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Oct. 26, 2018, 2:24 a.m. EDT

Eni profit soars on higher oil prices, lower taxes

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By Alberto Delclaux

Eni SpA (ENI.MI) said Friday that its third-quarter net profit rose nearly fivefold on year, due in part to stronger oil prices, higher operating performance and lower tax rates.

Net profit at the Italian oil major was 1.53 billion euros ($1.74 billion) compared with EUR344 million in the year-earlier period, the company said.

Adjusted net profit jumped to EUR1.39 billion from EUR229 million, comfortably outstripping a company-compiled analysts' forecast of EUR1.02 billion, Eni said.

Adjusted operating profit more than tripled to EUR3.30 billion from EUR947 million, driven by a recovery in crude oil prices and stronger margins per barrel of oil produced, the company said.

Sales climbed to EUR19.70 billion from EUR15.68 billion.

Eni confirmed that it expects capital expenditure to amount to EUR7.7 billion in 2018.

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