Eni Charts 8 Per Cent Rise in Profit for H1 2012

Eni today has announced increases in both profit and output for the first half of 2012.

In a statement released today to mark the release of its Q2 and H1 results, the company said it had increased profit by 8 per cent for the first half of 2012 bringing it to a profit of €3.94 billion. The company also increased its profits for the second quarter of this year by 2 per cent, bring second quarter profits to €1.46 billion.

Production output also increased for the first half of 2012 with oil and gas production increasing by 4.7 per cent in the first half of the year. The second quarter of 2012 saw a large spike in production with an increase of 10.6 per cent to 1.647 millions of barrels of oil equivalent (mmboe) a day. Exploration success also saw an increase in the company's total resources with an additional 2.2 million barrels of oil equivalent added to its resource base in the first half of 2012.

However, the company also noted a drop in the sale of natural gas with a decrease of 4 per cent recorded for the second quarter of 2012, down to 20.15 billion cubic metres. The total drop in sales amounted to 4.8 per cent for the first half of 2012.

The company credited the restarting of Libyan output, increased exploration success and the divestment of stakes in both Snam and Galp with the strong profits and output.

"In the first half of 2012, Eni delivered excellent results with strong production growth, supported by the recovery in Libyan output," CEO of Eni Paolo Scaroni said today. "We have achieved unprecedented exploration success with major new discoveries and secured promising opportunities in high potential areas. Gas & Power and Refining & Marketing have contained the impact of widespread market weakness.

"Through the divestment of our stakes in Snam and Galp our balance sheet will be transformed, securing our capacity to finance robust long-term growth in any market environment."