E&P performance pushes Eni into red
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.
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