Eni Reports 3Q:24 Financial Results (PDF Downloads)

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(Eni, 25.Oct.2024) — Eni‘s Board of Directors, chaired by Giuseppe Zafarana, yesterday approved the unaudited consolidated results for the third quarter and nine months of 2024. Eni CEO Claudio Descalzi said:

“In Q3, by delivering a performance ahead of expectations, we have again demonstrated the resilience of our business model thanks to our increasingly advantaged asset portfolio, stringent cost and capital discipline and strategic focus on growth and value creation. We delivered an excellent cash flow and profitability performance in a less supportive trading environment. Importantly, we maintained leverage at 22%, whilst also speeding up our buyback plans.

We continue to make clear strategic progress across our portfolio. We have increased our upstream production alongside investing for the next phase of growth, including gaining approval for the plan of development on our large Indonesian projects. Our satellite strategy continues to evolve and we are delighted to confirm the €2.9 bln investment by KKR into Enilive, which builds on the transaction concluded at Plenitude earlier in the year and demonstrates our ability to attract investment, confirming the value we are delivering. The creation of our new UK E&P satellite with Ithaca Energy is the next step to support our growth. We remain committed to supporting the energy transition: during the quarter, we advanced two milestone CCS projects of Ravenna in Italy and HyNet in the UK while Plenitude continues to grow renewable capacity and we are now active in building three new biorefineries in Italy, South Korea and Malaysia.

Alongside financial and project delivery we remain focused on portfolio high-grading, highlighting value and maintaining a robust balance sheet. In Upstream we continue our divestment programme and are also in the final stages of evaluating options to monetize recent material discoveries via our dual exploration model. Finally, we are committed to delivering competitive shareholder returns and reflecting our results, strategic progress and the prospects of significant balance sheet de-leveraging, we are pleased to announce an additional increase in the 2024 share buyback to €2 bln.” 

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ENERGY ANALYTICS INSTITUTE (EAI) https://energy-analytics-institute.org

Energy Analytics Institute (EAI), formerly LatinPetroleum (dba LatinPetroleum.com), is a Houston-established private organization with a satellite presence in Calgary and Mexico City. Since 1999, EAI has been a leader in energy news coverage of Latin America in particular. Coverage, run out of Latin America, now spans the world and encompasses nearly all energy and energy-related sectors.

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