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Abu Dhabi, UAEThursday 15 November 2018

Eni lowers production outlook for year after third-quarter profit beats forecast

Adjusted net profit rose to 1.39 billion euros, boosted by oil prices, from 0.23bn euros a year ago

ENI joined the ranks of major oil companies to post consensus-beating earnings thanks to rising crude prices in the third quarter.  Remo Casilli / Reuters
ENI joined the ranks of major oil companies to post consensus-beating earnings thanks to rising crude prices in the third quarter.  Remo Casilli / Reuters

Italian oil and gas group Eni has lowered its output target for the year due to lower gas production in certain countries.

The major, which reported third-quarter net profit that beat expectations, said it expected oil and gas production to grow around 3 per cent this year, against previous guidance of 4 per cent.

But it said the lower output would have a negligible impact on cash flow and confirmed guidance for cash neutrality, including dividend payments, at $55 (Dh201.9) per barrel.

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"(Our performance) allowed us to record cash flow from operations ... 35 per cent higher than the previous quarter with a Brent price broadly unchanged," Total chief executive Claudio Descalzi said.

Adjusted net profit in the quarter rose to 1.39 billion euros, boosted by oil prices, from 0.23bn euros a year ago.

That was above an analyst consensus provided by the company of 1.02bn euros.

The state-controlled major confirmed its capital spending for the year at 7.7bn euros.