ENI Q1 Profit Surges On Price; Production Down; Backs FY22 Production View

(RTTNews) - Italian oil and gas company Eni (E) reported Friday that first-quarter net profit attributable to shareholders surged to 3.58 billion euros from last year's 856 million euros. Earnings per share were 1 euro, up from 0.24 euro a year ago.

Adjusted net profit was 3.27 billion euros or 0.91 euro per share, compared to 270 million euros or 0.08 euro per share last year.

Adjusted EBIT was 5.19 billion euros, up 300 percent from the prior year. The company said the performance was driven by the robust results of the E&P segment with higher realized prices in equity production.

Total revenues surged to 32.49 billion euros from last year's 14.80 billion euros.

Hydrocarbons production for the quarter was 1.65 million boe/d, down 3 percent from last year's 1.70 million boe/d, but was consistent with the full year guidance.

Looking ahead for fiscal 2022, E&P's hydrocarbon production is confirmed as expected at 1.7 million boe/d at the company's price deck of 80 $/bbl.

Further, in GGP segment, adjusted Ebit is now forecast at around 1.2 billion euros, compared to previous target of 0.9 billion euros, considering the expected evolution of the market.