WSJ: Eni First Quarter Profit Slides on Lower Oil Prices, Higher Taxes
Italian energy company Eni SpA said Tuesday that its first-quarter net profit slid by 14% on the year, as expected, due to a weaker U.S. dollar against the euro, lower oil prices, higher losses from refining and chemicals activities and increased taxes.
Eni, which in the first quarter benefited from a special gain as a result of renegotiating the purchase of a big natural gas supply contract, said the 2014 outlook is in line with its expectations of a challenging trading environment with weak conditions in Europe for natural gas distribution, refining and chemicals.
"The outlook for 2014 is in line with our expectations, benefiting from the ramp-up of new projects and restructuring activities in G&P [gas and power], R&M [refining and marketing] and Chemicals, in the context of continued volatility in Libya and weakness in European demand," Chief Executive Officer Paolo Scaroni said in a statement.