ENI Net Profit Rose Six-Fold in 4Q on Higher Crude, Sales
February 16 2018 - 2:58AM
Dow Jones News
By Pietro Lombardi
ENI SpA (ENI.MI) said Friday that net profit rose more than
six-fold in the fourth quarter, supported by an increase in the
price of crude and growing sales across its divisions.
The company's fourth-quarter net profit was 2.10 billion euros
($2.62 billion), compared with EUR340 million in the same period
last year.
Revenue rose 11% to EUR17.55 billion on the back of higher net
sales across the group's businesses. Sales from exploration and
production rose 15% to EUR5.57 billion, while sales at the gas and
power businesses climbed 13% to EUR13.54 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 EUR0.80 a share,
unchanged from 2016.
Eni will release its 2018-2021 targets in March, it said. The
Italian multinational said it expects 2018 capital expenditure to
stand at about EUR8 billion.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
February 16, 2018 02:43 ET (07:43 GMT)
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