Eni sets record in the quarter, but above all in the first nine months of the year. The giant led by Claudio Descalzi closed the third quarter and the first nine months with strongly growing results driven above all by the performance of Exploration & Production due to the strengthening of the oil scenario. Market expectations are beaten across the board.
In detail, in the third quarter it was theNet income, which jumped to 1,53 billion from 344 in the third quarter of 2017 with adjusted net profit of 1,388 billion. In the 9 months, on the other hand, net profit rose to 3,73 billion (+181%) and adjusted profit doubled to 3,13 billion.
This was communicated by the oil group adding that theadjusted operating profit in the 9 months it more than doubled to 8,25 billion (3,3 billion in the third quarter).
In the months July-August September revenues grew by 26% on an annual basis to 19,7 billion, while the hydrocarbon production it settled at 1,8 million boe/d, with growth of 1,2% at constant prices (unchanged on a reported basis) held back by lower volumes of gas produced than expected due to external events in some countries. In the 9 months, on the other hand, the growth was 3,9%. Forecasts for 2018 see a growth of 3 percent.
The results obtained by Eni in the nine months and in the third quarter, explained the group, “were driven by the progressive strengthening of the oil scenario with the price of Brent reaching its highest level in the last four years. The trend in the price of crude oil reflects the better balance of fundamentals thanks to macroeconomic growth and the production discipline of OPEC and non-OPEC countries which have maintained a high commitment to production cuts, the return of global crude oil inventories to physiological levels , as well as the re-emergence of geopolitical factors”.
The CEO Claudio Descalzi underlines the excellent cash generation and confirms "a cash neutrality for 2018 at 55 dollars a barrel".
Piazza Affari welcomes Eni's accounts and in a day of generalized declines in which the Ftse Mib loses 1,5%, Eni finds the starting point, earning 0,6%, after the +1,2% recorded at the start .
