Eni Profit Jumps on Oil Price Rebound

By Eric Sylvers Features Dow Jones Newswires

Eni SpA's (ENI.MI) profit more than tripled in the first quarter as the Italian oil company, like its larger peers, benefited from a surge in the price of crude.

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Adjusted operating profit, which strips out one-time items such as asset sales, rose to 1.83 billion euros ($1.99 billion) in the three months to the end of March from EUR583 million in the same period last year. Revenue rose 35% to EUR18.05 billion.

Eni is the latest large oil company to report strong first-quarter results as the industry rebounded following an almost 60% jump in the price of crude, which averaged about $54 a barrel from January to March compared with $34 in the same period last year.

The results come on the heels of strong quarters from Eni's larger rivals Exxon Mobil Corp.(XOM)--which had its best quarter in almost two years--Royal Dutch Shell PLC (RDSA.LN), Chevron Corp. (CVX) and BP PLC (BP).

Eni reported net profit of EUR965 million for the first three months of the year, a rebound from a EUR796 million loss in the same period in 2016.

-Write to Eric Sylvers at eric.sylvers@wsj.com

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May 10, 2017 02:50 ET (06:50 GMT)