November 27, 2022

Wire Service Canada

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Nearly $11 billion in nine months

Eni’s accounts are booming, with unprecedented profits in oil group accounts. CEO Claudio Descalzi explained that “despite the decline in oil prices and the rapid decline in refining margins, we have continued to achieve positive results thanks to the strong performance of our international business” in the gas space, thus removing the controversy over the potential impact of our international business. Energy company financial health bills.

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In the first nine months of 2022, the Italian activities of the group lost more than one billion, as specified by Chief Financial Officer Francesco Gatti. And if you go back to 2014, the cumulative losses rise to 21 billion. The general balance, on the other hand, is largely positive. In the third quarter, Eni generated an adjusted net profit for the group of 3.73 billion, in line with the previous quarter, bringing the adjusted net profit in the nine months to 10.8 billion (+8.2 billion compared to 9 months 2021). The result was supported by impressive operating profit and better equity investment results.

Brent bend
The adjusted tax rate, notwithstanding the effects of the extraordinary tax contribution companies would have to pay, assessed as a special item, stabilized at around 40% and reflects a better geographic mix of taxable earnings, particularly in the E&P sector. The Group’s adjusted EBIT in the third quarter of 2022 was €5.77 billion, in line with the previous quarter, despite lower Brent price, significant contraction in margins obtained from refining, unscheduled and unscheduled production shutdowns. This is one of the negative phenomena of a different nature. , as well as the de-consolidation of the Angolan operating companies that were transferred to JV Azule Energy.

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Speaking about the difficult situation related to the war in Ukraine, Descalzi emphasized that Eni is working to further reduce Italy’s dependence on Russian gas. “In the context of high volatility and uncertainty in the markets – explained the director – we continued to ensure essential energy supplies for our economies, while at the same time continuing the path of decarbonization.” According to Eni estimates, as early as next winter it will be possible to replace 50% of Russian gas flows “by taking advantage – as Descalzi explained – of our large and diversified reserve portfolio, on long-term partnerships with producing countries and on our growing efforts. Presence in the sector LNG.” Descalzi also spoke about consolidating the decarbonization strategy, announcing that during the year Plenitude’s installed renewable energy capacity will double to exceed 2 gigawatts. scale and scale by leveraging an innovative vertical integration model with emerging agri-businesses to supply sustainable raw materials to our critical refineries.”

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