ENI Profits Plunge, CEO Bets Big On North Sea And CCS Future

ENI S.p.A. E reported fourth-quarter pro forma adjusted EBIT of 2.7 billion euros ($2.8 billion), down 28% year-over-year (Y/Y).

Hydrocarbon production rose 1% Y/Y to 1,716 kboe/d, with installed capacity from renewables of 4.1 GW at the end of the period.

E&P proforma adjusted EBIT was 2.78 billion euros, down 17% Y/Y due to lower weaker Brent prices.

Global Gas & LNG Portfolio segment proforma adjusted EBIT stood at 0.28 billion euros, down 63% Y/Y on decline in Global Gas & LNG (GGP) Portfolio segment (-68% Y/Y).

Adjusted net profit stood at 892 million euros ($934.8 million), down 46% Y/Y and below the analyst consensus of 960 million euros (per Reuters).

Read: Eni Completes $1 Billion Alaska Asset Sale, Fast-Tracks Portfolio Goal: Details

CEO Claudio Descalzi stated, “We are also building additional value through the creation of a new geographically-focused North Sea satellite Ithaca Energy alongside the ongoing disposal of mature and non-core assets.”

“Exploration has continued its track record of outstanding results booking 1.2 Bboe of new resources, efficiently creating future development opportunities and options for early monetization of our discoveries, consistent with Eni’ dual model’.”

“Plenitude and Enilive delivered on their EBITDA target despite a challenging commercial backdrop, emphasizing the value of our focused approach to future prospects.”

“Operational capacity and throughput growth was outstanding. Meanwhile, building on the success of our satellite model track record, we are progressing our CCS projects in Italy and the UK laying the foundations of a new transition-related satellite, leveraging our existing skills and asset positions.”

As of February 20, 2025, the company completed the buyback program of 2 billion euros.

The company’s operating cash flow stood at 13.092 billion euros in 2024 vs. 15.119 billion euros in 2023.

In a separate release, Eni and PETRONAS have signed an exclusive Memorandum of Understanding (MoU) to advance discussions on forming a joint venture holding company to manage selected upstream assets in Indonesia and Malaysia.

The joint venture targets a sustainable medium-term production of 500 kboepd, leveraging approximately 3 billion barrels of oil equivalent (boe) in reserves and an additional 10 billion boe in potential exploration opportunities.

Price Action: E shares are down 2.13% at $29.27 at the last check Thursday.

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