Eni Posts Good 1Q 2018; On-Target Production Growth Makes Up for Weak Refining
We maintain our fair value estimate of EUR 14.50/$35.50 and our no-moat rating for Eni, as its first-quarter 2018 results set the firm up to meet our full-year expectations. Total adjusted net profit increased 31% to EUR 978 million versus EUR 744 million last year, thanks to its largest segment, exploration and production, more than offsetting weaker performance in its smaller refining, marketing, and chemicals segment.Total production grew 4% to 1,867 thousand barrels per day for the quarter ...
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