Italian Eni posted a net profit of around €856 million (around $1.03 billion) for the first quarter of 2021 compared to a €2.9 billion loss in the same quarter of last year, according to its financial results statement released on Friday.
The company had recorded a fourth-quarter 2020 loss of nearly €797 million and an €8.6 billion annual loss in 2020.
The revenue of the company for the January-March period reached $14.8 billion compared to $14.1 billion and $11.9 billion for the first and fourth quarter of 2020, respectively.
Eni's CEO Claudio Descalzi said although the first quarter had been significantly impacted by ongoing national lockdowns, the company significantly improved results, most notably driven by E&P and the chemicals business.
“With the pandemic situation gradually improving, and a broadening economic recovery looking more likely, we have been able to improve our outlook for the coming months, forecasting free cash flow generation in 2021 of more than €3 billion under a Brent scenario of $60 per barrel.
He added that Eni would continue implementing its decarbonization and energy transition strategy.
By Firdevs Yuksel and Sibel Morrow