Eni: second-quarter profit up with output and oil prices
(CercleFinance.com) - Italian oil and gas major Eni posted a 66 percent rise in second-quarter adjusted net profit on Friday, driven by higher output and rising crude prices.
Adjusted net profit was 767 million euros in the past quarter, from 463 million euros in the second quarter of 2017, the Rome-based group said.
Europe's seventh-biggest oil company by revenue had adjusted operating profit of 2.6 billion euros, up 152 percent.
In particular, the company made an adjusted operating profit of 2.7 billion euros at its exploration and production division, a more than threefold increase from the second quarter of 2017.
Over the quarter, hydrocarbon production was up 5 percent at 1.86 million barrels of oil equivalent per day (boe/d).
For the full year of 2018, Eni is forecasting a 4% increase at a
Brent price scenario of 60 dollars, equalling to a production level of about 1.9 million boe/d.
Shares were down 0.8 percent at 16.18 euros as the STOXX Europe 600 Optimised Oil & Gas index was broadly unchanged.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
Adjusted net profit was 767 million euros in the past quarter, from 463 million euros in the second quarter of 2017, the Rome-based group said.
Europe's seventh-biggest oil company by revenue had adjusted operating profit of 2.6 billion euros, up 152 percent.
In particular, the company made an adjusted operating profit of 2.7 billion euros at its exploration and production division, a more than threefold increase from the second quarter of 2017.
Over the quarter, hydrocarbon production was up 5 percent at 1.86 million barrels of oil equivalent per day (boe/d).
For the full year of 2018, Eni is forecasting a 4% increase at a
Brent price scenario of 60 dollars, equalling to a production level of about 1.9 million boe/d.
Shares were down 0.8 percent at 16.18 euros as the STOXX Europe 600 Optimised Oil & Gas index was broadly unchanged.
Copyright (c) 2018 CercleFinance.com. All rights reserved.