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Eni S.p.A E reported third-quarter 2025 adjusted earnings from continuing operations of 90 cents per American Depository Receipt, which beat the Zacks Consensus Estimate of 73 cents. The bottom line also improved from the year-ago quarter’s level of 86 cents.
Total quarterly revenues of $24 billion topped the Zacks Consensus Estimate of $22.4 billion. The top line increased from $23.1 billion reported a year ago.
Strong quarterly results can be primarily attributed to higher oil and gas production during the quarter and improved performance in the Refining segment.
Eni SpA price-consensus-eps-surprise-chart | Eni SpA Quote
Eni operates through four business segments — Exploration & Production, Global Gas & LNG Portfolio and Power, Refining and Chemicals, and Enilive and Plenitude.
Total oil and gas production was 1,756 thousand barrels of oil equivalent per day (MBoe/d), up 6% from 1,661 Mboe/d in the prior-year quarter.
Liquids’ production totaled 860 thousand barrels per day (MBbl/d), up 11% from the year-ago quarter’s 775 MBbl/d. Natural gas production totaled 4,687 million cubic feet per day (mmcf/d), compared with 4,638 mmcf/d a year ago.
The average realized price of liquids was $64 per barrel, down 13% from $73.88 reported a year ago. The realized natural gas price was $7.40 per thousand cubic feet, slightly higher than $7.34 in the year-ago period.
The company’s Exploration & Production segment was supported by strong hydrocarbon production driven by ramp-ups in Côte d'Ivoire, Congo and Mexico. The start-up of new satellite projects in Angola/Norway and strong operational performance also helped sustain strong hydrocarbon production, partially offset by production declines at mature fields.
The segment reported a pro-forma adjusted EBIT of €2.6 billion, down 19% from €3.3 billion in the third quarter of 2024. The decline can be primarily attributed to a decrease in crude oil prices and the appreciation of the EUR/USD exchange rate.
Eni’s worldwide natural gas sales in the third quarter totaled 9.18 billion cubic meters (bcm), down 15% year over year. The decline can be primarily attributed to lower gas volumes sold in the wholesale segment in Italy. Natural gas sales in the European market also declined, mainly due to lower sales in Turkey and Germany. However, increased sales of gas volumes in France, the U.K. and the Iberian Peninsula partially offset the negatives.
In the third quarter, thermoelectric production totaled 4.83 terawatt-hours (TWh), down 9% from 5.33 TWh in the prior-year quarter. The decrease can be attributed to a lower plant utilization rate.
The integrated energy major’s Global Gas & LNG Portfolio and Power business segment reported a pro-forma adjusted EBIT of €346 million, reflecting a 21% increase from the year-ago quarter’s figure of €286 million.
For the third quarter, total refinery throughputs were 6.60 million tons (mmtons) compared with 5.97 mmtons in the corresponding period of 2024. Petrochemical product sales decreased 28% year over year to 0.59 mmtons.
For the quarter under review, the segment reported a pro-forma adjusted negative EBIT of €53 million, marking an improvement of 72% from the year-ago figure. The Refining segment was aided by improving refining margins, higher product crack spreads and increased average plant utilization rates. The Chemicals business segment was affected by macroeconomic headwinds, resulting in lower commodity demand and higher production costs in Europe compared to other regions, which reduced the competitiveness of Versalis’ products in an already oversupplied market.
Retail gas sales managed by Plenitude declined 5% year over year to 0.47 bcm. As of Sept. 30, 2025, Plenitude’s installed renewable capacity was 4.8 GW compared with 3.1 GW in the year-ago quarter.
The company reported a pro-forma adjusted EBIT of €331 million compared with €306 million a year ago. In the reported quarter, Enilive’s performance was aided by strong results achieved by its biorefineries in the EU and the United States.
Plenitude’s results were impacted by a weaker performance in its retail business, mainly associated with energy efficiency solutions.
As of Sept. 30, 2025, Eni had a long-term debt of €19.7 billion and cash and cash equivalents of €8.9 billion.
For the reported quarter, net cash generated by operating activities was €3.1 billion. Capital expenditures totaled €2 billion.
Eni has reiterated its full-year gross capex guidance at below €8.5 billion compared with the prior guidance of approximately €9 billion. The company has raised its oil and gas production guidance for 2025 to the range of 1.71-1.72 million barrels of oil equivalent per day. Eni has also increased its share buyback commitment by €0.3 billion to €1.8 billion.
E currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the energy sector are Cheniere Energy Inc. LNG, Bloom Energy Corporation BE and Archrock Inc. AROC. Cheniere Energy and Bloom Energy sport a Zacks Rank #1 (Strong Buy) each at present, while Archrock carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Cheniere Energy is involved in LNG-related businesses, which include LNG terminals and natural gas marketing. The company has achieved a milestone with the first production from the first LNG train of its Corpus Christi Stage 3 Liquefaction Project. The project, which includes seven midscale LNG trains, aims to expand the production capacity of the Corpus Christi Liquefaction facility. This expansion is expected to strengthen Cheniere's position in the rapidly growing global LNG market, enabling it to meet the rising demand for LNG both in the United States and internationally.
Bloom Energy manufactures one of the most advanced and versatile fuel cell energy platforms. The company has two key offerings, the Bloom Energy Server for electricity generation and the Bloom Electrolyzer for hydrogen production. The Energy Server system provides sustainable and reliable power solutions for both commercial and utility customers. Bloom Energy is anticipated to benefit from rising demand for reliable and clean power, fueled by the growth of data centers, crypto-mining facilities and the re-shoring of manufacturing in key sectors in the United States, such as semiconductors.
Archrock is an energy infrastructure company based in the United States with a focus on midstream natural gas compression. It provides natural gas contract compression services and generates stable fee-based revenues. With natural gas playing an increasingly important role in the energy transition journey, AROC is expected to witness sustained demand for its services.
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This article originally published on Zacks Investment Research (zacks.com).
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