Print Edition - 2017-03-02  |  Money Digest

ENI narrows losses in 2016


Mar 2, 2017-

Italian energy giant ENI said Wednesday that it narrowed its losses in 2016, but its bottom-line was still hit by the the slump in crude oil prices and the year-end net loss came in wider than expected. ENI said in a statement it booked a net loss of 1.46 billion euros in last year, narrower than the year-earlier loss of 8.77 billion euros. But the figure was still much wider than the 467 million euros that analysts had been pencilling in for 2016. ENI said that hydrocarbon production amounted to 1.76 million barrels of oil equivalent (boe) per day last year, which was “in line with 2015.” The steady output was achieved despite the shutdown of ENI’s important Val d’Agri oil centre.

Published: 02-03-2017 09:37

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