ENI Q2 Profit, Revenues Down

(RTTNews) - Italian oil and gas company Eni SpA (E) reported Friday that its second-quarter net profit fell 92 percent to 294 million euros from last year's 3.82 billion euros.

Earnings per share were 0.08 euro, down from 1.07 euros a year ago.

Adjusted net profit attributable to Eni shareholders was 1.94 billion euros, compared to 3.81 billion euros last year. Adjusted earnings per share were 0.57 euro, compared to 1.07 euros a year ago.

Adjusted profit before tax of 3.7 billion euros was down 41 percent and adjusted operating profit fell 42 percent to 3.38 billion euros.

Sales from operations in the quarter declined 38 percent to 19.59 billion euros from 31.56 billion euros in the prior year.

Further, Eni's Board of Directors approved the distribution of the first of the four tranches, resulting in a total annual dividend of 0.94 euro, of the dividend for the fiscal year 2023 of 0.24 euro per share. The dividend is payable on September 20, as resolved by the Shareholders' Meeting of May 10.

Looking ahead, in E&P, Hydrocarbon production for 2023 is confirmed in the range of 1.63-1.67 mln boe/d. In the third quarter, production is forecast to be about 1.63 mln boe/d.

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