Eni records $14.12 bln profits during the year 2022‎

Italian energy group Eni said today, Thursday, that its adjusted net profit rose to 13.3 billion euros ($14.12 billion) in 2022, the highest profit in more than a decade, but its shares fell as markets focused on weak exploration and production activities in the last quarter of the year.

According to “Reuters”, adjusted net profit in the fourth quarter amounted to 2.5 billion euros, slightly more than the average forecast of 2.49 billion euros provided by analysts.

The state-controlled group’s increased focus on energy security, coupled with higher energy prices due to the conflict in Ukraine, led to an improvement in its performance in 2022.

Claudio Descalzi, CEO of the group, said in a statement, “During the year, we were able to conclude agreements and enter into activities to completely replace Russian gas by 2025, and take advantage of our strong relations with producing countries and the rapid development approach to increase quantities from Algeria, Egypt, Mozambique, Congo and Qatar.” ..

However, the decline in oil and gas prices in the last quarter of the year from their previous peak affected the exploration and production business and its gas and liquefied natural gas division, which led to a slowdown compared to previous periods.

The group also made progress last year in developing the renewable energy and retail unit (Plenity), which has a production capacity of 2.2 gigawatts of green energy, as well as the newly established sustainable mobility unit.

Shares of the Italian group fell by 1 percent by 0840 GMT, as investors were disappointed about the performance of exploration and production activities. Dealers are awaiting the presentation of Eni’s strategy, which is scheduled for later today, Thursday.