Eni Raises Guidance After 3Q Beat Expectations Despite Weaker Prices
27 Ottobre 2023 - 8:49AM
Dow Jones News
By Giulia Petroni
Eni raised its full-year operating profit guidance after
third-quarter results beat analysts' expectations, boosted by the
exploration and production division.
The Italian oil major posted a quarterly profit of 1.92 billion
euros ($2.03 billion) from EUR5.86 billion for the previous-year
period, when energy prices soared following Russia's invasion of
Ukraine.
On an adjusted basis, profit came in at EUR1.82 billion, above a
company-compiled analysts' consensus of EUR1.63 billion. Adjusted
operating profit was EUR3.01 billion compared with EUR5.77 billion
last year and analysts' expectations of EUR2.85 billion.
Sales fell to EUR22.32 billion from EUR37.30 billion a year
earlier.
Hydrocarbon production in the quarter was 1.64 million barrels
of oil equivalent a day compared with 1.58 million boe/d a year
earlier. Production is now expected at between 1.64 million and
1.66 million boe/d in the full year, from previous expectations of
1.63 million and 1.67 million boe/d.
Eni said it now expects adjusted operating profit for the year
at around EUR14 billion, from previous expectations of EUR12
billion, reflecting improved market conditions. Cash flow from
operations before working capital is seen at EUR16.5 billion
compared with previous guidance of EUR15.5 billion-EUR16
billion.
Capital expenditure is estimated at around EUR9 billion for the
year.
The company said its planned EUR2.2 billion buyback program is
expected to be completed by April, sooner than expected.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
October 27, 2023 02:34 ET (06:34 GMT)
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