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Monday, 08 August 2022

E Energy Management

Eni 1Q earnings dip slightly despite rising production

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MILAN (AP) — Italian gas and oil company Eni says first-quarter profits dropped slightly as production grew by 4 percent amid rising oil prices.

Eni on Friday reported net profit in the quarter down 2 percent to 946 million euros ($1.1 billion), from 965 million euros a year earlier.

Production rose to 1.867 million barrels of oil equivalent a day, with oil prices up 8 percent year-on-year.

With operating net profit — or profits before taxes and interest — up by 30 percent to 978 million euros, Eni CEO Claudio Descalzi said that Eni's results were "over and above the rising price of oil."

During the quarter, Eni acquired a concession in the United Arab Emirates and sold an additional 10 percent in its Zohr field in Egypt.

Global Energy Insight, established in 2017, as an independent online journal focused on offering Global coverage of up-to-date news and technological advances