Eni: quarterly profit up six-fold
(CercleFinance.com) - Italian oil and gas major Eni posted a six-fold increase in third-quarter adjusted net profit on Friday, driven by higher production and rising crude oil prices.
Kicking off the earnings season for European oil giants, Eni said that its adjusted net profit jumped to 1.39 billion euros in the past quarter, from just 229 million euros one year ago.
Europe's fifth-biggest oil company by revenue reported third-quarter operating profit of 3.1 billion euros for its exploration and production division alone.
The result reflected increased oil and gas output, to 1.8 million barrels of oil equivalent per day (boe/d), as well as the price of benchmark Brent crude oil rising to 75.3 dollars.
Despite this, the shares were down 0.5% at 14.9 euros, although are outperforming the STOXX Europe 600 Oil & Gas index, which is down 1.7%.
Eni is the first European oil major, along with France's Total, to report its quarterly results.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
Kicking off the earnings season for European oil giants, Eni said that its adjusted net profit jumped to 1.39 billion euros in the past quarter, from just 229 million euros one year ago.
Europe's fifth-biggest oil company by revenue reported third-quarter operating profit of 3.1 billion euros for its exploration and production division alone.
The result reflected increased oil and gas output, to 1.8 million barrels of oil equivalent per day (boe/d), as well as the price of benchmark Brent crude oil rising to 75.3 dollars.
Despite this, the shares were down 0.5% at 14.9 euros, although are outperforming the STOXX Europe 600 Oil & Gas index, which is down 1.7%.
Eni is the first European oil major, along with France's Total, to report its quarterly results.
Copyright (c) 2018 CercleFinance.com. All rights reserved.