Italian multinational oil and gas company Eni has reported a nearly five-fold increase in adjusted net profit in the first quarter of this year.

The figure jumped from €59m in Q1 2020 to €270m in Q1 2021 as stronger oil prices mitigated the impact of lower production.

The company’s quarterly adjusted operating profit increased 1% from €1.3bn to €1.32bn on a year-on-year basis.

Furthermore, the exploration and production (E&P) business continued its rebound recording a first quarter adjusted operating profit of €1.38bn, a 33% jump compared to €1.03bn posted in the same period a year ago.

Adjusted EBIT stood at €1.3bn in the first quarter of 2021, unchanged from the first quarter 2020. However, the figure represents 171% improvement from the fourth quarter of last year.

Eni’s hydrocarbon production in the quarter amounted to 1.7 million boe/day, a drop of around 4% compared to the same period of 2020.

Eni CEO Claudio Descalzi said: “The first quarter of 2021 has been significantly impacted by ongoing national lockdowns, however despite this Eni has achieved significantly improved results, most notably driven by E&P and the chemicals business.

“Meanwhile, our retail G&P business continued to grow steadily, with year-on-year EBIT increasing by 19% as we leverage our unique and expanding customer base in the power segment and benefit from a greater contribution from extra-commodity services.”

Last month, Eni made a new light oil discovery in Cuica exploration prospect in Block 15/06 offshore Angola.