Seeking Alpha

Eni net profit falls 14%, gives downbeat outlook

  • Eni's (E) Q4 adjusted net profit dropped 14% to €1.3B but topped forecasts of €1.2B.
  • Net sales from operations fell 19% to €26.3B.
  • Output dropped 9.7% to 1.577M barrels of oil equivalent a day.
  • Eni's earnings were hurt by disruptions to its operations in Africa, lower refining results and the strengthening of the euro vs the dollar.
  • Nonetheless, Eni plans to increase its dividend by 1.9% to €1.10 a share on 2013 earnings.
  • Eni also said that it has discovered the equivalent of 2.5B barrels of oil and gas off the coast of the Republic of Congo in West Africa.
  • Eni gave a downbeat outlook for 2014, "due to weak growth prospects in the eurozone and risks concerning emerging economies." (PR)

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