Italy’s Eni 3Q profits slip on lower gas, oil prices

Business

MILAN (AP) — Italian oil and gas producer Eni says third-quarter profits were down by two-thirds as oil and gas prices dipped.

Eni, which is one-third government-owned, had net income of 523 million euros ($580 million), down from 1.53 billion euros in the same period last year. The company cited an 18-percent drop in crude prices, while gas prices in Europe dropped by half.

Oil and gas production rose 5% to 1.89 million barrels of oil equivalent a day.

Eni said Friday the acquisition of Exxon’s assets in Norway, adding 100,000 barrels per day, and a 20% stake in the Ruwais refinery in the United Arab Emirates will provide “a further boost to growth and stability.”

Eni CEO Claudio Descalzi said the company’s work on bio-refineries and renewables would generate new future business.

Copyright 2019 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Local News

More Local News

Greek Peak 8 Pack

Buy the Greek Peak 8 Pack Now