- FINANCE, STRATEGY AND REPORTING
Eni's Board of Directors, chaired by Giuseppe Zafarana, yesterday approved the unaudited consolidated results for the third quarter and the nine months of 2023. Eni CEO Claudio Descalzi said:
“In Q3 ’23, we continued to advance our strategy of transformation, while delivering another excellent set of operating and financial results. On E&P we are accelerating our plan to boost equity gas and LNG production, a key driver to secure reliable supply and at the same time pursue our decarbonization goals. The outstanding Geng North-1 exploration discovery, currently the industry’s largest this year, together with the soon to be completed Neptune acquisition and recent purchase of Chevron’s interests in Indonesia, will enable us to target exploitation of material resources offshore the Kutei basin. The start-up, in less than two years from discovery, of the giant Baleine oilfield off the Cote d’Ivoire reaffirms the validity of our value accretive fast-track development approach, ensuring traditional energy supplies whilst, as Africa’s first net-zero scope 1 and 2 project, decarbonizing our operations. GGP substantially enhanced the contracted LNG portfolio with three new long-term agreements in Congo, Qatar and Indonesia totalling 6.5 bcm/year at plateau. The businesses of the energy transition are growing quickly. Enilive (Eni Sustainable Mobility) has closed the Chalmette biorefinery JV deal in the USA and is targeting other international biofuels projects leveraging our distinctive technologies and expertise. Plenitude is on track to achieve the planned 3 GW of renewable installed capacity by year-end while also delivering its financial targets, while the completion of the Novamont acquisition will strengthen Versalis’ green chemicals transformation. And finally, our leading portfolio of CCS solutions was further enhanced by the award of the Hewett storage license in the UK and by important progress on both the technical and regulatory sides. In a volatile trading environment, proforma adjusted Ebit including our JV and associates reached €4 bln driven by sequential growth in E&P, Refining and our Retail business. Operating cash flow was €3.4 bln resulting in an organic FCF of about €1.5 bln after funding €1.9 bln of capex. Both cash and operating results stand out at the top of our historical quarterly performances. To date, the cumulative organic FCF of about €6.2 bln, has been well above the 2023 expected pay-out to shareholders including share repurchases, contributing to our financial flexibility and strengthening the balance sheet with leverage stable at 0.15. Looking forward, we believe that the evident underlying improvement of the business and our strategic progress will support highly attractive returns to our shareholders. In line with this, we are raising our full-year guidance of Ebit and cash flow, while accelerating our buyback plan for this year.”
 For a reconciliation of Group proforma adjusted EBIT and segment breakdown see page 25.
Exploration & Production
Global Gas & LNG Portfolio (GGP)
Enilive, Refining and Chemicals
Plenitude & Power
Decarbonization and Sustainability
The Company is issuing the following 2023 updated operational and financial guidance:
The above-described outlook is a forward-looking statement based on information to date and management’s judgement and is subject to the potential risks and uncertainties of the scenario (see our disclaimer on page 18).
 The proforma adjusted Ebit includes the proportional consolidation of Eni’s main JVs and associates. A reconciliation to adjusted Ebit of consolidated subsidiaries and a breakdown by segment are disclosed in the notes below.
 Updated 2023 Scenario is: Brent 84 $/bbl (previously $80/bbl); SERM 10.4 $/bbl (previously 8 $/bbl); PSV 474 €/kmc (from 484 €/kmc); average EUR/USD exchange rate of 1.08 (unchanged).
 Payment date: November 22, 2023 (Ex-dividend date/record date: November 20/November 21, 2023, respectively).
The full version of the Press Release is available in PDF format.
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