Eni Revises Spending Plans Amid Tariff Challenges, Reports Profit Decline

Rome: Eni said Thursday that it made an adjusted net profit of 1.41 billion euros in the first three months of 2025, a drop of 11% compared to the same period in 2024. The Italian energy giant also reported that hydrocarbon production fell by 5% in the quarter to 1.64 million barrels per day.

According to Ansa News Agency, Eni has revised its spending plans for 2025 due to “macro headwinds and uncertainty around trade tariffs.” The company announced that it will implement mitigating actions around capital expenditures, portfolio adjustments, cost management, and other cash initiatives to offset over 2 billion pounds of negative scenario effects.

The Financial Times also reported that Eni, along with the British government, will give the final go-ahead to a significant carbon capture and storage project in the HyNet North West industrial hub near Liverpool and Manchester. This project is expected to play a crucial role in reducing carbon emissions in the region.