Eni Swung to 4Q Profit Boosted by Higher Oil, Gas Prices--Update
February 18 2022 - 4:03AM
Dow Jones News
By Giulia Petroni and Cristina Roca
Eni SpA said Friday that it swung to a profit in the fourth
quarter of last year on soaring oil-and-gas prices, and backed its
dividend proposal.
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 for the year-earlier period. On an adjusted basis, net
profit rose to EUR2.11 billion, due to strengthening market trends
and production growth.
Hydrocarbon production for the quarter inched up to 1.74 million
barrels of oil equivalent a day from 1.71 million boe/d a year
earlier.
Quarterly sales more-than doubled to EUR26.76 billion from
EUR11.63 billion a year earlier. Cash flow from operations soared
to EUR4.6 billion in the quarter, allowing the company to cover
EUR1.8 billion of net capital expenditure.
For the full year, the company said it posted its best yearly
results since 2012 as it swung to a EUR6.13-billion net profit from
a loss of EUR8.64 billion in 2020 and had sales jump 74% to
EUR76.57 billion.
"We delivered excellent results and accelerated the pace of our
transformation strategy," Chief Executive Officer Claudio Descalzi
said. "On the one hand, our upstream segment has kept generating
the financial resources needed to fund our decarbonization strategy
while, on the other, the new energy transition businesses have
performed strongly," Mr. Descalzi said.
Eni backed its dividend proposal of EUR0.86 a share for 2021 and
said it will disclose guidance at its capital markets day on March
18.
Write to Giulia Petroni at giulia.petroni@wsj.com and Cristina
Roca at cristina.roca@wsj.com
(END) Dow Jones Newswires
February 18, 2022 03:48 ET (08:48 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
Eni (BIT:ENI)
Historical Stock Chart
From Mar 2024 to Apr 2024
Eni (BIT:ENI)
Historical Stock Chart
From Apr 2023 to Apr 2024