Eni 4Q Net Profit Fell, Sales Rose
February 15 2019 - 2:38AM
Dow Jones News
By Nathan Allen
Eni SpA (ENI.MI) said Friday that earnings fell sharply in the
fourth quarter, while sales and adjusted earnings rose.
The Italian oil major said quarterly net profit fell 76% to 499
million euros from EUR2.05 billion a year earlier. Eni attributed
the disparity to gains of EUR2.7 billion booked in the year-earlier
period on the sale of stakes in projects in Egypt and
Mozambique.
Adjusted operating profit for the quarter, which strips out the
effects of these one-off gains, rose to EUR2.99 billion from
EUR2.00 billion, outstripping a company-compiled consensus of
EUR2.88 billion. Sales rose to EUR20.04 billion from 17.55 billion,
the company said.
Eni said oil-and-gas production edged down to 1.87 million
barrels of oil equivalent a day from 1.89 million barrels a day, in
2017.
The company proposed raising the dividend to EUR0.83 a share--of
which EUR0.42 has already been paid as an interim dividend--from
EUR0.80 a year earlier.
Write to Nathan Allen at nathan.allen@dowjones.com
(END) Dow Jones Newswires
February 15, 2019 02:23 ET (07:23 GMT)
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