![Eni beats fourth-quarter earnings forecasts aided by favorable arbitration](https://i-invdn-com.investing.com/trkd-images/LYNXNPEK1F063_L.jpg)
©Reuters. FILE PHOTO: The logo of the Italian energy company Eni. Photo taken February 10, 2020. REUTERS/Afolabi Sotunde/File Photo
By Francesca Landini
MILAN (Reuters) – Italian energy group Eni reported fourth-quarter adjusted net profit of 1.64 billion euros ($1.8 billion) on Friday, beating analysts’ expectations thanks to record performance in its gas and gas division. liquefied (GGP).
The quarterly result pushed Eni’s net profit in 2023 to 8.3 billion euros, down 38% from a year earlier, when the group posted exceptional profits in the wake of soaring energy prices.
Eni’s fourth-quarter adjusted operating profit (EBIT) came in at €2.8 billion, nearly in line with the company’s analyst consensus of €2.90 billion.
The GGP division recorded an adjusted EBIT of 0.68 billion euros including the favorable outcome of an arbitration procedure, the state-controlled group said, without providing details.
Sources told Reuters last year that Uniper, Germany’s largest gas trader, had been ordered to pay 550 million euros to Eni by an arbitration tribunal over a liquefied natural gas (LNG) supply contract that expired in 2022 .
Rivals Exxon Mobile (NYSE:), Chevron (NYSE:) and Shell (LON:) earlier this month beat profit expectations thanks to a mix of strong business results and higher oil and gas production.
($1 = 0.9292 euros)