Italian oil and gas company Eni says second-quarter profits soared on higher oil prices and production.
Eni on Friday reported net profit of 1.25 billion euros ($1.45 billion) in the quarter, compared with 18 million euros in the same period last year. Eni cited a 36-percent increase in the price of crude oil.
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CEO Claudio Descalzi said the results were driven by the exploration and production business “which more than tripled its contribution.”
Production in the second quarter was 1.86 million barrels of oil equivalent a day, 5 percent higher than a year earlier, thanks to ramp-ups in Egypt, Indonesia, Congo and Ghana.
Net debt was the lowest in 11 years, below 10 billion euros, thanks to the sale of a 10-percent stake in the Zohr field off Egypt.
