Eni 3Q Profit Fell Sharply, Hit By Norge Subsidiary Deconsolidation
October 25 2019 - 3:03AM
Dow Jones News
By Giulia Petroni
Eni SpA (ENI.MI) said Friday that its third-quarter profit and
revenue fell significantly as results were hit by the
deconsolidation of its Norge subsidiary.
The Italian oil major said quarterly net profit fell to 523
million euros ($581.6 million) from EUR1.53 billion a year
earlier.
Adjusted net profit in the third quarter was EUR776 million
compared with EUR1.39 billion the previous year and analysts'
estimates of about EUR770 million, according to a consensus
provided by the company.
Adjusted operating profit was EUR2.16 billion compared with
EUR3.30 billion last year and analysts' expectations of EUR2.02
billion.
Revenue fell to EUR16.96 billion from EUR19.91 billion.
Hydrocarbon production increased to 1.89 million barrels of oil
equivalent a day from 1.80 million a year earlier, Eni said.
Analysts had forecast it at 1.88 million barrels of oil equivalent
a day.
Looking ahead, the company confirmed its 2019 production growth
target and said it expects production to ramp up further in the
fourth quarter.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
October 25, 2019 02:48 ET (06:48 GMT)
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