Hydrocarbon production in the second quarter for Italy’s Eni SPA increased 3.3% from a year earlier, driven by recent project startups. The performance was partly offset by production cuts by the Organization of Petroleum Exporting Countries and mature field declines.
Liquids production decreased 2.9%, but natural gas production increased 9.8% for a total 1.77 million boe/d for the quarter. Production was down slightly from the first quarter.
Eni said it started production this year at three major offshore projects in Ghana, Angola, and Indonesia, and has acquired new leases in Cyprus, Ivory Coast, and Norway.
Overall, the company had adjusted operating profit of €1.02 billion in the second quarter compared with €188 million a year earlier. Its adjusted net profit was €463 million vs. a loss of €317 million a year earlier.
Eni’s exploration and production segment reported adjusted operating profit of €845 million, more than double the €355 million in second-quarter 2016.
The refining and marketing segment had adjusted operating profit of €165 million, almost four times greater than a year earlier, “notwithstanding the partial shutdown of the Sannazzaro refinery.”
The chemicals business had adjusted operating profit of €187 million in the second quarter, up 67% year-over-year.
