Eni Q2 Earnings Soar on Strong Performance Across Diversified Portfolio
Italian energy company Eni reported a significant increase in its second-quarter earnings before interest and taxes (EBIT) to €5.38 billion, more than doubling from the same period last year.
The strong performance was driven primarily by growth in Exploration and Production (E&P), Global Gas and liquefied natural gas (LNG) Portfolio (GGP), and Transition businesses.
Eni's sales from operations rose 32% year-on-year to €22.314 billion, while its E&P business delivered an 11% underlying production growth.
The company made two major discoveries in the quarter, one offshore Egypt with around 2 trillion cubic feet of gas in place and 130,000 barrels of associated condensate, and another in Indonesia with preliminary estimates indicating around 5 tcf of gas in place and 300,000 barrels of condensate.