Eni boosts LNG sales in Q2

Mariel Alumit

2 months ago

According to its quarterly results report released on Thursday, Eni sold 2.8 bcm (2.1 million tonnes of LNG) in the second quarter of this year.

Quarterly LNG sales rose 27 percent compared to 2.7 bcm in the second quarter last year and were flat compared to the prior quarter.

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Eni sold 5.6 bcm (4.2 million tonnes) in the first half of this year, up 14 percent compared to 2024.

The company sold 9.8 bcm (7.2 million tonnes of LNG) in 2024, a rise of 2 percent compared to 9.6 bcm in 2023.

The company attributed the rise mainly due to new volumes available from Congo LNG.

In February 2024, Eni shipped the first LNG cargo from its Tango floating LNG facility moored in Congolese waters, which arrived at Snam’s FSRU-based facility in Piombino.

In the second quarter of this year, Eni’s natural gas sales were 9.01 bcm, a decrease of 4 percent from the comparative period due to lower volumes sold in the wholesales segment, according to the firm.

Eni said sales in the European market were barely unchanged (3.58 bcm, up by 1 percent vs. Q2 ’24), as a consequence of higher sales in Benelux, Iberian Peninsula and the UK, partly balanced by lower sales in Turkiye and Germany.

Eni’s global gas and LNG business reported a proforma adjusted Ebit of 321 million euros ($377 million) in the second quarter-

The results were “fractionally lower than the same period of 2024, which was supported by continuing value maximization from the gas portfolio and specific benefits relating to renegotiations and settlements.”

In the first half, proforma adjusted EBIT amounted to 631 million euros, down by 4 percent compared to the same period in 2024.

Overall, Eni reported proforma adjusted Ebit of 2.66 billion euros in the second quarter, down by 35 percent year-on-year.

Eni said the proforma adjusted Ebit resisted the “significant impact of weaker commodity prices and a falling USD.”

Adjusted net profit was 1.13 billion euros, a drop of 25 percent year-on-year.

Source: Lngprime.com