Italy’s largest energy company Eni says profit rose 17 percent on higher production, prices

Eni Q1 earns up 17 percent

MILAN — Italy’s largest energy company, Eni SpA, says first quarter profit rose 17 percent on increased production and higher crude prices.

Eni reported Friday that net profit in the first quarter of this year was €2.2 billion ($2.93 billion), up from €1.9 billion a year ago.

CEO Paolo Scaroni said in a statement that the results were “solid” in the face of ongoing market challenges.

Oil and natural gas production was up 2 percent at 1.816 million barrels a day. Natural gas sales were down 5.7 percent to 30.51 billion cubic meters.