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MILAN, Oct 28 (Reuters) - Italian energy group Eni's
balance sheet remains strong, it said on Wednesday
after swinging to a third-quarter net loss as the coronavirus
crisis took its toll.
The company said it recorded an adjusted net loss of 0.15
billion euros ($177 million), in line with an analyst consensus
provided by the company for a loss of 0.18 billion euros.
Production in the period fell 10% to 1.7 million barrels of
oil equivalent per day but it confirmed its full year target of
1.72-1.74 mboe/d.
On Tuesday BP warned the pace of recovery from the
pandemic remained uncertain and continued to weigh on fuel
demand and refining profits.
Eni, which said it was sitting on about 17.4 billion euros
of liquidity, generated more than 5 billion euros in operating
cash in the first nine months, a 44% drop on the year, after
cutting investments and costs earlier this year.
"These results showcase our robust capital structure that
has been further strengthened by the two hybrid bond issues of 3
billion euros made in October," Chief Executive Claudio Descalzi
said.
In July Eni cut its dividend and announced further spending
cuts after swinging to an adjusted net loss in what it described
as the oil and gas industry's worst-ever quarter.
Descalzi said the operating environment remained challenging
but the group was making progress with its decarbonisation
strategy.
Earlier this year Eni pledged to slash its greenhouse gas
emissions by 80% in one of the most ambitious clean-up drives in
an industry under pressure from investors to go green.
At 1224 GMT Eni shares were down 3%, in line with the
European oil index.
($1 = 0.8461 euros)
(Reporting by Stephen Jewkes, editing by Giulia Segreti,
Kirsten Donovan)
