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High prices help Eni raise profit to $6.7m.
(From Lloyds List)
Byline: John McLaughlin
ITALY'S Eni rode the wave of oil and gas prices, as well as rising production and greater European gas demand, to post €5.275m ($6.735m) first-half profits, 21.5% up on the first six months of last year.
Net sales for the period surged 30%, meanwhile, from € 34.101m to €44.323m, and the company announced a €0.60 a share dividend, up 33% on the previous €0.45.
The record profits were driven largely by the rise in oil prices, with Brent crude up 32.6% on average to more than $60 a barrel, allied to a slight weakening of the euro against the dollar. Oil and natural gas production rose 4.3% in the first half to 1.79m boe'day, driven by Libya, Angola and Egypt, while European natural gas sales rose 6.4% to 51.82bn cu m over the same period. And Eni expects these trends to continue.
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