BAKU, Azerbaijan, October 25. Eni’s Exploration & Production (E&P) segment faced challenges during the first nine months of 2024, reporting an 11% year-on-year decline in adjusted net profit to 3.656 billion euros, down from 4.093 billion euros in 2023, Trend reports.
According to the producer, despite the drop in profitability, the company delivered a relatively stable proforma adjusted EBIT of 10.065 billion euros, marking only a slight 0.6% decrease from 10.028 billion euros in the corresponding period last year.
Lower crude oil realizations, driven by an 8% reduction in Brent prices, contributed to the profit decline. However, this was partially offset by an 8% increase in natural gas realizations and production gains from key assets.
Production ramp-ups at major projects such as those in Côte d’Ivoire and Mozambique, along with higher contributions from joint ventures and associates (up 12%), helped maintain overall stability in EBIT.
The operating profit of subsidiaries experienced a sharper decline, falling by 18% to 5.779 billion euros, as lower realizations and a decrease in capital expenditure took their toll. Eni cut its capital expenditure for the period to 4.269 billion euros, 20% lower than the 5.324 billion euros spent in the same period last year.
Exploration expenses also fell by 16% year-on-year to 299 million euros, with a notable decrease in geological and geophysical prospecting, as well as fewer write-offs of unsuccessful wells.