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Eni earnings drop

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Oct 25 (LNGJ) – Eni, the Italian energy company with stakes in projects such as Mozambique LNG, reported a 35 percent drop in third-quarter adjusted operating profit to 2.159 billion euros ($2.380Bln) from 3.304Bln euros in the same three months a year ago due to a weakened trading environment. The company said its quarterly worldwide natural gas sales fell 4 percent to 16.85 billion cubic metres from 17.47 Bcm in 2018. Eni’s quarterly LNG sales were unchanged at 1.85 million tonnes, though fell by 6 percent to 5.47MT in the first nine months of 2019.

   Eni’s natural gas sales in Italy fell 5 percent to 8.72 Bcm in the third quarter and amounted to 29.18 Bcm in the nine months period, mainly due to lower sales to wholesalers and hubs, partly offset by higher sales to the power and industrial sectors. Sales in other European natural gas markets amounted to 5.09 Bcm, in line with the 2018 quarter. Nine-month European natural gas sales fell 11 percent to 16.94 Bcm from 19.14 Bcm in 2018.