MILAN, April 27 (Reuters) - Italian oil major Enion Friday reported a 31 percent rise in first-quarter profits,boosted by higher oil prices and output and confirmed itsproduction growth targets for the current year.
Eni said adjusted net profit in the quarter was 0.978billion euros ($1.18 billion), in line with an analyst consensusprovided by the company of 0.98 billion euros.
Royal Dutch Shell, Total andConocoPhillips all reported strong growth in profits onThursday on the back of higher output and soaring oil prices.
Brent crude oil prices in the first quarter have risen abovelast year's $54.5 to average around $67 a barrel as OPECcontinues to keep a cap on supplies amid growing demand.
State-controlled Eni said production in the first threemonths rose 4 percent to 1.87 million barrels of oil equivalent.
It confirmed its business plan target of production growthfor the full year of 4 percent, lifted in part by ramp-ups atmajor fields in Egypt, Kazakhstan and Indonesia.
Thanks to bumper gas discoveries in Mozambique and the Zohrfield in Egypt, Eni has one of the strongest discovery recordsin the industry.
"In the first quarter of 2018, Eni achieved excellenteconomic and financial results, over and above the rising priceof oil," Eni CEO Claudio Descalzi said.
He confirmed the company's cash neutrality - funding ofcapex and dividend - at a Brent price of $55 in 2018.
At 0712 GMT Eni shares were down 0.2 percent while theEuropean sector was up 0.1 percent.
($1 = 0.8259 euros)(Reporting by Stephen Jewkes, editing by Giulia Segreti andJane Merriman)
