MILAN, Oct 28 (Reuters) – Italian energy group Eni ( ENI.MI ) said third-quarter profit beat expectations thanks to better performance at its global gas and LNG portfolio ( GGP ) division.
Adjusted net profit for the period was 3.73 billion euros ($3.72 billion), from 1.43 billion euros a year ago, to beat a consensus of 3.21 billion euros.
The state-controlled group raised its full-year expectations for the gas and LNG division and the downstream business.
“In the third quarter of 2022, despite the drop in crude oil prices and a rapid decline in refining margins, we continued to deliver positive results, mainly thanks to the good performance of our international businesses,” CEO Claudio Descalzi said in a statement
Eni said it could replace at least 50% of its Russian gas supply this winter, taking advantage of its large and diversified reserve base, long-standing relationships with producing countries and a growing presence in liquefied natural gas (LNG). .
($1 = 1.0026 euros)
Report by Francesca Landini, edited by Federico Maccioni
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