Eni reports 3.43 billion 2017 earnings

Italian energy giant Eni said Friday that it was back in the black in 2017, making earnings of 3.43 billion euros compared to a 1.4-billion-euro loss in 2016. It said its net adjusted profit for 2017 was 2.41 billion euros. The rise was driven by net profit of 2.1 billion euros and a 0.98-billion-euro adjusted profit in the fourth quarter thanks to higher gas prices and record production.
"Should conditions be more favourable, we will be in a position to create substantial surplus value for our shareholders," said Eni CEO Claudio Descalzi.