According to its 2024 results report released on Thursday, Eni sold 9.8 bcm (7.2 million tonnes of LNG) in 2024.
Full-year LNG sales rose 2 percent compared to 9.6 bcm in 2023.
Moreover, Eni sold 2.7 bcm in the fourth quarter of 2024.
Quarterly sales rose 13 percent compared to the fourth quarter in 2023, mainly
due to new volumes available from Congo LNG, Eni said.
Eni sold 2.2 bcm each in the third and second quarters, while LNG sales reached 2.7 bcf in the first quarter of last year.
In February 2024, Eni shipped the first LNG cargo from its Tango floating LNG facility moored in Congolese waters, which arrived at Snam’s FSRU-based facility in Piombino.
Belgium’s Exmar recently said that Eni’s Tango FLNG is producing LNG above the guaranteed levels of 0.6 mtpa.
“Congo FLNG project is progressing towards its target completion by the end of 2025 with the launch of the hull of the Nguya floating vessel, which will increase the liquefaction capacity of the project from the current 0.6 to 3 mtpa,” Eni said in the report.
In the fourth quarter, Eni’s natural gas sales were 15.26 bcm, an increase of 12 percent from the comparative period as a result of the positive performance in the European markets, mainly in Benelux, France, and Turkey, and higher volumes sold in Italy, Eni said.
For the full year 2024, natural gas sales amounted to 50.88 bcm, barely unchanged from the year before.
Gas and LNG earnings down
Eni’s gas and LNG business reported a proforma adjusted Ebit of 226 million euros ($236.8 million) in the fourth quarter, including the operating margin of the equity accounted entity SeaCorridor.
The result was down by 68 percent year-on-year, which benefitted from one-off effects linked to the outcomes of negotiations/settlements, Eni said.
In 2024, proforma adjusted Ebit amounted to 1,138 million euros ($1.19 billion), down by 67 percent year-on-year, due to the “same driver of the quarter and due to a very favorable trading environment especially in the first part of 2023,” Eni said.
Overall, Eni reported proforma adjusted Ebit of 2.7 billion euros in the fourth quarter, down 28 percent year-on-year, and adjusted net profit of 0.9 billion euros, down 46 percent year-on-year.
For 2024, Eni’s proforma adjusted Ebit reached 14.3 billion euros, down 20 percent year-on-year, while adjusted net profit dropped 37 percent to 5.26 billion euros.
