Eni SpA posted a surprise fourth-quarter profit as crude prices began to recover and the contribution of low-carbon businesses helped offset the impact of the coronavirus pandemic.
(Bloomberg) Eni SpA posted a surprise fourth-quarter profit as crude prices began to recover and the contribution of low-carbon businesses helped offset the impact of the coronavirus pandemic.
The Italian giant, like oil companies around the world, has suffered the effects of the demand destruction wrought by the Covid-19 crisis. Yet it managed to take advantage of a rally in prices as pockets of consumption growth emerged, helping it beat expectations last quarter. Most of its biggest peers missed estimates.