BAKU, Azerbaijan, Feb.23. The adjusted operating profit of Eni, Italy-based energy company, dropped by 20 percent in in exploration and production in Q4 2022, as compared to the same period in 2021 and stood at €2,891 mln, Trend reports with reference to the company.
The sharp decline was due to derecognition of the subsidiaries operating in Angola following their contribution to the Azule Energy joint venture with bp, which became operational in early August, the decrease in output and higher write-offs, partly offset by higher realized prices (up 2 percent).
The company’s adjusted operating profit in FY 2022 amounted to €16,411 mln, showing a 77 percent increase compared to the FY 2021. The growth was achieved with supportive oil scenario and a tight worldwide market for natural gas, as well as by cost discipline.
Eni’s adjusted net profit dropped by around €0.4 bln in Q4 2022, compared to Q4 2021 and stood at €1,856 mln driven by robust performance of investments, particularly Vår Energi, offsetting a weaker operating performance (it was €10,776 mln in FY 2022, an increase of €5,233 mln compared to 2021 due to a better operating and equity-accounted performance).
“The reduction in the tax rate in 2022, down by 2 percentage points compared to 2021, benefitted from the positive scenario and better equity-accounted performance. In the Q4 2022, the tax rate increased by 5 percentage points compared to the comparative period, due to lower performance in countries with more favorable tax rates,” the company said.
Eni is an energy company operating in 71 countries worldwide and employing around 33,000 people. With the goals of improving access to energy in the countries where Eni operates and making maximum effort to reduce direct emissions of CO2, the company launched the Energy Solutions business unit. To ensure the long-term sustainability, Eni Energy Solutions looks for synergies with other lines of business, promoting the development of renewable types of energy and engaging in scientific and technological research.
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