By Marc Bisbal
Eni SpA (ENI.MI) said Friday that its first-quarter net profit fell on year despite higher hydrocarbon production, attributing the decline in part to higher income taxes.
Net profit was 946 million euros ($1.15 billion) compared with EUR965 million in the year-earlier period. In adjusted terms, net profit rose 32% to EUR978 million from EUR744 million.
Revenue dropped to EUR18.07 billion from EUR18.53 billion.
The Italian energy company said adjusted operating profit from its exploration and production business rose 47% to EUR2.09 billion.
Chief Executive Claudio Descalzi confirmed the company's objective of cash neutrality for the year at a Brent price of $55 a barrel.
Eni said it expects 2018 capital expenditure of about EUR7.7 billion.