Eni Reports Positive 4Q Results Thanks to Strong Upstream Performance
Eni ended the year on a positive note, as efficiency and cost-saving gains contributed to a strong upstream performance offsetting weak refining margins and negative contributions from the gas and power segment in the fourth quarter. Full-year adjusted results came in at a loss of EUR 340 million versus a gain of EUR 803 million in 2015. Eni also updated its strategic plan for 2017-20. We plan to incorporate the new guidance into our model but do not expect a material change to our EUR 14/$30 fa...Eni is engaged in the oil and gas exploration and production, gas marketing operations, management of gas infrastructures, power generation, petrochemicals, oil field services and engineering industries. Co.'s operations are divided into three segments; Exploration and Production (oil and natural gas exploration and field development and production, as well as LNG operations), Gas and Power (supply, trading and marketing of gas and electricity, managing gas infrastructures for transport, distribution, storage, re-gasification, and LNG supply and marketing), and Refining and Marketing (supply of crude oil, refining and marketing of refined products). Co. maintains operations in 73 countries.
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