Eni 3Q Profit Soared on Higher Oil Prices, Better Operating Performance
October 26 2018 - 2:33AM
Dow Jones News
By Alberto Delclaux
Eni SpA (ENI.MI) said Friday that its third-quarter net profit
rose nearly fivefold on year, due in part to stronger oil prices,
higher operating performance and lower tax rates.
Net profit at the Italian oil major was 1.53 billion euros
($1.74 billion) compared with EUR344 million in the year-earlier
period, the company said.
Adjusted net profit jumped to EUR1.39 billion from EUR229
million, comfortably outstripping a company-compiled analysts'
forecast of EUR1.02 billion, Eni said.
Adjusted operating profit more than tripled to EUR3.30 billion
from EUR947 million, driven by a recovery in crude oil prices and
stronger margins per barrel of oil produced, the company said.
Sales climbed to EUR19.70 billion from EUR15.68 billion.
Eni confirmed that it expects capital expenditure to amount to
EUR7.7 billion in 2018.
Write to Alberto Delclaux at alberto.delclaux@dowjones.com
(END) Dow Jones Newswires
October 26, 2018 02:18 ET (06:18 GMT)
Copyright (c) 2018 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