ENI

By Giulia Petroni

Eni SpA on Thursday said that profit fell in the fourth quarter of 2022 but full-year earnings benefited from a favorable commodity and refining environment.

The Italian oil-and-gas major booked a quarterly net profit of 550 million euros ($583.4 million) from EUR3.52 billion in the year-earlier period. The result was affected by fair-valued commodity derivatives, asset impairments and extraordinary, solidarity tax contributions. On an adjusted basis, net profit was EUR2.50 billion.

Sales increased to EUR31.25 billion in the quarter, compared with EUR26.76 billion a year earlier, the company said.

Quarterly hydrocarbon production was down to 1.62 million barrels of oil equivalent a day, from 1.74 million boe/d a year earlier.

In full-year 2022, Eni said that net profit soared to EUR13.81 billion from EUR5.82 billion in 2021, while adjusted operating profit came in at EUR20.39 billion driven by the exploration and production segment.

"While market conditions were clearly supportive, our 2022 financial results were underpinned by capital and cost discipline, operating performance and by effective risk management of price volatility and supply tightness," Chief Executive Claudio Descalzi said.

The company is set to release financial and operational targets later on Thursday at the capital markets day.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

February 23, 2023 02:25 ET (07:25 GMT)

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