Useful over 14 billion, profits that exceed 5 billion and production of growing hydrocarbons. Eni closed 2024 with numbers beyond expectations, albeit falling. And on the day of the dissemination of the data announced the agreement with Petronas, Giant Maltese, to expand in Asia.
The group with Claudio Descalzi in Capo closed 2024 with a rectified Ebitda Proforma of 14.3 billion euros (falling by 20% compared to the previous year) and a rectified net profit of 5.26 billion euros (-37% compared to 2023). Eni has exceeded the forecasts on the Ebitda Rectified Proforma of 1.7 billion euros, thanks to the performance of the Exploration & Production, the performance of Gas & Power (+40% compared to the initial guidance) and the results of Henilive and fullness, despite the difficult market context.
The Adjusted operating cash flow before the circulating capital stood at 13.6 billion eurosexceeding the forecasts of a billion and covering the needs for organic investments of 8.8 billion euros with margin. “In 2024 value growth and creation reached a level of excellence, supported by our financial structure and by the discipline in costs,” commented 2024 CEO Claudio Descalzi.
Dividends and buybacks are growing. The group can distribute 5.1 billion euros to the shareholders between dividends and repurchase of their own shares, with the latter almost doubled to 2 billion euros. This is thanks to the acceleration of the portfolio enhancement program and transfer operations. The production of hydrocarbons also increased by 3%, reaching 1.71 million barrels equivalent per day. In the fourth quarter only, the production was 1.72 million.
On the exploratory front, the company added 1.2 billion barrels of new resources in 2024with significant discoveries in the habitore of Indonesia and Cyprus. The energy transition strategy has also been strengthened with an increase of 37% of the ability installed by renewable sources, reaching 4.1 Gigawatt, and a growth of 29% in organic processes.
Organic investments were contained at 8.8 billion eurosgenerating a cash surplus of around 5 billion euros. This allowed Eni to finance the return program to shareholders and to maintain a leadership position in the sector. “We have achieved a historical minimum in indebtedness, guaranteeing the flexibility necessary to continue investing and remunerating our shareholders even in the most difficult market cycles,” said Descalzi.
On the day of the publication of the accounts, the six -legged dog also announced an agreement with Petronas. The agreement aims at joint management with the aim of becoming a key operator in the liquefied natural gas sector in Indonesia and Malaysia. The joint venture aims at a sustainable production of 500 thousand barrels of oil equivalent to the day.
And the future? Eni plans to maintain sustainable growth in 2025, focusing on new discoveries, expansion in renewables and advancement in carbon capture and storage projects in Italy and United Kingdom.
