almost 11 billion in nine months

Eni accounts are booming, with profits that had never been seen in the accounts of the oil group. “Despite the drop in oil prices and the rapid fall in refining margins, we have continued to generate positive results thanks mainly to the robust performance of our international businesses” on gas, explained CEO Claudio Descalzi, thus removing the controversy on the possible impact of bills on the financial health of the energy company.

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In the first nine months of 2022 the Italian activities of the group lost over 1 billion, specified the financial director Francesco Gattei. And if you go back to 2014, the cumulative losses rise to 21 billion. The overall balance, on the other hand, is largely positive. In the third quarter Eni achieved an adjusted net profit of the group of 3.73 billion, in line with the previous quarter, so that in the nine months the adjusted net profit was 10.8 billion (+8.2 billion compared to 9 months 2021). The result was supported by the sensational operating profit and by the better results of the equity investments.

THE FLEXION OF THE BRENT
The adjusted tax rate, not considering the effects of the extraordinary tax contribution to be paid by companies, valued as a special item, stabilized at around 40% and reflects a better geographical mix of taxable profits, particularly in the E&P sector. Group adjusted EBIT in the third quarter of 2022 was € 5.77 billion, in line with the previous quarter, despite the decline in the price of Brent, the significant contraction in margins obtained from refining, unscheduled production shutdowns and other negative phenomena of a various nature, as well as the deconsolidation of the Angolan operating companies transferred to the JV Azule Energy.

Speaking of the difficult situation linked to the war in Ukraine, Descalzi guaranteed that Eni is working to further ease Italian dependence on Russian gas. “In a context of high volatility and uncertainty in the markets – clarified the manager – we have continued to ensure the energy supplies crucial for our economies, at the same time continuing the path of decarbonization”. According to Eni’s assessments, as early as next winter it will be possible to replace 50% of Russian gas flows “by leveraging – explained Descalzi – on our large and diversified reserve portfolio, on long-term partnerships with producing countries and on our own growing presence in the LNG business ». Descalzi also spoke of the consolidation of the decarbonization strategy, announcing that, within the year, Plenitude’s installed renewable energy capacity will double to exceed 2 Gw. “Our sustainable mobility business – these are the words of the six-legged dog number one – grows in scale and size by leveraging an innovative model of vertical integration with the nascent agribusiness for the supply of sustainable raw materials to our biorefineries”.

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About Eric Wilson

The variety offered by video games never ceases to amaze him. He loves OutRun's drifting as well as the contemplative walks of Dear Esther. Immersing himself in other worlds is an incomparable feeling for him: he understood it by playing for the first time in Shenmue.

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