By Giulia Petroni

Eni SpA on Friday said that profit fell in the first quarter mainly due to a decline in the energy scenario, but saw a recovery in hydrocarbon production and a very strong gas performance.

The Italian oil-and-gas major said net profit was 2.39 billion euros ($2.64 billion) from EUR3.58 billion in the year-earlier period. On an adjusted basis, profit was EUR2.91 billion.

Sales decreased to EUR27.19 billion from EUR32.13 billion the previous year.

Eni said hydrocarbon production in the quarter was stable on year at 1.66 million barrels of oil equivalent a day. The company expects production in the range of 1.63 million boe/d and 1.67 million boe/d in the full year. In the second quarter, production is seen at 1.6 million boe/d due to planned maintenance.

The company lowered its capital expenditure guidance for 2023 to around EUR9.2 billion from previously EUR9.5 billion as it takes into account a strong euro.

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

(END) Dow Jones Newswires

April 28, 2023 02:29 ET (06:29 GMT)

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