Eni says Q1 LNG earnings up, sales down

Eni’s gas and LNG business reported higher earnings in the first quarter of this year, while the company’s LNG sales dropped when compared to the same period last year.

The Italian energy firm said on Friday that its global gas and LNG portfolio (GGP) reported record 1.37 billion euros ($1.52 billion) of adjusted profit or EBIT.

This marks a rise of 47 percent when compared to the same quarter last year.

This result emphasizes how the business, that is increasingly integrated with the upstream, has “swiftly reacted to the supply disruptions and taken advantage of the new realities of the gas and LNG markets,” Eni’s finance chief, Francesco Gattei, told analysts during the company’s earnings call on Friday.

“Also, given the drop in European hub prices in the quarter it is important to reiterate that this is not a business that is solely dependent on the prevailing gas price,” he said.

Eni’s adjusted net profit before tax of 4.98 billion euros was just 5 percent lower than the same quarter a year ago despite a 20 percent fall in crude oil price and a 42 percept drop in gas price, the firm said.

Adjusted net profit dropped 11 percent to 2.9 billion euros in the first quarter.

LNG sales down 4 percent

Eni’s LNG sales dropped by 4 percent in the first quarter when compared to the same period last year.

The company sold 2.7 bcm of LNG (1.98 million tonnes) in the January-March period.

This compares to 2.8 bcm in the first quarter of last year and 2.4 bcm in the prior quarter.

Total natural gas sales of 14.84 bcm decreased by 19 percent in the first quarter compared to the same period of 2022, mainly due to the lower gas volumes marketed in Italy, particularly in the wholesalers’ segment, Eni said.

In the European markets, gas volumes decreased by 12 percent mainly due to lower sales in the UK and the Iberian Peninsula partly offset by higher volumes sold in Germany and Austria, it said.

- Advertisements -

Most Popular

BP expects LNG demand to grow up to 40 percent by 2030

UK-based energy giant BP expects global demand for liquefied natural gas (LNG) to rise up to 40 percent by...

Venture Global’s Plaquemines LNG gets OK to introduce gas to GTG

US LNG exporter Venture Global LNG has received approval from US energy regulators to introduce natural gas to the...

AG&P LNG inks deal with BKLS to deliver spot LNG cargo to China

Nebula Energy’s AG&P LNG has signed a deal with Singapore-based BK LNG Solution (BKLS) to deliver one spot liquefied...

More News Like This

Italy’s Eni sells 10 percent stake in Saipem

Italian energy firm Eni has sold a 10 percent stake in compatriot energy services company Saipem. Eni announced the...

Eni’s Congo FLNG ships new cargo

Italy’s Eni has shipped a new liquefied natural gas cargo produced at its Tango floating LNG facility moored in...

UAE’s Adnoc in Mozambique LNG move

UAE's Adnoc has agreed to buy Galp’s 10 percent interest in the Area 4 concession of the Rovuma basin...

Wison installs all SPB tanks on Eni’s FLNG

China’s Wison New Energies has installed all four SPB LNG tanks and two LPG tanks on Eni’s Congo FLNG. The...