Eni’s gas and LNG business reported an adjusted operating profit of 1.08 billion euros ($1.19 billion) in the second quarter of this year, while the company’s LNG sales rose 4 percent when compared to the same period last year.
Eni’s global gas and LNG portfolio segment logged an adjusted operating loss of 14 million euros in the second quarter last year.
According to the Italian firm, the result in the April-June period this year was mostly driven by specific benefits relating to contractual triggers, renegotiations and settlements related to previous periods that are a feature of the business.
Additionally, in a market environment still characterized by some degree of volatility and arbitrage opportunities, the continued asset optimization and trading have also contributed to the quarterly performance, Eni said.
In the January-June period, adjusted operating profit reached 2.5 billion euros, an improvement of 1.54 billion from the same period of 2022, it said.
Overall, Eni reported a 49 percent decline in its adjusted net profit in the second quarter due to weaker oil and gas prices.
Adjusted net profit reached 1.94 billion euros in the second quarter.
LNG sales up in Q2, flat in H1
Eni’s LNG sales rose by 4 percent in the second quarter when compared to the same period last year.
The company sold 2.5 bcm of LNG (1.82 million tonnes) in the April-June period.
This compares to 2.4 bcm in the second quarter of last year and 2.7 bcm in the prior quarter.
LNG sales of 5.2 bcm in the first half of this year were flat when compared to the same period in 2022.
In the second quarter, natural gas sales were 11.15 bcm, down 17 percent compared to the same period in 2022, mainly due to the lower gas volumes marketed in Italy, Eni said.
In the European markets gas volumes decreased by 22 perent as result of lower sales in the Iberian Peninsula, Turkey, and Germany, it said.
Total natural gas sales in the first half amounted to 25.99 bcm, down 18 percent when compared to the same period of 2022, due to lower gas volumes marketed in Italy in all segments and in the European markets, Eni said.