Eni profit soared on higher oil prices, production

Eni SpA (ENI.MI) said Friday that its second-quarter net profit soared on year, on the back of higher oil prices and production growth.

Net profit at the Italian oil major was 1.25 billion euros ($1.46 billion) compared with EUR18 million in the year-earlier period.

Adjusted net profit jumped to EUR767 million from EUR463 million, but fell short of a company-compiled analysts’ forecast of EUR1.00 billion, as its operating performance was offset by lower income from investments and financial items, along with an increased tax rate, Eni said.

Adjusted operating profit more than doubled to EUR2.56 billion from EUR1.02 billion, close to estimates of EUR2.58 billion, driven by improved performance from the exploration and production business. Adjusted operating profit at the unit rose to EUR2.74 billion from EUR845 million.

Revenue climbed to EUR18.84 billion from EUR18.07 billion.

Eni said it expects capital expenditure to amount to EUR7.7 billion in 2018.

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