Eni Swung to 3Q Loss But Says Performance Improved on Quarter
October 28 2020 - 08:45AM
Dow Jones News
By Giulia Petroni
Eni SpA said Wednesday that it swung to a loss in the third
quarter as the pandemic hurt energy demand, but that its business
improved compared to the previous quarter.
The Italian oil major said it registered a quarterly loss of 503
million euros ($593.4 million) compared with a profit of EUR523
million in the previous-year period.
On an adjusted basis, net loss came in at EUR153 million.
Analysts had forecast a loss of EUR180 million, according to a
consensus provided by the company.
Adjusted operating profit was EUR537 million compared with
EUR2.16 billion last year and analysts' expectations of EUR100
million.
"Results were significantly impacted by the combined effects of
the economic downturn due to Covid-19," said Eni. "The
third-quarter performance showed a noticeable improvement over the
previous quarter due to a better balance in oil market
fundamentals."
Sales fell 38% on the year to EUR10.33 billion.
Hydrocarbon production in the quarter was 1.70 million barrels
of oil equivalent a day, down 10% on the year due to the pandemic,
the Organization of the Petroleum Exporting Countries' cuts and
lower gas demand.
Eni said it expects business trends in the fourth quarter to be
in line with the quarter just ended, as the fundamentals of the oil
market remain weak. The price of Brent crude is seen at around $40
a barrel for the year, according to the company.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
October 28, 2020 08:30 ET (12:30 GMT)
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