Eni Profits Drop 27%

Friday, July 26, 2019

Italian energy group Eni said its adjusted net profit in the second quarter fell 27% on the year to miss expectations as lower oil and gas prices took their toll.

Adjusted net profit in the quarter came in at 0.56 billion euros ($624 million) below an analyst consensus provided by the company of 0.95 billion euros.

The oil major, which said it was cutting its previous 8 billion euro investment target for the year, said it expected oil and gas production this year to grow by 2.0-2.5% with Brent at $62 per barrel and net of portfolio transactions.


($1 = 0.8974 euros)

(Reporting by Stephen Jewkes, editing by Giulio Piovaccari)

Categories: Finance Industry News Production

Related Stories

ADIPEC Urges Efforts to Assist Emerging Economies

US Gulf of Mexico Oil and Gas Output Goes Down Ahead of Storm

Orsted says US Green Energy Demand Will Grow Regardless of Election Results

Current News

First Steel Cut for ExxonMobil’s Guyana Field-Bound FPSO Jaguar

Santos Hires McDermott for Harriet Alpha Decom Work Off Australia

EnerMech Lands Services Contract with North Sea Oil and Gas Operator

Global OTEC Presents OTEC Power Module for Remote Offshore Platforms

Subscribe for OE Digital E‑News