Eni Swung to 4Q Profit, Helped by High Energy Prices

   By Cristina Roca 
 

Eni SpA said Friday that it sung to a profit in the fourth quarter of 2021 as sales more than doubled.

The Italian oil-and-gas major booked a quarterly net profit of 3.82 billion euros ($4.34 billion) compared with a loss of EUR797 million in the year-earlier period. On an adjusted basis, net profit was EUR2.11 billion. Profits were helped by strong commodity prices, the company said.

Quarterly sales came in at EUR26.76 billion, from EUR11.63 billion a year earlier.

Eni said hydrocarbon production for the quarter inched up to 1.74 million barrels of oil equivalent a day, from 1.71 million a year earlier.

For the full year, the company swung to a EUR6.13 billion net profit compared with a EUR8.64 billion loss in 2020. Sales for the year rose 74% to EUR76.57 billion. The company said this was its best performance since 2021, when Brent crude oil exceeded $110 a barrel.

Eni backed its dividend proposal for the year and said it will disclose guidance at its upcoming investor day.

Write to Cristina Roca at [e-mail]

(END) Dow Jones Newswires

February 18, 2022 02:31 ET (07:31 GMT)

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