Eni, profits quadrupled thanks to the super prices of gas and oil. Record results also for Exxon and Chevron – Il Fatto Quotidiano

The Eni group, 30% controlled by the Ministry of the Treasury, closed the first quarter of the year with a pre-tax profit of 5.19 billion of Euro, four times the respect in the same quarter of 2021. Net profit was 3.27 billion with a growth of 3 billion compared to the first quarter of 2021. Like all companies in the sector, Eni also benefits from the rise in oil and gas prices also favored by the war in Ukraine. Today a barrel of crude oil sells for 60% in more than a year ago while the gas price has even increased fivefold. So profits soar despite a slight drop in production dropped by 1.7 to 1.65 million barrels per day. Cash flow more than doubled, rising from 1.3 to 3 billion euros. The division that produces and markets gas and liquefied natural gas reported a profit of almost one billion euros compared to a loss of 30 million relating to last year. L‘debto net financial is 8.62 billion compared to 12.23 billion in the first quarter of 2021.

“Our performance has demonstrated solidity and resilience in a context of extreme price volatility and uncertainty due to the ongoing war and international tensions ”. Thus the CEO of the group Claudio Descalzi, commenting on the results explaining that “it was a quarter of clear progress in implementing our strategy aimed at ensuring the safety and sustainability of the energy system, while maintaining our strong commitment to a fair one energy transition and the creation of value for our stakeholders “. The results were substantially expected and did not exalt the markets with the group’s stock up 0.8% in Piazza Affari.

Today the US giants also released the data Exxon and Chervon, second and fourth private oil company in the world respectively. Exxon posted its highest profits since 2014 and closed the quarter with profits of $ 5.5 billion despite write-downs of $ 3.4 billion related to its Russian operations. For Chervron, profits stood at $ 6.3 billion, the highest since 2012. Exxon has announced that it will triple the amount of its buyback program to $ 30 billion. the repurchase of own shares used to boost the value of the shares and therefore reward shareholders. Chevron will buy $ 10 billion worth of shares by the end of 2022.

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Eni, profits quadrupled thanks to the super prices of gas and oil. Record results also for Exxon and Chevron – Il Fatto Quotidiano

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