ENI Eni Spa

Italy's Eni SpA on Thursday wrapped up the earnings season for Europe's largest oil companies, in which some of them began jamming the brakes on climate initiatives as they reported bumper profits for 2022. Here is a look at the financial performance of their renewables operations in the fourth quarter. The companies that include gas in their renewables and low-carbon businesses have been excluded.

--Shell PLC reported adjusted earnings of $293 million for its renewables and energy solutions segment in the fourth quarter, which compares with $43 million a year earlier. This means renewables and energy solutions represented 3% of the U.K. energy giant's adjusted earnings--which strip out certain commodity price adjustments and one-time charges--in the fourth quarter.

At the end of 2022, renewables generation capacity--which includes projects in operation, under construction and committed for sale--stood at 6.4 gigawatt, Shell said.

---Eni's retail and renewable business Plenitude & Power recorded a fourth-quarter adjusted operating profit of 118 million euros ($125.2 million), below consensus expectations of EUR140 million, with the miss mainly driven by the Plenitude segment. The Plenitude & Power business represented 3% of the Italian oil-and-gas major adjusted operating profit, at EUR3.58 billion.

The Italian oil-and-gas major said Plenitude grew its renewable capacity substantially in 2022, reaching an installed capacity of 2.2 GW at the end of the quarter, up from 1.14 GW.

--Galp Energia SGPS SA's Renewables & New Businesses recorded a replacement cost-adjusted Ebitda of EUR17 million in the fourth quarter. The figure represented roughly 1.8% of the Portuguese energy company's overall replacement cost-adjusted Ebitda, which rose 48% on year to EUR951 million.

Galp said renewables installed capacity reached 1.4 GW by the end of the quarter, following the commercial startup of roughly 100 megawatt of solar projects in Spain and Portugal.

Renewable-energy generation rose 44% on year to 307 gigawatt-hours in the fourth quarter, driven by the new capacity online and an overall improvement in operational performance, the company said. Full-year renewable-energy generation also rose to 1,930 GWh, it said.

--Spanish energy company Repsol SA reported an adjusted net income of EUR167 million for its commercial-and-renewables division in the fourth quarter, beating company-compiled consensus by 10%. Repsol said the rise was mainly due to higher results in Retail Electricity & Gas, Liquefied Petroleum Gas and Lubricants, Aviation, Asphalts and Specialties.

Commercial & renewables represented 8% of the company's overall adjusted net income of EUR2.01 billion.

--Norwegian energy major Equinor ASA's renewables division recorded an adjusted loss of $86 million in 2022's fourth quarter compared with a loss of $38 million in the prior year. The division's net operating loss was $63 million compared with a loss of $38 million.

Equinor's quarterly adjusted earnings were $15.06 billion, up from $14.99 billion and ahead of the $14.41 billion analysts were expecting, according to a company-compiled consensus. Net profit rose to $7.9 billion from $3.37 billion a year earlier.

In the fourth quarter, production from renewable-energy sources was 517 GWh, down 2% from the same quarter in 2021.

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(END) Dow Jones Newswires

February 23, 2023 09:32 ET (14:32 GMT)

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