Eni closes the accounts of third quarter with net income up 3% to $1,77 billion and adjusted operating income up 12,3% to $4,61 billion. In the first 9 months of the year, However, net profit is down to 5,57 billion (-3%).
It weighs mostlyLibya effect, which brought in the third quarter the hydrocarbon production of 1,473 million barrels equivalent/day, with a down 13,6% compared to the third quarter of 2010. In the third quarter of 2011, gas sales amounted to 17,96 billion cubic meters, with a decrease of 3,4% compared to the third quarter of 2010 which reflects the sharp drop in withdrawals by importers in Italy (-70,1 %), again due to the unavailability of Libyan gas.
In the wake of these results, the company's stock gained more than 3% in Piazza Affari at mid-day.
“Eni achieved excellent results in the quarter. I am very satisfied with the rapid restart of production in Libya and the reopening of the GreenStream - commented the CEO of Eni, Paolo scaroni, to third quarter results – We strengthened our portfolio thanks to the signing of the agreements with Gazprom that kick off our upstream in Siberia and the repeated successes of our exploration. In Mozambique, then, we made the largest hydrocarbon discovery in our history.”
In a statement, the company explains that "the restoration operations of the GreenStream gas pipeline in Libya are progressing with the aim of gradually restarting exports. Considering that the production and transport structures have not been damaged, the management expects the full recovery of the pre-crisis oil production plateau in the next twelve months; the ramp-up of gas volumes will require a shorter time, estimated at a few months. Eni and its Libyan counterparts have reaffirmed the efficacy of the existing oil agreements".
