Eni Swings to 1Q Profit
April 30 2021 - 02:51AM
Dow Jones News
By Giulia Petroni
Eni SpA said Friday that it swung to a profit in the first
quarter with improving results driven by exploration and production
as well as chemicals.
The Italian oil-and-gas major said it registered a net profit of
856 million euros ($1.04 billion) from a loss of EUR2.93 billion in
the year-earlier period. On an adjusted basis, profit was EUR270
million.
Sales rose to EUR14.49 billion from EUR13.87 billion the
previous year.
Eni said hydrocarbon production in the quarter ticked lower to
1.70 million barrels of oil equivalent a day compared with 1.79
million boe/d the year prior, mainly due to a slowdown in
expenditures for reserves development.
The company reaffirmed its guidance for hydrocarbon production
at around 1.7 million boe/d in the full year assuming OPEC cuts of
around 35 kboe/d on average through the year. Free cash-flow
generation is seen above EUR3 billion in 2021 under a Brent crude
scenario of $60 a barrel.
The outlook for oil prices will be reassessed in July to
establish a variable dividend, which will complement the floor
dividend set at EUR0.36 a share, and the possible resumption of a
share buyback program.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
April 30, 2021 02:36 ET (06:36 GMT)
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