Eni Swung to 4Q Profit, Helped by High Energy Prices
February 18 2022 - 2:46AM
Dow Jones News
By Cristina Roca
Eni SpA said Friday that it sung to a profit in the fourth
quarter of 2021 as sales more than doubled.
The Italian oil-and-gas major booked a quarterly net profit of
3.82 billion euros ($4.34 billion) compared with a loss of EUR797
million in the year-earlier period. On an adjusted basis, net
profit was EUR2.11 billion. Profits were helped by strong commodity
prices, the company said.
Quarterly sales came in at EUR26.76 billion, from EUR11.63
billion a year earlier.
Eni said hydrocarbon production for the quarter inched up to
1.74 million barrels of oil equivalent a day, from 1.71 million a
year earlier.
For the full year, the company swung to a EUR6.13 billion net
profit compared with a EUR8.64 billion loss in 2020. Sales for the
year rose 74% to EUR76.57 billion. The company said this was its
best performance since 2021, when Brent crude oil exceeded $110 a
barrel.
Eni backed its dividend proposal for the year and said it will
disclose guidance at its upcoming investor day.
Write to Cristina Roca at cristina.roca@wsj.com
(END) Dow Jones Newswires
February 18, 2022 02:31 ET (07:31 GMT)
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