Italy’s Eni 3Q profits slip on lower gas, oil prices

MILAN (AP) — Italian oil and gas producer Eni said third-quarter profits were down by two-thirds as oil and gas prices dipped.

Eni, which is one-third government-owned, had net income of EUR523 million, down from EUR1.53 billion in the same period last year. The company cited an 18-per cent drop in crude prices, while gas prices in Europe dropped by half.

Oil and gas production rose five per cent to 1.89 million barrels of oil equivalent a day. Eni said yesterday the acquisition of Exxon’s assets in Norway, adding 100,000 barrels per day, and a 20 per cent stake in the Ruwais refinery in the United Arab Emirates will provide “a further boost to growth and stability”.

Eni CEO Claudio Descalzi said the company’s work on bio-refineries and renewables would generate new future business.