Eni SpA on Thursday reported EUR 1.41 billion ($1.6 billion) in adjusted net income attributable to shareholders, down 11 percent from the same three-month period a year ago as oil prices weakened and oil and gas output fell.
Before adjustment for nonrecurring or extraordinary items, net earnings landed at EUR 1.17 billion, down 3 percent year-on-year.
The Italian state-backed integrated energy major saw liquid production in the January-March 2025 period drop 1 percent year-over-year to 786,000 barrels per day. Natural gas production declined 9 percent to 4.5 billion cubic feet a day.
“The asset divestments closed in 2024 in Nigeria, Alaska, Congo and the mature fields declines were substantially offset by rampups at organic projects in Côte d’Ivoire, Congo, Mexico, and Italy”, Eni said in a report on its website.
Realized liquid prices averaged $69.72 a barrel, down 6 percent against Q1 2024. Gas realizations rose 8 percent to $7.57 per thousand cubic feet.
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. Total gas sales landed at 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 down 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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