Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner.

Eni CEO toasts ‘excellent results’ after Italian supermajor reverses losses

© Supplied by ShutterStockEni reverses losses

Eni (BIT: ENI) is back in the black after an “excellent” financial year in which it accelerated the pace of its transformation strategy.

In its 2021 results, shared on Friday, the Italian supermajor posted pre-tax profits of £9.27 billion, reversing 2020’s losses of £4.98bn.

It put the bounce back down to “strict financial discipline and cost efficiencies” implemented to withstand the Covid-induced industry downturn.

Production fell however compared to 2020 due to greater maintenance activity in Norway, Italy and the UK, lower activity in Nigeria and mature fields decline.

Eni’s total revenue for 2021 was £64.92bn, a sharp increase on the £37.52bn reported the previous year.

The world’s oil and gas supermajor have posted healthy results across the board for 2021, driven by higher commodity prices.

Eni chief executive Claudio Descalzi said: “During 2021, we delivered excellent results and accelerated the pace of our transformation strategy, which leverages the integration of technologies, new business models and valuable relationships with our stakeholders.

“The strict financial discipline and cost efficiencies we implemented to withstand the downturn have allowed us to best capture the strong economic recovery of 2021. Our upstream segment has kept generating the financial resources needed to fund our decarbonisation strategy while, on the other, the new energy transition businesses, like those combined under our new entity Plenitude, have performed strongly.

“In this way, we have reached a Group EBIT of €9.7bn and adjusted net profit of €4.7bn, our best performance since 2012, a time when Brent crude oil prices exceeded the $110-a-barrel mark.”

Along with many of its counterparts, Eni is striving to diversify its portfolio and is involved in a raft of low carbon energy projects.

It has a 20% stake in all three phases of the huge Dogger Bank offshore wind farm, which is under construction in the North Sea.

© Supplied by North Star Group
4 SOV vessels for Dogger Bank Wind Farm.

Eni’s HyNet project was also one of two carbon capture and storage schemes awarded UK Government funding last year in order to allow it to be up and running in the next few years.

Mr Descalzi said: “Our portfolio restructuring has moved on to unlock value from our businesses, optimize our cost of capital and maximize growth. The listing of Plenitude, which combines renewables, customers and e-mobility, will enable us to fulfil our goal of cutting Scope 3 emissions for our retail customers.

“The upstream portfolio has also proven to be a value driver in the energy transition, as demonstrated by the success of the Vår Energi listing on the Norwegian stock exchange, the largest IPO of an O&G company of the last decade, as well as the upcoming creation of a strategic joint venture in Angola with BP that will combine the two partners’ operations in the Country.

“Finally, we are developing a full range of solutions to reduce GHG emission for our plants and industrial clients through: the HyNet CCS project in the UK; agro-biofeedstock hubs to supply our refineries; and the successful magnetic fusion test performed by CFS of which we are the main shareholder. All in all, our performance in 2021 highlighted the efficacy of the strategy launched at the start of the pandemic, which enabled us to return to pre-crisis balance sheet strength in just a few months while simultaneously enhancing our transition plans.”

Recommended for you

More from Energy Voice

Latest Posts