London, February 27, 2025, (Oilandgaspress) –– Eni’s Board of Directors, chaired by Giuseppe Zafarana, yesterday approved the unaudited consolidated results for the fourth quarter and FY 2024.
In Q4 ’24 Eni delivered Group proforma adjusted EBIT of €2.7 bln and adjusted net profit of €0.9 bln. Adjusted cash flow of €2.9 bln reflected continued strategic progress, new projects ramp-ups and financial discipline.
Q4 ’24 E&P proforma adjusted EBIT of €2.8 bln was helped by the contribution of higher value barrels at new projects, strong execution, and cost control, despite weaker Brent prices impacting both y-o-y and sequential comparisons (down 17% and 15%, respectively). Q4 production was resilient and grew sequentially by 3% (flat compared to Q4 last year) driven by higher activity levels in Kazakhstan and Libya, production ramp-ups at new projects in Cote d’Ivoire, Congo and Mozambique and despite divestment actions.
Q4 ’24 GGP and Power proforma adjusted EBIT was steady at €0.28 bln.
Q4 ’24 Enilive proforma adjusted EBITDA of €0.14 bln benefited from the marketing performance, offsetting lower biofuels margins. In Q4 ’24 Plenitude proforma adjusted EBITDA was €0.21 bln, driven by a solid performance in the retail market.
Q4 ’24 Refining proforma adjusted result was negative at -€0.04 bln, down both sequentially and y-o-y, due to weak products crack spreads and lower throughputs. The Chemicals business incurred a loss (€0.23 bln), in line with previous quarters, and continues to be impacted by industry-wide headwinds: subdued demand, competitive pressure and the comparatively higher energy/environmental costs of operating in Europe.
For the FY’24, Group proforma adjusted EBIT of €14.3 bln beat plan scenario adjusted guidance by €1.7 bln driven by E&P outperformance, GGP delivering 40% above original base case guidance and resilient contributions from Enilive and Plenitude in challenging scenarios.
FY ’24 adjusted operating cash flow of €13.6 bln beat plan scenario adjusted guidance by €1.0 bln, and largely covered the organic capex of €8.8 bln, itself below plan guidance of €9.0 bln. Organic free funds “FCF” of about €5 bln broadly matched cash distributions of €5.1 bln and together with around €0.2 bln of net disposals enabled the Company to maintain net borrowings at €12.2 bln, following the €2.4 bln financing of the Neptune acquisition.
2024 shareholder returns were €5.1 bln through dividends and an increased share buy-back program of €2 billion, 80% completed at year, end enabled by portfolio actions executed faster and for better value than planned.
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