Italian energy group Eni said on Thursday its adjusted net profit rose to 13.3 billion euros ($14.12 billion) in 2022, the largest in over a decade, but its shares fell as markets focused on a weaker exploration and production performance in Q4.
Eni's E&P division reported a 20% fall in its adjusted operating profit in the fourth quarter.
Shares in the Italian group fell 1% at 0840 GMT, underperforming a 0.8% gain in Milan blue-chip index "During the year, we were able to finalise agreements and activities to fully replace Russian gas by 2025, leveraging our strong relationships with producing states and fast-track development approach to ramp-up volumes from Algeria, Egypt, Mozambique, Congo and Qatar," Eni's CEO Claudio Descalzi said in a statement.
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