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
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.
"(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.
Updated: October 26, 2018 01:23 PM