Italy's Eni Confirms Targets After Worse Than Forecast Loss
MILAN, Oct 28 (Reuters) - Italian oil major Eni stuck to its targets on Friday, despite reporting a worse-than-expected net loss in the third quarter as a result of lower oil prices and a domestic production shutdown.
Commitments by OPEC last month to restrain output to boost prices have helped buoy sentiment in the industry but Eni, like other oil companies, is still feeling the impact of a fall in crude prices of more than 50 percent since mid-2014.
Eni said in a statement that its adjusted net loss in the quarter was 0.484 billion euros ($528 million), versus a forecast from analysts, which was provided by the company, for a loss of 0.07 billion euros.
In the same period last year Eni posted a net loss of 0.127 billion euros.
The state-controlled major, which confirmed it would cut investments this year by 20 percent, said it expected oil and gas output for the year to be substantially in line with 2015.
Production in the quarter rose 0.4 percent to 1.71 million barrels per day.
"The strategies and targets of the group, including disposals, are confirmed," CEO Claudio Descalzi said.
Eni is looking to raise a total of 5 billion euros in asset sales over the next two years to help fund growth.
Sources have said U.S. giant Exxon Mobil has clinched a deal with the company to buy a stake in its giant Area 4 gas field in Mozambique.
(Editing by Alexander Smith)
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Weatherford CEO's Rebound Plan Relies On Getting Smaller
- Iran Says Oil Market Is Too Tight For US Zero Exports Target
- China's Squeezed 'Teapots' Eye Petchem Path To Riches
- Baker Hughes: US Drillers Add Oil Rigs For Second Week In Three
- Venezuela Hands China More Oil Presence, But No Mention Of New Funds
- ExxonMobil Racks Up Discoveries in Guyana Block Eyed by Chevron
- Oil Market Sentiment Has Improved Significantly
- EU, US Eye Collaboration on Nuclear Materials
- USA Driving Activity to Increase to All-Time Highs
- TC Energy to Sell Prince Rupert Gas Pipeline Project to First Nation
- EU Electricity Export to Ukraine Up 94 Percent in Two Years
- China Coal Output Falls for First Time since Government Ordered More
- BP Pulse Buys One of Europe's Largest Truck Stops
- UK CCUS Plans Outdated: Think Tank
- North America Enters Rig Loss Streak
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- EIA Drops 2024 Henry Hub Gas Price Forecast
- EIA and Standard Chartered Offer Up Latest Oil Price Predictions
- Red Sea Region Sees Another Watershed Incident
- Chevron Oil Project in Kazakhstan to Cost $48.5B
- OPEC Voices Encouragement after IEA Affirms Support for Oil Security
- Biden Govt Bares Strategy for Freight Charging, Hydrogen Fueling Infra
- Ukraine Hits Third Russian Refinery In Escalating Drone Strikes
- Rystad Looks at the Buzz Around White Hydrogen
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Is Peak Oil Demand Close?
- Vessel Sinks in Red Sea After Missile Strike
- JP Morgan, Standard Chartered Reveal Latest Oil Price Forecasts
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Rystad Forecasts Net Production of Top Permian Producers in 2024
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension