Eni doubles second quarter income

Italy's Eni SpA yesterday joined the ranks of international oil and gas giants recording best-ever second quarter financials in recent weeks with its announcement of net income topping 2.6 billion euros, more than double the amount reported at this time last year. The company explained the jump in net income as chiefly the result of 'the exceptional increase in the prices realized by [the company] on hydrocarbons produced and refining margins.'


LONDON�Italy's Eni SpA yesterday joined the ranks of international oil and gas giants recording best-ever second quarter financials in recent weeks with its announcement of net income topping 2.6 billion euros, more than double the amount reported at this time last year.

The company explained the jump in net income�nearly equal to that which Eni took in for the whole of 1999�as well as a 112% rise in operating income and 60% rises in revenues, as chiefly the result of "the exceptional increase in the prices realized by [the company] on hydrocarbons produced and refining margins."

Other contributory factors to the record figures, in Eni's view, were higher oil and gas sales and the company's corporate streamlining efforts. The company's petrochemical division also chipped in with an operating income in the region of 170 million euros.

Added production from the takeover of UK independent oil company British-Borneo Oil & Gas PLC earlier this year helped Eni to reach daily output levels of 1.23 billion bbl, translating into a nearly 300% rise in upstream profit. First half gas profits were up too, to 1.59 billion euros despite a forced cut to actual gas tariffs at the end of 1999.

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