Italian oil giant Eni posts $1 billion 3Q loss as crude prices fall

MILAN – Italian oil giant Eni has reported a third-quarter loss amid falling crude prices as it sells a stake in its oil services subsidiary to fund exploration.

Eni on Thursday reported that it lost 952 million euros ($1 billion) in the quarter, compared with a net profit of 1.71 billion euros last year. Brent crude prices are down 51 per cent from last year.

Eni said in a statement that the oil market remains weak “due to oversupplied global markets and uncertainties about the resilience of demand.”

Eni, which is 30 per cent government-owned, is divesting a 12.5-per cent stake in Saipem oil and gas services subsidiary to an Italian state-run investment fund.

The company reported an 8 per cent increase in oil and gas production to 1.703 million barrels of oil equivalent a day.