BAKU, Azerbaijan, April 24. Eni's global gas and LNG segment in 1Q2024 achieved a proforma adjusted EBIT of 325 million euros, Trend reports.
According to Eni's latest financial report, this was achieved due to the operating margin of equity-accounted entities, notably SeaCorridor. However, this marked a significant reduction of 77 percent from the EBIT recorded in 1Q2023 (1.42 billion euros).
This decline was attributed to a substantially less favorable price scenario, with PSV and TTF prices experiencing a downturn of approximately 50 percent compared to the same period in 2023, the company explained. Additionally, reduced volatility in the market impacted trading and optimization opportunities, further contributing to the decline in EBIT.
Meanwhile, in 1Q024, natural gas sales reached 15.45 bcm, marking a 4-percent increase year-on-year. This growth was primarily driven by higher gas volumes marketed in Italy, which saw an 8-percent uptick, Eni noted.
At the same time, outside Italy, gas volumes remained relatively stable compared to 1Q2023, with increased sales in the Iberian Peninsula and Germany being offset by reduced volumes marketed in Türkiye and France.