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World

Italian oil company Eni reports 2Q loss on sharp decline in oil prices

Associated Press
Published | Updated

MILAN – Italian oil and gas company Eni says it lost 113 million euros ($124 million) in the second quarter due to a sharp decline in oil prices.

Eni said Thursday that the loss compared with a net profit of 658 million euros in the same period last year. Eni cited a 44 percent drop in Brent prices, which hurt production revenues.

CEO Claudio Descalzi said in a statement that the impact of falling hydrocarbon prices was partially contained by restructuring that helped the mid-downstream business

Eni increased its full-year guidance to a 7-percent growth in production, up from 5 percent, with new fields starting or ramping up in Venezuela, Angola, Congo and the United States. The company also noted that it would soon start up the Goliat offshore field in Norway.