Eni Reports Strong Q2 2024 Growth with Strategic Portfolio Upgrades and Enhanced Shareholder Returns

Eni Reports Strong Q2 2024 Growth with Strategic Portfolio Upgrades and Enhanced Shareholder Returns

(IN BRIEF) Eni reported strong growth and strategic progress in Q2 2024, achieving an adjusted net profit of €1.5 billion. Key achievements include a 6% year-on-year increase in oil and gas production, significant portfolio upgrades, and advancements in transition businesses like Plenitude and Enilive. Financially, Eni maintained robust cash generation, with a Group proforma adjusted EBIT of €4.1 billion, and confirmed its full-year guidance, anticipating top-end hydrocarbon production and raising the proforma adjusted EBIT for GGP to around €1 billion. The company is also accelerating its €1.6 billion share buyback program, reflecting its commitment to delivering sustainable growth and maximizing shareholder value.

(PRESS RELEASE) MILAN, 26-Jul-2024 — /EuropaWire/ — Eni’s Board of Directors, led by Chairman Giuseppe Zafarana, approved the unaudited consolidated results for Q2 and the first half of 2024. CEO Claudio Descalzi reported significant progress across multiple strategic areas, delivering an adjusted net profit of €1.5 billion. Key highlights include strong growth in oil and gas production, portfolio upgrades, and the advancement of transition businesses such as Plenitude and Enilive.

Eni’s oil and gas production rose by 6% year-on-year, driven by flagship projects in Cote d’Ivoire and Congo Floating LNG, as well as higher contributions from Libya and the integration of Neptune. Notable portfolio activities include the divestment of non-core assets in Alaska and the completion of the onshore Nigeria sale. Eni’s partnership with KKR for an investment in Enilive further emphasizes the company’s strategic growth and value creation.

Financially, Eni demonstrated robust cash generation, with a Group proforma adjusted EBIT of €4.1 billion and adjusted net profit of €1.5 billion for Q2 2024. The company maintained strict capital discipline, enabling competitive shareholder returns, including an accelerated €1.6 billion share buyback program.

Looking ahead, Eni confirmed its full-year guidance, anticipating hydrocarbon production at the top of the 1.69 – 1.71 million boe/d range and raising the proforma adjusted EBIT for GGP to around €1 billion. Despite a challenging market environment, Eni remains committed to delivering sustainable growth and maximizing shareholder value through disciplined financial management and strategic investments.

Disclaimer
This press release contains certain forward‐looking statements particularly those regarding capital expenditure, development and management of oil and gas resources, dividends, share repurchases, allocation of future cash flow from operations, future operating performance, gearing, targets of production and sales growth, new markets and the progress and timing of projects. By their nature, forward‐looking statements involve risks and uncertainties because they relate to events and depend on circumstances that will or may occur in the future. Actual results may differ from those expressed in such statements, depending on a variety of factors, including the impact of the pandemic disease, the timing of bringing new fields on stream; management’s ability in carrying out industrial plans and in succeeding in commercial transactions; future levels of industry product supply; demand and pricing; operational issues; general economic conditions; political stability and economic growth in relevant areas of the world; changes in laws and governmental regulations; development and use of new technology; changes in public expectations and other changes in business conditions; the actions of competitors and other factors discussed elsewhere in this document. Due to the seasonality in demand for natural gas and certain refined products and the changes in a number of external factors affecting Eni’s operations, such as prices and margins of hydrocarbons and refined products, Eni’s results from operations and changes in net borrowings for the quarter of the year cannot be extrapolated on an annual basis.

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Eni
Società per Azioni, Rome, Piazzale Enrico Mattei, 1
Share capital: €4,005,358,876 fully paid.
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This press release for the second quarter and first half of 2024 results (not subject to audit) is also available on Eni’s website eni.com.

SOURCE: ENI