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.
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.
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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 email@example.com
(END) Dow Jones Newswires
October 27, 2017 02:42 ET (06:42 GMT)