Italian oil company ENI recorded a net profit of 13,810 million euros in 2022, 137% more than the previous year (5,819 million euros), the company said today after approving its results.

The Italian energy giant reported that adjusted operating profit in 2022 was 20.391 billion, 111% more than in 2021 (9.664 billion euros), while adjusted net profit was 13.311 billion, against 4.330 billion euros the previous year.

These results, according to Lusa, are mainly due to the dynamism of the E&P (exploration and production) sector, which alone recorded an increase of more than 70% compared to 2021.

Net investments reached 8,243 million euros in 2022, 42% more than the previous year.

On December 31, 2022, the group had net debt of 7,021 million euros, compared to 8,987 million euros in 2021.

In the fourth quarter, profit was 550 million, 84% less than in the same period last year (3,515 million).

Adjusted net profit was 2.503 billion euros in the quarter, 47% more than in the same period of 2021 (1.7 billion euros).

"The operating and financial results we achieved were excellent, as was our ability to ensure stable supplies to Italy and Europe on time, and progress on decarbonization plans," Eni's chief executive officer, Claudio Descalzi, said in a statement.

"In a favorable market environment, the 2022 results were sustained by financial discipline and cost control, operational efficiency and careful management of the risks resulting from price volatility and supply shortages," added Descalzi.

The CEO also added that "the strong organic cash flow generation of 20,400 million euros made it possible to finance investments and growth, reduce the debt ratio to a historic low of 0.13 and remunerate shareholders with 5,400 million euros through dividends and the execution of an accelerated share buyback program."