Italy’s Eni profits quadruple on high energy prices

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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.”

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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.

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