Core Viewpoint - Eni S.p.A reported first-quarter 2025 adjusted earnings of 92 cents per American Depository Receipt, surpassing the Zacks Consensus Estimate of 91 cents, but down from $1.04 in the same quarter last year. Total revenues of $24.2 billion exceeded the estimate of $22.3 billion but declined from $25.2 billion year-over-year. The results were positively influenced by higher natural gas prices but negatively impacted by decreased hydrocarbon production and lower refining and biofuels margins [1]. Operational Performance - Eni operates through four business segments: Exploration & Production, Global Gas & LNG Portfolio and Power, Refining and Chemicals, and Enilive and Plenitude [2]. Exploration & Production - Total oil and gas production was 1,647 thousand barrels of oil equivalent per day (MBoe/d), a 5% decrease from 1,741 MBoe/d in the prior-year quarter. Liquids production was 786 thousand barrels per day (MBbl/d), down 1% from 797 MBbl/d a year ago. Natural gas production was 4,502 million cubic feet per day (mmcf/d), compared to 4,937 mmcf/d in the previous year [3]. - The average realized price of liquids was $69.72 per barrel, down 6% from $74.53 a year ago. The realized natural gas price was $7.57 per thousand cubic feet, up 8% from $7.04 in the year-ago period [4]. - The Exploration & Production segment reported a pro-forma adjusted EBIT of €3.3 billion, down 2% from €3.4 billion in the first quarter of 2024, affected by lower hydrocarbon production due to asset divestitures finalized in 2024 [5]. Global Gas & LNG Portfolio and Power - Worldwide natural gas sales totaled 12.12 billion cubic meters (bcm), down 22% year-over-year, with lower wholesale gas volumes sold in Italy and declines in the European market, particularly in Turkey. This segment reported a pro-forma adjusted EBIT of €473 million, reflecting a 34% increase from €353 million in the prior year [6]. Refining and Chemicals - Total refinery throughputs were 5.86 million tons (mmtons), down from 6.38 mmtons in the corresponding period of 2024. Petrochemical product sales decreased 7% year-over-year to 0.80 mmtons [7]. - The segment reported a pro-forma adjusted negative EBIT of €334 million, compared to a negative €53 million in the year-ago quarter, impacted by lower throughput volumes and refining margins globally [8]. Enilive & Plenitude - Retail gas sales managed by Plenitude declined 7% year-over-year to 2.39 bcm. The segment reported a pro-forma adjusted EBIT of €336 million, down from €426 million a year ago, attributed to lower margins in the biofuels business [9][10]. Financials - As of March 31, Eni had a long-term debt of €20.1 billion and cash and cash equivalents of €9.1 billion. For the quarter, net cash generated by operating activities was €2.4 billion, with capital expenditures totaling €1.8 billion [11]. Outlook - Eni has lowered its 2025 capital spending guidance to below €8.5 billion from approximately €9 billion due to recent trade tariff events. Oil and gas production for 2025 is expected to be around 1.7 million barrels of oil equivalent per day [12].
Eni Beats on Q1 Earnings & Revenues, Lowers '25 Capex Guidance