Strong Upstream Production Growth
Production grew 8.5% year-on-year, with significant contributions from projects like Vår and Azule Energy, reaching 1.76 million barrels per day.
Successful Strategic Projects
Azule Energy began production almost a year ahead of schedule, and a joint venture FID on Coral North LNG in Mozambique was announced, leveraging a 99.4% availability from Coral South.
Financial Performance and Buyback Increase
Pro forma adjusted EBIT was EUR 3 billion, up 12% from Q2. A share buyback was increased to EUR 1.8 billion due to strong financial performance.
Progress in Biofuel Strategy
Approval for converting part of Sannazzaro refinery into a biorefinery and plans to triple biofuel production by 2030.
Improved Balance Sheet
Net debt decreased to EUR 9.9 billion with a leverage of 19%, and a pro forma leverage of 12% expected by the end of the year.