Italian energy group Eni ENI.MI said on Friday its first-quarter net profit fell 11% year on year on lower oil and gas prices compared with the first three months of 2022, when Russia’s invasion of Ukraine sent energy prices spiralling.

Adjusted net profit for the period came in at 2.91 billion euros ($3.2 billion), down from 3.27 billion euros a year ago, but above an analyst consensus of 2.31 billion euros.

The results were underpinned by a rise in hydrocarbons production and a better-than-expected performance at the gas and liquefied natural gas division.

The group revised its estimates on forex and gas prices and tweaked its guidance for the year to reflect these changes.

It also said it would go ahead with a planned increase in shareholder compensation.

“With our resilient financial position and flexibility we can confirm the basis on which we will seek authorisation at the AGM in May for the previously announced plan to raise the 2023 dividend to 0.94 euros per share and begin our 2.2 billion euro share buyback,” CEO Claudio Descalzi said in a statement.

Separately Eni’s chemicals division Versalis said it agreed to acquire the majority share of Italian chemicals group Novamont it does not already own.

Versalis, which was advised by UniCredit, did not disclose financial terms of the deal.
Source: Reuters (Reporting by Francesca Landini; Editing by Federico Maccioni, David Goodman and Kenneth Maxwell)