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Italian Eni recorded a significant increase in its quarterly profit

The company posted a net profit of 1.25 billion euros for the 2nd quarter of 2018.

Italian Eni recorded a significant increase in its quarterly profit Italian Eni recorded a significant increase in its quarterly profit


Rome, July 27 - Neftegaz.RU. The Italian company posted a net profit of 1.25 billion euros for the 2nd quarter of 2018 compared to a profit of €18 million in the same period last year.

 

Eni’s adjusted operating profit in the quarter was €2.56 billion, up by 152% when compared to the last year’s performance and adjusted operating profit of €1.019 billion.

 

Eni’s hydrocarbon production for the Q2 2018 was 1.86 million boe/d, a 5% increase from last year’s quarterly production of 1.77 million boe/d.

 

The production growth was fueled by the ramp-up of giant projects, recently started up: Zohr, Noroos, Jangkrik, OCTP, Ochigufu, Nenè phase 2; higher production at the Kashagan and Val d’Agri fields (the latter shutdown in the Q2 2017) and the entry in Abu Dhabi.

 

Claudio Descalzi, CEO of Eni, remarked: «In the context of a 38% rise in the price of Brent, Eni reported a 152% increase in operating profit, driven by the performance of the Exploration & Production business, which more than tripled its contribution. Our cash generation also grew significantly, driven by the price of Brent and increased production levels, contributing to $20 per barrel, allowing us to confirm the lowering of our cash neutrality to $55 per barrel for 2018.»

 

Eni’s net debt fell below €10 billion – the lowest level in 11 years.

 

Source : Neftegaz.RU