ENI

By Giulia Petroni

Eni SpA on Friday said that profit jumped in the second quarter of the year as performance benefited from the high commodity price environment as well as strong refining margins.

The Italian oil-and-gas major reported quarterly net profit of 3.82 billion euros ($3.88 billion) from EUR247 million in the same period a year earlier.

Adjusted operating profit was EUR5.84 billion in the quarter, compared to EUR2.05 billion the prior year. Sales came in at EUR31.56 billion from EUR16.29 billion.

Hydrocarbon production in the quarter was broadly stable at 1.58 million barrels of oil equivalent a day compared with 1.59 million boe/d a year ago. Eni expects production at 1.67 million boe/d in the full year.

The company said that it has raised its 2022 share buyback program by EUR1.3 billion to EUR2.4 billion. This follows a revision on Brent crude oil prices, now expected at $105 a barrel on average in the full year, and reflects the effects of a stronger U.S. dollar as well as broader strength in the company's cash flows.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

July 29, 2022 02:30 ET (06:30 GMT)

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