Eni: second-quarter profit falls, misses forecasts

(CercleFinance.com) - Italian oil major Eni on Friday reported a 27% drop in adjusted net profit, dragged by lower oil prices, missing analysts' forecasts and sending its shares down in its wake.


The group's second-quarter adjusted net profit, which excludes special items and inventory gains/losses, fell to 562 million euros from 767 million euros in the same period of 2018.

Adjusted operating profit was down 11% at 2.3 billion euros, below the consensus of 2.4 billion euros.

The average price of the Brent was 68.8 dollars over the second quarter, from 74.3 dollars a year ago.

Eni said oil and gas production in the period fell 2% to 1.82 million barrels of oil equivalent per day, and proposed an interim dividend of 0.43 euros a share, in line with expectations

By 10:20 am, Eni shares were down 0.8% at 14.2 euros, underperforming the STOXX Europe 600 Optimised Oil & Gas sector index which was down just 0.2%.

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