Eni 1Q Profit Jumped; Confirms 2022 Production Outlook

By Giulia Petroni

Eni SpA said Friday that profit jumped in the first quarter on higher hydrocarbon prices, and confirmed its production outlook for the full year.

The Italian oil-and-gas major said net profit was 3.58 billion euros ($3.76 billion) from EUR856 million in the year-earlier period. On an adjusted basis, profit was EUR3.27 billion.

Sales increased to EUR32.13 billion from EUR14.49 billion the previous year.

Eni said hydrocarbon production in the quarter ticked lower to 1.65 million barrels of oil equivalent a day compared with 1.70 million boe/d the year prior, but was in line with guidance. The company confirmed it expects production at 1.7 million boe/d in the full year in a $80-a-barrel crude environment.

The company raised its expectations for the global gas and liquefied natural gas portfolio, saying the segment should register an adjusted operating profit of around EUR1.2 billion in 2022 from EUR900 million previously.

Organic capital expenditure is projected at EUR8 billion, while adjusted cash flow pre-working capital is seen at EUR16 billion in a $90/bbl scenario, Eni said.

Write to Giulia Petroni at [e-mail]

(END) Dow Jones Newswires

April 29, 2022 02:42 ET (06:42 GMT)

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