Natural gas business helps Eni beat expectations in third-quarter net profit

MILAN, Oct 28 (Reuters) – Italian energy group Eni (ENI.MI) said its third-quarter profit beat forecasts as its global gas and LNG portfolio unit (GGP) performed well.

Adjusted net profit for the period was 3.73 billion euros ($3.72 billion), up from 1.43 billion euros a year earlier and beating the 3.21 billion euro consensus.

The state-controlled group raised its full-year forecast for its natural gas and LNG unit and downstream business.

“In the third quarter of 2022, despite falling crude oil prices and rapidly declining refining margins, we continued to achieve positive results, mainly due to the strong performance of our international business,” said CEO Claudio Descalzi ( Claudio Descalzi) said in a statement. statement.

Eni said it was able to replace at least 50 percent of Russia’s gas supply this winter thanks to its broad and diverse reserve base, long-standing relationships with producers and a growing supply of liquefied natural gas (LNG).

(1 USD = 1.0026 EUR)

Reporting by Francesca Landini, Editing by Federico Maccioni

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