Eni Swings to Second-Quarter Loss on Low Oil Prices
July 29 2016 - 3:08AM
Dow Jones News
By Eric Sylvers
Eni SpA (ENI.MI) swung to a loss in the second quarter as the
low price of crude oil resulted in a steep drop in revenue, while
the forced shutdown of a domestic oil field in southern Italy led
to a drop in production.
Eni Friday reported a net loss of 446 million euros ($494
million) in the second quarter from continuing operations compared
with a profit of EUR498 million in the same period last year.
Revenue plunged by a third to EUR13.42 billion.
Hydrocarbon production fell 2.2% in the quarter though Eni
confirmed guidance for full-year production to be in line with
2015. As expected, Eni said it will pay an interim dividend of 40
European cents per share.
Write to Eric Sylvers at eric.sylvers@wsj.com
(END) Dow Jones Newswires
July 29, 2016 02:53 ET (06:53 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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