The Italian energy giant Eni revealed that its adjusted net profits declined by 21% during the second quarter of this year compared to the same period last year, reaching 1.52 billion euros.

These results exceeded analysts’ expectations, supported by strong performance in the gas, exploration, and liquefied natural gas sectors.

The company attributed this performance to a series of strategic measures it took, including the exit of some assets and the sale of a stake in the biofuel unit.

The company expects that these measures will contribute to improving its financial position and accelerating the implementation of the share repurchase program.

The company also raised its adjusted operating profit forecast for 2024, reflecting its confidence in its ability to achieve sustainable growth.

Eni announced the signing of an agreement to sell exploration assets in Alaska, in addition to entering into exclusive negotiations with the investment company KKR to exit a stake in the biofuel unit Eni Life.

The company expects that these moves will contribute to significantly reducing the financial leverage ratio, which will enhance its financial strength and give it greater flexibility in implementing its future strategy.

The company is committed to achieving sustainable growth and enhancing shareholder value, the company’s CEO, Claudio Descalzi, confirmed.

These positive results come at a time when the energy industry faces major challenges such as fluctuations in oil and gas prices and the global trend toward renewable energy.