ENI Navigates Lower Oil Prices: Q3 Adjusted EBIT Down 14%, Boosts Stock Buyback

ENI S.p.A. (NYSE:E) reported third-quarter pro forma adjusted EBIT of €3.4 billion ($3.68 billion), down 14% year-over-year.

Hydrocarbon production rose 2% to 1.661 kboe/d ($1.80 kboe/d), with installed capacity from renewables of 3.1 GW at the end of the period.

E&P proforma adjusted EBIT was 3.2 billion euros, down 5% due to lower realizations impacted by a decrease in crude oil prices in USD.

Global Gas & LNG Portfolio segment proforma adjusted EBIT stood at 0.25 billion euros, up 65% on the more favorable trading environment and the positive outcome of a negotiation/settlement.

Adjusted net profit stood at 1.27 billion euros, down 30% from the prior year but above the analyst consensus of 1.08 billion euros (per Reuters).

CEO Claudio Descalzi stated, “We have increased our upstream production alongside investing for the next phase ...