BREAKING NEWS

Eni third-quarter profits fall as production hits high

Eni third-quarter profits fall as production hits high
FILE PHOTO: The logo of Italian energy company Eni is seen at a gas station in Rome, Italy September 30, 2018. REUTERS/Alessandro Bianchi/File Photo -
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Alessandro Bianchi(Reuters)
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MILAN (Reuters) – Italian energy group Eni <ENI.MI> said its adjusted net profit in the third quarter fell 44% on the year, in line with expectations, as lower oil and gas prices took their toll.

It said production jumped 6% to 1.89 million barrels of oil equivalent per day, its highest level for a third-quarter, and said it expected a further increase in the final quarter.

The major said it would invest slightly less than the 8 billion euros ($8.9 billion) it had previously targeted for the year.

($1 = 0.9005 euros)

(Reporting by Stephen Jewkes)

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