ENI Eni Spa

   By Giulia Petroni 
 

Eni SpA said Friday that it swung to a loss for the fourth quarter due to impairments.

The Italian oil major said it registered a quarterly loss of 1.89 billion euros ($2.07 billion) from a profit of EUR399 million in the year-earlier period. Eni attributed the fall to net charges of EUR1.22 billion in its exploration-and-production division in the quarter and charges of EUR829 million in refining and marketing.

The company's adjusted operating profit for the quarter was EUR1.81 billion from EUR2.99 billion in the year-earlier period, falling short a company-compiled consensus of EUR1.99 billion.

The decrease was mainly attributed to a negative trading environment and the loss of control of Eni Norge following the Var Energi deal at the end of 2018.

Sales for the period decreased 19% on year to EUR16.22 billion, the company said.

Eni said hydrocarbon production in the quarter edged up to 1.92 million barrels of oil equivalent a day from 1.87 million barrels a day in the previous year.

For the full-year, the company registered a net profit of EUR148 million, from EUR4.13 billion in 2018. Sales rose 8% on year to EUR69.88 billion.

In 2019, hydrocarbon production was 1.87 million barrels of oil equivalent a day.

The company proposed a dividend of EUR0.86 a share for 2019, of which EUR0.43 was already paid as the interim dividend.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

February 28, 2020 03:11 ET (08:11 GMT)

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