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Italy’s Eni announces financial results for Q4

by ChemOrbis Editorial Team - content@chemorbis.com
  • 19/02/2015 (16:02)
Italia’s Eni Spa, Italy’s major oil and gas company, announced their financial results for the fourth quarter of 2014 in a press release on the company’s website. The company’s adjusted operating income slumped 34% on the year to €2.32 billion ($2.64 billion) in the fourth quarter of 2014 due to sharp decreases in oil prices. However, Eni’s quarterly financial results beat analysts’ estimates calling for €1.89 billion.

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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