Italy’s Eni SpA saw its natural gas sales drop by almost a quarter in the third quarter of 2022 compared to year-prior levels, but soaring commodity prices led it to another high profit period as it progresses efforts to replace Russian imports and optimize its LNG business.

The firm’s natural gas sales plummeted during the third quarter as it saw continued impacts from a lack of Russian gas to re-export to the European market. Gas sales were reported at 13.33 Bcm in 3Q2022, a 22% decrease year/year from 17.14 Bcm. Its liquefied natural gas sales also decreased, falling to 1.8 Bcf in the quarter compared to 2.9 Bcf in 3Q2021.

The major slightly raised its guidance for earnings from its global gas and LNG portfolio to around $1.77 billion for the full year based on increased...