Italian energy giant Eni more than quadrupled its first-quarter net profit to 3.6 billion euros ($3.8 billion), boosted by soaring oil and gas prices, company results showed Friday.
The adjusted net profit, which excludes exceptional items, rose 12-fold to reach almost 3.3 billion euros.
Eni Chief Executive Claudio Descalzi said the results showed the company’s “strength and resilience against a backdrop of high market volatility and uncertainty linked to the ongoing war [in Ukraine] and international tensions.”
For the latest headlines, follow our Google News channel online or via the app.
The Italian group has benefited alongside the rest of the sector from increasing oil and gas prices in recent months, linked to the post-pandemic recovery and Russia’s invasion of Ukraine.
The only downside was that Eni’s production of hydrocarbons fell by three percent year on year to 1.65 million barrels a day in the first quarter.
Turnover jumped by 122 percent to 32.1 billion euros, well above analysts’ expectation.
Eni had in 2021 posted a net profit of 5.8 billion euros, after a loss of 8.6 billion euros in 2020, thanks to the coronavirus pandemic.
Read more:
Libya losing $60 million a day in oil shutdown: Minister
Greece to pay Gazprom without breaching sanctions against Russia: Minister
Italy’s energy giant Eni moves to open Russian ruble account for gas as EU warns firm
