Eni beats Q4 profit forecasts helped by favourable arbitration By Reuters
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© Reuters. FILE PHOTO: The logo of Italian energy company Eni. Picture take February 10, 2020. REUTERS/Afolabi Sotunde/File Photo
By Francesca Landini
MILAN (Reuters) -Italian energy group Eni on Friday reported fourth-quarter adjusted net profit of 1.64 billion euros ($1.8 billion), beating analysts’ expectations thanks to a record performance of its gas and liquefied (GGP) division.
The quarterly result pushed Eni’s 2023 net profit to 8.3 billion euros, down 38% from a year before when the group posted bumper earnings on the back of soaring energy prices.
Eni’s fourth-quarter adjusted operating profit (EBIT) came in at 2.8 billion euros, almost in line with analyst consensus of 2.90 billion euros provided by the company.
The GGP division posted an adjusted EBIT of 0.68 billion euros including the favourable outcome of an arbitration procedure, the state-controlled group said, without giving details.
Sources told Reuters last year that Germany’s largest gas trader Uniper had been ordered to pay 550 million euros to Eni by an arbitration court over a liquefied natural gas (LNG) supply contract that expired in 2022.
Rivals Exxon Mobil (NYSE:), Chevron (NYSE:) and Shell (LON:) earlier this month also beat profit expectations on a mix of strong trading results and higher oil and gas production.
($1 = 0.9292 euros)
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© Reuters. FILE PHOTO: The logo of Italian energy company Eni. Picture take February 10, 2020. REUTERS/Afolabi Sotunde/File Photo
By Francesca Landini
MILAN (Reuters) -Italian energy group Eni on Friday reported fourth-quarter adjusted net profit of 1.64 billion euros ($1.8 billion), beating analysts’ expectations thanks to a record performance of its gas and liquefied (GGP) division.
The quarterly result pushed Eni’s 2023 net profit to 8.3 billion euros, down 38% from a year before when the group posted bumper earnings on the back of soaring energy prices.
Eni’s fourth-quarter adjusted operating profit (EBIT) came in at 2.8 billion euros, almost in line with analyst consensus of 2.90 billion euros provided by the company.
The GGP division posted an adjusted EBIT of 0.68 billion euros including the favourable outcome of an arbitration procedure, the state-controlled group said, without giving details.
Sources told Reuters last year that Germany’s largest gas trader Uniper had been ordered to pay 550 million euros to Eni by an arbitration court over a liquefied natural gas (LNG) supply contract that expired in 2022.
Rivals Exxon Mobil (NYSE:), Chevron (NYSE:) and Shell (LON:) earlier this month also beat profit expectations on a mix of strong trading results and higher oil and gas production.
($1 = 0.9292 euros)
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