Eni, the Italian oil and gas group, is to cut capital spending this year in response to the collapse in crude prices, reporting on Wednesday a one-third slide in operating profits in the fourth quarter of last year.
Adding to the list of big energy companies hit by a near 50 per cent slide in the price of oil since last summer, the company said adjusted operating profit fell 33.8 per cent to €2.3bn in the last three months of 2014 from the same period the previous year, although that was better than analysts’ estimates it would be down to €1.9bn.
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