Eni Raises Share Buyback Plan, Despite Earnings Decline

By Pierre Bertrand

Eni reported a decline in net profit, missing analysts' expectations for the first three months of the year, but raised its share buyback plans.

The Italian oil-and-gas major said it achieved 1.21 billion euros ($1.30 billion) in net profit for the period, compared with EUR2.39 billion a year prior. On an adjusted basis, net profit was EUR1.58 billion.

Total revenue in the period fell 15% on year to EUR23.17 billion.

The result compares with analysts' expectations of EUR1.67 billion in net profit on EUR21.97 billion in total revenue according to Visible Alpha consensus.

Eni said that hydrocarbon production in the quarter came to 1.74 million barrels of oil equivalent a day, an increase compared with 1.66 million barrels of oil equivalent a day a year ago.

The company said that its result reflected natural-gas prices which declined by almost 50% on year during the quarter, while Brent crude oil prices were almost flat.

The company confirmed its full-year hydrocarbon production range of 1.69 million to 1.71 million barrels of oil equivalent a day at the Brent price of $86 a barrel.

Eni also raised its 2024 share buyback plan to EUR1.6 billion, a 45% increase versus what it had previously guided for in March, the company said.

Write to Pierre Bertrand at pierre.bertrand@wsj.com

(END) Dow Jones Newswires

April 24, 2024 02:38 ET (06:38 GMT)

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