Eni Posts Q4 Net Loss

reported a fourth-quarter net loss on Wednesday. Eni posted a quarterly net loss of EUR2.34 billion, versus a year-ago net loss of EUR647 million. Its revenue declined 10% to EUR26.83 billion, while adjusted profit fell to EUR464 million euros. Eni's board declared a yearly dividend of EUR1.12 per share, versus EUR1.10 per share in 2013. The company's production in the quarter gained 4.5% to 1.65 million barrels of oil and equivalent natural gas volumes a day. Operating profit at the company's exploration and production division fell 39% in in the fourth quarter. Operating income at gas and power division fell to 108 million euros from 341 million euros, while adjusted operating profit at its refining and marketing business came in at 192 million euros. For the full year, the company's net profit declined to EUR1.33 billion from EUR5.16 billion in 2013. Claudio Descalzi, Chief Executive Officer said, "In spite of an unfavourable trading environment, Eni delivered excellent results in the fourth quarter, underpinned by record cash flow generation over the last six years. The performance was driven by the increased contribution from upstream production and the accelerated restructuring of our mid and downstream businesses." Eni shares fell 1.07% to close at $35.92 yesterday.