Eni Smashes Earnings Estimates with Record Gas Performance

Eni’s fourth-quarter and 2023 earnings exceeded consensus estimates as “record-breaking” performance in the gas and Liquefied Natural Gas (LNG) division offset weaker oil and gas prices and refining margins.

The Italian energy major reported at the weekend adjusted net profit of $1.76 billion for the fourth quarter, down by 34 per cent on the year, but slightly higher than analysts’ expectations.

For the full year 2023, Eni’s adjusted net profit fell by 38 per cent to $8.9 billion , due to weaker realised prices and lower refining margins which dragged down core earnings in the refining and chemicals division.

Like all other major oil companies, Eni reported lower profits for Q4 and 2023, due to lower energy commodity prices. Yet, all of Big Oil topped analysts’ expectations this earnings season.  

At Eni, the key driver of the better-than-expected performance was the gas division, the so-called Global Gas & LNG Portfolio (GGP), oilprice.com said.

For the fourth quarter and full-year 2023, Eni’s pro-forma adjusted core earnings were supported by steady results in the exploration and production division and “a record-breaking GGP performance,” the company said.