Italy’s Eni sees net loss in Q3 due to lower crude oil prices
The company said in a statement, “The fundamentals of the oil market remain weak due to oversupplied global markets and uncertainties about the resilience of demand.”
Eni’s refining margin on the other hand more than doubled to $10.04 a barrel in the quarter from $4.39 a year earlier. Eni expects its refining division to break even in 2015, a year ahead of schedule, after benefiting from a drop in feedstock costs. Capital spending will be reduced by 17% this year, more than the expected 14% cut. Oil and gas production will increase however because of new projects in Angola, Venezuela and Egypt.
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