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Italy’s Eni hit by disruptions in Libya, Nigeria

February 13, 2014

MILAN (AP) — Italian oil and gas company Eni posted a fourth-quarter loss of 611 million euros ($832 million) due to ongoing difficulties in its Libya and Nigerian operations and weak sales in its main Italian market.

The quarterly losses compared with a profit of 1.52 billion euros in the same period a year earlier.

Eni said Thursday that its full-year profits dropped 40 percent to 4.4 billion euros from 7.325 billion euros.

Oil and gas production for the year was down 5 percent from 2012, due largely to power struggles in Libya, where it is the largest producer, interrupting production. Eni said production increases in Algeria and Egypt partially offset halts elsewhere.

The company said it is raising the dividend to 1.10 euros a share from 1.08 euros a share.

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