Ups planned 2024 share buyback by 45% to 1.6 bln eur (Il Sole 24 Ore Radiocor) - Milan, 24 Apr - Italian energy group Eni said that in the first quarter proforma adjusted EBIT fell 30% to 4.116 billion euros but was higher than the 3.755 billion in the fourth quarter.

The annual decline reflects an almost 50% drop in natural gas prices at the main European hubs, a recovery in refining margins that were still lower than a year ago and almost flat crude oil pries.

The Exploration & Production division saw an annual 13% decline in proforma adjusted EBITDA to 3.32 billion euros with a 5% increase in hydrocarbon production to 1.74 million barrels of oil equivalent per day (boe/d).

Global Gas & LNG Portfolio (GGP) saw a 77% slump in proforma adjusted EBIT to 0.33 billion euros in line with management's expectations anticipating lower trading opportunities due to both reduced prices and volatility versus last year.

The new reporting segment Enilive and Plenitude contributed strongly to Group results with 0.42 billioh of proforma adjusted EBIT, up by almost 60% year on year. Enilive saw a 30% rise to 0.18 billion, driven by higher biorefinery throughputs and positive marketing performance. Plenitude saw an 80% jump to 0.24 billion driven by higher retail commodity margins, supported by lower scenario volatility and the improved performance in international retail markets, as well as the ramp-up in renewable installed capacity and related production volumes.

Adjusted net profit fell 46% to 1.582 billion euros while the bottom line was 49% lower at 1.211 billion.

Group adjusted operating cash flow before working capital at replacement cost was 3.9 billion euros, exceeding outflows related to organic capex of 2 billion, and resulting in an organic free cash flow (FCF) of 1.9 billion.

"The results put the company firmly on track to exceed the full-year earnings and cash flow guidance as we work to efficiently grow the upstream, profitably develop the businesses tied to the energy transition, and work to fully capture the market scenario. Based on our updated scenario, we expect full year CFFO to be above euro14 bln and, in line with our distribution commitment, we are raising the planned 2024 share buy-back by 45% to euro1.6 bln," the company said.

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(RADIOCOR) 24-04-24 08:33:07 (0182) 5 NNNN