E - Eni reports quarterly loss sees binding bids for Australian gas assets by next month

Eni ([[E]] -3.5%) says its balance sheet remains strong, though it reported Q3 net loss of €0.15B, a turnaround from profit of €776M, as the coronavirus crisis took its toll.Production fell 10% to 1.7 million barrels of oil equivalent per day but it confirmed its full year target of 1.72-1.74 mboe/d. Liquids production of 817 kbbl/d, down by 9% Y/Y. Natural gas production amounted to 4,694 mmcf/d decreased ~13%.Eni, said it was sitting on ~€17.4B of liquidity, and generated over €5B euros in operating cash in 9M, a 44% drop on the year, after cutting investments and costs earlier this year.In July Eni cut its dividend and announced further spending cuts after swinging to an adjusted net loss.For FY 2020, the company expects adjusted cash flow before working capital changes of €6.5B, compared to the initial guidance of €11.5B; the shortfall is attributable to lower hydrocarbon prices and COVID-19 impactAlso, Eni

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Eni reports quarterly loss, sees binding bids for Australian gas assets by next month