Eni's 1Q Net Profit Rose Despite Higher Production
April 27 2018 - 2:37AM
Dow Jones News
By Marc Bisbal Arias
Eni SpA (ENI.MI) said Friday that its first-quarter net profit
fell on year despite higher hydrocarbon production, attributing the
decline in part to higher income taxes.
Net profit was 946 million euros ($1.15 billion) compared with
EUR965 million in the year-earlier period. In adjusted terms, net
profit rose 32% to EUR978 million from EUR744 million.
Revenue dropped to EUR18.07 billion from EUR18.53 billion.
The Italian energy company said adjusted operating profit from
its exploration and production business rose 47% to EUR2.09
billion.
Chief Executive Claudio Descalzi confirmed the company's
objective of cash neutrality for the year at a Brent price of $55 a
barrel.
Eni said it expects 2018 capital expenditure of about EUR7.7
billion.
Write to Marc Bisbal Arias at marc.bisbalarias@dowjones.com
(END) Dow Jones Newswires
April 27, 2018 02:22 ET (06:22 GMT)
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