Eni: production growth drives quarterly profit
(CercleFinance.com) - Italian oil and gas company Eni said on Friday that it achieved "excellent" results in the first quarter, not only boosted by higher oil prices but also by an increase in the company's hydrocarbon production.
In a statement, Eni said its second-quarter adjusted net profit was 978 million euros, up 31% from the 744 million euros reported a year ago.
First-quarter hydrocarbon production rose by 4% quarter-on-quarter to 1.87 million barrels of oil equivalent per day (boe/d), in line with its 2018 guidance.
The company said it has raised its initial growth forecast and now expects a 4% increase for 2018 vs. 2017, equalling a production level of about 1.9 million boe/d, driven by ramp-ups in Egypt, Indonesia, Angola and Ghana.
Despite this, Eni shares are currently down 1.1% at 16 euros underperforming the STOXX Europe 600 Oil & Gas index, which is is down 0.3%.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
In a statement, Eni said its second-quarter adjusted net profit was 978 million euros, up 31% from the 744 million euros reported a year ago.
First-quarter hydrocarbon production rose by 4% quarter-on-quarter to 1.87 million barrels of oil equivalent per day (boe/d), in line with its 2018 guidance.
The company said it has raised its initial growth forecast and now expects a 4% increase for 2018 vs. 2017, equalling a production level of about 1.9 million boe/d, driven by ramp-ups in Egypt, Indonesia, Angola and Ghana.
Despite this, Eni shares are currently down 1.1% at 16 euros underperforming the STOXX Europe 600 Oil & Gas index, which is is down 0.3%.
Copyright (c) 2018 CercleFinance.com. All rights reserved.