Eni gets back into profit with USD344 million in Q3

Eni

Italy’s Eni said it has made its way back into profit with EUR344 million net profit for the third quarter of 2017.

The result is significant bearing in mind that the company reported EUR562 million as a net loss for the same quarter last year.

Commenting on the results, Claudio Descalzi, CEO of Eni, remarked: “In the third quarter, we achieved excellent results with an increase in operating profit almost four times higher, a net result above €700 million and net growth in operating cash flow compared to the third quarter of 2016. Investments followed trends in line with expectations, with a reduction of approximately 18% during the year compared with 2016.

In 2017 we expect to achieve organic coverage of investments and dividends, entirely paid in cash, at a Brent price of  60$  a  barrel as planned,  or  45$  a  barrel when taking into account our dual exploration model initiatives.

He added that “These results have been achieved thanks to progress made in pursuing our strategy.  In the Upstream sector, hydrocarbon production grew by 7%, net of the cuts imposed by OPEC and the price effect.  The Downstream refining and chemical sectors exceeded our expectations by doubling operating profit. They benefited from an optimized industrial structure and demonstrated their ability to seize growth opportunities in the market. In G&P we have achieved structural breakeven and expect a positive result for the full year.”

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