EnergyWatch

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.

Read the whole article

Get 14 days free access.
No credit card required.

An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from EnergyWatch

Employee of Danish marine fuel supplier charged for corruption in Singapore

A trader at KPI Oceanconnect, a subsidiary of Bunker Holding, has been charged with corruption totaling at least USD 191,250 as rewards for nominating Straits for the supply of bunker fuel to KPI's customers. The employee has been suspended and his contract terminated, the company informs ShippingWatch.

EU awards big aid for Danish scaled green hydrogen push

The European Union has green-lit millions of euros of subsidy for a 100MW hydrogen project in Denmark with the involvement of several big domestic players. The project is meant to be the enabling stepping stone for GW-scale H2 projects as well as electrolysis at sea.

Further reading

Related articles

Trial banner

Latest News

See all jobs