Italian energy major Eni has reported an adjusted net profit of €1.9bn ($2bn) in the second quarter of 2023, down 49% in comparison with the same period a year ago.

Adjusted profit before tax slumped 41% to €3.67bn during the period under review due to lower crude oil prices and a more than 60% drop in the price of gas and refining margin.

Earnings from exploration and production (E&P) activities in Q2 2023 was €2.06bn, a 58% decline from Q2 2022.

Eni’s Global Gas & LNG Portfolio (GGP) earned €1.08bn during the quarter.

Eni CEO Claudio Descalzi said: “Eni has delivered excellent operating and financial results in Q2 2023 despite a less supportive environment. The market scenario impacted our Refining and Chemicals results but Sustainable Mobility and Plenitude & Power continue to deliver earnings and capacity growth in line with the plan despite volatile conditions.

“Actions in the strategic transformation of the company are already positively impacting our results and 2023 has seen further significant advances.

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By GlobalData

“Considering our first half results and continuing business performance that drives raised guidance, we have a solid position from which to pay our first quarterly instalment of the raised €0.94 per share 2023 dividend in September and continue our €2.2bn buyback, which commenced in May.’’

Hydrocarbon production during the second quarter of 2023 was reported at around 1,611 kilo barrels of oil equivalent per day (kboed), a minor jump from the previous quarter’s 1,586kboed.

In a separate development, citing sources, Reuters reported that Eni is closing in on a deal to sell nearly 10% of its stake in Plenitude to Energy Infrastructure Partners.

The deal could value the unit at less than €8bn, the sources said.

Eni refused to comment, and EIP was unavailable to comment on the development, the news agency reported.