Italy's Eni Swings to 2Q Profit

Milan--Eni SpA said Friday it swung to a small profit in the second quarter as the price of crude increased and the Italian company boosted its production of oil and gas even as a domestic production site remained closed for several months due to a legal dispute.

Net income for the three months to the end of June rose to 18 million euros ($21 million) compared with a loss of EUR446 million in the same period last year. Revenue advanced 15% to EUR15.78 billion compared with EUR13.71 billion.

Eni confirmed its yearend production target of 1.84 million barrels of oil equivalent per day--5% more than last year--despite the three-month shutdown of its Val D'Agri field in southern Italian. The lost production is expected to be made up with earlier-than-planned startups of projects in Angola, Indonesia and Ghana.

Oil and gas production in the second quarter climbed 3% while Brent crude oil, the international benchmark, averaged $49.83 compared with $45.57 in the same three months of 2016.

Eni confirmed it will pay an interim dividend of 40 European cents per share.

Write to Eric Sylvers at

(END) Dow Jones Newswires

July 28, 2017 02:49 ET (06:49 GMT)