EnergyWatch

Eni disappoints on tough market

Italian oil and gas company Eni books a half-year result well below analysts' expectations. The second quarter saw 27 percent lower earnings than last year, especially due to lower oil and gas prices, the company's Q2 reports shows.

Photo: ARND WIEGMANN/REUTERS / X90184

Ahead of Italian oil and gas company Eni's presentation of its second quarter result, the consensus was that the company would deliver an adjusted net result of about EUR 950 million, which it has by no means achieved.

According to its newly published financial report, Eni booked a mere EUR 562 million. The adjusted net result is thus 27 percent lower than that of last year's Q2, when it landed at EUR 767 million. In the report, the company ascribes the poorer result to lower oil and gas prices.

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