- FINANCE, STRATEGY AND REPORTING
San Donato Milanese, July 26, 2024 - Eni's Board of Directors, chaired by Giuseppe Zafarana, yesterday approved the unaudited consolidated results for the second quarter and first half 2024. Eni CEO Claudio Descalzi said:
“In the second quarter 2024, we have delivered results ahead of expectations, demonstrating the significant progress Eni has made in multiple areas of our strategy and against the Plan set out to investors in March. We have a clear objective to grow our business lines where we have a competitive advantage: oil and gas production, bio-refining and renewables generating capacity, and have delivered impressive growth in each. This in turn has enabled us to deliver an excellent financial performance of €1.5 bln of adjusted net profit. Alongside our operational advances we are also making better than expected progress in our portfolio activities both in terms of timing and value. We are upgrading our Upstream portfolio, having recently announced the divestment of our non-core assets in Alaska, the ongoing completion of the sale of onshore Nigeria, and agreed a combination with Ithaca Energy for our UK assets. Notably, Enilive announced an exclusivity agreement with KKR for an investment similar to the transaction concluded earlier in the year at Plenitude. These actions serve to both help fund growth and confirm the value we are creating in our transition businesses. Even in the absence of significant portfolio activity net debt reduced over the quarter. With the progress now being made on divestments, we expect leverage to be significantly below 0.2 by year end, better than our original expectation. This will enable us to speed up the execution of our €1.6 bln share buyback program and confirm our delivery of both business growth and shareholder returns.”
Strong strategic progress achieving key milestones. Eni delivered efficient growth and portfolio rationalization while remaining financially disciplined.
Focus on building a stronger and strategically more valuable business while remaining committed to delivering an attractive and competitive distribution policy.
Excellent results despite the mixed market environment with good crude oil realizations, and stable gas prices, higher refining margins albeit down sequentially, and weaker margins of chemical products.
Full year guidance and increased capacity confirmed for Enilive and Plenitude; upside to E&P and GGP performance expectations
Financial targets raised and Capex plan on track
Shareholder Returns: 6% increase in interim dividend and increased pace in the 2024 buyback
Progress of divestment program ahead of plan enabling debt reduction program
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 17).
[1] On an adjusted basis, before working capital changes.
The full version of the Press Release is available in PDF format.
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