Eni SpA returned to the United States bond market with the launch Tuesday of an offering with a nominal amount of $1 billion.
The 10-year bond, which matures 2035, has an annual interest of 5.75 percent. It was placed at a re-offer price of 99.184 percent.
Eni tapped Barclays, BofA Securities, Citigroup, Goldman Sachs International, IMI-Intesa Sanpaolo, JP Morgan, Morgan Stanley, Natixis, Santander, SMBC and Wells Fargo Securities as joint bookrunners.
“Eni’s offering generated significant interest from the market, reaching a demand of about $5.7 billion, from more than 200 institutional investors”, the Italian state-backed integrated energy company said in an online statement.
“The proceeds of the issuance are expected to be used to fund Eni’s ordinary financing needs”, Eni added.
At the end of the first quarter (Q1), Eni had EUR 4.78 billion ($5.31 billion) of short-term debt and EUR 4.69 billion of current portion of long-term debt, according to its quarterly report April 24.
Eni logged EUR 1.41 billion in adjusted net profit attributable to shareholders for the January-March 2025 period, down 11 percent from the same quarter last year as oil prices weakened and oil and gas output fell. Before adjustment for nonrecurring or extraordinary items, net income was EUR 1.17 billion, down 3 percent year-on-year.
Eni saw liquid production drop 1 percent year-over-year to 786,000 barrels a day. Natural gas production declined 9 percent to 4.5 billion cubic feet per day. Upstream turnover totaled EUR 5.41 billion, down 4 percent year-on-year.
Refining throughput decreased 8 percent year-on-year to 5.86 million metric tons. Sales of chemical products totaled 800,000 metric tons, down 7 percent. The refining and chemicals segment logged EUR 4.93 billion in sales, down 13 percent.
“The refining business reported a proforma adjusted loss of EUR 91 mln, lower both y-o-y and sequentially due to a continuing deterioration in products crack spreads”, Eni said. “The chemicals business reported a loss of EUR 0.24 bln amidst a prolonged downturn of the European sector due to lower demand and margin pressure from cost-advantaged players”.
Eni sold 2.8 billion cubic meters (98.88 billion cubic feet) of liquefied natural gas in Q1 2025, up 4 percent year-on-year. Gas sales totaled 12.12 Bcm, down 22 percent. Eni’s “Global Gas and LNG Portfolio” segment generated EUR 5.59 billion in sales, up 9 percent.
Eni’s biorefining arm Enilive logged EUR 4.76 billion in sales, down 9 percent year-on-year.
Plenitude, the company’s renewables unit, registered EUR 3.72 billion in sales, up 11 percent year-on-year.
Eni recorded EUR 1.08 billion in adjusted operating profit, up 9 percent year-on-year. Pro-forma adjusted earnings before interest and taxes fell 11 percent, which Eni attributed to Brent prices decreasing 10 percent.
“The resulting free cash flow of EUR 1.5 bln and the proceeds from the portfolio management of about EUR 3 bln, mainly relating to the closing of the KKR 25 percent investment in Enilive, funded EUR 1.2 bln of cash returns to shareholders (including the third installment of the 2024 dividend for EUR 0.76 bln) and contributed to reduce net borrowings of almost EUR 1.8 bln to EUR 10.3 bln from 2024 year-end”, Eni said.
To contact the author, email jov.onsat@rigzone.com
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