BAKU, Azerbaijan, February 27. Eni's exploration and production (E&P) segment reported a proforma-adjusted EBIT of 2.78 billion euros in Q4 2024, marking a 17% decline from the same period in 2023 (3.33 billion euros), Trend reports.
The producer noted that this drop was primarily driven by lower crude oil realizations, as Brent prices fell 11% year-over-year. However, the impact was partially mitigated by higher natural gas realizations (+2%), production growth, and improved efficiency.
For the full year, Eni’s proforma adjusted EBIT stood at over 13 billion euros, down 4% from 2023 (13.5 billion euros). This decline was due to the same factors affecting Q4: weaker oil prices and changes in the global energy mix. While production growth helped cushion the fall, it was not enough to fully offset the negative impact of price fluctuations.
Notably, the contribution of joint ventures and associates increased by 11% in both Q4 and full-year results, highlighting the strategic importance of these partnerships. However, the company’s adjusted operating profit from subsidiaries fell sharply by 27% in Q4 and 9% for the year, reflecting the broader market challenges.
