Eni Posts Narrower Loss From Cont. Ops. In Q3 - Quick Facts

(RTTNews) - Eni (E) reported that its third-quarter loss attributable to shareholders from continuing operations narrowed to 562 million euros from 783 million euros, a year ago. Loss per share from continuing operations was 0.16 euros compared to a loss of 0.21 euros. Adjusted operating profit was 258 million euros, down by 66.3%. Adjusted loss attributable to shareholders from continuing operations was 484 million euros compared to a loss of 54 million euros, prior year. Adjusted loss widened due to a weaker operating performance, lower results from E&P equity-accounted entities and the company's reduced ability to recognize deferred tax assets on the basis of a muted outlook for future taxable earnings.

Third-quarter net sales from continuing operations was 13.12 billion euros compared to 16.01 billion euros, previous year. Hydrocarbon production at 1.71 million boe/d, up by 0.4% in the quarter; excluding the Val d'Agri shutdown, portfolio transactions and price effects in PSAs, production rose by 2.2%. Eni reaffirmed the guidance of a production level essentially in line y-o-y, despite the impact of Val d'Agri shutdown.