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Eni in profit

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LNG Industry,

Eni swung to a net profit last year on the back of higher oil and gas prices and an increase in production.

Eni reported a net profit of €3.43 billion for the full year of 2017, compared to a €1.46 billion loss in the year before.

On an adjusted basis net profit jumped to €2.41 billion in 2017 as compared to €340 million loss the year before.

Eni said its net profit and adjusted net profit in the last quarter of 2017 was €2.1 billion and €0.98 billion, respectfully. This compares to €340 million and €459 million in the previous year.

Eni said that hydrocarbon production reached 1.92 million boe/d in December 2017, marking an all-time high for the company.

The Italian company produced an average of 1.89 million boe/d in the fourth quarter, up by 1.9%, while full-year production rose 3.2% to 1.82 million boe/d.

Eni expects its production to rise 3% this year.

Eni confirmed a dividend of €0.8 a share.

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