Strong upstream performance helped Italy's energy major Eni to beat third-quarter earnings estimates.
Italy’s energy major Eni NYSE E booked an adjusted net profit for the third quarter that beat consensus estimates as strong upstream performance partly offset lower commodity prices compared to the same period last year. Eni reported on Friday adjusted net profit of $1.9 billion 1.82 billion euros, which was “impacted by weaker hydrocarbon prices, but significantly offset by underlying business outperformance.” The figure compares with a company-provided analyst consensus of $1.72 billion 1.
“On E&P we are accelerating our plan to boost equity gas and LNG production, a key driver to secure reliable supply and at the same time pursue our decarbonization goals,” Eni’s chief executive officer Claudio Descalzi said, commenting on the third-quarter results.
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