Eni improves performance

Eni recorded a 61.7% sequential increase in adjusted quarterly profit on Wednesday, posting EUR 744 million for the first three months of the year.

The company’s net profit for the quarter came out at EUR 965 million, up from a loss of EUR 383-million loss over de same period last year.

According to CEO Claudio Descalzi, Eni’s performance was “driven by the ongoing execution of Eni strategy across all business segments on 2017 targets,” in addition to higher oil prices.

Descalzi also said that with the expected ramp up this year of the Jangkrik project in Indonesia and the Offshore Cape Three Points venture off Ghana, as well as the farm-downs in Mozambique in Egypt, Eni should be in an even stronger financial position towards the end of 2017.

“We expect that in 2017 organic cash generation, coupled with proceeds from disposals, will allow us to fully fund our capex and dividend requirements at an oil price well below the current level,” he added.

First-quarter hydrocarbons production came out at 1.795 million, up 2% from the same quarter last year.

Measured on an adjusted operating profit basis, Eni’s upstream division saw its results go up EUR 95 million in 2016 to EUR 1.415 billion over the first three months of 2017.