Italy's ENI Swings to 3Q Profit
October 27 2017 - 2:57AM
Dow Jones News
By Pietro Lombardi
ENI SpA (ENI.MI) said on Friday that it swung to a profit in the
third quarter as the price of crude rose and the Italian company
increased its oil and gas production.
The company said net profit in the three months to the end of
September was 344 million euros ($404.2 million), compared with a
EUR562 million loss in the same period last year.
Revenues rose 19% to EUR15.78 billion supported by higher net
sales in its exploration and production, and gas and power
businesses. The former rose 16% year-on-year to EUR4.63 billion,
while the latter increased 24% to EUR11.43 billion.
The Italian energy company said it expects to increase its 2017
production by 5% compared with last year to about 1.82 million
barrels of oil equivalent per day.
ENI's oil and gas production increased 5.4% in the third
quarter, the company said, while Brent crude oil, the international
benchmark, averaged $52.08, about 14% up compared with the year
earlier period.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
October 27, 2017 02:42 ET (06:42 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