RTTNews | Oct 30, 2020 03:19AM EDT

03:18 Friday, October 30, 2020 (RTTNews.com) - Italian oil and gas company Eni SpA (E) reported Friday that its third-quarter net loss was 503 billion euros, compared to last year's profit of 523 million euros.

Loss per share was 0.14 euro, compared to profit of 0.15 euro a year ago.

Adjusted net loss was 153 million euros, compared to profit of 776 million euros last year.

Adjusted operating profit declined 75 percent from last year to 537 million euros from 2.16 billion euros a year ago, hit by the downturn in energy demand driven by the COVID-19 pandemic.

Sales from operations fell 38 percent to 10.33 billion euros from last year's 16.69 billion euros.

Hydrocarbon production was 1.71 million boe/d, down 10 percent compared to the third quarter 2019.

Looking ahead, the company expects the fourth quarter to be in line with the business trends recorded in the just-ended quarter, which featured high volatility in energy commodity prices due to an uncertain and uneven economic recovery.

The company further said it looks forward to a recovery in demand, whilst continuing to pursue energy transition program.

The company continues to expect fiscal 2020 production target within the range of 1.72-1.74 mboe/d including OPEC+ cuts. Reviewed the target production profile of 2023 to approximately 2 million boe/d.

In 2021, the company projects cost reductions of 1.4 billion euros and lower investments of 2.4 billion euros.

Read the original article on RTTNews ( https://www.rttnews.com/3141241/eni-slips-to-loss-in-q3-on-weak-production-backs-fy20-production-view.aspx)

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2020 RTTNews.com All Rights Reserved