Eni: beats forecasts, but cash flow disappoints
(CercleFinance.com) - Italian oil major Eni posted forecast-beating quarterly profit on Friday and that said it would trim its capital spending in the wake of the recent drop in oil prices.
Eni, the fourth-biggest European integrated oil and gas company by revenue, said that its third-quarter adjusted net profit fell to 776 million euros, from 1.4 billion euros a year ago.
This figure was slightly above the consensus.
Eni said hydrocarbon output rose 5% year-on-year in the past quarter, boosted by Egypt, Kazakhstan and Ghana, to 1.89 million barrels of oil per day equivalent (boe/d).
The company also told investors that its capital expenditure target has been reduced slightly from the previous guidance of 8 billion euros for 2019.
Analysts welcomed "a solid set of results" with earnings a little better than anticipated across the board, although they also noted weaker cash flow in the quarter (2.6 billion euros, down by 23%).
As a result, the Milan-listed shares were trading 1% lower in morning trading.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
Eni, the fourth-biggest European integrated oil and gas company by revenue, said that its third-quarter adjusted net profit fell to 776 million euros, from 1.4 billion euros a year ago.
This figure was slightly above the consensus.
Eni said hydrocarbon output rose 5% year-on-year in the past quarter, boosted by Egypt, Kazakhstan and Ghana, to 1.89 million barrels of oil per day equivalent (boe/d).
The company also told investors that its capital expenditure target has been reduced slightly from the previous guidance of 8 billion euros for 2019.
Analysts welcomed "a solid set of results" with earnings a little better than anticipated across the board, although they also noted weaker cash flow in the quarter (2.6 billion euros, down by 23%).
As a result, the Milan-listed shares were trading 1% lower in morning trading.
Copyright (c) 2019 CercleFinance.com. All rights reserved.