-
Italy's Eni 3Q net profits up 37 percent
Posted by:Tom 68 days ago • Discuss
ROME – Eni SpA, Italy's largest natural gas and oil company, said Friday its third-quarter net profit rose 37 percent on soaring crude prices and rising production.
The company said in a statement that net profit increased to 2.94 billion euros ($3.83 billion) from 2.15 billion euros ($2.8 billion) in the same period a year earlier.
"Eni has delivered another quarter of excellent results driven by strong production growth and good operational performance in all our divisions," chief executive Paolo Scaroni said in the statement.
The Rome-based company said adjusted net profit, which excludes changes in the value of inventories and special items, rose 52.7 percent to 2.89 billion euros ($3.77 billion), from 1.89 billion euros ($2.46 billion) a year before.
Eni said oil and natural gas production for the third quarter rose 6.3 percent to 1.76 million barrels a day from the third quarter of 2007, mainly as a result of assets that were acquired in Congo and Turkmenistan early this year and a ramp-up in production in Angola, Congo, Egypt, Pakistan and Venezuela.
Production of liquids and natural gas is estimated to increase by approximately 3 percent this year from 2007, when the company pumped an average of 1.74 million barrels a day.
Eni shares were down 1.35 percent in early trading at the Milan Stock Exchange at 17.52 euros ($22.84).
italy
s
eni
q
net
profits
percent
world
