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Eni 3Q profit rises 3 percent

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MILAN (AP) — Eni SpA, Italy’s largest natural gas and oil company, says third-quarter net profit rose 3 percent despite production setbacks from the Libyan conflict.

Net profit for the quarter that ended Sept. 30 was (euro) 1.77 billion ($2.47 billion), compared with (euro) 1.72 billion in the same period a year earlier.

The Rome-based company said Thursday adjusted net profit, which excludes changes in the value of inventories and special items, was up 5 percent to (euro) 1.79 billion from (euro) 1.7 billion a year earlier.

Eni said oil and natural gas production was down 13.6 percent to 1.47 million barrels of oil equivalent a day. Eni restarted both natural gas and oil production in Libya during the last part of the quarter.

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