According to the Wisdom Finance app, Eni (E.US) announced better-than-expected profits in the second quarter due to strong upstream operations and raised its full-year performance expectations.

European energy companies have been struggling to cope with the competition of two forces - on the one hand, the negative impact of weak fuel demand, low natural gas prices and declining refining margins, on the other hand, the positive impact of the OPEC+ production cuts driving up crude oil prices. For Eni, the advantages outweigh the disadvantages.

The adjusted net income for this Italian energy giant in the second quarter was €1.52 billion ($1.7 billion), exceeding analysts' average expectations of €1.46 billion. The adjusted operating revenue for the exploration and production department was €3.53 billion, up 26% year-on-year.

Eni has raised its full-year adjusted EBIT target by €1 billion to about €15 billion.

In contrast, French energy giant Total (TTE.US) missed expectations in the second quarter due to falling natural gas prices and weak refining margins offsetting the impact of rising oil prices. According to the financial report, Total's adjusted net income in the second quarter was $4.67 billion, lower than the $4.96 billion in the same period last year and below the market's expected $4.92 billion.