Eni Lowers Production Outlook For 2018

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.