I would imagine that for most investors, certain names come to mind when thinking about Big Oil. You've got your ExxonMobil (NYSE:XOM) and Chevron (NYSE:CVX), your BP (NYSE:BP) and Royal Dutch Shell (NYSE:RD) -- basically the same names you see on the signs at your local gas stations. A few more intrepid types might even know Total (NYSE:TOT) or PetroChina (NYSE:PTR).

I'll bet, though, that not so many know the large Italian energy company Eni (NYSE:E). And that's a bit of a shame. Eni might not be the best-run oil company in the world (and that's assuming we could all agree on the means of evaluation), but it doesn't really seem to get its due. Of course, that might be good news for investors still wanting to add some exposure to oil and gas but afraid of paying too much.

Something jumps out almost immediately from the company's third-quarter results. Production was up 11% in the period to about 1.7 million barrels of oil equivalent. That's right, up. The company is seeing good production growth from fields, not only in tourist hot spots like Libya and Angola, but also in Iran, Algeria, and Kazakhstan. While management doesn't look for this situation to be sustainable, it is still looking for solid production increases for the next several years.

Eni got a one-two punch in revenue, as it benefits from higher prices and higher production. Revenue in the period was up 37% to more than $20 billion, and adjusted net profit (that is, adjusting for holding gains and losses and other items) rose almost 69%.

Good production and good profitability is also helping cash flows. The company is, in turn, using that cash to pay down debt (having repaid about 25% from the beginning of the year) and fund a pretty nice dividend.

Don't let me give you the impression that this is somehow a free-money opportunity. There is still the risk that government officials will get stupid in terms of instituting special taxes or price controls, and there is always the risk of what day-to-day moves in the price of oil and natural gas will do the stock. Still, since few people ever talk about Eni, that automatically makes it a bit more interesting to me.

Pump up some more Foolish energy Takes:

Total is a Motley Fool Income Investor recommendation.

Fool contributor Stephen Simpson owns shares of PetroChina. The Motley Fool has a disclosure policy.