(CercleFinance.com) – Eni reports that the group’s adjusted EBIT stood at 2.6 billion euros in the 3rd quarter, a figure lower than expectations and down 39% compared to the same period in 2022, penalized by a clear decline in the price of Brent, which went from $100 to $86 overall in twelve months as well as by the decline in the price of gas.
Eni thus posted an adjusted net profit of 1.8 billion euros in the 3rd quarter (higher than expectations), a contraction of 51%, or an EPS of 0.54 euros, compared to 1.06 euros previously.
At the same time, net debt (excluding IFRS 16) stands at 8.68 billion euros (+35%) and the group’s leverage at 0.15 compared to 0.11 a year earlier.
For 2023, Eni announces that its adjusted EBIT forecast is raised to around €14 billion, higher than the mid-year forecast of €12 billion, reflecting improving market conditions.
Finally, management reports that currently, each dollar change in Brent crude oil prices (on an annual basis) has an impact of approximately $130 million on cash flow.
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