Eni SpA

ENI: XMIL (ITA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€32.50	Dtdy	Yvzqzny

Eni Earnings: Results as Expected as Strategic Actions Continue

Allen Good

Apr 24, 2024

Eni reported adjusted net earnings of EUR 1.6 billion in the first quarter of 2024 compared with EUR 2.9 billion the year before, nearly meeting market expectations. The decline was primarily attributable to weaker gas and liquefied natural gas results due to lower prices and weaker trading results. Hydrocarbon production grew 5% from the year before on project ramp-ups and the Neptune Energy acquisition. Our fair value estimate and no-moat rating are unchanged.

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