Eni's logo is seen in front of its headquarters in San Donato Milanese, near Milan, Italy, April 27, 2016. REUTERS/Stefano Rellandini/File PhotoCompany to push ahead with share buy-backsreported a 49% fall in its adjusted net profit in the second quarter because of weaker commodity prices but a strong performance from its gas business helped it to beat forecasts.
The state-controlled group raised its 2023 guidance for its gas business after it underpinned the group's results in the second quarter with an adjusted operating profit of 1.1 billion euros, more than double the 0.5 billion analysts had pencilled in. Trading activity related to its large gas portfolio and re-negotiations and settlements related to contracts were the factors behind the good performance of the division in the last three months, it said.