ENI Eni Spa

   By Giulia Petroni 
 

Eni SpA said Friday that it swung to a net loss in the first quarter and that group results were negatively affected by the economic recession and falling energy prices.

The Italian oil-and-gas major said that it registered a net loss of 2.93 billion euros ($3.16 billion) from a profit of EUR1.10 billion in the year-earlier period. The loss was partly attributed to the alignment of the book value of inventories to market prices as well as impairments from oil-and-gas assets and negative fair-valued derivatives, according to Eni.

On an adjusted basis, profit was EUR59 million.

Adjusted operating profit in the period was EUR1.31 billion, compared with EUR2.35 billion in the previous year.

Revenues in the quarter fell to EUR14.09 billion from EUR18.80 billion the previous year.

The company said hydrocarbon production in the first quarter was 1.77 million barrels of oil equivalent a day, compared with 1.84 million barrels of oil equivalent a day the previous year, mainly due to lower volumes in Libya and lower gas demand in Egypt.

Eni said it has withdrawn its share buyback proposal and would revise its business plan for the 2020-21 period with a strong reduction in capital expenditure and expected costs to levels that are consistent with the new oil price scenario.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

April 24, 2020 02:39 ET (06:39 GMT)

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