Eni SpA

ENI: XMIL (ITA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€95.20	Csdj	Mhrpngb

Eni Earnings: Strong Gas Business Cushions Impact of Lower Oil Prices, Weaker Refining Margins

Allen Good

Jul 28, 2023

Eni reported second-quarter adjusted net earnings of EUR 1.9 billion compared with adjusted net earnings of EUR 3.8 billion the year before as a strong global gas performance was not enough to offset the impact of lower oil and gas prices hurting E&P earnings and weak refining margins reducing refining earnings. Our fair value estimate and moat rating are unchanged.

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