By Alimat Aliyeva

The Italian oil and gas company Eni SpA reduced net profit by 73% in the third quarter of 2024 and worsened annual forecasts, but increased the volume of the share repurchase program by 400 million euros, Azernews reports.

In July-September, the company's net profit decreased to 522 million euros from 1.92 billion euros in the same period a year earlier.

Adjusted operating profit, one of the most important indicators, decreased by 14% to 3.4 billion euros. Adjusted net profit decreased by 30% to 1.27 billion euros.

Revenue fell to 20.66 billion euros from 22.32 billion euros in the third quarter of last year.

Hydrocarbon production increased by 2% in July-September, to 1.661 million barrels of oil equivalent per day. Meanwhile, the average selling price of hydrocarbons decreased by 2% to $55.95 per barrel of oil equivalent.

Eni has lowered its forecast of adjusted operating profit for the current year to 14 billion euros from 15 billion euros, and free cash flow to 13.5 billion from more than 14 billion euros. The revision was the result of a decrease in the forecast for oil prices to $83 from $86 per barrel.

The company expects production to reach about 1.7 million boe/s in 2024. The estimate of capital investments remained at the level of less than 9 billion euros.

Eni has increased its annual dividend by 6% to 1 euro per share, which will be paid in four tranches. The first of them was paid to shareholders in September, the second payments in the amount of 0.25 euros per share will be held on November 20.

The share repurchase program was increased by 400 million euros to 2 billion euros.