Eni’s oil production saw a notable boost in the fourth quarter of 2024, driven by strong output from African nations including Libya, Congo, Côte d’Ivoire, and Mozambique.
Despite this 3% production growth, however, the Italian energy giant reported a 46% drop in earnings year-on-year, reflecting the impact of lower global oil prices and rising operational costs.
A press release by the company on Thursday, February 27, 2025, shows African countries played a pivotal role in Eni’s production increase during the period, with Libya and Congo leading the charge.
The company also recorded a substantial improvement in oil output in Kazakhstan.
Eni installed Congo’s first floating LNG (FLNG) plant at the Marine XII offshore license in 2023 and is ramping up production in the country to boost exports.
The oil firm is also partnering with Libya’s National Oil Corporation (NOC) and other players like TotalEnergies, OMV, Repsol, and Nabors, to expand the country’s oil and gas production.
“Our African partners have been instrumental in stabilizing and growing our production output despite challenging market conditions,” said Claudio Descalzi, Eni’s CEO. “This growth underscores the strategic importance of our African operations in our global portfolio.”
Eni’s financial report
The Italian major reported an adjusted net income of €892 million ($934 million) down 46% from a year earlier and missing the average analyst estimate of €995 million ($1.04 billion).
Exploration and production adjusted operating profit was €1.80 billion ($1.88 billion), missing predicted estimates of €2.01 billion ($2.1 billion)
Libya’s contribution was particularly significant, as the country ramped up production following a period of political stability and improved security in key oil-producing regions.
Similarly, new offshore projects in Côte d’Ivoire and increased LNG output from Mozambique added to Eni’s expanding African footprint.
Despite these gains, Eni’s global financial performance remained under pressure.
The company’s 46% earnings drop was attributed to falling crude oil prices and heightened operational expenses.
“While our production numbers are encouraging, the global economic environment has impacted our profitability,” Descalzi added. “We remain committed to operational efficiency and strategic investments to navigate these challenges.”
As Eni continues to strengthen its partnerships across Africa, the company is expected to focus on expanding exploration and production activities in the region, aiming for long-term growth and stability amid global market fluctuations.
The Italian firm is the last of the major oil and gas companies to report earnings, with the rest of the industry experiencing similar trends amid broad economic weakness and concerns about the strength of fuel demand.
Eni shares fall as much as 2.3% in Milan trading after the results were announced.
