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Share Name Share Symbol Market Type
Eni BIT:ENI Italy Ordinary Share
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.026 -0.25% 10.324 10.32 10.324 10.384 10.27 10.33 9,757,521 16:29:55

Eni 4Q Net Loss Narrowed; Confirms Dividend Proposal

19/02/2021 7:40am

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   By Giulia Petroni 
 

Eni SpA said Friday that net loss narrowed for the fourth quarter of last year as results were hit by the collapse of commodity prices and margins and that it has confirmed its dividend proposal.

The Italian oil-and-gas major said it booked a quarterly net loss of 725 million euros ($874.8 million) compared with a loss of EUR1.89 billion for the year-earlier period. On an adjusted basis, net profit was EUR66 million.

Sales decreased 28% on year to EUR11.63 billion.

Eni said hydrocarbon production for the quarter fell to 1.71 million barrels of oil equivalent a day, from 1.92 million boe/d a year earlier, mainly due to Covid-19 effects, OPEC production cuts and lower demand.

For the full year, the company's net loss was EUR8.56 billion, from a profit of EUR148 million a year earlier. Sales came in at EUR43.99 billion.

In 2020, hydrocarbon production was 1.73 million barrels of oil equivalent a day, in line with guidance.

Eni confirmed its 2020 dividend proposal of EUR0.36 a share, compared with EUR0.86 a share a year earlier.

The company said it will disclose its outlook and strategy later on Friday.

 

Write to Giulia Petroni at giulia.petroni@wsj.com

 

(END) Dow Jones Newswires

February 19, 2021 02:25 ET (07:25 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.

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