Eni Lifts Guidance After Profit Beats Market Views

By Christian Moess Laursen

Eni raised its full-year targets after quarterly profit came in higher than market watchers had expected, boosted by increased oil-and-gas output and higher crude-oil prices.

The Italian oil-and-gas major said Friday that second-quarter net profit rose to 661 million euros ($716.9 million) from EUR294 million in last year's second quarter. On an adjusted basis, net profit fell 21% to EUR1.52 billion.

Adjusted operating profit--one of Eni's metrics most closely watched by analysts and investors--fell 3% to EUR4.11 billion.

Analysts had expected an adjusted net profit of EUR1.42 billion and an adjusted operating profit of EUR2.68 billion, based on a consensus collected by Eni.

The Rome-based energy company lifted its guidance for the year, now expecting to book adjusted operating profit of around EUR15 billion and cash flow from operations before working capital of more than EUR14 billion. Both metric were previously expected to be around EUR14 billion.

Hydrocarbon production rose 6% on year to 1.71 million barrels of oil-equivalent a day. For the year, Eni said it expects output to be in the high end of the 1.69 million-1.71 million guidance range.

Write to Christian Moess Laursen at christian.moess@wsj.com

(END) Dow Jones Newswires

July 26, 2024 02:17 ET (06:17 GMT)

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