Eni Earnings Fall on Lower Energy Prices
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Dow Jones
By David Sachs
Eni's net profit and operating profit fell in the fourth quarter, dragged by lower oil and natural-gas prices.
The Italian oil-and-gas company said Friday that its net profit fell to 149 million euros ($160.5 million) from EUR627 million in the fourth quarter of 2022. Adjusted net profit slumped to EUR1.64 billion from EUR2.49 billion while adjusted operating profit fell 23% to EUR2.77 billion, Eni said.
A reduction in crude-oil and natural-gas prices, as well as slowing demand in the chemicals business, dragged on the results, the company said.
Eni is due to release 2024 targets on March 14.
Write to David Sachs at david.sachs@wsj.com
(END) Dow Jones Newswires
February 16, 2024 02:36 ET (07:36 GMT)
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