BAKU, Azerbaijan, February 29. Eni Group recorded an adjusted operating profit of 2.769 billion euros in Q4'23, Trend reports.
According to the company, this marked a 23-percent decrease compared to Q4 '22 (3.582 billion euros).
This decline was primarily driven by a reduced exploration and production result, down 17 percent to 2.431 billion euros, owing to the downturn in crude oil and natural gas prices, the company explained.
The chemical business also contributed to the decrease with a loss of 237 million euros, reflecting both a slowdown in demand and cost disadvantages. Additionally, a notably worsened refining scenario led to a sharp contraction of refining EBIT, down by 322 million euros. However, as Eni noted, these setbacks were partially mitigated by a record-breaking performance in the gas and green power (GGP) segment, which increased by 614 million euros.
For the entire fiscal year '23, the Group reported an adjusted operating profit of 13.805 billion euros, indicating a 32-percent decline compared to the fiscal year '22 (20.386 billion euros).
As Eni explained, this decrease is attributed to the lower performance in the exploration and production segment, further influenced by the reclassification of Angolan subsidiaries to equity accounted entities when the Azule joint-venture became operational in Q4 '22. The impact was evident in the results from refining and chemical businesses, although partly offset by the strong performance of the GGP segment and solid results from Enilive and plenitude and power businesses.