Eni posts best results since 2012 to drive green shift

Italy’s Eni became the latest energy group to benefit from the oil and gas boom as it posted its best result since 2012 to provide cash to cover returns to investors and also fund its green drive.

The group swung to an adjusted net profit of 4.74 billion euros ($5.4 billion) last year from a loss of 758 million euros in 2020 as surging energy prices boosted its upstream business despite lower volumes.

Production of oil and gas fell 3 per cent to 1.682 million barrels of oil equivalent per day in 2021 mainly due to maintenance and lower output at its mature fields.

“Our upstream segment has kept generating the financial resources needed to fund our decarbonization strategy,” Eni Chief Executive Claudio Descalzi said on Friday.

Eni, which has pledged carbon neutrality by 2050, is due to present a new business plan in March.

Unlike some of its peers Eni is hanging on to lucrative fossil fuels to help fund its green shift while also spinning off assets like its Norwegian Vaar Energi venture, listed this week.