ENI quarterly earnings dip slightly

Italian

gas and oil company ENI says first-quarter profits dropped slightly as production grew by 4 per cent amid rising oil prices. ENI yesterday reported net profit in the quarter down 2 per cent to €946 million (Dh4.2 billion, $1.1 billion), from €965 million a year earlier. Production rose to 1.867 million barrels of oil equivalent a day, with oil prices up 8 per cent yearon-year. With operating net profit up by 30 per cent to €978 million, Eni CEO Claudio Descalzi said that ENI’s results were “over and above the rising price of oil.” (AP)