BAKU, Azerbaijan, February 28. Eni's global gas and LNG portfolio segment in 4Q2023 secured an adjusted operating profit of 677 million euros, Trend reports.
According to the company, this is mainly due to a positive outcome from an arbitration procedure. The overall business result, excluding one-off effects, aligned well with our expectations outlined in the last guidance. This occurred in a market with lower volatility, reduced gas spreads, and price levels.
For the full fiscal year '23, Eni's adjusted EBIT reached a record 3.247 billion euros, marking a 57-percent increase from FY '22 (2.063 billion euros).
This growth was fueled by an optimized natural gas and LNG portfolio and benefits from contract renegotiations. At the same time, the stability and reliability of supplies to European markets were maintained, compensating for the reduction of Russian volumes, the company noted.
Meanwhile, in 4Q2023, the proforma adjusted EBIT, including the operating margin of equity accounted entities, amounted to 717 million euros, compared to 63 million euros in 4Q2022. For the entire fiscal year '23, it reached 3.433 billion euros, compared to over 2 billion euros in the comparative period.