BAKU, Azerbaijan, October 31. Eni's global gas and LNG portfolio segment performance in the third quarter of 2023 achieved an adjusted operating profit of 111 million euros, Trend reports.
According to the company, this marked a significant 90-percent decrease compared to the same period in 2022.
The 3Q2023 results were influenced by limited benefits from asset optimization in a market characterized by lower volatility and narrower gas spreads in contrast to the same period of 2022. Additionally, some infrastructure maintenance activities reduced the available flexibility and arbitrage opportunities.
However, when considering the nine months of 2023, there was a more positive outcome, with an adjusted operating profit of 2,570 million euros, up by 570 million euros year-on-year.
It's worth noting that in 3Q2023, the proforma adjusted EBIT, including the operating margin of the equity accounted entities, amounted to 0.15 billion euros, down significantly from 1.08 billion euros in 3Q2022. For the nine months of 2023, the figure was 2.72 billion euros, compared to 2 billion euros in the comparative period.
The challenges faced by the natural gas sales industry, particularly in Europe, have impacted both the sales volumes and the profitability of the global gas and LNG portfolio segment.