2020-07-31 09:55:00
ENI NET LOSS €4.41 BLN
ENI - July 30, 2020 - Eni result for the second quarter and half year 2020
Eni's Board of Directors yesterday approved the consolidated results for the second quarter and first half of 2020 (not subject to audit). Having examined the results, Eni CEO Claudio Descalzi said:
"Eni's second quarter results are extremely positive considering we have gone through what is likely to be one of the most challenging quarters the oil and gas industry has faced in its history. Prices collapsed along with demand due to both the pandemic crisis and geopolitical tensions. While actions taken by OPEC+ have allowed the market to reach some stability, emerging from the pandemic will be difficult, with signs of great uncertainty still to come. Given the current circumstances, Eni has promptly reacted by reviewing its 2020-2021 industrial plans with the aim of maintaining a robust balance sheet. In particular, we have taken action to reduce operating costs by €1.4 billion in 2020, without compromising employee job security. Capex has been cut by €2.6 billion, mainly in the upstream business, which has been most impacted by the crisis. Our gas, retail and bio-refining businesses have shown particular robustness, posting better results than those achieved in 2019 despite the effects of the pandemic and beating market expectations. These results have allowed us to once again generate cash flow exceeding capex, without affecting our €18 billion liquidity reserve at June 30, 2020."
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Earlier:
2020, February, 21, 15:20:00
ENI FIND ANGOLA'S OIL
Eni upped its resource estimate at its Angolan offshore field Agogo by over 40%
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2020, February, 5, 10:40:00
ENI, BAHRAIN ENERGY COOPERATION
In accordance with Bahrain’s national energy plan, renewable energy will be an area of particular interest in order to consider potential business opportunities. In the LNG sector, the collaboration will target a more sustainable and efficient energy mix to meet Bahrain’s future energy needs. Eni’s unique know-how and expertise will also be leveraged to evaluate further exploration opportunities.
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2020, January, 22, 12:20:00
ADNOC, ENI CARBON COOPERATION
The Abu Dhabi National Oil Company (ADNOC) signed today, a strategic framework agreement with Italy’s energy company, Eni, to explore new opportunities for collaboration in carbon capture utilization and storage (CCUS), where ADNOC is an industry leader, and additional strategic opportunities in research and development (R&D) across the oil and gas value chain.
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