eni said.
Eni's earnings were “supported by a solid and growing upstream and another excellent result in GGP,” said Chief Executive Officer Claudio Descalzi commenting on the performance and second quarter results.
The company raised its gas division-adjusted EBIT (earnings before interests and taxes) guidance for 2023 to $3 billion-$3.3 billion (2.7 billion-3 0 billion euros), up from previous guidance of $2.2 billion-2.42 billion (€2.0 billion-2.2 billion).
In the upstream division, Eni confirmed its full-year 2023 oil and gas production target for 2023 in the range of 1.63-1.67 mmboe/d under an oil price scenario of $80/d. barrel. Production in the third quarter is forecast at around 1.63 million boe/d.
“ Considering our first half results and the continued corporate performance driving increased guidance, we have a strong position from which to pay our first quarterly installment of the €0.94 per share 2023 increased dividend in September and continue the our €2.2 billion buyback that started in May ,” Descalzi said. An excellent result for shareholders, including the Treasury.
Eni joins other international majors in reporting profits nearly halved from a year ago, but unlike Shell, TotalEnergies and Exxon, the Italian company beat analysts' estimates.
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The article ENI: earnings higher than forecasts in the second quarter of 2023 comes from Scenari Economici .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/eni-utili-superiori-alle-previsioni-nel-secondo-trimestre-2023/ on Sat, 29 Jul 2023 13:00:58 +0000.