Eni sees first-quarter profits drop
ROME, April 29, 2015 – Italy’s Eni has said that its adjusted net profit fell by 46 percent to €704 million in the first quarter of 2015, as the company’s upstream segment struggled with low oil prices.
The company’s revenue stream was down from €29.2 billion to €23.79 billion, with operating profit for the exploration & production segment falling from €3.45 billion to €955 million.
Yet despite an aggressive cost-cutting tactic from Claudio Descalzi, the company’s CEO – which has seen €600 million recovered – hydrocarbons production for the quarter stood at 1.7 million barrels of oil equivalent per day, representing an increase of 7.2 percent compared to the same period a year before.
The company is aiming for further increases in production in 2015 following start-ups and ramp-ups in countries including Angola, Egypt, Venezuela, the US and Norway.
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