E&P performance pushes Eni into red

MILAN, April 29, 2016 – Vastly lower operating profits from the exploration and production segment have contributed to first quarter losses for Italian major Eni, which on Friday announced a loss of EUR 803 million and an adjusted net loss of EUR 479 million.

The losses over the first quarter of 2016 represent a change of fortunes, as the company posted a profit of EUR 617 million over the first three months of 2015. Net adjusted profit over that period was EUR 454 million.

Eni took a beating upstream, where lower commodity prices helped reduce a first quarter 2015 profit of almost EUR 1.1 billion to a mere EUR 95 million this year, undoing potential gains from the company’s 3.4% year-on-year increase in production to 1.75 million boepd.