Eni returns to profit in second quarter as output grew

Markets Associated Press

Italian oil and gas company Eni returned to second-quarter profits as it ramped up new production in three regions amid ongoing pricing volatility.

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Eni said Friday it earned 18 million euros ($21 million) in the period, compared with a 446 million-euro loss a year earlier.

The start-up of offshore projects in Ghana, Angola and Indonesia contributed to a 3 percent production increase to 1.77 million barrels a day of oil and natural gas. That was offset by OPEC production cuts, price effects and lower production in mature fields.

Eni noted that most of its first-half profits of 983 million euros were achieved in the first quarter when benchmark oil prices were up 30 percent. The second quarter was affected by "uncertainties about the timing of recovery in market fundamentals."