By Giulia Petroni

Eni SpA on Friday said that profit jumped in the third quarter, with performance boosted by strong operating results at its global gas and liquefied natural gas portfolio division.

The Italian oil major posted a quarterly profit of 5.86 billion euros ($5.87 billion) from EUR1.20 billion for the previous-year period. On an adjusted basis, profit came in at EUR3.73 billion, above a company-compiled analysts' consensus of EUR3.21 billion.

Adjusted operating profit was EUR5.77 billion compared with EUR2.49 billion last year and analysts' expectations of EUR4.87 billion.

Sales soared to EUR37.30 billion from EUR19.02 billion a year earlier.

Hydrocarbon production in the quarter was 1.58 million barrels of oil equivalent a day compared with 1.69 million boe/d a year earlier due to lower contributions from Kazakhstan, Nigeria, and Norway. Production is expected at 1.63 million boe/d in the full year.

For 2022, Eni said it now expects adjusted EBIT at its global gas & LNG portfolio division of more than EUR1.8 billion compared with previous guidance of at least EUR1.2 billion.

The company also raised its adjusted EBIT guidance for the downstream segment to EUR2.5 billion from the previous EUR1.8 billion-EUR2 billion.

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

(END) Dow Jones Newswires

October 28, 2022 02:40 ET (06:40 GMT)

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