We saw Eni continue to build its renewables and biorefinery capacity, despite reduced low carbon capex. 

Key findings

• Higher renewable installed capacity and volumes supported stronger performance from Plenitude and Power with 2Q23 adjusted net profit of €102m, up 7% from 2Q22. 

• Despite good results, capex for Plenitude & Power was €158m, down 13% from 2Q22. 

• As a part of Eni’s long-term guidance, it is targeting average growth in oil and gas of 3%-4% pa to FY26 and then plateauing. The $4.9bn acquisition of Neptune, a gas-oriented E&P company, is expected to contribute to a third of expected production increase between now and FY26 (ex-divestments and runoff).  

• Eni has reiterated FY23 oil and gas production guidance of ~1-4% for FY23, with 2Q23 increasing 2% from 2Q22.