Eni Q3 earns slide due to one-offs
MILAN (AP) — Italian oil giant Eni says third-quarter net profit slumped 57 percent, reflecting a one-off boost from capital gain in the same period of 2013.
Eni on Thursday reported net profit of 1.71 billion euros ($2.15 billion) for the three-month period ending Sept. 30, compared with nearly 3.9 billion euros in the same period last year that included a 3-billion-euro capital gain for the sale of a 20 percent interest in a Mozambique discovery. Adjusted net profit was up 2.5 percent.
Oil and gas production was down 3.5 percent to 1.58 million barrels of oil equivalent a day, as declines in mature fields and unscheduled interruptions dragged down production gains in Britain, Algeria and the United States.
During the quarter, the oil company reported significant discoveries in Congo and Indonesia.