Eni got a net loss of €7.34 billion in the first half of the year

The Italian oil and gas company Eni SpA received a loss of €7.355 billion in the first half of 2020, against a profit of €1.516 billion a year earlier, Angi reports.

The loss per share was €2.05 against a profit of €0.42 a year ago. Revenue decreased by 40% in annual terms – to €22.49 billion. Production of hydrocarbons in the reporting period decreased by 5% to 1.744 million barrels of oil equivalent per day.

In the second quarter, Eni's net loss reached €4.4 billion euros against a profit of €424 million a year earlier. Loss per share was € 1.23 against a profit of € 0.12 in the second quarter of 2019. Revenue decreased 2.2 times - to €8.404 billion. Production of hydrocarbons in the reporting period decreased by 7% - to 1.713 million barrels of oil equivalent per day.

The company expects capital expenditures for the current year at €5.2 billion, which is about 35% lower than originally planned. Hydrocarbon production is expected in 2020 at the level of 1.71-1.76 million barrels of oil equivalent per day.

Earlier it was reported that the oilfield services company Halliburton Co suffered losses for the third quarter in a row due to the depreciation of assets amid falling oil prices and the collapse of drilling operations.

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