Eni records Q4 profit

Italy’s Eni posted a fourth-quarter net profit of EUR 340 million on Wednesday, recovering from a loss of EUR 562 million over the same period in 2015.

The consolidated adjusted net profit over the last three months of the year came out at EUR 459 million, beating analysts’ expectations. The company’s full-year 2016 net loss went down from EUR 8.77 billion to EUR 1.46 billion.

However, the adjusted net figures saw Eni overturn a profit of EUR 803 million over 2015 and swing to a EUR 340-million loss last year. Adjusted operating profit slumped to EUR 2.32 billion, down 48%.

“The 2016 results mark the successful conclusion of a radical transformation process. Over the past three years, Eni has restructured to withstand one of the most complex environments in the history of the oil industry, while strengthening its growth prospects and preserving a robust balance sheet,” CEO Claudio Descalzi said in a statement.

Hydrocarbons production in 2016 was recorded at 1.76 million boepd, marginally less than the 1.86 million boepd produced the year prior. At 193%, the organic reserves-replacement ratio was the highest-ever in company history.