Brief: Eni Q3 Adjusted Net Profit €2.80 Bln Above Consensus, Increases Buyback Program By 12% To €3.80 Bln

Eni SpA

Today 06:38

Oct 23 (Reuters) - Eni SpA ENI.MI:
APPROVES EXTRAORDINARY DIVIDEND OF €0.46 PER SHARE TO BE PAID IN DECEMBER
INCREASES BUYBACK PROGRAM BY 12% TO €3.80 BILLION
SELLS 10% STAKE IN BALEINE PROJECT
Q3 ADJUSTED NET PROFIT € 2.80 BILLION VERSUS €2.48 BILLION IN COMPANY-PROVIDED CONSENSUS
Q3 PROFORMA ADJUSTED EBIT €5.99 BILLION VERSUS €5.69 BILLION IN COMPANY-PROVIDED CONSENSUS
Q3 PROFORMA ADJUSTED EBIT E&P UNIT €4.63 BILLION VERSUS €4.70 BILLION IN COMPANY-PROVIDED CONSENSUS
SEES UPWARD REVISION OF 2026 GROWTH ESTIMATE FOR OIL & GAS PRODUCTION, ON A LIKE-FOR-LIKE BASIS, TO A RANGE OF 6% TO 7%
Q3 PROFORMA ADJUSTED EBIT GGP UNIT €0.45  BILLION VERSUS €0.37 BILLION IN COMPANY-PROVIDED CONSENSUS
SEES 2026 GGP’S PRO FORMA ADJUSTED EBIT REVISED UPWARD TO APPROXIMATELY €1.5 BILLION
Q3 NET CASH FROM OPERATIONS € 4.36 BILLION
SEES 2026 ENILIVE'S PRO FORMA ADJUSTED EBITDA REVISED UPWARDS TO €1.4 BILLION
Q3 ORGANIC CAPITAL EXPENDITURE €1.35 BILLION
Q3 GEARING BEFORE LEASE LIABILITIES EX IFRS 16 AT 9%
Q3 PRODUCTION 1.83 MBOE/D VERSUS 1.81 MBOE/D IN COMPANY-PROVIDED CONSENSUS
SIGNS AGREEMENTS FOR SALE OF 10% STAKE IN KUTEI BASIN ASSETS IN INDONESIA
SEES PROFORMA GEARING AT THE BOTTOM OF THE 10-15% GUIDED RANGE
Further company coverage: ENI.MI

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