Eni posts Q3 loss

Eni of Italy reported an adjusted net loss of €0.29 billion in the third quarter of 2015, excluding the Saipem sale, down by €1.42 billion year on year. 

The company’s hydrocarbon production for the third quarter was up 8.1 percent to 1.703 million boe/d and up 8.7 percent in the nine months, according to the report.

FY 2015 production is now seen growing by about 9 percent, up from a prior guidance of more than 7 percent, the company said.

Claudio Descalzi, Eni’s Chief Executive Officer said,“we have increased our full year production guidance for the second time this year, almost doubling our original target. We have also more than doubled our resources target after discovering 1.2 billion barrels of new resources over the past nine months.”

The company recently said it will sell a 12.5 percent stake in oil and gas contractor Saipem to Fondo Strategico Italiano with net proceeds expected to be approximately €5.4 billion.

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LNG World News Staff; Image: Eni

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