Eni Misses Q4 Profit Estimate as Oil Prices and Refining Margins Dip.
Eni SpA (NYSE: E) on Thursday reported a 46% plunge in its adjusted net profit for the fourth quarter of 2024, missing analyst forecasts as lower oil and gas prices and refining margins more than offset higher upstream production.
Eni booked an adjusted net profit of $935 million (892 million euros) for the fourth quarter, below the consensus estimate of $1 billion (960 million euros) as its refining and chemicals divisions posted losses, due to weak products crack spreads and lower throughputs.
The chemicals division, in particular, continued to book losses as in the previous quarters, as the business “continues to be impacted by industry-wide headwinds: subdued demand, competitive pressure and the comparatively higher energy/environmental costs of operating in Europe.
CEO Claudio Descalzi noted, “Our chemical business, impacted by the structural headwinds in Europe, is being restructured and transformed by leveraging our technological expertise to build competitively advantaged businesses linked to the transition and the circular economy.”
The Italian energy major boasted a 3% increase in its fourth-quarter oil and gas production, to 1.72 million barrels of oil equivalent per day (boe/d), driven by organic projects start-ups and the integration of Neptune Energy after the acquisition. Exploration activities in 2024 proved up 1.2 billion boe of resources in the year, setting the stage of a new gas-driven, growth phase thanks to material discoveries off Indonesia and Cyprus, Eni said.
Source: OILPRICE
