Eni 2Q Profit Dropped After Hiving Off Subsidiary
26 Julio 2019 - 1:53AM
Noticias Dow Jones
By Nathan Allen
Eni SpA (ENI.MI) said Friday that its second-quarter profit fell
sharply due in part to a weaker trading environment and the spin
off of its former subsidiary Eni Norge.
The Italian oil major said quarterly net profit fell to 424
million euros ($472.3 million) from EUR1.25 billion a year
earlier.
Eni attributed the lower earnings to a negative trading
environment in almost all of its business units and the
deconsolidation of its Norge subsidiary, which was spun off into a
joint venture with Norway's Point Resources called Var Energi.
The company also booked a EUR142 million charge on its
Sannazzaro refinery after revising its outlook to allow for lower
margins.
Hydrocarbon production ticked down to 1.83 million barrels of
oil equivalent a day from 1.86 million a year earlier, Eni
said.
Write to Nathan Allen at nathan.allen@dowjones.com
(END) Dow Jones Newswires
July 26, 2019 02:38 ET (06:38 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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