ENI Q2 Profit Climbs On Production Growth; Sees FY24 Production At Top End Of View

(RTTNews) - Italian energy major Eni S.p.A. (E) Friday reported that its second-quarter net profit climbed to 661 million euros from last year's 294 million euros.

Adjusted net profit was 1.52 billion euros, compared to 1.94 billion euros a year ago. Group proforma adjusted EBIT was 4.11 billion euros, down 3 percent from 4.23 billion euros a year ago.

Total revenues for the quarter climbed to 23.06 billion euros from last year's 19.81 billion euros.

Hydrocarbon production grew 6 percent to 1,712 kboe/d from 1,616 kboe/d last year. Oil and gas production rose year-on-year driven mainly by ongoing ramp-up at flagship projects in Cote d'Ivoire and Congo Floating LNG.

For fiscal 2024, hydrocarbon production is now expected towards the top of the anticipated range of 1.69 - 1.71 mln boe/d.

The Group proforma adjusted EBIT guidance is raised to around 15 billion euros.

Adjusted CFFO before working capital is expected to be over 14 billion euros for the full year.

The company noted that following Shareholders' approval of a dividend of 1 euro per share for fiscal year 2024, a 6% increase over 2023, the first 2024 quarterly instalment of 0.25 euro per share is due to be paid on September 25.

The company has confirmed the 2024 plan for a share buyback of 1.6 billion euros.

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