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Eni Reports Loss as Weak Gas and Power Compound Oil's Slump

  • Net loss compares with 1.17 billion-euro profit a year earlier
  • Refining margins double following decline in feedstock costs
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Eni Reports 3Q Net Loss on Oil Slump

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Eni SpA, Italy’s largest energy producer, said profit was wiped out in the third quarter after its gas and power unit reported a wider loss and higher taxes hurt exploration and production.

The total adjusted net loss was 257 million euros ($281 million) compared with net income of 1.17 billion euros a year earlier, the Rome-based company said Thursday in a statement. The adjusted operating loss at the gas and power division expanded to 469 million euros from 180 million euros.