Eni Q3 Profit Jumps Back to pre-COVID Levels Boosted by Gas

Friday, October 29, 2021

Italian energy group Eni on Friday beat expectations with a third-quarter profit that jumped back to pre-COVID levels boosted by higher gas prices.

The group swung to an adjusted net profit of 1.43 billion euros ($1.67 billion) from a 153 million euro loss a year earlier and beat a 1.08 billion euro consensus forecast.

Gas prices have surged in recent months as tight supplies met with strong demand in economies recovering from the pandemic, boosting bottom lines for many energy companies.

"In the first nine months strong cash generation and careful cost management has freed up more than 4 billion euros of free cash flow, more than enough to cover the whole dividend and buyback for 2021," CEO Claudio Descalzi said in a statement.

Oil and gas production grew 6% on the second quarter to 1.688 million barrels of oil equivalent per day (mboe/d) and the group said it expected output in the final three months to reach 1.76 mboe/d.

Last year Eni launched an overhaul to shift into renewables and reduce its oil and gas output as it looks to become carbon neutral by 2050.

It recently created a new division comprising renewable energy and retail and plans to list a minority stake in the company to help fund its green drive.

On Friday it said it expected to have 2 gigawatts of renewable energy capacity installed or under construction by the end of this year compared to less than 1 GW last year.

The company is targeting renewable capacity of 15 GW in 2030.

($1 = 0.8572 euros)

 (Reporting by Stephen Jewkes; editing by Jason Neely)



Categories: Finance Energy Industry News Activity Europe Production

Related Stories

INEOS Wraps Up Acquisition of CNOOC’s US Oil and Gas Assets

CNOOC Sees 11% Profit Growth in 2024 Driven by Record Oil Production

All Gas from Conrad’s Mako Field to be Sold to Indonesia’s PLN

Shell Launches Next Phase of Malaysia's Deepwater Project with First Oil Production

ONGC and BP Sign Deal to Boost Production at India's Largest Offshore Oil Field

Kazakhstan Looks to Improve Oil Production Agreements Terms

CNOOC Boosts Dongfang Gas Fields Output with New Platform Coming Online

BP to Help Boost Oil and Gas Output at India’s Largest Producing Field

CNOOC’s South China Sea Oil Field Goes On Stream

China’s CNOOC Brings Bohai Sea Oil Field On Stream

Current News

China's ENN, Zhenhua Oil Ink LNG Supply Deals with ADNOC

MODEC Wins ExxonMobil Guyana’s Hammerhead FPSO Contract

Mitigate SCC & HE to Keep Offshore Metal Structures Ship Shape

India Stretches Bids Deadline for 13 Offshore Deep-Sea Mineral Blocks

Indonesia Awards Oil and Gas Blocks to Boost Reserves

Sapura Energy Nets $22.6M in Offshore Support Vessel Contracts

CNOOC Puts Into Production New Oil Field in South China Sea

Sunda Energy Starts Environmental Consultation for Chuditch-2 Well Drilling Plans

Pakistan’s OGDC to Start Production at ADNOC’s Offshore Block by 2027

Petrovietnam, Petronas Extend PSC for Offshore Block

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com