Italy’s Eni announces financial results for Q4
For the last three months ending December, the company’s adjusted net income dipped 64% to €464 million while sales decreased 10% to €26.8 million. A slump in the company’s net income was attributed to plunging crude oil prices as well as higher tax rates and cuts in value of shares held in Galp, the Portuguese oil company, and Snam, the Italian pipeline operator.
Meanwhile, after posting significantly weaker quarterly results, Eni stated that they will cut their capital spending this year by €2 billion through which the company plans to save an additional €500 million. As part of the capital spending cut, the company reportedly will make changes to capacity, cut costs and renegotiate long-term contracts for gas supply in response to weaker financial results stemming from lower crude prices.
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