Eni Slips To Loss In Q1 On Weak Net Sales - Quick Facts

(RTTNews) - Italian oil and gas company Eni SpA (E) reported Friday that its first-quarter net loss was 792 million euros or 0.22 euro per share, compared to last year's profit of 832 million euros o 0.23 euro per share.

Loss per American Depository share was $0.48, compared to profit of $0.52 per share last year.

Net loss from continuing operations was 803 million euros, compared to profit of 617 million euros a year ago.

Adjusted net loss was 479 million euros, compared to prior year's profit of 454 million euros.

Hydrocarbons production for the quarter grew 3.4% to 1.75 million boe/d.

Net sales from continuing operations declined to 12.36 billion euros from 20 billion euros a year ago.

Looking ahead, the company expects fiscal year 2016 production to be largely in line with 2015.

The company noted that its financial and operating results allow it to confirm 2016 guidance of a 20% reduction in capex, organically financed at $50/bl, and its targeted leverage.