Core Insights - Eni SpA reported fourth-quarter 2025 adjusted earnings of 87 cents per American Depository Receipt, exceeding the Zacks Consensus Estimate of 78 cents and improving from 58 cents in the same quarter last year [1] - Total revenues for the quarter reached $24.4 billion, surpassing the Zacks Consensus Estimate of $21.4 billion, although down from $25.6 billion a year ago [1] Operational Performance - The strong quarterly results were primarily driven by higher oil and gas production and improved performance in the Refining segment [2] - Eni operates through four business segments: Exploration & Production, Global Gas & LNG Portfolio and Power, Refining and Chemicals, and Enilive and Plenitude [3] Exploration & Production - Total oil and gas production was 1,839 thousand barrels of oil equivalent per day (MBoe/d), a 7% increase from 1,716 MBoe/d in the prior-year quarter [4] - Liquids production was 890 thousand barrels per day (MBbl/d), up 13% from 786 MBbl/d a year ago, while natural gas production totaled 4,966 million cubic feet per day (mmcf/d), compared to 4,862 mmcf/d in the previous year [4] - The average realized price of liquids was $58.40 per barrel, down 15% from $69.02 a year ago, and the realized natural gas price was $6.89 per thousand cubic feet, lower than $7.35 in the year-ago period [5] - The segment reported a pro-forma adjusted EBIT of €2.8 billion, flat compared to the fourth quarter of 2024 [7] Global Gas & LNG Portfolio and Power - Worldwide natural gas sales in the fourth quarter totaled 13.41 billion cubic meters (bcm), down 12% year over year, primarily due to lower gas volumes sold in Italy [8] - Thermoelectric production totaled 5.76 terawatt-hours (TWh), up 3% from 5.60 TWh in the prior-year quarter [9] - The Global Gas & LNG Portfolio segment reported a pro-forma adjusted EBIT of €135 million, reflecting a 40% decrease from €226 million a year ago, while the Power segment reported a pro-forma adjusted EBIT of €51 million, a 4% decrease from €53 million [10] Refining & Chemicals - Total refinery throughputs were 6.12 million tons (mmtons), compared to 6.04 mmtons in the corresponding period of 2024 [12] - The Refining segment reported a pro-forma adjusted EBIT of €95 million, a 316% improvement from a negative €44 million a year ago, driven by better refining margins and increased volumes [13] - The Chemicals segment reported a pro-forma adjusted negative EBIT of €204 million, an improvement of 17% from a negative €231 million in the previous year [13] Enilive & Plenitude - Total sales managed by Enilive improved 6% year over year to 5.12 mmtons, with bio throughputs increasing to 276 thousand tons from 163 thousand tons [14] - Retail gas sales managed by Plenitude improved 1% year over year to 1.75 bcm, with installed renewable capacity rising to 5.8 GW from 4.1 GW [15] - Enilive's performance was bolstered by strong results from biorefineries in Italy, while Plenitude's results were impacted by weaker performance in its wholesale business [15][16] Financials - As of December 31, 2025, Eni had long-term debt of €20.1 billion and cash and cash equivalents of €8.2 billion, with net cash generated by operating activities at €4.3 billion [17] - Capital expenditure for the quarter totaled €2.62 billion, with full-year gross capex guidance reiterated at €7 billion [18] 2026 Outlook - Eni expects net capex of €5 billion and a gearing ratio between 10% and 15% for the upcoming year [18]
Eni Q4 Earnings Beat Estimates on Higher Oil & Gas Production