ITALY'S Eni has cut its production guidance for the year amid the demand destruction from the coronavirus pandemic, which was a significant factor in the booking of a €2.93 billion ($3.15 billion) loss in the first quarter. The company has also reduced its Brent price assumptions for this year and next, and will slash its 2021 capital expenditure by up to 35% against previous guidance, while also suspending this year's share purchase plan. The net loss of €2.93 billion was compared to a net profit of €1.09 billion one year earlier. Revenues in the first quarter of 2020 sank to €14.09 billion from €18.8 billion Eni's total production averaged 1.77 million barrels of oil equivalent per day, 4% down from 1.84 million boepd one year before. A significant factor was lower volumes from Libya, which has seen its total output shrivel to below 100,000 barrels per day of oil due to internal conflict.
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