Italian major Eni saw its net profit drop 33% in the first quarter of 2023 due to falling energy prices, but reported booming growth in its gas and liquefied natural gas business.

The company posted a net profit of €2.39 billion ($2.3 billion) in the first quarter, compared with €3.27 billion in the same period last year.

Eni’s gas and LNG business segment reported an operating profit of €1.37 billion, up 47% from the same quarter in 2022.

The company said this performance was “driven by optimisation and trading activities aimed at capturing value from price movements and spread differentials leveraging the portfolio of gas and LNG assets”.