Post by account_disabled on Feb 20, 2024 8:01:00 GMT
Eni is not rising on the stock market (its price has accumulated a decline of almost 9% this year), and even less so after the collapses in income and profits that have been reflected in the 2023 results . And all this, despite the fact that these falls are not due to poor management, but to lower prices for crude oil and natural gas.
The italian oil company (32.4% controlled by the italian state ) has been affected last year by the decrease in prices of these two fossil fuels, as has happened to the majority of colleagues in its sector, except for the french totalenergies , for now. In view of the results presented, income and profits have also decreased in the portuguese galp , the norwegian equinor , the british bp , the anglo-dutch shell and the american companies exxonmobil and chevron . And on the 22nd those from repsol will be published .
Eni has earned 93,717 million euros, 29.3% less than in 2022. By business, the refining business , enilive (mobility transformation subsidiary - includes biofuels and mobility services) and chemicals has invoiced 52,558 million (- 11.2%); and exploration and production (called upstream in the jargon of the sector), 23,903 million (-23.4%); that of natural gas and lng, 20,139 million (-58.5%); plenitude (subsidiary of electricity and gas marketing, and renewable energy production), with 14,256 million (-31.7%).
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Oil companies down. The cheap price of crude oil weighs on the figures of exxonmobil, chevron, shell, totalenergies, equinor, eni, repsol and cepsa
operating profit ( ebit ) stood at 13,800 million, exceeding the target set at its 2023 investor day (13,000 million). For its part, adjusted net profit (without extraordinary items) has fallen 38%, to 8.3 billion; and the net attributable profit (includes extraordinary items) has Country Email List plummeted by 65.8%, to 4,747 million. Of course, it continues to make profits, to which it returned in 2021 , after the covid hit that led to losses for oil companies and many other companies in multiple sectors.
Despite the aforementioned collapses, eni's ceo, claudio descalzi (he was renewed in may last year for a fourth term that will last three years), has boasted of “excellent financial and operational results.” and given that the adjusted cash flow has amounted to 16.5 billion, exceeding investment needs, they have been able to remunerate shareholders via dividends and share buybacks , as well as go on purchases to accelerate decarbonization: they acquired the exploration and production company of neptune energy group gas for more than 4,400 million, 50% of the chalmette biorefinery (in the us), the increase in the stake in novamont with control and the purchase of gas assets.
Oil companies converted into 'utilities'. The italian eni wants to conquer spain, especially renewables and customers
at the same time, we must not forget that almost a month ago it was known that the government of giorgia meloni is considering the possible sale of 4% of eni , within a broader three-year plan to raise some 20,000 million by reducing its stakes in companies. In the italian oil company, the state controls 32.4% through shares of the treasury and the public bank cassa depositi e prestiti - cdp -) and the sale of 4% would bring income of about 2,000 million, according to bloomberg. Likewise, antonio tajani , vice president and minister of foreign affairs and international cooperation of italy, defended eni a few days ago, pointing out that it does not exploit israeli marine resources, but rather is carrying out exploratory operations through a consortium. In addition, it has made further progress in cyprus , where it has been present since 2013 and has just successfully completed the drilling of the cronos-2 well to evaluate this gas discovery in block 6 located offshore, which it operates 50% with totalenergies . : this is the fourth well drilled in said block, after the gas discoveries of calypso, cronos-1 and zeus.
The italian oil company (32.4% controlled by the italian state ) has been affected last year by the decrease in prices of these two fossil fuels, as has happened to the majority of colleagues in its sector, except for the french totalenergies , for now. In view of the results presented, income and profits have also decreased in the portuguese galp , the norwegian equinor , the british bp , the anglo-dutch shell and the american companies exxonmobil and chevron . And on the 22nd those from repsol will be published .
Eni has earned 93,717 million euros, 29.3% less than in 2022. By business, the refining business , enilive (mobility transformation subsidiary - includes biofuels and mobility services) and chemicals has invoiced 52,558 million (- 11.2%); and exploration and production (called upstream in the jargon of the sector), 23,903 million (-23.4%); that of natural gas and lng, 20,139 million (-58.5%); plenitude (subsidiary of electricity and gas marketing, and renewable energy production), with 14,256 million (-31.7%).
Related
Oil companies down. The cheap price of crude oil weighs on the figures of exxonmobil, chevron, shell, totalenergies, equinor, eni, repsol and cepsa
operating profit ( ebit ) stood at 13,800 million, exceeding the target set at its 2023 investor day (13,000 million). For its part, adjusted net profit (without extraordinary items) has fallen 38%, to 8.3 billion; and the net attributable profit (includes extraordinary items) has Country Email List plummeted by 65.8%, to 4,747 million. Of course, it continues to make profits, to which it returned in 2021 , after the covid hit that led to losses for oil companies and many other companies in multiple sectors.
Despite the aforementioned collapses, eni's ceo, claudio descalzi (he was renewed in may last year for a fourth term that will last three years), has boasted of “excellent financial and operational results.” and given that the adjusted cash flow has amounted to 16.5 billion, exceeding investment needs, they have been able to remunerate shareholders via dividends and share buybacks , as well as go on purchases to accelerate decarbonization: they acquired the exploration and production company of neptune energy group gas for more than 4,400 million, 50% of the chalmette biorefinery (in the us), the increase in the stake in novamont with control and the purchase of gas assets.
Oil companies converted into 'utilities'. The italian eni wants to conquer spain, especially renewables and customers
at the same time, we must not forget that almost a month ago it was known that the government of giorgia meloni is considering the possible sale of 4% of eni , within a broader three-year plan to raise some 20,000 million by reducing its stakes in companies. In the italian oil company, the state controls 32.4% through shares of the treasury and the public bank cassa depositi e prestiti - cdp -) and the sale of 4% would bring income of about 2,000 million, according to bloomberg. Likewise, antonio tajani , vice president and minister of foreign affairs and international cooperation of italy, defended eni a few days ago, pointing out that it does not exploit israeli marine resources, but rather is carrying out exploratory operations through a consortium. In addition, it has made further progress in cyprus , where it has been present since 2013 and has just successfully completed the drilling of the cronos-2 well to evaluate this gas discovery in block 6 located offshore, which it operates 50% with totalenergies . : this is the fourth well drilled in said block, after the gas discoveries of calypso, cronos-1 and zeus.