ENI Reports Profit From Cont. Ops. In Q1; Net Sales Up 35.2% - Quick Facts

(RTTNews) - ENI SpA (E) reported first-quarter net profit attributable to shareholders from continuing operations of 965 million euros compared to a loss of 383 million euros, previous year. Profit per share from continuing operations was 0.27 euros compared to a loss of 0.11 euros. Adjusted net profit attributable to shareholders from continuing operations increased to 744 million euros from 2 million euros. Adjusted profit per share was 0.21 euros compared to break-even per share, prior year.

First-quarter net sales from continuing operations was 18.05 billion euros compared to 13.34 billion euros, previous year. Production for the quarter was up by 2.3% to 1.795 million boe/d; up by 5.7% excluding negative price effects of PSAs and OPEC cuts.

The Group confirmed fiscal year production target of 1.84 mln boe/d (up by 5% from 2016) leveraging on new project start-ups and ramp-ups of fields entered into operations in 2016, mainly in Egypt, Kazakhstan, Angola, Indonesia and Norway. The Group also confirmed its target of 18% reduction in capex year-over-year on a pro-forma basis.