Skip to main content

Eni (Italy) saw a sharp decrease in profit in 2023, while production rose slightly

The Italian oil and gas company Eni has released it 2023 results, in which the group posts a €8.3bn adjusted net profit, a 38% decrease compared to 2022 (-€5bn). Eni produced 1,655 kboe/d of hydrocarbons in 2023, a 3% increase compared to 2022. Production includes 769 kb/d of liquids (+2%) and 4,635 mcf/d (131 mcm/d) of natural gas (+2%). In 2022, the group also added about 900 mboe of new resources to its reserve base thanks to continued exploration in Egypt, Mexico, Algeria, Tunisia and UAE and the Geng North discovery in Indonesia. Its reserves replacement ratio stood at 67%.

Eni’s total refinery throughput reached 27.39 Mt in 2023 (a slight 1% increase compared to 2022) with 16.88 Mt in Italy alone (+5%). Retail sales of oil products in Europe remained stable at 7.5 Mt in 2023, including 5.32 Mt in Italy (-1%), while its wholesale sales in Europe fell by 3% to 8.39 Mt, including 6.45 Mt in Italy (+4%). 

Eni sold 50.51 bcm of gas in 2023 worldwide (17% less than in 2022), including 9.6 bcm of LNG (+2%): the group sold 24.4 bcm in Italy (-20%) and 23.84 bcm in the rest of Europe (-13%). 

In 2022, Eni sold 19.88 TWh of electricity through the open market (-11%) and produced 20.66 TWh of power from thermal sources (-3%) and 3.98 TWh from renewable sources (+56%) through its affiliate Plenitude.