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(Bloomberg) — Italian energy giant Eni SpA reported fourth-quarter profit that beat analyst estimates as gains in production helped offset lower oil and gas prices.
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Adjusted net income totaled €1.2 billion ($1.4 billion), exceeding the €991.2 million average estimate.
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The resounding beat constrasts with several European peers, including Shell Plc and BP Plc, which both published disappointing quarterly reports. Eni benefited from output that rose more than 7% from a year earlier — also exceeding guidance — buoyed by projects in Angola, Indonesia, Norway and Congo.
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“Exploration and production results were outstanding, driven by accretive production growth and disciplined costs,” Chief Executive Officer Claudio Descalzi said in a statement. “We started up six major projects.”
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Europe’s energy companies had to contend with lower oil and gas prices last quarter amid ample supplies. Yet oil has rebounded about 17% this year, in large part due to fears of a fresh conflict in Iran that have countered concerns about a glut. Benchmark gas futures are up about 9%.
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Eni’s production averaged 1.84 million barrels of oil equivalent a day in the fourth quarter, and the company expects growth this year to be consistent with 2025–2028 guidance. It forecast net capital spending of about €5 billion for this year.
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“The 2026 guidance highlights lower capital spending than we expected,” Biraj Borkhataria, an analyst at RBC Europe Ltd., said in a note. “Production growth looks set to continue.”
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Eni is expected to unveil a strategy update on March 19.
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(Updates with CEO comment in fourth paragraph.)
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English (US)