Eni Q1 Loss Larger Than Expected

Eni Q1 Loss Larger Than Expected

Eni SpA posted a first-quarter loss that was worse than analysts’ estimates, amid a collapse in crude prices. The Italian oil company’s adjusted net loss was $546 million, compared with a profit of $517 million a year earlier. Analysts had expected a $15 million loss, according to the median of nine estimates compiled by Bloomberg. Production growth fell short of expectations and Eni’s net cash from operating activities fell 56% to $1.7 billion. “Our biggest concern as ever is the cash flow,” Exane BNP Paribas said in a note on Friday. The plunge in crude prices since the middle of 2014 has weighed on oil company profits, forcing them to cut capital spending, slash dividends and postpone or cancel expensive exploration projects. Eni’s results contrast with the better-than-forecast profit reported this week by BP Plc, Statoil ASA and Total SA. Eni’s oil and gas production rose 3.4% from a year earlier to the equivalent of 1.75 million barrels of oil a day, compared with an average forecast of 1.78 million barrels a day by five analysts surveyed by Bloomberg.


Short URL : http://goo.gl/71bSkv
  1. http://goo.gl/FwF5AE
  • http://goo.gl/No46jn
  • http://goo.gl/b0Z1gs
  • http://goo.gl/ULnZ8p
  • http://goo.gl/YJ9JjN

You can also read ...

Russia Oil Minister, Zanganeh Discuss Cooperation in Moscow
Russian energy minister Alexander Novak discussed bilateral...
Oil Trading Listed on Iran Energy Exchange
Iran officially started spot oil trading on its energy...
OPEC: India Oil Demand Rising Rapidly
India’s oil demand is expected to rise by 5.8 million barrels...
Concern Over Loss of Qom Salt Lake
Namak (Salt) Lake in Qom Province is drying up and if it is...
Zanganeh: Sanctions Undermine International Oil Market
Inadequate supplies are posing serious challenges to the...
Iran Petrochem Export Revenue in 6 Months Reaches $6.3b
Petrochemical output reached 27.3 million tons in the first...