Mubasher: Eni on Friday revealed that its profits had surged by around six-fold in the fourth quarter of 2017, backed by higher oil prices and sales across its divisions.
The Italian oil company logged EUR 2.10 billion ($2.62 billion) in profits in the final three months of 2017, a sharp rise from EUR 340 million achieved in the same period of 2016.
For the full year 2017, Eni posted EUR 3.43 billion in profits.
“We close 2017 with excellent results which underline how the process of intense change started in 2014 has transformed Eni into a company able to grow and create value even in difficult market conditions," commented Eni CEO Claudio Descalzi.
Eni proposed a dividend of EUR 0.80 per share for 2017 that will be discussed in a board meeting on March 15. A sum of EUR 0.40 of the dividend has already been distributed as an interim dividend, the company said.
Also next month, the Italian firm will release its 2018-2021 targets.
"In Upstream we beat our historical record of production having even reduced our development capex by 40% vs. the 2014 baseline, continued to record outstanding results from our exploration programme and started our most significant projects in record time, in particular the jewel in our crown, Zohr," Descalzi highlighted.
Eni has operations in Egypt's Zohr oilfield, Angola, and other African countries.
As for Eni's gas and power segment, the later recorded "positive structural results a year ahead of schedule," according to the top official, who further added that his company had achieved its "best full year results in eight years for Refining & Marketing and record numbers in our Chemicals business Versalis."
Eni forecast that its capital expenditure in 2018 will amount to around EUR 8 billion.
The company also reported reaching 1.92 million barrels of oil equivalent per day (boe/day) in December, marking an all-time high.
"Looking to the future, we see excellent growth prospects for all of our businesses. However, growth must be sustainable and we will pursue it in a disciplined way with great respect for the possibility of the most difficult operating conditions. Nevertheless, should conditions be more favourable, we will be in a position to create substantial surplus value for our shareholders," Eni's CEO concluded.
