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Italy's Eni profit down 58 percent in Q3

Italy's Eni profit down 58 percent in Q3

Eni SpA, Italy's largest natural gas and oil company, said Thursday that third-quarter net profit fell 58 percent due to reduced demand and lower prices amid the global economic downturn.
Net profit for the quarter that ended Sept. 30 was ⁈illion ($1.83 billion), compared with ⁈illion in the same period a year earlier.
CEO Paolo Scaroni called the results "solid" despite the adverse market conditions.
The Rome-based company said adjusted net profit, which excludes changes in the value of inventories and special items, was down 60 percent to ⁈illion from ⁈llion a year earlier.
Eni said oil and natural gas production in the period was down 5 percent to 1.68 million barrels per day, while natural gas sales were up 12 percent to 22.52 billion cubic meters.
Eni this quarter announced a major gas discovery off the coast of Venezuela and won a license to develop the Zubair oilfield in Iraq.
Scaroni said these developments "mark decisive progress in our strategy to build leading positions in the world's fastest-growing production areas."