November 29, 2022
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Eni Q3 net profit beats expectations helped by gas business

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MILAN, Oct 28 (Reuters) – Italian energy group Eni (ENI.MI) said profits in the third quarter beat expectations thanks to an over performance of its Global Gas and LNG portfolio division (GGP).

Adjusted net profit in the period came in at 3.73 billion euros ($3.72 billion), from 1.43 billion euros a year ago, to beat a 3.21 billion euro consensus.

The state-controlled group raised its full-year expectations for the gas & LNG division and for the downstream business.

“In the third quarter of 2022, despite a decline in crude oil prices and a rapid fall in refining margins, we have continued to deliver positive results, mainly thanks to the robust performance of our international businesses,” Chief Executive Claudio Descalzi said in a statement.

Eni said it would be able to replace at least 50% of its Russian gas supply this winter, leveraging on its broad and diversified reserve base, its long-standing relationships with producing countries and a growing presence in liquefied natural gas (LNG).

($1 = 1.0026 euros)

Reporting by Francesca Landini, editing by Federico Maccioni

Our Standards: The Thomson Reuters Trust Principles.



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