Italian oil and gas group Eni has lowered its output target for the year due to lower gas production in certain countries.
The major, which reported third-quarter net profit that beat expectations, said it expected oil and gas production to grow about 3% this year, against previous guidance of 4%.
But it said the lower output would have a negligible impact on cash flow and confirmed guidance for cash neutrality, including dividend payments, at $55 per barrel.
“[Our performance] allowed us to record cash flow from operations ... 35 percent higher than the previous quarter with a Brent price broadly unchanged,” CEO Claudio Descalzi said.
Adjusted net profit in the quarter rose to 1.39 billion euros (US$1.6 billion), boosted by oil prices, from 0.23 billion euros a year ago. That was above an analyst consensus provided by the company of 1.02 billion euros.
The state-controlled major confirmed its capital spending for the year at 7.7 billion euros ($8.8 billion).
The annual general meetings of BP and Royal Dutch Shell confirmed Europe’s two largest oil and gas majors are on diverging tracks in the battle against climate change.
Seadrill, controlled by Norwegian billionaire John Fredriksen, emerged from U.S. Chapter 11 bankruptcy proceedings last year, and is betting on the offshore oil market’s recovery to repay its remaining debts and liabilities.
In a letter to shareholders, the EQT Corp.'s board of directors today recommended that shareholders “support the EQT team and strategy that is delivering results” by voting for “EQT’s 12 highly qualified director nominees.”