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Eni lower following Q3 results; reaffirms 2016 production guidance

Published 10/28/2016, 08:39 AM
Eni lower following Q3 results; reaffirms 2016 production guidance
  • Eni -0.7% premarket after reporting an adjusted Q3 net loss of €484M, compared with analyst expectations for a ~€70M loss and a €127M in the same period last year.
  • Eni blames the miss on lower oil prices and outages at its Val d'Agri operation in southern Italy, which left Q3 production flat at 1.71M boe/day despite increased output from some other operations.
  • Eni continues to struggle to make money from exploration and production, with the unit’s Q3 revenue declining 21% Y/Y.
  • The company expects FY 2016 production to be essentially in line with 2015 due to planned ramp-ups and start-ups of new fields, and confirms plans to cut costs by 20%.

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