The fall was attributed to lower crude oil prices. Credit: Massimo Todaro via Shutterstock.

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.

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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.

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“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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“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.