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