Eni slips to loss, cuts capex

Italian oil and gas giant Eni went from a profit in the second quarter of 2019 to a loss in the same period this year hit by the combined effects of the coronavirus pandemic and the oil price crisis. Eni has also cut its capex guidance for 2020 by 35 per cent.

Eni booked a net loss of €4.4 billion ($5.2 billion) in the second quarter of 2020 and €7.34 billion ($8.6 billion) in the first half 2020, compared to a profit of €424 million ($497.1 million) in the same period last year.

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