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Dec 31, 2024
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Eni Q4 2024 Earnings Report
Eni reported a decline in earnings for Q4 2024 due to weaker crude prices and lower refining margins.
Key Takeaways
Eni's Q4 2024 results showed a decline in profitability, with proforma adjusted EBIT at €2.7 billion, down 28% YoY. The company reported net profit of €305 million, a significant drop from the prior year. Hydrocarbon production remained stable at 1.72 million boe/d, supported by organic project ramp-ups and acquisitions. Despite the challenging macroeconomic environment, the company continued its strategic investments, including expanding its LNG business and renewable energy capacity.
Proforma adjusted EBIT declined 28% YoY to €2.7 billion due to weaker crude prices and refining margins.
Net profit dropped to €305 million, impacted by lower upstream realizations and higher tax rates.
Hydrocarbon production remained steady at 1.72 million boe/d, driven by project ramp-ups.
Eni continued its transition strategy, increasing renewable energy capacity by 37% to 4.1 GW.
Revenue by Segment
Forward Guidance
Eni expects modest earnings growth in 2025, driven by increased upstream production and expansion in renewables, though macroeconomic uncertainties may pose risks.
Positive Outlook
- Increased oil and gas production from key projects in Africa and the Middle East.
- Further investments in LNG infrastructure to strengthen global gas portfolio.
- Continued growth in renewable energy capacity with a 2025 target of 5.5 GW.
- Strong order backlog supporting long-term revenue visibility.
- Ongoing cost optimization efforts to sustain profitability.
Challenges Ahead
- Weaker refining margins may continue to pressure earnings.
- Higher expected tax rates impacting net income growth.
- Potential volatility in crude oil prices due to geopolitical risks.
- Regulatory changes in Europe affecting biofuel market competitiveness.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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