Eni Lowered 2024 Profit Guidance on Sombre Oil Price Outlook

SEATTLE (Oil Monster): Due mostly to the deteriorating outlook for oil prices, Eni has reduced its earnings guidance for the current year. The business lowered its proforma adjusted EBIT outlook for 2024 from its earlier guidance of around €15 billion to €14 billion.

Despite a worse trading environment, the company reported strong financial success in the third quarter of this year. It exceeded expectations in terms of performance. Eni produced an adjusted net profit of €1.3 billion and a group proforma adjusted EBIT of €3.4 billion during the quarter. According to a press release from the corporation, the adjusted cash flow for the quarter was €2.9 billion.

Eni kept up its strategic advancements throughout its business. The development plan for major Indonesian projects was approved. Future expansion is anticipated to be supported by the development of a new UK E&P satellite in collaboration with Ithaca Energy. Three new biorefineries are being constructed by Eni in South Korea, Malaysia, and Italy. Additionally, the corporation is moving more quickly than anticipated with its €8 billion asset-sale plan through 2027.

Eni revealed plans to invest almost €2 billion to modernize its aged chemicals industry in Italy, confirming media claims. This is consistent with the business's previously declared plan to switch to lower-carbon alternatives.