real-time news and commentary for investors
Wednesday, Oct 30
Eni profit tops expectations
- Eni (E) reports a 62% gain in Q3 net income to €4B ($5.5B), mostly because of a one-time €3B gain from the sale of a stake in its Mozambique gas discoveries to China National Petroleum.
- Adjusted net profit, which excludes the changes in the value of oil inventories and special gains or losses, fell 29% to €1.17B from €1.66B a year earlier, beating the analyst consensus forecast of €1.01B.
- Overall production fell 3.8% for the quarter, averaging 1.65M bbl/day, and 3.1% for the first nine months of 2013; key causes are unrest in Libya, where Eni has the biggest exposure among international firms, and oil theft in Nigeria.
- CEO Paolo Scaroni dismisses problems as temporary and says Eni will proceed with a planned share buyback program of up to €6B “given the solidity of our business.”