On Wednesday, Eni reported slightly better-than-expected quarterly results and increased its share buy-backs, but the announcement of an increase in its debt seemed to worry investors.

The Italian oil and gas group reported an adjusted net profit of 1.58 billion euros for the first quarter, down 46% but slightly above the consensus figure of 1.56 billion euros.

Eni generated 3.9 billion euros in cash over the first three months of the year, against market expectations of 3.8 billion, enabling it to increase its share buyback program by 45% to 1.6 billion euros.

However, with the acquisition of Neptune Energy (for 2.3 billion euros), its gearing ratio fell from 20% at the end of 2023 to 23% on March 31, a figure at the top end of the 15% to 25% range that the group had set itself for the next four years.

Following this publication, the share fell by 0.8% on the Milan Stock Exchange in early trading.

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