Eni back in the black for Q1, plans IPO or stake sale in new renewables unit

Eni back in the black for Q1, plans IPO or stake sale in new renewables unit

Eni has swung back to profits in Q1 as commodity prices improved, and announced plans for an IPO or stake sale in a new renewables unit.

The Italian operator reported pre-tax profits of £1.4billion, reversing a deficit of £1.99bn in the same period last year, despite being  “significantly impacted” by ongoing national lockdowns.

A “strengthened upstream environment” with Brent crude oil up some 21% from the corresponding quarter in 2020 bolstered Eni's performance, describing the recovery on a year ago as “remarkable”.