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Eni increases production in the first quarter of 2024 but gas slows profits

Eni increases production in the first quarter of 2024 but gas slows profits



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Eni closed the first quarter of 2024 with… production It rose by 5% to 1,741 barrels per day, but the slowdown in financial indicators is mainly due to the decline in oil prices. Gas, as analysts expected (here are Equita estimates). Pro forma adjusted operating profit was €4.1 billion, down 30% compared to €5.8 billion in the first quarter of 2023. Exceptions are Enliv H FullnessWith a jump in EBIT by 56% to 420 million euros.

By almost half, year after yearnet income The consolidated amount was revised to €1.58 billion (-46%).

Operating cash flow amounted to EUR 3.9 billion, although lower than in the first quarter of 2023 (-26%), it doubled the organic investment spending, allowing leverage to be maintained at 0.23 and absorbing the expenses necessary for the acquisition of Neptune. Energy.

CEO Descalzi: Accelerating the pace of the new asset portfolio

“In the first quarter of 2024, we accelerated our portfolio transformation by leveraging different platforms Value growthCommented the CEO, both in traditional companies and those linked to the energy transition Claudio Descalzi. “Thanks to the completion of the acquisition of Neptune Energy and the announced merger of its UK activities with Ithaca EnergyWe will work to enhance exploration and production operations through a greater presence in OECD countries and increased gas production. Furthermore, the EIP Fund's investment in Plenitude, with an implied value of over €10 billion, confirms the high potential of our renewable energy and retail sector.

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“Based on our updated scenario, our forecast is for an operating cash flow of more than €14 billion, and in line with our distribution policy, we expect the 2024 plan to increase from Buy back By 45% to 1.6 billion euros.

(The article is being updated)

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