Italy's Eni sees profits triple on higher oil prices

October 26, 2018 - 4:09 am

MILAN (AP) — Italian oil and gas producer Eni said its third-quarter profits tripled as oil prices hit the highest levels in four years.

Eni, which is about one-third government-owned, made net income of 1.53 billion euros ($1.74 billion), compared with 344 million euros a year earlier. The company cited higher crude prices, which were up about 45 percent in the period amid better economic growth and the decision by countries both in and out of OPEC to control production.

Oil and gas production was flat at 1.8 million barrels of oil equivalent a day, but Eni said areas of new production were bringing in higher profit margins.

Eni reported increases in Egypt, Indonesia, Congo and Ghana while new startups, including offshore Angola and Libya, contributed 284 billion barrels of oil equivalent.

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