Uplift in Crude Prices Benefits Eni; Positive Results in Gas and Power Thanks to Renegotiations
Eni, the last to report from the group of European integrated oil majors, delivered no surprises in the first quarter. Adjusted net profits increased to EUR 744 million from a break-even first-quarter 2016, owing to a strong tailwind of improving crude prices driving upstream earnings growth similar to its peers. Production increased around 5% to 1.8 million barrels per day, excluding negative price effects from PSA contracts and OPEC cuts, with increases in natural gas production more than offs...
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