Eni Q1 profit drops

Eni of Italy reported a 46 percent drop on the year to 0.65 billion euros in its net profit in the first quarter of 2015.

The company’s operating profit was at 1.57 billion euros, a drop of 55 percent on the year due to oil price halving, Eni said in a statement on Wednesday.

In the first quarter of this year, Eni’s natural gas sales amounted to 25.62 bcm, down by 1.14 bcm or 4.3 percent compared to the same period of 2014, against the backdrop of persistent competitive pressure and oversupplies, according to the statement.

“In line with our strategy, we put in place actions which recovered over €600 million to cope with the difficult trading environment caused by the steep drop in the Brent oil price. Upstream production is increasing, and development plans supporting 2015-2016 production growth are in line with our forecasts,” Claudio Descalzi, Chief Executive Officer of Eni said.