Italy's Eni Swings to 2Q Profit
July 28 2017 - 3:04AM
Dow Jones News
By Eric Sylvers
Milan--Eni SpA said Friday it swung to a small profit in the
second quarter as the price of crude increased and the Italian
company boosted its production of oil and gas even as a domestic
production site remained closed for several months due to a legal
dispute.
Net income for the three months to the end of June rose to 18
million euros ($21 million) compared with a loss of EUR446 million
in the same period last year. Revenue advanced 15% to EUR15.78
billion compared with EUR13.71 billion.
Eni confirmed its yearend production target of 1.84 million
barrels of oil equivalent per day--5% more than last year--despite
the three-month shutdown of its Val D'Agri field in southern
Italian. The lost production is expected to be made up with
earlier-than-planned startups of projects in Angola, Indonesia and
Ghana.
Oil and gas production in the second quarter climbed 3% while
Brent crude oil, the international benchmark, averaged $49.83
compared with $45.57 in the same three months of 2016.
Eni confirmed it will pay an interim dividend of 40 European
cents per share.
Write to Eric Sylvers at eric.sylvers@wsj.com
(END) Dow Jones Newswires
July 28, 2017 02:49 ET (06:49 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
ENI (NYSE:E)
Historical Stock Chart
From Jun 2024 to Jul 2024
ENI (NYSE:E)
Historical Stock Chart
From Jul 2023 to Jul 2024