Energy companies’ profits are on the rise due to higher production and higher prices

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Four international companies – Eni, ConocoPhillips, Royal Dutch Shell and Total – reported strong earnings growth thanks to higher production and higher oil prices in the first quarter above the level Last year’s record of $ 54.5, averaging around $67 a barrel as OPEC continues to curb supplies amid growing demand.

Italy’s Eni said its first-quarter adjusted net profit was 0.978 billion euros ($1.18 billion), in line with analysts’ average forecast of €0.98 billion. Production in the first three months of the year increased 4 percent to 1.87 million barrels of oil equivalent.

ConocoPhillips also posted higher-than-expected earnings in the first quarter of the year, supported by higher oil prices and lower costs.

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