BAKU, Azerbaijan, July 27. In Q2 2024, Eni's natural gas sales dropped to 9.38 billion cubic meters (bcm), marking a 16 percent year-on-year decrease, Trend reports via the company.
This decline was primarily due to reduced gas volumes marketed in Italy, which fell by 14 percent, especially in the Italian gas exchange, spot markets, and the industrial segment. However, higher volumes sold to wholesalers partially offset these losses. In the European markets, gas volumes decreased by 15 percent, driven by lower sales in Turkey and the Benelux region, balanced by higher sales in Germany.
For the first half of 2024 (IH 2024), natural gas sales totaled 24.83 bcm, a 4 percent decline compared to the first half of 2023. This was mainly attributed to an 8 percent reduction in gas volumes marketed in European markets (a decrease of 0.87 bcm compared to IH 2023) and a 1 percent drop in Italy (a decrease of 0.19 bcm compared to IH 2023).
The Global Gas & LNG Portfolio segment reported a proforma adjusted EBIT of €334 million in Q2 2024, including the operating margin of the equity-accounted entity Sea Corridor. This result was down compared to the same period in 2023 due to one-off effects linked to the outcomes of negotiations and settlements in Q2 2023. For IH 2024, proforma adjusted EBIT amounted to €659 million, a 74 percent decrease compared to IH 2023. This decline was driven by a less favorable price scenario, reduced volatility affecting trading and optimization opportunities, and fewer benefits from one-off effects related to negotiations and settlements.
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