Eni posts Q2 loss

Italian oil and gas company Eni on Friday reported a second-quarter net loss, hurt by low oil and gas prices.

Eni posted a net loss of 290 million euros ($322.2m) in the second quarter of this year, as compared to a net profit of 505 million euros the previous year.

In the second quarter of 2016, Eni reported an adjusted operating profit of 188 million euros, down 88% on year.

According to Eni, this decline reflected a lower contribution from the E&P segment driven by a prolonged downturn in commodity prices and the production shutdown at the Val d’Agri profit centre for the whole second quarter.

Eni’s hydrocarbon production was 1.715 million boe/d, 2.2% lower compared to the second quarter of 2015.

The company said it expected production for this year to be in line with 2015, boosted by ramp-ups and start-ups of new fields in Norway, Egypt, Angola, Venezuela and Congo.

LNG World News Staff