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Eni SpA E reported fourth-quarter 2025 adjusted earnings from continuing operations of 87 cents per American Depository Receipt, which beat the Zacks Consensus Estimate of 78 cents. The bottom line also improved from the year-ago quarter’s 58 cents.
Total quarterly revenues of $24.4 billion topped the Zacks Consensus Estimate of $21.4 billion. The top line decreased from $25.6 billion a year ago.
Strong quarterly results can be primarily attributed to higher oil and gas production during the quarter and an improved performance in the Refining segment.
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 1,839 thousand barrels of oil equivalent per day (MBoe/d), up 7% from 1,716 Mboe/d in the prior-year quarter.
Liquids’ production totaled 890 thousand barrels per day (MBbl/d), up 13% from the year-ago quarter’s 786 MBbl/d. Natural gas production totaled 4,966 million cubic feet per day (mmcf/d), compared with 4,862 mmcf/d a year ago.
The average realized price of liquids was $58.40 per barrel, down 15% from $69.02 a year ago. The realized natural gas price was $6.89 per thousand cubic feet, lower than $7.35 in the year-ago period.
The company’s Exploration & Production segment was supported by strong hydrocarbon production, driven by ramp-ups in Norway, Côte d'Ivoire, Congo, Angola, Indonesia, Ghana and Mexico. The start-up of satellite projects in Angola/Norway and strong operational performance also helped sustain strong hydrocarbon production, partially offset by production declines at mature fields and divestment of assets in Nigeria, Alaska and Congo.
The segment reported a pro-forma adjusted EBIT of €2.8 billion, flat with the fourth quarter of 2024.
Eni’s worldwide natural gas sales in the fourth quarter totaled 13.41 billion cubic meters (bcm), down 12% 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 due to lower sales in Turkey. However, increased sales of gas volumes through the rest of the world offset the negatives.
In the fourth quarter, thermoelectric production totaled 5.76 terawatt-hours (TWh), up 3% from 5.60 TWh in the prior-year quarter. The decrease can be attributed to a higher plant utilization rate.
The integrated energy major’s Global Gas & LNG Portfolio segment reported a pro-forma adjusted EBIT of €135 million, reflecting a 40% decrease from the year-ago quarter’s €226 million. The Power business segment reported a pro-forma adjusted EBIT of €51 million, marking a 4% decrease from the year-ago quarter’s €53 million.
For the fourth quarter, total refinery throughputs were 6.12 million tons (mmtons) compared with 6.04 mmtons in the corresponding period of 2024. Petrochemical product sales decreased 19% year over year to 0.62 mmtons.
For the quarter under review, the Refining segment reported a pro-forma adjusted EBIT of €95 million, marking an improvement of 316% from the year-ago figure of negative €44 million. The Chemical segment reported a pro-forma adjusted negative EBIT of €204 million, marking an improvement of 17% from the year-ago figure of negative €231 million. The Refining segment was driven by improving refining margins, higher middle distillate crack spreads, increased volumes from the Milazzo refinery 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 than in other regions.
Total sales managed by Enilive improved 6% year over year to 5.12 mmtons. As of Dec. 31, 2025, Enilive’s Bio throughputs were 276 thousand tons compared with the year-ago figure of 163 thousand tons, while the average bio refinery utilization rate improved to 75% from 43% in the year-ago quarter.
Retail gas sales managed by Plenitude improved 1% year over year to 1.75 bcm. As of Dec. 31, 2025, Plenitude’s installed renewable capacity was 5.8 GW compared with 4.1 GW in the year-ago quarter.
The company reported a pro-forma adjusted EBIT of €279 million compared with €133 million a year ago. In the reported quarter, Enilive’s performance was aided by strong results achieved by its biorefineries in Venice and Gela, Italy.
Plenitude’s results were impacted by a weaker performance in its wholesale business in Italy.
As of Dec. 31, 2025, Eni had a long-term debt of €20.1 billion and cash and cash equivalents of €8.2 billion.
For the reported quarter, net cash generated by operating activities was €4.3 billion. The capital expenditure totaled €2.62 billion.
Eni reiterated its full-year gross capex guidance at €7 billion. The company expects net capex of €5 billion and the gearing ratio between 10% and 15%.
Recent Energy Sector Releases
Some stocks from the energy sector that have recently reported their earnings are Archrock, Inc. AROC, TechnipFMC plc FTI and OMV Aktiengesellschaft OMVKY.
Archrockreported fourth-quarter 2025 adjusted earnings per share of 69 cents, which beat the Zacks Consensus Estimate of 40 cents. The company’s bottom line improved from the year-ago adjusted profit of 35 cents.
As of Dec. 31, AROC had $1.553 million in cash and cash equivalents, and $2.41 billion in long-term debt.
TechnipFMC posted fourth-quarter 2025 adjusted earnings per share of 70 cents, which beat the Zacks Consensus Estimate of 51 cents. The bottom line increased from the prior-year level of 54 cents.
FTI’s quarterly revenues of $2,517 million improved from $2,367.3 million in the year-ago period. The top line missed the Zacks Consensus Estimate of $2,546.8 million.
As of Dec. 31, FTI had $1,031.9 million in cash and cash equivalents, and $395.7 million in long-term debt, less current portion.
OMV Aktiengesellschaft reported fourth-quarter 2025 adjusted earnings per share of $1.97, which beat the Zacks Consensus Estimate of 38 cents. The bottom line increased from the prior-year level of $1.81.
OMVKY’s quarterly revenues of $7,295.4 million declined from $9,153.1 million in the year-ago period. The top line surpassed the Zacks Consensus Estimate of $6,933.9 million.
As of Dec. 31, 2025, OMVKY had non-current liabilities of €12.7 billion, and cash and cash equivalents of €5.1 billion.
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This article originally published on Zacks Investment Research (zacks.com).
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