Eni Swung to 3Q Profit, Boosted by Hydrocarbon Prices
29 Outubro 2021 - 3:49AM
Dow Jones News
By Giulia Petroni
Eni SpA said Friday that it swung to a profit for the third
quarter, boosted by the upside in hydrocarbon prices and an
improved operating performance following the impact of the
coronavirus pandemic.
The Italian oil major said it registered a quarterly profit of
1.20 billion euros ($1.40 billion) compared with a loss of EUR503
million for the previous-year period.
On an adjusted basis, net profit came in at EUR1.43 billion,
above a company-compiled analysts' consensus that had forecast the
figure at EUR1.08 billion.
Adjusted operating profit was EUR2.49 billion compared with
EUR537 million last year and analysts' expectations of EUR2.44
billion.
Sales jumped to EUR19.02 billion from EUR10.33 billion a year
earlier.
Hydrocarbon production in the quarter was 1.69 million barrels
of oil equivalent a day compared with 1.70 million boe/d a year
earlier, and rose on quarter. Production expectations are confirmed
at almost 1.7 million boe/d for the full year.
Eni said strong cash generation and cost management has created
more than EUR4 billion of free cash flow in the first nine months
of the year, fully covering for the full-year dividend and
buyback.
The company said it expects cash flow from operations, before
changes in working capital at replacement cost, to reach
approximately EUR12 billion in the full year, assuming a Brent
crude price scenario of $70 a barrel.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
October 29, 2021 02:34 ET (06:34 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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