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Bonneville Seattle is raising funds for the construction of a second Fisher House at Joint Base Lewis-McChord in Tacoma and we need your help.Italy's Eni 1Q earns down 57 percent
April 24, 2013 @ 11:19 am
MILAN (AP) - Italy's largest energy company, Eni SpA, says that its first-quarter profits dropped 57 percent, partly because conflicts in Nigeria and Libya led to lower production.
The Rome-based company said Wednesday that net profit for the first three months of the year was (EURO)1.5 billion, compared with (EURO)3.62 billion in the same period a year earlier.
Production was down 5 percent to 1.6 million barrels of oil equivalent a day due to the impact of conflicts in Nigeria and Libya and the temporary shutdown of a field in Britain. Natural gas sales were down 1.3 percent.
Eni CEO Paolo Scaroni confirmed growth and profit forecasts for the year despite the first-quarter downturn, citing the renegotiation of supply contracts and increased production targets for the year.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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