Eni Q3 Profit Climbs, Oil And Natural Gas Production Flat; Sees Lower Gas Sales

(RTTNews) - Italian oil and gas company Eni SpA (E) reported Friday that its third-quarter net profit climbed to 1.53 billion euros from last year's 344 million euros.

Earnings per share were 0.42 euro, higher than 0.10 euro last year.

Adjusted net profit was 1.39 billion euros in the third quarter of 2018, compared to 229 million euros a year ago. Adjusted earnings per share were 0.39 euro, compared to 0.06 euro last year.

Adjusted operating profit was 3.3 billion euros, significantly higher than 947 million euros a year ago.

Total revenues climbed to 19.91 billion euros from 15.78 billion euros last year.

In the third quarter of 2018, oil and natural gas production averaged 1,803 kboe/d, unchanged from the third quarter of 2017.

Looking ahead, gas sales is expected to decline in line with an expected reduction in long-term contractual commitments both to procure and to supply gas. An increase in nearly 9 million tons of LNG contracted volumes expected by 2018 year-end.

Claudio Descalzi, CEO of Eni, said, "We are reaffirming our guidance of Group cash neutrality, including the funding of the dividend, at $55 per barrel, roughly $20 lower than the current Brent price. This is in line with the financial discipline we aim to maintain over time."