Eni cuts dividend as virus crisis erases quarterly profit

Eni SpA reported a second-quarter loss and reduced its dividend as the coronavirus crisis sent oil prices plunging.

Photo: Filippo Monteforte/AFP / AFP

The Italian giant, one of several European energy majors reporting results on Thursday, was hurt by slumping demand for crude and fuels as governments imposed lockdowns to contain the virus. Consumption fell particularly sharply in its home market, the first European economy crippled by the pandemic.

Eni’s adjusted net loss was EUR 714 million in the quarter, compared with a profit a year earlier, the Rome-based company said in a statement. Analysts had estimated a EUR 1.11 loss.

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