Abu Dhabi, UAEMonday 19 August 2019

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 announced one of biggest Angolan discoveries in years. Reuters
Eni announced one of biggest Angolan discoveries in years. 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.

Updated: October 26, 2018 01:23 PM

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