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).
Recommended Reading
Drilling Tech Rides a Wave
2024-01-30 - Can new designs, automation and aerospace inspiration boost drilling results?
Tech Trends: Autonomous Drone Aims to Disrupt Subsea Inspection
2024-01-30 - The partners in the project are working to usher in a new era of inspection efficiencies.
TGS, SLB to Conduct Engagement Phase 5 in GoM
2024-02-05 - TGS and SLB’s seventh program within the joint venture involves the acquisition of 157 Outer Continental Shelf blocks.
2023-2025 Subsea Tieback Round-Up
2024-02-06 - Here's a look at subsea tieback projects across the globe. The first in a two-part series, this report highlights some of the subsea tiebacks scheduled to be online by 2025.
StimStixx, Hunting Titan Partner on Well Perforation, Acidizing
2024-02-07 - The strategic partnership between StimStixx Technologies and Hunting Titan will increase well treatments and reduce costs, the companies said.