Eni Q4 Net Loss Widens On Charges, Lower Oil Prices; Cuts Dividend - Quick Facts

(RTTNews) - Italian oil and gas company Eni SpA (E) reported Friday that its fourth-quarter Group net loss was 8.46 billion euros, compared to loss of 2.38 billion euros last year. Loss per ADR was $5.15, compared to loss of $1.65 a year ago.

Net loss was continuing operations was 6.89 billion euros, compared to loss of 2.29 billion euros last year. Loss per ADR from continuing operations was $4.18, compared to loss of $1.60.

The wider loss reflected asset impairments driven by the oil scenario adopted by Eni.

Adjusted net loss from continuing operations was 379 million euros, compared to profit of 250 million euros last year.

Standalone adjusted loss was 200 million euros, compared to profit of 525 million euros last year.

Standalone adjusted EBIT declined 64% to 0.86 billion euros. Net sales from operations declined to 13.89 billion euros from 22.60 billion euros amid sharply lower oil pices.

Hydrocarbon production went up 14% to 1.88 million boe/d, the highest level in 5 years.