Eni posts drop in profits but sees strong gas prospects
Italian energy company Eni reported a 25% adjusted net fall in the second quarter, registering €1.13bn profit against a year-earlier €1.52bn figure, and group adjusted earnings before tax fell 35% due to lower energy prices.
The results were attributed to “macro headwinds” and the falling dollar. Natural gas sales in the quarter were 9.01 bcm, down 4%, while its gas and LNG portfolio business achieved proforma adjusted earnings before tax of €321m, fractionally lower than the same period in 2024.
Last week Eni signed a long-term LNG supply agreement with Venture Global for the provision of 2 mtpa for 20 years from 2030, which is the expected start-up year of phase one of CP 2 LNG, operated by Venture Global.
The agreement is Eni’s first long term LNG supply from the US and represents a milestone in its strategy to expand and diversify its global LNG footprint, enhancing portfolio flexibility in order to reach its target of 20 mtpa of contracted LNG supply by 2030.
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