ENI expects to reach hydrocarbon output target one year earlier

Sep 26, 2001 02:00 AM

ENI CEO Vittorio Mincato said the group expects to reach its production target of 1.5 mm bpd of oil equivalent in 2002, one year ahead of schedule. In the first half of the year, ENI posted a 28.3 % increase in net profits to euro 3.537 bn, while sales rose 14.4 % to 25.826 bn. Mincato said the increase in profits was achieved thanks to growth in oil and gas production and sales; revenues from the sale of non-core activities and improved efficiency which generated euro 201 mm in savings.

End-June net debt stood at euro 8.831 bn. ENI said it bought 67.6 mm of its own shares between Jan 1 and Sept 18 for euro 948 mm. As of Sept 18, ENI held 112 mm of its own shares, or 2.8 % of its capital, bought at an average price of euro 13.58 for an overall euro 1.522 bn pw/cmr.

Source: AFX
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