- FINANCE, STRATEGY AND REPORTING
“Eni has delivered an excellent set of operating and financial results despite a weakening scenario. This was driven by a resilient E&P result that featured a recovery in hydrocarbon production and very strong gas and LNG performance. We also saw a steady contribution from biorefineries, the commercial network and continued growth from Plenitude and Power meaning the Company recorded €4.6 billion of adjusted EBIT and €2.9 billion of adjusted net profit. During the quarter, we made substantial progress against our strategy and plans. We set up Sustainable Mobility, Eni’s latest satellite business which combines our growing biorefining portfolio with our mobility product marketing operation. Its biofuel growth will be aided by the agreement signed for the St. Bernard Renewables plant in Louisiana, expected to begin operating soon. Plenitude has increased its renewable capacity to 2.3 GW and is on track to reach the yearly target of more than 3 GW, while Versalis has just finalized a transformative deal regarding its interest in Novamont’s green chemicals business. Therefore in confirming the progress of our decarbonization pathway, to address energy security and deepen our gas exposure, we signed a landmark agreement with NOC to develop the A&E Structures in Libya and we strengthened our position in Algeria, closing the acquisition of bp’s natural gas assets. We generated €5.3 billion of adjusted cash flow before working capital movements in the quarter, significantly exceeding outflows relating to organic capex of €2.2 billion and dividend payment. We remain financially disciplined as a necessity to meet the challenges of the energy market and deliver value for our shareholders. In the context of this performance, we confirm our 2023 guidance, and with our resilient financial position and flexibility we can confirm the basis on which we will seek authorization at the AGM in May for the previously announced plan to raise the 2023 dividend to €0.94 per share and begin our €2.2 billion share buy-back.”
 See “Basis of presentation” of this press release for the full restatement of the adjusted EBIT of the 2022 comparative periods, following the re-segmentation of the previous Refining & Marketing business from which the new entity Eni Sustainable Mobility has been spun-out.
Exploration & Production
Global Gas & LNG Portfolio
Sustainable Mobility, Refining and Chemicals
Plenitude and Power
Decarbonization and Sustainability
The Company is issuing the following updated operational and financial guidance for the full year based on information to date and management’s judgement subject to the potential risks and uncertainties of the scenario.
 Before working capital movements.
 Updated 2023 Scenario is: Brent 85 $/bbl (unchanged), SERM 8 $/bbl (from 7 $/bbl), PSV 529 €/kmc (from 970 €/kmc) and average EUR/USD exchange rate: 1.08 (from 1.03).
The full version of the Press Release is available in PDF format.