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Feb. 16, 2018, 2:39 a.m. EST

ENI net profit up sixfold in Q4 as oil prices rise

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By Pietro Lombardi

ENI SpA (ENI.MI) said Friday that net profit rose more than six-fold in the fourth quarter, supported by an increase in the price of crude and growing sales across its divisions.

The company's fourth-quarter net profit was 2.10 billion euros ($2.62 billion), compared with EUR340 million in the same period last year.

Revenue rose 11% to EUR17.55 billion on the back of higher net sales across the group's businesses. Sales from exploration and production rose 15% to EUR5.57 billion, while sales at the gas and power businesses climbed 13% to EUR13.54 billion.

Eni said its oil-and-gas production increased 1.9% in the quarter, as Brent crude oil--the international benchmark--averaged $61.39, about 24% up compared with the year-earlier period.

The company said it will pay a dividend of EUR0.80 a share, unchanged from 2016.

Eni will release its 2018-2021 targets in March, it said. The Italian multinational said it expects 2018 capital expenditure to stand at about EUR8 billion.

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