Eni Reports 2023 Full Year Results [PDF Downloads]

Instant Max AI Immediate Frontier

(Eni SpA, 16.Feb.2024) — Eni‘s Board of Directors, chaired by Giuseppe Zafarana, yesterday approved the unaudited consolidated results for the full year and the fourth quarter of 2023. Eni CEO Claudio Descalzi said:

“2023 was another year of excellent results for Eni in the face of an uncertain and volatile scenario. We delivered strongly on both financial and operational targets and we continued to progress our strategy of generating value while decarbonizing and ensuring secure and affordable energy supplies to markets. Our results were underpinned by our distinctive satellite model that continues to prove to be an effective lever in accelerating growth and value creation.

We have completed the acquisition of Neptune which with its gas weighted portfolio strongly synergistic to our assets in North Europe, Indonesia and North Africa will be a core element of our future plans. In 2023 we continued to deliver our organic growth, with the completion on time and on budget of the two flagship, low-carbon projects of Baleine in Cote d’Ivoire and Congo FLNG ph.1. We maintained leadership in exploration thanks to outstanding success in Indonesia and elsewhere, while we also hit the upper range of our production target. GGP achieved its historical result thanks to the quality of its portfolio, steady optimization drive and favorable contractual settlements.

Delivering gas and low carbon projects is one aspect of our transition plan as we are also materially growing our presence in the new energies. Enilive, our activity dedicated to biofuels and mobility services, has expanded its international presence by purchasing a 50% interest in the Chalmette biorefinery in the USA and by signing a JV agreement in South Korea. Plenitude has now reached 3 GW of renewable capacity. These two businesses already generate an economic performance of around €1bn EBITDA each.

With the recent entry of an institutional investor into the shareholding of Plenitude, we highlighted the value of this business, that is estimated at around €10 bln and accessed additional dedicated capital supporting our growth plan.

Our financial results were excellent, with a proforma adjusted EBIT of almost €18 bln and an adjusted net profit of more than €8 bln. Cash flow generation at €16.5 bln before working capital movements gave us a significant headroom over the substantial cash returns to shareholders of €4.8 bln, while keeping our leverage at 0.2.”


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