By Christian Moess LaursenEni raised its full-year targets after quarterly profit came in higher than market watchers had expected, boosted by increased oil-and-gas output and higher crude-oil prices. The Italian oil-and-gas major said Friday that second-quarter net profit rose to 661 million euros ($716.9 million) from EUR294 million in last year's second quarter. On an adjusted basis, net profit fell 21% to EUR1.52 billion. Analysts had expected an adjusted net profit of EUR1.42 billion and an adjusted operating profit of EUR2.68 billion, based on a consensus collected by Eni. The Rome-based energy company lifted its guidance for the year, now expecting to book adjusted operating profit of around EUR15 billion and cash flow from operations before working capital of more than EUR14 billion.

Source: Wall Street Journal July 26, 2024 12:21 UTC