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MILAN, Oct 28 (Reuters) – Italian energy group Eni ( ENI.MI ) said its third-quarter profit improved thanks to the performance of its Global Gas and LNG Portfolio (GGPP) division.
Adjusted net profit for the period came in at 3.73 billion euros ($3.72 billion) from 1.43 billion euros a year ago, to beat the consensus of 3.21 billion euros.
The state-controlled group raised its full-year outlook for its gas and LG division and downstream business.
“In the third quarter of 2022, despite the decline in crude oil prices and the rapid decline in refining margins, we continued to deliver positive results, mainly thanks to the strong performance of our international businesses,” CEO Claudio Descazzi said in a statement.
Eni will replace at least 50% of Russian gas supplies this summer, citing its vast and diversified reserve base, long-term relationships with producing countries and its presence in liquefied natural gas (LNG).
($1 = 1.0026 euros)
Reporting by Francesca Landini, Editing by Federico Macchioni
Our Standards: The Thomson Reuters Trust Principles.
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