Low oil and gas prices push Eni further into red

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

Eni’s net loss reached €484 million (US$528 million) dropping below the previous quarter loss of €317 million and below €127 million reported in the third quarter of 2015.

Company’s adjusted operating profit reached €258 million, 66 percent down on €766 million in the third quarter of 2015.

Drops reflected the declining performance in the exploration and production segment hit by the continuing downturn in commodity prices as the Brent benchmark dropped by 9 percent and gas realizations down by 29 percent.

Eni’s hydrocarbon production reached 1.71 million boe/d, a slight increase of 0.4 percent in the third quarter.

Eni’s natural gas sales in the third quarter were 20.01 bcm, down by 0.48 bcm, or 2.3 percent compared to the third quarter of 2015.

Claudio Descalzi, Eni’s chief executive officer said the company’s strategies and objectives, including the previously outlined disposal plan have been confirmed.