Eni Q1 Profit Down On Weak Net Sales; Lifts FY18 Production View - Quick Facts

(RTTNews) - Italian oil and gas company Eni SpA (E) reported Friday that its first-quarter net profit attributable to shareholders dropped 2 percent to 946 million euros from 965 million euros a year ago. Earnings per share declined to 0.26 euro from 0.27 euro last year.

Adjusted attributable net profit was 978 million euros, compared to 744 million euros a year ago. Adjusted earnings per share were 0.27 euro, compared to 0.21 euro last year.

Net sales from operations edged down 0.6 percent to 17.93 billion euros from 18.05 billion euros.

Hydrocarbon production grew 4 percent to 1,867 kboe/d from 1,795 kboe/d last year.

Looking ahead, the company confirmed the objective of cash neutrality for 2018 at a Brent price of $55 per barrel, citing the results and the strategy announced in the 2018.

Further, the company has raised its initial growth forecast for hydrocarbon production, and now expects a 4% increase for the fiscal 2018, equaling to a production level of about 1.9 million boe/d.