Eni records surge in profits in last quarter of 2018

Eni records surge in profits in last quarter of 2018

Italy's energy giant Eni on Friday reported a 55 percent rise in profit from October to December - a better-than-expected result buoyed by gas prices and the strong performance of its exploration and production division.

Adjusted net profit in the fourth quarter of 2018 was 1.459 billion euros compared with a forecasted 1.19 billion euros, according to an Eni statement.

“2018 was a strong year for Eni both financially and operationally, which was characterized by a robust fourth quarter," Eni CEO Claudio Descalzi said.

Eni said its entry into the United Arab Emirates, as well as its operations in Egypt, Indonesia and Kazakhstan propelled its average oil and gas output last year to a record 1.85 million barrels per day

"In our Upstream division we achieved our highest ever level of production of 1.85 million barrels per day, with a cash flow per barrel of $22.5, achieving our 2022 target four years early," Descalzi stated.