Italy: Eni Net Profit Up>> LNG World News

Eni, the international oil and gas company, announced its results for the third quarter and the nine months of 2012.

Financial highlights

Continuing operations:

• Adjusted operating profit: ?14.80 billion for the nine months (up 13.9%); ?4.36 billion for the quarter (up 2.2%);
• Adjusted net profit: ?5.61 billion for the nine months (up 4.6%); ?1.78 billion for the quarter (up 3.1%);
• Cash flow: ?10.25 billion for the nine months; ?1.91 billion for the quarter.
• Adjusted net profit: ?5.81 billion for the nine months (up 6.9%); ?1.82 billion for the quarter (up 1.5%);
• Net profit: ?6.33 billion for the nine months; ?2.48 billion for the quarter.

Operational highlights

• Oil and natural gas production: 1.718 million boe per day in the quarter. Up 16% from 2011 on a comparable basis 3 (up 8% in the nine months);
• Natural gas sales: up 9% to 19.48 billion cubic meters in the quarter (down 2% in the nine months);
• Completed the divestment of 30% of Snam to Cassa Depositi e Prestiti;
• Achieved significant hydrocarbon exploration successes offshore Ghana and in Pakistan;
• Acquired exploration licenses in Liberia;
• Expanded presence of Versalis in Asian markets;
• Launched the project for the conversion of the Venice industrial site into green refinery.

Paolo Scaroni, Chief Executive Officer, commented: ?In the third quarter, Eni delivered strong results with production growth supported by the continued improvement of the Libyan output. In the gas, refining and chemical sectors we have contained the impact of a difficult European scenario.

?Eni?s financial structure has been strengthened as a result of the divestment of our stakes in Snam and Galp and this will bolster our excellent growth prospects, which will be further fuelled by our portfolio of development projects and our extraordinary success in exploration activities.?

LNG World News Staff, October 30, 2012; Image: Eni

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Source: http://www.lngworldnews.com/italy-eni-net-profit-up/

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