Italy's ENI Swings to 3Q Profit

By Pietro Lombardi Features Dow Jones Newswires

ENI SpA (ENI.MI) said on Friday that it swung to a profit in the third quarter as the price of crude rose and the Italian company increased its oil and gas production.

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The company said net profit in the three months to the end of September was 344 million euros ($404.2 million), compared with a EUR562 million loss in the same period last year.

Revenues rose 19% to EUR15.78 billion supported by higher net sales in its exploration and production, and gas and power businesses. The former rose 16% year-on-year to EUR4.63 billion, while the latter increased 24% to EUR11.43 billion.

The Italian energy company said it expects to increase its 2017 production by 5% compared with last year to about 1.82 million barrels of oil equivalent per day.

ENI's oil and gas production increased 5.4% in the third quarter, the company said, while Brent crude oil, the international benchmark, averaged $52.08, about 14% up compared with the year earlier period.

Write to Pietro Lombardi at pietro.lombardi@dowjones.com

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(END) Dow Jones Newswires

October 27, 2017 02:42 ET (06:42 GMT)