Why Skills-First Leadership Is Replacing the Ivy League Playbook in the C-Suite
05/23/2025
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The old prestige pyramid—where Ivy League degrees and blue-chip consulting backgrounds paved the way to the CEO seat—is cracking.
July 31, 2023: Italian energy group Eni reported nearly a 50% decrease in adjusted complete returns in the second quarter because of weaker commodity expenses. Still, a strong gas business performance helped it beat forecasts.
Adjusted net profit in the period came in at 1.94 billion euros ($2.13 billion), down from a bumper result of 3.81 billion euros before a year but above an analyst consensus of 1.64 billion euros.
The state-controlled group raised its 2023 guidance for its gas business (GGP) after it underpinned its results in the second quarter with an adjusted operating profit of 1.1 billion euros, more than double the 0.5 billion analysts had penciled in.
Following Russia’s invasion of Ukraine last year, Eni moved quickly to replace Moscow’s gas supplies with the fuel it extracts in African countries, strengthening its position in the gas markets.
It said that trading activity related to its enormous gas portfolio and re-negotiations and settlements about contracts were the factors behind the excellent performance of the division in the last three months.
Eni now expects the gas business to reach adjusted revenue before interest and taxes (EBIT) figures of between 2.7 billion and 3.0 billion euros for the year versus the previous guidance of 2.0-2.2 billion euros.
It also improved its full-year outlook for its low-carbon unit Plenitude. This year, it trimmed plans for capital expenditure to below 9 billion euros from a previous estimate of 9.2 billion euros.
Group’s expected adjusted EBIT for this year is confirmed at 12 billion euros, even after considering weaker oil and gas prices.
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