- Second quarter profits jump by 66 percent
- Egypt, Ghana and Indonesia finds boost output
ROME: Italian oil producer Eni reported a 66 percent jump in second quarter profit on Friday on higher oil prices and production but fell short of analyst forecasts.
Adjusted net profit rose to €767 million ($893.3 million), but fell short of an analyst consensus forecast of €1 billion.
Eni faced higher taxes than a year earlier and its investment returns fell, its earnings showed.
Eni shares edged 0.5 percent lower in early trade.
Cash flow from operations rose 12 percent to €3 billion, the state-controlled company said.
As the industry recovers from a three-year downturn some companies are starting to look for ways to reward shareholders.
On Thursday Royal Dutch Shell launched a $25 billion share buyback while France’s Total has begun a $5 billion purchase program.
Eni, which saw a 5 percent rise in oil and gas output in the quarter, stuck to its outlook for 4 percent growth in production for the year.
The group, which has enjoyed one of the best discovery records in the sector in recent years, said it expected output to driven by ramp-ups in Egypt, Indonesia and Ghana as well as higher production at the giant Kashagan oilfield in Norway.