(Alliance News) - The board of directors of Eni Spa on Friday announced that it had approved the consolidated results for the year and the fourth quarter of 2023, which closed with a net profit of EUR4.75 billion from EUR13.89 billion in the previous year.

Adjusted net income attributable to Eni shareholders for the fourth quarter 2023 was EUR1.64 billion with a consolidated tax rate of about 48 percent. In FY2023, adjusted net income attributable to Eni shareholders was EUR8.3 billion and the tax rate was about 44%.

Pro-forma adjusted operating profit in Q4 2023 was EUR3.8 billion, while it was EUR17.8 billion for the full year and down from EUR25.3 billion in 2022, "driven by strong E&P results, GGP's record performance, and Plenitude's positive contribution," the released note said.

Hydrocarbon production resumed its growth trend reaching 1.71 mln boe/d, up 6 percent from the fourth quarter of 2022. On a year-over-year basis, production reached 1.66 mln boe/d, "the highest production target compared to the announced target range," reads the released note.

Of note, the second of four tranches of the dividend for the 2023 fiscal year of EUR0.23 per share for a total of EUR0.75 bln was distributed in November 2023. The third tranche of the 2023 dividend of EUR0.24 per share was approved by the same board and is scheduled to be paid on March 20.

Financial debt at the end of December was EUR10.9 billion, up by about EUR3.9 billion from December 31, 2022. Leverage is 0.20 from 0.13 as of Dec. 31, 2022.

Claudio Descalzi - Eni's CEO - commented, "2023 was another year of excellent results for Eni, despite an uncertain and volatile scenario. We achieved excellent results both financially and operationally, progressing in our strategy of value creation, decarbonization and concomitant assurance of stability and reliability of energy supplies. Our distinctive satellite model proves to be an effective lever in accelerating value growth, contributing substantially to our performance."

By Maurizio Carta, Alliance News reporter

Comments and questions to redazione@alliancenews.com

Copyright 2024 Alliance News IS Italian Service Ltd. All rights reserved.