Eni Slips To Loss In Q3, Net Sales Plunge; Sees Higher Production In FY15

(RTTNews) - Italian oil and gas company Eni SpA (E) reported Thursday that its third-quarter net loss was 952 million euros or 0.26 euro per share, compared to profit of 1.71 billion euros or 0.48 euro per share. Loss per ADR was $0.58, compared to profit of $1.27.

Adjusted net loss was 257 million euros or 0.07 euro per share, compared to profit of 1.17 billion euros or 0.32 euro per share a year ago.

Adjusted net loss excluding Saipem was 289 million euros, compared to 1.13 billion euros profit a year ago.

Adjusted operating profit excluding Saipem declined 79 percent to 604 million euros.

Net sales from operations declined 29.3 percent to 18.81 billion euros from 26.60 billion euros a year ago.

The company reported strong hydrocarbon production growth, up 8.1% to 1.703 million boe/d in the quarter. Excluding price effects, production increased by 4.3%.

Looking ahead for fiscal 2015, production is now seen growing by about 9%, up from a prior guidance of more than 7%.

The company said the outlook 2015 features a slowdown in the global economic growth caused by the reduced pace of activity in China and other emerging economies. Crude oil prices for the year 2015 are forecasted to be significantly lower than the previous year.