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Eni: sharp drop in profit in 2024 due to falling prices

Italian energy group Eni reports a 45% drop in net profit in 2024, reaching €2.46 billion, impacted by lower gas and oil prices. Its shares fell on the stock market after results fell short of expectations.

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Eni reported a net profit of €2.46 billion in 2024, a 45% decrease compared to the previous year, according to results published on Thursday. This figure is well below the forecast of €4.56 billion made by analysts at financial information provider Factset. Adjusted net profit, excluding exceptional items, amounted to €5.26 billion, a 37% decrease, slightly below market estimates.

Impact of oil and gas prices

The decline in results was mainly due to the drop in hydrocarbon prices over the year. The average price of Brent crude fell by 2% to $80.76 per barrel, compared to Eni’s initial forecast of $83, amidst rising tensions in the Middle East. Meanwhile, the benchmark natural gas price dropped by 14% to €36 per megawatt-hour (MWh), directly affecting the company’s profitability.

These trends impacted all of Eni’s financial performance. Its adjusted pro-forma operating profit (EBIT) fell by 20% to €14.3 billion. Revenue also decreased by 5% to €88.79 billion, below analysts’ expectations. On the stock market, Eni’s shares fell by 2.16% to €13.97 just before 10:00 a.m. in Milan, in a market down by 1.45%.

Production and diversification strategy

On the other hand, Eni’s hydrocarbon production increased by 3% in 2024, reaching 1.7 million barrels per day, in line with the company’s targets. Despite the drop in prices, the company continues its strategy of diversification and asset valorisation, particularly through the sale of an additional 5% stake in its bio-refining subsidiary Enilive to US investment fund KKR for €587.5 million. This transaction raises KKR’s stake to 30%, valuing the entire subsidiary at €11.75 billion.

Partnership with Petronas in Asia

As part of its international expansion, Eni signed a memorandum of understanding with Malaysian state-owned group Petronas to create a joint venture focused on managing upstream assets (production and exploration) in Indonesia and Malaysia. According to both companies, this initiative aims to generate significant synergies and support the growing demand for gas in the region through targeted investments in new development projects.

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