Italian oil and gas company Eni on Wednesday reported a fourth-quarter profit as oil and gas prices rose.
Eni reported an adjusted net profit of 459 million euros ($484 million) for the fourth quarter as compared to an adjusted net loss of 301 million euros in the same period a year ago.
This is the Italian company’s first quarterly profit in the last 18 months.
In the quarter under review, Eni generated 3.2 billion euros in cash, up from 1.3 billion in the previous quarter.
“The 2016 results mark the successful conclusion of a radical transformation process,” Eni’s Chief Executive Claudio Descalzi said.
“Over the past three years, Eni has restructured to withstand one of the most complex environments in the history of the oil industry, while strengthening its growth prospects and preserving a robust balance sheet,” Descalzi added.
Descalzi said that the company plans to propose at the next annual general meeting the distribution of a cash dividend of €0.8 per share in 2016.
“Looking to the future, we are able to reaffirm our progressive remuneration policy, in line with the expected improvement of commodity prices and our own financial performance,” he concluded.