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Eni has posted the best results since 2012 after a strong fourth quarter



February 18, 2022

Credit: Eni Flickr-CC BY-NC 2.0

Italy’s energy group Eni recorded its highest annual performance since 2012, boosted by rising oil and gas prices and higher-than-expected profits in the fourth quarter.

Adjusted net income for the three months to December reached € 2.11 billion ($ 2.4 billion) from € 50 million a year ago, surpassing the € 1.94 billion consensus.

According to the group, production increased by 1% during this period to 1,737 million barrels of oil equivalent per day.

“In 2021, we achieved excellent results and accelerated the pace of our transformation strategy,” said CEO Claudio Descardi.

The results reflect the industry’s recovery last year after the coronavirus pandemic suffered the 2020 problem that caused the collapse of energy demand and prices.

For the full year, Eni posted an adjusted profit of € 4.74 billion from a loss of € 758 million in 2020.

This month, big companies like BPBP.L and ShellSHEL.L reported bumper profits from rising energy prices and promised to return more cash to shareholders.Read the full text

“Our upstream sector continues to generate the resources needed to fund our decarbonization strategy,” Descalzi said.

The company is spinning off assets like Norwegians Vår Energi Ventures to help fund various green units while hanging on cash-generating fossil fuels.

Cash flow from operating activities in the final quarter increased 192% to € 4.6 billion, covering an investment of € 1.8 billion and confirming the dividend policy.

($ 1 = 0.8796 euros)

(Report by Stephen Jewkes, edited by Agnieszka Flak and Keith Weir)

https://www.oedigital.com/news/494425-eni-posts-best-results-since-2012-after-strong-q4 Eni has posted the best results since 2012 after a strong fourth quarter

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