Italian energy major Eni has reported an adjusted net profit of €13.3bn for the year 2022, against €207bn a year earlier.

The company attributed the surge to higher results from equity-accounted entities and a robust operating performance.

Adjusted operating profit for the year ending 31 December 2022 was €20.39bn, a surge of nearly 111% compared to €9.66bn in 2021.

Eni CEO Claudio Descalzi said: “In 2022, Eni was not only engaged in progressing its sustainable energy transition goals, but also in ensuring the security and stability of energy supplies to Italy and Europe, building up a diversified geographic mix of energy sources.”

“While market conditions were clearly supportive, our 2022 financial results were underpinned by capital and cost discipline, operating performance, and by effective risk management of price volatility and supply tightness.”

The firm’s sales from operations for 2022 surged 73% to €132.23bn, from €76.57bn in 2021. Free cash flow was €9.65bn.

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As of 31 December 2022, Eni’s net borrowings ex-International Financial Reporting Standards (IFRS) 16 stood at €7bn, compared to €2bn at the end of 2021.

Adjusted EBIT in 2022 doubled to €20.4bn from 2021. The increase was due to a strong performance by the firm’s Exploration & Production (E&P), Global Gas & liquefied natural gas (LNG) Portfolio (GGP), and Refining & Marketing (R&M) business.

In January 2023, Reuters reported that QatarEnergy was looking to form a three-way consortium with Eni and TotalEnergies for oil and gas exploration in two maritime blocks off the coast of Lebanon.