By Eric Sylvers
Eni SpA swung to a loss in the second-quarter as low crude oil
prices and the poor performance of a unit continued to hammer the
Italian oil and gas company's financial results.
Eni had a net loss of 113 million euros ($125 million) in the
second quarter, compared with a EUR658 million profit in the
corresponding period last year. Revenue fell 19% in the quarter to
EUR22.19 billion
Adjusted net profit, which strips out special items and the
change in the value of oil inventories, was EUR139 million, a drop
of 84%. Excluding the results of Saipem SpA, Eni's troubled oil and
gas services unit, the adjusted net profit was EUR448 million.
Eni, which is 30%-owned by the Italian government, set its
interim dividend on this year's results at 40 European cents. Eni
has said its total dividend for this year will amount to 80
cents.
Production in the second quarter rose 11 % to 1.75 million
barrels of oil and equivalent natural gas volume a day. Eni raised
its forecast for production growth this year to more than 7% from
5%.
Write to Eric Sylvers at eric.sylvers@wsj.com
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