Italian hydrocarbons giant Eni multiplied its net profit by 15 in the second quarter, to 3.81 billion euros, boosted by soaring gas and oil prices fueled by the war in Ukraine.
This result, published on Friday, is higher than the consensus of analysts from the financial information provider Factset, who expected a profit of 3.31 billion euros.
The turnover of the Italian group jumped 94% to 31.55 billion euros, a result once more significantly above analysts’ expectations.
Adjusted net profit – an indicator scrutinized closely by the markets because it excludes exceptional items – reached 3.80 billion euros.
Adjusted operating profit (Ebit) more than doubled to 5.84 billion euros, thanks to “theenvironment favorable raw material prices and high refining margins”, comments the group in its press release.
Eni benefited like the entire sector from the surge in hydrocarbon prices, linked to the recovery of the world economy following the lifting of health restrictions due to the coronavirus pandemic and the invasion of Ukraine by the Russia.
The only downside is that Eni’s hydrocarbon production fell by 1% to 1.57 million barrels per day (mbd) in the second quarter.
Its competitors also posted insolent profits: the French TotalEnergies thus aligned a net result of 5.7 billion dollars in the second quarter, the British Shell made 18 billion dollars and the Norwegian Equinor came close to 6.8 billion dollars. dollars.
As for the outlook for 2022, the group confirmed its adjusted operating profit (Ebit) target of “at least” 1.2 billion euros, which it had raised in April.
Eni’s hydrocarbon production is expected at 1.67 million barrels per day for the year.
Eni had generated a net profit of 5.82 billion euros in 2021, following having suffered an abysmal loss of 8.63 billion euros in 2020, a year disrupted by the Covid-19 pandemic.
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