Italian energy giant ENI said Friday that it made an loss of €0.27 billion in the first half 2016, compared to a profit of 1.2 billion in the first half of 2015. It said group net earnings were -1.24 billion euros in the first six months of the year, compared to 735 million euros in the same period in 2015.
The company also reported adjusted operating profit: €0.77 billion in the first half 2016, down €2.3 billion y-o-y (or 75%) due to a negative trading environment (down €2.8 billion).
ENI has been hit by low oil price and a legal wrangle that caused the suspension of operations at its Val d'Agri field in the southern region of Basilicata.
"ENI has achieved significant results in the first half of 2016, despite the weak but slowly improving market environment," said CEO Claudio Descalzi. "Hydrocarbon production beat expectations, offsetting the suspension of activity in Val d'Agri and the disruptions in Nigeria. "Our main developments are proceeding on time and on budget, allowing us to confirm our expected production growth of more than 5% in 2017. "Our exploration, which is focused on near field activity, has allowed us to revise upwards our expectations for new discoveries in just six months". Descalzi said he would propose an dividend of 0.40 euros per share to the Board.
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