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Italy´s Eni swung back to profit last year after achieving record production levels

Eni posted a net profit of €2.1 billion for the Q4 2017, an increase from a profit of €340 million.

Italy´s Eni swung back to profit last year after achieving record production levels Italy´s Eni swung back to profit last year after achieving record production levels


Eni posted on February 16, 2018, a net profit of €2.1 billion for the Q4 2017, an increase from a profit of €340 million in the corresponding period of 2016.

 

«We close 2017 with excellent results which underline how the process of intense change started in 2014 has transformed Eni into a company able to grow and create value even in difficult market conditions,» said Eni´s CEO Claudio Descalzi.

 

Revenue rose 11% to €17.55 billion on the back of higher net sales across the group's businesses. Sales from exploration and production rose 15% to €5.57 billion, while sales at the gas and power businesses climbed 13% to €13.54 billion.

 

Eni said its oil-and-gas production increased 1.9% in the quarter, as Brent crude oil - the international benchmark - averaged $61.39, about 24% up compared with the year-earlier period.

 

The company said it will pay a dividend of €0.80 a share, unchanged from 2016. The company will release its 2018-2021 targets in March, it said. The Italian multinational said it expects 2018 capital expenditure to stand at about €8 billion.

 

Eni said it expects a 3% growth rate in 2018 FY production. This will be driven by ramp-ups of fields entered into operation in 2017, mainly in Egypt, Angola and Indonesia and start-up of a number of satellites phases at giant producing fields (Libya, Angola and Ghana).

 

Source : Neftegaz.RU