E - Eni racks up record annual profit but Q4 profit drops

Eni ( NYSE: E ) is the latest major global oil and gas producer to post a record annual profit, but shares -5.6% pre-market Thursday after missing estimates for Q4 earnings .

Eni's ( E ) Q4 adjusted net income totaled €2.5B, missing the average analyst estimate of €2.6B, while racking up €13.3B (~$14.12B) in earnings for the full year.

Q4 net profit plunged 84% to €550M from €3.52B in the year-earlier period, but revenues rose 17% to €31.25B from €26.76B in the prior-year period.

Q4 hydrocarbon production slipped to 1.62M boe/day from 1.74M boe/day a year earlier.

Eni's ( E ) gas business earned €2.1B before interest and taxes during the year as it replaced Russian flows with supplies from elsewhere, but upstream results were disappointing , according to RBC Capital analyst Biraj Borkhataria.

Eni ( E ) shares gained 4.5% so far this year but fell 1.5% during the past 12 months .

For further details see: