Italian energy group Eni stuck to its production forecast for the year on April 24, as profits in the first quarter missed market expectations.

Adjusted net profit in the quarter rose 4% to 992 million euros (US$1.1 billion), below a consensus of analyst forecasts provided by the company of 1.05 billion euros.

The state-controlled major confirmed oil and gas production would grow by 2.5% in 2019, driven in part by increases at its giant fields in Egypt and Kazakhstan.

The group, which is targeting average yearly production growth of 3.5% from 2018-2022, said it expected output this year to accelerate from July after second-quarter maintenance at its Kashagan and Goliat fields.

Eni confirmed it would invest 8 billion euros over the year.

In a statement, CEO Claudio Descalzi said the group was able to cover costs, investments and dividends with Brent at $55 a barrel and “to generate a cash surplus in cases of higher prices as at the moment.”

At 12:50 GMT, Eni shares were down 1.2% while the European sector was down 1.1%.