Eni’s Third-Quarter Earnings Suffer From Lower Oil Prices and Weaker Margins
Eni reported a decline in third-quarter earnings as lower commodity prices and weaker margins negatively affected the upstream and refining segments, offsetting the benefit of a slight increase in production volumes and improved results from the gas and power segment. This is in line with our expectation of continued lower oil prices and challenging refining and trading scenarios depressing Eni’s earnings in the medium term.That said, Eni continued to execute on its business improvement plans,...
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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