BAKU, Azerbaijan, April 24. Eni's proforma adjusted EBIT from the exploration and production segment in 1Q2024 amounted to 3.32 billion euros, Trend reports.
According to the company's latest financial statement, this marked a 13-percent drop year-on-year (3.83 billion in 1Q2023).
This decline was attributed to various factors, including the impact of lower benchmark gas prices across all regions, leading to reduced realized prices of equity production indexed to spot prices, particularly in Europe, Eni explained. Additionally, the appreciation of the EUR/USD exchange rate by 1 percent further influenced the results.
However, amidst these challenges, Eni's performance was buoyed by higher crude oil prices denominated in USD, with the marker Brent increasing by 2 percent during the quarter, as well as volume growth and efficiency measures, which partially offset the negative trends.
Meanwhile, in terms of adjusted net profit, the segment reported 1.13 billion euros in 1Q2024, representing a decrease of approximately 27 percent compared to the same period of 2023 (1.54 billion euros in 1Q2023), primarily attributed to the prevailing weaker scenario.
Furthermore, the tax rate in the first quarter of 2024 saw a notable increase of 4.5 percentage points compared to the year-ago period. This uptick was driven by the impact of lower gas prices and a less favorable geographic profit mix, characterized by an increasing share of taxable income in countries with higher tax rates.