Eni showered with gold, gets near-junk rating

The Italian oil major improves its adjusted net result by six-fold, slashing billions from its debt. Meanwhile, Moody's downgrades the company's long-term credit rating three notches above junk.

Photo: Wintershall

In a time when oil companies are announcing the one smashing success after the other in the stream of Q3 interim reports, Eni has managed something quite unique. With an unaltered production volume of 1.8 million barrels of oil equivalent per day relative to the same period last year, the Italian oil major has delivered an adjusted net result of EUR 1.388 billion – a six-fold increase from EUR 229 million in Q3 of 2017.

That development also shows in the company's cash flow accounting. Here, operating cashflow landed at EUR 4.102 billion, an improvement of 90 percent – in order words, EUR 2 billion in liquid capital – upon the preceding year.

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